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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-08004

AMG FUNDS IV

(Exact name of registrant as specified in charter)

600 Steamboat Road, Suite 300, Greenwich, Connecticut 06830

(Address of principal executive offices) (Zip code)

AMG Funds LLC

600 Steamboat Road, Suite 300, Greenwich, Connecticut 06830

(Name and address of agent for service)

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

Date of fiscal year end: OCTOBER 31

Date of reporting period: NOVEMBER 1, 2016 – APRIL 30, 2017 (Semi-Annual Shareholder Report)

Item 1. Reports to Shareholders

Semi-Annual Report 2017

April 30, 2017

AMG Funds                                                      Class N, I, R & Z Shares                                                                                                                        Equity                                                                                                                        Fixed Income                                                                                                                        Alternative                                                                                                                        International                                                                                                                        Balanced

Large Cap Funds

AMG Managers Fairpointe Focused Equity Fund

AMG River Road Focused Absolute Value Fund

AMG Managers Montag & Caldwell Growth Fund

Equity Income Funds

AMG River Road Dividend All Cap Value Fund

AMG River Road Dividend All Cap Value Fund II

Mid Cap Funds

AMG Managers Fairpointe Mid Cap Fund

AMG Managers Montag & Caldwell Mid Cap Growth Fund

Small Cap Funds

AMG Managers LMCG Small Cap Growth Fund

AMG River Road Select Value Fund

AMG River Road Small Cap Value Fund

AMG Managers Silvercrest Small Cap Fund

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

Fixed Income Fund

AMG Managers DoubleLine Core Plus Bond Fund

Alternative Funds

AMG Managers Lake Partners LASSO Alternatives Fund

AMG River Road Long-Short Fund

International Funds

AMG Managers Guardian Capital Global Dividend Fund

AMG Managers Pictet International Fund

AMG Managers Value Partners Asia Dividend Fund

Balanced Fund

AMG Managers Montag & Caldwell Balanced Fund

Table of Contents

Fund Performance	2
Schedules of Investments	4
Notes to Schedule of Investments	60
Statements of Assets and Liabilities	64
Statements of Operations	70
Statements of Changes in Net Assets	76
Statement of Cash Flow	84
Financial Highlights	85
Notes to Financial Statements	125
Additional Information	139

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

AMG Funds are distributed by AMG Distributors, Inc., member FINRA/SIPC, 600 Steamboat Road, Suite 300, Greenwich, CT 06830

Shareholder Services 800-835-3879 • www.amgfunds.com

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

AMG Funds

	As of April 30, 2017
Fund Performance (unaudited)

Average Annual Total Returns 1	Class		Six Months †			One Year			Five Years			Ten Years			Since Inception			Inception Date
Equity Funds
AMG Managers Fairpointe Focused Equity Fund 2,3,4,5,6		N		18.30	%		24.77	%		—			—			6.23	%		12/24/14
		I		18.49			25.09			—			—			6.50			12/24/14
AMG River Road Focused Absolute Value Fund 2,3,4,5,6,7,8,9		N		14.95			23.12			—			—			15.94			11/03/15
		I		15.05			23.45			—			—			16.23			11/03/15
AMG Managers Montag & Caldwell Growth Fund 2,3,10		N		8.84			9.39			9.47	%		7.08	%		8.87			11/02/94
		I		8.97			9.69			9.74			7.35			7.58			06/28/96
		R		8.72			9.12			9.19			6.82			7.33			12/31/02
AMG River Road Dividend All Cap Value Fund 2,3,4,5,6,9,11		N		10.96			13.28			11.66			6.64			8.39			06/28/05
		I		11.08			13.54			11.94			—			6.74			06/28/07
AMG River Road Dividend All Cap Value II Fund 3,4,5,6,9,11		N		10.98			13.20			—			—			12.09			06/27/12
		I		11.09			13.45			—			—			12.38			06/27/12
AMG Managers Fairpointe Mid Cap Fund 2,3,4,5,12		N		19.32			24.67			14.70			9.64			12.53			09/19/94
		I		19.48			24.98			14.99			9.91			10.49			07/06/04
AMG Managers Montag & Caldwell Mid Cap Growth Fund 2,3,4,10		N		11.27			10.62			8.73			—			5.38			11/02/07
		I		11.45			10.91			—			—			7.29			05/14/14
AMG Managers LMCG Small Cap Growth Fund 2,3,4,5,7,9,10,13		N		18.70			18.41			10.87			—			10.06			11/03/10
		I		18.77			18.68			11.14			—			7.39			06/01/11
AMG River Road Select Value Fund 2,3,4,5,6,9		N		21.27			27.04			12.67			6.62			6.74			03/29/07
		I		21.49			27.18			12.93			—			6.64			06/28/07
AMG River Road Small Cap Value Fund 2,3,4,5,6,9		N		19.25			26.45			12.58			5.60			8.23			06/28/05
		I		19.42			26.75			12.87			5.87			6.19			12/13/06
AMG Managers Silvercrest Small Cap Fund 2,4,5,6,9		N		17.28			25.23			12.88			—			14.03			12/27/11
		I		17.38			25.53			13.17			—			14.32			12/27/11
AMG GW&K U.S. Small Cap Growth Fund 2,5,10,14		N		17.77			20.99			7.05			5.44			9.54			11/30/00
		I		18.20			21.46			7.34			5.71			7.57			01/04/05
		Z		—			—			—			—			3.71			02/24/17
Fixed Income Funds
AMG Managers DoubleLine Core Plus Bond Fund 2,3,15,16,17,18,19,20		N		0.66			3.19			3.31			—			4.71			07/18/11
		I		0.88			3.56			3.56			—			4.97			07/18/11
Alternative Funds
AMG Managers Lake Partners LASSO Alternatives Fund 2,3,8,12,15,21,22,23,24		N		2.53			2.97			2.20			—			2.92			03/03/10
		I		2.61			3.22			2.44			—			4.72			04/01/09
AMG River Road Long-Short Fund 2,3,6,7,8,9,12,21		N		7.88			9.07			5.56			—			5.34			05/04/11
		I		7.98			9.36			—			—			4.36			03/04/13
International Funds
AMG Managers Guardian Capital Global Dividend Fund 2,3,4,5,9,11,16,25		N		10.99			8.06			—			—			4.19			04/14/14
		I		11.18			8.28			—			—			4.43			04/14/14
AMG Managers Pictect International Fund 2,3,4,5,13,16,25		N		12.62			14.04			—			—			3.15			04/14/14
		I		12.73			14.39			—			—			3.47			04/14/14
AMG Managers Value Partners Asia Dividend Fund 2,3,4,5,6,9,12,15,16,19,21,25		N		11.53			19.10			—			—			14.82			12/16/15
		I		11.60			19.40			—			—			15.03			12/16/15

2

AMG Funds

	As of April 30, 2017
Fund Performance (unaudited) – continued

Average Annual Total Returns 1	Class		Six Months †			One Year			Five Years			Ten Years			Since Inception			Inception Date
Balanced Fund
AMG Managers Montag & Caldwell Balanced Fund 2,3,10,15,17,20		N		5.31	%		5.41	%		6.33	%		5.74	%		7.34	%		11/02/94
		I		5.36			5.52			6.44			5.89			4.33			12/31/98

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 in the Fund 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 per share for the Fund and other information, please call (800) 835-3879 or visit our website at www.amgfunds.com for a free prospectus. Read it carefully before investing or sending money.

† 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, 2017. 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 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.

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 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.

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

8 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.

9 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.

10 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.

11 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.

12 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.

13 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.

14 Companies that are in similar businesses may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.

15 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.

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 To the extent that the Fund invests in asset-backed or mortgage-backed securities, its exposure to prepayment and extension risks may be greater than investments in other fixed income securities.

18 Bank loans are subject to the credit risk of nonpayment of principal or interest.

19 High-yield bonds (also known as “junk bonds”) may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments. The issuers of the Fund’s holdings may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers. Factors unique to the municipal bond market may negatively affect the value in municipal bonds.

20 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.

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

22 Alternative investments are speculative, subject to high return volatility and involve aggressive investment techniques and a high degree of risk including, but not limited to, the risks associated with leverage, derivative instruments such as options and futures, commodities, and distressed securities may be illiquid on a long term basis and short sales. There can be no assurance that these types of strategies will achieve their objectives or avoid substantial losses.

23 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.

24 The Fund is subject to the risks of any underlying fund in which the Fund invests. There are expenses associated with the underlying funds in addition to the Fund’s expenses.

25 A short-term redemption fee of 2% will be charged on shares held for less than 90 days.

  3

AMG Funds

AMG Managers Fairpointe Focused Equity Fund	April 30, 2017
Schedule of Investments (unaudited)

    % of Net Assets

Shares			Market Value
	COMMON STOCKS – 98.1%
		Consumer Discretionary – 27.8%
	5,300	Carnival Corp. (Panama)	$	327,381
	8,400	Discovery Communications, Inc., Class C *		235,032
	13,400	Liberty Interactive Corp. QVC Group, Class A *		283,812
	7,400	Lions Gate Entertainment Corp., Class B (Canada) *		176,490
	3,400	Ralph Lauren Corp.		274,448
	6,500	Scholastic Corp.		280,995
	24,500	Staples, Inc.		239,365
	5,300	Twenty-First Century Fox, Inc., Class A		161,862
				1,979,385
		Consumer Staples – 9.1%
	700	PepsiCo, Inc.		79,296
	6,100	Unilever PLC, Sponsored ADR (United Kingdom)		313,174
	3,400	Wal-Mart Stores, Inc.		255,612
				648,082
		Energy – 8.7%
	4,600	Baker Hughes, Inc.		273,102
	6,300	BP PLC, Sponsored ADR (United Kingdom)		216,216
	11,700	Transocean, Ltd. (Switzerland) *		129,051
				618,369
		Financials – 9.1%
	6,900	Legg Mason, Inc.		257,922
	2,800	Northern Trust Corp.		252,000
	2,900	The Bank of New York Mellon Corp.		136,474
				646,396

Shares			Market Value
		Healthcare – 7.7%
	5,300	Hologic, Inc. *	$	239,295
	3,400	Varian Medical Systems, Inc. *		308,516
				547,811
		Industrials – 11.4%
	3,200	AGCO Corp.		204,768
	2,300	Fluor Corp.		118,036
	5,200	Kennametal, Inc.		216,216
	7,800	Quanta Services, Inc. *		276,432
				815,452
		Information Technology – 21.2%
	5,200	Cisco Systems, Inc.		177,164
	11,200	Cree, Inc. *		245,056
	1,426	DXC Technology Co. *		107,435
	15,900	Hewlett Packard Enterprise Co.		296,217
	11,400	HP, Inc.		214,548
	8,100	Teradata Corp. *		236,358
	2,500	VMware, Inc., Class A *		235,300
				1,512,078
		Materials – 3.1%
	3,000	FMC Corp.		219,690
		Total Common Stocks (Cost $5,716,001)		6,987,263
	INVESTMENT COMPANY – 2.2%
	158,702	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		158,702
		Total Investment Company (Cost $158,702)		158,702
	Total Investments – 100.3% (Cost $5,874,703)***			7,145,965
	Net Other Assets and Liabilities – (0.3)%			(18,531	)
	Net Assets – 100.0%		$	7,127,434

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes.

The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	1,364,631
Gross unrealized depreciation		(93,369	)
Net unrealized appreciation	$	1,271,262

ADR American Depositary Receipt

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

4

AMG Funds

AMG River Road Focused Absolute Value Fund	April 30, 2017
Schedule of Investments (unaudited)

    % of Net Assets

Shares			Market Value
	COMMON STOCKS – 99.0%
		Consumer Discretionary – 30.9%
	9,360	Asbury Automotive Group, Inc. *	$	572,832
	19,910	Comcast Corp., Class A		780,273
	24,112	General Motors Co.		835,240
	8,430	L Brands, Inc.		445,188
	4,166	Liberty Broadband Corp., Class C *		379,773
	7,988	Liberty Expedia Holdings, Inc., Class A *		385,900
	19,812	Liberty Media Corp-Liberty SiriusXM, Class C *		752,658
	22,203	Liberty Ventures, Class A *		1,195,632
	5,406	Polaris Industries, Inc. (a)		460,916
				5,808,412
		Consumer Staples – 11.1%
	30,812	Coty, Inc., Class A		549,994
	10,383	CVS Health Corp.		855,974
	14,531	Ingles Markets, Inc., Class A		678,598
				2,084,566
		Financials – 21.0%
	7,466	Berkshire Hathaway, Inc., Class B *		1,233,458
	48,994	FNFV Group *		671,218
	14,371	Oaktree Capital Group LLC, MLP		675,437
	6,824	U.S. Bancorp		349,935
	11,320	Wells Fargo & Co.		609,469
	491	White Mountains Insurance Group, Ltd. (Bermuda)		421,740
				3,961,257
		Healthcare – 13.1%
	7,083	Cardinal Health, Inc.		514,155
	10,624	DaVita, Inc. *		733,162
	36,003	Premier, Inc., Class A *		1,216,901
				2,464,218

Shares			Market Value
		Industrials – 2.6%
	8,608	Spirit AeroSystems Holdings, Inc., Class A	$	492,033
		Information Technology – 7.5%
	17,323	Blackhawk Network Holdings, Inc. *		700,715
	30,642	Sabre Corp.		717,329
				1,418,044
		Materials – 2.9%
	4,380	Praxair, Inc.		547,412
		Real Estate – 6.2%
	18,260	Iron Mountain, Inc., REIT		634,718
	17,591	Realogy Holdings Corp.		537,405
				1,172,123
		Utilities – 3.7%
	12,551	National Fuel Gas Co.		695,074
		Total Common Stocks (Cost $16,966,086)		18,643,139
Principal  Amount
	SHORT TERM INVESTMENTS – 2.6%
		Repurchase Agreements – 1.9% (b)
	$358,021	Royal Bank of Scotland PLC, dated 04/28/17, due 05/01/17, 0.800% total to be received $358,045 (collateralized by various U.S. Government Agency Obligations, 0.077% – 1.125%, 05/31/17 – 08/31/21, totaling $365,183)		358,021
Shares
		Other Investment Company – 0.7%
	140,372	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		140,372
		Total Short Term Investments (Cost $498,393)		498,393
	Total Investments – 101.6% (Cost $17,464,479)***			19,141,532
	Net Other Assets and Liabilities – (1.6)%			(301,766	)
	Net Assets – 100.0%		$	18,839,766

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes.

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

  5

AMG Funds

AMG River Road Focused Absolute Value Fund	April 30, 2017
Schedule of Investments – continued

The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	1,887,610
Gross unrealized depreciation		(210,557	)
Net unrealized appreciation	$	1,677,053

(a) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $345,644, or 1.8% of net assets.

(b) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

MLP Master Limited Partnership

REIT Real Estate Investment Trust

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

6

AMG Funds

AMG Managers Montag & Caldwell Growth Fund	April 30, 2017
Schedule of Investments (unaudited)

% of Net Assets

Shares			Market Value
	COMMON STOCKS – 97.4%
		Consumer Discretionary – 12.9%
	360,708	Dollar Tree, Inc. *	$	29,855,801
	517,805	Starbucks Corp.		31,099,368
	23,850	The Priceline Group, Inc. *		44,046,657
	310,000	The TJX Cos, Inc.		24,378,400
				129,380,226
		Consumer Staples – 19.4%
	54,018	Costco Wholesale Corp.		9,589,275
	664,600	Mondelez International, Inc., Class A		29,926,938
	627,483	Monster Beverage Corp. *		28,475,179
	278,900	PepsiCo, Inc.		31,593,792
	368,700	The Estee Lauder Cos, Inc., Class A .		32,128,518
	425,800	The Kraft Heinz Co.		38,488,062
	291,756	Walgreens Boots Alliance, Inc.		25,248,564
				195,450,328
		Financials – 7.1%
	512,315	Intercontinental Exchange, Inc.		30,841,363
	208,700	S&P Global, Inc.		28,005,453
	317,700	The Charles Schwab Corp.		12,342,645
				71,189,461
		Healthcare – 21.6%
	96,333	Becton Dickinson & Co.		18,011,381
	294,800	Celgene Corp. *		36,569,940
	295,000	Danaher Corp.		24,582,350
	315,709	Edwards Lifesciences Corp. *		34,623,806
	249,500	Medtronic PLC (Ireland)		20,730,955
	219,929	Thermo Fisher Scientific, Inc.		36,360,862
	263,785	UnitedHealth Group, Inc.		46,130,721
				217,010,015

Shares			Market Value
		Industrials – 4.8%
	371,700	Fastenal Co.	$	16,607,556
	241,800	Honeywell International, Inc.		31,709,652
				48,317,208
		Information Technology – 30.9%
	52,786	Alphabet, Inc., Class A *		48,801,713
	325,900	Apple, Inc.		46,815,535
	338,100	Facebook, Inc., Class A *		50,799,525
	238,791	Fidelity National Information Services, Inc.		20,103,814
	45,961	FleetCor Technologies, Inc. *		6,486,936
	200,100	MasterCard, Inc., Class A		23,275,632
	684,900	Microsoft Corp.		46,888,254
	456,600	Oracle Corp.		20,528,736
	507,100	Visa, Inc., Class A		46,257,662
				309,957,807
		Materials – 0.7%
	53,400	Air Products & Chemicals, Inc.		7,502,700
		Total Common Stocks (Cost $789,209,385)		978,807,745
	INVESTMENT COMPANY – 2.8%
	27,821,824	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		27,821,824
		Total Investment Company (Cost $27,821,824)		27,821,824
	Total Investments – 100.2% (Cost $817,031,209)***			1,006,629,569
	Net Other Assets and Liabilities – (0.2)%			(2,320,103	)
	Net Assets – 100.0%		$	1,004,309,466

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes.

The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	193,024,070
Gross unrealized depreciation		(3,425,710	)
Net unrealized appreciation	$	189,598,360

S&P Standard & Poor’s

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

  7

AMG Funds

AMG River Road Dividend All Cap Value Fund	April 30, 2017
Schedule of Investments (unaudited)

    % of Net Assets

Shares			Market Value
	COMMON STOCKS – 95.8%
		Consumer Discretionary – 11.3%
	265,575	Cedar Fair LP	$	19,033,760
	476,025	Cinemark Holdings, Inc.		20,564,280
	419,750	Extended Stay America, Inc.		7,320,440
	427,183	National CineMedia, Inc.		5,070,662
	207,798	Omnicom Group, Inc.		17,064,372
	91,252	Polaris Industries, Inc. (a)		7,780,145
	259,650	Target Corp.		14,501,453
	293,440	The Interpublic Group of Cos, Inc.		6,916,381
	99,936	Time Warner, Inc.		9,920,647
				108,172,140
		Consumer Staples – 7.4%
	277,865	Coty, Inc., Class A		4,959,890
	119,869	CVS Health Corp.		9,882,000
	98,602	Kimberly-Clark Corp.		12,793,609
	95,268	PepsiCo, Inc.		10,791,959
	294,637	Unilever PLC, Sponsored ADR (United Kingdom)		15,126,664
	230,725	Wal-Mart Stores, Inc.		17,345,906
				70,900,028
		Energy – 11.4%
	95,569	Chevron Corp.		10,197,212
	160,008	Exxon Mobil Corp.		13,064,653
	164,291	Magellan Midstream Partners LP		12,206,821
	417,010	Marathon Petroleum Corp.		21,242,489
	226,685	Occidental Petroleum Corp.		13,950,195
	356,661	Spectra Energy Partners LP		16,103,244
	215,771	TransMontaigne Partners LP (a)		9,493,924
	198,845	Valero Energy Corp.		12,847,375
				109,105,913

Shares			Market Value
		Financials – 13.9%
	184,530	Axis Capital Holding, Ltd. (Bermuda)	$	12,160,527
	554,868	BB&T Corp.		23,959,200
	163,515	CNA Financial Corp.		7,400,689
	260,768	MetLife, Inc.		13,510,390
	112,747	The PNC Financial Services Group, Inc.		13,501,453
	353,064	Thomson Reuters Corp. (Canada)		16,039,698
	500,137	U.S. Bancorp		25,647,025
	265,085	Wells Fargo & Co.		14,272,176
	169,723	WesBanco, Inc.		6,756,673
				133,247,831
		Healthcare – 5.3%
	92,387	Amgen, Inc.		15,088,645
	195,828	Cardinal Health, Inc.		14,215,155
	279,389	Novo Nordisk, Sponsored ADR (Denmark)		10,806,767
	325,716	Owens & Minor, Inc.		11,286,059
				51,396,626
		Industrials – 11.6%
	645,113	Aircastle, Ltd. (Bermuda)		15,237,569
	248,356	Emerson Electric Co.		14,970,900
	443,945	Fastenal Co.		19,835,463
	343,932	Johnson Controls International PLC (Ireland)		14,297,253
	112,945	KAR Auction Services		4,926,661
	157,954	Union Pacific Corp.		17,684,530
	130,358	United Parcel Service, Inc., Class B		14,008,271
	52,901	WW Grainger, Inc. (a)		10,194,023
				111,154,670
		Information Technology – 12.2%
	798,232	Corning, Inc.		23,028,993
	170,793	CSG Systems International, Inc.		6,406,445
	381,838	Intel Corp.		13,803,444
	400,435	Microsoft Corp.		27,413,780
	178,561	Motorola Solutions, Inc.		15,350,889
	275,016	QUALCOMM, Inc.		14,779,360
	210,053	TE Connectivity, Ltd. (Switzerland)		16,251,801
				117,034,712
		Materials – 4.7%
	177,350	Compass Minerals International, Inc. (a)		11,705,100
	105,788	LyondellBasell Industries NV, Class A (Netherlands)		8,966,591
	194,620	Praxair, Inc.		24,323,608
				44,995,299
		Real Estate – 12.3%
	786,070	Iron Mountain, Inc., REIT		27,323,780
	287,606	Ryman Hospitality Properties, Inc., REIT		18,343,511
	514,034	Sabra Health Care REIT, Inc., REIT		13,976,584

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

8

AMG Funds

AMG River Road Dividend All Cap Value Fund	April 30, 2017
Schedule of Investments – continued

Shares		Market Value
	Real Estate (continued)
486,468	The GEO Group, Inc., REIT	$	16,209,114
403,918	Uniti Group, Inc., REIT *		11,091,588
290,478	Ventas, Inc., REIT		18,593,497
377,692	Weyerhaeuser Co., REIT		12,792,428
			118,330,502
	Telecommunication Services – 2.1%
449,956	Verizon Communications, Inc.		20,657,480
	Utilities – 3.6%
340,020	AmeriGas Partners LP (a)		15,307,700
353,598	National Fuel Gas Co.		19,582,257
			34,889,957
	Total Common Stocks (Cost $757,181,803)		919,885,158
Principal Amount
SHORT TERM INVESTMENTS – 6.2%
	Repurchase Agreements – 2.3% (b)
$5,370,665	Cantor Fitzgerald Securities, Inc., dated 04/28/17, due 05/01/17, 0.840% total to be received $5,371,041 (collateralized by various U.S. Government Agency Obligations, 0.000% - 10.000%, 04/30/17 - 03/20/67, totaling $5,478,079)		5,370,665
1,130,207	Citibank N.A., dated 04/28/17, due 05/01/17, 0.800% total to be received $1,130,282 (collateralized by various U.S. Government Agency Obligations, 0.000% - 8.875%, 04/30/17 - 09/09/49, totaling $1,152,811)		1,130,207
5,370,665	Daiwa Capital Markets America, dated 04/28/17, due 05/01/17, 0.850% total to be received $5,371,045 (collateralized by various U.S. Government Agency Obligations, 0.000% - 6.500%, 05/18/17 - 12/01/51, totaling $5,478,078)		5,370,665
5,370,665	Deutsche Bank Securities, Inc., dated 04/28/17, due 05/01/17, 0.850% total to be received $5,371,045 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.500%, 05/01/17 - 04/01/47, totaling $5,478,078)		5,370,665

Principal Amount		Market Value
	Repurchase Agreements (continued)
$5,370,665	Nomura Securities International, Inc., dated 04/28/17, due 05/01/17, 0.830% total to be received $5,371,036 (collateralized by various U.S. Government Agency Obligations, 1.950% - 9.000%, 06/01/18 - 03/20/67, totaling $5,478,078)	$	5,370,665
			22,612,867
Shares
	Other Investment Company –3.9%
37,139,790	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		37,139,790
	Total Short Term Investments (Cost $59,752,657)		59,752,657
Total Investments – 102.0% (Cost $816,934,460)***			979,637,815
Net Other Assets and Liabilities – (2.0)%			(19,656,819	)
Net Assets – 100.0%		$	959,980,996

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes.

The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	177,942,030
Gross unrealized depreciation		(15,238,675	)
Net unrealized appreciation	$	162,703,355

(a) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $21,904,456, or 2.3% of net assets.

(b) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

ADR American Depositary Receipt

LP Limited Partnership

REIT Real Estate Investment Trust

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

  9

AMG Funds

AMG River Road Dividend All Cap Value Fund II	April 30, 2017
Schedule of Investments (unaudited)

    % of Net Assets

Shares				Market Value
	COMMON STOCKS – 99.0%
			Consumer Discretionary – 10.6%
	15,611		Cedar Fair LP	$	1,118,840
	68,871		Cinemark Holdings, Inc.		2,975,227
	59,260		Extended Stay America, Inc.		1,033,494
	29,476		Omnicom Group, Inc.		2,420,569
	13,212	��	Polaris Industries, Inc. (a)		1,126,455
	36,777		Target Corp.		2,053,995
	41,410		The Interpublic Group of Cos, Inc.		976,034
	14,295		Time Warner, Inc.		1,419,065
					13,123,679
			Consumer Staples – 8.1%
	39,030		Coty, Inc., Class A		696,686
	16,834		CVS Health Corp.		1,387,795
	13,941		Kimberly-Clark Corp.		1,808,845
	13,455		PepsiCo, Inc.		1,524,182
	41,847		Unilever PLC, Sponsored ADR (United Kingdom)		2,148,425
	34,059		Wal-Mart Stores, Inc.		2,560,556
					10,126,489
			Energy – 11.5%
	13,938		Chevron Corp.		1,487,185
	22,877		Exxon Mobil Corp.		1,867,907
	24,041		Magellan Midstream Partners LP		1,786,246
	60,024		Marathon Petroleum Corp.		3,057,623
	33,362		Occidental Petroleum Corp.		2,053,097
	50,158		Spectra Energy Partners LP		2,264,634
	28,348		Valero Energy Corp.		1,831,564
					14,348,256
			Financials – 14.2%
	26,208		Axis Capital Holding, Ltd. (Bermuda)		1,727,107
	80,083		BB&T Corp.		3,457,984

	Financials (continued)
13,868	CNA Financial Corp.	$	627,666
36,961	MetLife, Inc.		1,914,949
15,901	The PNC Financial Services Group, Inc.		1,904,145
51,063	Thomson Reuters Corp. (Canada)		2,319,792
72,420	U.S. Bancorp		3,713,698
37,522	Wells Fargo & Co.		2,020,184
			17,685,525
	Healthcare – 5.9%
13,509	Amgen, Inc.		2,206,290
28,355	Cardinal Health, Inc.		2,058,289
39,214	Novo Nordisk, Sponsored ADR (Denmark)		1,516,798
43,517	Owens & Minor, Inc.		1,507,864
			7,289,241
	Industrials – 12.0%
50,434	Aircastle, Ltd. (Bermuda)		1,191,251
36,642	Emerson Electric Co.		2,208,780
63,242	Fastenal Co.		2,825,653
48,479	Johnson Controls International PLC (Ireland)		2,015,272
15,840	KAR Auction Services		690,941
23,396	Union Pacific Corp.		2,619,416
18,373	United Parcel Service, Inc., Class B		1,974,363
7,409	WW Grainger, Inc.		1,427,714
			14,953,390
	Information Technology – 12.7%
118,388	Corning, Inc.		3,415,494
55,869	Intel Corp.		2,019,664
55,746	Microsoft Corp.		3,816,371
25,054	Motorola Solutions, Inc.		2,153,892
38,738	QUALCOMM, Inc.		2,081,780
30,028	TE Connectivity, Ltd. (Switzerland)		2,323,266
			15,810,467
	Materials – 5.2%
26,023	Compass Minerals International, Inc. (a)		1,717,518
15,146	LyondellBasell Industries NV, Class A (Netherlands)		1,283,775
27,671	Praxair, Inc.		3,458,322
			6,459,615
	Real Estate – 13.0%
110,700	Iron Mountain, Inc., REIT		3,847,935
40,865	Ryman Hospitality Properties, Inc., REIT		2,606,370
46,800	Sabra Health Care REIT, Inc., REIT		1,272,492
69,606	The GEO Group, Inc., REIT		2,319,272
56,589	Uniti Group, Inc., REIT *		1,553,934
41,748	Ventas, Inc., REIT		2,672,289
55,241	Weyerhaeuser Co., REIT		1,871,013
			16,143,305

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

10

AMG Funds

AMG River Road Dividend All Cap Value Fund II	April 30, 2017
Schedule of Investments – continued

Shares		Market Value
	Telecommunication Services – 2.4%
65,343	Verizon Communications, Inc.	$	2,999,897
	Utilities – 3.4%
32,096	AmeriGas Partners LP (a)		1,444,962
51,135	National Fuel Gas Co.		2,831,856
			4,276,818
	Total Common Stocks (Cost $106,757,779)		123,216,682
Principal  Amount
SHORT TERM INVESTMENTS – 2.0%
	Repurchase Agreements –1.0% (b)
$174,348	Citibank N.A., dated 04/28/17, due 05/01/17, 0.800% total to be received $174,360 (collateralized by various U.S. Government Agency Obligations, 0.000%—8.875%, 04/30/17 - 09/09/49, totaling $177,835)		174,348
1,000,000	Merrill Lynch Pierce Fenner & Smith, Inc., dated 04/28/17, due 05/01/17, 0.800% total to be received $1,000,067 (collateralized by various U.S. Government Agency Obligations, 2.250% - 2.875%, 08/15/45 - 09/09/49, totaling $1,020,000)		1,000,000
			1,174,348
Shares
	Other Investment Company –1.0%
1,251,758	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		1,251,758
	Total Short Term Investments (Cost $2,426,106)		2,426,106
Total Investments – 101.0% (Cost $109,183,885)***			125,642,788
Net Other Assets and Liabilities – (1.0)%			(1,237,478	)
Net Assets – 100.0%		$	124,405,310

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes.

The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	19,709,738
Gross unrealized depreciation		(3,250,835	)
Net unrealized appreciation	$	16,458,903

(a) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $1,131,073, or 0.9% of net assets.

(b) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

ADR American Depositary Receipt

LP Limited Partnership

REIT Real Estate Investment Trust

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

  11

AMG Funds

AMG Managers Fairpointe Mid Cap Fund	April 30, 2017
Schedule of Investments (unaudited)

    % of Net Assets

Shares			Market Value
	COMMON STOCKS – 93.6%
		Consumer Discretionary – 33.2%
	1,143,400	BorgWarner, Inc.	$	48,342,952
	2,297,620	Cooper Tire & Rubber Co.		87,998,846
	2,362,400	DeVry Education Group, Inc.		89,416,840
	4,606,700	Gentex Corp.		95,128,355
	460,600	Lear Corp.		65,709,196
	2,647,196	Lions Gate Entertainment Corp., Class A (Canada)		69,277,119
	2,516,696	Lions Gate Entertainment Corp., Class B (Canada) *		60,023,200
	2,503,900	LKQ Corp. *		78,221,836
	5,271,700	Mattel, Inc.		118,191,514
	24,760,800	Office Depot, Inc.		123,061,176
	1,281,026	Scholastic Corp. (a)		55,378,754
	5,729,000	TEGNA, Inc.		145,974,920
	824,100	The Interpublic Group of Cos, Inc.		19,424,037
	8,836,854	The New York Times Co., Class A (a)		127,692,540
	7,674,542	Time, Inc. (a)		116,653,038
	382,400	Whirlpool Corp.		71,004,032
				1,371,498,355
		Consumer Staples – 1.8%
	501,400	Bunge, Ltd. (Bermuda)		39,625,642
	936,700	Hormel Foods Corp.		32,859,436
				72,485,078
		Energy – 4.6%
	12,174,200	McDermott International, Inc. (Panama) *		79,619,268
	2,567,192	TechnipFMC PLC (United Kingdom)*		77,349,495
	3,143,000	Transocean, Ltd. (Switzerland) *		34,667,290
				191,636,053

Shares			Market Value
		Financials – 4.9%
	437,200	Cincinnati Financial Corp.	$	31,517,748
	1,067,100	Northern Trust Corp.		96,039,000
	1,022,800	Raymond James Financial, Inc.		76,219,056
				203,775,804
		Healthcare – 8.4%
	2,612,638	Patterson Cos, Inc.		116,236,265
	692,200	Quest Diagnostics, Inc.		73,034,022
	615,120	Varex Imaging Corp. *		20,643,427
	1,495,200	Varian Medical Systems, Inc. *		135,674,448
				345,588,162
		Industrials – 15.2%
	1,182,400	AGCO Corp.		75,661,776
	3,987,434	Arconic Inc.		108,976,571
	2,112,800	Chicago Bridge & Iron Co. NV (Netherlands)		63,553,024
	927,535	Copa Holdings SA, Class A (Panama)		107,983,625
	918,100	Donaldson Co., Inc.		42,489,668
	1,846,000	Stericycle, Inc. *		157,537,640
	2,568,600	Werner Enterprises, Inc.		70,122,780
				626,325,084
		Information Technology – 19.0%
	1,770,800	Akamai Technologies, Inc. *		107,912,552
	4,451,868	Cree, Inc. *		97,406,872
	967,998	Itron, Inc. *		62,774,670
	3,393,400	Jabil Circuit, Inc.		98,476,468
	5,335,700	Juniper Networks, Inc.		160,444,499
	4,356,700	Nuance Communications, Inc. *		77,941,363
	4,352,500	Teradata Corp. *		127,005,950
	4,441,788	Unisys Corp. * (a)		50,192,204
				782,154,578
		Materials – 6.5%
	2,820,904	Domtar Corp. (a)		111,848,844
	1,423,950	FMC Corp.		104,275,859
	17,255,900	Gerdau SA, Sponsored ADR (Brazil)		52,630,495
				268,755,198
		Total Common Stocks (Cost $3,062,177,992)		3,862,218,312
	INVESTMENT COMPANY – 6.7%
	276,251,003	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		276,251,003
		Total Investment Company (Cost $276,251,003)		276,251,003
	Total Investments – 100.3% (Cost $3,338,428,995)***			4,138,469,315
	Net Other Assets and Liabilities – (0.3)%			(12,355,348	)
	Net Assets – 100.0%		$	4,126,113,967

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

12

AMG Funds

AMG Managers Fairpointe Mid Cap Fund	April 30, 2017
Schedule of Investments – continued

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes.

The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	998,486,167
Gross unrealized depreciation		(198,445,847	)
Net unrealized appreciation	$	800,040,320

(a) These securities have been determined to be illiquid securities. At April 30, 2017, these securities amounted to $461,765,380, or 11.2% of net assets. These securities were valued using a quote from the primary exchange and management has determined these securities are traded in active markets. Therefore, it has been determined that these securities are valued using Level 1 pricing inputs.

ADR American Depositary Receipt

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

  13

AMG Funds

AMG Managers Montag & Caldwell Mid Cap Growth Fund	April 30, 2017
Schedule of Investments (unaudited)

    % of Net Assets

Shares		Market Value
COMMON STOCKS – 96.2%
	Consumer Discretionary – 17.5%
3,440	Dollar Tree, Inc. *	$	284,729
1,550	Dunkin’ Brands Group, Inc.		86,583
1,780	Expedia, Inc.		238,022
2,110	Five Below, Inc. *		103,643
9,020	LKQ Corp. *		281,785
854	O’Reilly Automotive, Inc. *		211,920
3,600	Ross Stores, Inc.		234,000
3,450	ServiceMaster Global Holdings, Inc. *		131,445
			1,572,127
	Consumer Staples – 7.5%
9,910	Blue Buffalo Pet Products, Inc. * (a)		244,282
1,250	Molson Coors Brewing Co., Class B		119,862
6,880	Monster Beverage Corp. *		312,214
			676,358
	Energy – 1.7%
1,350	Core Laboratories NV (Netherlands) (a)		149,607
	Financials – 9.1%
757	FactSet Research Systems, Inc.		123,588
3,940	Intercontinental Exchange, Inc.		237,188
2,420	Raymond James Financial, Inc.		180,338
1,989	Signature Bank New York NY *		275,377
			816,491
	Healthcare – 11.2%
747	CR Bard, Inc.		229,688
2,870	Edwards Lifesciences Corp. *		314,753
1,980	Laboratory Corp. of America Holdings*		277,497
2,230	Quintiles IMS Holdings, Inc. *		187,944
			1,009,882

Shares		Market Value
	Industrials – 20.8%
383	Acuity Brands, Inc.	$	67,446
3,760	AMETEK, Inc.		215,072
7,280	Copart, Inc. *		224,952
4,650	Fastenal Co.		207,762
4,300	HD Supply Holdings, Inc. *		173,290
5,825	IHS Markit, Ltd. (United Kingdom) *		252,805
2,630	J.B. Hunt Transport Services, Inc.		235,806
1,387	Snap-On, Inc.		232,364
3,110	Verisk Analytics, Inc. *		257,539
			1,867,036
	Information Technology – 28.4%
1,490	Akamai Technologies, Inc. *		90,801
2,750	Amphenol Corp., Class A		198,853
2,100	ANSYS, Inc. *		231,336
1,680	Arista Networks, Inc. * (a)		234,595
2,560	EPAM Systems, Inc. *		197,120
1,800	Euronet Worldwide, Inc. *		148,716
1,290	F5 Networks, Inc. *		166,578
2,750	Fidelity National Information Services, Inc.		231,522
1,636	FleetCor Technologies, Inc. *		230,905
6,960	Genpact Ltd. (Bermunda)		169,963
5,650	MACOM Technology Solutions Holdings, Inc.*		276,172
1,210	Skyworks Solutions, Inc.		120,685
2,530	WEX, Inc. *		256,694
			2,553,940
	Total Common Stocks (Cost $7,360,223)		8,645,441

Principal Amount
	SHORT TERM INVESTMENTS – 10.4%
		Repurchase Agreements – 4.7% (b)
$	423,918	Royal Bank of Scotland PLC, dated 04/28/17, due 05/01/17, 0.800% total to be received $423,946 (collateralized by various U.S. Government Agency Obligations, 0.077% – 1.125%, 05/31/17 – 08/31/21, totaling $432,398)		423,918
Shares
		Other Investment Company – 5.7%
	509,965	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		509,965
		Total Short Term Investments (Cost $933,883)		933,883
	Total Investments – 106.6% (Cost $8,294,106)***			9,579,324
	Net Other Assets and Liabilities – (6.6)%			(589,484	)
	Net Assets – 100.0%		$	8,989,840

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

14

AMG Funds

AMG Managers Montag & Caldwell Mid Cap Growth Fund	April 30, 2017
Schedule of Investments – continued

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	1,359,165
Gross unrealized depreciation		(73,947	)
Net unrealized appreciation	$	1,285,218

(a) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $408,459 or 4.5% of net assets.

(b) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

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

  15

AMG Funds

AMG Managers LMCG Small Cap Growth Fund	April 30, 2017
Schedule of Investments (unaudited)

    % of Net Assets

Shares			Market Value
	COMMON STOCKS – 96.4%
		Consumer Discretionary – 16.6%
	50,514	Camping World Holdings, Inc., Class A (a)	$	1,561,893
	14,565	Dave & Buster’s Entertainment, Inc. *		932,306
	146,755	ILG, Inc.		3,538,263
	9,160	Monro Muffler Brake, Inc.		474,946
	30,066	Murphy USA, Inc. *		2,091,692
	84,144	Nexstar Broadcasting Group, Inc.		5,805,936
	14,276	Papa John’s International, Inc.		1,128,660
	112,613	Planet Fitness Inc., Class A		2,342,350
	17,219	Sinclair Broadcast Group, Inc., Class A		679,290
	15,224	Tenneco, Inc.		959,569
	21,632	Texas Roadhouse, Inc.		1,014,108
	9,303	Vail Resorts, Inc.		1,838,831
				22,367,844
		Energy – 1.2%
	62,929	Carrizo Oil & Gas, Inc. *		1,582,664
		Financials – 4.5%
	47,822	Pinnacle Financial Partners, Inc.		3,060,608
	15,284	Primerica, Inc.		1,280,799
	37,241	Western Alliance BanCorp. *		1,783,844
				6,125,251
		Healthcare – 19.4%
	30,685	Alder Biopharmaceuticals, Inc. *		615,234
	133,845	Cross Country Healthcare, Inc.. *		1,869,815
	51,605	Envision Healthcare Corp. *		2,891,428
	29,952	HealthEquity, Inc. *		1,363,415
	125,756	Horizon Pharma PLC *		1,934,127
	66,508	INC Research Holdings, Inc., Class A *		2,992,860
	25,369	Integra LifeSciences Holdings Corp. *		1,166,213
	18,648	Ligand Pharmaceuticals, Inc. * (a)		2,073,098

Shares			Market Value
		Healthcare (continued)
	31,640	Neurocrine Biosciences, Inc. *	$	1,689,576
	29,518	Nevro Corp. * (a)		2,781,186
	43,385	NuVasive, Inc. *		3,145,846
	35,189	Pacira Pharmaceuticals, Inc. *		1,708,426
	50,562	Radius Health, Inc. * (a)		1,975,457
				26,206,681
		Industrials – 19.0%
	59,189	Actuant Corp., Class A		1,615,860
	19,060	Apogee Enterprises, Inc.		1,038,770
	68,762	Beacon Roofing Supply, Inc. *		3,408,532
	4,219	Dycom Industries, Inc. *		445,779
	81,981	Echo Global Logistics, Inc. *		1,537,144
	49,809	Healthcare Services Group, Inc.		2,286,731
	62,529	JELD-WEN Holding, Inc. *		2,065,333
	29,592	John Bean Technologies Corp.		2,623,331
	48,577	Knight Transportation, Inc. (a)		1,666,191
	22,658	Masonite International Corp. *		1,885,146
	11,043	RBC Bearings, Inc. *		1,107,613
	14,199	Rexnord Corp. *		346,456
	66,262	SiteOne Landscape Supply, Inc. *		3,167,986
	32,120	WageWorks, Inc. *		2,370,456
				25,565,328
		Information Technology – 23.2%
	70,649	Advanced Micro Devices, Inc. *		939,632
	40,875	Cavium, Inc. *		2,814,244
	7,409	Coherent, Inc. *		1,597,380
	9,101	Euronet Worldwide, Inc. *		751,925
	10,945	GrubHub, Inc. * (a)		470,416
	128,546	GTT Communications, Inc. *		3,535,015
	27,491	HubSpot, Inc. *		1,843,271
	31,325	Imperva, Inc. *		1,392,396
	19,956	InterXion Holding NV *		831,367
	37,219	J2 Global, Inc.		3,358,643
	61,237	MACOM Technology Solutions Holdings, Inc.*		2,993,265
	10,937	MAXIMUS, Inc.		667,048
	87,893	MINDBODY, Inc., Class A * (a)		2,491,767
	29,305	Paylocity Holding Corp. *		1,155,789
	20,170	Proofpoint, Inc. *		1,520,213
	41,581	RealPage, Inc. *		1,540,576
	34,767	Take-Two Interactive Software, Inc. *		2,185,106
	7,617	Tyler Technologies, Inc. *		1,246,065
				31,334,118
		Materials – 6.5%
	45,992	Berry Plastics Group, Inc. *		2,299,600
	122,305	Forterra, Inc. *		2,353,148
	13,159	Ingevity Corp. *		832,044
	8,164	Sensient Technologies Corp		667,815
	51,678	Summit Materials, Inc., Class A *		1,326,057
	31,449	The Chemours Co		1,267,080
				8,745,744

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

16

AMG Funds

AMG Managers LMCG Small Cap Growth Fund	April 30, 2017
Schedule of Investments – continued

Shares			Market Value
		Real Estate – 3.8%
	32,382	DuPont Fabros Technology, Inc., REIT	$	1,669,292
	63,221	National Storage Affiliates Trust, REIT		1,548,915
	35,873	QTS Realty Trust, Inc., Class A, REIT		1,917,053
				5,135,260
		Telecommunication Services – 2.2%
	437,151	Vonage Holdings Corp. *		2,933,283
		Total Common Stocks (Cost $113,810,290)		129,996,173
	RIGHTS – 0.00%#
		Healthcare – 0.00%#
	99,639	Dyax Corp., CVR Expiration 12/31/19 * (b) (c)		996
		Total Rights (Cost $0)		996
Principal Amount
	SHORT TERM INVESTMENTS – 6.3%
		Repurchase Agreements –4.3% (d)
	$1,367,066	Deutsche Bank Securities, Inc., dated 04/28/17, due 05/01/17, 0.850% total to be received $1,367,163 (collateralized by various U.S. Government Agency Obligations, 2.000%—6.500%, 05/01/17—04/01/47, totaling $1,394,407)		1,367,066
	1,367,066	Citigroup Global Markets, Inc., dated 04/28/17, due 05/01/17, 0.820% total to be received $1,367,159 (collateralized by various U.S. Government Agency Obligations, 0.000%—11.500%, 05/01/17—06/01/53, totaling $1,394,407)		1,367,066
	287,677	JP Morgan Securities LLC, dated 04/28/17, due 05/01/17, 0.810% total to be received $287,696 (collateralized by various U.S. Government Agency Obligations, 1.375%—2.250%, 11/30/17 - 08/15/21, totaling $293,431)		287,677
	1,367,066	Merrill Lynch, Pierce, Fenner & Smith, Inc., dated 04/28/17, due 05/01/17, 0.810% total to be received $1,367,158 (collateralized by various U.S. Government Agency Obligations, 3.000%—4.500%, 09/20/42—04/20/45, totaling $1,394,407)		1,367,066

Principal Amount			Market Value
		Repurchase Agreements (continued)
	$1,367,066	RBC Dominion Securities, Inc, dated 04/28/17, due 05/01/17, 0.810% total to be received $1,367,158 (collateralized by various U.S. Government Agency Obligations, 0.125%—7.000%, 07/15/17—07/01/55, totaling $1,394,407)	$	1,367,066
		Total Repurchase Agreements		5,755,941
Shares
		Other Investment Company – 2.0%
	2,689,117	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		2,689,117
		Total Short Term Investments (Cost $8,445,058)		8,445,058
	Total Investments – 102.7% (Cost $122,255,348)***			138,442,227
	Net Other Assets and Liabilities – (2.7)%			(3,613,885	)
	Net Assets – 100.0%		$	134,828,342

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	18,788,847
Gross unrealized depreciation		(2,601,968	)
Net unrealized appreciation	$	16,186,879

# Less than 0.05%.

(a) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $5,585,456, or 4.1% of net assets.

(b) Securities with a total aggregate market value of $996, or less than 0.05% of net assets, were valued under fair value procedures established by the Fund’s Board of Trustees.

(c) The security is restricted for resale.

(d) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

CVR Contingent Value Rights

REIT Real Estate Investment Trust

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

  17

AMG Funds

AMG River Road Select Value Fund	April 30, 2017
Schedule of Investments (unaudited)

% of Net Assets

Shares			Market Value
	COMMON STOCKS – 97.9%
		Consumer Discretionary – 30.9%
	8,060	Asbury Automotive Group, Inc. *	$	493,272
	1,778	Biglari Holdings, Inc. *		758,548
	30,560	Extended Stay America, Inc.		532,966
	19,477	International Speedway Corp., Class A		722,597
	26,331	J Alexander’s Holdings, Inc. *		289,641
	54,470	La Quinta Holdings, Inc. *		768,572
	7,834	Liberty Broadband Corp., Class C *		714,147
	27,178	Liberty Expedia Holdings, Inc., Class A *		1,312,969
	39,372	Liberty Ventures, Class A *		2,120,182
	26,350	Motorcar Parts of America, Inc. *		798,932
	19,823	Murphy USA, Inc. *		1,379,086
	5,140	Polaris Industries, Inc. (a)		438,236
	24,522	Select Comfort Corp. *		757,730
	3,289	The Madison Square Garden Co., Class A *		663,622
	19,047	Tribune Media Co., Class A		696,358
	10,170	Vista Outdoor, Inc. *		198,925
				12,645,783
		Consumer Staples – 2.9%
	25,693	Ingles Markets, Inc., Class A		1,199,863
		Energy – 3.3%
	51,820	Gran Tierra Energy, Inc. *		130,586
	21,175	PBF Energy, Inc., Class A (a)		472,626
	19,520	QEP Resources, Inc. *		230,531
	13,870	World Fuel Services Corp.		510,832
				1,344,575
		Financials – 14.5%
	1,201	American National Insurance Co.		140,421
	20,567	Capital Southwest Corp. (BDC)		333,597
	14,980	CNA Financial Corp.		677,995

Shares			Market Value
		Financials (continued)
	125,595	FNFV Group *	$	1,720,651
	22,529	Leucadia National Corp.		572,011
	42,432	PICO Holdings, Inc. *		683,155
	2,102	White Mountains Insurance Group, Ltd. (Bermuda)		1,805,492
				5,933,322
		Healthcare – 7.2%
	20,493	Computer Programs & Systems, Inc.		562,533
	3,741	Orthofix International NV *		147,957
	53,040	Premier, Inc., Class A *		1,792,752
	3,880	Taro Pharmaceutical Industries, Ltd. (a)		453,378
				2,956,620
		Industrials – 16.3%
	40,016	Air Transport Services Group, Inc. *		735,894
	13,583	Cubic Corp.		704,958
	10,129	Forward Air Corp.		538,559
	6,682	Kansas City Southern		601,848
	9,145	Kelly Services, Inc., Class A		204,116
	5,643	KLX, Inc. *		266,914
	31,958	Resources Connection, Inc.		444,216
	20,956	SP Plus Corp. *		721,934
	12,286	Spirit AeroSystems Holdings, Inc.,
		Class A		702,268
	11,436	UniFirst Corp.		1,591,891
	3,664	US Ecology, Inc.		172,758
				6,685,356
		Information Technology – 15.9%
	34,620	Blackhawk Network Holdings, Inc. *		1,400,379
	31,490	Conduent, Inc. *		513,602
	17,264	CSG Systems International, Inc.		647,573
	15,210	Dolby Laboratories, Inc., Class A		802,023
	5,942	ePlus, Inc. *		423,368
	13,485	Match Group, Inc. * (a)		251,226
	2,030	MicroStrategy, Inc., Class A *		386,045
	3,980	OSI Systems, Inc. *		308,052
	26,810	Sabre Corp.		627,622
	16,818	Sykes Enterprises, Inc. *		501,345
	33,650	VeriFone Systems, Inc. * (a)		623,871
				6,485,106
		Materials – 1.1%
	32,570	Graphic Packaging Holding Co.		442,301
		Real Estate – 2.3%
	7,790	Marcus & Millichap, Inc. *		200,982
	24,190	Realogy Holdings Corp.		739,005
				939,987
		Telecommunication Services – 2.0%
	4,566	ATN International, Inc.		315,922
	18,583	Telephone & Data Systems, Inc.		510,289
				826,211

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

18

AMG Funds

AMG River Road Select Value Fund	April 30, 2017
Schedule of Investments – continued

Shares			Market Value
		Utilities – 1.5%
	10,898	National Fuel Gas Co. (a)	$	603,531
		Total Common Stocks (Cost $34,083,268)		40,062,655
Principal Amount
	SHORT TERM INVESTMENTS – 5.6%
		Repurchase Agreements – 3.5% (b)
	$1,000,000	Merrill Lynch, Pierce, Fenner & Smith, Inc., dated 04/28/17, due 05/01/17, 0.810% total to be received $1,000,068 (collateralized by various U.S. Government Agency Obligations, 3.000% - 4.500%, 09/20/42 - 04/20/45, totaling $1,020,000)		1,000,000
	409,152	Royal Bank of Scotland PLC, dated 04/28/17, due 05/01/17, 0.800% total to be received $409,179 (collateralized by various U.S. Government Agency Obligations, 0.077% - 1.125%, 05/31/17 - 08/31/21, totaling $417,337)		409,152
		Total Repurchase Agreements		1,409,152
Shares
		Other Investment Company – 2.1%
	869,010	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		869,010
		Total Short Term Investments (Cost $2,278,162)		2,278,162
	Total Investments – 103.5% (Cost $36,361,430)***			42,340,817
	Net Other Assets and Liabilities – (3.5)%			(1,417,356	)
	Net Assets – 100.0%		$	40,923,461

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	6,313,991
Gross unrealized depreciation		(334,604	)
Net unrealized appreciation	$	5,979,387

(a) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $1,363,682, or 3.3% of net assets.

(b) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

BDC Business Development Company

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

  19

AMG Funds

AMG River Road Small Cap Value Fund	April 30, 2017
Schedule of Investments (unaudited)

% of Net Assets

Shares			Market Value
	COMMON STOCKS – 92.6%
		Consumer Discretionary – 25.2%
	73,110	Asbury Automotive Group, Inc. *	$	4,474,332
	15,845	Biglari Holdings, Inc. *		6,759,952
	190,126	International Speedway Corp., Class A		7,053,675
	326,645	J Alexander’s Holdings, Inc. * (a)		3,593,095
	394,960	La Quinta Holdings, Inc. *		5,572,886
	189,830	Liberty Expedia Holdings, Inc., Class A *		9,170,687
	97,552	Monarch Casino & Resort, Inc. *		2,874,857
	220,176	Motorcar Parts of America, Inc. *		6,675,736
	150,542	Murphy USA, Inc. *		10,473,207
	208,353	Select Comfort Corp. *		6,438,108
	44,892	SodaStream International, Ltd. (Israel) *		2,441,676
	134,864	Tribune Media Co., Class A		4,930,628
	254,360	UCP, Inc., Class A * (a)		2,912,422
	140,590	Vista Outdoor, Inc. *		2,749,940
				76,121,201
		Consumer Staples – 4.8%
	215,895	Ingles Markets, Inc., Class A		10,082,297
	394,013	Natural Grocers by Vitamin Cottage, Inc. *		4,310,502
				14,392,799
		Energy – 4.8%
	208,470	Evolution Petroleum Corp.		1,667,760
	657,120	Gran Tierra Energy, Inc. *		1,655,942
	182,060	PBF Energy, Inc., Class A (b)		4,063,579
	219,050	QEP Resources, Inc. *		2,586,981
	124,900	World Fuel Services Corp.		4,600,067
				14,574,329

Shares			Market Value
		Financials – 14.1%
	30,690	American National Insurance Co.	$	3,588,275
	239,229	Capital Southwest Corp. (BDC)		3,880,294
	7,185	First Citizens BancShares, Inc., Class A		2,500,811
	951,865	FNFV Group *		13,040,551
	345,294	PICO Holdings, Inc. *		5,559,233
	16,438	White Mountains Insurance Group, Ltd. (Bermuda)		14,119,256
				42,688,420
		Healthcare – 4.0%
	139,698	Akorn, Inc. *		4,672,898
	216,872	Computer Programs & Systems, Inc.		5,953,136
	33,808	Orthofix International NV *		1,337,106
				11,963,140
		Industrials – 18.0%
	348,923	Air Transport Services Group, Inc. *		6,416,694
	46,142	Barrett Business Services, Inc.		2,660,548
	99,757	Cubic Corp.		5,177,388
	107,950	Forward Air Corp.		5,739,701
	141,480	Kelly Services, Inc., Class A		3,157,834
	68,057	KLX, Inc. *		3,219,096
	285,383	Resources Connection, Inc.		3,966,824
	212,369	SP Plus Corp. *		7,316,112
	92,877	UniFirst Corp.		12,928,478
	45,386	US Ecology, Inc.		2,139,950
	39,569	Viad Corp.		1,788,519
				54,511,144
		Information Technology – 18.7%
	288,917	Blackhawk Network Holdings, Inc. *		11,686,693
	134,105	Computer Services, Inc. (a)		6,148,714
	152,945	CSG Systems International, Inc.		5,736,967
	64,028	ePlus, Inc. *		4,561,995
	155,578	Ituran Location and Control, Ltd. (Israel)		4,869,591
	138,836	Match Group, Inc. *		2,586,515
	24,750	MicroStrategy, Inc., Class A *		4,706,708
	59,902	NeuStar, Inc., Class A *		1,988,746
	37,210	OSI Systems, Inc. *		2,880,054
	126,968	Sykes Enterprises, Inc. *		3,784,916
	140,344	TechTarget Inc. *		1,298,182
	333,870	VeriFone Systems, Inc. * (b)		6,189,950
				56,439,031
		Real Estate – 0.7%
	84,801	Marcus & Millichap, Inc. *		2,187,866
		Telecommunication Services – 2.3%
	44,103	ATN International, Inc.		3,051,487
	139,240	Telephone & Data Systems, Inc.		3,823,530
				6,875,017
		Total Common Stocks (Cost $213,626,279)		279,752,947

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

20

AMG Funds

AMG River Road Small Cap Value Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
	SHORT TERM INVESTMENTS – 9.3%
		Repurchase Agreements – 1.9% (c)
	$1,344,834	Cantor Fitzgerald Securities, Inc., dated 04/28/17, due 05/01/17, 0.840% total to be received $1,344,928 (collateralized by various U.S. Government Agency Obligations, 0.000% - 10.000%, 04/30/17 - 03/20/67, totaling $1,371,731)	$	1,344,834
	282,997	Citigroup Global Markets, Inc., dated 04/28/17, due 05/01/17, 0.800% total to be received $283,016 (collateralized by various U.S. Government Agency Obligations, 0.000% - 8.875%, 04/30/17 - 09/09/49, totaling $288,657)		282,997
	1,344,834	Daiwa Capital Markets America, dated 04/28/17, due 05/01/17, 0.850% total to be received $1,344,929 (collateralized by various U.S. Government Agency Obligations, 0.000% - 6.500%, 05/18/17 - 12/01/51, totaling $1,371,731)		1,344,834
	1,344,834	HSBC Securities USA, Inc., dated 04/28/17, due 05/01/17, 0.780% total to be received $1,344,921 (collateralized by various U.S. Government Agency Obligations, 0.000%, 08/15/27 - 08/15/40, totaling $1,371,733)		1,344,834
	1,344,834	Nomura Securities International, Inc., dated 04/28/17, due 05/01/17, 0.830% total to be received $1,344,927 (collateralized by various U.S. Government Agency Obligations, 1.950% - 9.000%, 06/01/18 - 03/20/67, totaling $1,371,733)		1,344,834
		Total Repurchase Agreements		5,662,333
Shares
		Other Investment Company – 7.4%
	22,458,281	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		22,458,281
		Total Short Term Investments (Cost $28,120,614)		28,120,614
	Total Investments – 101.9% (Cost $241,746,893)***			307,873,561
	Net Other Assets and Liabilities – (1.9)%			(5,753,349	)
	Net Assets – 100.0%		$	302,120,212

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	69,344,912
Gross unrealized depreciation		(3,218,244	)
Net unrealized appreciation	$	66,126,668

(a) These securities have been determined to be illiquid securities. At April 30, 2017, these securities amounted to $12,654,231, or 4.2% of net assets. These securities were valued using a quote from the primary exchange and management has determined these securities are traded in active markets. Therefore, it has been determined that these securities are valued using Level 1 pricing inputs.

(b) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $5,404,619, or 1.8% of net assets.

(c) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

BDC Business Development Company

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

  21

AMG Funds

AMG Managers Silvercrest Small Cap Fund	April 30, 2017
Schedule of Investments (unaudited)

% of Net Assets

Shares			Market Value
	COMMON STOCKS – 98.1%
		Consumer Discretionary – 12.8%
	170,990	Fox Factory Holding Corp. *	$	5,138,249
	177,470	La-Z-Boy, Inc.		4,951,413
	41,860	Lithia Motors, Inc., Class A		3,999,723
	66,140	Meredith Corp. (a)		3,872,497
	47,800	Murphy USA, Inc. *		3,325,446
	155,810	The EW Scripps Co., Class A *		3,471,447
	162,090	The Finish Line, Inc., Class A		2,562,643
	219,430	Wolverine World Wide, Inc.		5,290,457
				32,611,875
		Consumer Staples – 2.3%
	28,004	J & J Snack Foods Corp.		3,768,778
	16,884	Lancaster Colony Corp.		2,125,696
				5,894,474
		Energy – 4.1%
	294,640	Callon Petroleum Co. *		3,488,538
	152,050	Forum Energy Technologies, Inc. *		2,569,645
	197,220	Matador Resources Co. * (a)		4,275,730
				10,333,913
		Financials – 17.2%
	294,630	BancorpSouth, Inc.		8,971,483
	254,910	CVB Financial Corp.		5,490,761
	142,480	FCB Financial Holdings, Inc., Class A *		6,732,180
	121,404	Horace Mann Educators Corp.		4,692,265
	92,969	Iberiabank Corp.		7,377,090
	98,443	Independent Bank Corp./Rockland MA		6,231,442
	81,410	Selective Insurance Group, Inc.		4,298,448
				43,793,669

Shares			Market Value
		Healthcare – 6.4%
	96,270	AMN Healthcare Services, Inc. *	$	3,932,629
	44,544	ICU Medical, Inc. *		6,850,867
	121,770	INC Research Holdings, Inc., Class A *		5,479,650
				16,263,146
		Industrials – 17.4%
	128,885	Altra Industrial Motion Corp.		5,690,273
	162,980	Babcock & Wilcox Enterprises, Inc. *		1,527,123
	46,760	CIRCOR International, Inc.		3,119,360
	74,596	EMCOR Group, Inc.		4,903,941
	74,070	ESCO Technologies, Inc.		4,359,019
	172,600	Knoll, Inc.		4,135,496
	60,119	MSA Safety, Inc.		4,680,264
	327,540	Mueller Water Products, Inc., Class A		3,684,825
	134,310	Quanex Building Products Corp.		2,739,924
	46,190	Standex International Corp.		4,339,550
	103,849	US Ecology, Inc.		4,896,480
				44,076,255
		Information Technology – 17.8%
	141,847	ACI Worldwide, Inc. *		3,048,292
	322,330	Entegris, Inc. *		7,993,784
	45,725	Littelfuse, Inc.		7,048,509
	151,630	MACOM Technology Solutions Holdings, Inc. *		7,411,674
	90,390	Methode Electronics, Inc.		4,026,874
	114,890	MKS Instruments, Inc.		8,990,143
	59,500	Netgear, Inc. *		2,805,425
	104,100	NetScout Systems, Inc. *		3,919,365
				45,244,066
		Materials – 8.1%
	96,700	H.B. Fuller Co.		5,108,661
	94,630	Ingevity Corp. *		5,983,455
	72,860	Minerals Technologies, Inc.		5,734,082
	177,453	PH Glatfelter Co.		3,817,014
				20,643,212
		Real Estate – 8.8%
	70,638	EastGroup Properties, Inc., REIT		5,527,424
	209,510	Pebblebrook Hotel Trust, REIT (a)		6,235,018
	270,200	Physicians Realty Trust, REIT		5,306,728
	98,000	QTS Realty Trust, Inc., Class A, REIT		5,237,120
				22,306,290
		Utilities – 3.2%
	45,003	MGE Energy, Inc.		2,893,693
	36,150	ONE Gas, Inc.		2,488,205
	61,559	Portland General Electric Co.		2,791,085
				8,172,983
		Total Common Stocks (Cost $207,364,450)		249,339,883

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

22

AMG Funds

AMG Managers Silvercrest Small Cap Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
	SHORT TERM INVESTMENTS – 2.0%
		Repurchase Agreements – 0.7% (b)
	$1,000,000	Citigroup Global Markets, Inc., dated 04/28/17, due 05/01/17, 0.820% total to be received $1,000,068 (collateralized by various U.S. Government Agency Obligations, 0.000% - 11.500%, 05/01/17 - 06/01/53, totaling $1,019,999)	$	1,000,000
	765,432	Royal Bank of Scotland PLC, dated 04/28/17, due 05/01/17, 0.800% total to be received $765,483 (collateralized by various U.S. Government Agency Obligations, 0.077% - 1.125%, 05/31/17 - 08/31/21, totaling $780,744)		765,432
		Total Repurchase Agreements		1,765,432
Shares
		Other Investment Company – 1.3%
	3,306,765	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		3,306,765
		Total Short Term Investments (Cost $5,072,197)		5,072,197
	Total Investments – 100.1% (Cost $212,436,647)***			254,412,080
	Net Other Assets and Liabilities – (0.1)%			(304,945	)
	Net Assets – 100.0%		$	254,107,135

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	46,531,272
Gross unrealized depreciation		(4,555,839	)
Net unrealized appreciation	$	41,975,433

(a) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $1,560,750, or 0.6% of net assets.

(b) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

REIT Real Estate Investment Trust

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

  23

AMG Funds

AMG GW&K U.S. Small Cap Growth Fund	April 30, 2017
Schedule of Investments (unaudited)

% of Net Assets

Shares			Market Value
	COMMON STOCKS – 98.5%
		Consumer Discretionary – 17.6%
	10,038	Burlington Stores, Inc. *	$	992,959
	17,704	Chuy’s Holdings, Inc. *		527,579
	12,680	Dave & Buster’s Entertainment, Inc. *		811,647
	15,881	Five Below, Inc. *		780,075
	17,776	Fox Factory Holding Corp. *		534,169
	16,150	Grand Canyon Education, Inc. *		1,213,834
	7,806	Hibbett Sports, Inc. *		202,956
	13,595	Horizon Global Corp. *		191,554
	6,576	Oxford Industries, Inc.		381,276
	7,106	Pool Corp.		850,020
	4,382	Vitamin Shoppe, Inc. *		84,573
				6,570,642
		Consumer Staples – 1.7%
	20,897	Amplify Snack Brands, Inc. * (a)		188,073
	5,174	PriceSmart, Inc.		449,879
				637,952
		Energy – 1.0%
	17,697	Matador Resources Co. * (a)		383,671
		Financials – 9.8%
	12,250	Encore Capital Group, Inc. * (a)		408,538
	6,055	Greenhill & Co., Inc.		153,192
	14,983	Heritage Insurance Holdings, Inc.		181,294
	5,356	MarketAxess Holdings, Inc.		1,031,137
	6,157	Pinnacle Financial Partners, Inc.		394,048
	12,096	PrivateBancorp, Inc.		698,786
	6,854	Stifel Financial Corp. *		334,955
	6,164	Texas Capital Bancshares, Inc. *		469,080
				3,671,030

Shares			Market Value
		Healthcare – 21.0%
	3,218	ABIOMED, Inc. *	$	419,370
	8,559	Acadia Healthcare Co., Inc. * (a)		373,001
	51,318	Amicus Therapeutics, Inc. * (a)		394,122
	11,262	Bruker Corp.		274,680
	17,615	Catalent, Inc. *		515,767
	13,272	Cotiviti Holdings, Inc. *		554,637
	13,378	DBV Technologies SA, Sponsored ADR *		472,645
	20,936	Endologix, Inc. * (a)		156,811
	18,695	Globus Medical, Inc., Class A *		567,019
	3,617	ICU Medical, Inc. *		556,295
	11,474	Impax Laboratories, Inc. *		161,210
	11,701	INC Research Holdings, Inc., Class A *		526,545
	11,500	Medidata Solutions, Inc. *		752,445
	10,980	Neurocrine Biosciences, Inc. *		586,332
	17,338	Retrophin, Inc. *		339,651
	5,710	West Pharmaceutical Services, Inc.		525,491
	21,094	Wright Medical Group NV (Netherlands) *		641,047
				7,817,068
		Industrials – 14.8%
	6,940	Cubic Corp.		360,186
	6,920	Exponent, Inc.		423,158
	5,644	Graco, Inc.		608,705
	10,590	HEICO Corp.		752,631
	10,381	Knight Transportation, Inc. (a)		356,068
	21,871	Ritchie Bros Auctioneers, Inc. (Canada)		716,494
	14,350	SiteOne Landscape Supply, Inc. *		686,074
	9,894	Thermon Group Holdings, Inc. *		202,827
	11,706	WageWorks, Inc. *		863,903
	7,915	Woodward, Inc.		535,608
				5,505,654
		Information Technology – 25.6%
	7,369	Blackbaud, Inc.		592,541
	11,278	Bottomline Technologies de, Inc. *		262,777
	5,731	Cabot Microelectronics Corp.		449,024
	21,020	Callidus Software, Inc. *		442,471
	7,813	Cognex Corp.		666,761
	6,518	CyberArk Software, Ltd. (Israel) *		344,867
	8,666	EPAM Systems, Inc. *		667,282
	6,639	ExlService Holdings, Inc. *		316,747
	13,218	Forrester Research, Inc.		535,990
	1,623	Gartner, Inc. *		185,168
	9,883	HubSpot, Inc. *		662,655
	6,802	LogMeIn, Inc.		768,626
	9,769	MACOM Technology Solutions Holdings, Inc. *		477,509
	5,787	MAXIMUS, Inc.		352,949
	11,979	Mimecast Ltd. (Jersey) *		289,532
	12,161	Power Integrations, Inc.		802,018
	4,459	Tyler Technologies, Inc. *		729,448
	14,956	VeriFone Systems, Inc. * (a)		277,284
	25,264	Xactly Corp. *		293,062
	4,655	Zebra Technologies Corp., Class A *		438,827
				9,555,538

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

24

AMG Funds

AMG GW&K U.S. Small Cap Growth Fund	April 30, 2017
Schedule of Investments – continued

Shares			Market Value
		Materials – 4.0%
	9,158	Balchem Corp.	$	743,263
	16,207	KapStone Paper and Packaging Corp.		341,806
	10,732	PolyOne		420,802
				1,505,871
		Real Estate – 3.0%
	19,658	STAG Industrial, Inc., REIT		518,185
	7,059	Sun Communities, Inc., REIT		590,203
				1,108,388
		Total Common Stocks (Cost $27,623,001)		36,755,814
Principal Amount
	SHORT TERM INVESTMENTS – 5.8%
		Repurchase Agreements – 3.9% (b)
	$1,000,000	Cantor Fitzgerald Securities, Inc., dated 04/28/17, due 05/01/17, 0.840% total to be received $1,000,070 (collateralized by various U.S. Government Agency Obligations, 0.000% - 10.000%, 04/30/17 - 03/20/67, totaling $1,020,000)		1,000,000
	458,663	Daiwa Capital Markets America, dated 04/28/17, due 05/01/17, 0.850% total to be received $458,695 (collateralized by various U.S. Government Agency Obligations, 0.000% - 6.500%, 05/18/17 - 12/01/51, totaling $467,836)		458,663
		Total Repurchase Agreements		1,458,663
Shares
		Other Investment Company – 1.9%
	721,165	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69% **		721,165
		Total Short Term Investments (Cost $2,179,828)		2,179,828
	Total Investments – 104.3%
	(Cost $29,802,829)***			38,935,642
	Net Other Assets and Liabilities – (4.3)%			(1,600,101	)
	Net Assets – 100.0%		$	37,335,541

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes.

The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	10,354,166
Gross unrealized depreciation		(1,221,353	)
Net unrealized appreciation	$	9,132,813

(a) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $1,427,367, or 3.8% of net assets.

(b) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

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

  25

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments (unaudited)

% of Net Assets

Principal Amount			Market Value
	CORPORATE NOTES AND BONDS – 26.7%
		Basic Materials – 0.5%
$	30,000	Cliffs Natural Resources, Inc. 5.750%, 03/01/25 (a) (b)	$	29,175
	190,000	Hexion, Inc. Senior Secured Notes 10.375%, 02/01/22 (a)		195,700
	330,000	International Paper Co. Senior Unsecured Notes 3.000%, 02/15/27		315,007
	2,000,000	Inversiones CMPC SA (Chile) 4.375%, 04/04/27 (a) (b)		2,006,371
	100,000	Olin Corp. Senior Unsecured Notes 5.125%, 09/15/27 (b)		104,375
	135,000	PQ Corp. Senior Secured Notes 6.750%, 11/15/22 (a)		146,811
	410,000	Vale Overseas Ltd. (Cayman Islands) 5.875%, 06/10/21 (b)		443,825
				3,241,264
		Consumer Discretionary – 1.8%
	80,000	AMC Entertainment Holding, Inc. 6.125%, 05/15/27 (a)		81,900
	85,000	Senior Subordinated 5.875%, 11/15/26 (a)		86,753
	265,000	American Axle & Manufacturing, Inc. 6.625%, 10/15/22		274,275
	145,000	Aramark Services, Inc. 5.000%, 04/01/25 (a)		151,887
	130,000	Asbury Automotive Group, Inc. 6.000%, 12/15/24		134,875

Principal Amount			Market Value
		Consumer Discretionary (continued)
$	430,000	Camposol SA (Peru) Senior Secured Notes 10.500%, 07/15/21 (a)	$	459,025
	290,000	Celgene Corp. Senior Unsecured Notes 3.875%, 08/15/25		300,921
	215,000	Cintas Corp. 3.700%, 04/01/27		222,594
	105,000	Dana Financing Luxembourg Sarl (Luxembourg) 5.750%, 04/15/25 (a)		107,822
	265,000	Delta Air Lines, Inc. Senior Unsecured Notes 3.625%, 03/15/22		272,241
	480,000	Ford Motor Co. Senior Unsecured Notes 7.450%, 07/16/31		606,872
	835,000	General Motors Financial Co., Inc. 3.950%, 04/13/24		841,474
	95,000	GLP Capital LP 5.375%, 04/15/26		100,462
	1,500,000	Gohl Capital Ltd. (Isle of Man) 4.250%, 01/24/27		1,527,709
	600,000	Grupo Idesa SA de CV (Mexico) 7.875%, 12/18/20 (a)		526,500
	310,000	Hilton Domestic Operating Co., Inc. Senior Unsecured Notes 4.250%, 09/01/24 (a)		313,100
	90,000	Levi Strauss & Co. Senior Unsecured Notes 5.000%, 05/01/25		93,262
	195,000	Live Nation Entertainment, Inc. 4.875%, 11/01/24 (a)		196,950
	265,000	Lowe’s Cos, Inc. Senior Unsecured Notes 3.100%, 05/03/27 (c)		265,306
	200,000	NCL Corp., Ltd. (Bermuda) Senior Unsecured Notes 4.750%, 12/15/21 (a)		205,500
	150,000	Newell Brands, Inc. Senior Unsecured Notes 3.150%, 04/01/21		154,187
	275,000	PetSmart, Inc. Senior Unsecured Notes 7.125%, 03/15/23 (a) (b)		251,625
	180,000	Pilgrim’s Pride Corp. 5.750%, 03/15/25 (a)		188,100
	190,000	Pinnacle Entertainment, Inc. Senior Unsecured Notes 5.625%, 05/01/24 (a)		196,650
	345,000	S&P Global, Inc. 4.400%, 02/15/26		370,070
	225,000	Sally Holdings LLC 5.750%, 06/01/22		232,312
		Six Flags Entertainment Corp.
	190,000	4.875%, 07/31/24 (a)		192,137
	200,000	5.500%, 04/15/27 (a)		204,375

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

26

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
		Consumer Discretionary (continued)
	$165,000	Station Casinos LLC 7.500%, 03/01/21	$	172,219
	200,000	Team Health Holdings Inc. 6.375%, 02/01/25 (a) (b)		195,750
	85,000	Tempur Sealy International Inc. 5.625%, 10/15/23 (b)		87,295
		Tenet Healthcare Corp. Senior Unsecured Notes
	45,000	8.125%, 04/01/22		45,900
	145,000	6.750%, 06/15/23 (b)		138,837
	510,000	Teva Pharmaceutical Finance Co. BV (Cook Islands) 2.950%, 12/18/22		503,467
	185,000	The Goodyear Tire & Rubber Co. 5.125%, 11/15/23		195,079
		The Home Depot, Inc. Senior Unsecured Notes
	140,000	3.350%, 09/15/25		145,043
	440,000	3.000%, 04/01/26		443,784
	90,000	The ServiceMaster Co. LLC 5.125%, 11/15/24 (a)		93,150
	275,000	Viking Cruises, Ltd. (Bermuda) Senior Unsecured Notes 8.500%, 10/15/22 (a)		288,062
	190,000	WMG Acquisition Corp. 6.750%, 04/15/22 (a)		200,946
				11,068,416
		Consumer Staples – 2.1%
	400,000	Ajecorp BV (Netherlands) 6.500%, 05/14/22		342,000
	215,000	Albertsons Cos LLC / Safeway, Inc. Senior Unsecured Notes 5.750%, 03/15/25 (a)		209,625
	195,000	B&G Foods, Inc. 5.250%, 04/01/25		200,125
	700,000	Cencosud SA (Chile) 5.150%, 02/12/25 (b)		740,486
	90,000	CHS/Community Health Systems, Inc. 8.000%, 11/15/19 (b)		87,920
	100,000	Senior Secured Notes 6.250%, 03/31/23		102,125
	2,500,000	Cosan Overseas, Ltd. (Cayman Islands) 8.250%, 11/29/49		2,523,750
	1,551,867	ENA Norte Trust (Panama) 4.950%, 04/25/23		1,606,183
	155,000	Express Scripts Holding Co. 4.500%, 02/25/26		161,369
	50,000	Gartner, Inc. 5.125%, 04/01/25 (a)		51,875
	100,000	GW Honos Security Corp. (Canada) 8.750%, 05/15/25 (a) (c)		101,875
	130,000	JBS USA Finance, Inc. 5.750%, 06/15/25 (a)		134,875
		Kraft Heinz Foods Co.
	295,000	1.600%, 06/30/17		295,063
	265,000	2.000%, 07/02/18		265,758

Principal Amount			Market Value
		Consumer Staples (continued)
	$45,000	Kronos Acquisition Holding, Inc. Senior Unsecured Notes 9.000%, 08/15/23 (a)	$	45,787
	595,000	Laboratory Corp. Senior Unsecured Notes 2.500%, 11/01/18		600,672
	500,000	MARB BondCo PLC (United Kingdom) 7.000%, 03/15/24 (a) (b)		506,850
	200,000	Marfrig Holdings Europe BV (Netherlands) 8.000%, 06/08/23 (a)		212,300
	655,000	PepsiCo, Inc. Senior Unsecured Notes 3.450%, 10/06/46		597,847
	85,000	Post Holdings, Inc. 5.500%, 03/01/25 (a)		89,250
	175,000	Prime Security Services Borrower LLC Secured Notes 9.250%, 05/15/23 (a)		191,625
	90,000	RegionalCare Hospital Partners Holdings, Inc. Senior Secured Notes 8.250%, 05/01/23 (a)		96,199
		Revlon Consumer Products Corp.
	195,000	5.750%, 02/15/21		195,000
	50,000	6.250%, 08/01/24 (b)		48,750
	195,000	Rite Aid Corp. 6.125%, 04/01/23 (a) (b)		194,025
	125,000	Scientific Games International, Inc. Senior Secured Notes 7.000%, 01/01/22 (a)		134,140
	400,000	Sigma Alimentos SA de CV (Mexico) Senior Unsecured Notes 4.125%, 05/02/26		395,000
	590,000	Smithfield Foods, Inc. 4.250%, 02/01/27 (a)		603,234
	135,000	Spectrum Brands, Inc. 5.750%, 07/15/25		145,383
	720,000	The Kroger Co. Senior Unsecured Notes 3.400%, 04/15/22		740,489
	85,000	TreeHouse Foods, Inc. 6.000%, 02/15/24 (a)		90,950
	570,000	Tyson Foods, Inc. 3.950%, 08/15/24		587,391
	145,000	Universal Hospital Services, Inc. Secured Notes 7.625%, 08/15/20		147,719
	90,000	Valeant Pharmaceuticals International, Inc. (Canada) Senior Secured Notes 7.000%, 03/15/24 (a)		92,025
	160,000	Vizient, Inc. Senior Unsecured Notes 10.375%, 03/01/24 (a)		183,600

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

  27

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
		Consumer Staples (continued)
	$135,000	WellCare Health Plans, Inc. Senior Unsecured Notes 5.250%, 04/01/25	$	140,737
	270,000	Zimmer Biomet Holdings, Inc. Senior Unsecured Notes 2.700%, 04/01/20		273,157
				13,135,159
		Energy – 3.2%
	170,000	Apache Corp. Senior Unsecured Notes 4.750%, 04/15/43		173,692
	1,000,000	APT Pipelines, Ltd. (Australia) 4.250%, 07/15/27 (a)		1,024,839
		BP Capital Markets PLC (United Kingdom)
	24,000	3.588%, 04/14/27		24,530
	570,000	3.723%, 11/28/28		587,074
	1,500,000	BPRL International Singapore Pte, Ltd. EMTN (Singapore) 4.375%, 01/18/27		1,552,308
	195,000	Chevron Corp. Senior Unsecured Notes 2.498%, 03/03/22		196,691
	1,800,000	CNOOC Finance 2015 USA LLC 3.500%, 05/05/25		1,795,090
	620,000	Enable Midstream Partners LP Senior Unsecured Notes 4.400%, 03/15/27		620,022
		Energy Transfer Partners LP Senior Unsecured Notes
	400,000	4.750%, 01/15/26		418,675
	70,000	4.200%, 04/15/27		70,911
	25,000	EP Energy 9.375%, 05/01/20		23,812
	35,000	Foresight Energy LLC / Foresight Energy Finance Corp. Secured Notes 11.500%, 04/01/23 (a) (b)		33,337
	52,000	FTS International, Inc. Senior Secured Notes 6.250%, 05/01/22		45,240
	50,000	Halcon Resources Corp. 6.750%, 02/15/25 (a) (b)		48,250
	800,000	Instituto Costarricense de Electricidad (Costa Rica) Senior Unsecured Notes 6.950%, 11/10/21		854,912
	500,000	Kinder Morgan Energy Partners LP, MTN 6.950%, 01/15/38		589,694
	105,000	MEG Energy Corp. (Canada) 7.000%, 03/31/24 (a)		94,237
	315,000	Memorial Production Partners LP 6.875%, 08/01/22 (d)		114,187

Principal Amount			Market Value
		Energy (continued)
	$50,000	Noble Holding International, Ltd. (Cayman Islands) 7.750%, 01/15/24 (b)	$	45,875
	140,000	Occidental Petroleum Corp. Senior Unsecured Notes 3.400%, 04/15/26		141,820
	1,800,000	ONGC Videsh Vankorneft Pte, Ltd. (Singapore) 3.750%, 07/27/26		1,773,742
	60,000	PDC Energy, Inc. 6.125%, 09/15/24 (a)		61,800
	110,000	Peabody Energy Corp. Senior Secured Notes 6.000%, 03/31/22 (a) (b)		112,612
	1,200,000	Pertamina Persero PT, EMTN (Indonesia) Senior Unsecured Notes 5.625%, 05/20/43		1,238,794
		Petrobras Global Finance BV (Netherlands)
	400,000	7.375%, 01/17/27		430,200
	2,000,000	7.250%, 03/17/44 (b)		1,999,333
	340,000	Petroleos Mexicanos (Mexico) 6.750%, 09/21/47		347,616
	1,300,000	Petronas Capital, Ltd. EMTN (Malaysia) 3.500%, 03/18/25		1,327,429
	256,000	Phillips 66 5.875%, 05/01/42		300,557
	500,000	Reliance Industries, Ltd. (India) Senior Unsecured Notes 4.125%, 01/28/25		513,706
	100,000	Sanchez Energy Corp. 6.125%, 01/15/23 (b)		92,499
	240,000	Schlumberger Holdings Corp. Senior Unsecured Notes 2.350%, 12/21/18 (a)		241,788
	2,300,000	Sinopec Group Overseas Development 2016, Ltd. (British Virgin Islands) 2.750%, 09/29/26		2,137,238
	100,000	SM Energy Senior Unsecured Notes 5.000%, 01/15/24		94,750
	1,000,000	Sunoco Logistics Partners 3.900%, 07/15/26		993,197
				20,120,457
		Financials – 6.8%
	710,000	Air Lease Corp. Senior Unsecured Notes 3.750%, 02/01/22		735,930
		Ally Financial, Inc. Senior Unsecured Notes
	545,000	4.125%, 03/30/20		559,617
	180,000	4.250%, 04/15/21		184,500

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

28

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
		Financials (continued)
		American Express Credit Corp., MTN Senior Unsecured Notes
	$585,000	2.700%, 03/03/22	$	589,404
	685,000	2.250%, 05/05/21		683,476
	1,300,000	American Tower Corp. Senior Unsecured Notes 4.400%, 02/15/26		1,367,752
	275,000	Anheuser-Busch InBev Finance, Inc. 4.900%, 02/01/46		301,566
	225,000	ASP AMC Merger Sub, Inc. Senior Unsecured Notes 8.000%, 05/15/25 (a)		223,594
	665,000	Australia & New Zealand Banking Group, Ltd. EMTN (Australia) Senior Unsecured Notes 4.875%, 01/12/21 (a)		722,283
		Banco de Reservas De La Republica Dominicana (Dominican Republic) Subordinated Notes
	300,000	7.000%, 02/01/23 (a) (b)		309,609
	200,000	7.000%, 02/01/23		206,406
	500,000	Banco do Brasil SA (Brazil) 9.000%, 06/29/49 (a) (e)		529,500
	400,000	Banco GNB Sudameris SA (Colombia) Subordinated Notes 6.500%, 04/03/27 (a) (e)		413,180
	1,700,000	Banco Inbursa SA Institucion de Banca Multiple (Mexico) Senior Unsecured Notes 4.375%, 04/11/27 (a)		1,670,250
	500,000	Banco Internacional del Peru SAA Interbank (Peru) 8.500%, 04/23/70 (e)		550,625
	1,500,000	Banco Mercantil del Norte SA Subordinated Notes 5.750%, 10/04/31 (a) (e)		1,476,750
	700,000	Banco Nacional de Costa Rica (Costa Rica) Senior Unsecured Notes 5.875%, 04/25/21 (a)		725,004
	1,200,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand (Mexico) Subordinated Notes 5.950%, 01/30/24 (b) (e)		1,248,000
		Bank of America Corp. Senior Unsecured Notes
	70,000	2.000%, 01/11/18		70,190
	375,000	2.881%, 04/24/23 (e)		374,928
	455,000	Bank of America Corp., MTN Senior Unsecured Notes 2.503%, 10/21/22		447,098
	625,000	Bank of Montreal, MTN Senior Unsecured Notes 1.900%, 08/27/21		615,022

Principal Amount			Market Value
		Financials (continued)
	$150,000	Bantrab Senior Trust (Cayman Islands) Senior Secured Notes 9.000%, 11/14/20	$	142,545
		BBVA Bancomer SA (Cayman Islands) Subordinated Notes
	1,000,000	6.008%, 05/17/22 (e)		1,000,000
	500,000	5.350%, 11/12/29 (e)		492,500
	300,000	5.350%, 11/12/29 (a) (e)		295,500
	546,000	Boston Properties LP Senior Unsecured Notes 4.125%, 05/15/21		578,097
		CIMPOR Financial Operations BV (Netherlands)
	200,000	5.750%, 07/17/24 (a)		176,100
	200,000	5.750%, 07/17/24		176,100
		Citigroup, Inc. Senior Unsecured Notes
	510,000	2.700%, 03/30/21		513,652
	375,000	2.750%, 04/25/22		374,385
	925,000	Commonwealth Bank of Australia (Australia) Senior Unsecured Notes 2.750%, 03/10/22 (a)		933,180
	500,000	CorpGroup Banking SA (Chile) Senior Unsecured Notes 6.750%, 03/15/23		488,125
	400,000	Credito Real SAB de CV SOFOM ER (Mexico) Senior Unsecured Notes 7.250%, 07/20/23 (a) (b)		418,500
		Crown Castle International Corp. Senior Unsecured Notes
	600,000	3.700%, 06/15/26		603,173
	775,000	4.000%, 03/01/27		798,730
	60,000	CyrusOne LP / CyrusOne Finance Corp. 5.000%, 03/15/24 (a)		61,800
	190,000	ESH Hospitality, Inc. 5.250%, 05/01/25 (a)		192,850
	500,000	GrupoSura Finance SA (Cayman Islands) 5.500%, 04/29/26		537,825
	1,593,685	Guanay Finance, Ltd. (Cayman Islands) Senior Secured Notes 6.000%, 12/15/20		1,633,528
	145,000	Icahn Enterprises LP/lcahn Enterprises Finance Corp. Senior Unsecured Notes 6.250%, 02/01/22 (a)		151,162
	1,900,000	Industrial Senior Trust (Cayman Islands) 5.500%, 11/01/22		1,935,625
	1,613,039	Interoceanica IV Finance Senior Secured Notes 11/30/25 (f)		1,314,626

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

  29

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
		Financials (continued)
	$590,000	JPMorgan Chase & Co. Senior Unsecured Notes 2.972%, 01/15/23	$	593,597
	570,000	Subordinated Notes 4.250%, 10/01/27		590,858
	909,000	Liberty Mutual Group, Inc. 6.500%, 05/01/42 (a)		1,150,040
	700,000	Magnesita Finance, Ltd. (British Virgin Islands) 8.625%, 04/29/49		700,000
	55,000	MGM Growth Properties Operating Partnership LP 5.625%, 05/01/24		59,606
		Morgan Stanley Senior Unsecured Notes
	390,000	2.625%, 11/17/21		390,016
	600,000	3.625%, 01/20/27		602,836
	200,000	Morgan Stanley, GMTN Senior Unsecured Notes 2.500%, 04/21/21		199,601
	530,000	MUFG Americas Holdings Corp. Senior Unsecured Notes 1.625%, 02/09/18		530,213
	335,000	National Rural Utilities Cooperative Finance Corp. 2.000%, 01/27/20		334,090
	135,000	Nationstar Mortgage LLC/Nationstar Capital Corp. 6.500%, 07/01/21		137,700
	155,000	Navient Corp. Senior Unsecured Notes 6.500%, 06/15/22 (b)		160,425
	380,000	New York Life Global Funding Secured Notes 2.900%, 01/17/24 (a)		384,142
	85,000	OPE KAG Finance Sub, Inc. Senior Unsecured Notes 7.875%, 07/31/23 (a)		88,187
	1,100,000	Pontis IV, Ltd. (Cayman Islands) Senior Secured Notes 5.125%, 03/31/27 (a)		1,094,500
	300,000	Royal Bank of Canada Senior Unsecured Notes 2.125%, 03/02/20		301,002
	155,000	Royal Bank of Canada, GMTN Senior Unsecured Notes 2.500%, 01/19/21		156,634
	620,000	Simon Property Group LP Senior Unsecured Notes 3.300%, 01/15/26		619,257
		State Street Corp. Senior Unsecured Notes
	200,000	3.550%, 08/18/25		207,735
	435,000	2.650%, 05/19/26 (b)		421,830
	150,000	SUAM Finance BV (Netherlands) 4.875%, 04/17/24		158,325

Principal Amount			Market Value
		Financials (continued)
		Sumitomo Mitsui Financial Group, Inc. (Japan) Senior Unsecured Notes
	$430,000	2.934%, 03/09/21	$	436,290
	445,000	2.058%, 07/14/21		437,498
	1,000,000	SURA Asset Management SA (Colombia) 4.375%, 04/11/27 (a) (b)		1,004,200
	595,000	Synchrony Financial Senior Unsecured Notes 3.000%, 08/15/19		604,255
	195,000	Tempo Acquisition LLC / Tempo Acquisition Finance Corp. Senior Unsecured Notes 6.750%, 06/01/25 (a) (c)		200,850
		The Goldman Sachs Group, Inc. Senior Unsecured Notes
	360,000	2.350%, 11/15/21		355,226
	235,000	3.000%, 04/26/22		237,154
	605,000	The PNC Financial Services Group, Inc. Senior Unsecured Notes 3.300%, 03/08/22		629,184
	915,000	The Toronto-Dominion Bank (Canada) Senior Unsecured Notes 1.800%, 07/13/21		898,625
	595,000	TIAA Asset Management Finance Co. LLC Senior Unsecured Notes 2.950%, 11/01/19 (a)		604,998
		Wells Fargo & Co. Senior Unsecured Notes
	565,000	3.069%, 01/24/23		571,932
	275,000	3.000%, 04/22/26		266,322
	580,000	3.000%, 10/23/26		559,238
		Westpac Banking Corp. Senior Unsecured Notes
	375,000	2.600%, 11/23/20		378,647
	255,000	2.000%, 08/19/21		250,163
				43,137,863
		Healthcare – 1.0%
	583,000	AbbVie, Inc. Senior Unsecured Notes 4.700%, 05/14/45		589,162
	180,000	Acadia Healthcare Co., Inc. 5.625%, 02/15/23		187,153
	583,000	Actavis Funding SCS (Luxembourg) 2.350%, 03/12/18		585,611
	590,000	Anthem, Inc. Senior Unsecured Notes 2.300%, 07/15/18		593,370
	295,000	AstraZeneca PLC Senior Unsecured Notes 2.375%, 11/16/20		297,265

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

30

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
		Healthcare (continued)
	$565,000	Cardinal Health, Inc. Senior Unsecured Notes 1.950%, 06/15/18	$	566,410
		Centene Corp. Senior Unsecured Notes
	85,000	5.625%, 02/15/21		89,569
	180,000	4.750%, 01/15/25		183,375
	50,000	DJO Finco Inc./ DJO Finance LLC/ DJO Finance Corp. Secured Notes 8.125%, 06/15/21 (a)		44,750
	230,000	Envision Healthcare Corp. 6.250%, 12/01/24 (a)		242,650
	190,000	inVentiv Group Holdings, Inc. 7.500%, 10/01/24 (a)		197,125
	90,000	LifePoint Health, Inc. 5.375%, 05/01/24 (a)		91,125
	280,000	MPH Acquisition Holdings LLC Senior Unsecured Notes 7.125%, 06/01/24 (a)		301,700
	700,000	Mylan NV (Netherlands) 3.150%, 06/15/21		707,303
	175,000	Quintiles Transnational Corp. 4.875%, 05/15/23 (a)		180,687
	190,000	Select Medical Corp. 6.375%, 06/01/21		195,225
	615,000	Shire Acquisitions Investments (Ireland) 2.875%, 09/23/23		603,800
	605,000	UnitedHealth Group, Inc. Senior Unsecured Notes 4.200%, 01/15/47		621,686
				6,277,966
		Industrials – 3.2%
	150,000	AECOM 5.125%, 03/15/27 (a)		150,547
	995,385	Aeropuerto Internacional de Tocumen SA (Panama) Senior Secured Notes 5.750%, 10/09/23		1,079,992
	300,000	Aeropuertos Argentina 2000 SA (Argentina) Senior Secured Notes 6.875%, 02/01/27 (a) (c)		317,400
	280,000	Air Medical Merger Sub Corp. Senior Unsecured Notes 6.375%, 05/15/23 (a)		274,400
	200,000	Autoridad del Canal de Panama (Panama) Senior Unsecured Notes 4.950%, 07/29/35		219,000
		Avianca Holdings SA (Panama)
	400,000	8.375%, 05/10/20 (a)		396,600
	800,000	8.375%, 05/10/20 (b)		793,200
	170,000	Berry Plastics Corp. Secured Notes 5.500%, 05/15/22		177,863

Principal Amount			Market Value
		Industrials (continued)
	$85,000	BlueLine Rental Finance Corp. Secured Notes 9.250%, 03/15/24 (a)	$	88,931
	91,000	Builders FirstSource, Inc. Senior Secured Notes 5.625%, 09/01/24 (a)		94,754
	540,000	Burlington Northern Santa Fe LLC Senior Unsecured Notes 4.550%, 09/01/44		580,129
	160,000	BWAY Holding Co. Senior Secured Notes 5.500%, 04/15/24 (a)		162,200
	415,000	Chevron Corp. Senior Unsecured Notes 1.561%, 05/16/19		414,719
	1,600,000	CK Hutchison International 17, Ltd. (Cayman Islands) 3.500%, 04/05/27 (a)		1,607,152
	645,000	CSX Corp. Senior Unsecured Notes 3.800%, 11/01/46 (b)		609,004
	299,000	Delphi Automotive PLC 4.250%, 01/15/26		316,510
	390,000	Delphi Corp. 4.150%, 03/15/24		411,629
	200,000	Eldorado International Finance (Austria) 8.625%, 06/16/21 (a)		173,500
	1,150,000	Empresa de Transporte de Pasajeros Metro SA (Chile) Senior Unsecured Notes 5.000%, 01/25/47 (a)		1,230,626
	300,000	Express Scripts Holdings Co. 3.400%, 03/01/27		286,086
	635,000	FedEx Corp. 4.750%, 11/15/45		664,453
	145,000	Flex Acquisition Co., Inc. Senior Unsecured Notes 6.875%, 01/15/25 (a)		149,622
	185,000	Gates Global LLC 6.000%, 07/15/22 (a)		186,850
	90,000	Grinding Media, Inc./MC Grinding Media Canada, Inc. Senior Secured Notes 7.375%, 12/15/23 (a)		96,237
	200,000	Grupo Posadas SAB de CV (Mexico) 7.875%, 06/30/22 (a)		207,250
	305,000	John Deere Capital Corp. Senior Unsecured Notes 2.650%, 01/06/22		309,062
	1,000,000	Lima Metro Line 2 Finance (Cayman Islands) Senior Secured Notes 5.875%, 07/05/34		1,073,500
	650,000	Lockheed Martin Corp. Senior Unsecured Notes 4.700%, 05/15/46		717,034

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

  31

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
		Industrials (continued)
	$1,000,000	Mexico City Airport Trust Senior Secured Notes 4.250%, 10/31/26 (a)	$	1,012,500
		Novelis Corp.
	120,000	6.250%, 08/15/24 (a)		127,200
	55,000	5.875%, 09/30/26 (a)		56,650
		OAS Financial, Ltd. (British Virgin Islands)
	400,000	8.875%, 04/29/49 (a) (d)		24,000
	600,000	8.875%, 04/29/49 (d)		36,000
	400,000	Odebrecht Finance, Ltd. (Cayman Island) 7.125%, 06/26/42		183,000
	300,000	Penske Truck Leasing Co. LP / PTL Finance Corp. Senior Unsecured Notes 4.200%, 04/01/27 (a)		308,228
		Pesquera Exalmar S.A.A. (Peru) Senior Unsecured Notes
	200,000	7.375%, 01/31/20 (a)		173,000
	400,000	7.375%, 01/31/20		346,000
	665,000	Reynolds American, Inc. 4.000%, 06/12/22		704,708
	135,000	Reynolds Group Issuer, Inc. 7.000%, 07/15/24 (a) (b)		145,547
	400,000	SBA Tower Trust 3.168%, 04/15/22 (a) (g)		401,376
	605,000	Shell International Finance BV (Netherlands) 1.375%, 05/10/19		600,557
	990,000	Sydney Airport Finance Co Pty., Ltd. (Australia) Senior Secured Notes 3.375%, 04/30/25 (a)		980,834
	265,000	Teva Pharmaceutical Finance Netherlands III (Netherlands) 2.800%, 07/21/23		255,578
	357,000	The Boeing Co. Senior Unsecured Notes 6.875%, 03/15/39		509,409
	815,000	Thermo Fisher Scientific, Inc. Senior Unsecured Notes 3.300%, 02/15/22		837,202
	400,000	Union Pacific Corp. Senior Unsecured Notes 3.000%, 04/15/27		400,997
	450,000	Waste Management, Inc. 4.100%, 03/01/45		458,505
	190,000	Williams Partners LP/ACMP Finance Corp. Senior Unsecured Notes
		4.875%, 03/15/24		197,600
				20,547,141

Principal Amount			Market Value
		Information Technology – 1.3%
	$595,000	Analog Devices, Inc. Senior Unsecured Notes 2.500%, 12/05/21	$	596,024
	310,000	Applied Materials, Inc. Senior Unsecured Notes 4.350%, 04/01/47		319,462
	305,000	Broadcom Corp./Broadcom Cayman Finance, Ltd. 3.625%, 01/15/24 (a)		309,421
	130,000	Camelot Finance SA Senior Unsecured Notes 7.875%, 10/15/24 (a)		139,750
	160,000	Cengage Learning, Inc. Senior Unsecured Notes 9.500%, 06/15/24 (a) (b)		145,200
	185,000	Cincinnati Bell, Inc. 7.000%, 07/15/24 (a)		196,285
	540,000	Cisco Systems, Inc. Senior Unsecured Notes 1.850%, 09/20/21		534,199
	85,000	CSC Holdings LLC Senior Unsecured Notes 5.250%, 06/01/24		86,221
	195,000	Diamond 1 Finance Corp./Diamond 2 Finance Corp. 7.125%, 06/15/24 (a) (b)		215,645
	500,000	Empresa Nacional de Telecomunicaciones SA (Chile) Senior Unsecured Notes 4.875%, 10/30/24		520,877
	530,000	Fidelity National Information Services, Inc. Senior Unsecured Notes 3.625%, 10/15/20		552,896
	130,000	First Data Corp. 7.000%, 12/01/23 (a)		139,711
		Secured Notes
	135,000	5.750%, 01/15/24 (a)		140,569
	195,000	Genesys Telecommunications Laboratories Inc. 10.000%, 11/30/24 (a)		216,474
		Gray Television, Inc.
	100,000	5.125%, 10/15/24 (a)		100,500
	135,000	5.875%, 07/15/26 (a)		140,063
	430,000	Hewlett Packard Enterprise Co. Senior Unsecured Notes 3.600%, 10/15/20		445,802
	210,000	Informatica LLC Senior Unsecured Notes 7.125%, 07/15/23 (a)		207,638
	140,000	Micron Technology Senior Unsecured Notes 5.250%, 08/01/23 (a)		145,600
	550,000	Microsoft Corp. Senior Unsecured Notes 4.450%, 11/03/45		588,659

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

32

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
		Information Technology (continued)
	$135,000	Nexstar Escrow Corp. 5.625%, 08/01/24 (a)	$	138,713
	195,000	Open Text Corp. (Canada) 5.875%, 06/01/26 (a)		208,650
		Oracle Corp. Senior Unsecured Notes
	510,000	1.900%, 09/15/21		505,289
	480,000	4.125%, 05/15/45		478,997
	180,000	Sabre Global, Inc. Senior Secured Notes 5.250%, 11/15/23 (a)		187,200
	45,000	Sinclair Television Group, Inc. 5.625%, 08/01/24 (a)		46,906
	130,000	Solera LLC Senior Unsecured Notes 10.500%, 03/01/24 (a)		149,013
	280,000	Sophia LP / Sophia Finance, Inc. Senior Unsecured Notes 9.000%, 09/30/23 (a)		295,533
	135,000	Telesat Canada / Telesat LLC (Canada) 8.875%, 11/15/24 (a)		148,838
	70,000	Western Digital Corp. Senior Secured Notes 7.375%, 04/01/23 (a)		76,825
				7,976,960
		Materials – 0.4%
	130,000	Ashland LLC 4.750%, 08/15/22		136,013
	1,360,000	Georgia-Pacific LLC Senior Unsecured Notes 3.600%, 03/01/25 (a)		1,400,759
	600,000	Grupo Idesa SA de CV (Mexico) 7.875%, 12/18/20		526,500
	145,000	Potash Corp. of Saskatchewan, Inc. (Canada) Senior Unsecured Notes 4.000%, 12/15/26		148,863
	175,000	Signode Industrial Group Lux SA 6.375%, 05/01/22 (a)		181,144
				2,393,279
		Telecommunications – 2.2%
	610,000	AT&T, Inc. Senior Unsecured Notes 3.800%, 03/01/24		620,995
	1,200,000	Bharti Airtel, Ltd. (India) Senior Unsecured Notes 4.375%, 06/10/25		1,208,256
	1,306,000	British Telecommunications PLC (United Kingdom) Senior Unsecured Notes 5.950%, 01/15/18		1,345,725
		CCO Holdings LLC Senior Unsecured Notes
	45,000	5.250%, 09/30/22		46,800
	60,000	5.125%, 05/01/23 (a)		62,775
	25,000	5.125%, 05/01/27 (a)		25,563

Principal Amount			Market Value
		Telecommunications (continued)
	$192,000	Cequel Communications Holdings I LLC Senior Unsecured Notes 6.375%, 09/15/20 (a)	$	198,361
	575,000	Charter Communications Operating LLC Senior Secured Notes 4.908%, 07/23/25		617,621
	570,000	Comcast Corp. 4.400%, 08/15/35		597,281
	175,000	CommScope, Inc. 5.000%, 06/15/21 (a)		180,469
		Digicel Group, Ltd. (Bermuda) Senior Unsecured Notes
	300,000	7.125%, 04/01/22 (a)		252,027
	1,700,000	7.125%, 04/01/22		1,434,800
	140,000	Embarq Corp. Senior Unsecured Notes 7.995%, 06/01/36		143,325
	1,200,000	Empresa Nacional de Telecomunicaciones SA (Chile) Senior Unsecured Notes 4.750%, 08/01/26		1,237,300
	125,000	Frontier Communications Senior Unsecured Notes 8.500%, 04/15/20		132,656
		Grupo Televisa SAB (Mexico) Senior Unsecured Notes
	400,000	4.625%, 01/30/26		417,585
	200,000	6.125%, 01/31/46		218,611
	150,000	Intelsat Jackson Holdings SA (Luxembourg) 5.500%, 08/01/23		128,813
	90,000	Senior Secured Notes 8.000%, 02/15/24 (a)		97,313
	295,000	Level 3 Communications, Inc. Senior Unsecured Notes 5.750%, 12/01/22		307,906
	885,000	Omnicom Group, Inc. 3.600%, 04/15/26		893,419
	1,600,000	Ooredoo International Finance., Ltd. EMTN (Bermuda) 3.875%, 01/31/28		1,611,888
	704,000	Orange SA (France) Senior Unsecured Notes 2.750%, 02/06/19		712,837
	190,000	Sirius XM Radio, Inc. 5.375%, 07/15/26 (a)		194,988
	200,000	Sixsigma Networks Mexico SA de CV (Mexico) 8.250%, 11/07/21 (a)		201,000
	285,000	TEGNA, Inc. 4.875%, 09/15/21 (a)		294,975
	500,000	TV Azteca SAB de CV, EMTN (Mexico) 7.625%, 09/18/20		496,500

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

  33

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
		Telecommunications (continued)
	$550,000	Verizon Communications, Inc. Senior Unsecured Notes 4.400%, 11/01/34	$	527,909
				14,207,698
		Utilities – 4.2%
	698,530	Abengoa Transmision Sur SA (Peru) Senior Secured Notes 6.875%, 04/30/43		755,286
	1,000,000	AES Andres/Dominican Power Partners/Empresa Generadora De Electricidad IT (Netherlands) 7.950%, 05/11/26 (a)		1,080,430
	1,000,000	AES Gener SA (Chile) Senior Unsecured Notes 5.000%, 07/14/25		1,031,593
	1,300,000	American Electric Power Co., Inc. Senior Unsecured Notes 2.950%, 12/15/22		1,321,957
	775,000	American Water Capital Corp. Senior Unsecured Notes 3.400%, 03/01/25		801,501
	783,000	Berkshire Hathaway Energy Co. Senior Unsecured Notes 6.500%, 09/15/37		1,034,966
	95,000	Calpine Corp. Senior Unsecured Notes 5.750%, 01/15/25 (b)		92,388
	1,500,000	Comision Federal de Electricidad (Mexico) Senior Unsecured Notes 4.750%, 02/23/27		1,516,875
	110,000	Duke Energy Corp. Senior Unsecured Notes 3.750%, 09/01/46		101,174
	465,000	Duke Energy Progress LLC 4.150%, 12/01/44		480,000
	1,100,000	Empresa Electrica Guacolda SA (Chile) Senior Unsecured Notes 4.560%, 04/30/25		1,062,151
	200,000	Energuate Trust (Cayman Islands) 5.875%, 05/03/27 (a) (c)		203,500
	300,000	Engie Energia Chile SA (Chile) Senior Unsecured Notes 4.500%, 01/29/25		310,120
	1,000,000	Eversource Energy Senior Unsecured Notes 2.750%, 03/15/22		1,009,360
	1,420,000	Exelon Corp. Senior Unsecured Notes 3.400%, 04/15/26		1,413,559
	235,504	Fermaca Enterprises S de RL de CV (Mexico) Senior Secured Notes 6.375%, 03/30/38 (a)		245,218

Principal Amount			Market Value
		Utilities (continued)
	$720,000	Fortis, Inc. Senior Unsecured Notes 2.100%, 10/04/21 (a)	$	701,621
	232,000	GNL Quintero SA (Chile) Senior Unsecured Notes 4.634%, 07/31/29		242,150
	1,200,000	Great Plains Energy, Inc. Senior Unsecured Notes 3.900%, 04/01/27		1,216,440
	2,200,000	Israel Electric (Israel) Senior Secured Notes 5.000%, 11/12/24 (a)		2,379,652
	1,000,000	ITC Holdings Corp. Senior Unsecured Notes 3.250%, 06/30/26		981,599
	1,400,000	National Gas Co. of Trinidad & Tobago, Ltd. (Trinidad) Senior Unsecured Notes 6.050%, 01/15/36		1,459,500
	200,000	NextEra Energy Capital Holdings, Inc. 3.550%, 05/01/27		201,053
		NGL Energy Partners LP / NGL Energy Finance Corp.
	150,000	6.125%, 03/01/25 (a)		141,000
	90,000	7.500%, 11/01/23 (a)		90,900
	180,000	NRG Energy, Inc. 7.250%, 05/15/26		184,950
	800,000	Pampa Energia SA (Argentina) Senior Unsecured Notes 7.500%, 01/24/27 (a)		854,000
	1,300,000	Sierra Pacific Power Co. 2.600%, 05/01/26		1,257,100
	20,000	The Southern Co. Senior Unsecured Notes 1.850%, 07/01/19		19,909
	830,000	The Southern Co. Senior Unsecured Notes 2.450%, 09/01/18		836,844
	300,000	Transelec SA (Chile) Senior Unsecured Notes 4.625%, 07/26/23 (a)		318,282
	2,000,000	Transportadora de Gas del Peru SA (Peru) Senior Unsecured Notes 4.250%, 04/30/28 (b)		2,047,500
	1,300,000	Xcel Energy, Inc. Senior Unsecured Notes 3.300%, 06/01/25		1,312,181
				26,704,759
		Total Corporate Notes and Bonds (Cost $167,525,716)		168,810,962

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

34

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
	COLLATERALIZED MORTGAGE AND ASSET- BACKED SECURITIES – 17.1%
	$1,665,172	Alternative Loan Trust Series 2007-J2, Class 2A1 6.000%, 07/25/37	$	1,610,534
	350,000	Banc of America Commercial Mortgage Trust Series 2007-4, Class AM 6.103%, 02/10/51 (e)		352,440
	373,507	Banc of America Funding Trust Series 2006-B, Class 7A1 3.541%, 03/20/36 (e)		332,494
	527,539	Banc of America Funding Trust Series 2010-R9, Class 3A3 5.500%, 12/26/35 (a)		449,575
	630,000	BBCMS Trust Series 2015-STP, Class D 4.427%, 09/10/28 (a) (e)		634,892
	7,949,018	BBCMS Trust Series 2017-C1, Class XA 1.697%, 02/15/50 (e) (h)		895,560
	186,801	Bear Stearns Asset Backed Securities I Trust Series 2004-AC2, Class 2A 5.000%, 05/25/34		185,797
	450,000	Bear Stearns Commercial Mortgage Securities Trust Series 2007-T26, Class AJ 5.566%, 01/12/45 (e)		437,215
	403,500	CDGJ Commercial Mortage Trust Series 2014-BXCH, Class B 2.844%, 12/15/27 (a) (e)		404,155
	858,000	CFCRE Commercial Mortage Trust Series 2016-C4, Class C 5.040%, 05/10/58 (e)		890,063
	940,000	CFCRE Commercial Mortage Trust Series 2016-C7, Class A3 3.839%, 12/10/54		984,865
	174,000	Chicago Skyscraper Trust Series 2017-SKY, Class B 2.094%, 02/15/30 (a) (e)		174,541
	96,000	Chicago Skyscraper Trust Series 2017-SKY, Class C 2.244%, 02/15/30 (a) (e)		96,300
	55,357	Citicorp Mortgage Securities Trust Series 2007-2, Class 3A1 5.500%, 02/25/37		55,225
	450,000	Citigroup Commercial Mortgage Trust Series 2007-C6, Class AM 5.922%, 12/10/49 (e)		455,921
	873,659	Citigroup Commercial Mortgage Trust Series 2012-GC8, Class XA 2.257%, 09/10/45 (a) (e) (h)		54,930
	350,000	Citigroup Commercial Mortgage Trust Series 2013-SMP, Class C 2.738%, 01/12/30 (a)		351,126

Principal Amount			Market Value
	$350,000	Citigroup Commercial Mortgage Trust Series 2013-SMP, Class D 3.008%, 01/12/30 (a) (e)	$	350,920
	4,837,794	Citigroup Commercial Mortgage Trust Series 2014-GC25, Class XA 1.207%, 10/10/47 (e) (h)		299,905
	440,700	Citigroup Commercial Mortgage Trust Series 2015-GC27, Class D 4.576%, 02/10/48 (a) (e)		360,514
	780,000	Citigroup Commercial Mortgage Trust Series 2015-GC31, Class C 4.199%, 06/10/48 (e)		759,146
	235,000	Citigroup Commercial Mortgage Trust Series 2015-GC35, Class C 4.651%, 11/10/48 (e)		236,317
	7,475,137	Citigroup Commercial Mortgage Trust Series 2015-GC35, Class XA 1.048%, 11/10/48 (e) (h)		393,052
	7,746,763	Citigroup Commercial Mortgage Trust Series 2016-GC36, Class XA 1.503%, 02/10/49 (e) (h)		678,259
	5,495,555	Citigroup Commercial Mortgage Trust Series 2016-P3, Class XA 1.875%, 04/15/49 (e) (h)		607,951
	6,727,632	Citigroup Commercial Mortgage Trust Series 2016-P4, Class XA 2.171%, 07/10/49 (e) (h)		884,528
	756,000	Citigroup Commercial Mortgage Trust Series 2016-P6, Class A5 3.720%, 12/10/49 (e)		793,564
	952,000	Citigroup Commercial Mortgage Trust Series 2016-SMPL, Class D 3.520%, 09/10/31 (a)		950,027
	1,618,186	Citigroup Mortgage Loan Trust Series 2006-AR2, Class 1A2 3.529%, 03/25/36 (e)		1,588,908
	1,750,000	Citigroup Mortgage Loan Trust Series 2010-7, Class 11A1 5.414%, 07/25/36 (a) (e)		1,801,825
	300,000	COBALT Commercial Mortgage Trust Series 2007-C2, Class AJFX 5.568%, 04/15/47 (e)		303,862
	453,000	COMM Mortgage Trust Series 2016-DC2, Class C 4.643%, 02/10/49 (e)		445,115
	6,762,470	COMM Mortgage Trust Series 2016-DC2, Class XA 1.075%, 02/10/49 (e) (h)		464,756
	780,000	COMM Mortgage Trust Series 2016-GCT, Class E 3.577%, 08/10/29 (a) (e)		757,313
	54,779	Commercial Mortgage Pass Through Certificates Series 2010-C1, Class XPA 1.724%, 07/10/46 (a) (e) (h)		469
	1,828,247	Commercial Mortgage Pass Through Certificates Series 2012-CR3, Class XA 2.229%, 10/15/45 (e) (h)		132,647

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

  35

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
	$20,211,394	Commercial Mortgage Pass Through Certificates Series 2013-CR10, Class XA 1.077%, 08/10/46 (e) (h)	$	700,808
	300,000	Commercial Mortgage Pass Through Certificates Series 2014-CR20, Class C 4.656%, 11/10/47 (e)		299,739
	350,000	Commercial Mortgage Pass Through Certificates Series 2015-CR23, Class D 4.397%, 05/10/48 (e)		271,252
	470,000	Commercial Mortgage Pass Through Certificates Series 2015-CR25, Class C 4.698%, 08/10/48 (e)		476,744
	600,000	Commercial Mortgage Pass Through Certificates Series 2015-CR26, Class B 4.644%, 10/10/48 (e)		612,962
	8,319,913	Commercial Mortgage Pass Through Certificates Series 2015-CR26, Class XA 1.202%, 10/10/48 (e) (h)		530,162
	585,000	Commercial Mortgage Pass Through Certificates Series 2015-LC23, Class C 4.801%, 10/10/48 (e)		608,170
	9,079,826	Commercial Mortgage Pass Through Certificates Series 2016-C3, Class XA 1.244%, 01/10/48 (e) (h)		671,530
	807,000	Commercial Mortgage Pass Through Certificates Series 2016-CR28, Class C 4.802%, 02/10/49 (e)		799,418
	650,000	Commercial Mortgage Trust Series 2007-GG11, Class AJ 6.236%, 12/10/49 (e)		660,547
	500,000	Core Industrial Trust Series 2015-CALW, Class D 3.979%, 02/10/34 (a) (e)		511,823
	680,000	Cosmopolitan Hotel Trust Series 2016-CSMO, Class C 3.644%, 11/15/33 (a) (e)		689,280
	1,002,625	Countrywide Alternative Loan Trust Series 2005-86CB, Class A5 5.500%, 02/25/36		870,383
	461,129	Countrywide Alternative Loan Trust Series 2006-J1, Class 2A1 7.000%, 02/25/36		173,881
	62,204	Countrywide Alternative Loan Trust Series 2007-18CB, Class 2A17 6.000%, 08/25/37		55,840
	262,258	Countrywide Alternative Loan Trust Series 2007-23CB, Class A3 1.491%, 09/25/37 (e)		165,461

Principal Amount			Market Value
$	250,413	Countrywide Alternative Loan Trust Series 2007-23CB, Class A4 5.509%, 09/25/37 (e) (h)	$	59,682
	463,916	Countrywide Home Loan Mortgage Pass Through Trust Series 2005-HYB8, Class 4A1 3.121%, 12/20/35 (e)		424,108
	1,192,883	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-14, Class A15 6.500%, 09/25/37		1,115,833
	452,180	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-2, Class A13 6.000%, 03/25/37		395,556
	88,436	Countrywide Home Loan Mortgage Pass Through Trust Series 2007-7, Class A4 5.750%, 06/25/37		80,046
	625,000	Credit Suisse Commercial Mortgage Trust Series 2007-C4, Class A1AM 6.139%, 09/15/39 (e)		627,449
	1,380,009	Credit Suisse First Boston Mortgage Securities Corp. Series 2005-9, Class 5A9 5.500%, 10/25/35		1,233,371
	708,086	Credit Suisse Mortgage Capital Certificates Series 2007-1, Class 5A4 6.000%, 02/25/37		604,451
	6,977,441	CSAIL Commercial Mortgage Trust Series 2016-C6, Class XA 1.977%, 01/15/49 (e) (h)		792,227
	3,291,570	CSMC Trust Series 2013-IVR4, Class A11 3.485%, 07/25/43 (a) (e)		3,283,185
	3,291,570	CSMC Trust Series 2013-IVR4, Class A2 3.000%, 07/25/43 (a) (e)		3,228,183
	534,000	DBJPM Series 2016-C1, Class C 3.505%, 05/10/49 (e)		509,238
	7,686,075	DBJPM Series 2016-C1, Class XA 1.656%, 05/10/49 (e) (h)		776,932
	569,000	FHLMC Multifamily Structured Pass Through Certificates Series K050, Class A2 3.334%, 08/25/25 (e)		596,965
	766,000	FHLMC Multifamily Structured Pass Through Certificates Series K053, Class A2 2.995%, 12/25/25		783,311
	831,000	FHLMC Multifamily Structured Pass Through Certificates Series K054, Class A2 2.745%, 01/25/26		832,607

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

36

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
$	5,456,565	FHLMC Multifamily Structured Pass Through Certificates Series K722, Class X1 1.442%, 03/25/23 (e) (h)	$	344,731
	2,790,754	First Horizon Alternative Series 2006-AA7, Class A1 3.072%, 01/25/37 (e)		2,379,366
	2,489,792	First Horizon Alternative Mortgage Securities Trust Series 2005-FA4, Class 1A6 5.500%, 06/25/35		2,292,184
	1,316,992	First Horizon Mortgage Pass-Through Trust Series 2006-2, Class 1A3 6.000%, 08/25/36		1,196,443
	4,664,024	Firstkey Mortgage Trust Series 2014-1, Class A8 3.500%, 11/25/44 (a) (e)		4,752,657
	391,000	GS Mortgage Securities Trust Series 2014-GC26, Class C 4.661%, 11/10/47 (e)		393,138
	6,439,509	GS Mortgage Securities Trust Series 2015-GC34, Class XA 1.521%, 10/10/48 (e) (h)		543,196
	10,705,763	GS Mortgage Securities Trust Series 2015-GS1, Class XA 0.980%, 11/10/48 (e) (h)		604,834
	7,328,925	GS Mortgage Securities Trust Series 2016-GS2, Class XA 1.821%, 05/10/49 (e) (h)		794,322
	387,208	GSR Mortgage Loan Trust Series 2006-AR1, Class 3A1 3.505%, 01/25/36 (e)		351,050
	26,085	HSI Asset Loan Obligation Trust Series 2007-2, Class 1A1 5.500%, 09/25/37		25,118
	2,176,839	JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-A2, Class 2A1 3.334%, 04/25/36 (e)		2,063,650
	146,639	JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP8, Class X 0.536%, 05/15/45 (e) (h)		5
	215,179	JP Morgan Chase Commercial Mortgage Securities Trust Series 2006-LDP9, Class AM 5.372%, 05/15/47		215,076
	350,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB19, Class AM 5.933%, 02/12/49 (e)		349,773
	537,200	JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-CB20, Class AJ 6.370%, 02/12/51 (e)		550,606

Principal Amount			Market Value
	$  250,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LD12, Class AM 6.265%, 02/15/51 (e)	$	252,772
	609,978	JP Morgan Chase Commercial Mortgage Securities Trust Series 2007-LDPX, Class AM 5.464%, 01/15/49 (e)		609,684
	788,406	JP Morgan Chase Commercial Mortgage Securities Trust Series 2011-C4, Class XA 1.545%, 07/15/46 (a) (e) (h)		17,777
	1,794,573	JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-C8, Class XA 1.978%, 10/15/45 (e) (h)		134,611
	659,954	JP Morgan Chase Commercial Mortgage Securities Trust Series 2012-CBX, Class XA 1.828%, 06/15/45 (e) (h)		36,442
	5,709,410	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C18, Class XA 1.227%, 02/15/47 (e) (h)		256,979
	300,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C21, Class C 4.816%, 08/15/47 (e)		302,998
	3,672,970	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C21, Class XA 1.242%, 08/15/47 (e) (h)		215,344
	330,824	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C23, Class C 4.608%, 09/15/47 (e)		336,417
	450,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C25, Class C 4.596%, 11/15/47 (e)		449,343
	6,460,189	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C25, Class XA 1.140%, 11/15/47 (e) (h)		334,186
	5,238,142	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-C26, Class XA 1.308%, 01/15/48 (e) (h)		280,937
	300,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2014-DSTY, Class A 3.429%, 06/10/27 (a)		305,678
	4,378,328	JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-C27, Class XA 1.507%, 02/15/48 (e) (h)		302,137

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

  37

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
$	7,906,295	JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-C28, Class XA 1.332%, 10/15/48 (e) (h)	$	457,464
	650,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-C32, Class C 4.818%, 11/15/48 (e)		627,802
	670,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-C33, Class C 4.772%, 12/15/48 (e)		682,547
	8,334,598	JP Morgan Chase Commercial Mortgage Securities Trust Series 2015-JP1, Class XA 1.304%, 01/15/49 (e) (h)		484,842
	320,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class B 3.460%, 08/15/49		318,170
	246,000	JP Morgan Chase Commercial Mortgage Securities Trust Series 2016-JP2, Class C 3.947%, 08/15/49 (e)		242,098
	263,000	JPMBB Commercial Mortgage Securities Trust Series 2015-C27, Class D 3.984%, 02/15/48 (a) (e)		211,669
	755,000	JPMBB Commercial Mortgage Securities Trust Series 2016-C1, Class C 4.905%, 03/15/49 (e)		790,942
	7,704,051	JPMDB Commercial Mortgage Securities Trust Series 2016-C2, Class XA 1.864%, 06/15/49 (e) (h)		772,015
	485,000	LB Commercial Mortgage Trust Series 2007-C3, Class AMB 5.189%, 07/15/44		486,381
	250,000	LB Commercial Mortgage Trust Series 2007-C3, Class AMFL 6.206%, 07/15/44 (a) (e)		250,933
	747,000	LB-UBS Commercial Mortgage Trust Series 2007-C7, Class AJ 6.456%, 09/15/45 (e)		760,300
	588,000	LSTAR Commercial Mortgage Trust Series 2016-4, Class C 4.701%, 03/10/49 (a) (e)		544,855
	732,532	Morgan Stanley Bank of America Merrill Lynch Trust Series 2012-C5, Class XA 1.710%, 08/15/45 (a) (e) (h)		44,471
	5,844,076	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class XA 1.405%, 02/15/47 (e) (h)		266,814

Principal Amount			Market Value
$	300,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C18, Class C 4.634%, 10/15/47 (e)	$	296,136
	413,500	Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C19, Class C 4.000%, 12/15/47		392,059
	785,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25, Class C 4.679%, 10/15/48 (e)		810,855
	800,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D 3.060%, 10/15/48 (a)		610,392
	80,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27, Class C 4.687%, 12/15/47 (e)		77,588
	8,464,748	Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C28, Class XA 1.442%, 01/15/49 (e) (h)		698,043
	844,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29, Class C 4.911%, 05/15/49 (e)		879,427
	787,000	Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C32, Class A4 3.720%, 12/15/49		824,391
	49,965	Morgan Stanley Capital I Trust Series 2006-HQ8, Class AJ 5.627%, 03/12/44 (e)		50,098
	164,955	Morgan Stanley Capital I Trust Series 2007-HQ11, Class AJ 5.508%, 02/12/44 (e)		161,926
	375,100	Morgan Stanley Capital I Trust Series 2007-IQ16, Class AMA 6.257%, 12/12/49 (e)		381,978
	586,279	Morgan Stanley Capital I Trust Series 2011-C1, Class XA 0.627%, 09/15/47 (a) (e) (h)		7,207
	250,000	Morgan Stanley Capital I Trust Series 2014-CPT, Class E 3.560%, 07/13/29 (a) (e)		249,813
	350,000	Morgan Stanley Capital I Trust Series 2014-MP, Class D 3.816%, 08/11/33 (a) (e)		356,507
	588,000	Morgan Stanley Capital I Trust Series 2015-XLF2, Class AFSC 3.894%, 08/15/26 (a) (e)		588,181
	2,861,795	Morgan Stanley Capital I Trust Series 2016-UB11, Class XA 1.817%, 08/15/49 (e) (h)		302,742

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

38

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
$	697,000	Morgan Stanley Capital I Trust Series 2017-PRME, Class D 4.394%, 02/15/34 (a) (e)	$	701,965
	681,785	Morgan Stanley Mortgage Loan Trust Series 2005-3AR, Class 2A2 3.317%, 07/25/35 (e)		630,245
	5,512,408	Morgan Stanley Mortgage Loan Trust Series 2005-9AR, Class 2A 3.337%, 12/25/35 (e)		4,740,900
	1,391,879	Morgan Stanley Mortgage Loan Trust Series 2007-14AR, Class 1A3 3.351%, 10/25/37 (e)		1,211,148
	946,000	MSCG Trust Series 2016-SNR, Class C 5.205%, 11/15/34 (a)		955,346
	246,543	Nomura Asset Acceptance Corp. Alternative Loan Trust Series 2005-AP3, Class A3 5.318%, 08/25/35 (e)		153,423
	2,302,038	PR Mortgage Loan Trust Series 2014-1, Class APT 5.917%, 10/25/49 (e)		2,289,738
	1,258,827	RALI Trust Series 2005-QA10, Class A31 4.110%, 09/25/35 (e)		1,069,973
	3,753,264	RALI Trust Series 2006-QS7, Class A2 6.000%, 06/25/36		3,293,280
	212,175	Residential Asset Securitization Trust Series 2006-A6, Class 1A1 6.500%, 07/25/36		109,254
	432,987	Residential Asset Securitization Trust Series 2007-A1, Class A8 6.000%, 03/25/37		279,832
	1,515,504	Sequoia Mortgage Trust Series 2013-1, Class 2A1 1.855%, 02/25/43 (e)		1,433,657
	208,614	Structured Adjustable Rate Mortgage Loan Trust Series 2006-1, Class 2A2 3.222%, 02/25/36 (e)		182,482
	1,815,946	UBS-Barclays Commercial Mortgage Trust Series 2012-C3, Class XA 2.174%, 08/10/49 (a) (e) (h)		132,033
	977,000	Wachovia Bank Commercial Series 2006-C26, Class AM 6.279%, 06/15/45 (e)		986,555
	500,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C32, Class AMFX 5.703%, 06/15/49 (a)		508,713
	374,590	Wachovia Bank Commercial Mortgage Trust Series 2006-C28, Class AJ 5.632%, 10/15/48 (e)		376,065

Principal Amount			Market Value
$	946,775	Wachovia Bank Commercial Mortgage Trust Series 2007-C30, Class AJ 5.413%, 12/15/43 (e)	$	959,794
	300,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class AJ 6.179%, 02/15/51 (e)		305,833
	580,000	Wachovia Bank Commercial Mortgage Trust Series 2007-C33, Class AM 6.179%, 02/15/51 (e)		583,105
	1,741,944	Washington Mutual Mortgage Pass- Through Certificates WMALT Trust Series 2005-8, Class 2CB1 5.500%, 10/25/35		1,695,074
	471,800	Wells Fargo Commercial Mortgage Trust Series 2015-C26, Class D 3.586%, 02/15/48 (a)		354,793
	725,000	Wells Fargo Commercial Mortgage Trust Series 2014-LC16, Class D 3.938%, 08/15/50 (a)		610,809
	512,000	Wells Fargo Commercial Mortgage Trust Series 2014-LC18, Class B 3.959%, 12/15/47		525,152
	400,000	Wells Fargo Commercial Mortgage Trust Series 2015-C28, Class C 4.272%, 05/15/48 (e)		383,496
	585,000	Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class C 4.765%, 11/15/48 (e)		603,258
	8,405,565	Wells Fargo Commercial Mortgage Trust Series 2015-C31, Class XA 1.260%, 11/15/48 (e) (h)		583,594
	480,000	Wells Fargo Commercial Mortgage Trust Series 2015-LC22, Class C 4.692%, 09/15/58 (e)		492,506
	4,426,584	Wells Fargo Commercial Mortgage Trust Series 2015-NXS1, Class XA 1.325%, 05/15/48 (e) (h)		283,505
	610,000	Wells Fargo Commercial Mortgage Trust Series 2015-NXS3, Class C 4.638%, 09/15/57 (e)		590,278
	558,000	Wells Fargo Commercial Mortgage Trust Series 2016-C32, Class C 4.879%, 01/15/59 (e)		550,996

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

  39

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
$	517,000	Wells Fargo Commercial Mortgage Trust Series 2016-C33, Class C 3.896%, 03/15/59	$	506,197
	5,314,649	Wells Fargo Commercial Mortgage Trust Series 2016-C33, Class XA 1.974%, 03/15/59 (e) (h)		590,405
	6,312,266	Wells Fargo Commercial Mortgage Trust Series 2016-NXS6, Class XA 1.806%, 11/15/49 (e) (h)		666,094
	261,171	Wells Fargo Mortgage Backed Securities Trust Series 2007-13, Class A6 6.000%, 09/25/37		263,654
	248,436	Wells Fargo Mortgage Backed Securities Trust Series 2007-8, Class 1A16 6.000%, 07/25/37		246,223
	754,256	WF-RBS Commercial Mortgage Trust Series 2012-C8, Class XA 2.139%, 08/15/45 (a) (e) (h)		56,750
	1,345,798	WF-RBS Commercial Mortgage Trust Series 2012-C9, Class XA 2.241%, 11/15/45 (a) (e) (h)		100,566
	6,213,078	WFRBS Commercial Mortgage Trust Series 2014-C21, Class XA 1.300%, 08/15/47 (e) (h)		358,428
		Total Collateralized Mortgage and Asset-Backed Securities (Cost $110,359,282)		108,301,074
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 38.2%
		Fannie Mae – 9.9%
	326,570	4.000%, 06/01/42 Pool # AB5459		341,609
	3,258,124	3.000%, 03/01/45 Pool # AS4645		3,262,140
	9,462,059	3.500%, 03/01/46 Pool # BC0281		9,755,570
	486,967	3.500%, 12/01/31 Pool # MA0919		509,386
	424,605	3.500%, 01/01/32 Pool # MA0949		444,152
	83,567	4.500%, 03/01/42 Pool # MA1050		88,068
	4,085,295	3.000%, 04/01/45 Pool # MA2248		4,067,854
	182,613	4.000%, 09/01/31 Pool # MA3894		194,147
	165,793	5.629%, 10/25/36 (e) (h) Series 2007-57, Class SX, REMIC		30,576
	269,397	4.809%, 09/25/36 (e) (h) Series 2009-86, Class CI, REMIC		38,211

Principal Amount			Market Value
		Fannie Mae (continued)
$	339,867	4.000%, 01/25/41 Series 2010-156, Class ZC, REMIC	$	351,727
	194,818	4.500%, 12/25/41 Series 2011-121, Class JP, REMIC		208,372
	511,691	4.000%, 03/25/41 Series 2011-18, Class UZ, REMIC		545,625
	1,173,726	3.500%, 10/25/42 Series 2012-105, Class Z, REMIC		1,203,526
	2,038,653	2.750%, 11/25/42 Series 2012-127, Class PA, REMIC		2,030,818
	4,312,494	3.500%, 03/25/42 Series 2012-20, Class ZT, REMIC		4,414,185
	1,837,600	4.000%, 04/25/42 Series 2012-31, Class Z, REMIC		1,956,219
	6,850,074	2.000%, 08/25/42 Series 2013-5, Class EZ, REMIC		6,079,529
	5,409,687	3.000%, 02/25/43 Series 2013-8, Class Z, REMIC		5,205,407
	5,388,916	3.000%, 11/25/44 Series 2014-73, Class CZ, REMIC		5,044,770
	6,273,984	3.000%, 01/25/45 Series 2015-9, Class HA, REMIC		6,429,678
	4,285,951	3.000%, 08/25/42 Series 2015-95, Class AP, REMIC		4,364,888
	5,606,236	3.000%, 05/25/46 Series 2016-24, Class NZ, REMIC		5,279,039
	757,000	2.702%, 02/25/26 Series 2016-M3, Class A2		752,819
				62,598,315
		Freddie Mac – 5.5%
	3,290,360	3.000%, 03/15/44 Series 4316, Class BZ, REMIC		3,094,606
	26,951	5.000%, 07/01/35 Gold Pool # G01840		29,739
	7,528	5.500%, 12/01/38 Gold Pool # G06172		8,358
	5,294,886	3.500%, 02/01/45 Gold Pool # Q31596		5,450,952
	139,360	4.000%, 10/01/41 Gold Pool # T60392		145,451
	781,936	3.500%, 10/01/42 Gold Pool # T65110		800,435

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

40

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
		Freddie Mac (continued)
$	3,419,986	3.000%, 07/01/45 Pool # G08653	$	3,418,983
	4,299,044	3.000%, 08/01/45 Pool # G08658		4,297,782
	362,053	5.000%, 12/15/34 Series 2909, Class Z, REMIC		397,811
	103,913	5.106%, 04/15/37 (e) (h) Series 3301, Class MS, REMIC		14,215
	43,684	5.006%, 11/15/37 (e) (h) Series 3382, Class SB, REMIC		4,924
	72,366	5.396%, 11/15/37 (e) (h) Series 3384, Class S, REMIC		9,793
	147,849	4.526%, 01/15/39 (e) (h) Series 3500, Class SA, REMIC		15,681
	174,235	5.500%, 08/15/36 Series 3626, Class AZ, REMIC		189,760
	1,075,070	4.000%, 12/15/38 Series 3738, Class BP, REMIC		1,121,366
	128,349	4.000%, 01/15/41 Series 3795, Class VZ, REMIC		136,366
	46,613	4.000%, 06/15/41 Series 3872, Class BA, REMIC		48,198
	243,020	4.000%, 07/15/41 Series 3888, Class ZG, REMIC		258,855
	431,209	4.500%, 07/15/41 Series 3894, Class ZA, REMIC		457,331
	521,298	3.500%, 11/15/41 Series 3957, Class DZ, REMIC		530,837
	558,667	4.000%, 11/15/41 Series 3957, Class HZ, REMIC		586,041
	903,021	7.871%, 01/15/41 (e) Series 3792, Class SE, REMIC		985,035
	2,205,120	4.000%, 03/15/42 Series 4016, Class KZ, REMIC		2,372,138
	4,664,925	4.506%, 07/15/42 (e) (h) Series 4075, Class S, REMIC		639,935
	3,040,624	2.250%, 03/15/38 Series 4215, Class KC, REMIC		3,067,532
	2,639,700	3.000%, 06/15/40 Series 4323, Class GA, REMIC		2,719,128
	3,687,942	3.000%, 01/15/41 Series 4511, Class QA, REMIC		3,752,267
				34,553,519
		Ginnie Mae – 0.4%
	27,169	26.047%, 03/20/34 (e) Series 2004-35, Class SA		47,691
	333,367	6.637%, 08/20/38 (e) (h) Series 2008-69, Class SB		68,393
	379,793	4.500%, 05/16/39 Series 2009-32, Class ZE		406,356
	423,926	4.500%, 05/20/39 Series 2009-35, Class DZ		459,146
	447,066	4.500%, 09/20/39 Series 2009-75, Class GZ		477,699
	112,569	5.805%, 03/20/39 (e) (h) Series 2010-98, Class IA		12,948

Principal Amount			Market Value
		Ginnie Mae (continued)
$	766,096	4.457%, 06/20/41 (e) (h) Series 2011-89, Class SA	$	101,286
	3,090,264	5.257%, 10/20/44 (e) (h) Series 2014-156, Class PS		516,323
	3,012,464	5.157%, 07/20/43 (e) (h) Series 2014-5, Class PS		427,224
				2,517,066
		U.S. Treasury Bonds – 3.3%
	21,600,000	2.750%, 11/15/42		20,849,897
		U.S. Treasury Inflation Index Bonds – 0.9%
	3,089,491	0.125%, 07/15/26		3,033,945
	2,950,647	1.000%, 02/15/46		3,017,597
				6,051,542
		U.S. Treasury Notes – 18.2%
	4,600,000	0.625%, 09/30/17		4,593,712
	9,590,000	1.000%, 02/15/18		9,584,006
	1,860,000	1.000%, 05/15/18		1,856,985
	7,350,000	1.000%, 05/31/18		7,336,939
	13,480,000	1.500%, 05/31/20		13,486,053
	12,870,000	2.000%, 11/30/20		13,047,966
	1,300,000	1.750%, 12/31/20		1,306,170
	14,210,000	2.250%, 03/31/21		14,521,398
	20,850,000	1.750%, 03/31/22		20,778,318
	1,110,000	1.500%, 02/28/23		1,081,361
	12,670,000	2.125%, 02/29/24		12,702,423
	15,790,000	1.625%, 05/15/26		14,965,036
				115,260,367
		Total U.S. Government and Agency Obligations (Cost $243,078,913)		241,830,706
	OTHER MORTGAGE AND ASSET-BACKED SECURITIES – 9.4%
	250,000	Adams Mill CLO, Ltd. (Cayman Islands) Series 2014-1A, Class D1 4.658%, 07/15/26 (a) (e)		246,893
	250,000	Adams Mill CLO, Ltd. (Cayman Islands) Series 2014-1A, Class E1 6.158%, 07/15/26 (a) (e)		239,215
	1,000,000	ALM VII R, Ltd. (Cayman Islands) Series 2013-7RA, Class CR 5.198%, 10/15/28 (a) (e)		1,017,030
	500,000	ALM XI, Ltd. (Cayman Islands) Series 2014-11A, Class C 4.658%, 10/17/26 (a) (e)		501,645
	1,000,000	ALM XIV, Ltd. (Cayman Islands) Series 2014-14A, Class C 4.622%, 07/28/26 (a) (e)		1,008,606
	500,000	ALM XIX, Ltd. (Cayman Islands) Series 2016-19A, Class B 4.158%, 07/15/28 (a) (e)		504,762

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

  41

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
$	500,000	ALM XIX, Ltd. (Cayman Islands) Series 2016-19A, Class C 5.508%, 07/15/28 (a) (e)	$	508,992
	500,000	Apidos CLO XVI (Cayman Islands) Series 2013-16A, Class B 3.958%, 01/19/25 (a) (e)		500,010
	250,000	Apidos CLO XVIII (Cayman Islands) Series 2014-18A, Class D 6.353%, 07/22/26 (a) (e)		245,484
	500,000	Apidos CLO XX (Cayman Islands) Series 2015-20A, Class C 4.858%, 01/16/27 (a) (e)		499,893
	500,000	Apidos CLO XXI (Cayman Islands) Series 2015-21A, Class C 4.708%, 07/18/27 (a) (e)		502,047
	500,000	ARES XXVI CLO, Ltd. (Cayman Islands) Series 2013-1A, Class D 4.908%, 04/15/25 (a) (e)		501,329
	1,000,000	Atrium IX (Cayman Islands) Series 9A, Class DR 4.605%, 05/28/30 (a) (e)		997,610
	40,966	AVANT Loans Funding Trust Series 2016-B, Class A 3.920%, 08/15/19 (a)		41,092
	500,000	Babson CLO, Ltd. (Cayman Islands) Series 2012-2A, Class CR 4.639%, 05/15/23 (a) (e)		505,665
	250,000	Babson CLO, Ltd. (Cayman Islands) Series 2014-3A, Class E2 7.658%, 01/15/26 (a) (e)		251,763
	500,000	Babson CLO, Ltd. (Cayman Islands) Series 2015-2A, Class D 4.956%, 07/20/27 (a) (e)		496,691
	250,000	Babson CLO, Ltd. (Cayman Islands) Series 2015-IA, Class D1 4.606%, 04/20/27 (a) (e)		250,083
	367,783	Bayview Financial Acquisition Trust Series 2007-A, Class 1A5 6.101%, 05/28/37 (i)		370,053
	984,375	Blackbird Capital Aircraft Lease Securitization, Ltd. Series 2016-1A, Class B 5.682%, 12/16/41 (a) (i)		1,006,548
	250,000	BlueMountain CLO, Ltd. (Cayman Islands) Series 2012-1A, Class E 6.656%, 07/20/23 (a) (e)		251,334
	1,000,000	BlueMountain CLO, Ltd. (Cayman Islands) Series 2013-1A, Class CR 5.306%, 01/20/29 (a) (e)		1,002,469
	500,000	BlueMountain CLO, Ltd. (Cayman Islands) Series 2015-2A, Class C 3.858%, 07/18/27 (a) (e)		501,957
	1,000,000	BlueMountain CLO, Ltd. (Cayman Islands) Series 2015-2A, Class D 4.708%, 07/18/27 (a) (e)		1,005,683

Principal Amount			Market Value
$	1,000,000	BlueMountain CLO, Ltd. (Cayman Islands) Series 2016-2A, Class C 5.152%, 08/20/28 (a) (e)	$	1,023,651
	250,000	Brookside Mill CLO, Ltd. (Cayman Islands) Series 2013-1A, Class D 4.208%, 04/17/25 (a) (e)		245,500
	250,000	Brookside Mill CLO, Ltd. (Cayman Islands) Series 2013-1A, Class E 5.558%, 04/17/25 (a) (e)		231,392
	500,000	Canyon Capital CLO, Ltd. (Cayman Islands) Series 2014-1A, Class B 3.820%, 04/30/25 (a) (e)		500,534
	2,278,712	Castle Aircraft Securitiz Series 2015-1A, Class A 4.703%, 12/15/40 (a)		2,334,490
	250,000	Catamaran CLO, Ltd. (Cayman Islands) Series 2015-1A, Class C1 4.253%, 04/22/27 (a) (e)		250,301
	871,400	CLI Funding V LLC Series 2013-2A, Class NOTE 3.220%, 06/18/28 (a)		844,009
	2,318,192	Credit Suisse Commercial Mortgage Trust Series 2015-PR2, Class A1 4.250%, 07/26/55 (a) (i)		2,331,762
	100,000	Credit-Based Asset Servicing & Securitization LLC Series 2007-MX1, Class A4 6.231%, 12/25/36 (a) (i)		101,487
	750,000	Dryden XXIV Senior Loan Fund (Cayman Islands) Series 2012-24RA, Class DR 4.739%, 11/15/23 (a) (e)		744,361
	250,000	Eaton Vance CDO VIII, Ltd. (Cayman Islands) Series 2006-8A, Class B 1.689%, 08/15/22 (a) (e)		250,091
	727,416	ECAF I, Ltd. Series 2015-1A, Class A1 3.473%, 06/15/40 (a)		719,232
	842,763	Element Rail Leasing II LLC Series 2016-1A, Class A2 5.047%, 03/19/46 (a)		869,306
	250,000	Flatiron CLO, Ltd. (Cayman Islands) Series 2014-1A, Class C 4.458%, 07/17/26 (a) (e)		245,008
	499,542	FREMF Mortgage Trust Series 2016-KF22, Class B 6.041%, 07/25/23 (a) (e)		505,306
	500,000	Galaxy XVIII CLO, Ltd. (Cayman Islands) Series 2014-18A, Class D1 4.858%, 10/15/26 (a) (e)		500,000

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

42

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
$	1,000,000	Galaxy XXII CLO, Ltd. (Cayman Islands) Series 2016-22A, Class D 5.608%, 07/16/28 (a) (e)	$	1,005,252
	996,875	Global SC Finance II SRL (Barbados) Series 2014-1A, Class A1 3.190%, 07/17/29 (a)		975,457
	500,000	Goldentree Loan Opportunities X, Ltd. (Cayman Islands) Series 2015-10A, Class D 4.506%, 07/20/27 (a) (e)		496,218
	757,000	GSAA Home Equity Trust Series 2006-15, Class AF3B 5.933%, 09/25/36 (e)		126,041
	250,000	Halcyon Loan Advisors Funding, Ltd. (Cayman Islands) Series 2013-2A, Class C 3.870%, 08/01/25 (a) (e)		251,566
	500,000	LCM XII LP (Cayman Islands) Series 12A, Class DR 4.858%, 10/19/22 (a) (e)		504,437
	250,000	LCM XIV LP (Cayman Islands) Series 14A, Class D 4.658%, 07/15/25 (a) (e)		251,264
	500,000	LCM XV LP (Cayman Islands) Series 15A, Class C 4.152%, 08/25/24 (a) (e)		500,590
	1,000,000	LCM XVIII LP (Cayman Islands) Series 19A, Class D 4.608%, 07/15/27 (a) (e)		984,957
	1,000,000	Madison Park Funding IV, Ltd. (Cayman Islands) Series 2007-4A, Class A1B 1.456%, 03/22/21 (a) (e)		984,584
	350,000	Madison Park Funding IV, Ltd. (Cayman Islands) Series 2007-4A, Class D 2.586%, 03/22/21 (a) (e)		343,959
	500,000	Madison Park Funding XV, Ltd. (Cayman Islands) Series 2014-15A, Class CR 4.620%, 01/27/26 (a) (e)		500,210
	750,000	Madison Park Funding, Ltd. (Cayman Islands) Series 2007-6A, Class C 2.167%, 07/26/21 (a) (e)		732,567
	500,000	Magnetite IX, Ltd. (Cayman Islands) Series 2014-9A, Class B 4.156%, 07/25/26 (a) (e)		501,097
	918,376	Mosaic Solar Loans LLC Series 2017-1A, Class A 4.450%, 06/20/42 (a)		927,156
	500,000	MP CLO, VI LTD. (Cayman Islands) Series 2014-2A, Class DR 4.658%, 01/15/27 (a) (e)		500,226
	250,000	Nomad CLO, Ltd. (Cayman Islands) Series 2013-1A, Class C 4.658%, 01/15/25 (a) (e)		251,238

Principal Amount			Market Value
$	250,000	Nomad CLO, Ltd. (Cayman Islands) Series 2013-1A, Class B 4.108%, 01/15/25 (a) (e)	$	251,289
	250,000	Octagon Investment Partners XVI, Ltd. (Cayman Islands) Series 2013-1A, Class D 4.508%, 07/17/25 (a) (e)		250,098
	250,000	Octagon Investment Partners XVI, Ltd. (Cayman Islands) Series 2013-1A, Class E 5.658%, 07/17/25 (a) (e)		233,301
	1,000,000	Octagon Investment Partners XX, Ltd. (Cayman Islands) Series 2014-1A, Class D 4.684%, 08/12/26 (a) (e)		1,000,000
	250,000	Octagon Investment Partners XXI, Ltd. (Cayman Islands) Series 2014-1A, Class C 4.686%, 11/14/26 (a) (e)		251,018
	250,000	Octagon Investment Partners XXII, Ltd. (Cayman Islands) Series 2014-1A, Class C2 4.653%, 11/25/25 (a) (e)		250,666
	250,000	Octagon Investment Partners XXII, Ltd. (Cayman Islands) Series 2014-1A, Class D2 5.733%, 11/25/25 (a) (e)		251,759
	250,000	Octagon Investment Partners XXVII, Ltd. (Cayman Islands) Series 2016-1A, Class C 4.158%, 07/15/27 (a) (e)		250,472
	500,000	Octagon Investment Partners XXVII, Ltd. (Cayman Islands) Series 2016-1A, Class D 5.908%, 07/15/27 (a) (e)		502,393
	500,000	Octagon Investment Partners XXX, Ltd. (Cayman islands) Series 2017-1A, Class C 4.535%, 03/17/30 (a) (e)		497,215
	250,000	Octagon Investment Partners XXX, Ltd. (Cayman islands) Series 2017-1A, Class D 7.235%, 03/17/30 (a) (e)		248,813
	2,000,000	OneMain Financial Issuance Trust Series 2015-1A, Class A 3.190%, 03/18/26 (a)		2,022,413
	701,000	OneMain Financial Issuance Trust Series 2015-2A, Class A 2.570%, 07/18/25 (a)		703,085
	1,516,907	SpringCastle America Funding LLC Series 2016-AA, Class A 3.050%, 04/25/29 (a)		1,531,696
	2,000,000	Springleaf Funding Trust Series 2015-AA, Class A 3.160%, 11/15/24 (a)		2,022,900
	500,000	Symphony CLO XI, Ltd. (Cayman Islands) Series 2013-11A, Class C 4.308%, 01/17/25 (a) (e)		501,474

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

  43

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
$	750,000	Symphony CLO XIV, Ltd. (Cayman Islands) Series 2014-14A, Class D2 4.758%, 07/14/26 (a) (e)	$	748,201
	1,000,000	TAL Advantage VI LLC Series 2017-1A, Class A 4.500%, 04/21/42 (a)		1,028,288
	1,000,000	TCI-Cent CLO, Ltd. (Cayman Islands) Series 2016-1A, Class C 5.124%, 12/21/29 (a) (e)		1,007,877
	750,000	TCI-Flatiron CLO, Ltd. (Cayman Islands) Series 2016-1A, Class C 4.208%, 07/17/28 (a) (e)		760,672
	1,000,000	TCI-Symphony CLO, Ltd. (Cayman Islands) Series 2016-1A, Class D 4.719%, 10/13/29 (a) (e)		1,001,146
	250,000	THL Credit Wind River CLO, Ltd. (Cayman Islands) Series 2013-1A, Class C 4.556%, 04/20/25 (a) (e)		250,365
	1,000,000	THL Credit Wind River CLO, Ltd. (Cayman Islands) Series 2014-1A, Class DR 4.658%, 04/18/26 (a) (e)		1,001,203
	1,200,000	THL Credit Wind River CLO, Ltd. (Cayman Islands) Series 2014-2A, Class D 5.058%, 07/15/26 (a) (e)		1,204,770
	500,000	THL Credit Wind River CLO, Ltd. (Cayman Islands) Series 2016-1A, Class C 4.358%, 07/15/28 (a) (e)		503,034
	250,000	THL Credit Wind River CLO, Ltd. (Cayman Islands) Series 2016-1A, Class D 5.808%, 07/15/28 (a) (e)		252,407
	3,714,377	Towd Point Mortgage Trust Series 2015-6, Class A1B 2.750%, 04/25/55 (a) (e)		3,736,622
	990,084	Trinity Rail Leasing 2010 Series 2010-1A, Class A 5.194%, 10/16/40 (a)		1,025,409
	130,173	Venture VIII CDO, Ltd. (Cayman Islands) Series 2007-8A, Class A1A 1.433%, 07/22/21 (a) (e)		129,436
	443,653	Venture XI CLO, Ltd. (Cayman Islands) Series 2012-11A, Class AR 2.336%, 11/14/22 (a) (e)		444,407
	1,000,000	Westcott Park CLO, Ltd. (Cayman Islands) Series 2016-1A, Class D 5.506%, 07/20/28 (a) (e)		1,018,500
		Total Other Mortgage and Asset-Backed Securities (Cost $58,520,380)		59,371,032

Principal Amount			Market Value
	MUNICIPAL BONDS – 0.1%
		Texas – 0.1%
$	380,000	North Texas Municipal Water District Water System Revenue GO 5.000%, 09/01/35	$	439,747
		Total Municipal Bond (Cost $432,590)		439,747
	FOREIGN GOVERNMENT BONDS AND NOTES – 4.5%
	2,500,000	Argentine Republic Government International Bond (Argentina) Senior Unsecured Notes 6.875%, 01/26/27 (b)		2,647,500
	2,000,000	Brazilian Government International Bond (Brazil) Senior Unsecured Notes 5.625%, 01/07/41		1,996,600
		Chile Government International Bond (Chile) Senior Unsecured Notes
	400,000	3.125%, 03/27/25 (b)		409,000
	1,400,000	3.125%, 01/21/26		1,431,500
	500,000	Colombia Government International Bond (Colombia) Senior Unsecured Notes 4.500%, 01/28/26		534,375
	600,000	Corp Financiera de Desarrollo SA (Peru) Senior Unsecured Notes 4.750%, 07/15/25		644,880
	500,000	Costa Rica Government Senior Unsecured Notes 9.995%, 08/01/20		587,935
		Dominican Republic International Bond Senior Unsecured Notes
	400,000	5.500%, 01/27/25		416,660
	2,800,000	5.950%, 01/25/27 (a)		2,937,172
	1,000,000	6.850%, 01/27/45		1,068,750
		Guatemala Government Bond (Guatemala) Senior Unsecured Notes
	1,400,000	4.500%, 05/03/26		1,420,090
	500,000	4.875%, 02/13/28 (b)		521,260
	2,200,000	Korea International Bond (South Korea) Senior Unsecured Notes 2.750%, 01/19/27		2,162,545
		Mexico Government International Bond Senior Unsecured Notes
	2,000,000	4.125%, 01/21/26 (b)		2,072,000
	2,316,000	4.150%, 03/28/27		2,384,206
	400,000	4.750%, 03/08/44		396,600
	2,700,000	Panama Government International Bond (Panama) Senior Unsecured Notes 3.875%, 03/17/28 (b)		2,790,990

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

44

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
$	1,300,000	Perusahaan Penerbit SBSN Indonesia III (Indonesia) Senior Unsecured Notes 4.150%, 03/29/27 (a)	$	1,326,000
	1,200,000	Philippine Government International Bond (Philippine) Senior Unsecured Notes 3.700%, 02/02/42		1,195,162
	1,000,000	Provincia de Buenos Aires (Argentina) Senior Unsecured Notes 7.875%, 06/15/27 (a)		1,046,430
	500,000	Republic of Poland Government International Bond Senior Unsecured Notes 3.250%, 04/06/26		499,487
		The Korea Development Bank (South Korea) Senior Unsecured Notes
	200,000	3.000%, 01/13/26		198,636
	200,000	2.000%, 09/12/26		182,543
		Total Foreign Government Bonds and Notes (Cost $27,951,557)		28,870,321
Shares
	COMMON STOCKS – 0.1%
		Energy – 0.1%
	864	Sandridge Energy, Inc.		15,915
	3,600	Energy XXI Gulf Coast, Inc.		99,000
	2,625	Pacific Exploration and Production Corp. (Canada)		77,359
	5,996	Pacific Exploration and Production Corp. (Canada)		180,093
		Total Common Stocks (Cost $448,428)		372,367
	WARRANTS – 0.00%#
		Energy – 0.00%
	1,106	Energy XXI Gulf Coast, Inc. 12/30/21 (g)		5,945
		Total Warrants (Cost $5,530)		5,945
Principal Amount
	SHORT TERM INVESTMENTS – 5.4%
		Repurchase Agreements – 2.3% (j)
$	3,499,615	Citigroup Global Markets, Inc., dated 04/28/17, due 05/01/17, 0.820% total to be received $3,499,854 (collateralized by various U.S. Government Agency Obligations, 0.000% - 11.500%, 05/01/17 - 06/01/53, totaling $3,569,607)		3,499,615

Principal Amount			Market Value
		Repurchase Agreements (continued)
$	736,422	Deutsche Bank Securities, Inc., dated 04/28/17, due 05/01/17, 0.840% total to be received $736,474 (collateralized by various U.S. Government Agency Obligations, 1.375% - 2.500%, 12/31/18 - 09/09/49, totaling $751,151)	$	736,422
	3,499,615	HSBC Securities USA, Inc., dated 04/28/17, due 05/01/17, 0.780% total to be received $3,499,842 (collateralized by various U.S. Government Agency Obligations, 0.000% - 0.000%, 08/15/27 - 08/15/40, totaling $3,569,613)		3,499,615
	3,499,615	Merrill Lynch Pierce Fenner & Smith, Inc., dated 04/28/17, due 05/01/17, 0.810% total to be received $3,499,851 (collateralized by various U.S. Government Agency Obligations, 3.000% - 4.500%, 09/20/42 - 04/20/45, totaling $3,569,607)		3,499,615
	3,499,615	RBC Dominion Securities, Inc., dated 04/28/17, due 05/01/17, 0.810% total to be received $3,499,851 (collateralized by various U.S. Government Agency Obligations, 0.125% - 7.000%, 07/15/17 - 07/01/55, totaling $3,569,607)		3,499,615
		Total Repurchase Agreements (Cost $14,734,882)		14,734,882
Shares
		Other Investment Companies – 3.1%
	1,065,845	DoubleLine Floating Rate Fund (k)		10,573,187
	9,145,996	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69% * (l)		9,145,996
		Total Short Term Investments (Cost $34,563,242)		34,454,065
	Total Investments – 101.5% (Cost $642,885,638)**			642,456,219
	Net Other Assets and Liabilities – (1.5)%			(9,415,363	)
	Net Assets – 100.0%		$	633,040,856

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

  45

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund	April 30, 2017
Schedule of Investments – continued

* Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes.

The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	9,518,118
Gross unrealized depreciation		(9,947,537	)
Net unrealized depreciation	$	(429,419	)

# Less than 0.05%.

(a) Securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are purchased in accordance with guidelines approved by the Board of Trustees and may only be resold, in transactions exempt from registration, to qualified institutional buyers. At April 30, 2017, these securities amounted to $135,220,231, or 21.4% of net assets. These securities have not been determined by the Subadviser to be illiquid securities.

(b) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $14,268,090 or 2.3% of net assets.

(c) Delayed delivery security.

(d) Security in default.

(e) Variable rate bond. The interest rate shown reflects the rate in effect at April 30, 2017.

(f) Zero Coupon Bond.

(g) Securities with a total aggregate market value of $407,321, or 0.1% of net assets, were valued under fair value procedures established by the Funds’ Board of Trustees.

(h) Interest only security. This type of security represents the right to receive the monthly interest payments on an underlying pool of mortgages. Payments of principal on the pool reduce the value of the “interest only” holding.

(i) Step Coupon. Security becomes interest bearing at a future date.

(j) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

(k) Affiliated issuer. A summary of this affiliated investment for the six months ended April 30, 2017 is as follows:

Beginning Market Value	Purchases at Cost	Proceeds from Sales	Dividend Income	Realized (Loss)	Ending Market Value
$7,837,407	$4,400,000	$(1,700,000)	$138,009	$(29,383)	$10,573,187

(l) Some of this security has been pledged as collateral for delayed delivery securities.

CDO	Collateralized Debt Obligation
CLO	Collateralized Loan Obligation
EMTN	Euro Medium Term Note
GMTN	Global Medium Term Note
GO	General Obligation
LP	Limited Partnership
MTN	Medium Term Note
REMIC	Real Estate Mortgage Investment Conduit
S&P	Standard & Poor’s

Rating***
U.S. Government and Agency Obligations	37.6	%
Common Stock	0.1	%
AAA	3.6	%
AA	4.3	%
A	9.8	%
BBB	17.7	%
BB	6.5	%
B	3.5	%
Lower then B	5.5	%
Not Rated	11.4	%
	100	%

*** As a percentage of market value of fixed-income securities.

Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

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

46

AMG Funds

AMG Managers Lake Partners LASSO Alternatives Fund	April 30, 2017
Schedule of Investments (unaudited)

% of Net Assets

Shares			Market Value
	INVESTMENT COMPANIES – 92.4%
		Long/Short Strategies – 38.8%
	343,521	361 Global Long/Short Equity Fund-Class Y	$	3,895,529
	368,990	Boston Partners Long/Short Equity Fund- Institutional Class *		7,818,908
	105	Diamond Hill Long/Short Fund-Class I *		2,739
	97,607	FPA Crescent Fund		3,325,475
	477,377	MainStay U.S. Equity Opportunities Fund- Class I		4,678,298
	280,294	Neuberger Berman US Equity Index Putwrite Strategy Fund-Institutional Class		3,041,187
	689,072	Otter Creek Long/Short Opportunity Fund- Institutional Class *		7,924,333
				30,686,469
		Strategic Fixed Income – 14.9%
	495,390	Metropolitan West Unconstrained Bond Fund-Class I		5,895,139
	535,821	PIMCO Mortgage Opportunities Fund- Institutional Class		5,899,392
				11,794,531
		Managed Futures – 14.9%
	173,399	361 Managed Futures Fund-Class I *		1,891,783
	476,731	Abbey Capital Futures Strategy Fund- Class I *		5,406,126
	435,324	Credit Suisse Managed Futures Strategy Fund-Class I		4,488,189
				11,786,098

Shares			Market Value
		Arbitrage – 14.8%
	297,181	Calamos Market Neutral Income Fund-Class I	$	3,890,096
	366,281	Kellner Merger Fund-Institutional Class		3,893,567
	378,915	Touchstone Arbitrage Fund- Institutional class		3,902,828
				11,686,491
		Global Macro – 7.5%
	530,981	Western Asset Macro Opportunities Fund-Class IS		5,904,511
		Money Market – 1.5%
	1,209,311	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69% **		1,209,311
		Total Investment Companies (Cost $71,544,707)		73,067,411
	EXCHANGE TRADED FUND – 6.0%
		Long/Short Strategies – 6.0%
	79,760	ProShares Large Cap Core Plus		4,709,030
		Total Exchange Traded Fund (Cost $4,022,344)		4,709,030
	Total Investments – 98.4% (Cost $75,567,051)***			77,776,441
	Net Other Assets and Liabilities – 1.6%			1,293,408
	Net Assets – 100.0%		$	79,069,849

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	3,278,837
Gross unrealized depreciation		(1,069,447	)
Net unrealized appreciation	$	2,209,390

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

  47

AMG Funds

AMG River Road Long-Short Fund	April 30, 2017
Schedule of Investments (unaudited)

% of Net Assets

The chart represents total investments, including short sales in the Fund. Industrials, Materials, Utilities, Telecommunication Services and Exchange Traded Funds are (4.4)%, (1.1)%, (3.5)%, (3.4)%, and (1.8)%, respectively, and are represented in the pie chart by reducing Cash and Net Other Assets and Liabilities to 35.1%.

Shares			Market Value
	COMMON STOCKS – 83.3%
		Consumer Discretionary – 29.4%
	19,104	Asbury Automotive Group, Inc. (a) *	$	1,169,165
	61,654	Comcast Corp., Class A (a)		2,416,220
	21,888	General Motors Co. (a)		758,200
	14,350	L Brands, Inc. (a)		757,824
	45,929	Liberty Media Corp-Liberty SiriusXM, Class C (a) *		1,744,843
	38,674	Liberty Ventures, Class A (a) *		2,082,595
	7,976	Polaris Industries, Inc. (a)		680,034
	7,792	Ralph Lauren Corp. (a)		628,970
	23,214	Target Corp. (a)		1,296,502
				11,534,353
		Consumer Staples – 6.6%
	16,987	CVS Health Corp. (a)		1,400,408
	15,200	Nestle SA, Sponsored ADR
		(Switzerland) (a)		1,170,385
				2,570,793
		Energy – 6.0%
	39,010	Diamond Offshore Drilling (a) *		562,524
	23,426	HollyFrontier Corp. (a)		659,208
	22,238	Marathon Petroleum Corp. (a)		1,132,804
				2,354,536
		Financials – 15.1%
	14,250	Berkshire Hathaway, Inc., Class B (a) *		2,354,243
	26,770	The Blackstone Group LP (a)		825,587
	56,202	FNFV Group (a) *		769,967
	25,316	Oaktree Capital Group LLC, MLP (a)		1,189,852
	14,165	Wells Fargo & Co. (a)		762,644
				5,902,293

Shares			Market Value
		Healthcare – 9.5%
	3,268	Allergan PLC (Ireland) (a)	$	796,934
	11,836	DaVita, Inc. (a) *		816,802
	7,439	McKesson Corp. (a)		1,028,739
	32,442	Premier, Inc., Class A (a) *		1,096,540
				3,739,015
		Industrials – 2.8%
	5,745	WW Grainger, Inc. (a)		1,107,062
		Information Technology – 7.9%
	2,589	Alphabet, Inc., Class C (a) *		2,345,530
	18,907	Blackhawk Network Holdings, Inc. (a) *		764,788
				3,110,318
		Real Estate – 6.0%
	25,615	Alexander & Baldwin, Inc. (a)		1,178,546
	21,254	Iron Mountain, Inc., REIT (a)		738,789
	14,098	Realogy Holdings Corp. (a)		430,694
				2,348,029
		Total Common Stocks (Cost $30,592,848)		32,666,399
	INVESTMENT COMPANY – 66.3%
	26,003,208	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69% **		26,003,208
		Total Investment Company (Cost $26,003,208)		26,003,208
	Total Investments – 149.6% (Cost $56,596,056)***			58,669,607
	SHORT SALES (b) – (32.6)%
		Common Stocks – (30.8)%
		Consumer Discretionary – (7.3)%
	(1,924)	Brunswick Corp.		(109,186	)
	(27,779)	ClubCorp Holdings, Inc.		(373,628	)
	(5,002)	Cooper Tire & Rubber Co.		(191,577	)
	(2,525)	Delphi Automotive PLC (Jersey)		(203,010	)
	(7,715)	Hyatt Hotels Corp, Class A *		(428,183	)
	(10,822)	La-Z-Boy, Inc.		(301,934	)
	(17,477)	Michaels Co., Inc. *		(408,263	)
	(3,843)	Norwegian Cruise Line Holdings, Ltd. (Bermuda) *		(207,253	)
	(12,641)	Party City Holdco, Inc. *		(202,256	)
	(19,227)	Regal Entertainment Group, Class A		(424,340	)
				(2,849,630	)
		Financials – (2.6)%
	(18,814)	AmTrust Financial Services, Inc.		(301,965	)
	(10,609)	Equitable Group, Inc. (Canada)		(283,596	)
	(11,933)	Genworth MI Canada, Inc. (Canada)		(296,347	)
	(26,014)	Home Capital Group, Inc. (Canada)		(153,220	)
				(1,035,128	)

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

48

AMG Funds

AMG River Road Long-Short Fund	April 30, 2017
Schedule of Investments – continued

Shares			Market Value
		Healthcare – (1.1)%
	(8,927)	Mallinckrodt PLC (Ireland) *	$	(418,855	)
		Industrials – (7.2)%
	(4,668)	American Airlines Group, Inc.		(198,950	)
	(3,094)	Caterpillar, Inc.		(316,392	)
	(15,125)	Echo Global Logistics, Inc. *		(283,594	)
	(8,427)	HNI Corp.		(394,047	)
	(12,198)	LSC Communications, Inc.		(315,562	)
	(29,358)	Quad/Graphics, Inc.		(770,941	)
	(2,233)	Snap-On, Inc.		(374,094	)
	(7,807)	Swift Transportation Co. *		(191,896	)
				(2,845,476	)
		Information Technology – (2.3)%
	(17,435)	HP, Inc.		(328,127	)
	(2,379)	International Business Machines Corp.		(381,330	)
	(3,980)	Netgear, Inc. *		(187,657	)
				(897,114	)
		Materials – (1.1)%
	(5,451)	Ball Corp.		(419,127	)
		Real Estate – (2.3)%
	(6,029)	Boardwalk Real Estate Investment Trust, REIT (Canada)		(203,388	)
	(12,630)	Canadian Apartment Properties, REIT (Canada)		(313,379	)
	(27,199)	Pennsylvania Real Estate Investment Trust, REIT		(376,706	)
				(893,473	)
		Telecommunication Services – (3.4)%
	(18,808)	AT&T, Inc.		(745,361	)
	(24,231)	Consolidated Communications Holdings, Inc.		(573,548	)
				(1,318,909	)
		Utilities – (3.5)%
	(5,057)	American Water Works Co., Inc.		(403,346	)
	(7,482)	Consolidated Edison, Inc.		(593,173	)
	(8,666)	Xcel Energy, Inc.		(390,403	)
				(1,386,922	)
		Total Common Stocks (Proceeds $12,298,515)		(12,064,634	)
		Exchange Traded Funds – (1.8)%
	(48,270)	United States Natural Gas Fund LP *		(365,404	)
	(35,523)	United States Oil Fund LP *		(363,756	)
		Total Exchange Traded Fund (Proceeds $745,974)		(729,160	)
	Total Short Sales – (32.6)% (Proceeds $13,044,489)			(12,793,794	)
	Net Other Assets and Liabilities – (17.0)%			(6,678,350	)
	Net Assets – 100.0%		$	39,197,463

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes.

The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	3,017,159
Gross unrealized depreciation		(943,608	)
Net unrealized appreciation	$	2,073,551

(a) Security position is either entirely or partially held in a segregated account as collateral for securities sold short. As of April 30, 2017, $30,454,206 in securities was segregated to cover short sales.

(b) The Fund is contractually responsible to the lender for any dividends payable and interest accrued on securities while those securities are outstanding in short position. These dividends and interest amounts are recorded as an expense of the Fund.

ADR	American Depositary Receipt
LP	Limited Partnership
MLP	Master Limited Partnership
REIT	Real Estate Investment Trust

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

  49

AMG Funds

AMG Managers Guardian Capital Global Dividend Fund	April 30, 2017
Schedule of Investments (unaudited)

% of Net Assets

Shares			Market Value
	COMMON STOCKS – 97.6%
		Australia – 1.4%
	37,051	Sydney Airport (a)	$	191,364
	11,400	Westpac Banking Corp. (a)		298,848
				490,212
		Belgium – 2.3%
	6,803	Anheuser-Busch InBev SA/NV,
		Sponsored ADR		770,372
		Canada – 4.7%
	5,645	BCE, Inc.		257,014
	15,707	Enbridge Income Fund Holdings, Inc.		385,469
	8,299	Rogers Communications, Inc., Class B		380,524
	5,086	Royal Bank of Canada		348,257
	7,340	TELUS Corp.		244,228
				1,615,492
		France – 4.9%
	10,893	AXA SA (a)		290,627
	4,480	ICADE		332,674
	6,126	SCOR SE (a)		242,326
	8,300	TOTAL SA (a)		426,066
	1,566	Unibail-Rodamco SE (a)		384,519
				1,676,212
		Germany – 4.7%
	7,842	BASF SE (a)		763,960
	6,484	Daimler AG (a)		483,151
	1,859	Muenchener Rueckversicherungs- Gesellschaft AG in Muenchen (a)		356,406
				1,603,517
		Ireland – 2.1%
	2,779	Accenture PLC, Class A		337,093
	4,454	Medtronic PLC		370,083
				707,176

Shares			Market Value
		Japan – 1.6%
	97,064	Sojitz Corp. (a)	$	246,764
	2,600	Tokyo Electron, Ltd. (a)		315,623
				562,387
		Netherlands – 1.8%
	11,683	Unilever NV		610,320
		New Zealand – 1.6%
	212,055	Spark New Zealand, Ltd. (a)		537,399
		Norway – 0.7%
	14,333	Statoil ASA, Sponsored ADR		235,491
		Singapore – 1.7%
	2,623	Broadcom, Ltd.		579,185
		Spain – 2.8%
	6,300	Amadeus IT Group SA (a)		340,007
	28,671	Ferrovial SA (a)		609,907
				949,914
		Switzerland – 4.0%
	2,461	Chubb, Ltd.		337,772
	8,906	Nestle SA (a)		685,945
	4,160	Swiss Re AG (a)		361,834
				1,385,551
		United Kingdom – 11.2%
	5,437	AstraZeneca PLC (a)		325,620
	22,391	BAE Systems PLC (a)		181,860
	11,428	British American Tobacco PLC, Sponsored ADR (b)		777,561
	14,092	Imperial Brands PLC (a)		690,134
	39,909	National Grid PLC (a)		516,753
	27,370	Royal Dutch Shell PLC, Class A (a)		710,758
	17,147	SSE PLC (a)		308,893
	12,650	Vodafone Group PLC, Sponsored ADR		331,304
				3,842,883
		United States – 52.1%
	5,770	AbbVie, Inc.		380,474
	2,037	Air Products & Chemicals, Inc.		286,199
	6,810	Altria Group, Inc.		488,822
	1,472	Amgen, Inc.		240,407
	4,415	Analog Devices, Inc.		336,423
	5,297	Apple, Inc.		760,914
	12,538	AT&T, Inc.		496,881
	3,253	Automatic Data Processing, Inc.		339,906
	29,459	Bank of America Corp.		687,573
	4,055	Dr Pepper Snapple Group, Inc.		371,641
	3,266	Duke Energy Corp.		269,445
	27,309	Energy Transfer Equity LP		509,586
	8,906	Enterprise Products Partners LP (b)		243,312
	12,111	Great Plains Energy, Inc.		358,364
	5,359	Illinois Tool Works, Inc.		740,024
	4,279	Intel Corp.		154,686
	5,579	Johnson & Johnson		688,839
	6,901	JPMorgan Chase & Co.		600,387
	1,553	Kimberly-Clark Corp.		201,502

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

50

AMG Funds

AMG Managers Guardian Capital Global Dividend Fund	April 30, 2017
Schedule of Investments – continued

Shares			Market Value
		United States (continued)
	2,013	Lockheed Martin Corp.	$	542,403
	2,525	Macquarie Infrastructure Corp.		205,459
	3,265	McDonald’s Corp.		456,871
	2,677	Merck & Co., Inc.		166,857
	9,192	Microsoft Corp.		629,284
	6,470	ONEOK, Inc. (b)		340,387
	6,666	Paychex, Inc.		395,160
	6,231	Pfizer, Inc.		211,356
	6,875	PPL Corp.		262,006
	3,199	Raytheon Co.		496,517
	5,949	Republic Services, Inc.		374,728
	7,259	Reynolds American, Inc.		468,206
	9,805	Six Flags Entertainment Corp.		613,891
	4,408	Starbucks Corp.		264,744
	2,100	Stryker Corp.		286,377
	6,617	Targa Resources Corp.		364,795
	5,552	Texas Instruments, Inc.		439,607
	7,188	The Dow Chemical Co.		451,406
	1,839	The Home Depot, Inc.		287,068
	1,937	The Procter & Gamble Co.		169,158
	4,336	The Walt Disney Co.		501,242
	7,910	Verizon Communications, Inc.		363,148
	4,777	Waste Management, Inc.		347,670
	14,190	Wells Fargo & Co.		763,990
	4,408	Xilinx, Inc.		278,189
				17,835,904
		Total Common Stocks     (Cost $30,788,160)		33,402,015
Principal Amount
	SHORT TERM INVESTMENTS – 4.9%
		Repurchase Agreements – 2.8% (c)
	$967,374	Cantor Fitzgerald Securities, Inc., dated 04/28/17, due 05/01/17, 0.840% total to be received $967,442 (collateralized by various U.S. Government Agency Obligations, 0.000% - 10.000%, 04/30/17 - 03/20/67, totaling $986,722)		967,374
		Total Repurchase Agreements		967,374
Shares
		Other Investment Company – 2.1%
	723,863	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%*		723,863
		Total Short Term Investments     (Cost $1,691,237)		1,691,237
	Total Investments – 102.5%      (Cost $32,479,397)**			35,093,252
	Net Other Assets and Liabilities – (2.5)%			(864,988	)
	Net Assets – 100.0%		$	34,228,264

* Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes.

The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	2,773,368
Gross unrealized depreciation		(159,513	)
Net unrealized appreciation	$	2,613,855

(a) Securities with a total aggregate market value of $9,268,764, or 27.1% of net assets, were valued under fair value procedures established by the Funds’ Board of Trustees.

(b) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $946,741, or 2.8% of net assets.

(c) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

ADR American Depositary Receipt

LP Limited Partnership

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

  51

AMG Funds

AMG Managers Pictet International Fund	April 30, 2017
Schedule of Investments (unaudited)

% of Net Assets

Shares			Market Value
	COMMON STOCKS – 97.0%
		Australia – 3.2%
	1,934,518	Computershare, Ltd. (a)	$	21,326,235
	1,476,000	Oil Search, Ltd. (a)		7,964,414
	4,366,149	Primary Health Care, Ltd. (a)		11,070,808
	270,317	REA Group, Ltd. (a)		12,414,156
				52,775,613
		Belgium – 5.8%
	499,315	Ageas (a)		20,444,909
	465,960	Anheuser-Busch InBev SA/NV (a) (c)		52,546,524
	645,443	Ontex Group NV (a)		21,535,298
				94,526,731
		Bermuda – 1.2%
	479,200	Jardine Strategic Holding, Ltd. (a)		20,249,033
		Cayman Islands – 6.7%
	2,667,248	Cheung Kong Property Holdings, Ltd. (a)		19,095,395
	3,760,248	CK Hutchison Holdings, Ltd. (a)		46,955,298
	721,513	JD.com, Inc., ADR *		25,303,461
	8,563,200	MGM China Holdings, Ltd. (a)		19,479,462
				110,833,616
		Denmark – 1.9%
	368,363	DSV A/S (a)		20,512,476
	672,059	Matas A/S (a)		10,383,323
				30,895,799
		Finland – 2.1%
	6,045,159	Nokia OYJ (a)		34,559,289

Shares			Market Value
		France – 11.6%
	6,031,878	Bollore SA (a)	$	24,543,315
	23,921	Bollore SA - New * (b)		95,630
	307,896	Danone SA (a)		21,548,408
	1,326,554	Elis SA (c)		27,455,313
	403,649	Orpea (a)		41,228,956
	241,567	Rubis SCA (a)		24,541,243
	453,559	Vinci SA (a)		38,660,758
	637,704	Vivendi SA (a)		12,649,013
				190,722,636
		Germany – 1.2%
	110,820	Linde AG (a)		19,913,111
		Hong Kong – 1.3%
	37,064,309	PCCW, Ltd. (a)		20,925,559
		Israel – 1.5%
	96,051	Mizrahi Tefahot Bank, Ltd. (a)		1,549,443
	716,952	Teva Pharmaceutical Industries, Ltd., Sponsored ADR		22,641,344
				24,190,787
		Italy – 1.5%
	2,695,186	Banca Popolare dell’Emilia Romagna SC (a) (c)		14,744,484
	956,492	Cerved Information Solutions SpA (a)		10,211,723
				24,956,207
		Japan – 19.7%
	350,600	ABC-Mart, Inc. (a)		19,489,740
	653,400	Asahi Group Holdings, Ltd. (a)		24,687,879
	710,400	Bandai Namco Holdings, Inc. (a)		22,297,037
	232,300	cocokara fine, Inc. (a)		10,983,062
	534,100	CyberAgent, Inc. (a)		16,594,394
	746,100	Fujitec Co., Ltd. (a)		8,842,143
	402,300	Hoya Corp. (a)		19,227,039
	1,663,000	Inpex Corp. (a)		15,935,581
	1,392,200	Japan Tobacco, Inc. (a)		46,326,528
	293,600	Miraca Holdings, Inc. (a)		13,536,761
	850,400	NGK Spark Plug Co., Ltd. (a)		18,442,967
	1,537,000	Rakuten, Inc. (a)		15,745,110
	409,400	SoftBank Group Corp. (a)		31,054,104
	238,100	Sohgo Security Services Co., Ltd (a)		10,395,044
	816,300	Sompo Holdings, Inc. (a)		30,848,400
	572,400	Sony Corp. (a)		19,641,530
				324,047,319
		Luxembourg – 1.6%
	481,185	Millicom International Cellular SA, SDR (a)		26,365,243
		Netherlands – 5.0%
	243,105	ASML Holding NV (a) (c)		32,145,628
	206,476	Koninklijke DSM NV (a)		14,775,071
	1,312,920	Royal Dutch Shell PLC,
		Class B (a)		34,932,902
				81,853,601

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

52

AMG Funds

AMG Managers Pictet International Fund	April 30, 2017
Schedule of Investments – continued

Shares			Market Value
		South Korea – 1.8%
	153,719	Hyundai Mobis (a)	$	29,978,388
		Spain – 7.0%
	5,740,506	Banco Bilbao Vizcaya Argentaria SA (a)		45,990,800
	2,603,931	Gestamp Automocion SA *		15,799,106
	1,146,632	Grifols SA, ADR		24,893,381
	1,402,163	Merlin Properties Socimi SA (a)		16,581,316
	2,530,820	Obrascon Huarte Lain SA (a)		11,047,059
				114,311,662
		Sweden – 1.3%
	1,764,204	Com Hem Holding AB		21,969,641
		Switzerland – 5.0%
	291,254	Cie Financiere Richemont SA (a)		24,336,754
	512,166	Nestle SA (a)		39,447,286
	1,025,654	UBS Group AG (a)		17,508,777
				81,292,817
		United Kingdom – 17.6%
	8,483,823	BBA Aviation PLC (a)		34,224,022
	499,671	Dignity PLC		16,134,077
	1,691,496	EI Group PLC * (a)		3,063,803
	2,450,385	GlaxoSmithKline PLC (a)		49,321,120
	2,880,868	Informa PLC (a)		23,953,549
	4,258,054	Inmarsat PLC (a)		45,032,831
	508,694	LivaNova PLC * (a)		26,808,174
	1,239,743	Petrofac, Ltd. (a)		13,065,711
	1,057,541	Prudential PLC (a)		23,470,966
	23,610	Royal Dutch Shell PLC, Class A (a)		613,116
	2,824,995	Saga PLC (a)		7,668,309
	3,100,717	Standard Chartered PLC * (a)		28,977,507
	4,462,350	William Hill PLC (a)		16,954,485
				289,287,670
		Total Common Stocks     (Cost $1,425,241,966)		1,593,654,722
Principal Amount
	SHORT TERM INVESTMENTS – 6.4%
		Repurchase Agreements – 4.0% (d)
	$15,613,259	Cantor Fitzgerald Securities, Inc., dated 04/28/17, due 05/01/17, 0.840% total to be received $15,614,352 (collateralized by various U.S. Government Agency Obligations, 0.000% - 10.000%, 04/30/17 - 03/20/67, totaling $15,925,526)		15,613,259
	3,285,510	Citibank N.A. dated 04/28/17, due 05/01/17, 0.800% total to be received $3,285,729 (collateralized by various U.S. Government Agency Obligations, 0.000% - 8.875%, 04/30/17 - 09/09/49, totaling $3,351,221)		3,285,510

Principal Amount			Market Value
		Repurchase Agreements (continued)
	$15,613,259	Daiwa Capital Markets America, dated 04/28/17, due 05/01/17, 0.850% total to be received $15,614,365 (collateralized by various U.S. Government Agency Obligations, 0.000% - 6.500%, 05/18/17 - 12/01/51, totaling $15,925,524)	$	15,613,259
	15,613,259	HSBC Securities USA, Inc., dated 04/28/17, due 05/01/17, 0.780% total to be received $15,614,274 (collateralized by various U.S. Government Agency Obligations, 0.000%, 08/15/27 - 08/15/40, totaling $15,925,549)		15,613,259
	15,613,259	Nomura Securities International, Inc., dated 04/28/17, due 05/01/17, 0.830% total to be received $15,614,339 (collateralized by various U.S. Government Agency Obligations, 1.950% - 9.000%, 06/01/18 - 03/20/67, totaling $15,925,524)		15,613,259
		Total Repurchase Agreements		65,738,546
		Other Investment Company – 2.4%
	39,570,522	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		39,570,522
		Total Short Term Investments     (Cost $105,309,068)		105,309,068
	Total Investments – 103.4% (Cost $1,530,551,034)***			1,698,963,790
	Net Other Assets and Liabilities – (3.4)%			(55,742,129	)
	Net Assets – 100.0%		$	1,643,221,661

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes.

The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	199,060,393
Gross unrealized depreciation		(30,647,637	)
Net unrealized appreciation	$	168,412,756

(a) Securities with a total aggregate market value of $1,439,362,769, or 87.6% of net assets, were valued under fair value procedures established by the Funds’ Board of Trustees.

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

  53

AMG Funds

AMG Managers Pictet International Fund	April 30, 2017
Schedule of Investments – continued

(b) These securities have been determined to be illiquid securities. At April 30, 2017, these securities amounted to $95,630, or less than 0.1% of net assets.

(c) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $62,702,224, or 3.8% of net assets.

(d) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

ADR American Depositary Receipt

SDR Sponsored Depositary Receipt

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

54

AMG Funds

AMG Managers Value Partners Asia Dividend Fund	April 30, 2017
Schedule of Investments (unaudited)

% of Net Assets

Shares			Market Value
	COMMON STOCKS – 81.5%
		China – 37.9%
	46,000	Agricultural Bank of China, Ltd., Class H (a)	$	21,206
	121,000	Belle International Holdings, Ltd.		98,003
	26,000	China Communications Construction Co., Ltd., Class H (a)		35,700
	493,000	China Construction Bank Corp., Class H (a)		400,150
	44,000	China Jinjiang Environment Holding Co., Ltd., Class H		28,658
	19,000	China Life Insurance Co., Ltd., Class H (a)		57,803
	134,000	China Lilang, Ltd. (a)		84,296
	63,000	China Machinery Engineering Corp., Class H (a)		46,960
	60,000	China Overseas Land & Investment, Ltd. (a)		174,035
	238,000	China Power International Development, Ltd. (a)		88,662
	86,000	China Resources Power Holdings Co., Ltd. (a)		154,836
	154,000	China Sanjiang Fine Chemicals Co., Ltd. (a)		49,984
	94,000	China State Construction International Holdings, Ltd. (a)		170,335
	87,963	Chongqing Changan Automobile Co., Ltd., Class B (a)		116,464
	65,000	Chongqing Rural Commerical Bank Co., Ltd., Class H (a)		44,641
	280,000	CIFI Holdings Group Co., Ltd. (a)		101,088
	292,625	Far East Consortium International, Ltd. (a)		139,510
	22,000	Haitian International Holdings, Ltd. (a)		53,874
	114,000	Hopefluent Group Holdings, Ltd. (a)		34,415
	66,500	Intime Retail Group Co., Ltd. (a)		84,128
	386,000	Jiangnan Group, Ltd. (a)		49,585
	188,000	Longfor Properties Co., Ltd. (a)		325,302
	418,000	PetroChina Co., Ltd., Class H (a)		293,679

Shares			Market Value
		China (continued)
	32,500	Ping An Ping An Insurance Group Co. of China Ltd., Class H (a)	$	182,723
	202,000	Qingdao Port International Co., Ltd., Class H (a)		107,535
	164,000	SITC International Holdings Co., Ltd. (a)		117,477
	106,000	Springland International Holdings, Ltd.		19,079
	78,800	Xinjiang Goldwind Science & Technology Co., Ltd., Class H (a)		114,718
	57,000	Xtep International Holdings, Ltd. (a)		22,699
	68,500	Yangtze Optical Fibre and Cable Joint Stock Co., Ltd., Class H (a)		143,106
	37,500	Yangzijiang Shipbuilding Holdings, Ltd. (a)		30,812
	513	ZTO Express Cayman, Inc., ADR * (b)		7,146
				3,398,609
		Hong Kong – 13.6%
	29,000	BOC Hong Kong Holdings, Ltd. (a)		119,177
	12,500	Cheung Kong Property Holdings, Ltd. (a)		89,490
	5,000	Chow Sang Sang Holdings International, Ltd. (a)		12,779
	9,500	CK Hutchison Holdings, Ltd. (a)		118,629
	60,000	Convenience Retail Asia, Ltd.		34,326
	1,170,000	CSI Properties, Ltd. (a)		61,628
	74,000	EGL Holdings Co., Ltd. (a)		13,021
	188,000	Far East Horizon, Ltd. (a)		172,939
	159,000	FSE Engineering Holdings, Ltd.		49,877
	49,000	Hui Xian Real Estate Investment Trust, REIT (a)		21,940
	170,000	Hutchison Telecommunications Hong Kong Holdings, Ltd. (a)		50,240
	76,000	Lee & Man Chemical Co., Ltd.		37,129
	184,000	Nameson Holdings, Ltd. (a)		37,806
	227,049	Oi Wah Pawnshop Credit Holdings, Ltd. (a)		13,281
	52,000	Shimao Property Holdings, Ltd. (a)		83,461
	249,434	Skyworth Digital Holdings, Ltd. (a)		144,733
	48,500	SmarTone Telecommunications Holdings, Ltd. (a)		67,923
	144,000	TK Group Holdings, Ltd. (a)		48,111
	160,000	Wonderful Sky Financial Group Holdings, Ltd. (a)		43,561
				1,220,051
		Indonesia – 4.8%
	130,000	Adhi Karya Persero (a)		22,003
	36,800	Bank Negara Indonesia Persero (a)		17,572
	430,400	Bank Pan Indonesia * (a)		29,521
	27,200	Bank Rakyat Indonesia Persero (a)		26,273
	1,233,300	Bekasi Fajar Industrial Estate (a)		27,342
	117,400	Indosat *		63,196
	76,900	Link Net		31,155
	265,700	Media Nusantara Citra (a)		36,343
	851,300	Metropolitan Land		20,821
	2,704,500	Panin Financial * (a)		47,421
	279,100	Perusahaan Gas Negara Persero (a)		50,755

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

  55

AMG Funds

AMG Managers Value Partners Asia Dividend Fund	April 30, 2017
Schedule of Investments – continued

Shares			Market Value
		Indonesia (continued)
	285,100	Total Bangun Persada	$	16,898
	156,100	XL Axiata * (a)		37,538
				426,838
		Malaysia – 2.3%
	36,500	CB Industrial Product Holding Bhd (a)		17,316
	29,116	CIMB Group Holdings (a)		38,477
	134,500	Mah Sing Group		46,166
	23,100	Tenaga Nasional (a)		74,166
	50,600	UOA Development		31,239
				207,364
		Philippines – 0.5%
	51,200	EEI Corp.		10,350
	22,570	Metropolitan Bank & Trust Co. (a)		38,130
				48,480
		Singapore – 3.8%
	40,800	AIMS AMP Capital Industrial, REIT		40,737
	62,900	Asian Pay Television Trust		23,185
	38,639	CapitaLand Retail China Trust, REIT		43,972
	64,082	Croesus Retail Trust, REIT		44,720
	7,278	DBS Group Holdings, Ltd. (a)		100,512
	103,700	Ezion Holdings, Ltd. * (a)		22,208
	259,300	IPS Securex Holdings, Ltd.		25,426
	77,300	Viva Industrial Trust, REIT		45,092
				345,852
		South Korea – 9.7%
	1,205	Amotech Co., Ltd. * (a)		25,578
	96	E-Mart, Inc. (a)		19,391
	484	Fila Korea, Ltd. (a)		29,513
	2,354	KB Financial Group, Inc. (a)		103,476
	5,739	Korea Electric Power Corp. (a)		228,758
	8,856	LG Uplus Corp. (a)		112,528
	7,330	Macquarie Korea Infrastructure Fund		55,592
	908	Maeil Dairy Industry Co., Ltd. (a)		43,116
	314	S-1 Corp. (a)		26,924
	81	Samsung Electronics Co., Ltd. (a)		158,795
	1,693	Sekonix Co., Ltd. (a)		26,246
	818	SK Hynix, Inc. (a)		38,751
				868,668
		Taiwan – 6.9%
	11,343	Advanced Semiconductor
		Engineering, Inc. (a)		14,216
	22,000	Basso Industry Corp. (a)		62,689
	86,000	CTBC Financial Holding Co., Ltd. (a)		53,704
	13,000	FLEXium Interconnect, Inc. (a)		48,243
	28,000	Fubon Financial Holding Co., Ltd. (a)		43,832
	22,000	Kerry TJ Logistics Co., Ltd. (a)		30,358
	51,000	King Yuan Electronics Co., Ltd. (a)		46,039
	500	Largan Precision Co., Ltd. (a)		83,035
	5,000	MediaTek, Inc. (a)		35,941
	33,000	Taiwan Sakura Corp. (a)		38,348

Shares			Market Value
		Taiwan (continued)
	25,000	Taiwan Semiconductor Manufacturing Co., Ltd. (a)	$	161,047
				617,452
		Thailand – 1.4%
	210,000	AP Thailand PCL		48,193
	700	Kang Yong Electric PCL		10,961
	95,200	Supalai PCL		67,651
				126,805
		United States – 0.6%
	1,551	Yum China Holdings, Inc. *		52,920
		Total Common Stocks     (Cost $6,717,576)		7,313,039
	PREFERRED STOCK – 7.5%
		South Korea – 7.5%
	710	Amorepacific Group		37,625
	1,294	LG Corp.		44,976
	311	Samsung Electronics Co., Ltd. (a)		478,917
	704	Samsung Fire & Marine Insurance Co., Ltd.		111,054
		Total Preferred Stock     (Cost $534,319)		672,572
	PARTICIPATION NOTES – 0.5%
		China – 0.5%
	15,600	Huayu Automotive Systems Co., Ltd.		42,469
		Total Participation Notes     (Cost $38,039)		42,469
	WARRANTS – 2.4%
		China – 2.4%
	10,350	Midea Group Co., Ltd., Expiring 05/08/18 (HSBC Bank)		50,505
	33,500	Midea Group Co., Ltd., Expiring 09/23/23 (HSBC Bank)		163,470
				213,975
		Singapore – 0.00%#
	18,520	Ezion Holdings, Ltd., Expiring 04/24/20 *		822
		Total Warrants     (Cost $142,767)		214,797
	EXCHANGE TRADED FUND – 2.4%
		United States – 2.4%
	6,800	iShares MSCI India		218,144
		Total Exchange Traded Fund     (Cost $189,834)		218,144

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

56

AMG Funds

AMG Managers Value Partners Asia Dividend Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
	CORPORATE NOTES AND BONDS – 1.6%
		Singapore – 1.6%
	$250,000	Ezion Holdings, Ltd.	$	141,104
		Total Corporate Notes and Bonds     (Cost $151,398)		141,104
	SHORT TERM INVESTMENTS – 2.0%
		Repurchase Agreements – 0.1% (c)
	5,378	Nomura Securities International, Inc., dated 04/28/17, due 05/01/17, 0.800% total to be received $5,378 (collateralized by various U.S. Government Agency Obligations, 1.950% - 9.000%, 06/01/18 - 03/20/67, totaling $5,486)		5,378
Shares
		Other Investment Company – 1.9%
	178,204	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		178,204
		Total Short Term Investments     (Cost $183,582)		183,582
		Total Investments – 97.9%     (Cost $7,957,515)***		8,785,707
	Net Other Assets and Liabilities – 2.1%			191,752
	Net Assets – 100.0%		$	8,977,459

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes.

The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	1,138,306
Gross unrealized depreciation		(310,114	)
Net unrealized appreciation	$	828,192

# Less than 0.05%.

(a) Securities with a total aggregate market value of $6,839,464, or 76.2% of net assets, were valued under fair value procedures established by the Funds’ Board of Trustees.

(b) Some or all of these securities were out on loan to various brokers as of April 30, 2017, amounting to $5,349, or 0.1% of net assets.

(c) Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

ADR American Depository Receipt

MSCI Morgan Stanley Capital International

PCL Public Company Limited

REIT Real Estate Investment Trust

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

  57

AMG Funds

AMG Managers Montag & Caldwell Balanced Fund	April 30, 2017
Schedule of Investments (unaudited)

% of Net Assets

Shares			Market Value
	COMMON STOCKS – 67.1%
		Consumer Discretionary – 8.4%
	5,700	Dollar Tree, Inc. *	$	471,789
	8,100	Starbucks Corp.		486,486
	345	The Priceline Group, Inc. *		637,153
	4,900	The TJX Cos, Inc.		385,336
				1,980,764
		Consumer Staples – 18.7%
	866	Costco Wholesale Corp.		153,732
	10,200	Mondelez International, Inc., Class A		459,306
	10,000	Monster Beverage Corp. *		453,800
	5,000	PepsiCo, Inc.		566,400
	5,500	Philip Morris International, Inc.		609,620
	7,100	The Coca-Cola Co.		306,365
	5,550	The Estee Lauder Cos, Inc., Class A		483,627
	6,100	The Kraft Heinz Co.		551,379
	5,100	The Procter & Gamble Co.		445,383
	4,400	Walgreens Boots Alliance, Inc.		380,776
				4,410,388
		Financials – 4.6%
	7,330	Intercontinental Exchange, Inc.		441,266
	3,400	S&P Global, Inc.		456,246
	4,600	The Charles Schwab Corp.		178,710
				1,076,222
		Healthcare – 13.4%
	1,712	Becton Dickinson & Co.		320,093
	3,800	Celgene Corp. *		471,390
	4,600	Danaher Corp.		383,318
	4,800	Edwards Lifesciences Corp. *		526,416
	3,800	Medtronic PLC (Ireland)		315,742
	3,114	Thermo Fisher Scientific, Inc.		514,838
	3,590	UnitedHealth Group, Inc.		627,819
				3,159,616
		Industrials – 3.0%
	6,400	Fastenal Co.		285,952
	3,300	Honeywell International, Inc.		432,762
				718,714

Shares			Market Value
		Information Technology – 18.5%
	708	Alphabet, Inc., Class A *	$	654,560
	4,000	Apple, Inc.		574,600
	5,100	Facebook, Inc., Class A *		766,275
	3,700	Fidelity National Information Services, Inc.		311,503
	718	FleetCor Technologies, Inc. *		101,339
	2,700	MasterCard, Inc., Class A		314,064
	11,200	Microsoft Corp.		766,752
	6,700	Oracle Corp.		301,232
	6,500	Visa, Inc., Class A		592,930
				4,383,255
		Materials – 0.5%
	800	Air Products & Chemicals, Inc.		112,400
		Total Common Stocks (Cost $14,143,124)		15,841,359
Principal Amount
	CORPORATE NOTES AND BONDS – 19.5%
		Consumer Staples – 2.2%
	$250,000	PepsiCo, Inc. Senior Unsecured Notes 5.000%, 06/01/18		259,639
	250,000	Wal-Mart Stores, Inc. Senior Unsecured Notes 3.250%, 10/25/20		262,355
				521,994
		Energy – 1.3%
	300,000	Chevron Corp. Senior Unsecured Notes 1.718%, 06/24/18		301,065
		Financials – 6.8%
	225,000	Berkshire Hathaway, Inc. Senior Unsecured Notes 3.125%, 03/15/26		227,173
	200,000	General Electric Co. Senior Unsecured Notes, MTN 4.375%, 09/16/20		215,296
	275,000	JPMorgan Chase & Co. Senior Unsecured Notes 4.350%, 08/15/21		295,232
	300,000	State Street Corp. Senior Unsecured Notes 2.550%, 08/18/20		306,192
	250,000	US Bancorp Subordinated Notes, MTN 2.950%, 07/15/22		253,880
	300,000	Wells Fargo & Co. Senior Unsecured Notes, MTN 2.150%, 01/30/20		301,092
				1,598,865

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

58

AMG Funds

AMG Managers Montag & Caldwell Balanced Fund	April 30, 2017
Schedule of Investments – continued

Principal Amount			Market Value
		Healthcare – 2.7%
	$150,000	Johnson & Johnson Senior Unsecured Notes 5.950%, 08/15/37	$	198,439
	250,000	Merck & Co., Inc. Senior Unsecured Notes 2.350%, 02/10/22		252,477
	200,000	Pfizer, Inc. Senior Unsecured Notes 1.100%, 05/15/17		200,008
				650,924
		Industrials – 1.3%
	300,000	United Parcel Service, Inc. Senior Unsecured Notes 3.125%, 01/15/21		311,184
		Information Technology – 5.2%
	300,000	Alphabet, Inc. Senior Unsecured Notes 3.625%, 05/19/21		319,712
	300,000	Apple, Inc. Senior Unsecured Notes 1.000%, 05/03/18		299,312
	300,000	Oracle Corp. Senior Unsecured Notes 2.500%, 10/15/22		301,121
	300,000	QUALCOMM, Inc. Senior Unsecured Notes 2.250%, 05/20/20		302,053
				1,222,198
		Total Corporate Notes and Bonds
		(Cost $4,604,424)		4,606,230
	U.S. GOVERNMENT AND AGENCY OBLIGATIONS – 10.9%
		Fannie Mae – 0.1%
	7,771	7.500%, 02/01/35 Pool # 787557		8,454
	2,701	7.500%, 04/01/35 Pool # 819231		2,834
	9,833	6.000%, 11/01/35 Pool # 844078		11,145
				22,433
		Freddie Mac – 1.2%
	275,000	1.000%, 09/29/17		275,013
	3,606	5.500%, 12/01/20 Gold Pool # G11820		3,773
				278,786
		Ginnie Mae – 0.00%#
	3,242	5.500%, 02/15/39 Pool # 698060		3,627
		U.S. Treasury Bonds – 4.5%
	200,000	5.375%, 02/15/31		269,832
	350,000	3.500%, 02/15/39		390,489
	150,000	3.125%, 11/15/41		155,593
	250,000	2.750%, 11/15/42		241,318
				1,057,232

Principal Amount			Market Value
		U.S. Treasury Notes – 5.1%
	$275,000	1.375%, 09/30/18	$	275,682
	275,000	1.500%, 01/31/19		276,246
	300,000	2.500%, 05/15/24		307,869
	350,000	2.125%, 05/15/25		347,956
				1,207,753
		Total U.S. Government and Agency Obligations (Cost $2,595,187)		2,569,831
Shares
	INVESTMENT COMPANY – 2.6%
	620,335	Dreyfus Government Cash Management Fund, Institutional Class Shares, 0.69%**		620,335
		Total Investment Company (Cost $620,335)		620,335
	Total Investments – 100.1% (Cost $21,963,070)***			23,637,755
	Net Other Assets and Liabilities – (0.1)%			(12,959	)
	Net Assets – 100.0%		$	23,624,796

* Non-income producing security.

** Yield shown represents the April 30, 2017, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

*** At April 30, 2017, the aggregate cost for Federal income tax purposes approximates the aggregate cost for book purposes. The aggregate gross unrealized appreciation and depreciation were as follows:

Gross unrealized appreciation	$	1,785,783
Gross unrealized depreciation		(111,098	)
Net unrealized appreciation	$	1,674,685

# Less than 0.05%.

MTN	MediumTerm Note
S&P	Standard& Poor’s

Rating (unaudited)****
Common Stocks	68.8	%
U.S. Government and Agency Obligations	11.2	%
Aaa	0.9	%
Aa	10.3	%
A	8.8	%
	100	%

**** As a percentage of market value excluding investment company. Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

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

  59

AMG Funds

	April 30, 2017
Notes to Schedule of Investments (unaudited)

The summary of each Fund’s investments that are measured at fair value by Level within the fair value hierarchy as of April 30, 2017 is as follows:

Funds	Total Value		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
AMG Managers Fairpointe Focused Equity Fund
Assets
Investments in Securities*	$	7,145,965	$	7,145,965	$	—	$	—
AMG River Road Focused Absolute Value Fund
Assets
Common Stocks*	$	18,643,139	$	18,643,139	$	—	$	—
Short-Term Investments
Repurchase Agreements		358,021		—		358,021		—
Other Investment Company*		140,372		140,372		—		—
Total	$	19,141,532	$	18,783,511	$	358,021	$	—
AMG Managers Montag & Caldwell Growth Fund
Assets
Investments in Securities*	$	1,006,629,569	$	1,006,629,569	$	—	$	—
AMG River Road Dividend All Cap Value Fund
Assets
Common Stocks*	$	919,885,158	$	919,885,158	$	—	$	—
Short-Term Investments
Repurchase Agreements		22,612,867		—		22,612,867		—
Other Investment Company*		37,139,790		37,139,790		—		—
Total	$	979,637,815	$	957,024,948	$	22,612,867	$	—
AMG River Road Dividend All Cap Value Fund II
Assets
Common Stocks*	$	123,216,682	$	123,216,682	$	—	$	—
Short-Term Investments
Repurchase Agreements		1,174,348		—		1,174,348		—
Other Investment Company*		1,251,758		1,251,758		—		—
Total	$	125,642,788	$	124,468,440	$	1,174,348	$	—
AMG Managers Fairpointe Mid Cap Fund
Assets
Investments in Securities*	$	4,138,469,315	$	4,138,469,315	$	—	$	—
AMG Managers Montag & Caldwell Mid Cap Growth Fund
Assets
Common Stocks*	$	8,645,441	$	8,645,441	$	—	$	—
Short-Term Investments
Repurchase Agreements		423,918		—		423,918		—
Other Investment Company*		509,965		509,965		—		—
Total	$	9,579,324	$	9,155,406	$	423,918	$	—
AMG Managers LMCG Small Cap Growth Fund
Assets
Common Stocks*	$	129,996,173	$	129,996,173	$	—	$	—
Rights		996		—		—		996
Short-Term Investments
Repurchase Agreements		5,755,941		—		5,755,941		—
Other Investment Company*		2,689,117		2,689,117		—		—
Total	$	138,442,227	$	132,685,290	$	5,755,941	$	996
AMG River Road Select Value Fund
Assets
Common Stocks*	$	40,062,655	$	40,062,655	$	—	$	—
Short-Term Investments
Repurchase Agreements		1,409,152		—		1,409,152		—
Other Investment Company*		869,010		869,010		—		—
Total	$	42,340,817	$	40,931,665	$	1,409,152	$	—

60

AMG Funds

	April 30, 2017
Notes to Schedule of Investments – continued

Funds	Total Value			Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
AMG River Road Small Cap Value Fund
Common Stocks*	$	279,752,947		$	279,752,947		$	—	$	—
Short-Term Investments
Repurchase Agreements		5,662,333			—			5,662,333		—
Other Investment Company*		22,458,281			22,458,281			—		—
Total	$	307,873,561		$	302,211,228		$	5,662,333	$	—
AMG Managers Silvercrest Small Cap Fund
Common Stocks*	$	249,339,883		$	249,339,883		$	—	$	—
Short-Term Investments
Repurchase Agreements		1,765,432			—			1,765,432		—
Other Investment Company*		3,306,765			3,306,765			—		—
Total	$	254,412,080		$	252,646,648		$	1,765,432	$	—
AMG GW&K U.S. Small Cap Growth Fund
Assets
Common Stocks*	$	36,755,814		$	36,755,814		$	—	$	—
Short-Term Investments
Repurchase Agreements		1,458,663			—			1,458,663		—
Other Investment Company*		721,165			721,165			—		—
Total	$	38,935,642		$	37,476,979		$	1,458,663	$	—
AMG Managers DoubleLine Core Plus Bond Fund
Assets
Corporate Notes and Bonds**	$	168,810,962		$	—		$	168,810,962	$	—
Collateralized Mortgage and Asset-Backed Securities		108,301,074			—			108,301,074		—
U.S. Government and Agency Obligations**		241,830,706			—			241,830,706		—
Other Mortgage and Asset-Backed Securities		59,371,032			—			59,371,032		—
Municipal Bonds		439,747			—			439,747		—
Foreign Government Notes and Bonds		28,870,321			—			28,870,321		—
Common Stocks*		372,367			372,367			—		—
Warrants		5,945			—			5,945		—
Short-Term Investments
Repurchase Agreements		14,734,882			—			14,734,882		—
Other Investment Companies*		19,719,183			19,719,183			—		—
Total	$	642,456,219		$	20,091,550		$	622,364,669	$	—
AMG Managers Lake Partners LASSO Alternative Fund
Assets
Investments in Securities*	$	77,776,441		$	77,776,441		$	—	$	—
AMG River Road Long-Short Fund
Assets
Investments in Securities*	$	58,669,607		$	58,669,607		$	—	$	—
Total Assets		58,669,607			58,669,607			—		—
Liabilities
Common Stocks*		(12,064,634	)		(12,064,634	)		—		—
Exchange Traded Funds		(729,160	)		(729,160	)		—		—
Total Liabilities		(12,793,794	)		(12,793,794	)		—		—
Total	$	45,875,813		$	45,875,813		$	—	$	—

  61

AMG Funds

	April 30, 2017
Notes to Schedule of Investments – continued

Funds	Total Value		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
AMG Managers Guardian Capital Global Dividend Fund
Assets
Common Stocks
Australia	$	490,212	$	—	$	490,212	$	—
Belgium		770,372		770,372		—		—
Canada		1,615,492		1,615,492		—		—
France		1,676,212		332,674		1,343,538		—
Germany		1,603,517		—		1,603,517		—
Ireland		707,176		707,176		—		—
Japan		562,387		—		562,387		—
Netherlands		610,320		610,320		—		—
New Zealand		537,399		—		537,399		—
Norway		235,491		235,491		—		—
Singapore		579,185		579,185		—		—
Spain		949,914		—		949,914		—
Switzerland		1,385,551		337,772		1,047,779		—
United Kingdom		3,842,883		1,108,865		2,734,018		—
United States		17,835,904		17,835,904		—		—
Total Common Stocks		33,402,015		24,133,251		9,268,764		—
Short-Term Investments
Repurchase Agreements		967,374		—		967,374		—
Other Investment Company*		723,863		723,863		—		—
Total	$	35,093,252	$	24,857,114	$	10,236,138	$	—
AMG Managers Pictet International Fund
Assets
Common Stocks
Australia	$	52,775,613	$	—	$	52,775,613	$	—
Belgium		94,526,731		—		94,526,731		—
Bermuda		20,249,033		—		20,249,033		—
Cayman Islands		110,833,616		25,303,461		85,530,155		—
Denmark		30,895,799		—		30,895,799		—
Finland		34,559,289		—		34,559,289		—
France		190,722,636		27,550,943		163,171,693		—
Germany		19,913,111		—		19,913,111		—
Hong Kong		20,925,559		—		20,925,559		—
Israel		24,190,787		22,641,344		1,549,443		—
Italy		24,956,207		—		24,956,207		—
Japan		324,047,319		—		324,047,319		—
Luxembourg		26,365,243		—		26,365,243		—
Netherlands		81,853,601		—		81,853,601		—
South Korea		29,978,388		—		29,978,388		—
Spain		114,311,662		40,692,487		73,619,175		—
Sweden		21,969,641		21,969,641		—		—
Switzerland		81,292,817		—		81,292,817		—
United Kingdom		289,287,670		16,134,077		273,153,593		—
Total Common Stocks		1,593,654,722		154,291,953		1,439,362,769		—
Short-Term Investments
Repurchase Agreements		65,738,546		—		65,738,546		—
Other Investment Company*		39,570,522		39,570,522		—		—
Total	$	1,698,963,790	$	193,862,475	$	1,505,101,315	$	—

62

AMG Funds

	April 30, 2017
Notes to Schedule of Investments – continued

Funds	Total Value		Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs
AMG Managers Value Partners Asia Dividend Fund
Assets
Common Stocks
China	$	3,398,609	$	54,883	$	3,343,726	$	—
Hong Kong		1,220,051		121,332		1,098,719		—
Indonesia		426,838		132,070		294,768		—
Malaysia		207,364		77,405		129,959		—
Philippines		48,480		10,350		38,130		—
Singapore		345,852		223,132		122,720		—
South Korea		868,668		55,592		769,960		43,116
Taiwan		617,452		—		617,452		—
Thailand		126,805		—		126,805		—
United States		52,920		52,920		—		—
Total Common Stocks		7,313,039		727,684		6,542,239		43,116
Corporate Notes and Bonds
Singapore		141,104		—		141,104		—
Preferred Stock
South Korea		672,572		193,655		478,917		—
Participation Notes
China		42,469		—		42,469		—
Warrants
China		213,975		—		213,975		—
Singapore		822		822		—		—
Exchange Traded Fund		218,144		218,144		—		—
Short-Term Investments
Repurchase Agreements		5,378		—		5,378		—
Other Investment Company*		178,204		178,204		—		—
Total	$	8,785,707	$	1,318,509	$	7,467,198	$	—
AMG Managers Montag & Caldwell Balanced Fund
Assets
Common Stocks*	$	15,841,359	$	15,841,359	$	—	$	—
Corporate Notes and Bonds**		4,606,230		—		4,606,230		—
U.S. Government and Agency Obligations**		2,569,831		—		2,569,831		—
Investment Company*		620,335		620,335		—		—
Total	$	23,637,755	$	16,461,694	$	7,176,061	$	—

* All Common Stocks and Investment Companies are Level 1. Please refer to the respective Schedule of Investments for industry, sector or country breakout.

** All corporate notes and bonds and U.S. government and agency obligations held in the Funds are Level 2 securities. For a detailed breakout of the corporate notes and bonds and U.S. government and agency obligations; by major industry or agency classification, please refer to the respective Schedule of Investments.

As of April 30, 2017, transfers between Level 1 and Level 2 are as follows:

Funds	Transfer from Level 1 to Level 2		Transfer from Level 2 to Level 1
AMG Managers Guardian Capital Global Dividend Fund		—	$	332,674
AMG Managers Pictet International Fund	$	52,546,524		49,520,583
AMG Managers Value Partners Asia Dividend Fund		74,166		390,175

The following table below is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value at April 30, 2017:

AMG Managers Value Partners Asia Dividend Funds	Common Stock
Balance as of October 31, 2016	$	—
Change in unrealized appreciation (depreciation)		10,539
Transfers In		32,577
Balance as of April 30, 2017	$	43,116
Net change in unrealized appreciation (depreciation) of investments still held at April 30, 2017	$	10,539

As of April 30, 2017, there were no other Level 3 securities for which significant unobservable inputs or Investment Manager assumptions used in determining fair value except for AMG Managers LMCG Small Cap Growth Fund, which received rights at no cost as a result of a corporate action.

  63

AMG Funds

	April 30, 2017
Statements of Assets and Liabilities (unaudited)

	AMG Managers Fairpointe Focused Equity Fund			AMG River Road Focused Absolute Value Fund
ASSETS:
Investments at value1,2	$	7,145,965		$	19,141,532
Cash		—			2,403
Receivables:
Dividends, interest and other		1,904			5,547
Fund shares sold		—			91,328
Investments sold		21,919			328,878
Receivable from Affiliate		8,689			5,667
Prepaid expenses		56			96
Total assets		7,178,533			19,575,451
LIABILITIES:
Payables:
Payable upon return of securities loaned		—			358,021
Investments purchased		10,834			328,680
Fund shares redeemed		—			—
Investment advisory and management fees		4,298			9,345
Administration fees		921			2,336
Distribution fees—Class N		206			159
Distribution fees—Class R		—			—
Shareholder servicing fees—Fund level		479			656
Shareholder servicing fees—Class N		66			25
Shareholder servicing fees—Class I		425			598
Shareholder servicing fees—Class R		—			—
Professional fees		14,607			11,946
Custodian fees		2,600			7,900
Transfer agent fees		275			344
Registration fees		15,165			4,498
Trustees fees		123			278
Accrued expenses and other payables		1,100			10,899
Total liabilities		51,099			735,685
NET ASSETS	$	7,127,434		$	18,839,766
NET ASSETS CONSIST OF:
Paid-in capital	$	5,996,568		$	16,444,247
Undistributed (distribution in excess of) net investment income		13,371			(2,756	)
Accumulated net realized gain (loss) on investments		(153,767	)		721,222
Net unrealized appreciation (depreciation) of investments		1,271,262			1,677,053
TOTAL NET ASSETS	$	7,127,434		$	18,839,766
						��
Class N:
Net Assets	$	894,229		$	774,738
Shares of beneficial interest outstanding (unlimited authorization)		78,419			66,649
Net asset value, offering and redemption price per share	$	11.40		$	11.62
Class I:
Net Assets	$	6,233,205		$	18,065,028
Shares of beneficial interest outstanding (unlimited authorization)		549,199			1,550,577
Net asset value, offering and redemption price per share	$	11.35		$	11.65
Class R:
Net Assets	$	—		$	—
Shares of beneficial interest outstanding (unlimited authorization)		—			—
Net asset value, offering and redemption price per share	$	—		$	—
1 Investments at cost	$	5,874,703		$	17,464,479
2 Includes securities on loan valued at		—		$	345,644

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

64

AMG Managers Montag & Caldwell Growth Fund			AMG River Road Dividend All Cap Value Fund			AMG River Road Dividend All Cap Value Fund II			AMG Managers Fairpointe Mid Cap Fund			AMG Managers Montag & Caldwell Mid Cap Growth Fund			AMG Managers LMCG Small Cap Growth Fund			AMG River Road Select Value Fund
$	1,006,629,569		$	979,637,815		$	125,642,788		$	4,138,469,315		$	9,579,324		$	138,442,227		$	42,340,817
	—			—			—			—			—			4			—
	228,658			872,105			100,331			466,310			2,786			2,651			2,095
	860,016			4,278,207			225,627			6,923,931			115			329,720			37,515
	2,294,104			—			—			19,218,823			—			4,276,810			308,830
	5,045			4,145			—			22,034			4,490			14,817			2,443
	8,972			6,552			914			51,607			61			1,045			2,782
	1,010,026,364			984,798,824			125,969,660			4,165,152,020			9,586,776			143,067,274			42,694,482
	—			22,612,867			1,174,348			—			423,918			5,755,941			1,409,152
	—			—			—			28,881,104			141,997			1,997,817			285,297
	4,441,172			1,257,537			242,925			5,940,884			—			269,432			7,030
	545,001			469,275			61,705			2,054,473			5,465			98,742			24,591
	124,048			117,319			15,426			508,481			1,093			16,457			4,918
	78,031			68,259			750			322,322			913			10,228			1,065
	2,287			—			—			—			—			—			—
	122,945			96,443			8,150			383,898			813			9,066			2,322
	18,727			16,383			180			103,143			183			2,864			256
	30,617			30,545			5,991			168,047			182			4,128			1,711
	229			—			—			—			—			—			—
	11,720			6,809			14,870			—			14,585			12,850			14,415
	84,236			45,852			11,100			201,009			4,293			18,690			9,953
	92,380			26,321			9,728			165,094			701			12,931			5,627
	14,624			2,823			7,587			—			1,288			3,307			—
	17,434			15,261			1,933			54,067			126			1,180			556
	133,447			52,134			9,657			255,531			1,379			25,299			4,128
	5,716,898			24,817,828			1,564,350			39,038,053			596,936			8,238,932			1,771,021
$	1,004,309,466		$	959,980,996		$	124,405,310		$	4,126,113,967		$	8,989,840		$	134,828,342		$	40,923,461
$	782,601,985		$	768,056,036		$	103,298,359		$	3,081,117,842		$	7,386,014		$	153,042,788		$	31,719,148
	(2,104,494	)		(3,662,553	)		(328,979	)		(4,876,547	)		(106,164	)		(1,287,768	)		(109,131	)
	34,213,615			32,884,158			4,977,027			249,832,352			424,772			(33,113,557	)		3,334,057
	189,598,360			162,703,355			16,458,903			800,040,320			1,285,218			16,186,879			5,979,387
$	1,004,309,466		$	959,980,996		$	124,405,310		$	4,126,113,967		$	8,989,840		$	134,828,342		$	40,923,461
$	384,338,419		$	333,520,940		$	3,628,393		$	1,563,339,046		$	4,504,684		$	50,062,593		$	5,274,233
	20,065,644			26,679,046			253,733			36,496,713			428,101			3,460,581			666,997
$	19.15		$	12.50		$	14.30		$	42.84		$	10.52		$	14.47		$	7.91
$	614,839,956		$	626,460,056		$	120,776,917		$	2,562,774,921		$	4,485,156		$	84,765,749		$	35,649,228
	32,009,231			50,144,545			8,438,629			58,477,827			424,172			5,777,433			4,434,437
$	19.21		$	12.49		$	14.31		$	43.82		$	10.57		$	14.67		$	8.04
$	5,131,091		$	—		$	—		$	—		$	—		$	—		$	—
	273,955			—			—			—			—			—			—
$	18.73		$	—		$	—		$	—		$	—		$	—		$	—
$	817,031,209		$	816,934,460		$	109,183,885		$	3,338,428,995		$	8,294,106		$	122,255,348		$	36,361,430
	—		$	21,904,456		$	1,131,073			—		$	408,459		$	5,585,456		$	1,363,682

  65

AMG Funds

	April 30, 2017
Statements of Assets and Liabilities – continued

	AMG River Road Small Cap Value Fund			AMG Managers Silvercrest Small Cap Fund
ASSETS:
Investments at value1,2	$	307,873,561		$	254,412,080
Affiliated investment at value3		—			—
Foreign currency (Cost $1,647,680, $24,367, $569,632 and $274,672, respectively)		—			—
Cash		—			—
Segregated cash		—			—
Receivables:
Dividends, interest and other		12,277			52,865
Fund shares sold		558,921			1,109,909
Investments sold		111,407			1,621,318
Receivable from Affiliate		543			9,743
Prepaid expenses		3,924			1,804
Total assets		308,560,633			257,207,719
LIABILITIES:
Payables:
Payable upon return of securities loaned		5,662,333			1,765,432
Due to Custodian		—			—
Due to broker		—			—
Interest and dividends on securities sold short		—			—
Dividend distribution		—			—
Investments purchased		—			832,019
Fund shares redeemed		403,669			176,240
Investment advisory and management fees		197,594			185,382
Administration fees		37,049			30,897
Distribution fees—Class N		5,774			5,306
Shareholder servicing fees—Fund level		46,785			22,060
Shareholder servicing fees—Class N		2,078			1,486
Shareholder servicing fees—Class I		20,151			12,933
Professional fees		11,516			12,134
Custodian fees		19,734			16,558
Transfer agent fees		8,503			5,567
Registration fees		—			13,747
Trustees fees		4,655			4,157
Accrued expenses and other payables		20,580			16,666
Securities sold short, at value (proceeds $13,044,489)		—			—
Total liabilities		6,440,421			3,100,584
NET ASSETS	$	302,120,212		$	254,107,135
NET ASSETS CONSIST OF:
Paid-in capital	$	211,153,723		$	205,804,020
Undistributed (distribution in excess of) net investment income		(4,835	)		(75,750	)
Accumulated net realized gain (loss) on investments, securities sold short, foreign currency transactions and capital gain distributions received		24,844,656			6,403,432
Net unrealized appreciation (depreciation) of investments, securities sold short and translation of assets and liabilities in foreign currency		66,126,668			41,975,433
TOTAL NET ASSETS	$	302,120,212		$	254,107,135
Class N:
Net Assets	$	28,613,128		$	26,238,982
Shares of beneficial interest outstanding (unlimited authorization)		2,047,667			1,460,363
Net asset value, offering and redemption price per share	$	13.97		$	17.97
Class I:
Net Assets	$	273,507,084		$	227,868,153
Shares of beneficial interest outstanding (unlimited authorization)		19,315,402			12,588,937
Net asset value, offering and redemption price per share	$	14.16		$	18.10
Class Z:
Net Assets	$	—		$	—
Shares of beneficial interest outstanding (unlimited authorization)		—			—
Net asset value, offering and redemption price per share	$	—		$	—
1 Investments at cost	$	241,746,893		$	212,436,647
2 Includes securities on loan valued at	$	5,404,619		$	1,560,750
3 Affiliated investment at cost		—			—

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

66

AMG GW&K U.S. Small Cap Growth Fund			AMG Managers DoubleLine Core Plus Bond Fund			AMG Managers Lake Partners LASSO Alternatives Fund			AMG River Road Long-Short Fund			AMG Managers Guardian Capital Global Dividend Fund			AMG Managers Pictet International Fund		AMG Managers Value Partners Asia Dividend Fund
$	38,935,642		$	631,883,032		$	77,776,441		$	58,669,607		$	35,093,252		$	1,698,963,790	$	8,785,707
	—			10,573,187			—			—			—			—		—
	—			—			—			1,603,038			24,367			569,189		274,365
	4,870			—			—			4,121,060			3,112			—		—
	—			—			—			2,000,000			—			—		—
	10,161			4,226,033			30,536			85,140			105,373			7,397,272		15,422
	9,716			3,470,251			20,561			3,076			13,153			3,629,645		—
	57,016			1,272,759			3,555,256			804,049			—			4,873,497		30,192
	14,344			45,387			6,204			6,830			2,006			7,210		10,918
	1,718			4,665			9,066			380			8,736			8,376		56
	39,033,467			651,475,314			81,398,064			67,293,180			35,249,999			1,715,448,979		9,116,660
	1,458,663			14,734,882			—			—			967,374			65,738,546		5,378
	—			5,180			8			—			—			—		10,732
	—			—			—			13,394,854			—			—		—
	—			—			—			54,403			—			—		—
	—			511			—			—			—			—		—
	70,876			1,290,024			28,692			1,687,747			303			3,155,965		32,755
	67,843			1,602,229			2,164,319			80,027			—			1,447,766		—
	21,058			242,412			61,922			27,431			19,487			1,048,666		5,836
	4,512			80,804			10,320			4,841			4,176			196,625		1,094
	5,743			45,016			5,617			1,529			4			58		—
	7,397			62,444			7,385			3,533			28			176,317		—
	1,608			14,405			1,348			489			—			16		—
	491			28,690			2,780			2,093			—			91,742		—
	7,659			18,451			14,126			19,739			16,225			3,191		12,815
	16,720			205,817			8,819			13,118			12,545			216,927		55,190
	13,876			30,827			15,941			2,768			177			107,448		248
	—			11,841			—			4,357			—			—		14,253
	—			10,637			857			609			453			27,417		134
	21,480			50,288			6,081			4,385			963			16,634		766
	—			—			—			12,793,794			—			—		—
	1,697,926			18,434,458			2,328,215			28,095,717			1,021,735			72,227,318		139,201
$	37,335,541		$	633,040,856		$	79,069,849		$	39,197,463		$	34,228,264		$	1,643,221,661	$	8,977,459
$	26,336,704		$	640,028,180		$	76,559,191		$	40,183,278		$	31,601,714		$	1,441,152,910	$	7,933,713
	(720,715	)		(1,259,808	)		(517,802	)		(1,123,158	)		86,553			5,614,073		(23,860	)
	2,586,739			(5,298,097	)		819,070			(2,141,896	)		(71,825	)		28,025,596		239,713
	9,132,813			(429,419	)		2,209,390			2,279,239			2,611,822			168,429,082		827,893
$	37,335,541		$	633,040,856		$	79,069,849		$	39,197,463		$	34,228,264		$	1,643,221,661	$	8,977,459
$	28,606,767		$	204,029,598		$	25,240,082		$	7,345,146		$	18,489		$	289,822	$	964,114
	6,795,555			19,185,511			2,092,604			617,036			1,731			27,589		85,291
$	4.21		$	10.63		$	12.06		$	11.90		$	10.68		$	10.50	$	11.30
$	8,600,539		$	429,011,258		$	53,829,767		$	31,852,317		$	34,209,775		$	1,642,931,839	$	8,013,345
	1,707,623			40,361,725			4,440,426			2,646,369			3,219,209			156,692,471		709,097
$	5.04		$	10.63		$	12.12		$	12.04		$	10.63		$	10.49	$	11.30
$	128,235		$	—		$	—		$	—		$	—		$	—	$	—
	25,469			—			—			—			—			—		—
$	5.03		$	—		$	—		$	—		$	—		$	—	$	—
$	29,802,829		$	632,203,274		$	75,567,051		$	56,596,056		$	32,479,397		$	1,530,551,034	$	7,957,515
$	1,427,367		$	14,268,090			—			—		$	946,741		$	62,702,224	$	5,349
	—		$	10,682,364			—			—			—			—		—

  67

AMG Funds

	April 30, 2017
Statements of Assets and Liabilities – continued

	AMG Managers Montag & Caldwell Balanced Fund
ASSETS:
Investments at value1	$	23,637,755
Receivables:
Dividends, interest and other		59,627
Fund shares sold		501
Receivable from Affiliate		4,997
Prepaid expenses		169
Total assets		23,703,049
LIABILITIES:
Payables:
Fund shares redeemed		11,733
Investment advisory and management fees		12,499
Administration fees		2,885
Distribution fees—Class N		4,235
Shareholder servicing fees—Fund level		1,712
Shareholder servicing fees—Class N		1,023
Shareholder servicing fees—Class I		131
Professional fees		16,191
Custodian fees		9,024
Transfer agent fees		6,476
Registration fees		7,912
Trustees fees		353
Accrued expenses and other payables		4,079
Total liabilities		78,253
NET ASSETS	$	23,624,796
NET ASSETS CONSIST OF:
Paid-in capital	$	21,905,029
Undistributed (distribution in excess of) net investment income		(378,743	)
Accumulated net realized gain on investments		423,825
Net unrealized appreciation (depreciation) of investments		1,674,685
TOTAL NET ASSETS	$	23,624,796
Class N:
Net Assets	$	20,924,183
Shares of beneficial interest outstanding (unlimited authorization)		964,221
Net asset value, offering and redemption price per share	$	21.70
Class I:
Net Assets	$	2,700,613
Shares of beneficial interest outstanding (unlimited authorization)		124,881
Net asset value, offering and redemption price per share	$	21.63
1 Investments at cost	$	21,963,070

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

68

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AMG Funds

Statements of Operations (unaudited)

For the Six Months Ended April 30, 2017

	AMG Managers Fairpointe Focused Equity Fund			AMG River Road Focused Absolute Value Fund
INVESTMENT INCOME:
Dividends	$	65,330		$	99,500
Securities lending income		—			1,704
Foreign taxes withheld		(139	)		—
Total investment income		65,191			101,204
EXPENSES:
Investment advisory fees and management fees		28,096			49,053
Administrative fees		6,021			12,263
Distribution fees—Class N		1,184			1,153
Distribution fees—Class R		—			—
Shareholder servicing fees—Class N		379			185
Shareholder servicing fees—Class I		2,832			3,086
Shareholder service fees—Class R		—			—
Transfer agent fees		186			233
Custodian fees		1,530			3,208
Professional fees		11,114			9,175
Registration fees		20,376			12,519
Reports to shareholders		671			2,069
Trustees fees and expenses		321			538
Miscellanous		740			826
Total expenses before offsets/reductions		73,450			94,308
Expense reimbursements		(36,142	)		(31,838	)
Expense reductions		—			(1,738	)
Fees waivers		—			—
Net expenses		37,308			60,732
NET INVESTMENT INCOME (LOSS)		27,883			40,472
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		(1,541	)		804,413
Net change in unrealized appreciation (depreciation) of investments		1,293,983			1,168,859
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,292,442			1,973,272
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,320,325		$	2,013,744

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

70

AMG Managers Montag & Caldwell Growth Fund			AMG River Road Dividend All Cap Value Fund			AMG River Road Dividend All Cap Value Fund II			AMG Managers Fairpointe Mid Cap Fund			AMG Managers Montag & Caldwell Mid Cap Growth Fund			AMG Managers LMCG Small Cap Growth Fund			AMG River Road Select Value Fund
$	5,105,529		$	12,112,956		$	1,746,699		$	19,363,863		$	22,148		$	417,371		$	246,300
	—			88,993			11,122			—			199			6,039			8,812
	—			(52,327	)		(7,544	)		(58,932	)		(189	)		—			—
	5,105,529			12,149,622			1,750,277			19,304,931			22,158			423,410			255,112
	3,547,675			2,745,941			374,837			12,024,922			32,226			584,906			160,468
	826,275			686,485			93,709			2,975,238			6,445			97,484			29,987
	509,430			399,122			4,570			1,921,408			5,424			25,450			6,445
	13,529			—			—			—			—			—			—
	122,263			95,789			1,097			614,851			1,084			18,248			1,547
	206,623			178,805			36,387			971,943			1,064			23,353			10,448
	1,353			—			—			—			—			—			—
	63,538			15,964			4,740			105,215			489			10,012			4,381
	43,620			25,666			5,829			108,757			2,363			9,576			4,827
	56,709			38,767			15,749			128,408			11,166			14,837			12,096
	58,531			23,140			16,345			39,579			12,642			17,494			13,895
	76,582			19,179			3,069			159,798			753			14,681			2,368
	58,337			38,035			5,396			165,657			418			5,861			1,861
	30,023			18,373			3,045			80,074			787			3,434			1,510
	5,614,488			4,285,266			564,773			19,295,850			74,861			825,336			249,833
	—			—			—			—			(26,470	)		(88,893	)		(12,949	)
	(102,965	)		(8,167	)		(674	)		—			(965	)		(8,907	)		(3,504	)
	(33,602	)		(24,256	)		—			(128,927	)		—			—			—
	5,477,921			4,252,843			564,099			19,166,923			47,426			727,536			233,380
	(372,392	)		7,896,779			1,186,178			138,008			(25,268	)		(304,126	)		21,732
	36,490,102			34,805,437			5,005,162			250,331,075			428,908			1,868,093			3,585,521
	53,103,436			50,389,277			6,854,737			423,335,698			523,733			19,628,954			4,389,445
	89,593,538			85,194,714			11,859,899			673,666,773			952,641			21,497,047			7,974,966
$	89,221,146		$	93,091,493		$	13,046,077		$	673,804,781		$	927,373		$	21,192,921		$	7,996,698

  71

AMG Funds

Statements of Operations – continued

For the Six Months Ended April 30, 2017

	AMG River Road Small Cap Value Fund			AMG Managers Silvercrest Small Cap Fund
INVESTMENT INCOME:
Dividends	$	1,607,802		$	1,533,462
Dividends from affiliated securities		—			—
Securities lending income		34,181			1,105
Interest Income		—			—
Foreign taxes withheld		(24,087	)		—
Total investment income		1,617,896			1,534,567
EXPENSES:
Investment advisory fees and management fees		1,175,607			1,104,045
Administrative fees		220,427			184,008
Distribution fees—Class N		32,121			30,909
Shareholder servicing fees—Class N		11,564			8,655
Shareholder servicing fees—Class I		120,692			77,216
Transfer agent fees		5,353			3,396
Custodian fees		10,741			9,256
Professional fees		20,137			17,866
Registration fees		14,622			23,051
Interest and dividend expense on securities sold-short		—			—
Amortization of offering costs		—			—
Reports to shareholders		6,673			6,470
Trustees fees and expenses		12,432			9,663
Miscellanous		6,240			4,963
Repayment of prior reimbursement		—			—
Total expenses before offsets/ reductions		1,636,609			1,479,498
Expense reimbursements		—			(37,864	)
Expense reductions		(10,645	)		(37,507	)
Fees waivers		(3,233	)		—
Net expenses		1,622,731			1,404,127
NET INVESTMENT INCOME (LOSS)		(4,835	)		130,440
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments		25,217,421			6,870,302
Net realized loss on securities sold short		—			—
Net realized gain (loss) on foreign currency transactions		—			—
Capital gain distributions received		—			—
Net change in unrealized appreciation (depreciation) of investments		25,701,774			29,306,702
Net change in unrealized appreciation (depreciation) of securities sold short		—			—
Net change in unrealized appreciation (depreciation) of translation of assets and liabilities denominated in foreign currency		—			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		50,919,195			36,177,004
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	50,914,360		$	36,307,444

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

72

AMG GW&K U.S. Small Cap Growth Fund			AMG Managers DoubleLine Core Plus Bond Fund			AMG Managers Lake Partners LASSO Alternatives Fund			AMG River Road Long-Short Fund			AMG Managers Guardian Capital Global Dividend Fund			AMG Managers Pictet International Fund			AMG Managers Value Partners Asia Dividend Fund
$	110,564		$	32,700		$	513,330		$	299,520		$	546,060		$	16,402,353		$	82,057
	—			138,009			—			—			—			—			—
	7,105			17,698			—			—			4,355			78,895			38
	—			13,128,768			4			7,141			437			(6,474	)		3,972
	(1,342	)		(40,483	)		—			(5,682	)		(35,983	)		(1,135,682	)		(8,678	)
	116,327			13,276,692			513,334			300,979			514,869			15,339,092			77,389
	153,124			1,502,315			408,450			209,282			107,575			5,712,934			33,342
	29,929			500,772			68,075			33,430			23,052			1,071,175			6,252
	37,801			323,555			36,289			10,205			820			258			—
	10,584			103,538			8,709			3,266			—			72			—
	3,368			163,540			18,521			14,563			—			499,809			—
	9,443			13,525			3,297			1,804			119			88,856			158
	8,624			106,711			5,194			8,043			7,697			124,320			22,694
	15,615			42,599			14,940			15,789			12,898			49,774			9,540
	21,412			43,707			16,730			17,940			15,217			61,953			19,264
	—			—			—			413,612			—			—			—
	—			—			—			—			—			—			7,832
	15,356			34,927			4,709			2,503			606			25,428			105
	3,100			30,260			4,709			2,060			743			50,589			350
	2,946			13,813			3,044			1,574			925			23,923			757
	—			—			—			—			—			120,411			—
	311,302			2,879,262			592,667			734,071			169,652			7,829,502			100,294
	(62,482	)		(232,254	)		(34,469	)		(22,970	)		(7,469	)		—			(52,365	)
	(14,889	)		—			—			(4,356	)		—			—			—
	—			(37,263	)		—			—			—			(39,277	)		—
	233,931			2,609,745			558,198			706,745			162,183			7,790,225			47,929
	(117,604	)		10,666,947			(44,864	)		(405,766	)		352,686			7,548,867			29,460
	2,729,629			(5,150,345	)		555,428			2,691,531			247,613			31,918,030			234,484
	—			—			—			(1,283,338	)		—			—			—
	—			—			—			(43,973	)		201			(614,878	)		5,318
	—			—			467,596			—			—			—			—
	4,138,875			(1,011,555	)		1,507,364			2,402,708			2,624,859			141,498,193			656,818
	—			—			—			(53,309	)		—			—			—
	—			—			—			29,334			(1,464	)		129,359			(163	)
	6,868,504			(6,161,900	)		2,530,388			3,742,953			2,871,209			172,930,704			896,457
$	6,750,900		$	4,505,047		$	2,485,524		$	3,337,187		$	3,223,895		$	180,479,571		$	925,917

  73

AMG Funds

Statements of Operations – continued

For the Six Months Ended April 30, 2017

	AMG Managers Montag & Caldwell Balanced Fund
INVESTMENT INCOME:
Dividends	$	93,897
Securities lending income		81
Interest Income		80,499
Total investment income		174,477
EXPENSES:
Investment advisory fees and management fees		80,001
Administrative fees		18,462
Distribution fees—Class N		5,090
Shareholder servicing fees—Class N		6,572
Shareholder servicing fees—Class I		813
Transfer agent fees		4,768
Custodian fees		5,479
Professional fees		13,701
Registration fees		18,290
Reports to shareholders		2,539
Trustees fees and expenses		1,367
Miscellanous		1,195
Total expenses before offsets/ reductions		158,277
Expense reimbursements		(17,801	)
Expense reductions		(1,989	)
Net expenses		138,487
NET INVESTMENT INCOME		35,990
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS:
Net realized gain on investments		470,365
Net change in unrealized appreciation (depreciation) of investments		677,069
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS		1,147,434
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	1,183,424

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

74

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AMG Funds

Statements of Changes in Net Assets

	AMG Managers Fairpointe Focused Equity Fund						AMG River Road Focused Absolute Value Fund
	Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (unaudited)			Period Ended October 31, 2016(a)
NET ASSETS at Beginning of Period	$	7,034,740		$	6,456,792		$	11,800,969		$	—
Increase (decrease) in net assets from operations:
Net investment income (loss)		27,883			66,906			40,472			62,755
Net realized gain (loss) on investments		(1,541	)		(14,597	)		804,413			711,183
Net change in unrealized appreciation (depreciation) of investments		1,293,983			297,720			1,168,859			508,194
Net increase (decrease) in net assets from operations		1,320,325			350,029			2,013,744			1,282,132
Distributions to shareholders from:
Net investment income:
Class N		(874	)		(21,065	)		(7,854	)		—
Class I		(68,181	)		(46,607	)		(112,912	)		—
Class R		—			—			—			—
Net realized gain on investments:
Class N		—			—			(66,646	)		—
Class I		—			—			(842,368	)		—
Class R		—			—			—			—
Total distributions		(69,055	)		(67,672	)		(1,029,780	)		—
Capital share transactions:
Net increase (decrease) from capital share transactions		(1,158,576	)		295,591			6,054,833			10,518,837
Total increase (decrease) in net assets		92,694			577,948			7,038,797			11,800,969
NET ASSETS at End of Period	$	7,127,434		$	7,034,740		$	18,839,766		$	11,800,969
Undistributed (distributions in excess of)net investment income	$	13,371		$	54,543		$	(2,756	)	$	77,538

(a) The commencement of investment operations for the AMG River Road Focused Absolute Value Fund was November 3, 2015.

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

76

AMG Managers Montag & Caldwell Growth Fund						AMG River Road Dividend All Cap Value Fund						AMG River Road Dividend All Cap Value Fund II
Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016
$	1,344,784,586		$	2,185,832,613		$	850,861,237		$	849,977,579		$	117,925,990		$	124,343,937
	(372,392	)		6,345,072			7,896,779			17,015,871			1,186,178			2,615,674
	36,490,102			114,108,879			34,805,437			59,263,397			5,005,162			4,771,695
	53,103,436			(147,303,621	)		50,389,277			(25,544,317	)		6,854,737			1,173,678
	89,221,146			(26,849,670	)		93,091,493			50,734,951			13,046,077			8,561,047
	(828,374	)		(2,341,331	)		(3,686,131	)		(4,651,630	)		(35,936	)		(57,390	)
	(4,913,845	)		(5,950,061	)		(7,498,821	)		(10,931,278	)		(1,321,114	)		(2,436,119	)
	(8,072	)		(3,417	)		—			—			—			—
	(39,690,379	)		(195,686,596	)		(20,724,974	)		(19,557,150	)		(139,259	)		(41,705	)
	(72,425,486	)		(256,099,119	)		(38,518,497	)		(49,288,884	)		(4,633,931	)		(1,625,842	)
	(535,608	)		(1,528,281	)		—			—			—			—
	(118,401,764	)		(461,608,805	)		(70,428,423	)		(84,428,942	)		(6,130,240	)		(4,161,056	)
	(311,294,502	)		(352,589,552	)		86,456,689			34,577,649			(436,517	)		(10,817,938	)
	(340,475,120	)		(841,048,027	)		109,119,759			883,658			6,479,320			(6,417,947	)
$	1,004,309,466		$	1,344,784,586		$	959,980,996		$	850,861,237		$	124,405,310		$	117,925,990
$	(2,104,494	)	$	4,018,189		$	(3,662,553	)	$	(374,380	)	$	(328,979	)	$	(158,107	)

  77

AMG Funds

Statements of Changes in Net Assets – continued

	AMG Managers Fairpointe Mid Cap Fund						AMG Managers Montag & Caldwell Mid Cap Growth Fund
	Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016
NET ASSETS at Beginning of Period	$	3,510,979,748		$	4,700,395,942		$	8,197,963		$	11,053,000
Increase in net assets from operations:
Net investment income (loss)		138,008			22,055,241			(25,268	)		(50,872	)
Net realized gain (loss) on investments		250,331,075			157,821,250			428,908			629,604
Net change in unrealized appreciation (depreciation) of investments		423,335,698			(27,081,901	)		523,733			(611,887	)
Net increase (decrease) in net assets from operations		673,804,781			152,794,590			927,373			(33,155	)
Distributions to shareholders from:
Net investment income:
Class N		(4,738,011	)		(5,351,086	)		(12,389	)		—
Class I		(13,394,059	)		(15,653,440	)		(22,879	)		—
Net realized gain on investments:
Class N		(61,100,311	)		(95,369,480	)		(297,569	)		(556,661	)
Class I		(96,561,948	)		(139,128,106	)		(291,792	)		(693,830	)
Total distributions		(175,794,329	)		(255,502,112	)		(624,629	)		(1,250,491	)
Capital share transactions:
Net increase (decrease) from capital share transactions		117,123,767			(1,086,708,672	)		489,133			(1,571,391	)
Total increase (decrease) in net assets		615,134,219			(1,189,416,194	)		791,877			(2,855,037	)
NET ASSETS at End of Period	$	4,126,113,967		$	3,510,979,748		$	8,989,840		$	8,197,963
Undistributed (distributions in excess of) net investment income	$	(4,876,547	)	$	13,117,515		$	(106,164	)	$	(45,628	)

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

78

AMG Managers LMCG Small Cap Growth Fund						AMG River Road Select Value Fund						AMG River Road Small Cap Value Fund
Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016
$	111,836,379		$	231,382,604		$	39,854,402		$	97,111,333		$	268,518,060		$	270,438,198
	(304,126	)		(1,188,638	)		21,732			(124,066	)		(4,835	)		(219,950	)
	1,868,093			(34,954,281	)		3,585,521			3,630,244			25,217,421			14,928,166
	19,628,954			2,727,088			4,389,445			(1,228,248	)		25,701,774			3,659,498
	21,192,921			(33,415,831	)		7,996,698			2,277,930			50,914,360			18,367,714
	—			—			(6,217	)		—			—			—
	—			—			(124,646	)		(153,030	)		—			—
	—			(26,929	)		(388,245	)		(697,557	)		(1,206,779	)		(1,286,224	)
	—			(13,737	)		(2,623,776	)		(7,272,173	)		(13,057,218	)		(13,941,244	)
	—			(40,666	)		(3,142,884	)		(8,122,760	)		(14,263,997	)		(15,227,468	)
	1,799,042			(86,089,728	)		(3,784,755	)		(51,412,101	)		(3,048,211	)		(5,060,384	)
	22,991,963			(119,546,225	)		1,069,059			(57,256,931	)		33,602,152			(1,920,138	)
$	134,828,342		$	111,836,379		$	40,923,461		$	39,854,402		$	302,120,212		$	268,518,060
$	(1,287,768	)	$	(983,642	)	$	(109,131	)	$	—		$	(4,835	)	$	—

  79

AMG Funds

Statements of Changes in Net Assets – continued

	AMG Managers Silvercrest Small Cap Fund						AMG GW&K U.S. Small Cap Growth Fund
	Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016
NET ASSETS at Beginning of Period	$	202,192,238		$	164,463,697		$	42,009,081		$	548,685,895
Increase (decrease) in net assets from operations:
Net investment income (loss)		130,440			671,845			(117,604	)		(892,635	)
Net realized gain (loss) on investments,securities sold short, capital gain distributions received and foreign currency transactions		6,870,302			1,621,595			2,729,629			57,625,496
Net change in unrealized appreciation (depreciation) of investments, securities sold short and translation of assets and liabilities denominated in foreign currency		29,306,702			9,200,867			4,138,875			(74,735,996	)
Net increase (decrease) in net assets from operations		36,307,444			11,494,307			6,750,900			(18,003,135	)
Distributions to shareholders from:
Net investment income:
Class N		—			(50,273	)		—			—
Class I		(462,292	)		(577,200	)		—			—
Net realized gain on investments:
Class N		(172,909	)		(734,281	)		(44,633	)		(58,589,159	)
Class I		(1,603,029	)		(5,513,361	)		(14,009	)		(97,356,917	)
Total distributions		(2,238,230	)		(6,875,115	)		(58,642	)		(155,946,076	)
Capital share transactions:
Net increase (decrease) from capital share transactions		17,845,683			33,109,349			(11,365,798	)		(332,727,603	)
Total increase (decrease) in net assets		51,914,897			37,728,541			(4,673,540	)		(506,676,814	)
NET ASSETS at End of Period	$	254,107,135		$	202,192,238		$	37,335,541		$	42,009,081
Undistributed (distributions in excess of) net investment income	$	(75,750	)	$	256,102		$	(720,715	)	$	(603,111	)

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

80

AMG Managers DoubleLine Core Plus Bond Fund						AMG Managers Lake Partners LASSO Alternatives Fund						AMG River Road Long-Short Fund
Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016
$	707,216,179		$	492,337,589		$	102,684,051		$	209,739,030		$	46,261,507		$	77,070,545
	10,666,947			19,598,374			(44,864	)		637,553			(405,766	)		(824,629	)
	(5,150,345	)		7,058,091			1,023,024			679,033			1,364,220			(765,605	)
	(1,011,555	)		7,311,823			1,507,364			(3,892,607	)		2,378,733			498,635
	4,505,047			33,968,288			2,485,524			(2,576,021	)		3,337,187			(1,091,599	)
	(4,569,287	)		(8,449,442	)		—			—			—			—
	(7,775,430	)		(11,766,309	)		—			(335,854	)		—			—
	(566,979	)		—			(123,358	)		(2,460,419	)		—			(688,352	)
	(780,506	)		—			(263,958	)		(8,718,084	)		—			(1,158,800	)
	(13,692,202	)		(20,215,751	)		(387,316	)		(11,514,357	)		—			(1,847,152	)
	(64,988,168	)		201,126,053			(25,712,410	)		(92,964,601	)		(10,401,231	)		(27,870,287	)
	(74,175,323	)		214,878,590			(23,614,202	)		(107,054,979	)		(7,064,044	)		(30,809,038	)
$	633,040,856		$	707,216,179		$	79,069,849		$	102,684,051		$	39,197,463		$	46,261,507
$	(1,259,808	)	$	417,962		$	(517,802	)	$	(472,938	)	$	(1,123,158	)	$	(717,392	)

  81

AMG Funds

Statements of Changes in Net Assets – continued

	AMG Managers Guardian Capital Global Dividend Fund						AMG Managers Pictet International Fund
	Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016			Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016
NET ASSETS at Beginning of Period	$	28,983,684		$	4,345,783		$	1,336,181,126		$	50,859,091
Increase (decrease) in net assets from operations:
Net investment income		352,686			122,429			7,548,867			15,997,232
Net realized gain (loss) on investments and foreign currency transactions		247,814			(201,443	)		31,303,152			26,038,832
Net change in unrealized appreciation (depreciation) of investments and translation of assets and liabilities denominated in foreign currency		2,623,395			(226,865	)		141,627,552			26,658,010
Net increase (decrease) in net assets from operations		3,223,895			(305,879	)		180,479,571			68,694,074
Distributions to shareholders from:
Net investment income:
Class N		(5,076	)		(23,942	)		(946	)		(2,108	)
Class I		(287,453	)		(95,299	)		(19,015,823	)		(384,729	)
Net realized gain on investments:
Class N		—			—			(2,722	)		(7,188	)
Class I		—			—			(28,593,440	)		(581,130	)
Total distributions		(292,529	)		(119,241	)		(47,612,931	)		(975,155	)
Capital share transactions:
Net increase (decrease) from capital share transactions		2,313,214			25,063,021			174,173,895			1,217,603,116
Total increase (decrease) in net assets		5,244,580			24,637,901			307,040,535			1,285,322,035
NET ASSETS at End of Period	$	34,228,264		$	28,983,684		$	1,643,221,661		$	1,336,181,126
Undistributed (distributions in excess of) net investment income	$	86,553		$	26,396		$	5,614,073		$	17,081,975

(a) The commencement of investment operations for the Value Partners Asia Dividend Fund is December 16, 2015.

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

82

AMG Managers Value Partners Asia Dividend Fund						AMG Managers Montag & Caldwell Balanced Fund
Six Months Ended April 30, 2017 (unaudited)			Period Ended October 31, 2016(a)			Six Months Ended April 30, 2017 (unaudited)			Year Ended October 31, 2016
$	8,090,881		$	—		$	28,464,037		$	30,124,934
	29,460			198,128			35,990			168,860
	239,802			271,025			470,365			2,160,564
	656,655			171,238			677,069			(1,925,238	)
	925,917			640,391			1,183,424			404,186
	(14,089	)		(15,227	)		(79,281	)		(207,163	)
	(129,981	)		(150,172	)		(10,115	)		(27,438	)
	(22,865	)		—			(1,915,882	)		(1,154,068	)
	(203,640	)		—			(232,384	)		(170,597	)
	(370,575	)		(165,399	)		(2,237,662	)		(1,559,266	)
	331,236			7,615,889			(3,785,003	)		(505,817	)
	886,578			8,090,881			(4,839,241	)		(1,660,897	)
$	8,977,459		$	8,090,881		$	23,624,796		$	28,464,037
$	(23,860	)	$	90,750		$	(378,743	)	$	(325,337	)

  83

AMG Funds

Statement of Cash Flows (unaudited)

For the Six Months Ended April 30, 2017

	AMG River Road Long-Short Fund
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net increase in net assets resulting from operations	$	3,337,187
ADJUSTMENTS TO RECONCILE NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS TO NET CASH PROVIDED BY OPERATING ACTIVITIES:
Purchases of long-term investment securities		(40,412,149	)
Proceeds from disposition of long-term investment securities		58,821,394
Proceeds from securities sold short		19,522,060
Purchases to cover securities sold short		(21,989,281	)
Proceeds from investment distributions		131,228
Net purchases of short-term securities		(5,728,908	)
Net realized gain on investments		(2,691,531	)
Net realized loss from securities sold short		1,283,338
Net realized loss from foreign currency transactions		43,973
Net change in unrealized appreciation (depreciation) on investments		(2,402,708	)
Net change in unrealized appreciation (depreciation) on securities sold short		53,309
Net change in unrealized appreciation (depreciation) on foreign currency translations of assets and liabilities		(29,334	)
Decrease in segregated cash		1,839,023
Decrease in dividends, interest and other receivables		6,909
Increase in receivable from Affiliate		(6,830	)
Increase in prepaid expenses		(211	)
Increase in due to broker payable		1,972,298
Increase in interest and dividends on securities sold short payable		37,971
Decrease in investment advisory and management fees payable		(21,164	)
Decrease in administration fees payable		(954	)
Decrease in distribution fees payable		(399	)
Decrease in shareholder servicing fees payable		(3,447	)
Decrease in professional fees payable		(10,368	)
Increase in custodian fees payable		6,731
Decrease in transfer agent fees payable		(2,796	)
Decrease in registration fees payable		(15,477	)
Decrease in trustees fees payable		(295	)
Decrease in accrued expenses and other payables		(1,061	)
Net cash provided by operating activities		13,738,508
Effect of exchange rate changes on foreign currency		(14,640	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of shares		6,512,537
Cost of shares repurchased		(16,982,346	)
Net cash used in financing activities		(10,469,809	)
Net increase in cash		3,254,059
CASH:
Beginning of period		2,470,039
End of period	$	5,724,098

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

84

AMG Funds

AMG Managers Fairpointe Focused Equity Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Period Ended 10/31/15(a)
Net Asset Value, Beginning of Period	$	9.65		$	9.33		$	10.00
Income from Investment Operations:
Net investment income (b)		0.02			0.08			0.06
Net realized and unrealized gain (loss) on investments		1.75			0.33			(0.73	)
Total from investment operations		1.77			0.41			(0.67	)
Less Distributions:
Distributions from and in excess of net investment income		(0.02	)		(0.09	)		—
Total distributions		(0.02	)		(0.09	)		—
Net increase (decrease) in net asset value		1.75			0.32			(0.67	)
Net Asset Value, End of Period	$	11.40		$	9.65		$	9.33
Total Return (c)		18.30	%(d)		4.43	%		(6.70	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	894		$	546		$	2,295
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		2.12	%(e)		2.63	%		3.78	%(e)
After expense reimbursement and/or fee waiver		1.15	%(e)		1.15	%(f)		1.15	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.52	)%(e)		(0.61	)%		(1.93	)%(e)
After expense reimbursement and/or fee waiver		0.45	%(e)		0.87	%		0.70	%(e)
Portfolio Turnover		22	%(d)		31	%		1	%(d)(g)

(a) The commencement of investment operations for AMG Managers Fairpointe Focused Equity Fund Class N shares was December 23, 2014.

(b) Per share numbers have been calculated using average shares.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 0.82% from 1.15%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(g) Portfolio turnover rate excludes securities received from processing a subscription in-kind.

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

  85

AMG Funds

AMG Managers Fairpointe Focused Equity Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Period Ended 10/31/15(a)
Net Asset Value, Beginning of Period	$	9.67		$	9.35		$	10.00
Income from Investment Operations:
Net investment income (b)		0.04			0.10			0.08
Net realized and unrealized gain (loss) on investments		1.74			0.32			(0.73	)
Total from investment operations		1.78			0.42			(0.65	)
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		(0.10	)		—
Total distributions		(0.10	)		(0.10	)		—
Net increase (decrease) in net asset value		1.68			0.32			(0.65	)
Net Asset Value, End of Period	$	11.35		$	9.67		$	9.35
Total Return (c)		18.49	%(d)		4.65	%		(6.50	)%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	6,233		$	6,489		$	4,162
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.79	%(e)		2.51	%		3.53	%(e)
After expense reimbursement and/or fee waiver		0.90	%(e)		0.90	%(f)		0.90	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.16	)%(e)		(0.52	)%		(1.68	)%(e)
After expense reimbursement and/or fee waiver		0.73	%(e)		1.10	%		0.95	%(e)
Portfolio Turnover		22	%(d)		31	%		1	%(d)(g)

(a) The commencement of investment operations for AMG Managers Fairpointe Focused Equity Fund Class I shares was December 23, 2014.

(b) Per share numbers have been calculated using average shares.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 0.82% from 0.90%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(g) Portfolio turnover rate excludes securities received from processing a subscription in-kind.

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

86

AMG Funds

AMG River Road Focused Absolute Value Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Period Ended 10/31/16(a)
Net Asset Value, Beginning of Period	$	10.85		$	10.00
Income from Investment Operations:
Net investment income (b)		0.01			0.04
Net realized and unrealized gain on investments		1.58			0.81
Total from investment operations		1.59			0.85
Less Distributions:
Distributions from and in excess of net investment income		(0.09	)		—
Distributions from net realized gain on investments		(0.73	)		—
Total distributions		(0.82	)		—
Net increase in net asset value		0.77			0.85
Net Asset Value, End of Period	$	11.62		$	10.85
Total Return(c)		14.95	%(d)		8.50	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	775		$	489
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.39	%(e)		3.15	%(e)
After expense reimbursement and/or fee waiver		0.98	%(e)(h)		1.12	%(e)(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.18	)%(e)		(1.64	)%(e)
After expense reimbursement and/or fee waiver		0.23	%(e)		0.39	%(e)
Portfolio Turnover		66	%(d)		146	%(d)(g)

(a) The commencement of investment operations for AMG River Road Focused Absolute Value Fund Class N shares was November 3, 2015.

(b) Per share numbers have been calculated using average shares.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 0.71% from 1.00%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(g) Portfolio turnover rate excludes securities delivered from processing a subscription in-kind.

(h) Includes reduction from brokerage recapture amounting to 0.02%.

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

  87

AMG Funds

AMG River Road Focused Absolute Value Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Period Ended 10/31/16(a)
Net Asset Value, Beginning of Period	$	10.88		$	10.00
Income from Investment Operations:
Net investment income (b)		0.03			0.08
Net realized and unrealized gain on investments		1.57			0.80
Total from investment operations		1.60			0.88
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		—
Distributions from net realized gain on investments		(0.73	)		—
Total distributions		(0.83	)		—
Net increase in net asset value		0.77			0.88
Net Asset Value, End of Period	$	11.65		$	10.88
Total Return(c)		15.05	%(d)		8.80	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	18,065		$	11,312
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.14	%(e)		2.90	%(e)
After expense reimbursement and/or fee waiver		0.73	%(e)(h)		0.75	%(e)(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		0.10	%(e)		(1.35	)%(e)
After expense reimbursement and/or fee waiver		0.51	%(e)		0.81	%(e)
Portfolio Turnover		66	%(d)		146	%(d)(g)

(a) The commencement of investment operations for AMG River Road Focused Absolute Value Fund Class I shares was November 3, 2015.

(b) Per share numbers have been calculated using average shares.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 0.71% from 0.75%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(g) Portfolio turnover rate excludes securities delivered from processing a subscription in-kind.

(h) Includes reduction from brokerage recapture amounting to 0.02%.

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

88

AMG Funds

AMG Managers Montag & Caldwell Growth Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/13/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	19.56		$	26.67		$	29.59		$	28.68		$	25.31		$	24.72
Income from Investment Operations:
Net investment income (loss) (a)		(0.02	)		0.05			0.07			0.10			0.23			0.15
Net realized and unrealized gain (loss) on investments		1.59			(0.33	)		2.06			2.93			5.07			2.45
Total from investment operations		1.57			(0.28	)		2.13			3.03			5.30			2.60
Less Distributions:
Distributions from and in excess of net investment income		(0.04	)		(0.08	)		(0.05	)		(0.16	)		(0.22	)		(0.13	)
Distributions from net realized gain on investments		(1.94	)		(6.75	)		(5.00	)		(1.96	)		(1.71	)		(1.88	)
Total distributions		(1.98	)		(6.83	)		(5.05	)		(2.12	)		(1.93	)		(2.01	)
Net increase (decrease) in net asset value		(0.41	)		(7.11	)		(2.92	)		0.91			3.37			0.59
Net Asset Value, End of Period	$	19.15		$	19.56		$	26.67		$	29.59		$	28.68		$	25.31
Total Return (b)		8.84	%(c)		(1.77	)%		7.93	%		10.98	%		22.61	%		11.40	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	384,338		$	519,008		$	835,725		$	1,344,317		$	2,190,074		$	1,908,663
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.17	%(d)		1.12	%		1.05	%		1.03	%		1.04	%		1.05	%
After expense reimbursement and/or fee waiver		1.15	%(d)(e)		1.12	%		1.05	%		1.03	%		1.04	%		1.05	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.25	)%(d)		0.25	%		0.28	%		0.34	%		0.88	%		0.60	%
After expense reimbursement and/or fee waiver		(0.23	)%(d)		0.25	%		0.28	%		0.34	%		0.88	%		0.60	%
Portfolio Turnover		25	%(c)		64	%		12	%		47	%		51	%		46	%

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Includes reduction from brokerage recapture amounting to 0.02%.

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

  89

AMG Funds

AMG Managers Montag & Caldwell Growth Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	19.70		$	26.82		$	29.80		$	28.87		$	25.46		$	24.85
Income from Investment Operations:
Net investment income (a)		0.00	(b)		0.10			0.14			0.17			0.30			0.21
Net realized and unrealized gain (loss) on investments		1.59			(0.31	)		2.06			2.96			5.10			2.47
Total from investment operations		1.59			(0.21	)		2.20			3.13			5.40			2.68
Less Distributions:
Distributions from and in excess of net investment income		(0.13	)		(0.16	)		(0.18	)		(0.24	)		(0.28	)		(0.19	)
Distributions from net realized gain on investments		(1.95	)		(6.75	)		(5.00	)		(1.96	)		(1.71	)		(1.88	)
Total distributions		(2.08	)		(6.91	)		(5.18	)		(2.20	)		(1.99	)		(2.07	)
Net increase (decrease) in net asset value		(0.49	)		(7.12	)		(2.98	)		0.93			3.41			0.61
Net Asset Value, End of Period	$	19.21		$	19.70		$	26.82		$	29.80		$	28.87		$	25.46
Total Return (c)		8.97	%(d)		(1.51	)%		8.21	%		11.26	%		22.95	%		11.67	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	614,840		$	820,318		$	1,344,231		$	2,784,650		$	3,035,623		$	2,406,145
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		0.92	%(e)		0.87	%		0.80	%		0.78	%		0.79	%		0.80	%
After expense reimbursement and/or fee waiver		0.90	%(e)(f)		0.87	%		0.80	%		0.78	%		0.79	%		0.80	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver		0.01	%(e)		0.50	%		0.53	%		0.59	%		1.13	%		0.85	%
After expense reimbursement and/or fee waiver		0.03	%(e)		0.50	%		0.53	%		0.59	%		1.13	%		0.85	%
Portfolio Turnover		25	%(d)		64	%		12	%		47	%		51	%		46	%

(a) Per share numbers have been calculated using average shares.

(b) Less than $0.005 per share.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Includes reduction from brokerage recapture amounting to 0.02%.

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

90

AMG Funds

AMG Managers Montag & Caldwell Growth Fund – Class R	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	19.14		$	26.22		$	29.21		$	28.33		$	25.02		$	24.45
Income from Investment Operations:
Net investment income (loss) (a)		(0.05	)		(0.00	)(b)		0.01			0.03			0.16			0.09
Net realized and unrealized gain (loss) on investments		1.57			(0.31	)		2.01			2.91			5.01			2.43
Total from investment operations		1.52			(0.31	)		2.02			2.94			5.17			2.52
Less Distributions:
Distributions from and in excess of net investment income		(0.03	)		(0.02	)		(0.01	)		(0.10	)		(0.15	)		(0.07	)
Distributions from net realized gain on investments		(1.90	)		(6.75	)		(5.00	)		(1.96	)		(1.71	)		(1.88	)
Total distributions		(1.93	)		(6.77	)		(5.01	)		(2.06	)		(1.86	)		(1.95	)
Net increase (decrease) in net asset value		(0.41	)		(7.08	)		(2.99	)		0.88			3.31			0.57
Net Asset Value, End of Period	$	18.73		$	19.14		$	26.22		$	29.21		$	28.33		$	25.02
Total Return (c)		8.72	%(d)		(2.02	)%		7.66	%		10.74	%		22.30	%		11.10	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	5,131		$	5,458		$	5,877		$	7,701		$	10,099		$	8,771
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.41	%(e)		1.37	%		1.30	%		1.28	%		1.29	%		1.30	%
After expense reimbursement and/or fee waiver		1.39	%(e)(f)		1.37	%		1.30	%		1.28	%		1.29	%		1.30	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.58	)%(e)		(0.02	)%		0.03	%		0.09	%		0.63	%		0.35	%
After expense reimbursement and/or fee waiver		(0.56	)%(e)		(0.02	)%		0.03	%		0.09	%		0.63	%		0.35	%
Portfolio Turnover		25	%(d)		64	%		12	%		47	%		51	%		46	%

(a) Per share numbers have been calculated using average shares.

(b) Less than $(0.005) per share.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Includes reduction from brokerage recapture amounting to 0.02%.

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

  91

AMG Funds

AMG River Road Dividend All Cap Value Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	12.18		$	12.67		$	14.05		$	13.99		$	11.67		$	10.68
Income from Investment Operations:
Net investment income		0.10	(a)		0.24	(a)		0.21			0.42			0.30			0.31	(a)
Net realized and unrealized gain (loss) on investments		1.23			0.65			(0.20	)		0.89			2.73			1.05
Total from investment operations		1.33			0.89			0.01			1.31			3.03			1.36
Less Distributions:
Distributions from and in excess of net investment income		(0.15	)		(0.22	)		(0.22	)		(0.44	)		(0.27	)		(0.30	)
Distributions from net realized gain on investments		(0.86	)		(1.16	)		(1.17	)		(0.81	)		(0.44	)		(0.07	)
Total distributions		(1.01	)		(1.38	)		(1.39	)		(1.25	)		(0.71	)		(0.37	)
Net increase (decrease) in net asset value		0.32			(0.49	)		(1.38	)		0.06			2.32			0.99
Net Asset Value, End of Period	$	12.50		$	12.18		$	12.67		$	14.05		$	13.99		$	11.67
Total Return (b)		10.96	%(c)		7.88	%		(0.23	)%		9.89	%		27.47	%		12.96	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	333,521		$	295,797		$	214,789		$	349,937		$	449,130		$	338,166
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.10	%(d)		1.10	%		1.10	%		1.09	%		1.09	%		1.12	%
After expense reimbursement and/or fee waiver		1.09	%(d)		1.10	%(e)		1.10	%		1.09	%		1.09	%		1.12	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver		1.55	%(d)		2.00	%		1.62	%		2.96	%		2.38	%		2.74	%
After expense reimbursement and/or fee waiver		1.56	%(d)		2.00	%		1.62	%		2.96	%		2.38	%		2.74	%
Portfolio Turnover		15	%(c)		47	%		27	%		32	%		35	%		28	%

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Effective October 1, 2016, the Fund’s expense cap was reduced to 0.99% from 1.30%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

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

92

AMG Funds

AMG River Road Dividend All Cap Value Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	12.17		$	12.66		$	14.04		$	13.98		$	11.66		$	10.67
Income from Investment Operations:
Net investment income		0.11	(a)		0.28	(a)		0.25			0.44			0.34			0.34	(a)
Net realized and unrealized gain (loss) on investments		1.23			0.64			(0.20	)		0.90			2.72			1.05
Total from investment operations		1.34			0.92			0.05			1.34			3.06			1.39
Less Distributions:
Distributions from and in excess of net investment income		(0.16	)		(0.25	)		(0.26	)		(0.47	)		(0.30	)		(0.33	)
Distributions from net realized gain on investments		(0.86	)		(1.16	)		(1.17	)		(0.81	)		(0.44	)		(0.07	)
Total distributions		(1.02	)		(1.41	)		(1.43	)		(1.28	)		(0.74	)		(0.40	)
Net increase (decrease) in net asset value		0.32			(0.49	)		(1.38	)		0.06			2.32			0.99
Net Asset Value, End of Period	$	12.49		$	12.17		$	12.66		$	14.04		$	13.98		$	11.66
Total Return (b)		11.08	%(c)		8.15	%		0.02	%		10.18	%		27.81	%		13.25	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	626,460		$	555,064		$	635,189		$	788,322		$	779,859		$	586,043
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		0.85	%(d)		0.85	%		0.85	%		0.84	%		0.84	%		0.87	%
After expense reimbursement and/or fee waiver		0.84	%(d)		0.85	%(e)		0.85	%		0.84	%		0.84	%		0.87	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver		1.81	%(d)		2.30	%		1.87	%		3.21	%		2.63	%		2.99	%
After expense reimbursement and/or fee waiver		1.82	%(d)		2.30	%		1.87	%		3.21	%		2.63	%		2.99	%
Portfolio Turnover		15	%(c)		47	%		27	%		32	%		35	%		28	%

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Effective October 1, 2016, the Fund’s expense cap was reduced to 0.99% from 1.05%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

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

  93

AMG Funds

AMG River Road Dividend All Cap Value Fund II – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	13.52		$	12.99		$	13.69		$	12.89		$	10.44		$	10.00
Income from Investment Operations:
Net investment income		0.12	(b)		0.26	(b)		0.22	(b)		0.36			0.22			0.09	(b)
Net realized and unrealized gain (loss) on investments		1.36			0.71			(0.26	)		0.96			2.46			0.41
Total from investment operations		1.48			0.97			(0.04	)		1.32			2.68			0.50
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.25	)		(0.23	)		(0.38	)		(0.23	)		(0.06	)
Distributions from net realized gain on investments		(0.56	)		(0.19	)		(0.43	)		(0.14	)		(0.00	)(c)		—
Total distributions		(0.70	)		(0.44	)		(0.66	)		(0.52	)		(0.23	)		(0.06	)
Net increase (decrease) in net asset value		0.78			0.53			(0.70	)		0.80			2.45			0.44
Net Asset Value, End of Period	$	14.30		$	13.52		$	12.99		$	13.69		$	12.89		$	10.44
Total Return (d)		10.98	%(e)		7.61	%		(0.47	)%		10.46	%		25.99	%		5.09	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	3,628		$	3,394		$	2,930		$	7,037		$	3,634		$	1,049
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		1.15	%(f)		1.18	%		1.15	%		1.17	%		1.37	%		4.99	%(f)
After expense reimbursement and/or fee waiver, or recoupment		1.15	%(f)		1.18	%(g)		1.15	%		1.25	%		1.30	%		1.30	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		1.65	%(f)		1.99	%		1.62	%		2.81	%		1.68	%		(1.24	)%(f)
After expense reimbursement and/or fee waiver, or recoupment		1.65	%(f)		1.99	%		1.62	%		2.72	%		1.76	%		2.45	%(f)
Portfolio Turnover		16	%(e)		34	%		35	%		29	%		28	%		6	%(e)(h)

(a) The commencement of investment operations for AMG River Road Dividend All Cap Value Fund II Class N shares was June 26, 2012.

(b) Per share numbers have been calculated using average shares.

(c) Less than $(0.005) per share.

(d) The total return is calculated using the published Net Asset Value.

(e) Not annualized.

(f) Annualized.

(g) Effective October 1, 2016, the Fund’s expense cap was reduced to 0.99% from 1.30%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(h) Portfolio turnover excludes securities received from processing a subscription in-kind.

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

94

AMG Funds

AMG River Road Dividend All Cap Value Fund II – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	13.53		$	13.00		$	13.69		$	12.89		$	10.45		$	10.00
Income from Investment Operations:
Net investment income		0.14	(b)		0.29	(b)		0.25	(b)		0.39			0.25			0.10	(b)
Net realized and unrealized gain (loss) on investments		1.36			0.71			(0.25	)		0.96			2.45			0.42
Total from investment operations		1.50			1.00			—			1.35			2.70			0.52
Less Distributions:
Distributions from and in excess of net investment income		(0.16	)		(0.28	)		(0.26	)		(0.41	)		(0.26	)		(0.07	)
Distributions from net realized gain on investments		(0.56	)		(0.19	)		(0.43	)		(0.14	)		(0.00	)(c)		—
Total distributions		(0.72	)		(0.47	)		(0.69	)		(0.55	)		(0.26	)		(0.07	)
Net increase (decrease) in net asset value		0.78			0.53			(0.69	)		0.80			2.44			0.45
Net Asset Value, End of Period	$	14.31		$	13.53		$	13.00		$	13.69		$	12.89		$	10.45
Total Return (d)		11.09	%(e)		7.87	%		(0.13	)%		10.73	%		26.30	%		5.17	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	120,777		$	114,532		$	121,414		$	125,660		$	86,240		$	9,370
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		0.90	%(f)		0.93	%		0.90	%		0.92	%		1.12	%		4.74	%(f)
After expense reimbursement and/or fee waiver, or recoupment		0.90	%(f)		0.93	%(g)		0.90	%		1.00	%		1.05	%		1.05	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		1.91	%(f)		2.24	%		1.87	%		3.06	%		1.93	%		(0.99	)%(f)
After expense reimbursement and/or fee waiver, or recoupment		1.91	%(f)		2.24	%		1.87	%		2.97	%		2.01	%		2.70	%(f)
Portfolio Turnover		16	%(e)		34	%		35	%		29	%		28	%		6	%(e)(h)

(a) The commencement of investment operations for AMG River Road Dividend All Cap Value Fund II Class I shares was June 26, 2012.

(b) Per share numbers have been calculated using average shares.

(c) Less than $(0.005) per share.

(d) The total return is calculated using the published Net Asset Value.

(e) Not annualized.

(f) Annualized.

(g) Effective October 1, 2016, the Fund’s expense cap was reduced to 0.99% from 1.05%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(h) Portfolio turnover excludes securities received from processing a subscription in-kind.

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

  95

AMG Funds

AMG Managers Fairpointe Mid Cap Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	37.48		$	37.56		$	46.89		$	45.40		$	32.79		$	29.76
Income from Investment Operations:
Net investment income (loss)		(0.03	)(a)		0.16	(a)		0.12			(0.06	)		0.17			0.16
Net realized and unrealized gain (loss) on investments		7.23			1.92			(1.83	)		5.82			13.48			3.13
Total from investment operations		7.20			2.08			(1.71	)		5.76			13.65			3.29
Less Distributions:
Distributions from and in excess of net investment income		(0.13	)		(0.11	)		(0.04	)		—			(0.30	)		(0.05	)
Distributions from net realized gain on investments		(1.71	)		(2.05	)		(7.58	)		(4.27	)		(0.74	)		(0.21	)
Total distributions		(1.84	)		(2.16	)		(7.62	)		(4.27	)		(1.04	)		(0.26	)
Net increase (decrease) in net asset value		5.36			(0.08	)		(9.33	)		1.49			12.61			3.03
Net Asset Value, End of Period	$	42.84		$	37.48		$	37.56		$	46.89		$	45.40		$	32.79
Total Return (b)		19.32	%(c)		6.01	%		(5.02	)%		13.32	%		42.88	%		11.15	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,563,339		$	1,374,982		$	1,861,753		$	2,432,815		$	2,370,432		$	1,561,510
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.13	%(d)		1.12	%		1.11	%		1.10	%		1.11	%		1.11	%(e)
After expense reimbursement and/or fee waiver		1.12	%(d)		1.12	%		1.11	%		1.10	%		1.11	%		1.11	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.14	)%(d)		0.44	%		0.27	%		(0.12	)%		0.42	%		0.50	%
After expense reimbursement and/or fee waiver		(0.13	)%(d)		0.44	%		0.27	%		(0.12	)%		0.42	%		0.50	%
Portfolio Turnover		17	%(c)		24	%		32	%		50	%		37	%		28	%(f)

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the fiscal year ended October 31, 2012, which is not included under the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H in the Notes to the Financial Statements.

(f) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

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

96

AMG Funds

AMG Managers Fairpointe Mid Cap Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	38.39		$	38.44		$	47.74		$	46.10		$	33.28		$	30.20
Income from Investment Operations:
Net investment income		0.02	(a)		0.25	(a)		0.23			0.05			0.28			0.24
Net realized and unrealized gain (loss) on investments		7.40			1.98			(1.89	)		5.92			13.67			3.18
Total from investment operations		7.42			2.23			(1.66	)		5.97			13.95			3.42
Less Distributions:
Distributions from and in excess of net investment income		(0.24	)		(0.23	)		(0.06	)		(0.06	)		(0.39	)		(0.13	)
Distributions from net realized gain on investment		(1.75	)		(2.05	)		(7.58	)		(4.27	)		(0.74	)		(0.21	)
Total distributions		(1.99	)		(2.28	)		(7.64	)		(4.33	)		(1.13	)		(0.34	)
Net increase (decrease) in net asset value		5.43			(0.05	)		(9.30	)		1.64			12.82			3.08
Net Asset Value, End of Period	$	43.82		$	38.39		$	38.44		$	47.74		$	46.10		$	33.28
Total Return (b)		19.48	%(c)		6.26	%		(4.78	)%		13.61	%		43.23	%		11.46	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,562,775		$	2,135,998		$	2,838,642		$	3,531,114		$	2,521,876		$	1,464,222
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		0.88	%(d)		0.87	%		0.86	%		0.85	%		0.86	%		0.86	%(e)
After expense reimbursement and/or fee waiver		0.87	%(d)		0.87	%		0.86	%		0.85	%		0.86	%		0.86	%(e)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver		0.09	%(d)		0.68	%		0.52	%		0.13	%		0.67	%		0.75	%
After expense reimbursement and/or fee waiver		0.10	%(d)		0.68	%		0.52	%		0.13	%		0.67	%		0.75	%
Portfolio Turnover		17	%(c)		24	%		32	%		50	%		37	%		28	%(f)

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the fiscal year ended October 31, 2012, which is not included under the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H in the Notes to the Financial Statements.

(f) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

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

  97

AMG Funds

AMG Managers Montag & Caldwell Mid Cap Growth Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	10.19		$	11.57		$	11.99		$	12.77		$	10.36		$	9.71
Income from Investment Operations:
Net investment loss		(0.04	)(a)		(0.07	)(a)		(0.08	)		(0.06	)(a)		(0.07	)		(0.07	)(a)
Net realized and unrealized gain on investments		1.17			0.02			0.65			1.20			2.58			0.72
Total from investment operations		1.13			(0.05	)		0.57			1.14			2.51			0.65
Less Distributions:
Distributions from net investment income		(0.03	)		—			—			—			—			—
Distributions from net realized gain on investments		(0.77	)		(1.33	)		(0.99	)		(1.92	)		(0.10	)		—
Total distributions		(0.80	)		(1.33	)		(0.99	)		(1.92	)		(0.10	)		—
Net increase (decrease) in net asset value		0.33			(1.38	)		(0.42	)		(0.78	)		2.41			0.65
Net Asset Value, End of Period	$	10.52		$	10.19		$	11.57		$	11.99		$	12.77		$	10.36
Total Return (b)		11.27	%(c)		(0.60	)%		4.81	%		9.75	%		24.51	%		6.70	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	4,505		$	4,216		$	4,890		$	7,633		$	11,402		$	7,369
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.87	%(d)		2.12	%		2.10	%		2.16	%		1.85	%		2.50	%
After expense reimbursement and/or fee waiver		1.23	%(d)(g)		1.25	%(f)		1.25	%		1.25	%		1.25	%		1.25	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver		(1.35	)%(d)		(1.51	)%		(1.46	)%		(1.45	)%		(1.18	)%		(1.88	)%
After expense reimbursement and/or fee waiver		(0.71	)%(d)		(0.64	)%		(0.60	)%		(0.55	)%		(0.58	)%		(0.63	)%
Portfolio Turnover		32	%(c)		39	%		58	%		33	%		74	%		37	%

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Effective February 29, 2012, the Investment Manager removed the voluntary expense limitation and replaced it with a contractual expense limitation of 1.25%.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 0.95% from 1.25%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(g) Includes reduction from brokerage recapture amounting to 0.02%.

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

98

AMG Funds

AMG Managers Montag & Caldwell Mid Cap Growth Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	10.25		$	11.61		$	12.00		$	11.36
Income from Investment Operations:
Net investment loss		(0.02	)(b)		(0.04	)(b)		(0.04	)		(0.04	)(b)
Net realized and unrealized gain on investments		1.20			0.01			0.64			0.68
Total from investment operations		1.18			(0.03	)		0.60			0.64
Less Distributions:
Distributions from net investment income		(0.06	)		—			—			—
Distributions from net realized gain on investments		(0.80	)		(1.33	)		(0.99	)		—
Total distributions		(0.86	)		(1.33	)		(0.99	)		—
Net increase (decrease) in net asset value		0.32			(1.36	)		(0.39	)		0.64
Net Asset Value, End of Period	$	10.57		$	10.25		$	11.61		$	12.00
Total Return (c)		11.45	%(d)		(0.41	)%		5.08	%		5.63	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	4,485		$	3,982		$	6,163		$	3,867
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.62	%(e)		1.86	%		1.85	%		2.27	%(e)
After expense reimbursement and/or fee waiver		0.98	%(e)(g)		1.00	%(f)		1.00	%		1.00	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver		(1.10	)%(e)		(1.24	)%		(1.21	)%		(1.95	)%(e)
After expense reimbursement and/or fee waiver		(0.46	)%(e)		(0.38	)%		(0.35	)%		(0.68	)%(e)
Portfolio Turnover		32	%(d)		39	%		58	%		33	%(d)

(a) The commencement of investment operations for AMG Managers Montag & Caldwell Mid Cap Growth Fund Class I shares was May 13, 2014.

(b) Per share numbers have been calculated using average shares.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 0.95% from 1.00%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(g) Includes reduction from brokerage recapture amounting to 0.02%.

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

  99

AMG Funds

AMG Managers LMCG Small Cap Growth Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	12.19		$	14.47		$	14.76		$	14.71		$	11.42		$	9.95
Income from Investment Operations:
Net investment income (loss) (a)		(0.03	)		(0.11	)		(0.15	)		(0.13	)		0.00	(b)		(0.12	)
Net realized and unrealized gain (loss) on investments		2.31			(2.17	)		0.40			2.21			4.18			1.59
Total from investment operations		2.28			(2.28	)		0.25			2.08			4.18			1.47
Less Distributions:
Distributions from net realized gain on investments		—			(0.00	)(b)		(0.54	)		(2.03	)		(0.89	)		—
Total distributions		—			(0.00	)(b)		(0.54	)		(2.03	)		(0.89	)		—
Net increase (decrease) in net asset value		2.28			(2.28	)		(0.29	)		0.05			3.29			1.47
Net Asset Value, End of Period	$	14.47		$	12.19		$	14.47		$	14.76		$	14.71		$	11.42
Total Return (c)		18.70	%(d)		(15.74	)%		1.65	%		15.18	%		39.31	%		14.77	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	50,063		$	53,816		$	154,394		$	37,099		$	32,045		$	5,659
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.34	%(e)		1.51	%		1.53	%		1.67	%		2.03	%		2.86	%
After expense reimbursement and/or fee waiver		1.18	%(e)(i)		1.35	%(f)		1.35	%		1.35	%		1.35	%		1.35	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.59	)%(e)		(1.00	)%		(1.18	)%		(1.22	)%		(0.66	)%		(2.68	)%
After expense reimbursement and/or fee waiver		(0.44	)%(e)		(0.84	)%		(1.00	)%		(0.90	)%		0.02	%		(1.17	)%
Portfolio Turnover		68	%(d)		138	%		79	%		144	%		186	%(g)		168	%(h)

(a) Per share numbers have been calculated using average shares.

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

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.03% from 1.35%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(g) Portfolio turnover rate excludes securities received from the reorganization.

(h) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

(i) Includes reduction from brokerage recapture amounting to 0.01%.

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

100

AMG Funds

AMG Managers LMCG Small Cap Growth Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	12.36		$	14.64		$	14.89		$	14.81		$	11.46		$	9.97
Income from Investment Operations:
Net investment income (loss) (a)		(0.04	)		(0.08	)		(0.12	)		(0.09	)		0.04			(0.10	)
Net realized and unrealized gain (loss) on investments		2.35			(2.20	)		0.41			2.23			4.20			1.59
Total from investment operations		2.31			(2.28	)		0.29			2.14			4.24			1.49
Less Distributions:
Distributions from and in excess of net investment income		—			—			—			(0.03	)		—			—
Distributions from net realized gain on investments		—			(0.00	)(b)		(0.54	)		(2.03	)		(0.89	)		—
Total distributions		—			(0.00	)(b)		(0.54	)		(2.06	)		(0.89	)		—
Net increase (decrease) in net asset value		2.31			(2.28	)		(0.25	)		0.08			3.35			1.49
Net Asset Value, End of Period	$	14.67		$	12.36		$	14.64		$	14.89		$	14.81		$	11.46
Total Return (c)		18.77	%(d)		(15.56	)%		1.91	%		15.51	%		39.72	%		14.95	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	84,766		$	58,020		$	76,989		$	15,083		$	8,496		$	755
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.23	%(e)		1.25	%		1.28	%		1.42	%		1.78	%		2.61	%
After expense reimbursement and/or fee waiver		1.08	%(e)(i)		1.10	%(f)		1.10	%		1.10	%		1.10	%		1.10	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.64	)%(e)		(0.74	)%		(0.93	)%		(0.97	)%		(0.41	)%		(2.43	)%
After expense reimbursement and/or fee waiver		(0.49	)%(e)		(0.59	)%		(0.75	)%		(0.65	)%		0.27	%		(0.92	)%
Portfolio Turnover		68	%(d)		138	%		79	%		144	%		186	%(g)		168	%(h)

(a) Per share numbers have been calculated using average shares.

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

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.03% from 1.10%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(g) Portfolio turnover rate excludes securities received from the reorganization.

(h) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

(i) Includes reduction from brokerage recapture amounting to 0.01%.

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

  101

AMG Funds

AMG River Road Select Value Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	7.04		$	7.63		$	8.77		$	10.28		$	8.50		$	9.54
Income from Investment Operations:
Net investment income (loss) (a)		(0.00	)(b)		(0.04	)		(0.04	)		(0.03	)		0.07			0.01
Net realized and unrealized gain on investments		1.46			0.56			0.33			0.03			2.34			1.01
Total from investment operations		1.46			0.52			0.29			—			2.41			1.02
Less Distributions:
Distributions from net investment income		(0.01	)		—			—			(0.02	)		(0.12	)		—
Distributions from net realized gain on investments		(0.58	)		(1.11	)		(1.43	)		(1.49	)		(0.51	)		(2.06	)
Total distributions		(0.59	)		(1.11	)		(1.43	)		(1.51	)		(0.63	)		(2.06	)
Net increase (decrease) in net asset value		0.87			(0.59	)		(1.14	)		(1.51	)		1.78			(1.04	)
Net Asset Value, End of Period	$	7.91		$	7.04		$	7.63		$	8.77		$	10.28		$	8.50
Total Return (c)		21.27	%(d)		8.55	%		3.26	%		(0.23	)%		30.44	%		12.87	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	5,274		$	4,942		$	5,038		$	8,388		$	19,099		$	6,270
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		1.47	%(e)		1.62	%		1.49	%		1.45	%		1.46	%		1.43	%(f)
After expense reimbursement and/or fee waiver, or recoupment		1.38	%(e)(h)		1.50	%(g)		1.49	%		1.45	%		1.46	%		1.43	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		(0.19	)%(e)		(0.65	)%		(0.52	)%		(0.36	)%		0.78	%		0.07	%
After expense reimbursement and/or fee waiver, or recoupment		(0.10	)%(e)		(0.52	)%		(0.52	)%		(0.36	)%		0.78	%		0.07	%
Portfolio Turnover		28	%(d)		65	%		59	%		64	%		71	%		39	%

(a) Per share numbers have been calculated using average shares.

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

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for the fiscal year ended October 31, 2012, which is not included under the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H in the Notes to the Financial Statements.

(g) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.19% from 1.50%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(h) Includes reduction from brokerage recapture amounting to 0.02%.

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

102

AMG Funds

AMG River Road Select Value Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	7.16		$	7.76		$	8.88		$	10.38		$	8.58		$	9.59
Income from Investment Operations:
Net investment income (loss) (a)		0.01			(0.02	)		(0.02	)		(0.01	)		0.10			0.03
Net realized and unrealized gain on investments		1.49			0.55			0.33			0.04			2.36			1.02
Total from investment operations		1.50			0.53			0.31			0.03			2.46			1.05
Less Distributions:
Distributions from net investment income		(0.03	)		(0.02	)		—			(0.04	)		(0.15	)		—
Distributions from net realized gain on investments		(0.59	)		(1.11	)		(1.43	)		(1.49	)		(0.51	)		(2.06	)
Total distributions		(0.62	)		(1.13	)		(1.43	)		(1.53	)		(0.66	)		(2.06	)
Net increase (decrease) in net asset value		0.88			(0.60	)		(1.12	)		(1.50	)		1.80			(1.01	)
Net Asset Value, End of Period	$	8.04		$	7.16		$	7.76		$	8.88		$	10.38		$	8.58
Total Return (b)		21.49	%(c)		8.64	%		3.60	%		0.00	%		30.74	%		13.18	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	35,649		$	34,913		$	92,073		$	176,166		$	198,220		$	156,510
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		1.22	%(d)		1.38	%		1.24	%		1.20	%		1.21	%		1.18	%(e)
After expense reimbursement and/or fee waiver, or recoupment		1.13	%(d)(g)		1.25	%(f)		1.24	%		1.20	%		1.21	%		1.18	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		0.06	%(d)		(0.37	)%		(0.27	)%		(0.11	)%		1.03	%		0.32	%
After expense reimbursement and/or fee waiver, or recoupment		0.14	%(d)		(0.24	)%		(0.27	)%		(0.11	)%		1.03	%		0.32	%
Portfolio Turnover		28	%(c)		65	%		59	%		64	%		71	%		39	%

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Ratios of expenses to average net assets include interest expense of less than 0.005% for the fiscal year ended October 31, 2012, which is not included under the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H in the Notes to the Financial Statements.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.19% from 1.25%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(g) Includes reduction from brokerage recapture amounting to 0.02%.

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

  103

AMG Funds

AMG River Road Small Cap Value Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	12.29		$	12.20		$	13.53		$	17.05		$	13.56		$	12.20
Income from Investment Operations:
Net investment income (loss)		(0.02	)(a)		(0.04	)(a)		(0.06	)(a)		(0.04	)(a)		0.16			0.03	(a)
Net realized and unrealized gain on investments		2.36			0.85			0.72			0.14			3.98			1.33
Total from investment operations		2.34			0.81			0.66			0.10			4.14			1.36
Less Distributions:
Distributions from and in excess of net investment income		—			—			—			(0.04	)		(0.22	)		—
Distributions from net realized gain on investments		(0.66	)		(0.72	)		(1.99	)		(3.58	)		(0.43	)		—
Total distributions		(0.66	)		(0.72	)		(1.99	)		(3.62	)		(0.65	)		—
Net increase (decrease) in net asset value		1.68			0.09			(1.33	)		(3.52	)		3.49			1.36
Net Asset Value, End of Period	$	13.97		$	12.29		$	12.20		$	13.53		$	17.05		$	13.56
Total Return (b)		19.25	%(c)		7.22	%		5.15	%		(0.05	)%		31.98	%		11.15	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	28,613		$	21,765		$	25,246		$	49,049		$	56,793		$	49,154
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.34	%(d)		1.34	%		1.34	%		1.33	%		1.34	%		1.37	%
After expense reimbursement and/or fee waiver		1.33	%(d)(e)		1.34	%		1.34	%		1.33	%		1.34	%		1.37	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.28	)%(d)		(0.32	)%		(0.45	)%		(0.26	)%		1.03	%		0.22	%
After expense reimbursement and/or fee waiver		(0.27	)%(d)		(0.31	)%		(0.45	)%		(0.26	)%		1.03	%		0.22	%
Portfolio Turnover		25	%(c)		57	%		61	%		66	%		56	%		27	%

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Includes reduction of brokerage recapture amounting to 0.01%.

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

104

AMG Funds

AMG River Road Small Cap Value Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	12.44		$	12.31		$	13.60		$	17.13		$	13.62		$	12.22
Income from Investment Operations:
Net investment income (loss)		0.00	(a)(b)		(0.01	)(a)		(0.03	)(a)		(0.00	)(a)(b)		0.19			0.06	(a)
Net realized and unrealized gain on investments		2.39			0.86			0.73			0.13			4.01			1.34
Total from investment operations		2.39			0.85			0.70			0.13			4.20			1.40
Less Distributions:
Distributions from and in excess of net investment income		—			—			—			(0.08	)		(0.26	)		—
Distributions from net realized gain on investments		(0.67	)		(0.72	)		(1.99	)		(3.58	)		(0.43	)		—
Total distributions		(0.67	)		(0.72	)		(1.99	)		(3.66	)		(0.69	)		—
Net increase (decrease) in net asset value		1.72			0.13			(1.29	)		(3.53	)		3.51			1.40
Net Asset Value, End of Period	$	14.16		$	12.44		$	12.31		$	13.60		$	17.13		$	13.62
Total Return (c)		19.42	%(d)		7.50	%		5.45	%		0.16	%		32.36	%		11.46	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	273,507		$	246,753		$	245,192		$	250,173		$	252,804		$	240,075
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.09	%(e)		1.09	%		1.09	%		1.08	%		1.09	%		1.12	%
After expense reimbursement and/or fee waiver		1.08	%(e)(f)		1.09	%		1.09	%		1.08	%		1.09	%		1.12	%
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		0.01	%(e)		(0.07	)%		(0.20	)%		(0.01	)%		1.28	%		0.47	%
After expense reimbursement and/or fee waiver		0.02	%(e)		(0.06	)%		(0.20	)%		(0.01	)%		1.28	%		0.47	%
Portfolio Turnover		25	%(d)		57	%		61	%		66	%		56	%		27	%

(a) Per share numbers have been calculated using average shares.

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

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Includes reduction from brokerage recapture amounting to 0.01%.

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

  105

AMG Funds

AMG Managers Silvercrest Small Cap Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	15.43		$	15.20		$	15.20		$	14.54		$	10.90		$	10.00
Income from Investment Operations:
Net investment income (loss)		(0.01	)(b)		0.02	(b)		0.01	(b)		0.01			0.01	(b)		0.01
Net realized and unrealized gain on investments		2.68			0.80			0.31			1.16			3.77			0.89
Total from investment operations		2.67			0.82			0.32			1.17			3.78			0.90
Less Distributions:
Distributions from and in excess of net investment income		—			(0.04	)		(0.02	)		(0.00	)(c)		(0.11	)		—
Distributions from net realized gain on investments		(0.13	)		(0.55	)		(0.30	)		(0.51	)		(0.03	)		—
Total distributions		(0.13	)		(0.59	)		(0.32	)		(0.51	)		(0.14	)		—
Net increase in net asset value		2.54			0.23			0.00	(c)		0.66			3.64			0.90
Net Asset Value, End of Period	$	17.97		$	15.43		$	15.20		$	15.20		$	14.54		$	10.90
Total Return (d)		17.28	%(e)		5.73	%		2.14	%		8.18	%		35.09	%		9.00	%(e)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	26,239		$	20,228		$	19,061		$	6,673		$	4,049		$	750
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.43	%(f)		1.45	%		1.47	%		1.61	%		2.05	%		5.10	%(f)
After expense reimbursement and/or fee waiver		1.37	%(f)(i)		1.40	%(g)		1.40	%		1.40	%		1.40	%		1.40	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.18	)%(f)		0.11	%		(0.03	)%		(0.17	)%		(0.61	)%		(3.51	)%(f)
After expense reimbursement and/or fee waiver		(0.12	)%(f)		0.16	%		0.04	%		0.04	%		0.04	%		0.19	%(f)
Portfolio Turnover		14	%(e)		32	%		36	%		32	%		37	%		26	%(e)(h)

(a) The commencement of investment operations for AMG Managers Silvercrest Small Cap Fund Class N shares was December 26, 2011.

(b) Per share numbers have been calculated using average shares.

(c) Less than $(0.005) per share.

(d) The total return is calculated using the published Net Asset Value.

(e) Not annualized.

(f) Annualized.

(g) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.08% from 1.40%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(h) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

(i) Includes reduction from brokerage recapture amounting to 0.03%.

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

106

AMG Funds

AMG Managers Silvercrest Small Cap Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Period Ended 10/31/12(a)
Net Asset Value, Beginning of Period	$	15.56		$	15.30		$	15.27		$	14.59		$	10.93		$	10.00
Income from Investment Operations:
Net investment income		0.01	(b)		0.06	(b)		0.04	(b)		0.05			0.04	(b)		0.03
Net realized and unrealized gain on investments		2.70			0.81			0.32			1.17			3.78			0.90
Total from investment operations		2.71			0.87			0.36			1.22			3.82			0.93
Less Distributions:
Distributions from and in excess of net investment income		(0.04	)		(0.06	)		(0.03	)		(0.03	)		(0.13	)		—
Distributions from net realized gain on investments		(0.13	)		(0.55	)		(0.30	)		(0.51	)		(0.03	)		—
Total distributions		(0.17	)		(0.61	)		(0.33	)		(0.54	)		(0.16	)		—
Net increase in net asset value		2.54			0.26			0.03			0.68			3.66			0.93
Net Asset Value, End of Period	$	18.10		$	15.56		$	15.30		$	15.27		$	14.59		$	10.93
Total Return (c)		17.38	%(d)		6.04	%		2.37	%		8.47	%		35.39	%		9.30	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	227,868		$	181,964		$	145,402		$	62,215		$	29,219		$	4,962
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.18	%(e)		1.21	%		1.22	%		1.36	%		1.80	%		4.85	%(e)
After expense reimbursement and/or fee waiver		1.12	%(e)(h)		1.15	%(f)		1.15	%		1.15	%		1.15	%		1.15	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		0.07	%(e)		0.34	%		0.22	%		0.08	%		(0.36	)%		(3.26	)%(e)
After expense reimbursement and/or fee waiver		0.13	%(e)		0.40	%		0.29	%		0.29	%		0.29	%		0.44	%(e)
Portfolio Turnover		14	%(d)		32	%		36	%		32	%		37	%		26	%(d)(g)

(a) The commencement of investment operations for AMG Managers Silvercrest Small Cap Fund Class I shares was December 26, 2011.

(b) Per share numbers have been calculated using average shares.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.08% from 1.15%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(g) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

(h) Includes reduction of brokerage recapture amounting to 0.03%.

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

  107

AMG Funds

AMG GW&K U.S. Small Cap Growth Fund – Class N	April 30, 2017
Financial Highlights

	Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	3.58		$	18.59		$	22.07		$	24.06		$	20.52		$	20.57
Income from Investment Operations:
Net investment loss (a)		(0.01	)		(0.06	)		(0.12	)		(0.13	)		(0.03	)		(0.12	)
Net realized and unrealized gain (loss) on investments		0.65			(0.62	)		(0.62	)		0.30			5.55			2.09
Total from investment operations		0.64			(0.68	)		(0.74	)		0.17			5.52			1.97
Less Distributions:
Distributions from net realized gain on investments		(0.01	)		(14.33	)		(2.74	)		(2.16	)		(1.98	)		(2.02	)
Total distributions		(0.01	)		(14.33	)		(2.74	)		(2.16	)		(1.98	)		(2.02	)
Net increase (decrease) in net asset value		0.63			(15.01	)		(3.48	)		(1.99	)		3.54			(0.05	)
Net Asset Value, End of Period	$	4.21		$	3.58		$	18.59		$	22.07		$	24.06		$	20.52
Total Return (b)		17.77	%(c)		(4.39	)%		(4.12	)%		0.57	%		29.52	%		10.70	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	28,607		$	30,977		$	241,283		$	336,350		$	533,627		$	389,125
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.62	%(d)		1.39	%		1.31	%		1.31	%		1.31	%		1.28	%(f)
After expense reimbursement and/or fee waiver		1.24	%(d)(e)(i)		1.36	%(e)		1.31	%		1.31	%		1.31	%		1.28	%(f)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver		(1.04	)%(d)		(0.81	)%		(0.58	)%		(0.57	)%		(0.16	)%		(0.59	)%
After expense reimbursement and/or fee waiver		(0.66	)%(d)		(0.76	)%		(0.58	)%		(0.57	)%		(0.16	)%		(0.59	)%
Portfolio Turnover		8	%(c)		106	%(g)		65	%		70	%		71	%(g)(h)		48	%(g)

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.03% from 1.35%. On January 12, 2016, the Investment Manager agreed to an expense cap of 1.35%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for the fiscal year ended October 31, 2012, which is not included under the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H in the Notes to the Financial Statements.

(g) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

(h) Portfolio turnover rate excludes securities received from processing a subscription in-kind.

(i) Includes reduction of brokerage recapture amounting to 0.08%.

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

108

AMG Funds

AMG GW&K U.S. Small Cap Growth Fund – Class I	April 30, 2017
Financial Highlights

	Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	4.27		$	19.30		$	22.76		$	24.69		$	20.96		$	20.91
Income from Investment Operations:
Net investment income (loss) (a)		(0.01	)		(0.05	)		(0.07	)		(0.07	)		0.02			(0.07	)
Net realized and unrealized gain (loss) on investments		0.79			(0.65	)		(0.65	)		0.30			5.69			2.14
Total from investment operations		0.78			(0.70	)		(0.72	)		0.23			5.71			2.07
Less Distributions:
Distributions from net realized gain on investments		(0.01	)		(14.33	)		(2.74	)		(2.16	)		(1.98	)		(2.02	)
Total distributions		(0.01	)		(14.33	)		(2.74	)		(2.16	)		(1.98	)		(2.02	)
Net increase (decrease) in net asset value		0.77			(15.03	)		(3.46	)		(1.93	)		3.73			0.05
Net Asset Value, End of Period	$	5.04		$	4.27		$	19.30		$	22.76		$	24.69		$	20.96
Total Return (b)		18.20	%(c)		(4.27	)%		(3.93	)%		0.86	%		29.84	%		10.98	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	8,601		$	11,032		$	307,403		$	469,518		$	792,172		$	635,663
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.37	%(d)		1.16	%		1.06	%		1.06	%		1.06	%		1.03	%(f)
After expense reimbursement and/or fee waiver		0.96	%(d)(e)(i)		1.11	%(e)		1.06	%		1.06	%		1.06	%		1.03	%(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.77	)%(d)		(0.57	)%		(0.33	)%		(0.32	)%		0.09	%		(0.34	)%
After expense reimbursement and/or fee waiver		(0.36	)%(d)		(0.53	)%		(0.33	)%		(0.32	)%		0.09	%		(0.34	)%
Portfolio Turnover		8	%(c)		106	%(g)		65	%		70	%		71	%(g)(h)		48	%(g)

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.03% from 1.10%. On January 12, 2016, the Investment Manager agreed to an expense cap of 1.10%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(f) Ratios of expenses to average net assets include interest expense of less than 0.005% for the fiscal year ended October 31, 2012, which is not included under the contractual expense limitation. The interest expense is a result of utilizing the line of credit, as discussed in Note H in the Notes to the Financial Statements.

(g) Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

(h) Portfolio turnover rate excludes securities received from processing a subscription in-kind.

(i) Includes reduction of brokerage recapture amounting to 0.08%.

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

  109

AMG Funds

AMG GW&K U.S. Small Cap Growth Fund – Class Z	April 30, 2017
Financial Highlights

	Period Ended 04/30/17(a) (unaudited)
Net Asset Value, Beginning of Period	$	4.85
Income from Investment Operations:
Net investment loss (b)		(0.01	)
Net realized and unrealized gain on investments		0.19
Total from investment operations		0.18
Net increase in net asset value		0.18
Net Asset Value, End of Period	$	5.03
Total Return (c)		3.71	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	128
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.36	%(e)
After expense reimbursement and/or fee waiver		0.88	%(e)(f)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver		(0.69	)%(e)
After expense reimbursement and/or fee waiver		(0.20	)%(e)
Portfolio Turnover		8	%(d)

(a) The commencement of operations for Class Z was February 24, 2017.

(b) Per share numbers have been calculated using average shares.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Includes reductions of brokerage recapture amounting to 0.02%.

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

110

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	10.77		$	10.60		$	10.86		$	10.65		$	11.10		$	10.44
Income from Investment Operations:
Net investment income		0.16	(a)		0.31	(a)		0.38			0.40			0.30			0.33	(a)
Net realized and unrealized gain (loss) on investments		(0.09	)		0.17			(0.27	)		0.22			(0.33	)		0.72
Total from investment operations		0.07			0.48			0.11			0.62			(0.03	)		1.05
Less Distributions:
Distributions from and in excess of net investment income		(0.19	)		(0.31	)		(0.37	)		(0.41	)		(0.36	)		(0.37	)
Distributions from net realized gain on investments		(0.02	)		—			—			—			(0.06	)		(0.02	)
Total distributions		(0.21	)		(0.31	)		(0.37	)		(0.41	)		(0.42	)		(0.39	)
Net increase (decrease) in net asset value		(0.14	)		0.17			(0.26	)		0.21			(0.45	)		0.66
Net Asset Value, End of Period	$	10.63		$	10.77		$	10.60		$	10.86		$	10.65		$	11.10
Total Return (b)		0.66	%(c)		4.62	%		1.04	%		5.96	%		(0.28	)%		10.25	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	204,030		$	308,703		$	188,286		$	49,147		$	66,368		$	71,546
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.02	%(d)		1.02	%		1.05	%		1.08	%		1.04	%		1.35	%
After expense reimbursement and/or fee waiver		0.94	%(d)		0.94	%(e)		0.94	%		0.94	%		0.94	%		0.94	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver		2.94	%(d)		2.76	%		3.21	%		3.58	%		2.66	%		2.59	%
After expense reimbursement and/or fee waiver		3.02	%(d)		2.84	%		3.32	%		3.72	%		2.77	%		3.01	%
Portfolio Turnover		48	%(c)		78	%		59	%		117	%		125	%		119	%

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Effective October 1, 2016, the Fund’s expense cap was reduced to 0.61% from 0.94%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

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

  111

AMG Funds

AMG Managers DoubleLine Core Plus Bond Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	10.76		$	10.60		$	10.86		$	10.65		$	11.10		$	10.44
Income from Investment Operations:
Net investment income		0.17	(a)		0.33	(a)		0.41			0.44			0.33			0.35	(a)
Net realized and unrealized gain (loss) on investments		(0.08	)		0.17			(0.27	)		0.21			(0.33	)		0.73
Total from investment operations		0.09			0.50			0.14			0.65			—			1.08
Less Distributions:
Distributions from and in excess of net investment income		(0.20	)		(0.34	)		(0.40	)		(0.44	)		(0.39	)		(0.40	)
Distributions from net realized gain on investments		(0.02	)		—			—			—			(0.06	)		(0.02	)
Total distributions		(0.22	)		(0.34	)		(0.40	)		(0.44	)		(0.45	)		(0.42	)
Net increase (decrease) in net asset value		(0.13	)		0.16			(0.26	)		0.21			(0.45	)		0.66
Net Asset Value, End of Period	$	10.63		$	10.76		$	10.60		$	10.86		$	10.65		$	11.10
Total Return (b)		0.88	%(c)		4.79	%		1.28	%		6.22	%		(0.03	)%		10.52	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	429,011		$	398,514		$	304,051		$	158,198		$	110,018		$	105,335
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		0.77	%(d)		0.77	%		0.80	%		0.83	%		0.79	%		1.10	%
After expense reimbursement and/or fee waiver		0.69	%(d)		0.69	%(e)		0.69	%		0.69	%		0.69	%		0.69	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver		3.22	%(d)		3.02	%		3.46	%		3.83	%		2.91	%		2.84	%
After expense reimbursement and/or fee waiver		3.31	%(d)		3.11	%	��	3.57	%		3.97	%		3.02	%		3.26	%
Portfolio Turnover		48	%(c)		78	%		59	%		117	%		125	%		119	%

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Effective October 1, 2016, the Fund’s expense cap was reduced to 0.61% from 0.69%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

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

112

AMG Funds

AMG Managers Lake Partners LASSO Alternatives Fund – Class N	April 30, 2017
Financial Highlights

	Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	11.81		$	12.76		$	13.64		$	13.34		$	12.39		$	11.94
Income from Investment Operations:
Net investment income (loss) (a)		(0.02	)		0.02			(0.04	)		(0.07	)		0.00	(b)		0.04
Net realized and unrealized gain (loss) on investments		0.32			(0.17	)		(0.34	)		0.50	(c)		1.11			0.59
Total from investment operations		0.30			(0.15	)		(0.38	)		0.43			1.11			0.63
Less Distributions:
Distributions from and in excess of net investment income		—			—			(0.00	)(b)		(0.09	)		(0.16	)		(0.18	)
Distributions from net realized gain on investments		(0.05	)		(0.80	)		(0.50	)		(0.04	)		—			—
Total distributions		(0.05	)		(0.80	)		(0.50	)		(0.13	)		(0.16	)		(0.18	)
Net increase (decrease) in net asset value		0.25			(0.95	)		(0.88	)		0.30			0.95			0.45
Net Asset Value, End of Period	$	12.06		$	11.81		$	12.76		$	13.64		$	13.34		$	12.39
Total Return (d)		2.53	%(e)		(1.18	)%		(2.87	)%		3.27	%		9.05	%		5.34	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	25,240		$	32,630		$	40,667		$	44,386		$	54,388		$	33,719
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment (f)		1.48	%(g)		1.47	%		1.43	%(h)		1.41	%		1.43	%(i)		1.41	%(i)(j)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment (f)		1.40	%(g)		1.40	%(k)		1.41	%(h)		1.43	%		1.45	%(i)		1.45	%(i)(j)
Ratios of net investment income (loss) to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment		(0.35	)%(g)		0.06	%		(0.33	)%		(0.51	)%		(0.00	)%(b)		0.36	%(j)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment		(0.28	)%(g)		0.13	%		(0.31	)%		(0.53	)%		(0.03	)%		0.32	%(j)
Portfolio Turnover		16	%(e)		30	%		73	%		46	%		44	%		46	%

(a) Per share numbers have been calculated using average shares.

(b) Less than ($0.005) or $0.005 per share or less than 0.005%.

(c) Includes capital contribution of less than $0.005 per share.

(d) The total return is calculated using the published Net Asset Value.

(e) Not annualized.

(f) Does not include expenses of the underlying funds in which the Fund invests.

(g) Annualized.

(h) Effective February 28, 2015, the contractual expense limitation was decreased from 1.45% to 1.40%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

(i) Ratios of expenses to average net assets includes Earnings Credits of less than 0.005% for each of the fiscal years ended October 31, 2013 and October 31, 2012, which is not included under the contractual expense limitation.

(j) Ratios of expenses and net investment income to average net assets include an advisory fee waiver of less than 0.005% for the fiscal year ended October 31, 2012.

(k) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.09% from 1.40%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

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

  113

AMG Funds

AMG Managers Lake Partners LASSO Alternatives Fund – Class I	April 30, 2017
Financial Highlights

	Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	11.86		$	12.81		$	13.69		$	13.38		$	12.42		$	11.97
Income from Investment Operations:
Net investment income (loss) (a)		(0.00	)(b)		0.07			(0.01	)		(0.04	)		0.03			0.07
Net realized and unrealized gain (loss) on investments		0.31			(0.19	)		(0.33	)(c)		0.51	(c)		1.11			0.59
Total from investment operations		0.31			(0.12	)		(0.34	)		0.47			1.14			0.66
Less Distributions:
Distributions from and in excess of net investment income		—			(0.03	)		(0.04	)		(0.12	)		(0.18	)		(0.21	)
Distributions from net realized gain on investments		(0.05	)		(0.80	)		(0.50	)		(0.04	)		—			—
Total distributions		(0.05	)		(0.83	)		(0.54	)		(0.16	)		(0.18	)		(0.21	)
Net increase (decrease) in net asset value		0.26			(0.95	)		(0.88	)		0.31			0.96			0.45
Net Asset Value, End of Period	$	12.12		$	11.86		$	12.81		$	13.69		$	13.38		$	12.42
Total Return (d)		2.61	%(e)		(0.91	)%		(2.62	)%		3.56	%		9.31	%		5.56	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	53,830		$	70,054		$	169,072		$	477,157		$	416,475		$	253,343
Ratios of expenses to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment (f)		1.23	%(g)		1.22	%		1.18	%(h)		1.16	%		1.18	%(i)		1.16	%(i)(j)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment (f)		1.15	%(g)		1.15	%(k)		1.16	%(h)		1.18	%		1.20	%(i)		1.20	%(i)(j)
Ratios of net investment income (loss) to average net assets:
Before earnings credit, expense reimbursement and/or fee waiver, or recoupment		(0.09	)%(g)		0.49	%		(0.08	)%		(0.26	)%		0.25	%		0.61	%(j)
After earnings credit, expense reimbursement and/or fee waiver, or recoupment		(0.02	)%(g)		0.57	%		(0.06	)%		(0.28	)%		0.22	%		0.57	%(j)
Portfolio Turnover		16	%(e)		30	%		73	%		46	%		44	%		46	%

(a) Per share numbers have been calculated using average shares.

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

(c) Includes capital contribution of less than $0.005 per share.

(d) The total return is calculated using the published Net Asset Value.

(e) Not annualized.

(f) Does not include expenses of the underlying funds in which the Fund invests.

(g) Annualized.

(h) Effective February 28, 2015, the contractual expense limitation was decreased from 1.20% to 1.15%, excluding interest, taxes, investment-related costs (such as brokerage commissions), extraordinary expenses and acquired fund fees and expenses.

(i) Ratios of expenses to average net assets include Earnings Credits of less than 0.005% for each of the fiscal years ended October 31, 2013 and October 31, 2012, which is not included under the contractual expense limitation.

(j) Ratios of expenses and net investment income to average net assets include advisory fee waiver of less than 0.005% for the fiscal year ended October 31, 2012.

(k) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.09% from 1.15%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

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

114

AMG Funds

AMG River Road Long-Short Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	11.04		$	11.48		$	11.35		$	12.02		$	10.73		$	9.91
Income from Investment Operations:
Net investment loss		(0.12	)(a)		(0.19	)(a)		(0.14	)(a)		(0.19	)		(0.17	)(a)		(0.18	)
Net realized and unrealized gain (loss) on investments		0.98			0.13			0.57			(0.19	)		2.02			1.00
Total from investment operations		0.86			(0.06	)		0.43			(0.38	)		1.85			0.82
Less Distributions:
Distributions from net realized gain on investments		—			(0.38	)		(0.30	)		(0.29	)		(0.56	)		—
Total distributions		—			(0.38	)		(0.30	)		(0.29	)		(0.56	)		—
Net increase (decrease) in net asset value		0.86			(0.44	)		0.13			(0.67	)		1.29			0.82
Net Asset Value, End of Period	$	11.90		$	11.04		$	11.48		$	11.35		$	12.02		$	10.73
Total Return (b)		7.88	%(c)		(0.52	)%		3.79	%		(3.27	)%		18.14	%		8.17	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	7,345		$	8,713		$	27,983		$	109,140		$	108,966		$	7,506
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment including interest and dividend expense for securities sold short		3.50	%(d)		3.62	%		2.87	%		2.53	%		2.54	%		5.03	%
After expense reimbursement and/or fee waiver, or recoupment including interest and dividend expense for securities sold short		3.38	%(d)(e)(f)		3.46	%(g)		2.89	%		2.58	%		2.38	%		3.11	%
After expense reimbursement and/or fee waiver, or recoupment excluding interest and dividend expense for securities sold short		1.52	%(d)(e)(f)		1.70	%(g)		1.70	%		1.70	%		1.70	%		1.70	%
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		(2.17	)%(d)		(1.91	)%		(1.16	)%		(1.55	)%		(1.62	)%		(3.63	)%
After expense reimbursement and/or fee waiver, or recoupment		(2.04	)%(d)		(1.75	)%		(1.19	)%		(1.59	)%		(1.46	)%		(1.71	)%
Portfolio Turnover		98	%(c)		298	%		279	%		303	%		291	%		278	%

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not Annualized.

(d) Annualzied.

(e) Effective February 27, 2017, the Fund’s expense cap was reduced to 1.12% from 1.37%. The expense ratio shown reflects the weighted average expense ratio for the six months ended April 30, 2017 (See Note F).

(f) Includes reduction from brokerage recapture amounting to 0.02%.

(g) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.37% from 1.70%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

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

  115

AMG Funds

AMG River Road Long-Short Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Period Ended 10/31/13(a)
Net Asset Value, Beginning of Period	$	11.15		$	11.56		$	11.40		$	12.05		$	10.96
Income from Investment Operations:
Net investment loss		(0.10	)(b)		(0.18	)(b)		(0.11	)(b)		(0.16	)		(0.10	)(b)
Net realized and unrealized gain (loss) on investments		0.99			0.15			0.57			(0.20	)		1.19
Total from investment operations		0.89			(0.03	)		0.46			(0.36	)		1.09
Less Distributions:
Distributions from net realized gain on investments		—			(0.38	)		(0.30	)		(0.29	)		—
Total distributions		—			(0.38	)		(0.30	)		(0.29	)		—
Net increase (decrease) in net asset value		0.89			(0.41	)		0.16			(0.65	)		1.09
Net Asset Value, End of Period	$	12.04		$	11.15		$	11.56		$	11.40		$	12.05
Total Return (c)		7.98	%(d)		(0.24	)%		4.04	%		(3.01	)%		9.85	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	31,852		$	37,549		$	49,088		$	110,271		$	71,175
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment including interest and dividend expense for securities sold short		3.25	%(e)		3.39	%		2.62	%		2.28	%		2.20	%(e)
After expense reimbursement and/or fee waiver, or recoupment including interest and dividend expense for securities sold short		3.12	%(e)(f)(g)		3.24	%(h)		2.64	%		2.33	%		2.10	%(e)
After expense reimbursement and/or fee waiver, or recoupment excluding interest and dividend expense for securities sold short		1.27	%(e)(f)(g)		1.45	%(h)		1.45	%		1.45	%		1.45	%(e)
Ratios of net investment loss to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		(1.89	)%(e)		(1.81	)%		(0.91	)%		(1.30	)%		(1.44	)%(e)
After expense reimbursement and/or fee waiver, or recoupment		(1.77	)%(e)		(1.67	)%		(0.94	)%		(1.34	)%		(1.33	)%(e)
Portfolio Turnover		98	%(d)		298	%		279	%		303	%		291	%(d)

(a) The commencement of investment operations for AMG River Road Long-Short Fund Class I shares was March 1, 2013.

(b) Per share numbers have been calculated using average shares.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Effective February 27, 2017, the Fund’s expense cap was reduced to 1.12% from 1.37%. The expense ratio reflects the weighted average expense ratio for the six months ended April 30, 2017 (See Note F).

(g) Includes reduction from brokerage recapture amounting to 0.02%.

(h) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.37% from 1.45%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

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

116

AMG Funds

AMG Managers Guardian Capital Global Dividend Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	9.67		$	10.30		$	10.51		$	10.00
Income from Investment Operations:
Net investment income		0.08	(b)		0.22	(b)		0.24			0.13
Net realized and unrealized gain (loss) on investments		0.98			(0.62	)		(0.23	)		0.49
Total from investment operations		1.06			(0.40	)		0.01			0.62
Less Distributions:
Distributions from and in excess of net investment income		(0.05	)		(0.23	)		(0.22	)		(0.11	)
Total Distributions		(0.05	)		(0.23	)		(0.22	)		(0.11	)
Net increase (decrease) in net asset value		1.01			(0.63	)		(0.21	)		0.51
Net Asset Value, End of Period	$	10.68		$	9.67		$	10.30		$	10.51
Total Return (c)		10.99	%(d)		(3.91	)%		0.07	%		6.17	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	18		$	997		$	1,054		$	1,052
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.33	%(e)		3.34	%		4.10	%		5.21	%(e)
After expense reimbursement and/or fee waiver		1.30	%(e)		1.30	%(f)		1.30	%		1.30	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		1.56	%(e)		0.20	%		(0.53	)%		(1.74	)%(e)
After expense reimbursement and/or fee waiver		1.60	%(e)		2.24	%		2.28	%		2.17	%(e)
Portfolio Turnover		24	%(d)		36	%		28	%		16	%(d)

(a) The commencement of investment operations for AMG Managers Guardian Capital Global Dividend Fund Class N shares was April 11, 2014.

(b) Per share numbers have been calculated using average shares.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.05% from 1.30%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

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

  117

AMG Funds

AMG Managers Guardian Capital Global Dividend Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	9.65		$	10.28		$	10.52		$	10.00
Income from Investment Operations:
Net investment income		0.12	(b)		0.23	(b)		0.27			0.14
Net realized and unrealized gain (loss) on investments		0.96			(0.60	)		(0.25	)		0.50
Total from investment operations		1.08			(0.37	)		0.02			0.64
Less Distributions:
Distributions from and in excess of net investment income		(0.10	)		(0.26	)		(0.26	)		(0.12	)
Total Distributions		(0.10	)		(0.26	)		(0.26	)		(0.12	)
Net increase (decrease) in net asset value		0.98			(0.63	)		(0.24	)		0.52
Net Asset Value, End of Period	$	10.63		$	9.65		$	10.28		$	10.52
Total Return (c)		11.18	%(d)		(3.68	)%		0.14	%		6.39	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	34,210		$	27,986		$	3,292		$	3,211
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.10	%(e)		2.82	%		3.85	%		4.96	%(e)
After expense reimbursement and/or fee waiver		1.05	%(e)		1.05	%(f)		1.05	%		1.05	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		2.26	%(e)		0.55	%		(0.28	)%		(1.49	)%(e)
After expense reimbursement and/or fee waiver		2.31	%(e)		2.32	%		2.52	%		2.42	%(e)
Portfolio Turnover		24	%(d)		36	%		28	%		16	%(d)

(a) The commencement of investment operations for AMG Managers Guardian Capital Global Dividend Fund Class I shares was April 11, 2014.

(b) Per share numbers have been calculated using average shares.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.05% from 1.30%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

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

118

AMG Funds

AMG Managers Pictet International Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	9.61		$	9.56		$	9.34		$	10.00
Income from Investment Operations:
Net investment income		0.05	(b)		0.13	(b)		0.10	(b)		0.09
Net realized and unrealized gain (loss) on investments		1.11			0.00	(c)		0.17	(d)		(0.75	)
Total from investment operations		1.16			0.13			0.27			(0.66	)
Less Distributions:
Distributions from and in excess of net investment income		(0.07	)		(0.02	)		(0.03	)		—
Distributions from net realized gain on investments		(0.20	)		(0.06	)		(0.02	)		—
Total distributions		(0.27	)		(0.08	)		(0.05	)		—
Net increase (decrease) in net asset value		0.89			0.05			0.22			(0.66	)
Net Asset Value, End of Period	$	10.50		$	9.61		$	9.56		$	9.34
Total Return (e)		12.62	%(f)		1.42	%(g)		3.02	%		(6.60	)%(f)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	290		$	131		$	1,056		$	984
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		1.34	%(h)		1.41	%		1.92	%		3.26	%(h)
After expense reimbursement and/or fee waiver, or recoupment		1.34	%(h)		1.40	%(i)		1.40	%		1.40	%(h)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		1.02	%(h)		1.88	%		0.53	%		(0.25	)%(h)
After expense reimbursement and/or fee waiver, or recoupment		1.04	%(h)		1.88	%		1.06	%		1.61	%(h)
Portfolio Turnover		20	%(f)		38	%		53	%		26	%(f)

(a) The commencement of investment operations for AMG Managers Pictet International Fund Class N shares was April 11, 2014.

(b) Per share numbers have been calculated using average shares.

(c) Less than $0.005 per share.

(d) Includes capital contribution of $0.01 per share.

(e) The total return is calculated using the published Net Asset Value.

(f) Not annualized.

(g) The total return would have been 1.32% had the capital contribution not been included.

(h) Annualized.

(i) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.08% from 1.40%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

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

  119

AMG Funds

AMG Managers Pictet International Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Period Ended 10/31/14(a)
Net Asset Value, Beginning of Period	$	9.65		$	9.60		$	9.36		$	10.00
Income from Investment Operations:
Net investment income		0.05	(b)		0.15	(b)		0.12	(b)		0.10
Net realized and unrealized gain (loss) on investments		1.14			0.00	(c)		0.19	(d)		(0.74	)
Total from investment operations		1.19			0.15			0.31			(0.64	)
Less Distributions:
Distributions from and in excess of net investment income		(0.14	)		(0.04	)		(0.05	)		—
Distributions from net realized gain on investments		(0.21	)		(0.06	)		(0.02	)		—
Total distributions		(0.35	)		(0.10	)		(0.07	)		—
Net increase (decrease) in net asset value		0.84			0.05			0.24			(0.64	)
Net Asset Value, End of Period	$	10.49		$	9.65		$	9.60		$	9.36
Total Return (e)		12.73	%(f)		1.67	%(g)		3.43	%		(6.40	)%(f)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	1,642,932		$	1,336,050		$	49,803		$	8,467
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		1.10	%(h)		1.15	%		1.67	%		3.01	%(h)
After expense reimbursement and/or fee waiver, or recoupment		1.09	%(h)		1.15	%(i)		1.15	%		1.15	%(h)
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver, or recoupment		1.05	%(h)		2.13	%		0.78	%		0.00	%(h)(c)
After expense reimbursement and/or fee waiver, or recoupment		1.06	%(h)		2.13	%		1.31	%		1.86	%(h)
Portfolio Turnover		20	%(f)		38	%		53	%		26	%(f)

(a) The commencement of investment operations for AMG Managers Pictet International Fund Class I shares was April 11, 2014.

(b) Per share numbers have been calculated using average shares.

(c) Less than $0.005 per share or less than 0.005%.

(d) Includes capital contribution of $0.01 per share.

(e) The total return is calculated using the published Net Asset Value.

(f) Not annualized.

(g) The total return would have been 1.57% had the capital contribution not been included.

(h) Annualized.

(i) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.08% from 1.15%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

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

120

AMG Funds

AMG Managers Value Partners Asia Dividend Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Period Ended 10/31/16(a)
Net Asset Value, Beginning of Period	$	10.63		$	10.00
Income from Investment Operations:
Net investment income (b)		0.04			0.24
Net realized and unrealized gain on investments		1.11			0.59
Total from investment operations		1.15			0.83
Less Distributions:
Distributions from and in excess of net investment income		(0.18	)		(0.20	)
Distributions from net realized gain on investments		(0.30	)		—
Total distributions		(0.48	)		(0.20	)
Net increase in net asset value		0.67			0.63
Net Asset Value, End of Period	$	11.30		$	10.63
Total Return (c)		11.53	%(d)		8.39	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	964		$	808
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		2.41	%(e)		4.18	%(e)
After expense reimbursement and/or fee waiver		1.15	%(e)		1.40	%(e)(f)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.57	)%(e)		(0.05	)%(e)
After expense reimbursement and/or fee waiver		0.69	%(e)		2.74	%(e)
Portfolio Turnover		34	%(d)		51	%(d)

(a) The commencement of investment operations for AMG Managers Value Partners Asia Dividend Fund Class N shares was December 16, 2015.

(b) Per share numbers have been calculated using average shares.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

(f) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.15% from 1.40%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal period ended October 31, 2016. (See Note F)

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

  121

AMG Funds

AMG Managers Value Partners Asia Dividend Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Period Ended 10/31/16(a)
Net Asset Value, Beginning of Period	$	10.63		$	10.00
Income from Investment Operations:
Net investment income (b)		0.04			0.27
Net realized and unrealized gain on investments		1.12			0.58
Total from investment operations		1.16			0.85
Less Distributions:
Distribution from and in excess of net investment income		(0.19	)		(0.22	)
Distributions from net realized gain on investments		(0.30	)		—
Total distributions		(0.49	)		(0.22	)
Net increase in net asset value		0.67			0.63
Net Asset Value, End of Period	$	11.30		$	10.63
Total Return (c)		11.60	%(d)		8.60	%(d)
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	8,013		$	7,283
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		2.41	%(e)		3.94	%(e)
After expense reimbursement and/or fee waiver		1.15	%(e)		1.15	%(e)
Ratios of net investment income (loss) to average net assets:
Before expense reimbursement and/or fee waiver		(0.55	)%(e)		0.20	%(e)
After expense reimbursement and/or fee waiver		0.71	%(e)		2.99	%(e)
Portfolio Turnover		34	%(d)		51	%(d)

(a) The commencement of investment operations for AMG Managers Value Partners Asia Dividend Fund Class I shares was December 16, 2015.

(b) Per share numbers have been calculated using average shares.

(c) The total return is calculated using the published Net Asset Value.

(d) Not annualized.

(e) Annualized.

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

122

AMG Funds

AMG Managers Montag & Caldwell Balanced Fund – Class N	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	22.58		$	23.83		$	24.68		$	23.81		$	21.46		$	20.09
Income from Investment Operations:
Net investment income (a)		0.03			0.11			0.10			0.12			0.21			0.16
Net realized and unrealized gain (loss) on investments		1.05			(0.17	)		1.31			1.70			2.43			1.45
Total from investment operations		1.08			(0.06	)		1.41			1.82			2.64			1.61
Less Distributions:
Distributions from and in excess of net investment income		(0.08	)		(0.15	)		(0.18	)		(0.21	)		(0.29	)		(0.24	)
Distributions from net realized gain on investments		(1.88	)		(1.04	)		(2.08	)		(0.74	)		—			—
Total distributions		(1.96	)		(1.19	)		(2.26	)		(0.95	)		(0.29	)		(0.24	)
Net increase (decrease) in net asset value		(0.88	)		(1.25	)		(0.85	)		0.87			2.35			1.37
Net Asset Value, End of Period	$	21.70		$	22.58		$	23.83		$	24.68		$	23.81		$	21.46
Total Return (b)		5.31	%(c)		(0.28	)%		6.01	%		7.83	%		12.40	%		8.03	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	20,424		$	25,373		$	26,607		$	20,446		$	22,425		$	31,536
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.29	%(d)		1.31	%		1.44	%		1.43	%		1.37	%		1.42	%
After expense reimbursement and/or fee waiver		1.13	%(d)(f)		1.20	%(e)		1.20	%		1.20	%		1.20	%		1.22	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver		0.13	%(d)		0.35	%		0.19	%		0.26	%		0.77	%		0.57	%
After expense reimbursement and/or fee waiver		0.29	%(d)		0.46	%		0.43	%		0.50	%		0.94	%		0.77	%
Portfolio Turnover		21	%(c)		85	%		36	%		27	%		35	%		35	%

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.04% from 1.35%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(f) Includes reduction from brokerage recapture amounting to 0.02%.

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

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AMG Funds

AMG Managers Montag & Caldwell Balanced Fund – Class I	April 30, 2017
Financial Highlights

	For the Six Months Ended 04/30/17 (unaudited)			Year Ended 10/31/16			Year Ended 10/31/15			Year Ended 10/31/14			Year Ended 10/31/13			Year Ended 10/31/12
Net Asset Value, Beginning of Period	$	22.50		$	23.75		$	24.60		$	23.76		$	21.41		$	20.05
Income from Investment Operations:
Net investment income (a)		0.03			0.13			0.12			0.14			0.23			0.19
Net realized and unrealized gain (loss) on investments		1.06			(0.17	)		1.31			1.70			2.43			1.44
Total from investment operations		1.09			(0.04	)		1.43			1.84			2.66			1.63
Less Distributions:
Distributions from and in excess of net investment income		(0.08	)		(0.17	)		(0.20	)		(0.26	)		(0.31	)		(0.27	)
Distributions from net realized gain on investments		(1.88	)		(1.04	)		(2.08	)		(0.74	)		—			—
Total distributions		(1.96	)		(1.21	)		(2.28	)		(1.00	)		(0.31	)		(0.27	)
Net increase (decrease) in net asset value		(0.87	)		(1.25	)		(0.85	)		0.84			2.35			1.36
Net Asset Value, End of Period	$	21.63		$	22.50		$	23.75		$	24.60		$	23.76		$	21.41
Total Return (b)		5.36	%(c)		(0.19	)%		6.13	%		7.92	%		12.53	%		8.14	%
Ratios/Supplemental Data:
Net Assets, End of Period (in 000’s)	$	2,701		$	3,091		$	3,518		$	1,934		$	1,839		$	1,930
Ratios of expenses to average net assets:
Before expense reimbursement and/or fee waiver		1.25	%(d)		1.22	%		1.34	%		1.33	%		1.27	%		1.30	%
After expense reimbursement and/or fee waiver		1.08	%(d)(f)		1.10	%(e)		1.10	%		1.10	%		1.10	%		1.10	%
Ratios of net investment income to average net assets:
Before expense reimbursement and/or fee waiver		0.17	%(d)		0.43	%		0.29	%		0.36	%		0.87	%		0.69	%
After expense reimbursement and/or fee waiver		0.33	%(d)		0.55	%		0.53	%		0.60	%		1.04	%		0.89	%
Portfolio Turnover		21	%(c)		85	%		36	%		27	%		35	%		35	%

(a) Per share numbers have been calculated using average shares.

(b) The total return is calculated using the published Net Asset Value.

(c) Not annualized.

(d) Annualized.

(e) Effective October 1, 2016, the Fund’s expense cap was reduced to 1.04% from 1.10%. The expense ratio shown reflects the weighted average expense ratio for the full fiscal year ended October 31, 2016. (See Note F)

(f) Includes reduction from brokerage recapture amounting to 0.02%.

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

124

AMG Funds

	April 30, 2017
Notes to Financial Statements (unaudited)

Note (A) Summary of Significant Accounting Policies: AMG Funds IV (the “Trust”), is an open-end management investment company, organized as a Delaware Statutory 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 a “Fund” and collectively, the “Funds”), each having distinct investment management objectives, strategies, risks and policies. Included in this report are:

Funds

AMG Managers Fairpointe Focused Equity Fund (the “Fairpointe Focused Equity”)

AMG River Road Focused Absolute Value Fund (the “River Road Focused Absolute Value”)

AMG Managers Montag & Caldwell Growth Fund (the “Montag & Caldwell Growth”)

AMG River Road Dividend All Cap Value Fund (the “River Road Dividend All Cap Value”)

AMG River Road Dividend All Cap Value Fund II (the “River Road Dividend All Cap Value II”)

AMG Managers Fairpointe Mid Cap Fund (the “Fairpointe Mid Cap”)

AMG Managers Montag & Caldwell Mid Cap Growth Fund (the “Montag & Caldwell Mid Cap Growth”)

AMG Managers LMCG Small Cap Growth Fund (the “LMCG Small Cap Growth”)

AMG River Road Select Value Fund (the “River Road Select Value”)

AMG River Road Small Cap Value Fund (the “River Road Small Cap Value”)

AMG Managers Silvercrest Small Cap Fund (the “Silvercrest Small Cap”)

AMG GW&K U.S. Small Cap Growth Fund (“GW&K U.S. Small Cap Growth”)

AMG Managers DoubleLine Core Plus Bond Fund (the “DoubleLine Core Plus Bond”)

AMG Managers Lake Partners LASSO Alternatives Fund (the “Lake Partners LASSO Alternatives”)

AMG River Road Long-Short Fund (the “River Road Long-Short”)

AMG Managers Guardian Capital Global Dividend Fund (the “Guardian Capital Global Dividend”)

AMG Managers Pictet International Fund (the “Pictet International”)

AMG Managers Value Partners Asia Dividend Fund (the “Value Partners Asia Dividend”)

AMG Managers Montag & Caldwell Balanced Fund (the “Montag & Caldwell Balanced”)

Each Fund, except Montag & Caldwell Growth and GW&K U.S. Small Cap Growth, is authorized to issue two classes of shares (Class N shares and Class I shares). Montag & Caldwell Growth is authorized to issue three classes of shares (Class N shares, Class I shares and Class R shares). GW&K U.S. Small Cap Growth is authorized to issue three classes of shares (Class N shares, Class I shares 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 pay different amounts to the extent the net asset value per share and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

The Funds’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including accounting and reporting guidance pursuant to Accounting Standards Codification Topic 946 applicable to investment companies. U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements:

(1) Valuation of Investments: Equity securities, including short positions, traded on a national securities exchange or reported on the NASDAQ national market system (“NMS”) are valued at the last quoted sales price on the primary exchange or, if applicable, the NASDAQ official closing price or the official closing price of the relevant exchange or, lacking any sales, at the last quoted bid price or the mean between the last quoted bid and ask prices (the “exchange mean price”). Equity securities traded in the over-the-counter market (other than NMS securities) are valued at the exchange mean price. Foreign equity securities (securities principally traded in markets other than U.S. markets) are valued at the official closing price on the primary exchange or, for markets that either do not offer an official closing price or where the official closing price may not be representative of the overall market, the last quoted sale price.

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price or the mean price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are considered comparable in credit rating, interest rate, due date and other features (generally referred to as “matrix pricing”) or other similar pricing methodologies. Investments in certain mortgage-backed and stripped mortgage-backed securities, preferred stocks, convertible securities, derivatives and other debt securities not traded on an organized securities market are valued on the basis of valuations provided by dealers or by a pricing service which uses information with respect to transactions in such securities and various relationships between such securities and yield to maturity in determining value.

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

The Funds’ portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third-party pricing services approved by the Board of Trustees of the Trust (the “Board”). Under certain circumstances, the value of

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AMG Funds

	April 30, 2017
Notes to Financial Statements – continued

certain Fund portfolio investments (including derivatives) may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the Board. The Valuation Committee, which is comprised of the Independent Trustees of the Board, and the Pricing Committee, which is comprised of representatives from AMG Funds LLC (the “Investment Manager”) are the committees appointed by the Board to make fair value determinations. Each Fund may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Board’s valuation procedures, if the Investment Manager or the Pricing Committee believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Pricing Committee and, if required under the Trust’s securities valuation procedures, the Valuation Committee, seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with a quarterly report showing as of the most recent quarter end, all outstanding securities fair valued by the 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 a Fund that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds 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 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 – unadjusted quoted prices in active markets for identical assets or liabilities

•  Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

•  Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments. Transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the end of the reporting period.

(2) Investment Companies: Lake Partners LASSO Alternatives primarily invests, and certain other Funds in this Trust, may invest in securities of other investment companies, including open-end funds, closed end funds and exchange-traded funds (“ETFs”). Open-end funds are investment companies that issue new shares continuously and redeem shares daily. Closed-end funds are investment companies that typically issue a fixed number of shares that trade on a securities exchange or over-the-counter. An ETF is an investment company. Typically, an ETF seeks to track the performance of an index by holding in its portfolio shares of all the companies, or a representative sample of the companies, that are components of a particular index; however, some ETFs are actively managed. ETFs are traded on securities exchanges based on their market values. The risks of investment in other investment companies typically reflect the risks of the types of securities in which investment companies invest. Investments in ETFs and closed-end funds are subject to the additional risk that shares of the fund may trade at a premium or discount to their NAV per share. When a Fund invests in another investment company, shareholders of the Fund bear their proportionate shares of the other investment company’s fees and expenses, as well as their share of the Fund’s fees and expenses. The Trust has obtained an exemptive order from the Securities and Exchange Commission (“SEC”) that allows the Funds to invest in both affiliated and unaffiliated investment companies in excess of the limits of the 1940 Act, subject to the terms and conditions of such order. Prior to its investment in shares of an unaffiliated investment company in excess of the limits of the 1940 Act, the Trust, on behalf of a Fund, and the underlying fund must execute an agreement that is designed to ensure that each party understands the terms and conditions of the order and agrees to fulfill its responsibilities under the order. For the six months ended April 30, 2017, Lake Partners LASSO Alternatives relied on such exemptive order.

126

AMG Funds

	April 30, 2017
Notes to Financial Statements – continued

(3) Repurchase Agreements and Joint Repurchase Agreements: The Funds may enter into third-party repurchase agreements for temporary cash management purposes and 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, 2017, the market value of Repurchase Agreements outstanding is as follows:

	Market Value
River Road Focused Absolute Value	$	358,021
River Road Dividend All Cap Value		22,612,867
River Road Dividend All Cap Value II		1,174,348
Montag & Caldwell Mid Cap Growth		423,918
LMCG Small Cap Growth		5,755,941
River Road Select Value		1,409,152
River Road Small Cap Value		5,662,333
Silvercrest Small Cap		1,765,432
GW&K U.S. Small Cap Growth		1,458,663
DoubleLine Core Plus Bond		14,734,882
Guardian Capital Global Dividend		967,374
Pictet International		65,738,546
Value Partners Asia Dividend		5,378

(4) Securities Transacted on a When Issued Basis: DoubleLine Core Plus Bond may enter into To-Be-Announced (“TBA”) sale commitments to hedge their portfolio positions or to sell mortgage-backed securities they own under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, with the same counterparty, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities according to the procedures described under “Valuation of Investments,” in footnote A1 above.

Each contract is marked-to-market daily and the change in market value is recorded by the Funds as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Funds realize a gain or loss. If the Funds deliver securities under the commitment, the Funds realize a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

(5) Mortgage-Backed Securities: Montag & Caldwell Balanced and DoubleLine Core Plus Bond may invest in mortgage-backed securities (“MBS”). These securities represent interests in pools of mortgage loans and they provide holders with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid. The timely payment of principal and interest on MBS issued or guaranteed by Ginnie Mae (formerly known as the Government National Mortgage Association) is backed by Ginnie Mae and the full faith and credit of the U.S. government. MBS issued by U.S. government agencies or instrumentalities other than Ginnie Mae are not “full faith and credit” obligations. Certain obligations, such as those issued by the Federal Home Loan Banks, Fannie Mae (formerly known as the Federal National Mortgage Association) and Fred-die Mac (formerly known as the Federal Home Loan Mortgage Corporation) are supported only by the credit of the issuer. MBS issued by private issuers are not government securities and are not guaranteed by any government agency. They are secured by the underlying collateral of the private issuer. Yields on privately issued MBS tend to be higher than those of government-backed issues. However, risk of loss due to default and sensitivity to interest rate fluctuations are also higher. Montag & Caldwell Balanced and DoubleLine Core Plus Bond may also invest in collateralized mortgage obligations (“CMOs”), collateralized loan obligations (“CLOs”) and real estate mortgage investment conduits (“REMICs”). A CMO and/or REMIC is a bond that is collateralized by a pool of MBS. A CLO is a bond that is collateralized by a financial institution’s receivables from loans. These MBS pools are divided into classes with each class having its own characteristics. The different classes are retired in sequence as the underlying mortgages are repaid.

(6) Delayed Delivery Transactions and When-Issued Securities: DoubleLine Core Plus Bond may enter into securities transactions on a delayed delivery or when issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked to market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund’s Schedule of Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as an investment in securities and a forward sale commitment in the Fund’s Statement of Assets and Liabilities. For financial reporting purposes, the Funds do not offset the receivable and payable for delayed delivery investments purchased and sold on TBA commitments. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.

(7) Stripped Securities: DoubleLine Core Plus Bond may invest in stripped securities (“STRIPS”) for hedging purposes to protect the

  127

AMG Funds

	April 30, 2017
Notes to Financial Statements – continued

Fund’s portfolio against interest rate fluctuations. Interest-only STRIPS will most likely move differently than typical fixed-income securities in relation to changes in interest rates. STRIPS are usually structured with two classes that receive different proportions of the interest and principal distributions from a pool of underlying assets. A common type of STRIP will have one class receiving all of the interest from the underlying assets (“interest-only” or “IO” class), while the other class will receive the entire principal (“principal only” or “PO” class). However, in some instances, one class will receive some of the interest and most of the principal while the other class will receive most of the interest and the remainder of the principal. STRIPS are unusually volatile in response to changes in interest rates. The yield to maturity on an IO class of STRIPS is extremely sensitive not only to changes in prevailing interest rates but also to the rate of principal payments (including prepayments) on the underlying assets. A rapid rate of principal prepayments may have a measurably adverse effect on the Fund’s yield to maturity to the extent it invests in IOs. Conversely, POs tend to increase in value if prepayments are greater than anticipated and decline if prepayments are slower than anticipated. Thus, if the underlying assets experience greater than anticipated repayments of principal, the Fund may fail to fully recover its initial investment in these securities, even if the STRIPS were rated of the highest credit quality by Standard & Poor’s Corporation or Moody’s Investors Service, Inc. These risks are managed by investing in a variety of such securities and by using certain hedging techniques. In addition the secondary market for STRIPS may be less liquid than that of other mortgage-backed or asset-backed securities, potentially limiting the Fund’s ability to buy or sell those securities at any particular time.

(8) Securities Sold Short and Due to/from Brokers: River Road Long-Short utilizes short sales as part of its overall portfolio management strategy. A short sale involves the sale of a security that is borrowed from a broker or other financial institution. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon closing a short sale. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund must segregate liquid assets, or otherwise cover its position in a permissible manner. The Investment Manager determines the liquidity of assets, in accordance with procedures established by the Board. Cash segregated as collateral for short sales is shown in the Statement of Assets and Liabilities as segregated cash. Security positions segregated as collateral for short sales are included in unaffiliated investments at value in the Statement of Assets and Liabilities.

Due to/from brokers represents cash balances on deposit with, or cash balances owed to, Bank of America Merrill Lynch (the “Prime Broker”). When the Fund has cash balances on deposit with the Prime Broker, the Fund is subject to credit risk should the Prime Broker be unable to meet their obligations to the Fund; and when the Fund has cash balances owed to the Prime Broker, the amount is payable upon demand and the Fund must segregate liquid assets.

The Fund has entered into a Special Custody Agreement with the Prime Broker for securities sold short, which provides 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 a Special Custody Agreement in the Statement of Assets and Liabilities. As of April 30, 2017, the value of securities sold short was $12,793,794 and the Fund owed the Prime Broker $13,394,854 relating to margin; which both were collateralized with cash of $2,000,000 and securities worth $30,454,206.

(9) Forward Foreign Currency Contracts: A forward foreign currency contract is an agreement between a fund and another party to buy or sell a currency at a set price at a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily, and the change in market value is recorded as an unrealized gain or loss. Gain or loss is realized on the settlement date. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.

During the six months ended April 30, 2017, the Funds did not invest in forward foreign currency contracts.

(10) 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.

(11) Investment Income and Expenses: Dividend income and expenses are 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 Fund becomes aware of the ex-dividend date except for Korean securities where dividends are recorded on confirmation date. Interest income and expenses, 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 designated as a reduction of cost of investments and/or realized gain. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the Funds in the Trust and other trusts within the AMG Funds family of mutual funds (collectively, the “AMG Funds family”) based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain Fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

128

AMG Funds

	April 30, 2017
Notes to Financial Statements – continued

Certain 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 Fund’s overall expense ratio. For the six months ended April 30, 2017, the impact on the expense ratios, if any, were as follows:

	Reduction		Expense Ratio
River Road Focused Absolute Value	$	1,738		0.021	%
Montag & Caldwell Growth		102,965		0.019	%
River Road Dividend All Cap Value		8,167		0.002	%
River Road Dividend All Cap Value II		674		0.001	%
Montag & Caldwell Mid Cap Growth		965		0.022	%
LMCG Small Cap Growth		8,907		0.014	%
River Road Select Value		3,504		0.018	%
River Road Small Cap Value		10,645		0.007	%
Silvercrest Small Cap		37,507		0.031	%
GW&K U.S. Small Cap Growth		14,889		0.075	%
River Road Long-Short		4,356		0.020	%
Montag & Caldwell Balanced		1,989		0.016	%

(12) 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 markets countries are exposed to additional risks. A Fund’s performance will be influenced by political, social and economic factors affecting companies in emerging markets countries. Emerging markets 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 would pay such foreign taxes at the appropriate rate for each jurisdiction.

(13) Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. The values 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 forward foreign currency 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.

(14) Federal Income 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, to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. Therefore, no provision for federal income or excise tax is included in the accompanying financial statements.

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

Management has analyzed the Funds’ tax positions taken on federal income tax returns as of October 31, 2016 and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. Additionally, Management is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

Net capital losses incurred may be carried forward for an unlimited time period, and retain their tax character as either short-term or long-term capital losses.

  129

AMG Funds

	April 30, 2017
Notes to Financial Statements – continued

At April 30, 2017, the following Funds had accumulated net realized capital loss carryovers from securities transactions for federal income tax purposes as shown in the following chart. These amounts may be used to offset future realized capital gains, if any, through the expiration dates listed or in the case of post-enactment losses, for an unlimited time period.

	Capital Loss Carryovers:
	Post Enactment Short-Term		Post Enactment Long-Term		Total
Fairpointe Focused Equity	$	138,622	$	8,883	$	147,505
LMCG Small Cap Growth		30,255,640		4,173,478		34,429,118
Guardian Capital Global Dividend		247,545		57,327		304,872
River Road Long-Short		2,659,289		450,310		3,109,599

(15) Organizational and Offering Costs: The Investment Manager incurred and directly paid organizational and offering costs on behalf of the Value Partners Asia Dividend in the amount of $64,933, which was repaid by the Fund for the full amount thereof. Offering costs in the amount of $7,832 were expensed. Offering costs of $61,441 were amortized on the straight-line method over a period of one year from the commencement of operations.

(16) 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.

Note (B) Dividends from Net Investment Income and Distributions of Capital Gains: Dividends and distributions to shareholders are recorded on the ex-dividend date. River Road Dividend All Cap Value, River Road Dividend All Cap Value II and DoubleLine Core Plus Bond distribute dividends from net investment income to shareholders monthly and net realized gains from investment transactions, if any, are generally distributed annually, usually in December.

Guardian Capital Global Dividend, Value Partners Asia Dividend and Montag & Caldwell Balanced distribute dividends from net investment income to shareholders quarterly and net realized gains from investment transactions, if any, are generally distributed annually, usually in December.

The following Funds distribute dividends from net investment income to shareholders annually and net realized gains from investment transactions, if any, are generally distributed annually, usually in December: Fairpointe Focused Equity, River Road

Focused Absolute Value, Montag & Caldwell Growth, Fairpointe Mid Cap, Montag & Caldwell Mid Cap Growth, LMCG Small Cap Growth, River Road Select Value, River Road Small Cap Value, Silvercrest Small Cap, GW&K U.S. Small Cap Growth, Lake Partners LASSO Alternatives, River Road Long-Short and Pictet International.

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, gains/losses not recognized from security sales in connection with redemptions in-kind, expiration of CLCF, paydowns, tax adjustments on passive foreign investment companies sold, redesignation of dividends paid by a fund, distributions received from regulated investment companies, distributions in excess of net investment income paid by a fund, and expenses disallowed for tax purposes. Temporary differences are primarily due to differences between book and tax treatment of losses for excise tax purposes, wash sale loss deferrals, amortization, contribution in-kind, mark-to-market of passive foreign investment companies, gains/losses on foreign currency, and partnerships.

Note (C) Shares of Beneficial Interest: 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. The cost of securities contributed to the Funds in connection with the issuance of shares is based on the valuation of those securities in accordance with the Funds’ policy on investment valuation.

130

AMG Funds

	April 30, 2017
Notes to Financial Statements – continued

For the six months ended April 30, 2017 (unaudited) and the fiscal year ended October 31, 2016, the capital stock transactions by class for the Funds were as follows:

	Fairpointe Focused Equity												River Road Focused Absolute Value												Montag & Caldwell Growth
	2017						2016						2017						2016 (a)						2017						2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		83,911		$	911,797			17,363		$	149,301			67,049		$	779,069			79,891		$	823,215	(b)		1,225,722		$	22,688,589			6,885,996		$	138,793,971
Reinvestment of distributions		81			874			2,394			21,065			6,633			74,093			—			—			2,190,601			38,861,264			9,531,891			192,258,234
Cost of shares repurchased		(62,161	)		(692,583	)		(209,166	)		(2,022,877	)		(52,081	)		(593,289	)		(34,843	)		(376,833	)		(9,878,162	)		(188,543,805	)		(21,230,999	)		(438,292,746	)
Net increase (decrease)		21,831		$	220,088			(189,409	)	$	(1,852,511	)		21,601		$	259,873			45,048		$	446,382			(6,461,839	)	$	(126,993,952	)		(4,813,112	)	$	(107,240,541	)
Class I:
Proceeds from sale of shares		173,272		$	1,943,690			220,622		$	2,101,495			636,757		$	7,243,766			1,211,166		$	11,864,367	(b)		3,187,653		$	59,565,813			16,816,934		$	343,661,135
Reinvestment of distributions		6,396			68,181			5,296			46,607			81,254			908,301			—			—			3,487,749			61,975,608			9,866,673			199,997,475
Cost of shares repurchased		(301,539	)		(3,390,535	)		—			—			(207,325	)		(2,357,107	)		(171,275	)		(1,791,912	)		(16,312,401	)		(305,603,276	)		(35,152,702	)		(790,240,872	)
Net increase (decrease)		(121,871	)	$	(1,378,664	)		225,918		$	2,148,102			510,686		$	5,794,960			1,039,891		$	10,072,455			(9,636,999	)	$	(184,061,855	)		(8,469,095	)	$	(246,582,262	)
Class R:
Proceeds from sale of shares		—			—			—			—			—			—			—			—			19,235		$	349,247			61,438		$	1,369,978
Reinvestment of distributions		—			—			—			—			—			—			—			—			27,054			469,668			66,520			1,315,758
Cost of shares repurchased		—			—			—			—			—			—			—			—			(57,492	)		(1,057,610	)		(66,927	)		(1,452,485	)
Net increase (decrease)		—			—			—			—			—			—			—			—			(11,203	)	$	(238,695	)		61,031		$	1,233,251
	River Road Dividend All Cap Value												River Road Dividend All Cap Value II												Fairpointe Mid Cap
	2017						2016						2017						2016						2017						2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		4,891,601		$	62,220,502			13,306,940		$	160,818,056			18,179		$	262,224			54,504		$	731,061			4,878,784		$	206,496,073			6,721,809		$	235,715,950
Reinvestment of distributions		1,942,998			24,183,464			2,090,827			23,932,444			12,323			175,195			7,583			98,773			1,525,543			63,599,870			2,786,316			96,573,724
Cost of shares repurchased		(4,445,447	)		(55,932,657	)		(8,055,733	)		(95,895,185	)		(27,861	)		(400,166	)		(36,513	)		(472,861	)		(6,596,984	)		(278,660,080	)		(22,391,843	)		(793,563,705	)
Net increase (decrease)		2,389,152		$	30,471,309			7,342,034		$	88,855,315			2,641		$	37,253			25,574		$	356,973			(192,657	)	$	(8,564,137	)		(12,883,718	)	$	(461,274,031	)
Class I:
Proceeds from sale of shares		7,920,999		$	99,846,305			11,327,948		$	136,478,192			685,375		$	9,827,948			1,028,192		$	13,465,509			10,606,048		$	461,331,599			18,281,929		$	662,488,962
Reinvestment of distributions		3,378,796			42,029,006			4,402,905			50,321,034			411,133			5,850,777			288,126			3,759,968			2,326,071			99,113,891			3,759,518			133,199,701
Cost of shares repurchased		(6,774,561	)		(85,889,931	)		(20,268,357	)		(241,076,892	)		(1,125,188	)		(16,152,495	)		(2,187,747	)		(28,400,388	)		(10,092,101	)		(434,757,586	)		(40,242,836	)		(1,421,123,304	)
Net increase (decrease)		4,525,234		$	55,985,380			(4,537,504	)	$	(54,277,666	)		(28,680	)	$	(473,770	)		(871,429	)	$	(11,174,911	)		2,840,018		$	125,687,904			(18,201,389	)	$	(625,434,641	)
	Montag & Caldwell Mid Cap Growth												LMCG Small Cap Growth												River Road Select Value
	2017						2016						2017						2016						2017						2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		8,185		$	82,588			12,426		$	122,976			143,723		$	1,972,208			1,114,051		$	14,417,787			48,512		$	366,019			141,827		$	960,698
Reinvestment of distributions		31,174			308,929			53,656			553,193			—			—			1,863			26,618			47,035			349,944			100,813			635,124
Cost of shares repurchased		(25,129	)		(260,809	)		(74,744	)		(736,302	)		(1,096,983	)		(14,952,088	)		(7,368,417	)		(92,674,265	)		(130,771	)		(983,713	)		(200,434	)		(1,392,341	)
Net increase (decrease)		14,230		$	130,708			(8,662	)	$	(60,133	)		(953,260	)	$	(12,979,880	)		(6,252,503	)	$	(78,229,860	)		(35,224	)	$	(267,750	)		42,206		$	203,481
Class I:
Proceeds from sale of shares		15,388		$	158,373			11,713		$	120,040			2,581,115		$	35,320,033			3,981,494		$	51,076,318			109,822		$	838,510			412,100		$	2,938,365
Reinvestment of distributions		31,625			314,672			67,037			693,830			—			—			738			10,674			356,000			2,691,359			1,133,203			7,252,502
Cost of shares repurchased		(11,333	)		(114,620	)		(221,127	)		(2,325,128	)		(1,498,072	)		(20,541,111	)		(4,547,748	)		(58,946,860	)		(905,296	)		(7,046,874	)		(8,536,883	)		(61,806,449	)
Net increase (decrease)		35,680		$	358,425			(142,377	)	$	(1,511,258	)		1,083,043		$	14,778,922			(565,516	)	$	(7,859,868	)		(439,474	)	$	(3,517,005	)		(6,991,580	)	$	(51,615,582	)

  131

AMG Funds

	April 30, 2017
Notes to Financial Statements – continued

	River Road Small Cap Value												Silvercrest Small Cap												GW&K U.S. Small Cap Growth
	2017						2016						2017						2016						2017						2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		525,668		$	7,062,125			471,028		$	5,575,217			405,788		$	7,022,597			361,591		$	5,273,540			596,965		$	2,357,684			1,153,211		$	7,338,783
Reinvestment of distributions		89,002			1,200,640			114,605			1,280,134			9,537			172,909			55,211			784,554			11,295			43,938			10,933,982			56,843,888
Cost of shares repurchased		(337,371	)		(4,539,182	)		(884,374	)		(10,279,537	)		(265,831	)		(4,689,772	)		(359,930	)		(5,188,836	)		(2,473,858	)		(9,781,819	)		(16,404,588	)		(207,677,409	)
Net increase (decrease)		277,299		$	3,723,583			(298,741	)	$	(3,424,186	)		149,494		$	2,505,734			56,872		$	869,258			(1,865,598	)	$	(7,380,197	)		(4,317,395	)	$	(143,494,738	)
Class I:
Proceeds from sale of shares		2,154,846		$	29,368,464			3,313,689		$	38,510,584			2,668,093		$	46,922,519			3,803,977		$	55,865,834			89,352		$	412,637			2,555,143		$	28,714,382
Reinvestment of distributions		928,654			12,685,426			1,196,902			13,501,050			113,141			2,064,810			425,913			6,090,561			2,888			13,402			14,542,368			88,178,272
Cost of shares repurchased		(3,599,442	)		(48,825,684	)		(4,595,113	)		(53,647,832	)		(1,888,323	)		(33,647,380	)		(2,034,956	)		(29,716,304	)		(966,491	)		(4,534,548	)		(30,445,627	)		(306,125,519	)(c)
Net increase (decrease)		(515,942	)	$	(6,771,794	)		(84,522	)	$	(1,636,198	)		892,911		$	15,339,949			2,194,934		$	32,240,091			(874,251	)	$	(4,108,509	)		(13,348,116	)	$	(189,232,865	)
Class Z: (d)
Proceeds from sale of shares		—			—			—			—			—			—			—			—			35,771		$	172,252			—			—
Reinvestment of distributions		—			—			—			—			—			—			—			—			—			—			—			—
Cost of shares repurchased		—			—			—			—			—			—			—			—			(10,301	)		(49,344	)		—			—
Net increase		—			—			—			—						—			—			—			25,470		$	122,908			—			—
	DoubleLine Core Plus Bond												Lake Partners LASSO Alternatives												River Road Long-Short
	2017						2016						2017						2016						2017						2016
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		4,128,059		$	43,617,524			22,657,884		$	238,831,911			246,279		$	2,964,453			489,315		$	5,828,383			103,189		$	1,198,993			104,231		$	1,143,023
Reinvestment of distributions		486,047			5,108,984			783,701			8,367,108			10,180			122,769			206,436			2,444,199			—			—			61,918			683,579
Cost of shares repurchased		(14,094,239	)		(148,873,425	)		(12,532,368	)		(133,778,257	)		(925,994	)		(11,082,077	)		(1,121,075	)		(13,344,999	)		(275,498	)		(3,184,455	)		(1,814,546	)		(19,872,053	)
Net increase (decrease)		(9,480,133	)	$	(100,146,917	)		10,909,217		$	113,420,762			(669,535	)	$	(7,994,855	)		(425,324	)	$	(5,072,417	)		(172,309	)	$	(1,985,462	)		(1,648,397	)	$	(18,045,451	)
Class I:
Proceeds from sale of shares		11,539,882		$	121,995,560			20,257,212		$	215,384,722			791,113		$	9,491,997			1,608,291		$	19,329,625			451,024		$	5,283,071			2,591,251		$	28,866,703
Reinvestment of distributions		721,536			7,588,219			977,499			10,425,030			10,176			123,226			384,769			4,563,357			—			—			102,909			1,144,342
Cost of shares repurchased		(8,920,809	)		(94,425,030	)		(12,902,219	)		(138,104,461	)		(2,268,226	)		(27,332,778	)		(9,289,112	)		(111,785,166	)		(1,173,254	)		(13,698,840	)		(3,571,926	)		(39,835,881	)
Net increase (decrease)		3,340,609		$	35,158,749			8,332,492		$	87,705,291			(1,466,937	)	$	(17,717,555	)		(7,296,052	)	$	(87,892,184	)		(722,230	)	$	(8,415,769	)		(877,766	)	$	(9,824,836	)
	Guardian Capital Global Dividend												Pictet International												Value Partners Asia Dividend
	2017						2016						2017						2016						2017						2016(f)
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		353		$	3,570			1,166		$	11,595			16,173		$	154,612			7,362		$	68,989			7,632		$	83,281			75,011		$	750,122
Reinvestment of distributions		14			140			69			692			396			3,668			97			915			2,662			26,006			1,033			10,659
Cost of shares repurchased		(101,786	)		(1,064,621	)		(409	)		(3,920	)		(2,604	)		(25,065	)		(104,219	)		(979,005	)		(1,046	)		(11,586	)		(1	)		(11	)
Capital contribution		—			—			—			—			—			—			—			96	(e)		—			—			—			—
Net increase (decrease)		(101,419	)	$	(1,060,911	)		826		$	8,367			13,965		$	133,215			(96,760	)	$	(909,005	)		9,248		$	97,701			76,043		$	760,770
Class I:
Proceeds from sale of shares		303,365		$	3,210,794			2,574,130		$	24,999,875			29,782,564		$	286,604,181			146,143,544		$	1,339,299,965			—			—			675,001		$	6,750,010
Reinvestment of distributions		20,014			204,918			6,791			67,637			1,273,736			11,756,504			7,456			70,238			23,903		$	233,535			10,194			105,120
Cost of shares repurchased		(3,967	)		(41,587	)		(1,319	)		(12,858	)		(12,864,648	)		(124,320,005	)		(12,838,794	)		(121,477,160	)		—			—			(1	)		(11	)
Capital contribution		—			—			—			—			—			—			—			619,078	(e)		—			—			—			—
Net increase		319,412		$	3,374,125			2,579,602		$	25,054,654			18,191,652		$	174,040,680			133,312,206		$	1,218,512,121			23,903		$	233,535			685,194		$	6,855,119

	Montag & Caldwell Balanced
	2017						2016
	Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		32,825		$	705,628			813,318		$	18,188,595
Reinvestment of distributions		94,670			1,937,879			58,085			1,325,502
Cost of shares repurchased		(287,050	)		(6,148,046	)		(864,228	)		(19,777,162	)
Net increase (decrease)		(159,555	)	$	(3,504,539	)		7,175		$	(263,065	)
Class I:
Proceeds from sale of shares		8,938		$	186,351			54,898		$	1,259,171
Reinvestment of distributions		7,861			160,352			4,977			113,182
Cost of shares repurchased		(29,286	)		(627,167	)		(70,649	)		(1,615,105	)
Net decrease		(12,487	)	$	(280,464	)		(10,774	)	$	(242,752	)

(a) The commencement of investment operations for River Road Focused Absolute Value was November 3, 2015.

(b) River Road Focused Absolute Value had a subscription in-kind in the amount of $3,663,463 on November 3, 2015. The subscription was comprised of securities, cash and dividends accrued in the amounts of $3,632,219, $26,056 and $5,188, respectively.

(c) GW&K U.S. Small Cap Growth had a redemption in-kind on December 1, 2015, in the amount of $142,509,610. The redemption was comprised of securities and cash in the amount of $134,464,305 and $8,045,305, respectively.

(d) The commencement of investment operations for the GW&K U.S. Small Cap Growth Class Z was February 27, 2017.

(e) See Note (F) Agreements and Transactions With Affiliates.

(f) The commencement of investment operations for the Value Partners Asia Dividend was December 16, 2015.

132

AMG Funds

	April 30, 2017
Notes to Financial Statements – continued

At April 30, 2017, certain affiliated and unaffiliated shareholders of record, including omnibus accounts, individually or collectively held greater than 10% of the net assets of the Funds as follows:

	Number of Shareholders		Collectively Own				Number of Shareholders		Collectively Own
Fairpointe Focused Equity		2		85	%	Silvercrest Small Cap		3		48	%
River Road Focused Absolute Value		2		83	%	GW&K U.S. Small Cap Growth		2		37	%
Montag & Caldwell Growth		3		55	%	DoubleLine Core Plus Bond		2		60	%
River Road Dividend All Cap Value		3		66	%	Lake Partners LASSO Alternatives		3		70	%
River Road Dividend All Cap Value II		3		80	%	River Road Long-Short		3		81	%
Fairpointe Mid Cap		3		60	%	Guardian Capital Global Dividend		2		90	%
Montag & Caldwell Mid Cap Growth		4		76	%	Pictet International		1		18	%
LMCG Small Cap Growth		3		51	%	Value Partners Asia Dividend		1		99	%
River Road Select Value		4		77	%	Montag & Caldwell Balanced		1		11	%
River Road Small Cap Value		3		79	%

Transactions by these shareholders may have a material impact on their respective Fund.

Note (D) Investment Transactions: Purchases and proceeds from sales and maturities of investment securities (other than short-term investments) for the six months ended April 30, 2017 were as follows:

	Aggregate Purchases				Proceeds from Sales
	U.S. Government		Other		U.S. Government		Other
Fairpointe Focused Equity	$	—	$	1,689,192	$	—	$	2,997,206
River Road Focused Absolute Value		—		15,605,051		—		10,619,093
Montag & Caldwell Growth		—		264,818,295		—		625,957,946
River Road Dividend All Cap Value		—		153,176,057		—		135,193,339
River Road Dividend All Cap Value II		—		19,537,942		—		24,274,483
Fairpointe Mid Cap		—		632,275,857		—		787,293,674
Montage & Caldwell Mid Cap Growth		—		2,678,056		—		2,609,263
LMCG Small Cap Growth		—		86,702,768		—		89,208,190
River Road Select Value		—		11,050,224		—		17,267,532
River Road Small Cap Value		—		67,204,509		—		80,534,037
Silvercrest Small Cap		—		51,982,406		—		33,159,700
GW&K U.S. Small Cap Growth		—		3,146,514		—		14,697,193
DoubleLine Core Plus Bond		168,065,098		141,942,742		224,609,006		141,891,410
Lake Partners LASSO Alternative		—		14,530,914		—		36,758,439
River Road Long-Short		—		39,238,820		—		55,022,599
Guardian Capital Global Dividend		—		8,922,738		—		7,340,461
Pictet International		—		398,237,981		—		284,243,314
Value Partners Asia Dividend		—		2,731,868		—		2,704,608
Montag & Caldwell Balanced		240,791		4,769,916		764,920		10,033,605

Note (E) Redemption Fees: In accordance with the prospectus, certain Funds may assess a redemption fee on a Fund’s share redemptions and exchanges within specified time periods. The redemption fees are indicated in the following table for the six months ended April 30, 2017 and are included in the Cost of Shares Repurchased in the Statements of Changes in Net Assets:

Fund Name	Time Period		Amount
Pictet International		2% Within 90 Days	$	8,344
Value Partners Asia Dividend		2% Within 90 Days		207

Note (F) 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 subadvisors for the Funds (subject to Board approval) and monitors each subadvisor’s investment performance, security holdings and investment strategies. The investment portfolios of River Road Focused Absolute Value, River Road Dividend All Cap Value, River Road Dividend All Cap Value II, River Road Select Value, River Road Small Cap Value and River Road Long-Short are managed by River Road Asset Management, LLC. The investment portfolio of GW&K U.S. Small Cap Growth is managed by GW&K Investment Management, LLC. AMG indirectly owns a majority interest in River Road Asset Management, LLC and GW&K Investment Management, LLC. The investment portfolio of Value Partners Asia Dividend is managed by Value Partners Hong Kong Limited. AMG indirectly owns a minority interest in Value Partners Hong Kong Limited. Prior to October 1, 2016, Aston Asset Management, LLC (“Aston”), a wholly-owned subsidiary of the Investment Manager, served as investment manager to each of the Funds under a similar investment management agreement. On October 1, 2016, Aston merged with and into the Investment Manager.

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Notes to Financial Statements – continued

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. The investment management fee rates are reflected in the table below.

The Investment Manager is contractually obligated to waive management fees and/or reimburse ordinary operating expenses, not including interest, taxes, brokerage commissions, other investment-related costs, shareholder servicing fees, distribution and service (12b-1) fees, extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and acquired fund fees and expenses, through February 28, 2018, to the extent that operating expenses exceed the expense cap (as shown in the table below) based on the Fund’s average daily net assets (the “Operating Expense Limit”). Prior to February 28, 2018, the arrangement may be amended or terminated only by a vote of the Board.

The investment management fees and contractual expense limitations for the six months ended April 30, 2017 were as follows:

						Contractual
		Investment				Expense Limitations
	Investment	Management Fees Prior to	Contractual			Prior to 10/01/2016
Fund Name	Management Fees	10/1/2016	Expense Limitation (a)			Class N			Class I
Fairpointe Focused Equity	0.70%	0.80%		0.82	%		1.15	%		0.90	%
River Road Focused Absolute Value (b)	0.60%	0.70%		0.71	%		1.00	%		0.75	%
Montag & Caldwell Growth	0.70% on first $800,000,000	0.80% on first $800,000,000
	0.50% over $800,000,000	0.60% over $800,000,000 up to $6 billion
	0.45% over $6 billion up to $12 billion	0.55% over $6 billion up to $12 billion
	0.40% over $12 billion	0.50% over $12 billion		N/A			N/A			N/A
River Road Dividend All Cap Value	0.60%	0.70%		0.99	%		1.30	%		1.05	%
River Road Dividend All Cap Value II	0.60%	0.70%		0.99	%		1.30	%		1.05	%
Fairpointe Mid Cap	0.70% on first $100,000,000	0.80% on first $100,000,000
	0.65% next $300,000,000	0.75% next $300,000,000
	0.60% over $400,000,000	0.70% over $400,000,000		N/A			N/A			N/A
Montag & Caldwell Mid Cap Growth	0.75%	0.85%		0.95	%		1.25	%		1.00	%
LMCG Small Cap Growth	0.90%	1.00%		1.03	%		1.35	%		1.10	%
River Road Select Value	0.75%(c)	1.00%		1.04	%(c)		1.50	%		1.25	%
River Road Small Cap Value	0.80%	0.90%		N/A			N/A			N/A
Silvercrest Small Cap	0.90%	1.00%		1.08	%		1.40	%		1.15	%
GW&K U.S. Small Cap Growth (d)	0.70%(e)	0.90%		0.90	%(e)		1.35	%		1.10	%
DoubleLine Core Plus Bond	0.45%	0.55%		0.61	%		0.94	%		0.69	%
Lake Partners LASSO Alternatives	0.90%	1.00%		1.09	%		1.40	%		1.15	%
River Road Long-Short	0.85%(f)	1.20%		1.12	%(f)		1.70	%		1.45	%
Guardian Capital Global Dividend	0.70%	0.80%		1.05	%		1.30	%		1.05	%
Pictet International	0.80%	0.90%		1.08	%		1.40	%		1.15	%
Value Partners Asia Dividend (g)	0.80%	0.90%		1.15	%		1.40	%		1.15	%
Montag & Caldwell Balanced	0.65%	0.75%		1.04	%		1.35	%		1.10	%

(a) The expense limitation is at the fund level and excludes shareholder servicing fees and 12b-1 fees.

(b) The commencement of investment operations for River Road Focused Absolute Value was November 3, 2015.

(c) Prior to January 1, 2017, the investment management fee and Operating Expense Limit was 0.90% and 1.19%, respectively.

(d) Effective January 12, 2016, the Investment Manager has agreed to a contractual expense limitation.

(e) Prior to February 27, 2017, the investment management fee and Operating Expense Limit was 0.80% and 1.03%, respectively.

(f) Prior to January 1, 2017, the investment management fee and Operating Expense Limit was 1.10% and 1.37%, respectively.

(g) The commencement of investment operations for Value Partners Asia Dividend was December 16, 2015.

For a period of up to three years from the end of the fiscal year during which fees were waived or expenses were reimbursed (the “Recovery Period”), the Investment Manager is entitled to be reimbursed by the Fund for such fees waived and expenses reimbursed from the commencement of operations through the completion of the first three full fiscal years to the extent that the Fund’s total annual operating expenses, not including

interest, taxes, brokerage commissions, other investment-related costs, shareholder servicing fees, distribution and service (12b-1) fees, extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Fund’s business, and acquired fund fees and expenses, are at or below the Operating Expense Limit during the Recovery Period.

134

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Notes to Financial Statements – continued

The cumulative reimbursement amounts as of April 30, 2017 that are entitled to be recouped for each Fund are as follows:

	Expiration
	2017		2018		2019		2020
Fairpointe Focused Equity		N/A	$	128,683	$	103,052	$	36,142
River Road Focused Absolute Value		N/A		N/A		170,129		31,838
River Road Dividend All Cap Value II		—		—		N/A		N/A
LMCG Small Cap Growth	$	131,012		N/A		N/A		N/A
Silvercrest Small Cap		108,554		77,805		N/A		N/A
DoubleLine Core Plus Bond		183,865		N/A		N/A		N/A
River Road Long-Short		—		N/A		N/A		N/A
Guardian Capital Global Dividend		89,764		122,164		96,649		7,469
Pictet International		—		—		—		—
Value Partners Asia Dividend		N/A		N/A		186,218		52,365

Through the six months ended April 30, 2017, the Investment Manager recaptured prior year fee waivers and expense reimbursements of $120,411 from Pictet International.

During the fiscal year ended October 31, 2016, the following Fund was reimbursed by the Investment Manager and its subadviser for losses incurred on executed transactions not meeting the Fund’s investment guidelines and the cost of correcting the Fund’s net asset value:

	Capital Contribution
Pictet International	$	619,174

Administration. 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, as further described in each Fund’s prospectus. Effective October 1, 2016, 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. Prior to October 1, 2016, under the terms of the prior administration agreement between the Trust and Aston, the Funds’ administration fees were accrued daily and paid monthly, based on a specified percentage of average daily net assets of the Trust, and a base fee was charged at a fixed annual rate of $12,000 per Fund. The asset-based fee was allocated to each Fund based on the relative net assets of each Fund. The asset-based administration fee arrangement prior to October 1, 2016 was as follows:

Administration Fees at Trust Level	Annual Rate
First $ 7.4 billion		0.0437	%
Over $ 7.4 billion		0.0412	%

The Investment Manager has agreed, through at least October 1, 2018, to waive a portion of the administrative fee in an amount equal to 0.0061% of the average daily net assets of Montag & Caldwell Growth, 0.0053% of the average daily net assets of River Road Dividend All Cap Value, 0.0065% of the average daily net assets of Fairpointe Mid Cap, 0.0022% of the average daily net assets of River Road Small Cap Value, 0.0052% of the average daily net assets of DoubleLine Core Plus Bond and 0.0055% of the average daily net assets of Pictet International.

Distribution Services. The Funds are distributed by AMG Distributors, Inc. (the “Distributor”), a wholly owned subsidiary of the Investment Manager. Prior to October 1, 2016, the Funds’ distributor was Foreside Funds Distributors LLC. The Distributor serves as the distributor and underwriter for each Fund and is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Shares of each Fund will be continuously offered and will be sold directly to prospective purchasers and through brokers, dealers or other financial intermediaries who have executed selling agreements with the Distributor. Generally the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

The Trust has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares and Class R 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, each Fund may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of each such class of the Fund’s shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments to the Distributor of 0.25% and 0.50% annually of each Fund’s average daily net assets attributable to the Class N shares and Class R shares, respectively. The Plan further provides for periodic payments by the Trust or the Distributor to brokers, dealers and other financial intermediaries for providing shareholder services and for promotional and other sales related costs. The portion of payments made under the plan by Class R shares of Montag & Caldwell Growth for shareholder servicing may not exceed an annual rate of 0.25% of the average daily net asset value of Class R shares of that class owned by clients of such broker, dealer or financial intermediary. The Funds made payments to the previous distributor at the same rates.

Shareholder Servicing Fees. For each of the Class N, Class I and Class R 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 each financial intermediary such as broker-dealers (including fund supermarket platforms), bank, and trust companies that provide shareholder recordkeeping, account servicing and other services. The Class N, Class I and Class R shares may reimburse the Investment Manager for the actual amount incurred up to a maximum annual rate of 0.15% of each respective Class’s average daily net asset value.

Prior to October 1, 2016, the Funds were authorized to reimburse Aston for shareholder servicing payments made to certain financial intermediaries at an annual rate of up to 0.09% of eligible assets of each Fund, which are allocated on a pro-rata basis to each class based on relative net assets of each class based on the relative net assets of each class to the total net assets of each Fund.

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Notes to Financial Statements – continued

The Investment Manager has agreed, through at least October 1, 2017, to waive a portion of shareholder servicing fees paid by the various share classes of each Fund, as necessary, to ensure the total net expense ratio for each share class of each Fund does not increase due to the changes in the methodology of shareholder servicing reimbursements described above.

The impact on the annualized expense ratios for the six months ended April 30, 2017, were as follows:

Fund	Actual Amount Incurred
Fairpointe Focused Equity
Class N		0.08	%
Class I		0.08	%
River Road Focused Absolute Value
Class N		0.04	%
Class I		0.04	%
Montag & Caldwell Growth
Class N		0.06	%
Class I		0.06	%
Class R		0.05	%
River Road Dividend All Cap Value
Class N		0.06	%
Class I		0.06	%
River Road Dividend All Cap Value II
Class N		0.06	%
Class I		0.06	%
Fairpointe Mid Cap
Class N		0.08	%
Class I		0.08	%
Montag & Caldwell Mid Cap Growth
Class N		0.05	%
Class I		0.05	%
LMCG Small Cap Growth
Class N		0.07	%
Class I		0.06	%
River Road Select Value
Class N		0.06	%
Class I		0.06	%
River Road Small Cap Value
Class N		0.09	%
Class I		0.09	%
Silvercrest Small Cap
Class N		0.07	%
Class I		0.07	%
GW&K U.S. Small Cap Growth
Class N		0.07	%
Class I		0.07	%
DoubleLine Core Plus Bond
Class N		0.08	%
Class I		0.08	%
Lake Partners LASSO Alternatives
Class N		0.06	%
Class I		0.06	%
River Road Long-Short
Class N		0.08	%
Class I		0.08	%
Pictet International
Class N		0.07	%
Class I		0.07	%
Montag & Caldwell Balanced
Class N		0.06	%
Class I		0.06	%

Trustees. 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 AMG, the Distributor or the Investment Manager.

InterFund Loans. The SEC granted an exemptive order that permits GW&K U.S. Small Cap Growth and certain other 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. GW&K U.S. Small Cap Growth did not borrow from nor lend to any other fund in the AMG Funds family.

Note (G) Portfolio Securities Loaned: The Funds participate in the Program providing for the lending of securities to qualified brokers. 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 and 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 a separate omnibus account managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements. 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. At April 30, 2017, the value of the securities loaned and cash collateral received, were as follows:

	Securities Loaned		Cash Collateral Received
River Road Focused Absolute Value	$	345,644	$	358,021
River Road Dividend All Cap Value		21,904,456		22,612,867
River Road Dividend All Cap Value II		1,131,073		1,174,348

136

AMG Funds

	April 30, 2017
Notes to Financial Statements – continued

	Securities Loaned		Cash Collateral Received
Montag & Caldwell Mid Cap Growth	$	408,459	$	423,918
LMCG Small Cap Growth		5,585,456		5,755,941
River Road Select Value		1,363,682		1,409,152
River Road Small Cap Value		5,404,619		5,662,333
Silvercrest Small Cap		1,560,750		1,765,432
GW&K U.S. Small Cap Growth		1,427,367		1,458,663
DoubleLine Core Plus Bond		14,268,090		14,734,882
Guardian Capital Global Dividend		946,741		967,374
Pictet International		62,702,224		65,738,546
Managers Value Partners Asia Dividend		5,349		5,378

Note (H) Credit Agreement: Effective July 6, 2010, and as amended July 29, 2015 and July 27, 2016, the Trust entered into a Credit Agreement with The Bank of New York Mellon (the “Bank”) which provides the Trust with a revolving line of credit facility of up to $50 million. The facility is shared by each Fund of the Trust 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 LIBOR Rate plus 1.25%. Effective July 27, 2016, the Trust pays a commitment fee on the unutilized commitment amount of 0.175% per annum, which is allocated to the Funds based on average daily net assets and included in Miscellaneous Expense on the Statement of Operations. Prior to July 27, 2016, the Trust paid a commitment fee of 0.15% per annum. The Funds did not utilize the line of credit during the six months ended April 30, 2017.

Note (I) 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 G.

The following table is a summary of the Funds’ open Repurchase Agreements that are subject to a master netting agreement as of April 30, 2017:

			Gross Amount Not Offset in the Statement of Assets and Liabilities
	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments Collateral		Cash Collateral Received		Net Amount
River Road Focused Absolute Value
Royal Bank of Scotland PLC	$	358,021	$	358,021		—		—
River Road Dividend All Cap Value
Cantor Fitzgerald Securities, Inc.	$	5,370,665	$	5,370,665		—		—
Citibank N.A.		1,130,207		1,130,207		—		—
Daiwa Capital Markets America		5,370,665		5,370,665		—		—
Deutsche Bank Securities, Inc.		5,370,665		5,370,665		—		—
Nomura Securities International, Inc.		5,370,665		5,370,665		—		—
Total	$	22,612,867	$	22,612,867		—		—
River Road Dividend All Cap Value II
Citibank N.A.	$	174,348	$	174,348		—		—
Merrill Lynch Pierce Fenner & Smith, Inc.		1,000,000		1,000,000		—		—
Total	$	1,174,348	$	1,174,348		—		—
Montag & Caldwell Mid Cap Growth
Royal Bank of Scotland PLC	$	423,918	$	423,918		—		—
LMCG Small Cap Growth
Deutsche Bank Securities, Inc.	$	1,367,066	$	1,367,066		—		—
Citigroup Global Markets, Inc.		1,367,066		1,367,066		—		—
JP Morgan Securities LLC		287,677		287,677		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		1,367,066		1,367,066		—		—
RBC Dominion Securities, Inc.		1,367,066		1,367,066		—		—
Total	$	5,755,941	$	5,755,941		—		—
River Road Select Value
Merrill Lynch, Pierce, Fenner & Smith, Inc.	$	1,000,000	$	1,000,000		—		—
Royal Bank of Scotland PLC		409,152		409,152		—		—
Total	$	1,409,152	$	1,409,152		—		—

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AMG Funds

	April 30, 2017
Notes to Financial Statements – continued

			Gross Amount Not Offset in the Statement of Assets and Liabilities
	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments Collateral		Cash Collateral Received		Net Amount
River Road Small Cap Value
Cantor Fitzgerald Securities, Inc.	$	1,344,834	$	1,344,834		—		—
Citigroup Global Markets, Inc.		282,997		282,997		—		—
Daiwa Capital Markets America		1,344,834		1,344,834		—		—
HSBC Securities USA, Inc.		1,344,834		1,344,834		—		—
Nomura Securities International, Inc.		1,344,834		1,344,834		—		—
Total	$	5,662,333	$	5,662,333		—		—
Silvercrest Small Cap
Citigroup Global Markets, Inc.	$	1,000,000	$	1,000,000		—		—
Royal Bank of Scotland PLC		765,432		765,432		—		—
Total	$	1,765,432	$	1,765,432		—		—
GW&K U.S. Small Cap Growth
Cantor Fitzgerald Securities, Inc.	$	1,000,000	$	1,000,000		—		—
Daiwa Capital Markets America		458,663		458,663		—		—
Total	$	1,458,663	$	1,458,663		—		—
DoubleLine Core Plus Bond
Citigroup Global Markets, Inc.	$	3,499,615	$	3,499,615		—		—
Deutsche Bank Securities, Inc.		736,422		736,422		—		—
HSBC Securities USA, Inc.		3,499,615		3,499,615		—		—
Merrill Lynch Pierce Fenner & Smith, Inc.		3,499,615		3,499,615		—		—
RBC Dominion Securities, Inc.		3,499,615		3,499,615		—		—
Total	$	14,734,882	$	14,734,882		—		—
Guardian Capital Global Dividend
Cantor Fitzgerald Securities, Inc.	$	967,374	$	967,374		—		—
Pictet International
Cantor Fitzgerald Securities, Inc.	$	15,613,259	$	15,613,259		—		—
Citibank N.A.		3,285,510		3,285,510		—		—
Daiwa Capital Markets America		15,613,259		15,613,259		—		—
HSBC Securities USA, Inc.		15,613,259		15,613,259		—		—
Nomura Securities International, Inc.		15,613,259		15,613,259		—		—
Total	$	65,738,546	$	65,738,546		—		—
Value Partners Asia Dividend
Nomura Securities International, Inc.	$	5,378	$	5,378		—		—

Note (J) Regulatory Events:

On October 13, 2016, the SEC amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. Management is evaluating the implications of adopting these amendments and their impact on the financial statements and accompanying notes.

Note (K) Subsequent Events: No material events or transactions occurred through the issuance of the Funds’ financial statements, which require additional disclosure in or adjustment of the Funds’ financial statements.

138

AMG Funds

	April 30, 2017
Additional Information (unaudited)

About Your Fund’s Expenses: 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.

  139

AMG Funds

	April 30, 2017
Additional Information (unaudited) – continued

	Beginning Account Value 11/01/16		Ending Account Value 04/30/17		Expense Ratio(1)			Expenses Paid During Period(2)
Fairpointe Focused Equity
Actual Return
Class N	$	1,000	$	1,183.00		1.15	%	$	6.22
Class I		1,000		1,184.90		0.90	%		4.88
Hypothetical 5% Return
Class N	$	1,000	$	1,019.09		1.15	%	$	5.76
Class I		1,000		1,020.33		0.90	%		4.51
River Road Focused Absolute Value
Actual Return
Class N	$	1,000	$	1,149.50		1.00	%	$	5.33
Class I		1,000		1,150.50		0.75	%		4.00
Hypothetical 5% Return
Class N	$	1,000	$	1,019.84		1.00	%	$	5.01
Class I		1,000		1,021.08		0.75	%		3.76
Montag & Caldwell Growth
Actual Return
Class N	$	1,000	$	1,088.40		1.17	%	$	6.06
Class I		1,000		1,089.70		0.92	%		4.77
Class R		1,000		1,087.20		1.41	%		7.30
Hypothetical 5% Return
Class N	$	1,000	$	1,018.99		1.17	%	$	5.86
Class I		1,000		1,020.23		0.92	%		4.61
Class R		1,000		1,017.80		1.41	%		7.05
River Road Dividend All Cap Value
Actual Return
Class N	$	1,000	$	1,109.60		1.09	%	$	5.70
Class I		1,000		1,110.80		0.84	%		4.40
Hypothetical 5% Return
Class N	$	1,000	$	1,019.39		1.09	%	$	5.46
Class I		1,000		1,020.63		0.84	%		4.21
River Road Dividend All Cap Value II
Actual Return
Class N	$	1,000	$	1,109.80		1.15	%	$	6.02
Class I		1,000		1,110.90		0.90	%		4.71
Hypothetical 5% Return
Class N	$	1,000	$	1,019.09		1.15	%	$	5.76
Class I		1,000		1,020.33		0.90	%		4.51
Fairpointe Mid Cap
Actual Return
Class N	$	1,000	$	1,193.20		1.12	%	$	6.09
Class I		1,000		1,194.80		0.87	%		4.73
Hypothetical 5% Return
Class N	$	1,000	$	1,019.24		1.12	%	$	5.61
Class I		1,000		1,020.48		0.87	%		4.36
Montag & Caldwell Mid Cap Growth
Actual Return
Class N	$	1,000	$	1,112.70		1.25	%	$	6.55
Class I		1,000		1,114.50		1.00	%		5.24
Hypothetical 5% Return
Class N	$	1,000	$	1,018.60		1.25	%	$	6.26
Class I		1,000		1,019.84		1.00	%		5.01
LMCG Small Cap Growth
Actual Return
Class N	$	1,000	$	1,187.00		1.20	%	$	6.51
Class I		1,000		1,187.70		1.09	%		5.91
Hypothetical 5% Return
Class N	$	1,000	$	1,018.84		1.20	%	$	6.01
Class I		1,000		1,019.39		1.09	%		5.46

	Beginning Account Value 11/01/16		Ending Account Value 04/30/17		Expense Ratio(1)			Expenses Paid During Period(2)
River Road Select Value
Actual Return
Class N	$	1,000	$	1,212.70		1.40	%	$	7.68
Class I		1,000		1,214.90		1.15	%		6.32
Hypothetical 5% Return
Class N	$	1,000	$	1,017.85		1.40	%	$	7.00
Class I		1,000		1,019.09		1.15	%		5.76
River Road Small Cap Value
Actual Return
Class N	$	1,000	$	1,192.50		1.34	%	$	7.28
Class I		1,000		1,194.20		1.09	%		5.93
Hypothetical 5% Return
Class N	$	1,000	$	1,018.15		1.34	%	$	6.71
Class I		1,000		1,019.39		1.09	%		5.46
Silvercrest Small Cap
Actual Return
Class N	$	1,000	$	1,172.80		1.40	%	$	7.54
Class I		1,000		1,173.80		1.15	%		6.20
Hypothetical 5% Return
Class N	$	1,000	$	1,017.85		1.40	%	$	7.00
Class I		1,000		1,019.09		1.15	%		5.76
GW&K U.S. Small Cap (3)
Actual Return
Class N	$	1,000	$	1,177.70		1.31	%	$	7.07
Class I		1,000		1,182.00		1.06	%		5.73
Class Z		1,000		1,037.10		0.90	%		1.58
Hypothetical 5% Return
Class N	$	1,000	$	1,018.30		1.31	%	$	6.56
Class I		1,000		1,019.54		1.06	%		5.31
Class I		1,000		1,020.33		0.90	%		4.51
DoubleLine Core Plus Fixed Income
Actual Return
Class N	$	1,000	$	1,006.60		0.93	%	$	4.63
Class I		1,000		1,008.80		0.68	%		3.39
Hypothetical 5% Return
Class N	$	1,000	$	1,020.18		0.93	%	$	4.66
Class I		1,000		1,021.42		0.68	%		3.41
Lake Partners LASSO Alternatives
Actual Return
Class N	$	1,000	$	1,025.30		1.40	%	$	7.03
Class I		1,000		1,026.10		1.15	%		5.78
Hypothetical 5% Return
Class N	$	1,000	$	1,017.85		1.40	%	$	7.00
Class I		1,000		1,019.09		1.15	%		5.76
River Road Long-Short (4)
Actual Return
Class N	$	1,000	$	1,078.80		1.54	%	$	7.94
Class I		1,000		1,079.80		1.29	%		6.65
Hypothetical 5% Return
Class N	$	1,000	$	1,017.16		1.54	%	$	7.70
Class I		1,000		1,018.40		1.29	%		6.46
Guardian Capital Global Dividend
Actual Return
Class N	$	1,000	$	1,109.90		1.30	%	$	6.80
Class I		1,000		1,111.80		1.05	%		5.50
Hypothetical 5% Return
Class N	$	1,000	$	1,018.35		1.30	%	$	6.51
Class I		1,000		1,019.59		1.05	%		5.26

140

AMG Funds

	April 30, 2017
Additional Information (unaudited) – continued

	Beginning Account Value 11/01/16		Ending Account Value 04/30/17		Expense Ratio(1)			Expenses Paid During Period(2)
Pictet International
Actual Return
Class N	$	1,000	$	1,126.20		1.34	%	$	7.06
Class I		1,000		1,127.30		1.09	%		5.75
Hypothetical 5% Return
Class N	$	1,000	$	1,018.15		1.34	%	$	6.71
Class I		1,000		1,019.39		1.09	%		5.46
Value Partners Asia Dividend
Actual Return
Class N	$	1,000	$	1,115.30		1.15	%	$	6.03
Class I		1,000		1,116.00		1.15	%		6.03
Hypothetical 5% Return
Class N	$	1,000	$	1,019.09		1.15	%	$	5.76
Class I		1,000		1,019.09		1.15	%		5.76
Montag & Caldwell Balanced
Actual Return
Class N	$	1,000	$	1,053.10		1.15	%	$	5.85
Class I		1,000		1,053.60		1.10	%		5.60
Hypothetical 5% Return
Class N	$	1,000	$	1,019.09		1.15	%	$	5.76
Class I		1,000		1,019.34		1.10	%		5.51

(1) Annualized, based on the Fund’s most recent fiscal half-year expenses.

(2) 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) or partial year, if applicable, for the actual return and multiplied by the most recent fiscal year for the hypothetical 5% return, then divided by 365. Expense ratios do not include interest expense, if applicable.

(3) The commencement of investment operations for GW&K U.S. Small Cap Class Z was February 27, 2017.

(4) Excludes interest expense and dividends on short positions. If included, your annualized expense ratios would be 3.40% and 3.15% for Class N and Class I, respectively, and your actual and hypothetical expenses paid during the period would be $17.52 and $16.24, and $16.93 and $15.69 for Class N and Class I, respectively.

  141

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INVESTMENT MANAGER AND ADMINISTRATOR

AMG Funds LLC

600 Steamboat Road, Suite 300.

Greenwich, CT 06830

(800) 835-3879

DISTRIBUTOR

AMG Distributors, Inc.

600 Steamboat Road, Suite 300.

Greenwich, CT 06830

(800) 835-3879

CUSTODIAN

The Bank of New York Mellon

2 Hanson Place

Brooklyn, NY 11217

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

Attn: AMG Funds

P.O. Box 9769

Providence, RI 02940

(800) 548-4539

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 800.835.3879. Distributed by AMG Distributors, Inc., member FINRA/SIPC.

Current net asset values per share for each Fund are available on the Funds’ website at www.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 800.835.3879, or (ii) on the Securities and Exchange Commission’s (SEC) Web site at www.sec.gov. For information regarding each Fund’s proxy voting record for the 12-month period ended June 30, call 800.835.3879 or visit the SEC Web site at www.sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the SEC’s website at www.sec.gov. A Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. To review a complete list of the Funds’ portfolio holdings, or to view the most recent quarterly holdings report, semiannual report, or annual report, please visit www.amgfunds.com.

AFFILIATE SUBADVISED FUNDS

BALANCED FUNDS

AMG Chicago Equity Partners

    Balanced

Chicago Equity Partners, LLC

AMG FQ Global Risk-Balanced

First Quadrant, L.P.

EQUITY FUNDS

AMG Chicago Equity Partners Small

    Cap Value

Chicago Equity Partners, LLC

AMG FQ Tax-Managed U.S. Equity AMG FQ U.S. Equity

First Quadrant, L.P.

AMG Frontier Small Cap Growth

Frontier Capital Management Company,

    LLC

AMG GW&K Small Cap Core

AMG GW&K Small/Mid Cap

AMG GW&K U.S. Small Cap Growth

GW&K Investment Management, LLC

AMG Renaissance International

    Equity

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

AMG River Road Dividend All Cap

    Value

AMG River Road Dividend All Cap

    Value II

AMG River Road Focused Absolute

    Value

AMG River Road Long-Short

AMG River Road Select Value

AMG River Road Small Cap Value

River Road Asset Management, LLC

AMG SouthernSun Small Cap

AMG SouthernSun Global

    Opportunities

AMG SouthernSun U.S. Equity

SouthernSun Asset Management, LLC

AMG Systematic Large Cap Value

AMG Systematic Mid Cap Value

Systematic Financial Management, L.P.

AMG TimesSquare All Cap Growth

AMG TimesSquare Emerging

    Markets Small Cap

AMG TimesSquare International

    Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

AMG Trilogy Emerging Markets

    Equity

AMG Trilogy Emerging Wealth Equity

AMG Trilogy Global Equity

AMG Trilogy International Small Cap

Trilogy Global Advisors, L.P.

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Focused Fund -

    Security Selection Only

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

FIXED INCOME FUNDS

AMG GW&K Core Bond

AMG GW&K Enhanced Core Bond

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced

    Yield

GW&K Investment Management, LLC

OPEN-ARCHITECTURE FUNDS

ALTERNATIVE FUNDS

AMG Managers Lake Partners

    LASSO Alternative

Lake Partners, Inc.

BALANCED FUNDS

AMG Managers Montag & Caldwell

    Balanced

Montag & Caldwell, LLC

EQUITY FUNDS

AMG Managers Brandywine

AMG Managers Brandywine

    Advisors Mid Cap Growth

AMG Managers Brandywine Blue

Friess Associates, LLC

AMG Managers Cadence Capital

    Appreciation

AMG Managers Cadence Emerging

    Companies

AMG Managers Cadence Mid Cap

Cadence Capital Management, LLC

AMG Managers CenterSquare Real

    Estate

CenterSquare Investment Management,

    Inc.

AMG Managers Emerging

    Opportunities

Lord, Abbett & Co. LLC

WEDGE Capital Management L.L.P.

Next Century Growth Investors LLC

RBC Global Asset Management (U.S.)

    Inc.

AMG Managers Essex Small/Micro

    Cap Growth

Essex Investment Management Co., LLC

AMG Managers Fairpointe Focused

    Equity

AMG Managers Fairpointe Mid Cap

Fairpointe Capital LLC

AMG Managers Guardian Capital

    Global Dividend

Guardian Capital LP

AMG Managers LMCG Small Cap

    Growth

LMCG Investments, LLC

AMG Managers Montag & Caldwell

    Growth

AMG Managers Montag & Caldwell

    Mid Cap Growth

Montag & Caldwell, LLC

AMG Managers Pictet International

Pictet Asset Management Limited

AMG Managers Silvercrest Small Cap

Silvercrest Asset Management Group

    LLC

AMG Managers Skyline Special

    Equities

Skyline Asset Management, L.P.

AMG Managers Special Equity

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

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

AMG Managers Value Partners Asia

    Dividend

Value Partners Hong Kong Limited

FIXED INCOME FUNDS

AMG Managers Amundi

    Intermediate Government

AMG Managers Amundi Short

    Duration Government

Amundi Smith Breeden LLC

AMG Managers Doubleline Core Plus

    Bond

DoubleLine Capital LP

AMG Managers Global Income

    Opportunity

AMG Managers Loomis Sayles Bond

Loomis, Sayles & Co., L.P.

SAR082-0417 |  www.amgfunds.com

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 registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

Item 12. 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 IV

By:	/s/ Jeffrey T. Cerutti
	Jeffrey T. Cerutti, Principal Executive Officer

Date: July 5, 2017

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/ Jeffrey T. Cerutti
	Jeffrey T. Cerutti, Principal Executive Officer
Date: July 5, 2017
By:	/s/ Donald S. Rumery
	Donald S. Rumery, Principal Financial Officer
Date: July 5, 2017