AMG Funds IV NCSRS 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, 2017 – APRIL 30, 2018

(Semi-Annual Shareholder Report)

Item 1.

Reports to Shareholders

LOGO


AMG Funds

April 30, 2018
AMG Funds
Class N, I, R & Z Shares

Equity

Fixed Income

Alternative

International

Balanced



amgfunds.com	043018	SAR082



AMG Funds
Semi-Annual Report — April 30, 2018 (unaudited)


TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		6
FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS



AMG Managers Fairpointe ESG Equity Fund			10

AMG River Road Focused Absolute Value Fund			13

AMG Managers Montag & Caldwell Growth Fund			16

AMG River Road Dividend All Cap Value Fund			19

AMG River Road Dividend All Cap Value Fund II			22

AMG Managers Fairpointe Mid Cap Fund			25

AMG Managers Montag & Caldwell Mid Cap Growth Fund			28

AMG Managers LMCG Small Cap Growth Fund			31

AMG River Road Small-Mid Cap Value Fund			34

AMG River Road Small Cap Value Fund			37


AMG Managers Silvercrest Small Cap Fund			40

AMG GW&K U.S. Small Cap Growth Fund			43

AMG Managers DoubleLine Core Plus Bond Fund			46

AMG Managers Lake Partners LASSO Alternatives Fund			66

AMG River Road Long-Short Fund			69

AMG Managers Guardian Capital Global Dividend Fund			73

AMG Managers Pictet International Fund			78

AMG Managers Value Partners Asia Dividend Fund			83

AMG Managers Montag & Caldwell Balanced Fund			88


FINANCIAL STATEMENTS
Statement of Assets and Liabilities					92
Balance sheets, net asset value (NAV) per share computations and cumulative undistributed amounts

Statement of Operations					100
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period

Statements of Changes in Net Assets					104
Detail of changes in assets for the past two fiscal periods

Statement of Cash Flow					111
Details of cash movements during the fiscal period

Financial Highlights					112
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets

Notes to Financial Statements					162
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks

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




About Your Fund’s Expenses (unaudited)

As a shareholder of a Fund, you may incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on $1,000 invested at the beginning of the period and held for the entire period as indicated below.

ACTUAL EXPENSES

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

actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s

actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.


Six Months Ended April 30, 2018	Expense Ratio for the Period	Beginning Account Value 11/01/17		Ending Account Value 04/30/18		Expenses Paid During the Period*
AMG Managers Fairpointe ESG Equity Fund
Based on Actual Fund Return
Class N	1.12%	$	1,000	$	1,022	$5.61
Class I	0.90%	$	1,000	$	1,023	$4.52
Based on Hypothetical 5% Annual Return
Class N	1.12%	$	1,000	$	1,019	$5.61
Class I	0.90%	$	1,000	$	1,020	$4.51


Six Months Ended April 30, 2018	Expense Ratio for the Period			Beginning Account Value 11/01/17		Ending Account Value 04/30/18		Expenses Paid During the Period*
AMG River Road Focused Absolute Value Fund
Based on Actual Fund Return
Class N		1.00	%	$	1,000	$	1,024	$	5.02
Class I		0.75	%	$	1,000	$	1,025	$	3.76
Class Z		0.71	%	$	1,000	$	1,025	$	3.56
Based on Hypothetical 5% Annual Return
Class N		1.00	%	$	1,000	$	1,020	$	5.01
Class I		0.75	%	$	1,000	$	1,021	$	3.76
Class Z		0.71	%	$	1,000	$	1,021	$	3.56



About Your Fund’s Expenses (continued)


Six Months Ended April 30, 2018	Expense Ratio for the Period			Beginning Account Value 11/01/17		Ending Account Value 04/30/18		Expenses Paid During the Period*
AMG Managers Montag & Caldwell Growth Fund
Based on Actual Fund Return
Class N		1.18	%	$	1,000	$	1,051	$	6.00
Class I		0.97	%	$	1,000	$	1,052	$	4.94
Class R		1.47	%	$	1,000	$	1,049	$	7.47
Based on Hypothetical 5% Annual Return
Class N		1.18	%	$	1,000	$	1,019	$	5.91
Class I		0.97	%	$	1,000	$	1,020	$	4.86
Class R		1.47	%	$	1,000	$	1,018	$	7.35
AMG River Road Dividend All Cap Value Fund
Based on Actual Fund Return
Class N		1.10	%	$	1,000	$	1,004	$	5.46
Class I		0.85	%	$	1,000	$	1,005	$	4.23
Class Z		0.78	%	$	1,000	$	1,006	$	3.88
Based on Hypothetical 5% Annual Return
Class N		1.10	%	$	1,000	$	1,019	$	5.51
Class I		0.85	%	$	1,000	$	1,021	$	4.26
Class Z		0.78	%	$	1,000	$	1,021	$	3.91
AMG River Road Dividend All Cap Value Fund II
Based on Actual Fund Return
Class N		1.17	%	$	1,000	$	1,004	$	5.81
Class I		0.89	%	$	1,000	$	1,005	$	4.42
Class Z		0.83	%	$	1,000	$	1,006	$	4.13
Based on Hypothetical 5% Annual Return
Class N		1.17	%	$	1,000	$	1,019	$	5.86
Class I		0.89	%	$	1,000	$	1,020	$	4.46
Class Z		0.83	%	$	1,000	$	1,021	$	4.16


Six Months Ended April 30, 2018	Expense Ratio for the Period			Beginning Account Value 11/01/17		Ending Account Value 04/30/18		Expenses Paid During the Period*
AMG Managers Fairpointe Mid Cap Fund
Based on Actual Fund Return
Class N		1.12	%	$	1,000	$	1,022	$	5.62
Class I		0.87	%	$	1,000	$	1,024	$	4.36
Class Z		0.79	%	$	1,000	$	1,024	$	3.96
Based on Hypothetical 5% Annual Return
Class N		1.12	%	$	1,000	$	1,019	$	5.61
Class I		0.87	%	$	1,000	$	1,020	$	4.36
Class Z		0.79	%	$	1,000	$	1,021	$	3.96
AMG Managers Montag & Caldwell Mid Cap Growth Fund
Based on Actual Fund Return
Class N		1.24	%	$	1,000	$	1,090	$	6.43
Class I		0.99	%	$	1,000	$	1,092	$	5.14
Based on Hypothetical 5% Annual Return
Class N		1.24	%	$	1,000	$	1,019	$	6.21
Class I		0.99	%	$	1,000	$	1,020	$	4.96
AMG Managers LMCG Small Cap Growth Fund
Based on Actual Fund Return
Class N		1.32	%	$	1,000	$	1,066	$	6.76
Class I		1.07	%	$	1,000	$	1,068	$	5.49
Based on Hypothetical 5% Annual Return
Class N		1.32	%	$	1,000	$	1,018	$	6.61
Class I		1.07	%	$	1,000	$	1,019	$	5.36
AMG River Road Small-Mid Cap Value Fund
Based on Actual Fund Return
Class N		1.34	%	$	1,000	$	1,037	$	6.77
Class I		1.09	%	$	1,000	$	1,037	$	5.51
Class Z		1.04	%	$	1,000	$	1,039	$	5.26
Based on Hypothetical 5% Annual Return
Class N		1.34	%	$	1,000	$	1,018	$	6.71
Class I		1.09	%	$	1,000	$	1,019	$	5.46
Class Z		1.04	%	$	1,000	$	1,020	$	5.21




About Your Fund’s Expenses (continued)


Six Months Ended April 30, 2018	Expense Ratio for the Period			Beginning Account Value 11/01/17		Ending Account Value 04/30/18		Expenses Paid During the Period*
AMG River Road Small Cap Value Fund
Based on Actual Fund Return
Class N		1.35	%	$	1,000	$	1,042	$	6.84
Class I		1.10	%	$	1,000	$	1,043	$	5.57
Class Z		1.00	%	$	1,000	$	1,044	$	5.07
Based on Hypothetical 5% Annual Return
Class N		1.35	%	$	1,000	$	1,018	$	6.76
Class I		1.10	%	$	1,000	$	1,019	$	5.51
Class Z		1.00	%	$	1,000	$	1,020	$	5.01
AMG Managers Silvercrest Small Cap Fund
Based on Actual Fund Return
Class N		1.40	%	$	1,000	$	966	$	6.82
Class I		1.15	%	$	1,000	$	967	$	5.61
Class Z		1.08	%	$	1,000	$	968	$	5.27
Based on Hypothetical 5% Annual Return
Class N		1.40	%	$	1,000	$	1,018	$	7.00
Class I		1.15	%	$	1,000	$	1,019	$	5.76
Class Z		1.08	%	$	1,000	$	1,019	$	5.41
AMG GW&K U.S. Small Cap Growth Fund
Based on Actual Fund Return
Class N		1.25	%	$	1,000	$	1,042	$	6.33
Class I		1.00	%	$	1,000	$	1,042	$	5.06
Class Z		0.90	%	$	1,000	$	1,042	$	4.56
Based on Hypothetical 5% Annual Return
Class N		1.25	%	$	1,000	$	1,019	$	6.26
Class I		1.00	%	$	1,000	$	1,020	$	5.01
Class Z		0.90	%	$	1,000	$	1,020	$	4.51


Six Months Ended April 30, 2018	Expense Ratio for the Period			Beginning Account Value 11/01/17		Ending Account Value 04/30/18		Expenses Paid During the Period*
AMG Managers DoubleLine Core Plus Bond Fund
Based on Actual Fund Return
Class N		0.93	%	$	1,000	$	987	$	4.58
Class I		0.68	%	$	1,000	$	988	$	3.35
Class Z		0.60	%	$	1,000	$	988	$	2.96
Based on Hypothetical 5% Annual Return
Class N		0.93	%	$	1,000	$	1,020	$	4.66
Class I		0.68	%	$	1,000	$	1,021	$	3.41
Class Z		0.60	%	$	1,000	$	1,022	$	3.01
AMG Managers Lake Partners LASSO Alternatives Fund
Based on Actual Fund Return
Class N		1.40	%	$	1,000	$	996	$	6.93
Class I		1.15	%	$	1,000	$	997	$	5.69
Based on Hypothetical 5% Annual Return
Class N		1.40	%	$	1,000	$	1,018	$	7.00
Class I		1.15	%	$	1,000	$	1,019	$	5.76
AMG River Road Long-Short Fund**
Based on Actual Fund Return
Class N		1.45	%	$	1,000	$	997	$	7.18
Class I		1.20	%	$	1,000	$	998	$	5.95
Class Z		1.12	%	$	1,000	$	998	$	5.55
Based on Hypothetical 5% Annual Return
Class N		1.45	%	$	1,000	$	1,018	$	7.25
Class I		1.20	%	$	1,000	$	1,019	$	6.01
Class Z		1.12	%	$	1,000	$	1,019	$	5.61
AMG Managers Guardian Capital Global Dividend Fund
Based on Actual Fund Return
Class N		1.07	%	$	1,000	$	992	$	5.29
Class I		1.05	%	$	1,000	$	992	$	5.19
Based on Hypothetical 5% Annual Return
Class N		1.07	%	$	1,000	$	1,019	$	5.36
Class I		1.05	%	$	1,000	$	1,020	$	5.26




About Your Fund’s Expenses (continued)


Six Months Ended April 30, 2018	Expense Ratio for the Period			Beginning Account Value 11/01/17		Ending Account Value 04/30/18		Expenses Paid During the Period*
AMG Managers Pictet International Fund
Based on Actual Fund Return
Class N		1.26	%	$	1,000	$	1,010	$	6.28
Class I		0.98	%	$	1,000	$	1,012	$	4.89
Class Z		0.90	%	$	1,000	$	1,012	$	4.49
Based on Hypothetical 5% Annual Return
Class N		1.26	%	$	1,000	$	1,019	$	6.31
Class I		0.98	%	$	1,000	$	1,020	$	4.91
Class Z		0.90	%	$	1,000	$	1,020	$	4.51
AMG Managers Value Partners Asia Dividend Fund
Based on Actual Fund Return
Class N		1.18	%	$	1,000	$	1,042	$	5.97
Class I		1.15	%	$	1,000	$	1,043	$	5.82
Based on Hypothetical 5% Annual Return
Class N		1.18	%	$	1,000	$	1,019	$	5.91
Class I		1.15	%	$	1,000	$	1,019	$	5.76


Six Months Ended April 30, 2018	Expense Ratio for the Period	Beginning Account Value 11/01/17		Ending Account Value 04/30/18		Expenses Paid During the Period*
AMG Managers Montag & Caldwell Balanced Fund
Based on Actual Fund Return
Class N	1.20%	$	1,000	$	1,014	$	5.99
Class I	1.10%	$	1,000	$	1,014	$	5.49
Based on Hypothetical 5% Annual Return
Class N	1.20%	$	1,000	$	1,019	$	6.01
Class I	1.10%	$	1,000	$	1,019	$	5.51

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

Excludes interest expense and dividends on short positions. If included, your annualized expense ratios would be 3.40%, 3.15% and 3.07% for Class N, Class I and Class Z, respectively, and your actual and hypothetical expenses paid during the period would be $16.83 and $16.93, $15.61 and $15.69 and $15.21 and $15.30 for Class N, Class I and Class Z, respectively.



Fund Performance (unaudited)
Periods ended April 30, 2018

The table below shows the average annual total returns for the periods indicated for each Fund, as well as each Fund’s relative index for the same time periods ended April 30, 2018.


Average Annual Total Returns¹	Six Months*			One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG Managers Fairpointe ESG Equity Fund^2,^{3, 4, 5, 6, 7, 8}
Class N		2.18	%		5.23	%		—			—			5.93	%		12/24/14
Class I		2.33	%		5.39	%		—			—			6.17	%		12/24/14

Russell 1000^® Index²⁶		3.83	%		13.17	%		—			—			9.56	%		12/24/14	^†
AMG River Road Focused Absolute Value Fund^2,^{3, 4, 5, 6, 9, 10, 11}
Class N		2.39	%		4.59	%		—			—			11.25	%		11/03/15
Class I		2.46	%		4.83	%		—			—			11.52	%		11/03/15
Class Z		2.50	%		—			—			—			0.31	%		09/29/17

Russell 3000^® Value Index²⁷		1.86	%		7.42	%		—			—			9.92	%		11/03/15	^†
AMG Managers Montag & Caldwell Growth Fund^2,⁷
Class N		5.09	%		13.92	%		9.36	%		7.36	%		9.08	%		11/02/94
Class I		5.21	%		14.14	%		9.63	%		7.62	%		7.87	%		06/28/96
Class R		4.89	%		13.63	%		9.09	%		7.10	%		7.73	%		12/31/02

Russell 1000^® Growth Index²⁸		5.68	%		18.96	%		15.13	%		10.81	%		9.48	%		11/02/94	^†
AMG River Road Dividend All Cap Value Fund^2,^{3, 4, 5, 10, 12}
Class N		0.37	%		3.83	%		8.26	%		7.49	%		8.02	%		06/28/05
Class I		0.48	%		4.09	%		8.52	%		7.76	%		6.49	%		06/28/07
Class Z		0.59	%		—			—			—			1.18	%		09/29/17

Russell 3000^® Value Index²⁷		1.86	%		7.42	%		10.50	%		7.39	%		7.30	%		06/28/05	^†
AMG River Road Dividend All Cap Value Fund II^2,^{3, 4, 5, 10, 12}
Class N		0.37	%		4.31	%		8.28	%		—			10.72	%		06/27/12
Class I		0.48	%		4.61	%		8.57	%		—			11.01	%		06/27/12
Class Z		0.58	%		—			—			—			1.23	%		09/29/17

Russell 3000^® Value Index²⁷		1.86	%		7.42	%		10.50	%		—			13.59	%		06/27/12	^†
AMG Managers Fairpointe Mid Cap Fund^2,^{3, 4, 13}
Class N		2.21	%		0.11	%		10.02	%		9.18	%		11.98	%		09/19/94
Class I		2.35	%		0.37	%		10.30	%		9.46	%		9.72	%		07/06/04
Class Z		2.38	%		—			—			—			(0.53	%)		09/29/17

S&P MidCap 400^® Index²⁹		2.83	%		9.77	%		11.77	%		10.05	%		12.04	%		09/19/94	^†
Russell Midcap^® Index³⁰		3.69	%		11.17	%		11.77	%		9.48	%		11.08	%		09/19/94	^†
AMG Managers Montag & Caldwell Mid Cap Growth Fund^2,^{3, 7}
Class N		8.99	%		16.65	%		10.86	%		7.43	%		6.40	%		11/02/07
Class I		9.21	%		16.96	%		—			—			9.65	%		05/14/14

Russell Midcap^® Growth
Index³¹		5.16	%		16.87	%		12.76	%		9.74	%		8.57	%		11/02/07	^†
AMG Managers LMCG Small Cap Growth Fund^2,^{3, 4, 7, 9, 10, 14}
Class N		6.60	%		12.72	%		9.24	%		—			10.41	%		11/03/10
Class I		6.76	%		13.01	%		9.50	%		—			8.18	%		06/01/11

Russell 2000^® Growth Index³²		5.46	%		16.60	%		13.07	%		—			13.39	%		11/03/10	^†

^*	Not annualized.

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

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, 2018. All returns are in U.S. dollars ($).

²	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.

³	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.

⁴	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.

⁵	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.

⁶	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.

⁷	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.

⁸

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



Fund Performance
Periods ended April 30, 2018 (continued)


Average Annual Total Returns¹	Six Months*			One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG River Road Small-Mid Cap Value Fund^2,^{3, 4, 5, 10}
Class N		3.72	%		7.91	%		10.12	%		8.36	%		6.84	%		03/29/07
Class I		3.73	%		8.12	%		10.37	%		8.63	%		6.78	%		06/28/07
Class Z		3.92	%		—			—			—			2.57	%		09/29/17

Russell 2500^® Value Index³³		2.03	%		6.97	%		10.05	%		8.97	%		6.76	%		03/29/07	^†
Russell 2000^® Value Index³⁴		0.94	%		6.53	%		10.36	%		8.46	%		6.14	%		03/29/07	^†
AMG River Road Small Cap Value Fund^2,^{3, 4, 5, 10}
Class N		4.21	%		7.87	%		10.31	%		7.81	%		8.20	%		06/28/05
Class I		4.27	%		8.10	%		10.58	%		8.08	%		6.36	%		12/13/06
Class Z		4.38	%		—			—			—			4.38	%		09/29/17

Russell 2000^® Value Index³⁴		0.94	%		6.53	%		10.36	%		8.46	%		7.41	%		06/28/05	^†
AMG Managers Silvercrest Small Cap Fund^3,^{4, 5, 10}
Class N		(3.40	%)		3.64	%		10.72	%		—			12.33	%		12/27/11
Class I		(3.26	%)		3.90	%		10.99	%		—			12.61	%		12/27/11
Class Z		(3.25	%)		—			—			—			(2.19	%)		09/29/17

Russell 2000^® Value Index³⁴		0.94	%		6.53	%		10.36	%		—			12.69	%		12/27/11	^†
Russell 2000^® Index³⁵		3.27	%		11.54	%		11.74	%		—			13.63	%		12/27/11	^†
AMG GW&K U.S. Small Cap Growth Fund^4,^{7, 15}
Class N		4.17	%		15.80	%		7.33	%		8.41	%		9.89	%		11/30/00
Class I		4.18	%		15.97	%		7.59	%		8.68	%		8.18	%		01/04/05
Class Z		4.18	%		16.20	%		—			—			17.16	%		02/24/17

Russell 2000^® Growth Index³²		5.46	%		16.60	%		13.07	%		10.41	%		7.55	%		11/30/00	^†
AMG Managers DoubleLine Core Plus Bond Fund^2,^{11, 13, 16, 17, 18, 19, 20}
Class N		(1.34	%)		0.64	%		2.07	%		—			4.10	%		07/18/11
Class I		(1.22	%)		0.80	%		2.31	%		—			4.35	%		07/18/11
Class Z		(1.18	%)		—			—			—			(1.02	%)		09/29/17

Bloomberg Barclays U.S. Aggregate Bond Index³⁶		(1.87	%)		(0.32	%)		1.47	%		—			2.41	%		07/18/11	^†
AMG Managers Lake Partners LASSO Alternatives Fund^2,^{6, 13, 16, 21, 22,}^{23, 24}
Class N		(0.43	%)		2.46	%		1.18	%		—			2.86	%		03/03/10
Class I		(0.29	%)		2.75	%		1.43	%		—			4.51	%		04/01/09

HFRX Equity Hedge Index³⁷		2.55	%		6.98	%		2.89	%		—			2.54	%		04/01/09	^†
AMG River Road Long-Short Fund^2,^{5, 6, 9, 10, 13, 21}
Class N		(0.32	%)		3.19	%		3.65	%		—			5.03	%		05/04/11
Class I		(0.16	%)		3.49	%		3.93	%		—			4.19	%		03/04/13
Class Z		(0.16	%)		—			—			—			(0.48	%)		09/29/17

Russell 3000^® Index³⁸		3.79	%		13.05	%		12.75	%		—			12.12	%		05/04/11	^†
50% Russell 3000^®/50% ICE BofA Merrill Lynch U.S. T-Bill (0-3 mo)³⁹		2.36	%		7.11	%		6.57	%		—			6.31	%		05/04/11	^†

⁹	Active and frequent trading of a fund may result in higher transaction costs and increased tax liability.

¹⁰	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.

¹¹

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.

¹²	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.

¹³	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.

¹⁴

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

¹⁵	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.

¹⁶

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.

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 nonpay-ment 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



Fund Performance
Periods ended April 30, 2018 (continued)


Average Annual Total Returns¹	Six Months*			One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG Managers Guardian Capital Global Dividend Fund^2,^{3, 4, 10, 11, 12, 23, 25}
Class N		(0.78	%)		7.73	%		—			—			5.06	%		04/14/14
Class I		(0.77	%)		7.69	%		—			—			5.22	%		04/14/14

MSCI World Index^40,⁴³		3.40	%		13.22	%		—			—			8.15	%		04/14/14	^†
AMG Managers Pictet International Fund^2,^{3, 4, 11, 14, 23, 25}
Class N		1.01	%		11.48	%		—			—			5.15	%		04/14/14
Class I		1.23	%		11.84	%		—			—			5.48	%		04/14/14
Class Z		1.22	%		—			—			—			2.90	%		09/29/17

MSCI EAFE Index^41,⁴³		3.41	%		14.51	%		—			—			4.71	%		04/14/14	^†
AMG Managers Value Partners Asia Dividend Fund^2,^{3, 4, 5, 10, 11, 13, 16, 19, 21, 23, 25}
Class N		4.20	%		21.19	%		—			—			17.46	%		12/16/15
Class I		4.28	%		21.28	%		—			—			17.62	%		12/16/15

MSCI All Country Asia
Ex-Japan Index^42,⁴³		4.77	%		24.01	%		—			—			19.73	%		12/16/15	^†
AMG Managers Montag & Caldwell Balanced Fund^2,^{7, 16, 17, 20}
Class N		1.38	%		6.48	%		5.74	%		5.49	%		7.30	%		11/02/94
Class I		1.39	%		6.52	%		5.83	%		5.61	%		4.44	%		12/31/98

60% S&P 500 Index/40% Bloomberg Barclays U.S. Government Credit Bond Index⁴⁴		1.61	%		7.85	%		8.44	%		7.46	%		8.57	%		11/02/94	^†
S&P 500 Index⁴⁴		3.82	%		13.27	%		12.96	%		9.02	%		9.76	%		11/02/94	^†
Bloomberg Barclays U.S. Government Credit Bond Index⁴⁴		(2.02	%)		(0.30	%)		1.41	%		3.62	%		5.54	%		11/02/94	^†

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

Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Funds and other information, please call 800.835.3879 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.

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

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.

²⁶	The Russell 1000^® Index measures the performance of approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.

²⁷	The Russell 3000^® Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3,000 companies with lower price-to-book ratios and lower forecasted growth values

²⁸	The Russell 1000^® Growth Index is a market capitalization weighted index that measures the performance of those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values.

²⁹	The S&P MidCap 400^® Index provides investors with a benchmark for mid-sized companies. The index, which is distinct from the large-cap S&P 500^®, measures the performance of mid-sized companies, reflecting the distinctive risk and return characteristics of this market segment.



Fund Performance
Periods ended April 30, 2018 (continued)

³⁰	The Russell Midcap^® Index measures the performance of the 800 smallest companies in the Russell 1000^® Index, which represent approximately 25% of the total market capitalization of the Russell 1000^® Index.

³¹	The Russell Midcap^® Growth Index measures the performance of those Russell Midcap companies with higher price/book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000^® Growth Index.

³²	The Russell 2000^® Growth Index measures the performance of the Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

³³	The Russell 2500^® Value Index measures the performance of the Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

³⁴	The Russell 2000^® Value Index is an unmanaged, market-value weighted, value-oriented index comprised of small stocks that have relatively low price-to-book ratios and lower forecasted growth values.

³⁵	The Russell 2000^® Index is composed of the 2,000 smallest stocks in the Russell 3000^® Index and is widely regarded in the industry as the premier measure of small-cap stock performance.

³⁶	The Bloomberg Barclays U.S. Aggregate Bond Index is an index of the U.S. investment-grade fixed-rate bond market, including both government and corporate bonds.

³⁷	The HFRX Equity Hedge Index is an unmanaged index designed to measure daily performance representative of long-short equity hedge funds. Source: Hedge Fund Research, Inc. (HFR). Indices are adjusted for the reinvestment of capital gains, income, and dividends.

³⁸	The Russell 3000^® Index is composed of the 3,000 largest U.S. companies as measured by market capitalization, and represents about 98% of the U.S. stock market.

³⁹

The secondary benchmark is composed of 50% Russell 3000^® Index and 50% ICE BofAML 0-3 Month U.S. Treasury Bill Index. The Russell 3000^® Index is composed of the 3,000 largest U.S. companies as measured by market capitalization, and represents about 98% of the U.S. stock market. The ICE BofAML 0-3 Month U.S. Treasury Bill Index is a subset of The Bank of America Merrill Lynch 0-1 Year US Treasury Index including all securities with a remaining term to final maturity less than 3 months.

⁴⁰

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of the following 23 developed market country indices: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Neth-erlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom and the United States.

⁴¹

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. The MSCI EAFE Index consists of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. Please go to msci.com for most current list of countries represented by the index.

⁴²

The MSCI All Country (AC) Asia ex-Japan Index captures large and mid cap representation across 2 of 3 Developed Markets countries (excluding Japan) and 9 Emerging Markets countries in Asia. The developed market country indices included are: Hong Kong and Singapore. The emerging market country indices included are: China, India, Indonesia, Korea, Malaysia, Pakistan, the Philippines, Taiwan and Thailand. Please go to msci.com for most current list of countries represented by the index.

⁴³

All MSCI data is provided ‘as is.’ The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates, or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.

⁴⁴

The benchmark is composed of 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Government Credit Bond Index. The S&P 500 Index is a capitalization-weighted index of 500 stocks. The S&P 500 Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The Bloomberg Barclays U.S. Government Credit Bond Index is an index of investment grade government and corporate bonds with a maturity date of more than one year.

The Russell Indices are a trademark of London Stock Exchange Group companies.

Unlike the Fund, the indices are unmanaged, are not available for investment and do not incur expenses.

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


AMG Managers Fairpointe ESG Equity Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


Sector	% of Net Assets
Information Technology		22.9
Consumer Discretionary		22.0
Industrials		15.6
Consumer Staples		14.5
Health Care		13.6
Financials		6.1
Energy		2.8
Short-Term Investments		3.0
Other Assets Less Liabilities		(0.5	)

TOP TEN HOLDINGS


Security Name	% of Net Assets
General Electric Co.		4.4
Meredith Corp.		4.3
Scholastic Corp.		4.0
Wabtec Corp.		3.9
WPP PLC, Sponsored ADR (United Kingdom)		3.9
Mattel, Inc.		3.5
Hormel Foods Corp.		3.5
QUALCOMM, Inc.		3.4
International Business Machines Corp.		3.2
Bunge, Ltd.		3.1

Top Ten as a Group		37.2

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

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


AMG Managers Fairpointe ESG Equity Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 97.5%
Consumer Discretionary - 22.0%
Lions Gate Entertainment Corp., Class B		11,700	$	269,334
Mattel, Inc.		24,500		362,600
Meredith Corp.		8,600		445,480
Scholastic Corp.		9,900		409,860
TEGNA, Inc.		24,400		257,908
Tractor Supply Co.		1,800		122,400
WPP PLC, Sponsored ADR (United Kingdom)		4,750		406,695
Total Consumer Discretionary				2,274,277
Consumer Staples - 14.5%
Bunge, Ltd.		4,400		317,812
Dean Foods Co.		35,900		309,099
Hormel Foods Corp.		9,900		358,875
Molson Coors Brewing Co., Class B		3,650		260,026
Unilever PLC, Sponsored ADR (United Kingdom)		4,600		257,462
Total Consumer Staples				1,503,274
Energy - 2.8%
McDermott International, Inc.^*		44,200		291,720
Financials - 6.1%
The Bank of New York Mellon Corp.		2,200		119,922
Legg Mason, Inc.		5,200		206,440
Northern Trust Corp.		2,800		298,900
Total Financials				625,262
Health Care - 13.6%
Bristol-Myers Squibb Co.		6,080		316,950
Hologic, Inc.^*		4,100		159,039
Patterson Cos., Inc.		10,600		246,768
Quest Diagnostics, Inc.		2,300		232,760
Varex Imaging Corp.^*		6,200		223,138
Varian Medical Systems, Inc.^*		2,000		231,180
Total Health Care				1,409,835

^*	Non-income producing security.

¹	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.


	Shares		Value
Industrials - 15.6%
AGCO Corp.		3,100	$	194,308
Chicago Bridge & Iron Co. NV (Netherlands)		15,500		234,050
General Electric Co.		32,700		460,089
Kennametal, Inc.		2,100		76,545
Quanta Services, Inc.		7,200		234,000
Wabtec Corp.		4,600		408,526
Total Industrials				1,607,518
Information Technology - 22.9%
Akamai Technologies, Inc.^*		3,800		272,270
Cisco Systems, Inc.		3,500		155,015
Cree, Inc.^*		7,200		268,704
Hewlett Packard Enterprise Co.		9,200		156,860
HP, Inc.		7,100		152,579
International Business Machines Corp.		2,250		326,160
Juniper Networks, Inc.		11,700		287,703
QUALCOMM, Inc.		6,890		351,459
Teradata Corp.^*		6,200		253,704
VMware, Inc., Class A^*		1,100		146,586
Total Information Technology				2,371,040
Total Common Stocks (Cost $9,333,729)				10,082,926
Short-Term Investments - 3.0%
Other Investment Companies - 3.0%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class Shares, 1.65%¹		306,021		306,021
Total Short-Term Investments (Cost $306,021)				306,021
Total Investments - 100.5% (Cost $9,639,750)				10,388,947
Other Assets, less Liabilities - (0.5)%				(52,512	)
Net Assets - 100.0%			$	10,336,435

ADR American Depositary Receipt

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



AMG Managers Fairpointe ESG Equity Fund
Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	10,082,926		—		—	$	10,082,926
Short-Term Investments
Other Investment Companies		306,021		—		—		306,021

Total Investments in Securities	$	10,388,947		—		—	$	10,388,947

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG River Road Focused Absolute Value Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


	% of
Sector	Net Assets
Consumer Discretionary		32.2
Financials		29.8
Consumer Staples		11.7
Information Technology		9.9
Health Care		5.1
Industrials		5.1
Real Estate		4.9
Short-Term Investments		1.5
Other Assets Less Liabilities		(0.2	)

TOP TEN HOLDINGS


	% of
Security Name	Net Assets
Berkshire Hathaway, Inc., Class B		7.1
Hostess Brands, Inc.		5.3
Premier, Inc., Class A		5.1
Expedia, Inc.		5.1
GCI Liberty Inc., Class A		4.6
Comcast Corp., Class A		4.4
Mitel Networks Corp. (Canada)		4.2
White Mountains Insurance Group, Ltd.		4.2
The Kraft Heinz Co.		4.0
Brookfield Asset Management, Inc., Class A (Canada)		3.8

Top Ten as a Group		47.8


AMG River Road Focused Absolute Value Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 98.7%
Consumer Discretionary - 32.2%
Advance Auto Parts, Inc.		6,553	$	749,991
Asbury Automotive Group, Inc.^*		9,880		662,454
Comcast Corp., Class A		38,008		1,193,071
Discovery, Inc., Class C^*		44,376		986,035
Expedia, Inc.		11,829		1,361,991
GCI Liberty Inc., Class A^*		27,893		1,244,028
The Interpublic Group of Cos., Inc.		34,849		822,088
Liberty Latin America, Ltd., Class C (Bermuda)^*		47,619		859,999
Liberty Media Corp.-Liberty SiriusXM, Class C^*		19,122		796,622
Total Consumer Discretionary				8,676,279
Consumer Staples - 11.7%
Coty, Inc., Class A		37,823		656,229
Hostess Brands, Inc.^*		101,288		1,423,096
The Kraft Heinz Co.		19,061		1,074,659
Total Consumer Staples				3,153,984
Financials - 29.8%
Axis Capital Holdings, Ltd. (Bermuda)		15,761		925,171
Berkshire Hathaway, Inc., Class B^*		9,897		1,917,346
Brookfield Asset Management, Inc., Class A (Canada)		25,675		1,017,757
Oaktree Capital Group LLC, (MLP)		22,701		896,689
Oaktree Specialty Lending Corp.		128,307		559,419
U.S. Bancorp		15,425		778,191
Wells Fargo & Co.		15,442		802,366
White Mountains Insurance Group, Ltd.		1,306		1,130,069
Total Financials				8,027,008

^*	Non-income producing security.

¹	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.


	Shares		Value
Health Care - 5.1%
Premier, Inc., Class A^*		42,024	$	1,386,372
Industrials - 5.1%
General Electric Co.		53,114		747,314
Nielsen Holdings PLC		19,542		614,596
Total Industrials				1,361,910
Information Technology - 9.9%
Cars.com, Inc.^*		23,255		662,302
Mitel Networks Corp. (Canada)^*		102,065		1,139,045
Sabre Corp.		42,343		873,960
Total Information Technology				2,675,307
Real Estate - 4.9%
Iron Mountain, Inc., REIT		19,592		664,953
Ventas, Inc., REIT		12,972		667,020
Total Real Estate				1,331,973
Total Common Stocks (Cost $25,923,740)				26,612,833
Short-Term Investments - 1.5%
Other Investment Companies - 1.5%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class Shares, 1.65%¹		418,359		418,359
Total Short-Term Investments (Cost $418,359)				418,359
Total Investments - 100.2% (Cost $26,342,099)				27,031,192
Other Assets, less Liabilities - (0.2)%				(58,488	)
Net Assets - 100.0%			$	26,972,704

MLP Master Limited Partnership

REIT Real Estate Investment Trust

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



AMG River Road Focused Absolute Value Fund
Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	26,612,833		—		—	$	26,612,833
Short-Term Investments
Other Investment Companies		418,359		—		—		418,359

Total Investments in Securities	$	27,031,192		—		—	$	27,031,192

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG Managers Montag & Caldwell Growth Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


	% of
Sector	Net Assets
Information Technology		33.4
Health Care		20.1
Consumer Discretionary		12.8
Financials		9.9
Consumer Staples		9.3
Materials		3.9
Industrials		3.0
Short-Term Investments		7.8
Other Assets Less Liabilities		(0.2	)

TOP TEN HOLDINGS


	% of
Security Name	Net Assets
UnitedHealth Group, Inc.		5.0
Visa, Inc., Class A		4.8
Becton Dickinson & Co.		4.6
Microsoft Corp.		4.4
Alphabet, Inc., Class A		3.8
Thermo Fisher Scientific, Inc.		3.8
Ulta Beauty, Inc.		3.7
S&P Global, Inc.		3.7
Dollar Tree, Inc.		3.7
Edwards Lifesciences Corp.		3.5

Top Ten as a Group		41.0


AMG Managers Montag & Caldwell Growth Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 92.4%
Consumer Discretionary - 12.8%
Booking Holdings, Inc.^*		8,385	$	18,262,530
Dollar Tree, Inc.^*		285,580		27,384,266
Starbucks Corp.		370,605		21,335,730
Ulta Beauty, Inc.^*		109,824		27,555,940
Total Consumer Discretionary				94,538,466
Consumer Staples - 9.3%
The Estee Lauder Cos., Inc., Class A		89,800		13,298,482
Mondelez International, Inc., Class A		516,500		20,401,750
Monster Beverage Corp.^*		391,000		21,505,000
PepsiCo, Inc.		139,600		14,091,224
Total Consumer Staples				69,296,456
Financials - 9.9%
The Charles Schwab Corp.		397,700		22,143,936
Intercontinental Exchange, Inc.		332,785		24,113,601
S&P Global, Inc.		145,731		27,484,867
Total Financials				73,742,404
Health Care - 20.1%
Abbott Laboratories		415,800		24,170,454
Becton Dickinson & Co.		144,976		33,615,585
Edwards Lifesciences Corp.^*		203,809		25,957,114
Thermo Fisher Scientific, Inc.		133,757		28,135,785
UnitedHealth Group, Inc.		156,227		36,932,063
Total Health Care				148,811,001
Industrials - 3.0%
Honeywell International, Inc.		153,043		22,142,261
Information Technology - 33.4%
Activision Blizzard, Inc.		80,300		5,327,905

^*	Non-income producing security.

¹	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.


	Shares		Value
Alphabet, Inc., Class A^*		27,817	$	28,333,840
Apple, Inc.		105,804		17,485,169
eBay, Inc.^*		565,200		21,409,776
Facebook, Inc., Class A^*		70,334		12,097,448
Fidelity National Information Services, Inc.		234,391		22,260,113
FleetCor Technologies, Inc.^*		97,730		20,257,474
Mastercard, Inc., Class A		98,321		17,527,685
Microsoft Corp.		348,800		32,619,776
Oracle Corp.		390,000		17,811,300
QUALCOMM, Inc.		334,200		17,047,542
Visa, Inc., Class A		281,300		35,691,344
Total Information Technology				247,869,372
Materials - 3.9%
Air Products & Chemicals, Inc.		60,367		9,796,961
The Sherwin-Williams Co.		51,879		19,073,833
Total Materials				28,870,794
Total Common Stocks (Cost $512,239,870)				685,270,754
Short-Term Investments - 7.8%
Other Investment Companies - 7.8%
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.60%¹		57,856,316		57,856,316
Total Short-Term Investments (Cost $57,856,316)				57,856,316
Total Investments - 100.2% (Cost $570,096,186)				743,127,070
Other Assets, less Liabilities - (0.2)%				(1,691,781	)
Net Assets - 100.0%			$	741,435,289

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


AMG Managers Montag & Caldwell Growth Fund
Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	685,270,754		—		—	$	685,270,754
Short-Term Investments
Other Investment Companies		57,856,316		—		—		57,856,316

Total Investments in Securities	$	743,127,070		—		—	$	743,127,070

†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG River Road Dividend All Cap Value Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


	% of
Sector	Net Assets
Consumer Discretionary		17.2
Financials		14.3
Industrials		14.3
Energy		12.9
Consumer Staples		10.3
Real Estate		9.7
Information Technology		8.6
Materials		4.6
Utilities		4.2
Telecommunication Services		1.8
Health Care		1.7
Short-Term Investments¹		2.5
Other Assets Less Liabilities²		(2.1	)

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

²	Includes repayment of cash collateral on security lending transactions.

TOP TEN HOLDINGS


	% of
Security Name	Net Assets
Marathon Petroleum Corp.		3.2
BB&T Corp.		3.1
Fastenal Co.		2.9
U.S. Bancorp		2.7
Praxair, Inc.		2.6
Iron Mountain, Inc.		2.4
Corning, Inc.		2.3
Target Corp.		2.3
Union Pacific Corp.		2.2
Walmart, Inc.		2.2

Top Ten as a Group		25.9


AMG River Road Dividend All Cap Value Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 99.6%
Consumer Discretionary - 17.2%
Cedar Fair LP, (MLP)		252,023	$	17,072,038
Cinemark Holdings, Inc.		451,371		17,680,202
Comcast Corp., Class A		398,479		12,508,256
Extended Stay America, Inc. (Units)		960,216		18,801,029
Hanesbrands, Inc.¹		453,959		8,384,623
The Interpublic Group of Cos., Inc.		571,861		13,490,201
Meredith Corp.		167,305		8,666,399
Omnicom Group, Inc.		225,694		16,624,620
Polaris Industries, Inc.		67,706		7,096,943
Starbucks Corp.		221,281		12,739,147
Target Corp.		279,351		20,280,883
Total Consumer Discretionary				153,344,341
Consumer Staples - 10.3%
Coty, Inc., Class A		624,795		10,840,193
Kimberly-Clark Corp.		172,892		17,901,238
PepsiCo, Inc.		90,409		9,125,884
The Kraft Heinz Co.		217,360		12,254,757
Unilever PLC, Sponsored ADR (United Kingdom)¹		279,668		15,653,018
Walgreens Boots Alliance, Inc.		103,773		6,895,716
Walmart, Inc.		218,943		19,367,698
Total Consumer Staples				92,038,504
Energy - 12.9%
Chevron Corp.		90,701		11,347,602
Dominion Energy Midstream Partners LP, (MLP)		152,726		2,214,527
Exxon Mobil Corp.		196,106		15,247,242
Magellan Midstream Partners LP, (MLP)		222,353		14,637,498
Marathon Petroleum Corp.		378,830		28,378,155
Occidental Petroleum Corp.		174,352		13,470,436
Spectra Energy Partners LP, (MLP) ¹		338,553		12,069,414
TransMontaigne Partners LP, (MLP) ¹		259,671		10,036,284
Valero Energy Corp.		64,692		7,176,284
Total Energy				114,577,442
Financials - 14.3%
Axis Capital Holdings, Ltd. (Bermuda)		175,193		10,283,829
BB&T Corp.		526,647		27,806,962
CNA Financial Corp.		155,210		7,831,897
MetLife, Inc.		138,802		6,616,691
The PNC Financial Services Group, Inc.		75,479		10,990,497
Thomson Reuters Corp. (Canada)		287,304		11,555,367
U.S. Bancorp		474,555		23,941,300
Wells Fargo & Co.		251,636		13,075,006


	Shares		Value
WesBanco, Inc.		351,137	$	15,379,801
Total Financials				127,481,350
Health Care - 1.7%
Amgen, Inc.		87,693		15,300,675
Industrials - 14.3%
Aircastle, Ltd.		612,304		12,001,158
Emerson Electric Co.		201,996		13,414,554
Fastenal Co.		512,177		25,603,728
Johnson Controls International PLC		327,672		11,098,251
KAR Auction Services, Inc.		298,320		15,509,657
Nielsen Holdings PLC		411,252		12,933,875
Union Pacific Corp.		149,971		20,040,625
United Parcel Service, Inc., Class B		144,624		16,414,824
Total Industrials				127,016,672
Information Technology - 8.6%
Cisco Systems, Inc.		366,703		16,241,276
Corning, Inc.		757,813		20,476,107
Intel Corp.		176,577		9,114,905
Microsoft Corp.		75,230		7,035,509
Motorola Solutions, Inc.		82,893		9,104,138
QUALCOMM, Inc.		280,989		14,333,249
Total Information Technology				76,305,184
Materials - 4.6%
LyondellBasell Industries NV, Class A		80,638		8,525,856
Praxair, Inc.		154,331		23,538,564
RPM International, Inc.		184,544		8,913,475
Total Materials				40,977,895
Real Estate - 9.7%
Iron Mountain, Inc., REIT		620,405		21,056,546
Ryman Hospitality Properties, Inc., REIT		205,090		16,074,954
Sabra Health Care REIT, Inc., REIT		613,175		11,227,234
The GEO Group Inc., REIT		502,821		11,313,473
Ventas, Inc., REIT		263,621		13,555,392
Weyerhaeuser Co., REIT		358,439		13,183,386
Total Real Estate				86,410,985
Telecommunication Services - 1.8%
Verizon Communications, Inc.		324,715		16,024,685
Utilities - 4.2%
AmeriGas Partners LP, (MLP) ¹		323,031		13,825,727
Black Hills Corp.		150,546		8,532,947
National Fuel Gas Co.		290,025		14,892,784
Total Utilities				37,251,458
Total Common Stocks (Cost $736,783,820)				886,729,191

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



AMG River Road Dividend All Cap Value Fund
Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Short-Term Investments - 2.5%
Joint Repurchase Agreements - 1.9%²
Cantor Fitzgerald Securities, Inc., dated 04/30/18, due 05/01/18, 1.710% total to be received $4,023,327 (collateralized by various U.S. Government Agency Obligations, 0.000% -8.500%, 05/25/18 - 03/20/68, totaling $4,103,599)	$	4,023,136	$	4,023,136
HSBC Securities USA, Inc., dated 04/30/18, due 05/01/18, 1.720% total to be received $4,023,328 (collateralized by various U.S. Government Agency Obligations, 2.500% -6.500%, 03/01/22 - 04/01/48, totaling $4,103,602)		4,023,136		4,023,136
Jefferies LLC, dated 04/30/18, due 05/01/18, 1.770% total to be received $4,023,334 (collateralized by various U.S. Government Agency Obligations, 0.000% - 6.750%, 05/04/18 - 07/15/32, totaling $4,103,602)		4,023,136		4,023,136
JPMorgan Securities, LLC dated 04/30/18, due 05/01/18, 1.710% total to be received $844,784 (collateralized by various U.S. Government Agency Obligations, 1.125% - 2.250%, 01/31/19 - 01/31/24, totaling $861,640)		844,744		844,744

¹	Some or all of these securities, amounting to $16,530,611 or 1.9% of net assets, were out on loan to various brokers.

²	Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

³	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.


	Principal Amount		Value
Nomura Securities International, Inc., dated 04/30/18, due 05/01/18, 1.740% total to be received $4,023,330 (collateralized by various U.S. Government Agency Obligations, 0.000% -10.500%, 05/01/18 - 03/20/68, totaling $4,103,599)	$	4,023,136	$	4,023,136
Total Joint Repurchase Agreements				16,937,288

	Shares
Other Investment Companies - 0.6%
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.60%³		5,253,899		5,253,899
Total Short-Term Investments (Cost $22,191,187)				22,191,187
Total Investments - 102.1% (Cost $758,975,007)				908,920,378
Other Assets, less Liabilities - (2.1)%				(18,840,623	)
Net Assets - 100.0%			$	890,079,755

ADR American Depositary Receipt

MLP Master Limited Partnership

REIT Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	886,729,191		—		—	$	886,729,191
Short-Term Investments
Joint Repurchase Agreements		—	$	16,937,288		—		16,937,288
Other Investment Companies		5,253,899		—		—		5,253,899

Total Investments in Securities	$	891,983,090	$	16,937,288		—	$	908,920,378

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG River Road Dividend All Cap Value Fund II
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


Sector	% of Net Assets
Consumer Discretionary		17.0
Industrials		14.5
Financials		12.9
Energy		12.4
Consumer Staples		11.0
Real Estate		10.0
Information Technology		9.2
Materials		4.9
Utilities		3.9
Telecommunication Services		1.9
Health Care		1.8
Short-Term Investments¹		3.3
Other Assets Less Liabilities²		(2.8	)

TOP TEN HOLDINGS


Security Name	% of Net Assets
Marathon Petroleum Corp.		3.4
BB&T Corp.		3.3
Fastenal Co.		3.1
U.S. Bancorp		2.8
Praxair, Inc.		2.8
Corning, Inc.		2.5
Iron Mountain, Inc.		2.5
Target Corp.		2.5
Union Pacific Corp.		2.4
Walmart, Inc.		2.3

Top Ten as a Group		27.6

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

²	Includes repayment of cash collateral on security lending transactions.


AMG River Road Dividend All Cap Value Fund II
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 99.5%
Consumer Discretionary - 17.0%
Cedar Fair LP, (MLP)		13,135	$	889,765
Cinemark Holdings, Inc.		58,073		2,274,719
Comcast Corp., Class A		51,101		1,604,060
Extended Stay America, Inc. (Units)		122,331		2,395,241
Hanesbrands, Inc.¹		58,100		1,073,107
The Interpublic Group of Cos., Inc.		73,718		1,739,008
Meredith Corp.		21,640		1,120,952
Omnicom Group, Inc.		28,841		2,124,428
Polaris Industries, Inc.		8,614		902,920
Starbucks Corp.		28,730		1,653,986
Target Corp.		36,589		2,656,361
Total Consumer Discretionary				18,434,547
Consumer Staples - 11.0%
Coty, Inc., Class A		79,824		1,384,947
Kimberly-Clark Corp.		22,691		2,349,426
PepsiCo, Inc.		11,347		1,145,366
The Kraft Heinz Co.		28,129		1,585,913
Unilever PLC, Sponsored ADR (United Kingdom)		35,289		1,975,125
Walgreens Boots Alliance, Inc.		13,252		880,596
Walmart, Inc.		28,716		2,540,217
Total Consumer Staples				11,861,590
Energy - 12.4%
Chevron Corp.		11,746		1,469,542
Dominion Energy Midstream Partners LP, (MLP)		20,272		293,944
Exxon Mobil Corp.		24,979		1,942,117
Magellan Midstream Partners LP, (MLP)		29,400		1,935,402
Marathon Petroleum Corp.		48,442		3,628,790
Occidental Petroleum Corp.		22,342		1,726,143
Spectra Energy Partners LP, (MLP) ¹		42,295		1,507,817
Valero Energy Corp.		8,244		914,507
Total Energy				13,418,262
Financials - 12.9%
Axis Capital Holdings, Ltd. (Bermuda)		22,056		1,294,687
BB&T Corp.		67,593		3,568,911
CNA Financial Corp.		12,107		610,919
MetLife, Inc.		17,654		841,566
The PNC Financial Services Group, Inc.		9,990		1,454,644
Thomson Reuters Corp. (Canada)		36,959		1,486,491
U.S. Bancorp		61,075		3,081,234
Wells Fargo & Co.		31,700		1,647,132
Total Financials				13,985,584


	Shares		Value
Health Care - 1.8%
Amgen, Inc.		11,377	$	1,985,059
Industrials - 14.5%
Aircastle, Ltd.		42,664		836,214
Emerson Electric Co.		26,116		1,734,364
Fastenal Co.		66,630		3,330,834
Johnson Controls International PLC		41,970		1,421,524
KAR Auction Services, Inc.		38,273		1,989,813
Nielsen Holdings PLC		53,067		1,668,957
Union Pacific Corp.		19,757		2,640,128
United Parcel Service, Inc., Class B		18,457		2,094,869
Total Industrials				15,716,703
Information Technology - 9.2%
Cisco Systems, Inc.		47,441		2,101,162
Corning, Inc.		99,865		2,698,352
Intel Corp.		22,581		1,165,631
Microsoft Corp.		9,709		907,986
Motorola Solutions, Inc.		10,652		1,169,909
QUALCOMM, Inc.		36,401		1,856,815
Total Information Technology				9,899,855
Materials - 4.9%
LyondellBasell Industries NV, Class A		10,337		1,092,931
Praxair, Inc.		19,662		2,998,848
RPM International, Inc.		24,390		1,178,037
Total Materials				5,269,816
Real Estate - 10.0%
Iron Mountain, Inc., REIT		79,466		2,697,076
Ryman Hospitality Properties, Inc., REIT		26,555		2,081,381
Sabra Health Care REIT, Inc., REIT		61,772		1,131,045
The GEO Group Inc., REIT		63,923		1,438,268
Ventas, Inc., REIT		33,503		1,722,724
Weyerhaeuser Co., REIT		46,506		1,710,491
Total Real Estate				10,780,985
Telecommunication Services - 1.9%
Verizon Communications, Inc.		41,830		2,064,311
Utilities - 3.9%
AmeriGas Partners LP, (MLP) ¹		27,076		1,158,853
Black Hills Corp.		19,902		1,128,045
National Fuel Gas Co.		37,536		1,927,474
Total Utilities				4,214,372
Total Common Stocks (Cost $92,976,765)				107,631,084

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



AMG River Road Dividend All Cap Value Fund II
Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Short-Term Investments - 3.3%
Joint Repurchase Agreements - 2.7%²
Cantor Fitzgerald Securities, Inc., dated 04/30/18, due 05/01/18, 1.710% total to be received $1,000,048 (collateralized by various U.S. Government Agency Obligations, 0.000% - 8.500%, 05/25/18 - 03/20/68, totaling $1,020,000)	$	1,000,000	$	1,000,000
Credit Suisse AG, dated 04/30/18, due 05/01/18, 1.700% total to be received $899,199 (collateralized by various U.S. Government Agency Obligations, 0.875% - 3.625%, 01/31/19 - 02/15/47, totaling $917,143)		899,157		899,157
RBC Dominion Securities, Inc. dated 04/30/18, due 05/01/18, 1.720% total to be received $1,000,048 (collateralized by various U.S. Government Agency Obligations, 0.125% - 7.000%, 10/31/18 - 09/09/49, totaling $1,020,000)		1,000,000		1,000,000
Total Joint Repurchase Agreements				2,899,157

¹	Some or all of these securities, amounting to $2,817,807 or 2.6% of net assets, were out on loan to various brokers.

²	Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

³	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.


	Shares		Value
Other Investment Companies - 0.6%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class Shares, 1.65%³		657,844	$	657,844
Total Short-Term Investments (Cost $3,557,001)				3,557,001
Total Investments - 102.8% (Cost $96,533,766)				111,188,085
Other Assets, less Liabilities - (2.8)%				(2,991,478	)
Net Assets - 100.0%			$	108,196,607

ADR American Depositary Receipt

MLP Master Limited Partnership

REIT Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	107,631,084		—		—	$	107,631,084
Short-Term Investments
Joint Repurchase Agreements		—	$	2,899,157		—		2,899,157
Other Investment Companies		657,844		—		—		657,844

Total Investments in Securities	$	108,288,928	$	2,899,157		—	$	111,188,085

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG Managers Fairpointe Mid Cap Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


Sector	% of Net Assets
Consumer Discretionary		32.1
Information Technology		21.8
Industrials		14.2
Health Care		7.2
Materials		6.7
Consumer Staples		6.6
Financials		6.1
Energy		4.4
Short-Term Investments		1.6
Other Assets Less Liabilities		(0.7	)

TOP TEN HOLDINGS


Security Name	% of Net Assets
Hormel Foods Corp.		3.7
Mattel, Inc.		3.7
Juniper Networks, Inc.		3.3
Teradata Corp.		3.3
Akamai Technologies, Inc.		3.2
The New York Times Co., Class A		3.1
Cree, Inc.		3.0
Stericycle, Inc.		3.0
Domtar Corp.		2.9
TEGNA, Inc.		2.8

Top Ten as a Group		32.0


AMG Managers Fairpointe Mid Cap Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 99.1%
Consumer Discretionary - 32.1%
Adtalem Global Education, Inc.^*		1,015,500	$	48,337,800
BorgWarner, Inc.		705,200		34,512,488
Cooper Tire & Rubber Co.¹		3,408,220		83,330,979
Gentex Corp.		4,668,200		106,154,868
The Interpublic Group of Cos., Inc.		2,614,000		61,664,260
Lear Corp.		343,400		64,205,498
Lions Gate Entertainment Corp., Class A		2,407,517		59,923,098
Lions Gate Entertainment Corp., Class B		2,335,022		53,752,207
LKQ Corp.^*		2,875,900		89,210,418
Mattel, Inc.		9,414,000		139,327,200
Meredith Corp.		1,241,600		64,314,880
The New York Times Co., Class A		5,082,645		119,188,025
Office Depot, Inc.		26,194,600		59,985,634
Scholastic Corp.		1,335,023		55,269,952
TEGNA, Inc.		10,075,300		106,495,921
Whirlpool Corp.		501,707		77,739,500
Total Consumer Discretionary				1,223,412,728
Consumer Staples - 6.6%
Bunge, Ltd.		1,171,400		84,610,222
Hormel Foods Corp.		3,891,300		141,059,625
Molson Coors Brewing Co., Class B		370,600		26,401,544
Total Consumer Staples				252,071,391
Energy - 4.4%
McDermott International, Inc.^*		13,400,300		88,441,980
TechnipFMC PLC (United Kingdom)		2,334,492		76,944,856
Total Energy				165,386,836
Financials - 6.1%
Cincinnati Financial Corp.		730,000		51,348,200
Northern Trust Corp.		925,700		98,818,475
Raymond James Financial, Inc.		895,500		80,371,125
Total Financials				230,537,800
Health Care - 7.2%
Patterson Cos., Inc.		3,767,838		87,715,268
Quest Diagnostics, Inc.		718,900		72,752,680
Varex Imaging Corp.^*		764,520		27,515,075
Varian Medical Systems, Inc.^*		759,100		87,744,369
Total Health Care				275,727,392

^*	Non-income producing security.

¹	Affiliated issuer. See summary of affiliated investment transaction for details.

²	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.


	Shares		Value
Industrials - 14.2%
AGCO Corp.		1,141,200	$	71,530,416
Arconic, Inc.		3,758,534		66,939,490
Chicago Bridge & Iron Co. NV (Netherlands)		5,107,700		77,126,270
Copa Holdings, S.A., Class A (Panama)		747,335		87,565,242
Donaldson Co., Inc.		975,400		43,171,204
Stericycle, Inc.^*		1,945,700		114,232,047
Werner Enterprises, Inc.		2,369,200		81,263,560
Total Industrials				541,828,229
Information Technology - 21.8%
Akamai Technologies, Inc.^*		1,682,000		120,515,300
Cars.com, Inc.^*		3,123,133		88,946,828
Cree, Inc.^*		3,108,673		116,015,676
Itron, Inc.^*		741,098		48,467,809
Jabil, Inc.		3,481,500		92,607,900
Juniper Networks, Inc.		5,160,900		126,906,531
Nuance Communications, Inc.^*		4,596,400		67,659,008
Teradata Corp.^*		3,059,100		125,178,372
Unisys Corp.^*,1		4,024,688		45,076,506
Total Information Technology				831,373,930
Materials - 6.7%
Domtar Corp.		2,489,304		109,280,446
FMC Corp.		939,300		74,890,389
Gerdau SA, Sponsored ADR (Brazil)		15,204,600		71,005,482
Total Materials				255,176,317
Total Common Stocks (Cost $3,109,827,472)				3,775,514,623
Short-Term Investments - 1.6%
Other Investment Companies - 1.6%
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.60%²		60,320,130		60,320,130
Total Short-Term Investments (Cost $60,320,130)				60,320,130
Total Investments - 100.7% (Cost $3,170,147,602)				3,835,834,753
Other Assets, less Liabilities - (0.7)%				(24,851,308	)
Net Assets - 100.0%			$	3,810,983,445

ADR American Depositary Receipt

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



AMG Managers Fairpointe Mid Cap Fund
Schedule of Portfolio Investments (continued)


Affiliated Issuers	Number of shares		Purchases		Sales			Net realized gain (loss) for the period			Net increase (decrease) in unrealized appreciation (depreciation) for the period			Amount of Dividends or Interest		Value
Cooper Tire & Rubber Co.		3,408,220	$	16,723,596	$	(1,200,755	)	$	35,301		$	(26,993,579	)	$	619,840	$	83,330,979
Unisys Corp.		4,024,688		—		(3,163,435	)		(3,419,602	)		13,918,273			—		45,076,506

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	3,775,514,623		—		—	$	3,775,514,623
Short-Term Investments
Other Investment Companies		60,320,130		—		—		60,320,130

Total Investments in Securities	$	3,835,834,753		—		—	$	3,835,834,753

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG Managers Montag & Caldwell Mid Cap Growth Fund
Fund Snapshots (unaudited)
April 30, 2018


PORTFOLIO BREAKDOWN
Sector	% of Net Assets
Information Technology		27.1
Consumer Discretionary		23.1
Industrials		17.2
Health Care		11.5
Financials		9.6
Consumer Staples		6.5
Energy		1.5
Short-Term Investments¹		5.6
Other Assets Less Liabilities²		(2.1	)

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

²	Includes repayment of cash collateral on security lending transactions.


TOP TEN HOLDINGS
Security Name	% of Net Assets
WEX, Inc.		3.9
Dollar Tree, Inc.		3.8
Ulta Beauty, Inc.		3.7
FleetCor Technologies, Inc.		3.7
J.B. Hunt Transport Services, Inc.		3.5
Fidelity National Information Services, Inc.		3.5
Ross Stores, Inc.		3.5
Copart, Inc.		3.4
Edwards Lifesciences Corp.		3.4
Monster Beverage Corp.		3.3

Top Ten as a Group		35.7


AMG Managers Montag & Caldwell Mid Cap Growth Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 96.5%
Consumer Discretionary - 23.1%
Dollar Tree, Inc.^*		3,990	$	382,601
Dunkin’ Brands Group, Inc.¹		1,470		89,611
Expedia, Inc.		1,393		160,390
Five Below, Inc.^*		2,910		205,475
LKQ Corp.^*		7,990		247,850
O’Reilly Automotive, Inc.^*		547		140,070
Planet Fitness, Inc., Class A^*		3,070		123,691
Ross Stores, Inc.		4,380		354,123
ServiceMaster Global Holdings, Inc.^*		5,390		272,734
Ulta Beauty, Inc.^*		1,504		377,369
Total Consumer Discretionary				2,353,914
Consumer Staples - 6.5%
Church & Dwight Co., Inc.		7,070		326,634
Monster Beverage Corp.^*		6,050		332,750
Total Consumer Staples				659,384
Energy - 1.5%
Core Laboratories NV (Netherlands)¹		1,280		156,736
Financials - 9.6%
First Republic Bank		2,030		188,526
Intercontinental Exchange, Inc.		3,780		273,899
Raymond James Financial, Inc.		2,970		266,557
Signature Bank/New York NY^*		1,919		244,001
Total Financials				972,983
Health Care - 11.5%
Edwards Lifesciences Corp.^*		2,750		350,240
IQVIA Holdings, Inc.^*		2,810		269,085
Laboratory Corp. of America Holdings^*		1,900		324,425
Teleflex, Inc.		845		226,359
Total Health Care				1,170,109
Industrials - 17.2%
AMETEK, Inc.		3,610		251,978
Copart, Inc.^*		6,890		351,941
IHS Markit, Ltd. (United Kingdom)^*		4,705		231,157
J.B. Hunt Transport Services, Inc.		3,040		356,987
Snap-on, Inc.		843		122,446

^*	Non-income producing security.

¹	Some or all of these securities, amounting to $192,672 or 1.9% of net assets, were out on loan to various brokers.

²	Collateral received from brokers for securities lending was invested in these joint repurchase agreements.


	Shares		Value
Verisk Analytics, Inc.^*		2,990	$	318,285
Wabtec Corp. ¹		1,370		121,670
Total Industrials				1,754,464
Information Technology - 27.1%
Akamai Technologies, Inc.^*		2,610		187,006
Amphenol Corp., Class A		2,640		220,995
Arista Networks, Inc.^*		303		80,159
Cavium, Inc.^*		2,530		189,775
EPAM Systems, Inc.^*		2,480		283,588
Euronet Worldwide, Inc.^*		2,340		182,777
Fidelity National Information Services, Inc.		3,750		356,138
FleetCor Technologies, Inc.^*		1,815		376,213
Genpact, Ltd.		9,270		295,620
Skyworks Solutions, Inc.		2,290		198,680
WEX, Inc.^*		2,440		395,085
Total Information Technology				2,766,036
Total Common Stocks (Cost $7,689,231)				9,833,626

	Principal Amount
Short-Term Investments - 5.6%
Joint Repurchase Agreements - 1.9%²
Nomura Securities International, Inc., dated 04/30/18, due 05/01/18, 1.720% total to be received $197,398 (collateralized by various U.S. Government Agency Obligations, 0.000% - 8.750%, 08/15/18 - 02/15/48, totaling $201,337)	$	197,389		197,389

	Shares
Other Investment Companies - 3.7%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class Shares, 1.65%³		373,004		373,004
Total Short-Term Investments (Cost $570,393)				570,393
Total Investments - 102.1% (Cost $8,259,624)				10,404,019
Other Assets, less Liabilities - (2.1)%				(214,878	)
Net Assets - 100.0%			$	10,189,141

³	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

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



AMG Managers Montag & Caldwell Mid Cap Growth Fund
Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	9,833,626		—		—	$	9,833,626
Short-Term Investments
Joint Repurchase Agreements		—	$	197,389		—		197,389
Other Investment Companies		373,004		—		—		373,004

Total Investments in Securities	$	10,206,630	$	197,389		—	$	10,404,019

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG Managers LMCG Small Cap Growth Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


	% of
Sector	Net Assets
Information Technology		26.5
Health Care		24.0
Industrials		14.7
Consumer Discretionary		14.4
Financials		8.9
Materials		4.5
Consumer Staples		2.8
Telecommunication Services		1.0
Rights		0.0
Short-Term Investments¹		7.7
Other Assets Less Liabilities²		(4.5	)

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

²	Includes repayment of cash collateral on security lending transactions.

TOP TEN HOLDINGS


	% of
Security Name	Net Assets
LHC Group, Inc.		5.8
The Brink’s Co.		4.4
Sinclair Broadcast Group, Inc., Class A		3.2
Eagle Materials, Inc.		2.9
Central Garden & Pet Co., Class A		2.8
Kennametal, Inc.		2.6
Home BancShares, Inc.		2.5
Nexstar Media Group, Inc., Class A		2.5
RealPage, Inc.		2.4
Paylocity Holding Corp.		2.1

Top Ten as a Group		31.2


AMG Managers LMCG Small Cap Growth Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 96.8%
Consumer Discretionary - 14.4%
Camping World Holdings, Inc., Class A		59,270	$	1,696,900
Floor & Decor Holdings, Inc., Class A^*		5,686		316,085
Gray Television, Inc.^*		102,093		1,153,651
ILG, Inc.		39,482		1,347,521
Marriott Vacations Worldwide Corp.		11,565		1,417,985
Nexstar Media Group, Inc., Class A		39,797		2,477,363
Ollie’s Bargain Outlet Holdings, Inc.^*		19,011		1,182,484
Red Rock Resorts, Inc., Class A		27,488		829,863
Sinclair Broadcast Group, Inc., Class A¹		113,327		3,212,820
Wingstop, Inc.		15,128		739,154
Total Consumer Discretionary				14,373,826
Consumer Staples - 2.8%
Central Garden & Pet Co., Class A^*		78,853		2,799,281
Financials - 8.9%
Ameris Bancorp.		17,320		895,444
Chemical Financial Corp.		29,635		1,626,665
Home BancShares, Inc.		108,612		2,524,143
Pinnacle Financial Partners, Inc.		31,990		2,048,959
Western Alliance Bancorp.^*		31,570		1,861,999
Total Financials				8,957,210
Health Care - 24.0%
Agios Pharmaceuticals, Inc.^*		22,517		1,889,401
AnaptysBio, Inc.^*		7,956		746,114
Bluebird Bio, Inc.^*,1		4,483		762,782
Clovis Oncology, Inc.^*		20,908		906,989
Exact Sciences Corp.^*,1		15,177		759,002
Exelixis, Inc.^*		38,112		793,492
Global Blood Therapeutics, Inc.^*		18,956		836,907
HealthEquity, Inc.^*		7,953		522,274
Immunomedics, Inc.^*,1		27,775		505,783
Intersect ENT, Inc.^*		34,313		1,370,804
iRhythm Technologies, Inc.^*		26,868		1,562,374
LHC Group, Inc.^*		78,052		5,808,630
Ligand Pharmaceuticals, Inc.^*		9,592		1,485,321
Penumbra, Inc.^*		9,770		1,214,900
PRA Health Sciences, Inc.^*		12,675		1,041,505
Prestige Brands Holdings, Inc.^*		13,661		402,180
Sage Therapeutics, Inc.^*		5,616		808,255
Sarepta Therapeutics, Inc.^*		23,972		1,830,502
Tactile Systems Technology, Inc.^*,1		23,082		803,484
Total Health Care				24,050,699


	Shares		Value
Industrials - 14.7%
Beacon Roofing Supply, Inc.^*		41,239	$	2,018,649
The Brink’s Co.		59,935		4,423,203
Curtiss-Wright Corp.		9,883		1,265,419
John Bean Technologies Corp.		8,086		871,266
Kennametal, Inc.		70,280		2,561,706
MasTec, Inc.^*		24,178		1,063,832
Patrick Industries, Inc.^*		9,676		550,564
SiteOne Landscape Supply, Inc.^*		11,443		783,846
Trex Co., Inc.^*		10,902		1,132,500
Total Industrials				14,670,985
Information Technology - 26.5%
2U, Inc.^*		7,589		610,839
Altair Engineering, Inc., Class A^*		51,546		1,493,803
Blackbaud, Inc.		2,969		311,626
Box, Inc., Class A^*		37,589		859,285
Brooks Automation, Inc.		48,924		1,217,229
Carbonite, Inc.^*		47,692		1,483,221
Coupa Software, Inc.^*		17,925		831,182
EPAM Systems, Inc.^*		4,295		491,133
Euronet Worldwide, Inc.^*		6,556		512,089
Everbridge, Inc.^*		29,482		1,101,153
Fair Isaac Corp.^*		7,320		1,267,678
GrubHub, Inc.^*		9,977		1,009,074
GTT Communications, Inc.^*		9,247		444,318
HubSpot, Inc.^*		6,712		710,801
j2 Global, Inc.		25,461		2,021,094
Littelfuse, Inc.		6,946		1,298,346
LogMeIn, Inc.		15,647		1,724,299
Mellanox Technologies, Ltd. (Israel)^*		11,012		865,543
Mimecast, Ltd.^*		44,889		1,708,027
Monolithic Power Systems, Inc.		7,714		903,309
Paylocity Holding Corp.^*		38,352		2,095,170
Proofpoint, Inc.^*		2,462		290,368
RealPage, Inc.^*		44,322		2,371,227
RingCentral, Inc., Class A^*		13,651		915,300
Total Information Technology				26,536,114
Materials - 4.5%
Eagle Materials, Inc.		29,708		2,939,904
Kraton Corp.^*		21,150		965,920
Summit Materials, Inc., Class A^*		20,661		581,401
Total Materials				4,487,225

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



AMG Managers LMCG Small Cap Growth Fund
Schedule of Portfolio Investments (continued)


	Shares		Value
Telecommunication Services -1.0%
Boingo Wireless, Inc.^*		43,115	$	1,011,478
Total Common Stocks (Cost $90,128,477)				96,886,818
Rights - 0.0%
Health Care - 0.0%
Dyax Corp., CVR Expiration 12/31/19^*,2,3(Cost $0)		99,639		0

	Principal
	Amount
Short-Term Investments - 7.7%
Joint Repurchase Agreements - 2.1%⁴
Cantor Fitzgerald Securities, Inc., dated 04/30/18, due 05/01/18, 1.710% total to be received $1,000,048 (collateralized by various U.S. Government Agency Obligations, 0.000% -8.500%, 05/25/18 - 03/20/68, totaling $1,020,000)	$	1,000,000		1,000,000
Deutsche Bank Securities, Inc., dated 04/30/18, due 05/01/18, 1.730% total to be received $1,000,048 (collateralized by various U.S. Government Agency Obligations, 2.500% -5.660%, 06/20/27 - 04/20/48, totaling $1,020,000)		1,000,000		1,000,000

^*	Non-income producing security.

¹	Some or all of these securities, amounting to $2,097,291 or 2.1% of net assets, were out on loan to various brokers.

²	Security’s value was determined by using significant unobservable inputs.

³	This security is restricted and not available for re-sale. The security was received as part of a corporate action on January 22, 2016.


	Principal
	Amount		Value
Nomura Securities International, Inc., dated 04/30/18, due 05/01/18, 1.720% total to be received $149,420 (collateralized by various U.S. Government Agency Obligations, 0.000% -8.750%, 08/15/18 - 02/15/48, totaling $152,401)	$	149,413	$	149,413
Total Joint Repurchase Agreements				2,149,413

	Shares
Other Investment Companies -5.6%
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.60%⁵		5,579,140		5,579,140
Total Short-Term Investments (Cost $7,728,553)				7,728,553
Total Investments - 104.5% (Cost $97,857,030)				104,615,371
Other Assets, less Liabilities - (4.5)%				(4,524,642	)
Net Assets - 100.0%			$	100,090,729

⁴	Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

⁵	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

CVR Contingent Value Rights

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	96,886,818		—		—	$	96,886,818
Rights		—		—	$	0		0
Short-Term Investments
Joint Repurchase Agreements		—	$	2,149,413		—		2,149,413
Other Investment Companies		5,579,140		—		—		5,579,140

Total Investments in Securities	$	102,465,958	$	2,149,413	$	0	$	104,615,371

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

At April 30, 2018, the Level 3 securities are Rights received as a result of a corporate action. The security’s value was determined by using significant unobservable inputs.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG River Road Small-Mid Cap Value Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


	% of
Sector	Net Assets
Consumer Discretionary		30.3
Information Technology		20.8
Financials		14.8
Industrials		11.0
Consumer Staples		7.2
Health Care		6.7
Real Estate		2.1
Energy		1.6
Telecommunication Services		1.2
Materials		0.9
Short-Term Investments¹		6.8
Other Assets Less Liabilities²		(3.4	)

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

²	Includes repayment of cash collateral on security lending transactions.

TOP TEN HOLDINGS


	% of
Security Name	Net Assets
Mitel Networks Corp. (Canada)		4.8
White Mountains Insurance Group, Ltd.		4.1
Premier, Inc., Class A		4.1
GCI Liberty Inc., Class A		3.8
Hostess Brands, Inc.		3.7
UniFirst Corp.		3.7
Cannae Holdings, Inc.		3.6
Liberty Expedia Holdings, Inc., Class A		3.1
Conduent, Inc.		2.9
Avaya Holdings Corp.		2.9

Top Ten as a Group		36.7


AMG River Road Small-Mid Cap Value Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 96.6%
Consumer Discretionary - 30.3%
Advance Auto Parts, Inc.		9,560	$	1,094,142
AMC Networks, Inc., Class A^*		7,330		381,160
Asbury Automotive Group, Inc.^*		12,860		862,263
Biglari Holdings, Inc.^*		2,018		690,681
Cinemark Holdings, Inc.		10,140		397,184
Discovery, Inc., Class C^*		59,510		1,322,312
Entercom Communications Corp., Class A¹		54,470		552,870
Extended Stay America, Inc. (Units)		35,230		689,803
GCI Liberty Inc., Class A^*		43,102		1,922,349
International Speedway Corp., Class A		11,657		479,103
The Interpublic Group of Cos., Inc.		24,160		569,934
J Alexander’s Holdings, Inc.^*		19,241		229,930
Liberty Broadband Corp., Class C^*		8,904		631,204
Liberty Expedia Holdings, Inc., Class A^*		37,875		1,545,300
Liberty Latin America, Ltd., Class A (Bermuda)^*,1		18,750		345,000
Liberty Latin America, Ltd., Class C (Bermuda)^*		43,900		792,834
Motorcar Parts of America, Inc.^*		30,920		588,717
Murphy USA, Inc.^*		15,103		944,995
National CineMedia, Inc.		56,230		321,636
PICO Holdings, Inc.		32,112		386,950
Sleep Number Corp.^*		14,842		420,622
Total Consumer Discretionary				15,168,989
Consumer Staples - 7.2%
Casey’s General Stores, Inc.¹		8,140		786,324
Hostess Brands, Inc.^*		132,900		1,867,245
Ingles Markets, Inc., Class A		28,213		966,295
Total Consumer Staples				3,619,864
Energy - 1.6%
PBF Energy, Inc., Class A		14,595		559,426
World Fuel Services Corp.		10,340		222,000
Total Energy				781,426
Financials - 14.8%
Axis Capital Holdings, Ltd. (Bermuda)		16,220		952,114
Cannae Holdings, Inc.^*		85,775		1,772,111
Capital Southwest Corp., BDC		21,897		372,030
FGL Holdings (Bermuda)^*		80,660		768,690
Genworth Financial, Inc., Class A^*		119,740		330,482
Leucadia National Corp.		20,269		487,267
Oaktree Specialty Lending Corp.		156,330		681,599
White Mountains Insurance Group, Ltd.		2,382		2,061,121
Total Financials				7,425,414


	Shares		Value
Health Care - 6.7%
Computer Programs & Systems, Inc.		18,533	$	553,210
Patterson Cos., Inc.		34,150		795,012
Premier, Inc., Class A^*		61,520		2,029,545
Total Health Care				3,377,767
Industrials - 11.0%
Air Transport Services Group, Inc.^*		12,686		256,765
Armstrong Flooring, Inc.^*		35,800		442,130
Armstrong World Industries, Inc.^*		16,611		930,216
Cubic Corp.		7,773		479,983
Forward Air Corp.		11,569		624,610
Kansas City Southern		5,032		536,562
Resources Connection, Inc.		25,508		399,200
UniFirst Corp.		11,616		1,865,530
Total Industrials				5,534,996
Information Technology - 20.8%
ACI Worldwide, Inc.^*		20,850		484,763
Avaya Holdings Corp.^*		63,150		1,445,503
Cars.com, Inc.^*		42,050		1,197,584
Conduent, Inc.^*		74,830		1,456,192
CSG Systems International, Inc.		18,614		796,493
Dolby Laboratories, Inc., Class A		7,810		467,194
ePlus, Inc.^*		4,562		364,276
Mitel Networks Corp. (Canada)^*		215,210		2,401,744
Sabre Corp.		62,980		1,299,907
Sykes Enterprises, Inc.^*		18,358		527,976
Total Information Technology				10,441,632
Materials - 0.9%
Compass Minerals International, Inc.¹		6,400		430,720
Real Estate - 2.1%
Newmark Group, Inc., Class A^*		25,991		392,464
Realogy Holdings Corp., REIT ¹		25,920		643,075
Total Real Estate				1,035,539
Telecommunication Services - 1.2%
ATN International, Inc.		11,239		595,667
Total Common Stocks (Cost $43,993,811)				48,412,014

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



AMG River Road Small-Mid Cap Value Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Short-Term Investments - 6.8%
Joint Repurchase Agreements - 3.4%²
Cantor Fitzgerald Securities, Inc., dated 04/30/18, due 05/01/18, 1.710% total to be received $1,000,048 (collateralized by various U.S. Government Agency Obligations, 0.000% -8.500%, 05/25/18 - 03/20/68, totaling $1,020,000)	$	1,000,000	$	1,000,000
Credit Suisse AG, dated 04/30/18, due 05/01/18, 1.700% total to be received $681,686 (collateralized by various U.S. Government Agency Obligations, 0.875% - 3.625%, 01/31/19 - 02/15/47, totaling $695,289)		681,654		681,654
Total Joint Repurchase Agreements				1,681,654

*	Non-income producing security.

¹	Some or all of these securities, amounting to $1,626,548 or 3.2% of net assets, were out on loan to various brokers.

²	Collateral received from brokers for securities lending was invested in these joint repurchase agreements.


	Shares		Value
Other Investment Companies - 3.4%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class Shares, 1.65%³		1,717,998	$	1,717,998
Total Short-Term Investments (Cost $3,399,652)				3,399,652
Total Investments - 103.4% (Cost $47,393,463)				51,811,666
Other Assets, less Liabilities - (3.4)%				(1,709,148	)
Net Assets - 100.0%			$	50,102,518

³	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

BDC Business Development Company

REIT Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	48,412,014		—		—	$	48,412,014
Short-Term Investments
Joint Repurchase Agreements		—	$	1,681,654		—		1,681,654
Other Investment Companies		1,717,998		—		—		1,717,998

Total Investments in Securities	$	50,130,012	$	1,681,654		—	$	51,811,666

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG River Road Small Cap Value Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


	% of
Sector	Net Assets
Information Technology		22.7
Consumer Discretionary		19.6
Industrials		17.8
Financials		16.0
Consumer Staples		6.4
Energy		4.0
Health Care		3.5
Telecommunication Services		2.4
Materials		1.0
Real Estate		0.5
Short-Term Investments¹		8.1
Other Assets Less Liabilities²		(2.0	)

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

²	Includes repayment of cash collateral on security lending transactions.

TOP TEN HOLDINGS


	% of
Security Name	Net Assets
Mitel Networks Corp. (Canada)		4.8
White Mountains Insurance Group, Ltd.		4.5
Cannae Holdings, Inc.		4.4
Hostess Brands, Inc.		4.1
UniFirst Corp.		4.1
Avaya Holdings Corp.		3.1
Cars.com, Inc.		3.0
Liberty Expedia Holdings, Inc., Class A		3.0
CSG Systems International, Inc.		2.3
Armstrong World Industries, Inc.		2.3

Top Ten as a Group		35.6


AMG River Road Small Cap Value Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 93.9%
Consumer Discretionary - 19.6%
AMC Networks, Inc., Class A^*		80,170	$	4,168,840
Asbury Automotive Group, Inc.^*		92,750		6,218,887
Biglari Holdings, Inc.^*		15,845		5,423,110
Entercom Communications Corp., Class A¹		275,330		2,794,599
International Speedway Corp., Class A		149,574		6,147,491
J Alexander’s Holdings, Inc.^*		306,645		3,664,408
Liberty Expedia Holdings, Inc., Class A^*		237,253		9,679,922
The Marcus Corp.		90,512		2,697,258
Motorcar Parts of America, Inc.^*		220,176		4,192,151
Murphy USA, Inc.^*		102,112		6,389,148
National CineMedia, Inc.		484,243		2,769,870
PICO Holdings, Inc.		345,294		4,160,793
Sleep Number Corp.^*		137,323		3,891,734
Total Consumer Discretionary				62,198,211
Consumer Staples - 6.4%
Hostess Brands, Inc.^*		919,040		12,912,512
Ingles Markets, Inc., Class A		216,895		7,428,654
Total Consumer Staples				20,341,166
Energy - 4.0%
Evolution Petroleum Corp.		211,470		1,966,671
Gran Tierra Energy, Inc. (Canada)^*		657,120		2,175,067
PBF Energy, Inc., Class A		124,130		4,757,903
QEP Resources, Inc.^*		122,690		1,494,364
World Fuel Services Corp.		108,820		2,336,366
Total Energy				12,730,371
Financials - 16.0%
American National Insurance Co.		30,190		3,643,027
Cannae Holdings, Inc.^*		671,518		13,873,562
Capital Southwest Corp., BDC		239,229		4,064,501
FGL Holdings (Bermuda)^*		511,100		4,870,783
First Citizens BancShares, Inc., Class A		7,185		3,106,004
Genworth Financial, Inc., Class A^*		782,060		2,158,485
Oaktree Specialty Lending Corp.		1,145,470		4,994,249
White Mountains Insurance Group, Ltd.		16,438		14,223,637
Total Financials				50,934,248
Health Care - 3.5%
Computer Programs & Systems, Inc.		208,872		6,234,829
Patterson Cos., Inc.		212,350		4,943,508
Total Health Care				11,178,337
Industrials - 17.8%
Aegion Corp.^*		70,340		1,596,015


	Shares		Value
Air Transport Services Group, Inc.^*		174,133	$	3,524,452
Argan, Inc.		64,920		2,596,800
Armstrong Flooring, Inc.^*		274,660		3,392,051
Armstrong World Industries, Inc.^*		132,893		7,442,008
Barrett Business Services, Inc.		32,713		2,863,042
Cubic Corp.		79,277		4,895,355
Forward Air Corp.		106,950		5,774,230
Kelly Services, Inc., Class A		98,290		2,875,965
Resources Connection, Inc.		268,383		4,200,194
SP Plus Corp.^*		74,983		2,635,652
UniFirst Corp.		80,377		12,908,546
Viad Corp.		37,569		1,906,627
Total Industrials				56,610,937
Information Technology - 22.7%
ACI Worldwide, Inc.^*		133,160		3,095,970
Avaya Holdings Corp.^*		428,120		9,799,667
Cars.com, Inc.^*,1		341,410		9,723,357
Computer Services, Inc.		136,105		6,437,766
CSG Systems International, Inc.		174,445		7,464,502
ePlus, Inc.^*		58,558		4,675,856
Ituran Location and Control, Ltd. (Israel)		155,578		4,877,370
Mitel Networks Corp. (Canada)^*		1,366,450		15,249,582
OSI Systems, Inc.^*		47,430		3,036,469
Sykes Enterprises, Inc.^*		129,968		3,737,880
VeriFone Systems, Inc.^*		175,240		4,032,272
Total Information Technology				72,130,691
Materials - 1.0%
Compass Minerals International, Inc.¹		48,910		3,291,643
Real Estate - 0.5%
Marcus & Millichap, Inc.^*		51,168		1,747,899
Telecommunication Services - 2.4%
ATN International, Inc.		86,143		4,565,579
Telephone & Data Systems, Inc.		112,100		3,063,693
Total Telecommunication Services				7,629,272
Total Common Stocks (Cost $237,415,025)				298,792,775

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



AMG River Road Small Cap Value Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Short-Term Investments - 8.1%
Joint Repurchase Agreements - 2.0%²
Cantor Fitzgerald Securities, Inc., dated 04/30/18, due 05/01/18, 1.710% total to be received $1,490,359 (collateralized by various U.S. Government Agency Obligations, 0.000% - 8.500%, 05/25/18 - 03/20/68, totaling $1,520,094)	$	1,490,288	$	1,490,288
HSBC Securities USA, Inc., dated 04/30/18, due 05/01/18, 1.720% total to be received $1,490,359 (collateralized by various U.S. Government Agency Obligations, 2.500% - 6.500%, 03/01/22 - 04/01/48, totaling $1,520,095)		1,490,288		1,490,288
Jefferies LLC, dated 04/30/18, due 05/01/18, 1.770% total to be received $1,490,361 (collateralized by various U.S. Government Agency Obligations, 0.000% - 6.750%, 05/04/18 - 07/15/32, totaling $1,520,095)		1,490,288		1,490,288
JPMorgan Securities LLC, dated 04/30/18, due 05/01/18, 1.710% total to be received $312,855 (collateralized by various U.S. Government Agency Obligations, 1.125% - 2.250%, 01/31/19 - 01/31/24, totaling $319,097)		312,840		312,840

*	Non-income producing security.

¹	Some or all of these securities, amounting to $6,048,451 or 1.9% of net assets, were out on loan to various brokers.

²	Collateral received from brokers for securities lending was invested in these joint repurchase agreements.


	Principal
	Amount		Value
Nomura Securities International, Inc., dated 04/30/18, due 05/01/18, 1.740% total to be received $1,490,360 (collateralized by various U.S. Government Agency Obligations, 0.000% -10.500%, 05/01/18 - 03/20/68, totaling $1,520,094)	$	1,490,288	$	1,490,288
Total Joint Repurchase Agreements				6,273,992

	Shares
Other Investment Companies - 6.1%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class Shares, 1.65%³		19,297,566		19,297,566
Total Short-Term Investments (Cost $25,571,558)				25,571,558
Total Investments - 102.0% (Cost $262,986,583)				324,364,333
Other Assets, less Liabilities - (2.0)%				(6,281,501	)
Net Assets - 100.0%			$	318,082,832

³	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

BDC Business Development Company

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	298,792,775		—		—	$	298,792,775
Short-Term Investments
Joint Repurchase Agreements		—	$	6,273,992		—		6,273,992
Other Investment Companies		19,297,566		—		—		19,297,566

Total Investments in Securities	$	318,090,341	$	6,273,992		—	$	324,364,333

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG Managers Silvercrest Small Cap Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


	% of
Sector	Net Assets
Financials		22.8
Industrials		17.8
Information Technology		14.8
Consumer Discretionary		10.3
Health Care		7.2
Real Estate		7.0
Energy		6.9
Materials		6.7
Utilities		3.1
Consumer Staples		2.8
Short-Term Investments¹		2.3
Other Assets Less Liabilities²		(1.7	)

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

²	Includes repayment of cash collateral on security lending transactions.

TOP TEN HOLDINGS


	% of
Security Name	Net Assets
FCB Financial Holdings, Inc., Class A		4.0
BancorpSouth Bank		3.5
IBERIABANK Corp.		3.1
Matador Resources Co.		2.9
Independent Bank Corp.		2.8
Pebblebrook Hotel Trust		2.7
CVB Financial Corp.		2.6
Wolverine World Wide, Inc.		2.4
Selective Insurance Group, Inc.		2.4
AMN Healthcare Services, Inc.		2.4

Top Ten as a Group		28.8


AMG Managers Silvercrest Small Cap Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 99.4%
Consumer Discretionary - 10.3%
Dana, Inc.		161,515	$	3,832,751
La-Z-Boy, Inc.		172,235		4,960,368
Lithia Motors, Inc., Class A		17,875		1,713,498
Meredith Corp.		72,025		3,730,895
Murphy USA, Inc.^*		35,850		2,243,134
Visteon Corp.^*		31,620		3,934,793
Wolverine World Wide, Inc.		206,650		6,191,234
Total Consumer Discretionary				26,606,673
Consumer Staples - 2.8%
J&J Snack Foods Corp.		30,164		4,144,835
Lancaster Colony Corp.		24,724		3,105,087
Total Consumer Staples				7,249,922
Energy - 6.9%
Callon Petroleum Co.^*		374,890		5,214,720
Forum Energy Technologies, Inc.^*		172,765		2,176,839
Matador Resources Co.^*		231,505		7,579,474
Select Energy Services, Inc., Class A^*		201,645		3,034,757
Total Energy				18,005,790
Financials - 22.8%
BancorpSouth Bank		279,010		9,221,280
CVB Financial Corp.		300,710		6,660,727
FCB Financial Holdings, Inc., Class A^*		177,945		10,285,221
Glacier Bancorp, Inc.		163,340		6,048,480
Horace Mann Educators Corp.		114,349		5,111,400
IBERIABANK Corp.		108,509		8,132,750
Independent Bank Corp.		101,853		7,363,972
Selective Insurance Group, Inc.		103,770		6,143,184
Total Financials				58,967,014
Health Care - 7.2%
Allscripts Healthcare Solutions, Inc.^*		311,760		3,622,651
AMN Healthcare Services, Inc.^*		91,550		6,120,118
ICU Medical, Inc.^*		19,569		4,925,517
Natus Medical, Inc.^*		117,735		3,891,142
Total Health Care				18,559,428
Industrials - 17.8%
Advanced Disposal Services, Inc.^*		182,650		4,025,606
Altra Industrial Motion Corp.¹		98,355		4,096,486
BMC Stock Holdings, Inc.^*		174,175		3,004,519
CIRCOR International, Inc.		51,515		2,182,691
EMCOR Group, Inc.		34,576		2,544,448
ESCO Technologies, Inc.		64,620		3,609,027


	Shares		Value
Gibraltar Industries, Inc.^*		114,840	$	4,036,626
Insperity, Inc.		61,370		4,924,942
Knoll, Inc.		162,575		3,100,305
Mueller Water Products, Inc., Class A		343,295		3,360,858
Quanex Building Products Corp.		115,515		1,981,082
Standex International Corp.		40,025		3,880,424
US Ecology, Inc.		97,824		5,214,019
Total Industrials				45,961,033
Information Technology - 14.8%
ACI Worldwide, Inc.^*		165,977		3,858,965
Brooks Automation, Inc.		174,345		4,337,704
Entegris, Inc.		96,270		3,099,894
Littelfuse, Inc.		17,888		3,343,625
MACOM Technology Solutions Holdings, Inc.^*,1		132,875		2,208,383
Methode Electronics, Inc.		84,535		3,372,946
MKS Instruments, Inc.		36,430		3,730,432
NetScout Systems, Inc.^*		103,315		2,805,002
Plexus Corp.^*		74,205		4,069,402
Rogers Corp.^*		37,370		3,987,379
Semtech Corp.^*		91,970		3,614,421
Total Information Technology				38,428,153
Materials - 6.7%
HB Fuller Co.		97,995		4,847,813
Ingevity Corp.^*		56,710		4,357,029
Minerals Technologies, Inc.		69,300		4,785,165
PH Glatfelter Co.		156,058		3,260,052
Total Materials				17,250,059
Real Estate - 7.0%
EastGroup Properties, Inc., REIT		38,793		3,482,836
Pebblebrook Hotel Trust, REIT		197,315		6,904,052
Physicians Realty Trust, REIT		254,495		3,802,155
QTS Realty Trust, Inc., Class A, REIT		112,150		3,968,988
Total Real Estate				18,158,031
Utilities - 3.1%
MGE Energy, Inc.		42,308		2,455,979
ONE Gas, Inc.		44,265		3,086,156
Portland General Electric Co.		60,269		2,560,227
Total Utilities				8,102,362
Total Common Stocks (Cost $232,328,951)				257,288,465

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



AMG Managers Silvercrest Small Cap Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Short-Term Investments - 2.3%
Joint Repurchase Agreements - 1.9%²
Cantor Fitzgerald Securities, Inc., dated 04/30/18, due 05/01/18, 1.710% total to be received $1,182,806 (collateralized by various U.S. Government Agency Obligations, 0.000% -8.500%, 05/25/18 - 03/20/68, totaling $1,206,405)	$	1,182,750	$	1,182,750
HSBC Securities USA, Inc., dated 04/30/18, due 05/01/18, 1.720% total to be received $1,182,807 (collateralized by various U.S. Government Agency Obligations, 2.500% - 6.500%, 03/01/22 - 04/01/48, totaling $1,206,406)		1,182,750		1,182,750
Jefferies LLC, dated 04/30/18, due 05/01/18, 1.770% total to be received $1,182,808 (collateralized by various U.S. Government Agency Obligations, 0.000% - 6.750%, 05/04/18 - 07/15/32, totaling $1,206,406)		1,182,750		1,182,750
JPMorgan Securities, LLC dated 04/30/18, due 05/01/18, 1.710% total to be received $248,287 (collateralized by various U.S. Government Agency Obligations, 1.125% - 2.250%, 01/31/19 -01/31/24, totaling $253,241)		248,275		248,275

^*	Non-income producing security.

¹	Some or all of these securities, amounting to $4,757,600 or 1.8% of net assets, were out on loan to various brokers.

²	Collateral received from brokers for securities lending was invested in these joint repurchase agreements.


	Principal
	Amount		Value
Nomura Securities International, Inc., dated 04/30/18, due 05/01/18, 1.740% total to be received $1,182,807 (collateralized by various U.S. Government Agency Obligations, 0.000% -10.500%, 05/01/18 - 03/20/68, totaling $1,206,405)	$	1,182,750	$	1,182,750
Total Joint Repurchase Agreements				4,979,275

	Shares
Other Investment Companies - 0.4%
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.60%³		1,017,729		1,017,729
Total Short-Term Investments (Cost $5,997,004)				5,997,004
Total Investments - 101.7% (Cost $238,325,955)				263,285,469
Other Assets, less Liabilities - (1.7)%				(4,467,713	)
Net Assets - 100.0%			$	258,817,756

³	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

REIT	Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	257,288,465		—		—	$	257,288,465
Short-Term Investments
Joint Repurchase Agreements		—	$	4,979,275		—		4,979,275
Other Investment Companies		1,017,729		—		—		1,017,729

Total Investments in Securities	$	258,306,194	$	4,979,275		—	$	263,285,469

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG GW&K U.S. Small Cap Growth Fund
Fund Snapshots (unaudited)
April 30, 2018


PORTFOLIO BREAKDOWN

	% of
Sector	Net Assets
Information Technology		23.1
Health Care		22.7
Industrials		18.2
Consumer Discretionary		16.9
Financials		7.1
Materials		4.9
Real Estate		2.5
Energy		1.3
Consumer Staples		1.1
Short-Term Investments¹		5.1
Other Assets Less Liabilities²		(2.9	)


TOP TEN HOLDINGS

	% of
Security Name	Net Assets
Burlington Stores, Inc.		3.1
Grand Canyon Education, Inc.		3.0
HEICO Corp.		2.6
EPAM Systems, Inc.		2.3
Globus Medical, Inc., Class A		2.2
Exponent, Inc.		2.1
ICU Medical, Inc.		2.1
Five Below, Inc.		2.1
HubSpot, Inc.		2.0
Catalent, Inc.		1.9

Top Ten as a Group		23.4

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

²	Includes repayment of cash collateral on security lending transactions.


AMG GW&K U.S. Small Cap Growth Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 97.8%
Consumer Discretionary - 16.9%
Burlington Stores, Inc.^*		8,202	$	1,114,242
Chuy’s Holdings, Inc.^*		14,648		418,933
Dave & Buster’s Entertainment, Inc.^*		10,337		439,219
Five Below, Inc.^*		10,502		741,546
Fox Factory Holding Corp.^*		11,971		398,036
Grand Canyon Education, Inc.^*		10,337		1,074,945
Horizon Global Corp.^*,1		11,273		84,209
Lithia Motors, Inc., Class A		3,093		296,495
Oxford Industries, Inc.		5,440		419,097
Pool Corp.		3,015		418,512
Spartan Motors, Inc.		35,448		632,747
Total Consumer Discretionary				6,037,981
Consumer Staples - 1.1%
PriceSmart, Inc.		4,289		375,716
Energy - 1.3%
Matador Resources Co.^*		14,623		478,757
Financials - 7.1%
Ameris Bancorp.		12,355		638,753
Encore Capital Group, Inc.^*,1		9,967		444,528
Greenhill & Co., Inc.		5,095		103,429
Heritage Insurance Holdings, Inc.		12,352		193,926
Pinnacle Financial Partners, Inc.		5,102		326,783
Stifel Financial Corp.		5,656		329,632
Texas Capital Bancshares, Inc.^*		5,055		498,676
Total Financials				2,535,727
Health Care - 22.7%
Acadia Healthcare Co., Inc.^*		7,120		253,330
Amicus Therapeutics, Inc.^*		23,481		332,256
Bruker Corp.		9,300		274,629
Cardiovascular Systems, Inc.^*		10,784		246,414
Catalent, Inc.^*		16,490		677,904
Cotiviti Holdings, Inc.^*		13,115		452,992
DBV Technologies, S.A., Sponsored ADR (France)^*		11,133		244,369
Dova Pharmaceuticals, Inc.^*,1		11,015		317,342
Endologix, Inc.^*		17,682		76,210
Global Blood Therapeutics, Inc.^*		9,266		409,094
Globus Medical, Inc., Class A^*		15,237		779,982
ICU Medical, Inc.^*		2,953		743,270
Impax Laboratories, Inc.^*		17,941		337,291
Medidata Solutions, Inc.^*		9,408		671,355
Neurocrine Biosciences, Inc.^*		6,413		519,966


	Shares		Value
Portola Pharmaceuticals, Inc.^*		8,700	$	314,331
Retrophin, Inc.^*		14,444		362,544
Syneos Health, Inc.^*		9,694		369,342
Wright Medical Group NV (Netherlands)^*		17,566		344,469
Zogenix, Inc.^*		9,779		384,315
Total Health Care				8,111,405
Industrials - 18.2%
Cubic Corp.		5,761		355,742
Dycom Industries, Inc.^*		3,633		377,323
Exponent, Inc.		8,633		745,891
Healthcare Services Group, Inc.		8,449		326,385
HEICO Corp.¹		10,838		952,118
JELD-WEN Holding, Inc.^*		8,713		244,923
John Bean Technologies Corp.		5,019		540,797
Knight-Swift Transportation Holdings, Inc.		8,631		336,695
Ritchie Bros. Auctioneers, Inc. (Canada)		17,837		583,805
SiteOne Landscape Supply, Inc.^*		9,254		633,899
Sun Hydraulics Corp.		7,645		371,318
Thermon Group Holdings, Inc.^*		8,106		184,736
WageWorks, Inc.^*		9,534		397,091
Woodward, Inc.		6,470		465,452
Total Industrials				6,516,175
Information Technology - 23.1%
Blackbaud, Inc.		6,054		635,428
Bottomline Technologies de, Inc.^*		9,333		368,840
Cabot Microelectronics Corp.		4,740		480,873
EPAM Systems, Inc.^*		7,102		812,114
ExlService Holdings, Inc.^*		5,535		319,978
Forrester Research, Inc.		10,836		431,273
HubSpot, Inc.^*		6,829		723,191
LogMeIn, Inc.		5,548		611,390
MACOM Technology Solutions Holdings, Inc.^*,1		11,835		196,698
MAXIMUS, Inc.		4,779		323,204
Mimecast, Ltd.^*		12,909		491,187
Power Integrations, Inc.		7,785		527,823
Rapid7, Inc.^*		18,439		520,717
Silicon Laboratories, Inc.^*		7,052		655,131
Tyler Technologies, Inc.^*		2,858		625,673
Zebra Technologies Corp., Class A^*		3,872		522,062
Total Information Technology				8,245,582
Materials - 4.9%
Balchem Corp.		7,496		661,447
KapStone Paper and Packaging Corp.		13,411		461,607

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



AMG GW&K U.S. Small Cap Growth Fund
Schedule of Portfolio Investments (continued)


	Shares		Value
Materials - 4.9% (continued)
PolyOne Corp.		14,974	$	626,662
Total Materials				1,749,716
Real Estate - 2.5%
QTS Realty Trust, Inc., Class A, REIT		11,407		403,694
STAG Industrial, Inc., REIT		19,441		477,665
Total Real Estate				881,359
Total Common Stocks (Cost $25,352,578)				34,932,418

	Principal
	Amount
Short-Term Investments - 5.1%
Joint Repurchase Agreements - 3.1%²
Citibank N.A., dated 04/30/18, due 05/01/18, 1.720% total to be received $1,000,048 (collateralized by various U.S. Government Agency Obligations, 2.405% - 4.500%, 04/01/24 - 10/01/47, totaling $1,020,215)	$	1,000,000		1,000,000

^*	Non-income producing security.

¹	Some or all of these securities, amounting to $1,100,950 or 3.1% of net assets, were out on loan to various brokers.

²	Collateral received from brokers for securities lending was invested in these joint repurchase agreements.


	Principal
	Amount		Value
Nomura Securities International, Inc., dated 04/30/18, due 05/01/18, 1.720% total to be received $107,311 (collateralized by various U.S. Government Agency Obligations, 0.000% -8.750%, 08/15/18 - 02/15/48, totaling $109,452)	$	107,306	$	107,306
Total Joint Repurchase Agreements				1,107,306

	Shares
Other Investment Companies - 2.0%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class Shares, 1.65%³		713,183		713,183
Total Short-Term Investments (Cost $1,820,489)				1,820,489
Total Investments - 102.9% (Cost $27,173,067)				36,752,907
Other Assets, less Liabilities - (2.9)%				(1,031,833	)
Net Assets - 100.0%			$	35,721,074

³	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	34,932,418		—		—	$	34,932,418
Short-Term Investments
Joint Repurchase Agreements		—	$	1,107,306		—		1,107,306
Other Investment Companies		713,183		—		—		713,183
Total Investments in Securities	$	35,645,601	$	1,107,306		—	$	36,752,907

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG Managers DoubleLine Core Plus Bond Fund
Fund Snapshots (unaudited)
April 30, 2018


PORTFOLIO BREAKDOWN

	% of
Category	Net Assets
U.S. Government and Agency Obligations		33.1
Corporate Bonds and Notes		27.5
Mortgage-Backed Securities		16.4
Asset-Backed Securities		9.7
Investment Companies		4.7
Foreign Government Obligations		3.3
Municipal Bonds		0.1
Common Stocks		0.0	¹
Short-Term Investments²		5.4
Other Assets Less Liabilities³		(0.2	)

¹	Less than 0.05%

²	Includes reinvestment of cash collateral into joint repurchase agreements on security lending transactions.

³	Includes repayment of cash collateral on security lending transactions.


Rating	% of Market Value¹
U.S. Government and Agency Obligations		34.7
Aaa		3.6
Aa		3.2
A		10.6
Baa		20.4
Ba		3.7
B		2.6
Caa & lower		6.7
N/R		14.5

¹	Includes market value of fixed-income securities only.


TOP TEN HOLDINGS

	% of
Security Name	Net Assets
DoubleLine Global Bond Fund, Class I		2.7
DoubleLine Floating Rate Fund, Class I		2.0
U.S. Treasury Notes, 2.250%, 11/15/27		1.9
Fannie Mae, 3.500%, 03/01/46		1.3
U.S. Treasury Notes, 0.750%, 02/15/19		1.2
U.S. Treasury Notes, 1.125%, 01/15/19		1.2
United States Treasury Inflation Indexed Bonds, 0.125%, 04/15/22		1.2
U.S. Treasury Notes, 1.875%, 08/31/24		1.1
U.S. Treasury Notes, 2.875%, 08/15/45		1.1
U.S. Treasury Notes, 2.250%, 10/31/24		1.1

Top Ten as a Group		14.8

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.


AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Principal
	Amount		Value
Corporate Bonds and Notes - 27.5%
Financials - 8.5%
A.S.P AMC Merger Sub, Inc.
8.000%, 05/15/25¹	$	305,000	$	275,263
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)
3.500%, 01/15/25		635,000		602,093
Air Lease Corp.
2.750%, 01/15/23		70,000		66,947
3.750%, 02/01/22		430,000		430,833
Alliant Holdings Intermediate LLC
8.250%, 08/01/23¹		285,000		296,223
Ally Financial, Inc.
4.125%, 03/30/20		545,000		549,087
American Express Co.
2.500%, 08/01/22		1,155,000		1,108,955
American Tower Corp.
3.600%, 01/15/28		610,000		570,215
4.400%, 02/15/26		1,300,000		1,297,677
AssuredPartners, Inc.
7.000%, 08/15/25¹		415,000		410,850
Athene Global Funding
3.000%, 07/01/22¹		635,000		613,673
Australia & New Zealand Banking Group, Ltd. (Australia)
4.875%, 01/12/21¹		660,000		687,526
AXA Equitable Holdings, Inc.
3.900%, 04/20/23¹		605,000		602,844
Banco de Credito del Peru/Panama (Panama)
2.250%, 10/25/19		2,300,000		2,281,025
5.375%, 09/16/20		200,000		209,500
Banco de Credito e Inversiones (Chile)
4.000%, 02/11/23		700,000		704,607
Banco de Reservas de la Republica Dominicana (Dominican Republic)
7.000%, 02/01/23¹		300,000		313,500
7.000%, 02/01/23		200,000		209,000
Banco del Estado de Chile (Chile)
2.668%, 01/08/21¹		200,000		195,500
3.875%, 02/08/22		500,000		503,949
4.125%, 10/07/20		500,000		509,097
Banco Internacional del Peru SAA Interbank (Peru)
8.500%, 04/23/70²		500,000		540,000
Banco Internacional del Peru, S.A.A/ Panama (Panama)
5.750%, 10/07/20		1,500,000		1,575,000
Banco Santander Chile (Chile)
3.875%, 09/20/22		150,000		151,275


	Principal
	Amount		Value
Banco Santander Mexico, S.A. Institucion de Banca Multiple Grupo Financiero Santand (Mexico)
5.950%, 01/30/24²	$	1,204,000	$	1,223,565
Banco Santander, S.A. (Spain)
(3-Month LIBOR plus 1.090%) 3.010%, 02/23/23³		600,000		605,219
Bancolombia S.A. (Colombia)
6.125%, 07/26/20		200,000		211,000
Banistmo, S.A. (Panama)
3.650%, 09/19/22¹		200,000		191,800
Bank of America Corp.
(3-Month LIBOR plus 1.021%) 2.881%, 04/24/23²		375,000		364,914
Bank of Montreal (Canada)
(USD Swap 5 Year plus 1.432%) 3.803%, 12/15/32²		480,000		452,717
Bantrab Senior Trust (Cayman Islands)
9.000%, 11/14/20		150,000		153,975
BBVA Banco Continental, S.A. (Peru)
5.000%, 08/26/22		300,000		313,875
BDO Unibank, Inc., EMTN (Philippines)
2.625%, 10/24/21		600,000		583,634
2.950%, 03/06/23		2,050,000		1,951,174
BNP Paribas S.A. (France)
3.375%, 01/09/25¹		620,000		593,923
Boston Properties LP
4.125%, 05/15/21		546,000		557,341
Brighthouse Financial, Inc.
3.700%, 06/22/27¹		615,000		557,290
Capital One Financial Corp.
(3-Month LIBOR plus 0.720%), 3.079%, 01/30/23³		475,000		472,792
3.450%, 04/30/21		90,000		90,059
Citigroup, Inc.
(3-Month LIBOR plus 1.100%) 2.985%, 05/17/24³		870,000		885,403
Commonwealth Bank of Australia (Australia)
2.750%, 03/10/22¹		910,000		887,913
Credit Agricole SA/London (United Kingdom)
3.750%, 04/24/23¹		545,000		539,717
Credit Suisse Group AG (Switzerland)
(3-Month LIBOR plus 1.200%) 3.307%, 12/14/23^1,3		615,000		627,530
Crown Castle International Corp.
3.650%, 09/01/27		610,000		572,263
3.700%, 06/15/26		600,000		571,009
4.000%, 03/01/27		775,000		749,458
DBS Group Holdings, Ltd. (Singapore)
(3-Month LIBOR plus 0.620%), 2.980%, 07/25/22^1,3		2,100,000		2,107,881

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



AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Financials - 8.5% (continued)
DBS Group Holdings, Ltd. (Singapore)
(3-Month LIBOR plus 0.620%), 2.980%, 07/25/22³	$	500,000	$	501,876
Digital Realty Trust LP
3.700%, 08/15/27		350,000		332,814
Discover Financial Services
4.100%, 02/09/27		740,000		717,999
ESH Hospitality, Inc.
5.250%, 05/01/25¹		325,000		318,500
Global Bank Corp. (Panama)
5.125%, 10/30/19		1,300,000		1,326,000
The Goldman Sachs Group, Inc. Series*
(3-Month LIBOR plus 0.780%) 3.139%, 10/31/22³		790,000		793,359
HUB International, Ltd.
7.000%, 05/01/26¹		35,000		35,175
Icahn Enterprises LP/Icahn Enterprises Finance Corp.
6.250%, 02/01/22		215,000		219,838
Icahn Enterprises, LP/Icahn Enterprises Finance Corp
6.375%, 12/15/25		240,000		241,500
Industrial Senior Trust (Cayman Islands)
5.500%, 11/01/22		800,000		796,688
Interoceanica IV Finance, Ltd.(Cayman Islands)
0.000%, 11/30/254		1,541,153		1,296,495
Itau Corp. (Chile)
3.875%, 09/22/19		2,300,000		2,329,567
Kennedy-Wilson, Inc.
5.875%, 04/01/24¹		255,000		252,450
Liberty Mutual Group, Inc.
6.500%, 05/01/42¹		679,000		835,146
Lloyds Banking Group PLC (United Kingdom)
(3-Month LIBOR plus 1.205%) 3.574%, 11/07/28²		630,000		587,352
Macquarie Group, Ltd. (Australia)
(3-Month LIBOR plus 1.023%), 3.189%, 11/28/23^1,2		355,000		340,752
(3-Month LIBOR plus 1.330%), 4.150%, 03/27/24^1,2		295,000		293,955
Magnesita Finance SA (Luxembourg)
8.625%, 07/05/66⁵		504,000		505,663
Malayan Banking Bhd (Malaysia)
3.905%, 10/29/26²		1,800,000		1,788,964
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc.
4.500%, 01/15/28		335,000		309,875


	Principal
	Amount		Value
Mitsubishi UFJ Financial Group, Inc. (Japan)
(3-Month LIBOR plus 0.740%) 2.757%, 03/02/23³	$	595,000	$	597,401
Morgan Stanley
(3-Month LIBOR plus 1.340%) 3.591%, 07/22/28²		585,000		556,187
MPT Operating Partnership LP/MPT Finance Corp.
5.000%, 10/15/27		330,000		313,500
MUFG Americas Holdings Corp.
2.250%, 02/10/20		315,000		310,292
National Rural Utilities Cooperative Finance Corp.
2.000%, 01/27/20		335,000		329,781
Navient Corp.
6.500%, 06/15/22		295,000		303,481
NFP Corp.
6.875%, 07/15/25¹		305,000		300,425
Oversea-Chinese Banking Corp., Ltd. (Singapore)
(USD Swap 5 Year plus 2.203%) 4.000%, 10/15/24²		1,505,000		1,510,689
Royal Bank of Scotland Group PLC (United Kingdom)
(3-Month LIBOR plus 1.480%) 3.498%, 05/15/23²		860,000		842,318
S.P.A.RC EM SPC Panama Metro Line 2 SP (Cayman Islands)
0.000%, 12/05/22⁴		1,400,000		1,253,000
Springleaf Finance Corp.
6.875%, 03/15/25		165,000		167,063
Sprint Capital Corp.
6.875%, 11/15/28		155,000		158,488
Sumitomo Mitsui Financial Group, Inc. (Japan)
(3-Month LIBOR plus 0.740%) 3.093%, 01/17/23³		955,000		958,526
Synchrony Financial
3.000%, 08/15/19		520,000		518,972
3.950%, 12/01/27		55,000		51,186
Temasek Financial I, Ltd. (Singapore)
2.375%, 01/23/23		2,600,000		2,498,434
Tempo Acquisition LLC/Tempo Acquisition Finance Corp.
6.750%, 06/01/25¹		315,000		312,638
Union Bank of the Philippines, EMTN (Philippines)
3.369%, 11/29/22		500,000		480,575
United Overseas Bank, Ltd., EMTN (Singapore)
3.500%, 09/16/26²		1,500,000		1,474,519
3.750%, 09/19/24²		1,000,000		1,004,265
Total Financials				57,734,799

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



AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Industrials - 16.8%
1011778 BC ULC / New Red Finance, Inc. (Canada)
5.000%, 10/15/25¹	$	320,000	$	309,501
AbbVie, Inc.
4.700%, 05/14/45		583,000		574,059
Adani Ports & Special Economic Zone, Ltd. (India) 3.500%, 07/29/20		300,000		297,127
3.950%, 01/19/22		700,000		690,733
Aeropuerto Internacional de Tocumen SA (Panama)
5.750%, 10/09/23		970,769		1,025,375
Ajecorp BV (Netherlands)
6.500%, 05/14/22		200,000		181,000
AK Steel Corp.
6.375%, 10/15/25		310,000		291,986
Albertsons Cos LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC
5.750%, 03/15/25		215,000		188,394
Alibaba Group Holding, Ltd. (China)
2.800%, 06/06/23		200,000		192,247
3.125%, 11/28/21		200,000		198,683
Altice US Finance I Corp.
5.375%, 07/15/23¹		200,000		200,750
America Movil, S.A.B de CV (Mexico)
5.000%, 03/30/20		300,000		309,146
American Axle & Manufacturing, Inc.
6.250%, 03/15/26		190,000		188,575
6.625%, 10/15/22		265,000		274,275
Anglo American Capital PLC (United Kingdom)
4.500%, 03/15/28¹		615,000		603,244
Anheuser-Busch InBev Finance, Inc.
4.900%, 02/01/46		240,000		248,017
Anheuser-Busch InBev Worldwide, Inc.
4.600%, 04/15/48		310,000		306,947
Anthem, Inc.
2.300%, 07/15/18		415,000		414,892
2.950%, 12/01/22		170,000		164,901
Applied Materials, Inc.
4.350%, 04/01/47		310,000		319,534
APT Pipelines, Ltd. (Australia)
4.250%, 07/15/27¹		1,000,000		980,204
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. (Ireland)
6.000%, 02/15/25¹		200,000		202,750
Arrow Electronics, Inc.
3.875%, 01/12/28		295,000		277,977
Ascend Learning LLC
6.875%, 08/01/25¹		290,000		295,800
AstraZeneca PLC (United Kingdom)
2.375%, 06/12/22		630,000		604,332


	Principal
	Amount		Value
AT&T, Inc.
5.250%, 03/01/37	$	785,000	$	800,943
Avantor, Inc.
6.000%, 10/01/24¹		235,000		236,763
9.000%, 10/01/25¹		150,000		152,250
Axiata SPV2 Bhd (Malaysia)
Series 2 3.466%, 11/19/20		2,000,000		1,997,240
B&G Foods, Inc.
5.250%, 04/01/25		335,000		307,362
Baker Hughes a GE Co. LLC/Baker Hughes
Co-Obligor, Inc.
4.080%, 12/15/47		610,000		559,328
BAT Capital Corp.
(3-Month LIBOR plus 0.880%) 2.719%, 08/15/22^1,3		110,000		111,359
Beacon Escrow Corp.
4.875%, 11/01/25¹		335,000		318,250
Becton Dickinson and Co.
2.894%, 06/06/22		890,000		862,317
Bharat Petroleum Corp. , Ltd. (India)
4.625%, 10/25/22		200,000		204,260
Bharti Airtel International Netherlands BV (Netherlands)
Series REGs 5.125%, 03/11/23		1,300,000		1,311,415
Bharti Airtel, Ltd. (India)
4.375%, 06/10/25		1,200,000		1,149,847
BlueLine Rental Finance Corp.
9.250%, 03/15/24¹		295,000		314,455
The Boeing Co.
6.875%, 03/15/39		392,000		545,315
Boston Scientific Corp.
4.000%, 03/01/28		310,000		307,138
Boyne USA, Inc.
7.250%, 05/01/25¹		325,000		337,285
BPRL International Singapore Pte, Ltd., EMTN (Singapore)
4.375%, 01/18/27		1,500,000		1,456,518
Brand Industrial Services, Inc.
8.500%, 07/15/25¹		45,000		46,575
Builders FirstSource, Inc.
5.625%, 09/01/24¹		316,000		314,025
Burlington Northern Santa Fe LLC
4.550%, 09/01/44		540,000		564,853
BWAY Holding Co.
5.500%, 04/15/24¹		215,000		216,978
Camposol SA (Peru)
10.500%, 07/15/21¹		200,000		213,500
Canadian Natural Resources, Ltd. (Canada)
2.950%, 01/15/23		310,000		299,772

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


AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Industrials - 16.8% (continued)
CB Escrow Corp.
8.000%, 10/15/25¹	$	170,000	$	162,350
CCO Holdings LLC/CCO Holdings Capital Corp.
5.000%, 02/01/28¹		170,000		157,825
Celgene Corp.
4.350%, 11/15/47		625,000		570,669
Celulosa Arauco y Constitucion, S.A. (Chile)
4.750%, 01/11/22		200,000		205,860
Cengage Learning, Inc.
9.500%, 06/15/24^1,6		255,000		200,175
Centene Corp.
4.750%, 01/15/25		300,000		292,406
CEVA Group PLC (United Kingdom)
7.000%, 03/01/21^1,6		315,000		318,150
Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 07/23/25		605,000		616,221
Cheniere Energy Partners LP
5.250%, 10/01/25¹		320,000		313,600
Cincinnati Bell, Inc.
7.000%, 07/15/24¹		185,000		170,644
CK Hutchison International 17 II, Ltd. (Cayman Islands)
2.250%, 09/29/20¹		200,000		195,586
CK Hutchison International 17, Ltd. (Cayman Islands)
2.875%, 04/05/22		400,000		389,294
3.500%, 04/05/27¹		1,000,000		957,623
CNOOC Finance 2012, Ltd. (Hong Kong)
3.875%, 05/02/22		800,000		802,962
CNOOC Finance 2015 USA LLC
3.500%, 05/05/25		1,800,000		1,726,297
3.750%, 05/02/23⁷		590,000		587,404
CNPC General Capital, Ltd. (Virgin Islands, British)
3.950%, 04/19/22		300,000		302,956
CNPC HK Overseas Capital, Ltd. (China)
4.500%, 04/28/21		1,800,000		1,854,751
CNX Midstream Partners LP/CNX Midstream Finance Corp.
6.500%, 03/15/26¹		315,000		308,700
Coca-Cola Femsa SAB de CV (Mexico)
3.875%, 11/26/23		150,000		151,591
Constellation Merger Sub, Inc.
8.500%, 09/15/25¹		155,000		151,900
Corning, Inc.
4.375%, 11/15/57		625,000		556,783
Cosan Overseas, Ltd. (Cayman Islands)
8.250%, 02/05/67⁵		2,000,000		2,032,500
Coty, Inc.
6.500%, 04/15/26¹		155,000		151,125


	Principal
	Amount		Value
CRC Escrow Issuer LLC/CRC Finco, Inc.
5.250%, 10/15/25¹	$	325,000	$	311,187
CSC Holdings LLC
5.250%, 06/01/24		165,000		155,513
CSI Compressco, LP/CSI Compressco Finance, Inc.
7.500%, 04/01/25¹		130,000		130,975
CSX Corp.
3.800%, 11/01/46		645,000		581,203
CVS Health Corp.
5.050%, 03/25/48		605,000		619,046
Daimler Finance North America LLC
(3-Month LIBOR plus 0.840%) 3.203%, 05/04/23^1,3		1,175,000		1,175,000
Dana Financing Luxembourg Sarl (Luxembourg)
5.750%, 04/15/25¹		155,000		157,713
Delta Air Lines, Inc.
3.625%, 03/15/22		300,000		297,485
3.800%, 04/19/23		295,000		292,975
Digicel Group, Ltd. (Jamaica)
7.125%, 04/01/22¹		300,000		245,052
7.125%, 04/01/22⁶		1,300,000		1,062,061
DJO Finco Inc./DJO Finance LLC/DJO Finance Corp.
8.125%, 06/15/21¹		160,000		161,000
Dollar Tree, Inc.
4.000%, 05/15/25		585,000		579,870
eBay, Inc.
2.750%, 01/30/23		605,000		581,840
Ecopetrol, S.A. (Colombia)
7.625%, 07/23/19		900,000		951,300
Eldorado Resorts, Inc.
6.000%, 04/01/25		300,000		298,875
Embarq Corp.
7.995%, 06/01/36		165,000		157,555
Embotelladora Andina SA (Chile)
5.000%, 10/01/23		1,600,000		1,667,338
Empresa de Transporte de Pasajeros Metro SA (Chile)
5.000%, 01/25/47¹		1,150,000		1,173,000
ENA Norte Trust (Panama)
4.950%, 04/25/23		1,152,938		1,186,085
Enable Midstream Partners LP
4.400%, 03/15/27		595,000		576,979
Energy Transfer LP
4.200%, 04/15/27		100,000		95,505
4.750%, 01/15/26		400,000		399,783
EP Energy LLC/Everest Acquisition Finance, Inc.
9.375%, 05/01/24¹		25,000		19,250
EQT Corp.
3.900%, 10/01/27		645,000		614,807

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


AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 16.8% (continued)
Expedia, Inc.
3.800%, 02/15/28	$	630,000	$	575,133
Exterran Energy Solutions, LP/EES Finance Corp
8.125%, 05/01/25		145,000		154,063
Extraction Oil & Gas, Inc.
5.625%, 02/01/26¹		160,000		155,400
FedEx Corp.
4.750%, 11/15/45		580,000		587,304
Fermaca Enterprises S de RL de CV (Mexico)
6.375%, 03/30/38¹		228,837		245,428
Fidelity National Information Services, Inc.
3.625%, 10/15/20		423,000		427,470
First Data Corp.
5.750%, 01/15/24¹		135,000		137,379
7.000%, 12/01/23¹		130,000		136,354
Flex Acquisition Co, Inc.
6.875%, 01/15/25¹		315,000		317,166
FMG Resources August 2006 Pty, Ltd. (Australia)
4.750%, 05/15/22^1,⁶		215,000		213,979
Fomento Economico Mexicano SAB de CV
(Mexico)
2.875%, 05/10/23		200,000		192,857
Ford Motor Co.
7.450%, 07/16/3¹		510,000		605,236
Foresight Energy LLC/Foresight Energy Finance Corp.
11.500%, 04/01/23¹		170,000		144,500
Frontier Communications Corp.
8.500%, 04/15/20		80,000		80,800
8.500%, 04/01/26^1,6		90,000		87,750
FTS International, Inc.
6.250%, 05/01/22		317,000		320,566
General Motors Co.
(3-Month LIBOR plus 0.800%) 2.593%, 08/07/20³		210,000		211,505
General Motors Financial Co, Inc.
(3-Month LIBOR plus 0.990%), 3.311%, 01/05/23³		540,000		543,159
3.950%, 04/13/24		125,000		122,800
Genesys Telecommunications Laboratories Inc.
10.000%, 11/30/24¹		280,000		310,100
Georgia-Pacific LLC
3.600%, 03/01/25¹		580,000		577,349
GFL Environmental, Inc. (Canada)
5.375%, 03/01/23¹		160,000		158,800
GNL Quintero SA (Chile)
4.634%, 07/31/29		500,000		499,225
Gohl Capital, Ltd. (Isle of Man)
4.250%, 01/24/27		1,500,000		1,446,174


	Principal Amount		Value
Golden Nugget, Inc.
6.750%, 10/15/24¹	$	220,000	$	223,850
Grupo Idesa SA de CV (Mexico)
7.875%, 12/18/20¹		600,000		580,500
7.875%, 12/18/20		600,000		580,500
GTT Communications, Inc.
7.875%, 12/31/24¹		305,000		312,625
Guanay Finance, Ltd. (Cayman Islands)
6.000%, 12/15/20		1,202,985		1,230,052
Gulfport Energy Corp.
6.375%, 05/15/25		325,000		313,118
GW Honos Security Corp. (Canada)
8.750%, 05/15/25¹		295,000		308,924
Hasbro, Inc.
3.500%, 09/15/27		265,000		244,389
Hess Infrastructure Partners, LP/Hess Infrastructure Partners Finance Corp
5.625%, 02/15/26¹		315,000		319,725
Hexion, Inc.
10.375%, 02/01/22¹		325,000		317,687
Hutchison Whampoa International 12 II, Ltd. (Cayman Islands)
3.250%, 11/08/22		900,000		886,693
Indian Oil Corp, Ltd. (India)
5.750%, 08/01/23		1,700,000		1,814,068
Indian Oil Corp., Ltd. (India)
5.625%, 08/02/21		450,000		473,683
Indigo Natural Resources LLC
6.875%, 02/15/26¹		185,000		178,525
Informatica LLC
7.125%, 07/15/23¹		310,000		311,550
Intelsat Jackson Holdings SA (Luxembourg)
5.500%, 08/01/23		210,000		176,663
Inversiones CMPC S.A./Cayman Islands Branch (Cayman Islands)
4.500%, 04/25/22		700,000		717,177
Inversiones CMPC, S.A. (Chile)
6.125%, 11/05/19		100,000		104,125
IRB Holding Corp.
6.750%, 02/15/26¹		315,000		304,762
Iridium Communications, Inc.
10.250%, 04/15/23¹		155,000		161,975
Jabil, Inc.
3.950%, 01/12/28		90,000		85,835
JBS USA LUX, S.A./JBS USA Finance, Inc.
6.750%, 02/15/28¹		130,000		124,963
Jeld-Wen, Inc.
4.625%, 12/15/25¹		155,000		149,141
KAR Auction Services, Inc.
5.125%, 06/01/25¹		135,000		131,288

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


AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Industrials - 16.8% (continued)
The Kenan Advantage Group Inc.
7.875%, 07/31/23¹	$	75,000	$	76,500
Kinder Morgan Energy Partners LP, MTN
6.950%, 01/15/38		605,000		712,397
Kraft Heinz Foods Co.
2.000%, 07/02/18		265,000		264,771
2.800%, 07/02/20		375,000		372,449
Kratos Defense & Security Solutions, Inc.
6.500%, 11/30/25¹		185,000		191,013
The Kroger Co.
3.400%, 04/15/22		580,000		576,385
Kronos Acquisition Holdings, Inc. (Canada)
9.000%, 08/15/23¹		325,000		311,187
Level 3 Communications, Inc.
5.750%, 12/01/22		125,000		126,250
Level 3 Financing, Inc.
5.375%, 01/15/24		305,000		302,712
Lima Metro Line 2 Finance, Ltd. (Cayman Islands)
5.875%, 07/05/34		1,000,000		1,017,500
Live Nation Entertainment, Inc.
5.625%, 03/15/26¹		95,000		95,000
Lockheed Martin Corp.
4.700%, 05/15/46		555,000		591,310
LTF Merger Sub, Inc.
8.500%, 06/15/23¹		305,000		321,012
Match Group, Inc.
5.000%, 12/15/27¹		305,000		299,662
McDonald’s Corp., MTN
4.450%, 03/01/47		245,000		245,561
MEG Energy Corp. (Canada)
7.000%, 03/31/24¹		185,000		166,500
Mexico City Airport Trust (Mexico)
4.250%, 10/31/26¹		700,000		658,566
The Mosaic Co
4.050%, 11/15/27		640,000		605,461
Moss Creek Resources Holdings, Inc.
7.500%, 01/15/26¹		135,000		136,181
Nabors Industries, Inc.
5.750%, 02/01/25¹		190,000		180,263
Newell Brands Inc.
5.500%, 04/01/46		555,000		575,053
Nexstar Broadcasting, Inc.
5.625%, 08/01/24¹		135,000		133,313
Noble Holding International, Ltd. (Cayman Islands)
7.875%, 02/01/26¹		80,000		80,700
NVA Holdings, Inc.
6.875%, 04/01/26¹		300,000		303,000


	Principal
	Amount		Value
OAS Finance, Ltd. (Virgin Islands, British)
(US Treasury 5 Year plus 8.186%), 8.875%, 07/25/66^1,5,8	$	400,000	$	26,500
8.875%, 07/25/66^5,8		600,000		39,750
Odebrecht Finance, Ltd. (Cayman Islands)
7.125%, 06/26/42		400,000		117,680
Omnicom Group, Inc.
3.600%, 04/15/26		595,000		570,094
ONGC Videsh Vankorneft Pte, Ltd. (Singapore)
3.750%, 07/27/26		2,500,000		2,368,350
Oracle Corp.
4.125%, 05/15/45		565,000		556,744
Orange SA (France)
1.625%, 11/03/19		75,000		73,611
2.750%, 02/06/19		454,000		454,220
Owens Corning
4.400%, 01/30/48		320,000		285,778
Packaging Corp of America
3.400%, 12/15/27		310,000		291,120
Par Petroleum LLC/Petroleum Finance Corp.
7.750%, 12/15/25¹		160,000		163,200
Peabody Energy Corp.
6.000%, 03/31/22¹		300,000		309,285
Penske Truck Leasing Co. LP/PTL Finance Corp.
4.200%, 04/01/27¹		300,000		296,518
Pesquera Exalmar S.A.A. (Peru)
7.375%, 01/31/20		400,000		398,000
Petroleos Mexicanos (Mexico)
6.350%, 02/12/48¹		270,000		248,940
6.750%, 09/21/47		340,000		329,630
Petronas Capital, Ltd. (Malaysia)
3.500%, 03/18/25		1,300,000		1,265,273
Petronas Global Sukuk , Ltd. (Malaysia)
2.707%, 03/18/20		1,100,000		1,088,751
PetSmart, Inc.
5.875%, 06/01/25¹		40,000		29,000
7.125%, 03/15/23¹		285,000		167,438
Phillips 66
5.875%, 05/01/42		241,000		284,372
Pilgrim’s Pride Corp.
5.750%, 03/15/25¹		320,000		313,600
Pisces Midco, Inc.
8.000%, 04/15/26¹		50,000		50,265
Plastipak Holdings, Inc.
6.250%, 10/15/25¹		155,000		151,125
Platform Specialty Products Corp.
5.875%, 12/01/25¹		260,000		253,825
Polaris Intermediate Corp., PIK
8.500%, 12/01/22^1,9		145,000		147,538
Post Holdings, Inc.
5.500%, 03/01/25¹		290,000		285,650

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


AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Industrials - 16.8% (continued)
Prime Security Services Borrower LLC
9.250%, 05/15/23¹	$	215,000	$	231,394
PSA International Pte, Ltd., GMTN (Singapore)
3.875%, 02/11/21		600,000		611,897
QEP Resources, Inc.
5.250%, 05/01/23		155,000		151,900
5.625%, 03/01/26⁶		170,000		163,413
Radiate Holdco LLC/Radiate Finance, Inc.
6.625%, 02/15/25¹		155,000		144,150
Reliance Holding USA, Inc.
5.400%, 02/14/22		2,400,000		2,509,392
Republic Services, Inc.
3.375%, 11/15/27		550,000		520,302
Reynolds American, Inc.
4.000%, 06/12/22		410,000		413,809
Riverbed Technology, Inc.
8.875%, 03/01/23¹		235,000		218,256
Royal Caribbean Cruises, Ltd.
3.700%, 03/15/28		315,000		297,404
Sabine Pass Liquefaction LLC
5.000%, 03/15/27		705,000		725,832
SACI Falabella (Chile)
3.750%, 04/30/23		900,000		884,163
Sanchez Energy Corp.
6.125%, 01/15/23⁶		165,000		119,988
SBA Tower Trust
3.168%, 04/11/22¹		400,000		395,874
Select Medical Corp.
6.375%, 06/01/21		295,000		300,531
The ServiceMaster Co. LLC
5.125%, 11/15/24¹		90,000		87,885
Shire Acquisitions Investments (Ireland)
2.875%, 09/23/23		615,000		580,738
SingTel Group Treasury Pte, Ltd., EMTN (Singapore)
4.500%, 09/08/21		700,000		725,595
Sinopec Group Overseas Development 2016, Ltd. (China)
2.750%, 05/03/21		500,000		489,857
2.750%, 09/29/26		1,600,000		1,436,414
Sirius XM Radio, Inc.
5.375%, 07/15/26¹		215,000		211,259
Six Flags Entertainment Corp.
4.875%, 07/31/24¹		150,000		146,625
Sixsigma Networks Mexico SA de CV (Mexico)
8.250%, 11/07/21¹		200,000		208,500
Smithfield Foods, Inc.
4.250%, 02/01/27¹		630,000		615,345


	Principal
	Amount		Value
Solera LLC
10.500%, 03/01/24¹	$	200,000	$	223,500
Sophia LP/Sophia Finance, Inc.
9.000%, 09/30/23¹		280,000		296,100
Sprint Corp.
7.125%, 06/15/24		235,000		242,565
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC
4.738%, 03/20/25¹		200,000		202,500
Staples, Inc.
8.500%, 09/15/25^1,6		30,000		28,125
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp.
7.500%, 06/15/25¹		145,000		149,713
Sunoco Logistics Partners Operations LP
3.900%, 07/15/26		1,000,000		941,010
Sunoco LP/Sunoco Finance Corp.
5.500%, 02/15/26¹		155,000		149,963
Sydney Airport Finance Co. Pty, Ltd. (Australia)
3.375%, 04/30/25¹		990,000		947,727
Sysco Corp.
3.250%, 07/15/27		610,000		576,244
Tapstone Energy LLC/Tapstone Energy Finance Corp.
9.750%, 06/01/22¹		180,000		156,096
Targa Resources Partners, LP/Targa Resources Partners Finance Corp.
5.875%, 04/15/26¹		175,000		174,344
Team Health Holdings, Inc.
6.375%, 02/01/25^1,6		315,000		275,625
TEGNA, Inc.
4.875%, 09/15/21¹		140,000		142,100
Telefonica Chile SA (Chile)
3.875%, 10/12/22		900,000		894,011
Telesat Canada/Telesat LLC (Canada)
8.875%, 11/15/24¹		215,000		235,963
Tempur Sealy International Inc.
5.500%, 06/15/26		325,000		308,750
Tencent Holdings, Ltd. (China)
2.875%, 02/11/20		400,000		397,812
(3-Month LIBOR plus 0.605%), 2.960%, 01/19/23^1,3		800,000		803,745
3.375%, 05/02/19		800,000		802,924
Tenet Healthcare Corp.
7.000%, 08/01/25^1,6		240,000		236,700
8.125%, 04/01/22		75,000		78,375
Teva Pharmaceutical Finance Netherlands III BV (Netherlands)
6.750%, 03/01/28^1,6		200,000		197,701
Teva Pharmaceutical Finance Netherlands III (Netherlands)
2.800%, 07/21/23		860,000		720,787

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


AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Industrials - 16.8% (continued)
T-Mobile USA, Inc.
4.500%, 02/01/26	$	100,000	$	96,375
TransDigm, Inc.
6.375%, 06/15/26		300,000		302,250
TransMontaigne Partners, LP/TLP Finance Corp.
6.125%, 02/15/26		145,000		145,000
Transocean Proteus, Ltd. (Cayman Islands)
6.250%, 12/01/24¹		229,500		236,672
Transportadora de Gas Internacional SA ESP (Colombia)
5.700%, 03/20/22		200,000		204,020
Trident Merger Sub, Inc.
6.625%, 11/01/25¹		155,000		152,288
Triumph Group, Inc.
7.750%, 08/15/25		215,000		220,913
Union Pacific Corp.
3.000%, 04/15/27		400,000		381,835
Universal Hospital Services, Inc.
7.625%, 08/15/20		235,000		237,937
UPL Corp, Ltd. (Mauritius)
3.250%, 10/13/21		1,100,000		1,071,508
USA Compression Partners, LP/USA Compression Finance Corp.
6.875%, 04/01/26¹		230,000		235,463
Valeant Pharmaceuticals International
9.250%, 04/01/26¹		160,000		163,600
Valeant Pharmaceuticals International, Inc.
5.500%, 11/01/25¹		75,000		74,906
7.000%, 03/15/24¹		90,000		95,260
Verizon Communications, Inc.
4.400%, 11/01/34		550,000		532,554
Viking Cruises, Ltd.
5.875%, 09/15/27¹		325,000		314,437
Vine Oil & Gas LP/Vine Oil & Gas Finance Corp.
8.750%, 04/15/23¹		135,000		127,238
Vizient, Inc.
10.375%, 03/01/24¹		270,000		300,375
Waste Pro USA, Inc.
5.500%, 02/15/26¹		195,000		193,479
Weatherford International LLC
9.875%, 03/01/25^1,6		15,000		14,400
Weatherford International, Ltd.
9.875%, 02/15/24⁶		75,000		72,938
WellCare Health Plans, Inc.
5.250%, 04/01/25		225,000		226,710
WestRock Co.
3.750%, 03/15/25¹		615,000		604,902
Whiting Petroleum Corp.
6.625%, 01/15/26^1,6		315,000		323,269


	Principal
	Amount		Value
Williams Partners LP
3.750%, 06/15/27	$	290,000	$	273,040
Xerium Technologies, Inc.
9.500%, 08/15/21		80,000		83,600
Zimmer Biomet Holdings, Inc.
2.700%, 04/01/20		590,000		584,634
Total Industrials				114,490,790
Utilities - 2.2%
AES Andres/Dominican Power Partners/Empresa Generadora De Electricidad IT (Netherlands)
7.950%, 05/11/26¹		1,000,000		1,076,250
American Electric Power Co, Inc.
Series F 2.950%, 12/15/22		1,300,000		1,268,763
American Water Capital Corp.
3.400%, 03/01/25		775,000		767,840
Calpine Corp.
5.750%, 01/15/25⁶		95,000		87,163
Duke Energy Corp.
3.750%, 09/01/46		110,000		98,083
3.950%, 08/15/47		350,000		323,669
Duke Energy Progress LLC
4.150%, 12/01/44		465,000		472,258
Duquesne Light Holdings, Inc.
3.616%, 08/01/27¹		500,000		475,767
Edison International
4.125%, 03/15/28		610,000		606,281
Engie Energia Chile, S.A. (Chile)
5.625%, 01/15/21		700,000		734,950
Eversource Energy
Series K 2.750%, 03/15/22		1,000,000		974,512
Exelon Corp.
3.400%, 04/15/26		1,000,000		957,162
Fortis, Inc. (Canada)
2.100%, 10/04/21		545,000		520,680
ITC Holdings Corp.
3.250%, 06/30/26		1,000,000		945,079
NextEra Energy Capital Holdings, Inc.
3.550%, 05/01/27		290,000		278,848
NextEra Energy Operating Partners LP
4.500%, 09/15/27¹		330,000		308,963
NGL Energy Partners LP/NGL Energy Finance Corp.
7.500%, 11/01/23		160,000		160,200
Sierra Pacific Power Co.
2.600%, 05/01/26		1,300,000		1,203,042
The Southern Co.
1.850%, 07/01/19		110,000		108,634

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


AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Utilities - 2.2% (continued)
The Southern Co. 2.450%, 09/01/18	$	830,000	$	829,400
SP PowerAssets, Ltd. (Singapore) Series 21 2.700%, 09/14/22		1,300,000		1,265,486
Transelec, S.A. (Chile) 4.625%, 07/26/23¹		300,000		309,774
4.625%, 07/26/23		200,000		206,516
Xcel Energy, Inc. 3.300%, 06/01/25		1,300,000		1,262,073
Total Utilities				15,241,393
Total Corporate Bonds and Notes (Cost $193,235,850)				187,466,982
Asset-Backed Securities - 9.7%
Adams Mill CLO, Ltd.
Series 2014-1A, Class D1 (3-Month LIBOR plus 3.500%), 5.848%, 07/15/26 (07/16/18)^1,3		250,000		250,972
AIMCO CLO Series
Series 2018-AA, Class D (3-Month LIBOR plus 2.550%), 4.390%, 04/17/31 (10/17/18)^1,3		500,000		489,312
ALM VII R, Ltd.
Series 2013-7RA, Class CR (3-Month LIBOR plus 4.040%), 6.388%, 10/15/28 (07/16/18)^1,3		1,000,000		1,021,278
ALM XIX, Ltd.
Series 2016-19A, Class B (3-Month LIBOR plus 3.000%), 5.348%, 07/15/28 (07/16/18)^1,3		500,000		506,058
Series 2016-19A, Class C (3-Month LIBOR plus 4.350%), 6.698%, 07/15/28 (07/16/18)^1,3		500,000		507,212
Apidos CLO XII
Series 2013-12A, Class DR (3-Month LIBOR plus 2.600%), 4.638%, 04/15/31 (07/16/18)^1,3		500,000		498,274
Apidos CLO XVI
Series 2013-16A, Class BR (3-Month LIBOR plus 1.950%), 4.305%, 01/19/25 (07/19/18)^1,3		500,000		500,819
Apidos CLO XVIII
Series 2014-18A, Class D (3-Month LIBOR plus 5.200%), 7.562%, 07/22/26 (07/23/18)^1,3		250,000		250,065
Apidos CLO XX
Series 2015-20A, Class C (3-Month LIBOR plus 3.700%), 6.048%, 01/16/27 (07/16/18)^1,3		500,000		502,049


	Principal
	Amount		Value
Apidos CLO XXI
Series 2015-21A, Class C (3-Month LIBOR plus 3.550%), 5.905%, 07/18/27 (07/18/18)^1,3	$	500,000	$	501,998
Atrium IX
Series 9A, Class DR (3-Month LIBOR plus 3.600%), 5.584%, 05/28/30 (05/29/18)^1,3		1,000,000		1,006,365
Babson CLO, Ltd.
Series 2014-3A, Class E2 (3-Month LIBOR plus 6.500%), 8.848%, 01/15/26 (07/16/18)^1,3		250,000		250,001
Series 2015-2A, Class DR (3-Month LIBOR plus 2.950%), 5.309%, 10/20/30 (07/20/18)^1,3		500,000		501,483
Series 2015-IA, Class DR (3-Month LIBOR plus 2.600%), 4.959%, 01/20/31 (07/20/18)^1,3		500,000		499,400
Barings CLO, Ltd.
Series 2017-1A, Class D (3-Month LIBOR plus 3.600%), 5.955%, 07/18/29 (07/18/18)^1,3		1,000,000		1,009,783
Series 2018-1A, Class C (3-Month LIBOR plus 2.600%), 4.921%, 04/15/31 (07/16/18)^1,3		350,000		349,987
Bayview Financial Acquisition Trust
Series 2007-A, Class 1A5 6.101%, 05/28/37¹⁰		235,796		242,905
Blackbird Capital Aircraft Lease Securitization, Ltd.
Series 2016-1A, Class B 5.682%, 12/16/41^1,10		921,875		914,214
BlueMountain CLO, Ltd.
Series 2013-1A, Class CR (3-Month LIBOR plus 4.150%), 6.509%, 01/20/29 (07/20/18)^1,3		1,000,000		1,010,388
Series 2015-2A, Class C (3-Month LIBOR plus 2.700%), 5.055%, 07/18/27 (07/18/18)^1,3		500,000		502,064
Series 2015-2A, Class D (3-Month LIBOR plus 3.550%), 5.905%, 07/18/27 (07/18/18)^1,3		1,000,000		1,003,974
Series 2016-2A, Class C (3-Month LIBOR plus 4.100%), 5.985%, 08/20/28 (05/21/18)^1,3		1,000,000		1,005,646
CAL Funding
Series 2018-1A, Class A 3.960%, 02/25/43¹		737,500		738,177
Canyon Capital CLO 2014-1 Ltd.
Series 2014-1A, Class CR (3-Month LIBOR plus 2.750%), 5.109%, 01/30/31 (07/30/18)^1,3		500,000		489,398
Canyon Capital CLO, Ltd.
Series 2017-1A, Class D (3-Month LIBOR plus 3.600%), 5.948%, 07/15/30 (07/16/18)^1,3		500,000		503,292

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



AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Asset-Backed Securities - 9.7% (continued)
Castle Aircraft Securitiz
Series 2015-1A, Class A 4.703%, 12/15/40^1,10	$	1,639,135	$	1,636,498
CLI Funding V LLC
Series 2013-2A, Class NOTE 3.220%, 06/18/28¹		721,900		712,201
Cook Park CLO
Series 2018-1A, Class D (3-Month LIBOR plus 2.600%), 4.948%, 04/17/30 (10/17/18)^1,3		750,000		749,949
Credit Suisse Commercial Mortgage Trust
Series 2015-PR2, Class A1 4.250%, 07/26/55^1,10		2,190,061		2,156,689
Credit-Based Asset Servicing & Securitization LLC
Series 2007-MX1, Class A4 6.231%, 12/25/36^1,10		100,000		107,143
Dryden 57 CLO, Ltd.
Series 2018-57A, Class D (3-Month LIBOR plus 2.550%), 4.440%, 05/15/31 (08/15/18)^1,3		500,000		495,000
ECAF I, Ltd.
Series 2015-1A, Class A1 3.473%, 06/15/40¹		553,886		548,979
Galaxy XVIII CLO, Ltd.
Series 2014-18A, Class D1 (3-Month LIBOR plus 3.700%), 6.048%, 10/15/26 (07/16/18)^1,3		500,000		501,950
Galaxy XXII CLO, Ltd.
Series 2016-22A, Class D (3-Month LIBOR plus 4.450%), 6.798%, 07/16/28 (07/16/18)^1,3		1,000,000		1,005,656
Gilbert Park CLO, Ltd.
Series 2017-1A, Class D (3-Month LIBOR plus 2.950%), 5.298%, 10/15/30 (07/16/18)^1,3		500,000		503,003
Series 2017-1A, Class E (3-Month LIBOR plus 6.400%), 8.748%, 10/15/30 (07/16/18)^1,3		1,000,000		1,030,416
Global SC Finance II SRL
Series 2014-1A, Class A1 3.190%, 07/17/29¹		859,375		845,008
Goldentree Loan Opportunities X, Ltd.
Series 2015-10A, Class D (3-Month LIBOR plus 3.350%), 5.709%, 07/20/27 (07/20/18)^1,3		500,000		500,375
GSAA Home Equity Trust
Series 2006-15, Class AF3B 5.933%, 09/25/36²		757,000		109,460


	Principal
	Amount		Value
Halcyon Loan Advisors Funding, Ltd.
Series 2013-2A, Class C (3-Month LIBOR plus 2.700%), 5.058%, 08/01/25 (08/01/18)^1,3	$	250,000	$	250,535
Invitation Homes Trust
Series 2018-SFR1, Class C (1-Month LIBOR plus 1.250%), 3.146%, 03/17/37 (05/17/18)^1,3		1,745,000		1,748,444
Series 2018-SFR1, Class D (1-Month LIBOR plus 1.450%), 3.346%, 03/17/37 (05/17/18)^1,3		1,150,000		1,153,667
LCM XIV LP
Series 14A, Class D (3-Month LIBOR plus 3.500%), 5.848%, 07/15/25 (07/16/18)^1,3		250,000		250,454
LCM XVIII LP
Series 19A, Class D (3-Month LIBOR plus 3.450%), 5.798%, 07/15/27 (07/16/18)^1,3		1,000,000		1,004,629
Madison Park Funding XV, Ltd.
Series 2014-15A, Class CR (3-Month LIBOR plus 3.450%), 5.816%, 01/27/26 (07/27/18)^1,3		500,000		501,213
Magnetite IX, Ltd.
Series 2014-9A, Class BR (3-Month LIBOR plus 2.000%), 4.360%, 07/25/26 (07/25/18)^1,3		500,000		500,588
Mosaic Solar Loan Trust
Series 2018-1A, Class A 4.010%, 06/22/43¹		1,500,000		1,499,923
Mosaic Solar Loans LLC
Series 2017-1A, Class A 4.450%, 06/20/42¹		664,574		673,823
MP CLO, VI Ltd.
Series 2014-2A, Class DR (3-Month LIBOR plus 3.500%), 5.848%, 01/15/27 (07/16/18)^1,3		500,000		501,533
Neuberger Berman Loan Advisers CLO, 27 Ltd.
Series 2018-27A, Class D (3-Month LIBOR plus 2.600%), 4.617%, 01/15/30
(07/16/18)^1,3		500,000		494,732
Octagon Investment Partners XV, Ltd.
Series 2013-1A, Class DR (3-Month LIBOR plus 3.700%), 6.055%, 07/19/30 (07/19/18)^1,3		1,000,000		1,008,042
Octagon Investment Partners XVI, Ltd.
Series 2013-1A, Class D (3-Month LIBOR plus 3.350%), 5.703%, 07/17/25 (07/17/18)^1,3		250,000		250,345

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



AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Asset-Backed Securities - 9.7% (continued)
Octagon Investment Partners XVI, Ltd.
Series 2013-1A, Class E (3-Month LIBOR plus 4.500%), 6.853%, 07/17/25 (07/17/18)^1,3	$	250,000	$	246,612
Octagon Investment Partners XXI, Ltd.
Series 2014-1A, Class C (3-Month LIBOR plus 3.650%), 5.483%, 11/14/26 (05/14/18)^1,3		250,000		250,863
Octagon Investment Partners XXII, Ltd.
Series 2014-1A, Class ERR (3-Month LIBOR plus 5.450%), 7.812%, 01/22/30 (07/23/18)^1,3		500,000		499,000
Octagon Investment Partners XXVII, Ltd.
Series 2016-1A, Class C (3-Month LIBOR plus 3.000%), 5.348%, 07/15/27 (07/16/18)^1,3		250,000		250,693
Series 2016-1A, Class D (3-Month LIBOR plus 4.750%), 7.098%, 07/15/27 (07/16/18)^1,3		500,000		502,253
Octagon Investment Partners XXX, Ltd.
Series 2017-1A, Class C (3-Month LIBOR plus 3.500%), 5.859%, 03/17/30 (07/20/18)^1,3		500,000		503,095
Series 2017-1A, Class D (3-Month LIBOR plus 6.200%), 8.559%, 03/17/30 (07/20/18)^1,3		250,000		251,206
OneMain Financial Issuance Trust
Series 2015-1A, Class A 3.190%, 03/18/26¹		1,440,820		1,444,620
Series 2015-2A, Class A 2.570%, 07/18/25¹		153,708		153,828
PRPM LLC
Series 2017-2A, Class A1 3.470%, 09/25/22^1,10		4,322,978		4,308,331
SpringCastle America Funding LLC
Series 2016-AA, Class A 3.050%, 04/25/29¹		1,078,118		1,068,629
Springleaf Funding Trust
Series 2015-AA, Class A 3.160%, 11/15/24¹		1,591,866		1,591,619
Sprite 2017-1, Ltd.
Series 2017-1, Class A 4.250%, 12/15/37¹		486,737		484,801
Symphony CLO XIV, Ltd.
Series 2014-14A, Class D2 (3-Month LIBOR plus 3.600%), 5.948%, 07/14/26 (07/16/18)^1,3		750,000		752,919
TAL Advantage VI LLC
Series 2017-1A, Class A 4.500%, 04/20/42		904,043		922,979


	Principal
	Amount		Value
TCI-Cent CLO, Ltd.
Series 2016-1A, Class C (3-Month LIBOR plus 4.000%), 6.366%, 12/21/29 (07/27/18)^1,3	$	1,000,000	$	1,014,177
TCI-Flatiron CLO, Ltd.
Series 2016-1A, Class C (3-Month LIBOR plus 3.050%), 5.403%, 07/17/28 (07/17/18)^1,3		750,000		756,889
TCI-Symphony CLO, Ltd.
Series 2016-1A, Class D (3-Month LIBOR plus 3.800%), 6.142%, 10/13/29 (07/13/18)^1,3		1,000,000		1,006,964
THL Credit Wind River CLO, Ltd.
Series 2013-1A, Class CR (3-Month LIBOR plus 3.650%), 6.009%, 07/20/30 (07/20/18)^1,3		250,000		253,277
Series 2014-1A, Class DR (3-Month LIBOR plus 3.500%), 5.855%, 04/18/26 (07/18/18)^1,3		1,000,000		1,001,639
Series 2016-1A, Class C (3-Month LIBOR plus 3.200%), 5.548%, 07/15/28 (07/16/18)^1,3		500,000		502,300
Series 2016-1A, Class D (3-Month LIBOR plus 4.650%), 6.998%, 07/15/28 (07/16/18)^1,3		250,000		251,252
Thunderbolt Aircraft Lease, Ltd.
Series 2017-A, Class A 4.212%, 05/17/32^1,10		467,262		472,273
Towd Point Mortgage Trust
Series 2015-6, Class A1B 2.750%, 04/25/55^1,2		2,952,558		2,919,163
Trinity Rail Leasing 2010 LLC
Series 2010-1A, Class A 5.194%, 10/16/40¹		945,391		991,308
Triton Container Finance V LLC
Series 2018-1A, Class A 3.950%, 03/20/43¹		495,833		494,660
Vantage Data Centers Issuer LLC
Series 2018-1A, Class A2 4.072%, 02/16/43¹		698,833		698,564
VB-S1 Issuer LLC
Series 2018-1A, Class D 4.122%, 02/15/48¹		1,500,000		1,490,442
VOLT LXII LLC
Series 2017-NPL9, Class A1 3.125%, 09/25/47^1,10		4,244,181		4,214,850
Westcott Park CLO, Ltd.
Series 2016-1A, Class D (3-Month LIBOR plus 4.350%), 6.709%, 07/20/28 (07/20/18)^1,3		1,000,000		1,016,512	��
Total Asset-Backed Securities (Cost $65,876,909)				66,111,087

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



AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Mortgage-Backed Securities - 16.4%
Alternative Loan Trust
Series 2007-18CB, Class 2A17 6.000%, 08/25/37	$	51,840	$	46,911
Series 2007-23CB, Class A3 (1-Month LIBOR plus 0.500%), 2.397%, 09/25/37 (05/25/18)³		221,744		147,019
Series 2007-23CB, Class A4 (6.500% minus 1-Month LIBOR, Cap 6.500%, Floor 0.000%), 4.603%, 09/25/37 (05/25/18)^3,11		211,728		38,750
Series 2007-J2, Class 2A1 6.000%, 07/25/37		1,105,698		1,077,177
Banc of America Funding Trust
Series 2006-B, Class 7A1 3.772%, 03/20/36 ²		295,139		278,287
Series 2010-R9, Class 3A3 5.500%, 12/26/35 ¹		426,558		366,378
BBCMS 2018-TALL Mortgage Trust
Series 2018-TALL, Class A (1-Month LIBOR plus 0.722%), 2.619%, 03/15/37 (05/15/18)^1,3		918,000		914,939
BBCMS Mortgage Trust
Series 2017-DELC, Class C (1-Month LIBOR plus 1.200%), 3.097%, 08/15/36 (05/15/18)^1,3		132,000		132,559
Series 2017-DELC, Class D (1-Month LIBOR plus 1.700%), 3.597%, 08/15/36 (05/15/18)^1,3		150,000		150,460
Series 2017-DELC, Class E (1-Month LIBOR plus 2.500%), 4.397%, 08/15/36 (05/15/18)^1,3		314,000		315,264
Series 2017-DELC, Class F (1-Month LIBOR plus 3.500%), 5.397%, 08/15/36 (05/15/18)^1,3		301,000		303,544
BBCMS Trust
Series 2015-STP, Class D 4.427%, 09/10/28 ^1,2		630,000		626,846
Series 2017-C1, Class XA 1.687%, 02/15/50 ^2,11		7,899,093		782,709
Bear Stearns Asset Backed Securities I Trust
Series 2004-AC2, Class 2A 5.000%, 05/25/34		85,821		85,889
Bear Stearns Commercial Mortgage Securities Trust
Series 2007-T26, Class AJ 5.566%, 01/12/45²		450,000		406,842
BX Trust
Series 2017-SLCT, Class D (1-Month LIBOR plus 2.050%), 3.947%, 07/15/34 (05/15/18)^1,3		336,000		337,471
Series 2017-SLCT, Class E (1-Month LIBOR plus 3.150%), 5.047%, 07/15/34 (05/15/18)^1,3		552,000		555,798


	Principal
	Amount		Value
CFCRE Commercial Mortgage Trust
Series 2016-C3, Class XA 1.225%, 01/10/48 ^2,11	$	8,995,299	$	567,583
Series 2016-C4, Class C 5.038%, 05/10/58 ²		858,000		869,200
Series 2016-C7, Class A3 3.839%, 12/10/54		940,000		948,853
CHT 2017-COSMO Mortgage Trust
Series 2017-CSMO, Class E (1-Month LIBOR plus 3.000%), 4.897%, 11/15/36 (12/15/22)^1,3		609,000		614,005
Series 2017-CSMO, Class F (1-Month LIBOR plus 3.741%), 5.638%, 11/15/36 (12/15/22)^1,3		325,000		328,573
Citicorp Mortgage Securities Trust Series
Series 2007-2, Class 3A1 5.500%, 02/25/37		2,234		2,236
Citigroup Commercial Mortgage Trust
Series 2012-GC8, Class XA 1.972%, 09/10/45 ^1,2,11		690,377		41,666
Series 2014-GC25, Class XA 1.181%, 10/10/47 ^2,11		4,778,461		253,357
Series 2015-GC27, Class D 4.576%, 02/10/48 ^1,2		440,700		373,827
Series 2015-GC31, Class C 4.198%, 06/10/48 ²		780,000		740,080
Series 2015-GC35, Class��C 4.650%, 11/10/48 ²		235,000		229,410
Series 2015-GC35, Class XA 1.034%, 11/10/48 ^2,11		7,419,376		327,950
Series 2016-GC36, Class XA 1.485%, 02/10/49 ^2,11		7,672,216		576,676
Series 2016-P3, Class XA 1.869%, 04/15/49 ^2,11		5,478,016		524,672
Series 2016-P4, Class XA 2.161%, 07/10/49 ^2,11		6,679,538		771,421
Series 2016-P6, Class A5 3.720%, 12/10/49 ²		756,000		759,325
Series 2016-SMPL, Class D 3.520%, 09/10/31 ¹		952,000		935,464
Citigroup Mortgage Loan Trust
Series 2006-AR2, Class 1A2 3.776%, 03/25/36 ²		1,148,070		1,134,516
Series 2010-7, Class 11A1 5.250%, 07/25/36 ^1,2		1,620,732		1,640,883
COBALT Commercial Mortgage Trust
Series 2007-C2, Class AJFX 5.568%, 04/15/47²		265,109		267,432
COMM Mortgage Trust
Series 2016-DC2, Class C 4.796%, 02/10/49 ²		453,000		433,481
Series 2016-DC2, Class XA 1.209%, 02/10/49 ^2,11		6,695,788		403,193
Series 2016-GCT, Class E 3.577%, 08/10/29 ^1,2		780,000		747,367

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



AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value
Mortgage-Backed Securities - 16.4% (continued)
Commercial Mortgage Pass Through Certificates
Series 2012-CR3, Class XA 2.040%, 10/15/45 ^2,11	$	1,534,820	$	104,345
Series 2013-CR10, Class XA 1.027%, 08/10/46 ^2,11		19,841,644		546,242
Series 2014-CR20, Class C 4.654%, 11/10/47 ^1,2		300,000		298,165
Series 2015-CR23, Class D 4.395%, 05/10/48 ²		350,000		287,381
Series 2015-CR25, Class C 4.697%, 08/10/48 ²		470,000		462,889
Series 2015-CR26, Class B 4.643%, 10/10/48 ²		600,000		619,827
Series 2015-CR26, Class XA 1.184%, 10/10/48 ^2,11		8,243,726		447,531
Series 2015-LC23, Class C 4.801%, 10/10/48 ²		585,000		565,881
Series 2016-CR28, Class C 4.802%, 02/10/49 ²		807,000		821,616
Core Industrial Trust
Series 2015-CALW, Class D 3.979%, 02/10/34^1,2		500,000		496,846
Countrywide Alternative Loan Trust
Series 2005-86CB, Class A5 5.500%, 02/25/36		854,556		762,396
Series 2006-J1, Class 2A1 7.000%, 02/25/36		449,840		185,677
Countrywide Home Loan Mortgage Pass Through Trust
Series 2005-HYB8, Class 4A1 3.404%, 12/20/35²		404,335		391,587
Countrywide Home Loan Mortgage Pass Through Trust
Series 2007-14, Class A15 6.500%, 09/25/37		1,009,365		920,444
Series 2007-2, Class A13 6.000%, 03/25/37		385,187		335,491
Series 2007-7, Class A4 5.750%, 06/25/37		69,466		61,202
Credit Suisse First Boston Mortgage Securities Corp.
Series 2005-9, Class 5A9 5.500%, 10/25/35		1,132,071		1,020,866
Credit Suisse Mortgage Capital Certificates
Series 2007-1, Class 5A4 6.000%, 02/25/37		599,061		544,182
CSAIL Commercial Mortgage Trust
Series 2016-C6, Class XA 1.964%, 01/15/49^2,11		6,943,090		686,547
CSMC Trust
Series 2013-IVR4, Class A11 3.474%, 07/27/43 ^1,2		2,869,111		2,840,534
Series 2013-IVR4, Class A2 3.000%, 07/25/43 ^1,2		2,869,111		2,762,865


	Principal
	Amount		Value
CSMC Trust
Series 2017-CHOP, Class D (1-Month LIBOR plus 1.900%), 3.797%, 07/15/32 (05/15/18)^1,3	$	261,000	$	262,148
Series 2017-CHOP, Class E (1-Month LIBOR plus 3.300%), 5.197%, 07/15/32 (05/15/18)^1,3		261,000		262,715
DBJPM
Series 2016-C1, Class C 3.504%, 05/10/49 ²		534,000		488,576
Series 2016-C1, Class XA 1.646%, 05/10/49 ^2,11		7,637,938		664,383
Fannie Mae-Aces
Series 2016-M3, Class A2 2.702%, 02/25/26		757,000		725,010
First Horizon Alternative Mortgage Securities Trust
Series 2005-FA4, Class 1A6 5.500%, 06/25/35		1,968,284		1,867,935
Series 2006-AA7, Class A1 3.321%, 01/25/37 ²		2,211,486		2,015,257
FirstKey Mortgage Trust
Series 2014-1, Class A8 3.500%, 11/25/44^1,2		3,904,491		3,846,400
FREMF Mortgage Trust
Series 2016-KF22, Class B (1-Month LIBOR plus 5.050%), 6.933%, 07/25/23 (05/25/18)^1,3		329,795		332,867
Great Wolf Trust
Series 2017-WOLF, Class D (1-Month LIBOR plus 2.100%), 4.147%, 09/15/34 (05/15/18)^1,3		274,000		275,549
Series 2017-WOLF, Class E (1-Month LIBOR plus 3.100%), 5.147%, 09/15/34 (05/15/18)^1,3		425,000		429,198
Series 2017-WOLF, Class F (1-Month LIBOR plus 4.070%), 6.117%, 09/15/34 (05/15/18)^1,3		226,000		228,480
GS Mortgage Securities Trust
Series 2014-GC26, Class C 4.660%, 11/10/47 ²		391,000		384,338
Series 2014-GC26, Class D 4.660%, 11/10/47 ^1,2		1,500,000		1,301,140
Series 2015-GC34, Class XA 1.507%, 10/10/48 ^2,11		6,387,099		468,132
Series 2015-GS1, Class XA 0.965%, 11/10/48 ^2,11		10,618,361		511,313
Series 2016-GS2, Class XA 1.815%, 05/10/49 ^2,11		7,303,795		675,999
Series 2017-GS7, Class XA 1.287%, 08/10/50 ^2,11		10,356,219		824,478
GSR Mortgage Loan Trust
Series 2006-2F, Class 2A17 5.750%, 02/25/36		2,695,772		2,612,055

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



AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Mortgage-Backed Securities - 16.4% (continued)
GSR Mortgage Loan Trust
Series 2006-AR1, Class 3A1 3.828%, 01/25/36 ²	$	294,028	$	287,340
Hilton Orlando Trust
Series 2018-ORL, Class B (1-Month LIBOR plus 1.050%), 2.947%, 12/15/34 (05/15/18)^1,3		612,000		614,101
HSI Asset Loan Obligation Trust
Series 2007-2, Class 1A1 5.500%, 09/25/37		14,508		13,941
JP Morgan Chase Commercial Mortgage Securities Corp.
Series 2017-MAUI, Class C (1-Month LIBOR plus 1.250%), 3.145%, 07/15/34 (05/15/18)^1,3		223,000		223,802
Series 2017-MAUI, Class D (1-Month LIBOR plus 1.950%), 3.845%, 07/15/34 (05/15/18)^1,3		209,000		210,091
Series 2017-MAUI, Class E (1-Month LIBOR plus 2.950%), 4.845%, 07/15/34 (05/15/18)^1,3		185,000		186,334
Series 2017-MAUI, Class F (1-Month LIBOR plus 3.750%), 5.645%, 07/15/34 (05/15/18)^1,3		260,000		262,527
JP Morgan Chase Commercial Mortgage Securities Trust
Series 2006-A2, Class 2A1 3.583%, 04/25/36 ²		1,795,693		1,791,381
Series 2006-LDP8, Class X 0.287%, 05/15/45 ^2,11		44,803		0
Series 2006-LDP9, Class AM 5.372%, 05/15/47		171,778		173,038
Series 2007-LDPX, Class AM 5.464%, 01/15/49 ²		77,315		77,617
Series 2011-C4, Class XA 1.585%, 07/15/46 ^1,2,11		563,227		8,249
Series 2012-C8, Class XA 1.950%, 10/15/45 ^2,11		1,680,210		104,225
Series 2012-CBX, Class XA 1.653%, 06/15/45 ^2,11		595,749		25,474
Series 2014-DSTY, Class A 3.429%, 06/10/27 ¹		300,000		299,757
Series 2015-JP1, Class XA 1.290%, 01/15/49 ^2,11		8,264,470		410,356
Series 2016-JP2, Class B 3.460%, 08/15/49		320,000		306,453
Series 2016-JP2, Class C 3.944%, 08/15/49 ²		246,000		233,852
JPMBB Commercial Mortgage Securities Trust
Series 2014-C18, Class XA 1.103%, 02/15/47 ^2,11		5,232,984		201,376
Series 2014-C21, Class C 4.817%, 08/15/47 ²		300,000		298,026
Series 2014-C21, Class XA 1.215%, 08/15/47 ^2,11		3,590,111		177,379


	Principal Amount		Value
JPMBB Commercial Mortgage Securities Trust
Series 2014-C23, Class C 4.606%, 09/15/47 ²	$	330,824	$	332,678
Series 2014-C25, Class C 4.594%, 11/15/47 ²		450,000		443,394
Series 2014-C25, Class XA 1.107%, 11/15/47 ^2,11		6,358,212		274,553
Series 2014-C26, Class XA 1.266%, 01/15/48 ^2,11		5,114,702		229,074
Series 2015-C27, Class D 3.984%, 02/15/48 ^1,2		263,000		221,109
Series 2015-C27, Class XA 1.487%, 02/15/48 ^2,11		4,295,320		238,255
Series 2015-C28, Class XA 1.297%, 10/15/48 ^2,11		7,742,539		371,561
Series 2015-C32, Class C 4.817%, 11/15/48 ²		650,000		643,174
Series 2015-C33, Class C 4.772%, 12/15/48 ²		670,000		671,925
Series 2016-C1, Class C 4.902%, 03/15/49 ²		755,000		764,925
JPMDB Commercial Mortgage Securities Trust
Series 2016-C2, Class XA 1.853%, 06/15/49^2,11		7,655,104		657,449
Lehman XS Trust
Series 2007-12N, Class 1A3A (1-Month LIBOR plus 0.200%), 2.072%, 07/25/47 (05/25/18)³		6,749,318		6,285,811
LSTAR Commercial Mortgage Trust
Series 2016-4, Class C 4.701%, 03/10/49^1,2		588,000		533,861
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2012-C5, Class XA 1.631%, 08/15/45 ^1,2,11		693,521		33,886
Series 2014-C14, Class XA 1.317%, 02/15/47 ^2,11		5,526,561		186,620
Series 2014-C18, Class C 4.489%, 10/15/47 ²		300,000		290,904
Series 2014-C19, Class C 4.000%, 12/15/47		413,500		393,553
Series 2015-C25, Class C 4.679%, 10/15/48 ²		785,000		789,664
Series 2015-C26, Class D 3.060%, 10/15/48 ¹		800,000		641,617
Series 2015-C27, Class C 4.685%, 12/15/47 ²		80,000		77,346
Series 2016-C28, Class XA 1.430%, 01/15/49 ^2,11		8,411,782		591,988
Series 2016-C29, Class C 4.910%, 05/15/49 ²		844,000		848,103
Series 2016-C32, Class A4 3.720%, 12/15/49		787,000		791,684
Morgan Stanley Capital I Trust
Series 2011-C1, Class XA 0.567%, 09/15/47 ^1,2,11		506,656		3,947
Series 2014-CPT, Class E 3.560%, 07/13/29 ^1,2		250,000		244,781

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



AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Mortgage-Backed Securities - 16.4% (continued)
Morgan Stanley Capital I Trust
Series 2014-MP, Class D 3.816%, 08/11/33 ^1,2	$	350,000	$	345,150
Series 2015-XLF2, Class AFSC (1-Month LIBOR plus 3.000%), 4.897%, 08/15/26 (05/15/18)^1,3		588,000		587,504
Series 2016-UB11, Class XA 1.797%, 08/15/49 ^2,11		2,814,483		256,961
Series 2017-PRME, Class D (1-Month LIBOR plus 3.400%), 5.297%, 02/15/34 (05/15/18)^1,3		697,000		699,809
Morgan Stanley Mortgage Loan Trust
Series 2005-3AR, Class 2A2 3.468%, 07/25/35 ²		488,411		453,462
Series 2005-9AR, Class 2A 3.750%, 12/25/35 ²		4,649,505		4,440,109
Series 2007-14AR, Class 1A3 3.862%, 10/25/37 ²		1,021,117		910,026
MSCG Trust
Series 2016-SNR, Class C 5.205%, 11/15/34¹		946,000		939,677
Nomura Asset Acceptance Corp. Alternative Loan Trust
Series 2005-AP3, Class A3 5.318%, 08/25/35²		219,656		150,847
PR Mortgage Loan Trust
Series 2014-1, Class APT 5.915%, 10/25/49^1,2		2,129,315		1,887,654
RALI Trust
Series 2005-QA10, Class A31 4.385%, 09/25/35 ²		1,046,373		937,161
Series 2006-QO10, Class A1 (1-Month LIBOR plus 0.160%), 2.057%, 01/25/37 (05/25/18)³		6,369,454		6,047,397
Series 2006-QS7, Class A2 6.000%, 06/25/36		3,041,156		2,804,071
Residential Asset Securitization Trust
Series 2006-A6, Class 1A1 6.500%, 07/25/36		201,589		115,264
Series 2007-A1, Class A8 6.000%, 03/25/37		403,560		274,478
Sequoia Mortgage Trust
Series 2013-1, Class 2A1 1.855%, 02/25/43²		1,297,916		1,166,502
Structured Adjustable Rate Mortgage Loan Trust
Series 2006-1, Class 2A2 3.528%, 02/25/36²		159,711		162,059
UBS Commercial Mortgage Trust
Series 2017-C6, Class C 4.602%, 12/15/50 ²		934,000		907,889


	Principal Amount		Value
UBS Commercial Mortgage Trust
Series 2018-C8, Class C 4.862%, 02/15/51 ²	$	917,000	$	897,334
UBS-Barclays Commercial Mortgage Trust
Series 2012-C3, Class XA 2.055%, 08/10/49^1,2,11		1,518,188		101,932
Wachovia Bank Commercial Mortgage Trust
Series 2006-C26, Class AM 6.200%, 06/15/45 ²		125,450		126,718
Series 2006-C28, Class AJ 5.632%, 10/15/48 ²		135,275		135,951
Series 2007-C33, Class AM 6.209%, 02/15/51 ²		293,425		301,274
Washington Mutual Mortgage Pass Through Certificates WMALT Trust
Series 2005-8, Class 2CB1 5.500%, 10/25/35		1,381,952		1,357,573
Wells Fargo Commercial Mortgage Trust
Series 2014-LC16, Class D 3.938%, 08/15/50 ¹		725,000		596,240
Series 2014-LC18, Class B 3.959%, 12/15/47		512,000		508,763
Series 2015-C26, Class D 3.586%, 02/15/48 ¹		471,800		369,392
Series 2015-C28, Class C 4.269%, 05/15/48 ²		400,000		379,840
Series 2015-C31, Class C 4.764%, 11/15/48 ²		585,000		587,882
Series 2015-C31, Class XA 1.241%, 11/15/48 ^2,11		8,322,028		496,206
Series 2015-LC22, Class C 4.693%, 09/15/58 ²		480,000		477,522
Series 2015-NXS1, Class XA 1.306%, 05/15/48 ^2,11		4,379,290		234,104
Series 2015-NXS3, Class C 4.638%, 09/15/57 ²		610,000		591,904
Series 2016-C32, Class C 4.879%, 01/15/59 ²		558,000		547,498
Series 2016-C33, Class C 3.896%, 03/15/59		517,000		494,710
Series 2016-C33, Class XA 1.960%, 03/15/59 ^2,11		5,262,966		499,003
Series 2016-NXS6, Class XA 1.794%, 11/15/49 ^2,11		6,252,226		572,039
Series 2017-C39, Class XA 1.290%, 09/15/50 ^2,11		13,760,185		1,082,673
Series 2017-C41, Class B 4.188%, 11/15/50 ²		951,000		958,996
Series 2017-C41, Class C 4.663%, 11/15/50 ²		1,238,000		1,222,017
Wells Fargo Mortgage Backed Securities Trust
Series 2007-13, Class A6 6.000%, 09/25/37		168,958		170,252
Series 2007-8, Class 1A16 6.000%, 07/25/37		173,269		173,212
WFRBS Commercial Mortgage Trust
Series 2012-C8, Class XA 2.009%, 08/15/45 ^1,2,11		707,947		44,606

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



AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Mortgage-Backed Securities - 16.4% (continued)
WFRBS Commercial Mortgage Trust
Series 2012-C9, Class XA 2.053%, 11/15/45 ^1,2,11	$	1,126,008	$	77,523
Series 2014-C21, Class XA 1.257%, 08/15/47 ^2,11		6,087,993		290,915
Total Mortgage-Backed Securities (Cost $112,104,470)				112,245,780
Municipal Bond - 0.1%
North Texas Municipal Water District
Water System Revenue GO 5.000%, 09/01/35		380,000		433,234
Total Municipal Bond (Cost $430,586)				433,234
U.S. Government and Agency Obligations - 33.1%
Fannie Mae - 8.2%
Fannie Mae,
3.000%, 03/01/45 to 04/01/45		6,650,092		6,406,347
3.500%, 12/01/31 to 03/01/46		9,423,361		9,392,040
4.000%, 09/01/31 to 06/01/42		405,563		414,577
4.500%, 03/01/42		81,718		83,915
Fannie Mae REMICS,
Series 2007-57, Class SX (6.620% minus 1-Month LIBOR, Cap 6.620%, Floor 0.000%), 4.723%, 10/25/36^3,11		130,786		17,715
Series 2009-86, Class CI (5.800% minus 1-Month LIBOR, Cap 5.800%, Floor 0.000%), 3.903%, 09/25/36^3,11		166,687		16,584
Series 2010-156, Class ZC 4.000%, 01/25/41		353,714		339,238
Series 2011-121, Class JP 4.500%, 12/25/41		152,419		157,200
Series 2011-18, Class UZ 4.000%, 03/25/41		507,797		526,820
Series 2012-105, Class Z 3.500%, 10/25/42		1,215,472		1,170,621
Series 2012-127, Class PA 2.750%, 11/25/42		1,692,645		1,637,973
Series 2012-20, Class ZT 3.500%, 03/25/42		4,465,877		4,355,090
Series 2012-31, Class Z 4.000%, 04/25/42		1,912,467		1,961,262
Series 2013-5, Class EZ 2.000%, 08/25/42		6,988,339		6,059,500
Series 2013-8, Class Z 3.000%, 02/25/43		5,574,227		5,114,402
Series 2014-73, Class CZ 3.000%, 11/25/44		5,552,825		4,971,711
Series 2015-9, Class HA 3.000%, 01/25/45		4,956,632		4,888,672
Series 2015-95, Class AP 3.000%, 08/25/42		3,419,820		3,348,373


	Principal Amount		Value
Fannie Mae REMICS,
Series 2016-24, Class NZ 3.000%, 05/25/46	$	5,776,755	$	5,258,980
Total Fannie Mae				56,121,020
Freddie Mac - 5.4%
Freddie Mac Gold,
3.000%, 07/01/45 to 08/01/45		6,985,282		6,754,884
3.500%, 10/01/42 to 02/01/45		5,168,635		5,146,742
4.000%, 10/01/41		135,923		137,529
5.000%, 07/01/35		21,479		23,001
Freddie Mac Multifamily Structured Pass Through Certificates,
Series K050, Class A2 3.334%, 08/25/25²		569,000		571,936
Series K053, Class A2 2.995%, 12/25/25		766,000		751,387
Series K054, Class A2 2.745%, 01/25/26		831,000		799,956
Series K722, Class X1 1.441%, 03/25/23^2,11		5,421,444		279,566
Freddie Mac REMICS,
Series 2909, Class Z 5.000%, 12/15/34		294,653		314,641
Series 3301, Class MS (6.100% minus 1-Month LIBOR, Cap 6.100%, Floor 0.000%), 4.203%, 04/15/37^3,11		80,746		9,320
Series 3382, Class SB (6.000% minus 1-Month LIBOR, Cap 6.000%, Floor 0.000%), 4.103%, 11/15/37^3,11		23,645		2,100
Series 3384, Class S (6.390% minus 1-Month LIBOR, Cap 6.390%, Floor 0.000%), 4.493%, 11/15/37^3,11		30,649		2,967
Series 3500, Class SA (5.520% minus 1-Month LIBOR, Cap 5.520%, Floor 0.000%), 3.623%, 01/15/39^3,11		71,608		5,543
Series 3626, Class AZ 5.500%, 08/15/36		138,623		145,580
Series 3738, Class BP 4.000%, 12/15/38		780,619		796,137
Series 3792, Class SE (9.860% minus 2 times 1-Month LIBOR, Cap 9.860%, Floor 0.000%), 6.066%, 01/15/41³		903,022		893,737
Series 3795, Class VZ 4.000%, 01/15/41		133,578		135,993
Series 3872, Class BA 4.000%, 06/15/41		37,031		36,803
Series 3888, Class ZG 4.000%, 07/15/41		214,810		220,407
Series 3894, Class ZA 4.500%, 07/15/41		387,188		396,618
Series 3957, Class DZ 3.500%, 11/15/41		468,426		459,223
Series 3957, Class HZ 4.000%, 11/15/41		581,428		597,017
Series 4016, Class KZ 4.000%, 03/15/42		2,294,960		2,341,499

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



AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Freddie Mac - 5.4% (continued)
Freddie Mac REMICS,
Series 4075, Class S (5.500% minus 1-Month LIBOR, Cap 5.500%, Floor 0.000%), 3.603%, 07/15/42^3,11	$	3,727,142	$	459,575
Series 4215, Class KC 2.250%, 03/15/38		2,246,242		2,207,448
Series 4316, Class BZ 3.000%, 03/15/44		3,390,439		3,066,588
Series 4323, Class GA 3.000%, 06/15/40		2,111,335		2,106,112
Series 4511, Class QA 3.000%, 01/15/41		3,200,700		3,160,813
Series 4750, Class PA 3.000%, 07/15/46		4,935,574		4,849,343
Total Freddie Mac				36,672,465
Ginnie Mae - 0.3%
Ginnie Mae,
Series 2004-35, Class SA (32.500% minus 6.5 times 1-Month LIBOR, Cap 32.500%, Floor 0.000%), 20.169%, 03/20/34³		22,587		33,823
Series 2008-69, Class SB (7.630% minus 1-Month LIBOR, Cap 7.630%, Floor 0.000%), 5.733%, 08/20/38^3,11		265,575		43,091
Series 2009-32, Class ZE 4.500%, 05/16/39		300,131		315,411
Series 2009-35, Class DZ 4.500%, 05/20/39		334,605		349,605
Series 2009-75, Class GZ 4.500%, 09/20/39		351,329		360,701
Series 2010-98, Class IA 5.765%, 03/20/39^2,11		75,458		7,435
Series 2011-89, Class SA (5.450% minus 1-Month LIBOR, Cap 5.450%, Floor 0.000%), 3.553%, 06/20/41^3,11		607,615		64,243
Series 2014-156, Class PS (6.250% minus 1-Month LIBOR, Cap 6.250%, Floor 0.000%), 4.353%, 10/20/44^3,11		2,444,531		342,424
Series 2014-5, Class PS (6.150% minus 1-Month LIBOR, Cap 6.150%, Floor 0.000%), 4.253%, 07/20/43^3,11		2,317,906		262,571
Total Ginnie Mae				1,779,304
U.S. Treasury Obligations - 19.2%
U.S. Treasury Bonds,
2.750%, 11/15/42		5,930,000		5,581,033
2.875%, 11/15/46		4,800,000		4,582,875
3.375%, 05/15/44		2,600,000		2,725,024
U.S. Treasury Notes,
0.750%, 08/31/18 to 02/15/19		8,930,000		8,832,650
1.125%, 01/15/19 to 06/30/21		17,240,000		16,815,026
1.250%, 10/31/21		6,890,000		6,560,168
1.750%, 11/30/21		6,750,000		6,531,284
1.875%, 01/31/22 to 08/31/24		9,830,000		9,309,304
2.000%, 05/31/21 to 12/31/21		13,340,000		13,046,440
2.125%, 09/30/24		6,800,000		6,496,258
2.250%, 10/31/24 to 11/15/27		28,950,000		27,438,275


	Principal Amount		Value
U.S. Treasury Notes,
2.875%, 08/15/45	$	7,980,000	$	7,632,122
3.625%, 08/15/43		4,800,000		5,240,438
United States Treasury Inflation Indexed Bonds,
0.125%, 04/15/22		8,170,163		8,002,300
0.375%, 07/15/27		2,748,276		2,662,268
Total U.S. Treasury Obligations				131,455,465
Total U.S. Government and Agency Obligations (Cost $232,883,933)				226,028,254
Foreign Government Obligations - 3.3%
Banco de Costa Rica (Costa Rica) 5.250%, 08/12/18		300,000		301,650
Banco Latinoamericano de Comercio Exterior S.A. (Panama) 3.250%, 05/07/20		350,000		348,250
Chile Government International Bond (Chile)
2.250%, 10/30/22		150,000		143,325
3.125%, 03/27/25		1,200,000		1,168,800
3.125%, 01/21/26		2,300,000		2,219,500
Costa Rica Government (Costa Rica) 9.995%, 08/01/20		500,000		558,750
Export-Import Bank of India (India)
3.125%, 07/20/21		700,000		686,179
4.000%, 01/14/23		800,000		797,062
Fondo MIVIVIENDA SA (Peru) 3.500%, 01/31/23		300,000		293,430
Indonesia Government International Bond (Indonesia) 4.875%, 05/05/21		1,100,000		1,141,534
Israel Government International Bond (Israel)
2.875%, 03/16/26		1,100,000		1,046,878
3.150%, 06/30/23		1,000,000		992,660
4.000%, 06/30/22		900,000		926,564
Malaysia Sovereign Sukuk Bhd (Malaysia) 3.043%, 04/22/25		1,200,000		1,166,052
Malaysia Sukuk Global Bhd (Malaysia) 3.179%, 04/27/26		750,000		726,212
Mexico Government International Bond (Mexico)
3.750%, 01/11/28		810,000		764,033
4.000%, 10/02/23		750,000		758,906
4.150%, 03/28/27⁶		1,081,000		1,066,947
Panama Government International Bond(Panama) 4.000%, 09/22/24		1,200,000		1,218,000
Perusahaan Penerbit SBSN Indonesia III (Indonesia)
4.150%, 03/29/27¹		1,200,000		1,170,000
4.150%, 03/29/27		800,000		780,000
Philippine Government International Bond (Philippines) 4.000%, 01/15/21		300,000		307,425

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



AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Foreign Government Obligations - 3.3% (continued)
Philippine Government International Bond (Philippines) 4.200%, 01/21/24	$	2,300,000	$ 2,384,520
S.P.A.RC EM SPC Panama Metro Line 2 SP (Cayman Islands) 0.000%, 12/05/22^1,4		1,396,000	1,249,420
Total Foreign Government Obligations (Cost $23,063,068)			22,216,097

	Shares
Common Stocks - 0.0%^#
Energy - 0.0%^#
Frontera Energy Corp. (Colombia)^*		8,621	265,656
SandRidge Energy, Inc.^*		864	12,563
Total Energy			278,219
Total Common Stocks (Cost $340,428)			278,219
Investment Companies - 4.7%
DoubleLine Floating Rate Fund, Class I¹²		1,387,777	13,780,626
DoubleLine Global Bond Fund, Class I¹²		1,781,772	18,672,975
Total Investment Companies (Cost $32,510,569)			32,453,601

	Principal Amount
Short-Term Investments - 5.4%
Joint Repurchase Agreements - 0.6%¹³
Cantor Fitzgerald Securities, Inc., dated 04/30/18, due 05/01/18, 1.710% total to be received $1,000,048 (collateralized by various U.S. Government Agency Obligations, 0.000% -8.500%, 05/25/18 - 03/20/68, totaling $1,020,000)	$	1,000,000	1,000,000
Deutsche Bank Securities, Inc., dated 04/30/18, due 05/01/18, 1.730% total to be received $1,000,048 (collateralized by various U.S. Government Agency Obligations, 2.500% - 5.660%, 06/20/27 - 04/20/48, totaling $1,020,000)		1,000,000	1,000,000


	Principal Amount		Value
Jefferies LLC, dated 04/30/18, due 05/01/18, 1.710% total to be received $1,000,048 (collateralized by various U.S. Government Agency Obligations, 0.000% - 6.750%, 05/04/18 - 07/15/32, totaling $1,020,001)	$	1,000,000	$	1,000,000
Merrill Lynch, Pierce, Fenner & Smith, Inc., dated 04/30/18, due 05/01/18, 1.710% total to be received $144,991 (collateralized by various U.S. Government Agency Obligations, 0.625% - 3.000%, 04/15/23 - 02/15/48, totaling $147,884)		144,984		144,984
Nomura Securities International, Inc., dated 04/30/18, due 05/01/18, 1.740% total to be received $1,000,048 (collateralized by various U.S. Government Agency Obligations, 0.000% - 10.500%, 05/01/18 - 03/20/68, totaling $1,020,000)		1,000,000		1,000,000
Total Joint Repurchase Agreements				4,144,984
U.S. Government Obligations - 0.7%
United States Treasury Bill, 1.453%, 06/07/18¹⁴		1,910,000		1,907,133
United States Treasury Bill, 1.895%, 09/06/18¹⁴		2,640,000		2,622,541
Total U.S. Government Obligations				4,529,674

	Shares
Other Investment Companies - 4.1%
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.60%^15,16		27,749,525		27,749,526
Total Short-Term Investments (Cost $36,424,446)				36,424,184
Total Investments - 100.2% (Cost $696,870,259)				683,657,438
Other Assets, less Liabilities - (0.2)%				(1,038,833	)
Net Assets - 100.0%			$	682,618,605

^*	Non-income producing security.

^#	Less than 0.05%.

¹	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified buyers. At April 30, 2018, the value of these securities amounted to $143,807,415 or 21.1% of net assets.

²	Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

³	Variable rate security. The rate shown is based on the latest available information as of April 30, 2018.

⁴	Zero Coupon Bond.

⁵	Perpetuity Bond. The date shown is the final call date.

⁶	Some or all of these securities, amounting to $4,009,990 or 0.6% of net assets, were out on loan to various brokers.

⁷	All or part of the security is delayed delivery transaction. The market value for delayed delivery security at April 30, 2018, amounted to $587,404, or 0.1% of net assets.

⁸	Security is in default. Issuer has failed to make a timely payment of either principal or either interest or has failed to comply with some provision of the bond indenture.

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



AMG Managers DoubleLine Core Plus Bond Fund
Schedule of Portfolio Investments (continued)

⁹	Payment-in-Kind Security: The security may pay interest in additional par and/or in cash. Rates shown are the current rate and possible payment rates.

¹⁰	Step Coupon. Security becomes interest bearing at a future date.

¹¹	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.

¹²	Affiliated issuer. See summary of affiliated investment transaction for details.

¹³	Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

¹⁴	Represents yield to maturity at April 30, 2018.

¹⁵	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

¹⁶	Some of this security has been pledged as collateral for delayed delivery securities.


CLO		Collateralized Loan Obligation
EMTN		European Medium Term Note
GMTN		Global Medium-Term Notes
GO		General Obligation
GSR		Goldman Sachs REMIC
LIBOR		London Interbank Offered Rate
MTN		Medium-Term Note
PIK		Payment-in-Kind
REMICS		Real Estate Mortgage Investment Conduit


Affiliated Issuers	Number of shares		Purchases		Sales		Net realized gain (loss) for the period		Net increase (decrease) in unrealized appreciation (depreciation) for the period			Amount of Dividends or Interest		Value
DoubleLine Floating Rate Fund		1,387,777	$	2,000,000		—		—	$	(13,878	)	$	266,216	$	13,780,626
DoubleLine Global Bond Fund		1,781,772		1,000,000		—		—		56,177			94,529		18,672,975

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	278,219		—		—	$	278,219
Corporate Bonds and Notes^†^†		—	$	187,466,982		—		187,466,982
Asset-Backed Securities		—		66,111,087		—		66,111,087
Mortgage-Backed Securities		—		112,245,780		—		112,245,780
Municipal Bond		—		433,234		—		433,234
U.S. Government and Agency Obligations^†^†		—		226,028,254		—		226,028,254
Foreign Government Obligations		—		22,216,097		—		22,216,097
Investment Companies		32,453,601		—		—		32,453,601
Short-Term Investments
Joint Repurchase Agreements		—		4,144,984		—		4,144,984
U.S. Government Obligations		—		4,529,674		—		4,529,674
Other Investment Companies		27,749,526		—		—		27,749,526

Total Investments in Securities	$	60,481,346	$	623,176,092		—	$	683,657,438

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

^††

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

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG Managers Lake Partners LASSO Alternatives Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


Category	% of Net Assets
Investment Companies		81.4
Exchange Traded Funds		15.7
Short-Term Investments		0.9
Other Assets Less Liabilities		2.0

TOP TEN HOLDINGS


Security Name	% of Net Assets
Calamos Market Neutral Income Fund, Class I		7.5
PIMCO Mortgage Opportunities Fund, Institutional Class		7.4
Metropolitan West Unconstrained Bond Fund, Class I		7.4
Western Asset Macro Opportunities Fund, Class IS		7.4
ProShares Large Cap Core Plus		5.8
BlackRock Total Factor Fund, Institutional Class		5.2
Wisdomtree Dynamic Currency Hedged International Equity Fund, Institutional Class		5.1
PIMCO Preferred and Capital Security Fund, Institutional Class		5.1
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class I		5.1
361 Global Managed Futures Strategy Fund, Institutional Class		4.9

Top Ten as a Group		60.9


AMG Managers Lake Partners LASSO Alternatives Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Investment Companies - 81.4%
Strategic Fixed Income - 25.0%
BrandywineGLOBAL - Global Unconstrained Bond Fund, Class I		151,493	$	1,861,847
Metropolitan West Unconstrained Bond Fund, Class I		229,888		2,708,085
PIMCO Mortgage Opportunities Fund, Institutional Class		246,801		2,709,876
PIMCO Preferred and Capital Security Fund, Institutional Class		181,283		1,872,657
Total Strategic Fixed Income				9,152,465
Long/Short Strategies - 24.2%
361 Global Long/Short Equity Fund, Class Y		151,327		1,779,608
Balter European L/S Small Cap Fund, Institutional Class		156,312		1,788,209
Boston Partners Long/Short Equity Fund, Institutional Class^*		82,367		1,774,186
Diamond Hill Long-Short Fund, Class I		107		2,747
FPA Crescent Fund		51,261		1,765,925
Neuberger Berman US Equity Index PutWrite Strategy Fund, Institutional Class		167,919		1,776,582
Total Long/Short Strategies				8,887,257
Global Macro - 12.6%
BlackRock Total Factor Fund, Institutional Class		185,030		1,891,002
Western Asset Macro Opportunities Fund, Class IS		241,476		2,702,118
Total Global Macro				4,593,120
Arbitrage - 9.9%
Calamos Market Neutral Income Fund, Class I		205,800		2,737,143
Kellner Merger Fund, Institutional Class^*		82,202		869,693
Total Arbitrage				3,606,836
Managed Futures - 9.7%
361 Global Managed Futures Strategy Fund, Institutional Class		168,338		1,791,117

^*	Non-income producing security.

¹	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.


	Shares		Value
Abbey Capital Futures Strategy Fund, Class I^*		76,577	$	862,260
Credit Suisse Managed Futures Strategy Fund, Class I^*		87,668		866,156
Total Managed Futures				3,519,533
Total Investment Companies (cost $28,864,757)				29,759,211
Exchange Traded Funds - 15.7%
Long/Short Strategies - 10.6%
ProShares Large Cap Core Plus		32,035		2,128,405
WisdomTree Dynamic Long/Short U.S. Equity Fund		54,875		1,756,549
Total Long/Short Strategies				3,884,954
Hedged International Equity - 5.1%
Wisdomtree Dynamic Currency Hedged International Equity Fund, Institutional Class		61,260		1,875,169
Total Exchange Traded Funds (cost $5,069,514)				5,760,123
Short-Term Investments - 0.9%
Other Investment Companies - 0.9%
Money Market Fund - 0.9%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class Shares, 1.65%¹(cost $344,078)		344,078		344,078
Total Investments - 98.0% (cost $34,278,349)				35,863,412
Other Assets, less Liabilities - 2.0%				719,028
Net Assets - 100.0%			$	36,582,440

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



AMG Managers Lake Partners LASSO Alternatives Fund
Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Investment Companies^†	$	29,759,211		—		—	$	29,759,211
Exchange Traded Funds^†		5,760,123		—		—		5,760,123
Short-Term Investments
Other Investment Companies		344,078		—		—		344,078

Total Investments in Securities	$	35,863,412		—		—	$	35,863,412

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

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG River Road Long-Short Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


Sector	% of Net Assets
Long Investments:
Consumer Discretionary		35.1
Financials		18.9
Consumer Staples		12.4
Industrials		10.6
Health Care		9.8
Real Estate		4.6
Information Technology		3.7
Energy		2.2
Short Investments:
Consumer Discretionary		(12.4	)
Industrials		(10.6	)
Real Estate		(4.1	)
Consumer Staples		(2.4	)
Information Technology		(2.4	)
Financials		(2.2	)
Telecommunication Services		(2.0	)
Materials		(1.9	)
Utilities		(1.7	)
Health Care		(1.6	)
Exchange Traded Funds		(1.0	)
Other Assets Less Liabilities		45.0

TOP TEN HOLDINGS


Security Name	% of Net Assets
McKesson Corp.		5.9
Comcast Corp., Class A		5.6
Liberty Media Corp.-Liberty SiriusXM, Class C		4.6
UniFirst Corp.		4.0
GCI Liberty Inc., Class A		4.0
Casey’s General Stores, Inc.		3.9
Brookfield Asset Management, Inc., Class A (Canada)		3.9
Hostess Brands, Inc.		3.8
Alphabet, Inc., Class C		3.7
Nestle SA, Sponsored ADR, 2.529% (Switzerland)		3.7

Top Ten as a Group		43.1


AMG River Road Long-Short Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Long Positions - 97.3%
Common Stocks - 97.3%
Consumer Discretionary - 35.1%
Asbury Automotive Group, Inc.^*,1		9,258	$	620,749
Biglari Holdings, Inc.^*		1,055		361,084
Comcast Corp., Class A¹		62,848		1,972,799
Discovery, Inc., Class C^*,1		31,725		704,930
Expedia, Inc.¹		9,542		1,098,666
GCI Liberty Inc., Class A^*,1		31,009		1,383,001
Liberty Broadband Corp., Class C^*		7,863		557,408
Liberty Global PLC, Class C (United Kingdom)^*		22,541		655,943
Liberty Latin America, Ltd., Class C (Bermuda)^*		28,863		521,266
Liberty Media Corp.-Liberty SiriusXM, Class C^*,1		38,601		1,608,118
Papa John’s International, Inc.¹		6,162		382,044
Starbucks Corp.¹		8,872		510,761
The TJX Cos., Inc.¹		8,212		696,788
Tractor Supply Co.		17,309		1,177,012
Total Consumer Discretionary				12,250,569
Consumer Staples - 12.4%
Casey’s General Stores, Inc.¹		14,236		1,375,198
Hostess Brands, Inc.^*,1		94,849		1,332,628
Nestle SA, Sponsored ADR (Switzerland)		16,561		1,281,159
Walgreens Boots Alliance, Inc.		5,381		357,567
Total Consumer Staples				4,346,552
Energy - 2.2%
Baker Hughes, a GE Co.¹		21,235		766,796
Financials - 18.9%
Axis Capital Holdings, Ltd. (Bermuda)		8,822		517,851
Berkshire Hathaway, Inc., Class B^*		2,617		506,991
Brookfield Asset Management, Inc., Class A(Canada)¹		34,602		1,371,623
Cannae Holdings, Inc.^*		25,478		526,376
Oaktree Capital Group LLC, (MLP) ¹		16,904		667,708
The Blackstone Group LP, (MLP) ¹		34,283		1,061,059
Wells Fargo & Co.¹		17,075		887,217
White Mountains Insurance Group, Ltd.¹		1,221		1,056,519
Total Financials				6,595,344
Health Care - 9.8%
Allergan PLC¹		4,130		634,575
McKesson Corp.¹		13,169		2,057,129
Premier, Inc., Class A^*,1		21,839		720,469
Total Health Care				3,412,173


	Shares			Value
Industrials - 10.6%
Alaska Air Group, Inc.		15,769		$	1,023,881
General Electric Co.¹		27,884			392,328
Nielsen Holdings PLC¹		28,695			902,458
UniFirst Corp.		8,613			1,383,248
Total Industrials					3,701,915
Information Technology - 3.7%
Alphabet, Inc., Class C^*,1		1,265			1,286,922
Real Estate - 4.6%
Alexander & Baldwin, Inc.¹		31,406			719,197
Ventas, Inc., REIT ¹		16,971			872,649
Total Real Estate					1,591,846
Total Common Stocks (Cost $33,142,027)					33,952,117
Total Investments - 97.3% (Cost $33,142,027)					33,952,117
Short Sales - (42.3%)²
Common Stocks - (41.3%)
Consumer Discretionary - (12.4%)
Brinker International, Inc.		(5,909	)		(257,573	)
Dave & Buster’s Entertainment, Inc. ^*		(10,219	)		(434,205	)
Dorman Products, Inc. ^*		(3,995	)		(256,719	)
Foot Locker, Inc.		(7,636	)		(328,959	)
Helen of Troy, Ltd. ^*		(4,158	)		(370,686	)
Imax Corp. (Canada)^*		(14,987	)		(347,698	)
La-Z-Boy, Inc.		(12,023	)		(346,262	)
Party City Holdco, Inc. ^*		(23,682	)		(372,992	)
Service Corp International		(9,470	)		(345,750	)
Tesla, Inc. ^*		(2,090	)		(614,251	)
The Cato Corp., Class A		(21,303	)		(345,322	)
WideOpenWest, Inc. ^*		(49,377	)		(312,556	)
Total Consumer Discretionary					(4,332,973	)
Consumer Staples - (2.4%)
Conagra Brands, Inc.		(7,158	)		(265,347	)
Energizer Holdings, Inc.		(5,682	)		(325,920	)
Kellogg Co.		(4,406	)		(259,513	)
Total Consumer Staples					(850,780	)
Financials - (2.2%)
Canadian Imperial Bank of Commerce (Canada)		(3,940	)		(343,167	)
Mercury General Corp.		(9,108	)		(416,509	)
Total Financials					(759,676	)
Health Care - (1.6%)
Mallinckrodt PLC ^*		(19,586	)		(254,618	)

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



AMG River Road Long-Short Fund
Schedule of Portfolio Investments (continued)


	Shares			Value
Health Care - (1.6%) (continued)
Prestige Brands Holdings, Inc. ^*		(10,281	)	$	(302,673	)
Total Health Care					(557,291	)
Industrials - (10.6%)
ACCO Brands Corp.		(27,185	)		(327,579	)
ADT, Inc.		(28,988	)		(258,283	)
Caterpillar, Inc.		(952	)		(137,431	)
Deere & Co.		(2,592	)		(350,775	)
Echo Global Logistics, Inc. ^*		(13,220	)		(360,906	)
Ennis, Inc.		(12,462	)		(223,070	)
Healthcare Services Group, Inc.		(6,019	)		(232,514	)
LSC Communications, Inc.		(25,553	)		(446,666	)
Matthews International Corp., Class A		(10,077	)		(495,285	)
Quad/Graphics, Inc.		(20,858	)		(515,401	)
Snap-on, Inc.		(2,392	)		(347,438	)
Total Industrials					(3,695,348	)
Information Technology - (2.4%)
HP, Inc.		(23,588	)		(506,906	)
Stratasys, Ltd. ^*		(17,902	)		(343,181	)
Total Information Technology					(850,087	)
Materials - (1.9%)
Ball Corp.		(9,428	)		(377,969	)


	Shares			Value
Domtar Corp.		(6,219	)	$	(273,014	)
Total Materials					(650,983	)
Real Estate - (4.1%)
Canadian Apartment Properties, REIT (Canada)		(11,904	)		(343,412	)
Realty Income Corp., REIT		(7,368	)		(372,158	)
The St Joe Co.^*		(20,190	)		(348,278	)
Welltower, Inc., REIT		(6,844	)		(365,743	)
Total Real Estate					(1,429,591	)
Telecommunication Services - (2.0%)
Consolidated Communications Holdings, Inc.		(31,548	)		(356,492	)
Sprint Corp. ^*		(61,909	)		(347,310	)
Total Telecommunication Services					(703,802	)
Utilities - (1.7%)
Consolidated Edison, Inc.		(7,175	)		(574,933	)
Total Common Stocks (Proceeds $(14,547,061))					(14,405,464	)
Exchange Traded Funds - (1.0%)
United States Natural Gas Fund, L.P. (Proceeds $(375,616))^*		(15,933	)		(359,448	)
Total Short Sales - (42.3%) (Proceeds $(14,922,677))					(14,764,912	)
Other Assets, less Liabilities - 45.0%					15,701,298
Net Assets - 100.0%				$	34,888,503

^*	Non-income producing security.

¹	Security position is either entirely or partially held in a segregated account as collateral for securities sold short. As of April 30, 2018, value of securities held in the segregated account was $10,501,854.

²	The Fund is contractually responsible to the lender for any dividends payable on securities while those securities are outstanding in short position. These dividends and interest amounts are recorded as dividend expense on the Statement of Operations.

ADR	American Depositary Receipt

MLP	Master Limited Partnership

REIT	Real Estate Investment Trust

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



AMG River Road Long-Short Fund
Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1			Level 2		Level 3		Value
Investments in Securities
Assets
Common Stocks^†	$	33,952,117			—		—	$	33,952,117
Liabilities
Common Stocks^†		(14,405,464	)		—		—		(14,405,464	)
Exchange Traded Funds^†		(359,448	)		—		—		(359,448	)

Total Liabilities		(14,764,912	)		—		—		(14,764,912	)

Net Investments in Securities	$	19,187,205			—		—	$	19,187,205

†	All common stocks and exchange traded funds held or shorted in the Fund are Level 1 securities. For a detailed breakout of common stocks and exchange traded funds by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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


AMG Managers Guardian Capital Global Dividend Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


Sector	% of Net Assets
Information Technology		15.2
Financials		13.9
Health Care		12.7
Industrials		10.6
Energy		8.0
Consumer Staples		7.7
Consumer Discretionary		7.5
Materials		5.9
Utilities		5.8
Real Estate		5.6
Telecommunication Services		5.6
Short-Term Investments¹		3.2
Other Assets Less Liabilities²		(1.7	)

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

²	Includes repayment of cash collateral on security lending transactions.

TOP TEN HOLDINGS


Security Name	% of Net Assets
Bank of America Corp.		2.8
Microsoft Corp.		2.5
Royal Dutch Shell PLC, Class A (Netherlands)		2.4
Apple, Inc.		2.3
Johnson & Johnson		2.1
Nestle SA (Switzerland)		2.0
BASF SE (Germany)		1.9
JPMorgan Chase & Co.		1.9
Duke Energy Corp.		1.8
AbbVie, Inc.		1.7

Top Ten as a Group		21.4


AMG Managers Guardian Capital Global Dividend Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 98.5%
Consumer Discretionary - 7.5%
Daimler AG (Germany)		2,510	$	197,331
Darden Restaurants, Inc.		4,099		380,633
The Home Depot, Inc.		1,576		291,245
McDonald’s Corp.		2,968		496,962
PulteGroup, Inc.		17,481		530,723
Six Flags Entertainment Corp.¹		8,153		515,596
Taylor Wimpey PLC (United Kingdom)		136,874		360,465
Total Consumer Discretionary				2,772,955
Consumer Staples - 7.7%
Altria Group, Inc.		8,593		482,153
British American Tobacco PLC,
Sponsored ADR (United Kingdom)		4,767		260,374
Kimberly-Clark Corp.		1,977		204,699
Nestle SA (Switzerland)		9,390		727,444
Philip Morris International, Inc.		2,761		226,402
The Procter & Gamble Co.		3,318		240,024
Swedish Match AB (Sweden)		6,400		287,105
Unilever NV (United Kingdom)		4,157		237,448
WH Group, Ltd. (Hong Kong)²		199,200		206,227
Total Consumer Staples				2,871,876
Energy - 8.0%
BP PLC (United Kingdom)		54,584		405,451
Energy Transfer Equity LP, (MLP)		16,681		263,560
Enterprise Products Partners LP, (MLP) ¹		8,906		239,037
Royal Dutch Shell PLC, Class A (Netherlands)		25,670		893,096
Statoil ASA, Sponsored ADR (Norway)		14,333		366,925
Suncor Energy, Inc. (Canada)		6,214		237,632
Targa Resources Corp.		5,799		272,379
TOTAL SA (France)		4,885		307,030
Total Energy				2,985,110
Financials - 13.9%
Allianz SE (Germany)		1,200		284,694
AXA SA (France)		10,075		288,131
Bank of America Corp.		34,407		1,029,457
Danske Bank A/S (Denmark)		9,327		324,600
ING Groep NV, Sponsored ADR (Netherlands)		32,141		539,647
JPMorgan Chase & Co.		6,500		707,070
NN Group NV (Netherlands)		6,646		318,507
Orix Corp. (Japan)		32,548		570,855
Prudential Financial, Inc.		3,331		354,152
Royal Bank of Canada (Canada)		5,086		386,773


	Shares		Value
SCOR SE (France)		8,377	$	339,713
Total Financials				5,143,599
Health Care - 12.7%
AbbVie, Inc.		6,734		650,168
AmerisourceBergen Corp.		2,933		265,671
Amgen, Inc.		2,142		373,736
AstraZeneca PLC (United Kingdom)		5,266		368,635
Fresenius Medical Care AG & Co. KGaA, ADR (Germany)		8,112		410,224
Johnson & Johnson		6,328		800,429
Medtronic PLC (Ireland)		4,697		376,371
Novo Nordisk, Sponsored ADR (Denmark)		9,307		436,870
Pfizer, Inc.		10,145		371,408
Stryker Corp.		2,452		415,418
UnitedHealth Group, Inc.		1,097		259,331
Total Health Care				4,728,261
Industrials - 10.6%
AENA SA (Spain)²		1,402		288,992
Bouygues SA (France)		12,125		618,436
FANUC Corp. (Japan)		1,100		235,632
Ferrovial SA (Spain)		25,599		546,772
Illinois Tool Works, Inc.		2,980		423,220
Lockheed Martin Corp.		1,057		339,128
PACCAR, Inc.		3,996		254,425
Raytheon Co.		1,925		394,509
Republic Services, Inc.		4,459		288,408
Sojitz Corp. (Japan)		78,201		257,419
Waste Management, Inc.		3,706		301,261
Total Industrials				3,948,202
Information Technology - 15.2%
Accenture PLC, Class A (Ireland)		2,439		368,777
Amadeus IT Group SA (Spain)		3,887		283,594
Analog Devices, Inc.		3,181		277,860
Apple, Inc.		5,082		839,851
Broadcom, Inc.		1,599		366,843
Cisco Systems, Inc.		8,424		373,099
Intel Corp.		5,265		271,779
Lam Research Corp.		1,956		361,977
Microsoft Corp.		9,928		928,467
Paychex, Inc.		5,763		349,065
Texas Instruments, Inc.		5,439		551,678
Tokyo Electron, Ltd. (Japan)		1,870		359,139

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



AMG Managers Guardian Capital Global Dividend Fund
Schedule of Portfolio Investments (continued)


	Shares		Value
Information Technology - 15.2% (continued)
Xilinx, Inc.		5,137	$	330,001
Total Information Technology				5,662,130
Materials - 5.9%
Air Products & Chemicals, Inc.		1,600		259,664
BASF SE (Germany)		6,835		711,136
Boliden AB (Sweden)		8,206		284,335
DowDuPont, Inc.		7,174		453,684
Stora Enso OYJ, Class R (Finland)		15,321		302,200
Sumitomo Chemical Company Ltd. (Japan)		30,990		177,314
Total Materials				2,188,333
Real Estate - 5.6%
CubeSmart, REIT		8,377		246,619
ICADE, REIT (France)		5,123		509,095
Iron Mountain, Inc., REIT		7,458		253,124
LEG Immobilien AG (Germany)		2,500		288,257
Medical Properties Trust, Inc., REIT		27,427		350,517
TAG Immobilien AG (Germany)		21,048		444,785
Total Real Estate				2,092,397
Telecommunication Services - 5.6%
AT&T, Inc.		14,349		469,212
BCE, Inc. (Canada)		7,570		321,266
Telenor ASA (Norway)		17,217		381,080
TELUS Corp. (Canada)		7,340		262,684
Verizon Communications, Inc.		7,624		376,244
Vodafone Group PLC,
Sponsored ADR (United Kingdom)		9,025		265,425
Total Telecommunication Services				2,075,911
Utilities - 5.8%
Dominion Resources, Inc.		3,829		254,858


	Shares		Value
Duke Energy Corp.		8,375	$	671,340
Exelon Corp.		9,657		383,190
Veolia Environnement SA (France)		19,700		466,074
WEC Energy Group, Inc.		5,998		385,552
Total Utilities				2,161,014
Total Common Stocks (Cost $33,425,070)				36,629,788

	Principal Amount
Short-Term Investments - 3.2%
Joint Repurchase Agreements - 1.5%³
Deutsche Bank Securities, Inc., dated 04/30/18, due 05/01/18, 1.720% total to be received $301,607 (collateralized by various U.S. Government Agency Obligations, 0.000% - 3.375%, 07/15/20 - 08/15/47, totaling $307,625)	$	301,593		301,593
Nomura Securities International, Inc., dated 04/30/18, due 05/01/18, 1.720% total to be received $252,932 (collateralized by various U.S. Government Agency Obligations, 0.000% - 8.750%, 08/15/18 - 02/15/48, totaling $257,978)		252,920		252,920
Total Joint Repurchase Agreements				554,513

	Shares
Other Investment Companies - 1.7%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class Shares, 1.65%⁴		623,477		623,477
Total Short-Term Investments (Cost $1,177,990)				1,177,990
Total Investments - 101.7% (Cost $34,603,060)				37,807,778
Other Assets, less Liabilities - (1.7)%				(642,560	)
Net Assets - 100.0%			$	37,165,218

¹	Some or all of these securities, amounting to $538,468 or 1.4% of net assets, were out on loan to various brokers.

²	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified buyers. At April 30, 2018, the value of these securities amounted to $495,219 or 1.3% of net assets.

³	Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

⁴	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR	American Depositary Receipt

MLP	Master Limited Partnership

REIT	Real Estate Investment Trust

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



AMG Managers Guardian Capital Global Dividend Fund
Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2¹		Level 3		Total
Investments in Securities
Common Stocks
Information Technology	$	5,019,397	$	642,733		—	$	5,662,130
Financials		3,301,793		1,841,806		—		5,143,599
Health Care		4,359,626		368,635		—		4,728,261
Industrials		2,000,951		1,947,251		—		3,948,202
Energy		1,379,533		1,605,577		—		2,985,110
Consumer Staples		1,651,100		1,220,776		—		2,871,876
Consumer Discretionary		2,215,159		557,796		—		2,772,955
Materials		713,348		1,474,985		—		2,188,333
Utilities		1,694,940		466,074		—		2,161,014
Real Estate		850,260		1,242,137		—		2,092,397
Telecommunication Services		1,694,831		381,080		—		2,075,911
Short-Term Investments
Joint Repurchase Agreements		—		554,513		—		554,513
Other Investment Companies		623,477		—		—		623,477

Total Investments in Securities	$	25,504,415	$	12,303,363		—	$	37,807,778

An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets. As a result, certain international equity securities may be level 2 and could result in transfers between level 1 and level 2. (See Note 1(a) in the Notes to Financial Statements.)

As of April 30, 2018, the Fund had transfers between Level 1 and Level 2 as follows:

Transfer

into

out of

into

out of

Level 1¹

Level 2¹

Assets:

Common Stocks

—

391,389

—

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



AMG Managers Guardian Capital Global Dividend Fund
Schedule of Portfolio Investments (continued)


Country	% of Long-Term Investments
Canada		3.3
Denmark		2.1
Finland		0.8
France		6.9
Germany		6.4
Hong Kong		0.6
Ireland		2.0
Japan		4.4
Netherlands		4.8
Norway		2.0
Spain		3.0
Sweden		1.6
Switzerland		2.0
United Kingdom		5.2
United States		54.9

		100.0

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


AMG Managers Pictet International Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


Sector	% of Net Assets
Consumer Discretionary		21.0
Industrials		15.5
Financials		14.4
Consumer Staples		13.5
Health Care		10.3
Information Technology		8.3
Telecommunication Services		5.5
Energy		4.9
Materials		3.5
Real Estate		1.1
Utilities		1.0
Short-Term Investments¹		5.9
Other Assets Less Liabilities²		(4.9	)

TOP TEN HOLDINGS


Security Name	% of Net Assets
Royal Dutch Shell PLC, Class B (Netherlands)		3.1
GlaxoSmithKline PLC (United Kingdom)		3.0
Japan Tobacco, Inc. (Japan)		3.0
Safran SA (France)		3.0
JD.com, Inc., ADR (China)		2.9
Anheuser-Busch InBev SA/NV (Belgium)		2.9
LivaNova PLC (United Kingdom)		2.7
Informa PLC (United Kingdom)		2.5
ASML Holding NV (Netherlands)		2.3
CK Hutchison Holdings, Ltd. (Hong Kong)		2.2

Top Ten as a Group		27.6

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

²	Includes repayment of cash collateral on security lending transactions.


AMG Managers Pictet International Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares			Value
Common Stocks - 99.0%
Consumer Discretionary - 21.0%
ABC-Mart, Inc. (Japan)		334,600		$	22,051,559
Bandai Namco Holdings, Inc. (Japan)		1,034,700			35,012,993
Cie Financiere Richemont SA (Switzerland)		284,366			27,031,475
Cineworld Group PLC (United Kingdom)		7,900,660			28,205,629
Ctrip.com International, Ltd., ADR (China)^*		527,188			21,561,989
Dignity PLC (United Kingdom)		1,460,945			21,943,238
EI Group PLC (United Kingdom)^*		122,037			216,228
Gestamp Automocion SA (Spain)^*,1,2		4,496,235			36,440,945
Hyundai Mobis (South Korea)		40,542			9,388,863
Informa PLC (United Kingdom)		5,301,897			53,829,448
JD.com, Inc., ADR (China)^*		1,680,063			61,339,100
KOMEDA Holdings Co., Ltd. (Japan)		1,047,700			21,144,073
Loen Entertainment, Inc. (South Korea)		125,885			10,517,491
Matas A/S (Denmark)		704,928			8,118,187
MGM China Holdings, Ltd. (Macau)		12,976,400			35,586,108
Pandora A/S (Denmark)²		291,709			32,405,696
Vivendi SA (France)		909,077			23,973,929
Total Consumer Discretionary					448,766,951
Consumer Staples - 13.5%
Ain Holdings, Inc. (Japan)		196,800			13,107,467
Anheuser-Busch InBev SA/NV (Belgium)²		614,425			61,032,989
Asahi Group Holdings, Ltd. (Japan)		639,200			32,334,409
cocokara fine, Inc. (Japan)		304,800			22,044,711
Danone SA (France)²		370,766			30,034,157
Japan Tobacco, Inc. (Japan)		2,359,600			63,428,885
Nestle SA (Switzerland)		614,259			47,586,702
Ontex Group NV (Belgium)²		765,765			19,628,479
Total Consumer Staples					289,197,799
Energy - 4.9%
Inpex Corp. (Japan)		1,767,800	��		22,599,223
Royal Dutch Shell PLC, Class B (Netherlands)		1,874,550			66,919,734
Z Energy, Ltd. (New Zealand)		2,902,872			14,775,250
Total Energy					104,294,207
Financials - 14.4%
Banco Bilbao Vizcaya Argentaria SA (Spain)		4,448,940			36,001,031
BPER Banca (Italy)²		4,271,562			24,657,496
Cerved Information Solutions SpA (Italy)		94,833			1,147,565
Mizrahi Tefahot Bank, Ltd. (Israel)		933,413			17,060,152
Moscow Exchange MICEX-RTS PJSC (Russia)		14,236,777			27,233,325
Prudential PLC (United Kingdom)		1,720,820			44,249,551
Saga PLC (United Kingdom)		11,987,489			22,351,319


	Shares		Value
Shinsei Bank, Ltd. (Japan)		2,092,700	$	32,582,468
Sompo Holdings, Inc. (Japan)		1,083,000		45,345,337
Standard Chartered PLC (United Kingdom)		3,228,428		33,911,739
UBS Group AG (Switzerland)		1,395,229		23,418,779
Total Financials				307,958,762
Health Care - 10.3%
GlaxoSmithKline PLC (United Kingdom)		3,250,289		65,192,008
Grifols SA, ADR (Spain)		1,087,131		22,090,502
LivaNova PLC (United Kingdom)^*		655,939		58,234,264
Miraca Holdings, Inc. (Japan)		447,800		17,432,822
Orpea (France)		342,584		43,900,744
Primary Health Care, Ltd. (Australia)		4,824,233		13,753,519
Total Health Care				220,603,859
Industrials - 15.5%
BBA Aviation PLC (United Kingdom)		2,260,896		9,909,324
Bollore SA (France)		5,625,200		27,957,908
Bollore SA-New (France)^*,2		29,777		147,017
CK Hutchison Holdings, Ltd. (Hong Kong)		4,058,248		47,988,203
DSV A/S (Denmark)		311,003		24,630,130
Elis SA (France)		1,522,673		36,416,673
Fujitec Co., Ltd. (Japan)		1,453,900		20,190,785
Jardine Strategic Holdings, Ltd. (Hong Kong)		872,276		33,011,595
Obrascon Huarte Lain SA (Spain)^*		2,830,820		13,199,188
Safran SA (France)		539,012		63,220,718
SEEK, Ltd. (Australia)		1,708,455		24,850,843
Vinci SA (France)		287,036		28,698,879
Total Industrials				330,221,263
Information Technology - 8.3%
ams AG (Austria)		197,185		16,263,220
ASML Holding NV (Netherlands)		256,440		48,821,952
Computershare, Ltd. (Australia)		2,079,056		26,448,725
Nokia OYJ (Finland)		5,702,785		34,217,901
Siltronic AG (Germany)		127,524		20,419,980
Sophos Group PLC (United Kingdom)¹		4,496,088		30,700,537
Total Information Technology				176,872,315
Materials - 3.5%
KAZ Minerals PLC (United Kingdom)^*		1,321,812		16,701,184
Koninklijke DSM NV (Netherlands)		191,731		19,815,907
Oci NV (Netherlands)^*,2		1,572,351		37,314,218
Total Materials				73,831,309
Real Estate - 1.1%
Merlin Properties Socimi SA, REIT (Spain)		1,485,034		22,913,776

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



AMG Managers Pictet International Fund
Schedule of Portfolio Investments (continued)


	Shares		Value
Telecommunication Services - 5.5%
Inmarsat PLC (United Kingdom)		6,938,205	$	35,844,874
PCCW, Ltd. (Hong Kong)		60,586,309		37,451,550
SoftBank Group Corp. (Japan)		565,900		43,239,689
Total Telecommunication Services				116,536,113
Utilities - 1.0%
Rubis SCA (France)		279,558		21,751,343
Total Common Stocks (Cost $1,906,935,185)				2,112,947,697

	Principal Amount
Short-Term Investments - 5.9%
Joint Repurchase Agreements - 5.5%³
Cantor Fitzgerald Securities, Inc., dated 04/30/18, due 05/01/18, 1.710% total to be received $27,707,892 (collateralized by various U.S. Government Agency Obligations, 0.000% - 8.500%, 05/25/18 - 03/20/68, totaling $28,260,707)	$	27,706,576		27,706,576
Citibank N.A., dated 04/30/18, due 05/01/18, 1.720% total to be received $27,707,900 (collateralized by various U.S. Government Agency Obligations, 2.405% - 4.500%, 04/01/24 - 10/01/47, totaling $28,266,674)		27,706,576		27,706,576
Deutsche Bank Securities, Inc., dated 04/30/18, due 05/01/18, 1.740% total to be received $3,809,730 (collateralized by various U.S. Government Agency Obligations, 0.000% - 7.125%, 05/09/18 - 03/01/48, totaling $3,885,739)		3,809,546		3,809,546


	Principal Amount		Value
Jefferies LLC, dated 04/30/18, due 05/01/18, 1.770% total to be received $27,707,938 (collateralized by various U.S. Government Agency Obligations, 0.000% - 6.750%, 05/04/18 - 07/15/32, totaling $28,260,728)	$	27,706,576	$	27,706,576
Nomura Securities International, Inc., dated 04/30/18, due 05/01/18, 1.720% total to be received $2,004,035 (collateralized by various U.S. Government Agency Obligations, 0.000% - 8.750%, 08/15/18 - 02/15/48, totaling $2,044,018)		2,003,939		2,003,939
RBC Dominion Securities, Inc., dated 04/30/18, due 05/01/18, 1.720% total to be received $27,707,900 (collateralized by various U.S. Government Agency Obligations, 0.125% - 7.000%, 10/31/18 - 09/09/49, totaling $28,260,708)		27,706,576		27,706,576
Total Joint Repurchase Agreements				116,639,789

	Shares
Other Investment Companies - 0.4%
Dreyfus Government Cash Management Fund, Institutional Class Shares, 1.60%⁴		9,884,528		9,884,528
Total Short-Term Investments (Cost $126,524,317)				126,524,317
Total Investments - 104.9% (Cost $2,033,459,502)				2,239,472,014
Other Assets, less Liabilities - (4.9)%				(105,556,271	)
Net Assets - 100.0%			$	2,133,915,743

^*	Non-income producing security.

¹	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified buyers. At April 30, 2018, the value of these securities amounted to $67,141,482 or 3.1% of net assets.

²	Some or all of these securities, amounting to $109,563,929 or 5.1% of net assets, were out on loan to various brokers.

³	Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

⁴	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

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



AMG Managers Pictet International Fund
Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2¹		Level 3		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	104,844,327	$	343,922,624		—	$	448,766,951
Industrials		147,017		330,074,246		—		330,221,263
Financials		—		307,958,762		—		307,958,762
Consumer Staples		—		289,197,799		—		289,197,799
Health Care		80,324,766		140,279,093		—		220,603,859
Information Technology		—		176,872,315		—		176,872,315
Telecommunication Services		—		116,536,113		—		116,536,113
Energy		—		104,294,207		—		104,294,207
Materials		—		73,831,309		—		73,831,309
Real Estate		—		22,913,776		—		22,913,776
Utilities		—		21,751,343		—		21,751,343
Short-Term Investments
Joint Repurchase Agreements		—		116,639,789		—		116,639,789
Other Investment Companies		9,884,528		—		—		9,884,528

Total Investments in Securities	$	195,200,638	$	2,044,271,376		—	$	2,239,472,014

As of April 30, 2018, the Fund had transfers between Level 1 and Level 2 as follows:

Transfer

into

out of

into

out of

Level 1¹

Level 2¹

Assets:

Common Stocks

—

(127,328,534

)

127,328,534

—

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



AMG Managers Pictet International Fund
Schedule of Portfolio Investments (continued)


Country	% of Long-Term Investments
Australia		3.1
Austria		0.8
Belgium		3.8
China		3.9
Denmark		3.1
Finland		1.6
France		13.1
Germany		1.0
Hong Kong		5.6
Israel		0.8
Italy		1.2
Japan		18.5
Macau		1.7
Netherlands		8.2
New Zealand		0.7
Russia		1.3
South Korea		0.9
Spain		6.2
Switzerland		4.6
United Kingdom		19.9

		100.0

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


AMG Managers Value Partners Asia Dividend Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


Sector	% of Net Assets
Industrials		18.5
Financials		18.1
Real Estate		17.2
Consumer Discretionary		16.0
Information Technology		12.8
Telecommunication Services		5.0
Utilities		3.3
Health Care		2.2
Materials		1.4
Consumer Staples		1.3
Energy		1.1
Short-Term Investments		2.1
Other Assets Less Liabilities		1.0

TOP TEN HOLDINGS


Security Name	% of Net Assets
China Construction Bank Corp., Class H (China)		5.3
Longfor Properties Co., Ltd. (China)		4.9
Ping An Insurance Group Co. of China, Ltd., Class H (China)		3.0
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		2.8
China Resources Power Holdings Co., Ltd. (Hong Kong)		2.7
Far East Consortium International, Ltd. (Hong Kong)		2.6
Samsung Electronics Co., Ltd., 700.000% (South Korea)		2.5
SITC International Holdings Co., Ltd. (Hong Kong)		2.5
Far East Horizon, Ltd. (Hong Kong)		2.4
Qingdao Port International Co., Ltd., Class H (China)		2.4

Top Ten as a Group		31.1


AMG Managers Value Partners Asia Dividend Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 90.4%
Consumer Discretionary - 13.5%
Asian Pay Television Trust (Singapore)		98,900	$	36,498
Basso Industry Corp. (Taiwan)		25,000		44,346
China Lilang, Ltd. (China)		189,000		237,029
China Yongda Automobiles Services Holdings, Ltd. (China)		199,500		227,991
China ZhengTong Auto Services Holdings, Ltd. (China)		95,500		77,225
Chongqing Changan Automobile Co., Ltd., Class B (China)		78,563		73,384
Chow Sang Sang Holdings International, Ltd. (Hong Kong)		46,000		101,041
EGL Holdings Co., Ltd. (Hong Kong)		74,000		10,088
Fila Korea, Ltd. (South Korea)		974		118,307
Great Wall Motor Co., Ltd., Class H (China)		44,000		45,637
Hotel Shilla Co., Ltd. (South Korea)		921		99,065
Jinmao Hotel and Jinmao China Hotel Investments and Management, Ltd. (Hong Kong)		78,500		48,008
Kangwon Land, Inc. (South Korea)		4,382		118,211
Nameson Holdings, Ltd. (Hong Kong)		314,000		62,371
Skyworth Digital Holdings, Ltd. (Hong Kong)		223,225		101,434
Springland International Holdings, Ltd. (China)		47,000		13,235
Wonderful Sky Financial Group Holdings, Ltd. (Hong Kong)		214,000		35,755
Total Consumer Discretionary				1,449,625
Consumer Staples - 1.3%
BGF retailCo., Ltd. (South Korea)		332		59,372
Convenience Retail Asia, Ltd. (Hong Kong)		108,000		50,776
GS Retail Co. , Ltd. (South Korea)		236		8,198
Ultrajaya Milk Industry & Trading Co. (Indonesia)		220,400		23,523
Total Consumer Staples				141,869
Energy - 1.1%
PetroChina Co., Ltd., Class H (China)		122,000		89,898
Pryce Corp. (Philippines)		222,500		25,797
Total Energy				115,695
Financials - 18.1%
Bangkok Bank PCL, NVDR (Thailand)		1,200		7,306
Bank Pan Indonesia (Indonesia)^*		139,800		9,496
BFI Finance Indonesia (Indonesia)		593,200		34,537
BOC Hong Kong Holdings, Ltd. (Hong Kong)		10,500		54,280
China Construction Bank Corp., Class H (China)		543,000		568,879
Chongqing Rural Commercial Bank Co., Ltd., Class H (China)		92,000		70,378


	Shares		Value
DBS Group Holdings, Ltd. (Singapore)		500	$	11,536
Dongbu Insurance Co., Ltd. (South Korea)		2,520		147,924
Far East Horizon, Ltd. (Hong Kong)		264,000		261,964
Fubon Financial Holding Co., Ltd. (Taiwan)		62,000		106,073
Hana Financial Group, Inc. (South Korea)		2,314		102,818
Hyundai Marine & Fire Insurance Co., Ltd. (South Korea)		3,103		110,861
Metropolitan Bank & Trust Co. (Philippines)		48,959		80,188
Panin Financial (Indonesia)^*		3,695,200		62,430
Ping An Insurance Group Co. of China, Ltd., Class H (China)		32,500		317,571
Total Financials				1,946,241
Health Care - 2.2%
Shanghai Pharmaceuticals Holding Co., Ltd., Class H (China)		32,400		88,441
Sinopharm Group Co., Ltd., Class H (China)		34,400		145,075
Total Health Care				233,516
Industrials - 17.2%
Acset Indonusa (Indonesia)		339,100		67,759
BOC Aviation, Ltd. (Singapore)¹		35,900		209,900
CB Industrial Product Holding (Malaysia)		36,500		13,653
China Communications Construction Co., Ltd., Class H (China)		44,000		50,696
China Machinery Engineering Corp., Class H (China)		167,000		97,023
China State Construction International Holdings, Ltd. (Hong Kong)		114,000		148,263
EEI Corp. (Philippines)^*		35,100		8,275
FSE Engineering Holdings, Ltd. (Hong Kong)		159,000		49,390
Garuda Maintenance Facility Aero Asia (Indonesia)^*		1,280,900		34,986
Haitian International Holdings, Ltd. (China)		65,000		172,985
Kerry TJ Logistics Co., Ltd. (Taiwan)		27,000		36,611
PP Persero (Indonesia)		320,900		55,700
Qingdao Port International Co., Ltd., Class H (China)¹		308,000		253,044
SITC International Holdings Co., Ltd. (Hong Kong)		253,000		269,558
TK Group Holdings, Ltd. (China)		212,000		156,735
Total Bangun Persada (Indonesia)		369,700		18,070
TURVO International Co., Ltd. (Taiwan)		15,000		56,294
Waskita Karya Persero (Indonesia)		372,100		58,780
Xinjiang Goldwind Science & Technology Co., Ltd., Class H (China)		31,160		59,005
Zhejiang Expressway Co. , Ltd., Class H (China)		40,000		41,077
Total Industrials				1,857,804

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



AMG Managers Value Partners Asia Dividend Fund
Schedule of Portfolio Investments (continued)


	Shares		Value
Information Technology - 10.2%
Amotech Co., Ltd. (South Korea)^*		744	$	23,320
Chilisin Electronics Corp. (Taiwan)		18,108		56,294
ChipMOS TECHNOLOGIES, INC. (Taiwan)		10,000		6,925
FLEXium Interconnect, Inc. (Taiwan)		37,148		97,074
Goldpac Group, Ltd. (Hong Kong)		288,000		88,496
King Yuan Electronics Co., Ltd. (Taiwan)		113,000		111,465
KoMiCo, Ltd. (South Korea)		360		12,699
MediaTek, Inc. (Taiwan)		5,000		56,868
Parade Technologies, Ltd. (Taiwan)		2,000		30,970
Primax Electronics, Ltd. (Taiwan)		14,000		28,319
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		39,000		297,076
TechWing, Inc. (South Korea)		2,516		42,861
Transtech Optelecom Science Holdings, Ltd. (Hong Kong)^*		196,000		65,428
V One Tech Co., Ltd. (South Korea)^*		808		21,334
Yangtze Optical Fibre and Cable Joint Stock Co., Ltd., Class H (China)¹		38,500		162,992
Total Information Technology				1,102,121
Materials - 1.4%
Lee & Man Chemical Co., Ltd. (Hong Kong)		132,000		99,806
Samyang Packaging Corp. (South Korea)^*		2,792		52,055
Total Materials				151,861
Real Estate - 17.1%
AP Thailand PCL (Thailand)		211,100		56,054
Bekasi Fajar Industrial Estate (Indonesia)		2,970,600		56,633
CapitaLand Retail China Trust, REIT (Singapore)		31,540		37,252
CIFI Holdings Group Co., Ltd. (China)		142,000		111,817
CK Asset Holdings, Ltd. (Hong Kong)		25,000		215,824
CSI Properties, Ltd. (Hong Kong)		1,710,000		110,498
Far East Consortium International, Ltd. (Hong Kong)		495,179		282,788
Hopefluent Group Holdings, Ltd. (China)		140,000		63,995
Longfor Properties Co., Ltd. (China)		176,500		527,865
Mah Sing Group (Malaysia)		175,500		45,471
Megaworld Corp. (Philippines)		101,000		8,764
Puradelta Lestari (Indonesia)		2,572,800		31,068
Supalai PCL (Thailand)^*		63,600		46,636
Times Property Holdings, Ltd. (China)		148,000		215,027
Viva Industrial Trust (Singapore)		43,400		29,410
Total Real Estate				1,839,102
Telecommunication Services - 5.0%
China Mobile, Ltd. (Hong Kong)		19,500		185,767


	Shares		Value
HKBN, Ltd. (Hong Kong)		119,500	$	167,481
Indosat (Indonesia)		212,500		57,595
Link Net (Indonesia)		213,400		82,829
SmarTone Telecommunications Holdings, Ltd. (Hong Kong)		14,500		15,329
XL Axiata (Indonesia)^*		204,300		30,965
Total Telecommunication Services				539,966
Utilities - 3.3%
China Resources Power Holdings Co., Ltd. (Hong Kong)		154,000		295,390
China Tian Lun Gas Holdings, Ltd. (China)		88,500		61,212
Total Utilities				356,602
Total Common Stocks (Cost $8,465,059)				9,734,402
Preferred Stocks - 2.6%
Information Technology - 2.6%
Samsung Electronics Co., Ltd. (South Korea)		137		272,410
Real Estate - 0.0%^#
SP Setia Group (Malaysia)^*		12,760		2,764
Total Preferred Stocks (Cost $184,590)				275,174
Participation Notes - 3.8%
Consumer Discretionary - 2.5%
Midea Group Co., Ltd. (HSBC Securities) (China)		21,500		174,486
Qingdao Haier Co, Ltd. (HSBC Securities) (China)		33,800		91,136
Total Consumer Discretionary				265,622
Industrials - 1.3%
Huayu Automotive Systems Co., Ltd. (HSBC Securities) (China)		41,300		144,152
Total Participation Notes (Cost $288,384)				409,774
Warrants - 0.1%
Energy - 0.0%^#
Ezion Holdings, Ltd. (exercise price 0.45 Singapore Dollar), 04/24/20 (Singapore)^*		18,520		98
Real Estate - 0.1%
Supalai PCL, (exercise price 4.00 Thia Baht), 10/20/18 (Thailand)^*		15,900		9,471
Total Warrants (Cost $5,535)				9,569
Short-Term Investments - 2.1%
Other Investment Companies - 2.1%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class Shares, 1.65%²		225,998		225,998
Total Short-Term Investments (Cost $225,998)				225,998

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



AMG Managers Value Partners Asia Dividend Fund
Schedule of Portfolio Investments (continued)


	Value
Total Investments - 99.0% (Cost $9,169,566)	$	10,654,917
Other Assets, less Liabilities - 1.0%		107,960
Net Assets - 100.0%	$	10,762,877

^*	Non-income producing security.

^#	Less than 0.05%.

¹	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified buyers. At April 30, 2018, the value of these securities amounted to $625,936 or 5.8% of net assets.

²	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

NVDR	Non-Voting Depositary Receipt

REIT	Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2¹		Level 3		Total
Investments in Securities
Common Stocks
Financials	$	44,033	$	1,902,208		—	$	1,946,241
Industrials		129,090		1,728,714		—		1,857,804
Real Estate		31,068		1,808,034		—		1,839,102
Consumer Discretionary		159,137		1,290,488		—		1,449,625
Information Technology		65,428		1,036,693		—		1,102,121
Telecommunication Services		250,310		289,656		—		539,966
Utilities		—		356,602		—		356,602
Health Care		145,075		88,441		—		233,516
Materials		—		151,861		—		151,861
Consumer Staples		110,148		31,721		—		141,869
Energy		25,797		89,898		—		115,695
Preferred Stocks
Information Technology		—		272,410		—		272,410
Real Estate		—		2,764		—		2,764
Participation Notes
Consumer Discretionary		—		265,622		—		265,622
Industrials		—		144,152		—		144,152
Warrants
Energy		98		—		—		98
Real Estate		9,471		—		—		9,471
Short-Term Investments
Other Investment Companies		225,998		—		—		225,998

Total Investments in Securities	$	1,195,653	$	9,459,264		—	$	10,654,917

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



AMG Managers Value Partners Asia Dividend Fund
Schedule of Portfolio Investments (continued)

As of April 30, 2018, the Fund had transfers between Level 1 and Level 2 as follows:


	Transfer		Transfer			Transfer		Transfer
	into		out of			into		out of
	Level 1¹		Level 1¹			Level 2¹		Level 2¹
Assets:
Common Stocks	$	260,817	$	(542,988	)	$	542,988	$	(260,817	)


Country	% of Long-Term Investments
China		41.6
Hong Kong		26.1
Indonesia		6.0
Malaysia		0.6
Philippines		1.2
Singapore		3.1
South Korea		11.4
Taiwan		8.9
Thailand		1.1

		100.0

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


AMG Managers Montag & Caldwell Balanced Fund
Fund Snapshots (unaudited)
April 30, 2018

PORTFOLIO BREAKDOWN


Sector	% of Net Assets
Corporate Bonds and Notes		22.6
Health Care		12.7
Consumer Staples		12.5
Information Technology		10.3
U.S. Government and Agency Obligations		9.5
Consumer Discretionary		7.7
Financials		4.8
Materials		1.7
Industrials		1.1
Short-Term Investments¹		17.0
Other Assets Less Liabilities²		0.1

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

²	Includes repayment of cash collateral on security lending transactions.

TOP TEN HOLDINGS


Security Name	% of Net Assets
Becton Dickinson & Co.		2.9
Abbott Laboratories		2.7
UnitedHealth Group, Inc.		2.6
Ulta Beauty, Inc.		2.6
Thermo Fisher Scientific, Inc.		2.5
S&P Global, Inc.		2.1
Dollar Tree, Inc.		2.1
Starbucks Corp.		2.1
Edwards Lifesciences Corp.		2.0
Mondelez International, Inc., Class A		1.7

Top Ten as a Group		23.3


Rating	% of Market Value¹
U.S. Government and Agency Obligations		29.5
Aaa		3.0
Aa		24.3
A		43.2

¹	Includes market value of fixed-income securities only.


AMG Managers Montag & Caldwell Balanced Fund
Schedule of Portfolio Investments (unaudited)
April 30, 2018


	Shares		Value
Common Stocks - 50.8%
Consumer Discretionary - 7.7%
Booking Holdings, Inc.^*		90	$	196,020
Dollar Tree, Inc.^*		4,500		431,505
Starbucks Corp.		7,400		426,018
Ulta Beauty, Inc.^*		2,100		526,911
Total Consumer Discretionary				1,580,454
Consumer Staples - 12.5%
The Coca-Cola Co.		8,000		345,680
Colgate-Palmolive Co.		2,700		176,121
The Estee Lauder Cos., Inc., Class A		1,450		214,731
Mondelez International, Inc., Class A		9,000		355,500
Monster Beverage Corp.^*		6,300		346,500
PepsiCo, Inc.		2,400		242,256
Philip Morris International, Inc.		3,000		246,000
The Procter & Gamble Co.		2,500		180,850
The Kraft Heinz Co.		4,000		225,520
Walgreens Boots Alliance, Inc.		3,500		232,575
Total Consumer Staples				2,565,733
Financials - 4.8%
The Charles Schwab Corp.		4,000		222,720
Intercontinental Exchange, Inc.		4,600		333,316
S&P Global, Inc.		2,300		433,780
Total Financials				989,816
Health Care - 12.7%
Abbott Laboratories		9,500		552,235
Becton Dickinson & Co.		2,600		602,862
Edwards Lifesciences Corp.^*		3,300		420,288
Thermo Fisher Scientific, Inc.		2,400		504,840
UnitedHealth Group, Inc.		2,250		531,900
Total Health Care				2,612,125
Industrials - 1.1%
Honeywell International, Inc.		1,600		231,488
Information Technology - 10.3%
Activision Blizzard, Inc.		1,000		66,350
Alphabet, Inc., Class A^*		185		188,437
Apple, Inc.		600		99,156
eBay, Inc.^*		8,000		303,040
Fidelity National Information Services, Inc.		1,800		170,946
FleetCor Technologies, Inc.^*		800		165,824
Mastercard, Inc., Class A		900		160,443
Microsoft Corp.		2,100		196,392
Oracle Corp.		3,200		146,144


	Shares		Value
QUALCOMM, Inc.		5,000	$	255,050
Visa, Inc., Class A		2,800		355,264
Total Information Technology				2,107,046
Materials - 1.7%
The Sherwin-Williams Co.		957		351,851
Total Common Stocks (Cost $9,322,500)				10,438,513

	Principal Amount
Corporate Bonds and Notes - 22.6%
Financials - 10.6%
Bank of America Corp.
Series L 2.650%, 04/01/19	$	200,000		200,072
Berkshire Hathaway, Inc.
3.125%, 03/15/26		225,000		216,788
Chubb INA Holdings, Inc.
2.300%, 11/03/20		200,000		196,436
General Electric Co.
4.375%, 09/16/20		200,000		205,366
The Goldman Sachs Group, Inc.
2.300%, 12/13/19		200,000		198,077
JPMorgan Chase & Co.
4.350%, 08/15/21		225,000		232,587
State Street Corp.
2.550%, 08/18/20		250,000		248,136
US Bancorp, MTN
2.950%, 07/15/22		200,000		196,064
Visa, Inc.
3.150%, 12/14/25		250,000		243,796
Wells Fargo & Co.
Series N 2.150%, 01/30/20		250,000		246,758
Total Financials				2,184,080
Industrials - 12.0%
Alphabet, Inc.
3.625%, 05/19/21		200,000		204,791
Apple, Inc.
1.000%, 05/03/18		250,000		249,987
Chevron Corp.
1.718%, 06/24/18		250,000		249,801
Cisco Systems, Inc.
1.850%, 09/20/21		200,000		192,392
Honeywell International, Inc.
2.500%, 11/01/26		200,000		183,147
Johnson & Johnson
5.950%, 08/15/37		150,000		193,719
Merck & Co.,Inc.
2.350%, 02/10/22		250,000		243,539

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



AMG Managers Montag & Caldwell Balanced Fund
Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 12.0% (continued)
Oracle Corp.
2.500%, 10/15/22	$	250,000	$	242,832
PepsiCo, Inc.
5.000%, 06/01/18¹		250,000		250,575
QUALCOMM, Inc.
2.250%, 05/20/20		250,000		246,101
United Parcel Service, Inc.
3.125%, 01/15/21		200,000		201,118
Total Industrials				2,458,002
Total Corporate Bonds and Notes (Cost $4,732,981)				4,642,082
U.S. Government and Agency Obligations - 9.5%
Fannie Mae - 0.1%
Fannie Mae,
6.000%, 11/01/35		7,464		8,262
7.500%, 02/01/35 to 04/01/35		8,096		8,428
Total Fannie Mae				16,690
Freddie Mac - 0.0%^#
Freddie Mae Gold,
5.500%, 12/01/20		2,001		2,047
Ginnie Mae - 0.0%^#
Ginnie Mae,
5.500%, 02/15/39		3,164		3,442
U.S. Treasury Obligations - 9.4%
U.S. Treasury Bonds,
2.750%, 11/15/42		250,000		235,288
3.125%, 11/15/41		175,000		176,350


	Principal Amount		Value
U.S. Treasury Bonds,
3.500%, 02/15/39	$	250,000	$	268,130
5.375%, 02/15/31		125,000		156,882
U.S. Treasury Notes,
1.375%, 09/30/18		175,000		174,563
1.500%, 01/31/19		225,000		223,857
2.125%, 05/15/25		240,000		227,963
2.375%, 05/15/27		225,000		214,875
2.500%, 05/15/24		250,000		244,868
Total U.S. Treasury Obligations				1,922,776
Total U.S. Government and Agency Obligations (Cost $2,026,589)				1,944,955
Short-Term Investments - 17.0%
Joint Repurchase Agreements - 0.9%²
Nomura Securities International, Inc., dated 04/30/18, due 05/01/18, 1.720% total to be received $197,154 (collateralized by various U.S. Government Agency Obligations, 0.000% - 8.750%, 08/15/18 - 02/15/48, totaling $201,088)		197,145		197,145

	Shares
Other Investment Companies - 16.1%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Class Shares, 1.65%³		3,304,016		3,304,016
Total Short-Term Investments (Cost $3,501,161)				3,501,161
Total Investments - 99.9% (Cost $19,583,231)				20,526,711
Other Assets, less Liabilities - 0.1%				26,607
Net Assets - 100.0%			$	20,553,318

^*	Non-income producing security.

^#	Less than 0.05%.

¹	Some or all of these securities, amounting to $187,931 or 0.9% of net assets, were out on loan to various brokers.

²	Collateral received from brokers for securities lending was invested in these joint repurchase agreements.

³	Yield shown represents the April 30, 2018, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

MTN	Medium-Term Note

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



AMG Managers Montag & Caldwell Balanced Fund
Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2018:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	10,438,513		—		—	$	10,438,513
Corporate Bonds and Notes^†^†		—	$	4,642,082		—		4,642,082
U.S. Government and Agency Obligations^†^†		—		1,944,955		—		1,944,955
Short-Term Investments
Joint Repurchase Agreements		—		197,145		—		197,145
Other Investment Companies		3,304,016		—		—		3,304,016

Total Investments in Securities	$	13,742,529	$	6,784,182		—	$	20,526,711

^†	All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

^††

As of April 30, 2018, the Fund had no transfers between levels from the beginning of the reporting period.

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



Statement of Assets and Liabilities (unaudited)
April 30, 2018


	AMG Managers Fairpointe ESG Equity Fund		AMG River Road Focused Absolute Value Fund		AMG Managers Montag & Caldwell Growth Fund		AMG River Road Dividend All Cap Value Fund		AMG River Road Dividend All Cap Value Fund II
Assets:
Investments at Value* (including securities on loan valued at $0, $0, $0, $16,530,611, and $2,817,807, respectively)	$	10,388,947	$	27,031,192	$	743,127,070	$	908,920,378	$	111,188,085
Receivable for investments sold		33,550		—		4,222,655		4,645,154		601,765
Dividend, interest and other receivables		6,373		485		350,212		965,876		102,335
Receivable for Fund shares sold		—		6,203		401,371		997,553		82,077
Receivable from affiliate		7,301		7,388		3,790		3,920		—
Prepaid expenses and other assets		18,077		10,126		18,601		14,047		3,528
Total assets		10,454,248		27,055,394		748,123,699		915,546,928		111,977,790
Liabilities:
Payable upon return of securities loaned		—		—		—		16,937,288		2,899,157
Payable for investments purchased		98,051		—		—		5,993,667		753,830
Payable for Fund shares repurchased		—		54,865		5,862,713		1,814,480		26,722
Accrued expenses:
Investment advisory and management fees		5,797		13,224		434,916		443,751		55,083
Administrative fees		1,242		3,306		93,196		110,938		13,771
Distribution fees		133		2,028		39,768		23,682		505
Shareholder service fees		663		880		43,492		51,615		5,594
Professional fees		6,206		1,370		51,791		42,651		16,446
Custody fees		5,509		6,806		44,881		40,057		9,982
Other		212		211		117,653		9,044		93
Total liabilities		117,813		82,690		6,688,410		25,467,173		3,781,183
Net Assets	$	10,336,435	$	26,972,704	$	741,435,289	$	890,079,755	$	108,196,607
* Investments at cost	$	9,639,750	$	26,342,099	$	570,096,186	$	758,975,007	$	96,533,766

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




Statement of Assets and Liabilities (continued)


	AMG Managers Fairpointe ESG Equity Fund		AMG River Road Focused Absolute Value Fund			AMG Managers Montag & Caldwell Growth Fund			AMG River Road Dividend All Cap Value Fund			AMG River Road Dividend All Cap Value Fund II
Net Assets Represent:
Paid-in capital	$	9,085,091	$	25,765,622		$	489,080,978		$	723,642,792		$	89,810,928
Undistributed (distribution in excess of) net investment income		20,833		(15,744	)		(780,137	)		(3,935,620	)		(229,769	)
Accumulated net realized gain from investments		481,314		533,733			80,103,564			20,427,212			3,961,129
Net unrealized appreciation on investments		749,197		689,093			173,030,884			149,945,371			14,654,319
Net Assets	$	10,336,435	$	26,972,704		$	741,435,289		$	890,079,755		$	108,196,607
Class N:
Net Assets	$	740,275	$	9,735,899		$	226,026,357		$	114,277,463		$	2,433,559
Shares outstanding		62,467		867,735			11,378,628			9,397,440			174,865
Net asset value, offering and redemption price per share	$	11.85	$	11.22		$	19.86		$	12.16		$	13.92
Class I:
Net Assets	$	9,596,160	$	17,174,696		$	514,723,890		$	773,152,973		$	105,451,807
Shares outstanding		814,506		1,524,107			25,799,612			63,617,926			7,563,623
Net asset value, offering and redemption price per share	$	11.78	$	11.27		$	19.95		$	12.15		$	13.94
Class R:
Net Assets		—		—		$	685,042			—			—
Shares outstanding		—		—			35,429			—			—
Net asset value, offering and redemption price per share		—		—		$	19.34			—			—
Class Z:
Net Assets		—	$	62,109			—		$	2,649,319		$	311,241
Shares outstanding		—		5,512			—			217,950			22,318
Net asset value, offering and redemption price per share		—	$	11.27			—		$	12.16		$	13.95

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




Statement of Assets and Liabilities (continued)


	AMG Managers Fairpointe Mid Cap Fund		AMG Managers Montag & Caldwell Mid Cap Growth Fund		AMG Managers LMCG Small Cap Growth Fund		AMG River Road Small-Mid Cap Value Fund		AMG River Road Small Cap Value Fund
Assets:
Investments at Value* (including securities on loan valued at $0, $192,672, $2,097,291, $1,626,548, and $6,048,451, respectively)	$	3,707,427,268	$	10,404,019	$	104,615,371	$	51,811,666	$	324,364,333
Affiliated Investments at value**		128,407,485		—		—		—		—
Receivable for investments sold		14,259,509		—		820,886		—		280,330
Dividend, interest and other receivables		1,556,380		1,422		8,800		4,926		29,265
Receivable for Fund shares sold		4,875,539		—		42,369		18,315		331,078
Receivable from affiliate		20,843		3,673		11,419		1,353		579
Prepaid expenses and other assets		70,641		10,331		12,793		13,719		14,974
Total assets		3,856,617,665		10,419,445		105,511,638		51,849,979		325,020,559
Liabilities:
Payable upon return of securities loaned		—		197,389		2,149,413		1,681,654		6,273,992
Payable for investments purchased		31,320,170		—		3,048,218		—		—
Payable for Fund shares repurchased		10,947,774		5,559		81,789		5,188		347,221
Accrued expenses:
Investment advisory and management fees		1,944,486		6,330		75,621		31,080		210,505
Administrative fees		480,985		1,266		12,603		6,216		39,470
Distribution fees		244,802		979		6,625		1,509		6,259
Shareholder service fees		239,074		353		4,711		2,094		26,300
Professional fees		142,457		14,495		18,158		10,610		13,333
Custody fees		166,722		3,479		13,154		8,380		18,573
Other		147,750		454		10,617		730		2,074
Total liabilities		45,634,220		230,304		5,420,909		1,747,461		6,937,727
Net Assets	$	3,810,983,445	$	10,189,141	$	100,090,729	$	50,102,518	$	318,082,832
* Investments at cost	$	2,991,062,299	$	8,259,624	$	97,857,030	$	47,393,463	$	262,986,583
** Affiliated Investments at cost	$	179,085,303		—		—		—		—

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




Statement of Assets and Liabilities (continued)


	AMG Managers Fairpointe Mid Cap Fund		AMG Managers Montag & Caldwell Mid Cap Growth Fund			AMG Managers LMCG Small Cap Growth Fund			AMG River Road Small-Mid Cap Value Fund			AMG River Road Small Cap Value Fund
Net Assets Represent:
Paid-in capital	$	3,057,703,298	$	7,768,928		$	102,976,622		$	43,794,853		$	243,865,069
Undistributed (distribution in excess of) net investment income		2,351,471		(32,532	)		(1,107,805	)		(218,413	)		(448,844	)
Accumulated net realized gain (loss) from investments		85,241,525		308,350			(8,536,429	)		2,107,875			13,288,857
Net unrealized appreciation on investments		665,687,151		2,144,395			6,758,341			4,418,203			61,377,750
Net Assets	$	3,810,983,445	$	10,189,141		$	100,090,729		$	50,102,518		$	318,082,832
Class N:
Net Assets	$	1,152,456,600	$	4,909,009		$	36,506,247		$	7,588,492		$	30,690,460
Shares outstanding		28,640,773		427,516			2,237,889			1,028,434			2,341,126
Net asset value, offering and redemption price per share	$	40.24	$	11.48		$	16.31		$	7.38		$	13.11
Class I:
Net Assets	$	2,353,571,970	$	5,280,132		$	63,584,482		$	42,382,466		$	287,231,378
Shares outstanding		56,981,169		456,306			3,833,387			5,632,737			21,529,686
Net asset value, offering and redemption price per share	$	41.30	$	11.57		$	16.59		$	7.52		$	13.34
Class Z:
Net Assets	$	304,954,875		—			—		$	131,560		$	160,994
Shares outstanding		7,384,765		—			—			17,506			12,070
Net asset value, offering and redemption price per share	$	41.30		—			—		$	7.52		$	13.34

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




Statement of Assets and Liabilities (continued)


	AMG Managers Silvercrest Small Cap Fund		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
Assets:
Investments at Value* (including securities on loan valued at $4,757,600, $1,100,950, $4,009,990, $0, and $0, respectively)	$	263,285,469	$	36,752,907	$	651,203,837	$	35,863,412	$	33,952,117
Affiliated Investments at value**		—		—		32,453,601		—		—
Cash		—		—		—		—		156,913
Due from broker ¹		—		—		—		—		15,131,226
Foreign currency***		—		—		—		—		29,169
Receivable for investments sold		2,286,607		165,511		1,471,920		1,238,455		1,441,820
Receivable for delayed delivery investments sold		—		—		95,475		—		—
Dividend, interest and other receivables		58,449		11,472		3,902,246		17,209		66,533
Receivable for Fund shares sold		413,794		20,709		1,587,221		27,020		220,383
Receivable from affiliate		7,229		7,063		40,228		5,610		4,277
Prepaid expenses and other assets		20,495		11,332		6,179		17,707		18,239
Total assets		266,072,043		36,968,994		690,760,707		37,169,413		51,020,677
Liabilities:
Payable upon return of securities loaned		4,979,275		1,107,306		4,144,984		—		—
Payable for investments purchased		377,328		—		1,552,026		16,554		1,225,778
Payable for delayed delivery investments purchased		—		—		681,413		—		—
Payable for Fund shares repurchased		1,616,535		68,889		1,001,315		502,436		61,367
Interest and dividends payable		—		—		—		—		24,637
Due to custodian		—		—		163,677		—		—
Accrued expenses:
Investment advisory and management fees		195,182		20,741		253,916		28,294		24,427
Administrative fees		32,530		4,444		84,639		4,716		4,311
Distribution fees		3,578		4,399		30,665		1,719		997
Shareholder service fees		15,169		3,702		42,833		1,886		2,294
Professional fees		18,876		15,425		27,503		17,054		16,089
Custody fees		14,893		12,680		132,275		8,670		6,585
Other		921		10,334		26,856		5,644		777
Securities sold short, at value (proceeds $0, $0, $0, $0 and $14,922,677, respectively)		—		—		—		—		14,764,912
Total liabilities		7,254,287		1,247,920		8,142,102		586,973		16,132,174
Net Assets	$	258,817,756	$	35,721,074	$	682,618,605	$	36,582,440	$	34,888,503
* Investments at cost	$	238,325,955	$	27,173,067	$	664,359,690	$	34,278,349	$	33,142,027
** Affiliated Investments at cost		—		—	$	32,510,569		—		—
*** Foreign currency at cost		—		—		—		—	$	29,773

¹	Includes foreign cash held at the Prime Broker of $717,784 with a cost amount equal to $732,634.

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




Statement of Assets and Liabilities (continued)


	AMG Managers Silvercrest Small Cap Fund			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
Net Assets Represent:
Paid-in capital	$	222,251,308		$	24,440,246		$	701,756,022		$	34,463,064		$	33,974,880
Distribution in excess of net investment income		(111,862	)		(114,832	)		(586,053	)		(481,223	)		(597,001	)
Accumulated net realized gain (loss) from investments		11,718,796			1,815,820			(5,338,543	)		1,015,536			558,227
Net unrealized appreciation (depreciation) on investments		24,959,514			9,579,840			(13,212,821	)		1,585,063			952,397
Net Assets	$	258,817,756		$	35,721,074		$	682,618,605		$	36,582,440		$	34,888,503
Class N:
Net Assets	$	15,772,328		$	26,109,946		$	147,088,327		$	8,369,848		$	4,742,268
Shares outstanding		915,326			6,294,803			14,148,800			709,876			385,770
Net asset value, offering and redemption price per share	$	17.23		$	4.15		$	10.40		$	11.79		$	12.29
Class I:
Net Assets	$	242,845,678		$	9,462,154		$	533,917,837		$	28,212,592		$	30,072,418
Shares outstanding		13,960,177			1,848,174			51,385,340			2,379,318			2,413,364
Net asset value, offering and redemption price per share	$	17.40		$	5.12		$	10.39		$	11.86		$	12.46
Class Z:
Net Assets	$	199,750		$	148,974		$	1,612,441			—		$	73,817
Shares outstanding		11,484			29,074			155,070			—			5,920
Net asset value, offering and redemption price per share	$	17.39		$	5.12		$	10.40			—		$	12.47

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




Statement of Assets and Liabilities (continued)


	AMG Managers Guardian Capital Global Dividend Fund		AMG Managers Pictet International Fund		AMG Managers Value Partners Asia Dividend Fund		AMG Managers Montag & Caldwell Balanced Fund
Assets:
Investments at Value* (including securities on loan valued at $538,468, $109,563,929, $0, and $187,931, respectively)	$	37,807,778	$	2,239,472,014	$	10,654,917	$	20,526,711
Foreign currency***		—		500,042		104,643		—
Receivable for investments sold		720,423		2,134,272		78,618		185,336
Dividend, interest and other receivables		145,852		9,770,245		12,692		67,911
Receivable for Fund shares sold		17,116		1,718,340		—		1,946
Receivable from affiliate		619		9,651		7,738		2,206
Prepaid expenses and other assets		20,455		81,085		4,160		10,794
Total assets		38,712,243		2,253,685,649		10,862,768		20,794,904
Liabilities:
Payable upon return of securities loaned		554,513		116,639,789		—		197,145
Payable for investments purchased		941,499		—		41,075		—
Payable for Fund shares repurchased		—		1,315,501		200		1,542
Due to custodian		—		—		4,346		—
Accrued expenses:
Investment advisory and management fees		21,477		1,228,345		7,137		11,104
Administrative fees		4,602		263,217		1,338		2,563
Distribution fees		19		1,915		34		1,442
Shareholder service fees		—		8,371		—		1,025
Professional fees		18,315		74,143		15,166		16,835
Custody fees		5,884		175,444		30,424		6,902
Other		716		63,181		171		3,028
Total liabilities		1,547,025		119,769,906		99,891		241,586
Net Assets	$	37,165,218	$	2,133,915,743	$	10,762,877	$	20,553,318
* Investments at cost	$	34,603,060	$	2,033,459,502	$	9,169,566	$	19,583,231
*** Foreign currency at cost		—	$	495,854	$	104,763		—

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




Statement of Assets and Liabilities (continued)


	AMG Managers Guardian Capital Global Dividend Fund		AMG Managers Pictet International Fund			AMG Managers Value Partners Asia Dividend Fund			AMG Managers Montag & Caldwell Balanced Fund
Net Assets Represent:
Paid-in capital	$	32,805,027	$	1,813,046,443		$	8,737,972		$	18,587,391
Undistributed (distribution in excess of) net investment income		66,666		(4,721,342	)		(55,061	)		(374,009	)
Accumulated net realized gain from investments		1,089,174		119,694,629			594,693			1,396,456
Net unrealized appreciation on investments		3,204,351		205,896,013			1,485,273			943,480
Net Assets	$	37,165,218	$	2,133,915,743		$	10,762,877		$	20,553,318
Class N:
Net Assets	$	1,175,027	$	9,760,134		$	1,249,414		$	17,335,946
Shares outstanding		104,679		870,276			99,924			793,725
Net asset value, offering and redemption price per share	$	11.23	$	11.21		$	12.50		$	21.84
Class I:
Net Assets	$	35,990,191	$	122,018,072		$	9,513,463		$	3,217,372
Shares outstanding		3,223,725		10,859,564			760,147			147,879
Net asset value, offering and redemption price per share	$	11.16	$	11.24		$	12.52		$	21.76
Class Z:
Net Assets		—	$	2,002,137,537			—			—
Shares outstanding		—		178,617,274			—			—
Net asset value, offering and redemption price per share		—	$	11.21			—			—

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



Statement of Operations (unaudited)
For the six months ended April 30, 2018


	AMG Managers Fairpointe ESG Equity Fund			AMG River Road Focused Absolute Value Fund			AMG Managers Montag & Caldwell Growth Fund			AMG River Road Dividend All Cap Value Fund			AMG River Road Dividend All Cap Value Fund II
Investment Income:
Dividend income	$	69,494		$	185,412		$	4,456,340		$	13,286,542		$	1,795,407
Securities lending income		—			1,474			—			130,682			23,503
Foreign withholding tax		(239	)		(580	)		—			(29,906	)		(4,145	)
Total investment income		69,255			186,306			4,456,340			13,387,318			1,814,765
Expenses:
Investment advisory and management fees		30,372			77,817			2,786,492			2,772,102			353,632
Administrative fees		6,508			19,454			602,133			693,026			88,408
Distribution fees - Class N		834			10,962			247,509			155,498			3,485
Distribution fees - Class R		—			—			1,752			—			—
Shareholder servicing fees - Class N		303			1,754			84,050			43,539			1,173
Shareholder servicing fees - Class I		3,168			3,422			196,701			279,005			34,430
Shareholder servicing fees - Class R		—			—			245			—			—
Registration fees		15,342			9,170			21,618			22,028			13,603
Professional fees		13,798			12,126			47,030			43,033			16,025
Custodian fees		3,768			4,162			32,072			30,070			6,506
Reports to shareholders		1,826			1,820			78,864			29,793			4,720
Trustee fees and expenses		246			804			29,184			31,348			4,112
Transfer agent fees		194			404			38,643			14,495			1,845
Miscellaneous		552			1,255			17,628			14,973			2,520
Total expenses before offsets		76,911			143,150			4,183,921			4,128,910			530,459
Expense reimbursements		(37,027	)		(34,595	)		—			—			—
Expense reductions		—			(1,816	)		(23,060	)		(5,759	)		(2,467	)
Fee waivers		—			—			(24,487	)		(24,487	)		—
Net expenses		39,884			106,739			4,136,374			4,098,664			527,992
Net investment income		29,371			79,567			319,966			9,288,654			1,286,773
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		624,427			641,439			81,065,908			23,008,018			4,010,346
Net change in unrealized appreciation/depreciation on investments		(618,001	)		(274,233	)		(36,879,739	)		(26,873,468	)		(4,349,698	)
Net realized and unrealized gain (loss)		6,426			367,206			44,186,169			(3,865,450	)		(339,352	)
Net increase in net assets resulting from operations	$	35,797		$	446,773		$	44,506,135		$	5,423,204		$	947,421

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

100




Statement of Operations (continued)


	AMG Managers Fairpointe Mid Cap Fund			AMG Managers Montag & Caldwell Mid Cap Growth Fund			AMG Managers LMCG Small Cap Growth Fund			AMG River Road Small-Mid Cap Value Fund			AMG River Road Small Cap Value Fund
Investment Income:
Dividend income	$	23,804,906		$	22,945		$	347,802	¹	$	200,535		$	1,416,693
Securities lending income		—			425			7,173			3,215			19,808
Foreign withholding tax		(63,203	)		(211	)		—			—			(18,669	)
Total investment income		23,741,703			23,159			354,975			203,750			1,417,832
Expenses:
Investment advisory and management fees		12,363,420			37,572			492,643			172,496			1,255,205
Administrative fees		3,059,862			7,514			82,107			34,499			235,351
Distribution fees - Class N		1,595,889			5,860			45,787			8,930			38,665
Shareholder servicing fees - Class N		516,701			1,221			14,907			2,233			15,466
Shareholder servicing fees - Class I		1,051,176			1,141			11,993			9,420			141,356
Registration fees		51,052			7,875			9,662			13,193			16,342
Professional fees		149,567			11,201			14,785			12,646			23,067
Custodian fees		120,644			2,580			10,188			4,530			11,983
Reports to shareholders		216,199			1,431			10,338			4,823			8,348
Trustee fees and expenses		137,601			323			3,931			1,499			10,429
Transfer agent fees		74,106			390			7,473			2,074			4,806
Miscellaneous		63,572			572			6,290			1,298			5,267
Total expenses before offsets		19,399,789			77,680			710,104			267,641			1,766,285
Expense reimbursements		—			(21,868	)		(69,623	)		(7,865	)		—
Expense reductions		—			(121	)		(3,740	)		(3,761	)		(9,061	)
Fee waivers		(132,594	)		—			—			—			(3,452	)
Net expenses		19,267,195			55,691			636,741			256,015			1,753,772
Net investment income (loss)		4,474,508			(32,532	)		(281,766	)		(52,265	)		(335,940	)
Net Realized and Unrealized Gain:
Net realized gain on investments		85,498,825			350,578			15,307,959			2,186,046			13,664,380
Net change in unrealized appreciation/depreciation on investments		13,192,531			530,126			(7,561,420	)		(596,421	)		(35,446	)
Net realized and unrealized gain		98,691,356			880,704			7,746,539			1,589,625			13,628,934
Net increase in net assets resulting from operations	$	103,165,864		$	848,172		$	7,464,773		$	1,537,360		$	13,292,994

¹	Includes non-recurring dividends of $72,660.

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

101




Statement of Operations (continued)


	AMG Managers			AMG			AMG Managers			AMG Managers
	Silvercrest			GW&K			DoubleLine			Lake Partners			AMG
	Small			U.S. Small Cap			Core Plus			LASSO			River Road
	Cap Fund			Growth Fund			Bond Fund			Alternatives Fund			Long-Short Fund
Investment Income:
Interest income		—			—		$	11,946,344			—		$	4,450
Dividend income	$	1,659,859		$	88,068			139,028		$	311,297			715,323	²
Dividends from affiliated securities		—			—			360,745			—			—
Securities lending income		6,167			3,705			14,643			—			—
Foreign withholding tax		—			(930	)		(8,392	)		—			(7,678	)
Total investment income		1,666,026			90,843			12,452,368			311,297			712,095
Expenses:
Investment advisory and management fees		1,227,033			125,684			1,537,027			192,372			148,608
Administrative fees		204,506			26,932			512,343			32,062			26,225
Distribution fees - Class N		27,193			26,507			193,968			10,465			6,575
Shareholder servicing fees - Class N		7,614			18,739			62,765			2,512			2,104
Shareholder servicing fees - Class I		87,750			4,951			200,425			10,313			11,859
Registration fees		19,737			18,158			29,281			12,871			16,712
Professional fees		19,913			12,157			44,353			13,564			15,570
Custodian fees		10,159			6,593			100,106			6,026			5,367
Reports to shareholders		12,702			8,357			40,463			6,534			4,283
Trustee fees and expenses		8,941			1,215			22,778			1,632			1,173
Transfer agent fees		3,517			3,907			9,051			1,029			764
Miscellaneous		6,014			1,372			11,405			1,856			1,275
Interest and dividend expense		—			—			—			—			340,385
Total expenses before offsets		1,635,079			254,572			2,763,965			291,236			580,900
Expense reimbursements		(38,620	)		(42,782	)		(145,200	)		(34,709	)		(24,164	)
Expense reductions		(46,363	)		(6,115	)		—			—			(5,124	)
Fee waivers		—			—			(95,842	)		—			—
Net expenses		1,550,096			205,675			2,522,923			256,527			551,612
Net investment income (loss)		115,930			(114,832	)		9,929,445			54,770			160,483
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on investments		12,640,891			1,973,349			(877,096	)		529,085			1,747,713
Net realized loss on short sales		—			—			—			—			(835,383	)
Net realized loss on foreign currency transactions		—			—			—			—			(980	)
Capital gain distribution received		—			—			—			666,601			—
Net change in unrealized appreciation/depreciation on investments		(21,745,672	)		(415,673	)		(17,882,783	)		(1,327,871	)		(1,283,643	)
Net change in unrealized appreciation/depreciation on affiliated investments		—			—			42,299			—			—
Net change in unrealized appreciation/depreciation on short sales		—			—			—			—			52,226
Net change in unrealized appreciation/depreciation on foreign currency translations		—			—			—			—			(8,120	)
Net realized and unrealized gain (loss)		(9,104,781	)		1,557,676			(18,717,580	)		(132,185	)		(328,187	)
Net increase (decrease) in net assets resulting from operations	$	(8,988,851	)	$	1,442,844		$	(8,788,135	)	$	(77,415	)	$	(167,704	)

²	Includes non-recurring dividends of $385,865.

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

102




Statement of Operations (continued)


	AMG						AMG
	Managers			AMG			Managers			AMG
	Guardian Capital			Managers			Value Partners			Managers
	Global			Pictet			Asia			Montag & Caldwell
	Dividend Fund			International Fund			Dividend Fund			Balanced Fund
Investment Income:
Interest income		—			—			—		$	63,350
Dividend income	$	584,407		$	21,073,317		$	79,922			112,576
Securities lending income		894			129,701			27			20
Foreign withholding tax		(49,303	)		(2,023,892	)		(8,348	)		—
Total investment income		535,998			19,179,126			71,601			175,946
Expenses:
Investment advisory and management fees		132,215			7,243,804			43,181			68,882
Administrative fees		28,332			1,552,244			8,096			15,896
Distribution fees - Class N		115			8,416			206			8,944
Shareholder servicing fees - Class N		—			3,703			—			5,366
Shareholder servicing fees - Class I		—			204,246			—			992
Registration fees		12,607			36,945			7,978			11,359
Professional fees		13,833			78,401			11,126			13,515
Custodian fees		8,904			185,714			36,659			5,088
Reports to shareholders		1,831			79,043			1,409			3,063
Trustee fees and expenses		1,267			67,776			354			734
Transfer agent fees		516			151,180			161			4,072
Miscellaneous		1,033			25,341			574			826
Total expenses before offsets		200,653			9,636,813			109,744			138,737
Expense reimbursements		(2,137	)		—			(47,465	)		(13,223	)
Fee waivers		—			(56,916	)		—			—
Net expenses		198,516			9,579,897			62,279			125,514
Net investment income		337,482			9,599,229			9,322			50,432
Net Realized and Unrealized Gain (Loss):
Net realized gain on investments		1,131,466			125,542,117			593,957			1,419,799
Net realized gain (loss) on foreign currency transactions		(3,286	)		(497,024	)		2,522			—
Net change in unrealized appreciation/depreciation on investments		(1,750,893	)		(109,877,332	)		(168,252	)		(1,155,469	)
Net change in unrealized appreciation/depreciation on foreign currency translations		(619	)		(103,319	)		(1,270	)		—
Net realized and unrealized gain (loss)		(623,332	)		15,064,442			426,957			264,330
Net increase (decrease) in net assets resulting from operations	$	(285,850	)	$	24,663,671		$	436,279		$	314,762

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

103



Statements of Changes in Net Assets
For the six months ended April 30, 2018 (unaudited) and the fiscal year ended October 31, 2017


	AMG						AMG						AMG
	Managers						River Road						Managers
	Fairpointe ESG						Focused Absolute						Montag & Caldwell
	Equity Fund						Value Fund						Growth Fund
	April 30, 2018			October 31, 2017			April 30, 2018			October 31, 2017¹			April 30, 2018			October 31, 2017
Increase in Net Assets Resulting From Operations:
Net investment income	$	29,371		$	126,340		$	79,567		$	79,888		$	319,966		$	367,209
Net realized gain on investments		624,427			9,113			641,439			1,785,151			81,065,908			93,131,174
Net change in unrealized appreciation/depreciation on investments		(618,001	)		1,389,919			(274,233	)		455,132			(36,879,739	)		73,415,699
Net increase in net assets resulting from operations		35,797			1,525,372			446,773			2,320,171			44,506,135			166,914,082
Distributions to Shareholders:
From net investment income:
Class N		(9,243	)		(874	)		(42,083	)		(7,854	)		—			(828,374	)
Class I		(111,123	)		(68,181	)		(108,821	)		(112,913	)		(534,984	)		(4,910,866	)
Class R		—			—			—			—			—			(8,072	)
Class Z		—			—			(412	)		—			—			—
From net realized gain on investments:
Class N		—			—			(542,163	)		(66,646	)		(21,977,990	)		(39,690,379	)
Class I		—			—			(1,243,729	)		(842,368	)		(52,675,538	)		(72,425,486	)
Class R		—			—			—			—			(65,328	)		(535,608	)
Class Z		—			—			(4,428	)		—			—			—
Total distributions to shareholders		(120,366	)		(69,055	)		(1,941,636	)		(1,029,781	)		(75,253,840	)		(118,398,785	)
Capital Share Transactions:²
Net increase (decrease) from capital share transactions		3,867,181			(1,937,234	)		3,853,018			11,523,190			(130,275,802	)		(490,841,087	)
Total increase (decrease) in net assets		3,782,612			(480,917	)		2,358,155			12,813,580			(161,023,507	)		(442,325,790	)
Net Assets:
Beginning of period		6,553,823			7,034,740			24,614,549			11,800,969			902,458,796			1,344,784,586
End of period	$	10,336,435		$	6,553,823		$	26,972,704		$	24,614,549		$	741,435,289		$	902,458,796
End of period undistributed (distribution in excess of) net investment income	$	20,833		$	111,828		$	(15,744	)	$	56,005		$	(780,137	)	$	(565,119	)

¹	The commencement of operations for Class Z shares was October 2, 2017.

²	See Note 1(g) of the Notes to Financial Statements.

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

104



Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 (unaudited) and the fiscal year ended October 31, 2017


	AMG						AMG						AMG
	River Road						River Road						Managers
	Dividend All Cap						Dividend All						Fairpointe
	Value Fund						Cap Value Fund II						Mid Cap Fund
	April 30, 2018			October 31, 2017¹			April 30, 2018			October 31, 2017¹			April 30, 2018			October 31, 2017¹
Increase in Net Assets Resulting From Operations:
Net investment income	$	9,288,654		$	17,286,874		$	1,286,773		$	2,435,356		$	4,474,508		$	4,188,835
Net realized gain on investments		23,008,018			42,526,733			4,010,346			6,085,039			85,498,825			312,147,791
Net change in unrealized appreciation/depreciation on investments		(26,873,468	)		64,504,761			(4,349,698	)		9,399,851			13,192,531			275,789,998
Net increase in net assets resulting from operations		5,423,204			124,318,368			947,421			17,920,246			103,165,864			592,126,624
Distributions to Shareholders:
From net investment income:
Class N		(2,020,671	)		(4,378,159	)		(42,348	)		(50,019	)		—			(4,738,012	)
Class I		(13,392,298	)		(12,190,543	)		(1,878,332	)		(1,944,514	)		(1,956,221	)		(13,393,786	)
Class Z		(46,836	)		(234	)		(5,299	)		(102	)		(166,816	)		—
From net realized gain on investments:
Class N		(5,727,192	)		(20,724,974	)		(141,368	)		(139,259	)		(84,025,015	)		(61,100,310	)
Class I		(35,476,637	)		(38,518,497	)		(5,823,735	)		(4,633,931	)		(166,664,102	)		(96,561,949	)
Class Z		(122,589	)		—			(16,071	)		—			(6,917,463	)		—
Total distributions to shareholders		(56,786,223	)		(75,812,407	)		(7,907,153	)		(6,767,825	)		(259,729,617	)		(175,794,057	)
Capital Share Transactions:²
Net increase (decrease) from capital share transactions		16,628,797			25,446,779			(7,131,105	)		(6,790,967	)		(2,649,464	)		42,884,347
Total increase (decrease) in net assets		(34,734,222	)		73,952,740			(14,090,837	)		4,361,454			(159,213,217	)		459,216,914
Net Assets:
Beginning of period		924,813,977			850,861,237			122,287,444			117,925,990			3,970,196,662			3,510,979,748
End of period	$	890,079,755		$	924,813,977		$	108,196,607		$	122,287,444		$	3,810,983,445		$	3,970,196,662
End of period undistributed (distribution in excess of) net investment income	$	(3,935,620	)	$	2,235,531		$	(229,769	)	$	409,437		$	2,351,471			—

¹	The commencement of operations for Class Z shares was October 2, 2017.

²	See Note 1(g) of the Notes to Financial Statements.

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

105



Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 (unaudited) and the fiscal year ended October 31, 2017


	AMG						AMG
	Managers						Managers						AMG
	Montag & Caldwell						LMCG Small						River Road
	Mid Cap Growth Fund						Cap Growth Fund						Small-Mid Cap Value Fund
	April 30, 2018			October 31, 2017			April 30, 2018			October 31, 2017			April 30, 2018			October 31, 2017¹
Increase in Net Assets Resulting From Operations:
Net investment loss	$	(32,532	)	$	(53,564	)	$	(281,766	)	$	(688,770	)	$	(52,265	)	$	(40,149	)
Net realized gain on investments		350,578			743,000			15,307,959			11,137,262			2,186,046			6,362,384
Net change in unrealized appreciation/depreciation on investments		530,126			852,784			(7,561,420	)		17,761,836			(596,421	)		3,424,682
Net increase in net assets resulting from operations		848,172			1,542,220			7,464,773			28,210,328			1,537,360			9,746,917
Distributions to Shareholders:
From net investment income:
Class N		—			(12,389	)		—			—			(15,212	)		(6,217	)
Class I		—			(22,879	)		—			—			(150,362	)		(124,646	)
Class Z		—			—			—			—			(574	)		—
From net realized gain on investments:
Class N		(317,127	)		(297,569	)		—			—			(1,000,101	)		(388,245	)
Class I		(329,505	)		(291,792	)		—			—			(5,000,864	)		(2,623,776	)
Class Z		—			—			—			—			(17,114	)		—
Total distributions to shareholders		(646,632	)		(624,629	)		—			—			(6,184,227	)		(3,142,884	)
Capital Share Transactions:²
Net increase (decrease) from capital share transactions		697,095			174,952			(32,928,407	)		(14,492,344	)		10,342,495			(2,051,545	)
Total increase (decrease) in net assets		898,635			1,092,543			(25,463,634	)		13,717,984			5,695,628			4,552,488
Net Assets:
Beginning of period		9,290,506			8,197,963			125,554,363			111,836,379			44,406,890			39,854,402
End of period	$	10,189,141		$	9,290,506		$	100,090,729		$	125,554,363		$	50,102,518		$	44,406,890
End of period distribution in excess of net investment income	$	(32,532	)		—		$	(1,107,805	)	$	(826,039	)	$	(218,413	)		—

¹	The commencement of operations for Class Z shares was October 2, 2017.

²	See Note 1(g) of the Notes to Financial Statements.

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

106



Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 (unaudited) and the fiscal year ended October 31, 2017


													AMG
	AMG						AMG Managers						GW&K
	River Road						Silvercrest						U.S. Small Cap
	Small Cap Value Fund						Small Cap Fund						Growth Fund
	April 30, 2018			October 31, 2017¹			April 30, 2018			October 31, 2017¹			April 30, 2018			October 31, 2017³
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)	$	(335,940	)	$	(401,545	)	$	115,930		$	238,344		$	(114,832	)	$	(256,697	)
Net realized gain on investments		13,664,380			41,224,676			12,640,891			20,362,183			1,973,349			5,923,460
Net change in unrealized appreciation/depreciation on investments		(35,446	)		20,988,302			(21,745,672	)		34,036,455			(415,673	)		5,001,575
Net increase (decrease) in net assets resulting from operations		13,292,994			61,811,433			(8,988,851	)		54,636,982			1,442,844			10,668,338
Distributions to Shareholders:
From net investment income:
Class I		(112,686	)		—			(270,695	)		(462,292	)		—			—
Class Z		(218	)		—			(360	)		—			—			—
From net realized gain on investments:
Class N		(4,305,561	)		(1,206,779	)		(1,953,748	)		(172,910	)		(3,811,311	)		(44,632	)
Class I		(36,489,632	)		(13,057,219	)		(18,836,820	)		(1,603,029	)		(1,248,740	)		(14,009	)
Class Z		(20,415	)		—			(15,730	)		—			(18,241	)		—
Total distributions to shareholders		(40,928,512	)		(14,263,998	)		(21,077,353	)		(2,238,231	)		(5,078,292	)		(58,641	)
Capital Share Transactions:²
Net increase (decrease) from capital share transactions		34,332,761			(4,679,906	)		21,600,783			12,692,188			2,744,589			(16,006,845	)
Total increase (decrease) in net assets		6,697,243			42,867,529			(8,465,421	)		65,090,939			(890,859	)		(5,397,148	)
Net Assets:
Beginning of period		311,385,589			268,518,060			267,283,177			202,192,238			36,611,933			42,009,081
End of period	$	318,082,832		$	311,385,589		$	258,817,756		$	267,283,177		$	35,721,074		$	36,611,933
End of period undistributed (distribution in excess of) net investment income	$	(448,844	)		—		$	(111,862	)	$	43,263		$	(114,832	)		—

¹	The commencement of operations for Class Z shares was October 2, 2017.

²	See Note 1(g) of the Notes to Financial Statements.

³	The commencement of operations for Class Z shares was February 24, 2017.

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

107



Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 (unaudited) and the fiscal year ended October 31, 2017


	AMG Managers
	DoubleLine						AMG Managers						AMG
	Core Plus						Lake Partners						River Road
	Bond Fund						LASSO Alternatives Fund						Long-Short Fund
	April 30, 2018			October 31, 2017¹			April 30, 2018			October 31, 2017			April 30, 2018			October 31, 2017¹
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)	$	9,929,445		$	18,128,484		$	54,770		$	(180,464	)	$	160,483		$	(821,219	)
Net realized gain (loss) on investments		(877,096	)		(1,427,843	)		1,195,686			2,171,889			911,350			3,197,701
Net change in unrealized appreciation/depreciation on investments		(17,840,484	)		612,732			(1,327,871	)		2,210,908			(1,239,537	)		2,291,428
Net increase (decrease) in net assets resulting from operations		(8,788,135	)		17,313,373			(77,415	)		4,202,333			(167,704	)		4,667,910
Distributions to Shareholders:
From net investment income:
Class N		(2,047,153	)		(6,469,092	)		—			—			—			—
Class I		(7,586,060	)		(13,470,209	)		(74,797	)		—			—			—
Class Z		(23,880	)		(659	)		—			—			—			—
From net realized gain on investments:
Class N		—			(566,979	)		(382,672	)		(123,358	)		—			—
Class I		—			(780,506	)		(1,606,738	)		(263,958	)		—			—
From paid in capital:
Class N		—			(992,351	)		—			—			—			—
Class I		—			(1,912,231	)		—			—			—			—
Class Z		—			(115	)		—			—			—			—
Total distributions to shareholders		(9,657,093	)		(24,192,142	)		(2,064,207	)		(387,316	)		—			—
Capital Share Transactions:²
Net increase (decrease) from capital share transactions		22,221,132			(21,494,709	)		(11,400,570	)		(56,374,436	)		493,689			(16,366,899	)
Total increase (decrease) in net assets		3,775,904			(28,373,478	)		(13,542,192	)		(52,559,419	)		325,985			(11,698,989	)
Net Assets:
Beginning of period		678,842,701			707,216,179			50,124,632			102,684,051			34,562,518			46,261,507
End of period	$	682,618,605		$	678,842,701		$	36,582,440		$	50,124,632		$	34,888,503		$	34,562,518
End of period distribution in excess of net investment income	$	(586,053	)	$	(858,405	)	$	(481,223	)	$	(461,196	)	$	(597,001	)	$	(757,484	)

¹	The commencement of operations for Class Z shares was October 2, 2017.

²	See Note 1(g) of the Notes to Financial Statements.

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

108



Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 (unaudited) and the fiscal year ended October 31, 2017


	AMG												AMG
	Managers						AMG						Managers
	Guardian Capital						Managers						Value Partners
	Global Dividend Fund						Pictet International Fund						Asia Dividend Fund
	April 30, 2018			October 31, 2017			April 30, 2018			October 31, 2017¹			April 30, 2018			October 31, 2017
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income	$	337,482		$	761,972		$	9,599,229		$	21,331,461		$	9,322		$	245,017
Net realized gain on investments		1,128,180			449,753			125,045,093			54,291,175			596,479			663,433
Net change in unrealized appreciation/depreciation on investments		(1,751,512	)		4,967,436			(109,980,651	)		289,075,134			(169,522	)		1,483,557
Net increase (decrease) in net assets resulting from operations		(285,850	)		6,179,161			24,663,671			364,697,770			436,279			2,392,007
Distributions to Shareholders:
From net investment income:
Class N		(11,947	)		(16,721	)		(79,424	)		(946	)		(16,334	)		(33,987	)
Class I		(368,989	)		(665,170	)		(7,236,910	)		(19,015,823	)		(126,292	)		(282,917	)
Class Z		—			—			(25,589,385	)		—			—			—
From net realized gain on investments:
Class N		(5,236	)		—			(142,676	)		(2,721	)		(70,027	)		(22,865	)
Class I		(160,241	)		—			(14,191,976	)		(28,593,441	)		(539,272	)		(203,640	)
Class Z		—			—			(42,840,950	)		—			—			—
Total distributions to shareholders		(546,413	)		(681,891	)		(90,081,321	)		(47,612,931	)		(751,925	)		(543,409	)
Capital Share Transactions:²
Net increase from capital share transactions		550,965			2,965,562			175,856,148			370,211,280			610,857			528,187
Total increase (decrease) in net assets		(281,298	)		8,462,832			110,438,498			687,296,119			295,211			2,376,785
Net Assets:
Beginning of period		37,446,516			28,983,684			2,023,477,245			1,336,181,126			10,467,666			8,090,881
End of period	$	37,165,218		$	37,446,516		$	2,133,915,743		$	2,023,477,245		$	10,762,877		$	10,467,666
End of period undistributed (distribution in excess of) net investment income	$	66,666		$	110,120		$	(4,721,342	)	$	18,585,148		$	(55,061	)	$	78,243

¹	The commencement of operations for Class Z shares was October 2, 2017.

²	See Note 1(g) of the Notes to Financial Statements.

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

109



Statements of Changes in Net Assets (continued)
For the six months ended April 30, 2018 (unaudited) and the fiscal year ended October 31, 2017


	AMG
	Managers
	Montag & Caldwell
	Balanced Fund
	April 30, 2018			October 31, 2017
Increase in Net Assets Resulting From Operations:
Net investment income	$	50,432		$	83,986
Net realized gain on investments		1,419,799			1,114,103
Net change in unrealized appreciation/depreciation on investments		(1,155,469	)		1,101,333
Net increase in net assets resulting from operations		314,762			2,299,422
Distributions to Shareholders:
From net investment income:
Class N		(77,221	)		(104,641	)
Class I		(15,835	)		(16,404	)
From net realized gain on investments:
Class N		(896,071	)		(1,915,882	)
Class I		(163,824	)		(232,384	)
Total distributions to shareholders		(1,152,951	)		(2,269,311	)
Capital Share Transactions:²
Net decrease from capital share transactions		(6,730	)		(7,095,911	)
Total decrease in net assets		(844,919	)		(7,065,800	)
Net Assets:
Beginning of period		21,398,237			28,464,037
End of period	$	20,553,318		$	21,398,237
End of period distribution in excess of net investment income	$	(374,009	)	$	(331,385	)

²	See Note 1(g) of the Notes to Financial Statements.

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

110



Statement of Cash Flows (unaudited)
For the six months ended April 30, 2018


	AMG River Road Long-Short Fund
CASH FLOWS PROVIDED BY OPERATING ACTIVITIES:
Net decrease in net assets resulting from operations	$	(167,704	)
ADJUSTMENTS TO RECONCILE NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS TO NET CASH USED IN OPERATING ACTIVITIES:
Purchases of long-term investment securities		(29,462,198	)
Proceeds from disposition of long-term investment securities		30,042,134
Proceeds from securities sold short		30,292,367
Purchases to cover securities sold short		(28,791,676	)
Net sales of short-term securities		18,482,613
Net realized gain on investments		(1,747,713	)
Net realized loss on short sales		835,383
Net realized loss on foreign currency transactions		980
Net change in unrealized appreciation/depreciation on investments		1,283,643
Net change in unrealized appreciation/depreciation on short sales		(52,226	)
Net change in unrealized appreciation/depreciation on foreign currency translations		8,120
Decrease in due from broker		18,250
Increase in segregated cash		(7,010,049	)
Increase in dividends, interest and other receivables		(16,413	)
Increase in receivable from affiliate		(4,277	)
Increase in prepaid expenses		(17,980	)
Decrease in due to broker payable		(13,827,747	)
Increase in interest and dividends on securities sold short payable		1,676
Decrease in investment advisory and management fees payable		(5,744	)
Decrease in administration fees payable		(139	)
Decrease in distribution fees payable		(382	)
Decrease in shareholder servicing fees payable		(78	)
Decrease in professional fees payable		(9,746	)
Increase in custodian fees payable		1,504
Decrease in transfer agent fees payable		(320	)
Decrease in accrued expenses and other payables		(5,446	)
Net cash used in operating activities		(153,168	)
Effect of exchange rate changes on foreign currency		(9,100	)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from sale of shares		5,055,399
Cost of shares repurchased		(4,735,587	)
Net cash provided by financing activities		319,812
Net increase in cash		157,544
Cash:
Beginning of period		28,538
End of period	$	186,082

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

111


AMG Managers Fairpointe ESG Equity Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six months ended			For the fiscal years ended October 31,						For the fiscal period ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015¹
Net Asset Value, Beginning of Period	$	11.74		$	9.65		$	9.33		$	10.00
Income (loss) from Investment Operations:
Net investment income^2,3		0.03			0.17	⁴		0.08			0.06
Net realized and unrealized gain (loss) on investments		0.23			1.94			0.33			(0.73	)
Total income (loss) from investment operations		0.26			2.11			0.41			(0.67	)
Less Distributions to Shareholders from:
Net investment income		(0.15	)		(0.02	)		(0.09	)		—
Total distributions to shareholders		(0.15	)		(0.02	)		(0.09	)		—
Net Asset Value, End of Period	$	11.85		$	11.74		$	9.65		$	9.33
Total Return^3,5		2.18	%⁶		21.83	%		4.43	%		(6.70	)%⁶
Ratio of net expenses to average net assets		1.12	%⁷		1.12	%		1.15	%		1.15	%⁷
Ratio of gross expenses to average net assets⁸		1.97	%⁷		1.76	%		2.63	%		3.78	%⁷
Ratio of net investment income to average net assets³		0.48	%⁷		1.53	%		0.87	%		0.70	%⁷
Portfolio turnover		22	%⁶		51	%		31	%		1	%^6,9
Net assets end of period (000’s) omitted	$	740		$	807		$	546		$	2,295

112


AMG Managers Fairpointe ESG Equity Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six months ended			For the fiscal years ended October 31,						For the fiscal period ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015¹
Net Asset Value, Beginning of Period	$	11.70		$	9.67		$	9.35		$	10.00
Income (loss) from Investment Operations:
Net investment income^2,3		0.04			0.19	⁴		0.10			0.08
Net realized and unrealized gain (loss) on investments		0.23			1.94			0.32			(0.73	)
Total income (loss) from investment operations		0.27			2.13			0.42			(0.65	)
Less Distributions to Shareholders from:
Net investment income		(0.19	)		(0.10	)		(0.10	)		—
Total distributions to shareholders		(0.19	)		(0.10	)		(0.10	)		—
Net Asset Value, End of Period	$	11.78		$	11.70		$	9.67		$	9.35
Total Return^3,5		2.33	%⁶		22.04	%		4.65	%		(6.50	)%⁶
Ratio of net expenses to average net assets		0.90	%⁷		0.90	%		0.90	%		0.90	%⁷
Ratio of gross expenses to average net assets⁸		1.75	%⁷		1.54	%		2.51	%		3.53	%⁷
Ratio of net investment income to average net assets³		0.70	%⁷		1.75	%		1.10	%		0.95	%⁷
Portfolio turnover		22	%⁶		51	%		31	%		1	%^6,9
Net assets end of period (000’s) omitted	$	9,596		$	5,747		$	6,489		$	4,162

¹	Commencement of operations was on December 23, 2014.

²	Per share numbers have been calculated using average shares.

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

⁴	Includes non-recurring dividends. Without these dividends, net investment income (loss) per share would have been $0.06 and $0.08 for Class N and Class I shares, respectively.

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

⁶	Not annualized.

⁷	Annualized.

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

⁹	Portfolio turnover rate excludes securities delivered from processing a redemption in-kind.

113


AMG River Road Focused Absolute Value Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six months ended			For the fiscal years ended October 31,			For the fiscal period ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016¹
Net Asset Value, Beginning of Period	$	11.87		$	10.85		$	10.00
Income (loss) from Investment Operations:
Net investment income (loss)^2,3		0.03			(0.01	)		0.04
Net realized and unrealized gain on investments		0.26			1.85			0.81
Total income from investment operations		0.29			1.84			0.85
Less Distributions to Shareholders from:
Net investment income		(0.07	)		(0.09	)		—
Net realized gain on investments		(0.87	)		(0.73	)		—
Total distributions to shareholders		(0.94	)		(0.82	)		—
Net Asset Value, End of Period	$	11.22		$	11.87		$	10.85
Total Return^3,4		2.39	%⁵		17.42	%		8.50	%⁵
Ratio of net expenses to average net assets		0.99	%^6,7		0.97	%⁷		1.12	%⁶
Ratio of gross expenses to average net assets⁸		1.27	%⁶		1.50	%		3.15	%⁶
Ratio of net investment income (loss) to average net assets³		0.44	%⁶		(0.09	)%		0.39	%⁶
Portfolio turnover		47	%⁵		112	%		146	%^5,9
Net assets end of period (000’s) omitted	$	9,736		$	7,448		$	489

114


AMG River Road Focused Absolute Value Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six months ended			For the fiscal years ended October 31,			For the fiscal period ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016¹
Net Asset Value, Beginning of Period	$	11.92		$	10.88		$	10.00
Income from Investment Operations:
Net investment income^2,3		0.04			0.06			0.08
Net realized and unrealized gain on investments		0.26			1.81			0.80
Total income from investment operations		0.30			1.87			0.88
Less Distributions to Shareholders from:
Net investment income		(0.08	)		(0.10	)		—
Net realized gain on investments		(0.87	)		(0.73	)		—
Total distributions to shareholders		(0.95	)		(0.83	)		—
Net Asset Value, End of Period	$	11.27		$	11.92		$	10.88
Total Return^3,4		2.46	%⁵		17.72	%		8.80	%⁵
Ratio of net expenses to average net assets		0.74	%^6,7		0.73	%⁷		0.75	%⁶
Ratio of gross expenses to average net assets⁸		1.02	%⁶		1.20	%		2.90	%⁶
Ratio of net investment income to average net assets³		0.69	%⁶		0.50	%		0.81	%⁶
Portfolio turnover		47	%⁵		112	%		146	%^5,9
Net assets end of period (000’s) omitted	$	17,175		$	17,106		$	11,312

115


AMG River Road Focused Absolute Value Fund
Financial Highlights
For a share outstanding throughout each fiscal period


				For the fiscal
	For the six			period ended
	months ended			October 31,
	April 30, 2018
Class Z	(unaudited)			2017¹⁰
Net Asset Value, Beginning of Period	$	11.92		$	12.18
Income (loss) from Investment Operations:
Net investment income (loss)^2,3		0.04			(0.01	)
Net realized and unrealized gain (loss) on investments		0.26			(0.25	)
Total income (loss) from investment operations		0.30			(0.26	)
Less Distributions to Shareholders from:
Net investment income		(0.08	)		—
Net realized gain on investments		(0.87	)		—
Total distributions to shareholders		(0.95	)		—
Net Asset Value, End of Period	$	11.27		$	11.92
Total Return^3,4		2.50	%⁵		(2.13	)%⁵
Ratio of net expenses to average net assets		0.70	%^6,7		0.70	%^6,7
Ratio of gross expenses to average net assets⁸		0.98	%⁶		1.32	%⁶
Ratio of net investment income (loss) to average net assets³		0.73	%⁶		(0.59	)%⁶
Portfolio turnover		47	%⁵		112	%⁵
Net assets end of period (000’s) omitted	$	62		$	61

¹	The commencement of operations for Class N and Class I shares was November 3, 2015.

²	Per share numbers have been calculated using average shares.

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

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

⁵	Not annualized.

⁶	Annualized.

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

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

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

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

116


AMG Managers Montag & Caldwell Growth Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	20.76		$	19.56		$	26.67		$	29.59		$	28.68		$	25.31
Income (loss) from Investment Operations:
Net investment income (loss)^1,2		(0.01	)		(0.02	)		0.05			0.07			0.10			0.23
Net realized and unrealized gain (loss) on investments		1.05			3.20			(0.33	)		2.06			2.93			5.07
Total income (loss) from investment operations		1.04			3.18			(0.28	)		2.13			3.03			5.30
Less Distributions to Shareholders from:
Net investment income		—			(0.04	)		(0.08	)		(0.05	)		(0.16	)		(0.22	)
Net realized gain on investments		(1.94	)		(1.94	)		(6.75	)		(5.00	)		(1.96	)		(1.71	)
Total distributions to shareholders		(1.94	)		(1.98	)		(6.83	)		(5.05	)		(2.12	)		(1.93	)
Net Asset Value, End of Period	$	19.86		$	20.76		$	19.56		$	26.67		$	29.59		$	28.68
Total Return^2,3		5.09	%⁴		17.99	%		(1.77	)%		7.93	%		10.98	%		22.61	%
Ratio of net expenses to average net assets		1.18	%^5,6		1.15	%⁶		1.12	%		1.05	%		1.03	%		1.04	%
Ratio of gross expenses to average net assets⁷		1.19	%⁵		1.17	%		1.12	%		1.05	%		1.03	%		1.04	%
Ratio of net investment income (loss) to average net assets²		(0.07	)%⁵		(0.11	)%		0.25	%		0.28	%		0.34	%		0.88	%
Portfolio turnover		16	%⁴		42	%		64	%		12	%		47	%		51	%
Net assets end of period (000’s) omitted	$	226,026		$	259,324		$	519,008		$	835,725		$	1,344,317		$	2,190,074

117


AMG Managers Montag & Caldwell Growth Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	20.84		$	19.70		$	26.82		$	29.80		$	28.87		$	25.46
Income (loss) from Investment Operations:
Net investment income^1,2		0.01			0.02			0.10			0.14			0.17			0.30
Net realized and unrealized gain (loss) on investments		1.06			3.20			(0.31	)		2.06			2.96			5.10
Total income (loss) from investment operations		1.07			3.22			(0.21	)		2.20			3.13			5.40
Less Distributions to Shareholders from:
Net investment income		(0.02	)		(0.13	)		(0.16	)		(0.18	)		(0.24	)		(0.28	)
Net realized gain on investments		(1.94	)		(1.95	)		(6.75	)		(5.00	)		(1.96	)		(1.71	)
Total distributions to shareholders		(1.96	)		(2.08	)		(6.91	)		(5.18	)		(2.20	)		(1.99	)
Net Asset Value, End of Period	$	19.95		$	20.84		$	19.70		$	26.82		$	29.80		$	28.87
Total Return^2,3		5.21	%⁴		18.21	%		(1.51	)%		8.21	%		11.26	%		22.95	%
Ratio of net expenses to average net assets		0.97	%^5,6		0.92	%⁶		0.87	%		0.80	%		0.78	%		0.79	%
Ratio of gross expenses to average net assets⁷		0.98	%⁵		0.94	%		0.87	%		0.80	%		0.78	%		0.79	%
Ratio of net investment income to average net assets²		0.14	%⁵		0.12	%		0.50	%		0.53	%		0.59	%		1.13	%
Portfolio turnover		16	%⁴		42	%		64	%		12	%		47	%		51	%
Net assets end of period (000’s) omitted	$	514,724		$	642,461		$	820,318		$	1,344,231		$	2,784,650		$	3,035,623

118


AMG Managers Montag & Caldwell Growth Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class R	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	20.29		$	19.14		$	26.22		$	29.21		$	28.33		$	25.02
Income (loss) from Investment Operations:
Net investment income (loss)^1,2		(0.04	)		(0.07	)		0.00	⁸		0.01			0.03			0.16
Net realized and unrealized gain (loss) on investments		1.03			3.15			(0.31	)		2.01			2.91			5.01
Total income (loss) from investment operations		0.99			3.08			(0.31	)		2.02			2.94			5.17
Less Distributions to Shareholders from:
Net investment income		—			(0.03	)		(0.02	)		(0.01	)		(0.10	)		(0.15	)
Net realized gain on investments		(1.94	)		(1.90	)		(6.75	)		(5.00	)		(1.96	)		(1.71	)
Total distributions to shareholders		(1.94	)		(1.93	)		(6.77	)		(5.01	)		(2.06	)		(1.86	)
Net Asset Value, End of Period	$	19.34		$	20.29		$	19.14		$	26.22		$	29.21		$	28.33
Total Return^2,3		4.89	%⁴		17.77	%		(2.02	)%		7.66	%		10.74	%		22.30	%
Ratio of net expenses to average net assets		1.47	%^5,6		1.39	%⁶		1.37	%		1.30	%		1.28	%		1.29	%
Ratio of gross expenses to average net assets⁷		1.48	%⁵		1.41	%		1.37	%		1.30	%		1.28	%		1.29	%
Ratio of net investment income (loss) to average net assets²		(0.36	)%⁵		(0.35	)%		(0.02	)%		0.03	%		0.09	%		0.63	%
Portfolio turnover		16	%⁴		42	%		64	%		12	%		47	%		51	%
Net assets end of period (000’s) omitted	$	685		$	674		$	5,458		$	5,877		$	7,701		$	10,099

¹	Per share numbers have been calculated using average shares.

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

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

⁴	Not annualized.

⁵	Annualized.

⁶	Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 31, 2018 and 0.01% for the fiscal year ended October 31, 2017.

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

⁸	Less than $0.005 per share.

119


AMG River Road Dividend All Cap Value Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	12.87		$	12.18		$	12.67		$	14.05		$	13.99		$	11.67
Income (loss) from Investment Operations:
Net investment income¹		0.11	²		0.22	²		0.24	²		0.21			0.42			0.30
Net realized and unrealized gain (loss) on investments		(0.04	)		1.54			0.65			(0.20	)		0.89			2.73
Total income from investment operations		0.07			1.76			0.89			0.01			1.31			3.03
Less Distributions to Shareholders from:
Net investment income		(0.20	)		(0.21	)		(0.22	)		(0.22	)		(0.44	)		(0.27	)
Net realized gain on investments		(0.58	)		(0.86	)		(1.16	)		(1.17	)		(0.81	)		(0.44	)
Total distributions to shareholders		(0.78	)		(1.07	)		(1.38	)		(1.39	)		(1.25	)		(0.71	)
Net Asset Value, End of Period	$	12.16		$	12.87		$	12.18		$	12.67		$	14.05		$	13.99
Total Return^1,3		0.37	%⁴		14.79	%		7.88	%		(0.23	)%		9.89	%		27.47	%
Ratio of net expenses to average net assets		1.10	%^5,6		1.11	%⁶		1.10	%		1.10	%		1.09	%		1.09	%
Ratio of gross expenses to average net assets⁷		1.11	%⁵		1.12	%		1.10	%		1.10	%		1.09	%		1.09	%
Ratio of net investment income to average net assets¹		1.79	%⁵		1.75	%		2.00	%		1.62	%		2.96	%		2.38	%
Portfolio turnover		16	%⁴		28	%		47	%		27	%		32	%		35	%
Net assets end of period (000’s) omitted	$	114,277		$	136,534		$	295,797		$	214,789		$	349,937		$	449,130

120


AMG River Road Dividend All Cap Value Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	12.86		$	12.17		$	12.66		$	14.04		$	13.98		$	11.66
Income (loss) from Investment Operations:
Net investment income¹		0.13	²		0.24	²		0.28	²		0.25			0.44			0.34
Net realized and unrealized gain (loss) on investments		(0.04	)		1.55			0.64			(0.20	)		0.90			2.72
Total income from investment operations		0.09			1.79			0.92			0.05			1.34			3.06
Less Distributions to Shareholders from:
Net investment income		(0.22	)		(0.24	)		(0.25	)		(0.26	)		(0.47	)		(0.30	)
Net realized gain on investments		(0.58	)		(0.86	)		(1.16	)		(1.17	)		(0.81	)		(0.44	)
Total distributions to shareholders		(0.80	)		(1.10	)		(1.41	)		(1.43	)		(1.28	)		(0.74	)
Net Asset Value, End of Period	$	12.15		$	12.86		$	12.17		$	12.66		$	14.04		$	13.98
Total Return^1,3		0.48	%⁴		15.07	%		8.15	%		0.02	%		10.18	%		27.81	%
Ratio of net expenses to average net assets		0.85	%⁵		0.86	%⁶		0.85	%		0.85	%		0.84	%		0.84	%
Ratio of gross expenses to average net assets⁷		0.86	%⁵		0.87	%		0.85	%		0.85	%		0.84	%		0.84	%
Ratio of net investment income to average net assets¹		2.04	%⁵		1.93	%		2.30	%		1.87	%		3.21	%		2.63	%
Portfolio turnover		16	%⁴		28	%		47	%		27	%		32	%		35	%
Net assets end of period (000’s) omitted	$	773,153		$	788,023		$	555,064		$	635,189		$	788,322		$	779,859

121


AMG River Road Dividend All Cap Value Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six months ended			For the fiscal period ended October 31,
	April 30, 2018
Class Z	(unaudited)			2017⁸
Net Asset Value, Beginning of Period	$	12.86		$	12.80
Income (loss) from Investment Operations:
Net investment income¹		0.13	²		0.01	²
Net realized and unrealized gain (loss) on investments		(0.03	)		0.07
Total income from investment operations		0.10			0.08
Less Distributions to Shareholders from:
Net investment income		(0.22	)		(0.02	)
Net realized gain on investments		(0.58	)		—
Total distributions to shareholders		(0.80	)		(0.02	)
Net Asset Value, End of Period	$	12.16		$	12.86
Total Return^1,3		0.59	%⁴		0.59	%⁴
Ratio of net expenses to average net assets		0.78	%⁵		0.78	%^5,6
Ratio of gross expenses to average net assets⁷		0.79	%⁵		0.79	%⁵
Ratio of net investment income to average net assets¹		2.11	%⁵		0.79	%⁵
Portfolio turnover		16	%⁴		28	%⁴
Net assets end of period (000’s) omitted	$	2,649		$	257

¹	Total returns and net investment income would have been lower had certain expenses not been offset.

²	Per share numbers have been calculated using average shares.

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

⁴	Not annualized.

⁵	Annualized.

⁶	Includes reduction from broker recapture amounting to less than 0.01%.

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

⁸	The commencement of operations for Class Z shares was October 2, 2017.

122


AMG River Road Dividend All Cap Value Fund II
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.80		$	13.52		$	12.99		$	13.69		$	12.89		$	10.44
Income (loss) from Investment Operations:
Net investment income¹		0.14	²		0.24	²		0.26	²		0.22	²		0.36			0.22
Net realized and unrealized gain (loss) on investments		(0.06	)		1.80			0.71			(0.26	)		0.96			2.46
Total income (loss) from investment operations		0.08			2.04			0.97			(0.04	)		1.32			2.68
Less Distributions to Shareholders from:
Net investment income		(0.22	)		(0.20	)		(0.25	)		(0.23	)		(0.38	)		(0.23	)
Net realized gain on investments		(0.74	)		(0.56	)		(0.19	)		(0.43	)		(0.14	)		(0.00	)³
Total distributions to shareholders		(0.96	)		(0.76	)		(0.44	)		(0.66	)		(0.52	)		(0.23	)
Net Asset Value, End of Period	$	13.92		$	14.80		$	13.52		$	12.99		$	13.69		$	12.89
Total Return^1,4		0.37	%⁵		15.33	%		7.61	%		(0.47	)%		10.46	%		25.99	%
Ratio of net expenses to average net assets		1.17	%^6,7		1.20	%⁷		1.18	%		1.15	%		1.25	%		1.30	%
Ratio of gross expenses to average net assets⁸		1.17	%⁶		1.20	%		1.18	%		1.15	%		1.17	%		1.37	%
Ratio of net investment income to average net assets¹		1.91	%⁶		1.69	%		1.99	%		1.62	%		2.72	%		1.76	%
Portfolio turnover		17	%⁵		27	%		34	%		35	%		29	%		28	%
Net assets end of period (000’s) omitted	$	2,434		$	3,090		$	3,394		$	2,930		$	7,037		$	3,634

123


AMG River Road Dividend All Cap Value Fund II
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.82		$	13.53		$	13.00		$	13.69		$	12.89		$	10.45
Income (loss) from Investment Operations:
Net investment income¹		0.16	²		0.28	²		0.29	²		0.25	²		0.39			0.25
Net realized and unrealized gain (loss) on investments		(0.06	)		1.80			0.71			(0.25	)		0.96			2.45
Total income from investment operations		0.10			2.08			1.00			—			1.35			2.70
Less Distributions to Shareholders from:
Net investment income		(0.24	)		(0.23	)		(0.28	)		(0.26	)		(0.41	)		(0.26	)
Net realized gain on investments		(0.74	)		(0.56	)		(0.19	)		(0.43	)		(0.14	)		(0.00	)³
Total distributions to shareholders		(0.98	)		(0.79	)		(0.47	)		(0.69	)		(0.55	)		(0.26	)
Net Asset Value, End of Period	$	13.94		$	14.82		$	13.53		$	13.00		$	13.69		$	12.89
Total Return^1,4		0.48	%⁵		15.65	%		7.87	%		(0.13	)%		10.73	%		26.30	%
Ratio of net expenses to average net assets		0.89	%^6,7		0.91	%⁷		0.93	%		0.90	%		1.00	%		1.05	%
Ratio of gross expenses to average net assets⁸		0.89	%⁶		0.91	%		0.93	%		0.90	%		0.92	%		1.12	%
Ratio of net investment income to average net assets¹		2.19	%⁶		1.96	%		2.24	%		1.87	%		2.97	%		2.01	%
Portfolio turnover		17	%⁵		27	%		34	%		35	%		29	%		28	%
Net assets end of period (000’s) omitted	$	105,452		$	118,876		$	114,532		$	121,414		$	125,660		$	86,240

124


AMG River Road Dividend All Cap Value Fund II
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six months ended			For the fiscal period ended October 31,
	April 30, 2018
Class Z	(unaudited)			2017⁹
Net Asset Value, Beginning of Period	$	14.82		$	14.74
Income (loss) from Investment Operations:
Net investment income (loss)¹		0.16	²		(0.01	)²
Net realized and unrealized gain (loss) on investments		(0.05	)		0.11
Total income from investment operations		0.11			0.10
Less Distributions to Shareholders from:
Net investment income		(0.24	)		(0.02	)
Net realized gain on investments		(0.74	)		—
Total distributions to shareholders		(0.98	)		(0.02	)
Net Asset Value, End of Period	$	13.95		$	14.82
Total Return^1,4		0.58	%⁵		0.65	%⁵
Ratio of net expenses to average net assets		0.83	%^6,7		0.90	%^6,7
Ratio of gross expenses to average net assets⁸		0.83	%⁶		0.90	%⁶
Ratio of net investment income (loss) to average net assets¹		2.25	%⁶		(0.47	)%⁶
Portfolio turnover		17	%⁵		27	%⁵
Net assets end of period (000’s) omitted	$	311		$	321

¹	Total returns and net investment income would have been lower had certain expenses not been offset.

²	Per share numbers have been calculated using average shares.

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

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

⁵	Not annualized.

⁶	Annualized.

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

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

⁹	The commencement of investment operations for was October 2, 2017.

125


AMG Managers Fairpointe Mid Cap Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	41.95		$	37.48		$	37.56		$	46.89		$	45.40		$	32.79
Income (loss) from Investment Operations:
Net investment income (loss)^1,2		0.01			(0.02	)		0.16			0.12			(0.06	)		0.17
Net realized and unrealized gain (loss) on investments		1.09			6.33			1.92			(1.83	)		5.82			13.48
Total income (loss) from investment operations		1.10			6.31			2.08			(1.71	)		5.76			13.65
Less Distributions to Shareholders from:
Net investment income		—			(0.13	)		(0.11	)		(0.04	)		—			(0.30	)
Net realized gain on investments		(2.81	)		(1.71	)		(2.05	)		(7.58	)		(4.27	)		(0.74	)
Total distributions to shareholders		(2.81	)		(1.84	)		(2.16	)		(7.62	)		(4.27	)		(1.04	)
Net Asset Value, End of Period	$	40.24		$	41.95		$	37.48		$	37.56		$	46.89		$	45.40
Total Return^2,3		2.21	%⁴		16.87	%		6.01	%		(5.02	)%		13.32	%		42.88	%
Ratio of net expenses to average net assets		1.12	%⁵		1.12	%		1.12	%		1.11	%		1.10	%		1.11	%
Ratio of gross expenses to average net assets⁶		1.13	%⁵		1.13	%		1.12	%		1.11	%		1.10	%		1.11	%
Ratio of net investment income (loss) to average net assets²		0.05	%⁵		(0.05	)%		0.44	%		0.27	%		(0.12	)%		0.42	%
Portfolio turnover		9	%⁴		28	%		24	%		32	%		50	%		37	%
Net assets end of period (000’s) omitted	$	1,152,457		$	1,292,107		$	1,374,982		$	1,861,753		$	2,432,815		$	2,370,432

126


AMG Managers Fairpointe Mid Cap Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	42.97		$	38.39		$	38.44		$	47.74		$	46.10		$	33.28
Income (loss) from Investment Operations:
Net investment income^1,2		0.06			0.08			0.25			0.23			0.05			0.28
Net realized and unrealized gain (loss) on investments		1.11			6.49			1.98			(1.89	)		5.92			13.67
Total income (loss) from investment operations		1.17			6.57			2.23			(1.66	)		5.97			13.95
Less Distributions to Shareholders from:
Net investment income		(0.03	)		(0.24	)		(0.23	)		(0.06	)		(0.06	)		(0.39	)
Net realized gain on investments		(2.81	)		(1.75	)		(2.05	)		(7.58	)		(4.27	)		(0.74	)
Total distributions to shareholders		(2.84	)		(1.99	)		(2.28	)		(7.64	)		(4.33	)		(1.13	)
Net Asset Value, End of Period	$	41.30		$	42.97		$	38.39		$	38.44		$	47.74		$	46.10
Total Return^2,3		2.35	%⁴		17.16	%		6.26	%		(4.78	)%		13.61	%		43.23	%
Ratio of net expenses to average net assets		0.87	%⁵		0.87	%		0.87	%		0.86	%		0.85	%		0.86	%
Ratio of gross expenses to average net assets⁶		0.88	%⁵		0.88	%		0.87	%		0.86	%		0.85	%		0.86	%
Ratio of net investment income to average net assets²		0.29	%⁵		0.20	%		0.68	%		0.52	%		0.13	%		0.67	%
Portfolio turnover		9	%⁴		28	%		24	%		32	%		50	%		37	%
Net assets end of period (000’s) omitted	$	2,353,572		$	2,668,464		$	2,135,998		$	2,838,642		$	3,531,114		$	2,521,876

127


AMG Managers Fairpointe Mid Cap Fund
Financial Highlights
For a share outstanding throughout each fiscal period


				For the fiscal
	For the six			period ended
	months ended			October 31,
	April 30, 2018
Class Z	(unaudited)			2017⁷
Net Asset Value, Beginning of Period	$	42.98		$	44.24
Income (loss) from Investment Operations:
Net investment income^1,2		0.08			0.00	⁸
Net realized and unrealized gain (loss) on investments		1.12			(1.26	)
Total income (loss) from investment operations		1.20			(1.26	)
Less Distributions to Shareholders from:
Net investment income		(0.07	)		—
Net realized gain on investments		(2.81	)		—
Total distributions to shareholders		(2.88	)		—
Net Asset Value, End of Period	$	41.30		$	42.98
Total Return^2,3		2.38	%⁴		(2.85	)%⁴
Ratio of net expenses to average net assets		0.79	%⁵		0.79	%⁵
Ratio of gross expenses to average net assets⁶		0.80	%⁵		0.80	%⁵
Ratio of net investment income to average net assets²		0.37	%⁵		0.01	%⁵
Portfolio turnover		9	%⁴		28	%⁴
Net assets end of period (000’s) omitted	$	304,955		$	9,625

¹	Per share numbers have been calculated using average shares.

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

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

⁴	Not annualized.

⁵	Annualized.

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

⁷	Commencement of operations was on October 2, 2017.

⁸	Less than $0.005 or $(0.005) per share.

128


AMG Managers Montag & Caldwell Mid Cap Growth Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	11.26		$	10.19		$	11.57		$	11.99		$	12.77		$	10.36
Income (loss) from Investment Operations:
Net investment loss²		(0.04	)³		(0.08	)³		(0.07	)³		(0.08	)		(0.06	)		(0.07	)
Net realized and unrealized gain on investments		1.04			1.92			0.02			0.65			1.20			2.58
Total income (loss) from investment operations		1.00			1.84			(0.05	)		0.57			1.14			2.51
Less Distributions to Shareholders from:
Net investment income		—			(0.03	)		—			—			—			—
Net realized gain on investments		(0.78	)		(0.74	)		(1.33	)		(0.99	)		(1.92	)		(0.10	)
Total distributions to shareholders		(0.78	)		(0.77	)		(1.33	)		(0.99	)		(1.92	)		(0.10	)
Net Asset Value, End of Period	$	11.48		$	11.26		$	10.19		$	11.57		$	11.99		$	12.77
Total Return^2,4		8.99	%⁵		19.09	%		(0.60	)%		4.81	%		9.75	%		24.51	%
Ratio of net expenses to average net assets		1.24	%⁶		1.23	%⁷		1.25	%		1.25	%		1.25	%		1.25	%
Ratio of gross expenses to average net assets⁸		1.68	%⁶		1.86	%		2.12	%		2.10	%		2.16	%		1.85	%
Ratio of net investment loss to average net assets²		(0.78	)%⁶		(0.73	)%		(0.64	)%		(0.60	)%		(0.55	)%		(0.58	)%
Portfolio turnover		20	%⁵		49	%		39	%		58	%		33	%		74	%
Net assets end of period (000’s) omitted	$	4,909		$	4,574		$	4,216		$	4,890		$	7,633		$	11,402

129


AMG Managers Montag & Caldwell Mid Cap Growth Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six months ended			For the fiscal years ended October 31,									For the fiscal period ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014¹
Net Asset Value, Beginning of Period	$	11.32		$	10.25		$	11.61		$	12.00		$	11.36
Income (loss) from Investment Operations:
Net investment loss²		(0.03	)³		(0.05	)³		(0.04	)³		(0.04	)		(0.04	)
Net realized and unrealized gain on investments		1.06			1.92			0.01			0.64			0.68
Total income (loss) from investment operations		1.03			1.87			(0.03	)		0.60			0.64
Less Distributions to Shareholders from:
Net investment income		—			(0.06	)		—			—			—
Net realized gain on investments		(0.78	)		(0.74	)		(1.33	)		(0.99	)		—
Total distributions to shareholders		(0.78	)		(0.80	)		(1.33	)		(0.99	)		—
Net Asset Value, End of Period	$	11.57		$	11.32		$	10.25		$	11.61		$	12.00
Total Return^2,4		9.21	%⁵		19.35	%		(0.41	)%		5.08	%		5.63	%⁵
Ratio of net expenses to average net assets		0.99	%⁶		0.99	%⁷		1.00	%		1.00	%		1.00	%⁶
Ratio of gross expenses to average net assets⁸		1.43	%⁶		1.62	%		1.86	%		1.85	%		2.27	%⁶
Ratio of net investment loss to average net assets²		(0.53	)%⁶		(0.48	)%		(0.38	)%		(0.35	)%		(0.68	)%⁶
Portfolio turnover		20	%⁵		49	%		39	%		58	%		33	%⁵
Net assets end of period (000’s) omitted	$	5,280		$	4,716		$	3,982		$	6,163		$	3,867

¹	The commencement of operations for Class I shares was May 13, 2014.

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

³	Per share numbers have been calculated using average shares.

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

⁵	Not annualized.

⁶	Annualized.

⁷	Includes reduction from broker recapture amounting to 0.01%.

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

130


AMG Managers LMCG Small Cap Growth Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	15.30		$	12.19		$	14.47		$	14.76		$	14.71		$	11.42
Income (loss) from Investment Operations:
Net investment income (loss)^1,2		(0.05	)³		(0.09	)⁴		(0.11	)		(0.15	)		(0.13	)		0.00	⁵
Net realized and unrealized gain (loss) on investments		1.06			3.20			(2.17	)		0.40			2.21			4.18
Total income (loss) from investment operations		1.01			3.11			(2.28	)		0.25			2.08			4.18
Less Distributions to Shareholders from:
Net investment income		—			—			—			—			—			—
Net realized gain on investments		—			—			(0.00	)⁵		(0.54	)		(2.03	)		(0.89	)
Total distributions to shareholders		—			—			(0.00	)⁵		(0.54	)		(2.03	)		(0.89	)
Net Asset Value, End of Period	$	16.31		$	15.30		$	12.19		$	14.47		$	14.76		$	14.71
Total Return^2,6		6.60	%⁷		25.51	%		(15.74	)%		1.65	%		15.18	%		39.31	%
Ratio of net expenses to average net assets		1.32	%^8,9		1.23	%⁹		1.35	%		1.35	%		1.35	%		1.35	%
Ratio of gross expenses to average net assets¹⁰		1.44	%⁸		1.36	%		1.51	%		1.53	%		1.67	%		2.03	%
Ratio of net investment income (loss) to average net assets²		(0.67	)%⁸		(0.65	)%		(1.00	)%		(1.00	)%		(0.90	)%		0.02	%
Portfolio turnover		71	%⁷		151	%		138	%		79	%		144	%		186	%¹¹
Net assets end of period (000’s) omitted	$	36,506		$	45,902		$	53,816		$	154,394		$	37,099		$	32,045

131


AMG Managers LMCG Small Cap Growth Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	15.54		$	12.36		$	14.64		$	14.89		$	14.81		$	11.46
Income (loss) from Investment Operations:
Net investment income (loss)^1,2		(0.03	)³		(0.07	)⁴		(0.08	)		(0.12	)		(0.09	)		0.04
Net realized and unrealized gain (loss) on investments		1.08			3.25			(2.20	)		0.41			2.23			4.20
Total income (loss) from investment operations		1.05			3.18			(2.28	)		0.29			2.14			4.24
Less Distributions to Shareholders from:
Net investment income		—			—			—			—			(0.03	)		—
Net realized gain on investments		—			—			(0.00	)⁵		(0.54	)		(2.03	)		(0.89	)
Total distributions to shareholders		—			—			(0.00	)⁵		(0.54	)		(2.06	)		(0.89	)
Net Asset Value, End of Period	$	16.59		$	15.54		$	12.36		$	14.64		$	14.89		$	14.81
Total Return^2,6		6.76	%⁷		25.73	%		(15.56	)%		1.91	%		15.51	%		39.72	%
Ratio of net expenses to average net assets		1.07	%^8,9		1.05	%⁹		1.10	%		1.10	%		1.10	%		1.10	%
Ratio of gross expenses to average net assets¹⁰		1.19	%⁸		1.18	%		1.25	%		1.28	%		1.42	%		1.78	%
Ratio of net investment income (loss) to average net assets²		(0.42	)%⁸		(0.47	)%		(0.59	)%		(0.75	)%		(0.65	)%		0.27	%
Portfolio turnover		71	%⁷		151	%		138	%		79	%		144	%		186	%¹¹
Net assets end of period (000’s) omitted	$	63,584		$	79,652		$	58,020		$	76,989		$	15,083		$	8,496

¹	Per share numbers have been calculated using average shares.

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

³	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.06), and $(0.05) for Class N and Class I shares, respectively.

⁴	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.11) and $(0.09) for Class N and Class I shares, respectively.

⁵	Less than $0.005 or $(0.005) per share.

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

⁷	Not annualized.

⁸	Annualized.

⁹	Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 30, 2018, and 0.01% for the fiscal year ended 2017.

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

¹¹	Portfolio turnover rate excludes securities received from the reorganization.

132


AMG River Road Small-Mid Cap Value Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	8.23		$	7.04		$	7.63		$	8.77		$	10.28		$	8.50
Income (loss) from Investment Operations:
Net investment income (loss)^1,2		(0.02	)³		(0.03	)		(0.04	)		(0.04	)		(0.03	)		0.07
Net realized and unrealized gain on investments		0.32			1.81			0.56			0.33			0.03			2.34
Total income from investment operations		0.30			1.78			0.52			0.29			—			2.41
Less Distributions to Shareholders from:
Net investment income		(0.02	)		(0.01	)		—			—			(0.02	)		(0.12	)
Net realized gain on investments		(1.13	)		(0.58	)		(1.11	)		(1.43	)		(1.49	)		(0.51	)
Total distributions to shareholders		(1.15	)		(0.59	)		(1.11	)		(1.43	)		(1.51	)		(0.63	)
Net Asset Value, End of Period	$	7.38		$	8.23		$	7.04		$	7.63		$	8.77		$	10.28
Total Return^2,4		3.72	%⁵		26.18	%		8.55	%		3.26	%		(0.23	)%		30.44	%
Ratio of net expenses to average net assets		1.33	%^6,7		1.35	%⁷		1.50	%		1.49	%		1.45	%		1.46	%
Ratio of gross expenses to average net assets⁸		1.37	%⁶		1.46	%		1.62	%		1.49	%		1.45	%		1.46	%
Ratio of net investment income (loss) to average net assets²		(0.45	)%⁶		(0.33	)%		(0.52	)%		(0.52	)%		(0.36	)%		0.78	%
Portfolio turnover		27	%⁵		57	%		65	%		59	%		64	%		71	%
Net assets end of period (000’s) omitted	$	7,588		$	7,810		$	4,942		$	5,038		$	8,388		$	19,099

133


AMG River Road Small-Mid Cap Value Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	8.38		$	7.16		$	7.76		$	8.88		$	10.38		$	8.58
Income (loss) from Investment Operations:
Net investment income (loss)^1,2		(0.01	)³		0.00			(0.02	)		(0.02	)		(0.01	)		0.10
Net realized and unrealized gain on investments		0.31			1.84			0.55			0.33			0.04			2.36
Total income from investment operations		0.30			1.84			0.53			0.31			0.03			2.46
Less Distributions to Shareholders from:
Net investment income		(0.03	)		(0.03	)		(0.02	)		—			(0.04	)		(0.15	)
Net realized gain on investments		(1.13	)		(0.59	)		(1.11	)		(1.43	)		(1.49	)		(0.51	)
Total distributions to shareholders		(1.16	)		(0.62	)		(1.13	)		(1.43	)		(1.53	)		(0.66	)
Net Asset Value, End of Period	$	7.52		$	8.38		$	7.16		$	7.76		$	8.88		$	10.38
Total Return^2,4		3.73	%⁵		26.63	%		8.64	%		3.60	%		0.00	%		30.74	%
Ratio of net expenses to average net assets		1.08	%^6,7		1.10	%⁷		1.25	%		1.24	%		1.20	%		1.21	%
Ratio of gross expenses to average net assets⁸		1.12	%⁶		1.21	%		1.38	%		1.24	%		1.20	%		1.21	%
Ratio of net investment income (loss) to average net assets²		(0.19	)%⁶		(0.06	)%		(0.24	)%		(0.27	)%		(0.11	)%		1.03	%
Portfolio turnover		27	%⁵		57	%		65	%		59	%		64	%		71	%
Net assets end of period (000’s) omitted	$	42,382		$	36,547		$	34,913		$	92,073		$	176,166		$	198,220

134


AMG River Road Small-Mid Cap Value Fund
Financial Highlights
For a share outstanding throughout each fiscal period


				For the fiscal
	For the six			period ended
	months ended			October 31,
	April 30, 2018
Class Z	(unaudited)			2017⁹
Net Asset Value, Beginning of Period	$	8.37		$	8.48
Income (loss) from Investment Operations:
Net investment loss^1,2		(0.01	)³		(0.01	)
Net realized and unrealized gain (loss) on investments		0.33			(0.10	)
Total income (loss) from investment operations		0.32			(0.11	)
Less Distributions to Shareholders from:
Net investment income		(0.04	)		—
Net realized gain on investments		(1.13	)		—
Total distributions to shareholders		(1.17	)		—
Net Asset Value, End of Period	$	7.52		$	8.37
Total Return^2,4		3.92	%⁵		(1.30	)%⁵
Ratio of net expenses to average net assets		1.03	%^6,7		1.04	%^6,7
Ratio of gross expenses to average net assets⁸		1.07	%⁶		1.48	%⁶
Ratio of net investment loss to average net assets²		(0.15	)%⁶		(0.71	)%⁶
Portfolio turnover		27	%⁵		57	%⁵
Net assets end of period (000’s) omitted	$	132		$	49

¹	Per share numbers have been calculated using average shares.

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

³	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.05), $(0.04), and $(0.04) for Class N, Class I and Class Z shares, respectively.

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

⁵	Not annualized.

⁶	Annualized.

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

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

⁹	The commencement of operations was October 2, 2017.

135


AMG River Road Small Cap Value Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.46		$	12.29		$	12.20		$	13.53		$	17.05		$	13.56
Income (loss) from Investment Operations:
Net investment income (loss)¹		(0.03	)^2,3		(0.05	)²		(0.04	)²		(0.06	)²		(0.04	)²		0.16
Net realized and unrealized gain on investments		0.62			2.88			0.85			0.72			0.14			3.98
Total income from investment operations		0.59			2.83			0.81			0.66			0.10			4.14
Less Distributions to Shareholders from:
Net investment income		—			—			—			—			(0.04	)		(0.22	)
Net realized gain on investments		(1.94	)		(0.66	)		(0.72	)		(1.99	)		(3.58	)		(0.43	)
Total distributions to shareholders		(1.94	)		(0.66	)		(0.72	)		(1.99	)		(3.62	)		(0.65	)
Net Asset Value, End of Period	$	13.11		$	14.46		$	12.29		$	12.20		$	13.53		$	17.05
Total Return^1,4		4.21	%⁵		23.43	%		7.22	%		5.15	%		(0.05	)%		31.98	%
Ratio of net expenses to average net assets		1.35	%^6,7		1.35	%⁷		1.34	%		1.34	%		1.33	%		1.34	%
Ratio of gross expenses to average net assets⁸		1.35	%⁶		1.36	%		1.34	%		1.34	%		1.33	%		1.34	%
Ratio of net investment income (loss) to average net assets¹		(0.44	)%⁶		(0.36	)%		(0.31	)%		(0.45	)%		(0.26	)%		1.03	%
Portfolio turnover		20	%⁵		42	%		57	%		61	%		66	%		56	%
Net assets end of period (000’s) omitted	$	30,690		$	31,657		$	21,765		$	25,246		$	49,049		$	56,793

136


AMG River Road Small Cap Value Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	14.68		$	12.44		$	12.31		$	13.60		$	17.13		$	13.62
Income (loss) from Investment Operations:
Net investment income (loss)¹		(0.01	)^2,3		(0.01	)²		(0.01	)²		(0.03	)²		(0.00	)^2,9		0.19
Net realized and unrealized gain on investments		0.62			2.92			0.86			0.73			0.13			4.01
Total income from investment operations		0.61			2.91			0.85			0.70			0.13			4.20
Less Distributions to Shareholders from:
Net investment income		(0.01	)		—			—			—			(0.08	)		(0.26	)
Net realized gain on investments		(1.94	)		(0.67	)		(0.72	)		(1.99	)		(3.58	)		(0.43	)
Total distributions to shareholders		(1.95	)		(0.67	)		(0.72	)		(1.99	)		(3.66	)		(0.69	)
Net Asset Value, End of Period	$	13.34		$	14.68		$	12.44		$	12.31		$	13.60		$	17.13
Total Return^1,4		4.27	%⁵		23.80	%		7.50	%		5.45	%		0.16	%		32.36	%
Ratio of net expenses to average net assets		1.10	%^6,7		1.10	%⁷		1.09	%		1.09	%		1.08	%		1.09	%
Ratio of gross expenses to average net assets⁸		1.10	%⁶		1.11	%		1.09	%		1.09	%		1.08	%		1.09	%
Ratio of net investment income (loss) to average net assets¹		(0.19	)%⁶		(0.11	)%		(0.06	)%		(0.20	)%		(0.01	)%		1.28	%
Portfolio turnover		20	%⁵		42	%		57	%		61	%		66	%		56	%
Net assets end of period (000’s) omitted	$	287,231		$	279,574		$	246,753		$	245,192		$	250,173		$	252,804

137


AMG River Road Small Cap Value Fund
Financial Highlights
For a share outstanding throughout each fiscal period


				For the fiscal
	For the six			period ended
	months ended			October 31,
	April 30, 2018
Class Z	(unaudited)			2017¹⁰
Net Asset Value, Beginning of Period	$	14.68		$	14.68
Income (loss) from Investment Operations:
Net investment loss^1,2		(0.01	)³		(0.01	)
Net realized and unrealized gain on investments		0.63			0.01
Total income from investment operations		0.62			—
Less Distributions to Shareholders from:
Net investment income		(0.02	)		—
Net realized gain on investments		(1.94	)		—
Total distributions to shareholders		(1.96	)		—
Net Asset Value, End of Period	$	13.34		$	14.68
Total Return^1,4		4.38	%⁵		0.00	%⁵
Ratio of net expenses to average net assets		1.00	%^6,7		1.03	%⁶
Ratio of gross expenses to average net assets⁸		1.00	%⁶		1.03	%⁶
Ratio of net investment loss to average net assets¹		(0.09	)%⁶		(0.58	)%⁶
Portfolio turnover		20	%⁵		42	%⁵
Net assets end of period (000’s) omitted	$	161		$	154

¹	Total returns and net investment income would have been lower had certain expenses not been offset.

²	Per share numbers have been calculated using average shares.

³	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.10), $(0.09), and $(0.08) for Class N, Class I and Class Z shares, respectively.

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

⁵	Not annualized.

⁶	Annualized.

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

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

⁹	Less than $0.005 or $(0.005) per share.

¹⁰	The commencement of operations was October 2, 2017.

138


AMG Managers Silvercrest Small Cap Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	19.28		$	15.43		$	15.20		$	15.20		$	14.54		$	10.90
Income (loss) from Investment Operations:
Net investment income (loss)¹		(0.01	)²		(0.02	)²		0.02	²		0.01	²		0.01			0.01	²
Net realized and unrealized gain (loss) on investments		(0.56	)		4.00			0.80			0.31			1.16			3.77
Total income (loss) from investment operations		(0.57	)		3.98			0.82			0.32			1.17			3.78
Less Distributions to Shareholders from:
Net investment income		—			—			(0.04	)		(0.02	)		(0.00	)³		(0.11	)
Net realized gain on investments		(1.48	)		(0.13	)		(0.55	)		(0.30	)		(0.51	)		(0.03	)
Total distributions to shareholders		(1.48	)		(0.13	)		(0.59	)		(0.32	)		(0.51	)		(0.14	)
Net Asset Value, End of Period	$	17.23		$	19.28		$	15.43		$	15.20		$	15.20		$	14.54
Total Return^1,4		(3.40	)%⁵		25.83	%		5.73	%		2.14	%		8.18	%		35.09	%
Ratio of net expenses to average net assets		1.38	%^6,7		1.37	%⁷		1.40	%		1.40	%		1.40	%		1.40	%
Ratio of gross expenses to average net assets⁸		1.43	%⁶		1.43	%		1.45	%		1.47	%		1.61	%		2.05	%
Ratio of net investment income (loss) to average net assets¹		(0.16	)%⁶		(0.12	)%		0.16	%		0.04	%		0.04	%		0.04	%
Portfolio turnover		17	%⁵		40	%		32	%		36	%		32	%		37	%
Net assets end of period (000’s) omitted	$	15,772		$	25,451		$	20,228		$	19,061		$	6,673		$	4,049

139


AMG Managers Silvercrest Small Cap Fund
Financial Highlights
For a share outstanding throughout each fiscal period

��


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	19.44		$	15.56		$	15.30		$	15.27		$	14.59		$	10.93
Income (loss) from Investment Operations:
Net investment income¹		0.01	²		0.02	²		0.06	²		0.04	²		0.05			0.04	²
Net realized and unrealized gain (loss) on investments		(0.55	)		4.03			0.81			0.32			1.17			3.78
Total income (loss) from investment operations		(0.54	)		4.05			0.87			0.36			1.22			3.82
Less Distributions to Shareholders from:
Net investment income		(0.02	)		(0.04	)		(0.06	)		(0.03	)		(0.03	)		(0.13	)
Net realized gain on investments		(1.48	)		(0.13	)		(0.55	)		(0.30	)		(0.51	)		(0.03	)
Total distributions to shareholders		(1.50	)		(0.17	)		(0.61	)		(0.33	)		(0.54	)		(0.16	)
Net Asset Value, End of Period	$	17.40		$	19.44		$	15.56		$	15.30		$	15.27		$	14.59
Total Return^1,4		(3.26	)%⁵		26.07	%		6.04	%		2.37	%		8.47	%		35.39	%
Ratio of net expenses to average net assets		1.13	%^6,7		1.12	%⁷		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of gross expenses to average net assets⁸		1.18	%⁶		1.18	%		1.21	%		1.22	%		1.36	%		1.80	%
Ratio of net investment income to average net assets¹		0.09	%⁶		0.12	%		0.40	%		0.29	%		0.29	%		0.29	%
Portfolio turnover		17	%⁵		40	%		32	%		36	%		32	%		37	%
Net assets end of period (000’s) omitted	$	242,846		$	241,626		$	181,964		$	145,402		$	62,215		$	29,219

140


AMG Managers Silvercrest Small Cap Fund
Financial Highlights
For a share outstanding throughout each fiscal period


				For the fiscal
	For the six			period ended
	months ended			October 31,
	April 30, 2018
Class Z	(unaudited)			2017⁹
Net Asset Value, Beginning of Period	$	19.45		$	19.24
Income (loss) from Investment Operations:
Net investment income (loss)¹		0.02	²		(0.01	)²
Net realized and unrealized gain (loss) on investments		(0.57	)		0.22
Total income (loss) from investment operations		(0.55	)		0.21
Less Distributions to Shareholders from:
Net investment income		(0.03	)		—
Net realized gain on investments		(1.48	)		—
Total distributions to shareholders		(1.51	)		—
Net Asset Value, End of Period	$	17.39		$	19.45
Total Return^1,4		(3.25	)%⁵		1.09	%⁵
Ratio of net expenses to average net assets		1.06	%^6,7		1.08	%^6,7
Ratio of gross expenses to average net assets⁸		1.11	%⁶		1.08	%⁶
Ratio of net investment income (loss) to average net assets¹		0.16	%⁶		(0.44	)%⁶
Portfolio turnover		17	%⁵		40	%⁵
Net assets end of period (000’s) omitted	$	200		$	206

¹	Total returns and net investment income would have been lower had certain expenses not been offset.

²	Per share numbers have been calculated using average shares.

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

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

⁵	Not annualized.

⁶	Annualized.

⁷	Includes reduction from broker recapture amounting to 0.02% for the six months ended April 30, 2018, and 0.03%, 0.03% and 0.01% for Class N, Class I and Class Z, respectively, for the fiscal period ended 2017.

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

⁹	The commencement of operations was October 2, 2017.

141


AMG GW&K U.S. Small Cap Growth Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	4.68		$	3.58		$	18.59		$	22.07		$	24.06		$	20.52
Income (loss) from Investment Operations:
Net investment loss^1,2		(0.02	)		(0.03	)		(0.06	)		(0.12	)		(0.13	)		(0.03	)
Net realized and unrealized gain (loss) on investments		0.21			1.14			(0.62	)		(0.62	)		0.30			5.55
Total income (loss) from investment operations		0.19			1.11			(0.68	)		(0.74	)		0.17			5.52
Less Distributions to Shareholders from:
Net realized gain on investments		(0.72	)		(0.01	)		(14.33	)		(2.74	)		(2.16	)		(1.98	)
Total distributions to shareholders		(0.72	)		(0.01	)		(14.33	)		(2.74	)		(2.16	)		(1.98	)
Net Asset Value, End of Period	$	4.15		$	4.68		$	3.58		$	18.59		$	22.07		$	24.06
Total Return^2,3		4.17	%⁴		30.91	%		(4.39	)%		(4.12	)%		0.57	%		29.52	%
Ratio of net expenses to average net assets		1.23	%^5,6		1.23	%⁶		1.36	%		1.31	%		1.31	%		1.31	%
Ratio of gross expenses to average net assets⁷		1.49	%⁵		1.51	%		1.39	%		1.31	%		1.31	%		1.31	%
Ratio of net investment loss to average net assets²		(0.73	)%⁵		(0.72	)%		(0.76	)%		(0.58	)%		(0.57	)%		(0.16	)%
Portfolio turnover		13	%⁴		24	%		106	%		65	%		70	%		71	%^8,9
Net assets end of period (000’s) omitted	$	26,110		$	26,671		$	30,977		$	241,283		$	336,350		$	533,627

142


AMG GW&K U.S. Small Cap Growth Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	5.61		$	4.27		$	19.30		$	22.76		$	24.69		$	20.96
Income (loss) from Investment Operations:
Net investment income (loss)^1,2		(0.01	)		(0.02	)		(0.05	)		(0.07	)		(0.07	)		0.02
Net realized and unrealized gain (loss) on investments		0.24			1.37			(0.65	)		(0.65	)		0.30			5.69
Total income (loss) from investment operations		0.23			1.35			(0.70	)		(0.72	)		0.23			5.71
Less Distributions to Shareholders from:
Net realized gain on investments		(0.72	)		(0.01	)		(14.33	)		(2.74	)		(2.16	)		(1.98	)
Total distributions to shareholders		(0.72	)		(0.01	)		(14.33	)		(2.74	)		(2.16	)		(1.98	)
Net Asset Value, End of Period	$	5.12		$	5.61		$	4.27		$	19.30		$	22.76		$	24.69
Total Return^2,3		4.18	%⁴		31.57	%		(4.27	)%		(3.93	)%		0.86	%		29.84	%
Ratio of net expenses to average net assets		0.98	%^5,6		1.00	%⁶		1.11	%		1.06	%		1.06	%		1.06	%
Ratio of gross expenses to average net assets⁷		1.24	%⁵		1.28	%		1.16	%		1.06	%		1.06	%		1.06	%
Ratio of net investment income (loss) to average net assets²		(0.48	)%⁵		(0.49	)%		(0.53	)%		(0.33	)%		(0.32	)%		0.09	%
Portfolio turnover		13	%⁴		24	%		106	%		65	%		70	%		71	%^8,9
Net assets end of period (000’s) omitted	$	9,462		$	9,798		$	11,032		$	307,403		$	469,518		$	792,172

143


AMG GW&K U.S. Small Cap Growth Fund
Financial Highlights
For a share outstanding throughout each fiscal period


				For the fiscal
	For the six			period ended
	months ended			October 31,
	April 30, 2018
Class Z	(unaudited)			2017¹⁰
Net Asset Value, Beginning of Period	$	5.61		$	4.85
Income (loss) from Investment Operations:
Net investment loss^1,2		(0.01	)		(0.02	)
Net realized and unrealized gain on investments		0.24			0.78
Total income from investment operations		0.23			0.76
Less Distributions to Shareholders from:
Net realized gain on investments		(0.72	)		—
Total distributions to shareholders		(0.72	)		—
Net Asset Value, End of Period	$	5.12		$	5.61
Total Return^2,3		4.18	%⁴		15.67	%⁴
Ratio of net expenses to average net assets		0.88	%^5,6		0.89	%^5,6
Ratio of gross expenses to average net assets⁷		1.14	%⁵		1.13	%⁵
Ratio of net investment loss to average net assets²		(0.38	)%⁵		(0.47	)%⁵
Portfolio turnover		13	%⁴		24	%⁴
Net assets end of period (000’s) omitted	$	149		$	143

¹	Per share numbers have been calculated using average shares.

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

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

⁴	Not annualized.

⁵	Annualized.

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

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

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

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

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

144


AMG Managers DoubleLine Core Plus Bond Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	10.68		$	10.77		$	10.60		$	10.86		$	10.65		$	11.10
Income (loss) from Investment Operations:
Net investment income^1,2		0.14			0.27			0.31			0.38			0.40			0.30
Net realized and unrealized gain (loss) on investments		(0.28	)		0.01			0.17			(0.27	)		0.22			(0.33	)
Total income (loss) from investment operations		(0.14	)		0.28			0.48			0.11			0.62			(0.03	)
Less Distributions to Shareholders from:
Net investment income		(0.14	)		(0.30	)		(0.31	)		(0.37	)		(0.41	)		(0.36	)
Net realized gain on investments		—			(0.02	)		—			—			—			(0.06	)
Paid in capital		—			(0.05	)		—			—			—			—
Total distributions to shareholders		(0.14	)		(0.37	)		(0.31	)		(0.37	)		(0.41	)		(0.42	)
Net Asset Value, End of Period	$	10.40		$	10.68		$	10.77		$	10.60		$	10.86		$	10.65
Total Return^2,3		(1.34	)%⁴		2.68	%		4.62	%		1.04	%		5.96	%		(0.28	)%
Ratio of net expenses to average net assets		0.93	%⁵		0.94	%		0.94	%		0.94	%		0.94	%		0.94	%
Ratio of gross expenses to average net assets⁶		1.00	%⁵		1.02	%		1.02	%		1.05	%		1.08	%		1.04	%
Ratio of net investment income to average net assets²		2.71	%⁵		2.58	%		2.84	%		3.32	%		3.72	%		2.77	%
Portfolio turnover		29	%⁴		106	%		78	%		59	%		117	%		125	%
Net assets end of period (000’s) omitted	$	147,088		$	169,646		$	308,703		$	188,286		$	49,147		$	66,368

145


AMG Managers DoubleLine Core Plus Bond Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	10.67		$	10.76		$	10.60		$	10.86		$	10.65		$	11.10
Income (loss) from Investment Operations:
Net investment income^1,2		0.16			0.30			0.33			0.41			0.44			0.33
Net realized and unrealized gain (loss) on investments		(0.29	)		0.01			0.17			(0.27	)		0.21			(0.33	)
Total income (loss) from investment operations		(0.13	)		0.31			0.50			0.14			0.65			—
Less Distributions to Shareholders from:
Net investment income		(0.15	)		(0.33	)		(0.34	)		(0.40	)		(0.44	)		(0.39	)
Net realized gain on investments		—			(0.02	)		—			—			—			(0.06	)
Paid in capital		—			(0.05	)		—			—			—			—
Total distributions to shareholders		(0.15	)		(0.40	)		(0.34	)		(0.40	)		(0.44	)		(0.45	)
Net Asset Value, End of Period	$	10.39		$	10.67		$	10.76		$	10.60		$	10.86		$	10.65
Total Return^2,3		(1.22	)%⁴		2.95	%		4.79	%		1.28	%		6.22	%		(0.03	)%
Ratio of net expenses to average net assets		0.68	%⁵		0.68	%		0.69	%		0.69	%		0.69	%		0.69	%
Ratio of gross expenses to average net assets⁶		0.75	%⁵		0.76	%		0.77	%		0.80	%		0.83	%		0.79	%
Ratio of net investment income to average net assets²		2.96	%⁵		2.83	%		3.11	%		3.57	%		3.97	%		3.02	%
Portfolio turnover		29	%⁴		106	%		78	%		59	%		117	%		125	%
Net assets end of period (000’s) omitted	$	533,918		$	507,600		$	398,514		$	304,051		$	158,198		$	110,018

146


AMG Managers DoubleLine Core Plus Bond Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal period
	April 30, 2018			ended October 31,
Class Z	(unaudited)			2017⁷
Net Asset Value, Beginning of Period	$	10.68		$	10.69
Income (loss) from Investment Operations:
Net investment income^1,2		0.16			0.03
Net realized and unrealized loss on investments		(0.28	)		(0.01	)
Total income (loss) from investment operations		(0.12	)		0.02
Less Distributions to Shareholders from:
Net investment income		(0.16	)		(0.03	)
Paid in capital		—			(0.00	)⁸
Total distributions to shareholders		(0.16	)		(0.03	)
Net Asset Value, End of Period	$	10.40		$	10.68
Total Return^2,3		(1.18	)%⁴		0.17	%⁴
Ratio of net expenses to average net assets		0.60	%⁵		0.60	%⁵
Ratio of gross expenses to average net assets⁶		0.67	%⁵		0.63	%⁵
Ratio of net investment income to average net assets²		3.04	%⁵		2.74	%⁵
Portfolio turnover		29	%⁴		106	%⁴
Net assets end of period (000’s) omitted	$	1,612		$	1,597

¹	Per share numbers have been calculated using average shares.

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

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

⁴	Not annualized.

⁵	Annualized.

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

⁷	The commencement of operations was October 2, 2017.

⁸	Less than $0.005 or $(0.005) per share.

147


AMG Managers Lake Partners LASSO Alternatives Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	12.41		$	11.81		$	12.76		$	13.64		$	13.34		$	12.39
Income (loss) from Investment Operations:
Net investment income (loss)^1,2		0.00	³		(0.05	)		0.02			(0.04	)		(0.07	)		0.00	³
Net realized and unrealized gain (loss) on investments		(0.04	)		0.70			(0.17	)		(0.34	)		0.50	⁴		1.11
Total income (loss) from investment operations		(0.04	)		0.65			(0.15	)		(0.38	)		0.43			1.11
Less Distributions to Shareholders from:
Net investment income		—			—			—			—			(0.09	)		(0.16	)
Net realized gain on investments		(0.58	)		(0.05	)		(0.80	)		(0.50	)		(0.04	)		—
Total distributions to shareholders		(0.58	)		(0.05	)		(0.80	)		(0.50	)		(0.13	)		(0.16	)
Net Asset Value, End of Period	$	11.79		$	12.41		$	11.81		$	12.76		$	13.64		$	13.34
Total Return^2,5		(0.43	)%⁶		5.51	%		(1.18	)%		(2.87	)%		3.27	%		9.05	%
Ratio of net expenses to average net assets⁷		1.40	%⁸		1.40	%		1.40	%		1.41	%		1.43	%		1.45	%
Ratio of gross expenses to average net assets^7,9		1.56	%⁸		1.49	%		1.47	%		1.43	%		1.41	%		1.43	%¹⁰
Ratio of net investment income (loss) to average net assets²		0.06	%⁸		(0.42	)%		0.13	%		(0.31	)%		(0.53	)%		(0.03	)%
Portfolio turnover		22	%⁶		29	%		30	%		73	%		46	%		44	%
Net assets end of period (000’s) omitted	$	8,370		$	8,880		$	32,630		$	40,667		$	44,386		$	54,388

148


AMG Managers Lake Partners LASSO Alternatives Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	12.49		$	11.86		$	12.81		$	13.69		$	13.38		$	12.42
Income (loss) from Investment Operations:
Net investment income (loss)^1,2		0.02			(0.02	)		0.07			(0.01	)		(0.04	)		0.03
Net realized and unrealized gain (loss) on investments		(0.04	)		0.70			(0.19	)		(0.33	)⁴		0.51	⁴		1.11
Total income (loss) from investment operations		(0.02	)		0.68			(0.12	)		(0.34	)		0.47			1.14
Less Distributions to Shareholders from:
Net investment income		(0.03	)		—			(0.03	)		(0.04	)		(0.12	)		(0.18	)
Net realized gain on investments		(0.58	)		(0.05	)		(0.80	)		(0.50	)		(0.04	)		—
Total distributions to shareholders		(0.61	)		(0.05	)		(0.83	)		(0.54	)		(0.16	)		(0.18	)
Net Asset Value, End of Period	$	11.86		$	12.49		$	11.86		$	12.81		$	13.69		$	13.38
Total Return^2,5		(0.29	)%⁶		5.74	%		(0.91	)%		(2.62	)%		3.56	%		9.31	%
Ratio of net expenses to average net assets⁷		1.15	%⁸		1.15	%		1.15	%		1.16	%		1.18	%		1.20	%
Ratio of gross expenses to average net assets^7,9		1.31	%⁸		1.24	%		1.22	%		1.18	%		1.16	%		1.18	%¹⁰
Ratio of net investment income (loss) to average net assets²		0.31	%⁸		(0.17	)%		0.57	%		(0.06	)%		(0.28	)%		0.22	%
Portfolio turnover		22	%⁶		29	%		30	%		73	%		46	%		44	%
Net assets end of period (000’s) omitted	$	28,213		$	41,245		$	70,054		$	169,072		$	477,157		$	416,475

¹	Per share numbers have been calculated using average shares.

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

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

⁴	Includes capital contribution of less than $0.01 per share.

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

⁶	Not annualized.

⁷	Does not include expenses of the underlying funds in which the Fund invests.

⁸	Annualized.

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

¹⁰	Ratios of expenses to average net assets includes earnings credits of less than 0.005% for the fiscal year ended October 31, 2013, which is not included in the contractual expense limitation.

149


AMG River Road Long-Short Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	12.33		$	11.04		$	11.48		$	11.35		$	12.02		$	10.73
Income (loss) from Investment Operations:
Net investment income (loss)¹		0.04	^2,3		(0.25	)²		(0.19	)²		(0.14	)²		(0.19	)		(0.17	)²
Net realized and unrealized gain (loss) on investments		(0.08	)		1.54			0.13			0.57			(0.19	)		2.02
Total income (loss) from investment operations		(0.04	)		1.29			(0.06	)		0.43			(0.38	)		1.85
Less Distributions to Shareholders from:
Net realized gain on investments		—			—			(0.38	)		(0.30	)		(0.29	)		(0.56	)
Total distributions to shareholders		—			—			(0.38	)		(0.30	)		(0.29	)		(0.56	)
Net Asset Value, End of Period	$	12.29		$	12.33		$	11.04		$	11.48		$	11.35		$	12.02
Total Return^1,4		(0.32	)%⁵		11.69	%		(0.52	)%		3.79	%		(3.27	)%		18.14	%
Ratio of net expenses to average net assets⁶		3.38	%^7,8		3.60	%⁸		3.46	%		2.89	%		2.58	%		2.38	%
Ratio of gross expenses to average net assets⁹		3.55	%⁷		3.75	%		3.62	%		2.87	%		2.53	%		2.54	%
Ratio of net investment income (loss) to average net assets¹		0.69	%⁷		(2.23	)%		(1.75	)%		(1.19	)%		(1.59	)%		(1.46	)%
Portfolio turnover		112	%⁵		186	%		298	%		279	%		303	%		291	%
Net assets end of period (000’s) omitted	$	4,742		$	5,508		$	8,713		$	27,983		$	109,140		$	108,966

150


AMG River Road Long-Short Fund
Financial Highlights
For a share outstanding throughout each fiscal period


																For the fiscal
	For the six															period ended
	months ended			For the fiscal years ended October 31,												October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013¹⁰
Net Asset Value, Beginning of Period	$	12.48		$	11.15		$	11.56		$	11.40		$	12.05		$	10.96
Income (loss) from Investment Operations:
Net investment income (loss)¹		0.06	^2,3		(0.24	)²		(0.18	)²		(0.11	)²		(0.16	)		(0.10	)²
Net realized and unrealized gain (loss) on investments		(0.08	)		1.57			0.15			0.57			(0.20	)		1.19
Total income (loss) from investment operations		(0.02	)		1.33			(0.03	)		0.46			(0.36	)		1.09
Less Distributions to Shareholders from:
Net realized gain on investments		—			—			(0.38	)		(0.30	)		(0.29	)		—
Total distributions to shareholders		—			—			(0.38	)		(0.30	)		(0.29	)		—
Net Asset Value, End of Period	$	12.46		$	12.48		$	11.15		$	11.56		$	11.40		$	12.05
Total Return^1,4		(0.16	)%⁵		11.93	%		(0.24	)%		4.04	%		(3.01	)%		9.85	%⁵
Ratio of net expenses to average net assets⁶		3.13	%^7,8		3.35	%⁸		3.24	%		2.64	%		2.33	%		2.10	%⁷
Ratio of gross expenses to average net assets⁹		3.29	%⁷		3.50	%		3.39	%		2.62	%		2.28	%		2.20	%⁷
Ratio of net investment income (loss) to average net assets¹		0.94	%⁷		(1.98	)%		(1.67	)%		(0.94	)%		(1.34	)%		(1.33	)%⁷
Portfolio turnover		112	%⁵		186	%		298	%		279	%		303.0	%		291	%⁵
Net assets end of period (000’s) omitted	$	30,072		$	29,030		$	37,549		$	49,088		$	110,271		$	71,175

151


AMG River Road Long-Short Fund
Financial Highlights
For a share outstanding throughout each fiscal period


				For the fiscal
	For the six			period ended
	months ended			October 31,
	April 30, 2018
Class Z	(unaudited)			2017¹¹
Net Asset Value, Beginning of Period	$	12.49		$	12.53
Income (loss) from Investment Operations:
Net investment income (loss)¹		0.07	^2,3		(0.02	)²
Net realized and unrealized loss on investments		(0.09	)		(0.02	)
Total loss from investment operations		(0.02	)		(0.04	)
Net Asset Value, End of Period	$	12.47		$	12.49
Total Return^1,4		(0.16	)%⁵		(0.32	)%⁵
Ratio of net expenses to average net assets⁶		3.05	%^7,8		3.38	%^7,8
Ratio of gross expenses to average net assets⁹		3.21	%⁷		3.38	%⁷
Ratio of net investment income (loss) to average net assets¹		1.02	%⁷		(2.74	)%⁷
Portfolio turnover		112	%⁵		186	%⁵
Net assets end of period (000’s) omitted	$	74		$	25

¹	Total returns and net investment income would have been lower had certain expenses not been offset.

²	Per share numbers have been calculated using average shares.

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

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

⁵	Not annualized.

⁶

Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of expenses to average net assets would be 1.44%, 1.19% and 1.11% for Class N, Class I and Class Z, respectively, for the six months ended April 30, 2018, 1.48%, 1.23% and 1.12% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2017, and 1.70% and 1.45% for Class N and Class I, respectively, for each of the fiscal periods ended 2016, 2015, 2014 and 2013.

⁷	Annualized.

⁸	Includes reduction from brokerage recapture amounting to 0.02% for the six months ended April 30, 2018, and 0.02%, 0.02%, and less than 0.01% for Class N, Class I, and Class Z, respectively, for the fiscal period ended 2017.

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

¹⁰	Commencement of operations was on March 1, 2013.

¹¹	Commencement of operations was on October 2, 2017.

152


AMG Managers Guardian Capital Global Dividend Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six												For the fiscal period
	months ended			For the fiscal years ended October 31,									ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014¹
Net Asset Value, Beginning of Period	$	11.47		$	9.67		$	10.30		$	10.51		$	10.00
Income (loss) from Investment Operations:
Net investment income²		0.10	³		0.24	^3,4		0.22	³		0.24			0.13
Net realized and unrealized gain (loss) on investments		(0.18	)		1.73			(0.62	)		(0.23	)		0.49
Total income (loss) from investment operations		(0.08	)		1.97			(0.40	)		0.01			0.62
Less Distributions to Shareholders from:
Net investment income		(0.11	)		(0.17	)		(0.23	)		(0.22	)		(0.11	)
Net realized gain on investments		(0.05	)		—			—			—			—
Total distributions to shareholders		(0.16	)		(0.17	)		(0.23	)		(0.22	)		(0.11	)
Net Asset Value, End of Period	$	11.23		$	11.47		$	9.67		$	10.30		$	10.51
Total Return^2,5		(0.78	)%⁶		20.51	%		(3.91	)%		0.07	%		6.17	%⁶
Ratio of net expenses to average net assets		1.07	%⁷		1.07	%		1.30	%		1.30	%		1.30	%⁷
Ratio of gross expenses to average net assets⁸		1.08	%⁷		1.12	%		3.34	%		4.10	%		5.21	%⁷
Ratio of net investment income to average net assets²		1.77	%⁷		2.27	%		2.24	%		2.28	%		2.17	%⁷
Portfolio turnover		38	%⁶		34	%		36	%		28	%		16	%⁶
Net assets end of period (000’s) omitted	$	1,175		$	1,167		$	997		$	1,054		$	1,052

153


AMG Managers Guardian Capital Global Dividend Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six												For the fiscal period
	months ended			For the fiscal years ended October 31,									ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014¹
Net Asset Value, Beginning of Period	$	11.41		$	9.65		$	10.28		$	10.52		$	10.00
Income (loss) from Investment Operations:
Net investment income²		0.10	³		0.24	^3,4		0.23	³		0.27			0.14
Net realized and unrealized gain (loss) on investments		(0.18	)		1.74			(0.60	)		(0.25	)		0.50
Total income (loss) from investment operations		(0.08	)		1.98			(0.37	)		0.02			0.64
Less Distributions to Shareholders from:
Net investment income		(0.12	)		(0.22	)		(0.26	)		(0.26	)		(0.12	)
Net realized gain on investments		(0.05	)		—			—			—			—
Total distributions to shareholders		(0.17	)		(0.22	)		(0.26	)		(0.26	)		(0.12	)
Net Asset Value, End of Period	$	11.16		$	11.41		$	9.65		$	10.28		$	10.52
Total Return^2,5		(0.77	)%⁶		20.66	%		(3.68	)%		0.14	%		6.39	%⁶
Ratio of net expenses to average net assets		1.05	%⁷		1.05	%		1.05	%		1.05	%		1.05	%⁷
Ratio of gross expenses to average net assets⁸		1.06	%⁷		1.10	%		2.82	%		3.85	%		4.96	%⁷
Ratio of net investment income to average net assets²		1.79	%⁷		2.28	%		2.32	%		2.52	%		2.42	%⁷
Portfolio turnover		38	%⁶		34	%		36	%		28	%		16	%⁶
Net assets end of period (000’s) omitted	$	35,990		$	36,280		$	27,986		$	3,292		$	3,211

¹	Commencement of operations was on April 11, 2014.

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

³	Per share numbers have been calculated using average shares.

⁴	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.23 for Class N and Class I.

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

⁶	Not annualized.

⁷	Annualized.

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

154


AMG Managers Pictet International Fund
Financial Highlights
For a share outstanding throughout each fiscal period


													For the fiscal
	For the six												period ended
	months ended			For the fiscal years ended October 31,									October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014¹
Net Asset Value, Beginning of Period	$	11.60		$	9.61		$	9.56		$	9.34		$	10.00
Income (loss) from Investment Operations:
Net investment income²		0.03	³		0.04	³		0.13	³		0.10	³		0.09
Net realized and unrealized gain (loss) on investments		0.09			2.22			0.00	⁴		0.17	⁵		(0.75	)
Total income (loss) from investment operations		0.12			2.26			0.13			0.27			(0.66	)
Less Distributions to Shareholders from:
Net investment income		(0.18	)		(0.07	)		(0.02	)		(0.03	)		—
Net realized gain on investments		(0.33	)		(0.20	)		(0.06	)		(0.02	)		—
Total distributions to shareholders		(0.51	)		(0.27	)		(0.08	)		(0.05	)		—
Net Asset Value, End of Period	$	11.21		$	11.60		$	9.61		$	9.56		$	9.34
Total Return^2,6		1.01	%⁷		24.30	%		1.42	%⁸		3.02	%		(6.60	)%⁷
Ratio of net expenses to average net assets		1.26	%⁹		1.30	%		1.40	%		1.40	%		1.40	%⁹
Ratio of gross expenses to average net assets¹⁰		1.27	%⁹		1.31	%		1.41	%		1.92	%		3.26	%⁹
Ratio of net investment income to average net assets²		0.59	%⁹		0.38	%		1.88	%		1.06	%		1.61	%⁹
Portfolio turnover		22	%⁷		34	%		38	%		53	%		26	%⁷
Net assets end of period (000’s) omitted	$	9,760		$	4,006		$	131		$	1,056		$	984

155


AMG Managers Pictet International Fund
Financial Highlights
For a share outstanding throughout each fiscal period


													For the fiscal
	For the six												period ended
	months ended			For the fiscal years ended October 31,									October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014¹
Net Asset Value, Beginning of Period	$	11.59		$	9.65		$	9.60		$	9.36		$	10.00
Income (loss) from Investment Operations:
Net investment income²		0.05	³		0.13	³		0.15	³		0.12	³		0.10
Net realized and unrealized gain (loss) on investments		0.10			2.16			0.00	⁴		0.19	⁵		(0.74	)
Total income (loss) from investment operations		0.15			2.29			0.15			0.31			(0.64	)
Less Distributions to Shareholders from:
Net investment income		(0.17	)		(0.14	)		(0.04	)		(0.05	)		—
Net realized gain on investments		(0.33	)		(0.21	)		(0.06	)		(0.02	)		—
Total distributions to shareholders		(0.50	)		(0.35	)		(0.10	)		(0.07	)		—
Net Asset Value, End of Period	$	11.24		$	11.59		$	9.65		$	9.60		$	9.36
Total Return^2,6		1.23	%⁷		24.55	%		1.67	%¹¹		3.43	%		(6.40	)%⁷
Ratio of net expenses to average net assets		0.98	%⁹		1.06	%		1.15	%		1.15	%		1.15	%⁹
Ratio of gross expenses to average net assets¹⁰		0.99	%⁹		1.07	%		1.15	%		1.67	%		3.01	%⁹
Ratio of net investment income to average net assets²		0.87	%⁹		1.28	%		2.13	%		1.31	%		1.86	%⁹
Portfolio turnover		22	%⁷		34	%		38	%		53	%		26	%⁷
Net assets end of period (000’s) omitted	$	122,018		$	2,019,217		$	1,336,050		$	49,803		$	8,467

156


AMG Managers Pictet International Fund
Financial Highlights
For a share outstanding throughout each fiscal period


				For the fiscal
	For the six			period ended
	months ended			October 31,
	April 30, 2018
Class Z	(unaudited)			2017¹²
Net Asset Value, Beginning of Period	$	11.59		$	11.40
Income from Investment Operations:
Net investment income²		0.05	³		0.00	^3,4
Net realized and unrealized gain on investments		0.10			0.19
Total income from investment operations		0.15			0.19
Less Distributions to Shareholders from:
Net investment income		(0.20	)		—
Net realized gain on investments		(0.33	)		—
Total distributions to shareholders		(0.53	)		—
Net Asset Value, End of Period	$	11.21		$	11.59
Total Return^2,6		1.22	%⁷		1.67	%⁷
Ratio of net expenses to average net assets		0.90	%⁹		0.94	%⁹
Ratio of gross expenses to average net assets¹⁰		0.91	%⁹		0.95	%⁹
Ratio of net investment income (loss) to average net assets²		0.95	%⁹		(0.36	)%⁹
Portfolio turnover		22	%⁷		34	%⁷
Net assets end of period (000’s) omitted	$	2,002,138		$	254

¹	The commencement of operations for Class N and Class I Shares was April 11, 2014.

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

³	Per share numbers have been calculated using average shares.

⁴	Less than $0.005 or $(0.005) per share.

⁵	Includes capital contribution of $0.01 per share.

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

⁷	Not annualized.

⁸	The total return would have been 1.32% had the capital contribution not been included.

⁹	Annualized.

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

¹¹	The total return would have been 1.57% had the capital contribution not been included.

¹²	The commencement of operations for Class Z shares was October 2, 2017.

157


AMG Managers Value Partners Asia Dividend Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six			For the fiscal year			For the fiscal period
	months ended			ended October 31,			ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016¹
Net Asset Value, Beginning of Period	$	12.91		$	10.63		$	10.00
Income from Investment Operations:
Net investment income^2,3		0.01			0.31			0.24
Net realized and unrealized gain on investments		0.51			2.68			0.59
Total income from investment operations		0.52			2.99			0.83
Less Distributions to Shareholders from:
Net investment income		(0.18	)		(0.41	)		(0.20	)
Net realized gain on investments		(0.75	)		(0.30	)		—
Total distributions to shareholders		(0.93	)		(0.71	)		(0.20	)
Net Asset Value, End of Period	$	12.50		$	12.91		$	10.63
Total Return^3,4		4.20	%⁵		29.71	%		8.39	%⁵
Ratio of net expenses to average net assets		1.18	%⁶		1.17	%		1.40	%⁶
Ratio of gross expenses to average net assets⁷		2.06	%⁶		2.25	%		4.18	%⁶
Ratio of net investment income to average net assets³		0.14	%⁶		2.69	%		2.74	%⁶
Portfolio turnover		38	%⁵		86	%		51	%⁵
Net assets end of period (000’s) omitted	$	1,249		$	1,195		$	808

158


AMG Managers Value Partners Asia Dividend Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six			For the fiscal year			For the fiscal period
	months ended			ended October 31,			ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016¹
Net Asset Value, Beginning of Period	$	12.91		$	10.63		$	10.00
Income from Investment Operations:
Net investment income^2,3		0.01			0.31			0.27
Net realized and unrealized gain on investments		0.53			2.67			0.58
Total income from investment operations		0.54			2.98			0.85
Less Distributions to Shareholders from:
Net investment income		(0.18	)		(0.40	)		(0.22	)
Net realized gain on investments		(0.75	)		(0.30	)		—
Total distributions to shareholders		(0.93	)		(0.70	)		(0.22	)
Net Asset Value, End of Period	$	12.52		$	12.91		$	10.63
Total Return^3,4		4.28	%⁵		29.79	%		8.60	%⁵
Ratio of net expenses to average net assets		1.15	%⁶		1.15	%		1.15	%⁶
Ratio of gross expenses to average net assets⁷		2.03	%⁶		2.23	%		3.94	%⁶
Ratio of net investment income to average net assets³		0.18	%⁶		2.71	%		2.99	%⁶
Portfolio turnover		38	%⁵		86	%		51	%⁵
Net assets end of period (000’s) omitted	$	9,513		$	9,273		$	7,283

¹	The commencement of operations was on December 16, 2015.

²	Per share numbers have been calculated using average shares.

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

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

⁵	Not annualized.

⁶	Annualized.

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

159


AMG Managers Montag & Caldwell Balanced Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class N	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	22.76		$	22.58		$	23.83		$	24.68		$	23.81		$	21.46
Income (loss) from Investment Operations:
Net investment income^1,2		0.05			0.08			0.11			0.10			0.12			0.21
Net realized and unrealized gain (loss) on investments		0.28			2.09			(0.17	)		1.31			1.70			2.43
Total income (loss) from investment operations		0.33			2.17			(0.06	)		1.41			1.82			2.64
Less Distributions to Shareholders from:
Net investment income		(0.10	)		(0.11	)		(0.15	)		(0.18	)		(0.21	)		(0.29	)
Net realized gain on investments		(1.15	)		(1.88	)		(1.04	)		(2.08	)		(0.74	)		—
Total distributions to shareholders		(1.25	)		(1.99	)		(1.19	)		(2.26	)		(0.95	)		(0.29	)
Net Asset Value, End of Period	$	21.84		$	22.76		$	22.58		$	23.83		$	24.68		$	23.81
Total Return^2,3		1.38	%⁴		10.61	%		(0.28	)%		6.01	%		7.83	%		12.40	%
Ratio of net expenses to average net assets		1.20	%⁵		1.15	%⁶		1.20	%		1.20	%		1.20	%		1.20	%
Ratio of gross expenses to average net assets⁷		1.32	%⁵		1.26	%		1.31	%		1.44	%		1.43	%		1.37	%
Ratio of net investment income to average net assets²		0.46	%⁵		0.35	%		0.46	%		0.43	%		0.50	%		0.94	%
Portfolio turnover		29	%⁴		41	%		85	%		36	%		27	%		35	%
Net assets end of period (000’s) omitted	$	17,336		$	18,186		$	25,373		$	26,607		$	20,446		$	22,425

160


AMG Managers Montag & Caldwell Balanced Fund
Financial Highlights
For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2018
Class I	(unaudited)			2017			2016			2015			2014			2013
Net Asset Value, Beginning of Period	$	22.68		$	22.50		$	23.75		$	24.60		$	23.76		$	21.41
Income (loss) from Investment Operations:
Net investment income^1,2		0.06			0.09			0.13			0.12			0.14			0.23
Net realized and unrealized gain (loss) on investments		0.28			2.10			(0.17	)		1.31			1.70			2.43
Total income (loss) from investment operations		0.34			2.19			(0.04	)		1.43			1.84			2.66
Less Distributions to Shareholders from:
Net investment income		(0.11	)		(0.13	)		(0.17	)		(0.20	)		(0.26	)		(0.31	)
Net realized gain on investments		(1.15	)		(1.88	)		(1.04	)		(2.08	)		(0.74	)		—
Total distributions to shareholders		(1.26	)		(2.01	)		(1.21	)		(2.28	)		(1.00	)		(0.31	)
Net Asset Value, End of Period	$	21.76		$	22.68		$	22.50		$	23.75		$	24.60		$	23.76
Total Return^2,3		1.39	%⁴		10.70	%		(0.19	)%		6.13	%		7.92	%		12.53	%
Ratio of net expenses to average net assets		1.10	%⁵		1.09	%⁶		1.10	%		1.10	%		1.10	%		1.10	%
Ratio of gross expenses to average net assets⁷		1.22	%⁵		1.20	%		1.22	%		1.34	%		1.33	%		1.27	%
Ratio of net investment income to average net assets²		0.56	%⁵		0.41	%		0.55	%		0.53	%		0.60	%		1.04	%
Portfolio turnover		29	%⁴		41	%		85	%		36	%		27	%		35	%
Net assets end of period (000’s) omitted	$	3,217		$	3,213		$	3,091		$	3,518		$	1,934		$	1,839

¹	Per share numbers have been calculated using average shares.

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

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

⁴	Not annualized.

⁵	Annualized.

⁶	Includes reduction from broker recapture amounting to less than to 0.01%.

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

161



Notes to Financial Statements (unaudited)
April 30, 2018

1. 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 ESG Equity Fund (the “Fairpointe ESG 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 Small-Mid Cap Value Fund (the “River Road Small-Mid Cap 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 (the “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”)

Effective October 1, 2017, Fairpointe ESG Equity changed its principle investment strategy to prefer investment in companies it deems to have strong environmental, social and governance (ESG) records and seek to avoid those with inferior ESG records relative to the market and peers.

Each Fund is authorized to issue two classes of shares (Class N shares and Class I shares). Montag & Caldwell Growth is also authorized to issue Class R shares. Effective February 24, 2017, GW&K U.S. Small Cap Growth began issuing Class Z shares, and effective October 2, 2017, River Road Focused Absolute Value, River Road Dividend All Cap Value, River Road Dividend All Cap Value II, Fairpointe Mid Cap, River Road Small-Mid Cap, River Road Small Cap Value, Silvercrest Small Cap, DoubleLine Core Plus Bond, River Road Long-Short and Pictet International began issuing 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 distribution 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:

a. VALUATION OF INVESTMENTS

Equity securities, including securities sold short, traded on a national securities exchange or reported on the NASDAQ national market system (“NMS”) are valued at the last quoted sales price on the primary exchange or, if applicable, the NASDAQ official closing price or the official closing price of the relevant exchange or, lacking any sales, at the last quoted bid price or the mean between the last quoted bid and ask prices (the “exchange mean price”). Equity securities and securities sold short traded in 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 certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the

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Notes to Financial Statements (continued)

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

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted

prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

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

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date, except for Korean securities where dividends are recorded on confirmation date. Dividends declared on short positions are recorded on ex-date as dividend expense. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Upon notification from issuers, distributions received from a real estate investment trust (“REIT”) may be redesignated as a reduction of cost of investments and/or realized gain. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trust and other trusts 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.

The following Funds had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Funds’ overall expense ratio. For the six months ended April 30, 2018, the impact on the expense were as follows:


	Reductions
River Road Focused Absolute Value	$	1,816
Montag & Caldwell Growth		23,060
River Road Dividend All Cap Value		5,759
River Road Dividend All Cap Value II		2,467
Montag & Caldwell Mid Cap Growth		121

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Notes to Financial Statements (continued)


	Reductions
LMCG Small Cap Growth	$	3,740
River Road Small-Mid Cap Value		3,761
River Road Small Cap Value		9,061
Silvercrest Small Cap		46,363
GW&K U.S. Small Cap Growth		6,115
River Road Long-Short		5,124

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or

temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassification to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are primarily due to net operating losses, tax equalization utilized, amortization on securities sold, partnerships, net operating losses offset by short term capital gains, gains/losses on foreign currency, 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, mark-to-market of passive foreign investment companies, gains/losses on foreign currency, non-deductible organizational expense, premiums outstanding, and partnerships.

At April 30, 2018, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate cost of investments and the aggregate gross unrealized appreciation and depreciation were as follows:


Fund	Cost		Appreciation		Depreciation			Net
Fairpointe ESG Equity	$	9,639,750	$	1,329,088	$	(579,891	)	$	749,197
River Road Focused Absolute Value		26,342,099		1,597,950		(908,857	)		689,093
Montag & Caldwell Growth		570,096,186		179,673,135		(6,642,251	)		173,030,884
River Road Dividend All Cap Value		758,975,007		173,054,798		(23,109,427	)		149,945,371
River Road Dividend All Cap Value II		96,533,766		18,128,493		(3,474,174	)		14,654,319
Fairpointe Mid Cap		3,170,147,602		997,090,024		(331,402,873	)		665,687,151
Montag & Caldwell Mid Cap Growth		8,259,624		2,195,624		(51,229	)		2,144,395
LMCG Small Cap Growth		97,857,030		10,549,965		(3,791,624	)		6,758,341
River Road Small-Mid Cap Value		47,393,463		6,075,441		(1,657,238	)		4,418,203
River Road Small Cap Value		262,986,583		71,320,513		(9,942,763	)		61,377,750
Silvercrest Small Cap		238,325,955		36,335,297		(11,375,783	)		24,959,514
GW&K U.S. Small Cap Growth		27,173,067		11,387,061		(1,807,221	)		9,579,840
DoubleLine Core Plus Bond		696,870,259		3,888,008		(17,100,829	)		(13,212,821	)
Lake Partners LASSO Alternatives		34,278,349		1,863,325		(278,262	)		1,585,063
River Road Long-Short		18,219,350		2,682,850		(1,714,995	)		967,855
Guardian Capital Global Dividend		34,603,060		4,244,776		(1,040,058	)		3,204,718
Pictet International		2,033,459,502		304,741,142		(98,728,630	)		206,012,512
Value Partners Asia Dividend		9,169,566		2,078,495		(593,144	)		1,485,351
Montag & Caldwell Balanced		19,583,231		1,459,647		(516,167	)		943,480

e. FEDERAL TAXES

Each Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with

respect to investment companies. Therefore, no provision for federal income or excise tax is included in the accompanying financial statements.

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

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Notes to Financial Statements (continued)

Management has analyzed the Funds’ tax positions taken on federal income tax returns as of April 30, 2018, 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 in taxable years beginning after the enactment of the Regulated Investment Company Modernization Act of 2010, may be carried forward for an unlimited time period, and retain their tax character as either short-term or long-term capital losses.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of October 31, 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, for an unlimited time period.


	Capital Loss Carryover Amounts
Fund	Short-Term		Long-Term
Fairpointe ESG Equity	$	136,123		—
LMCG Small Cap Growth		22,011,181	$	1,042,680
DoubleLine Core Plus Bond		1,405,809		2,782,572
River Road Long-Short		11,649		—

As of October 31, 2017, the Funds not listed above had no accumulated net realized capital loss carryovers from securities transactions for federal income tax purposes. Should the Funds incur capital losses for the fiscal year ended October 31, 2018, such amounts may be used to offset future realized capital gains, if any, for an unlimited time period.

g. CAPITAL STOCK

The Trust’s Declaration of Trust authorizes for each Fund the issuance of an unlimited number of shares of beneficial interest, without par value. Each Fund records sales and repurchases of its capital stock on the trade date. Guardian Capital Global Dividend, Pictet International and Value Partners Asia Dividend will deduct a 2.00% redemption fee from the proceeds of any redemption (including a redemption by exchange) of shares if the redemption occurs within 90 days of the purchase of those shares. For the fiscal year ended October 31, 2017, Pictet International and Value Partners Asia Dividend had redemption fees amounting to $16,629 and $282, respectively. For the six months ended April 30, 2018, Guardian Capital Global Dividend, Pictet International and Value Partners Asia Dividend had redemption fees amounting to $190, $67,408 and $0, respectively. These amounts are netted against the cost of shares repurchased in the Statements of Changes in Net Assets.

For the six months ended April 30, 2018 (unaudited) and the fiscal year ended October 31, 2017, the capital stock transactions by class for the Funds were as follows:


	Fairpointe ESG Equity												River Road Focused Absolute Value
	April 30, 2018						October 31, 2017						April 30, 2018						October 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		7,468		$	90,069			88,201		$	961,090			306,748		$	3,668,109			647,479		$	7,753,495
Reinvestment of distributions		748			9,244			82			874			51,795			584,247			6,633			74,093
Cost of shares repurchased		(14,454	)		(176,661	)		(76,166	)		(853,127	)		(118,171	)		(1,363,887	)		(71,797	)		(828,931	)

Net increase (decrease)		(6,238	)	$	(77,348	)		12,117		$	108,837			240,372		$	2,888,469			582,315		$	6,998,657

Class I:
Proceeds from sale of shares		321,469		$	3,924,916			272,498		$	3,060,629			131,781		$	1,500,449			719,816		$	8,242,714
Reinvestment of distributions		9,049			111,123			6,396			68,181			119,484			1,352,549			81,254			908,302
Cost of shares repurchased		(7,325	)		(91,510	)		(458,651	)		(5,174,881	)		(162,732	)		(1,893,289	)		(405,387	)		(4,688,032	)

Net increase (decrease)		323,193		$	3,944,529			(179,757	)	$	(2,046,071	)		88,533		$	959,709			395,683		$	4,462,984

Class Z:¹
Proceeds from sale of shares		—			—			—			—			—			—			5,906		$	71,500
Reinvestment of distributions		—			—			—			—			427		$	4,840			—			—
Cost of shares repurchased		—			—			—			—			—			—			(821	)		(9,951	)

Net increase		—			—			—			—			427		$	4,840			5,085		$	61,549

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Notes to Financial Statements (continued)


	Montag & Caldwell Growth												River Road Dividend All Cap Value
	April 30, 2018						October 31, 2017						April 30, 2018						October 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		332,643		$	6,788,077			1,593,399		$	30,026,822			543,907		$	6,845,769			5,980,618		$	75,919,541
Reinvestment of distributions		1,063,852			20,957,886			2,190,601			38,861,264			609,938			7,642,855			1,997,056			24,865,471
Cost of shares repurchased		(2,507,477	)		(51,929,445	)		(17,821,873	)		(347,708,108	)		(2,366,720	)		(29,932,244	)		(21,657,253	)		(270,192,230	)

Net decrease		(1,110,982	)	$	(24,183,482	)		(14,037,873	)	$	(278,820,022	)		(1,212,875	)	$	(15,443,620	)		(13,679,579	)	$	(169,407,218	)

Class I:
Proceeds from sale of shares		2,246,422		$	46,395,591			9,700,745		$	190,872,936			6,446,129		$	81,092,248			24,499,792		$	306,814,880
Reinvestment of distributions		2,312,557			45,742,377			3,487,749			61,975,608			3,835,394			48,010,010			3,741,774			46,603,083
Cost of shares repurchased		(9,580,917	)		(198,272,425	)		(24,013,174	)		(459,956,099	)		(7,948,535	)		(99,552,119	)		(12,575,939	)		(158,820,333	)

Net increase (decrease)		(5,021,938	)	$	(106,134,457	)		(10,824,680	)	$	(207,107,555	)		2,332,988		$	29,550,139			15,665,627		$	194,597,630

Class R:
Proceeds from sale of shares		3,900		$	77,043			41,235		$	780,021			—			—			—			—
Reinvestment of distributions		1,879			36,074			27,055			469,668			—			—			—			—
Cost of shares repurchased		(3,573	)		(70,980	)		(320,225	)		(6,163,199	)		—			—			—			—

Net increase (decrease)		2,206		$	42,137			(251,935	)	$	(4,913,510	)		—			—			—			—

Class Z:¹
Proceeds from sale of shares		—			—			—			—			228,639		$	2,905,596			19,980		$	256,133
Reinvestment of distributions		—			—			—			—			673			8,293			18			234
Cost of shares repurchased		—			—			—			—			(31,360	)		(391,611	)		—			—

Net increase		—			—			—			—			197,952		$	2,522,278			19,998		$	256,367

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Notes to Financial Statements (continued)


	River Road Dividend All Cap Value II															Fairpointe Mid Cap
	April 30, 2018						October 31, 2017						April 30, 2018						October 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		3,725		$	55,031			27,314		$	393,482			2,677,418		$	116,649,639			7,305,104		$	309,293,225
Reinvestment of distributions		12,772			183,716			13,295			189,278			1,896,462			81,377,192			1,525,543			63,599,870
Cost of shares repurchased		(50,430	)		(737,584	)		(82,903	)		(1,202,400	)		(6,736,864	)		(289,415,763	)		(14,716,260	)		(623,654,945	)

Net decrease		(33,933	)	$	(498,837	)		(42,294	)	$	(619,640	)		(2,162,984	)	$	(91,388,932	)		(5,885,613	)	$	(250,761,850	)

Class I:
Proceeds from sale of shares		426,216		$	6,090,645			1,000,176		$	14,381,093			7,875,242		$	345,770,248			23,047,039		$	1,002,859,544
Reinvestment of distributions		525,007			7,560,902			453,032			6,458,281			3,724,484			163,915,906			2,326,071			99,113,891
Cost of shares repurchased		(1,409,037	)		(20,293,185	)		(1,899,080	)		(27,331,967	)		(16,720,901	)		(731,529,599	)		(18,908,575	)		(818,033,752	)

Net increase (decrease)		(457,814	)	$	(6,641,638	)		(445,872	)	$	(6,492,593	)		(5,121,175	)	$	(221,843,445	)		6,464,535		$	283,939,683

Class Z:¹
Proceeds from sale of shares		—			—			28,471		$	422,148			7,347,738		$	318,800,488			235,275		$	10,195,777
Reinvestment of distributions		1,484		$	21,370			7			102			36,921			1,624,158			—			—
Cost of shares repurchased		(853	)		(12,000	)		(6,791	)		(100,984	)		(223,867	)		(9,841,733	)		(11,302	)		(489,263	)

Net increase		631		$	9,370			21,687		$	321,266			7,160,792		$	310,582,913			223,973		$	9,706,514


	Montag & Caldwell Mid Cap Growth												LMCG Small Cap Growth
	April 30, 2018						October 31, 2017						April 30, 2018						October 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		2,040		$	23,426			9,006		$	91,555			67,532		$	1,090,030			592,230		$	8,766,397
Reinvestment of distributions		28,010			317,071			31,174			308,929			—			—			—			—
Cost of shares repurchased		(8,892	)		(102,230	)		(47,693	)		(501,916	)		(829,822	)		(13,397,028	)		(2,005,892	)		(28,161,175	)

Net increase (decrease)		21,158		$	238,267			(7,513	)	$	(101,432	)		(762,290	)	$	(12,306,998	)		(1,413,662	)	$	(19,394,778	)

Class I:
Proceeds from sale of shares		11,294		$	133,350			19,554		$	203,649			605,608		$	10,108,794			3,523,420		$	49,198,752
Reinvestment of distributions		28,904			329,505			31,625			314,672			—			—			—			—
Cost of shares repurchased		(350	)		(4,027	)		(23,213	)		(241,937	)		(1,898,602	)		(30,730,203	)		(3,091,429	)		(44,296,318	)

Net increase (decrease)		39,848		$	458,828			27,966		$	276,384			(1,292,994	)	$	(20,621,409	)		431,991		$	4,902,434

167




Notes to Financial Statements (continued)


	River Road Small-Mid Cap Value												River Road Small Cap Value
	April 30, 2018						October 31, 2017						April 30, 2018						October 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		164,958		$	1,271,085			385,856		$	3,108,607			269,861		$	3,646,063			944,431		$	12,965,444
Reinvestment of distributions		125,130			917,204			47,035			349,943			329,745			4,286,683			89,002			1,200,640
Cost of shares repurchased		(210,766	)		(1,655,080	)		(186,000	)		(1,432,561	)		(447,043	)		(5,967,036	)		(615,238	)		(8,425,533	)

Net increase		79,322		$	533,209			246,891		$	2,025,989			152,563		$	1,965,710			418,195		$	5,740,551

Class I:
Proceeds from sale of shares		1,133,370		$	8,784,717			535,556		$	4,333,931			1,792,961		$	24,446,235			3,656,695		$	50,889,911
Reinvestment of distributions		675,443			5,045,558			356,000			2,691,359			2,767,209			36,582,499			928,655			12,685,426
Cost of shares repurchased		(539,367	)		(4,118,677	)		(1,402,176	)		(11,152,559	)		(2,079,839	)		(28,682,317	)		(5,367,339	)		(74,149,737	)

Net increase (decrease)		1,269,446		$	9,711,598			(510,620	)	$	(4,127,269	)		2,480,331		$	32,346,417			(781,989	)	$	(10,574,400	)

Class Z:¹
Proceeds from sale of shares		9,228		$	80,000			8,855		$	75,000			—			—			17,320		$	254,624
Reinvestment of distributions		2,371			17,688			—			—			1,562		$	20,634			—			—
Cost of shares repurchased		—			—			(2,948	)		(25,265	)		—			—			(6,812	)		(100,681	)

Net increase		11,599		$	97,688			5,907		$	49,735			1,562		$	20,634			10,508		$	153,943


				Silvercrest Small Cap									GW&K U.S. Small Cap Growth
	April 30, 2018						October 31, 2017						April 30, 2018						October 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		82,673		$	1,508,580			644,208		$	11,387,511			718,658		$	3,187,475			1,523,840		$	6,465,730
Reinvestment of distributions		106,704			1,953,748			9,537			172,910			922,542			3,782,425			11,295			43,938
Cost of shares repurchased		(594,309	)		(10,930,568	)		(644,356	)		(11,580,225	)		(1,043,421	)		(4,734,753	)		(4,499,264	)		(18,748,206	)

Net increase (decrease)		(404,932	)	$	(7,468,240	)		9,389		$	(19,804	)		597,779		$	2,235,147			(2,964,129	)	$	(12,238,538	)

Class I:
Proceeds from sale of shares		2,756,069		$	51,261,258			4,944,964		$	88,696,627			176,700		$	941,287			425,289		$	2,183,766
Reinvestment of distributions		1,034,516			19,107,515			113,141			2,064,810			236,822			1,198,317			2,888			13,402
Cost of shares repurchased		(2,257,015	)		(41,315,840	)		(4,327,524	)		(78,254,984	)		(312,511	)		(1,648,403	)		(1,262,888	)		(6,088,383	)

Net increase (decrease)		1,533,570		$	29,052,933			730,581		$	12,506,453			101,011		$	491,201			(834,711	)	$	(3,891,215	)

Class Z:¹
Proceeds from sale of shares		—			—			15,810		$	306,839			—			—			35,770		$	172,252
Reinvestment of distributions		872		$	16,090			—			—			3,605		$	18,241			—			—
Cost of shares repurchased		—			—			(5,198	)		(101,300	)		—			—			(10,301	)		(49,344	)

Net increase		872		$	16,090			10,612		$	205,539			3,605		$	18,241			25,469		$	122,908

168




Notes to Financial Statements (continued)


	DoubleLine Core Plus Bond												Lake Partners LASSO Alternatives
	April 30, 2018						October 31, 2017						April 30, 2018						October 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		1,873,517		$	19,824,667			5,970,051		$	63,317,627			148,336		$	1,784,105			345,295		$	4,172,790
Reinvestment of distributions		193,109			2,034,507			755,186			7,984,132			31,511			377,495			10,180			122,769
Cost of shares repurchased		(3,808,613	)		(40,259,836	)		(19,500,094	)		(206,673,345	)		(185,431	)		(2,243,795	)		(2,402,154	)		(29,008,523	)

Net decrease		(1,741,987	)	$	(18,400,662	)		(12,774,857	)	$	(135,371,586	)		(5,584	)	$	(82,195	)		(2,046,679	)	$	(24,712,964	)

Class I:
Proceeds from sale of shares		10,157,570		$	107,504,795			22,185,109		$	235,853,686			183,647		$	2,231,974			1,126,021		$	13,576,530
Reinvestment of distributions		657,253			6,916,516			1,358,488			14,390,670			65,700			791,029			10,176			123,226
Cost of shares repurchased		(6,999,287	)		(73,858,297	)		(12,994,909	)		(137,962,662	)		(1,172,227	)		(14,341,378	)		(3,741,362	)		(45,361,228	)

Net increase (decrease)		3,815,536		$	40,563,014			10,548,688		$	112,281,694			(922,880	)	$	(11,318,375	)		(2,605,165	)	$	(31,661,472	)

Class Z:¹
Proceeds from sale of shares		8,502		$	90,600			163,536		$	1,744,375			—			—			—			—
Reinvestment of distributions		2,267			23,880			73			774			—			—			—			—
Cost of shares repurchased		(5,240	)		(55,700	)		(14,068	)		(149,966	)		—			—			—			—

Net increase		5,529		$	58,780			149,541		$	1,595,183			—			—			—			—


				River Road Long-Short									Guardian Capital Global Dividend
	April 30, 2018						October 31, 2017						April 30, 2018						October 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		16,454		$	206,477			124,722		$	1,462,085			3,946		$	46,460			99,578		$	1,071,014
Reinvestment of distributions		—			—			—			—			1,176			13,572			768			8,393
Cost of shares repurchased		(77,410	)		(965,691	)		(467,341	)		(5,484,160	)		(2,107	)		(24,335	)		(101,832	)		(1,065,121	)

Net increase (decrease)		(60,956	)	$	(759,214	)		(342,619	)	$	(4,022,075	)		3,015		$	35,697			(1,486	)	$	14,286

Class I:
Proceeds from sale of shares		386,248		$	4,958,310			847,233		$	10,107,303			30,781		$	356,072			344,631		$	3,660,623
Reinvestment of distributions		—			—			—			—			36,633			420,698			45,392			481,171
Cost of shares repurchased		(298,486	)		(3,755,407	)		(1,890,230	)		(22,477,127	)		(22,566	)		(261,502	)		(110,943	)		(1,190,518	)

Net increase (decrease)		87,762		$	1,202,903			(1,042,997	)	$	(12,369,824	)		44,848		$	515,268			279,080		$	2,951,276

Class Z:¹
Proceeds from sale of shares		3,925		$	50,000			1,995		$	25,000			—			—			—			—

Net increase		3,925		$	50,000			1,995		$	25,000			—			—			—			—

169




Notes to Financial Statements (continued)


				Pictet International									Value Partners Asia Dividend
	April 30, 2018						October 31, 2017						April 30, 2018						October 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		617,333		$	7,077,122			348,926		$	3,906,238			2,615		$	34,104			14,410		$	166,466
Reinvestment of distributions		19,707			222,100			396			3,668			5,702			70,129			3,872			40,610
Cost of shares repurchased		(112,220	)		(1,269,075	)		(17,490	)		(191,463	)		(1,002	)		(12,515	)		(1,716	)		(19,730	)

Net increase		524,820		$	6,030,147			331,832		$	3,718,443			7,315		$	91,718			16,566		$	187,346

Class I:
Proceeds from sale of shares		4,047,417		$	46,462,993			55,029,309		$	564,088,083			—			—			—			—
Reinvestment of distributions		1,873,692			21,135,242			1,273,736			11,756,503			42,172		$	519,139			32,781		$	340,841
Cost of shares repurchased		(169,313,416	)		(1,952,891,347	)		(20,551,993	)		(209,601,749	)		—			—			—			—

Net increase (decrease)		(163,392,307	)	$	(1,885,293,112	)		35,751,052		$	366,242,837			42,172		$	519,139			32,781		$	340,841

Class Z:¹
Proceeds from sale of shares		184,618,679		$	2,124,315,854			21,930		$	250,000			—			—			—			—
Reinvestment of distributions		238,202			2,679,750			—			—			—			—			—			—
Cost of shares repurchased		(6,261,537	)		(71,876,491	)		—			—			—			—			—			—

Net increase		178,595,344		$	2,055,119,113			21,930		$	250,000			—			—			—			—


	Montag & Caldwell Balanced
	April 30, 2018						October 31, 2017
	Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		9,792		$	221,563			54,946		$	1,201,059
Reinvestment of distributions		42,574			944,376			95,759			1,962,272
Cost of shares repurchased		(57,653	)		(1,314,505	)		(475,469	)		(10,336,837	)

Net decrease		(5,287	)	$	(148,566	)		(324,764	)	$	(7,173,506	)

Class I:
Proceeds from sale of shares		13,320		$	299,134			48,632		$	1,050,692
Reinvestment of distributions		5,708			126,097			8,056			164,681
Cost of shares repurchased		(12,825	)		(283,395	)		(52,380	)		(1,137,778	)

Net increase		6,203		$	141,836			4,308		$	77,595

¹	Commencement of operations was October 2, 2017, except for GW&K U.S. Small Cap Growth which was February 27, 2017.

170




Notes to Financial Statements (continued)

At April 30, 2018, certain affiliated and unaffiliated shareholders of record, including individually or collectively held greater than 10% of the net assets of the Funds as follows:


	Number of		Collectively
	Shareholders		Own
Montag & Caldwell Mid Cap Growth Fund		1		13	%
LMCG Small Cap Growth Fund		1		11	%
River Road Small-Mid Cap Value		1		15	%
Guardian Capital Global Dividend		1		78	%
Value Partners Asia Dividend		1		88	%

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

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party repurchase agreements for temporary cash management purposes and third-party 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, 2018, the market value of Repurchase Agreements outstanding is as follows:


	Market Value
River Road Dividend All Cap Value	$	16,937,288
River Road Dividend All Cap Value II		2,899,157
Montag & Caldwell Mid Cap Growth		197,389
LMCG Small Cap Growth		2,149,413
River Road Small-Mid Cap Value		1,681,654
River Road Small Cap Value		6,273,992
Silvercrest Small Cap		4,979,275
GW&K U.S. Small Cap Growth		1,107,306
DoubleLine Core Plus Bond		4,144,984
Guardian Capital Global Dividend		554,513
Pictet International		116,639,789
Montag & Caldwell Balanced		197,145

i. FOREIGN CURRENCY TRANSLATION

The books and records of the Funds are maintained in U.S. dollars. The value of investments, assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon current foreign exchange rates. Purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based on currency exchange rates prevailing on the respective dates of such transactions. Net realized and unrealized gain (loss) on foreign currency transactions represent: (1) foreign exchange gains and losses from the sale and holdings of foreign currencies; (2) gains and losses between trade date and settlement date on investment securities transactions and forward foreign currency exchange contracts; and (3) gains and losses from the difference between amounts of interest and dividends recorded and the amounts actually received.

The Funds do not isolate the net realized and unrealized gain or loss resulting from changes in exchange rates from the fluctuations in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

j. FOREIGN SECURITIES

Certain Funds invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in domestic securities. Non-domestic securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. A Fund’s investments in emerging market countries are exposed to additional risks. A Fund’s performance will be influenced by political, social and economic factors affecting companies in emerging market countries. Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. Realized gains in certain countries may be subject to foreign taxes at the Fund level and would pay such foreign taxes at the appropriate rate for each jurisdiction.

k. 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 1a above.

Each TBA contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment with the same broker, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes 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.

171




Notes to Financial Statements (continued)

l. 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 Funds’ Schedules of Portfolio Investments. With respect to purchase commitments, the Funds identify securities as segregated in their 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 does 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.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. retail distribution arm of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Funds and is responsible for the Funds’ overall administration and operations. The Investment Manager selects one or more 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 Small-Mid Cap, 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.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the six months ended April 30, 2018, investment management fees were paid at the following annual rate of each Fund’s respective average daily net assets:


Fairpointe ESG Equity	0.70	%
River Road Focused Absolute Value	0.60	%
Montag & Caldwell Growth
on first $800 million	0.70	%
over $800 million up to $6 billion	0.50	%
over $6 billion up to $12 billion	0.45	%
over $12 billion	0.40	%
River Road Dividend All Cap Value	0.60	%
River Road Dividend All Cap Value II	0.60	%
Fairpointe Mid Cap
on first $100 million	0.70	%
next $300 million	0.65	%
over $400 million	0.60	%
Montag & Caldwell Mid Cap Growth	0.75	%
LMCG Small Cap Growth	0.90	%
River Road Small-Mid Cap Value¹	0.75	%
River Road Small Cap Value	0.80	%
Silvercrest Small Cap	0.90	%
GW&K U.S. Small Cap Growth²	0.70	%
DoubleLine Core Plus Bond	0.45	%
Lake Partners LASSO Alternatives	0.90	%
River Road Long-Short¹	0.85	%
Guardian Capital Global Dividend	0.70	%
Pictet International³	0.70	%
Value Partners Asia Dividend	0.80	%
Montag & Caldwell Balanced	0.65	%

¹	Prior to January 1, 2017, the annual rate for the investment management fees were 0.90% and 1.10% of the average daily net assets for River Road Small-Mid Cap Value and River Road Long-Short, respectively.

²	Prior to February 27, 2017, the annual rate for GW&K U.S. Small Cap Growth’s investment management fee was 0.80% of the Fund’s average daily net assets.

³	Prior to July 1, 2017, the annual rate for Pictet International’s investment management fee was 0.80% of the Fund’s average daily net assets.

The Investment Manager has contractually agreed, through at least March 1, 2019 for Fairpointe ESG Equity, River Road Focused Absolute Value, River Road Dividend All Cap Value, River Road Dividend All Cap Value II, Montag & Caldwell Mid Cap Growth, LMCG Small Cap Growth, River Road Small-Mid Cap, Silvercrest Small Cap, GW&K U.S. Small Cap Growth, DoubleLine Core Plus Bond, Lake Partners LASSO Alternatives, River Road Long-Short, Guardian Capital Global Dividend, Pictet International, Value Partners Asia Dividend and Montag & Caldwell Balanced, to waive management fees and/or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts), shareholder servicing fees, distribution and service 12b-1 fees, brokerage commissions and other transaction costs, acquired fund fees and

172




Notes to Financial Statements (continued)

expenses and extraordinary expenses). The percentages of the Funds’ average daily net assets subject to later reimbursement by the Funds in certain circumstances are as follows:


Fairpointe ESG Equity	0.82	%
River Road Focused Absolute Value	0.71	%
Montag & Caldwell Growth	N/A
River Road Dividend All Cap Value	0.99	%
River Road Dividend All Cap Value II	0.99	%
Fairpointe Mid Cap	N/A
Montag & Caldwell Mid Cap Growth	0.95	%
LMCG Small Cap Growth	1.03	%
River Road Small-Mid Cap Value¹	1.04	%
River Road Small Cap Value	N/A
Silvercrest Small Cap	1.08	%
GW&K U.S. Small Cap Growth²	0.90	%
DoubleLine Core Plus Bond	0.61	%
Lake Partners LASSO Alternatives	1.09	%
River Road Long-Short¹	1.12	%
Guardian Capital Global Dividend	1.05	%
Pictet International³	0.98	%
Value Partners Asia Dividend	1.15	%
Montag & Caldwell Balanced	1.04	%

¹	Prior to January 1, 2017, the expense cap was 1.19% and 1.37% of the average daily net assets for River Road Small-Mid Cap Value and River Road Long-Short, respectively.

²	Prior to February 27, 2017, the expense cap was 1.03% of the average daily net assets for GW&K U.S. Small Cap Growth.

³	Prior to July 1, 2017, the expense cap was 1.08% of the average daily net assets for Pictet International.

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of the Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of the Fund.

Prior to November 1, 2017 (July 1, 2017 for Pictet International), 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.

Effective November 1, 2017 (July 1, 2017 for Pictet International), in general, for a period of up to 36 months, the Investment Manager may recover from each Fund fees waived and expenses paid pursuant to this contractual agreement, provided that such repayment would not cause the Fund’s total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed the contractual expense limitation amount.

At April 30, 2018, each Fund’s expiration of reimbursement are as follows:


Expiration Period	Fairpointe ESG Equity Fund		River Road Focused Absolute Value Fund		Montag & Caldwell Mid Cap Growth Fund
Less than 1 year	$	128,683		—		—
Within 2 years		103,052	$	170,129		—
Within 3 years		83,818		116,366	$	21,868

Total Amount Subject to Recoupment	$	315,553	$	286,495	$	21,868


Expiration Period	LMCG Small Cap Growth Fund		River Road Small-Mid Cap Value Fund		Silvercrest Small Cap Fund
Less than 1 year		—		—	$	77,805
Within 3 years	$	69,623	$	7,865		38,620

Total Amount Subject to Recoupment	$	69,623	$	7,865	$	116,425


Expiration Period	GW&K U.S. Small Cap Growth Fund		DoubleLine Core Plus Bond Fund		Lake Partners LASSO Alternatives Fund
Within 3 years	$	42,782	$	145,254	$	34,709

Total Amount Subject to Recoupment	$	42,782	$	145,254	$	34,709


Expiration Period	River Road Long-Short Fund		Guardian Capital Global Dividend Fund		Value Partners Asia Dividend Fund
Less than 1 year		—	$	122,164		—
Within 2 years		—		96,649	$	186,218
Within 3 years	$	24,164		19,076		145,199

Total Amount Subject to Recoupment	$	24,164	$	237,889	$	331,417


Expiration Period	Montag & Caldwell Balanced Fund
Within 3 years	$	13,223

Total Amount Subject to Recoupment	$	13,223

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

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Notes to Financial Statements (continued)

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.

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

The Trust has adopted a distribution and service plan (the “Plan”) with respect to the Class N 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 up to 0.25% and 0.50% annually of each Fund’s average daily net assets attributable to the Class N and Class R shares, respectively. The actual amount incurred for all Class N shares was 0.25% for all funds except for the following: Fairpointe ESG Equity 0.22%, Montag & Caldwell Mid Cap Growth and River Road Small-Mid Cap Value incurred 0.24%, Montag & Caldwell Growth and GW&K U.S. Small Cap Growth incurred 0.21%, LMCG Small Cap Growth incurred 0.22%, Montag & Caldwell Balance incurred 0.10%, Guardian Capital Global Dividend incurred 0.02, and Value Partners Asia Dividend incurred 0.03%. 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.

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 financial intermediaries such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder recordkeeping, account servicing and other services. The Class N, 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 assets as shown in the table below.

The Investment Manager has agreed, through at least October 1, 2018, 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, 2018, were as follows:


Fund	Actual Amount Incurred
Fairpointe ESG 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		0.07	%
Class I		0.07	%
Class R		0.07	%
River Road Dividend All Cap Value
Class N		0.07	%
Class I		0.07	%
River Road Dividend All Cap Value II
Class N		0.08	%
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		0.04	%
LMCG Small Cap Growth
Class N		0.07	%
Class I		0.04	%
River Road Small-Mid Cap Value
Class N		0.06	%
Class I		0.05	%
River Road Small Cap Value
Class N		0.10	%
Class I		0.10	%
Silvercrest Small Cap
Class N		0.07	%
Class I		0.07	%
GW&K U.S. Small Cap Growth
Class N		0.14	%
Class I		0.10	%

174




Notes to Financial Statements (continued)


Fund	Actual Amount Incurred
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		0.11	%
Class I		0.08	%
Montag & Caldwell Balanced
Class N		0.06	%
Class I		0.06	%

Guardian Capital Global Dividend and Value Partners Asia Dividend did not incur any shareholder servicing fees for the six months ended April 30, 2018.

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

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits the Funds to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. For the six months ended April 30, 2018, the Funds neither borrowed from nor lent to other funds in the AMG Funds family.

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended April 30, 2018, were as follows:


	Long Term Securities
Fund	Purchases		Sales
Fairpointe ESG Equity	$	5,507,874	$	1,807,791
River Road Focused Absolute Value		14,014,081		12,103,797
Montag & Caldwell Growth		126,216,632		340,949,959
River Road Dividend All Cap Value		145,212,288		149,180,914
River Road Dividend All Cap Value II		19,346,999		32,340,609
Fairpointe Mid Cap		369,326,319		520,502,789
Montag & Caldwell Mid Cap Growth		2,171,302		1,911,243
LMCG Small Cap Growth		77,202,006		110,772,734
River Road Small-Mid Cap Value		16,134,396		12,056,016
River Road Small Cap Value		58,823,513		58,038,138
Silvercrest Small Cap		53,803,645		46,665,143
GW&K U.S. Small Cap Growth		4,572,342		6,082,352
DoubleLine Core Plus Bond		84,941,781		80,505,204
Lake Partners LASSO Alternatives		9,401,507		21,061,700
River Road Long-Short		53,720,282		55,449,200
Guardian Capital Global Dividend		14,409,809		14,303,142
Pictet International		559,953,798		458,081,188
Value Partners Asia Dividend		4,103,043		3,977,929
Montag & Caldwell Balanced		5,513,598		9,878,248

	U.S. Government Obligations
Fund	Purchases		Sales
DoubleLine Core Plus Bond	$	121,153,854	$	105,559,250
Montag & Caldwell Balanced		268,317		110,261

4. 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

175




Notes to Financial Statements (continued)

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.

The value of securities loaned on positions held and cash collateral received at April 30, 2018 were as follows:


Fund	Securities Loaned		Cash Collateral Received
River Road Dividend All Cap Value	$	16,530,611	$	16,937,288
River Road Dividend All Cap Value II		2,817,807		2,899,157
Montag & Caldwell Mid Cap Growth		192,672		197,389
LMCG Small Cap Growth		2,097,291		2,149,413
River Road Small-Mid Cap Value		1,626,548		1,681,654
River Road Small Cap Value		6,048,451		6,273,992
Silvercrest Small Cap		4,757,600		4,979,275
GW&K U.S. Small Cap Growth		1,100,950		1,107,306
DoubleLine Core Plus Bond		4,009,990		4,144,984
Guardian Capital Global Dividend		538,468		554,513
Pictet International		109,563,929		116,639,789
Montag & Caldwell Balanced		187,931		197,145

5. COMMITMENTS AND CONTINGENCIES

Under the Trust’s organizational documents, its trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.

6. RISKS ASSOCIATED WITH HIGH YIELD SECURITIES

Investing in high yield securities involves greater risks and considerations not typically associated with U.S. Government and other high quality/investment grade securities. High yield securities are generally below investment grade securities and do not have an established retail secondary market. Economic downturns may disrupt the high yield market and impair the issuer’s ability to repay principal and interest. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations and could cause the securities to become less liquid.

7. MORTGAGE-BACKED SECURITIES

DoubleLine Core Plus Bond and Montag & Caldwell Balanced 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 Freddie 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. DoubleLine Core Plus Bond and Montag & Caldwell Balanced 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.

8. STRIPPED SECURITIES

DoubleLine Core Plus Bond may invest in stripped securities (“STRIPS”) for hedging purposes to protect the 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 a Funds’ 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, a 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 a Fund’s ability to buy or sell those securities at any particular time.

9. 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

176




Notes to Financial Statements (continued)

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 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, 2018, Lake Partners LASSO Alternatives relied on such exemptive order.

10. 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 the Prime Broker. When the Fund has cash balances on deposit with the Prime Broker, the Fund is subject to credit risk should the Prime Broker be unable to meet their obligations to the Fund; and when the Fund has cash balances owed to the Prime Broker, the amount is payable upon demand and the Fund must segregate liquid assets. The Fund has entered into a Special Custody and Pledge Agreement with the Prime Broker for securities sold short, which provides the right, in the event of default (including bankruptcy or insolvency) for 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 and Pledge Agreement in the Statement of Assets and Liabilities. As of April 30, 2018, the value of securities sold short was $14,764,912 and the Fund had $14,413,442 of cash deposited with the Prime Broker and securities segregated as collateral worth $10,501,854.

11. CREDIT AGREEMENT

Effective July 6, 2010, and as amended July 26, 2017, 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%. 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. River Road Focused Absolute Value, LMCG Small Cap Growth, Silvercrest Small Cap, Lake Partners LASSO Alternatives and Guardian Capital Global Dividend utilized the line of credit during the six months ended April 30, 2018. River Road Focused Absolute Value borrowed a maximum of $868,674 for five days paying interest of $334. LMCG Small Cap Growth borrowed a maximum of $15,628,410 for five days paying interest of $3,991. Silvercrest Small Cap borrowed a maximum of $8,496,946 for two days paying interest of $1,462. Lake Partners LASSO Alternatives borrowed a maximum of $3,311,917 for one day paying interest of $252. Guardian Capital Global Dividend borrowed a maximum of $1,017,866 for one day paying interest of $79. The interest expense amount is included in the Statement of Operations as miscellaneous expense. At April 30, 2018, the Funds had no loans outstanding.

12. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the securities lending and short-sale programs 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 and short sale transactions, see Note 4 and Note 10, respectively.

177




Notes to Financial Statements (continued)

The following table is a summary of the Funds’ open Repurchase Agreements that are subject to a master netting agreement as of April 30, 2018:


			Gross Amount Not Offset in the Statement of Assets and Liabilities
Fund	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments Collateral		Cash Collateral Received		Net Amount
River Road Dividend All Cap Value
Cantor Fitzgerald Securities, Inc.	$	4,023,136	$	4,023,136		—		—
HSBC Securities USA, Inc.		4,023,136		4,023,136		—		—
Jefferies LLC		4,023,136		4,023,136		—		—
JPMorgan Securities LLC		844,744		844,744		—		—
Nomura Securities International, Inc.		4,023,136		4,023,136		—		—

Totals	$	16,937,288	$	16,937,288		—		—

River Road Dividend All Cap Value II
Cantor Fitzgerald Securities, Inc.	$	1,000,000	$	1,000,000		—		—
Credit Suisse AG		899,157		899,157		—		—
RBC Dominion Securities, Inc.		1,000,000		1,000,000		—		—

Totals	$	2,899,157	$	2,899,157		—		—

Montag & Caldwell Mid Cap Growth
Nomura Securities International, Inc.	$	197,389	$	197,389		—		—
LMCG Small Cap Growth
Cantor Fitzgerald Securities, Inc.	$	1,000,000	$	1,000,000		—		—
Deutsche Bank Securities, Inc.		1,000,000		1,000,000		—		—
Nomura Securities International, Inc.		149,413		149,413		—		—

Totals	$	2,149,413	$	2,149,413		—		—

River Road Small-Mid Cap Value
Cantor Fitzgerald Securities, Inc.	$	1,000,000	$	1,000,000		—		—
Credit Suisse AG		681,654		681,654		—		—

Totals	$	1,681,654	$	1,681,654		—		—

River Road Small Cap Value
Cantor Fitzgerald Securities, Inc.	$	1,490,288	$	1,490,288		—		—
HSBC Securities USA, Inc.		1,490,288		1,490,288		—		—
Jefferies LLC		1,490,288		1,490,288		—		—
JPMorgan Securities LLC		312,840		312,840		—		—
Nomura Securities International, Inc.		1,490,288		1,490,288		—		—

Totals	$	6,273,992	$	6,273,992		—		—

178




Notes to Financial Statements (continued)


			Gross Amount Not Offset in the Statement of Assets and Liabilities
Fund	Net Amounts of Assets Presented in the Statement of Assets and Liabilities		Financial Instruments Collateral		Cash Collateral Received		Net Amount
Silvercrest Small Cap
Cantor Fitzgerald Securities, Inc.	$	1,182,750	$	1,182,750		—		—
HSBC Securities USA, Inc.		1,182,750		1,182,750		—		—
Jefferies LLC		1,182,750		1,182,750		—		—
JPMorgan Securities, LLC		248,275		248,275		—		—
Nomura Securities International, Inc.		1,182,750		1,182,750		—		—

Totals	$	4,979,275	$	4,979,275		—		—

GW&K U.S. Small Cap Growth
Citibank N.A.	$	1,000,000	$	1,000,000		—		—
Nomura Securities International, Inc.		107,306		107,306		—		—

Totals	$	1,107,306	$	1,107,306		—		—

DoubleLine Core Plus Bond
Cantor Fitzgerald Securities, Inc.	$	1,000,000	$	1,000,000		—		—
Deutsche Bank Securities, Inc.		1,000,000		1,000,000		—		—
Jefferies LLC		1,000,000		1,000,000		—		—
Merrill Lynch, Pierce, Fenner & Smith, Inc.		144,984		144,984		—		—
Nomura Securities International, Inc.		1,000,000		1,000,000		—		—

Totals	$	4,144,984	$	4,144,984		—		—

Guardian Capital Global Dividend
Deutsche Bank Securities, Inc.	$	301,593	$	301,593		—		—
Nomura Securities International, Inc.		252,920		252,920		—		—

Totals	$	554,513	$	554,513		—		—

Pictet International
Cantor Fitzgerald Securities, Inc.	$	27,706,576	$	27,706,576		—		—
Citibank N.A.		27,706,576		27,706,576		—		—
Deutsche Bank Securities, Inc.		3,809,546		3,809,546		—		—
Jefferies LLC		27,706,576		27,706,576		—		—
Nomura Securities International, Inc.		2,003,939		2,003,939		—		—
RBC Dominion Securities, Inc.		27,706,576		27,706,576		—		—

Totals	$	116,639,789	$	116,639,789		—		—

Montag & Caldwell Balanced
Nomura Securities International, Inc.	$	197,145	$	197,145		—		—

179




Notes to Financial Statements (continued)

13. SUBSEQUENT EVENTS

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

180

LOGO

INVESTMENT MANAGER AND

ADMINISTRATOR

AMG Funds LLC

600 Steamboat Road, Suite 300

Greenwich, CT 06830

800.835.3879

DISTRIBUTOR

AMG Distributors, Inc.

600 Steamboat Road, Suite 300

Greenwich, CT 06830

800.835.3879

CUSTODIAN

The Bank of New York Mellon

111 Sanders Creek Parkway

East Syracuse, NY 13057

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

Attn: AMG Funds

P.O. Box 9769

Providence, RI 02940

800.548.4539

TRUSTEES

Bruce B. Bingham

Christine C. Carsman

Edward J. Kaier

Kurt A. Keilhacker

Steven J. Paggioli

Richard F. Powers III

Eric Rakowski

Victoria L. Sassine

Thomas R. Schneeweis

This report is prepared for the Funds’ shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.835.3879. Distributed by AMG Distributors, Inc., member FINRA/SIPC.

Current net asset values per share for each Fund are available on the Funds’ website at 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) website at 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 website at sec.gov.

Each Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at 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 amgfunds.com.

181

LOGO

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 FQ Tax-Managed U.S. Equity AMG FQ Long-Short 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 Small-Mid Cap 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 Mid Cap Value

Systematic Financial Management, L.P.

AMG TimesSquare Emerging Markets Small Cap

AMG TimesSquare Global Small Cap

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

AMG Trilogy Emerging Markets Equity AMG Trilogy Emerging Wealth Equity

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 Emerging Companies

AMG Managers Cadence Mid Cap

Cadence Capital Management, LLC

AMG Managers CenterSquare Real Estate

CenterSquare Investment Management, LLC

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 ESG 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 Pioneer Institutional Asset Management, Inc.

AMG Managers Doubleline Core Plus Bond

DoubleLine Capital LP

AMG Managers Global Income Opportunity

AMG Managers Loomis Sayles Bond

Loomis, Sayles & Co., L.P.



amgfunds.com	043018	SAR082

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.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 13.

EXHIBITS

(a) (1)

Not applicable.

(a) (2)

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 - Filed herewith.

(a) (3)

Not applicable.

(b)

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 - Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMG FUNDS IV


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

Date: July 9, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


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

Date: July 9, 2018


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

Date: July 9, 2018

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