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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-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)

680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901

(Address of principal executive offices) (Zip code)

AMG Funds LLC

680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901

(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, 2021 – APRIL 30, 2022

(Semi-Annual Shareholder Report)

Item 1. Reports to Shareholders

     SEMI-ANNUAL REPORT

AMG Funds April 30, 2022 AMG FQ Global Risk-Balanced Fund
Class N: MMAVX	Class I: MMASX	Class Z: MMAFX

amgfunds.com          043022             SAR014

    AMG Funds

Semi-Annual Report — April 30, 2022 (unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		3
FUND SNAPSHOTS AND SCHEDULE OF PORTFOLIO INVESTMENTS		5
FINANCIAL STATEMENTS
Statement of Assets and Liabilities		9
Balance sheet, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations		11
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets		12
Detail of changes in assets for the past two fiscal periods
Financial Highlights		13
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements		16
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		23
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, 2022	Expense Ratio for the Period			Beginning Account Value 11/01/21		Ending Account Value 04/30/22		Expenses Paid During the Period*
AMG FQ Global Risk-Balanced Fund
Based on Actual Fund Return
Class N		1.29	%		$1,000		$911		$6.11
Class I		1.04	%		$1,000		$912		$4.93
Class Z		0.89	%		$1,000		$913		$4.22
Based on Hypothetical 5% Annual Return
Class N		1.29	%		$1,000		$1,018		$6.46
Class I		1.04	%		$1,000		$1,020		$5.21
Class Z		0.89	%		$1,000		$1,020		$4.46

* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), then divided by 365.

2

    Fund Performance (unaudited)

Periods ended April 30, 2022

The table below shows the average annual total returns for the periods indicated for the Fund, as well as the Fund’s relative index for the same time periods ended April 30, 2022.

Average Annual Total Returns1	Six Months*		One Year		Five Years		Ten Years
AMG FQ Global Risk-Balanced Fund2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17
Class N		(8.88%)		(5.40%)		0.64%		2.41%
Class I		(8.81%)		(5.16%)		0.92%		2.77%
Class Z		(8.72%)		(5.00%)		1.04%		2.88%
Composite Hedged Index18		(7.91%)		(2.33%)		7.54%		8.18%
Composite UnHedged Index18		(11.63%)		(7.67%)		6.29%		6.05%
S&P 500® Index19		(9.65%)		0.21%		13.66%		13.67%

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 Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.

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. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of April 30, 2022. 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  Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

⁵  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.

⁶  The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars.

⁷  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.

⁸  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.

⁹  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.

¹⁰  Because exchange-traded funds (ETFs) incur their own costs, investing in them could result in a higher cost to the investor. Additionally, the fund will be indirectly exposed to all the risks of securities held by the ETFs.

¹¹  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.

¹²  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.

¹³  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.

¹⁴  The Fund is subject to special risk considerations similar to those associated with the direct ownership of real estate. Real estate valuations may be subject to factors such as changing general and local economic, financial, competitive, and environmental conditions.

¹⁵  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.

¹⁶  Obligations of certain government agencies are not backed by the full faith and credit of the U.S. government. If one of these agencies defaulted on a loan, there is no guarantee that the U.S. government would provide financial support. Additionally, debt securities of the U.S. government may be affected by changing interest rates and subject to prepayment risk.

¹⁷  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 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.

3

    Fund Performance

Periods ended April 30, 2022 (continued)

¹⁸  The benchmark is composed of 60% MSCI World Index and 40% FTSE World Government Bond Index. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of 23 developed market country indices. Please go to msci.com for most current list of countries represented by the index. The FTSE World

Government Bond Index (FTSE) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The FTSE is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. Prior to July 31, 2018, the FTSE World Government Bond Index was known as the Citigroup World Government Bond Index. Unlike the Fund, the Composite Index is unmanaged, is not available for investment and does not incur fees.

¹⁹  The S&P 500^® Index is a capitalization-weighted index of 500 stocks. The S&P 500^® Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Unlike the Fund, the S&P 500^® Index is unmanaged, is not available for investment and does not incur expenses.

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 FQ Global Risk-Balanced Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2022

	Shares		Value
Exchange Traded Funds - 32.7%
iShares Global Infrastructure ETF		6,360		$310,686
iShares iBoxx High Yield Corporate Bond ETF1,2		28,295		2,222,006
iShares TIPS Bond ETF		37,802		4,576,688
Materials Select Sector SPDR Fund		3,688		313,591
SPDR FTSE International Government Inflation-Protected Bond ETF		22,516		1,119,946
VanEck Vectors Gold Miners ETF		8,895		311,236
VanEck Vectors Natural Resource ETF		5,944		307,959
Vanguard Global ex-U.S. Real Estate ETF		2,101		102,235
Vanguard Real Estate ETF1		8,140		846,071
Total Exchange Traded Funds (Cost $10,052,747)				10,110,418
	Notes
Exchange Traded Notes - 10.2%
Barclays PLC, iPath Bloomberg Commodity Index Total Return ETN, 06/12/36*		31,074		1,199,456
Deutsche Bank AG, DB Gold Double Long ETN, 02/15/38*		15,165		630,473
Swedish Export Credit Corp., ELEMENTS Linked to the Rogers International Commodity Index Total Return, 10/24/22*,1		143,923		1,316,896
Total Exchange Traded Notes (Cost $1,739,512)				3,146,825
Purchased Options - 1.1%
(See Open Exchange Traded Purchased Options schedule) (Cost $233,275)				336,050

	Principal Amount		Value
Short-Term Investments - 56.9%
Joint Repurchase Agreements - 0.0%3
HSBC Securities USA, Inc., dated 04/29/22, due 05/02/22, 0.30% total to be received $1,644 (collateralized by various U.S. Treasuries, 0.000% - 2.875%, 09/30/23 - 02/15/50, totaling $1,677)		$1,644		$1,644
U.S. Government Obligations - 47.9%
U.S. Treasury Bills, 0.164%, 05/19/224,5		2,500,000		2,499,798
U.S. Treasury Bills, 0.650%, 07/21/224,5		7,650,000		7,635,989
U.S. Treasury Bills, 1.000%, 08/18/225		4,690,000		4,675,957
Total U.S. Government Obligations				14,811,744
	Shares
Other Investment Companies -9.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%6		1,848,312		1,848,312
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.37%6		952,161		952,161
Total Other Investment Companies				2,800,473
Total Short-Term Investments (Cost $17,616,877)				17,613,861
Total Investments - 100.9% (Cost $29,642,411)				31,207,154
Derivatives - (5.7)%7				(1,767,585	)
Other Assets, less Liabilities - 4.8%				1,489,941
Net Assets - 100.0%			$	30,929,510

^* Non-income producing security.

¹  Some or all of these securities were held as collateral for written options as of April 30, 2022, amounting to $2,511,471 or 8.1% of net assets.

²  Some of these securities, amounting to $1,571 or less than 0.05% of net assets, were out on loan to various borrowers and are collateralized by cash. 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, 2022, amounted to $2,796,623, or 9.0% of net assets.

⁵  Represents yield to maturity at April 30, 2022.

⁶  Yield shown represents the April 30, 2022, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

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

ETF	Exchange Traded Fund
ETN	Exchange Traded Notes
SPDR	Standard & Poor’s Depositary Receipt
TIPS	Treasury Inflation-Protected Securities

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

5

    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 (Put)		3,375		06/17/22		21		$708,750		$20,489		$11,586
EURO STOXX 50 (Put)		3,425		07/15/22		24		822,000		21,521		22,458
EURO STOXX 50 (Put)		3,575		05/20/22		17		607,750		16,583		8,106
S&P 500 Index (Put)		3,935		05/20/22		5		1,967,500		43,483		28,550
S&P 500 Index (Put)		4,085		05/20/22		5		2,042,500		35,268		47,950
S&P 500 Index (Put)		4,090		07/15/22		5		2,045,000		42,158		87,000
S&P 500 Index (Put)		4,140		06/17/22		8		3,312,000		53,773		130,400
								Total		$233,275		$336,050
Open Exchange Traded Written Options
Description	Strike Price		Expiration Date		Number of Contracts		Notional Amount		Premium		Value
EURO STOXX 50 (Call)		4,125		07/15/22		24		$990,000		$7,809		$(6,001	)
EURO STOXX 50 (Call)		4,200		06/17/22		21		882,000		7,074		(1,218	)
EURO STOXX 50 (Call)		4,425		05/20/22		17		752,250		4,221		(36	)
EURO STOXX 50 (Put)		3,175		06/17/22		21		666,750		13,571		(6,602	)
EURO STOXX 50 (Put)		3,225		07/15/22		24		774,000		13,680		(14,305	)
EURO STOXX 50 (Put)		3,425		05/20/22		17		582,250		12,492		(4,197	)
S&P 500 Index (Call)		4,700		06/17/22		8		3,760,000		17,667		(2,584	)
S&P 500 Index (Call)		4,725		05/20/22		5		2,362,500		11,762		(135	)
S&P 500 Index (Call)		4,750		07/15/22		5		2,375,000		15,092		(3,575	)
S&P 500 Index (Call)		4,800		05/20/22		5		2,400,000		11,417		(70	)
S&P 500 Index (Put)		3,780		05/20/22		5		1,890,000		32,342		(12,540	)
S&P 500 Index (Put)		3,890		07/15/22		5		1,945,000		26,742		(57,050	)
S&P 500 Index (Put)		3,930		05/20/22		5		1,965,000		23,682		(27,565	)
S&P 500 Index (Put)		3,995		06/17/22		8		3,196,000		35,747		(64,120	)
								Total		$233,298		$(199,998	)
Open Futures Contracts
Description	Currency		Number of Contracts		Position		Expiration Date		Current Notional Amount		Value and Unrealized Gain/(Loss)
ASX SPI 200 Index		AUD		6		Long		06/16/22		$785,224		$31,458
Australia 10-Year Bond		AUD		42		Long		06/15/22		3,683,860		(221,669)
Canadian 10-Year Bond		CAD		38		Long		06/21/22		3,737,734		(266,250)
CBOT U.S. Long Bond (CBT)		USD		27		Long		06/21/22		3,798,562		(369,104)
EURO STOXX 50		EUR		55		Long		06/17/22		2,167,711		56,645
EURO-BUXL 30-Year Bond		EUR		16		Long		06/08/22		2,886,006		(496,183)
FTSE 100 Index		GBP		5		Long		06/17/22		472,361		28,443
MINI HSI Index		HKD		12		Long		05/30/22		321,188		14,053
MINI TPX Index		JPY		35		Long		06/09/22		513,234		36,057
MSCI Emerging Markets Index		USD		35		Long		06/17/22		1,850,450		(44,404)

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

6

    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)
Russell 2000® Mini Index		USD		22		Long		06/17/22		$2,047,430		$(164,650	)
S&P 500 E-Mini Index		USD		31		Long		06/17/22		639,763		(9,742	)
S&P/TSX 60 Index		CAD		3		Long		06/16/22		584,751		(18,042	)
U.K. 10-Year Gilt		GBP		31		Long		06/28/22		4,616,904		(144,199	)
										Total		$(1,567,587	)

CURRENCY ABBREVIATIONS:
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro Dollar
GBP	British Pound
HKD	Hong Kong Dollar
JPY	Japanese Yen
USD	U.S. Dollar

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2022:

	Level 1			Level 2			Level 3		Total
Investments in Securities
Exchange Traded Funds†		$10,110,418			—			—		$10,110,418
Exchange Traded Notes†		3,146,825			—			—		3,146,825
Purchased Options
Equity Contracts		249,050			$87,000			—		336,050
Short-Term Investments
Joint Repurchase Agreements		—			1,644			—		1,644
U.S. Government Obligations		—			14,811,744			—		14,811,744
Other Investment Companies		2,800,473			—			—		2,800,473
Total Investments in Securities		$16,306,766			$14,900,388			—		$31,207,154
Financial Derivative Instruments - Assets
Equity Futures Contracts		$166,656			—			—		$166,656
Financial Derivative Instruments - Liabilities
Equity Futures Contracts		(236,838	)		—			—		(236,838	)
Equity Written Options		(142,948	)		$(57,050	)		—		(199,998	)
Interest Rate Futures Contracts		(1,497,405	)		—			—		(1,497,405	)
Total Financial Derivative Instruments		$(1,710,535	)		$(57,050	)		—		$(1,767,585	)

^†  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, 2022, there were no transfers in or out of Level 3.

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

7

    AMG FQ Global Risk-Balanced Fund

Schedule of Portfolio Investments (continued)

The following schedule shows the value of derivative instruments at April 30, 2022:

	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		$336,050	Options written		$199,998
Equity contracts	Receivable for variation margin2		47,618	Payable for variation margin2		93,555
Interest rate contracts	Receivable for variation margin2		—	Payable for variation margin2		74,455
	Totals		$383,668			$368,008

For the six months ended April 30, 2022, 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 options purchased1		$(617,816	)	Net change in unrealized appreciation/ depreciation on options purchased1		$320,819
Equity contracts	Net realized gain on options written		703,101		Net change in unrealized appreciation/ depreciation on options written		(96,501	)
Interest rate contracts	Net realized loss on futures contracts		(1,060,742	)	Net change in unrealized appreciation/ depreciation on futures contracts		(847,786	)
Equity contracts	Net realized loss on futures contracts		(1,377,524	)	Net change in unrealized appreciation/ depreciation on futures contracts		(133,439	)
	Totals		$(2,352,981	)			$(756,907	)

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 depreciation of $(1,567,587).

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

8

    Statement of Assets and Liabilities (unaudited)

April 30, 2022

	AMG FQ Global Risk-Balanced Fund
Assets:
Investments at value1 (including securities on loan valued at $1,571)		$31,207,154
Cash		89,038
Dividend and interest receivables		1,399
Securities lending income receivable		240
Receivable from affiliate		4,857
Receivable for variation margin		47,618
Prepaid expenses and other assets		8,163
Total assets		31,358,469
Liabilities:
Payable upon return of securities loaned		1,644
Payable for Fund shares repurchased		8,612
Written options2		199,998
Payable for variation margin		168,010
Accrued expenses:
Investment advisory and management fees		15,748
Administrative fees		3,937
Distribution fees		205
Shareholder service fees		287
Other		30,518
Total liabilities		428,959
Net Assets		$30,929,510
1 Investments at cost		$29,642,411
2 Premiums received		$233,298

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

9

    Statement of Assets and Liabilities (continued)

	AMG FQ Global Risk-Balanced Fund
Net Assets Represent:
Paid-in capital		$35,311,320
Total distributable loss		(4,381,810)
Net Assets		$30,929,510
Class N:
Net Assets		$973,088
Shares outstanding		67,759
Net asset value, offering and redemption price per share		$14.36
Class I:
Net Assets		$1,293,045
Shares outstanding		89,672
Net asset value, offering and redemption price per share		$14.42
Class Z:
Net Assets		$28,663,377
Shares outstanding		1,989,083
Net asset value, offering and redemption price per share		$14.41

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

10

    Statement of Operations (unaudited)

For the six months ended April 30, 2022

	AMG FQ Global Risk-Balanced Fund
Investment Income:
Dividend income		$325,721
Interest income		8,462
Securities lending income		10,479
Total investment income		344,662
Expenses:
Investment advisory and management fees		102,642
Administrative fees		25,661
Distribution fees - Class N		1,356
Shareholder servicing fees - Class N		814
Shareholder servicing fees - Class I		1,219
Professional fees		17,693
Custodian fees		9,557
Registration fees		8,105
Reports to shareholders		6,853
Transfer agent fees		4,701
Trustee fees and expenses		1,212
Miscellaneous		1,681
Total expenses before offsets		181,494
Expense reimbursements		(25,842)
Expense reductions		(530)
Net expenses		155,122
Net investment income		189,540
Net Realized and Unrealized Loss:
Net realized gain on investments		223,179
Net realized loss on futures contracts		(2,438,266)
Net realized gain on written options		703,101
Net realized loss on foreign currency transactions		(48,367)
Net change in unrealized appreciation/depreciation on investments		(546,686)
Net change in unrealized appreciation/depreciation on futures contracts		(981,225)
Net change in unrealized appreciation/depreciation on written options		(96,501)
Net change in unrealized appreciation/depreciation on foreign currency translations		1,372
Net realized and unrealized loss		(3,183,393)
Net decrease in net assets resulting from operations		$(2,993,853)

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

11

    Statements of Changes in Net Assets

For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021

	AMG FQ Global Risk-Balanced Fund
	April 30, 2022		October 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income		$189,540		$442,188
Net realized gain (loss) on investments		(1,560,353)		3,472,385
Net change in unrealized appreciation/depreciation on investments		(1,623,040)		2,363,763
Net increase (decrease) in net assets resulting from operations		(2,993,853)		6,278,336
Distributions to Shareholders:
Class N		—		(3,955)
Class I		(4,193)		(10,887)
Class Z		(133,868)		(298,407)
Total distributions to shareholders		(138,061)		(313,249)
Capital Share Transactions:1
Net decrease from capital share transactions		(2,339,678)		(8,394,212)
Total decrease in net assets		(5,471,592)		(2,429,125)
Net Assets:
Beginning of period		36,401,102		38,830,227
End of period		$30,929,510		$36,401,102

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

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

12

    AMG FQ Global Risk-Balanced Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022 (unaudited)		For the fiscal years ended October 31,
Class N			2021		2020		2019		2018		2017
Net Asset Value, Beginning of Period		$15.76		$13.57		$16.54		$14.56		$15.77		$13.89
Income (loss) from Investment Operations:
Net investment income1,2		0.06		0.11		0.02		0.21		0.26		0.11
Net realized and unrealized gain (loss) on investments		(1.46)		2.13		(2.41)		2.06		(1.43)		1.91
Total income (loss) from investment operations		(1.40)		2.24		(2.39)		2.27		(1.17)		2.02
Less Distributions to Shareholders from:
Net investment income		–		(0.05)		(0.58)		(0.29)		(0.04)		(0.14)
Net Asset Value, End of Period		$14.36		$15.76		$13.57		$16.54		$14.56		$15.77
Total Return2,3		(8.88)%4		16.52%		(15.01)%		15.98%		(7.43)%		14.69%
Ratio of net expenses to average net assets		1.29%5,6		1.29%6		1.28%6		1.29%		1.29%		1.33%
Ratio of gross expenses to average net assets7		1.44%5		1.43%		1.45%		1.41%		1.37%		1.39%
Ratio of net investment income to average net assets2		0.73%5		0.75%		0.17%		1.38%		1.67%		0.76%
Portfolio turnover		4%4		35%		193%		15%		27%		26%
Net assets end of period (000’s) omitted		$973		$1,175		$1,110		$2,340		$1,870		$2,200

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

13

    AMG FQ Global Risk-Balanced Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022 (unaudited)			For the fiscal years ended October 31,
Class I				2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$15.84			$13.65			$16.62			$14.64			$15.83			$13.97
Income (loss) from Investment Operations:
Net investment income1,2		0.08			0.15			0.06			0.25			0.30			0.16
Net realized and unrealized gain (loss) on investments		(1.46	)		2.13			(2.42	)		2.06			(1.44	)		1.92
Total income (loss) from investment operations		(1.38	)		2.28			(2.36	)		2.31			(1.14	)		2.08
Less Distributions to Shareholders from:
Net investment income		(0.04	)		(0.09	)		(0.61	)		(0.33	)		(0.05	)		(0.22	)
Net Asset Value, End of Period		$14.42			$15.84			$13.65			$16.62			$14.64			$15.83
Total Return2,3		(8.81	)%4		16.85	%		(14.75	)%		16.23	%		(7.20	)%		15.14	%
Ratio of net expenses to average net assets		1.04	%5,6		1.04	%6		1.03	%6		1.04	%		1.04	%		0.99	%
Ratio of gross expenses to average net assets7		1.19	%5		1.18	%		1.20	%		1.16	%		1.12	%		1.05	%
Ratio of net investment income to average net assets2		0.98	%5		1.00	%		0.42	%		1.63	%		1.92	%		1.09	%
Portfolio turnover		4	%4		35	%		193	%		15	%		27	%		26	%
Net assets end of period (000’s) omitted		$1,293			$1,695			$1,528			$2,182			$1,484			$1,420

14

    AMG FQ Global Risk-Balanced Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022 (unaudited)			For the fiscal years ended October 31,
Class Z				2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$15.85			$13.66			$16.62			$14.64			$15.87			$14.00
Income (loss) from Investment Operations:
Net investment income1,2		0.09			0.18			0.08			0.28			0.32			0.18
Net realized and unrealized gain (loss) on investments		(1.47	)		2.13			(2.40	)		2.05			(1.44	)		1.92
Total income (loss) from investment operations		(1.38	)		2.31			(2.32	)		2.33			(1.12	)		2.10
Less Distributions to Shareholders from:
Net investment income		(0.06	)		(0.12	)		(0.64	)		(0.35	)		(0.11	)		(0.23	)
Net Asset Value, End of Period		$14.41			$15.85			$13.66			$16.62			$14.64			$15.87
Total Return2,3		(8.72	)%4		16.94	%		(14.57	)%		16.43	%		(7.13	)%		15.23	%
Ratio of net expenses to average net assets		0.89	%5,6		0.89	%6		0.88	%6		0.89	%		0.89	%		0.89	%
Ratio of gross expenses to average net assets7		1.04	%5		1.03	%		1.05	%		1.01	%		0.97	%		0.95	%
Ratio of net investment income to average net assets2		1.13	%5		1.15	%		0.57	%		1.78	%		2.07	%		1.19	%
Portfolio turnover		4	%4		35	%		193	%		15	%		27	%		26	%
Net assets end of period (000’s) omitted		$28,663			$33,531			$36,192			$49,163			$50,058			$59,712

¹  Per share numbers have been calculated using average shares.

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

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

⁴  Not annualized.

⁵  Annualized.

⁶  Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 30, 2022 and the fiscal year ended 2021 and 0.01% for the fiscal year ended 2020.

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

15

    Notes to Financial Statements (unaudited)

April 30, 2022

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I (the “Trust”) is an open-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 is AMG FQ Global Risk-Balanced Fund (the “Fund”).

The Fund offers Class N, Class I and Class Z shares. Each class represents an interest in the same assets of the 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.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the Fund and thus Fund performance.

The Fund’s 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 Fund in the preparation of its 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. Equity securities held by the Fund that are traded in the over-the-counter market (other than NMS securities) are valued at the bid price. Foreign equity securities (securities principally traded in markets other than U.S. markets) held by the Fund 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 bid 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 other open-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.

The Fund’s 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. The 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 Fund, including a comparison with the prior quarter end and the percentage of the Fund 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 Fund that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-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 Fund. Unobservable inputs reflect the Fund’s 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

16

    Notes to Financial Statements (continued)

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, 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 the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to the 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 the Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

The Fund 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, 2022, the impact on the expenses and expense ratios was $530 or less than 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in

December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. There were no permanent differences during the year. Temporary differences are due to wash sale loss deferrals and mark-to-market of futures and option contracts.

At April 30, 2022, 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:

Cost	Appreciation		Depreciation			Net Appreciation
$29,642,411		$2,308,853		$(2,278,397	)		$30,456

e. FEDERAL TAXES

The 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 the Fund’s understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

Management has analyzed the Fund’s 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 Fund’s 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, 2021, the 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.

Short-Term		Long-Term		Total
	$1,551,487		$1,042,381		$2,593,868

17

    Notes to Financial Statements (continued)

g. CAPITAL STOCK

The Trust’s Declaration of Trust authorizes for the Fund the issuance of an unlimited number of shares of beneficial interest, without par value. The Fund records sales and repurchases of its capital stock on the trade date.

For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021, the capital stock transactions by class for the Fund were as follows:

	April 30, 2022						October 31, 2021
	Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		275			$4,313			749			$11,582
Reinvestment of distributions		—			—			266			3,954
Cost of shares repurchased		(7,085	)		(110,770	)		(8,209	)		(126,970	)
Net decrease		(6,810	)		$(106,457	)		(7,194	)		$(111,434	)
Class I:
Proceeds from sale of shares		20,745			$326,736			31,539			$481,176
Reinvestment of distributions		264			4,193			731			10,887
Cost of shares repurchased		(38,303	)		(594,909	)		(37,246	)		(575,454	)
Net decrease		(17,294	)		$(263,980	)		(4,976	)		$(83,391	)
Class Z:
Proceeds from sale of shares		16,740			$259,552			32,766			$489,806
Reinvestment of distributions		8,364			132,646			19,957			296,758
Cost of shares repurchased		(151,574	)		(2,361,439	)		(587,465	)		(8,985,951	)
Net decrease		(126,470	)		$(1,969,241	)		(534,742	)		$(8,199,387	)

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Fund 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 Fund participates 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 Fund’s 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 Fund may be delayed or limited. Pursuant to the Program, the Fund is indemnified for such losses by BNYM on joint repurchase agreements.

At April 30, 2022, the market value of Repurchase Agreements outstanding for the Fund was $1,644.

i. FOREIGN CURRENCY TRANSLATION

The books and records of the Fund 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 Fund does 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

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 Fund and is

18

    Notes to Financial Statements (continued)

responsible for the Fund’s overall administration and operations. The Investment Manager selects one or more subadvisers for the Fund (subject to Board approval) and monitors each subadviser’s investment performance, security holdings and investment strategies. The 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 Fund to the Investment Manager based on average daily net assets. For the six months ended April 30, 2022, the Fund paid an investment management fee at the annual rate of 0.60% of the average daily net assets of the Fund.

The Investment Manager has contractually agreed, through at least March 1, 2023, 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) to the annual rate of 0.89% of the 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 Fund 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 the 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, 2022, the Fund’s expiration of reimbursements subject to recoupment is as follows:

Expiration  Period
Less than 1 year		$62,249
1-2 years		63,357
2-3 years		54,170
Total	$	179,776

The Trust, on behalf of the Fund, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Fund’s administrator (the “Administrator”) and is responsible for all non-portfolio management aspects of managing the Fund’s operations, including administration

and shareholder services to the Fund. The 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 Fund is distributed by AMG Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and underwriter for the Fund and is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Shares of the Fund will be continuously offered and will be sold directly to prospective purchasers and through brokers, dealers or other financial intermediaries who have executed selling agreements with the Distributor. Generally the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

The Trust has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, the Fund 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 and Class I shares, the Board has approved reimbursement payments to the Investment Manager for shareholder servicing expenses (“shareholder servicing fees”) incurred. Shareholder servicing fees include payments to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder recordkeeping, account servicing and other services. The Class N and Class I shares may reimburse the Investment Manager for the actual amount incurred up to a maximum annual rate of each Class’s average daily net assets as shown in the table below.

The impact on the annualized expense ratios for the six months ended April 30, 2022, were as follows:

	Maximum Annual Amount Approved			Actual Amount Incurred
Class N		0.15	%		0.15	%
Class I		0.15	%		0.15	%

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Fund 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 certain eligible funds in the AMG Funds Family 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

19

    Notes to Financial Statements (continued)

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 interest expense, respectively.

The Fund utilized the interfund loan program during the six months ended April 30, 2022 as follows:

Average Lent	Number of Days		Interest Earned		Average Interest Rate
$399,541		8		$94		1.070%

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, 2022, were $723,148 and $10,420,117, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 2022.

4. PORTFOLIO SECURITIES LOANED

The Fund participates 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 Fund, 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 Fund’s 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 Fund 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 Fund is 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 and 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, 2022, were as follows:

Securities         Loaned	Cash Collateral Received		Securities Collateral Received		Total Collateral Received
$1,571		$1,644		—		$1,644

5. FOREIGN SECURITIES

The Fund 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. The Fund’s investments in emerging market countries are exposed to additional risks. The 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 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 Fund may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Fund under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund had no prior claims or losses and expects the risks of loss to be remote.

7. FORWARD COMMITMENTS

Certain transactions, such as futures and forward transactions may have a similar effect on the Fund’s net asset value as if the Fund had created a degree of leverage in its portfolio. However, if the Fund enters into such a transaction, the 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 the Fund uses derivative instruments, the credit risk and how derivative instruments affect the Fund’s financial position, and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities, and the realized gains and losses and changes in unrealized appreciation and depreciation on the Statement of Operations, each categorized by type of derivative contract, are included in a table at the end of the Fund’s Schedule of Portfolio Investments.

20

    Notes to Financial Statements (continued)

For the six months ended April 30, 2022, the average quarterly balances of derivative financial instruments outstanding were as follows:

Financial Futures Contracts
Average number of contracts purchased	424
Average notional value of contracts purchased	$34,311,250
Options
Average value of option contracts purchased	$248,272
Average value of option contracts written	$211,274

9. FUTURES CONTRACTS

The Fund 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). The Fund purchased and sold futures contracts to achieve desired levels of investment. 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 payments (variation margin) are made or received each day. As of April 30, 2022, the Fund had securities deposited with the futures broker valued at $2,796,623 reported as Investments at value in the Statement of Assets and Liabilities.

Variation margin on futures contracts is recorded as unrealized appreciation or depreciation until the futures contract is closed or expired. The Fund recognizes 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 Receivable for variation margin or Payable for variation margin, and in the Statement of Operations as Net change in unrealized appreciation (depreciation) on futures contracts until the contracts are closed, when they are recorded as Net realized gain or loss on futures contracts.

10. OPTIONS

The Fund 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 Fund writes options it bears the risk of an unfavorable change in the market value of the instrument underlying the written option. When an option expires, the premium (original option value) is realized as a gain if the option was written or as a loss if the option was purchased. When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is recognized as realized gain or loss. When securities are acquired or delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the

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

11. EXCHANGE TRADED NOTES

The Fund 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.

12. MARKET, CREDIT AND COUNTERPARTY RISKS

In the normal course of business, the Fund 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 Fund is 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 at pre-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 Fund 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

21

    Notes to Financial Statements (continued)

maturity in the event the Fund’s net assets decline by a stated percentage or the Fund fails 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.

13. MASTER NETTING AGREEMENTS

The Fund may enter into master netting agreements with its counterparties for the securities lending program, Repurchase Agreements and derivatives, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Fund does 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 and for futures transactions, see Notes 4 and 9, respectively.

The following table is a summary of the Fund’s open Repurchase Agreements that are subject to a master netting agreement as of April 30, 2022:

			Gross Amount Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Offset Amount		Net Asset Balance		Collateral Received		Net Amount
HSBC Securities USA, Inc.		$1,644		—		$1,644		$1,644		—

14. SUBSEQUENT EVENTS

The Fund has determined that no material events or transactions occurred through the issuance date of the Fund’s financial statements which require an additional disclosure in or adjustment of the Fund’s financial statements, except for on June 22, 2022, the Board approved a plan to liquidate and terminate the Fund; which is expected to occur on or about August 19, 2022.

22

    Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout the open-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 17, 2022, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period January 1, 2021 through December 31, 2021 (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 an open-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 an in-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.

23

THIS PAGE INTENTIONALLY LEFT BLANK

    

INVESTMENT MANAGER AND ADMINISTRATOR AMG Funds LLC 680 Washington Blvd., Suite 500 Stamford, CT 06901 800.548.4539   DISTRIBUTOR AMG Distributors, Inc. 680 Washington Blvd., Suite 500 Stamford, CT 06901 800.548.4539   SUBADVISER First Quadrant, L.P. 800 E. Colorado Boulevard, Suite 900 Pasadena, CA 91101   CUSTODIAN The Bank of New York Mellon Mutual Funds Custody 6023 Airport Road Oriskany, NY 13424   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 4400 Computer Drive Westborough, MA 01581 800.548.4539   TRUSTEES Bruce B. Bingham Christine C. Carsman Kurt A. Keilhacker Steven J. Paggioli Eric Rakowski Victoria L. Sassine Thomas R. Schneeweis Garret W. Weston This report is prepared for the Fund’s 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 the Fund are available on the Fund’s website at amgfunds.com.   A description of the policies and procedures the 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 the Fund’s proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.   The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Fund’s portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Fund’s website at amgfunds.com. To review a complete list of the Fund’s portfolio holdings, or to view the most recent semiannual report or annual report, please visit amgfunds.com.

amgfunds.com

    

BALANCED FUNDS                                     AMG GW&K Global Allocation GW&K Investment Management, LLC   AMG FQ Global Risk-Balanced First Quadrant, L.P.   EQUITY FUNDS                                             AMG Beutel Goodman International Equity Beutel, Goodman & Company Ltd.   AMG Boston Common Global Impact Boston Common Asset Management, LLC   AMG Frontier Small Cap Growth Frontier Capital Management Co., LLC   AMG GW&K Small Cap Core AMG GW&K Small Cap Value AMG GW&K Small/Mid Cap AMG GW&K Small/Mid Cap Growth AMG GW&K Emerging Markets Equity AMG GW&K Emerging Wealth Equity AMG GW&K International Small Cap GW&K Investment Management, LLC   AMG Montrusco Bolton Large Cap Growth Montrusco Bolton Investments, Inc. 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 International Value Equity AMG River Road Large Cap Value Select AMG River Road Mid Cap Value AMG River Road Small-Mid Cap Value AMG River Road Small Cap Value River Road 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 Veritas Asia Pacific AMG Veritas China AMG Veritas Global Focus AMG Veritas Global Real Return Veritas Asset Management LLP   AMG Yacktman AMG Yacktman Focused AMG Yacktman Global AMG Yacktman Special Opportunities Yacktman Asset Management LP FIXED INCOME FUNDS                           AMG Beutel Goodman Core Plus Bond Beutel, Goodman & Company Ltd.   AMG GW&K Core Bond ESG AMG GW&K Enhanced Core Bond ESG AMG GW&K ESG Bond AMG GW&K High Income AMG GW&K Municipal Bond AMG GW&K Municipal Enhanced Yield GW&K Investment Management, LLC

amgfunds.com 043022             SAR014

SEMI-ANNUAL REPORT

AMG Funds

April 30, 2022

AMG GW&K Core Bond ESG Fund

Class N: MBGVX    |    Class I: MBDFX    |    Class Z: MBDLX

AMG GW&K Emerging Markets Equity Fund

Class N: TLEVX    |    Class I: TLESX    |    Class Z: TLEIX

AMG GW&K Emerging Wealth Equity Fund

Class N: TYWVX    |    Class I: TYWSX    |    Class Z: TYWIX

AMG GW&K Small/Mid Cap Growth Fund

Class N: ACWDX    |    Class I: ACWIX    |    Class Z: ACWZX

amgfunds.com 043022                 SAR069

  AMG Funds

  Semi-Annual Report — April 30, 2022 (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 Markets Equity Fund	9
AMG GW&K Emerging Wealth Equity Fund	13
AMG GW&K Small/Mid Cap Growth Fund	17
FINANCIAL STATEMENTS
Statement of Assets and Liabilities	20
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations	22
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets	23
Detail of changes in assets for the past two fiscal periods
Financial Highlights	25
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements	37
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks
FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM	44

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, 2022	Expense Ratio for the Period	Beginning Account Value 11/01/21	Ending Account Value 04/30/22		Expenses Paid During the Period*
AMG GW&K Core Bond ESG Fund
Based on Actual Fund Return
Class N	0.88%	$1,000		$899		$4.14
Class I	0.56%	$1,000		$899		$2.64
Class Z	0.48%	$1,000		$900		$2.26
Based on Hypothetical 5% Annual Return
Class N	0.88%	$1,000		$1,020		$4.41
Class I	0.56%	$1,000		$1,022		$2.81
Class Z	0.48%	$1,000		$1,022		$2.41
AMG GW&K Emerging Markets Equity Fund
Based on Actual Fund Return
Class N	1.27%	$1,000		$814		$5.71
Class I	0.96%	$1,000		$814		$4.32
Class Z	0.87%	$1,000		$816		$3.92
Based on Hypothetical 5% Annual Return
Class N	1.27%	$1,000		$1,019		$6.36
Class I	0.96%	$1,000		$1,020		$4.81
Class Z	0.87%	$1,000		$1,020		$4.36
AMG GW&K Emerging Wealth Equity Fund
Based on Actual Fund Return
Class N	1.23%	$1,000		$789		$5.46
Class I	0.94%	$1,000		$791		$4.17
Class Z	0.83%	$1,000		$792		$3.69
Based on Hypothetical 5% Annual Return
Class N	1.23%	$1,000		$1,019		$6.16
Class I	0.94%	$1,000		$1,020		$4.71
Class Z	0.83%	$1,000		$1,021		$4.16

Six Months Ended   April 30, 2022	Expense Ratio for the Period	Beginning Account Value 11/01/21	Ending Account Value 04/30/22		Expenses Paid During the Period*
AMG GW&K Small/Mid Cap Growth Fund
Based on Actual Fund Return
Class N	1.00%	$1,000		$787		$4.43
Class I	0.87%	$1,000		$787		$3.85
Class Z	0.82%	$1,000		$787		$3.63
Based on Hypothetical 5% Annual Return
Class N	1.00%	$1,000		$1,020		$5.01
Class I	0.87%	$1,000		$1,021		$4.36
Class Z	0.82%	$1,000		$1,021		$4.11

  * Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), then divided by 365.

2

  Fund Performance(unaudited)

  Periods ended April 30, 2022

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, 2022.

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, 9
Class N	(10.13%)	(9.52%)	0.74%		—		0.89%		05/08/15
Class I	(10.07%)	(9.31%)	1.07%		1.70%		5.15%		04/30/93
Class Z	(10.05%)	(9.25%)	1.12%		—		1.28%		05/08/15
Bloomberg U.S. Aggregate Bond Index19	(9.47%)	(8.51%)	1.20%		1.73%		4.68%		04/30/93†
AMG GW&K Emerging Markets Equity Fund2, 6, 8, 10, 11, 12, 13, 14, 15, 16, 17
Class N	(18.63%)	(26.48%)	2.10%		0.97%		0.40%		03/01/12
Class I	(18.62%)	(26.34%)	2.37%		1.28%		0.05%		03/01/11
Class Z	(18.44%)	(26.21%)	2.50%		1.41%		0.16%		03/01/11
MSCI Emerging Markets Index20	(14.15%)	(18.33%)	4.32%		2.89%		2.12%		03/01/11†
AMG GW&K Emerging Wealth Equity Fund6, 8, 10, 11, 13, 15, 16, 17
Class N	(21.06%)	(32.10%)	1.99%		—		2.77%		03/19/15
Class I	(20.91%)	(31.87%)	2.28%		—		3.05%		03/19/15
Class Z	(20.81%)	(31.76%)	2.40%		—		3.16%		03/19/15
MSCI Emerging Markets Index20	(14.15%)	(18.33%)	4.32%		2.89%		3.93%		03/19/15†
AMG GW&K Small/Mid Cap Growth Fund2, 4, 8, 12, 13, 14, 15, 16, 17, 18
Class N	(21.34%)	(12.80%)	11.02%		10.94%		10.48%		11/03/10
Class I	(21.32%)	(12.67%)	11.22%		11.18%		9.13%		06/01/11
Class Z	(21.26%)	—	—		—		(18.83%)		08/31/21
Russell 2500® Growth Index21	(25.96%)	(23.08%)	10.12%		11.43%		11.91%		11/03/10†

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, 2022. 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.

³To 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.

⁴Active and frequent trading of a fund may result in higher transaction costs and increased tax liability.

⁵The 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.

⁶The 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.

⁷Many 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.

⁸Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

⁹Applying 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.

¹⁰The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars.

¹¹The 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

3

  Fund Performance

  Periods ended April 30, 2022 (continued)

   repatriation of foreign capital and changes in local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets.   ¹²The 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.   ¹³Investments 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.   ¹⁴  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.   ¹⁵  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.   ¹⁶  Companies that are in similar industry sectors 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.   ¹⁷  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.   ¹⁸  As of March 19, 2021, the Fund’s subadvisor was changed to GW&K Investment Management, LLC. Prior to March 19, 2021, the Fund was known as the AMG Managers LMCG Small Cap Growth Fund and had different principal investment strategies and corresponding risks. Effective March 19, 2021, the Fund changed its name to AMG GW&K Small Cap Fund II. Effective May 21, 2021, the Fund changed its name to AMG GW&K Small/Mid Cap Growth Fund and made changes to its principal investment strategies. Performance shown for periods prior to March 19, 2021, reflects the performance and investment strategies of the Fund’s previous subadvisor, LMCG Investments, LLC. The Fund’s past performance would have been different if the Fund were managed by the current subadvisor and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.   ¹⁹  The Bloomberg 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 U.S. Aggregate Bond Index is unmanaged, is not available for investment and does not incur expenses.   ²⁰  The 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. ²¹  The Russell 2500^® Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. Unlike the Fund, the Russell 2500^® Growth Index is unmanaged, is not available for investment and does not incur expenses.   “Bloomberg” and any Bloomberg index described herein are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the fund described herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to such fund.   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 Russell Indices are a trademark of London Stock Exchange Group companies.   Not FDIC insured, nor bank guaranteed. May lose value.

4

  AMG GW&K Core Bond ESG Fund

  Fund Snapshots (unaudited)

  April 30, 2022

PORTFOLIO BREAKDOWN

Category	% of Net Assets
U.S. Government and Agency Obligations	49.2
Corporate Bonds and Notes	39.0
Municipal Bonds	7.7
Foreign Government Obligations	0.8
Short-Term Investments	2.4
Other Assets Less Liabilities	0.9

Rating	% of Market Value1
U.S. Government and Agency Obligations	50.9
Aaa/AAA	3.2
Aa/AA	12.8
A	7.8
Baa/BBB	25.3

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

TOP TEN HOLDINGS

Security Name	% of Net Assets
U.S. Treasury Notes, 2.000%, 06/30/24	3.8
U.S. Treasury Bonds, 2.250%, 05/15/41	3.4
U.S. Treasury Bonds, 6.250%, 08/15/23	3.1
FHLMC, 3.500%, 10/01/45	2.6
The Bank of Nova Scotia, 0.786%, 03/02/26 (Canada)	2.4
U.S. Treasury Bonds, 6.750%, 08/15/26	2.3
U.S. Treasury Bonds, 1.875%, 02/15/51	2.1
Verizon Communications, Inc., 3.875%, 02/08/29	2.1
California State General Obligation, School Improvements, 7.550%, 04/01/39	2.0
FHLMC, 3.000%, 11/01/49	1.9
Top Ten as a Group	25.7

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 any of the rating agencies. 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, 2022

	Principal Amount		Value
Corporate Bonds and Notes - 39.0%
Financials - 12.4%
Air Lease Corp.
MTN, 3.000%, 02/01/30		$2,073,000		$1,803,665
American Express Co.
(3.550% to 09/15/26 then U.S. Treasury Yield Curve CMT 5 year + 2.854%), 3.550%, 09/15/261,2,3		973,000		838,093
Bank of America Corp.
MTN, (4.330% to 03/15/49 then 3 month LIBOR + 1.520%), 4.330%, 03/15/501,3		1,600,000		1,504,937
The Bank of New York Mellon Corp.
MTN, 2.450%, 08/17/26		937,000		901,989
Series G, (4.700% to 09/20/25 then U.S. Treasury Yield Curve CMT 5 year + 4.358%), 4.700%, 09/20/251,2,3		460,000		458,850
The Bank of Nova Scotia (Canada)
(SOFR + 0.545%), 0.786%, 03/02/263		3,936,000		3,888,678
Boston Properties, LP
3.400%, 06/21/29		1,841,000		1,719,586
Crown Castle International Corp.
4.000%, 03/01/27		1,800,000		1,771,661
The Goldman Sachs Group, Inc.
3.500%, 11/16/26		2,676,000		2,609,504
MetLife, Inc.
Series G, (3.850% to 09/15/25 then U.S. Treasury Yield Curve CMT 5 year + 3.576%), 3.850%, 09/15/251,2,3		1,409,000		1,341,791
The Toronto-Dominion Bank, MTN (Canada)
(SOFR + 0.350%), 0.611%, 09/10/243		1,951,000		1,931,547
Wells Fargo & Co.
MTN, (5.013% to 04/04/50 then SOFR + 4.502%), 5.013%, 04/04/511,3		1,411,000		1,467,477
Total Financials				20,237,778
Industrials - 25.1%
Anglo American Capital PLC (United Kingdom)
2.875%, 03/17/314		919,000		790,555
ArcelorMittal, S.A. (Luxembourg)
4.250%, 07/16/29		857,000		830,514
Ashtead Capital, Inc.
1.500%, 08/12/264		986,000		877,091
AT&T, Inc.
4.300%, 12/15/42		1,710,000		1,561,220
Block Financial LLC
3.875%, 08/15/30		1,767,000		1,639,778
Broadcom Corp./Broadcom Cayman Finance, Ltd.
3.875%, 01/15/27		1,808,000		1,763,418
CF Industries, Inc.
5.375%, 03/15/44		1,525,000		1,546,981

	Principal Amount		Value
Charter Communications Operating LLC/Charter Communications Operating Capital 2.250%, 01/15/29		$2,000,000		$1,704,256
CommonSpirit Health
3.347%, 10/01/29		1,737,000		1,616,535
CVS Health Corp.
5.125%, 07/20/45		1,735,000		1,736,500
Dell International LLC/EMC Corp.
6.200%, 07/15/30		1,512,000		1,631,631
Discovery Communications LLC
3.950%, 03/20/28		1,766,000		1,697,776
The Ford Foundation
Series 2020, 2.415%, 06/01/50		2,207,000		1,597,321
Freeport-McMoRan, Inc.
4.625%, 08/01/30		1,719,000		1,660,519
GLP Capital LP/GLP Financing II, Inc.
5.375%, 04/15/26		2,610,000		2,662,584
HCA, Inc.
4.125%, 06/15/29		842,000		805,592
4.500%, 02/15/27		874,000		876,637
Kraft Heinz Foods Co.
5.000%, 06/04/42		1,682,000		1,617,938
Merck & Co., Inc.
1.900%, 12/10/28		1,897,000		1,709,876
Microsoft Corp.
2.525%, 06/01/50		2,165,000		1,623,292
Parker-Hannifin Corp.
3.250%, 06/14/29		1,773,000		1,656,260
Smith & Nephew PLC (United Kingdom)
2.032%, 10/14/30		1,010,000		812,210
Sonoco Products Co.
2.850%, 02/01/32		1,852,000		1,618,849
Sysco Corp.
2.400%, 02/15/30		2,284,000		2,002,521
Verizon Communications, Inc.
3.875%, 02/08/29		3,403,000		3,356,295
Walgreens Boots Alliance, Inc.
4.800%, 11/18/44		1,593,000		1,505,468
Total Industrials				40,901,617
Utilities - 1.5%
Dominion Energy, Inc.
Series B, (4.650% to 12/15/24 then U.S. Treasury Yield Curve CMT 5 year + 2.993%), 4.650%, 12/15/241,2,3		978,000		933,990
National Rural Utilities Cooperative Finance Corp.
1.350%, 03/15/31		2,024,000		1,612,969
Total Utilities				2,546,959
Total Corporate Bonds and Notes
(Cost $71,785,404)				63,686,354

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
Municipal Bonds - 7.7%
California Health Facilities Financing Authority
4.190%, 06/01/37		$775,000		$750,484
California State General Obligation, School Improvements
7.550%, 04/01/39		2,410,000		3,342,075
JobsOhio Beverage System
Series B, 4.532%, 01/01/35		1,705,000		1,764,508
Los Angeles Unified School District, School Improvements
5.750%, 07/01/34		1,775,000		1,989,147
Massachusetts School Building Authority
Series B, 1.753%, 08/15/30		2,017,000		1,773,725
University of California, University & College Improvements
Series BD, 3.349%, 07/01/29		2,935,000		2,827,429
Total Municipal Bonds
(Cost $13,205,627)				12,447,368
U.S. Government and Agency Obligations - 49.2%
Fannie Mae - 19.9%
FNMA
2.000%, 02/01/36 to 10/01/50		2,137,602		1,945,715
3.000%, 06/01/38		1,301,334		1,260,949
3.500%, 03/01/30 to 03/01/48		9,144,071		9,052,174
4.000%, 03/01/44 to 01/01/51		8,185,446		8,268,320
4.500%, 04/01/39 to 07/01/48		9,111,939		9,498,390
5.000%, 07/01/47 to 02/01/49		2,367,861		2,494,809
Total Fannie Mae				32,520,357
Freddie Mac - 10.5%
FHLMC
2.500%, 10/01/34 to 08/01/50		4,600,867		4,359,220
3.000%, 11/01/49 to 03/01/50		4,401,800		4,181,494
3.500%, 10/01/45		4,222,433		4,170,548
4.000%, 07/01/48 to 09/01/50		1,420,561		1,432,173
5.000%, 07/01/44		1,444,676		1,532,939
FHLMC Gold Pool
3.500%, 07/01/32 to 05/01/44		1,474,643		1,476,712
Total Freddie Mac				17,153,086

	Principal Amount		Value
U.S. Treasury Obligations - 18.8%
U.S. Treasury Bonds
1.875%, 02/15/51		$4,302,000		$3,371,524
2.250%, 05/15/41		6,437,000		5,577,560
3.125%, 05/15/48		1,998,000		2,014,702
5.000%, 05/15/37		2,140,000		2,681,771
6.250%, 08/15/23		4,868,000		5,104,745
6.750%, 08/15/26		3,254,000		3,748,328
U.S. Treasury Floating Rate Note
(U.S. Treasury 3-month Bill Money Market Yield + 0.049%), 0.064%, 01/31/233		1,964,000		1,966,174
U.S. Treasury Notes
2.000%, 06/30/24		6,268,000		6,167,614
Total U.S. Treasury Obligations				30,632,418
Total U.S. Government and Agency Obligations
(Cost $86,415,027)				80,305,861
Foreign Government Obligation - 0.8%
The Korea Development Bank (South Korea)
0.500%, 10/27/23
(Cost $1,383,260)		1,385,000		1,336,622
Short-Term Investments - 2.4%
Repurchase Agreements - 2.4%
Fixed Income Clearing Corp., dated 04/29/2022 due 05/02/2022, 0.13% total to be received $4,000,043 (collateralized by a U.S. Treasury, 4.500%, 05/15/38, totaling $4,080,019)		4,000,000		4,000,000
Total Short-Term Investments
(Cost $4,000,000)				4,000,000
Total Investments - 99.1%
(Cost $176,789,318)				161,776,205
Other Assets, less Liabilities - 0.9%				1,426,356
Net Assets - 100.0%				$163,202,561

¹  Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2022. Rate will reset at a future date.

²  Perpetuity Bond. The date shown represents the next call date.

³  Variable rate security. The rate shown is based on the latest available information as of April 30, 2022. 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.

⁴  Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At April 30, 2022, the value of these securities amounted to $1,667,646 or 1.0% of net assets.

CMT	Constant Maturity Treasury
FHLMC	Freddie Mac
FNMA	Fannie Mae
LIBOR	London Interbank Offered Rate
MTN	Medium-Term Note
SOFR	Secured Overnight Financing Rate

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, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Corporate Bonds and Notes†		–		$63,686,354		–		$63,686,354
Municipal Bonds†		–		12,447,368		–		12,447,368
U.S. Government and Agency Obligations†		–		80,305,861		–		80,305,861
Foreign Government Obligation†		–		1,336,622		–		1,336,622
Short-Term Investments
Repurchase Agreements		–		4,000,000		–		4,000,000
Total Investments in Securities		–		$161,776,205		–		$161,776,205

† All corporate bonds and notes, municipal bonds, U.S. government and agency obligations, and foreign government obligations held in the Fund are Level 2 securities. For a detailed breakout of corporate bonds and notes, municipal bonds, U.S. government and agency obligations, and foreign government obligations by major industry or agency classification, please refer to the Fund’s Schedule of Portfolio Investments.

For the six months ended April 30, 2022, 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 Markets Equity Fund

  Fund Snapshots (unaudited)

  April 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Financials	25.5
Information Technology	23.4
Consumer Discretionary	20.9
Communication Services	10.8
Consumer Staples	6.9
Health Care	4.3
Energy	3.5
Industrials	2.5
Real Estate	0.8
Short-Term Investments	1.1
Other Assets Less Liabilities	0.3

TOP TEN HOLDINGS

Security Name	% of Net Assets
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)	8.7
Samsung Electronics Co., Ltd. (South Korea)	6.3
HDFC Bank, Ltd. (India)	3.7
Alibaba Group Holding, Ltd. (China)	3.6
Reliance Industries, Ltd. (India)	3.5
Tencent Holdings, Ltd. (China)	3.5
Housing Development Finance Corp., Ltd. (India)	3.4
SK Hynix, Inc. (South Korea)	2.6
Baidu, Inc., Class A (China)	2.6
Prosus, N.V. (Netherlands)	2.5
Top Ten as a Group	40.4

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.

9

  AMG GW&K Emerging Markets Equity Fund

  Schedule of Portfolio Investments (unaudited)

  April 30, 2022

	Shares		Value
Common Stocks - 98.6%
Communication Services - 10.8%
Baidu, Inc., Class A (China)*		84,616		$1,349,093
Kingsoft Corp., Ltd. (China)		201,200		603,803
Kuaishou Technology (China)*,1		20,900		170,665
MultiChoice Group (South Africa)		81,758		669,388
NetEase, Inc. (China)		35,225		674,745
Sea, Ltd., ADR (Singapore)*		1,900		157,244
Tencent Holdings, Ltd. (China)		38,506		1,814,591
Tencent Music Entertainment Group, ADR (China)*		56,372		239,581
Total Communication Services				5,679,110
Consumer Discretionary - 20.9%
Alibaba Group Holding, Ltd. (China)*		155,728		1,899,522
Feng TAY Enterprise Co., Ltd. (Taiwan)		97,355		626,781
Haidilao International Holding, Ltd. (China)1		81,000		157,221
Huazhu Group, Ltd., ADR (China)		16,500		498,960
JD.com, Inc., Class A (China)*		21,652		675,078
Li Ning Co., Ltd. (China)		91,000		709,269
MakeMyTrip, Ltd. (India)*		30,248		770,417
Midea Group Co., Ltd., Class A (China)		75,485		647,882
Naspers, Ltd., N Shares (South Africa)		1,649		166,311
Pepco Group, N.V. (United Kingdom)*,1		26,117		243,907
Prosus, N.V. (Netherlands)2		27,012		1,302,753
Sands China, Ltd. (Macau)*		408,000		899,304
Shenzhou International Group Holdings, Ltd. (China)		11,460		155,500
Trip.com Group, Ltd., ADR (China)*		44,677		1,056,611
Yum China Holdings, Inc. (China)		27,117		1,133,491
Total Consumer Discretionary				10,943,007
Consumer Staples - 6.9%
Angel Yeast Co., Ltd., Class A (China)		34,000		197,304
Bid Corp., Ltd. (South Africa)		38,693		809,754
CP All PCL (Thailand)		156,468		295,011
CP All PCL, Foreign Shares (Thailand)		19,100		36,248
Dino Polska, S.A. (Poland)*,1,2		6,151		397,919
Fomento Economico Mexicano, S.A.B de CV (Mexico)		83,096		621,515
Orion Corp. (South Korea)		6,585		490,809
Vietnam Dairy Products JSC (Vietnam)		44,800		144,438
Wal-Mart de Mexico, S.A.B. de CV (Mexico)		174,873		619,830
Total Consumer Staples				3,612,828
Energy - 3.5%
Reliance Industries, Ltd. (India)		50,688		1,836,551

	Shares		Value
Financials - 25.5%
AIA Group, Ltd. (Hong Kong)		121,768		$1,196,220
B3, S.A. - Brasil Bolsa Balcao (Brazil)		80,500		216,558
Banco Bradesco, S.A., ADR (Brazil)		211,183		760,259
Bank Mandiri Persero Tbk PT (Indonesia)		1,815,216		1,114,606
Bank Rakyat Indonesia Persero Tbk PT (Indonesia)		2,180,836		726,626
BDO Unibank, Inc. (Philippines)		368,390		910,317
China International Capital Corp., Ltd., Class H (China)1		526,000		1,054,301
East Money Information Co., Ltd., Class A (China)		108,000		368,267
Grupo Financiero Banorte, S.A.B de CV, Class O (Mexico)		124,442		820,202
HDFC Bank, Ltd. (India)		109,440		1,962,022
HDFC Life Insurance Co., Ltd. (India)1		49,500		375,329
Housing Development Finance Corp., Ltd. (India)		60,869		1,756,189
OTP Bank Plc (Hungary)*		20,973		625,613
Ping An Insurance Group Co. of China, Ltd., Class H (China)		82,500		521,459
XP, Inc., Class A (Brazil)*		39,406		969,782
Total Financials				13,377,750
Health Care - 4.3%
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A (China)		99,000		554,292
CSPC Pharmaceutical Group, Ltd. (China)		293,408		299,964
Fleury, S.A. (Brazil)		171,322		501,427
Jinxin Fertility Group, Ltd. (China)*,1		107,500		67,380
Lepu Medical Technology Beijing Co., Ltd., Class A (China)		53,500		137,629
Odontoprev, S.A. (Brazil)		275,342		571,407
Syngene International, Ltd. (India)*,1		15,110		122,973
Total Health Care				2,255,072
Industrials - 2.5%
Copa Holdings, S.A., Class A (Panama)*		3,500		263,795
Grupo Aeroportuario del Pacifico, S.A.B de CV, Class B (Mexico)		68,255		1,051,528
Total Industrials				1,315,323
Information Technology - 23.4%
Advantech Co., Ltd. (Taiwan)		26,727		332,234
Delta Electronics, Inc. (Taiwan)		69,100		576,818
Infosys, Ltd., Sponsored ADR (India)		23,276		462,494
MediaTek, Inc. (Taiwan)		29,000		799,472
Pagseguro Digital, Ltd., Class A (Brazil)*		10,388		152,808
Samsung Electronics Co., Ltd. (South Korea)		61,567		3,281,126
SK Hynix, Inc. (South Korea)		15,684		1,374,359

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

10

  AMG GW&K Emerging Markets Equity Fund

  Schedule of Portfolio Investments (continued)

	Shares		Value
Information Technology - 23.4% (continued)
Sunny Optical Technology Group Co., Ltd. (China)		9,276		$135,187
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		253,632		4,586,341
Tata Consultancy Services, Ltd. (India)		9,134		420,971
Yeahka, Ltd. (China)*		49,200		127,986
Total Information Technology				12,249,796
Real Estate - 0.8%
Greentown Service Group Co., Ltd. (China)		410,023		408,190
Total Common Stocks
(Cost $49,645,453)				51,677,627
	Principal Amount
Short-Term Investments - 1.1%
Joint Repurchase Agreements - 0.3%3
Citigroup Global Markets, Inc., dated 04/29/22, due 05/02/22, 0.300% total to be received $177,825 (collateralized by various U.S. Treasuries, 0.000% - 2.375%, 05/03/22 - 02/15/52, totaling $181,377)	$	177,821		177,821

	Principal Amount		Value
Repurchase Agreements - 0.8%
Fixed Income Clearing Corp., dated 04/29/2022 due 05/02/2022, 0.13% total to be received $420,005 (collateralized by a U.S. Treasury, 0.125%, 07/15/24, totaling $428,437)	$	420,000		$420,000
Total Short-Term Investments
(Cost $597,821)				597,821
Total Investments - 99.7%
(Cost $50,243,274)				52,275,448
Other Assets, less Liabilities - 0.3%				167,806
Net Assets - 100.0%				$52,443,254

* Non-income producing security.

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 institutional buyers. At April 30, 2022, the value of these securities amounted to $2,589,695 or 4.9% of net assets.

² Some of these securities, amounting to $147,075 or 0.3% of net assets, were out on loan to various borrowers and are collateralized by cash. See Note 4 of Notes to Financial Statements.

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

ADR American Depositary Receipt

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

11

  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, 2022:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Financials		$2,766,801		$10,610,949		–		$13,377,750
Information Technology		615,302		11,634,494		–		12,249,796
Consumer Discretionary		3,459,479		7,483,528		–		10,943,007
Communication Services		1,066,213		4,612,897		–		5,679,110
Consumer Staples		2,087,347		1,525,481		–		3,612,828
Health Care		1,627,126		627,946		–		2,255,072
Energy		–		1,836,551		–		1,836,551
Industrials		1,315,323		–		–		1,315,323
Real Estate		–		408,190		–		408,190
Short-Term Investments
Joint Repurchase Agreements		–		177,821		–		177,821
Repurchase Agreements		–		420,000		–		420,000
Total Investments in Securities		$12,937,591		$39,337,857		–		$52,275,448

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, 2022, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at April 30, 2022, was as follows:

Country	% of Long-Term Investments
Brazil	6.1
China	30.3
Hong Kong	2.3
Hungary	1.2
India	14.9
Indonesia	3.6
Macau	1.7
Mexico	6.0
Netherlands	2.5
Panama	0.5
Philippines	1.8

Country	% of Long-Term Investments
Poland	0.8
Singapore	0.3
South Africa	3.2
South Korea	10.0
Taiwan	13.4
Thailand	0.6
United Kingdom	0.5
Vietnam	0.3
	100.0

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

12

  AMG GW&K Emerging Wealth Equity Fund

  Fund Snapshots (unaudited)

  April 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Consumer Discretionary	30.3
Financials	23.5
Information Technology	13.7
Communication Services	11.0
Consumer Staples	7.0
Health Care	5.9
Industrials	2.4
Materials	2.0
Short-Term Investments	1.5
Other Assets Less Liabilities	2.7

TOP TEN HOLDINGS

Security Name	% of Net Assets
Trip.com Group, Ltd., ADR (China)	5.4
Yum China Holdings, Inc. (China)	5.2
Sands China, Ltd. (Macau)	4.9
Tencent Holdings, Ltd. (China)	4.9
Kotak Mahindra (India)	4.6
QUALCOMM, Inc. (United States)	4.4
HDFC Bank, Ltd., ADR (India)	4.2
AIA Group, Ltd. (Hong Kong)	4.1
Alibaba Group Holding, Ltd. (China)	4.0
Infineon Technologies AG (Germany)	3.6
Top Ten as a Group	45.3

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.

13

  AMG GW&K Emerging Wealth Equity Fund

  Schedule of Portfolio Investments (unaudited)

  April 30, 2022

	Shares		Value
Common Stocks - 95.8%
Communication Services - 11.0%
Baidu, Inc., Class A (China)*		282,500		$4,504,099
Kingsoft Corp., Ltd. (China)		467,900		1,404,173
Sea, Ltd., ADR (Singapore)*		30,450		2,520,042
Tencent Holdings, Ltd. (China)		150,440		7,089,468
The Walt Disney Co. (United States)*		2,868		320,155
Total Communication Services				15,837,937
Consumer Discretionary - 30.3%
Alibaba Group Holding, Ltd. (China)*		478,448		5,835,960
Eicher Motors, Ltd. (India)		40,280		1,374,124
Haidilao International Holding, Ltd. (China)1		1,204,500		2,337,933
Hermes International (France)		621		765,729
Huazhu Group, Ltd., ADR (China)		133,309		4,031,264
Jubilant Foodworks, Ltd. (India)		122,540		865,350
Li Ning Co., Ltd. (China)		178,000		1,387,362
LVMH Moet Hennessy Louis Vuitton SE (France)		1,175		760,384
MakeMyTrip, Ltd. (India)*		87,869		2,238,023
Moncler SpA (Italy)2		11,783		613,820
Sands China, Ltd. (Macau)*		3,246,800		7,156,517
Titan Co., Ltd. (India)		35,230		1,124,139
Trip.com Group, Ltd., ADR (China)*		327,592		7,747,551
Yum China Holdings, Inc. (China)		178,188		7,448,258
Total Consumer Discretionary				43,686,414
Consumer Staples - 7.0%
Angel Yeast Co., Ltd., Class A (China)		56,900		330,194
The Estee Lauder Cos., Inc., Class A (United States)		2,385		629,783
Foshan Haitian Flavouring & Food Co., Ltd., Class A (China)		144,410		1,775,940
Wal-Mart de Mexico, S.A.B. de CV (Mexico)		736,720		2,611,274
Wuliangye Yibin Co., Ltd., Class A (China)		195,003		4,765,675
Total Consumer Staples				10,112,866
Financials - 23.5%
AIA Group, Ltd. (Hong Kong)		597,400		5,868,714
Bank Central Asia Tbk PT (Indonesia)		1,930,800		1,082,931
China International Capital Corp., Ltd., Class H (China)1		2,469,400		4,949,601
East Money Information Co., Ltd., Class A (China)		963,024		3,283,797
HDFC Bank, Ltd., ADR (India)		109,333		6,036,275
HDFC Life Insurance Co., Ltd. (India)1		395,800		3,001,118
Hong Kong Exchanges & Clearing, Ltd. (Hong Kong)		63,250		2,683,000
Kotak Mahindra (India)		284,186		6,590,314

	Shares		Value
XP, Inc., Class A (Brazil)*		15,800		$388,838
Total Financials				33,884,588
Health Care - 5.9%
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A (China)		729,612		4,085,030
CSPC Pharmaceutical Group, Ltd. (China)		675,600		690,697
Jiangsu Hengrui Medicine Co., Ltd., Class A (China)		148,460		661,395
Novo Nordisk A/S, Class B (Denmark)		27,224		3,109,696
Total Health Care				8,546,818
Industrials - 2.4%
Contemporary Amperex Technology Co., Ltd., Class A (China)		38,900		2,378,115
Shenzhen Inovance Technology Co., Ltd., Class A (China)		125,850		1,090,746
Total Industrials				3,468,861
Information Technology - 13.7%
Beijing Kingsoft Office Software, Inc., Class A (China)		9,700		275,622
Infineon Technologies AG (Germany)		182,035		5,166,740
KLA Corp. (United States)		4,875		1,556,392
Mastercard, Inc., Class A (United States)		5,660		2,056,731
QUALCOMM, Inc. (United States)		45,274		6,324,325
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		207,500		3,752,152
Yeahka, Ltd. (China)*		208,600		542,639
Total Information Technology				19,674,601
Materials - 2.0%
Asian Paints, Ltd. (India)		36,948		1,557,439
Chr Hansen Holding A/S (Denmark)		6,873		535,473
Skshu Paint Co., Ltd., Class A (China)		70,300		787,536
Total Materials				2,880,448
Total Common Stocks
(Cost $138,095,497)				138,092,533
	Principal Amount
Short-Term Investments - 1.5%
Joint Repurchase Agreements - 0.1%3
Credit Suisse AG, dated 04/29/22, due 05/02/22, 0.280% total to be received $104,986 (collateralized by various U.S. Treasuries, 0.000% - 7.625%, 05/03/22 - 02/15/52, totaling $107,084)	$	104,984		104,984

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

14

  AMG GW&K Emerging Wealth Equity Fund

  Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Repurchase Agreements - 1.4%
Fixed Income Clearing Corp., dated 04/29/2022 due 05/02/2022, 0.13% total to be received $2,000,022 (collateralized by a U.S. Treasury, 0.125%, 07/15/24, totaling $2,040,060)	$	2,000,000		$2,000,000
Total Short-Term Investments
(Cost $2,104,984)				2,104,984

	Value
Total Investments - 97.3%
(Cost $140,200,481)		$140,197,517
Other Assets, less Liabilities - 2.7%		3,877,862
Net Assets - 100.0%		$144,075,379

* Non-income producing security.

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 institutional buyers. At April 30, 2022, the value of these securities amounted to $10,288,652 or 7.1% of net assets.

²  Some of these securities, amounting to $98,978 or 0.1% of net assets, were out on loan to various borrowers and are collateralized by cash. See Note 4 of Notes to Financial Statements.

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

ADR   American Depositary Receipt

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2022:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Consumer Discretionary		$21,465,096		$22,221,318		–		$43,686,414
Financials		6,425,113		27,459,475		–		33,884,588
Information Technology		9,937,448		9,737,153		–		19,674,601
Communication Services		2,840,197		12,997,740		–		15,837,937
Consumer Staples		3,241,057		6,871,809		–		10,112,866
Health Care		4,085,030		4,461,788		–		8,546,818
Industrials		–		3,468,861		–		3,468,861
Materials		–		2,880,448		–		2,880,448
Short-Term Investments
Joint Repurchase Agreements		–		104,984		–		104,984
Repurchase Agreements		–		2,000,000		–		2,000,000
Total Investments in Securities		$47,993,941		$92,203,576		–		$140,197,517

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, 2022, there were no transfers in or out of Level 3.

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

15

  AMG GW&K Emerging Wealth Equity Fund

  Schedule of Portfolio Investments (continued)

The country allocation in the Schedule of Portfolio Investments at April 30, 2022, was as follows:

Country	% of Long-Term Investments
Brazil	0.3
China	48.8
Denmark	2.6
France	1.1
Germany	3.7
Hong Kong	6.2
India	16.5
Indonesia	0.8
Italy	0.5
Macau	5.2
Mexico	1.9
Singapore	1.8
Taiwan	2.7
United States	7.9
	100.0

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

16

  AMG GW&K Small/Mid Cap Growth Fund

  Fund Snapshots (unaudited)

  April 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Information Technology	28.1
Health Care	24.8
Industrials	16.5
Consumer Discretionary	15.8
Financials	4.3
Materials	3.6
Real Estate	2.4
Energy	2.2
Consumer Staples	1.6
Short-Term Investments	2.5
Other Assets Less Liabilities	(1.8)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Gartner, Inc.	3.3
Paylocity Holding Corp.	2.4
Manhattan Associates, Inc.	2.3
Matador Resources Co.	2.2
Five Below, Inc.	2.0
Atkore, Inc.	1.9
Burlington Stores, Inc.	1.9
Rapid7, Inc.	1.9
Entegris, Inc.	1.9
Ritchie Bros. Auctioneers, Inc. (Canada)	1.9
Top Ten as a Group	21.7

Because a fund’s strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund’s prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund’s portfolio of investments by the time you receive this report.

17

  AMG GW&K Small/Mid Cap Growth Fund

  Schedule of Portfolio Investments (unaudited)

   April 30, 2022

	Shares		Value
Common Stocks - 99.3%
Consumer Discretionary - 15.8%
Bright Horizons Family Solutions, Inc.*		2,026		$231,450
Burlington Stores, Inc.*		3,160		643,250
Churchill Downs, Inc.		2,319		470,618
Five Below, Inc.*		4,194		658,877
Grand Canyon Education, Inc.*		4,716		452,594
Krispy Kreme Inc.1		21,850		290,168
Lithia Motors, Inc., Class A		1,216		344,286
LKQ Corp.		9,949		493,769
Pool Corp.		1,303		528,002
Revolve Group, Inc.*		7,700		325,402
Texas Roadhouse, Inc.		6,467		532,428
Vail Resorts, Inc.		999		253,906
Total Consumer Discretionary				5,224,750
Consumer Staples - 1.6%
Performance Food Group Co.*		5,530		272,353
PriceSmart, Inc.		3,187		253,207
Total Consumer Staples				525,560
Energy - 2.2%
Matador Resources Co.		15,000		732,300
Financials - 4.3%
Evercore, Inc., Class A		2,776		293,562
MarketAxess Holdings, Inc.		1,511		398,315
Pinnacle Financial Partners, Inc.		4,136		320,747
Signature Bank		1,697		411,098
Total Financials				1,423,722
Health Care - 24.8%
Acadia Healthcare Co., Inc.*		6,183		419,702
Albireo Pharma, Inc.*,1		13,619		433,357
Azenta, Inc.		7,052		528,618
Biohaven Pharmaceutical Holding Co., Ltd.*		3,573		318,604
Bio-Rad Laboratories, Inc., Class A*		734		375,852
Catalent, Inc.*		6,688		605,665
Chemed Corp.		643		315,964
CryoPort, Inc.*		7,148		161,259
Globus Medical, Inc., Class A*		8,565		567,174
Halozyme Therapeutics, Inc.*		14,134		563,947
HealthEquity, Inc.*		6,924		431,504
Horizon Therapeutics PLC*		4,402		433,861
ICU Medical, Inc.*		871		186,385
Integra LifeSciences Holdings Corp.*		6,649		406,653
LHC Group, Inc.*		2,976		493,570

	Shares		Value
Medpace Holdings, Inc.*		2,518		$336,329
Neurocrine Biosciences, Inc.*		4,915		442,498
Oyster Point Pharma, Inc.*,1		18,201		116,122
Phathom Pharmaceuticals, Inc.*		20,443		264,532
Syneos Health, Inc.*		7,181		524,859
West Pharmaceutical Services, Inc.		907		285,759
Total Health Care				8,212,214
Industrials - 16.5%
Atkore, Inc.*		6,700		643,870
Booz Allen Hamilton Holding Corp.		3,636		296,807
CACI International, Inc., Class A*		1,433		380,175
Dycom Industries, Inc.*		2,055		174,490
Gibraltar Industries, Inc.*		1,908		72,199
Graco, Inc.		5,993		371,686
IDEX Corp.		1,800		341,676
Ingersoll Rand, Inc.		9,577		421,005
JELD-WEN Holding, Inc.*		4,962		103,160
Knight-Swift Transportation Holdings, Inc.		5,882		281,689
RBC Bearings, Inc.*		3,043		512,289
Ritchie Bros. Auctioneers, Inc. (Canada)		11,093		611,113
SiteOne Landscape Supply, Inc.*		3,807		536,901
The Toro Co.		4,606		369,079
Woodward, Inc.1		3,128		345,581
Total Industrials				5,461,720
Information Technology - 28.1%
Cerence, Inc.*,1		7,795		229,953
Cognex Corp.		7,860		531,572
The Descartes Systems Group, Inc. (Canada)*		5,769		358,543
Entegris, Inc.		5,559		619,217
Gartner, Inc.*		3,735		1,085,204
Globant SA (Uruguay)*		2,491		538,031
HubSpot, Inc.*		1,594		604,811
MACOM Technology Solutions Holdings, Inc.*		9,560		487,082
Manhattan Associates, Inc.*		5,779		754,448
Paycor HCM, Inc.*,1		18,548		456,837
Paylocity Holding Corp.*		4,235		803,083
Power Integrations, Inc.		6,578		526,240
Rapid7, Inc.*		6,624		632,725
Silicon Laboratories, Inc.*		3,718		501,595
SS&C Technologies Holdings, Inc.		4,131		267,111
Tyler Technologies, Inc.*		859		339,056
Zebra Technologies Corp., Class A*		1,509		557,817
Total Information Technology				9,293,325

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

18

  AMG GW&K Small/Mid Cap Growth Fund

  Schedule of Portfolio Investments (continued)

	Shares		Value
Materials - 3.6%
AptarGroup, Inc.		2,938		$337,371
Avient Corp.		6,242		307,356
Eagle Materials, Inc.		1,211		149,340
RPM International, Inc.		4,552		377,361
Total Materials				1,171,428
Real Estate - 2.4%
American Campus Communities, Inc., REIT		4,544		293,861
Sun Communities, Inc., REIT		2,804		492,298
Total Real Estate				786,159
Total Common Stocks
(Cost $34,925,994)				32,831,178
	Principal   Amount
Short-Term Investments - 2.5%
Joint Repurchase Agreements - 1.8%2
Deutsche Bank Securities, Inc., dated 04/29/22, due 05/02/22, 0.280% total to be received $592,864 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 5.875%, 05/10/22 - 04/01/52, totaling $604,707)		$592,850		592,850

	Principal Amount		Value
Repurchase Agreements - 0.7%
Fixed Income Clearing Corp., dated 04/29/2022 due 05/02/2022, 0.13% total to be received $250,003 (collateralized by a U.S. Treasury, 0.125%, 07/15/24, totaling $255,070) (Cost $250,000)		$250,000		$250,000
Total Short-Term Investments
(Cost $842,850)				842,850
Total Investments - 101.8%
(Cost $35,768,844)				33,674,028
Other Assets, less Liabilities - (1.8)%				(604,818	)
Net Assets - 100.0%				$33,069,210

* Non-income producing security.

¹  Some of these securities, amounting to $1,127,842 or 3.4% 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.

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, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†		$32,831,178		–		–		$32,831,178
Short-Term Investments
Joint Repurchase Agreements		–		$592,850		–		592,850
Repurchase Agreements		–		250,000		–		250,000
Total Investments in Securities		$32,831,178		$842,850		–		$33,674,028

^†  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, 2022, there were no transfers in or out of Level 3.

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

19

  Statement of Assets and Liabilities (unaudited)

   April 30, 2022

	AMG GW&K Core Bond ESG Fund		AMG GW&K Emerging Markets Equity Fund		AMG GW&K Emerging Wealth Equity Fund		AMG GW&K Small/Mid Cap Growth Fund
Assets:
Investments at value1 (including securities on loan valued at $0, $147,075, $98,978, and $1,127,842, respectively)		$161,776,205		$52,275,448		$140,197,517		$33,674,028
Cash		227,297		22,078		–		19,422
Foreign currency2		–		786,199		3,232,839		–
Receivable for investments sold		–		–		5,491,163		–
Dividend and interest receivables		1,159,253		29,796		93,017		5,401
Securities lending income receivable		–		167		651		286
Receivable for Fund shares sold		192,227		13,898		9,818		784
Receivable from affiliate		12,579		2,712		–		7,403
Prepaid expenses and other assets		16,645		5,776		20,290		13,665
Total assets		163,384,206		53,136,074		149,045,295		33,720,989
Liabilities:
Payable upon return of securities loaned		–		177,821		104,984		592,850
Payable for investments purchased		–		–		2,177,813		–
Payable for Fund shares repurchased		50,658		465,363		690,007		14,277
Payable for foreign capital gains tax		–		–		19,622		–
Interfund loan payable		–		–		1,873,592		–
Accrued expenses:
Investment advisory and management fees		41,297		24,985		74,565		18,162
Administrative fees		20,648		6,814		20,336		4,394
Distribution fees		376		69		121		4,293
Shareholder service fees		10,415		1,847		5,355		258
Other		58,251		15,921		3,521		17,545
Total liabilities		181,645		692,820		4,969,916		651,779
Net Assets		$163,202,561		$52,443,254		$144,075,379		$33,069,210
1 Investments at cost		$176,789,318		$50,243,274		$140,200,481		$35,768,844
2 Foreign currency at cost		–		$809,301		$3,237,412		–

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

20

  Statement of Assets and Liabilities (continued)

	AMG GW&K Core Bond ESG Fund			AMG GW&K Emerging Markets Equity Fund			AMG GW&K Emerging Wealth Equity Fund			AMG GW&K Small/Mid Cap Growth Fund
Net Assets Represent:
Paid-in capital		$178,733,619			$52,705,897			$164,969,065			$35,485,759
Total distributable loss		(15,531,058	)		(262,643	)		(20,893,686	)		(2,416,549	)
Net Assets		$163,202,561			$52,443,254			$144,075,379			$33,069,210
Class N:
Net Assets		$1,795,619			$343,592			$566,955			$26,917,625
Shares outstanding		191,486			41,272			54,208			1,936,927
Net asset value, offering and redemption price per share		$9.38			$8.33			$10.46			$13.90
Class I:
Net Assets		$158,925,657			$24,678,005			$55,751,539			$6,139,413
Shares outstanding		16,940,758			3,000,380			5,267,647			424,314
Net asset value, offering and redemption price per share		$9.38			$8.22			$10.58			$14.47
Class Z:
Net Assets		$2,481,285			$27,421,657			$87,756,885			$12,172
Shares outstanding		264,671			3,353,617			8,301,255			841
Net asset value, offering and redemption price per share		$9.37			$8.18			$10.57			$14.47

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

21

  Statement of Operations (unaudited)

  For the six months ended April 30, 2022

	AMG GW&K Core Bond ESG Fund			AMG GW&K Emerging Markets Equity Fund			AMG GW&K Emerging Wealth Equity Fund			AMG GW&K Small/Mid Cap Growth Fund
Investment Income:
Dividend income		–			$382,175			$810,279			$61,359
Interest income		$1,783,307			172			282			–
Securities lending income		–			2,776			4,813			8,271
Foreign withholding tax		–			(41,958	)		(39,675	)		(1,432	)
Total investment income		1,783,307			343,165			775,699			68,198
Expenses:
Investment advisory and management fees		270,288			158,730			554,515			119,260
Administrative fees		135,144			43,290			151,231			28,853
Distribution fees - Class N		2,439			472			968			28,557
Shareholder servicing fees - Class N		1,463			283			580			–
Shareholder servicing fees - Class I		66,680			11,775			30,731			1,593
Professional fees		27,726			20,145			23,364			13,901
Reports to shareholders		16,056			3,108			8,753			5,451
Custodian fees		14,155			28,733			65,192			9,986
Registration fees		14,068			6,845			21,713			14,691
Transfer agent fees		9,883			1,512			4,874			4,183
Trustee fees and expenses		6,372			2,008			7,427			1,372
Interest expense		–			–			385			–
Miscellaneous		4,089			1,862			4,151			1,576
Total expenses before offsets		568,363			278,763			873,884			229,423
Expense reimbursements		(65,320	)		(15,088	)		–			(41,541	)
Expense reductions		–			–			–			(1,546	)
Net expenses		503,043			263,675			873,884			186,336
Net investment income (loss)		1,280,264			79,490			(98,185	)		(118,138	)
Net Realized and Unrealized Loss:
Net realized gain (loss) on investments		(520,769	)		(1,527,437	)		(17,771,875	)		186,204
Net realized loss on foreign currency transactions		–			(278	)		(44,757	)		–
Net change in unrealized appreciation/depreciation on investments		(19,335,393	)		(10,551,476	)		(30,151,134	)		(9,257,182	)
Net change in unrealized appreciation/depreciation on foreign currency translations		–			(18,536	)		8,393			–
Net realized and unrealized loss		(19,856,162	)		(12,097,727	)		(47,959,373	)		(9,070,978	)
Net decrease in net assets resulting from operations		$(18,575,898	)		$(12,018,237	)		$(48,057,558	)		$(9,189,116	)

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

22

  Statements of Changes in Net Assets

   For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021

	AMG GW&K Core Bond ESG Fund						AMG GW&K Emerging Markets Equity Fund
	April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income		$1,280,264			$2,873,232			$79,490			$333,862
Net realized gain (loss) on investments		(520,769	)		4,909,231			(1,527,715	)		564,430
Net change in unrealized appreciation/depreciation on investments		(19,335,393	)		(7,605,124	)		(10,570,012	)		2,359,554
Net increase (decrease) in net assets resulting from operations		(18,575,898	)		177,339			(12,018,237	)		3,257,846
Distributions to Shareholders:
Class N		(58,644	)		(21,649	)		(2,401	)		(17,233	)
Class I		(5,622,209	)		(2,789,712	)		(249,213	)		(1,069,474	)
Class Z		(85,424	)		(57,930	)		(382,214	)		(1,249,608	)
Total distributions to shareholders		(5,766,277	)		(2,869,291	)		(633,828	)		(2,336,315	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(8,610,849	)		(9,231,990	)		6,461,902			13,857,527
Total increase (decrease) in net assets		(32,953,024	)		(11,923,942	)		(6,190,163	)		14,779,058
Net Assets:
Beginning of period		196,155,585			208,079,527			58,633,417			43,854,359
End of period		$163,202,561			$196,155,585			$52,443,254			$58,633,417

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

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

23

  Statements of Changes in Net Assets (continued)

   For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021

	AMG GW&K Emerging Wealth Equity Fund						AMG GW&K Small/Mid Cap Growth Fund
	April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment loss		$(98,185	)		$(547,863	)		$(118,138	)		$(375,973	)
Net realized gain (loss) on investments		(17,816,632	)		2,871,609			186,204			16,012,613
Net change in unrealized appreciation/depreciation on investments		(30,142,741	)		(5,026,545	)		(9,257,182	)		(137,250	)
Net increase (decrease) in net assets resulting from operations		(48,057,558	)		(2,702,799	)		(9,189,116	)		15,499,390
Distributions to Shareholders:
From net investment income and/or realized gain on investments:
Class N		(10,519	)		–			–			(14,397,541	)
Class I		(417,335	)		–			–			(3,078,320	)
Class Z		(1,915,233	)		(35,421	)		–			–
From paid-in capital:
Class N		–			–			–			(674,816	)
Class I		–			–			–			(144,282	)
Total distributions to shareholders		(2,343,087	)		(35,421	)		–			(18,294,959	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(31,233,559	)		18,163,731			(1,840,492	)		11,502,921
Total increase (decrease) in net assets		(81,634,204	)		15,425,511			(11,029,608	)		8,707,352
Net Assets:
Beginning of period		225,709,583			210,284,072			44,098,818			35,391,466
End of period		$144,075,379			$225,709,583			$33,069,210			$44,098,818

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

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

24

  AMG GW&K Core Bond ESG Fund

   Financial Highlights

    For a share outstanding throughout each fiscal period

	For the six months ended			For the fiscal years ended October 31,
Class N	April 30, 2022 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$10.75			$10.90			$10.53			$9.67			$10.14			$10.26
Income (loss) from Investment Operations:
Net investment income1,2		0.06			0.12			0.18			0.21			0.18			0.18
Net realized and unrealized gain (loss) on investments		(1.12	)		(0.15	)		0.37			0.86			(0.46	)		(0.12	)
Total income (loss) from investment operations		(1.06	)		(0.03	)		0.55			1.07			(0.28	)		0.06
Less Distributions to Shareholders from:
Net investment income		(0.06	)		(0.12	)		(0.18	)		(0.21	)		(0.19	)		(0.18	)
Net realized gain on investments		(0.25	)		–			–			–			–			–
Total distributions to shareholders		(0.31	)		(0.12	)		(0.18	)		(0.21	)		(0.19	)		(0.18	)
Net Asset Value, End of Period		$9.38			$10.75			$10.90			$10.53			$9.67			$10.14
Total Return2,3		(10.13	)%4		(0.27	)%		5.31	%		11.20	%		(2.79	)%		0.57	%
Ratio of net expenses to average net assets		0.88	%5		0.88	%		0.88	%		0.88	%		0.88	%		0.88	%
Ratio of gross expenses to average net assets6		0.95	%5		0.94	%		0.96	%		0.95	%		0.93	%		0.93	%
Ratio of net investment income to average net assets2		1.10	%5		1.12	%		1.69	%		2.10	%		1.88	%		1.75	%
Portfolio turnover		17	%4		62	%		56	%		48	%		17	%		18	%
Net assets end of period (000’s) omitted		$1,796			$2,125			$1,905			$1,255			$502			$146

25

  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 years ended October 31,
Class I	April 30, 2022 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$10.76			$10.90			$10.54			$9.67			$10.15			$10.27
Income (loss) from Investment Operations:
Net investment income1,2		0.07			0.16			0.22			0.24			0.22			0.21
Net realized and unrealized gain (loss) on investments		(1.13	)		(0.14	)		0.36			0.88			(0.48	)		(0.12	)
Total income (loss) from investment operations		(1.06	)		0.02			0.58			1.12			(0.26	)		0.09
Less Distributions to Shareholders from:
Net investment income		(0.07	)		(0.16	)		(0.22	)		(0.25	)		(0.22	)		(0.21	)
Net realized gain on investments		(0.25	)		–			–			–			–			–
Total distributions to shareholders		(0.32	)		(0.16	)		(0.22	)		(0.25	)		(0.22	)		(0.21	)
Net Asset Value, End of Period		$9.38			$10.76			$10.90			$10.54			$9.67			$10.15
Total Return2,3		(10.07	)%4		0.15	%		5.55	%		11.70	%		(2.59	)%		0.91	%
Ratio of net expenses to average net assets		0.56	%5		0.56	%		0.55	%		0.55	%		0.56	%		0.55	%
Ratio of gross expenses to average net assets6		0.63	%5		0.62	%		0.63	%		0.62	%		0.61	%		0.60	%
Ratio of net investment income to average net assets2		1.42	%5		1.44	%		2.01	%		2.42	%		2.20	%		2.08	%
Portfolio turnover		17	%4		62	%		56	%		48	%		17	%		18	%
Net assets end of period (000’s) omitted		$158,926			$190,306			$202,363			$212,801			$264,795			$325,855

26

  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 years ended October 31,
Class Z	April 30, 2022 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$10.75			$10.90			$10.53			$9.67			$10.14			$10.26
Income (loss) from Investment Operations:
Net investment income1,2		0.08			0.16			0.22			0.25			0.23			0.22
Net realized and unrealized gain (loss) on investments		(1.13	)		(0.15	)		0.38			0.87			(0.47	)		(0.12	)
Total income (loss) from investment operations		(1.05	)		0.01			0.60			1.12			(0.24	)		0.10
Less Distributions to Shareholders from:
Net investment income		(0.08	)		(0.16	)		(0.23	)		(0.26	)		(0.23	)		(0.22	)
Net realized gain on investments		(0.25	)		–			–			–			–			–
Total distributions to shareholders		(0.33	)		(0.16	)		(0.23	)		(0.26	)		(0.23	)		(0.22	)
Net Asset Value, End of Period		$9.37			$10.75			$10.90			$10.53			$9.67			$10.14
Total Return2,3		(10.05	)%4		0.13	%		5.73	%		11.71	%		(2.42	)%		0.98	%
Ratio of net expenses to average net assets		0.48	%5		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%
Ratio of gross expenses to average net assets6		0.55	%5		0.54	%		0.56	%		0.55	%		0.53	%		0.53	%
Ratio of net investment income to average net assets2		1.50	%5		1.52	%		2.09	%		2.50	%		2.28	%		2.15	%
Portfolio turnover		17	%4		62	%		56	%		48	%		17	%		18	%
Net assets end of period (000’s) omitted		$2,481			$3,724			$3,812			$3,208			$5,005			$5,590

¹  Per share numbers have been calculated using average shares.

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

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

⁴  Not annualized.

⁵  Annualized.

⁶  Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

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 years ended October 31,
Class N	April 30, 2022 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$10.30			$9.73			$9.52			$8.61			$10.11			$7.91
Income (loss) from Investment Operations:
Net investment income1,2		(0.00	)3		0.02			0.01			0.14			0.11			0.09
Net realized and unrealized gain (loss) on investments		(1.91	)		0.96			0.70			1.04			(1.54	)		2.18
Total income (loss) from investment operations		(1.91	)		0.98			0.71			1.18			(1.43	)		2.27
Less Distributions to Shareholders from:
Net investment income		(0.02	)		(0.07	)		(0.06	)		(0.17	)		(0.07	)		(0.07	)
Net realized gain on investments		(0.04	)		(0.34	)		(0.44	)		(0.10	)		–			–
Total distributions to shareholders		(0.06	)		(0.41	)		(0.50	)		(0.27	)		(0.07	)		(0.07	)
Net Asset Value, End of Period		$8.33			$10.30			$9.73			$9.52			$8.61			$10.11
Total Return2,4		(18.63	)%5		9.85	%		7.55	%		13.94	%		(14.24	)%		28.97	%
Ratio of net expenses to average net assets		1.27	%6		1.27	%7		1.34	%		1.30	%		1.27	%		1.31	%
Ratio of gross expenses to average net assets8		1.32	%6		1.37	%7		1.52	%		1.30	%		1.27	%		1.31	%
Ratio of net investment income (loss) to average net assets2		(0.08	)%6		0.20	%		0.13	%		1.52	%		1.12	%		1.08	%
Portfolio turnover		22	%5		36	%		40	%		123	%		24	%		29	%
Net assets end of period (000’s) omitted		$344			$414			$412			$520			$289			$350

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 years ended October 31,
Class I	April 30, 2022 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$10.21			$9.69			$9.48			$8.60			$10.11			$7.90
Income (loss) from Investment Operations:
Net investment income1,2		0.01			0.06			0.04			0.17			0.13			0.12
Net realized and unrealized gain (loss) on investments		(1.89	)		0.95			0.69			1.04			(1.53	)		2.18
Total income (loss) from investment operations		(1.88	)		1.01			0.73			1.21			(1.40	)		2.30
Less Distributions to Shareholders from:
Net investment income		(0.07	)		(0.15	)		(0.08	)		(0.23	)		(0.11	)		(0.09	)
Net realized gain on investments		(0.04	)		(0.34	)		(0.44	)		(0.10	)		–			–
Total distributions to shareholders		(0.11	)		(0.49	)		(0.52	)		(0.33	)		(0.11	)		(0.09	)
Net Asset Value, End of Period		$8.22			$10.21			$9.69			$9.48			$8.60			$10.11
Total Return2,4		(18.62	)%5		10.13	%		7.91	%		14.34	%		(13.94	)%		29.34	%
Ratio of net expenses to average net assets		0.96	%6		0.95	%7		1.01	%		0.97	%		0.99	%		1.03	%
Ratio of gross expenses to average net assets8		1.01	%6		1.05	%7		1.19	%		0.97	%		0.99	%		1.03	%
Ratio of net investment income to average net assets2		0.23	%6		0.52	%		0.47	%		1.85	%		1.40	%		1.36	%
Portfolio turnover		22	%5		36	%		40	%		123	%		24	%		29	%
Net assets end of period (000’s) omitted		$24,678			$24,571			$19,251			$24,100			$11,210			$2,207

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 years ended October 31,
Class Z	April 30, 2022 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$10.15			$9.64			$9.43			$8.56			$10.06			$7.86
Income (loss) from Investment Operations:
Net investment income1,2		0.01			0.07			0.05			0.18			0.15			0.13
Net realized and unrealized gain (loss) on investments		(1.86	)		0.93			0.69			1.02			(1.53	)		2.16
Total income (loss) from investment operations		(1.85	)		1.00			0.74			1.20			(1.38	)		2.29
Less Distributions to Shareholders from:
Net investment income		(0.08	)		(0.15	)		(0.09	)		(0.23	)		(0.12	)		(0.09	)
Net realized gain on investments		(0.04	)		(0.34	)		(0.44	)		(0.10	)		–			–
Total distributions to shareholders		(0.12	)		(0.49	)		(0.53	)		(0.33	)		(0.12	)		(0.09	)
Net Asset Value, End of Period		$8.18			$10.15			$9.64			$9.43			$8.56			$10.06
Total Return2,4		(18.44	)%5		10.15	%		8.01	%		14.39	%		(13.88	)%		29.62	%
Ratio of net expenses to average net assets		0.87	%6		0.87	%7		0.94	%		0.90	%		0.87	%		0.88	%
Ratio of gross expenses to average net assets8		0.92	%6		0.97	%7		1.12	%		0.90	%		0.87	%		0.88	%
Ratio of net investment income to average net assets2		0.32	%6		0.60	%		0.53	%		1.92	%		1.52	%		1.51	%
Portfolio turnover		22	%5		36	%		40	%		123	%		24	%		29	%
Net assets end of period (000’s) omitted		$27,422			$33,648			$24,191			$31,727			$133,688			$130,828

¹  Per share numbers have been calculated using average shares.

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

³  Less than $0.005 or $(0.005) per share.

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

⁵  Not annualized.

⁶  Annualized.

⁷  Such ratio includes recapture of waived/reimbursed fees from prior periods.

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

30

  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 years ended October 31,
Class N	April 30, 2022 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$13.41			$13.28			$11.93			$10.38			$12.94			$10.13
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.03	)		(0.09	)		(0.04	)		0.10			0.06			0.05
Net realized and unrealized gain (loss) on investments		(2.77	)		0.22			1.72			1.95			(1.88	)		2.80
Total income (loss) from investment operations		(2.80	)		0.13			1.68			2.05			(1.82	)		2.85
Less Distributions to Shareholders from:
Net investment income		–			–			(0.06	)		(0.06	)		(0.05	)		(0.04	)
Net realized gain on investments		(0.15	)		–			(0.27	)		(0.44	)		(0.69	)		–
Total distributions to shareholders		(0.15	)		–			(0.33	)		(0.50	)		(0.74	)		(0.04	)
Net Asset Value, End of Period		$10.46			$13.41			$13.28			$11.93			$10.38			$12.94
Total Return2,3		(21.06	)%4		0.98	%		14.37	%		20.82	%		(15.16	)%		28.31	%
Ratio of net expenses to average net assets		1.23	%5		1.22	%		1.26	%		1.37	%6		1.45	%6,7		1.45	%6,7
Ratio of gross expenses to average net assets8		1.23	%5		1.22	%		1.26	%		1.37	%6		1.45	%6		1.45	%6
Ratio of net investment income (loss) to average net assets2		(0.47	)%5		(0.59	)%		(0.35	)%		0.93	%		0.49	%		0.45	%
Portfolio turnover		43	%4		57	%		37	%		40	%		37	%		68	%
Net assets end of period (000’s) omitted		$567			$967			$1,716			$2,007			$1,940			$10

31

  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 years ended October 31,
Class I	April 30, 2022 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$13.55			$13.38			$12.03			$10.44			$12.96			$10.14
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.01	)		(0.05	)		(0.01	)		0.14			0.09			0.08
Net realized and unrealized gain (loss) on investments		(2.81	)		0.22			1.73			1.96			(1.88	)		2.81
Total income (loss) from investment operations		(2.82	)		0.17			1.72			2.10			(1.79	)		2.89
Less Distributions to Shareholders from:
Net investment income		–			–			(0.10	)		(0.07	)		(0.04	)		(0.07	)
Net realized gain on investments		(0.15	)		–			(0.27	)		(0.44	)		(0.69	)		–
Total distributions to shareholders		(0.15	)		–			(0.37	)		(0.51	)		(0.73	)		(0.07	)
Net Asset Value, End of Period		$10.58			$13.55			$13.38			$12.03			$10.44			$12.96
Total Return2,3		(20.91	)%4		1.27	%		14.63	%		21.15	%		(14.89	)%		28.73	%
Ratio of net expenses to average net assets		0.94	%5		0.93	%		0.97	%		1.08	%6		1.19	%6,7		1.12	%6,7
Ratio of gross expenses to average net assets8		0.94	%5		0.93	%		0.97	%		1.08	%6		1.19	%6		1.16	%6
Ratio of net investment income (loss) to average net assets2		(0.18	)%5		(0.30	)%		(0.06	)%		1.22	%		0.75	%		0.78	%
Portfolio turnover		43	%4		57	%		37	%		40	%		37	%		68	%
Net assets end of period (000’s) omitted		$55,752			$41,453			$22,813			$6,328			$2,539			$1,646

32

  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 years ended October 31,
Class Z	April 30, 2022 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$13.52			$13.34			$11.99			$10.41			$12.97			$10.15
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.00	)9		(0.03	)		0.01			0.15			0.11			0.10
Net realized and unrealized gain (loss) on investments		(2.80	)		0.21			1.72			1.96			(1.89	)		2.80
Total income (loss) from investment operations		(2.80	)		0.18			1.73			2.11			(1.78	)		2.90
Less Distributions to Shareholders from:
Net investment income		–			(0.00	)9		(0.11	)		(0.09	)		(0.09	)		(0.08	)
Net realized gain on investments		(0.15	)		–			(0.27	)		(0.44	)		(0.69	)		–
Total distributions to shareholders		(0.15	)		(0.00	)9		(0.38	)		(0.53	)		(0.78	)		(0.08	)
Net Asset Value, End of Period		$10.57			$13.52			$13.34			$11.99			$10.41			$12.97
Total Return2,3		(20.81	)%4		1.37	%		14.75	%		21.34	%		(14.87	)%		28.86	%
Ratio of net expenses to average net assets		0.83	%5		0.82	%		0.86	%		0.97	%6		1.05	%6,7		1.05	%6,7
Ratio of gross expenses to average net assets8		0.83	%5		0.82	%		0.86	%		0.97	%6		1.05	%6		1.05	%6
Ratio of net investment income (loss) to average net assets2		(0.07	)%5		(0.19	)%		0.05	%		1.33	%		0.89	%		0.85	%
Portfolio turnover		43	%4		57	%		37	%		40	%		37	%		68	%
Net assets end of period (000’s) omitted		$87,757			$183,290			$185,755			$105,069			$60,443			$59,500

¹  Per share numbers have been calculated using average shares.

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

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

⁴  Not annualized.

⁵  Annualized.

⁶  Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.02%, 0.07% and 0.04% for the fiscal years ended October 31, 2019, 2018 and 2017, respectively.

⁷  Includes reduction from broker recapture amounting to less than 0.01%.

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

⁹  Less than $(0.005) per share.

33

  AMG GW&K Small/Mid Cap Growth Fund

  Financial Highlights

   For a share outstanding throughout each fiscal period

	For the six months ended			For the fiscal years ended October 31,
Class N	April 30, 2022 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$17.67			$21.14			$17.02			$16.90			$15.30			$12.19
Income (loss) from Investment Operations:
Net investment loss1,2		(0.05	)		(0.17	)		(0.17	)		(0.08	)		(0.12	)		(0.09	)3
Net realized and unrealized gain (loss) on investments		(3.72	)		7.74			4.29			0.20			1.72			3.20
Total income (loss) from investment operations		(3.77	)		7.57			4.12			0.12			1.60			3.11
Less Distributions to Shareholders from:
Net realized gain on investments		–			(10.55	)		–			–			–			–
Paid in capital		–			(0.49	)		–			–			–			–
Total distributions to shareholders		–			(11.04	)		–			–			–			–
Net Asset Value, End of Period		$13.90			$17.67			$21.14			$17.02			$16.90			$15.30
Total Return2,4		(21.34	)%5		46.66	%		24.27	%		0.71	%		10.46	%		25.51	%
Ratio of net expenses to average net assets6		1.00	%7		1.17	%		1.29	%8		1.30	%		1.31	%		1.23	%
Ratio of gross expenses to average net assets9		1.22	%7		1.42	%		1.60	%		1.47	%		1.43	%		1.36	%
Ratio of net investment loss to average net assets2		(0.64	)%7		(0.91	)%		(0.92	)%		(0.48	)%		(0.73	)%		(0.65	)%
Portfolio turnover		10	%5		158	%		126	%		138	%		161	%		151	%
Net assets end of period (000’s) omitted		$26,918			$37,471			$28,908			$30,717			$37,232			$45,902

34

  AMG GW&K Small/Mid Cap Growth Fund

  Financial Highlights

   For a share outstanding throughout each fiscal period

	For the six months ended			For the fiscal years ended October 31,
Class I	April 30, 2022 (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$18.39			$21.60			$17.35			$17.20			$15.54			$12.36
Income (loss) from Investment Operations:
Net investment loss1,2		(0.04	)		(0.15	)		(0.14	)		(0.05	)		(0.09	)		(0.07	)3
Net realized and unrealized gain (loss) on investments		(3.88	)		7.98			4.39			0.20			1.75			3.25
Total income (loss) from investment operations		(3.92	)		7.83			4.25			0.15			1.66			3.18
Less Distributions to Shareholders from:
Net realized gain on investments		–			(10.55	)		–			–			–			–
Paid in capital		–			(0.49	)		–			–			–			–
Total distributions to shareholders		–			(11.04	)		–			–			–			–
Net Asset Value, End of Period		$14.47			$18.39			$21.60			$17.35			$17.20			$15.54
Total Return2,4		(21.32	)%5		46.94	%		24.48	%		0.93	%		10.68	%		25.73	%
Ratio of net expenses to average net assets6		0.87	%7		1.02	%		1.10	%8		1.10	%		1.10	%		1.05	%
Ratio of gross expenses to average net assets9		1.09	%7		1.27	%		1.41	%		1.27	%		1.22	%		1.18	%
Ratio of net investment loss to average net assets2		(0.51	)%7		(0.76	)%		(0.73	)%		(0.28	)%		(0.52	)%		(0.47	)%
Portfolio turnover		10	%5		158	%		126	%		138	%		161	%		151	%
Net assets end of period (000’s) omitted		$6,139			$6,612			$6,483			$14,608			$65,802			$79,652

35

  AMG GW&K Small/Mid Cap Growth Fund

  Financial Highlights

   For a share outstanding throughout each fiscal period

	For the six months ended			For the fiscal period ended October 31,
Class Z	April 30, 2022 (unaudited)			202110
Net Asset Value, Beginning of Period		$18.39			$17.84
Income (loss) from Investment Operations:
Net investment loss1,2		(0.04	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(3.88	)		0.56
Total income (loss) from investment operations		(3.92	)		0.55
Net Asset Value, End of Period		$14.47			$18.39
Total Return2,4		(21.26	)%5		3.08	%5
Ratio of net expenses to average net assets11		0.82	%7		0.82	%7
Ratio of gross expenses to average net assets9		1.04	%7		1.13	%7
Ratio of net investment loss to average net assets2		(0.46	)%7		(0.49	)%7
Portfolio turnover		10	%5		158	%
Net assets end of period (000’s) omitted		$12			$15

¹  Per share numbers have been calculated using average shares.

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

³  Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.11) and $(0.09) for Class N and Class I shares, respectively.

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

⁵  Not annualized.

⁶  Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 30, 2022 and less than 0.01%, 0.01%, less than 0.01%, 0.01% and 0.01% for the fiscal years ended 2021, 2020, 2019, 2018 and 2017, respectively.

⁷  Annualized.

⁸  Includes interest expense of 0.01%.

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

¹⁰  Commencement of operations was on August 31, 2021.

¹¹ Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 30, 2022 and fiscal period ended October 31, 2021.

36

  Notes to Financial Statements (unaudited)

   April 30, 2022

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds, AMG Funds I and AMG Funds IV (the “Trusts”) are open-end management investment companies. AMG Funds and AMG Funds I are organized as Massachusetts business trusts, while AMG Funds IV is organized as a Delaware Statutory Trust. The Trusts are 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”), AMG Funds: AMG GW&K Emerging Markets Equity Fund (“Emerging Markets Equity”) and AMG GW&K Emerging Wealth Equity Fund (“Emerging Wealth Equity”) and AMG Funds IV: AMG GW&K Small/Mid Cap Growth Fund (“Small/Mid Cap Growth”), each a “Fund” and collectively, the “Funds”.

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.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the Funds and thus Fund performance.

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

For the Funds, 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. Equity securities held by the Funds that are traded in the over-the-counter market (other than NMS securities) are valued at the bid price. Foreign equity securities (securities principally traded in markets other than U.S. markets) held by the Funds 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 bid 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 other open-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 Trusts’ securities valuation procedures, the Valuation Committee, seeks to determine the price that a 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 a pre-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

37

  Notes to Financial Statements (continued)

the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

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

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted 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, 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 the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date, 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. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trusts and other trusts or funds within the AMG Funds Family of Funds (collectively the “AMG Funds Family”) based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

Small/Mid Cap Growth had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Fund’s overall expense ratio. For the six

months ended April 30, 2022, the impact on the expenses and expense ratios was $1,546 or less than 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income will normally be declared and paid monthly for Core Bond ESG and annually for Emerging Markets Equity, Emerging Wealth Equity and Small/Mid Cap Growth. Realized net capital gains distributions, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are primarily due to net operating losses. Temporary differences are primarily due to wash sale loss deferrals, mark-to-market on passive foreign investment companies, and the deferral of qualified late year losses.

At April 30, 2022, 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 Appreciation (Depreciation)
Core Bond ESG		$176,789,318		$12,017		$(15,025,130)		$(15,013,113)
Emerging Markets Equity		50,243,274		7,489,128		(5,456,954)		2,032,174
Emerging Wealth Equity		140,200,481		18,006,432		(18,009,396)		(2,964)
Small/Mid Cap Growth		35,768,844		2,463,941		(4,558,757)		(2,094,816)

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.

38

  Notes to Financial Statements (continued)

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, 2021, 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, 2022, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

g. CAPITALSTOCK

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.

For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021, the capital stock transactions by class for the Funds were as follows:

	Core Bond ESG												Emerging Markets Equity
	April 30, 2022						October 31, 2021						April 30, 2022						October 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		9,451		$	96,418			57,167		$	617,603			4,121		$	35,971			26,050		$	301,090
Reinvestment of distributions		5,657			58,644			1,982			21,505			247			2,402			1,571			17,233
Cost of shares repurchased		(21,247	)		(221,536	)		(36,310	)		(394,283	)		(3,341	)		(30,958	)		(29,702	)		(340,566	)
Net increase (decrease)		(6,139	)	$	(66,474	)		22,839		$	244,825			1,027		$	7,415			(2,081	)	$	(22,243	)
Class I:
Proceeds from sale of shares		499,033		$	5,054,561			1,732,406		$	18,782,363			985,422		$	9,677,213			635,502		$	7,074,008
Reinvestment of distributions		520,351			5,388,737			244,961			2,659,029			9,086			87,225			35,661			386,561
Cost of shares repurchased		(1,770,189	)		(18,107,630	)		(2,843,986	)		(30,881,158	)		(401,468	)		(3,695,791	)		(251,494	)		(2,698,418	)
Net increase (decrease)		(750,805	)	$	(7,664,332	)		(866,619	)	$	(9,439,766	)		593,040		$	6,068,647			419,669		$	4,762,151
Class Z:
Proceeds from sale of shares		9,966		$	101,771			58,501		$	638,670			30,835		$	286,020			762,904		$	8,699,676
Reinvestment of distributions		8,261			85,424			5,343			57,930			40,063			382,197			115,827			1,248,619
Cost of shares repurchased		(99,977	)		(1,067,238	)		(67,164	)		(733,649	)		(30,949	)		(282,377	)		(75,374	)		(830,676	)
Net increase (decrease)		(81,750	)	$	(880,043	)		(3,320	)	$	(37,049	)		39,949		$	385,840			803,357		$	9,117,619
	Emerging Wealth Equity												Small/Mid Cap Growth
	April 30, 2022						October 31, 2021						April 30, 2022						October 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		1,898		$	24,252			8,974		$	138,021			34,217		$	545,827			91,217		$	1,757,478
Reinvestment of distributions		832			10,519			–			–			–			–			972,672			14,770,300
Cost of shares repurchased		(20,676	)		(254,458	)		(66,077	)		(967,375	)		(217,400	)		(3,467,357	)		(311,010	)		(5,726,959	)
Net increase (decrease)		(17,946	)	$	(219,687	)		(57,103	)	$	(829,354	)		(183,183	)	$	(2,921,530	)		752,879		$	10,800,819
Class I:
Proceeds from sale of shares		3,746,942		$	48,361,939			1,993,990		$	30,549,706			81,314		$	1,347,980			42,998		$	900,118
Reinvestment of distributions		32,510			415,801			–			–			–			–			202,482			3,199,629
Cost of shares repurchased		(1,571,823	)		(19,108,958	)		(639,402	)		(9,207,782	)		(16,532	)		(266,942	)		(186,045	)		(3,412,645	)
Net increase		2,207,629		$	29,668,782			1,354,588		$	21,341,924			64,782		$	1,081,038			59,435		$	687,102

39

  Notes to Financial Statements (continued)

	Emerging Wealth Equity												Small/Mid Cap Growth
	April 30, 2022						October 31, 2021						April 30, 2022				October 31, 2021
	Shares			Amount			Shares			Amount			Shares		Amount		Shares		Amount
Class Z:1
Proceeds from sale of shares		550,902			$6,907,880			3,554,557			$54,731,525			–		–		841		$15,000
Reinvestment of distributions		8,097			103,399			162			2,470			–		–		–		–
Cost of shares repurchased		(5,810,700	)		(67,693,933	)		(3,925,460	)		(57,082,834	)		–		–		–		–
Net increase (decrease)		(5,251,701	)		$(60,682,654	)		(370,741	)		$(2,348,839	)		–		–		841		$15,000

¹  Commencement of operations for Small/Mid Cap Growth was on August 31, 2021.

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral 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, 2022, the market value of Repurchase Agreements outstanding for Emerging Markets Equity, Emerging Wealth Equity and Small/Mid Cap Growth were $177,821, $104,984 and $592,850, 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, 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, 2022, 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 Markets Equity	0.55	%
Emerging Wealth Equity	0.55	%
Small/Mid Cap Growth1	0.62	%

¹  Prior to June 18, 2021, the investment management fees were 0.90%.

The Investment Manager has contractually agreed, through at least March 1, 2023 for Core Bond ESG, Emerging Markets Equity, Emerging Wealth Equity, and Small/Mid Cap Growth, 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 Markets Equity, Emerging Wealth Equity, and Small/Mid Cap Growth to 0.48%, 0.87%, 090%, and 0.82%, 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 June 18 2021, the total annual Fund operating expense limitation was 1.03% of Small/Mid Cap Growth’s average daily net assets.

40

  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 a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of a Fund.

At April 30, 2022, the Funds’ expiration of reimbursements subject to recoupment is as follows:

Expiration   Period	Core Bond ESG		Emerging Markets Equity		Small/Mid Cap Growth
Less than 1 year		$150,693		$32,299		$124,425
1-2 years		150,321		73,722		105,267
2-3 years		124,657		45,851		88,755
Total		$425,671		$151,872		$318,447

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

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 Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, each Fund 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 Small/Mid

Cap Growth, the Plan is characterized as a reimbursement plan and is directly tied to expenses incurred by the Distributor; the payments the Distributor receives during any year may not exceed its actual expenses. The impact on the Class N annualized expense ratios for the six months ended April 30, 2022, were 0.25% for Core Bond ESG, Emerging Markets Equity, and Emerging Wealth Equity and 0.18% for Small/Mid Cap Growth.

For Class N of Core Bond ESG, Emerging Markets Equity and Emerging Wealth Equity and for each of the Class I shares, the Board has approved reimbursement payments to the Investment Manager for shareholder servicing expenses (“shareholder servicing fees”) incurred. Shareholder servicing fees include payments to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder recordkeeping, account servicing and other services. The Class N and Class I shares may reimburse the Investment Manager for the actual amount incurred up to a maximum annual rate of each Class’s average daily net assets as shown in the table below.

The impact on the annualized expense ratios for the six months ended April 30, 2022, were as follows:

Fund	Maximum Annual Amount Approved			Actual Amount Incurred
Core Bond ESG
Class N		0.15	%		0.15	%
Class I		0.10	%		0.08	%
Emerging Markets Equity
Class N		0.15	%		0.15	%
Class I		0.15	%		0.09	%
Emerging Wealth Equity
Class N		0.15	%		0.15	%
Class I		0.15	%		0.11	%
Small/Mid Cap Growth
Class I*		0.05	%		0.05	%

* Prior to June 18, 2021, the maximum annual amount approved was 0.15%. Effective, June 18, 2021, the shareholder servicing fees for Class N was eliminated.

The Board provides supervision of the affairs of the Trusts and other trusts within the AMG Funds Family. The Trustees of the Trusts who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family 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

41

  Notes to Financial Statements (continued)

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 interest expense, respectively. At April 30, 2022, Emerging Wealth Equity Fund had interfund loans of $1,873,592 outstanding.

The following Funds utilized the interfund loan program during the six months ended April 30, 2022 as follows:

Fund	Average Lent		Number of Days		Interest Earned		Average Interest Rate
Core Bond ESG		$2,021,069		9		$469		0.941	%
Emerging Markets Equity		1,695,398		4		172		0.930	%
Emerging Wealth Equity		2,214,957		5		282		0.928	%
Fund	Average Borrowed		Number of Days		Interest Paid		Average Interest Rate
Emerging Wealth Equity		$2,317,900		6		$385		1.009	%

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, 2022, were as follows:

	Long Term Securities
Fund	Purchases		Sales
Core Bond ESG		$11,580,534		$17,611,093
Emerging Markets Equity		18,024,500		10,345,244
Emerging Wealth Equity		83,818,589		120,911,148
Small/Mid Cap Growth		3,970,103		5,695,600

Core Bond ESG purchases and sales of U.S. Government obligations during the six months ended April 30, 2022 were $18,185,796 and $20,681,986, 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 and 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, 2022, were as follows:

Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
Emerging Markets Equity		$147,075		$177,821		–		$177,821
Emerging Wealth Equity		98,978		104,984		–		104,984
Small/Mid Cap Growth		1,127,842		592,850		$598,678		1,191,528

The following table summarizes the securities received as collateral for securities lending at April 30, 2022:

Fund	Collateral Type	Coupon Range	Maturity Date Range
Small/Mid Cap Growth	U.S. Treasury Obligations	0.000%-6.000%	05/31/22-02/15/47

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. GEOGRAPHICAL FOCUS RISK

Emerging Markets Equity and Emerging Wealth Equity are particularly susceptible to risks in the Greater China region, which consists of (the People’s Republic of China (“PRC”), Hong Kong, Taiwan or issuers that are not located in the Greater China Region, but derive a majority (over 50%) of their income from the Greater China Region. Economies in the Greater China region are dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from other emerging economies in Asia with lower costs. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. Markets in the Greater China region can experience significant volatility due to social, economic, regulatory and political uncertainties. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in

42

  Notes to Financial Statements (continued)

response to market volatility and other events. U.S. or foreign government restrictions or intervention could negatively affect the implementation of the Fund’s investment strategies, for example by precluding the Funds from making certain investments or causing the Funds to sell investments at disadvantageous times. China has yet to develop comprehensive securities, corporate, or commercial laws, its market is relatively new and less developed, and its economy may be adversely impacted by a slowdown in export growth. The Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund and may result in losses.

7. 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.

8. 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 the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4.

The following table is a summary of the Funds’ open Repurchase Agreements that are subject to a master netting agreement as of April 30, 2022:

			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 Markets Equity
Citigroup Global Markets, Inc.		$177,821		–		$177,821		$177,821		–
Emerging Wealth Equity
Credit Suisse AG		$104,984		–		$104,984		$104,984		–
Small/Mid Cap Growth
Deutsche Bank Securities, Inc.		$592,850		–		$592,850		$592,850		–

9. 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.

43

  Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout the open-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 17, 2022, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period January 1, 2021 through December 31, 2021 (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 an open-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 an in-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.

44

INVESTMENT MANAGER AND ADMINISTRATOR   AMG Funds LLC   680 Washington Blvd., Suite 500   Stamford, CT 06901   800.548.4539   DISTRIBUTOR   AMG Distributors, Inc.   680 Washington Blvd., Suite 500   Stamford, CT 06901   800.548.4539   SUBADVISER   GW&K Investment Management, LLC   222 Berkeley St.   Boston, MA 02116   CUSTODIAN   The Bank of New York Mellon   Mutual Funds Custody   6023 Airport Road   Oriskany, NY 13424   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   4400 Computer Drive   Westborough, MA 01581   800.548.4539   TRUSTEES   Bruce B. Bingham   Christine C. Carsman   Kurt A. Keilhacker   Steven J. Paggioli   Eric Rakowski   Victoria L. Sassine   Thomas R. Schneeweis   Garret W. Weston 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 the 12-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 Form N-PORT. The Funds’ portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Funds’ website at amgfunds.com. To review a complete list of the Funds’ portfolio holdings, or to view the most recent semiannual report or annual report, please visit amgfunds.com.

amgfunds.com                

BALANCED FUNDS AMG GW&K Global Allocation GW&K Investment Management, LLC   AMG FQ Global Risk-Balanced First Quadrant, L.P.   EQUITY FUNDS AMG Beutel Goodman International Equity Beutel, Goodman & Company Ltd.   AMG Boston Common Global Impact Boston Common Asset Management, LLC   AMG Frontier Small Cap Growth Frontier Capital Management Co., LLC   AMG GW&K Small Cap Core AMG GW&K Small Cap Value AMG GW&K Small/Mid Cap AMG GW&K Small/Mid Cap Growth AMG GW&K Emerging Markets Equity AMG GW&K Emerging Wealth Equity AMG GW&K International Small Cap GW&K Investment Management, LLC   AMG Montrusco Bolton Large Cap Growth Montrusco Bolton Investments, Inc. 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 International Value Equity AMG River Road Large Cap Value Select AMG River Road Mid Cap Value AMG River Road Small-Mid Cap Value AMG River Road Small Cap Value River Road 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 Veritas Asia Pacific AMG Veritas China AMG Veritas Global Focus AMG Veritas Global Real Return Veritas Asset Management LLP   AMG Yacktman AMG Yacktman Focused AMG Yacktman Global AMG Yacktman Special Opportunities Yacktman Asset Management LP     FIXED INCOME FUNDS AMG Beutel Goodman Core Plus Bond Beutel, Goodman & Company Ltd.   AMG GW&K Enhanced Core Bond ESG AMG GW&K ESG Bond AMG GW&K High Income AMG GW&K Municipal Bond AMG GW&K Municipal Enhanced Yield GW&K Investment Management, LLC

amgfunds.com                 043022                SAR069

     SEMI-ANNUAL REPORT

AMG Funds April 30, 2022 AMG Frontier Small Cap Growth Fund
Class N: MSSVX     ��	Class I: MSSCX	Class Z: MSSYX

amgfunds.com         043022            SAR085

    AMG Funds

Semi-Annual Report — April 30, 2022 (unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		3
FUND SNAPSHOTS AND SCHEDULE OF PORTFOLIO INVESTMENTS		4
FINANCIAL STATEMENTS
Statement of Assets and Liabilities		8
Balance sheet, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations		10
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets		11
Detail of changes in assets for the past two fiscal periods
Financial Highlights		12
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements		15
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		20
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, 2022	Expense Ratio for the Period			Beginning Account Value 11/01/21		Ending Account Value 04/30/22		Expenses Paid During the Period*
AMG Frontier Small Cap Growth Fund
Based on Actual Fund Return
Class N		1.30	%		$1,000		$793		$5.78
Class I		0.94	%		$1,000		$794		$4.18
Class Z		0.90	%		$1,000		$794		$4.00
Based on Hypothetical 5% Annual Return
Class N		1.30	%		$1,000		$1,018		$6.51
Class I		0.94	%		$1,000		$1,020		$4.71
Class Z		0.90	%		$1,000		$1,020		$4.51

  * Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), then divided by 365.

2

    Fund Performance (unaudited)

Periods ended April 30, 2022

The table below shows the average annual total returns for the periods indicated for the Fund, as well as the Fund’s relative index for the same time periods ended April 30, 2022.

Average Annual Total Returns1	Six Months*		One Year		Five Years		Ten Years
AMG Frontier Small Cap Growth Fund2, 3, 4, 5, 6, 7
Class N		(20.75%)		(18.62%)		14.83%		12.04%
Class I		(20.62%)		(18.37%)		15.19%		12.37%
Class Z		(20.65%)		(18.32%)		15.28%		12.54%
Russell 2000® Growth Index8		(26.77%)		(26.44%)		7.08%		9.95%

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 Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.

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. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of April 30, 2022. All returns are in U.S. dollars($).

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

³  The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products.

⁴  Active and frequent trading of a fund may result in higher transaction costs and increased tax liability.

⁵  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.

⁶  Companies that are in similar industry sectors 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  Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

⁸  The Russell 2000^® Growth Index measures the performance of the Russell 2000^® companies with higher price-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.

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, 2022

PORTFOLIO BREAKDOWN
Sector	% of Net Assets
Health Care		24.0
Information Technology		21.5
Industrials		18.6
Consumer Discretionary		13.4
Financials		5.7
Energy		5.1
Materials		4.1
Real Estate		2.9
Communication Services		1.0
Short-Term Investments		9.5
Other Assets Less Liabilities		(5.8)

TOP TEN HOLDINGS
Security Name	% of Net Assets
Mattel, Inc.		5.0
KBR, Inc.		4.6
LPL Financial Holdings, Inc.		2.9
SM Energy Co.		2.6
Fair Isaac Corp.		2.4
Horizon Therapeutics PLC		2.4
PDC Energy, Inc.		2.4
Pacira BioSciences, Inc.		2.4
Beacon Roofing Supply, Inc.		2.3
Natera, Inc.		2.2
Top Ten as a Group		29.2

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, 2022

	Shares		Value
Common Stocks - 96.3%
Communication Services - 1.0%
Radius Global Infrastructure, Inc., Class A*,1		17,355		$215,549
Consumer Discretionary - 13.4%
Adtalem Global Education, Inc.*		1,957		57,360
BorgWarner, Inc.		255		9,392
Boyd Gaming Corp.		1,707		103,410
Bright Horizons Family Solutions, Inc.*		1,412		161,307
Caesars Entertainment, Inc.*		1,375		91,135
Five Below, Inc.*		26		4,085
Floor & Decor Holdings, Inc., Class A*		1,555		123,965
Leslie’s, Inc.*,1		21,757		426,437
Lithia Motors, Inc., Class A		1,220		345,418
Mattel, Inc.*		44,313		1,077,249
Ollie’s Bargain Outlet Holdings, Inc.*		467		22,439
The Cheesecake Factory, Inc.*		10,238		377,884
Under Armour, Inc., Class C*		3,367		47,778
Xponential Fitness, Inc., Class A*		1,618		33,525
Total Consumer Discretionary				2,881,384
Energy - 5.1%
International Seaways, Inc.1		2,004		42,345
PDC Energy, Inc.		7,300		509,102
SM Energy Co.		15,423		547,979
Total Energy				1,099,426
Financials - 5.7%
Argo Group International Holdings, Ltd. (Bermuda)		2,016		86,285
BankUnited, Inc.		2,044		76,732
LPL Financial Holdings, Inc.		3,364		631,995
NMI Holdings, Inc., Class A*		10,949		201,243
Pinnacle Financial Partners, Inc.		1,116		86,546
Webster Financial Corp.		1,048		52,389
Wintrust Financial Corp.		983		85,835
Total Financials				1,221,025
Health Care - 24.0%
ABIOMED, Inc.*		7		2,006
ACADIA Pharmaceuticals, Inc.*		8,961		165,241
Adaptive Biotechnologies Corp.*		6,103		50,350
Alnylam Pharmaceuticals, Inc.*		15		2,001
Apellis Pharmaceuticals, Inc.*		242		10,534
Arvinas, Inc.*		183		10,060
Axonics, Inc.*		6,298		326,362
BioMarin Pharmaceutical, Inc.*		36		2,929

	Shares		Value
Covetrus, Inc.*		9,365		$129,237
CRISPR Therapeutics AG (Switzerland)*		1,149		57,013
Cytokinetics Inc.*,1		5,558		221,597
Exact Sciences Corp.*		50		2,753
Guardant Health, Inc.*		58		3,579
Horizon Therapeutics PLC*		5,224		514,877
Inari Medical, Inc.*		816		65,851
Inspire Medical Systems, Inc.*		2,097		431,479
Insulet Corp.*		9		2,151
Iovance Biotherapeutics, Inc.*,1		2,486		37,663
Karyopharm Therapeutics, Inc.*,1		3,171		19,343
Lantheus Holdings, Inc.*		4,938		327,933
Natera, Inc.*		13,397		470,503
Novocure, Ltd. (Jersey)*,1		1,573		120,460
NuVasive, Inc.*		2,164		111,316
Pacira BioSciences, Inc.*		6,816		508,269
Quanterix Corp.*		18,532		411,225
Sarepta Therapeutics, Inc.*		3,057		221,082
Shockwave Medical, Inc.*		1,834		277,172
Supernus Pharmaceuticals, Inc.*		5,364		149,656
TG Therapeutics Inc.*		10,971		76,139
Turning Point Therapeutics, Inc.*		1,807		53,198
United Therapeutics Corp.*		1,992		353,700
Total Health Care				5,135,679
Industrials - 18.6%
American Woodmark Corp.*		1,359		63,669
Array Technologies, Inc.*		31,734		207,223
The AZEK Co., Inc.*		1,064		22,599
Azul, S.A., ADR (Brazil)*		8,343		111,629
Beacon Roofing Supply, Inc.*		8,218		490,039
Bloom Energy Corp., Class A*,1		7,825		145,232
Builders FirstSource, Inc.*		3,337		205,459
Controladora Vuela Cia de Aviacion, S.A.B de CV, ADR (Mexico)*		4,463		71,051
Enovix Corp.*		6,541		59,131
Interface, Inc.		7,550		95,810
KBR, Inc.1		20,019		985,536
Knight-Swift Transportation Holdings, Inc.		4,263		204,155
Masonite International Corp.*		857		66,435
MasTec, Inc.*		5,597		403,040
Quanta Services, Inc.		947		109,833
Sensata Technologies Holding PLC*		5,252		238,493
Shoals Technologies Group, Inc.*		7,658		76,427

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
Industrials - 18.6% (continued)
Triumph Group, Inc.*		5,932		$133,707
Tutor Perini Corp.*		475		4,403
Upwork, Inc.*		2,361		49,510
WESCO International, Inc.*		1,084		133,614
Willdan Group, Inc.*		4,141		111,310
Total Industrials				3,988,305
Information Technology - 21.5%
Avalara, Inc.*		1,745		132,742
BigCommerce Holdings, Inc., Series 1*		6,992		124,947
Blackline, Inc.*		319		21,389
Couchbase, Inc.*,1		18,821		319,957
Coupa Software, Inc.*		511		44,099
Dlocal, Ltd., Class A (Uruguay)*,1		1,127		25,549
Elastic, N.V.*		4,757		362,198
Envestnet, Inc.*		2,196		174,889
Fair Isaac Corp.*		1,385		517,311
Genpact, Ltd.		11,138		448,527
II-VI, Inc.*		1,684		103,078
MACOM Technology Solutions Holdings, Inc.*		5,611		285,880
MaxLinear, Inc.*		7,885		377,455
Mimecast, Ltd.*		3,418		272,346
MKS Instruments, Inc.		693		78,988
MongoDB, Inc.*		11		3,904
Monolithic Power Systems, Inc.		28		10,983
NCR Corp.*		453		15,869
Ouster, Inc.*,1		8,714		28,843
Paymentus Holdings, Inc., Class A*		4,401		72,881
Rapid7, Inc.*		176		16,812
SiTime Corp.*		2,065		348,097
Switch, Inc., Class A		10,346		308,932
WalkMe, Ltd. (Israel)*,1		1,249		19,822
Wolfspeed, Inc.*,1		45		4,127
Workiva, Inc.*		873		84,253
Zendesk, Inc.*		2,887		352,329
Zuora, Inc., Class A*		4,474		54,449
Total Information Technology				4,610,656

	Shares		Value
Materials - 4.1%
Allegheny Technologies, Inc.*		10,103		$274,599
Carpenter Technology Corp.		7,313		279,210
Eagle Materials, Inc.		517		63,756
FMC Corp.		18		2,386
Livent Corp.*		11,046		235,943
Summit Materials, Inc., Class A*		556		15,457
Total Materials				871,351
Real Estate - 2.9%
Agree Realty Corp., REIT		1,888		128,233
Brixmor Property Group, Inc., REIT		5,922		150,300
SITE Centers Corp., REIT		17,556		279,141
STAG Industrial, Inc., REIT		1,901		70,945
Total Real Estate				628,619
Total Common Stocks (Cost $20,856,664)				20,651,994
	Principal Amount
Short-Term Investments - 9.5%
Joint Repurchase Agreements - 4.5% 2
Citigroup Global Markets, Inc., dated 04/29/22, due 05/02/22, 0.310% total to be received $970,413 (collateralized by various U.S. Government Agency Obligations, 0.000% - 3.500%, 07/07/22 - 03/20/52, totaling $989,796)	$	970,388		970,388
	Shares
Other Investment Companies - 5.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24% 3		711,737		711,737
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.37% 3		366,653		366,653
Total Other Investment Companies				1,078,390
Total Short-Term Investments (Cost $2,048,778)				2,048,778
Total Investments - 105.8% (Cost $22,905,442)				22,700,772
Other Assets, less Liabilities - (5.8)%				(1,251,508	)
Net Assets - 100.0%			$	21,449,264

* Non-income producing security.

¹  Some of these securities, amounting to $1,845,128 or 8.6% 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, 2022, 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, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†		$20,651,994		—		—		$20,651,994
Short-Term Investments
Joint Repurchase Agreements		—		$970,388		—		970,388
Other Investment Companies		1,078,390		—		—		1,078,390
Total Investments in Securities		$21,730,384		$970,388		—		$22,700,772

  ^† 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, 2022, there were no transfers in or out of Level 3.

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

7

    Statement of Assets and Liabilities (unaudited)

April 30, 2022

	AMG Frontier Small Cap Growth Fund
Assets:
Investments at value1 (including securities on loan valued at $1,845,128)		$22,700,772
Receivable for investments sold		121,257
Dividend and interest receivables		1,035
Securities lending income receivable		270
Receivable from affiliate		8,287
Prepaid expenses and other assets		11,296
Total assets		22,842,917
Liabilities:
Payable upon return of securities loaned		970,388
Payable for investments purchased		363,867
Payable for Fund shares repurchased		1,474
Accrued expenses:
Investment advisory and management fees		13,357
Administrative fees		2,862
Distribution fees		163
Shareholder service fees		661
Other		40,881
Total liabilities		1,393,653
Net Assets		$21,449,264
1 Investments at cost		$22,905,442

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

8

    Statement of Assets and Liabilities (continued)

	AMG Frontier Small Cap Growth Fund
Net Assets Represent:
Paid-in capital		$23,315,635
Total distributable loss		(1,866,371	)
Net Assets		$21,449,264
Class N:
Net Assets		$728,269
Shares outstanding		108,783
Net asset value, offering and redemption price per share		$6.69
Class I:
Net Assets		$14,446,256
Shares outstanding		1,966,510
Net asset value, offering and redemption price per share		$7.35
Class Z:
Net Assets		$6,274,739
Shares outstanding		801,763
Net asset value, offering and redemption price per share		$7.83

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

9

    Statement of Operations (unaudited)

For the six months ended April 30, 2022

	AMG Frontier Small Cap Growth Fund
Investment Income:
Dividend income		$35,000
Securities lending income		3,272
Foreign withholding tax		(20	)
Total investment income		38,252
Expenses:
Investment advisory and management fees		86,015
Administrative fees		18,432
Distribution fees - Class N		1,098
Shareholder servicing fees - Class N		659
Shareholder servicing fees - Class I		3,526
Custodian fees		25,055
Professional fees		14,053
Registration fees		8,796
Reports to shareholders		5,725
Transfer agent fees		3,144
Trustee fees and expenses		857
Miscellaneous		1,461
Total expenses before offsets		168,821
Expense reimbursements		(52,825	)
Net expenses		115,996
Net investment loss		(77,744	)
Net Realized and Unrealized Loss:
Net realized loss on investments		(1,007,350	)
Net change in unrealized appreciation/depreciation on investments		(4,538,266	)
Net realized and unrealized loss		(5,545,616	)
Net decrease in net assets resulting from operations		$(5,623,360	)

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

10

    Statements of Changes in Net Assets

For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021

	AMG Frontier Small Cap Growth Fund
	April 30, 2022			October 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment loss	$	(77,744	)	$	(155,840	)
Net realized gain (loss) on investments		(1,007,350	)		9,236,403
Net change in unrealized appreciation/depreciation on investments		(4,538,266	)		906,558
Net increase (decrease) in net assets resulting from operations		(5,623,360	)		9,987,121
Distributions to Shareholders:
Class N		(665,222	)		(14,298	)
Class I		(5,073,890	)		(499,904	)
Class Z		(2,412,197	)		(307,436	)
Total distributions to shareholders		(8,151,309	)		(821,638	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		8,487,857			(2,131,904	)
Total increase (decrease) in net assets		(5,286,812	)		7,033,579
Net Assets:
Beginning of period		26,736,076			19,702,497
End of period	$	21,449,264		$	26,736,076

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

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

11

    AMG Frontier Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

Class N	For the six months ended April 30, 2022 (unaudited)			For the fiscal years ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$12.60			$8.55			$8.03			$11.69			$13.20			$10.29
Income (loss) from Investment Operations:
Net investment loss1,2		(0.04	)		(0.12	)		(0.06	)		(0.06	)		(0.09	)		(0.11	)
Net realized and unrealized gain (loss) on investments		(1.96	)		4.56			1.30			0.45			1.58			3.07
Total income (loss) from investment operations		(2.00	)		4.44			1.24			0.39			1.49			2.96
Less Distributions to Shareholders from:
Net realized gain on investments		(3.91	)		(0.39	)		(0.72	)		(4.05	)		(3.00	)		(0.05	)
Net Asset Value, End of Period		$6.69			$12.60			$8.55			$8.03			$11.69			$13.20
Total Return2,3		(20.75	)%4		52.92	%		16.22	%		11.83	%		13.81	%		28.82	%
Ratio of net expenses to average net assets		1.30	%5		1.30	%		1.30	%		1.30	%		1.30	%		1.43	%
Ratio of gross expenses to average net assets6		1.73	%5		1.72	%		1.90	%		1.94	%		1.81	%		2.01	%
Ratio of net investment loss to average net assets2		(0.99	)%5		(0.98	)%		(0.73	)%		(0.79	)%		(0.76	)%		(0.93	)%
Portfolio turnover		114	%4		217	%		206	%		226	%		233	%		99	%
Net assets end of period (000’s) omitted		$728			$834			$306			$324			$553			$210

12

    AMG Frontier Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

Class I	For the six months ended April 30, 2022 (unaudited)			For the fiscal years ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$13.40			$9.04			$8.43			$12.02			$13.46			$10.46
Income (loss) from Investment Operations:
Net investment loss1,2		(0.03	)		(0.08	)		(0.03	)		(0.04	)		(0.06	)		(0.08	)
Net realized and unrealized gain (loss) on investments		(2.11	)		4.83			1.36			0.50			1.62			3.13
Total income (loss) from investment operations		(2.14	)		4.75			1.33			0.46			1.56			3.05
Less Distributions to Shareholders from:
Net realized gain on investments		(3.91	)		(0.39	)		(0.72	)		(4.05	)		(3.00	)		(0.05	)
Net Asset Value, End of Period		$7.35			$13.40			$9.04			$8.43			$12.02			$13.46
Total Return2,3		(20.62	)%4		53.49	%		16.69	%		12.08	%		14.12	%		29.22	%
Ratio of net expenses to average net assets		0.94	%5		0.94	%		0.95	%		0.96	%		1.01	%		1.15	%
Ratio of gross expenses to average net assets6		1.37	%5		1.36	%		1.55	%		1.60	%		1.52	%		1.73	%
Ratio of net investment loss to average net assets2		(0.63	)%5		(0.62	)%		(0.38	)%		(0.45	)%		(0.46	)%		(0.65	)%
Portfolio turnover		114	%4		217	%		206	%		226	%		233	%		99	%
Net assets end of period (000’s) omitted		$14,446			$17,230			$11,547			$10,873			$11,549			$11,009

13

    AMG Frontier Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

Class Z	For the six months ended April 30, 2022 (unaudited)			For the fiscal years ended October 31,
				2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$14.01			$9.43			$8.75			$12.31			$13.70			$10.63
Income (loss) from Investment Operations:
Net investment loss1,2		(0.03	)		(0.07	)		(0.03	)		(0.03	)		(0.05	)		(0.06	)
Net realized and unrealized gain (loss) on investments		(2.24	)		5.04			1.43			0.52			1.66			3.18
Total income (loss) from investment operations		(2.27	)		4.97			1.40			0.49			1.61			3.12
Less Distributions to Shareholders from:
Net realized gain on investments		(3.91	)		(0.39	)		(0.72	)		(4.05	)		(3.00	)		(0.05	)
Net Asset Value, End of Period		$7.83			$14.01			$9.43			$8.75			$12.31			$13.70
Total Return2,3		(20.65	)%4		53.62	%		16.74	%		12.15	%		14.26	%		29.42	%
Ratio of net expenses to average net assets		0.90	%5		0.90	%		0.90	%		0.90	%		0.90	%		1.00	%
Ratio of gross expenses to average net assets6		1.33	%5		1.32	%		1.50	%		1.54	%		1.41	%		1.58	%
Ratio of net investment loss to average net assets2		(0.59	)%5		(0.58	)%		(0.33	)%		(0.39	)%		(0.36	)%		(0.50	)%
Portfolio turnover		114	%4		217	%		206	%		226	%		233	%		99	%
Net assets end of period (000’s) omitted		$6,275			$8,672			$7,850			$7,196			$6,418			$7,354

¹  Per share numbers have been calculated using average shares.

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

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

⁴  Not annualized.

⁵  Annualized.

⁶  Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

14

    Notes to Financial Statements (unaudited)

    April 30, 2022

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I (the “Trust”) is an open-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 is AMG Frontier Small Cap Growth Fund (the “Fund”).

The Fund offers Class N, I and Z shares. Each class represents an interest in the same assets of the 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.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the Fund and thus Fund performance.

The Fund’s 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 Fund in the preparation of its 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. Equity securities held by the Fund that are traded in the over-the-counter market (other than NMS securities) are valued at the bid price. Foreign equity securities (securities principally traded in markets other than U.S. markets) held by the Fund 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 other open-end registered investment companies are valued at their end of day net asset value per share.

The Fund’s 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. The 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 Fund, including a comparison with the prior quarter end and the percentage of the Fund 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 Fund that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-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 Fund. Unobservable inputs reflect the Fund’s 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

15

    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, 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 the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Upon notification from issuers, distributions received from a real estate investment trust (“REIT”) may be redesignated as a reduction of cost of investments and/or realized gain. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to the 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 the Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the 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 the ex-dividend date. Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or

temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are due to tax equalization utilized. Temporary differences are primarily due to wash sales loss deferrals.

At April 30, 2022, 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:

Cost	Appreciation		Depreciation		Net Depreciation
$22,905,442		$1,986,110		$(2,190,780)		$(204,670)

e. FEDERAL TAXES

The 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 the Fund’s understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

Management has analyzed the Fund’s 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 Fund’s 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, 2021, the Fund had no capital loss carryovers for federal income tax purposes. Should the Fund incur net capital losses for the fiscal year ended October 31, 2022, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

16

    Notes to Financial Statements (continued)

g. CAPITALSTOCK

The Trust’s Declaration of Trust authorizes for the Fund the issuance of an unlimited number of shares of beneficial interest, without par value. The Fund records sales and repurchases of its capital stock on the trade date.

For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021, the capital stock transactions by class for the Fund were as follows:

	April 30, 2022				October 31, 2021
	Shares		Amount		Shares		Amount
Class N:
Proceeds from sale of shares		230,686		$2,231,667		95,143		$1,142,441
Reinvestment of distributions		83,362		665,222		1,373		14,298
Cost of shares repurchased		(271,483)		(2,144,550)		(66,038)		(772,841)
Net increase		42,565		$752,339		30,478		$383,898
Class I:
Proceeds from sale of shares		274,886		$2,381,192		170,214		$2,163,054
Reinvestment of distributions		576,352		5,043,079		44,866		495,323
Cost of shares repurchased		(170,108)		(1,451,180)		(206,476)		(2,458,029)
Net increase		681,130		$5,973,091		8,604		$200,348
Class Z:
Proceeds from sale of shares		1,125		$10,083		46,016		$620,199
Reinvestment of distributions		258,819		2,412,197		26,664		307,436
Cost of shares repurchased		(77,302)		(659,853)		(285,775)		(3,643,785)
Net increase (decrease)		182,642		$1,762,427		(213,095)		$(2,716,150)

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Fund 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 Fund participates 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 Fund’s 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 Fund may be delayed or limited. Pursuant to the Program, the Fund is indemnified for such losses by BNYM on joint repurchase agreements.

At April 30, 2022, the market value of Repurchase Agreements outstanding was $970,388.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

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 Fund and is responsible for the Fund’s overall administration and operations. The Investment Manager selects one or more subadvisers for the Fund (subject to Board approval) and monitors each subadviser’s investment performance, security holdings and investment strategies. The Fund’s investment portfolio is managed by Frontier Capital Management Co., LLC (“Frontier”) who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in Frontier.

Investment management fees are paid directly by the Fund to the Investment Manager based on average daily net assets. For the six months ended April 30, 2022, the Fund paid an investment management fee at the annual rate of 0.70% of the average daily net assets of the Fund.

The Investment Manager has contractually agreed, through at least March 1, 2023, 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

17

    Notes to Financial Statements (continued)

respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) to the annual rate of 0.90% of the 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 Fund 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 the 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, 2022, the Fund’s expiration of reimbursements subject to recoupment is as follows:

Expiration   Period
Less than 1 year	$	119,373
1-2 years		93,482
2-3 years		117,752
Total	$	330,607

The Trust, on behalf of the Fund, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Fund’s administrator (the “Administrator”) and is responsible for all non-portfolio management aspects of managing the Fund’s operations, including administration and shareholder services to the Fund. The 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 Fund is distributed by AMG Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and underwriter for the Fund and is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Shares of the 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 Fund has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, the Fund 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 and Class I shares, the Board has approved reimbursement payments to the Investment Manager for shareholder servicing expenses (“shareholder servicing fees”) incurred. Shareholder servicing fees include payments to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder recordkeeping, account servicing and other services. The Class N and Class I shares may reimburse the Investment Manager for the actual amount incurred up to a maximum annual rate of each Class’s average daily net assets as shown in the table below.

The impact on the annualized expense ratios for the six months ended April 30, 2022, were as follows:

	Maximum Annual Amount Approved		Actual Amount Incurred
Class N		0.15%		0.15%
Class I		0.15%		0.04%

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Fund 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 certain eligible funds in the AMG Funds Family 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 interest expense, respectively.

The Fund did not utilize the interfund loan program during the six months ended April 30, 2022.

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, 2022, were $27,415,126 and $27,822,803, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 2022.

18

    Notes to Financial Statements (continued)

4. PORTFOLIO SECURITIES LOANED

The Fund participates 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 Fund, 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 Fund’s 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 Fund 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 Fund is 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 and 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, 2022, were as follows:

Securities   Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
	$1,845,128		$970,388		$945,086		$1,915,474

The following table summarizes the securities received as collateral for securities lending at April 30, 2022:

Collateral Type	Coupon Range	Maturity Date Range
U.S. Treasury Obligations	0.000% -4.500%	05/19/22-11/15/51

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

6. MASTER NETTING AGREEMENTS

The Fund may enter into master netting agreements with its counterparties for the securities lending program and Repurchase Agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Fund does 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 Fund’s open Repurchase Agreements that are subject to a master netting agreement as of April 30, 2022:

			Gross Amount Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Offset Amount		Net Asset Balance		Collateral Received		Net Amount
Citigroup Global Markets, Inc.		$970,388		—		$970,388		$970,388		—

7. SUBSEQUENT EVENTS

The Fund has determined that no material events or transactions occurred through the issuance date of the Fund’s financial statements which require an additional disclosure in or adjustment of the Fund’s financial statements.

19

    Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout the open-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 17, 2022, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period January 1, 2021 through December 31, 2021 (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 an open-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 an in-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.

20

INVESTMENT MANAGER AND ADMINISTRATOR   AMG Funds LLC   680 Washington Blvd., Suite 500   Stamford, CT 06901   800.548.4539   DISTRIBUTOR   AMG Distributors, Inc.   680 Washington Blvd., Suite 500   Stamford, CT 06901   800.548.4539   SUBADVISER   Frontier Capital Management Co., LLC   99 Summer Street   Boston, MA 02110   CUSTODIAN   The Bank of New York Mellon   Mutual Funds Custody   6023 Airport Road   Oriskany, NY 13424   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   4400 Computer Drive   Westborough, MA 01581   800.548.4539   TRUSTEES   Bruce B. Bingham   Christine C. Carsman   Kurt A. Keilhacker   Steven J. Paggioli   Eric Rakowski     Victoria L. Sassine   Thomas R. Schneeweis   Garret W. Weston This report is prepared for the Fund’s 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 the Fund are available on the Fund’s website at amgfunds.com.   A description of the policies and procedures the 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 the Fund’s proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.   The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Fund’s portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Fund’s website at amgfunds.com. To review a complete list of the Fund’s portfolio holdings, or to view the most recent semiannual report or annual report, please visit amgfunds.com.

amgfunds.com

BALANCED FUNDS                                    AMG GW&K Global Allocation   GW&K Investment Management, LLC   AMG FQ Global Risk-Balanced   First Quadrant, L.P.   EQUITY FUNDS                                           AMG Beutel Goodman International Equity   Beutel, Goodman & Company Ltd.   AMG Boston Common Global Impact   Boston Common Asset Management, LLC   AMG Frontier Small Cap Growth   Frontier Capital Management Co., LLC   AMG GW&K Small Cap Core AMG GW&K Small Cap Value AMG GW&K Small/Mid Cap AMG GW&K Small/Mid Cap Growth AMG GW&K Emerging Markets Equity AMG GW&K Emerging Wealth Equity AMG GW&K International Small Cap   GW&K Investment Management, LLC   AMG Montrusco Bolton Large Cap Growth   Montrusco Bolton Investments, Inc. 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 International Value Equity AMG River Road Large Cap Value Select AMG River Road Mid Cap Value AMG River Road Small-Mid Cap Value AMG River Road Small Cap Value   River Road 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 Veritas Asia Pacific AMG Veritas China AMG Veritas Global Focus AMG Veritas Global Real Return   Veritas Asset Management LLP   AMG Yacktman AMG Yacktman Focused AMG Yacktman Global AMG Yacktman Special Opportunities   Yacktman Asset Management LP FIXED INCOME FUNDS                               AMG Beutel Goodman Core Plus Bond   Beutel, Goodman & Company Ltd.   AMG GW&K Core Bond ESG AMG GW&K Enhanced Core Bond ESG AMG GW&K ESG Bond AMG GW&K High Income AMG GW&K Municipal Bond AMG GW&K Municipal Enhanced Yield   GW&K Investment Management, LLC

amgfunds.com 043022            SAR085

SEMI-ANNUAL REPORT

AMG Funds
April 30, 2022
AMG River Road Mid Cap Value Fund
Class N: CHTTX	Class I: ABMIX	Class Z: ABIZX
AMG River Road Large Cap Value Select Fund
Class N: FQUAX	Class I: MEQFX
AMG River Road Small Cap Value Fund
Class N: ARSVX	Class I: ARSIX	Class Z: ARZMX
AMG River Road Dividend All Cap Value Fund
Class N: ARDEX	Class I: ARIDX	Class Z: ARZDX
AMG River Road Small-Mid Cap Value Fund
Class N: ARSMX	Class I: ARIMX	Class Z: ARSZX
AMG River Road International Value Equity Fund
Class N: ARLSX	Class I: ALSIX	Class Z: ARLZX
AMG River Road Focused Absolute Value Fund
Class N: ARRFX	Class I: AFAVX	Class Z: ARRZX

    amgfunds.com 043022 SAR082

AMG Funds

Semi-Annual Report — April 30, 2022 (unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES	2
FUND PERFORMANCE	4
FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS
AMG River Road Mid Cap Value Fund	7
AMG River Road Large Cap Value Select Fund	10
AMG River Road Small Cap Value Fund	12
AMG River Road Dividend All Cap Value Fund	15
AMG River Road Small-Mid Cap Value Fund	18
AMG River Road International Value Equity Fund	21
AMG River Road Focused Absolute Value Fund	24
FINANCIAL STATEMENTS
Statement of Assets and Liabilities	27
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations	31
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets	33
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	56
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	65

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, 2022	Expense Ratio for the Period	Beginning Account Value 11/01/21	Ending Account Value 04/30/22	Expenses Paid During the Period*
AMG River Road Mid Cap Value Fund
Based on Actual Fund Return
Class N	1.10%	$1,000	$952	$5.32
Class I	0.81%	$1,000	$953	$3.92
Class Z	0.76%	$1,000	$954	$3.68
Based on Hypothetical 5% Annual Return
Class N	1.10%	$1,000	$1,019	$5.51
Class I	0.81%	$1,000	$1,021	$4.06
Class Z	0.76%	$1,000	$1,021	$3.81
AMG River Road Large Cap Value Select Fund
Based on Actual Fund Return
Class N	0.95%	$1,000	$938	$4.56
Class I	0.63%	$1,000	$940	$3.03
Based on Hypothetical 5% Annual Return
Class N	0.95%	$1,000	$1,020	$4.76
Class I	0.63%	$1,000	$1,022	$3.16

Six Months Ended   April 30, 2022	Expense Ratio for the Period	Beginning Account Value 11/01/21	Ending Account Value 04/30/22	Expenses Paid During the Period*
AMG River Road Small Cap Value Fund
Based on Actual Fund Return
Class N	1.34%	$1,000	$964	$6.53
Class I	1.08%	$1,000	$966	$5.26
Class Z	0.99%	$1,000	$966	$4.82
Based on Hypothetical 5% Annual Return
Class N	1.34%	$1,000	$1,018	$6.71
Class I	1.08%	$1,000	$1,019	$5.41
Class Z	0.99%	$1,000	$1,020	$4.96
AMG River Road Dividend All Cap Value Fund
Based on Actual Fund Return
Class N	1.07%	$1,000	$997	$5.30
Class I	0.82%	$1,000	$998	$4.06
Class Z	0.78%	$1,000	$998	$3.86
Based on Hypothetical 5% Annual Return
Class N	1.07%	$1,000	$1,019	$5.36
Class I	0.82%	$1,000	$1,021	$4.11
Class Z	0.78%	$1,000	$1,021	$3.91

2

About Your Fund’s Expenses (continued)

Six Months Ended   April 30, 2022	Expense Ratio for the Period	Beginning Account Value 11/01/21	Ending Account Value 04/30/22	Expenses Paid During the Period*
AMG River Road Small-Mid Cap Value Fund
Based on Actual Fund Return
Class N	1.28%	$1,000	$966	$6.24
Class I	1.02%	$1,000	$967	$4.98
Class Z	0.97%	$1,000	$969	$4.73
Based on Hypothetical 5% Annual Return
Class N	1.28%	$1,000	$1,019	$6.41
Class I	1.02%	$1,000	$1,020	$5.11
Class Z	0.97%	$1,000	$1,020	$4.86
AMG River Road International Value Equity Fund
Based on Actual Fund Return
Class N	1.03%	$1,000	$954	$4.99
Class I	0.78%	$1,000	$954	$3.78
Class Z	0.73%	$1,000	$955	$3.54
Based on Hypothetical 5% Annual Return
Class N	1.03%	$1,000	$1,020	$5.16
Class I	0.78%	$1,000	$1,021	$3.91
Class Z	0.73%	$1,000	$1,021	$3.66

Six Months Ended   April 30, 2022	Expense Ratio for the Period	Beginning Account Value 11/01/21	Ending Account Value 04/30/22	Expenses Paid During the Period*
AMG River Road Focused Absolute Value Fund
Based on Actual Fund Return
Class N	1.06%	$1,000	$897	$4.98
Class I	0.82%	$1,000	$898	$3.86
Class Z	0.78%	$1,000	$898	$3.67
Based on Hypothetical 5% Annual Return
Class N	1.06%	$1,000	$1,020	$5.31
Class I	0.82%	$1,000	$1,021	$4.11
Class Z	0.78%	$1,000	$1,021	$3.91

^* Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), then divided by 365.

3

Fund Performance (unaudited)

Periods ended April 30, 2022

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, 2022.
Average Annual Total Returns1	Six Months*			One Year			Five Years		Ten Years		Since Inception		Inception Date
AMG River Road Mid Cap Value Fund2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12
Class N		(4.76%	)		1.90%			4.41%		9.44%		11.02%		09/19/94
Class I		(4.66%	)		2.16%			4.68%		9.72%		8.83%		07/06/04
Class Z		(4.59%	)		2.28%			—		—		4.99%		09/29/17
Russell Midcap® Value Index24		(4.84%	)		0.00%			8.61%		11.40%		—		09/19/94	†
AMG River Road Large Cap Value Select Fund2, 7, 8, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20
Class N		(6.21%	)		(1.36%	)		7.06%		8.92%		6.80%		03/01/06
Class I		(6.04%	)		(1.02%	)		7.40%		9.23%		8.15%		08/14/92
Russell 1000® Value Index25		(3.94%	)		1.32%			9.06%		11.17%		9.82%		08/14/92	†
AMG River Road Small Cap Value Fund2, 4, 5, 7, 8, 10, 11, 12
Class N		(3.56%	)		(3.81%	)		8.04%		10.29%		8.18%		06/28/05
Class I		(3.45%	)		(3.58%	)		8.32%		10.57%		6.88%		12/13/06
Class Z		(3.45%	)		(3.51%	)		—		—		8.36%		09/29/17
Russell 2000® Value Index26		(9.50%	)		(6.59%	)		6.75%		9.81%		7.26%		06/28/05	†
AMG River Road Dividend All Cap Value Fund2, 4, 5, 7, 8, 10, 11, 12, 15, 17, 21
Class N		(0.26%	)		2.74%			6.83%		9.22%		7.92%		06/28/05
Class I		(0.14%	)		3.00%			7.11%		9.50%		6.87%		06/28/07
Class Z		(0.19%	)		3.04%			—		—		7.14%		09/29/17
Russell 3000® Value Index27		(4.30%	)		0.79%			8.89%		11.06%		7.76%		06/28/05	†
AMG River Road Small-Mid Cap Value Fund2, 4, 5, 7, 8, 10, 11, 12
Class N		(3.37%	)		(3.86%	)		8.94%		10.79%		7.46%		03/29/07
Class I		(3.27%	)		(3.65%	)		9.22%		11.06%		7.50%		06/28/07
Class Z		(3.15%	)		(3.44%	)		—		—		8.89%		09/29/17
Russell 2500® Value Index28		(6.76%	)		(3.70%	)		7.69%		10.33%		7.05%		03/29/07	†
Russell 2000® Value Index26		(9.50%	)		(6.59%	)		6.75%		9.81%		6.31%		03/29/07	†
AMG River Road International Value Equity Fund2, 7, 8, 10, 11, 12, 15, 19, 22, 23
Class N		(4.58%	)		(3.36%	)		5.20%		5.38%		5.28%		05/04/11
Class I		(4.56%	)		(3.21%	)		5.45%		—		4.95%		03/04/13
Class Z		(4.49%	)		(3.07%	)		—		—		5.15%		09/29/17
MSCI EAFE Index29		(11.80%	)		(8.15%	)		4.77%		5.77%		3.93%		05/04/11	†
MSCI EAFE Value Index30		(5.14%	)		(3.53%	)		2.68%		4.65%		2.63%		05/04/11	†
AMG River Road Focused Absolute Value Fund2, 4, 5, 7, 8, 10, 11, 12, 14, 15, 19, 23
Class N		(10.28%	)		(12.17%	)		5.77%		—		8.03%		11/03/15
Class I		(10.19%	)		(11.96%	)		6.02%		—		8.28%		11/03/15
Class Z		(10.21%	)		(11.98%	)		—		—		5.59%		09/29/17
Russell 3000® Value Index27		(4.30%	)		0.79%			8.89%		11.06%		9.51%		11/03/15	†

The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.

Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Funds and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.

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

* Not annualized.

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

¹ Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. 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, 2022. 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 As of March 19, 2021, the Fund’s Subadviser was changed to River Road Asset Management, LLC. Prior to March 19, 2021, the Fund was known as the AMG Managers Fairpointe Mid Cap Fund and had different principal investment strategies and corresponding risks. Performance shown for periods prior to March 19, 2021, reflects the performance and investment strategies of the Fund’s previous Subadviser, Fairpointe Capital LLC. The Fund’s past performance would have been different if the Fund were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund

4

Periods ended April 30, 2022 (continued)

⁴  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.   ⁵  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.   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  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.   ⁸  Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.   ⁹  The 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.   ¹⁰  The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time.   ¹¹  Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies. were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.   ¹⁴  Active and frequent trading of a fund may result in higher transaction costs and increased tax liability.   ¹⁵  Investing in PTPs (including master limited partnerships) involves risks in addition to those typically associated with publicly traded companies. PTPs are exposed to the risks of their underlying assets, which in many cases includes the same types of risks as energy and natural resources companies. PTPs are also subject to capital markets risk. PTPs may lose their partnership status for tax purposes. The Fund’s status as a regulated investment company may be jeopardized if it does not appropriately limit such investments in PTPs or if such investments are recharacterized for tax purposes.   ¹⁶  Convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible debt securities, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities.   ¹⁷  Investments in master limited partnerships (MLPs) are subject to similar risks to those associated with the specific industry or industries in which the partnership invests, such as the risk of investing in the real estate or oil and gas industries. In addition, investments in MLPs are subject to the risks of investing in a partnership, including limited control and voting rights on matters affecting the partnership and fewer investor protections compared to corporations.   ²²  The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars.   ²³  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.   ²⁴  The Russell Midcap^® Value Index measures the performance of those Russell Midcap^® companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. Unlike the Fund, the Russell Midcap^® Value Index is unmanaged, is not available for investment and does not incur expenses.   ²⁵  The Russell 1000^® Value Index is a market capitalization weighted index that measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 1000^® Value Index is unmanaged, is not available for investment and does not incur expenses.   ²⁶  The Russell 2000^® Value Index is an unmanaged, market-value weighted, value-oriented index comprised of small stocks that have relatively low price to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 2000^® Value Index is unmanaged, is not available for investment and does not incur expenses.  

  ¹²  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.   ¹³  As of March 22, 2021, the Fund’s Subadviser was changed to River Road Asset Management, LLC. Prior to March 22, 2021, the Fund was known as the AMG FQ Long-Short Equity Fund and had different principal investment strategies and corresponding risks. Performance shown for periods prior to March 22, 2021, reflects the performance and investment strategies of the Fund’s previous Subadviser, First Quadrant, L.P. The Fund’s past performance would have been different if the Fund ¹⁸  Because exchange-traded funds (ETFs) incur their own costs, investing in them could result in a higher cost to the investor. Additionally, the fund will be indirectly exposed to all the risks of securities held by the ETFs.   ¹⁹  A greater percentage of the Fund’s holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund.   ²⁰  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.   ²¹  An issuer of a security may be unwilling or unable to pay income on a security. Common stocks do not assure dividend payments and are paid only when declared by an issuer’s board of directors. ²⁷  The Russell 3000^® Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3000^® companies with lower price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 3000^® Value Index is unmanaged, is not available for investment and does not incur expenses.   ²⁸  The Russell 2500^® Value Index measures the performance of the Russell 2500^® companies with lower price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 2500^® Value Index is unmanaged, is not available for investment and does not incur expenses.   ²⁹  The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI EAFE Index is unmanaged, is not available for investment and does not incur expenses

5

Periods ended April 30, 2022 (continued)

³⁰  The Fund’s secondary benchmark, the MSCI EAFE Value Index (Europe, Australasia, Far East), captures large and mid cap securities exhibiting overall value style characteristics across developed markets, excluding the U.S. and Canada. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI EAFE Value 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.   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.

6

AMG River Road Mid Cap Value Fund

Fund Snapshots (unaudited)

April 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Financials	21.4
Consumer Discretionary	16.7
Communication Services	14.1
Industrials	13.8
Energy	9.1
Information Technology	6.3
Consumer Staples	6.2
Health Care	5.8
Materials	2.2
Utilities	1.8
Real Estate	1.8
Short-Term Investments	1.0
Other Assets Less Liabilities	(0.2)

TOP TEN HOLDINGS

Security Name	% of Net Assets
LKQ Corp.	4.5
News Corp., Class A	4.2
Liberty Media Corp.-Liberty SiriusXM, Class C	4.0
BJ’s Wholesale Club Holdings, Inc.	3.9
KKR & Co., Inc.	3.8
Willis Towers Watson PLC (United Kingdom)	3.6
SEI Investments Co.	3.6
Advance Auto Parts, Inc.	3.4
SS&C Technologies Holdings, Inc.	3.2
NCR Corp.	3.1
Top Ten as a Group	37.3

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.

7

AMG River Road Mid Cap Value Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2022

	Shares		Value
Common Stocks - 99.2%
Communication Services - 14.1%
Liberty Broadband Corp., Class C*		91,692		$10,253,000
Liberty Global PLC, Class C (United Kingdom)*		186,379		4,417,182
Liberty Media Corp.-Liberty SiriusXM, Class C*		328,645		13,763,653
Madison Square Garden Sports Corp.*		33,085		5,363,409
News Corp., Class A		719,048		14,280,293
Total Communication Services				48,077,537
Consumer Discretionary - 16.7%
Advance Auto Parts, Inc.		58,446		11,667,575
Bath & Body Works, Inc.		178,659		9,449,274
Dollar Tree, Inc.*		37,496		6,091,225
DR Horton, Inc.		73,890		5,142,005
LKQ Corp.		308,773		15,324,404
NVR, Inc.*		2,113		9,246,932
Total Consumer Discretionary				56,921,415
Consumer Staples - 6.2%
Albertsons Cos., Inc., Class A		250,330		7,830,322
BJ’s Wholesale Club Holdings, Inc.*		205,360		13,214,916
Total Consumer Staples				21,045,238
Energy - 9.1%
Chesapeake Energy Corp.		73,890		6,060,458
Devon Energy Corp.		72,786		4,233,962
Marathon Petroleum Corp.		81,983		7,153,836
Texas Pacific Land Corp.		6,617		9,042,792
The Williams Cos., Inc.		132,330		4,537,596
Total Energy				31,028,644
Financials - 21.4%
American Equity Investment Life Holding Co.		228,269		8,610,307
Apollo Global Management, Inc.		125,723		6,255,977
Ares Management Corp., Class A		138,954		9,201,534
Cannae Holdings, Inc.*		247,035		5,533,584
Fairfax Financial Holdings, Ltd. (Canada)		11,028		6,065,951
KKR & Co., Inc.		253,651		12,928,591
SEI Investments Co.		217,787		12,135,092
Willis Towers Watson PLC (United Kingdom)		57,347		12,321,576
Total Financials				73,052,612

	Shares		Value
Health Care - 5.8%
Centene Corp.*		77,197		$6,218,219
McKesson Corp.		18,669		5,780,109
Premier, Inc., Class A		211,744		7,667,250
Total Health Care				19,665,578
Industrials - 13.8%
Air Transport Services Group, Inc.*		233,913		7,321,477
API Group Corp.*		384,889		7,143,540
Armstrong World Industries, Inc.		120,800		10,226,928
CACI International, Inc., Class A*		24,204		6,421,321
Carlisle Cos., Inc.		12,131		3,146,296
Huntington Ingalls Industries, Inc.		20,954		4,457,754
UniFirst Corp.		47,422		8,170,811
Total Industrials				46,888,127
Information Technology - 6.3%
NCR Corp.*		296,662		10,392,070
SS&C Technologies Holdings, Inc.		170,926		11,052,075
Total Information Technology				21,444,145
Materials - 2.2%
Axalta Coating Systems, Ltd.*		293,354		7,442,391
Real Estate - 1.8%
The St Joe Co.		116,902		6,220,355
Utilities - 1.8%
Atmos Energy Corp.		55,137		6,252,536
Total Common Stocks
(Cost $337,145,890)				338,038,578
Short-Term Investments - 1.0%
Other Investment Companies - 1.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%1		2,264,218		2,264,218
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.37%1		1,166,415		1,166,415
Total Short-Term Investments
(Cost $3,430,633)				3,430,633
Total Investments - 100.2% (Cost $340,576,523)				341,469,211
Other Assets, less Liabilities - (0.2)%				(637,059	)
Net Assets - 100.0%				$340,832,152

^* Non-income producing security.

¹ Yield shown represents the April 30, 2022, 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 River Road Mid Cap Value 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, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†		$338,038,578		–		–		$338,038,578
Short-Term Investments
Other Investment Companies		3,430,633		–		–		3,430,633
Total Investments in Securities		$341,469,211		–		–		$341,469,211

^† 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, 2022, there were no transfers in or out of Level 3.

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

9

AMG River Road Large Cap Value Select Fund

Fund Snapshots (unaudited)

April 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Communication Services	29.8
Consumer Staples	21.5
Financials	18.4
Information Technology	17.8
Consumer Discretionary	9.9
Health Care	1.5
Short-Term Investments	0.7
Other Assets Less Liabilities	0.4

TOP TEN HOLDINGS

Security Name	% of Net Assets
Keurig Dr Pepper, Inc.	9.0
Visa, Inc., Class A	8.6
Alphabet, Inc., Class C	8.1
Fiserv, Inc.	7.0
T-Mobile US, Inc.	6.0
Liberty Media Corp.-Liberty SiriusXM, Class C	5.3
Berkshire Hathaway, Inc., Class B	4.8
Unilever PLC, Sponsored ADR (United Kingdom)	4.8
LKQ Corp.	4.7
Willis Towers Watson PLC (United Kingdom)	4.4
Top Ten as a Group	62.7

Because a fund’s strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund’s prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund’s portfolio of investments by the time you receive this report.

10

AMG River Road Large Cap Value Select Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2022

	Shares		Value
Common Stocks - 98.9%
Communication Services - 29.8%
Alphabet, Inc., Class C*		1,305		$3,000,626
Liberty Broadband Corp., Class C*		13,522		1,512,030
Liberty Media Corp.-Liberty SiriusXM, Class C*		46,467		1,946,038
Meta Platforms, Inc., Class A*		5,247		1,051,866
News Corp., Class A		64,165		1,274,317
T-Mobile US, Inc.*		17,938		2,208,885
Total Communication Services				10,993,762
Consumer Discretionary - 9.9%
Bath & Body Works, Inc.		19,454		1,028,922
LKQ Corp.		35,298		1,751,840
NVR, Inc.*		201		879,618
Total Consumer Discretionary				3,660,380
Consumer Staples - 21.5%
BJ’s Wholesale Club Holdings, Inc.*		21,513		1,384,362
Keurig Dr Pepper, Inc.		89,105		3,332,527
Nestle SA, Sponsored ADR (Switzerland)		11,255		1,447,843
Unilever PLC, Sponsored ADR (United Kingdom)		38,057		1,760,517
Total Consumer Staples				7,925,249
Financials - 18.4%
Ares Management Corp., Class A		18,226		1,206,925
Berkshire Hathaway, Inc., Class B*		5,465		1,764,266
KKR & Co., Inc.		26,107		1,330,674

	Shares		Value
The Progressive Corp.		8,359		$897,422
Willis Towers Watson PLC (United Kingdom)		7,501		1,611,665
Total Financials				6,810,952
Health Care - 1.5%
UnitedHealth Group, Inc.		1,099		558,896
Information Technology - 17.8%
Fiserv, Inc.*		26,583		2,603,008
NCR Corp.*		22,604		791,818
Visa, Inc., Class A1		14,817		3,157,947
Total Information Technology				6,552,773
Total Common Stocks (Cost $38,417,660)				36,502,012
Short-Term Investments - 0.7%
Other Investment Companies - 0.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%2		162,145		162,145
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.37%2		83,531		83,531
Total Short-Term Investments (Cost $245,676)				245,676
Total Investments - 99.6% (Cost $38,663,336)				36,747,688
Other Assets, less Liabilities - 0.4%				155,649
Net Assets - 100.0%				$36,903,337

^*  Non-income producing security.

¹ Some of these securities, amounting to $2,229,979 or 6.0% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations.

See Note 4 of Notes to Financial Statements.

² Yield shown represents the April 30, 2022, 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 following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2022:    

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†	$	36,502,012		—		—	$	36,502,012
Short-Term Investments
Other Investment Companies		245,676		—		—		245,676
Total Investments in Securities	$	36,747,688		—		—	$	36,747,688

^† 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, 2022, there were no transfers in or out of Level 3.

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

11

AMG River Road Small Cap Value Fund

Fund Snapshots (unaudited)

April 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Industrials	32.4
Information Technology	16.0
Financials	12.1
Health Care	9.9
Consumer Staples	7.5
Energy	5.0
Consumer Discretionary	3.8
Materials	2.8
Communication Services	2.6
Utilities	2.0
Real Estate	0.5
Short-Term Investments	5.4
Other Assets Less Liabilities	0.01

TOP TEN HOLDINGS    

Security Name	% of Net Assets
Air Transport Services Group, Inc.	4.9
BJ’s Wholesale Club Holdings, Inc.	3.8
NCR Corp.	3.3
Premier, Inc., Class A	3.2
UniFirst Corp.	3.1
Murphy USA, Inc.	3.1
White Mountains Insurance Group, Ltd.	2.8
Cannae Holdings, Inc.	2.7
Comfort Systems USA, Inc.	2.6
American Equity Investment Life Holding Co.	2.6
Top Ten as a Group	32.1

¹ Less than 0.05%    

Because a fund’s strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund’s prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund’s portfolio of investments by the time you receive this report.

12

AMG River Road Small Cap Value Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2022

	Shares		Value
Common Stocks - 94.6%
Communication Services - 2.6%
Liberty Latin America, Ltd., Class C*		879,588		$8,127,393
Yelp, Inc.*		396,196		12,888,256
Total Communication Services				21,015,649
Consumer Discretionary - 3.8%
Murphy USA, Inc.		107,758		25,172,269
Sleep Number Corp.*		142,299		5,771,647
Total Consumer Discretionary				30,943,916
Consumer Staples - 7.5%
BJ’s Wholesale Club Holdings, Inc.*		481,348		30,974,744
Hostess Brands, Inc.*		373,213		8,468,203
Ingles Markets, Inc., Class A		184,801		17,208,669
Whole Earth Brands, Inc.*		747,763		5,167,042
Total Consumer Staples				61,818,658
Energy - 5.0%
Centennial Resource Development, Inc., Class A*,1		1,254,183		9,707,376
Evolution Petroleum Corp.		666,012		4,202,536
HF Sinclair Corp.*		292,209		11,109,786
SM Energy Co.		306,452		10,888,240
World Fuel Services Corp.		221,805		5,372,117
Total Energy				41,280,055
Financials - 12.1%
American Equity Investment Life Holding Co.		558,631		21,071,561
Axis Capital Holdings, Ltd. (Bermuda)		342,914		19,659,260
Cannae Holdings, Inc.*		1,001,799		22,440,298
Genworth Financial, Inc., Class A*		3,522,317		13,067,796
White Mountains Insurance Group, Ltd.		22,288		23,358,270
Total Financials				99,597,185
Health Care - 9.9%
Computer Programs and Systems, Inc.*		466,037		14,875,901
Enovis Corp.*		63,045		4,089,729
Haemonetics Corp.*		236,996		12,008,587
MEDNAX, Inc.*		586,738		10,866,388
Patterson Cos., Inc.		416,476		12,814,967
Premier, Inc., Class A		730,334		26,445,394
Total Health Care				81,100,966
Industrials - 32.4%
Air Transport Services Group, Inc.*		1,295,722		40,556,099
Alight, Inc., Class A*		1,570,467		13,490,312
Argan, Inc.		329,681		12,125,667
Armstrong World Industries, Inc.		236,101		19,988,311
Atkore, Inc.*		142,933		13,735,861

	Shares		Value
Barrett Business Services, Inc.		59,027		$4,248,173
Comfort Systems USA, Inc.		251,138		21,201,070
CoreCivic, Inc.*		1,692,013		21,031,722
Esab Corp.*		63,044		2,963,068
GMS, Inc.*		230,417		11,048,495
GrafTech International, Ltd.		782,654		7,106,498
Kelly Services, Inc., Class A		424,336		8,185,441
McGrath RentCorp		227,723		19,005,762
MSC Industrial Direct Co., Inc., Class A		88,244		7,311,898
Park Aerospace Corp.		711,075		8,319,578
SP Plus Corp.*		563,264		16,053,024
UniFirst Corp.		150,070		25,857,061
Univar Solutions, Inc.*		399,870		11,644,214
Viad Corp.*		89,371		2,926,900
Total Industrials				266,799,154
Information Technology - 16.0%
ACI Worldwide, Inc.*		636,735		17,586,621
Avaya Holdings Corp.*,1		1,058,487		9,791,005
CDK Global, Inc.		236,446		12,865,027
Computer Services, Inc.		188,199		9,575,565
DXC Technology Co.*		439,868		12,624,211
ePlus, Inc.*		347,629		19,634,086
Ituran Location and Control, Ltd. (Israel)		382,160		8,575,670
NCR Corp.*		764,467		26,779,279
Vontier Corp.		559,398		14,331,777
Total Information Technology				131,763,241
Materials - 2.8%
Axalta Coating Systems, Ltd.*		658,784		16,713,350
TriMas Corp.		225,983		6,675,538
Total Materials				23,388,888
Real Estate - 0.5%
Newmark Group, Inc., Class A		342,113		4,156,673
Utilities - 2.0%
Southwest Gas Holdings, Inc.		187,912		16,556,926
Total Common Stocks (Cost $636,098,934)				778,421,311
Short-Term Investments - 5.4%
Other Investment Companies - 5.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%2		29,391,531		29,391,531
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.37% 2		15,141,092		15,141,092
Total Short-Term Investments
(Cost $44,532,623)				44,532,623

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

13

AMG River Road Small Cap Value Fund

Schedule of Portfolio Investments (continued)

	Value
Total Investments - 100.0%
(Cost $680,631,557)		$822,953,934
Other Assets, less Liabilities - (0.0)%#		(226,456	)
Net Assets - 100.0%		$822,727,478

^*  Non-income producing security.

^# Less than 0.05%.

¹ Some of these securities, amounting to $1,026,324 or 0.1% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations.

See Note 4 of Notes to Financial Statements.

² Yield shown represents the April 30, 2022, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†	$	778,421,311		—		—	$	778,421,311
Short-Term Investments
Other Investment Companies		44,532,623		—		—		44,532,623
Total Investments in Securities	$	822,953,934		—		—	$	822,953,934

^† 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, 2022, there were no transfers in or out of Level 3.

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

14

AMG River Road Dividend All Cap Value Fund

Fund Snapshots (unaudited)

April 30, 2022

PORTFOLIO BREAKDOWN    

Sector	% of Net Assets
Financials	18.9
Information Technology	14.0
Health Care	12.9
Consumer Staples	11.1
Utilities	10.6
Energy	10.5
Communication Services	7.6
Consumer Discretionary	7.4
Industrials	5.4
Short-Term Investments	1.6
Other Assets Less Liabilities	0.01

TOP TEN HOLDINGS    

Security Name	% of Net Assets
United Parcel Service, Inc., Class B	3.4
The AES Corp.	3.2
Corning, Inc.	3.2
Verizon Communications, Inc.	3.2
Bristol-Myers Squibb Co.	3.1
Oracle Corp.	3.0
Kinder Morgan, Inc.	3.0
Comcast Corp., Class A	2.9
The Progressive Corp.	2.9
U.S. Bancorp	2.8
Top Ten as a Group	30.7

¹ Less than 0.05%    

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.

15

AMG River Road Dividend All Cap Value Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2022

	Shares		Value
Common Stocks - 98.4%
Communication Services - 7.6%
Comcast Corp., Class A		241,836		$9,615,399
The Interpublic Group of Cos., Inc.		155,314		5,066,343
Verizon Communications, Inc.		224,204		10,380,645
Total Communication Services				25,062,387
Consumer Discretionary - 7.4%
Advance Auto Parts, Inc.		36,663		7,319,035
Genuine Parts Co.		25,557		3,323,688
Magna International, Inc. (Canada)		74,244		4,474,686
Target Corp.		39,813		9,103,242
Total Consumer Discretionary				24,220,651
Consumer Staples - 11.1%
The JM Smucker Co.		24,950		3,416,403
Kimberly-Clark Corp.		56,963		7,908,173
The Kroger Co.		38,767		2,091,867
PepsiCo, Inc.		30,266		5,196,975
Sysco Corp.		92,712		7,925,022
Unilever PLC, Sponsored ADR (United Kingdom)		167,456		7,746,515
Walgreens Boots Alliance, Inc.		48,538		2,058,011
Total Consumer Staples				36,342,966
Energy - 10.5%
Enterprise Products Partners LP, MLP 1		277,353		7,186,216
Kinder Morgan, Inc.		536,473		9,736,985
Magellan Midstream Partners LP, MLP 1		44,808		2,170,948
Marathon Petroleum Corp.		74,244		6,478,531
The Williams Cos., Inc.		257,752		8,838,316
Total Energy				34,410,996
Financials - 18.9%
Axis Capital Holdings, Ltd. (Bermuda)		91,861		5,266,391
Chubb, Ltd. (Switzerland)		24,992		5,159,598
CNA Financial Corp.		79,840		3,787,610
Fidelity National Financial, Inc.		137,269		5,466,052
M&T Bank Corp.		41,066		6,843,238
The PNC Financial Services Group, Inc.		26,093		4,334,047
The Progressive Corp.		89,243		9,581,129
Truist Financial Corp.		174,276		8,426,245
U.S. Bancorp		191,859		9,316,673
Willis Towers Watson PLC (United Kingdom)		19,012		4,084,918
Total Financials				62,265,901
Health Care - 12.9%
AbbVie, Inc.		51,357		7,543,316

	Shares		Value
Amgen, Inc.		25,117		$5,857,033
Bristol-Myers Squibb Co.		133,633		10,058,556
Medtronic PLC (Ireland)		13,515		1,410,425
Merck & Co., Inc.		32,112		2,848,013
Pfizer, Inc.		163,698		8,032,661
Premier, Inc., Class A		187,898		6,803,787
Total Health Care				42,553,791
Industrials - 5.4%
General Dynamics Corp.		7,178		1,697,812
Lockheed Martin Corp.		11,435		4,941,292
United Parcel Service, Inc., Class B		62,222		11,198,716
Total Industrials				17,837,820
Information Technology - 14.0%
Cisco Systems, Inc.		168,195		8,238,191
Corning, Inc.		296,815		10,444,920
CSG Systems International, Inc.		47,283		2,906,486
Fidelity National Information Services, Inc.		48,429		4,801,735
NortonLifeLock, Inc.		153,840		3,852,154
Oracle Corp.		136,448		10,015,283
QUALCOMM, Inc.		41,124		5,744,612
Total Information Technology				46,003,381
Utilities - 10.6%
The AES Corp.		518,994		10,597,858
Atlantica Sustainable Infrastructure PLC (United Kingdom)		151,581		4,683,853
Black Hills Corp.		72,512		5,310,779
IDACORP, Inc.		52,489		5,520,793
Vistra Corp.		350,169		8,761,228
Total Utilities				34,874,511
Total Common Stocks
(Cost $233,747,738)				323,572,404
Short-Term Investments - 1.6%
Other Investment Companies - 1.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%2		3,423,668		3,423,668
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.37%2		1,763,708		1,763,708
Total Short-Term Investments
(Cost $5,187,376)				5,187,376
Total Investments - 100.0%
(Cost $238,935,114)				328,759,780
Other Assets, less Liabilities - (0.0)%#				(78,974	)
Net Assets - 100.0%				$328,680,806

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

16

AMG River Road Dividend All Cap Value Fund

Schedule of Portfolio Investments (continued)

^# Less than 0.05%.

¹ Some of these securities, amounting to $2,475,272 or 0.8% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

² Yield shown represents the April 30, 2022, 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

MLP   Master Limited Partnership

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†	$	323,572,404		—		—	$	323,572,404
Short-Term Investments
Other Investment Companies		5,187,376		—		—		5,187,376
Total Investments in Securities	$	328,759,780		—		—	$	328,759,780

^† 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, 2022, there were no transfers in or out of Level 3.

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

17

AMG River Road Small-Mid Cap Value Fund

Fund Snapshots (unaudited)

April 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Industrials		30.2
Information Technology		14.0
Financials		13.8
Consumer Discretionary		12.1
Health Care		7.6
Consumer Staples		6.9
Energy		5.7
Utilities		2.6
Communication Services		2.3
Materials		2.2
Real Estate		0.3
Short-Term Investments		2.2
Other Assets Less Liabilities		0.1

TOP TEN HOLDINGS

Security Name	% of Net Assets
Air Transport Services Group, Inc.	4.9
LKQ Corp.	4.1
Premier, Inc., Class A	3.3
NCR Corp.	3.2
Murphy USA, Inc.	3.1
Advance Auto Parts, Inc.	3.0
White Mountains Insurance Group, Ltd.	2.9
UniFirst Corp.	2.8
Cannae Holdings, Inc.	2.7
BJ’s Wholesale Club Holdings, Inc.	2.6
Top Ten as a Group	32.6

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.

18

AMG River Road Small-Mid Cap Value Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2022

	Shares		Value
Common Stocks - 97.7%
Communication Services - 2.3%
Liberty Latin America, Ltd., Class A*		108,962		$1,006,809
Liberty Latin America, Ltd., Class C*		120,953		1,117,606
Yelp, Inc.*		108,252		3,521,437
Total Communication Services				5,645,852
Consumer Discretionary - 12.1%
Advance Auto Parts, Inc.		37,767		7,539,426
LKQ Corp.		202,457		10,047,941
Murphy USA, Inc.		32,819		7,666,518
Polaris, Inc.1		35,920		3,410,245
Sleep Number Corp.*		29,320		1,189,219
Total Consumer Discretionary				29,853,349
Consumer Staples - 6.9%
BJ’s Wholesale Club Holdings, Inc.*		99,312		6,390,727
Hostess Brands, Inc.*		100,109		2,271,473
Ingles Markets, Inc., Class A		38,649		3,598,995
Molson Coors Beverage Co., Class B		88,414		4,786,734
Total Consumer Staples				17,047,929
Energy - 5.7%
Centennial Resource Development, Inc., Class A*		357,842		2,769,697
Chesapeake Energy Corp.		20,672		1,695,518
HF Sinclair Corp.*		96,116		3,654,330
Ovintiv, Inc.		26,053		1,333,653
SM Energy Co.		78,114		2,775,391
World Fuel Services Corp.		72,806		1,763,361
Total Energy				13,991,950
Financials - 13.8%
American Equity Investment Life Holding Co.		163,321		6,160,468
Axis Capital Holdings, Ltd. (Bermuda)		70,334		4,032,248
Cannae Holdings, Inc.*		300,844		6,738,905
CNA Financial Corp.		65,415		3,103,288
Fidelity National Financial, Inc.		102,224		4,070,560
Genworth Financial, Inc., Class A*		841,735		3,122,837
White Mountains Insurance Group, Ltd.		6,746		7,069,943
Total Financials				34,298,249
Health Care - 7.6%
Computer Programs and Systems, Inc.*		57,161		1,824,579
Enovis Corp.*		11,988		777,662
Haemonetics Corp.*		47,078		2,385,442
MEDNAX, Inc.*		160,919		2,980,220
Patterson Cos., Inc.		83,383		2,565,695

	Shares		Value
Premier, Inc., Class A		226,338		$8,195,699
Total Health Care				18,729,297
Industrials - 30.2%
Air Transport Services Group, Inc.*		386,595		12,100,423
Alight, Inc., Class A*		468,144		4,021,357
Argan, Inc.		98,547		3,624,559
Armstrong World Industries, Inc.		69,903		5,917,988
Atkore, Inc.*		42,326		4,067,529
CACI International, Inc., Class A*		6,367		1,689,165
Comfort Systems USA, Inc.		69,276		5,848,280
CoreCivic, Inc.*		445,526		5,537,888
Curtiss-Wright Corp.		21,167		3,024,976
Dun & Bradstreet Holdings, Inc.*		316,175		4,992,403
Esab Corp.*		11,987		563,389
GrafTech International, Ltd.		197,168		1,790,285
Huntington Ingalls Industries, Inc.		19,413		4,129,922
McGrath RentCorp		34,064		2,842,981
MDU Resources Group, Inc.		47,833		1,232,178
SP Plus Corp.*		103,657		2,954,225
UniFirst Corp.		40,904		7,047,759
Univar Solutions, Inc.*		89,788		2,614,627
Viad Corp.*		26,627		872,034
Total Industrials				74,871,968
Information Technology - 14.0%
ACI Worldwide, Inc.*		187,337		5,174,248
Avaya Holdings Corp.*		303,537		2,807,717
DXC Technology Co.*		73,906		2,121,102
ePlus, Inc.*		99,839		5,638,907
Ituran Location and Control, Ltd. (Israel)		43,962		986,507
NCR Corp.*		224,407		7,860,977
TD SYNNEX Corp.		58,455		5,850,761
Vontier Corp.		169,622		4,345,716
Total Information Technology				34,785,935
Materials - 2.2%
Axalta Coating Systems, Ltd.*		173,896		4,411,742
TriMas Corp.		31,810		939,667
Total Materials				5,351,409
Real Estate - 0.3%
Newmark Group, Inc., Class A		69,464		843,988
Utilities - 2.6%
OGE Energy Corp.		47,407		1,833,703

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

19

AMG River Road Small-Mid Cap Value Fund

Schedule of Portfolio Investments (continued)

	Shares		Value
Utilities - 2.6% (continued)
Vistra Corp.		188,724		$4,721,874
Total Utilities				6,555,577
Total Common Stocks
(Cost $203,952,573)				241,975,503
Short-Term Investments - 2.2%
Other Investment Companies - 2.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%2		3,586,225		3,586,225
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.37%2		1,847,449		1,847,449
Total Short-Term Investments
(Cost $5,433,674)				5,433,674

^*  Non-income producing security.

¹ Some of these securities, amounting to $3,202,231 or 1.3% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations.

See Note 4 of Notes to Financial Statements.

	Value
Total Investments - 99.9%
(Cost $209,386,247)		$247,409,177
Other Assets, less Liabilities - 0.1%		368,164
Net Assets - 100.0%		$247,777,341

² Yield shown represents the April 30, 2022, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†	$	241,975,503		—		—	$	241,975,503
Short-Term Investments
Other Investment Companies		5,433,674		—		—		5,433,674
Total Investments in Securities	$	247,409,177		—		—	$	247,409,177

^† 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, 2022, there were no transfers in or out of Level 3.

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

20

AMG River Road International Value Equity Fund

Fund Snapshots (unaudited)

April 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Financials	24.6
Industrials	15.4
Health Care	13.3
Communication Services	10.1
Information Technology	9.4
Consumer Staples	7.0
Consumer Discretionary	5.9
Energy	5.7
Utilities	2.3
Materials	2.2
Short-Term Investments	3.4
Other Assets Less Liabilities	0.7

TOP TEN HOLDINGS

Security Name	% of Net Assets
Nintendo Co., Ltd. (Japan)	3.6
Sony Corp. (Japan)	3.5
Roche Holding AG (Switzerland)	3.4
Deutsche Telekom AG (Germany)	3.4
Check Point Software Technologies, Ltd. (Israel)	3.3
BAE Systems PLC (United Kingdom)	3.1
SK Telecom Co., Ltd., Sponsored ADR (South Korea)	3.1
Deutsche Boerse AG (Germany)	3.1
Shell PLC (Netherlands)	3.1
Vinci, S.A. (France)	3.0
Top Ten as a Group	32.6

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.

21

AMG River Road International Value Equity Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2022

	Shares		Value
Common Stocks - 94.8%
Communication Services - 10.1%
Deutsche Telekom AG (Germany)		14,174		$261,101
Nintendo Co., Ltd. (Japan)		616		281,137
SK Telecom Co., Ltd., Sponsored ADR (South Korea)		9,588		239,892
Total Communication Services				782,130
Consumer Discretionary - 4.8%
Compass Group PLC (United Kingdom)		4,771		100,677
Sony Corp. (Japan)		3,149		271,762
Total Consumer Discretionary				372,439
Consumer Staples - 7.0%
Anheuser-Busch InBev SA/NV (Belgium)		2,687		154,609
Fomento Economico Mexicano SAB de CV,
Sponsored ADR (Mexico)		1,425		106,504
Nestle, S.A. (Switzerland)		1,211		156,333
Unilever PLC (United Kingdom)		2,626		122,083
Total Consumer Staples				539,529
Energy - 5.7%
Shell PLC (Netherlands)		8,877		238,311
TotalEnergies SE (France)		4,139		203,237
Total Energy				441,548
Financials - 24.6%
AIA Group, Ltd. (Hong Kong)		14,041		137,935
Allianz SE (Germany)		953		215,029
Axa, S.A. (France)		8,521		225,423
DBS Group Holdings, Ltd. (Singapore)		9,074		220,141
Deutsche Boerse AG (Germany)		1,370		238,510
Itau Unibanco Holding, S.A., Sponsored ADR (Brazil)		20,939		100,298
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		729		173,605
Ping An Insurance Group Co. of China, Ltd., Class H (China)		11,506		72,726
Prudential PLC (United Kingdom)		7,732		96,251
Tokio Marine Holdings, Inc. (Japan)		3,842		207,732
UBS Group AG (Switzerland)		13,233		224,652
Total Financials				1,912,302
Health Care - 13.3%
GlaxoSmithKline PLC (United Kingdom)		4,839		109,083
Novartis AG (Switzerland)		2,303		203,515
Olympus Corp. (Japan)		5,218		91,843

	Shares		Value
Roche Holding AG (Switzerland)		719		$266,615
Sanofi (France)		1,145		121,021
Smith & Nephew PLC (United Kingdom)		7,597		123,136
Takeda Pharmaceutical Co., Ltd. (Japan)		4,097		118,881
Total Health Care				1,034,094
Industrials - 15.4%
Assa Abloy AB (Sweden)		4,056		102,504
BAE Systems PLC (United Kingdom)		26,393		243,783
CK Hutchison Holdings, Ltd. (Hong Kong)		31,234		219,198
Smiths Group PLC (United Kingdom)		10,917		199,773
Thales, S.A. (France)		1,551		198,567
Vinci, S.A. (France)		2,381		231,038
Total Industrials				1,194,863
Information Technology - 9.4%
ASM Pacific Technology, Ltd. (Hong Kong)		12,048		121,417
Check Point Software Technologies, Ltd. (Israel)*		2,061		260,284
Murata Manufacturing Co., Ltd. (Japan)		2,476		147,588
SAP SE (Germany)		1,941		196,713
Total Information Technology				726,002
Materials - 2.2%
Shin-Etsu Chemical Co., Ltd. (Japan)		1,271		174,679
Utilities - 2.3%
EDP - Energias de Portugal, S.A. (Portugal)		38,152		177,814
Total Common Stocks
(Cost $8,082,988)				7,355,400
Preferred Stock - 1.1%
Consumer Discretionary - 1.1%
Volkswagen AG (Germany)		552		85,486
Total Preferred Stock
(Cost $119,749)				85,486
Short-Term Investments - 3.4%
Other Investment Companies - 3.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%1		174,493		174,493
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.37%1		89,890		89,890
Total Short-Term Investments
(Cost $264,383)				264,383
Total Investments - 99.3%
(Cost $8,467,120)				7,705,269
Other Assets, less Liabilities - 0.7%				55,441
Net Assets - 100.0%			$	7,760,710

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

22

AMG River Road International Value Equity Fund

Schedule of Portfolio Investments (continued)

*  Non-income producing security.	ADR   American Depositary Receipt
1  Yield shown represents the April 30, 2022, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2022:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Financials		$100,298		$1,812,004		—		$1,912,302
Industrials		—		1,194,863		—		1,194,863
Health Care		—		1,034,094		—		1,034,094
Communication Services		239,892		542,238		—		782,130
Information Technology		260,284		465,718		—		726,002
Consumer Staples		106,504		433,025		—		539,529
Energy		—		441,548		—		441,548
Consumer Discretionary		—		372,439		—		372,439
Utilities		—		177,814		—		177,814
Materials		—		174,679		—		174,679
Preferred Stock
Consumer Discretionary		—		85,486		—		85,486
Short-Term Investments
Other Investment Companies		264,383		—		—		264,383
Total Investments in Securities		$971,361		$6,733,908		—		$7,705,269

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, 2022, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at April 30, 2022, was as follows:

Country	% of Long-Term   Investments
Belgium	2.1
Brazil	1.3
China	1.0
France	13.2
Germany	15.7
Hong Kong	6.4
Israel	3.5
Japan	17.4
Mexico	1.4

Country	% of Long-Term   Investments
Netherlands	3.2
Portugal	2.4
Singapore	3.0
South Korea	3.2
Sweden	1.4
Switzerland	11.4
United Kingdom	13.4
	100.0

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

23

AMG River Road Focused Absolute Value Fund

Fund Snapshots (unaudited)

April 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Communication Services	22.5
Financials	20.5
Consumer Discretionary	16.4
Information Technology	16.0
Consumer Staples	9.5
Utilities	7.6
Industrials	5.4
Health Care	1.5
Short-Term Investments	0.8
Other Assets Less Liabilities	(0.2)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Berkshire Hathaway, Inc., Class B	10.3
LKQ Corp.	6.0
Liberty Media Corp.-Liberty SiriusXM, Class C	5.9
Liberty Broadband Corp., Class C	5.2
Comcast Corp., Class A	4.6
Fiserv, Inc.	4.5
NCR Corp.	4.2
Walgreens Boots Alliance, Inc.	4.2
Advance Auto Parts, Inc.	4.0
The AES Corp.	3.9
Top Ten as a Group	52.8

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.

24

AMG River Road Focused Absolute Value Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2022

	Shares		Value
Common Stocks - 99.4%
Communication Services - 22.5%
Alphabet, Inc., Class C*		2,117		$4,867,682
Comcast Corp., Class A		144,165		5,732,000
Liberty Broadband Corp., Class C*		57,822		6,465,656
Liberty Media Corp.-Liberty SiriusXM, Class C*		176,720		7,401,033
News Corp., Class A		185,759		3,689,174
Total Communication Services				28,155,545
Consumer Discretionary - 16.4%
Advance Auto Parts, Inc.		25,274		5,045,448
Bath & Body Works, Inc.		55,319		2,925,823
DR Horton, Inc.		37,547		2,612,896
LKQ Corp.		150,201		7,454,476
Polaris, Inc.1		26,283		2,495,308
Total Consumer Discretionary				20,533,951
Consumer Staples - 9.5%
Albertsons Cos., Inc., Class A		60,368		1,888,311
Unilever PLC, Sponsored ADR (United Kingdom)		103,629		4,793,877
Walgreens Boots Alliance, Inc.		123,107		5,219,737
Total Consumer Staples				11,901,925
Financials - 20.5%
American Equity Investment Life Holding Co.		63,183		2,383,263
Berkshire Hathaway, Inc., Class B*		39,843		12,862,516
KKR & Co., Inc.		76,853		3,917,197
The Progressive Corp.		20,025		2,149,884
Willis Towers Watson PLC (United Kingdom)		19,774		4,248,642
Total Financials				25,561,502
Health Care - 1.5%
Premier, Inc., Class A		52,155		1,888,533

	Shares		Value
Industrials - 5.4%
Alight, Inc., Class A*		347,683		$2,986,597
United Parcel Service, Inc., Class B		20,560		3,700,389
Total Industrials				6,686,986
Information Technology - 16.0%
Fiserv, Inc.*		57,572		5,637,450
NCR Corp.*		149,437		5,234,778
Oracle Corp.		62,077		4,556,452
QUALCOMM, Inc.		33,041		4,615,497
Total Information Technology				20,044,177
Utilities - 7.6%
The AES Corp.		242,052		4,942,702
Vistra Corp.		182,978		4,578,109
Total Utilities				9,520,811
Total Common Stocks (Cost $118,266,209)				124,293,430
Short-Term Investments - 0.8%
Other Investment Companies - 0.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24% 2		605,577		605,577
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.37%2		311,964		311,964
Total Short-Term Investments (Cost $917,541)				917,541
Total Investments - 100.2% (Cost $119,183,750)				125,210,971
Other Assets, less Liabilities - (0.2)%				(202,623	)
Net Assets - 100.0%				$125,008,348

^*  Non-income producing security.

¹ Some of these securities, amounting to $2,470,339 or 2.0% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations.

See Note 4 of Notes to Financial Statements.

² Yield shown represents the April 30, 2022, 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.

25

AMG River Road Focused Absolute Value 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, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†		$124,293,430		—		—		$124,293,430
Short-Term Investments
Other Investment Companies		917,541		—		—		917,541
Total Investments in Securities		$125,210,971		—		—		$125,210,971

^†  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, 2022, there were no transfers in or out of Level 3.

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

26

Statement of Assets and Liabilities (unaudited)

April 30, 2022

	AMG River Road Mid Cap Value Fund		AMG River Road Large Cap Value Select Fund		AMG River Road Small Cap Value Fund		AMG River Road Dividend All Cap Value Fund
Assets:
Investments at value1 (including securities on loan valued at $0, $2,229,979, $1,026,324, and $2,475,272, respectively)		$341,469,211		$36,747,688		$822,953,934		$328,759,780
Receivable for investments sold		—		206,957		396,003		—
Dividend and interest receivables		149,783		29,531		190,741		777,825
Securities lending income receivable		—		229		119		606
Receivable for Fund shares sold		42,887		1,021		513,389		239,934
Receivable from affiliate		9,363		4,679		—		10,667
Prepaid expenses and other assets		29,697		12,348		35,430		17,453
Total assets		341,700,941		37,002,453		824,089,616		329,806,265
Liabilities:
Payable for investments purchased		—		—		309,513		—
Payable for Fund shares repurchased		449,485		31,071		245,948		821,120
Accrued expenses:
Investment advisory and management fees		167,111		11,234		564,845		169,684
Administrative fees		44,762		4,815		105,909		42,421
Distribution fees		51,542		992		6,823		8,330
Shareholder service fees		25,273		1,241		61,885		11,219
Other		130,616		49,763		67,215		72,685
Total liabilities		868,789		99,116		1,362,138		1,125,459
Net Assets		$340,832,152		$36,903,337		$822,727,478		$328,680,806
1 Investments at cost		$340,576,523		$38,663,336		$680,631,557		$238,935,114

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

27

Statement of Assets and Liabilities (continued)

	AMG River Road Mid Cap Value Fund		AMG River Road Large Cap Value Select Fund			AMG River Road Small Cap Value Fund		AMG River Road Dividend All Cap Value Fund
Net Assets Represent:
Paid-in capital		$321,215,572		$42,224,880			$670,493,366		$204,124,417
Total distributable earnings (loss)		19,616,580		(5,321,543	)		152,234,112		124,556,389
Net Assets		$340,832,152		$36,903,337			$822,727,478		$328,680,806
Class N:
Net Assets		$244,785,298		$4,507,311			$32,274,185		$38,696,981
Shares outstanding		13,664,700		311,078			2,339,476		3,546,122
Net asset value, offering and redemption price per share		$17.91		$14.49			$13.80		$10.91
Class I:
Net Assets		$88,257,761		$32,396,026			$782,743,860		$287,204,150
Shares outstanding		4,595,999		2,222,545			54,901,309		26,343,299
Net asset value, offering and redemption price per share		$19.20		$14.58			$14.26		$10.90
Class Z:
Net Assets		$7,789,093		—			$7,709,433		$2,779,675
Shares outstanding		408,059		—			540,123		254,944
Net asset value, offering and redemption price per share		$19.09		—			$14.27		$10.90

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

28

Statement of Assets and Liabilities (continued)

	AMG River Road Small-Mid Cap Value Fund		AMG River Road International Value Equity Fund		AMG River Road Focused Absolute Value Fund
Assets:
Investments at value1 (including securities on loan valued at $3,202,231, $0, and $2,470,339, respectively)		$247,409,177		$7,705,269		$125,210,971
Cash		—		3,678		—
Foreign currency2		—		7,608		—
Receivable for investments sold		1,259,553		8,719		3,765,736
Dividend and interest receivables		24,031		40,397		38,819
Securities lending income receivable		411		—		298
Receivable for Fund shares sold		667,545		741		39,361
Receivable from affiliate		—		7,231		8,428
Prepaid expenses and other assets		25,750		12,698		18,101
Total assets		249,386,467		7,786,341		129,081,714
Liabilities:
Payable for investments purchased		1,333,422		—		3,845,504
Payable for Fund shares repurchased		29,835		—		102,590
Accrued expenses:
Investment advisory and management fees		159,988		3,532		67,833
Administrative fees		31,998		999		16,958
Distribution fees		4,311		250		543
Shareholder service fees		10,050		309		4,134
Other		39,522		20,541		35,804
Total liabilities		1,609,126		25,631		4,073,366
Net Assets		$247,777,341		$7,760,710		$125,008,348
1 Investments at cost		$209,386,247		$8,467,120		$119,183,750
2 Foreign currency at cost		—		$7,564		—

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

29

Statement of Assets and Liabilities (continued)

	AMG River Road Small-Mid Cap Value Fund		AMG River Road International Value Equity Fund			AMG River Road Focused Absolute Value Fund
Net Assets Represent:
Paid-in capital		$206,900,874		$8,440,015			$116,888,467
Total distributable earnings (loss)		40,876,467		(679,305	)		8,119,881
Net Assets		$247,777,341		$7,760,710			$125,008,348
Class N:
Net Assets		$19,655,892		$1,167,753			$2,587,536
Shares outstanding		2,199,658		129,533			213,748
Net asset value, offering and redemption price per share		$8.94		$9.02			$12.11
Class I:
Net Assets		$194,625,285		$6,023,358			$111,554,022
Shares outstanding		21,090,151		644,686			9,214,491
Net asset value, offering and redemption price per share		$9.23		$9.34			$12.11
Class Z:
Net Assets		$33,496,164		$569,599			$10,866,790
Shares outstanding		3,626,748		60,694			897,386
Net asset value, offering and redemption price per share		$9.24		$9.38			$12.11

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

30

Statement of Operations (unaudited)

For the six months ended April 30, 2022

	AMG River Road Mid Cap Value Fund			AMG River Road Large Cap Value Select Fund			AMG River Road Small Cap Value Fund			AMG River Road Dividend All Cap Value Fund
Investment Income:
Dividend income		$2,030,907			$276,315	1		$3,042,860			$4,228,088
Securities lending income		—			989			7,072			3,805
Foreign withholding tax		—			(5,138	)		(28,615	)		(10,449	)
Total investment income		2,030,907			272,166			3,021,317			4,221,444
Expenses:
Investment advisory and management fees		1,077,027			69,698			3,472,183			1,124,218
Administrative fees		288,489			29,871			651,034			281,054
Distribution fees - Class N		333,122			5,911			41,539			51,535
Shareholder servicing fees - Class N		136,188			2,365			16,782			8,246
Shareholder servicing fees - Class I		25,979			5,265			363,681			66,199
Reports to shareholders		50,913			5,665			24,748			13,065
Registration fees		27,532			12,903			28,212			21,631
Custodian fees		25,199			8,894			32,711			24,060
Professional fees		21,451			18,907			33,025			24,463
Transfer agent fees		13,502			4,792			12,630			8,258
Trustee fees and expenses		13,437			1,386			29,507			13,836
Interest expense		891			—			—			1,641
Miscellaneous		8,541			1,418			34,008			17,869
Total expenses before offsets		2,022,271			167,075			4,740,060			1,656,075
Expense reimbursements		(64,411	)		(34,050	)		—			(66,972	)
Expense reductions		(4,186	)		(477	)		(21,223	)		(17,240	)
Net expenses		1,953,674			132,548			4,718,837			1,571,863
Net investment income (loss)		77,233			139,618			(1,697,520	)		2,649,581
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		19,653,687			2,499,312			12,926,988			42,378,470
Net change in unrealized appreciation/depreciation on investments		(36,347,381	)		(5,029,155	)		(40,380,869	)		(42,362,717	)
Net realized and unrealized gain (loss)		(16,693,694	)		(2,529,843	)		(27,453,881	)		15,753
Net increase (decrease) in net assets resulting from operations		$(16,616,461	)		$(2,390,225	)		$(29,151,401	)		$2,665,334
1 Includes non-recurring dividends of $30,052.

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

31

Statement of Operations (continued)

	AMG River Road Small-Mid Cap Value Fund			AMG River Road International Value Equity Fund			AMG River Road Focused Absolute Value Fund
Investment Income:
Dividend income		$1,199,001			$246,773	1		$981,163
Securities lending income		2,861			—			1,160
Foreign withholding tax		(3,453	)		(13,277	)		—
Total investment income		1,198,409			233,496			982,323
Expenses:
Investment advisory and management fees		993,275			22,922			507,163
Administrative fees		198,655			6,487			126,791
Distribution fees - Class N		27,326			1,698			3,831
Shareholder servicing fees - Class N		6,559			340			640
Shareholder servicing fees - Class I		56,014			1,690			30,637
Registration fees		21,466			12,790			18,943
Professional fees		18,161			15,123			17,784
Custodian fees		16,293			11,245			13,831
Trustee fees and expenses		9,140			307			6,305
Reports to shareholders		8,969			2,233			5,557
Transfer agent fees		4,445			350			3,083
Interest expense		—			—			1,148
Miscellaneous		11,345			1,291			8,341
Total expenses before offsets		1,371,648			76,476			744,054
Expense reimbursements		—			(41,176	)		(48,487	)
Expense reductions		(8,273	)		(39	)		(2,816	)
Net expenses		1,363,375			35,261			692,751
Net investment income (loss)		(164,966	)		198,235			289,572
Net Realized and Unrealized Loss:
Net realized gain (loss) on investments		4,496,772			(86,058	)		4,335,943
Net realized loss on foreign currency transactions		—			(3,044	)		—
Net change in unrealized appreciation/depreciation on investments		(12,373,035	)		(479,830	)		(19,141,495	)
Net change in unrealized appreciation/depreciation on foreign currency translations		—			(921	)		—
Net realized and unrealized loss		(7,876,263	)		(569,853	)		(14,805,552	)
Net decrease in net assets resulting from operations		$(8,041,229	)		$(371,618	)		$(14,515,980	)

¹ Includes non-recurring dividends of $124,873.    

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

32

Statements of Changes in Net Assets

For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021

	AMG River Road Mid Cap Value Fund						AMG River Road Large Cap Value Select Fund						AMG River Road Small Cap Value Fund
	April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)		$77,233			$803,269			$139,618			$148,514			$(1,697,520	)		$(2,778,893	)
Net realized gain on investments		19,653,687			258,272,570			2,499,312			8,380,167			12,926,988			77,730,613
Net change in unrealized appreciation/depreciation on investments		(36,347,381	)		(64,506,569	)		(5,029,155	)		3,843,506			(40,380,869	)		163,130,688
Net increase (decrease) in net assets resulting from operations		(16,616,461	)		194,569,270			(2,390,225	)		12,372,187			(29,151,401	)		238,082,408
Distributions to Shareholders:
Class N		(9,096,124	)		(178,403,401	)		—			(667,556	)		(2,525,399	)		—
Class I		(3,627,499	)		(89,340,284	)		(148,346	)		(5,854,852	)		(60,899,555	)		(32,321	)
Class Z		(308,106	)		(6,230,574	)		—			—			(572,964	)		(824	)
Total distributions to shareholders		(13,031,729	)		(273,974,259	)		(148,346	)		(6,522,408	)		(63,997,918	)		(33,145	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(37,663,367	)		41,394,175			(2,081,511	)		(8,032,778	)		38,247,042			124,998,329
Total increase (decrease) in net assets		(67,311,557	)		(38,010,814	)		(4,620,082	)		(2,182,999	)		(54,902,277	)		363,047,592
Net Assets:
Beginning of period		408,143,709			446,154,523			41,523,419			43,706,418			877,629,755			514,582,163
End of period		$340,832,152			$408,143,709			$36,903,337			$41,523,419			$822,727,478			$877,629,755

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

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

33

Statements of Changes in Net Assets (continued)

For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021

	AMG River Road Dividend All Cap Value Fund						AMG River Road Small-Mid Cap Value Fund						AMG River Road International Value Equity Fund
	April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021			April 30, 2022			October 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)		$2,649,581			$8,836,861			$(164,966	)		$(387,573	)		$198,235			$(73,726	)
Net realized gain (loss) on investments		42,378,470			74,356,959			4,496,772			24,570,939			(89,102	)		4,384,536
Net change in unrealized appreciation/depreciation on investments		(42,362,717	)		67,143,423			(12,373,035	)		54,476,017			(480,751	)		(620,449	)
Net increase (decrease) in net assets resulting from operations		2,665,334			150,337,243			(8,041,229	)		78,659,383			(371,618	)		3,690,361
Distributions to Shareholders:
Class N		(7,545,813	)		(727,705	)		(1,300,180	)		—			(8,584	)		(532,006	)
Class I		(64,723,418	)		(8,517,604	)		(11,974,114	)		(4,398	)		(52,305	)		(2,364,560	)
Class Z		(438,105	)		(45,063	)		(2,022,835	)		(318	)		(4,607	)		(146,169	)
Total distributions to shareholders		(72,707,336	)		(9,290,372	)		(15,297,129	)		(4,716	)		(65,496	)		(3,042,735	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(29,708,243	)		(164,718,707	)		(6,050,750	)		19,990,348			(1,019,721	)		(7,714,823	)
Total increase (decrease) in net assets		(99,750,245	)		(23,671,836	)		(29,389,108	)		98,645,015			(1,456,835	)		(7,067,197	)
Net Assets:
Beginning of period		428,431,051			452,102,887			277,166,449			178,521,434			9,217,545			16,284,742
End of period		$328,680,806			$428,431,051			$247,777,341			$277,166,449			$7,760,710			$9,217,545

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

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

34

Statements of Changes in Net Assets (continued)

For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021

	AMG River Road Focused Absolute Value Fund
	April 30, 2022			October 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income		$289,572			$663,151
Net realized gain on investments		4,335,943			32,121,761
Net change in unrealized appreciation/depreciation on investments		(19,141,495	)		14,157,205
Net increase (decrease) in net assets resulting from operations		(14,515,980	)		46,942,117
Distributions to Shareholders:
Class N		(221,232	)		—
Class I		(12,072,508	)		(950,327	)
Class Z		(930,537	)		(18,026	)
Total distributions to shareholders		(13,224,277	)		(968,353	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(40,700,473	)		1,789,489
Total increase (decrease) in net assets		(68,440,730	)		47,763,253
Net Assets:
Beginning of period		193,449,078			145,685,825
End of period		$125,008,348			$193,449,078

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

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

35

AMG River Road Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$19.43			$29.75			$34.95			$38.27			$41.95			$37.48
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.00	)3		0.02	4		0.16			0.34	5		0.08			(0.02	)
Net realized and unrealized gain (loss) on investments		(0.88	)		11.69			(2.85	)		(0.85	)		(0.95	)		6.33
Total income (loss) from investment operations		(0.88	)		11.71			(2.69	)		(0.51	)		(0.87	)		6.31
Less Distributions to Shareholders from:
Net investment income		(0.04	)		(0.02	)		(0.33	)		(0.15	)		—			(0.13	)
Net realized gain on investments		(0.60	)		(22.01	)		(2.18	)		(2.66	)		(2.81	)		(1.71	)
Total distributions to shareholders		(0.64	)		(22.03	)		(2.51	)		(2.81	)		(2.81	)		(1.84	)
Net Asset Value, End of Period		$17.91			$19.43			$29.75			$34.95			$38.27			$41.95
Total Return2,6		(4.76	)%7		50.65	%		(8.62	)%		(0.55	)%		(2.82	)%		16.87	%
Ratio of net expenses to average net assets		1.10	%8,9		1.13	%9		1.14	%		1.15	%		1.12	%		1.12	%
Ratio of gross expenses to average net assets10		1.13	%8		1.18	%		1.16	%		1.15	%		1.13	%		1.13	%
Ratio of net investment income (loss) to average net assets2		(0.04	)%8		0.08	%		0.52	%		0.95	%		0.19	%		(0.05	)%
Portfolio turnover		27	%7		149	%		50	%		21	%		18	%		28	%
Net assets end of period (000’s) omitted		$244,785			$287,165			$259,561			$518,354			$893,685			$1,292,107

36

AMG River Road Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$20.82			$30.68			$35.96			$39.33			$42.97			$38.39
Income (loss) from Investment Operations:
Net investment income1,2		0.03			0.09	4		0.25			0.45	5		0.19			0.08
Net realized and unrealized gain (loss) on investments		(0.96	)		12.16			(2.94	)		(0.89	)		(0.99	)		6.49
Total income (loss) from investment operations		(0.93	)		12.25			(2.69	)		(0.44	)		(0.80	)		6.57
Less Distributions to Shareholders from:
Net investment income		(0.09	)		(0.10	)		(0.41	)		(0.27	)		(0.03	)		(0.24	)
Net realized gain on investments		(0.60	)		(22.01	)		(2.18	)		(2.66	)		(2.81	)		(1.75	)
Total distributions to shareholders		(0.69	)		(22.11	)		(2.59	)		(2.93	)		(2.84	)		(1.99	)
Net Asset Value, End of Period		$19.20			$20.82			$30.68			$35.96			$39.33			$42.97
Total Return2,6		(4.66	)%7		51.11	%		(8.38	)%		(0.33	)%		(2.56	)%		17.16	%
Ratio of net expenses to average net assets		0.81	%8,9		0.87	%9		0.90	%		0.90	%		0.87	%		0.87	%
Ratio of gross expenses to average net assets10		0.84	%8		0.92	%		0.92	%		0.90	%		0.88	%		0.88	%
Ratio of net investment income to average net assets2		0.25	%8		0.34	%		0.76	%		1.20	%		0.44	%		0.20	%
Portfolio turnover		27	%7		149	%		50	%		21	%		18	%		28	%
Net assets end of period (000’s) omitted		$88,258			$112,741			$176,807			$1,102,479			$1,754,203			$2,668,464

37

AMG River Road Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six															For the fiscal period ended
	months ended			For the fiscal years ended October 31,												October 31,
	April 30, 2022
Class Z	(unaudited)			2021			2020			2019			2018			201711
Net Asset Value, Beginning of Period		$20.71			$30.63			$35.95			$39.34			$42.98			$44.24
Income (loss) from Investment Operations:
Net investment income1,2		0.03			0.10	4		0.28			0.48	5		0.22			0.00	12
Net realized and unrealized gain (loss) on investments		(0.93	)		12.13			(2.94	)		(0.89	)		(0.98	)		(1.26	)
Total income (loss) from investment operations		(0.90	)		12.23			(2.66	)		(0.41	)		(0.76	)		(1.26	)
Less Distributions to Shareholders from:
Net investment income		(0.12	)		(0.14	)		(0.48	)		(0.32	)		(0.07	)		—
Net realized gain on investments		(0.60	)		(22.01	)		(2.18	)		(2.66	)		(2.81	)		—
Total distributions to shareholders		(0.72	)		(22.15	)		(2.66	)		(2.98	)		(2.88	)		—
Net Asset Value, End of Period		$19.09			$20.71			$30.63			$35.95			$39.34			$42.98
Total Return2,6		(4.59	)%7		51.18	%		(8.32	)%		(0.25	)%		(2.48	)%		(2.85	)%7
Ratio of net expenses to average net assets		0.76	%8,9		0.80	%9		0.82	%		0.82	%		0.79	%		0.79	%8
Ratio of gross expenses to average net assets10		0.79	%8		0.85	%		0.84	%		0.82	%		0.80	%		0.80	%8
Ratio of net investment income to average net assets2		0.30	%8		0.41	%		0.84	%		1.28	%		0.52	%		0.01	%8
Portfolio turnover		27	%7		149	%		50	%		21	%		18	%		28	%7
Net assets end of period (000’s) omitted		$7,789			$8,237			$9,786			$47,907			$205,203			$9,625

¹ Per share numbers have been calculated using average shares.

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

³ Less than $(0.005) per share.

⁴ Includes non-recurring dividends. Without these dividends, net investment income per share would have been $(0.02), $0.05 and $0.06 for Class N, Class I and Class Z, respectively.

⁵ Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.23, $0.33 and $0.36 for Class N, Class I and Class Z, respectively.

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

⁷ Not annualized.

⁸ Annualized.

⁹ Includes reduction from brokerage recapture amounting to less than 0.01% for the six months ended April 30, 2022, and less than 0.01% for the fiscal year ended October 31, 2021.

¹⁰ Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

¹¹ Commencement of operations was on October 2, 2017.

¹² Less than $0.005 per share.

38

AMG River Road Large Cap Value Select Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022 (unaudited)
				For the fiscal years ended October 31,
Class N				2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$15.45			$13.73			$16.22			$15.68			$17.97			$15.48
Income (loss) from Investment Operations:
Net investment income (loss)1,2		0.03	3		0.01			0.04	4		0.12	5		(0.07	)		0.10	6
Net realized and unrealized gain (loss) on investments		(0.99	)		4.27			(1.84	)		0.95			1.94			3.30
Total income (loss) from investment operations		(0.96	)		4.28			(1.80	)		1.07			1.87			3.40
Less Distributions to Shareholders from:
Net investment income		—			(2.56	)		—			(0.02	)		—			(0.16	)
Net realized gain on investments		—			—			(0.69	)		(0.51	)		(4.16	)		(0.75	)
Total distributions to shareholders		—			(2.56	)		(0.69	)		(0.53	)		(4.16	)		(0.91	)
Net Asset Value, End of Period		$14.49			$15.45			$13.73			$16.22			$15.68			$17.97
Total Return2,7		(6.21	)%8		33.53	%		(11.66	)%		7.15	%		12.54	%		22.62	%
Ratio of net expenses to average net assets		0.95	%9,10		1.00	%10		1.04	%		1.28	%10,11		2.24	%10,11		1.09	%11
Ratio of gross expenses to average net assets12		1.12	%9		1.14	%		1.08	%		1.30	%		2.36	%		1.14	%
Ratio of net investment income (loss) to average net assets2		0.42	%9		0.08	%		0.25	%		0.74	%		(0.43	)%		0.60	%
Portfolio turnover		44	%8		256	%		750	%		330	%		240	%		159	%
Net assets end of period (000’s) omitted		$4,507			$4,623			$4,716			$14,301			$24,536			$3,495

39

AMG River Road Large Cap Value Select Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022 (unaudited)
				For the fiscal years ended October 31,
Class I				2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$15.58			$13.80			$16.25			$15.71			$17.97			$15.47
Income (loss) from Investment Operations:
Net investment income (loss)1,2		0.06	3		0.06			0.08	4		0.16	5		(0.02	)		0.15	6
Net realized and unrealized gain (loss) on investments		(1.00	)		4.29			(1.84	)		0.95			1.92			3.33
Total income (loss) from investment operations		(0.94	)		4.35			(1.76	)		1.11			1.90			3.48
Less Distributions to Shareholders from:
Net investment income		(0.06	)		(2.57	)		—			(0.06	)		—			(0.23	)
Net realized gain on investments		—			—			(0.69	)		(0.51	)		(4.16	)		(0.75	)
Total distributions to shareholders		(0.06	)		(2.57	)		(0.69	)		(0.57	)		(4.16	)		(0.98	)
Net Asset Value, End of Period		$14.58			$15.58			$13.80			$16.25			$15.71			$17.97
Total Return2,7		(6.04	)%8		33.93	%		(11.38	)%		7.43	%		12.82	%		23.11	%
Ratio of net expenses to average net assets		0.63	%9,10		0.69	%10		0.76	%		0.99	%10,11		1.92	%10,11		0.78	%11
Ratio of gross expenses to average net assets12		0.80	%9		0.83	%		0.80	%		1.01	%		2.04	%		0.87	%
Ratio of net investment income (loss) to average net assets2		0.74	%9		0.39	%		0.53	%		1.03	%		(0.11	)%		0.90	%
Portfolio turnover		44	%8		256	%		750	%		330	%		240	%		159	%
Net assets end of period (000’s) omitted		$32,396			$36,900			$38,990			$83,323			$55,590			$37,002

¹ Per share numbers have been calculated using average shares.

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

³ Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.02 and $0.05 for Class N and Class I, respectively.

⁴ Includes non-recurring dividends. Without these dividends, net investment income per share would have been $(0.01) and $0.03 for Class N and Class I, respectively.

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

⁸ Not annualized.

⁹ Annualized.

¹⁰ Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 30, 2022, and less than 0.01%, less than 0.01% and 0.01% for the fiscal years ended October 31, 2021, 2019, and 2018, respectively.

¹¹ Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of net 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, 2018 and 2017, respectively.

¹² Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

40

AMG River Road Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022 (unaudited)
				For the fiscal years ended October 31,
Class N				2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$15.45			$10.76			$13.00			$13.26			$14.46			$12.29
Income (loss) from Investment Operations:
Net investment loss1,2		(0.05	)		(0.09	)		(0.02	)		(0.04	)		(0.05	)		(0.05	)
Net realized and unrealized gain (loss) on investments		(0.44	)		4.78			(1.43	)		1.17			0.79			2.88
Total income (loss) from investment operations		(0.49	)		4.69			(1.45	)		1.13			0.74			2.83
Less Distributions to Shareholders from:
Net realized gain on investments		(1.16	)		—			(0.79	)		(1.39	)		(1.94	)		(0.66	)
Net Asset Value, End of Period		$13.80			$15.45			$10.76			$13.00			$13.26			$14.46
Total Return2,3		(3.56	)%4		43.59	%		(12.09	)%		10.86	%		5.41	%		23.43	%
Ratio of net expenses to average net assets5		1.34	%6		1.33	%		1.34	%		1.36	%		1.35	%		1.35	%
Ratio of gross expenses to average net assets7		1.34	%6		1.35	%		1.36	%		1.37	%		1.36	%		1.36	%
Ratio of net investment loss to average net assets2		(0.64	)%6		(0.61	)%		(0.19	)%		(0.33	)%		(0.34	)%		(0.36	)%
Portfolio turnover		15	%4		39	%		42	%		47	%		41	%		42	%
Net assets end of period (000’s) omitted		$32,274			$34,246			$25,920			$29,963			$28,444			$31,657

41

AMG River Road Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022 (unaudited)
				For the fiscal years ended October 31,
Class I				2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$15.91			$11.05			$13.30			$13.51			$14.68			$12.44
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.03	)		(0.05	)		0.01			(0.01	)		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(0.46	)		4.91			(1.46	)		1.20			0.79			2.92
Total income (loss) from investment operations		(0.49	)		4.86			(1.45	)		1.19			0.78			2.91
Less Distributions to Shareholders from:
Net investment income		—			(0.00	)8		(0.01	)		(0.01	)		(0.01	)		—
Net realized gain on investments		(1.16	)		—			(0.79	)		(1.39	)		(1.94	)		(0.67	)
Total distributions to shareholders		(1.16	)		(0.00	)8		(0.80	)		(1.40	)		(1.95	)		(0.67	)
Net Asset Value, End of Period		$14.26			$15.91			$11.05			$13.30			$13.51			$14.68
Total Return2,3		(3.45	)%4		43.99	%		(11.91	)%		11.23	%		5.60	%		23.80	%
Ratio of net expenses to average net assets5		1.08	%6		1.07	%		1.07	%		1.09	%		1.10	%		1.10	%
Ratio of gross expenses to average net assets7		1.08	%6		1.09	%		1.09	%		1.10	%		1.11	%		1.11	%
Ratio of net investment income (loss) to average net assets2		(0.38	)%6		(0.35	)%		0.07	%		(0.06	)%		(0.09	)%		(0.11	)%
Portfolio turnover		15	%4		39	%		42	%		47	%		41	%		42	%
Net assets end of period (000’s) omitted		$782,744			$835,473			$487,637			$374,344			$330,245			$279,574

42

AMG River Road Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

																For the fiscal  period ended  October 31,
	For the six months ended April 30, 2022 (unaudited)
				For the fiscal years ended October 31,
Class Z				2021			2020			2019			2018			20179
Net Asset Value, Beginning of Period		$15.92			$11.05			$13.30			$13.51			$14.68			$14.68
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.02	)		(0.04	)		0.02			0.00	10		0.00	10		(0.01	)
Net realized and unrealized gain (loss) on investments		(0.47	)		4.92			(1.46	)		1.20			0.79			0.01
Total income (loss) from investment operations		(0.49	)		4.88			(1.44	)		1.20			0.79			—
Less Distributions to Shareholders from:
Net investment income		—			(0.01	)		(0.02	)		(0.02	)		(0.02	)		—
Net realized gain on investments		(1.16	)		—			(0.79	)		(1.39	)		(1.94	)		—
Total distributions to shareholders		(1.16	)		(0.01	)		(0.81	)		(1.41	)		(1.96	)		—
Net Asset Value, End of Period		$14.27			$15.92			$11.05			$13.30			$13.51			$14.68
Total Return2,3		(3.45	)%4		44.17	%		(11.78	)%		11.29	%		5.71	%		0.00	%4,11
Ratio of net expenses to average net assets5		0.99	%6		0.98	%		0.99	%		1.01	%		1.00	%		1.03	%6
Ratio of gross expenses to average net assets7		0.99	%6		1.00	%		1.01	%		1.02	%		1.01	%		1.03	%6
Ratio of net investment income (loss) to average net assets2		(0.29	)%6		(0.26	)%		0.16	%		0.02	%		0.01	%		(0.58	)%6
Portfolio turnover		15	%4		39	%		42	%		47	%		41	%		42	%4
Net assets end of period (000’s) omitted		$7,709			$7,911			$1,025			$186			$163			$154

¹ Per share numbers have been calculated using average shares.

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

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

⁴ Not annualized.

⁵ Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 30, 2022, and 0.02%, 0.02%, 0.01%, 0.01% and 0.01% for the fiscal years ended October 31, 2021, 2020, 2019, 2018, and the fiscal period ended October 31, 2017, respectively.

⁶ Annualized.

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

⁸ Less than $(0.005) per share.

⁹ The commencement of operations was October 2, 2017.

¹⁰ Less than $0.005 per share.

¹¹ Less than 0.005%.

43

AMG River Road Dividend All Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022
				For the fiscal years ended October 31,
Class N	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$13.28			$10.02			$12.34			$12.29			$12.87			$12.18
Income (loss) from Investment Operations:
Net investment income1,2		0.07			0.19			0.25			0.27			0.22			0.22
Net realized and unrealized gain (loss) on investments		(0.05	)		3.27			(1.49	)		0.80			0.06			1.54
Total income (loss) from investment operations		0.02			3.46			(1.24	)		1.07			0.28			1.76
Less Distributions to Shareholders from:
Net investment income		(0.19	)		(0.20	)		(0.34	)		(0.30	)		(0.28	)		(0.21	)
Net realized gain on investments		(2.20	)		—			(0.74	)		(0.72	)		(0.58	)		(0.86	)
Total distributions to shareholders		(2.39	)		(0.20	)		(1.08	)		(1.02	)		(0.86	)		(1.07	)
Net Asset Value, End of Period		$10.91			$13.28			$10.02			$12.34			$12.29			$12.87
Total Return2,3		(0.26	)%4		34.74	%		(10.96	)%		10.11	%		2.06	%		14.79	%
Ratio of net expenses to average net assets5		1.06	%6		1.06	%		1.13	%		1.11	%		1.10	%		1.11	%
Ratio of gross expenses to average net assets7		1.11	%6		1.09	%		1.13	%		1.12	%		1.11	%		1.12	%
Ratio of net investment income to average net assets2		1.19	%6		1.51	%		2.38	%		2.32	%		1.78	%		1.75	%
Portfolio turnover		11	%4		20	%		35	%		29	%		27	%		28	%
Net assets end of period (000’s) omitted		$38,697			$43,430			$41,358			$79,811			$100,420			$136,534

44

AMG River Road Dividend All Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended
				For the fiscal years ended October 31,
	April 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$13.27			$10.01			$12.33			$12.29			$12.86			$12.17
Income (loss) from Investment Operations:
Net investment income1,2		0.08			0.22			0.28			0.31			0.26			0.24
Net realized and unrealized gain (loss) on investments		(0.05	)		3.27			(1.49	)		0.78			0.06			1.55
Total income (loss) from investment operations		0.03			3.49			(1.21	)		1.09			0.32			1.79
Less Distributions to Shareholders from:
Net investment income		(0.20	)		(0.23	)		(0.37	)		(0.33	)		(0.31	)		(0.24	)
Net realized gain on investments		(2.20	)		—			(0.74	)		(0.72	)		(0.58	)		(0.86	)
Total distributions to shareholders		(2.40	)		(0.23	)		(1.11	)		(1.05	)		(0.89	)		(1.10	)
Net Asset Value, End of Period		$10.90			$13.27			$10.01			$12.33			$12.29			$12.86
Total Return2,3		(0.14	)%4		35.10	%		(10.69	)%		10.32	%		2.38	%		15.07	%
Ratio of net expenses to average net assets5		0.81	%6		0.81	%		0.86	%		0.84	%		0.84	%		0.86	%
Ratio of gross expenses to average net assets7		0.86	%6		0.84	%		0.86	%		0.85	%		0.85	%		0.87	%
Ratio of net investment income to average net assets2		1.44	%6		1.76	%		2.65	%		2.59	%		2.04	%		1.93	%
Portfolio turnover		11	%4		20	%		35	%		29	%		27	%		28	%
Net assets end of period (000’s) omitted		$287,204			$382,571			$408,844			$533,106			$743,984			$788,023

45

AMG River Road Dividend All Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended			For the fiscal years ended October 31,												For the fiscal period ended October 31,
	April 30, 2022
Class Z	(unaudited)			2021			2020			2019			2018			20178
Net Asset Value, Beginning of Period		$13.28			$10.01			$12.33			$12.29			$12.86			$12.80
Income (loss) from Investment Operations:
Net investment income1,2		0.09			0.22			0.27			0.32			0.26			0.01
Net realized and unrealized gain (loss) on investments		(0.07	)		3.29			(1.47	)		0.77			0.06			0.07
Total income (loss) from investment operations		0.02			3.51			(1.20	)		1.09			0.32			0.08
Less Distributions to Shareholders from:
Net investment income		(0.20	)		(0.24	)		(0.38	)		(0.33	)		(0.31	)		(0.02	)
Net realized gain on investments		(2.20	)		—			(0.74	)		(0.72	)		(0.58	)		—
Total distributions to shareholders		(2.40	)		(0.24	)		(1.12	)		(1.05	)		(0.89	)		(0.02	)
Net Asset Value, End of Period		$10.90			$13.28			$10.01			$12.33			$12.29			$12.86
Total Return2,3		(0.19	)%4		35.26	%		(10.65	)%		10.37	%		2.42	%		0.59	%4
Ratio of net expenses to average net assets5		0.77	%6		0.77	%		0.81	%		0.79	%		0.78	%		0.78	%6
Ratio of gross expenses to average net assets7		0.82	%6		0.80	%		0.81	%		0.80	%		0.79	%		0.79	%6
Ratio of net investment income to average net assets2		1.48	%6		1.80	%		2.69	%		2.64	%		2.10	%		0.79	%6
Portfolio turnover		11	%4		20	%		35	%		29	%		27	%		28	%4
Net assets end of period (000’s) omitted		$2,780			$2,430			$1,901			$63			$619			$257

¹ Per share numbers have been calculated using average shares.

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

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

⁴ Not annualized.

⁵ Includes reduction from broker recapture amounting to 0.01% for the six months ended April 30, 2022, and 0.01%, less than 0.01%, 0.01%, less than 0.01%, and less than 0.01% for the fiscal years ended October 31, 2021, 2020, 2019, 2018, and the fiscal period ended October 31, 2017, respectively.

⁶ Annualized.

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

⁸ The commencement of operations was on October 2, 2017.

46

AMG River Road Small-Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended
				For the fiscal years ended October 31,
	April 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$9.81			$6.80			$7.84			$7.62			$8.23			$7.04
Income (loss) from Investment Operations:
Net investment loss1,2		(0.02	)		(0.04	)		(0.01	)3		(0.02	)		(0.03	)		(0.03	)
Net realized and unrealized gain (loss) on investments		(0.28	)		3.05			(0.88	)		0.78			0.57			1.81
Total income (loss) from investment operations		(0.30	)		3.01			(0.89	)		0.76			0.54			1.78
Less Distributions to Shareholders from:
Net investment income		—			—			(0.01	)		—			(0.02	)		(0.01	)
Net realized gain on investments		(0.57	)		—			(0.14	)		(0.54	)		(1.13	)		(0.58	)
Total distributions to shareholders		(0.57	)		—			(0.15	)		(0.54	)		(1.15	)		(0.59	)
Net Asset Value, End of Period		$8.94			$9.81			$6.80			$7.84			$7.62			$8.23
Total Return2,4		(3.37	)%5		44.27	%		(11.65	)%		11.82	%		7.09	%		26.18	%
Ratio of net expenses to average net assets6		1.28	%7		1.25	%		1.31	%		1.31	%		1.32	%		1.35	%
Ratio of gross expenses to average net assets8		1.28	%7		1.27	%		1.33	%		1.37	%		1.36	%		1.46	%
Ratio of net investment loss to average net assets2		(0.37	)%7		(0.38	)%		(0.16	)%		(0.27	)%		(0.35	)%		(0.33	)%
Portfolio turnover		16	%5		44	%		47	%		38	%		46	%		57	%
Net assets end of period (000’s) omitted		$19,656			$22,702			$21,618			$24,669			$17,840			$7,810

47

AMG River Road Small-Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended
				For the fiscal years ended October 31,
	April 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$10.10			$6.98			$8.04			$7.78			$8.38			$7.16
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.01	)		(0.01	)		0.01	3		(0.00	)9		(0.01	)		0.00	10
Net realized and unrealized gain (loss) on investments		(0.29	)		3.13			(0.91	)		0.80			0.57			1.84
Total income (loss) from investment operations		(0.30	)		3.12			(0.90	)		0.80			0.56			1.84
Less Distributions to Shareholders from:
Net investment income		—			(0.00	)9		(0.02	)		—			(0.03	)		(0.03	)
Net realized gain on investments		(0.57	)		—			(0.14	)		(0.54	)		(1.13	)		(0.59	)
Total distributions to shareholders		(0.57	)		(0.00	)9		(0.16	)		(0.54	)		(1.16	)		(0.62	)
Net Asset Value, End of Period		$9.23			$10.10			$6.98			$8.04			$7.78			$8.38
Total Return2,4		(3.27	)%5		44.70	%		(11.47	)%		12.12	%		7.32	%		26.63	%
Ratio of net expenses to average net assets6		1.02	%7		1.00	%		1.05	%		1.06	%		1.08	%		1.10	%
Ratio of gross expenses to average net assets8		1.02	%7		1.02	%		1.07	%		1.12	%		1.12	%		1.21	%
Ratio of net investment income (loss) to average net assets2		(0.11	)%7		(0.13	)%		0.09	%		(0.02	)%		(0.11	)%		(0.06	)%
Portfolio turnover		16	%5		44	%		47	%		38	%		46	%		57	%
Net assets end of period (000’s) omitted		$194,625			$218,698			$156,350			$145,620			$51,400			$36,547

48

AMG River Road Small-Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022 (unaudited)			For the fiscal years ended October 31,												For the fiscal period ended October 31,
Class Z				2021			2020			2019			2018			201711
Net Asset Value, Beginning of Period		$10.10			$6.98			$8.04			$7.77			$8.37			$8.48
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.00	)9		(0.01	)		0.01	3		0.00	10		(0.01	)		(0.01	)
Net realized and unrealized gain (loss) on investments		(0.29	)		3.13			(0.91	)		0.81			0.58			(0.10	)
Total income (loss) from investment operations		(0.29	)		3.12			(0.90	)		0.81			0.57			(0.11	)
Less Distributions to Shareholders from:
Net investment income		(0.00	)		(0.00	)9		(0.02	)		—			(0.04	)		—
Net realized gain on investments		(0.57	)		—			(0.14	)		(0.54	)		(1.13	)		—
Total distributions to shareholders		(0.57	)		(0.00	)9		(0.16	)		(0.54	)		(1.17	)		—
Net Asset Value, End of Period		$9.24			$10.10			$6.98			$8.04			$7.77			$8.37
Total Return2,4		(3.15	)%5		44.77	%		(11.43	)%		12.26	%		7.37	%		(1.30	)%5
Ratio of net expenses to average net assets6		0.97	%7		0.95	%		1.00	%		1.01	%		1.03	%		1.04	%7
Ratio of gross expenses to average net assets8		0.97	%7		0.97	%		1.02	%		1.07	%		1.07	%		1.48	%7
Ratio of net investment income (loss) to average net assets2		(0.06	)%7		(0.08	)%		0.14	%		0.03	%		(0.06	)%		(0.71	)%7
Portfolio turnover		16	%5		44	%		47	%		38	%		46	%		57	%5
Net assets end of period (000’s) omitted		$33,496			$35,766			$553			$183			$136			$49

¹ Per share numbers have been calculated using average shares.

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

³ Includes non-recurring dividends. Without these dividends, net investment (loss) income per share would have been $(0.02), $(0.00), and $0.00 for Class N, Class I, and Class Z shares, respectively.

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

⁵ Not annualized.

⁶ Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 30, 2022, 0.02%, 0.02%, 0.03%, 0.01% and 0.01% for the fiscal years ended October 31, 2021, 2020, 2019, 2018 and the fiscal period ended October 31, 2017, respectively.

⁷ Annualized.

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

⁹ Less than $(0.005) per share.

¹⁰ Less than $0.005 per share.

¹¹ The commencement of operations was October 2, 2017.

49

AMG River Road International Value Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022 (unaudited)			For the fiscal years ended October 31,
Class N				2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$9.51			$11.40			$13.06			$12.19			$12.33			$11.04
Income (loss) from Investment Operations:
Net investment income (loss)1,2		0.21	3		(0.09	)		(0.16	)		(0.05	)		(0.03	)4		(0.25	)
Net realized and unrealized gain (loss) on investments		(0.64	)		2.71			(0.42	)		1.63			(0.11	)		1.54
Total income (loss) from investment operations		(0.43	)		2.62			(0.58	)		1.58			(0.14	)		1.29
Less Distributions to Shareholders from:
Net realized gain on investments		(0.06	)		(4.51	)		(1.08	)		(0.71	)		—			—
Net Asset Value, End of Period		$9.02			$9.51			$11.40			$13.06			$12.19			$12.33
Total Return2,5		(4.58	)%6		22.06	%		(5.17	)%		13.98	%		(1.14	)%		11.69	%
Ratio of net expenses to average net assets7		1.03	%8		2.08	%9		2.71	%9		2.41	%9		3.12	%9		3.60	%9
Ratio of gross expenses to average net assets10		1.98	%8		2.69	%		3.23	%		2.83	%		3.41	%		3.75	%
Ratio of net investment income (loss) to average net assets2		4.37	%8		(0.70	)%		(1.35	)%		(0.43	)%		(0.25	)%		(2.23	)%
Portfolio turnover		25	%6		159	%		257	%		264	%		189	%		186	%
Net assets end of period (000’s) omitted		$1,168			$1,561			$1,584			$2,654			$3,749			$5,508

50

AMG River Road International Value Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022 (unaudited)			For the fiscal years ended October 31,
Class I				2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$9.86			$11.65			$13.30			$12.37			$12.48			$11.15
Income (loss) from Investment Operations:
Net investment income (loss)1,2		0.23	3		(0.06	)		(0.14	)		(0.02	)		0.00	4,11		(0.24	)
Net realized and unrealized gain (loss) on investments		(0.67	)		2.78			(0.43	)		1.66			(0.11	)		1.57
Total income (loss) from investment operations		(0.44	)		2.72			(0.57	)		1.64			(0.11	)		1.33
Less Distributions to Shareholders from:
Net investment income		(0.02	)		—			—			—			—			—
Net realized gain on investments		(0.06	)		(4.51	)		(1.08	)		(0.71	)		—			—
Total distributions to shareholders		(0.08	)		(4.51	)		(1.08	)		(0.71	)		—			—
Net Asset Value, End of Period		$9.34			$9.86			$11.65			$13.30			$12.37			$12.48
Total Return2,5		(4.56	)%6		22.48	%		(4.98	)%		14.28	%		(0.88	)%		11.93	%
Ratio of net expenses to average net assets7		0.78	%8		1.84	%9		2.46	%9		2.16	%9		2.87	%9		3.35	%9
Ratio of gross expenses to average net assets10		1.73	%8		2.45	%		2.98	%		2.58	%		3.16	%		3.50	%
Ratio of net investment income (loss) to average net assets2		4.62	%8		(0.46	)%		(1.10	)%		(0.18	)%		0.00	%12		(1.98	)%
Portfolio turnover		25	%6		159	%		257	%		264	%		189	%		186	%
Net assets end of period (000’s) omitted		$6,023			$7,105			$14,041			$22,856			$24,925			$29,030

51

AMG River Road International Value Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022 (unaudited)			For the fiscal years ended October 31,												For the fiscal period ended October 31,
Class Z				2021			2020			2019			2018			201713
Net Asset Value, Beginning of Period		$9.92			$11.69			$13.32			$12.38			$12.49			$12.53
Income (loss) from Investment Operations:
Net investment income (loss)1,2		0.23	3		(0.05	)		(0.12	)		(0.01	)		0.01	4		(0.02	)
Net realized and unrealized gain (loss) on investments		(0.68	)		2.79			(0.43	)		1.66			(0.12	)		(0.02	)
Total income (loss) from investment operations		(0.45	)		2.74			(0.55	)		1.65			(0.11	)		(0.04	)
Less Distributions to Shareholders from:
Net investment income		(0.03	)		—			—			—			—			—
Net realized gain on investments		(0.06	)		(4.51	)		(1.08	)		(0.71	)		—			—
Total distributions to shareholders		(0.09	)		(4.51	)		(1.08	)		(0.71	)		—			—
Net Asset Value, End of Period		$9.38			$9.92			$11.69			$13.32			$12.38			$12.49
Total Return2,5		(4.49	)%6		22.58	%		(4.82	)%		14.35	%		(0.88	)%		(0.32	)%6
Ratio of net expenses to average net assets7		0.73	%8		1.76	%9		2.38	%9		2.08	%9		2.79	%9		3.38	%8,9
Ratio of gross expenses to average net assets10		1.68	%8		2.37	%		2.90	%		2.50	%		3.08	%		3.38	%8
Ratio of net investment income (loss) to average net assets2		4.67	%8		(0.38	)%		(1.02	)%		(0.10	)%		0.09	%		(2.74	)%8
Portfolio turnover		25	%6		159	%		257	%		264	%		189	%		186	%6
Net assets end of period (000’s) omitted		$570			$552			$660			$84			$73			$25

¹ Per share numbers have been calculated using average shares.

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

³ Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.07, $0.08, and $0.09 for Class N, Class I and Class Z shares, respectively.

⁴ Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.17), $(0.14), and $(0.13) for Class N, Class I and Class Z shares, respectively.

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

⁶ Not annualized.

⁷ Includes reduction from brokerage recapture amounting to less than 0.01% for the six months ended April 30, 2022, 0.04%, 0.11%, 0.01% and 0.02% for the fiscal years ended October 31, 2021, 2020, 2019, 2018, respectively, and 0.02%, 0.02%, and less than 0.01% for Class N, Class I, and Class Z, respectively, for the fiscal period ended October 31, 2017.

⁸ Annualized.

⁹ Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of net expenses to average net assets would be 1.32%, 1.11%, and 1.01% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2021, 1.34%, 1.09% and 1.01% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2020, 1.44%, 1.19% and 1.11% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2019, 1.45%, 1.20% and 1.12% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2018, 1.48% and 1.23% for Class N and Class I, respectively, for the fiscal year ended October 31, 2017, and 1.12% for Class Z for the fiscal period ended October 31, 2017.

¹⁰ Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

¹¹ Less than $0.005 per share.

¹² Less than 0.005%.

¹³ Commencement of operations was on October 2, 2017.

52

AMG River Road Focused Absolute Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2022 (unaudited)			For the fiscal years ended October 31,
Class N				2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$14.44			$11.05			$12.65			$11.91			$11.87			$10.85
Income (loss) from Investment Operations:
Net investment income (loss)1,2		0.00	3		0.01			0.04	4		0.04			0.05			(0.01	)
Net realized and unrealized gain (loss) on investments		(1.38	)		3.38			(1.39	)		1.45			0.93			1.85
Total income (loss) from investment operations		(1.38	)		3.39			(1.35	)		1.49			0.98			1.84
Less Distributions to Shareholders from:
Net investment income		—			—			(0.02	)		(0.05	)		(0.07	)		(0.09	)
Net realized gain on investments		(0.95	)		—			(0.23	)		(0.70	)		(0.87	)		(0.73	)
Total distributions to shareholders		(0.95	)		—			(0.25	)		(0.75	)		(0.94	)		(0.82	)
Net Asset Value, End of Period		$12.11			$14.44			$11.05			$12.65			$11.91			$11.87
Total Return2,5		(10.28	)%6		30.68	%		(11.03	)%		14.29	%		8.69	%		17.42	%
Ratio of net expenses to average net assets7		1.06	%8		1.06	%		1.03	%		0.98	%		0.99	%		0.97	%
Ratio of gross expenses to average net assets9		1.12	%8		1.12	%		1.15	%		1.21	%		1.32	%		1.50	%
Ratio of net investment income (loss) to average net assets2		0.10	%8		0.10	%		0.34	%		0.34	%		0.43	%		(0.09	)%
Portfolio turnover		45	%6		83	%		103	%		59	%		88	%		112	%
Net assets end of period (000’s) omitted		$2,588			$3,666			$12,466			$15,284			$9,184			$7,448

53

AMG River Road Focused Absolute Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$14.48			$11.12			$12.72			$11.98			$11.92			$10.88
Income (loss) from Investment Operations:
Net investment income1,2		0.02			0.05			0.07	4		0.07			0.08			0.06
Net realized and unrealized gain (loss) on investments		(1.39	)		3.39			(1.40	)		1.46			0.93			1.81
Total income (loss) from investment operations		(1.37	)		3.44			(1.33	)		1.53			1.01			1.87
Less Distributions to Shareholders from:
Net investment income		(0.05	)		(0.08	)		(0.04	)		(0.09	)		(0.08	)		(0.10	)
Net realized gain on investments		(0.95	)		—			(0.23	)		(0.70	)		(0.87	)		(0.73	)
Total distributions to shareholders		(1.00	)		(0.08	)		(0.27	)		(0.79	)		(0.95	)		(0.83	)
Net Asset Value, End of Period		$12.11			$14.48			$11.12			$12.72			$11.98			$11.92
Total Return2,5		(10.19	)%6		30.98	%		(10.81	)%		14.55	%		8.91	%		17.72	%
Ratio of net expenses to average net assets7		0.82	%8		0.81	%		0.78	%		0.73	%		0.74	%		0.73	%
Ratio of gross expenses to average net assets9		0.88	%8		0.87	%		0.90	%		0.96	%		1.07	%		1.20	%
Ratio of net investment income to average net assets2		0.34	%8		0.35	%		0.59	%		0.59	%		0.68	%		0.50	%
Portfolio turnover		45	%6		83	%		103	%		59	%		88	%		112	%
Net assets end of period (000’s) omitted		$111,554			$176,460			$130,758			$130,928			$20,928			$17,106

54

AMG River Road Focused Absolute Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

																For the fiscal
	For the six															period ended
	months ended			For the fiscal years ended October 31,												October 31,
	April 30, 2022
Class Z	(unaudited)			2021			2020			2019			2018			201710
Net Asset Value, Beginning of Period		$14.49			$11.12			$12.73			$11.98			$11.92			$12.18
Income (loss) from Investment Operations:
Net investment income1,2		0.03			0.06			0.07	4		0.07			0.08			(0.01	)
Net realized and unrealized gain (loss) on investments		(1.40	)		3.39			(1.41	)		1.47			0.93			(0.25	)
Total income (loss) from investment operations		(1.37	)		3.45			(1.34	)		1.54			1.01			(0.26	)
Less Distributions to Shareholders from:
Net investment income		(0.06	)		(0.08	)		(0.04	)		(0.09	)		(0.08	)		—
Net realized gain on investments		(0.95	)		—			(0.23	)		(0.70	)		(0.87	)		—
Total distributions to shareholders		(1.01	)		(0.08	)		(0.27	)		(0.79	)		(0.95	)		—
Net Asset Value, End of Period		$12.11			$14.49			$11.12			$12.73			$11.98			$11.92
Total Return2,5		(10.21	)%6		31.12	%		(10.86	)%		14.69	%		8.96	%		(2.13	)%6
Ratio of net expenses to average net assets7		0.78	%8		0.77	%		0.74	%		0.69	%		0.70	%		0.70	%8
Ratio of gross expenses to average net assets9		0.84	%8		0.83	%		0.86	%		0.92	%		1.03	%		1.32	%8
Ratio of net investment income (loss) to average net assets2		0.38	%8		0.39	%		0.63	%		0.63	%		0.72	%		(0.59	)%8
Portfolio turnover		45	%6		83	%		103	%		59	%		88	%		112	%6
Net assets end of period (000’s) omitted		$10,867			$13,323			$2,462			$157			$66			$61

¹ Per share numbers have been calculated using average shares.

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

³ Less than $0.005 per share.

⁴ Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.02, $0.05, and $0.05 for Class N, Class I, and Class Z shares, respectively.

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

⁶ Not annualized.

⁷ Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 30, 2022, 0.01%, 0.01%, 0.02%, 0.01% for the fiscal years ended October 31, 2021, 2020, 2019, 2018, and 0.03%, 0.02%, and less than 0.01% for Class N, Class I and Class Z, respectively, for the fiscal period ended October 31, 2017.

⁸ Annualized.

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

¹⁰ The commencement of operations for Class Z shares was October 2, 2017.

55

Notes to Financial Statements (unaudited)

April 30, 2022

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I and AMG Funds IV (the “Trusts”) are open-end management investment companies. AMG Funds I is organized as a Massachusetts business trust, while AMG Funds IV is organized as a Delaware Statutory Trust. The Trusts are 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 River Road Large Cap Value Select Fund (“Large Cap Value Select”), and AMG Trust IV: AMG River Road Mid Cap Value Fund (“Mid Cap Value”), AMG River Road Small Cap Value Fund (“Small Cap Value”), AMG River Road Dividend All Cap Value Fund (“Dividend All Cap Value”), AMG River Road Small-Mid Cap Value Fund (“Small-Mid Cap Value”), AMG River Road International Value Equity Fund (“International Value Equity “), and AMG River Road Focused Absolute Value Fund (“Focused Absolute Value”), each a “Fund” and collectively, the “Funds”.

Each Fund is authorized to issue Class N and Class I shares. The Funds, except for Large Cap Value Select, are also authorized to issue 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.

Large Cap Value Select and Focused Absolute Value are non-diversified funds. A greater percentage of the Funds’ holdings may be focused in a smaller number of securities which may place the Funds at greater risk than a more diversified fund.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the Funds and thus Fund performance.

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

For the Funds, 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. Equity securities held by the Funds that are traded in the over-the-counter market (other than NMS securities) are valued at the bid price. Foreign equity securities (securities principally traded in markets other than U.S. markets) held by the Funds 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 other open-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 Trusts’ securities valuation procedures, the Valuation Committee, seeks to determine the price that a 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 a pre-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

56

Notes to Financial Statements (continued)

participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

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

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted 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, 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 the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date, 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 a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

The following Funds 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, 2022, the impact on the expenses and expense ratios were as follows:

	Amount		Percentage     Reduction
Mid Cap Value		$4,186	0.00%1
Large Cap Value Select		477	0.00%1
Small Cap Value		21,223	0.00%1
Dividend All Cap Value		17,240	0.01%
Small-Mid Cap Value		8,273	0.00%1
International Value Equity		39	0.00%1
Focused Absolute Value		2,816	0.00%1

¹ Less than 0.005%

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions, except Dividend All Cap Value, resulting from net investment income will normally be declared and paid at least annually. Dividend All Cap Value will declare and pay net investment income distributions quarterly. Each Fund will normally declare and pay realized net capital gains, if any, at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassification to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are due to the write off of net operating losses. Temporary differences are due to the deferral of qualified late year losses, wash sale loss deferrals, and distributions received from investments in certain partnerships.

57

Notes to Financial Statements (continued)

At April 30, 2022, 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 Appreciation (Depreciation)
Mid Cap Value		$340,576,523		$28,584,076		$(27,691,388	)		$892,688
Large Cap Value Select		38,663,336		1,346,893		(3,262,541	)		(1,915,648	)
Small Cap Value		680,631,557		177,085,053		(34,762,676	)		142,322,377
Dividend All Cap Value		238,935,114		91,396,474		(1,571,808	)		89,824,666
Small-Mid Cap Value		209,386,247		48,946,254		(10,923,324	)		38,022,930
International Value Equity		8,467,120		191,964		(953,815	)		(761,851	)
Focused Absolute Value		119,183,750		14,256,514		(8,229,293	)		6,027,221

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, 2021, 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.

Fund	Short-Term		Long-Term		Total
Large Cap Value Select		$5,890,249		$107,101		$5,997,350

As of October 31, 2021, all the Funds except for Large Cap Value Select had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended October 31, 2022, 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. CAPITALSTOCK

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.

For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021, the capital stock transactions by class for the Funds were as follows:

	Mid Cap Value												Large Cap Value Select
	April 30, 2022						October 31, 2021						April 30, 2022						October 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		436,028			$8,373,032			1,000,186			$21,108,563			88,105			$1,366,942			164,567			$2,473,353
Reinvestment of distributions		466,296			8,920,248			9,762,503			173,639,301			—			—			46,486			636,854
Cost of shares repurchased		(2,013,784	)		(38,475,878	)		(4,709,879	)		(107,167,675	)		(76,209	)		(1,179,264	)		(255,444	)		(3,802,758	)
Net increase (decrease)		(1,111,460	)		$(21,182,598	)		6,052,810			$87,580,189			11,896			$187,678			(44,391	)		$(692,551	)

58

Notes to Financial Statements (continued)

	Mid Cap Value												Large Cap Value Select
	April 30, 2022						October 31, 2021						April 30, 2022						October 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class I:
Proceeds from sale of shares		248,923			$5,064,335			555,161			$14,772,271			79,288			$1,238,940			181,073			$2,751,837
Reinvestment of distributions		172,599			3,534,820			4,458,635			86,006,601			9,155			144,014			419,365			5,783,038
Cost of shares repurchased		(1,241,822	)		(25,297,452	)		(5,360,001	)		(147,242,762	)		(233,797	)		(3,652,143	)		(1,058,936	)		(15,875,102	)
Net decrease		(820,300	)		$(16,698,297	)		(346,205	)		$(46,463,890	)		(145,354	)		$(2,269,189	)		(458,498	)		$(7,340,227	)
Class Z:
Proceeds from sale of shares		52,402			$1,089,221			442,478			$8,605,426			—			—			—			—
Reinvestment of distributions		15,140			308,105			327,778			6,230,541			—			—			—			—
Cost of shares repurchased		(57,217	)		(1,179,798	)		(691,958	)		(14,558,091	)		—			—			—			—
Net increase		10,325			$217,528			78,298			$277,876			—			—			—			—
	Small Cap Value												Dividend All Cap Value
	April 30, 2022						October 31, 2021						April 30, 2022						October 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		144,535			$2,093,424			454,023			$6,674,412			63,914			$736,950			98,286			$1,183,126
Reinvestment of distributions		171,350			2,484,577			—			—			666,978			7,451,432			58,595			717,232
Cost of shares repurchased		(192,906	)		(2,838,199	)		(647,219	)		(9,299,010	)		(454,255	)		(5,381,177	)		(1,016,227	)		(12,362,195	)
Net increase (decrease)		122,979			$1,739,802			(193,196	)		$(2,624,598	)		276,637			$2,807,205			(859,346	)		$(10,461,837	)
Class I:
Proceeds from sale of shares		6,714,483			$100,362,664			18,321,840			$268,489,956			2,397,924			$27,695,531			3,534,890			$43,183,255
Reinvestment of distributions		3,784,850			56,659,209			1,899			25,529			5,716,266			63,801,824			683,668			8,379,202
Cost of shares repurchased		(8,109,197	)		(121,159,085	)		(9,949,460	)		(147,247,886	)		(10,593,594	)		(124,820,820	)		(16,246,669	)		(205,721,380	)
Net increase (decrease)		2,390,136			$35,862,788			8,374,279			$121,267,599			(2,479,404	)		$(33,323,465	)		(12,028,111	)		$(154,158,923	)
Class Z:
Proceeds from sale of shares		8,499			$125,875			427,783			$6,713,310			54,817			$623,719			10,627			$130,295
Reinvestment of distributions		38,249			572,965			61			824			39,235			438,105			3,663			45,064
Cost of shares repurchased		(3,511	)		(54,388	)		(23,740	)		(358,806	)		(22,162	)		(253,807	)		(21,172	)		(273,306	)
Net increase (decrease)		43,237			$644,452			404,104			$6,355,328			71,890			$808,017			(6,882	)		$(97,947	)
	Small-Mid Cap Value												International Value Equity
	April 30, 2022						October 31, 2021						April 30, 2022						October 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		107,729			$1,012,240			462,130			$4,299,141			6,418			$60,507			16,199			$193,637
Reinvestment of distributions		136,634			1,285,724			—			—			905			8,466			53,951			525,479
Cost of shares repurchased		(359,854	)		(3,374,809	)		(1,326,562	)		(11,825,814	)		(41,886	)		(393,080	)		(45,025	)		(546,815	)
Net increase (decrease)		(115,491	)		$(1,076,845	)		(864,432	)		$(7,526,673	)		(34,563	)		$(324,107	)		25,125			$172,301

59

Notes to Financial Statements (continued)

	Small-Mid Cap Value												International Value Equity
	April 30, 2022						October 31, 2021						April 30, 2022						October 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class I:
Proceeds from sale of shares		1,653,416			$16,053,665			6,623,387			$63,170,204			2,519			$25,567			90,642			$1,154,827
Reinvestment of distributions		1,136,001			11,030,565			455			3,854			5,357			51,853			233,034			2,351,316
Cost of shares repurchased		(3,360,671	)		(32,877,088	)		(7,353,482	)		(71,259,285	)		(83,596	)		(822,218	)		(808,059	)		(11,285,954	)
Net decrease		(571,254	)		$(5,792,858	)		(729,640	)		$(8,085,227	)		(75,720	)		$(744,798	)		(484,383	)		$(7,779,811	)
Class Z:
Proceeds from sale of shares		61,037			$597,004			3,492,412			$35,894,795			10,858			$106,603			13,162			$137,741
Reinvestment of distributions		130,980			1,271,813			37			318			474			4,607			14,400			146,170
Cost of shares repurchased		(105,488	)		(1,049,864	)		(31,459	)		(292,865	)		(6,260	)		(62,026	)		(28,403	)		(391,224	)
Net increase (decrease)		86,529			$818,953			3,460,990			$35,602,248			5,072			$49,184			(841	)		$(107,313	)

	Focused Absolute Value
	April 30, 2022						October 31, 2021
	Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		1,868			$25,348			30,865			$396,447
Reinvestment of distributions		16,195			221,232			—			—
Cost of shares repurchased		(58,174	)		(797,953	)		(905,026	)		(11,851,733	)
Net decrease		(40,111	)		$(551,373	)		(874,161	)		$(11,455,286	)
Class I:
Proceeds from sale of shares		631,325			$8,629,574			3,567,469			$47,793,216
Reinvestment of distributions		883,850			12,064,555			69,096			901,014
Cost of shares repurchased		(4,487,498	)		(60,562,963	)		(3,210,925	)		(45,922,762	)
Net increase (decrease)		(2,972,323	)		$(39,868,834	)		425,640			$2,771,468
Class Z:
Proceeds from sale of shares		39,799			$530,944			768,873			$11,515,688
Reinvestment of distributions		25,080			342,347			1,382			18,026
Cost of shares repurchased		(87,127	)		(1,153,557	)		(71,919	)		(1,060,407	)
Net increase (decrease)		(22,248	)		$(280,266	)		698,336			$10,473,307

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, 2022, the Funds had no Repurchase Agreements outstanding.

60

Notes to Financial Statements (continued)

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 subadvisors for the Funds (subject to Board approval) and monitors each subadvisor’s investment performance, security holdings and investment strategies. Each Fund’s investment portfolio is managed by River Road Asset Management, LLC (“River Road”) who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in River Road.

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, 2022, the Funds’ investment management fees were paid at the following annual rate of each Fund’s respective average daily net assets:

Mid Cap Value	��	0.56	%1
Large Cap Value Select		0.35	%
Small Cap Value		0.80	%
Dividend All Cap Value		0.60	%
Small-Mid Cap Value		0.75	%
International Value Equity		0.53	%2
Focused Absolute Value		0.60	%

¹ Prior to June 14, 2021, the fee was 0.70% on the first $100 million, 0.65% on next $300 million, 0.60% in excess of $400 million.

² Prior to August 16, 2021, the annual rate was 0.85%.

The Investment Manager has contractually agreed, through at least March 1, 2023 to waive management fees and/or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder

servicing fees, distribution and service 12b-1 fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses). The annual rate of the Funds’ average daily net assets subject to later reimbursement by the Funds in certain circumstances (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”) are as follows:

Mid Cap Value	0.76	%1
Large Cap Value Select	0.60	%2
Small Cap Value	N/A
Dividend All Cap Value	0.78	%3
Small-Mid Cap Value	1.04	%
International Value Equity	0.73	%4
Focused Absolute Value	0.78	%

¹ Prior to June 14, 2021, the limitation was 0.82%.

² Prior to June 11, 2021, the limitation was 0.69%.

³ Prior to January 1, 2021, the limitation was 0.99%.

⁴ Prior to August 16, 2021, the limitation was 1.12%.

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, 2022, each Fund’s expiration of recoupment are as follows:

Expiration   Period	Mid Cap Value		Large Cap Value Select		Dividend All Cap Value
Less than 1 year		—		$28,654		—
1-2 years		$329,833		52,069		$42,560
2-3 years		129,747		65,271		122,309
Total		$459,580		$145,994		$164,869

Expiration   Period	International Value Equity		Focused Absolute Value
Less than 1 year		$98,984		$219,450
1-2 years		78,344		113,700
2-3 years		87,172		94,514
Total		$264,500		$427,664

61

Notes to Financial Statements (continued)

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

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 Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset based sales charges. Pursuant to the Plan, each Fund may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of each Fund’s Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments to the Distributor of up to 0.25% annually of each Fund’s average daily net assets attributable to the Class N shares. For all Funds, except Large Cap Value Select, the Plan is characterized as a reimbursement plan and is directly tied to expenses incurred by the Distributor; the payments the Distributor receives during any year may not exceed its actual expenses.

The impact on the annualized expense ratios for the six months ended April 30, 2022, were as follows:

Fund	Actual Amount Incurred
Mid Cap Value
Class N	0.24%
Large Cap Value Select
Class N	0.25%
Small Cap Value
Class N	0.25%
Dividend All Cap Value
Class N	0.25%
Small-Mid Cap Value
Class N	0.25%
International Value Equity
Class N	0.25%
Focused Absolute Value
Class N	0.24%

For each of the Class N and Class I shares, the Board has approved reimbursement payments to the Investment Manager for shareholder servicing expenses (“shareholder servicing fees”) incurred. Shareholder servicing fees include payments to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder record keeping, 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, 2022, were as follows:

Fund	Maximum Annual Amount Approved			Actual Amount Incurred
Mid Cap Value
Class N1		0.10	%		0.10	%
Class I1		0.05	%		0.05	%
Large Cap Value Select
Class N		0.10	%		0.10	%
Class I2		0.05	%		0.03	%
Small Cap Value
Class N		0.15	%		0.10	%
Class I		0.15	%		0.09	%
Dividend All Cap Value
Class N3		0.04	%		0.04	%
Class I3		0.04	%		0.04	%
Small-Mid Cap Value
Class N		0.15	%		0.06	%
Class I		0.15	%		0.05	%
International Value Equity
Class N4		0.05	%		0.05	%
Class I4		0.05	%		0.05	%
Focused Absolute Value
Class N		0.15	%		0.04	%
Class I		0.15	%		0.04	%

¹ Prior to June 14, 2021, the maximum annual amount approved was 0.15%.

² Prior to June 11, 2021, the maximum annual amount approved was 0.10%.

³ Prior to January 1, 2021, the maximum annual amount approved was 0.15%.

⁴ Prior to August 16, 2021, the maximum annual amount approved was 0.15%.

The Board provides supervision of the affairs of the Trusts and other trusts within the AMG Funds Family. The Trustees of the Trusts who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

62

Notes to Financial Statements (continued)

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family 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 interest expense, respectively. Mid Cap Value, Large Cap Value Select, and International Value Equity may participate as borrowing and lending funds; Focused Absolute Value may participate as a lending fund. At April 30, 2022, the Funds had no interfund loans outstanding.

The following Fund utilized the interfund loan program during the six months ended April 30, 2022 as follows:

Fund	Average Borrowed		Number of Days		Interest Paid		Average Interest Rate
Mid Cap Value		$3,834,448		9		$891		0.942	%

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, 2022, were as follows:

	Long Term Securities
Fund	Purchases		Sales
Mid Cap Value	$	104,133,108	$	153,841,067
Large Cap Value Select		17,381,215		19,096,274
Small Cap Value		126,509,902		124,210,659
Dividend All Cap Value		39,835,500		138,350,636
Small-Mid Cap Value		39,990,607		59,343,992
International Value Equity		2,087,834		2,916,349
Focused Absolute Value		76,309,780		129,574,356

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 2022.

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 and 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, 2022, were as follows:

Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
Large Cap Value Select	$	2,229,979		—	$	2,355,026	$	2,355,026
Small Cap Value		1,026,324		—		1,153,143		1,153,143
Dividend All Cap Value		2,475,272		—		2,722,626		2,722,626
Small-Mid Cap Value		3,202,231		—		3,494,634		3,494,634
Focused Absolute Value		2,470,339		—		2,711,127		2,711,127

The following table summarizes the securities received as collateral for securities lending at April 30, 2022:

Fund	Collateral Type	Coupon Range	Maturity Date Range
Large Cap Value Select	U.S. Treasury Obligations	0.000%-7.500%		05/15/22-11/15/51
Small Cap Value	U.S. Treasury Obligations	0.000%-4.500%		05/19/22-05/15/50
Dividend All Cap Value	U.S. Treasury Obligations	0.000%-4.500%		05/19/22-08/15/50
Small-Mid Cap Value	U.S. Treasury Obligations	0.000%-4.500%		05/19/22-08/15/50
Focused Absolute Value	U.S. Treasury Obligations	0.000%-4.500%		05/19/22-05/15/50

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

63

Notes to Financial Statements (continued)

countries may be subject to foreign taxes at the Fund level and 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.

7. CREDIT AGREEMENT

Effective July 6, 2010, and amended and restated on July 21, 2021, AMG Funds IV entered into a Credit Agreement with BNYM (the “Credit Agreement”) which provides Small Cap Value, Dividend All Cap Value, Small-Mid Cap Value, and Focused Absolute Value (the “Participating Funds”) with a revolving line of credit of up to $50 million. The Credit Agreement expires in 365 days and can be renewed at the mutual agreement of AMG Funds IV and BNYM. The facility is shared by each Participating Fund in AMG Funds IV, and is available for temporary, emergency purposes including liquidity needs in meeting redemptions. The interest rate on outstanding Alternate Base Rate Loans is equal to the greater of the Prime Rate plus 1.25%, or 0.50% plus the Federal Funds Effective Rate plus 1.25%. The interest rate on outstanding Overnight Loans is equal to the greater of the Federal Funds Effective Rate plus 1.25%, or the One-Month London Interbank Offer Rate (“LIBOR”) plus 1.25%. The aforementioned LIBOR will be replaced by the greater of Term SOFR plus 0.11448% or the sum of Daily Simple SOFR plus 0.11448% upon when the LIBOR’s administrator has ceased or will cease to provide publication of the LIBOR or the LIBOR is no longer be representative of the underlying market and economic reality the LIBOR is intended to measure and that representativeness will not be restored. AMG Funds IV pays a commitment fee on the unutilized commitment amount of 0.175% per annum, which is allocated to the Participating Funds in AMG Funds IV based on average daily net assets and included in miscellaneous expense on the Statement of Operations. Interest incurred on loans utilized is included in the Statement of Operations as interest expense. At April 30, 2022, the Funds had no loans outstanding.

The following Funds utilized the line of credit during the six months ended April 30, 2022:

Fund	Weighted Average Borrowed		Number of Days		Interest Paid		Average Interest Rate
Dividend All Cap Value	$	3,355,833		13		$1,641		1.354%
Focused Absolute Value		3,616,439		7		1,148		1.633%

8. 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 the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4. At April 30, 2022, the Funds had no repurchase agreements outstanding.

9. 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, except for effective July 1, 2022, the management fee and Expense Cap for Dividend All Cap Value will be reduced from 0.60% to 0.50% and 0.78% to 0.68%, respectively. The Expense Cap will be extended through at least March 1, 2024. Please refer to a current prospectus for additional information.

64

Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout the open-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 17, 2022, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period January 1, 2021 through December 31, 2021 (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 an open-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 an in-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.

65

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

INVESTMENT MANAGER AND ADMINISTRATOR

AMG Funds LLC

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

DISTRIBUTOR

AMG Distributors, Inc.

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

SUBADVISER

River Road Asset Management, LLC

Meidinger Tower

462 South Fourth Street, Suite 2000

Louisville, KY 40202

CUSTODIAN

The Bank of New York Mellon

Mutual Funds Custody

6023 Airport Road

Oriskany, NY 13424

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

4400 Computer Drive

Westborough, MA 01581

800.548.4539

TRUSTEES

Bruce B. Bingham

Christine C. Carsman

Kurt A. Keilhacker

Steven J. Paggioli

Eric Rakowski

Victoria L. Sassine

Thomas R. Schneeweis

Garret W. Weston

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 the 12-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 Form N-PORT. The Funds' portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Funds' website at amgfunds.com. To review a complete list of the Funds' portfolio holdings, or to view the most recent semiannual report or annual report, please visit amgfunds.com.

    amgfunds.com

BALANCED FUNDS AMG GW&K Global Allocation GW&K Investment Management, LLC   AMG FQ Global Risk-Balanced First Quadrant, L.P.   EQUITY FUNDS AMG Beutel Goodman International Equity Beutel, Goodman & Company Ltd.   AMG Boston Common Global Impact Boston Common Asset Management, LLC   AMG Frontier Small Cap Growth Frontier Capital Management Co., LLC   AMG GW&K Small Cap Core AMG GW&K Small Cap Value AMG GW&K Small/Mid Cap AMG GW&K Small/Mid Cap Growth AMG GW&K Emerging Markets Equity AMG GW&K Emerging Wealth Equity AMG GW&K International Small Cap GW&K Investment Management, LLC   AMG Montrusco Bolton Large Cap Growth Montrusco Bolton Investments, Inc. 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 International Value Equity AMG River Road Large Cap Value Select AMG River Road Mid Cap Value AMG River Road Small-Mid Cap Value AMG River Road Small Cap Value River Road 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 Veritas Asia Pacific AMG Veritas China AMG Veritas Global Focus AMG Veritas Global Real Return Veritas Asset Management LLP   AMG Yacktman AMG Yacktman Focused AMG Yacktman Global AMG Yacktman Special Opportunities Yacktman Asset Management LP     FIXED INCOME FUNDS AMG Beutel Goodman Core Plus Bond Beutel, Goodman & Company Ltd.   AMG GW&K Core Bond ESG AMG GW&K Enhanced Core Bond ESG AMG GW&K ESG Bond AMG GW&K High Income AMG GW&K Municipal Bond AMG GW&K Municipal Enhanced Yield GW&K Investment Management, LLC

    amgfunds.com 043022 SAR082

SEMI-ANNUAL REPORT

AMG Funds

April 30, 2022

AMG Veritas China Fund

Class N: MMCFX    |    Class I: MIMFX

AMG Veritas Global Focus Fund

Class N: MFQAX    |    Class I: MFQTX

amgfunds.com 043022                 SAR084

  AMG Funds

  Semi-Annual Report — April 30, 2022 (unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES	2
FUND PERFORMANCE	3
FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS
AMG Veritas China Fund	5
AMG Veritas Global Focus Fund	8
FINANCIAL STATEMENTS
Statement of Assets and Liabilities	11
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations	13
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets	14
Detail of changes in assets for the past two fiscal periods
Financial Highlights	15
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements	19
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	25

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, 2022	Expense Ratio for the Period	Beginning Account Value 11/01/21	Ending Account Value 04/30/22		Expenses Paid During the Period*
AMG Veritas China Fund
Based on Actual Fund Return
Class N	1.16%	$1,000		$709		$4.92
Class I	0.93%	$1,000		$710		$3.94
Based on Hypothetical 5% Annual Return
Class N	1.16%	$1,000		$1,019		$5.81
Class I	0.93%	$1,000		$1,020		$4.66
AMG Veritas Global Focus Fund
Based on Actual Fund Return
Class N	1.13%	$1,000		$869		$5.24
Class I	0.88%	$1,000		$870		$4.08
Based on Hypothetical 5% Annual Return
Class N	1.13%	$1,000		$1,019		$5.66
Class I	0.88%	$1,000		$1,020		$4.41

  * Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181), then divided by 365.

2

  Fund Performance (unaudited)

Periods ended April 30, 2022

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, 2022.

Average Annual Total Returns1	Six Months*	One Year	Five Years	Ten Years
AMG Veritas China Fund2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 23
Class N	(29.09%)	(39.52%)	4.36%	8.31%
Class I	(29.00%)	(39.36%)	4.62%	8.59%
MSCI China Index24	(25.05%)	(36.18%)	2.12%	3.75%
AMG Veritas Global Focus Fund3, 6, 7, 8, 10, 12, 15, 16, 17, 18, 19, 22, 23
Class N	(13.10%)	(9.41%)	8.38%	10.56%
Class I	(12.97%)	(9.18%)	8.65%	10.83%
MSCI World Index25	(11.30%)	(3.52%)	10.17%	10.05%

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. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of April 30, 2022. All returns are in U.S. Dollars ($).

²  As of May 21, 2021, the Fund’s Subadviser was changed to Veritas Asset Management LLP. Prior to May 21, 2021, the Fund was known as the AMG Managers Emerging Opportunities Fund and had different principal investment strategies and corresponding risks. Performance shown for periods prior to May 21, 2021, reflects the performance and investment strategies of the Fund’s previous Subadvisors, Next Century Growth Investors LLC, WEDGE Capital Management L.L.P. and RBC Global Asset Management (U.S.) Inc. The Fund’s past performance would have been different if the Fund were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.

³  From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

⁴  The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time.

⁵  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.

⁶  Companies that are in similar industry sectors 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 currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars.

⁸  Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

⁹   To the extent the Fund focuses its investments in a particular country, group of countries or geographic region, the Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting such countries or region, and the NAV may be more volatile than the NAV of a more geographically diversified fund and may result in losses.

¹⁰  When the Fund has a significant cash balance for a sustained period, the benefit to the Fund of any market upswing may likely be reduced, and the Fund’s performance may be adversely affected.

¹¹  An investment in participatory notes is subject to market risk. The performance results of participatory notes may not exactly replicate the performance of the underlying securities. An investment in participatory notes is also subject to counterparty risk, relating to the non-U.S. bank or broker-dealer that issues the participatory notes, and may be subject to liquidity risk.

¹²  Changes in the general political and social environment of a country can have substantial effects on the value of investments exposed to that country.

¹³  The application of the tax laws and regulations of the People’s Republic of China (“PRC”) to income, including capital gains, derived from certain investments of the Fund remains unclear, and may well continue to evolve, possibly with retroactive effect. Any taxes imposed on the Fund’s investments of the Fund pursuant to such laws and regulations will reduce the Fund’s overall returns.

¹⁴  Trading in China A-Shares through Stock Connect is subject to sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk.

¹⁵  The Fund may not be able to value its investments in a manner that accurately reflects their market values, and the Fund may not be able to sell an investment at a price equal to the valuation ascribed to that investment by the Fund.

¹⁶  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.

¹⁷  A greater percentage of the Fund’s holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund.

¹⁸  Investments in international securities are subject to certain risks of overseas investing including currency

3

  Fund Performance

  Periods ended April 30, 2022 (continued)

    fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.   ¹⁹  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.   ²⁰  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.   ²¹  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. ²²  As of May 21, 2021, the Fund’s Subadviser was changed to Veritas Asset Management LLP. Prior to May 21, 2021, the Fund was known as the AMG FQ Tax-Managed U.S. Equity Fund and had different principal investment strategies and corresponding risks. Performance shown for periods prior to May 21, 2021, reflects the performance and investment strategies of the Fund’s previous Subadvisor, First Quadrant, L.P. The Fund’s past performance would have been different if the Fund were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.   ²³  The Fund may not be able to dispose of particular investments, such as illiquid securities, readily at favorable times or prices or the Fund may have to sell them at a loss.   ²⁴  MSCI China Index captures large and mid cap representation across China A-Shares, H-Shares, B-Shares, Red chips, P chips and foreign listings (e.g.       ADRs). Unlike the Fund, the MSCI China Index is unmanaged, is not available for investment and does not incur expenses.   ²⁵  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. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI World Index is unmanaged, is not available for investment and does not incur expenses.   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.   Not FDIC insured, nor bank guaranteed. May lose value.

4

  AMG Veritas China Fund

  Fund Snapshots (unaudited)

April 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Industrials	23.9
Consumer Discretionary	21.0
Consumer Staples	13.7
Communication Services	9.2
Information Technology	6.4
Health Care	5.5
Utilities	5.2
Materials	2.9
Short-Term Investments	13.4
Other Assets Less Liabilities	(1.2)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Shenzhen Inovance Technology Co., Ltd., Class A (China)	10.0
Zhejiang Shuanghuan Driveline Co., Ltd. (CLSA Ltd.) (China)	7.8
Kweichow Moutai Co., Ltd., Class A (China)	6.6
JD.com, Inc., Class A (China)	6.5
ENN Energy Holdings, Ltd. (Cayman Islands)	5.1
NetEase, Inc. (China)	5.0
Estun Automation Co., Ltd., Class A (China)	4.9
Hangzhou First Applied Material Co., Ltd., Class A (China)	4.9
Luzhou Laojiao Co., Ltd., Class A (China)	4.8
Wuxi Lead Intelligent Equipment Co., Ltd., Class A (China)	4.2
Top Ten as a Group	59.8

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.

5

  AMG Veritas China Fund

  Schedule of Portfolio Investments (unaudited)

  April 30, 2022

	Shares		Value
Common Stocks - 80.0%
Communication Services - 9.2%
NetEase, Inc. (China)		202,000		$3,869,367
Tencent Holdings, Ltd. (China)		70,000		3,298,742
Total Communication Services				7,168,109
Consumer Discretionary - 13.2%
JD Health International, Inc. (China)*,1		400,000		2,493,624
JD.com, Inc., Class A (China)*		163,333		5,092,487
JS Global Lifestyle Co., Ltd. (Hong Kong)1		2,309,100		2,739,307
Total Consumer Discretionary				10,325,418
Consumer Staples - 13.7%
By-health Co., Ltd., Class A (China)		599,960		1,817,682
Kweichow Moutai Co., Ltd., Class A (China)		18,500		5,122,237
Luzhou Laojiao Co., Ltd., Class A (China)		116,935		3,710,954
Total Consumer Staples				10,650,873
Health Care - 5.5%
Guangzhou Kingmed Diagnostics Group Co., Ltd., Class A (China)		233,944		2,888,517
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A (China)		30,000		1,418,460
Total Health Care				4,306,977
Industrials - 23.9%
Centre Testing International Group Co., Ltd.,
Class A (China)		240,700		793,132
Estun Automation Co., Ltd., Class A (China)		1,723,567		3,827,538
Guangzhou GRG Metrology & Test Co., Ltd.,
Class A (China)*		1,259,936		2,927,172
Shenzhen Inovance Technology Co., Ltd., Class A (China)		902,354		7,820,728
Wuxi Lead Intelligent Equipment Co., Ltd., Class A (China)		499,956		3,302,786
Total Industrials				18,671,356

	Shares		Value
Information Technology - 6.4%
Hangzhou First Applied Material Co., Ltd., Class A (China)		274,000		$3,806,605
Sunny Optical Technology Group Co., Ltd. (China)		80,000		1,165,911
Total Information Technology				4,972,516
Materials - 2.9%
Shandong Sinocera Functional Material Co., Ltd., Class A (China)		460,341		2,264,387
Utilities - 5.2%
ENN Energy Holdings, Ltd. (China)		300,000		4,018,523
Total Common Stocks
(Cost $90,604,810)				62,378,159
Participation Notes - 7.8%
Consumer Discretionary - 7.8%
Zhejiang Shuanghuan Driveline Co., Ltd. (CLSA Ltd.), 08/04/26 (China)		2,100,000		6,059,989
Total Participation Notes
(Cost $7,566,381)				6,059,989
Short-Term Investments - 13.4%
Other Investment Companies - 13.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%2		6,905,049		6,905,049
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.37%2		3,557,197		3,557,197
Total Short-Term Investments
(Cost $10,462,246)				10,462,246
Total Investments - 101.2%
(Cost $108,633,437)				78,900,394
Other Assets, less Liabilities - (1.2)%				(920,023	)
Net Assets - 100.0%				$77,980,371

* Non-income producing security.

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 institutional buyers. At April 30, 2022, the value of these securities amounted to $5,232,931 or 6.7% of net assets.

²  Yield shown represents the April 30, 2022, 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.

6

  AMG Veritas China 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, 2022:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Industrials		–		$18,671,356		–		$18,671,356
Consumer Staples		–		10,650,873		–		10,650,873
Consumer Discretionary		–		10,325,418		–		10,325,418
Communication Services		–		7,168,109		–		7,168,109
Information Technology		–		4,972,516		–		4,972,516
Health Care		$2,888,517		1,418,460		–		4,306,977
Utilities		–		4,018,523		–		4,018,523
Materials		–		2,264,387		–		2,264,387
Participation Notes
Consumer Discretionary		–		6,059,989		–		6,059,989
Short-Term Investments
Other Investment Companies		10,462,246		–		–		10,462,246
Total Investments in Securities		$13,350,763		$65,549,631		–		$78,900,394

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, 2022, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at April 30, 2022, was as follows:

Country	% of Long-Term   Investments
China	96.0
Hong Kong	4.0
	100.0

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

7

  AMG Veritas Global Focus Fund

  Fund Snapshots (unaudited)

April 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Health Care	31.2
Industrials	26.5
Communication Services	16.8
Information Technology	11.8
Consumer Staples	4.7
Consumer Discretionary	3.8
Financials	2.6
Short-Term Investments	2.9
Other Assets Less Liabilities	(0.3)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Alphabet, Inc., Class A	7.0
CVS Health Corp.	6.5
BAE Systems PLC (United Kingdom)	6.2
Canadian Pacific Railway, Ltd. (Canada)	6.0
Charter Communications, Inc., Class A	5.4
Vinci, S.A. (France)	4.8
Unilever PLC (United Kingdom)	4.7
Fiserv, Inc.	4.6
Meta Platforms, Inc., Class A	4.4
Safran SA (France)	4.3
Top Ten as a Group	53.9

Because a fund’s strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund’s prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund’s portfolio of investments by the time you receive this report.

8

  AMG Veritas Global Focus Fund

  Schedule of Portfolio Investments (unaudited)

April 30, 2022

	Shares		Value
Common Stocks - 97.4%
Communication Services - 16.8%
Alphabet, Inc., Class A (United States)*		1,102		$2,514,973
Charter Communications, Inc., Class A (United States)*		4,550		1,949,630
Meta Platforms, Inc., Class A (United States)*		7,900		1,583,713
Total Communication Services				6,048,316
Consumer Discretionary - 3.8%
Amazon.com, Inc. (United States)*		550		1,367,097
Consumer Staples - 4.7%
Unilever PLC (United Kingdom)		36,900		1,712,679
Financials - 2.6%
Intercontinental Exchange, Inc. (United States)		4,770		552,414
Moody’s Corp. (United States)		1,228		388,637
Total Financials				941,051
Health Care - 31.2%
Baxter International, Inc. (United States)		20,727		1,472,861
Becton Dickinson and Co. (United States)		5,000		1,235,950
Catalent, Inc. (United States)*		14,100		1,276,896
Cochlear, Ltd. (Australia)		1,803		290,404
The Cooper Cos, Inc. (United States)		2,569		927,512
CVS Health Corp. (United States)		24,400		2,345,572
Embecta Corp. (United States)*		1,080		32,864
Illumina, Inc. (United States)*		1,300		385,645
Sonic Healthcare, Ltd. (Australia)		48,216		1,245,238
Thermo Fisher Scientific, Inc. (United States)		1,400		774,088
UnitedHealth Group, Inc. (United States)		2,500		1,271,375
Total Health Care				11,258,405

	Shares		Value
Industrials - 26.5%
Aena SME SA (Spain)*,1		8,100		$1,149,467
BAE Systems PLC (United Kingdom)		240,900		2,225,111
Canadian Pacific Railway, Ltd. (Canada)		29,600		2,167,312
CoStar Group, Inc. (United States)*		11,700		744,354
Safran SA (France)		14,500		1,557,277
Vinci, S.A. (France)		17,900		1,736,906
Total Industrials				9,580,427
Information Technology - 11.8%
Fiserv, Inc. (United States)*		16,800		1,645,056
Mastercard, Inc., Class A (United States)		3,800		1,380,844
Microsoft Corp. (United States)		4,400		1,221,088
Total Information Technology				4,246,988
Total Common Stocks
(Cost $35,645,823)				35,154,963
Short-Term Investments - 2.9%
Other Investment Companies - 2.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.24%2		692,290		692,290
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.37%2		356,640		356,640
Total Short-Term Investments
(Cost $1,048,930)				1,048,930
Total Investments - 100.3%
(Cost $36,694,753)				36,203,893
Other Assets, less Liabilities - (0.3)%				(94,537	)
Net Assets - 100.0%				$36,109,356

* Non-income producing security.

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 institutional buyers. At April 30, 2022, the value of this security amounted to $1,149,467 or 3.2% of net assets.

²  Yield shown represents the April 30, 2022, 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.

9

  AMG Veritas Global Focus 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, 2022:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Health Care		$9,722,763		$1,535,642		–		$11,258,405
Industrials		2,911,666		6,668,761		–		9,580,427
Communication Services		6,048,316		–		–		6,048,316
Information Technology		4,246,988		–		–		4,246,988
Consumer Staples		–		1,712,679		–		1,712,679
Consumer Discretionary		1,367,097		–		–		1,367,097
Financials		941,051		–		–		941,051
Short-Term Investments
Other Investment Companies		1,048,930		–		–		1,048,930
Total Investments in Securities		$26,286,811		$9,917,082		–		$36,203,893

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, 2022, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at April 30, 2022, was as follows:

Country	% of Long-Term Investments
Australia	4.4
Canada	6.1
France	9.4
Spain	3.3
United Kingdom	11.2
United States	65.6
	100.0

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

10

  Statement of Assets and Liabilities (unaudited)

April 30, 2022

	AMG Veritas China Fund		AMG Veritas Global Focus         Fund
Assets:
Investments at value1		$78,900,394		$36,203,893
Interfund loan receivable		1,873,592		–
Dividend and interest receivables		7,783		67,447
Receivable for Fund shares sold		111,308		1,097
Receivable from affiliate		21,551		7,294
Prepaid expenses and other assets		15,607		11,618
Total assets		80,930,235		36,291,349
Liabilities:
Payable for investments purchased		2,716,440		–
Payable for Fund shares repurchased		146,146		120,559
Accrued expenses:
Investment advisory and management fees		47,191		21,640
Administrative fees		9,970		4,845
Distribution fees		–		686
Shareholder service fees		12,832		–
Other		17,285		34,263
Total liabilities		2,949,864		181,993
Net Assets		$77,980,371		$36,109,356
1 Investments at cost		$108,633,437		$36,694,753

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

11

  Statement of Assets and Liabilities (continued)

	AMG Veritas China Fund			AMG Veritas Global Focus         Fund
Net Assets Represent:
Paid-in capital		$120,108,424			$34,396,474
Total distributable earnings (loss)		(42,128,053	)		1,712,882
Net Assets		$77,980,371			$36,109,356
Class N:
Net Assets		$67,646,853			$3,093,008
Shares outstanding		3,964,342			192,499
Net asset value, offering and redemption price per share		$17.06			$16.07
Class I:
Net Assets		$10,333,518			$33,016,348
Shares outstanding		575,180			2,057,720
Net asset value, offering and redemption price per share		$17.97			$16.05

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

12

  Statement of Operations (unaudited)

  For the six months ended April 30, 2022

	AMG Veritas China Fund			AMG Veritas Global Focus         Fund
Investment Income:
Dividend income		$93,067			$234,292
Interest income		151			37
Foreign withholding tax		(7,365	)		(14,251	)
Total investment income		85,853			220,078
Expenses:
Investment advisory and management fees		368,222			143,128
Administrative fees		77,794			32,044
Distribution fees - Class N		–			4,524
Shareholder servicing fees - Class N		100,151			–
Custodian fees		32,380			11,496
Professional fees		16,821			15,797
Registration fees		16,272			12,786
Reports to shareholders		14,680			7,206
Transfer agent fees		13,335			5,175
Trustee fees and expenses		3,965			1,554
Miscellaneous		2,948			1,610
Total expenses before offsets		646,568			235,320
Expense reimbursements		(64,098	)		(42,798	)
Net expenses		582,470			192,522
Net investment income (loss)		(496,617	)		27,556
Net Realized and Unrealized Loss:
Net realized gain (loss) on investments		(11,299,673	)		2,223,769
Net realized loss on foreign currency transactions		(70,933	)		(4,797	)
Net change in unrealized appreciation/depreciation on investments		(22,440,363	)		(7,921,798	)
Net change in unrealized appreciation/depreciation on foreign currency translations		648			(1,473	)
Net realized and unrealized loss		(33,810,321	)		(5,704,299	)
Net decrease in net assets resulting from operations		$(34,306,938	)		$(5,676,743	)

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

13

  Statements of Changes in Net Assets

  For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021

	AMG Veritas China Fund				AMG Veritas Global Focus Fund
	April 30, 2022		October 31, 2021		April 30, 2022		October 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)		$(496,617)		$(7,092)		$27,556		$35,614
Net realized gain (loss) on investments		(11,370,606)		82,285,507		2,218,972		44,153,426
Net change in unrealized appreciation/depreciation on investments		(22,439,715)		(34,376,117)		(7,923,271)		(23,383,983)
Net increase (decrease) in net assets resulting from operations		(34,306,938)		47,902,298		(5,676,743)		20,805,057
Distributions to Shareholders:
From net investment income and/or realized gain on investments:
Class N		–		(69,495,237)		(261,410)		(4,406,717)
Class I		–		(17,304,541)		(2,887,625)		(37,275,412)
From paid-in capital:
Class N		–		(11,557,485)		–		–
Class I		–		(2,877,852)		–		–
Total distributions to shareholders		–		(101,235,115)		(3,149,035)		(41,682,129)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(18,603,240)		43,144,460		(3,893,102)		7,037,835
Total decrease in net assets		(52,910,178)		(10,188,357)		(12,718,880)		(13,839,237)
Net Assets:
Beginning of period		130,890,549		141,078,906		48,828,236		62,667,473
End of period		$77,980,371		$130,890,549		$36,109,356		$48,828,236

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

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

14

  AMG Veritas China Fund

  Financial Highlights

For a share outstanding throughout each fiscal period

	For the six  months ended			For the fiscal years ended October 31,
Class N	April 30, 2022  (unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$24.13			$37.61			$41.44			$48.48			$50.06			$37.09
Income (loss) from Investment Operations:
Net investment income (loss)2,3		(0.10	)		(0.02	)		0.09			(0.09	)		(0.32	)		(0.27	)4
Net realized and unrealized gain (loss) on investments		(6.97	)		15.11			(0.23	)		1.70			4.45			13.38
Total income (loss) from investment operations		(7.07	)		15.09			(0.14	)		1.61			4.13			13.11
Less Distributions to Shareholders from:
Net investment income		–			(0.01	)		–			–			–			–
Net realized gain on investments		–			(24.49	)		(3.69	)		(8.65	)		(5.71	)		(0.14	)
Paid in capital		–			(4.07	)		–			–			–			–
Total distributions to shareholders		–			(28.57	)		(3.69	)		(8.65	)		(5.71	)		(0.14	)
Net Asset Value, End of Period		$17.06			$24.13			$37.61			$41.44			$48.48			$50.06
Total Return3,5		(29.09	)%6		30.40	%		(0.86	)%		7.46	%		8.82	%		35.43	%
Ratio of net expenses to average net assets		1.16	%7		1.16	%8		1.18	%8		1.24	%8		1.41	%8		1.42	%8
Ratio of gross expenses to average net assets9		1.28	%7		1.24	%		1.26	%		1.34	%		1.50	%		1.51	%
Ratio of net investment income (loss) to average net assets3		(0.99	)%7		(0.05	)%		0.24	%		(0.23	)%		(0.63	)%		(0.62	)%
Portfolio turnover		43	%6		184	%		75	%		79	%		55	%		58	%
Net assets end of period (000’s) omitted		$67,647			$111,537			$114,122			$138,695			$148,419			$148,915

15

  AMG Veritas China Fund

  Financial Highlights

For a share outstanding throughout each fiscal period

	For the six  months ended			For the fiscal years ended October 31,
Class I	April 30, 2022  (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$25.38			$38.58			$42.31			$49.19			$50.60			$37.40
Income (loss) from Investment Operations:
Net investment income (loss)2,3		(0.09	)		0.07			0.18			0.01			(0.20	)		(0.16	)4
Net realized and unrealized gain (loss) on investments		(7.32	)		15.40			(0.22	)		1.76			4.50			13.51
Total income (loss) from investment operations		(7.41	)		15.47			(0.04	)		1.77			4.30			13.35
Less Distributions to Shareholders from:
Net investment income		–			(0.11	)		–			–			–			–
Net realized gain on investments		–			(24.47	)		(3.69	)		(8.65	)		(5.71	)		(0.15	)
Paid in capital		–			(4.09	)		–			–			–			–
Total distributions to shareholders		–			(28.67	)		(3.69	)		(8.65	)		(5.71	)		(0.15	)
Net Asset Value, End of Period		$17.97			$25.38			$38.58			$42.31			$49.19			$50.60
Total Return3,5		(29.00	)%6		30.75	%		(0.62	)%		7.72	%		9.09	%		35.80	%
Ratio of net expenses to average net assets		0.93	%7		0.93	%8		0.93	%8		0.99	%8		1.16	%8		1.17	%8
Ratio of gross expenses to average net assets9		1.05	%7		1.00	%		1.01	%		1.09	%		1.25	%		1.26	%
Ratio of net investment income (loss) to average net assets3		(0.76	)%7		0.19	%		0.49	%		0.02	%		(0.38	)%		(0.37	)%
Portfolio turnover		43	%6		184	%		75	%		79	%		55	%		58	%
Net assets end of period (000’s) omitted		$10,334			$19,354			$26,957			$30,248			$28,485			$23,974

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

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  Includes non-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.

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

⁶  Not annualized.

⁷  Annualized.

⁸  Includes reduction from broker recapture amounting to 0.01%, 0.01%, 0.02%, 0.02% and 0.01% for the fiscal years ended 2021, 2020, 2019, 2018 and 2017, respectively.

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

16

  AMG Veritas Global Focus Fund

  Financial Highlights

For a share outstanding throughout each fiscal period

	For the six  months ended			For the fiscal years ended October 31,
Class N	April 30, 2022  (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$19.85			$34.02			$34.33			$31.68			$29.69			$24.11
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.01	)		(0.05	)		0.07			0.09	3		0.03			0.03	4
Net realized and unrealized gain (loss) on investments		(2.44	)		10.91			(0.25	)		3.02			2.00			5.79
Total income (loss) from investment operations		(2.45	)		10.86			(0.18	)		3.11			2.03			5.82
Less Distributions to Shareholders from:
Net investment income		–			(0.05	)		(0.08	)		(0.05	)		–			(0.24	)
Net realized gain on investments		(1.33	)		(24.98	)		(0.05	)		(0.41	)		(0.04	)		–
Total distributions to shareholders		(1.33	)		(25.03	)		(0.13	)		(0.46	)		(0.04	)		(0.24	)
Net Asset Value, End of Period		$16.07			$19.85			$34.02			$34.33			$31.68			$29.69
Total Return2,5		(13.10	)%6		35.54	%		(0.54	)%		10.15	%		6.84	%		24.27	%
Ratio of net expenses to average net assets		1.13	%7		1.13	%8		1.13	%8		1.13	%8		1.14	%8		1.14	%
Ratio of gross expenses to average net assets9		1.33	%7		1.29	%		1.29	%		1.28	%		1.26	%		1.27	%
Ratio of net investment income (loss) to average net assets2		(0.10	)%7		(0.17	)%		0.22	%		0.28	%		0.09	%		0.13	%
Portfolio turnover		8	%6		109	%		45	%		34	%		31	%		75	%
Net assets end of period (000’s) omitted		$3,093			$4,230			$6,922			$8,188			$9,622			$12,131

17

  AMG Veritas Global Focus Fund

  Financial Highlights

For a share outstanding throughout each fiscal period

	For the six  months ended			For the fiscal years ended October 31,
Class I	April 30, 2022  (unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$19.80			$34.00			$34.31			$31.69			$29.72			$24.14
Income (loss) from Investment Operations:
Net investment income1,2		0.01			0.02			0.16			0.17	3		0.11			0.10	4
Net realized and unrealized gain (loss) on investments		(2.43	)		10.91			(0.25	)		3.00			2.00			5.79
Total income (loss) from investment operations		(2.42	)		10.93			(0.09	)		3.17			2.11			5.89
Less Distributions to Shareholders from:
Net investment income		–			(0.15	)		(0.17	)		(0.14	)		(0.10	)		(0.31	)
Net realized gain on investments		(1.33	)		(24.98	)		(0.05	)		(0.41	)		(0.04	)		–
Total distributions to shareholders		(1.33	)		(25.13	)		(0.22	)		(0.55	)		(0.14	)		(0.31	)
Net Asset Value, End of Period		$16.05			$19.80			$34.00			$34.31			$31.69			$29.72
Total Return2,5		(12.97	)%6		35.85	%		(0.27	)%		10.40	%		7.13	%		24.57	%
Ratio of net expenses to average net assets		0.88	%7		0.88	%8		0.88	%8		0.88	%8		0.89	%8		0.89	%
Ratio of gross expenses to average net assets9		1.08	%7		1.04	%		1.04	%		1.03	%		1.01	%		1.02	%
Ratio of net investment income to average net assets2		0.15	%7		0.08	%		0.47	%		0.53	%		0.34	%		0.38	%
Portfolio turnover		8	%6		109	%		45	%		34	%		31	%		75	%
Net assets end of period (000’s) omitted		$33,016			$44,598			$55,746			$61,767			$63,440			$60,421

¹  Per share numbers have been calculated using average shares.

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

³  Includes non-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.

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

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

⁶  Not annualized.

⁷  Annualized.

⁸  Includes reduction from broker recapture amounting to less than 0.01%, 0.01%, 0.01% and less than 0.01% for the fiscal years ended 2021, 2020, 2019 and 2018, respectively.

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

18

  Notes to Financial Statements (unaudited)

  April 30, 2022

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I (the “Trust”) is an open-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 Veritas China Fund (“China Fund”) and AMG Veritas Global Focus Fund (“Global Focus”), each a “Fund” and collectively, the “Funds”.

Each Fund offers Class N and Class I shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

The Funds are non-diversified. A greater percentage of the Funds’ holdings may be focused in a smaller number of securities which may place the Funds at greater risk than a more diversified fund.

Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the Funds and thus Fund performance.

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

For the Funds, 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. Equity securities held by the Funds that are traded in the over-the-counter market (other than NMS securities) are valued at the bid price. Foreign equity securities (securities principally traded in markets other than U.S. markets) held by the Funds 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 other open-end registered investment companies are valued at their end of day net asset value per share.

Participation notes (“P-Notes”) are valued using the underlying equity security’s 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.

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 a 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 a pre-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

19

  Notes to Financial Statements (continued)

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 the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trust and other trusts or funds within the AMG Funds Family of Funds (collectively the “AMG Funds Family”) based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-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 the ex-dividend date. Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are due to tax equalization utilized. Temporary differences are primarily due to the deferral of qualified late year losses, certain investments in partnerships and wash sale loss deferrals.

At April 30, 2022, 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 Depreciation
China Fund		$108,633,437		–		$(29,733,043)		$(29,733,043)
Global Focus		36,694,753		$4,608,837		(5,099,697)		(490,860)

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, 2021, 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, 2022, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

g. CAPITALSTOCK

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.

20

  Notes to Financial Statements (continued)

For the six months ended April 30, 2022 (unaudited) and the fiscal year ended October 31, 2021, the capital stock transactions by class for the Funds were as follows:

				China Fund												Global Focus
	April 30, 2022						October 31, 2021						April 30, 2022						October 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		33,802			$730,112			155,072			$6,425,694			1,905			$34,711			14,273			$328,453
Reinvestment of distributions		–			–			2,755,480			79,800,381			13,284			240,965			214,857			4,129,993
Cost of shares repurchased		(691,772	)		(15,044,229	)		(1,322,201	)		(45,625,930	)		(35,807	)		(659,093	)		(219,484	)		(4,997,668	)
Net increase (decrease)		(657,970	)		$(14,314,117	)		1,588,351			$40,600,145			(20,618	)		$(383,417	)		9,646			$(539,222	)
Class I:
Proceeds from sale of shares		83,091			$1,906,394			215,703			$8,470,854			23,104			$417,893			36,767			$1,104,339
Reinvestment of distributions		–			–			637,539			19,357,411			156,775			2,837,633			1,848,846			35,461,375
Cost of shares repurchased		(270,583	)		(6,195,517	)		(789,317	)		(25,283,950	)		(374,739	)		(6,765,211	)		(1,272,449	)		(28,988,657	)
Net increase (decrease)		(187,492	)		$(4,289,123	)		63,925			$2,544,315			(194,860	)		$(3,509,685	)		613,164			$7,577,057

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, 2022, the Funds had no Repurchase Agreements outstanding.

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 Veritas Asset Management LLP (“Veritas”) who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in Veritas.

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, 2022, the Funds’ investment management fees were paid at the following annual rate of each Fund’s respective average daily net assets:

China Fund1	0.71%
Global Focus2	0.67%

¹  Prior to June 25, 2021, the investment management fees were 0.74%.

²  Prior to June 25, 2021, the investment management fees were 0.70%.

The Investment Manager has contractually agreed, through at least March 1, 2023, 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,

21

  Notes to Financial Statements (continued)

brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of China Fund and Global Focus to 0.93% and 0.88%, 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 June 25, 2021, the total annual Fund operating expense limitation was 0.94% of China Fund’s and 0.89% of Global Focus’s average daily net assets.

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 a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of a Fund.

At April 30, 2022, the Funds’ expiration of reimbursements subject to recoupment is as follows:

Expiration Period	China Fund		Global Focus
Less than 1 year		$117,653		$95,059
1-2 years		89,093		89,539
2-3 years		136,608		102,469
Total		$343,354		$287,067

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

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.

Global Focus has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, in accordance with the requirements of Rule 12b-1 under the

1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, Global Focus 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 shares of China 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 shares of China Fund 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, 2022, were as follows:

Fund	Maximum Annual Amount Approved		Actual Amount Incurred
China Fund
Class N		0.25%		0.23%

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family 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 interest expense, respectively. At April 30, 2022, China Fund, as a lending fund, had an interfund loan of $1,873,592 outstanding and Global Focus had no interfund loans outstanding.

22

  Notes to Financial Statements (continued)

The following Funds utilized the interfund loan program during the six months ended April 30, 2022 as follows:

Fund	Average Lent		Number of Days		Interest Earned		Average Interest Rate
China Fund		$1,642,550		3		$151		1.117	%
Global Focus		164,755		7		37		1.180	%

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, 2022, were as follows:

	Long Term Securities
Fund	Purchases		Sales
China Fund		$40,575,074		$46,194,226
Global Focus		3,361,885		10,087,709

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 2022.

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 and 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 Funds did not have any securities on loan at April 30, 2022.

5. FOREIGN SECURITIES

The 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. 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. GEOGRAPHICAL FOCUS RISK

China Fund is particularly susceptible to risks in the Greater China region, which consists of (the People’s Republic of China (“PRC”), Hong Kong, Taiwan or issuers that are not located in the Greater China Region, but derive a majority (over 50%) of their income from the Greater China Region. Economies in the Greater China region are dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from other emerging economies in Asia with lower costs. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. Markets in the Greater China region can experience significant volatility due to social, economic, regulatory and political uncertainties. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. U.S. or foreign government restrictions or intervention could negatively affect the implementation of the China Fund’s investment strategies, for example by precluding the China Fund from making certain investments or causing the China Fund to sell investments at disadvantageous times. China has yet to develop comprehensive securities, corporate, or commercial laws, its market is relatively new and less developed, and its economy may be adversely impacted by a slowdown in export growth. China Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund and may result in losses.

7. PARTICIPATION NOTES

China Fund invests in P-Notes to gain exposure to issuers in certain countries. P-Notes are a type of equity-linked derivative that generally are traded in the over-the counter market and constitute general unsecured contractual obligations of the banks or broker-dealers that issue them. Generally, banks and broker-dealers associated with non-U.S.-based brokerage firms buy securities listed on certain foreign exchanges and then issue P-Notes which are designed to replicate the performance of certain issuers and markets. The performance results of P-Notes will not replicate exactly the performance of the issuers or markets that the notes seek to replicate due to transaction costs and other expenses. The return on a P-Note that is linked to a particular underlying security generally is increased to the extent of any dividends paid in connection with the underlying security. However, the holder of a P-Note typically does not receive voting or other rights as it would if it directly owned the underlying security, and P-Notes present similar risks to investing directly in the underlying security. Additionally, P-Notes entail the risks that the counterparty or issuer of the P-Note may not be able to fulfill its obligations, that the holder and counterparty or issuer may disagree as to the meaning or application of contractual terms, or that the instrument may not perform as expected. Additionally, while P-Notes may be listed on an exchange, there is no guarantee that a liquid market will exist or that the counterparty or issuer of a P-Note will be willing to repurchase such instrument when a Fund wishes to sell it.

23

  Notes to Financial Statements (continued)

8. 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.

9. 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 the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4. At April 30, 2022, the Funds had no repurchase agreements outstanding.

10. 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.

24

  Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout the open-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 17, 2022, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period January 1, 2021 through December 31, 2021 (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 an open-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 an in-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.

25

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

INVESTMENT MANAGER AND ADMINISTRATOR   AMG Funds LLC 680 Washington Blvd., Suite 500 Stamford, CT 06901 800.548.4539   DISTRIBUTOR   AMG Distributors, Inc. 680 Washington Blvd., Suite 500 Stamford, CT 06901 800.548.4539   SUBADVISER   Veritas Asset Management LLP 1 Smart’s Place London, WC2B 5LW   CUSTODIAN   The Bank of New York Mellon Mutual Funds Custody 6023 Airport Road Oriskany, NY 13424 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 4400 Computer Drive Westborough, MA 01581 800.548.4539   TRUSTEES   Bruce B. Bingham Christine C. Carsman Kurt Keilhacker Steven J. Paggioli Eric Rakowski Victoria Sassine Thomas R. Schneeweis Garrett W. Weston 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 the Funds’ proxy voting record for the 12-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 Form N-PORT. The Funds’ portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Funds’ website at amgfunds.com. To review a complete list of the Funds’ portfolio holdings, or to view the most recent semiannual report or annual report, please visit amgfunds.com.  

amgfunds.com                

BALANCED FUNDS AMG GW&K Global Allocation GW&K Investment Management, LLC   AMG FQ Global Risk-Balanced First Quadrant, L.P.   EQUITY FUNDS AMG Beutel Goodman International Equity Beutel, Goodman & Company Ltd.   AMG Boston Common Global Impact Boston Common Asset Management, LLC   AMG Frontier Small Cap Growth Frontier Capital Management Co., LLC   AMG GW&K Small Cap Core AMG GW&K Small Cap Value AMG GW&K Small/Mid Cap AMG GW&K Small/Mid Cap Growth AMG GW&K Emerging Markets Equity AMG GW&K Emerging Wealth Equity AMG GW&K International Small Cap GW&K Investment Management, LLC   AMG Montrusco Bolton Large Cap Growth Montrusco Bolton Investments, Inc. 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 International Value Equity AMG River Road Large Cap Value Select AMG River Road Mid Cap Value AMG River Road Small-Mid Cap Value AMG River Road Small Cap Value River Road 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 Veritas Asia Pacific AMG Veritas China AMG Veritas Global Focus AMG Veritas Global Real Return Veritas Asset Management LLP   AMG Yacktman AMG Yacktman Focused AMG Yacktman Global AMG Yacktman Special Opportunities Yacktman Asset Management LP     FIXED INCOME FUNDS AMG Beutel Goodman Core Plus Bond Beutel, Goodman & Company Ltd.   AMG GW&K Core Bond ESG AMG GW&K Enhanced Core Bond ESG AMG GW&K ESG Bond AMG GW&K High Income AMG GW&K Municipal Bond AMG GW&K Municipal Enhanced Yield GW&K Investment Management, LLC

amgfunds.com                 043022             SAR084

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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-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 Form N-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 Form N-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 FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 13. EXHIBITS

(a)(1)	Not applicable.
(a)(2)	Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940—Filed herewith.
(a)(3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-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 6, 2022

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 6, 2022

By:	/s/ Thomas Disbrow
	Thomas Disbrow, Principal Financial Officer
Date:	July 6, 2022