AMG Funds IV NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08004

AMG Funds IV

(Exact name of registrant as specified in charter)

680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901

(Address of principal executive offices) (Zip code)

AMG Funds LLC

680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901

(Name and address of agent for service)

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

Date of fiscal year end: October 31

Date of reporting period: November 1, 2020 - October 31, 2021

(Annual Shareholder Report)

Item 1.

Reports to Stockholders.


		ANNUAL REPORT


AMG Funds October 31, 2021 AMG Beutel Goodman Core Plus Bond Fund

(formerly AMG Managers DoubleLine Core Plus Bond Fund)

Class N: ADBLX	Class I: ADLIX	Class Z: ADZIX
AMG Beutel Goodman International Equity Fund

(formerly AMG Managers Pictet International Fund)

Class N: APINX	Class I: APCTX	Class Z: APCZX

amgfunds.com

103121 AR086

AMG Funds

Annual Report — October 31, 2021




TABLE OF CONTENTS	PAGE


LETTER TO SHAREHOLDERS		2

ABOUT YOUR FUND’S EXPENSES		3

PORTFOLIO MANAGER’S COMMENTS, FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS

AMG Beutel Goodman Core Plus Bond Fund		4

AMG Beutel Goodman International Equity Fund		15

FINANCIAL STATEMENTS

Statement of Assets and Liabilities		21

Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)

Statement of Operations		23

Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal year

Statements of Changes in Net Assets		24

Detail of changes in assets for the past two fiscal years

Financial Highlights		25

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

Notes to Financial Statements		31

Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		40

OTHER INFORMATION		41

TRUSTEES AND OFFICERS		44

ANNUAL RENEWAL OF INVESTMENT MANAGEMENT AND SUBADVISORY AGREEMENTS		47



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


		Letter to Shareholders

Dear Shareholder:

The fiscal year ended October 31, 2021, was marked by the continued extraordinary recovery amid an unprecedented global effort to stop the COVID-19 pandemic. Equities rallied to new record highs amid better-than-expected corporate earnings, colossal fiscal and monetary stimulus programs, and an improving economic backdrop. Since the market bottom on March 23, 2020, the S&P 500^® Index has gained over 111%. Businesses and consumers contended with disrupted supply chains and rising prices on a wide range of goods such as lumber and gasoline, and outbreaks of coronavirus variants kept the world on edge. Volatility increased in September as investors grew more concerned about rising inflation and more hawkish global central bank policies, but equities were resilient and finished the fiscal year with a strong rally.

The S&P 500^® gained 42.91% during the period and all sectors produced double-digit returns, but there was very wide dispersion in performance. Energy and financials led the market with returns of 111.38% and 72.14%, respectively. On the other hand, utilities and consumer staples lagged with returns of 10.64% and 19.02%, respectively. Value stocks edged out Growth stocks as the Russell 1000^® Value Index returned 43.76% compared to the 43.21% return for the Russell 1000^® Growth Index. Small cap stocks outperformed as the Russell 2000^® Index experienced its best quarter (fourth quarter 2020) on record. Within small caps, the Value-Growth disparity was much more pronounced as the Russell 2000^® Value Index returned 64.30% compared to 38.45% for the Russell 2000^® Growth Index. Outside the U.S., foreign developed markets lagged their U.S. counterparts with a 34.18% return for the MSCI EAFE Index. A major regulatory crackdown in China shook investor confidence in Chinese equities and caused emerging markets to underperform with a 16.96% return for the MSCI Emerging Markets Index.

Interest rates lifted off from near-historic lows as the vaccine rollout initiated a return to normalcy and the economic outlook improved. The 10-year Treasury yield rose 69 basis points to 1.55% and ended the fiscal year not far off its post-pandemic high. The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond market performance, lost 0.48% over the period. Healthy risk appetite drove credit spreads tighter and helped investment-grade corporate bonds produce a modestly positive 2.18% return. The global search for yield helped high-yield bonds outperform the investment-grade market with a 10.53% return as measured by the return of the Bloomberg U.S. Corporate High Yield Bond Index. Municipal bonds benefited from a strong technical backdrop and drove a 2.64% return for the Bloomberg Municipal Bond Index.

AMG Funds appreciates the privilege of providing investment tools to you and your clients. Our foremost goal is to provide investment solutions that help our shareholders successfully reach their long-term investment goals. AMG Funds provides access to a distinctive array of actively managed return-oriented investment strategies. We thank you for your continued confidence and investment in AMG Funds. You can rest assured that under all market conditions our team is focused on delivering excellent investment management services for your benefit.

Respectfully,

LOGO

Keitha Kinne

President

AMG Funds


Average Annual Total Returns		Periods ended October 31, 2021*

Stocks:		1 Year			3 Years		5 Years

Large Cap	(S&P 500^® Index)		42.91	%		21.48%		18.93%

Small Cap	(Russell 2000^® Index)		50.80	%		16.47%		15.52%

International	(MSCI All Country World Index ex USA)		29.66	%		12.00%		9.77%
Bonds:

Investment Grade	(Bloomberg U.S. Aggregate Bond Index)		(0.48	)%		5.63%		3.10%

High Yield	(Bloomberg U.S. Corporate High Yield Bond Index)		10.53	%		7.43%		6.40%

Tax-exempt	(Bloomberg Municipal Bond Index)		2.64	%		5.17%		3.41%

Treasury Bills	(ICE BofAML U.S. 6-Month Treasury Bill Index)		0.11	%		1.37%		1.32%

*Source: FactSet. Past performance is no guarantee of future results.

About Your Fund’s Expenses

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

ACTUAL EXPENSES

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

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

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



Six Months Ended October 31, 2021	Expense Ratio for the Period			Beginning Account Value 05/01/21		Ending Account Value 10/31/21		Expenses Paid During the Period*
AMG Beutel Goodman Core Plus Bond Fund

Based on Actual Fund Return

Class N		0.81	%		$1,000		$1,012		$4.11

Class I		0.60	%		$1,000		$1,013		$3.04

Class Z		0.54	%		$1,000		$1,013		$2.74

Based on Hypothetical 5% Annual Return

Class N		0.81	%		$1,000		$1,021		$4.13

Class I		0.60	%		$1,000		$1,022		$3.06

Class Z		0.54	%		$1,000		$1,022		$2.75

AMG Beutel Goodman International Equity Fund

Based on Actual Fund Return

Class N		1.21	%		$1,000		$992		$6.08

Class I		0.91	%		$1,000		$994		$4.57

Class Z		0.81	%		$1,000		$994		$4.07

Based on Hypothetical 5% Annual Return

Class N		1.21	%		$1,000		$1,019		$6.16

Class I		0.91	%		$1,000		$1,021		$4.63

Class Z		0.81	%		$1,000		$1,021		$4.13

*	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 (184), then divided by 365.

AMG Beutel Goodman Core Plus Bond Fund

Portfolio Manager’s Comments (unaudited)

For the 12 months ended October 31, 2021, AMG Beutel Goodman Core Plus Bond Fund (formerly AMG Managers DoubleLine Core Plus Bond Fund) (the “Fund”) Class N shares returned 2.19%, compared with the (0.48)% return for the Bloomberg U.S. Aggregate Bond Index.

On March 17-18, 2021, the Fund’s Board of Trustees approved the appointment of Beutel, Goodman & Company Ltd. (“Beutel Goodman”) as interim subadviser to the Fund effective March 24, 2021. On June 3, 2021, the Fund’s shareholders approved the appointment of Beutel Goodman as the subadviser to the Fund and the change in the Fund’s name.

MARKET OVERVIEW

Over the fiscal year, the Bloomberg U.S. Aggregate Bond Index declined (0.48)%. One of the biggest stories specific to the bond market was the selloff in U.S. Treasuries in February and early March. The U.S. 10-year Treasury bond yield rose from 0.91% at the end of December to 1.75% in March. The rise in yields was driven primarily by the market pricing in expectations for accelerated growth and an increase in inflation.

Specific to the period, the annual inflation rate in the U.S. has, as expected, been rising steadily since March, attributable in large part to base effects. That is, due to the pandemic and resultant lockdowns in March and April 2020, prices fell significantly, providing a very low base from which to compare current pricing levels. Global supply-chain disruptions also continued over the period, driving inflation higher, with prices rising on everything from food and shelter to appliances and used vehicles. Commodity price strength—particularly energy prices—have compounded supply issues for net importers of oil, gasoline, and natural gas. While the U.S. is a domestic producer and commodity exporter and thus isn’t likely headed into recession over this spike, it does add another layer of disorder to the global supply chain.

Central banks around the world have started to consider a gradual withdrawal of stimulus measures. While the U.S. Federal Reserve (the “Fed”) kept the federal funds rate unchanged, Fed Chair Jerome Powell noted in his September 22 press conference that “a moderation in the pace of asset purchases may soon be warranted.”

Markets also struggled with a variety of exogenous events, such as the heightened risk of a default (and the potential to spread economic contagion) by Chinese property developer Evergrande, the U.S. debt ceiling debate, and expectations of higher interest rates.

PERFORMANCE REVIEW

During the first portion on the fiscal year under the Fund’s prior subadviser, the Fund outpaced its benchmark, driven primarily by an overweight to both mortgage backed securities and corporate credit, combined with an underweight to U.S. Treasury bonds.

Since Beutel Goodman’s appointment as subadviser, the Fund modestly outpaced the benchmark. The Fund’s exposure to corporate credit contributed to the Fund’s relative performance. The Fund held overweight positions in both high-yield bonds and in higher beta issuers. Security selection in securitized assets also contributed to the Fund’s relative performance through overweight positions in shorter-dated instruments. The Fund’s yield-curve positioning detracted from relative performance as the yield curve flattened over the period. Both duration positioning and security selection in government bonds were largely neutral.

The portfolio management team sold 10-year bond futures over the period. These contracts track the 10-year U.S. Treasury Bond’s movements, acting as a proxy for those bonds. The team uses these as a duration management tool. The short position in these bond futures allows them to efficiently shorten the duration of the Fund without having to sell bonds. These derivative positions had a nominally positive impact on Fund performance.

OUTLOOK

COVID-19 variants and sustained supply-chain snarls have led to weaker-than-expected economic growth in 2021 thus far. However, slower growth, while disappointing, is not the same thing as a contraction. Growth may well have peaked earlier this year, but we still expect the economy to continue to expand above potential in the coming months, supported by a sustained vaccine rollout around the world, broader reopening efforts, and continued monetary and fiscal stimulus.

It is true that the withdrawal of monetary stimulus has become something of a hot-button issue of late, with many central banks around the world signaling plans to taper in the near term. However, stimulus was never meant to go on indefinitely; at some point, there must be a hand-off from stimulus to the real economy. It is also important to remember that tapering does not equal tightening.

Governments appear to be ready to fight against any threat of recession fueled by the removal of stimulus. As monetary policy measures wane, it is highly likely fiscal spending will ramp up to ease the hand-off back to the real economy.

All of this points to a sustained period of slow growth, although there are likely to be headwinds.

One of these is inflation, which has shown itself to have some stamina so far this year. Given the backdrop of longer-term supply-side issues and potential intermittent lockdowns in some regions to combat new COVID variants, we expect elevated inflation levels will continue in the short term. However, we do agree with the Fed’s current view that it is a transitory event—not the start of the sort of runaway inflation we saw in the 1970s and 1980s. Rather, we believe pricing pressures will begin to ease somewhat in early 2022. As supply-side issues are likely to persist for some time to come, we do not expect a return to the low inflation levels we saw prior to the pandemic. Even once the world has completely reopened, the mismatch between supply and demand won’t go away overnight, meaning goods inflation will be somewhat stickier than central bankers would like to see. That said, this type of inflation tends to be self-correcting, as higher prices lead to slower economic growth, which then leads to price declines.

On the other hand, with almost 1.3 jobs for every unemployed individual in the U.S. currently, we are also more likely to see wage inflation in the coming months. This is “good” inflation, as higher wages lead to higher consumer spending levels and economic expansion.

Persistent higher inflation will eventually be met with interest rate hikes. At this point, interest rate hikes still look to be at least three quarters away, and that is assuming the most positive scenario. The number of rate hikes that occur in this tightening cycle is even more uncertain than timing, as the more debt there is in the system, the more difficult it becomes to raise interest rates—particularly when you’re dealing with an aging workforce. We expect medium to long-term yields to rise in Q421 and Q122 as economic growth reaccelerates after the COVID-19 Delta wave and as the Fed tapers its asset purchase program.

The views expressed represent the opinions of Beutel, Goodman & Company Ltd., as of October 31, 2021, and are not intended as a forecast or guarantee of future results and are subject to change without notice.

AMG Beutel Goodman Core Plus Bond Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG Beutel Goodman Core Plus Bond Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG Beutel Goodman Core Plus Bond Fund’s Class N shares on July 18, 2011, to a $10,000 investment made in the Bloomberg U.S. Aggregate Bond Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG Beutel Goodman Core Plus Bond Fund and the Bloomberg U.S. Aggregate Bond Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years			Since Inception			Inception Date

AMG Beutel Goodman Core Plus Bond Fund^{2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20}

Class N		2.19	%		2.99	%		3.62	%		4.04	%		07/18/11

Class I		2.44	%		3.25	%		3.87	%		4.29	%		07/18/11

Class Z		2.51	%		—			—			3.37	%		09/29/17

Bloomberg U.S. Aggregate Bond Index²¹		(0.48	%)		3.10	%		3.00	%		3.20	%		07/18/11	^†

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

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

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

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

capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of October 31, 2021. All returns are in U.S. dollars ($).

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

³ As of March 24, 2021, the Fund’s Subadviser was changed to Beutel Goodman & Company Ltd. Prior to March 24, 2021, the Fund was known as the AMG Managers DoubleLine Core Plus Bond Fund and had different principal investment strategies and corresponding risks. Performance shown for periods prior to March 24, 2021, reflects the performance and investment strategies of the Fund’s previous Subadviser, DoubleLine Capital LP. The Fund’s past performance would have been different if the Fund were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.

⁴ 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.

⁵ Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

⁶ The Fund is subject to 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.

⁷ 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.

⁸ 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.

⁹ Bank loans are subject to the credit risk of nonpayment of principal or interest.

¹⁰ High-yield bonds (also known as “junk bonds”) may be subject to greater levels of interest rate, credit,

AMG Beutel Goodman Core Plus Bond Fund

Portfolio Manager’s Comments (continued)

and liquidity risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments. The issuers of the Fund’s holdings may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers.

¹¹ Factors unique to the municipal bond market may negatively affect the value in municipal bonds.

¹² 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.

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

¹⁴ Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

¹⁵ During periods of rising interest rates, a debtor may pay back a bond or other fixed income security slower than expected or required, and the value of such security may fall.

¹⁶ There is no guarantee that the Fund’s hedging strategies will be successful. For example, changes

in the value of a hedging transaction may not completely offset changes in the value of the assets and liabilities being hedged. Hedging transactions involve costs and may result in losses.

¹⁷ The Fund may have difficulty reinvesting payments from debtors and may receive lower rates than from its original investments.

¹⁸ Applying the Fund’s ESG investment criteria may result in the selection or exclusion of securities of certain issuers for reasons other than performance, and the Fund may underperform funds that do not utilize an ESG investment strategy. The application of this strategy may affect the Fund’s exposure to certain companies, sectors, regions, countries or types of investments, which could negatively impact the Fund’s performance depending on whether such investments are in or out of favor. Applying ESG criteria to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by the Subadviser or any judgment exercised by the Subadviser will reflect the beliefs or values of any particular investor.

¹⁹ In managing the Fund, the Fund’s Subadviser may rely heavily on one or more quantitative models (“Model”) and information and data supplied by third parties (“Data”). When a Model or Data used in managing the Fund contains an error, or is incorrect or incomplete, any investment decision made in reliance on the Model or Data may not produce the desired results and the Fund may realize losses. In addition, any hedging based on a faulty Model or Data may prove to be unsuccessful.

²⁰ Many bonds have call provisions which allow the

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

²¹ The Bloomberg U.S. Aggregate Bond Index is an index of the U.S. investment-grade fixed-rate bond market, including both government and corporate bonds. Unlike the Fund, the Bloomberg U.S. Aggregate Bond Index is unmanaged, is not available for investment and does not incur expenses.

Source: Bloomberg Index Services Limited. Bloomberg is a service mark of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively “Bloomberg”) has been licensed for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the Fund. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the Fund.

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

AMG Beutel Goodman Core Plus Bond Fund

Fund Snapshots (unaudited)

October 31, 2021

PORTFOLIO BREAKDOWN


Category	% of Net Assets
Corporate Bonds and Notes		52.1

U.S. Government and Agency Obligations		33.6

Mortgage-Backed Securities		6.1

Floating Rate Senior Loan Interests		2.2

Asset-Backed Securities		1.7

Foreign Government Obligations		0.7

Municipal Bonds		0.3

Common Stocks		0.0	¹

Short-Term Investments		4.2

Other Assets Less Liabilities		(0.9	)

¹	Less than 0.05%


Rating	% of Market Value¹
U.S. Government and Agency Obligations		34.8

Aaa/AAA		0.4

Aa/AA		5.7

A		16.1

Baa/BBB		29.6

Ba/BB		10.6

B		2.7

Caa/CCC & lower		0.1

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

TOP TEN HOLDINGS


Security Name		% of Net Assets
U.S. Treasury Notes, 1.625%, 05/15/26		4.8

U.S. Treasury Bonds, 1.875%, 02/15/51		3.5

FHLMC, 2.500%, 11/01/50		3.0

FHLMC REMICS, Series 4934, Class P, 2.500%, 11/15/40		1.9

U.S. Treasury Notes, 2.750%, 02/15/28		1.9

FNMA, 2.140%, 10/01/29		1.8

U.S. Treasury Bonds, 1.250%, 05/15/50		1.7

New Economy Assets Phase 1 Sponsor LLC, Series 2021-1, Class A1, 1.910%, 10/20/61		1.7

McDonald’s Corp., 4.450%, 03/01/47		1.6

U.S. Treasury Notes, 0.125%, 01/15/24		1.6


Top Ten as a Group		23.5

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

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

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

AMG Beutel Goodman Core Plus Bond Fund

Schedule of Portfolio Investments

October 31, 2021

��


	Principal
	Amount		Value

Corporate Bonds and Notes - 52.1%

Financials - 13.9%

Air Lease Corp. 1.875%, 08/15/26		$2,000,000		$1,979,017
Series C (4.125% to 12/15/26 then U.S. Treasury Yield Curve CMT 5 year + 3.149%), 4.125%, 12/15/26^1,2,3		4,000,000		3,940,000

Ally Financial, Inc.
Series B (4.700% to 05/15/26 then U.S. Treasury Yield Curve CMT 5 year + 3.868%), 4.700%, 05/15/26^1,2,3,4		3,000,000		3,108,750

Avolon Holdings Funding, Ltd. (Cayman Islands) 3.250%, 02/15/27⁵		2,000,000		2,052,816

Bank of Montreal (Canada)
(3.803% to 12/15/27 then USD Swap 5 year + 1.432%), 3.803%, 12/15/32^1,3		1,385,000		1,495,592

BOC Aviation USA Corp. 1.625%, 04/29/24⁵		3,500,000		3,506,138

Citigroup, Inc. (1.462% to 06/09/26 then SOFR + 0.770%), 1.462%, 06/09/27^1,3		2,500,000		2,462,832

Discover Financial Services 3.750%, 03/04/25		2,500,000		2,672,228

The Goldman Sachs Group, Inc.
(3 month LIBOR + 1.170%), 1.295%, 05/15/26³		1,510,000		1,543,174
(1.948% to 10/21/26 then SOFR + 0.913%), 1.948%, 10/21/27^1,3		3,000,000		3,002,910
Series U (3.650% to 08/10/26 then U.S. Treasury Yield Curve CMT 5 year + 2.915%), 3.650%, 08/10/26^1,2,3		1,485,000		1,473,863
Series V (4.125% to 11/10/26 then U.S. Treasury Yield Curve CMT 5 year + 2.949%), 4.125%, 11/10/26^1,2,3		500,000		501,600

HSBC Holdings PLC (United Kingdom)
(3 month LIBOR + 1.380%), 1.494%, 09/12/26³		1,475,000		1,521,757
(2.206% to 08/17/28 then SOFR + 1.285%), 2.206%, 08/17/29^1,3		2,000,000		1,961,750
(2.804% to 05/24/31 then SOFR + 1.187%), 2.804%, 05/24/32^1,3		1,000,000		1,006,657

Morgan Stanley (2.484% to 09/16/31 then SOFR + 1.360%), 2.484%, 09/16/36^1,3		3,000,000		2,914,781

OneMain Finance Corp. 6.625%, 01/15/28		900,000		1,010,250
7.125%, 03/15/26		905,000		1,027,175

Total Financials				37,181,290

Industrials - 34.2%

American Airlines Inc /AAdvantage Loyalty IP, Ltd. 5.750%, 04/20/29⁵		975,000		1,049,344

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide Inc. 4.900%, 02/01/46		2,000,000		2,550,845


	Principal
	Amount		Value

Bausch Health Cos., Inc. (Canada) 7.000%, 01/15/28⁵		$940,000		$951,877

The Bell Telephone Co. of Canada or Bell Canada (Canada) 4.300%, 07/29/49		1,400,000		1,723,057

Bristol-Myers Squibb Co. 4.350%, 11/15/47		1,320,000		1,672,427

Burlington Northern Santa Fe LLC 3.050%, 02/15/51		1,600,000		1,696,679

Caesars Entertainment, Inc. 6.250%, 07/01/25⁵		970,000		1,020,295

Canadian Natural Resources, Ltd. (Canada) 3.850%, 06/01/27		1,400,000		1,517,720

CCO Holdings LLC/CCO Holdings Capital Corp. 5.000%, 02/01/28⁵		3,000,000		3,120,000

CGI, Inc. (Canada) 1.450%, 09/14/26⁵		2,000,000		1,957,586

Cheniere Corpus Christi Holdings LLC 5.125%, 06/30/27		1,325,000		1,514,330

Chesapeake Energy Corp. 5.875%, 02/01/29⁵		60,000		63,750

Cigna Corp. 4.900%, 12/15/48		1,295,000		1,676,359

DCP Midstream Operating LP 5.375%, 07/15/25		2,500,000		2,762,500

Dell International LLC/EMC Corp. 5.300%, 10/01/29		1,763,000		2,120,625
6.100%, 07/15/27		1,275,000		1,548,398

Delta Air Lines, Inc. 7.000%, 05/01/25⁵		2,500,000		2,917,377

Delta Air Lines, Inc./SkyMiles IP, Ltd. 4.750%, 10/20/28⁵		1,410,000		1,565,708

Digicel Group Holdings, Ltd. (Bermuda) 8.000%, 04/01/25^5,6		6,799		6,553

Enbridge, Inc. (Canada) (6.250% to 03/01/28 then 3 month LIBOR + 3.641%), 6.250%, 03/01/78^1,3,4		2,500,000		2,759,049

EQT Corp. 7.500%, 02/01/30		55,000		70,411

Ford Motor Co. 7.450%, 07/16/31		830,000		1,098,712
9.000%, 04/22/25		860,000		1,034,150

General Electric Co. 6.875%, 01/10/39		145,000		220,677

The Home Depot, Inc. 3.900%, 06/15/47		1,390,000		1,670,524

Hyundai Capital America 0.875%, 06/14/24⁵		2,000,000		1,977,695
2.000%, 06/15/28⁵		1,000,000		974,447

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

AMG Beutel Goodman Core Plus Bond Fund

Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value

Industrials - 34.2% (continued)

JBS USA LUX, S.A./JBS USA Food Co./JBS USA Finance, Inc. 3.750%, 12/01/31⁵		$500,000		$511,875
5.500%, 01/15/30⁵		935,000		1,023,825
6.500%, 04/15/29⁵		925,000		1,023,281

Kinder Morgan, Inc. 1.750%, 11/15/26⁷		500,000		499,256

Kraft Heinz Foods Co. 5.000%, 07/15/35		880,000		1,082,018
5.200%, 07/15/45		875,000		1,112,863

Lamb Weston Holdings, Inc. 4.125%, 01/31/30^5,7		1,000,000		1,000,950

Mattamy Group Corp. (Canada) 5.250%, 12/15/27⁵		2,450,000		2,548,000

McDonald’s Corp., MTN 4.450%, 03/01/47		3,485,000		4,348,057

MEG Energy Corp. (Canada) 7.125%, 02/01/27⁵		70,000		73,500

Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd. 6.500%, 06/20/27⁵		2,500,000		2,720,900

OAS Finance, Ltd. (Virgin Islands, British) 8.875%, 11/29/21^2,5,8		400,000		1,000
8.875%, 11/29/21^2,8		600,000		1,500

Occidental Petroleum Corp. 3.500%, 08/15/29		160,000		162,400

Organon & Co/Organon Foreign Debt Co. Issuer, B.V. 4.125%, 04/30/28⁵		2,250,000		2,280,937

Penske Truck Leasing Co. LP/PTL Finance Corp. 4.200%, 04/01/27⁵		1,370,000		1,524,545

Pilgrim’s Pride Corp. 3.500%, 03/01/32⁵		1,750,000		1,754,375
5.875%, 09/30/27⁵		1,070,000		1,128,176

Post Holdings, Inc. 4.625%, 04/15/30⁵		1,025,000		1,030,125
5.500%, 12/15/29⁵		950,000		1,010,563

Qatar Petroleum (Qatar) 1.375%, 09/12/26⁵		2,000,000		1,974,136

Rattler Midstream LP 5.625%, 07/15/25⁵		2,000,000		2,090,000

Sabine Pass Liquefaction LLC 5.000%, 03/15/27		1,335,000		1,513,812

Smithfield Foods, Inc. 4.250%, 02/01/27⁵		2,000,000		2,169,135

Superior Plus LP/Superior General Partner, Inc. (Canada) 4.500%, 03/15/29⁵		1,000,000		1,022,700

Tenet Healthcare Corp. 5.125%, 11/01/27⁵		2,500,000		2,612,500


	Principal
	Amount		Value

T-Mobile USA, Inc. 3.375%, 04/15/29⁵		$2,500,000		$2,568,750

Transcanada Trust (Canada) (5.300% to 03/15/27 then 3 month LIBOR + 3.208%), 5.300%, 03/15/77^1,3		1,475,000		1,551,995

Verizon Communications, Inc. 4.400%, 11/01/34		3,575,000		4,167,378

ViacomCBS, Inc. 4.950%, 01/15/31		2,500,000		2,968,296

Vodafone Group PLC (United Kingdom) 4.375%, 05/30/28		1,325,000		1,510,564
(7.000% to 04/04/29 then USD Swap 5 year + 4.873%), 7.000%, 04/04/79^1,3		850,000		1,027,721

Western Midstream Operating LP 5.300%, 02/01/30		75,000		82,219

Total Industrials				91,338,447

Utilities - 4.0%

Consolidated Edison Co. of New York, Inc. 5.700%, 06/15/40		800,000		1,081,144

Duke Energy Corp. 3.950%, 08/15/47		1,500,000		1,682,306

Duke Energy Progress LLC 4.150%, 12/01/44		1,390,000		1,652,295

The East Ohio Gas Co. 3.000%, 06/15/50⁵		1,700,000		1,723,339

Nextera Energy Capital Holdings, Inc. 1.900%, 06/15/28		1,000,000		988,469

Ovintiv, Inc. 7.375%, 11/01/31		60,000		81,247

Stoneway Capital Corp. (Canada) 10.000%, 03/01/27⁸		797,025		209,227

Tampa Electric Co. 3.625%, 06/15/50		1,475,000		1,682,122

Tucson Electric Power Co. 4.000%, 06/15/50		1,425,000		1,684,998

Total Utilities				10,785,147

Total Corporate Bonds and Notes
(Cost $138,142,459)				139,304,884

Asset-Backed Securities - 1.7%

New Economy Assets Phase 1 Sponsor LLC
Series 2021-1 1.910%, 10/20/61
(Cost $4,418,437)⁵		4,500,000		4,479,084

Mortgage-Backed Securities - 6.1%

BANK
Series 2017-BNK5, 4.254%, 06/15/60³		300,000		318,850
Series 2020-BN28, Class AS 2.140%, 03/15/63		524,000		517,549
Series 2020-BN28, Class B 2.344%, 03/15/63		524,000		520,690

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

AMG Beutel Goodman Core Plus Bond Fund

Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value

Mortgage-Backed Securities - 6.1% (continued)

BBCMS Mortgage Trust
Series 2017-DELC, Class C (1 month LIBOR + 1.200%), 1.290%, 08/15/36^3,5		$132,000		$131,500
Series 2017-DELC, Class D (1 month LIBOR + 1.700%), 1.790%, 08/15/36^3,5		150,000		149,433
Series 2017-DELC, Class E (1 month LIBOR + 2.500%), 2.590%, 08/15/36^3,5		302,000		300,117

Benchmark Mortgage Trust
Series 2020-B17, Class B 2.916%, 03/15/53		340,000		351,428
Series 2020-B19, Class B 2.351%, 09/15/53		524,000		514,826

BX Trust Series 2019-OC11, Class E 4.075%, 12/09/41^3,5		709,000		710,672

Citigroup Commercial Mortgage Trust
Series 2016-GC36, Class B 4.750%, 02/10/49³		763,000		826,367
Series 2019-GC43, Class A2 2.982%, 11/10/52		514,000		534,811

Commercial Mortgage Pass Through Certificates
Series 2015-LC23, Class C 4.609%, 10/10/48³		585,000		621,038
Series 2016-CR28, Class C 4.638%, 02/10/49³		726,000		777,865

CSAIL Commercial Mortgage Trust
Series 2017-CX10, Class B 3.892%, 11/15/50³		506,000		531,190
Series 2018-C14, Class C 4.889%, 11/15/51³		880,000		980,385

CSMC Trust
Series 2017-CHOP, Class D
(1 month LIBOR + 2.150%), 2.240%, 07/15/32^3,5		261,000		257,032

DBJPM Series 2016-C1, Class C 3.327%, 05/10/49³		534,000		513,693

GSCG Trust Series 2019-600C, Class D 3.764%, 09/06/34⁵		862,000		858,260

JPMBB Commercial Mortgage Securities Trust
Series 2014-C23, Class C 4.483%, 09/15/47³		330,824		338,658
Series 2014-C25, Class C 4.441%, 11/15/47³		450,000		438,350
Series 2015-C33, Class C 4.611%, 12/15/48³		670,000		701,325
JPMDB Commercial Mortgage Securities Trust Series 2020-COR7, Class C 3.725%, 05/13/53³		496,000		528,726


	Principal
	Amount		Value

UBS Commercial Mortgage Trust
Series 2018-C8, Class C 4.701%, 02/15/51³		$917,000		$1,008,857
Series 2019-C16, Class B 4.320%, 04/15/52³		769,000		859,229
Series 2019-C18, Class B 3.681%, 12/15/52³		717,000		769,835

Wells Fargo Commercial Mortgage Trust
Series 2016-C33, Class C 3.896%, 03/15/59		517,000		535,772
Series 2019-C49, Class C 4.866%, 03/15/52³		350,000		388,041
Series 2019-C50, Class B 4.192%, 05/15/52		637,000		703,161
Series 2019-C50, Class C 4.345%, 05/15/52		637,000		683,574
Total Mortgage-Backed Securities
(Cost $15,639,893)				16,371,234

Municipal Bonds - 0.3%

California State General Obligation, School Improvements 7.550%, 04/01/39		330,000		555,719

Missouri Highway & Transportation Commission, Build America Bonds 5.063%, 05/01/24		245,000		270,456
Total Municipal Bonds
(Cost $732,905)				826,175
U.S. Government and Agency Obligations - 33.6%

Fannie Mae - 8.3%

FNMA, 2.140%, 10/01/29		7,000,000		7,239,655
2.260%, 01/01/30		3,200,000		3,339,411
3.000%, 03/01/45		839,404		885,421
3.500%, 12/01/31 to 01/01/32		318,858		338,499
4.000%, 09/01/31 to 06/01/42		108,259		115,982
4.500%, 03/01/42		36,842		39,180

FNMA REMICS,
Series 2010-156, Class ZC 4.000%, 01/25/41		406,773		434,870
Series 2011-121, Class JP 4.500%, 12/25/41		64,060		67,965
Series 2012-105, Class Z 3.500%, 10/25/42		1,373,626		1,462,865
Series 2012-127, Class PA 2.750%, 11/25/42		730,026		766,583
Series 2012-20, Class ZT 3.500%, 03/25/42		3,587,720		3,731,464
Series 2012-31, Class Z 4.000%, 04/25/42		1,128,260		1,226,369
Series 2015-9, Class HA 3.000%, 01/25/45		2,236,021		2,360,608
Series 2015-95, Class AP 3.000%, 08/25/42		159,598		160,275
Total Fannie Mae				22,169,147

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

AMG Beutel Goodman Core Plus Bond Fund

Schedule of Portfolio Investments (continued)


	Principal
	Amount		Value

Freddie Mac - 9.8%

FHLMC, 2.500%, 11/01/50		$7,737,331		$7,952,132
3.000%, 04/01/47		1,152,802		1,219,057

FHLMC Gold, 3.000%, 07/01/45 to 08/01/45		2,423,829		2,561,910
3.500%, 10/01/42		266,652		279,177
4.000%, 10/01/41		18,613		19,850
5.000%, 07/01/35		10,012		11,438

FHLMC REMICS,
Series 2909, Class Z 5.000%, 12/15/34		111,507		124,924
Series 3626, Class AZ 5.500%, 08/15/36		66,394		75,520
Series 3792, Class SE (9.860% minus 2 times 1 month LIBOR, Cap 9.860%, Floor 0.000%), 9.680%, 01/15/41³		140,914		149,813
Series 3872, Class BA 4.000%, 06/15/41		17,357		18,494
Series 3894, Class ZA 4.500%, 07/15/41		50,272		55,917
Series 3957, Class HZ 4.000%, 11/15/41		464,073		477,912
Series 4016, Class KZ 4.000%, 03/15/42		2,639,218		2,891,166
Series 4316, Class BZ 3.000%, 03/15/44		3,765,303		3,950,933
Series 4750, Class PA 3.000%, 07/15/46		1,079,409		1,106,489
Series 4934, Class P 2.500%, 11/15/40		5,077,980		5,247,192

Total Freddie Mac				26,141,924

Ginnie Mae - 0.1%

GNMA,
Series 2004-35, Class SA (32.500% minus 6.5 times 1 month LIBOR, Cap 32.500%, Floor 0.000%), 31.943%, 03/20/34³		10,875		16,484
Series 2009-32, Class ZE 4.500%, 05/16/39		120,416		130,258
Series 2009-35, Class DZ 4.500%, 05/20/39		134,611		145,754
Series 2009-75, Class GZ 4.500%, 09/20/39		130,466		141,351

Total Ginnie Mae				433,847

U.S. Treasury Obligations - 15.4%

U.S. Treasury Bonds, 1.250%, 05/15/50		5,375,000		4,543,974
1.875%, 02/15/41 to 02/15/51		12,050,000		11,851,453

U.S. Treasury Notes, 0.125%, 01/15/24		4,223,000		4,181,265
1.625%, 05/15/26		12,600,000		12,872,180
2.125%, 09/30/24		2,590,000		2,692,082


	Principal
	Amount		Value
U.S. Treasury Notes, 2.750%, 02/15/28		$4,700,000		$5,087,383

Total U.S. Treasury Obligations				41,228,337

Total U.S. Government and Agency Obligations

(Cost $88,014,275)				89,973,255

Foreign Government Obligations - 0.7%

Mexico Government International Bond (Mexico) 3.750%, 01/11/28		610,000		660,350
4.150%, 03/28/27⁴		231,000		257,789

Peruvian Government International Bond (Peru) 2.392%, 01/23/26		325,000		330,983
2.783%, 01/23/31		550,000		546,975

Total Foreign Government Obligations

(Cost $1,726,604)				1,796,097

Floating Rate Senior Loan Interests - 2.2%

Industrials - 2.2%

Clean Harbors, Inc. Incremental Term Loan, (1 month LIBOR + 2.000%), 2.087%, 10/08/28³		2,500,000		2,499,552

Intelsat Jackson Holdings, S.A., Tranche B-3 Term Loan, (3 month LIBOR + 4.750%), 8.000%, 11/27/23³		235,000		236,763

Mileage Plus Holdings LLC, Term B Loan, (3 month LIBOR + 5.250%), 6.250%, 06/20/27³		3,000,000		3,192,615

Tapstone Energy Holdings III Subordinated Term Loan, (1 month LIBOR + 4.000%), 5.000%, 04/17/24^3,9		1,215		1,215

Total Floating Rate Senior Loan Interests

(Cost $5,919,989)				5,930,145

	Shares
Common Stocks - 0.0%^#

Energy - 0.0%^#

Foresight⁹		202		3,627

Tapstone Energy⁹		1,579		3,584

Total Energy
(Cost $165,688)				7,211

Short-Term Investments - 4.2%

	Principal
	Amount

Commercial Paper - 1.9%

Enbridge Pipelines Inc. (US), 0.144%, 11/04/21¹⁰		$5,000,000		4,999,940

	Shares

Other Investment Companies - 2.3%

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%¹¹		2,041,406		2,041,406

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%¹¹		2,041,405		2,041,405

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

AMG Beutel Goodman Core Plus Bond Fund

Schedule of Portfolio Investments (continued)


	Shares		Value

Other Investment Companies - 2.3% (continued)

JPMorgan U.S. Government Money Market Fund,
IM Shares, 0.03%¹¹		2,103,267		$2,103,267
Total Other Investment Companies				6,186,078

Total Short-Term Investments
(Cost $11,186,018)				11,186,018


	Value

Total Investments - 100.9%
(Cost $265,946,268)		$269,874,103

Other Assets, less Liabilities - (0.9)%		(2,430,392	)

Net Assets - 100.0%		$267,443,711

^#	Less than 0.05%.

¹	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at October 31, 2021. Rate will reset at a future date.

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

Variable rate security. The rate shown is based on the latest available information as of October 31, 2021. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

⁴	Some of these securities, amounting to $768,985 or 0.3% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

⁵	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2021, the value of these securities amounted to $59,842,296 or 22.4% of net assets.

⁶	Payment-in-Kind Security: The security may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

⁷	All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at October 31, 2021, amounted to $1,500,206, or 0.6% 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.

⁹	Security’s value was determined by using significant unobservable inputs.

¹⁰	Represents yield to maturity at October 31, 2021.

¹¹	Yield shown represents the October 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.



CMT		Constant Maturity Treasury

FHLMC		Freddie Mac

FNMA		Fannie Mae

GNMA		Ginnie Mae

LIBOR		London Interbank Offered Rate

MTN		Medium-Term Note

REMICS		Real Estate Mortgage Investment Conduit

SOFR		Secured Overnight Financing Rate

USD		United States Dollar

The following schedule shows the value of affiliated investments for the year ended October 31, 2021.


Affiliated Issuers	Number of shares	Purchases	Sales	Net realized gain (loss) for the period	Net change in appreciation (depreciation)	Capital Gain Distribution Received	Value

DoubleLine Global Bond Fund, Class I	—	—	$23,596,685	$(60,487)	$(647,642)	$389,585	—

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

AMG Beutel Goodman Core Plus Bond 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 October 31, 2021:


	Level 1			Level 2			Level 3			Total
Investments in Securities

Common Stocks

Energy			—			—		$	7,211		$	7,211

Corporate Bonds and Notes^†			—		$	139,304,884			—			139,304,884

Asset-Backed Securities			—			4,479,084			—			4,479,084

Mortgage-Backed Securities			—			16,371,234			—			16,371,234

Municipal Bonds^†			—			826,175			—			826,175

U.S. Government and Agency Obligations^†			—			89,973,255			—			89,973,255

Foreign Government Obligations			—			1,796,097			—			1,796,097

Floating Rate Senior Loan Interests

Industrials			—			5,928,930			1,215			5,930,145

Short-Term Investments

Commercial Paper			—			4,999,940			—			4,999,940

Other Investment Companies		$	6,186,078			—			—			6,186,078


Total Investment in Securities		$	6,186,078		$	263,679,599		$	8,426		$	269,874,103

^†

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

The following table below is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value at October 31, 2021:


	Common Stock		Mortgage-Backed Securities		Floating Rate Senior Loan Interests

Balance as of October 31, 2020		$3,328		$4,870,800		$1,215

Accrued discounts (premiums)		—		—		98

Realized gain (loss)		—		—

Change in unrealized appreciation/depreciation		3,883		—		(98)

Purchases		—		—

Sales		—		—

Transfers in to Level 3		—		—

Transfers out of Level 3				(4,870,800)

Balance as of October 31, 2021		$7,211		—		$1,215



Net change in unrealized appreciation/depreciation on investments still held at October 31, 2021		$3,883		—		$(98)

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

AMG Beutel Goodman Core Plus Bond Fund

Schedule of Portfolio Investments (continued)

The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy as of October 31, 2021. The table below is not intended to be all-inclusive, but rather provides information on the significant Level 3 inputs as they relate to the Fund’s fair value measurements:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value as of
October 31, 2021

Valuation
Technique(s)

Unobservable
Inputs(s)

Range

Median

Impact to Valuation from
an Increase in Input^(a)

Common Stock

$7,211

Market Approach

EV/Sale Multiple

N/A

Increase

Floating Rate Senior Rate Interests

$1,215

Market Approach

EV/Sale Multiple

N/A

Increase

^(a)

Represents the directional change in the fair value of the Level 3 investments that could have resulted from an increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period end.

For the fiscal year ended October 31, 2021, the effect of derivative instruments on the Statement of Operations for the Fund and the amount of realized gain/loss and unrealized appreciation/depreciation on derivatives recognized in income was as follows:

Realized Gain/(Loss)

Change in Unrealized Appreciation/Depreciation

Derivatives not accounted
for as hedging instruments

Statement of Operations
Location

Realized
Gain/(Loss)

Statement of Operations Location

Change in
Unrealized
Appreciation/
Depreciation

Interest rate contracts

Net realized gain (loss) on futures contracts

$(256,113)

Net change in unrealized appreciation/ depreciation on futures contracts

—

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

AMG Beutel Goodman International Equity Fund

Portfolio Manager’s Comments (unaudited)

For the 12 months ended October 31, 2021, AMG Beutel Goodman International Equity Fund (formerly AMG Managers Pictet International Equity Fund) (the “Fund”) Class N shares returned 35.60%, compared with the 34.18% return for the MSCI EAFE Index.

On March 17-18, 2021, the Fund’s Board of Trustees approved the appointment of Beutel, Goodman & Company Ltd. (“Beutel Goodman”) as interim subadviser to the Fund. On July 2, 2021, the Fund’s shareholders approved the appointment of Beutel Goodman as the subadviser to the Fund, the change in the Fund’s name, and a change to the Fund’s sub-classification from “diversified” to “non-diversified”.

MARKET OVERVIEW

Over the fiscal year, international equity markets recorded robust returns with the MSCI EAFE Index rising 34.18%. Improved corporate earnings reports, accelerated vaccine distribution, and prolonged central bank stimulus continued to strengthen markets over the course of the fiscal year.

Specific to the period since Beutel Goodman’s appointment, amid rising concerns around the spread of the COVID-19 Delta variant, inflation stemming partly from global supply-chain issues, and the beginning of a shift in stance by central banks around the withdrawal of stimulus measures, the MSCI EAFE Index rose 4.64%. The strongest-performing sectors over the period were energy, information technology, and health care, while the weakest included communication services, utilities, and materials.

PERFORMANCE REVIEW

During the first portion on the fiscal year under the Fund’s prior subadviser, the Fund outpaced its benchmark, driven primarily by strong stock selection in the financials and consumer staples sectors, combined with an underweight to and strong stock selection within the health care sector.

Since Beutel Goodman’s appointment as subadviser, the Fund modestly trailed the benchmark. A combination of both stock selection and an overweight position in health care contributed to the Fund’s relative performance. A combination of both stock selection and an underweight position in consumer discretionary also contributed to the Fund’s relative performance. Finally, zero exposure by the Fund to the underperforming utilities sector also contributed to relative performance. Over the period, the largest individual contributors to Fund performance included Ampol Ltd., IMI PLC, Shionogi & Co. Ltd., GlaxoSmithKline PLC, and Merck KGaA.

In terms of detractors, a combination of both stock selection and an overweight position in consumer staples had a negative impact on the Fund’s relative performance. Stock selection in the energy and materials sectors also detracted from the Fund’s relative performance. Over the period, the largest individual detractors from Fund performance included TGS ASA, Smiths Group PLC, Henkel AG & Co. KGaA, HeidelbergCement AG, and ITV plc.

OUTLOOK

The market is in uncharted territory. History is currently neither repeating nor rhyming well with past scenarios in terms of understanding the COVID-driven downturn and the dramatic rebound. This uncertainty is creating a market dynamic of indecisiveness (as to where economies and markets are heading) and confusion (as to which path—strong secular growth or cyclical rebound—to expect). The indecisiveness is leading to fear of change, with many investors resorting to what worked in the recent past—i.e., buying “secular growth” stocks no matter what the valuations imply for future growth and returns. The confusion around where we go from here is leading to investors trying to balance the “buy growth at any price” path with “buy inflation protection” (disguised as “value” investing) path.

The growth versus value tug-of-war that has played out over the last few quarters is in our view less “growth versus value” than “growth versus low quality.” We believe that seeking to balance valuation risk by adding quality risk is not a good recipe for long-term downside protection or capital appreciation. Quite the opposite, in fact. Bad businesses that look cheap can be the most expensive stocks in the market given their propensity to add limited value over the long term.

The inflation-protection shift we are seeing is in the form of buying deep cyclicals and leveraged financials that typically carry lower returns, have weaker balance sheets, and have shown in the past the miraculous ability to cut sacred dividends during market and/or economic downturns (i.e., much-lower-quality businesses). In the growth versus inflation protection tug-of-war that has driven up the market, what we view as value has for the most part been ignored. This has led to underperformance in the Fund over the period.

Although broadly speaking we believe the current market is quite expensive, we also believe that the Fund’s holdings are trading at deep discounts to our calculation of their intrinsic value and present compelling investment opportunities. As the market has risen, we have been busy executing one-third sales and full sales of stocks that have reached our target prices. We have been recycling these proceeds into other holdings in the Fund that have trailed off over recent quarters and into new opportunities where we believe “misguided hate” has created compelling entry points. We are enthusiastic about the opportunities we are seeing to protect capital and deliver capital appreciation over the long term.

AMG Beutel Goodman International Equity Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG Beutel Goodman International Equity Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG Beutel Goodman International Equity Fund’s Class N shares on April 14, 2014, to a $10,000 investment made in the MSCI EAFE Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG Beutel Goodman International Equity Fund and the MSCI EAFE Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year		Five Years		Since Inception		Inception Date

AMG Beutel Goodman International Equity Fund^2,^{3, 4, 5, 6, 7, 8, 9, 10, 11}

Class N		35.60%		7.51%		4.58%		04/14/14

Class I		36.19%		7.81%		4.89%		04/14/14

Class Z		36.28%		—		4.42%		09/29/17

MSCI EAFE Index¹²		34.18%		9.79%		5.57%		04/14/14^†

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

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


		capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of October 31, 2021. All returns are in U.S. dollars ($).
²		From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.
³		As of March 19, 2021, the Fund’s Subadviser was changed to Beutel Goodman & Company Ltd. Prior to March 19, 2021, the Fund was known as the AMG Managers Pictet International Fund and had different principal investment strategies and corresponding risks. Performance shown for periods prior to March 19, 2021 reflects the performance and investment strategies of the Fund’s previous Subadviser, Pictet Asset Management Limited. The Fund’s past performance would have been different if the Fund were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.
⁴		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.
⁵		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.
⁶		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.
⁷		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.
⁸		Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.
⁹		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.

AMG Beutel Goodman International Equity Fund

Portfolio Manager’s Comments (continued)

¹⁰ The Fund invests in large-capitalization companies that may underperform other stock funds (such as funds that focus on small-and medium-capitalization companies) when stocks of large-capitalization companies are out of favor.

¹¹Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.

¹² The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI EAFE Index is unmanaged, is not available for investment and does not incur expenses.

The All MSCI data is provided “as is.” The products described herein are not sponsored or endorsed and

have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates, or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.

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

AMG Beutel Goodman International Equity Fund

Fund Snapshots (unaudited)

October 31, 2021


PORTFOLIO BREAKDOWN
Sector	% of Net Assets

Industrials		18.4

Health Care		18.0

Communication Services		13.6

Consumer Staples		13.1

Information Technology		8.7

Energy		8.3

Materials		7.9

Financials		5.4

Consumer Discretionary		2.4

Short-Term Investments		1.5

Other Assets Less Liabilities		2.7


TOP TEN HOLDINGS
Security Name	% of Net Assets

Ampol, Ltd. (Australia)		5.8

Shionogi & Co., Ltd. (Japan)		5.4

Atea ASA (Norway)		5.1

dormakaba Holding AG (Switzerland)		5.0

GlaxoSmithKline PLC (United Kingdom)		4.9

Smiths Group PLC (United Kingdom)		4.8

Konecranes Oyj (Finland)		4.6

Roche Holding AG (Switzerland)		4.5

Koninklijke KPN, N.V. (Netherlands)		4.4

Carlsberg AS, Class B (Denmark)		4.3


Top Ten as a Group		48.8

AMG Beutel Goodman International Equity Fund

Schedule of Portfolio Investments

October 31, 2021


	Shares		Value

Common Stocks - 95.8%

Communication Services - 13.6%

Hakuhodo DY Holdings, Inc. (Japan)		115,980		$1,890,891

ITV PLC (United Kingdom)^*		1,328,488		1,955,267

Koninklijke KPN, N.V. (Netherlands)		973,192		2,907,836

Nippon Telegraph & Telephone Corp. (Japan)		77,630		2,175,111

Total Communication Services				8,929,105

Consumer Discretionary - 2.4%

Cie Generale des Etablissements Michelin SCA (France)		10,016		1,574,690

Consumer Staples - 13.1%

Carlsberg AS, Class B (Denmark)		17,184		2,837,351

Essity AB, Class B (Sweden)		76,356		2,473,300

Henkel AG & Co. KGaA (Germany)		28,139		2,349,953

Unilever PLC (United Kingdom)		17,160		918,779

Total Consumer Staples				8,579,383

Energy - 8.3%

Ampol, Ltd. (Australia)		165,418		3,826,329

TGS ASA (Norway)		177,530		1,637,293

Total Energy				5,463,622

Financials - 5.4%

DBS Group Holdings, Ltd. (Singapore)		91,140		2,129,747

Julius Baer Group, Ltd. (Switzerland)		19,647		1,421,108

Total Financials				3,550,855

Health Care - 18.0%

GlaxoSmithKline PLC (United Kingdom)		156,885		3,257,063

Roche Holding AG (Switzerland)		7,609		2,947,682

Shionogi & Co., Ltd. (Japan)		54,090		3,526,685

Smith & Nephew PLC (United Kingdom)		121,014		2,089,921

Total Health Care				11,821,351

Industrials-18.4%

dormakaba Holding AG (Switzerland)		4,409		3,267,967


	Shares		Value
IMI PLC (United Kingdom)		119,185		$2,661,623

Konecranes Oyj (Finland)		72,304		3,007,459

Smiths Group PLC (United Kingdom)		169,097		3,139,801

Total Industrials				12,076,850

Information Technology - 8.7%

Atea ASA (Norway)		178,968		3,344,196

Software AG (Germany)		57,362		2,359,212

Total Information Technology				5,703,408

Materials - 7.9%

Akzo Nobel, N.V. (Netherlands)		11,101		1,275,694

BASF SE (Germany)		27,221		1,959,195

HeidelbergCement AG (Germany)		26,381		1,986,620

Total Materials				5,221,509

Total Common Stocks (Cost $61,404,323)				62,920,773

Short-Term Investments - 1.5%

Other Investment Companies - 1.5%

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%¹		331,243		331,243

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%¹		331,241		331,241

JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%¹		341,281		341,281

Total Short-Term Investments (Cost $1,003,765)				1,003,765

Total Investments - 97.3% (Cost $62,408,088)				63,924,538

Other Assets, less Liabilities - 2.7%				1,799,055

Net Assets - 100.0%				$65,723,593

^*	Non-income producing security.

¹	Yield shown represents the October 31, 2021, 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 Beutel Goodman International 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 October 31, 2021:


	Level 1		Level 2¹		Level 3		Total
Investments in Securities

Common Stocks^†		—	$	62,920,773		—	$	62,920,773

Short-Term Investments

Other Investment Companies	$	1,003,765		—		—		1,003,765


Total Investments in Securities	$	1,003,765	$	62,920,773		—	$	63,924,538

^†	All common stocks held in the Fund are Level 2 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

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

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.

Realized Gain/(Loss)

Change in Unrealized Appreciation/Depreciation

Derivatives not accounted

for as hedging instruments

Statement of Operations
Location

Realized
Gain/(Loss)

Statement of Operations
Location

Change in
Unrealized
Appreciation/
Depreciation

Equity contracts

Net realized gain (loss) on
futures contracts

1,387,763

Net change in unrealized appreciation/depreciation
on futures contracts

—

The country allocation in the Schedule of Portfolio Investments at October 31, 2021, was as follows:


Country		% of Long-Term Investments

Australia		6.1

Denmark		4.5

Finland		4.8

France		2.5

Germany		13.8

Japan		12.1

Netherlands		6.6

Norway		7.9

Singapore		3.4

Sweden		3.9

Switzerland		12.1

United Kingdom		22.3


		100.0

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

Statement of Assets and Liabilities

October 31, 2021


	AMG Beutel Goodman Core Plus Bond Fund		AMG Beutel Goodman International Equity Fund

Assets:

Investments at value¹(including securities on loan valued at $768,985, and $0, respectively)		$269,874,103		$63,924,538

Cash		1,494		—

Cash deposit with brokers for futures contracts (see Note 9)		79,788		—

Foreign currency²		—		1,300,085

Dividend and interest receivables		1,765,819		604,413

Securities lending income receivable		136		—

Receivable for Fund shares sold		30,776		41,498

Receivable from affiliate		28,895		18,403

Prepaid expenses and other assets		17,840		10,750

Total assets		271,798,851		65,899,687

Liabilities:

Payable for investments purchased		2,489,236		—

Payable for delayed delivery investments purchased		1,499,140		—

Payable for Fund shares repurchased		93,280		22,441

Accrued expenses:

Investment advisory and management fees		59,334		30,073

Administrative fees		38,697		8,354

Distribution fees		8,013		1,080

Shareholder service fees		10,794		5,399

Other		156,646		108,747

Total liabilities		4,355,140		176,094


Net Assets		$267,443,711		$65,723,593

¹Investments at cost		$265,946,268		$62,408,088

²Foreign currency at cost		—		$1,310,315

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

Statement of Assets and Liabilities (continued)


	AMG Beutel Goodman Core Plus Bond Fund			AMG Beutel Goodman International Equity Fund

Net Assets Represent:

Paid-in capital		$273,625,219			$130,996,726

Total distributable loss		(6,181,508	)		(65,273,133	)

Net Assets		$267,443,711			$65,723,593

Class N:

Net Assets		$37,301,022			$5,035,206

Shares outstanding		3,478,239			451,289

Net asset value, offering and redemption price per share		$10.72			$11.16

Class I:

Net Assets		$218,278,280			$56,129,316

Shares outstanding		20,373,846			5,008,972

Net asset value, offering and redemption price per share		$10.71			$11.21

Class Z:

Net Assets		$11,864,409			$4,559,071

Shares outstanding		1,106,271			407,838

Net asset value, offering and redemption price per share		$10.72			$11.18

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

Statement of Operations

For the fiscal year ended October 31, 2021


	AMG Beutel Goodman Core Plus Bond Fund			AMG Beutel Goodman International Equity Fund
Investment Income:

Dividend income		$2,046			$3,172,068

Interest income		11,341,601			—

Securities lending income		8,696			2,502

Foreign withholding tax		—			(394,618	)

Total investment income		11,352,343			2,779,952

Expenses:

Investment advisory and management fees		1,579,425			901,975

Administrative fees		631,195			209,171

Distribution fees - Class N		117,720			17,196

Shareholder servicing fees - Class N		24,345			10,125

Shareholder servicing fees - Class I		253,386			124,317

Professional fees		118,826			34,635

Reports to shareholders		61,643			50,719

Custodian fees		61,587			89,329

Registration fees		59,077			51,877

Trustee fees and expenses		31,122			11,102

Transfer agent fees		18,058			7,331

Interest expense		912			1,802

Miscellaneous		24,009			9,980

Total expenses before offsets		2,981,305			1,519,559

Expense reimbursements		(227,438	)		(156,919	)

Fee waivers		(47,684	)		—

Net expenses		2,706,183			1,362,640



Net investment income		8,646,160			1,417,312

Net Realized and Unrealized Gain:

Net realized gain on investments		234,085			45,994,452

Net realized gain (loss) on futures contracts		(256,113	)		1,387,763

Net realized loss on foreign currency transactions		—			(199,619	)

Capital gain distribution received		389,585			—

Net change in unrealized appreciation/depreciation on investments		1,082,838			13,792,580

Net change in unrealized appreciation/depreciation on foreign currency translations		—			(30,794	)

Net change in unrealized appreciation/depreciation on unfunded loan commitments		(877	)		—

Net realized and unrealized gain		1,449,518			60,944,382



Net increase in net assets resulting from operations		$10,095,678			$62,361,694

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

Statements of Changes in Net Assets

For the fiscal years ended October 31,


	AMG Beutel Goodman Core Plus Bond Fund						AMG Beutel Goodman International Equity Fund

	2021			2020			2021			2020

Increase (Decrease) in Net Assets Resulting From Operations:

Net investment income	$	8,646,160		$	15,693,415		$	1,417,312		$	2,370,259

Net realized gain (loss) on investments		367,557			9,719,236			47,182,596			(16,789,457	)

Net change in unrealized appreciation/depreciation on investments		1,081,961			(14,442,344	)		13,761,786			(20,654,193	)

Net increase (decrease) in net assets resulting from operations		10,095,678			10,970,307			62,361,694			(35,073,391	)

Distributions to Shareholders:

Class N		(1,214,389	)		(1,927,975	)		—			(1,609,403	)

Class I		(10,144,027	)		(15,037,786	)		(947,027	)		(4,602,504	)

Class Z		(322,282	)		(96,813	)		(73,113	)		(1,338,806	)

Total distributions to shareholders		(11,680,698	)		(17,062,574	)		(1,020,140	)		(7,550,713	)

Capital Share Transactions:¹

Net decrease from capital share transactions		(231,711,141	)		(163,855,105	)		(181,095,830	)		(67,267,345	)



Total decrease in net assets		(233,296,161	)		(169,947,372	)		(119,754,276	)		(109,891,449	)

Net Assets:

Beginning of year		500,739,872			670,687,244			185,477,869			295,369,318

End of year	$	267,443,711		$	500,739,872		$	65,723,593		$	185,477,869

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

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

AMG Beutel Goodman Core Plus Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N		2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year	$	10.76		$	10.74		$	10.23		$	10.68		$	10.77

Income (loss) from Investment Operations:

Net investment income^1,2		0.20			0.27			0.34			0.29			0.27

Net realized and unrealized gain (loss) on investments		0.03			0.05			0.53			(0.43	)		0.01

Total income (loss) from investment operations		0.23			0.32			0.87			(0.14	)		0.28

Less Distributions to Shareholders from:

Net investment income		(0.27	)		(0.30	)		(0.36	)		(0.31	)		(0.30	)

Net realized gain on investments		—			—			—			—			(0.02	)

Paid in capital		—			—			—			—			(0.05	)

Total distributions to shareholders		(0.27	)		(0.30	)		(0.36	)		(0.31	)		(0.37	)

Net Asset Value, End of Year	$	10.72		$	10.76		$	10.74		$	10.23		$	10.68

Total Return^2,3		2.19	%		3.01	%		8.67	%		(1.33	)%		2.68	%

Ratio of net expenses to average net assets		0.83	%		0.94	%		0.94	%		0.94	%		0.94	%

Ratio of gross expenses to average net assets⁴		0.90	%		1.01	%		1.02	%		1.01	%		1.02	%

Ratio of net investment income to average net assets²		1.85	%		2.54	%		3.24	%		2.80	%		2.58	%

Portfolio turnover		174	%		96	%		47	%		69	%		106	%

Net assets end of year (000’s) omitted	$	37,301		$	56,175		$	82,856		$	102,138		$	169,646

AMG Beutel Goodman Core Plus Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I		2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year	$	10.75		$	10.74		$	10.23		$	10.67		$	10.76

Income (loss) from Investment Operations:

Net investment income^1,2		0.22			0.30			0.37			0.32			0.30

Net realized and unrealized gain (loss) on investments		0.04			0.03			0.53			(0.42	)		0.01

Total income (loss) from investment operations		0.26			0.33			0.90			(0.10	)		0.31

Less Distributions to Shareholders from:

Net investment income		(0.30	)		(0.32	)		(0.39	)		(0.34	)		(0.33	)

Net realized gain on investments		—			—			—			—			(0.02	)

Paid in capital		—			—			—			—			(0.05	)

Total distributions to shareholders		(0.30	)		(0.32	)		(0.39	)		(0.34	)		(0.40	)

Net Asset Value, End of Year	$	10.71		$	10.75		$	10.74		$	10.23		$	10.67

Total Return^2,3		2.44	%		3.17	%		8.94	%		(0.98	)%		2.95	%

Ratio of net expenses to average net assets		0.60	%		0.69	%		0.69	%		0.69	%		0.68	%

Ratio of gross expenses to average net assets⁴		0.67	%		0.76	%		0.77	%		0.76	%		0.76	%

Ratio of net investment income to average net assets²		2.08	%		2.79	%		3.49	%		3.05	%		2.83	%

Portfolio turnover		174	%		96	%		47	%		69	%		106	%

Net assets end of year (000’s) omitted	$	218,278		$	433,881		$	585,358		$	467,024		$	507,600

AMG Beutel Goodman Core Plus Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the fiscal year ended October 31,												For the fiscal period ended October 31,


Class Z	2021			2020			2019			2018			2017⁵

Net Asset Value, Beginning of Period		$10.76			$10.74			$10.24			$10.68			$10.69

Income (loss) from Investment Operations:

Net investment income^1,2		0.23			0.31			0.38			0.33			0.03

Net realized and unrealized gain (loss) on investments		0.04			0.04			0.52			(0.43	)		(0.01	)

Total income (loss) from investment operations		0.27			0.35			0.90			(0.10	)		0.02

Less Distributions to Shareholders from:

Net investment income		(0.31	)		(0.33	)		(0.40	)		(0.34	)		(0.03	)

Paid in capital		—			—			—			—			(0.00	)⁶

Total distributions to shareholders		(0.31	)		(0.33	)		(0.40	)		(0.34	)		(0.03	)

Net Asset Value, End of Period		$10.72			$10.76			$10.74			$10.24			$10.68

Total Return^2,3		2.51	%		3.35	%		8.91	%		(0.91	)%		0.17	%⁷

Ratio of net expenses to average net assets		0.53	%		0.61	%		0.61	%		0.61	%		0.60	%⁸

Ratio of gross expenses to average net assets⁴		0.60	%		0.68	%		0.69	%		0.68	%		0.63	%⁸

Ratio of net investment income to average net assets²		2.15	%		2.87	%		3.57	%		3.13	%		2.74	%⁸

Portfolio turnover		174	%		96	%		47	%		69	%		106	%⁷

Net assets end of period (000’s) omitted		$11,864			$10,684			$2,473			$1,955			$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 fiscal year end.

⁴	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.)

⁵	The commencement of operations was October 2, 2017.

⁶	Less than $(0.005) per share.

⁷	Not annualized.

⁸	Annualized.

AMG Beutel Goodman International Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N		2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year	$	8.23		$	9.56		$	9.90		$	11.60		$	9.61

Income (loss) from Investment Operations:

Net investment income^1,2		0.08			0.07	³		0.07			0.12			0.04

Net realized and unrealized gain (loss) on investments		2.85			(1.17	)		0.56			(1.31	)		2.22

Total income (loss) from investment operations		2.93			(1.10	)		0.63			(1.19	)		2.26

Less Distributions to Shareholders from:

Net investment income		—			(0.23	)		(0.20	)		(0.18	)		(0.07	)

Net realized gain on investments		—			—			(0.77	)		(0.33	)		(0.20	)

Total distributions to shareholders		—			(0.23	)		(0.97	)		(0.51	)		(0.27	)

Net Asset Value, End of Year	$	11.16		$	8.23		$	9.56		$	9.90		$	11.60

Total Return^2,4		35.60	%		(11.83	)%		8.34	%		(10.80	)%		24.30	%

Ratio of net expenses to average net assets		1.27	%		1.31	%		1.32	%		1.27	%		1.30	%

Ratio of gross expenses to average net assets⁵		1.38	%		1.35	%		1.32	%		1.28	%		1.31	%

Ratio of net investment income to average net assets²		0.73	%		0.77	%		0.78	%		1.10	%		0.38	%

Portfolio turnover		152	%		43	%		28	%		51	%		34	%

Net assets end of year (000’s) omitted	$	5,035		$	6,792		$	87,998		$	82,839		$	4,006

AMG Beutel Goodman International Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I		2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year	$	8.28		$	9.62		$	9.93		$	11.59		$	9.65

Income (loss) from Investment Operations:

Net investment income^1,2		0.11			0.09	³		0.09			0.16			0.13

Net realized and unrealized gain (loss) on investments		2.87			(1.16	)		0.57			(1.32	)		2.16

Total income (loss) from investment operations		2.98			(1.07	)		0.66			(1.16	)		2.29

Less Distributions to Shareholders from:

Net investment income		(0.05	)		(0.27	)		(0.20	)		(0.17	)		(0.14	)

Net realized gain on investments		—			—			(0.77	)		(0.33	)		(0.21	)

Total distributions to shareholders		(0.05	)		(0.27	)		(0.97	)		(0.50	)		(0.35)

Net Asset Value, End of Year	$	11.21		$	8.28		$	9.62		$	9.93		$	11.59

Total Return^2,4		36.19	%		(11.63	)%		8.65	%		(10.57	)%		24.55	%

Ratio of net expenses to average net assets		0.97	%		1.02	%		1.07	%		1.00	%		1.06	%

Ratio of gross expenses to average net assets⁵		1.08	%		1.06	%		1.07	%		1.01	%		1.07	%

Ratio of net investment income to average net assets²		1.03	%		1.06	%		1.03	%		1.38	%		1.28	%

Portfolio turnover		152	%		43	%		28	%		51	%		34	%

Net assets end of year (000’s) omitted	$	56,129		$	166,994		$	158,317		$	208,184		$	2,019,217

AMG Beutel Goodman International Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the fiscal year ended October 31,												For the fiscal period ended October 31,


Class Z	2021			2020			2019			2018			2017⁶

Net Asset Value, Beginning of Period		$8.26			$9.60			$9.91			$11.59			$11.40

Income (loss) from Investment Operations:

Net investment income^1,2		0.12			0.10	³		0.10			0.16			0.00	⁷

Net realized and unrealized gain (loss) on investments		2.86			(1.16	)		0.57			(1.31	)		0.19

Total income (loss) from investment operations		2.98			(1.06	)		0.67			(1.15	)		0.19

Less Distributions to Shareholders from:

Net investment income		(0.06	)		(0.28	)		(0.21	)		(0.20	)		—

Net realized gain on investments		—			—			(0.77	)		(0.33	)		—

Total distributions to shareholders		(0.06	)		(0.28	)		(0.98	)		(0.53	)		—

Net Asset Value, End of Period		$11.18			$8.26			$9.60			$9.91			$11.59

Total Return^2,4		36.28	%		(11.56	)%		8.84	%		(10.52	)%		1.67	%⁸

Ratio of net expenses to average net assets		0.87	%		0.92	%		0.96	%		0.91	%		0.94	%⁹

Ratio of gross expenses to average net assets⁵		0.98	%		0.96	%		0.96	%		0.92	%		0.95	%⁹

Ratio of net investment income (loss) to average net assets²		1.13	%		1.16	%		1.14	%		1.46	%		(0.36	)%⁹

Portfolio turnover		152	%		43	%		28	%		51	%		34	%⁸

Net assets end of period (000’s) omitted		$4,559			$11,692			$49,054			$1,289,369			$254

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 income per share would have been $0.04, $0.06, 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 fiscal year end.

⁵	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.)

⁶	The commencement of operations for Class Z Shares was October 2, 2017.

⁷	Less than $0.005 per share.

⁸	Not annualized.

⁹	Annualized.

Notes to Financial Statements

October 31, 2021

1. ORGANIZATION AND 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 having distinct investment management objectives, strategies, risks, and policies. Included in this report are the AMG Beutel Goodman Core Plus Bond Fund (“Core Plus Bond”) (formerly AMG Managers DoubleLine Core Plus Bond Fund) and AMG Beutel Goodman International Equity Fund (“International Equity”) (formerly AMG Managers Pictet International Fund), each a “Fund” and collectively, the “Funds”.

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

On March 17-18, 2021, the Board of Trustees of the Trust (the “Board”) approved Beutel, Goodman & Company Ltd. (“Beutel Goodman”) as the subadviser to Core Plus Bond and International Equity to replace DoubleLine Capital LP (“DoubleLine”) and Pictet Asset Management Limited (“Pictet”), respectively, effective March 24, 2021, and March 19, 2021, respectively, which were subsequently approved by the shareholders of Core Plus Bond and International Equity on June 3, 2021 and July 2, 2021, respectively. In connection with the subadviser change, Core Plus Bond seeks to achieve its investment objective by investing in a diversified portfolio of fixed income securities and International Equity seeks to achieve its investment objective by investing in equity securities of non-U.S. companies. In addition, the Board also approved expense changes (See Note 2).

In conjunction with the respective changes in investment strategy for each Fund, each Fund sold substantially all open positions, including derivative positions, around the date of the subadviser change that increased each Fund’s portfolio turnover. Also, during the transitions of Core Plus Bond and International Equity, the Funds invested in futures contacts to manage exposure to security markets.

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

Certain instruments held by a Fund may pay an interest rate based on the London Interbank Offered Rate (“LIBOR”), which is the offered rate for short-term loans between certain major international banks. LIBOR is expected to be phased out by the end of 2021. While the effect of the phase out cannot yet be determined, it may result in, among other things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of some LIBOR-based investments or the effectiveness of new hedges placed against existing LIBOR-based investments. These effects could occur prior to the end of 2021. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. All of the aforementioned may adversely affect a Fund’s performance or net asset value.

Codification Topic 946 applicable to investment companies. U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements:

a. VALUATION OF INVESTMENTS

For the Funds, equity securities traded on a national securities exchange or reported on the NASDAQ national market system (“NMS”) are valued at the last quoted sales price on the primary exchange or, if applicable, the NASDAQ official closing price or the official closing price of the relevant exchange or, lacking any sales, at the last quoted bid price for International Equity or the mean between the last quoted bid and ask prices (the “mean price”) for Core Plus Bond. Equity securities held by the Funds that are traded in the over-the-counter market (other than NMS securities) are valued at the mean price. Foreign equity securities (securities principally traded in markets other than U.S. markets) held by the Funds are valued at the official closing price on the primary exchange or, for markets that either do not offer an official closing price or where the official closing price may not be representative of the overall market, the last quoted sale price. Effective October 1, 2021, equity securities lacking any sales in Core Plus Bond are valued at the last quoted bid price and equity securities traded in the over-the-counter market (other than NMS securities) in each Fund are valued at the bid price. As of October 1, 2021, there was no impact to the Funds due to the changes in valuation policy.

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated mean price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are considered comparable in credit rating, interest rate, due date and other features (generally referred to as “matrix pricing”) or other similar pricing methodologies. 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. Effective October 1, 2021, fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price provided by an authorized pricing service. As of October 1, 2021, the impact of the change in valuation policy to Core Plus Bond was $371,027 of change in unrealized appreciation/deprecation, which equates to $0.01 Net Asset Value per share.

Fixed income securities purchased with a remaining maturity of 60 days or less are valued at amortized cost, provided that the amortized cost value is approximately the same as the fair value of the security valued without the use of amortized cost. Investments in other open-end registered investment companies are valued at their end of day net asset value per share.

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

Notes to Financial Statements (continued)

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

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with a quarterly report showing as of the most recent quarter end, all outstanding securities fair valued by the Funds, including a comparison with the prior quarter end and the percentage of the Funds that the security represents at each quarter end.

With respect to foreign equity securities and certain foreign fixed income securities, the Board has adopted a policy that securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds 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, swaps, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trust and other trusts or funds within the AMG Funds Family of Funds (collectively the “AMG Funds Family”) based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income will normally be declared and paid monthly for Core Plus Bond and annually for International Equity. Realized net capital gains distribution, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. There were no permanent differences during the year. Temporary

Notes to Financial Statements (continued)

differences are due to wash sale loss deferrals, amortization of premium outstanding, and defaulted bonds.

The tax character of distributions paid during the fiscal years ended October 31, 2021 and October 31, 2020 were as follows:

Core Plus Bond

International Equity

Distributions paid from:

2021

2020

2021

2020

Ordinary income *

$11,680,698

$17,062,574

$1,020,140

$7,550,713

*	For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of October 31, 2021, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:


	Core Plus Bond		International Equity
Capital loss carryforward		$8,895,660		$67,127,289

Undistributed ordinary income		201,816		1,143,667

At October 31, 2021, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:


Fund	Cost		Appreciation		Depreciation			Net Appreciation
Core Plus Bond	$	267,249,968	$	6,614,736	$	(3,990,601	)	$	2,624,135

International Equity		63,196,677		4,751,880		(4,029,272	)		722,608

e. FEDERAL TAXES

Each Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. Therefore, no provision for federal income or excise tax is included in the accompanying financial statements.

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

Management has analyzed the Funds’ tax positions taken on federal income tax returns as of October 31, 2021, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. Additionally, Management is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of October 31, 2021, the following Funds had capital loss carryovers for federal income tax purposes as shown in the following chart. These amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.


	Capital Loss Carryover Amounts

Fund	Short- Term		Long-Term		Total

Core Plus Bond		$4,108,117		$4,787,543		$8,895,660

International Equity		12,653,852		54,473,437		67,127,289

For the fiscal year ended October 31, 2021, the following Fund utilized capital loss carryovers in the amount of:


	Capital Loss Carryover Utilized

Fund	Short-Term	Long-Term

International Equity	$17,671,255	$20,664,437

g. CAPITAL STOCK

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

Notes to Financial Statements (continued)

For the fiscal years ended October 31, 2021 and October 31, 2020, the capital stock transactions by class for the Funds were as follows:


	Core Plus Bond												International Equity

	October 31, 2021						October 31, 2020						October 31, 2021						October 31, 2020

	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:

Proceeds from sale of shares		197,333		$	2,137,458			874,920		$	9,390,552			47,042		$	498,089			1,474,294		$	10,168,943

Reinvestment of distributions		110,060			1,190,218			179,196			1,900,548			—			—			166,414			1,609,222

Cost of shares repurchased		(2,051,116	)		(22,142,769	)		(3,545,101	)		(36,981,677	)		(421,063	)		(4,687,131	)		(10,019,105	)		(83,896,101	)


Net decrease		(1,743,723	)	$	(18,815,093	)		(2,490,985	)	$	(25,690,577	)		(374,021	)	$	(4,189,042	)		(8,378,397	)	$	(72,117,936	)

Class I:

Proceeds from sale of shares		6,619,412		$	71,617,649			11,133,618		$	119,167,655			983,851		$	10,565,317			13,990,321		$	117,385,742

Reinvestment of distributions		741,067			8,009,455			1,169,221			12,410,100			92,397			946,149			473,923			4,592,306

Cost of shares repurchased		(27,346,258	)		(293,750,919	)		(26,467,545	)		(278,022,756	)		(16,239,856	)		(177,616,704	)		(10,750,975	)		(87,139,404	)


Net increase (decrease)		(19,985,779	)	$	(214,123,815	)		(14,164,706	)	$	(146,445,001	)		(15,163,608	)	$	(166,105,238	)		3,713,269		$	34,838,644

Class Z:

Proceeds from sale of shares		252,014		$	2,733,081			805,370		$	8,736,685			—			—			22,769		$	178,439

Reinvestment of distributions		29,815			322,282			9,088			96,814			6,962		$	71,075			136,197			1,315,665

Cost of shares repurchased		(168,380	)		(1,827,596	)		(51,777	)		(553,026	)		(1,014,822	)		(10,872,625	)		(3,855,515	)		(31,482,157	)


Net increase (decrease)		113,449		$	1,227,767			762,681		$	8,280,473			(1,007,860	)	$	(10,801,550	)		(3,696,549	)	$	(29,988,053	)

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party repurchase agreements for temporary cash management purposes and third-party or bilateral joint repurchase agreements for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Program”) (collectively, “Repurchase Agreements”). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Funds participate on a pro rata basis with other clients of BNYM in its share of the underlying collateral under such joint repurchase agreements and in its share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held in safekeeping by the Funds’ custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. Pursuant to the Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

At October 31, 2021, there are no outstanding Repurchase Agreements for the Funds.

i. FOREIGN CURRENCY TRANSLATION

dates of such transactions. Net realized and unrealized gain (loss) on foreign currency transactions represent: (1) foreign exchange gains and losses from the sale and holdings of foreign currencies; (2) gains and losses between trade date and settlement date on investment securities transactions and foreign currency exchange contracts; and (3) gains and losses from the difference between amounts of interest and dividends recorded and the amounts actually received.

The Funds do not isolate the net realized and unrealized gain or loss resulting from changes in exchange rates from the fluctuations in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

j. SECURITIES TRANSACTED ON A WHEN ISSUED BASIS

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

Notes to Financial Statements (continued)

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.

k. DELAYED DELIVERY TRANSACTIONS AND WHEN-ISSUED SECURITIES

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 each Fund’s Schedule of Portfolio Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as an investment in securities and a forward sale commitment in the Fund’s Statement of Assets and Liabilities. For financial reporting purposes, the Fund 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 subadvisers for the Funds (subject to Board approval) and monitors each subadviser’s investment performance, security holdings and investment strategies. Each Fund’s investment portfolio is managed by Beutel Goodman, who serves pursuant to a subadvisory agreement with the Investment Manager. Prior to March 24, 2021 and March 19, 2021, the investment portfolios of Core Plus Bond was managed by DoubleLine, and International Equity was managed by Pictet, respectively.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the fiscal year ended October 31, 2021, the Funds’ investment management fees were paid at the following annual rate of each Fund’s respective average daily net assets:



Core Plus Bond¹	0.23	%
International Equity²	0.54	%

¹	Prior to June 3, 2021, the annual rate for the investment management fees for Core Plus Bond was 0.45% of the Fund’s average daily net assets.

²	Prior to July 2, 2021, the annual rate for the investment management fees for International Equity was 0.67% of the Fund’s average daily net assets.

connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of Core Plus Bond and International Equity to 0.43% and 0.76%, respectively of each Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Funds in certain circumstances. Prior to June 3, 2021, the expense limitation was 0.61% for Core Plus Bond and prior to July 2, 2021, the expense limitation was 0.89% for International Equity.

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

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of a Fund.

At October 31, 2021, the Funds’ expiration of reimbursements subject to recoupment is as follows:


Expiration Period	Core Plus Bond		International Equity

Less than 1 year		$345,605		—

1-2 years		236,714		$102,321

2-3 years		227,438		156,919

Total		$809,757		$259,240

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

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

Notes to Financial Statements (continued)

The Trust has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, of each Fund in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset based sales charges. Pursuant to the Plan, each Fund may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of each Fund’s Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments to the Distributor of up to 0.25% annually of each Fund’s average daily net assets attributable to the Class N shares. From November 1, 2020 through June 29, 2021, for Core Plus Bond and November 1, 2020 through July 1, 2021, for International Equity, the Plan is characterized as a reimbursement plan and is directly tied to expenses incurred by the Distributor; the payments the Distributor receives during any year may not exceed its actual expenses. On June 30, 2021, for Core Plus Bond and July 2, 2021, for International Equity, the shareholders of each Fund approved to make the Plan a compensation plan, so that payments made pursuant to the plan might be used to compensate the Funds’ Distributor for their distribution services to the Fund, rather than simply provide reimbursement for expenses incurred. The revised Plan still authorizes payments to the Distributor of up to 0.25% annually of each Fund’s average daily net assets attributable to the Class N shares.

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

The Investment Manager has agreed, through at least October 1, 2021, to waive a portion of shareholder servicing fees paid by the various share classes of Core Plus Bond, as necessary, to ensure the total net expense ratio for each share class of Core Plus Bond does not increase due to the changes in the methodology of shareholder servicing reimbursements described above. Effective March 24, 2021, the shareholder servicing fees waiver was eliminated.

The impact on the annualized expense ratios for the fiscal year ended October 31, 2021, were as follows:


Fund	Maximum Annual Amount Approved			Actual Amount Incurred

Core Plus Bond

Class N¹		—			0.05	%

Class I²		0.05	%		0.07	%

International Equity

Class N		0.15	%		0.15	%

Class I		0.10	%		0.10	%

¹	Effective June 3, 2021, the shareholder servicing fees were eliminated.

²	Prior to June 3, 2021, the maximum annual amount approved was 0.15%.

special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. The Funds began participating in the interfund lending program effective after the close of business on July 2, 2021. At October 31, 2021, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund loan program during the fiscal year ended October 31, 2021 as follows:



Fund	Average Borrowed		Number of Days		Interest Paid		Average Interest Rate

Core Plus Bond		$21,123,742		1		$534		0.923	%

International Equity		1,762,197		5		228		0.943	%

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended October 31, 2021, were as follows:


	Long Term Securities

Fund	Purchases		Sales

Core Plus Bond		$422,885,903		$581,799,727

International Equity		199,873,605		380,011,876

Core Plus Bond purchases and sales of U.S. Government Obligations for the fiscal year ended October 31, 2021 were $259,534,187 and $327,147,134, respectively. International Equity had no purchases or sales of U.S. Government Obligations for the fiscal year ended October 31, 2021.

4. PORTFOLIO SECURITIES LOANED

Notes to Financial Statements (continued)

additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements for that cash collateral, and securities collateral is held in separate omnibus accounts managed by BNYM and cannot be sold or pledged. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities as soon as practical, which is normally within three business days.

The value of securities loaned on positions held, cash collateral and securities collateral received at October 31, 2021, were as follows:



Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received

Core Plus Bond		$768,985		—		$786,814		$786,814

At October 31, 2021, International Equity had no securities on loan.

5. FOREIGN SECURITIES

The Funds invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in domestic securities. Non-domestic securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. 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.

6. COMMITMENTS AND CONTINGENCIES

Under the Trust’s organizational documents, its trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.

7. 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.

8. DERIVATIVE INSTRUMENTS

The following disclosures contain information on how and why the Funds use derivative instruments, the credit risk and how derivative instruments affect the Funds’ financial position, and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities, and the realized gains and losses and changes in unrealized appreciation and depreciation on the Statement of Operations, each categorized by type of derivative contract, are included in a table at the end of the applicable Fund’s Schedule of Portfolio Investments.

From March 26, 2021 to April 4, 2021, for Core Plus Bond and from March 24, 2021 to April 8, 2021, for International Equity the transition managers used futures contracts to realign the Fund’s portfolios. Following the transition, Core Plus Bond purchased and sold futures contracts to achieve desired levels of investment. The monthly average for Core Plus Bond and the daily average for International Equity of financial instruments outstanding were as follows:


	Core Plus Bond		International Equity
Financial Futures Contracts

Average number of contracts purchased		21		21

Average number of contracts sold		3		—

Average notional value of contracts purchased		$2,987,353		$1,771,786

Average notional value of contracts sold		$398,037		—

9. FUTURES CONTRACTS

During the transition of the portfolios, the transition manager purchased futures contracts to realign the Fund’s portfolios. After the transition, Core Plus Bond purchased and sold futures contracts to achieve desired levels of investment and to manage the Fund’s duration. There are certain risks associated with futures contracts. Prices may not move as expected or the Fund may not be able to close out the contract when it desires to do so, resulting in losses.

On entering into a futures contract, either cash or securities in an amount equal to a certain percentage of the contract value (initial margin) must be deposited with the futures broker. Subsequent variation margin payments are made or received by the Funds depending on the fluctuations in the value of the futures contracts and the value of cash or securities on deposit with the futures broker. The Funds must have total value at the futures broker consisting of either net unrealized gains, cash or securities collateral to meet the initial margin requirement, and any value over the initial margin requirement may be transferred to the Funds. The Funds pays or receives variation margin periodically. As of October 31, 2021, Core Plus Bond had $79,788 in cash at the futures broker for futures previously held.

Variation margin on future contracts is recorded as unrealized appreciation or depreciation until the futures contract is closed or expired. The Funds recognizes a realized gain or loss when the contract is closed or expires equal to the difference between the value of the contract at the time it was opened and the value at the

Notes to Financial Statements (continued)

time it was closed. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts.

10. MORTGAGE-BACKED SECURITIES

Core Plus Bond may invest in mortgage-backed securities (“MBS”). These securities represent interests in pools of mortgage loans and they provide holders with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid. The timely payment of principal and interest on MBS issued or guaranteed by Ginnie Mae 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 of the U.S. government. Certain obligations, such as those issued by the Federal Home Loan Banks, Fannie Mae and Freddie Mac 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. Core Plus Bond invests 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 or loans are repaid.

11. FLOATING RATE SENIOR LOAN INTERESTS

Core Plus Bond may invest in Floating Rate Senior Loan Interests. These are senior, secured loans made to companies whose debt is below investment grade as well as investments with similar economic characteristics. Senior Loans typically hold a first lien priority and, unless otherwise indicated, are required to pay interest at floating rates that are periodically reset by reference to a base lending rate plus a spread. Senior Loans are generally not registered under the Securities Act of 1933 and often incorporate certain restrictions on resale and cannot be sold publicly. Senior Loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted. As a result, the actual maturity may be substantially less than the stated maturity. The interest rate on this Senior Loan is subject to a base lending rate plus a spread. These base lending rates are primarily LIBOR and secondarily the prime rate offered by one or more major U.S. banks (“Prime”). The interest rate is subject to a minimum floor, which may be less than or greater than the prevailing period end LIBOR/Prime rate.

12. STRIPPED SECURITIES

Prior to the transition to the new subadviser Core Plus Bond invested in stripped securities (“STRIPS”) for hedging purposes to protect the Fund’s portfolio against interest rate fluctuations. 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 or Moody’s Investors Service, Inc. These risks are managed by investing in a variety of such securities and by using certain hedging techniques. In addition the secondary market for STRIPS may be less liquid than that of other mortgage-backed or asset-backed securities, potentially limiting the Fund’s ability to buy or sell those securities at any particular time.

13. CREDIT AGREEMENT

The Funds utilized the line of credit during the fiscal year ended October 31, 2021:



Fund	Weighted Average Borrowed		Number of Days		Interest Paid		Average Interest Rate

Core Plus Bond		$2,517,454		4		$ 378		1.353	%

International Equity		2,599,445		16		1,574		1.363	%

14. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the securities lending program, Repurchase Agreements and derivatives, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities.

Notes to Financial Statements (continued)

For securities lending transactions, see Note 4. At October 31, 2021, the Funds had no outstanding derivatives and no repurchase agreements outstanding.

15. SUBSEQUENT EVENTS

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

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF AMG FUNDS IV AND SHAREHOLDERS OF AMG BEUTEL GOODMAN CORE PLUS FUND AND AMG BEUTEL GOODMAN INTERNATIONAL EQUITY FUND:

OPINION ON THE FINANCIAL STATEMENTS

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AMG Beutel Goodman Core Plus Bond Fund (formerly AMG Managers DoubleLine Core Plus Bond Fund) and AMG Beutel Goodman International Equity Fund (formerly AMG Managers Pictet International Fund) (two of the funds constituting AMG Funds IV) (hereafter collectively referred to as the “Funds “) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

BASIS FOR OPINION

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2021

We have served as the auditor of one or more investment companies in AMG Funds Family since 1993.

Other Information

TAX INFORMATION

AMG Beutel Goodman Core Plus Bond Fund and AMG Beutel Goodman International Equity Fund each hereby designate the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2020/2021 Form 1099-DIV you receive for each Fund will show the tax status of all distributions paid to you during the year.

In accordance with federal tax law, the following Fund elects to provide foreign taxes paid and the income sourced from foreign countries. Accordingly, the Fund hereby makes the following designations regarding its taxable period ended October 31, 2021:

AMG Beutel Goodman International Equity Fund

^uThe total amount of taxes paid and income sourced from foreign countries was $343,773 and $3,174,979, respectively.

Pursuant to section 852 of the Internal Revenue Code, AMG Beutel Goodman Core Plus Bond Fund and AMG Beutel Goodman International Equity Fund each hereby designate $0 and $0, respectively, as a capital gain distribution with respect to the taxable period ended October 31, 2021, or if subsequently determined to be different, the net capital gains of such period as follows:

PROXY VOTE

Special meetings of the shareholders of AMG Beutel Goodman Core Plus Bond Fund (the “Fund”) were held on June 3, 2021, to vote on Proposals 1, 2, 3a, 3b, and 5, and June 30, 2021, to vote on Proposal 4, which included proposals to approve a new subadvisory agreement between AMG Funds LLC (the “Investment Manager”) and Beutel, Goodman & Company Ltd. (“Beutel Goodman”) with respect to the Fund. The proposals and results of the votes are summarized below.


		Number of Eligible Shareholders
Proposal 1	For	Against	Abstain

Approval of a new subadvisory agreement between the Investment Manager and Beutel Goodman with respect to the Fund.	23,902,388	178,543	220,505

% of Shares Present	98.36%	0.74%	0.91%

% of Outstanding Shares	58.37%	0.44%	0.54%
		Number of Eligible Shareholders
Proposal 2	For	Against	Abstain

Approval of the redesignation of the Fund’s fundamental investment objective as non-fundamental.	13,356,581	10,703,978	240,877

% of Shares Present	54.96%	44.05%	0.99%

% of Outstanding Shares	32.62%	26.14%	0.59%
		Number of Eligible Shareholders
Proposal 3a	For	Against	Abstain

Approval of the amendment of the Fund’s fundamental investment restriction with respect to borrowing and issuing senior securities.	23,643,425	383,526	274,485

% of Shares Present	97.29%	1.58%	1.13%

% of Outstanding Shares	57.74%	0.94%	0.67%
		Number of Eligible Shareholders
Proposal 3b	For	Against	Abstain

Approval of the amendment of the Fund’s fundamental investment restriction with respect to lending.	23,620,798	420,848	259,790

% of Shares Present	97.20%	1.73%	1.07%

% of Outstanding Shares	57.68%	1.03%	0.63%
		Number of Eligible Shareholders
Proposal 4	For	Against	Abstain

Approval of an amended and restated distribution plan for Class N shares.	1,832,120	166,639	253,163

% of Shares Present	81.36%	7.40%	11.24%

% of Outstanding Shares	42.10%	3.83%	5.82%

Other Information (continued)


		Number of Eligible Shareholders
Proposal 5	For	Against	Abstain

To approve a modified manager-of-managers structure for the Fund that would permit the Investment Manager to enter into and materially amend subadvisory agreements with unaffiliated and affiliated subadvisers without obtaining shareholder approval and would also permit the Fund to disclose fees paid to subadvisers on an aggregate, rather than individual, basis.	23,446,270	649,055	206,111

% of Shares Present	96.48%	2.67%	0.85%

% of Outstanding Shares	57.26%	1.59%	0.50%

A special meeting of the shareholders of AMG Beutel Goodman International Equity Fund (the “Fund”) was held on July 2, 2021, to vote on proposals including to approve a new subadvisory agreement between AMG Funds LLC (the “Investment Manager”) and Beutel, Goodman & Company Ltd. (“Beutel Goodman”) with respect to the Fund. The proposals and results of the votes are summarized below.


		Number of Eligible Shareholders
Proposal 1	For	Against	Abstain

Approval of a new subadvisory agreement between the Investment Manager and Beutel Goodman with respect to the Fund.	3,788,106	191,907	345,190

% of Shares Present	83.83%	4.25%	7.64%

% of Outstanding Shares	42.58%	2.16%	3.88%
		Number of Eligible Shareholders
Proposal 2	For	Against	Abstain

Approval of a change in the Fund’s sub-classification under the Investment Company Act of 1940, as amended, from “diversified” to “non-diversified”.	3,492,205	509,762	323,236

% of Shares Present	77.28%	11.28%	7.15%

% of Outstanding Shares	39.26%	5.73%	3.63%
		Number of Eligible Shareholders
Proposal 3	For	Against	Abstain

Approval of the redesignation of the Fund’s fundamental investment objective as non-fundamental.	3,069,947	918,647	336,609

% of Shares Present	67.94%	20.33%	7.45%

% of Outstanding Shares	34.51%	10.33%	3.78%
		Number of Eligible Shareholders
Proposal 4	For	Against	Abstain

Approval of the amendment of the Fund’s fundamental investment restriction with respect to borrowing.	3,457,161	525,184	342,858

% of Shares Present	76.51%	11.62%	7.59%

% of Outstanding Shares	38.86%	5.90%	3.85%
		Number of Eligible Shareholders
Proposal 5	For	Against	Abstain

Approval of an amended and restated distribution plan for Class N shares.	300,538	80,304	27,827

% of Shares Present	73.54%	19.65%	6.81%

% of Outstanding Shares	42.61%	11.38%	3.95%

Other Information (continued)


		Number of Eligible Shareholders
Proposal 6	For	Against	Abstain

To approve a modified manager-of-managers structure for the Fund that would permit the Investment Manager to enter into and materially amend subadvisory agreements with unaffiliated and affiliated subadvisers without obtaining shareholder approval and would also permit the Fund to disclose fees paid to subadvisers on an aggregate, rather than individual, basis.	3,409,164	567,034	349,005

% of Shares Present	75.45%	12.55%	7.72%

% of Outstanding Shares	38.32%	6.37%	3.92%

AMG Funds

Trustees and Officers

The Trustees and Officers of the Trust, their business addresses, principal occupations for the past five years and ages are listed below. The Trustees provide broad supervision over the affairs of the Trust and the Funds. The Trustees are experienced executives who meet periodically throughout the year to oversee the Funds’ activities, review contractual arrangements with companies that provide services to the Funds, and

review the Funds’ performance. Unless otherwise noted, the address of each Trustee or Officer is the address of the Trust: 680 Washington Blvd., Suite 500, Stamford, CT. 06901.

There is no stated term of office for Trustees. Trustees serve until their resignation, retirement or removal in

accordance with the Trust’s organizational documents and policies adopted by the Board from time to time. The Chairman of the Trustees, President, Treasurer and Secretary of the Trust are elected by the Trustees annually. Other officers hold office at the pleasure of the Trustees.

Independent Trustees

The following Trustees are not “interested persons” of the Trust within the meaning of the 1940 Act:



Number of Funds Overseen in Fund Complex		Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee

• Trustee since 2016 • Oversees 42 Funds in Fund Complex		Bruce B. Bingham, 72 Partner, Hamilton Partners (real estate development firm) (1987-Current); Director of The Yacktman Funds (2 portfolios) (2000-2012).

• Trustee since 2013 • Oversees 46 Funds in Fund Complex		Kurt A. Keilhacker, 58 Managing Partner, TechFund Europe (2000-Present); Managing Partner, TechFund Capital (1997-Present); Managing Partner, Elementum Ventures (2013-Present); Director, MetricStory, Inc. (2017-Present); Trustee, Wheaton College (2018-Present); Trustee, Gordon College (2001-2016); Board Member, 6wind SA (2002-2019).

• Trustee since 2000 • Oversees 42 Funds in Fund Complex		Steven J. Paggioli, 71 Independent Consultant (2002-Present); Trustee, Professionally Managed Portfolios (28 portfolios); Advisory Board Member, Sustainable Growth Advisors, LP; Independent Director, Muzinich BDC, Inc. (business development company) (2019-Present); Director, The Wadsworth Group; Independent Director, Chase Investment Counsel (2008–2019); Executive Vice President, Secretary and Director, Investment Company Administration, LLC and First Fund Distributors, INC. (1990-2001).

• Trustee since 2013 • Oversees 42 Funds in Fund Complex		Richard F. Powers III, 75 Adjunct Professor, U.S. Naval War College (2016-Present); Adjunct Professor, Boston College (2011-2015); Director, Ameriprise Financial Inc. (2005-2009); President and CEO of Van Kampen Investments Inc. (1998-2003); President, Morgan Stanley Client Group (2000-2002); Executive Vice President and Chief Marketing Officer of the Morgan Stanley Individual Investor Group (1984-1998).

• Independent Chairman • Trustee since 2000 • Oversees 46 Funds in Fund Complex		Eric Rakowski, 63 Professor of Law, University of California at Berkeley School of Law (1990-Present); Tax Attorney at Davis Polk & Wardwell and clerked for Judge Harry T. Edwards of the U.S. Court of Appeals for the District of Columbia Circuit and for Justice William J. Brennan Jr. of the U.S. Supreme Court; Director of Harding, Loevner Funds, Inc. (10 portfolios); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019).

• Trustee since 2013 • Oversees 46 Funds in Fund Complex		Victoria L. Sassine, 56 Adjunct Professor, Babson College (2007–Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-Present); Chairperson of the Board of Directors of Business Management Associates (2018 to 2019).

• Trustee since 2016 • Oversees 42 Funds in Fund Complex		Thomas R. Schneeweis, 74 Professor Emeritus, University of Massachusetts (2013-Present); President, TRS Associates (1982-Present); Board Member, Chartered Alternative Investment Association (“CAIA”) (2002-Present); Co-Founder and Director, Institute for Global Asset and Risk Management (Education) (2010-Present); Co-Owner, Quantitative Investment Technologies (2014-Present); Co-Owner, Yes Wealth Management (2018-Present); Director, CAIA Foundation (2010-2019); Partner, S Capital Wealth Advisors (2015-2018); Partner, S Capital Management, LLC (2007-2015); President, Alternative Investment Analytics, LLC, (formerly Schneeweis Partners, LLC) (2001-2013).

AMG Funds

Trustees and Officers (continued)

Interested Trustees

Each Trustee in the following table is an “interested person” of the Trust within the meaning of the 1940 Act. Ms. Carsman is an interested person of the Trust within the meaning of the 1940 Act by virtue of her position with, and interest in securities of, AMG.


Number of Funds Overseen in Fund Complex		Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee
• Trustee since 2011 • Oversees 42 Funds in Fund Complex		Christine C. Carsman, 69 Affiliated Managers Group, Inc. (2004-Present): Senior Policy Advisor (2019-Present), Executive Vice President, Deputy General Counsel and Chief Regulatory Counsel (2017-2018), Senior Vice President and Deputy General Counsel (2011-2016), Senior Vice President and Chief Regulatory Counsel (2007-2011), Vice President and Chief Regulatory Counsel (2004-2007); Chair of the Board of Directors, AMG Funds plc (2015-2018); Director, AMG Funds plc (2010-2018); Senior Counsel, Vice President and Director of Operational Risk Management and Compliance, Wellington Management Company, LLP (1995-2004); Director Emeritus of Harding, Loevner Funds, Inc. (0 Portfolios) (2021- Present); Director of Harding, Loevner Funds, Inc. (9 portfolios) (2017-2020); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2004-2011).
• Trustee since 2021 • Oversees 42 Funds in Fund Complex		Garret W. Weston, 40 Affiliated Managers Group, Inc. (2008-Present): Managing Director, Co-Head of Affiliate Engagement (2021-Present), Senior Vice President, Affiliate Development (2016-2021), Vice President, Office of the CEO (2015-2016), Vice President, New Investments (2012-2015), Senior Associate, New Investments (2008-2012); Associate, Madison Dearborn Partners (2006-2008); Analyst, Merrill Lynch (2004-2006).

Officers

Position(s) Held with Fund and Length of Time Served		Name, Age, Principal Occupation(s) During Past 5 Years

• President since 2018 • Principal Executive Officer since 2018 • Chief Executive Officer since 2018 • Chief Operating Officer since 2007		Keitha L. Kinne, 63 Chief Operating Officer, AMG Funds LLC (2007-Present); Chief Investment Officer, AMG Funds LLC (2008-Present); President and Principal, AMG Distributors, Inc. (2018-Present); Chief Operating Officer, AMG Distributors, Inc. (2007-Present); President, Chief Executive Officer and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2018-Present); Chief Operating Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2007-Present); Chief Operating Officer, AMG Funds IV (2016-Present); Chief Operating Officer and Chief Investment Officer, Aston Asset Management, LLC (2016); President and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2012-2014); Managing Partner, AMG Funds LLC (2007-2014); President and Principal, AMG Distributors, Inc. (2012-2014); Managing Director, Legg Mason & Co., LLC (2006-2007); Managing Director, Citigroup Asset Management (2004-2006).

• Secretary since 2015 • Chief Legal Officer since 2015		Mark J. Duggan, 56 Managing Director and Senior Counsel, AMG Funds LLC (2021-Present); Senior Vice President and Senior Counsel, AMG Funds LLC (2015-2021); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2015-Present); Attorney, K&L Gates, LLP (2009-2015).

• Chief Financial Officer since 2017 • Treasurer since 2017 • Principal Financial Officer since 2017 • Principal Accounting Officer since 2017		Thomas G. Disbrow, 55 Vice President, Mutual Fund Treasurer & CFO, AMG Funds, AMG Funds LLC (2017-Present); Chief Financial Officer, Principal Financial Officer, Treasurer and Principal Accounting Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Managing Director—Global Head of Traditional Funds Product Control, UBS Asset Management (Americas), Inc. (2015-2017); Managing Director—Head of North American Funds Treasury, UBS Asset Management (Americas), Inc. (2011-2015).

• Deputy Treasurer since 2017		John A. Starace, 51 Vice President, Mutual Fund Accounting, AMG Funds LLC (2021-Present); Director, Mutual Fund Accounting, AMG Funds LLC (2017-2021); Vice President, Deputy Treasurer of Mutual Funds Services, AMG Funds LLC (2014-2017); Deputy Treasurer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Vice President, Citi Hedge Fund Services (2010-2014); Audit Senior Manager (2005-2010) and Audit Manager (2001-2005), Deloitte & Touche LLP.

• Chief Compliance Officer and Sarbanes-Oxley Code of Ethics since 2019		Patrick J. Spellman, 47 Vice President, Chief Compliance Officer, AMG Funds LLC (2017-Present); Chief Compliance Officer, AMG Distributors, Inc., (2010-Present); Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present); Senior Vice President, Chief Compliance Officer, AMG Funds LLC (2011-2017); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2014-2019); Anti-Money Laundering Officer, AMG Funds IV, (2016-2019); Compliance Manager, Legal and Compliance, Affiliated Managers Group, Inc. (2005-2011).

AMG Funds

Trustees and Officers (continued)


Position(s) Held with Fund and Length of Time Served		Name, Age, Principal Occupation(s) During Past 5 Years

• Assistant Secretary since 2016		Maureen A. Meredith, 36 Vice President, Senior Counsel, AMG Funds LLC (2021-Present); Vice President, Counsel, AMG Funds LLC (2019-2021); Director, Counsel, AMG Funds LLC (2017-2018); Vice President, Counsel, AMG Funds LLC (2015-2017); Assistant Secretary, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2016-Present); Associate, Ropes & Gray LLP (2011-2015); Law Fellow, Massachusetts Appleseed Center for Law and Justice (2010-2011).

• Anti-Money Laundering Compliance Officer since 2019		Hector D. Roman, 43 Director, Legal and Compliance, AMG Funds LLC (2020-Present); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present); Manager, Legal and Compliance, AMG Funds LLC (2017-2019); Director of Compliance, Morgan Stanley Investment Management (2015-2017); Senior Advisory, PricewaterhouseCoopers LLP (2014-2015); Risk Manager, Barclays Investment Bank (2008-2014).

Annual Renewal of Investment Management and Subadvisory Agreements

AMG Beutel Goodman Core Plus Bond Fund (formerly AMG Managers DoubleLine Core Plus Bond Fund) and AMG Beutel Goodman International Equity Fund (formerly AMG Managers Pictet International Fund): Approval of Investment Advisory Agreement on June 24, 2021

At a meeting held via telephone and video conference on June 24, 2021,1 the Board of Trustees (the “Board” or the “Trustees”), and separately a majority of the Trustees who are not “interested persons” of AMG Funds IV (the “Trust”) (the “Independent Trustees”), approved the Investment Advisory Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) for each of AMG Beutel Goodman Core Plus Bond Fund (formerly AMG Managers DoubleLine Core Plus Bond Fund) and AMG Beutel Goodman International Equity Fund (formerly AMG Managers Pictet International Fund) (each, a “Fund,” and collectively, the “Funds”) and separately Amendment No. 1 thereto dated October 1, 2016 (collectively, the “Investment Advisory Agreement”).2 The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of the Investment Advisory Agreement. In considering the Investment Advisory Agreement, the Trustees reviewed a variety of materials relating to each Fund and the Investment Manager, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a “Peer Group”), performance information for the relevant benchmark index for each Fund (each, a “Fund Benchmark”), other relevant matters, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Advisory Agreement; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

NATURE, EXTENT AND QUALITY OF SERVICES

supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Advisory Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Funds; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Funds’ other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Advisory Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to a Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a

recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Advisory Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Advisory Agreement and the Investment Manager’s undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager’s risk management processes.

PERFORMANCE

The Board considered each Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark and noted that the Board reviews on a quarterly basis detailed information about both a Fund’s performance results and portfolio composition, as well as the Subadviser’s investment philosophy, strategy and techniques used in managing the Fund. The Board was mindful of the Investment Manager’s expertise, resources and attention to monitoring the Subadviser’s performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds’ subadvisers during the period regarding the factors that contributed to the performance of the Funds.

With respect to AMG Beutel Goodman Core Plus Bond Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year and 5-year periods ended March 31, 2021 and for the period from the Class I shares’ inception on July 18, 2011 through March 31, 2021 was above, below, below, and above, respectively, the median performance of the Peer Group and above, below, above, and above, respectively, the performance of the Fund Benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The Trustees also took into account management’s discussion of the Fund’s performance, noting that Class I shares of the Fund

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

ranked in the top quartile relative to its Peer Group for the 1-year period and in the top quintile relative to its Peer Group for the period since inception through March 31, 2021. The Trustees also took into account the fact that the Fund’s subadviser and investment strategy changed effective March 24, 2021, and that the performance information reflected that of the Fund’s prior subadviser and investment strategy. The Trustees concluded that the Fund’s overall performance has been satisfactory.

With respect to AMG Beutel Goodman International Equity Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, and 5-year periods ended March 31, 2021 and for the period from the Class I shares’ inception on April 14, 2014 through March 31, 2021 was above, below, below, and below, respectively, the median performance of the Peer Group and above, below, below, and below, respectively, the performance of the Fund Benchmark, the MSCI EAFE Index. The Trustees took into account management’s discussion of the Fund’s performance, noting that the Fund ranked in the top quintile relative to its Peer Group for the 1-year period. The Trustees also took into account the fact that the Fund’s subadviser and investment strategy changed effective March 19, 2021, and that the performance information reflected that of the Fund’s prior subadviser and investment strategy. The Trustees concluded that the Fund’s performance is being addressed.

ADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE

considered the changes to the management fee, subadvisory fee and shareholder servicing fee rates and the change to the expense cap that were implemented during the past year for AMG Beutel Goodman Core Plus Bond Fund and the changes to the management fee and subadvisory fee rates and the change to the expense cap that were approved by the Trustees during the past year for AMG Beutel Goodman International Equity Fund. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments made or to be made from the Subadviser to the Investment Manager, and other payments made or to be made from the Investment Manager to the Subadviser. The Trustees also considered management’s discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.

In considering the cost of services to be provided by the Investment Manager under the Investment Advisory Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management’s discussion of the advisory fee structure and the services the Investment Manager provides in performing its functions under the Investment Advisory Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also with respect to economies of scale, the Trustees noted that as a Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

With respect to AMG Beutel Goodman Core Plus Bond Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares of the Fund as of March 31, 2021 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that, effective June 3, 2021, the Investment Manager has contractually agreed, through March 1, 2023, to lower the Fund’s contractual expense limitation from 0.61% to 0.43% of the Fund’s net annual operating expenses (subject to certain excluded expenses).

The Trustees also noted that, effective June 3, 2021, the Fund’s management fee rate was reduced. The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and select peers. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager, the foregoing expense limitation and the considerations noted above with respect to the Investment Manager, the Fund’s advisory fees are reasonable.

With respect to AMG Beutel Goodman International Equity Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares of the Fund as of March 31, 2021 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.89%. The Trustees also took into account that the Investment Manager has agreed, effective upon shareholder approval and implementation of a new subadvisory agreement for the Fund, through March 1, 2023, to lower the Fund’s contractual expense limitation to 0.76% of the Fund’s net annual operating expenses (subject to certain excluded expenses). The Trustees also noted that, effective upon shareholder approval and implementation of a new subadvisory agreement for the Fund, the Fund’s management fee rate would be reduced. The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager, the foregoing expense limitation and the considerations noted above with respect to the Investment Manager, the Fund’s advisory fees are reasonable.

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

shareholders through enhanced resources and competitive fee levels. The Trustees noted the expectations that the changes would result in bringing the full range of AMG’s resources to bear on the growth and success of the AMG Funds, streamlining the lineup of funds in the AMG Funds complex and reducing the number of subadvisers in the AMG Funds complex, significantly reducing strategy overlap and providing more differentiated investment solutions for the AMG Funds complex that are otherwise not available to U.S. retail investors. The Trustees further considered the expectation that the repositioning would bring AMG’s strong partnerships in support of the Funds and the AMG Funds complex as a whole and enable AMG Funds to bring the best capabilities of AMG’s Affiliates to the Funds and the rest of the AMG Funds complex. The Trustees noted that AMG’s relationship with its Affiliates will also allow the Funds to have greater insight into the Affiliates’ compliance and business platform than is generally possible with third party subadvisers, aiding the ongoing monitoring of subadvisers.

* * * * *

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the

Investment Advisory Agreement: (a) the Investment Manager has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement and (b) the Investment Manager maintains an appropriate compliance program.

the circumstances related to current or potential effects of COVID-19. The Trustees unanimously wished to rely on the In-Person Relief with respect to the approval of those matters on the agenda for the June 24, 2021 meeting that would otherwise require in-person votes under the 1940 Act. See Investment Company Release No. 33897 (June 19, 2020). This exemptive order supersedes, in part, a similar, earlier exemptive order issued by the SEC (Investment Company Release No. 33824 (March 25, 2020)).

² At a meeting held via telephone and videoconference on March 17-18, 2021, the Board of the Trust, and separately a majority of the Independent Trustees, approved the Subadvisory Agreement with respect to AMG Beutel Goodman Core Plus Bond Fund (the “Core Plus Bond Subadvisory Agreement”) and the Subadvisory Agreement with respect to AMG Beutel Goodman International Equity Fund (the “International Equity Subadvisory Agreement”). The Core Plus Bond Subadvisory Agreement was subsequently approved by the AMG Beutel Goodman Core Plus Bond Fund’s shareholders at a special meeting held on June 3, 2021, for an initial two-year period, and the International Equity Subadvisory Agreement was subsequently approved by the AMG Beutel Goodman International Equity Fund’s shareholders at a special meeting held on July 2, 2021, for an initial two-year period.

THIS PAGE INTENTIONALLY LEFT BLANK

INVESTMENT MANAGER AND ADMINISTRATOR

AMG Funds LLC

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

DISTRIBUTOR

AMG Distributors, Inc.

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

SUBADVISER

Beutel, Goodman & Company Ltd.

20 Eglinton Ave. West, Suite 2000

Toronto, Ontario, M4R 1K8

Canada

CUSTODIAN

The Bank of New York Mellon

Mutual Funds Custody

6023 Airport Road

Oriskany, NY 13424

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

Attn: AMG Funds

4400 Computer Drive

Westborough, MA 01581

800.548.4539

This report is prepared for the Funds’ shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.

Current net asset values per share for each Fund are available on the Funds’ website at amgfunds.com.

A description of the policies and procedures each Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission’s (SEC) website at sec.gov. For information regarding each Fund’s proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Funds’ website at amgfunds.com. To review a complete list of the Funds’ portfolio holdings, or to view the most recent semiannual report or annual report, please visit amgfunds.com.


amgfunds.com

BALANCED FUNDS

AMG GW&K Global Allocation

GW&K Investment Management, LLC

AMG FQ Global Risk-Balanced

First Quadrant, L.P.

EQUITY FUNDS

AMG Beutel Goodman International Equity

Beutel, Goodman & Company Ltd.

AMG Boston Common Global Impact

Boston Common Asset Management, LLC

AMG Managers CenterSquare Real Estate

CenterSquare Investment Management LLC

AMG Frontier Small Cap Growth

Frontier Capital Management Co., LLC

AMG GW&K Small Cap Core

AMG GW&K Small Cap Value

AMG GW&K Small/Mid Cap

AMG GW&K Small/Mid Cap Growth

AMG GW&K Emerging Markets Equity

AMG GW&K Emerging Wealth Equity

AMG GW&K International Small Cap

GW&K Investment Management, LLC

AMG Montrusco Bolton Large Cap Growth

Montrusco Bolton Investments, Inc.

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

AMG River Road Dividend All Cap Value

AMG River Road Focused Absolute Value

AMG River Road International Value Equity

AMG River Road Large Cap Value Select

AMG River Road Mid Cap Value

AMG River Road Small-Mid Cap Value

AMG River Road Small Cap Value

River Road Asset Management, LLC

AMG TimesSquare Emerging Markets Small Cap

AMG TimesSquare Global Small Cap

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

AMG Veritas Asia Pacific

AMG Veritas China

AMG Veritas Global Focus

AMG Veritas Global Real Return

Veritas Asset Management LLP

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Global

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

FIXED INCOME FUNDS

AMG Beutel Goodman Core Plus Bond

Beutel, Goodman & Company Ltd.

AMG GW&K Core Bond ESG

AMG GW&K Enhanced Core Bond ESG

AMG GW&K ESG Bond

AMG GW&K High Income

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced Yield

GW&K Investment Management, LLC

amgfunds.com

103121

AR086


		ANNUAL REPORT


				AMG Funds October 31, 2021

				AMG Montrusco Bolton Large Cap Growth Fund (formerly AMG Managers Montag & Caldwell Growth Fund)

				Class N: MCGFX		Class I: MCGIX



amgfunds.com \|		103121 AR087

AMG Funds

Annual Report — October 31, 2021




TABLE OF CONTENTS	PAGE


LETTER TO SHAREHOLDERS		2

ABOUT YOUR FUND’S EXPENSES		3

PORTFOLIO MANAGER’S COMMENTS, FUND SNAPSHOTS AND SCHEDULE OF PORTFOLIO INVESTMENTS		4

FINANCIAL STATEMENTS

Statement of Assets and Liabilities		11

Balance sheet, net asset value (NAV) per share computations and cumulative distributable earnings (loss)

Statement of Operations		13

Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal year

Statements of Changes in Net Assets		14

Detail of changes in assets for the past two fiscal years

Financial Highlights		15

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

Notes to Financial Statements		17

Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		22

OTHER INFORMATION		23

TRUSTEES AND OFFICERS		25

ANNUAL RENEWAL OF INVESTMENT MANAGEMENT AND SUBADVISORY AGREEMENTS		28



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


		Letter to Shareholders

Dear Shareholder:

Respectfully,

LOGO

Keitha Kinne

President

AMG Funds


Average Annual Total Returns		Periods ended October 31, 2021*

Stocks:		1 Year			3 Years		5 Years

Large Cap	(S&P 500^® Index)		42.91	%		21.48%		18.93%

Small Cap	(Russell 2000^® Index)		50.80	%		16.47%		15.52%

International	(MSCI All Country World Index ex USA)		29.66	%		12.00%		9.77%
Bonds:

Investment Grade	(Bloomberg U.S. Aggregate Bond Index)		(0.48	)%		5.63%		3.10%

High Yield	(Bloomberg U.S. Corporate High Yield Bond Index)		10.53	%		7.43%		6.40%

Tax-exempt	(Bloomberg Municipal Bond Index)		2.64	%		5.17%		3.41%

Treasury Bills	(ICE BofAML U.S. 6-Month Treasury Bill Index)		0.11	%		1.37%		1.32%

*Source: FactSet. Past performance is no guarantee of future results.

About Your Fund’s Expenses


As a shareholder of a Fund, you may incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on $1,000 invested at the beginning of the period and held for the entire period as indicated below. ACTUAL EXPENSES The first line of the following table provides information about the actual account values and	actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund’s	actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.



Six Months Ended October 31, 2021	Expense Ratio for the Period	Beginning Account Value 05/01/21	Ending Account Value 10/31/21	Expenses Paid During the Period*
AMG Montrusco Bolton Large Cap Growth Fund

Based on Actual Fund Return

Class N	0.98%	$1,000	$1,105	$5.20

Class I	0.81%	$1,000	$1,106	$4.30

Based on Hypothetical 5% Annual Return

Class N	0.98%	$1,000	$1,020	$4.99

Class I	0.81%	$1,000	$1,021	$4.13

*	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 (184), then divided by 365.

AMG Montrusco Bolton Large Cap Growth Fund

Portfolio Manager’s Comments (unaudited)

For the 12 months ended October 31, 2021, AMG Montrusco Bolton Large Cap Growth Fund (formerly AMG Managers Montag & Caldwell Large Cap Growth Fund) (the “Fund”) Class N shares returned 39.50%, compared with the 45.03% return for the S&P 500^® Growth Index, the Fund’s current benchmark, and the 43.21% return for the Fund’s prior benchmark, the Russell 1000^® Growth Index.

On March 17-18, 2021, the Fund’s Board of Trustees approved the appointment of Montrusco Bolton Investments, Inc. (“MBI”) as interim subadviser to the Fund. On June 18, 2021, the Fund’s shareholders approved the appointment of MBI as the subadviser to the Fund, the change in the Fund’s name, its benchmark, and a change to the Fund’s sub-classification from “diversified” to “non-diversified”.

MARKET OVERVIEW

The S&P 500^® Index hit another all-time high during October amid strengthening economic activity, receding COVID case counts, impending Congressional approval of a government stimulus package, and an accommodative monetary policy. The U.S. economy added 531,000 jobs in October. Upward revisions boosted employment totals for August and September by another 235,000 posts.

Easy money continues to fuel the fire, fanned by deeply negative real interest rates and an increasingly dovish tone by the U.S. Federal Reserve (the “Fed”). American monetary authorities remain focused on the fact that the U.S. job market remains 4.2 million posts below pre-pandemic levels. By month’s end, Fed Chairman, Jerome Powell, had been so accommodative that rumors abounded that the Biden administration might re-nominate him to another term. However, imbalances persist.

Lockdown-induced supply chain disruptions plagued industries ranging from chips and semiconductors to food and automotive vehicles. Labor shortages continue to pop up, despite a relatively high unemployment rate, and the U.S. government broadened its threats of forced dismissals of unvaccinated public sector workers to include large subcontractors and major private sector businesses. These trends, however, are generating pricing power for labor, even in the traditionally hardest-hit bottom quartile.

PERFORMANCE REVIEW

During the first portion of the fiscal year, under the Fund’s prior subadviser, the Fund modestly outpaced its prior benchmark, driven primarily by strong stock

selection in the consumer discretionary and consumer staples sectors, combined with an underweight to the real estate sector. This was partially offset by negative stock selection within the information technology and materials sectors. Since MBI’s appointment as subadviser, the Fund trailed the current benchmark, particularly in the final months of the period.

TOP CONTRIBUTORS

Charles River Laboratories made two strategically sound acquisitions that enabled them to expand into manufacturing and quality control, which are not only complementary to their core outsourcing testing business but are also highly accretive to margins and growth. The biotechnology funding environment remains supportive for Charles River Laboratories, and intra-quarter comments regarding their manufacturing business integration were positive and should lead to upside revision to growth estimates.

Danaher acquired the leader in plasmid DNA manufacturing, Aldevron, which was well received by investors as it supports its drug development in cell and gene therapies. The strategy of maintaining the demand for its COVID-19 testing solutions by bundling the capability with tests for other seasonal diseases such as influenza is also generating positive feedback.

Proofpoint was acquired by private equity firm Thoma Bravo for a 35% premium.

Aside from delivering strong results, Adobe provided an upbeat view on their digital creation and marketing product suite.

Netflix benefited from recent positive app tracking data points and a strong upcoming content slate.

While we do not own Paypal, we benefited from its relative weakness due to disruptions in the payment industry.

TOP DETRACTORS

Mastercard and Visa stock prices have been impacted by the overhang on the space created by the fear of higher penetration of buy-now-pay-later payment schemes and by the recent announcement that Square will acquire Afterpay for $29 billion. The fear and overhang in the payment space have depressed the shares of both stocks, but we believe

they are well positioned to face the future, although it might be more competitive than a couple of years ago. Mastercard is diversifying its revenue stream and we are looking for a good 2022.

Fidelity National Information Services reported a good quarter, but increased lockdowns around the world brought about a slower recovery in cross-border travels, which WorldPay over-indexes to.

We were underweighted in Alphabet and the company had a fantastic year. We preferred Netflix, and this has hurt us relatively.

Texas Instruments was a big weight on the Fund. Semiconductor shortages, increasing capex, and the purchase of two manufacturing plants ahead of need all impacted their 2020 free cash flows, which led to near-term downward revisions. We feel they are choosing to invest from a position of strength and expect strong returns on investment.

Activision Blizzard was already on our ESG watch list but the disclosed breadth of misconduct and ensuing loss of focus on deliverables was stunning.

As for Five Below, investors were worried about Q4 2021, but the stock has rebounded since the end of October.

TJX was hit with concerns about lack of product on shelf, supply chain issues, and increased freight costs.

Tesla and Nvidia, two names we do not own, generated a 2.6% drag on relative performance.

OUTLOOK

The V-shaped recovery is coming to an end as fiscal support ebbs and public deleveraging continues. The uncertainty surrounding the impact of changes in supply chains, consumer behaviors, digitization, and rising wages will have a lasting impact on business models. Quality companies with natural structural growth that have kept investing in their competitive advantages through the revenue slowdown will fare better.

Since late summer of 2020, our quality growth style bias had been a headwind to alpha as the markets repriced future growth and reassessed overall valuation levels. Our stock picking has more than

AMG Montrusco Bolton Large Cap Growth Fund

Portfolio Manager’s Comments (continued)

offset this headwind. Since early June, we note an abatement in style headwinds as the Fed’s tone has stiffened and COVID-19 variants lurk.

We continue to see relative valuation dislocations caused by rapidly shifting market narratives that are offering compelling opportunities to book profits and reinvest in misunderstood and therefore mispriced stocks.

This commentary reflects the viewpoints of Montrusco Bolton Investments, Inc. as of October 31, 2021, and is not intended as a forecast or guarantee of future results.

AMG Montrusco Bolton Large Cap Growth Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG Montrusco Bolton Large Cap Growth Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG Montrusco Bolton Large Cap Growth Fund’s Class N shares on October 31, 2011, to a $10,000 investment made in the S&P 500^® Growth Index and Russell 1000^® Growth Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the indexes exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG Montrusco Bolton Large Cap Growth Fund and the S&P 500^® Growth Index and Russell 1000^® Growth Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years


AMG Montrusco Bolton Large Cap Growth Fund^{2, 3, 4, 5, 6, 7, 8, 9}

Class N		39.50	%		20.74	%		15.22	%

Class I		39.78	%		20.96	%		15.47	%

S&P 500^® Growth Index¹⁰		45.03	%		23.80	%		18.79	%

Russell 1000^® Growth Index¹¹		43.21	%		25.49	%		19.42	%

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

Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of October 31, 2021. All returns are in U.S. dollars ($).


		² 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. ³ As of March 19, 2021, the Fund’s Subadviser was changed to Montrusco Bolton Investments, Inc. Prior to March 19, 2021, the Fund was known as the AMG Managers Montag & Caldwell Growth Fund, and had different principal investment strategies and corresponding risks. Performance shown for periods prior to March 19, 2021, reflects the performance and investment strategies of the Fund’s previous Montag & Caldwell, LLC. The Fund’s past performance would have been different if the Fund were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the fund. ⁴ Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies. ⁵ The Fund’s performance may be adversely affected when stocks preferred by a Growth at a Reasonable Price investing strategy underperform or are not favored by investors in prevailing market and economic conditions. ⁶ Applying the Fund’s ESG investment criteria may result in the selection or exclusion of securities of certain issuers for reasons other than performance, and the Fund may underperform funds that do not utilize an ESG investment strategy. The application of this strategy may affect the Fund’s exposure to certain companies, sectors, regions, countries or types of investments, which could negatively impact the Fund’s performance depending on whether such investments are in or out of favor. Applying ESG criteria to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by the Subadviser or any judgment exercised by the Subadviser will reflect the beliefs or values of any particular investor. ⁷ 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.
		⁸ The Fund invests in large-capitalization companies that may underperform other stock funds (such as funds that focus on small- and medium-capitalization companies) when stocks of large-capitalization companies are out of favor. ⁹ The Fund invests in value stocks, which may perform differently from the market as a whole and

AMG Montrusco Bolton Large Cap Growth Fund

Portfolio Manager’s Comments (continued)

may be undervalued by the market for a long period of time.

¹⁰ Effective March 19, 2021, the primary benchmark changed from the Russell 1000^® Growth Index to the S&P 500^® Growth Index. The S&P 500^® Growth Index draws its constituents from the S&P 500^® based on three growth factors: sales growth, the ratio of earnings change to price, and momentum. Unlike the Fund, the S&P 500^® Growth Index is

unmanaged, is not available for investment and does not incur expenses.

¹¹ 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. Unlike the Fund, the Russell 1000^® Growth Index is unmanaged, is not available for investment and does not incur expenses.

The Russell 1000^® Growth Index is a trademark of the London Stock Exchange Group companies.

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

AMG Montrusco Bolton Large Cap Growth Fund

Fund Snapshots (unaudited)

October 31, 2021

PORTFOLIO BREAKDOWN


Sector		% of Net Assets
Information Technology		43.1

Consumer Discretionary		16.4

Communication Services		15.4

Health Care		11.7

Industrials		5.5

Financials		3.2

Consumer Staples		2.5

Materials		1.7

Short-Term Investments		0.5

Other Assets Less Liabilities		0.0¹

¹ Less than 0.05%

TOP TEN HOLDINGS


Security Name		% of Net Assets
Microsoft Corp.		9.4

Amazon.com, Inc.		9.2

Apple, Inc.		8.7

Alphabet, Inc., Class A		6.5

Mastercard, Inc., Class A		6.5

Analog Devices, Inc.		6.1

Danaher Corp.		4.5

Meta Platforms, Inc.		4.5

Texas Instruments, Inc.		4.4

Visa, Inc., Class A		4.2


Top Ten as a Group		64.0

AMG Montrusco Bolton Large Cap Growth Fund

Schedule of Portfolio Investments

October 31, 2021


	Shares		Value

Common Stocks - 99.5%

Communication Services - 15.4%

Activision Blizzard, Inc.		96,430		$7,539,862

Alphabet, Inc., Class A^*		7,578		22,437,852

Meta Platforms, Inc.^*		47,252		15,289,329

Netflix, Inc.^*		10,981		7,580,294

Total Communication Services				52,847,337
Consumer Discretionary - 16.4%

Amazon.com, Inc.^*		9,383		31,643,511

DR Horton, Inc.		45,047		4,021,346

Five Below, Inc.^*		71,670		14,140,491

The TJX Cos., Inc.		98,039		6,420,574

Total Consumer Discretionary				56,225,922

Consumer Staples - 2.5%

Costco Wholesale Corp.		17,393		8,549,355

Financials - 3.2%

CME Group, Inc.		49,002		10,807,391

Health Care - 11.7%

Amgen, Inc.		29,426		6,090,299

Charles River Laboratories International, Inc.^*		11,679		5,240,134

Danaher Corp.		49,858		15,544,229

Thermo Fisher Scientific, Inc.		21,076		13,342,583

Total Health Care				40,217,245

Industrials - 5.5%

Nordson Corp.		51,032		12,972,845

Waste Connections, Inc.		43,233		5,880,120

Total Industrials				18,852,965
Information Technology - 43.1%

Adobe, Inc.^*		14,474		9,413,311


	Shares		Value

Analog Devices, Inc.		120,570	$	20,917,689

Apple, Inc.		198,552		29,743,089

Fidelity National Information Services, Inc.		33,295		3,687,088

Mastercard, Inc., Class A		66,160		22,198,003

Microsoft Corp.		97,240		32,246,729

Texas Instruments, Inc.		80,662		15,122,512

Visa, Inc., Class A		68,032		14,407,137

Total Information Technology				147,735,558

Materials - 1.7%

Linde PLC (United Kingdom)		18,505		5,906,796

Total Common Stocks (Cost $244,810,715)				341,142,569

Short-Term Investments - 0.5%

Other Investment Companies - 0.5%

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%¹		544,002		544,002

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%¹		543,998		543,998

JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%¹		560,486		560,486

Total Short-Term Investments (Cost $1,648,486)				1,648,486

Total Investments - 100.0% (Cost $246,459,201)				342,791,055

Other Assets, less Liabilities - 0.0%^#				92,108

Net Assets - 100.0%			$	342,883,163

^*	Non-income producing security.

^#	Less than 0.05%.

¹	Yield shown represents the October 31, 2021, 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 Montrusco Bolton Large 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 October 31, 2021:


	Level 1		Level 2		Level 3		Total
Investments in Securities

Common Stocks^†	$	341,142,569		–		–	$	341,142,569

Short-Term Investments

Other Investment Companies		1,648,486		–		–		1,648,486


Total Investments in Securities	$	342,791,055		–		–	$	342,791,055

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

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.

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

Statement of Assets and Liabilities

October 31, 2021


	AMG Montrusco Bolton Large Cap Growth Fund

Assets:

Investments at value¹		$342,791,055

Dividend and interest receivables		142,890

Receivable for Fund shares sold		509,965

Receivable from affiliate		24,857

Prepaid expenses and other assets		19,955

Total assets		343,488,722

Liabilities:

Payable for Fund shares repurchased		254,276

Accrued expenses:

Investment advisory and management fees		137,263

Administrative fees		42,895

Distribution fees		18,630

Shareholder service fees		20,627

Other		131,868

Total liabilities		605,559


Net Assets		$342,883,163

¹Investments at cost		$246,459,201

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

Statement of Assets and Liabilities (continued)


	AMG Montrusco Bolton Large Cap Growth Fund

Net Assets Represent:

Paid-in capital		$173,778,373

Total distributable earnings		169,104,790

Net Assets		$342,883,163

Class N:

Net Assets		$175,467,771

Shares outstanding		10,288,973

Net asset value, offering and redemption price per share		$17.05

Class I:

Net Assets		$167,415,392

Shares outstanding		9,645,327

Net asset value, offering and redemption price per share		$17.36

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

Statement of Operations

For the fiscal year ended October 31, 2021


	AMG Montrusco Bolton Large Cap Growth Fund
Investment Income:

Dividend income		$2,921,074

Securities lending income		9,200

Foreign withholding tax		(14,909	)

Total investment income		2,915,365

Expenses:

Investment advisory and management fees		2,742,997

Administrative fees		650,185

Distribution fees - Class N		274,577

Shareholder servicing fees - Class N		131,883

Shareholder servicing fees - Class I		166,249

Reports to shareholders		98,767

Professional fees		57,390

Transfer agent fees		54,806

Custodian fees		46,656

Registration fees		42,085

Trustee fees and expenses		31,634

Interest expense		7,288

Miscellaneous		24,460

Total expenses before offsets		4,328,977

Expense reimbursements		(95,910	)

Expense reductions		(3,027	)

Net expenses		4,230,040


Net investment loss		(1,314,675	)

Net Realized and Unrealized Gain:

Net realized gain on investments		250,179,986

Net change in unrealized appreciation/depreciation on investments		(95,816,306	)

Net realized and unrealized gain		154,363,680


Net increase in net assets resulting from operations		$153,049,005

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

Statements of Changes in Net Assets

For the fiscal years ended October 31,


	AMG Montrusco Bolton Large Cap Growth Fund

	2021			2020

Increase in Net Assets Resulting From Operations:

Net investment loss		$(1,314,675	)		$(914,947	)

Net realized gain on investments		250,179,986			85,184,256

Net change in unrealized appreciation/depreciation on investments		(95,816,306	)		9,372,542

Net increase in net assets resulting from operations		153,049,005			93,641,851

Distributions to Shareholders:

Class N		(86,153,904	)		(14,140,899	)

Class I		(151,058,809	)		(28,027,374	)

Total distributions to shareholders		(237,212,713	)		(42,168,273	)

Capital Share Transactions:¹

Net decrease from capital share transactions		(48,641,532	)		(71,363,061	)


Total decrease in net assets		(132,805,240	)		(19,889,483	)

Net Assets:

Beginning of year		475,688,403			495,577,886

End of year		$342,883,163			$475,688,403

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

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

AMG Montrusco Bolton Large Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N		2021		2020		2019		2018		2017

Net Asset Value, Beginning of Year		$21.50		$19.34		$20.52		$20.76		$19.56

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.07	)	(0.06	)	(0.02	)	(0.01	)	(0.02	)

Net realized and unrealized gain on investments		6.17		3.92		2.74		1.71		3.20

Total income from investment operations		6.10		3.86		2.72		1.70		3.18

Less Distributions to Shareholders from:

Net investment income		–		–		–		–		(0.04	)

Net realized gain on investments		(10.55	)	(1.70	)	(3.90	)	(1.94	)	(1.94	)

Total distributions to shareholders		(10.55	)	(1.70	)	(3.90	)	(1.94	)	(1.98	)

Net Asset Value, End of Year		$17.05		$21.50		$19.34		$20.52		$20.76

Total Return^2,3		39.50	%	21.36	%	18.29	%	8.58	%	17.99	%

Ratio of net expenses to average net assets⁴		1.07	%	1.16	%	1.16	%	1.15	%	1.15	%

Ratio of gross expenses to average net assets⁵		1.09	%	1.16	%	1.17	%	1.16	%	1.17	%

Ratio of net investment loss to average net assets²		(0.39	)%	(0.30	)%	(0.10	)%	(0.03	)%	(0.11	)%

Portfolio turnover		109	%	30	%	20	%	33	%	42	%

Net assets end of year (000’s) omitted		$175,468		$166,051		$166,353		$179,434		$259,324

AMG Montrusco Bolton Large Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I		2021		2020		2019		2018		2017

Net Asset Value, Beginning of Year		$21.69		$19.46		$20.62		$20.84		$19.70

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.04	)	(0.03	)	0.01		0.03		0.02

Net realized and unrealized gain on investments		6.26		3.96		2.76		1.71		3.20

Total income from investment operations		6.22		3.93		2.77		1.74		3.22

Less Distributions to Shareholders from:

Net investment income		—		—		(0.03	)	(0.02	)	(0.13	)

Net realized gain on investments		(10.55	)	(1.70	)	(3.90	)	(1.94	)	(1.95	)

Total distributions to shareholders		(10.55	)	(1.70	)	(3.93	)	(1.96	)	(2.08	)

Net Asset Value, End of Year		$17.36		$21.69		$19.46		$20.62		$20.84

Total Return^2,3		39.78	%	21.60	%	18.49	%	8.75	%	18.21	%

Ratio of net expenses to average net assets⁴		0.92	%	0.99	%	0.98	%	0.96	%	0.92	%

Ratio of gross expenses to average net assets⁵		0.94	%	0.99	%	0.99	%	0.97	%	0.94	%

Ratio of net investment income (loss) to average net assets²		(0.24	)%	(0.13	)%	0.08	%	0.16	%	0.12	%

Portfolio turnover		109	%	30	%	20	%	33	%	42	%

Net assets end of year (000’s) omitted		$167,415		$309,638		$329,225		$416,208		$642,461

¹	Per share numbers have been calculated using average shares.

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

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

⁴	Includes reduction from broker recapture amounting to less than 0.01%, less than 0.01%, 0.01%, less than 0.01% and 0.01% for the fiscal years ended 2021, 2020, 2019, 2018 and 2017, respectively.

⁵	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.)

Notes to Financial Statements

October 31, 2021

1. ORGANIZATION AND 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 having distinct investment management objectives, strategies, risks, and policies. Included in this report is AMG Montrusco Bolton Large Cap Growth Fund (the “Fund”) (formerly AMG Managers Montag & Caldwell Growth Fund).

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

On June 18, 2021, the Fund change from a diversified fund to non-diversified fund. 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.

On March 17-18, 2021, the Board of Trustees of the Trusts (the “Board”) approved Montrusco Bolton Investments, Inc. (“Montrusco Bolton”) as the subadviser to the Fund to replace Montag & Caldwell, LLC. (“Montag & Caldwell”), effective March 19, 2021, which was subsequently approved by the shareholders of the Fund on June 18, 2021. In connection with the subadviser change, the Fund seeks to achieve its investment objective by investing in a focused portfolio of large-capitalization, quality growth companies. In addition, the Board also approved expense changes (See Note 2). In conjunction with the changes in investment strategy the Fund sold substantially all open positions around the date of the subadviser change that increased the Fund’s portfolio turnover. Also, the Fund declared a special capital gain distribution on March 24, 2021.

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

a. VALUATION OF INVESTMENTS

Equity securities traded on a national securities exchange or reported on the NASDAQ national market system (“NMS”) are valued at the last quoted sales price on the primary exchange or, if applicable, the NASDAQ official closing price or the official closing price of the relevant exchange or, lacking any sales, at the last quoted bid price. Equity securities traded in the over-the-counter market (other than NMS securities) are valued at the bid price. Foreign equity securities

(securities principally traded in markets other than U.S. markets) 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.

The Fund’s portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services approved by the Board. Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the Board. The Valuation Committee, which is comprised of the Independent Trustees of the Board, and the Pricing Committee, which is comprised of representatives from AMG Funds LLC (the “Investment Manager”) are the committees appointed by the Board to make fair value determinations. The Fund may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Board’s valuation procedures, if the Investment Manager or the Pricing Committee believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Pricing Committee and, if required under the Trust’s securities valuation procedures, the Valuation Committee, seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with a quarterly report showing as of the most recent quarter end, all outstanding securities fair valued by the Fund, including a comparison with the prior quarter end and the percentage of the Fund that the security represents at each quarter end.

With respect to foreign equity securities and certain foreign fixed income securities, the Board has adopted a policy that securities held in the Fund that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

Notes to Financial Statements (continued)

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

The three-tier hierarchy of inputs is summarized below:

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

Level 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)

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 Fund becomes aware of the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to the Fund are apportioned among the funds in the Trust and other trusts or funds within the AMG Funds Family of Funds (collectively the “AMG Funds Family”) based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

The Fund had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense

offsets, which serve to reduce the Fund’s overall expense ratio. For the fiscal year ended October 31, 2021, the impact on the expenses and expense ratios was $3,027 or less than 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are primarily due to tax equalization utilized. Temporary differences are primarily due to wash sale loss deferrals.

The tax character of distributions paid during the fiscal years ended October 31, 2021 and October 31, 2020 were as follows:


Distributions paid from:	2021		2020

Ordinary income *		$1,451,872		—

Long-term capital gains		235,760,841		$42,168,273


		$237,212,713		$42,168,273

*	For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of October 31, 2021, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

Undistributed ordinary income

33,738,530

Undistributed long-term capital gains

40,030,984

The undistributed ordinary income predominately consists of short-term capital gains.

At October 31, 2021, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

Cost

Appreciation

Depreciation

Net Appreciation

$247,455,779

$98,722,342

$(3,387,066)

$95,335,276

e. FEDERAL TAXES

The Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. Therefore, no provision for federal income or excise tax is included in the accompanying financial statements.

Notes to Financial Statements (continued)

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

Management has analyzed the Fund’s tax positions taken on federal income tax returns as of October 31, 2021, 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 Fund’s financial statements. Additionally, Management is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

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

g. CAPITAL STOCK

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

For the fiscal years ended October 31, 2021 and October 31, 2020, the capital stock transactions by class for the Fund were as follows:


	October 31, 2021						October 31, 2020

	Shares			Amount			Shares			Amount
Class N:

Proceeds from sale of shares		832,620		$	14,385,924			318,691		$	5,988,818

Reinvestment of distributions		5,203,398			80,947,251			720,864			13,336,003

Cost of shares repurchased		(3,471,115	)		(58,151,586	)		(1,919,020	)		(37,035,160	)


Net increase (decrease)		2,564,903		$	37,181,589			(879,465	)	$	(17,710,339	)

Class I:

Proceeds from sale of shares		2,627,841		$	41,726,537			1,174,246		$	22,074,182

Reinvestment of distributions		9,380,870			148,835,803			1,481,220			27,609,936

Cost of shares repurchased		(16,639,756	)		(276,385,461	)		(5,294,655	)		(103,336,840	)


Net decrease		(4,631,045	)	$	(85,823,121	)		(2,639,189	)	$	(53,652,722	)

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Fund may enter into third-party repurchase agreements for temporary cash management purposes and third-party or bilateral joint repurchase agreements for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Program”) (collectively, “Repurchase Agreements”). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Fund participates on a pro rata basis with other clients of BNYM in its share of the underlying collateral under such joint repurchase agreements and in its share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held in safekeeping by the Fund’s custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. Pursuant to the Program, the Fund is indemnified for such losses by BNYM on joint repurchase agreements.

At October 31, 2021, the Fund had no Repurchase Agreements outstanding.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

The Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. retail distribution arm of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Fund and is responsible for the Fund’s overall administration and operations. The Investment Manager selects one or more subadvisers for the Fund (subject to Board approval) and monitors each subadviser’s investment performance, security holdings and investment strategies. Effective March 19, 2021, the Fund’s investment portfolio is managed by Montrusco Bolton who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in Montrusco Bolton. Prior to March 19, 2021, the Fund’s investment portfolio was managed by Montag & Caldwell.

Investment management fees are paid directly by the Fund to the Investment Manager based on average daily net assets. Effective June 18, 2021, the Fund paid an investment management fee at the annual rate of 0.48% of the average daily

Notes to Financial Statements (continued)

net assets of the Fund. Prior to June 18, 2021, the Fund paid an investment management fee at the annual rate of 0.70% on the first $800 million, 0.50% on the next $5.2 billion, 0.45% on the next $6 billion, 0.40% in excess of $12 billion of the average daily net assets of the Fund.

The Investment Manager has contractually agreed, through at least March 1, 2023, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) to 0.68% of the Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Fund in certain circumstances. Prior to June 18, 2021, the expense limitation was 0.92%.

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

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of the Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of the Fund.

At October 31, 2021, the Fund’s expiration of reimbursements subject to recoupment is as follows:


Expiration Period
2-3 years	$	95,910


Total	$	95,910

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

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

agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

The Trust has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, the Fund may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of the Fund’s Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorized payments to the Distributor up to 0.25% annually of the Fund’s average daily net assets attributable to the Class N shares. The Plan is characterized as a reimbursement plan and is directly tied to expenses incurred by the Distributor; the payments the Distributor receives during any year may not exceed its actual expenses. The impact on the annualized expense ratios for the year ended October 31, 2021, was 0.16%.

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

The impact on the annualized expense ratios for the fiscal year ended October 31, 2021, were as follows:


	Maximum Annual Amount Approved		Actual Amount Incurred
Class N		0.15%		0.07%

Class I		0.05%		0.06%

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

Notes to Financial Statements (continued)

respectively. The Fund began participating in the interfund lending program effective July 2, 2021. At October 31, 2021, the Fund had no interfund loans outstanding.

The Fund utilized the interfund loan program during the fiscal year ended October 31, 2021 as follows:

Average
Borrowed

Number
of Days

Interest
Paid

Average
Interest Rate

$12,662,928

$1,656

0.955%

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended October 31, 2021, were $460,908,935 and $742,904,548, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the fiscal year ended October 31, 2021.

4. PORTFOLIO SECURITIES LOANED

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

The Fund did not have any securities on loan at October 31, 2021.

5. COMMITMENTS AND CONTINGENCIES

Under the Trust’s organizational documents, its trustees and officers are indemnified against certain liabilities arising out of the performance of their duties

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

6. CREDIT AGREEMENT

The Fund utilized the line of credit during the fiscal year ended October 31, 2021, as follows:

    Weighted
    Average
    Borrowed

Number
of Days

Interest
Paid

Average
Interest Rate

$11,467,445

$5,632

1.360%

7. MASTER NETTING AGREEMENTS

The Fund may enter into master netting agreements with its counterparties for the securities lending program and Repurchase Agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. At October 31, 2021, the Fund had no securities on loan and no repurchase agreements outstanding.

8. SUBSEQUENT EVENTS

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

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF AMG FUNDS IV AND SHAREHOLDERS OF AMG MONTRUSCO BOLTON LARGE CAP GROWTH FUND:

Opinions on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AMG Montrusco Bolton Large Cap Growth Fund (formerly AMG Managers Montag & Caldwell Growth Fund) (one of the funds constituting AMG Funds IV) (the “Fund”) as of October 31, 2021, the related statement of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the five years in the period ended October 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2021

We have served as the auditor of one or more investment companies in AMG Funds Family since 1993.

Other Information (unaudited)

TAX INFORMATION

AMG Montrusco Bolton Large Cap Growth Fund hereby designates the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2020/2021 Form 1099-DIV you receive for the Fund will show the tax status of all distributions paid to you during the year.

Pursuant to section 852 of the Internal Revenue Code, AMG Montrusco Bolton Large Cap Growth Fund hereby designates $243,362,989 as a capital gain distribution with respect to the taxable year ended October 31, 2021, or if subsequently determined to be different, the net capital gains of such fiscal year.

PROXY VOTE

A special meeting of the shareholders of AMG Montrusco Bolton Large Cap Growth Fund (the “Fund”) was held on June 18, 2021, to vote on proposals including to approve a new subadvisory agreement between AMG Funds LLC (the “Investment Manager”) and Montrusco Bolton Investments, Inc. (“Montrusco Bolton”) with respect to the Fund. The proposals and results of the votes are summarized below.


		Number of Eligible Shareholders

Proposal 1	For	Against	Abstain

Approval of a new subadvisory agreement between the Investment Manager and Montrusco Bolton with respect to the Fund.	13,711,378	2,130,383	799,514

% of Shares Present	82.39%	12.80%	4.80%

% of Outstanding Shares	41.63%	6.47%	2.43%
		Number of Eligible Shareholders

Proposal 2	For	Against	Abstain

To approve a change in the Fund’s sub-classification under the Investment Company Act of 1940, as amended, from “diversified” to “non-diversified.”	13,454,105	2,362,318	824,852

% of Shares Present	80.85%	14.20%	4.96%

% of Outstanding Shares	40.85%	7.17%	2.50%
		Number of Eligible Shareholders

Proposal 3	For	Against	Abstain

To approve a change to the Fund’s fundamental investment objective.	13,332,610	2,301,209	1,007,456

% of Shares Present	80.12%	13.83%	6.05%

% of Outstanding Shares	40.48%	6.99%	3.06%
		Number of Eligible Shareholders

Proposal 4	For	Against	Abstain

To approve the redesignation of the Fund’s fundamental investment objective as non-fundamental.	12,078,223	3,660,155	902,897

% of Shares Present	72.58%	21.99%	5.43%

% of Outstanding Shares	36.67%	11.11%	2.74%
		Number of Eligible Shareholders

Proposal 5a	For	Against	Abstain

To approve the amendment of the Fund’s fundamental investment restriction with respect to borrowing and issuing senior securities.	13,407,691	2,371,589	861,994

% of Shares Present	80.57%	14.25%	5.18%

% of Outstanding Shares	40.71%	7.20%	2.62%

Other Information (continued)


		Number of Eligible Shareholders

Proposal 5b	For	Against	Abstain

To approve the amendment of the Fund’s fundamental investment restriction with respect to lending.	13,236,746	2,376,418	1,028,111

% of Shares Present	79.54%	14.28%	6.18%

% of Outstanding Shares	40.19%	7.22%	3.12%
		Number of Eligible Shareholders

Proposal 5c	For	Against	Abstain

To approve the elimination of the Fund’s fundamental investment restriction with respect to ownership of more than 10% of an issuer.	13,143,859	2,663,234	834,183

% of Shares Present	78.98%	16.00%	5.01%

% of Outstanding Shares	39.91%	8.09%	2.53%
		Number of Eligible Shareholders

Proposal 6	For	Against	Abstain

To approve a modified manager-of-managers structure for the Fund that would permit the Investment Manager to enter into and materially amend subadvisory agreements with unaffiliated and affiliated subadvisers without obtaining shareholder approval and would also permit the Fund to disclose fees paid to subadvisers on an aggregate, rather than individual, basis.	13,153,263	2,631,879	856,134

% of Shares Present	79.04%	15.82%	5.15%

% of Outstanding Shares	39.94%	7.99%	2.60%

AMG Funds

Trustees and Officers

review the Funds’ performance. Unless otherwise noted, the address of each Trustee or Officer is the address of the Trust: 680 Washington Blvd., Suite 500, Stamford, CT. 06901.

There is no stated term of office for Trustees. Trustees serve until their resignation, retirement or removal in

Independent Trustees

The following Trustees are not “interested persons” of the Trust within the meaning of the 1940 Act:



Number of Funds Overseen in Fund Complex		Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee

• Trustee since 2016 • Oversees 42 Funds in Fund Complex		Bruce B. Bingham, 72 Partner, Hamilton Partners (real estate development firm) (1987-Current); Director of The Yacktman Funds (2 portfolios) (2000-2012).

• Trustee since 2013 • Oversees 46 Funds in Fund Complex		Kurt A. Keilhacker, 58 Managing Partner, TechFund Europe (2000-Present); Managing Partner, TechFund Capital (1997-Present); Managing Partner, Elementum Ventures (2013-Present); Director, MetricStory, Inc. (2017-Present); Trustee, Wheaton College (2018-Present); Trustee, Gordon College (2001-2016); Board Member, 6wind SA (2002-2019).

• Trustee since 2000 • Oversees 42 Funds in Fund Complex		Steven J. Paggioli, 71 Independent Consultant (2002-Present); Trustee, Professionally Managed Portfolios (28 portfolios); Advisory Board Member, Sustainable Growth Advisors, LP; Independent Director, Muzinich BDC, Inc. (business development company) (2019-Present); Director, The Wadsworth Group; Independent Director, Chase Investment Counsel (2008–2019); Executive Vice President, Secretary and Director, Investment Company Administration, LLC and First Fund Distributors, INC. (1990-2001).

• Trustee since 2013 • Oversees 42 Funds in Fund Complex		Richard F. Powers III, 75 Adjunct Professor, U.S. Naval War College (2016-Present); Adjunct Professor, Boston College (2011-2015); Director, Ameriprise Financial Inc. (2005-2009); President and CEO of Van Kampen Investments Inc. (1998-2003); President, Morgan Stanley Client Group (2000-2002); Executive Vice President and Chief Marketing Officer of the Morgan Stanley Individual Investor Group (1984-1998).

• Independent Chairman • Trustee since 2000 • Oversees 46 Funds in Fund Complex		Eric Rakowski, 63 Professor of Law, University of California at Berkeley School of Law (1990-Present); Tax Attorney at Davis Polk & Wardwell and clerked for Judge Harry T. Edwards of the U.S. Court of Appeals for the District of Columbia Circuit and for Justice William J. Brennan Jr. of the U.S. Supreme Court; Director of Harding, Loevner Funds, Inc. (10 portfolios); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019).

• Trustee since 2013 • Oversees 46 Funds in Fund Complex		Victoria L. Sassine, 56 Adjunct Professor, Babson College (2007–Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-Present); Chairperson of the Board of Directors of Business Management Associates (2018 to 2019).

• Trustee since 2016 • Oversees 42 Funds in Fund Complex		Thomas R. Schneeweis, 74 Professor Emeritus, University of Massachusetts (2013-Present); President, TRS Associates (1982-Present); Board Member, Chartered Alternative Investment Association (“CAIA”) (2002-Present); Co-Founder and Director, Institute for Global Asset and Risk Management (Education) (2010-Present); Co-Owner, Quantitative Investment Technologies (2014-Present); Co-Owner, Yes Wealth Management (2018-Present); Director, CAIA Foundation (2010-2019); Partner, S Capital Wealth Advisors (2015-2018); Partner, S Capital Management, LLC (2007-2015); President, Alternative Investment Analytics, LLC, (formerly Schneeweis Partners, LLC) (2001-2013).

AMG Funds

Trustees and Officers (continued)

Interested Trustees


Number of Funds Overseen in Fund Complex		Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee
• Trustee since 2011 • Oversees 42 Funds in Fund Complex		Christine C. Carsman, 69 Affiliated Managers Group, Inc. (2004-Present): Senior Policy Advisor (2019-Present), Executive Vice President, Deputy General Counsel and Chief Regulatory Counsel (2017-2018), Senior Vice President and Deputy General Counsel (2011-2016), Senior Vice President and Chief Regulatory Counsel (2007-2011), Vice President and Chief Regulatory Counsel (2004-2007); Chair of the Board of Directors, AMG Funds plc (2015-2018); Director, AMG Funds plc (2010-2018); Senior Counsel, Vice President and Director of Operational Risk Management and Compliance, Wellington Management Company, LLP (1995-2004); Director Emeritus of Harding, Loevner Funds, Inc. (0 Portfolios) (2021- Present); Director of Harding, Loevner Funds, Inc. (9 portfolios) (2017-2020); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2004-2011).
• Trustee since 2021 • Oversees 42 Funds in Fund Complex		Garret W. Weston, 40 Affiliated Managers Group, Inc. (2008-Present): Managing Director, Co-Head of Affiliate Engagement (2021-Present), Senior Vice President, Affiliate Development (2016-2021), Vice President, Office of the CEO (2015-2016), Vice President, New Investments (2012-2015), Senior Associate, New Investments (2008-2012); Associate, Madison Dearborn Partners (2006-2008); Analyst, Merrill Lynch (2004-2006).

Officers

Position(s) Held with Fund and Length of Time Served		Name, Age, Principal Occupation(s) During Past 5 Years

• President since 2018 • Principal Executive Officer since 2018 • Chief Executive Officer since 2018 • Chief Operating Officer since 2007		Keitha L. Kinne, 63 Chief Operating Officer, AMG Funds LLC (2007-Present); Chief Investment Officer, AMG Funds LLC (2008-Present); President and Principal, AMG Distributors, Inc. (2018-Present); Chief Operating Officer, AMG Distributors, Inc. (2007-Present); President, Chief Executive Officer and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2018-Present); Chief Operating Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2007-Present); Chief Operating Officer, AMG Funds IV (2016-Present); Chief Operating Officer and Chief Investment Officer, Aston Asset Management, LLC (2016); President and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2012-2014); Managing Partner, AMG Funds LLC (2007-2014); President and Principal, AMG Distributors, Inc. (2012-2014); Managing Director, Legg Mason & Co., LLC (2006-2007); Managing Director, Citigroup Asset Management (2004-2006).

• Secretary since 2015 • Chief Legal Officer since 2015		Mark J. Duggan, 56 Managing Director and Senior Counsel, AMG Funds LLC (2021-Present); Senior Vice President and Senior Counsel, AMG Funds LLC (2015-2021); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2015-Present); Attorney, K&L Gates, LLP (2009-2015).

• Chief Financial Officer since 2017 • Treasurer since 2017 • Principal Financial Officer since 2017 • Principal Accounting Officer since 2017		Thomas G. Disbrow, 55 Vice President, Mutual Fund Treasurer & CFO, AMG Funds, AMG Funds LLC (2017-Present); Chief Financial Officer, Principal Financial Officer, Treasurer and Principal Accounting Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Managing Director - Global Head of Traditional Funds Product Control, UBS Asset Management (Americas), Inc. (2015-2017); Managing Director - Head of North American Funds Treasury, UBS Asset Management (Americas), Inc. (2011-2015).

• Deputy Treasurer since 2017		John A. Starace, 51 Vice President, Mutual Fund Accounting, AMG Funds LLC (2021-Present); Director, Mutual Fund Accounting, AMG Funds LLC (2017-2021); Vice President, Deputy Treasurer of Mutual Funds Services, AMG Funds LLC (2014-2017); Deputy Treasurer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Vice President, Citi Hedge Fund Services (2010-2014); Audit Senior Manager (2005-2010) and Audit Manager (2001-2005), Deloitte & Touche LLP.

• Chief Compliance Officer and Sarbanes-Oxley Code of Ethics since 2019		Patrick J. Spellman, 47 Vice President, Chief Compliance Officer, AMG Funds LLC (2017-Present); Chief Compliance Officer, AMG Distributors, Inc., (2010-Present); Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present); Senior Vice President, Chief Compliance Officer, AMG Funds LLC (2011-2017); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2014-2019); Anti-Money Laundering Officer, AMG Funds IV, (2016-2019); Compliance Manager, Legal and Compliance, Affiliated Managers Group, Inc. (2005-2011).

AMG Funds

Trustees and Officers (continued)


Position(s) Held with Fund and Length of Time Served		Name, Age, Principal Occupation(s) During Past 5 Years
• Assistant Secretary since 2016		Maureen A. Meredith, 36 Vice President, Senior Counsel, AMG Funds LLC (2021-Present); Vice President, Counsel, AMG Funds LLC (2019-2021); Director, Counsel, AMG Funds LLC (2017-2018); Vice President, Counsel, AMG Funds LLC (2015-2017); Assistant Secretary, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2016-Present); Associate, Ropes & Gray LLP (2011-2015); Law Fellow, Massachusetts Appleseed Center for Law and Justice (2010-2011).
• Anti-Money Laundering Compliance Officer since 2019		Hector D. Roman, 43 Director, Legal and Compliance, AMG Funds LLC (2020-Present); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present); Manager, Legal and Compliance, AMG Funds LLC (2017-2019); Director of Compliance, Morgan Stanley Investment Management (2015-2017); Senior Advisory, PricewaterhouseCoopers LLP (2014-2015); Risk Manager, Barclays Investment Bank (2008-2014).

Annual Renewal of Investment Management and Subadvisory Agreements

AMG Montrusco Bolton Large Cap Growth Fund (formerly AMG Managers Montag & Caldwell Growth Fund): Approval of Investment Advisory Agreement on June 24, 2021

At a meeting held via telephone and video conference on June 24, 2021,¹ the Board of Trustees (the “Board” or the “Trustees”), and separately a majority of the Trustees who are not “interested persons” of AMG Funds IV (the “Trust”) (the “Independent Trustees”), approved the Investment Advisory Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) for AMG Montrusco Bolton Large Cap Growth Fund (formerly AMG Managers Montag & Caldwell Growth Fund) (the “Fund”) and separately Amendment No. 1 thereto dated October 1, 2016 (collectively, the “Investment Advisory Agreement”).² The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of the Investment Advisory Agreement. In considering the Investment Advisory Agreement, the Trustees reviewed a variety of materials relating to the Fund and the Investment Manager, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for the Fund (the “Peer Group”), performance information for the relevant benchmark index for the Fund (the “Fund Benchmark”), other relevant matters, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Advisory Agreement; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

NATURE, EXTENT AND QUALITY OF SERVICES

the performance of its duties with respect to the Fund and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Advisory Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Fund; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Fund’s other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Advisory Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to the Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to the Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of the Subadvisory Agreement and annual consideration of the Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel

as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Advisory Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Advisory Agreement and the Investment Manager’s undertaking to maintain a contractual expense limitation for the Fund. The Trustees also considered the Investment Manager’s risk management processes.

PERFORMANCE

The Board considered the Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark and noted that the Board reviews on a quarterly basis detailed information about both the Fund’s performance results and portfolio composition, as well as the Subadviser’s investment philosophy, strategies and techniques used in managing the Fund. The Board was mindful of the Investment Manager’s expertise, resources and attention to monitoring the Subadviser’s performance, investment style and risk-adjusted performance with respect to the Fund and its discussions with the management of the Fund’s subadvisers during the period regarding the factors that contributed to the performance of the Fund.

Among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2021 was below, above, below, and below, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the S&P 500^® Growth Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s underperformance. The Trustees also noted that the Fund outperformed the median of the Peer Group for the 3-year period. The Trustees also took into account the fact that the Fund’s subadviser, investment strategy, and Fund Benchmark changed effective March 19, 2021, and that the performance information reflected that of the Fund’s prior

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

subadviser and investment strategy. The Trustees concluded that the Fund’s performance is being addressed.

ADVISORY FEES; FUND EXPENSES; PROFITABILITY AND ECONOMIES OF SCALE

In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 24, 2021 and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager to the Fund), received by the Investment Manager and its affiliates attributable to managing the Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Fund, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the changes to the management, subadvisory, and shareholder servicing fee rates and the change to the expense cap that were implemented during the past year for the Fund. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to the Fund. The Trustees also noted payments made or to be made from the Subadviser to the Investment Manager, and other payments made or to be made from the Investment Manager to the Subadviser. The Trustees also considered management’s discussion of the current asset level of the Fund, and the impact on profitability of both the current asset level and any future growth of assets of the Fund.

In considering the cost of services to be provided by the Investment Manager under the Investment Advisory Agreement and the profitability to the Investment Manager of its relationship with the Fund, the Trustees noted the undertaking by the Investment Manager to maintain a contractual expense limitation for the Fund. The Board also took into account management’s discussion of the advisory fee structure and the services the Investment Manager provides in performing its functions under the Investment Advisory Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time.

Also with respect to economies of scale, the Trustees noted that as the Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

The Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2021 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that, effective June 18, 2021, the Investment Manager has contractually agreed, through March 1, 2023, to lower the Fund’s contractual expense limitation from 0.92% to 0.68% of the Fund’s net annual operating expenses (subject to certain excluded expenses). The Trustees also noted that, effective June 18, 2021, the Fund’s management fee rate was reduced. The Trustees also took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager, the foregoing expense limitation and the considerations noted above with respect to the Investment Manager, the Fund’s advisory fees are reasonable.

The Trustees also considered information provided by the Investment Manager throughout the previous year related to the benefits of the strategic repositioning of the AMG Funds complex for greater alignment with Affiliated Managers Group, Inc. (“AMG”), in which each fund that was not previously subadvised by an affiliate of AMG (each affiliate of AMG, an “Affiliate” and collectively, “Affiliates”) was transitioned to an AMG Affiliate subadviser. The Trustees considered that the strategic repositioning was expected to create value for the Fund, the other funds in the AMG Funds complex and their shareholders through enhanced resources and competitive fee levels. The Trustees noted the expectations that the changes would result in bringing the full range of AMG’s resources to bear on the growth and success of the AMG Funds, streamlining the lineup of funds in the AMG Funds complex and reducing the number of subadvisers in the AMG Funds complex, significantly reducing strategy overlap and providing more differentiated investment solutions for the AMG Funds complex that are otherwise not available to U.S. retail investors. The Trustees further considered the expectation that the repositioning would bring AMG’s strong partnerships in support of the Fund and the AMG Funds complex as a whole and enable AMG

Funds to bring the best capabilities of AMG’s Affiliates to the Fund and the rest of the AMG Funds complex. The Trustees noted that AMG’s relationship with its Affiliates will also allow the Fund to have greater insight into the Affiliates’ compliance and business platform than is generally possible with third party subadvisers, aiding the ongoing monitoring of subadvisers.

* * * *

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Advisory Agreement: (a) the Investment Manager has demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory Agreement and (b) the Investment Manager maintains an appropriate compliance program.

¹ The Trustees determined that the conditions surrounding COVID-19 constituted unforeseen or emergency circumstances and that reliance on the Securities and Exchange Commission’s (“SEC”) exemptive order, which provides relief from the in-person voting requirements of the Investment Company Act of 1940, as amended (the “1940 Act”), in certain circumstances (the “In-Person Relief”), was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19. The Trustees unanimously wished to rely on the In-Person Relief with respect to the approval of those matters on the agenda for the June 24, 2021 meeting that would otherwise require in-person votes under the 1940 Act. See Investment Company Release No. 33897 (June 19, 2020). This exemptive order supersedes, in part, a similar, earlier exemptive order issued by the SEC (Investment Company Release No. 33824 (March 25, 2020)).

² At a meeting held via telephone and videoconference on March 17-18, 2021, the Board of the Trust, and separately a majority of the Independent Trustees, approved the Subadvisory Agreement with respect to the Fund (the “Subadvisory Agreement”). The Subadvisory Agreement was subsequently approved by the Fund’s shareholders at a special meeting held on June 18, 2021, for an initial two-year period.

THIS PAGE INTENTIONALLY LEFT BLANK

LOGO

INVESTMENT MANAGER AND ADMINISTRATOR

AMG Funds LLC

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

DISTRIBUTOR

AMG Distributors, Inc.

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

SUBADVISER

Montrusco Bolton Investments, Inc.

1501 McGill College Avenue

Suite 1200

Montreal, QC H3A 3M8

Canada

CUSTODIAN

The Bank of New York Mellon

Mutual Funds Custody

6023 Airport Road

Oriskany, NY 13424

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

Attn: AMG Funds

4400 Computer Drive

Westborough, MA 01581

800.548.4539

This report is prepared for the Fund’s shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.

Current net asset values per share for the Fund are available on the Fund’s website at amgfunds.com.

A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission’s (SEC) website at sec.gov. For information regarding the Fund’s proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Fund’s portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Fund’s website at amgfunds.com. To review a complete list of the Fund’s portfolio holdings, or to view the most recent semiannual report or annual report, please visit amgfunds.com.


amgfunds.com \|

BALANCED FUNDS

AMG GW&K Global Allocation

GW&K Investment Management, LLC

AMG FQ Global Risk-Balanced

First Quadrant, L.P.

EQUITY FUNDS

AMG Beutel Goodman International Equity

Beutel, Goodman & Company Ltd.

AMG Boston Common Global Impact

Boston Common Asset Management, LLC

AMG Managers CenterSquare Real Estate

CenterSquare Investment Management LLC

AMG Frontier Small Cap Growth

Frontier Capital Management Co., LLC

AMG GW&K Small Cap Core

AMG GW&K Small Cap Value

AMG GW&K Small/Mid Cap

AMG GW&K Small/Mid Cap Growth

AMG GW&K Emerging Markets Equity

AMG GW&K Emerging Wealth Equity

AMG GW&K International Small Cap

GW&K Investment Management, LLC

AMG Montrusco Bolton Large Cap Growth

Montrusco Bolton Investments, Inc.

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

AMG River Road Dividend All Cap Value

AMG River Road Focused Absolute Value

AMG River Road International Value Equity

AMG River Road Large Cap Value Select

AMG River Road Mid Cap Value

AMG River Road Small-Mid Cap Value

AMG River Road Small Cap Value

River Road Asset Management, LLC

AMG TimesSquare Emerging Markets Small Cap

AMG TimesSquare Global Small Cap

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

AMG Veritas Asia Pacific

AMG Veritas China AMG Veritas Global Focus

AMG Veritas Global Real Return

Veritas Asset Management LLP

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Global

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

FIXED INCOME FUNDS

AMG Beutel Goodman Core Plus Bond

Beutel, Goodman & Company Ltd.

AMG GW&K Core Bond ESG

AMG GW&K Enhanced Core Bond ESG

AMG GW&K ESG Bond

AMG GW&K High Income

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced Yield

GW&K Investment Management, LLC


amgfunds.com \|				103121		AR087


		ANNUAL REPORT


AMG Funds October 31, 2021 AMG GW&K Core Bond ESG Fund

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


AMG GW&K Emerging Markets Equity Fund

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

AMG GW&K Emerging Wealth Equity Fund

Class N: TYWVX	Class I: TYWSX	Class Z: TYWIX
AMG GW&K Small/Mid Cap Growth Fund (formerly AMG GW&K Small Cap Fund II, which was formerly AMG Managers LMCG Small Cap Growth Fund)

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


amgfunds.com		103121 AR069

AMG Funds

Annual Report — October 31, 2021




	TABLE OF CONTENTS	PAGE

	LETTER TO SHAREHOLDERS		2

	ABOUT YOUR FUND’S EXPENSES		3

	PORTFOLIO MANAGER’S COMMENTS, FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS

	AMG GW&K Core Bond ESG Fund		4

	AMG GW&K Emerging Markets Equity Fund		12

	AMG GW&K Emerging Wealth Equity Fund		19

	AMG GW&K Small/Mid Cap Growth Fund		25

	FINANCIAL STATEMENTS

	Statement of Assets and Liabilities		31

	Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)

	Statement of Operations		33

	Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal year

	Statements of Changes in Net Assets		34

	Detail of changes in assets for the past two fiscal years

	Financial Highlights		36

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

	Notes to Financial Statements		48

	Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks

	REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM		57

	OTHER INFORMATION		58

	TRUSTEES AND OFFICERS		60

	ANNUAL RENEWAL OF INVESTMENT MANAGEMENT AND SUBADVISORY AGREEMENTS		63


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


		Letter to Shareholders

Dear Shareholder:

19.02%, respectively. Value stocks edged out Growth stocks as the Russell 1000^® Value Index returned 43.76% compared to the 43.21% return for the Russell 1000^® Growth Index. Small cap stocks outperformed as the Russell 2000^® Index experienced its best quarter (fourth quarter 2020) on record. Within small caps, the Value-Growth disparity was much more pronounced as the Russell 2000^® Value Index returned 64.30% compared to 38.45% for the Russell 2000^® Growth Index. Outside the U.S., foreign developed markets lagged their U.S. counterparts with a 34.18% return for the MSCI EAFE Index. A major regulatory crackdown in China shook investor confidence in Chinese equities and caused emerging markets to underperform with a 16.96% return for the MSCI Emerging Markets Index.

Respectfully,

LOGO

Keitha Kinne

President

AMG Funds


Average Annual Total Returns		Periods ended October 31, 2021*

Stocks:		1 Year			3 Years		5 Years

Large Cap	(S&P 500^® Index)		42.91	%		21.48%		18.93%

Small Cap	(Russell 2000^® Index)		50.80	%		16.47%		15.52%

International	(MSCI All Country World Index ex USA)		29.66	%		12.00%		9.77%
Bonds:

Investment Grade	(Bloomberg U.S. Aggregate Bond Index)		(0.48	)%		5.63%		3.10%

High Yield	(Bloomberg U.S. Corporate High Yield Bond Index)		10.53	%		7.43%		6.40%

Tax-exempt	(Bloomberg Municipal Bond Index)		2.64	%		5.17%		3.41%

Treasury Bills	(ICE BofAML U.S. 6-Month Treasury Bill Index)		0.11	%		1.37%		1.32%

*Source: FactSet. Past performance is no guarantee of future results.

About Your Fund’s Expenses

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES



Six Months Ended October 31, 2021	Expense Ratio for the Period	Beginning Account Value 05/01/21	Ending Account Value 10/31/21	Expenses Paid During the Period*
AMG GW&K Core Bond ESG Fund

Based on Actual Fund Return

Class N	0.88%	$1,000	$1,007	$4.45

Class I	0.56%	$1,000	$1,008	$2.83

Class Z	0.48%	$1,000	$1,009	$2.43

Based on Hypothetical 5% Annual Return

Class N	0.88%	$1,000	$1,021	$4.48

Class I	0.56%	$1,000	$1,022	$2.85

Class Z	0.48%	$1,000	$1,023	$2.45
AMG GW&K Emerging Markets Equity Fund

Based on Actual Fund Return

Class N	1.27%	$1,000	$904	$6.09

Class I	0.96%	$1,000	$905	$4.61

Class Z	0.87%	$1,000	$905	$4.18

Based on Hypothetical 5% Annual Return

Class N	1.27%	$1,000	$1,019	$6.46

Class I	0.96%	$1,000	$1,020	$4.89

Class Z	0.87%	$1,000	$1,021	$4.43
AMG GW&K Emerging Wealth Equity Fund

Based on Actual Fund Return

Class N	1.24%	$1,000	$860	$5.81

Class I	0.94%	$1,000	$861	$4.41

Class Z	0.84%	$1,000	$862	$3.94

Based on Hypothetical 5% Annual Return

Class N	1.24%	$1,000	$1,019	$6.31

Class I	0.94%	$1,000	$1,020	$4.79

Class Z	0.84%	$1,000	$1,021	$4.28



Six Months Ended October 31, 2021	Expense Ratio for the Period	Beginning Account Value 05/01/21	Ending Account Value 10/31/21	Expenses Paid During the Period*
AMG GW&K Small/Mid Cap Growth Fund

Based on Actual Fund Return

Class N	1.07%	$1,000	$1,109	$5.69

Class I	0.93%	$1,000	$1,110	$4.95

Class Z^**	0.82%	$1,000	$1,031	$1.39

Based on Hypothetical 5% Annual Return

Class N	1.07%	$1,000	$1,020	$5.45

Class I	0.93%	$1,000	$1,021	$4.74

Class Z^**	0.82%	$1,000	$1,021	$4.18

*	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 (184), then divided by 365.

**	Commencement of operations was August 31, 2021. 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 since inception (61), then divided by 365.

AMG GW&K Core Bond ESG Fund

Portfolio Manager’s Comments (unaudited)

THE YEAR IN REVIEW

For the 12 months ending October 31, 2021, AMG GW&K Core Bond ESG Fund’s (the “Fund”) Class I shares returned 0.15%, compared to the return of (0.48%) for the Bloomberg U.S. Aggregate Bond Index (the “Index”).

OVERVIEW

GW&K Investment Management, LLC (“GWK”) believes that responsible corporate behavior with respect to ESG (environmental, social, and governance) factors can lead to positive and sustainable long-term financial performance and aligns with our pursuit of quality investments. GW&K has been incorporating ESG factors into our equity and fixed income analysis process for several years, and as a signatory of the UN Principles for Responsible Investment, we are committed to incorporating the assessment of ESG issues into our fundamental research process. We believe ESG investing adds value to our investment process by improving our assessment of risk and enhancing our ability to identify high-quality credits; aids our up-in-quality bias by improving identification of credits with less long-term volatility; limits our exposure to credit ratings downgrades and negative events that are difficult to quantify; and deepens our fundamental credit analysis and leads to better outcomes by providing a more nuanced and complete picture.

ESG considerations have long informed our process. We focus on business and credit fundamentals, relative valuation, and technical considerations. We believe ESG factors are important considerations in analyzing a company’s business and financial policy and that they highlight non-financial risks that can significantly affect a company’s financial health over the long term. Just as with credit risks, investors require additional compensation for ESG risks, leading to potential inefficiencies in valuation.

MARKET OVERVIEW

The beginning of the fiscal year in late 2020 represented a major inflection point for fixed income markets, as the most dominant trading narratives of 2020 were either resolved or significantly advanced. The closely contested U.S. election was decided, another round of fiscal stimulus was passed, and, most importantly, several COVID-19 vaccines were approved for worldwide distribution. But while some of 2020’s most salient overhangs have been removed, the year ahead promised challenges of its own. On the political front, the incoming administration certainly had its work cut out for itself

in advancing meaningful legislation, with implications ranging from additional stimulus to changes in the regulatory landscape. The speed at which vaccines were distributed is likewise a point of uncertainty, to say nothing of how effective it will ultimately be at slowing the spread of the virus. Meanwhile, the economy continued its slow climb out of the recent downturn as businesses and consumers adapt to a post-COVID-19 world. Importantly for the bond market, the possibility of adverse outcomes is likely to be mitigated by the U.S. Federal Reserve (Fed). The central bank continues to exert massive influence over capital markets, and policymakers remain clear in their intentions to ensure their smooth functioning.

Fixed income markets posted their worst returns since 1981 in the first quarter of 2021 amid a sharp rebound in growth expectations and burgeoning fears of higher inflation. The success of the nationwide vaccine rollout, a rapidly healing labor market, and swelling consumer confidence continued to drive the reflation narrative. Further support came in the form of a $1.9 trillion fiscal stimulus package on top of a commitment to ultra-loose monetary policy from the Fed. And beyond that, investors were confronted with the possibility of yet more fiscal support with a proposal of infrastructure spending. This combination of factors amounted to nothing less than a wholesale regime shift for a bond market that until just a few months ago struggled with an anemic growth outlook and fears of deflation.

Fixed income markets rebounded solidly in the second quarter of 2021 following their worst selloff in decades. The most prominent catalyst behind the first-quarter rout—the threat of sharply faster economic growth and elevated inflation—proved far less menacing in light of lackluster data and a less dovish the Fed. In addition to the overhang of COVID-19, including fears of new variants and the elusiveness of herd immunity, signs began to emerge that the pace of the recovery had peaked. Nonfarm payrolls posted successive disappointing results, the manufacturing resurgence stalled, and retail sales slipped. Some of the more sensational commodity price spikes began to roll over as well, casting further doubt on the persistence of recent inflationary pressures. None of this suggests that the recovery is off track, but the bond market’s stubborn resilience points to a marked revision of the timeframe for normalization.

Fixed income markets were essentially unchanged in the third quarter of 2021 despite a steady succession of headlines related to COVID-19, geopolitics, and

price increases. Bond investors’ largely sanguine response to these challenges suggests they have been able to look beyond near-term headwinds toward the next stage of the recovery. The Delta variant drove a massive surge in cases across much of the U.S., even as new prevention and treatment options continued to emerge and data suggest cases have crested. Chinese authorities enacted assertive regulatory changes and pursued efforts to reduce systemic leverage, while nevertheless framing both as necessary to achieve long-term stability and prosperity. Supply-chain constraints, energy shortages, and limited labor availability threatened to weigh on growth around the world, but there have been few indications that these market failures reflect any weakness in aggregate demand. On balance, these various obstacles seem to have been relegated to the category of one-time items, and the bond market has demonstrated little concern that they represent a meaningful threat to the current trading regime.

The Treasury yield curve flattened significantly in the month of October. The front end moved

sharply higher amid elevated inflation fears, as the yield on the two-year jumped to a new post-pandemic high. Rates farther out the curve were more subdued, with the long end even enjoying a slight rally, as investors tempered their longer-term growth outlook. Inflation breakevens closed at the top of a multi-decade range.

FUND REVIEW

The Fund modestly outperformed the Index for the one-year period ended October 31, 2021. The above-benchmark allocation to spread product was the main contributor to returns. Specifically, an overweight to investment-grade corporate bonds helped as did an overweight to taxable municipals. An out of benchmark allocation to fixed-to-floating bonds also added to performance. The Fund’s notable underweight was to the Treasury sector, which underperformed. Security selection also helped returns, with positive results experienced in consumer cyclicals and consumer non-cyclicals as well as agency mortgage-backed securities (MBS) and taxable municipals. On the negative side, selection in capital goods, communications, and agency Collateralized MBS detracted. The Fund’s duration positioning also contributed. Rates rose during the period and the Fund’s shorter duration compared to the Index proved favorable. On the other hand, yield curve positioning subtracted from performance, as the Fund had modest underweights

AMG GW&K Core Bond ESG Fund

Portfolio Manager’s Comments (continued)

to the short and long ends of the curve. The former saw yields fall in some spots, while the latter did not rise as much as other maturities.

ESG continues to be a growing area of focus for the corporate bond market. The range of companies publishing sustainability reports and setting related goals and targets increased significantly this year. Large companies in even some of the highest emitting industries, like autos, oil & gas, and steel, set long-term reduction targets and committed to significant sustainability investments. Following this trend, 2021 will be another record-shattering year for ESG-labeled bond issuance, with green bonds dominating the market as investors clamor for ESG-related investments. While we continue to selectively add ESG-labeled bonds, we remain focused on avoiding corporate issuers with weaker ESG-related practices.

We conducted the following trades based on ESG factors over the period:

We purchased a Republic of Chile bond, a green bond that also allowed for diversification. The position was subsequently sold on potential for elevated political risk.

We sold Cheniere on ESG concerns regarding its carbon profile.

We exited T-Mobile due to ESG concerns surrounding its data breach.

OUTLOOK

The increasingly hawkish tone of commentary from central banks around the world has raised the temperature of rhetoric on both sides of the transitory versus structural inflation debate. In the former camp are those who caution that responding too hastily to one-time supply side-related shortages would result in a policy error; those in the latter camp fret that authorities are already behind the curve and that tapering should have begun months ago. The slope of the yield curve offers little clarity and points to a stalemate for now, sitting at or very near its multi-decade average (depending on which tenors you consider). While we recognize merits on both sides of the argument, we continue to see more risk to the upside in rates than the downside and thus remain broadly shorter than our benchmarks. We also see a more appealing risk profile in intermediate maturities in comparison to the long end, which would experience the greatest volatility in the event of a sharp move higher in rates.

Our outlook for corporate credit remains constructive and we believe the space offers the most compelling value in the fixed income market. Insofar as Treasury yields sit near historic lows, corporates offer an attractive yield advantage, and in the event that

rates begin to rise they offer a potential buffer. Additionally, as the recovery continues to unfold, we see opportunities in credit-improvement stories that could benefit from spread compression and that would generate further excess returns. The higher-rated segments of the high yield market in particular are rich in these opportunities, given the number of issuers downgraded from Investment Grade (“IG”) last year that are poised to regain their former IG status. We also anticipate further outperformance in select segments of the consumer-oriented sectors, while remaining wary of potential challenges posed by supply chain stresses. We are still neutral on the mortgage space in advance of the Fed’s tapering, but the recent uptick in mortgage rates offers a first step toward improving our confidence in the prepayment outlook. Our preference for higher-coupon, seasoned pools has already begun paying off as duration for the benchmark has lengthened into the rates selloff. Given that we expect this trend to persist, we maintain this preference within the MBS space.

The views expressed represent the opinions of GW&K Investment Management, LLC as of October 31, 2021, and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

AMG GW&K Core Bond ESG Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K Core Bond ESG Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. This graph compares a hypothetical $10,000 investment made in the AMG GW&K Core Bond ESG Fund’s Class I shares on October 31, 2011, to a $10,000 investment made in the Bloomberg U.S. Aggregate Bond Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG GW&K Core Bond ESG Fund and the Bloomberg U.S. Aggregate Bond Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years		Since Inception			Inception Date
AMG GW&K Core Bond ESG Fund^{2, 3, 4, 5, 6, 7, 8, 9}

Class N		(0.27	%)		2.69	%		–		2.63	%		05/08/15

Class I		0.15	%		3.03	%		3.25%		5.64	%		04/30/93

Class Z		0.13	%		3.11	%		–		3.05	%		05/08/15

Bloomberg U.S. Aggregate Bond Index¹⁰		(0.48	%)		3.10	%		3.00%		5.13	%		04/30/93	^†

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

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

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

³ To the extent that the Fund invests in asset-backed or mortgage-backed securities, its exposure to prepayment and extension risks may be greater than investments in other fixed income securities.

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

⁵ The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor’s ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.

⁶ The Fund may invest in derivatives such as options and futures; the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

⁷ Many bonds have call provisions which allow the debtors to pay them back before maturity. This is especially true with mortgage securities, which can be paid back anytime. Typically debtors prepay their debt when it is to their advantage (when interest rates drop making a new loan at current rates more attractive), and thus likely to the disadvantage of bondholders, who may have to reinvest prepayment proceeds in securities with lower yields. Prepayment risk will vary depending on the provisions of the security and current interest rates relative to the interest rate of the debt.

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

⁹ 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

AMG GW&K Core Bond ESG Fund

Portfolio Manager’s Comments (continued)

Subadviser will reflect the beliefs or values of any particular investor.

¹⁰ The Bloomberg U.S. Aggregate Bond Index is an index of the U.S. investment-grade fixed-rate bond market, including both government and corporate bonds. Unlike the Fund, the Bloomberg U.S. Aggregate Bond Index is unmanaged, is not available for investment, and does not incur expenses.

“Bloomberg^®” and Bloomberg U.S. Aggregate Bond Index are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the AMG GW&K Core Bond ESG Fund.

Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to the AMG GW&K Core Bond ESG Fund.

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

AMG GW&K Core Bond ESG Fund

Fund Snapshots (unaudited)

October 31, 2021

PORTFOLIO BREAKDOWN


Category	% of Net Assets

U.S. Government and Agency Obligations		46.6

Corporate Bonds and Notes		40.5

Municipal Bonds		7.6

Foreign Government Obligations		0.7

Other Assets Less Liabilities		4.6

Rating	% of Market Value¹

U.S. Government and Agency Obligations		48.9

Aaa/AAA		3.4

Aa/AA		13.4

A		8.7

Baa/BBB		25.6

TOP TEN HOLDINGS


Security Name		% of Net Assets

U.S. Treasury Bonds, 2.250%, 05/15/41		3.5

United States Treasury Notes, 2.000%, 11/30/22		3.0

U.S. Treasury Bonds, 6.250%, 08/15/23		2.8

FHLMC, 3.500%, 10/01/45		2.7

U.S. Treasury Bonds, 1.875%, 02/15/51		2.2

California State General Obligation, School Improvements, 7.550%, 04/01/39		2.1

The Bank of Nova Scotia, 0.594%, 03/02/26 (Canada)		2.0

FHLMC, 3.000%, 11/01/49		2.0

Verizon Communications, Inc., 3.875%, 02/08/29		1.9

FHLMC, 2.500%, 10/01/34		1.8


Top Ten as a Group		24.0

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

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

AMG GW&K Core Bond ESG Fund

Schedule of Portfolio Investments

October 31, 2021


	Principal Amount		Value
Corporate Bonds and Notes - 40.5%

Financials - 16.5%

Air Lease Corp. MTN, 3.000%, 02/01/30		$2,113,000		$2,137,099

Ally Financial, Inc. 8.000%, 11/01/31		1,404,000		2,010,281

American Express Co.
(3.550% to 09/15/26 then U.S. Treasury Yield Curve CMT 5 year + 2.854%), 3.550%, 09/15/26^1,2,3		1,423,000		1,430,115

Bank of America Corp.
MTN, (4.330% to 03/15/49 then 3 month LIBOR + 1.520%), 4.330%, 03/15/50^1,3		1,600,000		1,990,795

The Bank of New York Mellon Corp.
MTN, 2.450%, 08/17/26		937,000		979,113
Series G, (4.700% to 09/20/25 then U.S. Treasury Yield Curve CMT 5 year + 4.358%), 4.700%, 09/20/25^1,2,3		910,000		990,262

The Bank of Nova Scotia (Canada)
(SOFR + 0.545%), 0.594%, 03/02/26³		3,986,000		3,985,123

Boston Properties, LP 3.400%, 06/21/29		1,841,000		1,973,935

The Charles Schwab Corp.
Series I, (4.000% to 06/01/26 then U.S. Treasury Yield Curve CMT 5 year + 3.168%), 4.000%, 06/01/26^1,2,3		1,975,000		2,032,571

Crown Castle International Corp. 4.000%, 03/01/27		1,800,000		1,981,047

The Goldman Sachs Group, Inc. 3.500%, 11/16/26		2,726,000		2,920,775

JPMorgan Chase & Co.
(SOFR + 0.580%), 0.629%, 03/16/24³		1,962,000		1,968,607
(SOFR + 0.765%), 0.814%, 09/22/27³		1,928,000		1,940,773

MetLife, Inc.
Series G, (3.850% to 09/15/25 then U.S. Treasury Yield Curve CMT 5 year + 3.576%), 3.850%, 09/15/25^1,2,3		2,009,000		2,084,338

The Toronto-Dominion Bank, MTN (Canada)
(SOFR + 0.350%), 0.399%, 09/10/24³		1,951,000		1,954,371

Wells Fargo & Co.
MTN, (5.013% to 04/04/50 then SOFR + 4.502%), 5.013%, 04/04/51^1,3		1,411,000		1,948,827

Total Financials				32,328,032

Industrials - 22.5%

Ashtead Capital, Inc. 1.500%, 08/12/26⁴		986,000		967,528

AT&T, Inc. 4.300%, 12/15/42		1,710,000		1,935,581

Block Financial LLC 3.875%, 08/15/30		1,767,000		1,882,539

Broadcom Corp./Broadcom Cayman Finance, Ltd. 3.875%, 01/15/27		1,808,000		1,959,937


	Principal Amount		Value

Charter Communications Operating LLC/Charter Communications Operating Capital 2.250%, 01/15/29		$2,000,000		$1,963,350

Comcast Corp. 4.150%, 10/15/28		1,656,000		1,889,650

CommonSpirit Health 3.347%, 10/01/29		2,317,000		2,470,593

CVS Health Corp. 5.125%, 07/20/45		1,735,000		2,282,812

Dell International LLC/EMC Corp. 6.200%, 07/15/30		1,512,000		1,929,690

Discovery Communications LLC 3.950%, 03/20/28		1,766,000		1,944,659

Fiserv, Inc. 4.200%, 10/01/28		1,703,000		1,928,084

The Ford Foundation
Series 2020, 2.415%, 06/01/50		2,207,000		2,161,857

GLP Capital LP/GLP Financing II, Inc. 5.375%, 04/15/26		2,610,000		2,943,271

HCA, Inc. 4.125%, 06/15/29		1,762,000		1,951,560
4.500%, 02/15/27		874,000		969,902

Microsoft Corp. 2.525%, 06/01/50		2,195,000		2,158,960

Parker-Hannifin Corp. 3.250%, 06/14/29		1,773,000		1,899,937

ServiceNow, Inc. 1.400%, 09/01/30		2,080,000		1,946,733

Smith & Nephew PLC (United Kingdom) 2.032%, 10/14/30		1,010,000		981,752

Sysco Corp. 2.400%, 02/15/30		2,324,000		2,353,051

Verizon Communications, Inc. 3.875%, 02/08/29		3,403,000		3,792,188

Walgreens Boots Alliance, Inc. 4.800%, 11/18/44		1,593,000		1,929,537

Total Industrials				44,243,171

Utilities - 1.5%
Dominion Energy, Inc.

Series B, (4.650% to 12/15/24 then U.S. Treasury Yield Curve CMT 5 year + 2.993%), 4.650%, 12/15/24^1,2,3		978,000		1,041,570

National Rural Utilities Cooperative Finance Corp. 1.350%, 03/15/31		2,024,000		1,866,557

Total Utilities				2,908,127

Total Corporate Bonds and Notes
(Cost $78,090,151)				79,479,330

Municipal Bonds - 7.6%

California State General Obligation, School Improvements 7.550%, 04/01/39		2,410,000		4,058,434

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

AMG GW&K Core Bond ESG Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value

Municipal Bonds - 7.6% (continued)

JobsOhio Beverage System

Series B, 4.532%, 01/01/35		$1,705,000		$2,085,404

Los Angeles Unified School District, School Improvements 5.750%, 07/01/34		2,635,000		3,479,937

Massachusetts School Building Authority Series B, 1.753%, 08/15/30		2,017,000		1,989,370

University of California, University & College Improvements Series BD, 3.349%, 07/01/29		2,935,000		3,253,498

Total Municipal Bonds
(Cost $13,515,528)				14,866,643

U.S. Government and Agency Obligations - 46.6%

Fannie Mae - 18.5%

FNMA 2.000%, 02/01/36 to 10/01/50		2,356,564		2,407,874
3.000%, 06/01/38		506,000		536,799
3.500%, 03/01/30 to 03/01/48		9,354,688		10,083,594
4.000%, 03/01/44 to 01/01/51		9,809,275		10,741,556
4.500%, 04/01/39 to 06/01/41		9,694,635		10,827,526
5.000%, 07/01/47		1,498,060		1,699,049
Total Fannie Mae				36,296,398

Freddie Mac - 10.9%

FHLMC 2.500%, 10/01/34 to 08/01/50		5,058,018		5,287,019
3.000%, 11/01/49 to 03/01/50		4,976,618		5,287,481
3.500%, 10/01/45		4,812,983		5,211,500
4.000%, 07/01/48 to 09/01/50		1,806,785		1,967,470
5.000%, 07/01/44		1,582,897		1,797,638

¹	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at October 31, 2021. Rate will reset at a future date.

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

⁴	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2021, the value of this security amounted to $967,528 or 0.5% of net assets.


	Principal Amount		Value

FHLMC Gold Pool 3.500%, 07/01/32 to 05/01/44		$1,685,017		$1,822,361

Total Freddie Mac				21,373,469

U.S. Treasury Obligations - 17.2%

U.S. Treasury Bonds 1.875%, 02/15/51		4,292,000		4,222,255
2.250%, 05/15/41		6,587,000		6,875,181
3.125%, 05/15/48		1,598,000		1,991,445
4.500%, 02/15/36		2,589,000		3,557,953
6.250%, 08/15/23		4,918,000		5,429,203
6.750%, 08/15/26		1,506,000		1,897,325

U.S. Treasury Floating Rate Note
(U.S. Treasury 3 month Bill Money Market Yield + 0.049%), 0.099%, 01/31/23³		1,964,000		1,964,606

United States Treasury Notes 2.000%, 11/30/22		5,852,000		5,967,440
2.875%, 05/15/28		1,763,000		1,924,356

Total U.S. Treasury Obligations				33,829,764
Total U.S. Government and Agency Obligations
(Cost $89,913,118)				91,499,631

Foreign Government Obligation - 0.7%
The Korea Development Bank (South Korea)
0.500%, 10/27/23 (Cost $1,382,683)		1,385,000		1,378,156

Total Investments - 95.4%
(Cost $182,901,480)				187,223,760

Other Assets, less Liabilities - 4.6%				8,931,825

Net Assets - 100.0%			$	196,155,585


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

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

AMG GW&K Core Bond ESG Fund

Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of October 31, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities

Corporate Bonds and Notes^†

–

$79,479,330

–

$79,479,330

Municipal Bonds^†

–

14,866,643

–

14,866,643

U.S. Government and Agency Obligations^†

–

91,499,631

–

91,499,631

Foreign Government Obligation

–

1,378,156

–

1,378,156

Total Investments in Securities

–

$187,223,760

–

$187,223,760

^†

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.

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

AMG GW&K Emerging Markets Equity Fund

Portfolio Manager’s Comments (unaudited)

MARKET OVERVIEW

Emerging markets (“EM”) advanced during the fiscal year ended October 2021, as global business activity accelerated thanks to effective COVID-19 vaccines, improved virus treatments, and pent-up demand. Commodity prices also rallied on favorable supply and demand dynamics. The MSCI Emerging Markets Index (“MSCI EM Index”) gained 16.96% but trailed developed markets (DM) considerably, as the MSCI World Index advanced 40.4%. That represents the second worst one-year underperformance of EM versus DM since 1999, eclipsed only by the “taper tantrum” period of late 2013. The performance gap appears to reflect EM’s incomplete and uneven recovery from the pandemic along with tighter financial conditions in EM.

There was a notable change in regional leadership this year, as commodity-rich countries finished in the lead and an otherwise resilient Asia fell victim to disappointing returns from index heavyweight China. What seemed like a ceaseless flow of worrying news from the country—Beijing’s far-reaching regulatory offensive, the demise of heavily indebted real estate developer China Evergrande, and surprising power shortages—saw the MSCI China Index fall (9.2)%. South Korea and Taiwan delivered a second consecutive year of strong performance due to ongoing demand for semiconductors, and India quickly recovered from a dire outbreak of the Delta variant to end the year as the top Asian market. The EMEA region’s oil producing countries—Russia and the Gulf Corporation Council markets—were standout performers as Brent crude oil soared past $80/bbl. Eastern Europe rallied on unexpectedly good earnings across the continent. Higher commodity prices also drove gains in Latin America, though Brazil struggled later in the period as inflation took hold amid aggressive fiscal spending. Energy and materials outperformed substantially as commodity prices rallied, financials gained on a more favorable margin outlook in several markets, and record earnings in the semiconductor industry supported information technology. China-specific factors triggered negative returns in the consumer discretionary, communication services, and real estate sectors.

FUND REVIEW

For the fiscal year ending October 31, 2021, AMG GW&K Emerging Markets Equity Fund (the “Fund”) Class Z shares returned 10.15%, underperforming the 16.96% return for the MSCI EM Index. Sector exposure was a key factor in the performance shortfall, as investors shifted from structural growth companies in consumer-related industries to value cyclicals like mining and energy producers, where the Fund is typically underweight. Pressure on the Fund’s positions in China, where regulatory changes engulfed a number of industries, also detracted from relative performance. Proposed changes to casino licensing conditions caused a sharp fall in Macau-based Sands China Ltd., and Tencent Holdings Ltd., Tencent Music Entertainment Group, and Kuaishou Technology Class B also declined on uncertainty surrounding expected regulatory changes governing video gaming and social media content. Sands China and Kuaishou Technology were sold during the period. Similar concerns and signs of decelerating consumption weighed on Alibaba Group Holdings Ltd.

Aside from the situation in China, several holdings performed quite well during the period. Russian gas producer Novatek PJSC gained on record prices for natural gas in Europe and Asia. Sberbank of Russia PJSC, the country’s largest financial services company, reported better-than-expected earnings and increased its profit target for 2021. Taiwan Semiconductor Manufacturing Co., LTD. reported consistently strong earnings throughout the past year due to robust worldwide demand for semiconductors. Samsung Electronics Co., Ltd. also advanced on record sales in its semiconductor division. Financials, led by Sberbank of Russia and India’s HDFC Bank, Ltd. and Housing Development Finance Corp. Ltd., was the Fund’s top performing sector.

OUTLOOK AND PORTFOLIO POSITIONING

EM equity performance stands in stark contrast to DM over the past 12 months. The uneven post-pandemic economic recovery across countries,

earlier tightening of monetary policy in several markets, and China-specific factors have all contributed to this divergence in returns. As a result, EM are trading at a 33% discount to DM based on forward PE multiples. Undoubtedly, earnings growth will be the most important driver of future performance, but the ever-widening discount, particularly relative to the U.S. market, should provide a measure of downside support. Over the next three years, bottom-up analysts project EM earnings compounding at about 9% annually compared to 10% for DM earnings. The relatively modest advantage for DM earnings appears to reflect EM’s incomplete recoveries from the pandemic. The notable valuation discount suggests to us that any positive surprises for EM, like monetary and fiscal policy stimulus from China or an easing of its regulatory environment, could easily provide fuel for EM equities to substantially recover lost ground from DM equities over the year ahead.

With respect to the Fund’s structure, trading and market activity during the fiscal year resulted in increased exposures to the financials, consumer discretionary, and energy sectors while our weights in industrials, consumer staples, and communication services decreased. At the close of the period, the Fund had overweight positions in the consumer discretionary, information technology, financials, consumer staples, and communication services sectors and underweight positions in the materials, energy, real estate, industrials, utilities, and health care sectors relative to the benchmark. Geographically, the portfolio finished the fiscal year with 76% in Asia, 12% in the EMEA region, and 12% in Latin America.

AMG GW&K Emerging Markets Equity Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K Emerging Markets Equity Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. This graph compares a hypothetical $10,000 investment made in the AMG GW&K Emerging Markets Equity Fund’s Class Z shares on October 31, 2011, to a $10,000 investment made in the MSCI Emerging Markets Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG GW&K Emerging Markets Equity Fund and the MSCI Emerging Markets Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year		Five Years		Ten Years		Since Inception		Inception Date

AMG GW&K Emerging Markets Equity Fund^2,^{3, 4, 5, 6, 7,}^8, ^{9, 10, 11, 12}

Class N		9.85%		8.29%		–		2.58%		03/01/12

Class I		10.13%		8.63%		3.67%		2.00%		03/01/11

Class Z		10.15%		8.72%		3.77%		2.10%		03/01/11

MSCI Emerging Markets Index¹³		16.96%		9.39%		4.88%		3.69%		03/01/11^†

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

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

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

³ The Fund is subject to 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.

⁴ Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

⁵ The Fund may invest in derivatives such as options and futures; the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

⁷ 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 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.

⁹ 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.

¹⁰ 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.

¹¹ Companies that are in similar industry sectors may be similarly affected by particular economic or

AMG GW&K Emerging Markets Equity Fund

Portfolio Manager’s Comments (continued)

market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.

¹² 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.

¹³ The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI Emerging Markets Index is unmanaged, is not available for investment and does not incur expenses.

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

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

AMG GW&K Emerging Markets Equity Fund

Fund Snapshots (unaudited)

October 31, 2021

PORTFOLIO BREAKDOWN


Sector		%of Net Assets

Financials		25.6

Information Technology		22.8

Consumer Discretionary		20.8

Communication Services		9.1

Consumer Staples		7.7

Energy		4.5

Health Care		3.2

Industrials		1.3

Real Estate		0.7

Short-Term Investments		3.4

Other Assets Less Liabilities		0.9


TOP TEN HOLDINGS
Security Name	%of Net Assets

Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		8.2

Samsung Electronics Co., Ltd. (South Korea)		4.5

Alibaba Group Holding, Ltd., Sponsored ADR (China)		4.0

Sberbank of Russia PJSC, Sponsored ADR (Russia)		3.7

Housing Development Finance Corp., Ltd. (India)		3.5

HDFC Bank, Ltd. (India)		3.5

Baidu, Inc., Sponsored ADR (China)		3.0

China International Capital Corp., Ltd., Class H (China)		2.9

Tencent Holdings, Ltd. (China)		2.8

Reliance Industries, Ltd. (India)		2.5


Top Ten as a Group		38.6

AMG GW&K Emerging Markets Equity Fund

Schedule of Portfolio Investments

October 31, 2021


	Shares		Value

Common Stocks - 95.7%

Communication Services - 9.1%

Baidu, Inc., Sponsored ADR (China)^*		10,777		$1,748,461

MultiChoice Group (South Africa)		70,458		560,297

NetEase, Inc., ADR (China)		5,965		582,124

Tencent Holdings, Ltd. (China)		26,906		1,636,686

Tencent Music Entertainment Group, ADR (China)^*		104,272		819,578

Total Communication Services				5,347,146

Consumer Discretionary - 20.8%

Alibaba Group Holding, Ltd., Sponsored ADR (China)^*		14,291		2,357,158

Feng TAY Enterprise Co., Ltd. (Taiwan)		87,355		679,716

Galaxy Entertainment Group, Ltd. (Hong Kong)^*		148,000		796,348

Huazhu Group, Ltd., ADR (China)^*		12,200		565,592

JD Health International, Inc. (China)^*,1,2		14,800		129,921

JD.com, Inc., ADR (China)^*		6,450		504,906

MakeMyTrip, Ltd. (India)^*		27,648		875,612

Midea Group Co., Ltd., Class A (China)		75,485		809,698

Naspers, Ltd., N Shares (South Africa)		6,799		1,151,436

Ozon Holdings PLC, ADR (Russia)^*		10,089		454,005

Pepco Group, N.V. (United Kingdom)^*,1		3,830		45,311

Prosus, N.V. (Netherlands)²		12,612		1,110,903

Shenzhou International Group Holdings, Ltd. (China)		10,660		229,661

Trip.com Group, Ltd., ADR (China)^*		37,077		1,058,919

Yum China Holdings, Inc. (China)		24,617		1,405,138

Total Consumer Discretionary				12,174,324

Consumer Staples - 7.7%

Angel Yeast Co., Ltd., Class A (China)		34,000		295,697

Bid Corp., Ltd. (South Africa)		46,393		995,711

CP All PCL (Thailand)		156,468		302,305

Dino Polska, S.A. (Poland)^*,1		3,851		344,014

Fomento Economico Mexicano, S.A.B de CV (Mexico)		52,196		429,905

LG Household & Health Care, Ltd. (South Korea)		212		212,188

Orion Corp. (South Korea)		5,685		574,946

Vietnam Dairy Products JSC (Vietnam)		44,800		178,597

Wal-Mart de Mexico, S.A.B. de CV (Mexico)		340,138		1,185,064

Total Consumer Staples				4,518,427

Energy - 4.5%

Novatek PJSC, Sponsored GDR (Russia)		4,641		1,178,210

Reliance Industries, Ltd. (India)		42,488		1,441,838

Total Energy				2,620,048


	Shares		Value
Financials - 25.6%

AIA Group, Ltd. (Hong Kong)		82,968		$929,823

B3, S.A. - Brasil Bolsa Balcao (Brazil)		175,900		372,133

Banco Bradesco, S.A., ADR (Brazil)		236,385		827,348

Bank Mandiri Persero Tbk PT (Indonesia)		1,297,416		655,938

Bank Rakyat Indonesia Persero Tbk PT (Indonesia)		2,413,636		724,535

BDO Unibank, Inc. (Philippines)		314,090		773,041

China International Capital Corp., Ltd., Class H (China)¹		697,200		1,726,106

China Merchants Bank Co., Ltd., Class H (China)		44,000		368,726

Grupo Financiero Banorte, S.A.B de CV, Class O (Mexico)		157,742		997,112

HDFC Bank, Ltd. (India)		97,940		2,074,746

Housing Development Finance Corp., Ltd. (India)		54,569		2,080,535

Itau Unibanco Holding, S.A., Sponsored ADR (Brazil)		57,600		234,432

OTP Bank Plc (Hungary)^*		16,673		1,001,838

Sberbank of Russia PJSC, Sponsored ADR (Russia)		108,485		2,175,670

XP, Inc., Class A (Brazil)^*		2,614		85,765

Total Financials				15,027,748

Health Care - 3.2%

China Resources Sanjiu Medical &

Pharmaceutical Co., Ltd., Class A (China)		167,700		632,226

Fleury, S.A. (Brazil)		136,422		453,467

Jinxin Fertility Group, Ltd. (China)^*,1		100,000		141,043

Lepu Medical Technology Beijing Co., Ltd., Class A (China)		53,500		178,156

Odontoprev, S.A. (Brazil)		199,311		470,396

Total Health Care				1,875,288

Industrials - 1.3%

Grupo Aeroportuario del Pacifico, S.A.B de CV, Class B (Mexico)²		59,655		753,366

Information Technology - 22.8%

Advantech Co., Ltd. (Taiwan)		24,727		323,380

Beijing Kingsoft Office Software, Inc., Class A (China)		18,800		870,927

Delta Electronics, Inc. (Taiwan)		62,100		548,180

GDS Holdings, Ltd., ADR (China)^*		3,450		204,930

Infosys, Ltd., Sponsored ADR (India)		27,276		607,709

MediaTek, Inc. (Taiwan)		39,000		1,283,595

Pagseguro Digital, Ltd., Class A (Brazil)^*,2		9,488		343,466

Samsung Electronics Co., Ltd. (South Korea)		43,767		2,620,467

SK Hynix, Inc. (South Korea)		13,184		1,162,178

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

AMG GW&K Emerging Markets Equity Fund

Schedule of Portfolio Investments (continued)



	Shares		Value

Information Technology - 22.8% (continued)

Sunny Optical Technology Group Co., Ltd. (China)²		8,576		$230,124

Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		226,632		4,809,201

Tata Consultancy Services, Ltd. (India)		8,460		384,545

Total Information Technology				13,388,702

Real Estate - 0.7%

Greentown Service Group Co., Ltd. (China)		376,023		372,235

Total Common Stocks
(Cost $43,493,634)				56,077,284

	Principal Amount

Short-Term Investments - 3.4%

Joint Repurchase Agreements - 3.4%³

Bank of America Securities, Inc., dated 10/29/21, due 11/01/21, 0.050% total to be received $1,000,004 (collateralized by various U.S. Government Agency Obligations, 1.500% - 5.000%, 09/01/28 - 01/01/59, totaling $1,020,000)	$	1,000,000	��	1,000,000

*	Non-income producing security.

¹	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2021, the value of these securities amounted to $2,386,395 or 4.1% of net assets.

²	Some of these securities, amounting to $2,242,295 or 3.8% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.


	Principal Amount		Value

HSBC Securities USA, Inc., dated 10/29/21, due 11/01/21, 0.050% total to be received $15,149 (collateralized by various U.S. Treasuries, 0.000% - 5.500%, 11/30/22 - 05/15/48, totaling $15,452)		$15,149		$15,149

RBC Dominion Securities, Inc., dated 10/29/21, due 11/01/21, 0.050% total to be received $1,000,004 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.000%, 11/01/21 - 07/20/51, totaling $1,020,000)		1,000,000		1,000,000

Total Short-Term Investments
(Cost $2,015,149)				2,015,149

Total Investments - 99.1%
(Cost $45,508,783)				58,092,433

Other Assets, less Liabilities - 0.9%				540,984

Net Assets - 100.0%			$	58,633,417

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

ADR American Depositary Receipt

GDR Global Depositary Receipt

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

AMG GW&K Emerging Markets Equity Fund

Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of October 31, 2021:


	Level 1		Level 2¹		Level 3		Total

Investments in Securities

Common Stocks

Financials	$	2,516,790	$	12,510,958		–	$	15,027,748

Information Technology		1,156,105		12,232,597		–		13,388,702

Consumer Discretionary		7,266,641		4,907,683		–		12,174,324

Communication Services		3,710,460		1,636,686		–		5,347,146

Consumer Staples		3,133,291		1,385,136		–		4,518,427

Energy		–		2,620,048		–		2,620,048

Health Care		923,863		951,425		–		1,875,288

Industrials		753,366		–		–		753,366

Real Estate		–		372,235		–		372,235

Short-Term Investments

Joint Repurchase Agreements		–		2,015,149		–		2,015,149


Total Investments in Securities	$	19,460,516	$	38,631,917		–	$	58,092,433

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

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at October 31, 2021, was as follows:


Country	% of Long-Term Investments

Brazil		5.0

China		30.1

Hong Kong		3.1

Hungary		1.8

India		13.3

Indonesia		2.5

Mexico		6.0

Netherlands		2.0

Philippines		1.4

Poland		0.6


Country		% of Long-Term Investments

Russia		6.8

South Africa		4.8

South Korea		8.1

Taiwan		13.6

Thailand		0.5

United Kingdom		0.1

Vietnam		0.3


		100.0

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

AMG GW&K Emerging Wealth Equity Fund

Portfolio Manager’s Comments (unaudited)

MARKET OVERVIEW

Emerging markets (“EM”) advanced during the fiscal year ended October 2021, as global business activity accelerated thanks to effective COVID-19 vaccines, improved virus treatments, and pent-up demand. Commodity prices also rallied on favorable supply and demand dynamics. The MSCI Emerging Markets Index (“MSCI EM Index”) gained 16.96%, but trailed developed markets (“DM)” considerably, as the MSCI World Index advanced 40.4%. That represents the second-worst one-year underperformance of EM versus DM since 1999, eclipsed only by the “taper tantrum” period of late 2013. The performance gap appears to reflect EM’s incomplete and uneven recovery from the pandemic along with tighter financial conditions in EM.

There was a notable change in regional leadership this year, as commodity rich countries finished in the lead and an otherwise resilient Asia fell victim to disappointing returns from index heavyweight China. What seemed like a ceaseless flow of worrying news from the country—Beijing’s far-reaching regulatory offensive, the demise of heavily indebted real estate developer China Evergrande, and surprising power shortages—saw the MSCI China Index fall (9.2)%. South Korea and Taiwan delivered a second consecutive year of strong performance due to ongoing demand for semiconductors, and India quickly recovered from a dire outbreak of the Delta variant to end the year as the top Asian market. The EMEA (Europe, the Middle East and Africa) region’s oil producing countries—Russia and the Gulf Corporation Council markets—were standout performers as Brent crude oil soared past $80/bbl. Eastern Europe rallied on unexpectedly good earnings across the continent. Higher commodity prices also drove gains in Latin America, though Brazil struggled later in the period as inflation took hold amid aggressive fiscal spending. Energy and materials outperformed substantially as commodity prices rallied, financials gained on a more favorable margin outlook in several markets, and record earnings in the semiconductor industry supported information technology. China-specific factors triggered negative returns in the consumer discretionary, communication services, and real estate sectors.

FUND REVIEW

For the fiscal year ending October 31, 2021, AMG GW&K Emerging Wealth Equity Fund (the “Fund”) Class N shares returned 0.98%, underperforming the MSCI EM Index, which returned 16.96%. Our strategic focus on the benefits of wealth creation in emerging markets, particularly in China at an average Fund weight of 51%, was the main cause of the performance shortfall. Investors shifted from structural growth companies in consumer-related industries that we believe are compelling long-term investments to value cyclicals like mining and energy producers, where the Fund has no exposure. Pressure on the Fund’s positions in China, where regulatory changes engulfed a number of industries, also detracted from relative performance. Proposed changes to casino licensing conditions caused a sharp fall in Macau-based Sands China Ltd. To promote “common prosperity,” a concept that aims to reduce China’s cost of living and promote larger families, the General office of the Chinese Communist Party (CCP) and the State Council announced new regulations for after-school tutoring that will likely shift the industry to nonprofit status. TAL Education Group and New Oriental Education and Technology fell precipitously with after-school tutoring stocks following the regulatory announcement. Both stocks were sold during the period. Tencent Music Entertainment Group also declined on uncertainty surrounding expected regulatory changes governing video gaming and social media content. A zero tolerance policy toward COVID-19 weighed on certain consumer companies in China, including hot pot restaurant operator Haidilao International Holdings, Ltd.

Aside from the situation in China, several holdings performed quite well during the period, particularly in India, a market of strategic importance to the Fund. Jubilant Foodworks, Ltd, which operates Domino’s and Dunkin Donuts outlets, advanced on exceptional performance in delivery, which more than offset the impact of limited in person dining. India’s MakeMyTrip, Ltd. reported a marked improvement in transaction volumes thanks to a nascent recovery in travel across India. HDFC Bank, Ltd issued a favorable outlook for loan growth citing robust economic activity and the bank’s strong capital position. In developed markets, Infineon

Technologies AG, a global leader in power semiconductors, raised 2021 guidance due to resilient end customer demand.

OUTLOOK AND PORTFOLIO POSITIONING

EM equity performance stands in stark contrast to DM over the past 12 months. The uneven post-pandemic economic recovery across countries, earlier tightening of monetary policy in several markets, and China-specific factors have all contributed to this divergence in returns. As a result, EM are trading at a 33% discount to DM based on forward PE multiples. Undoubtedly, earnings growth will be the most important driver of future performance, but the ever-widening discount, particularly relative to the U.S. market, should provide a measure of downside support. Over the next three years, bottom-up analysts project EM earnings compounding at about 9% annually compared to 10% for DM earnings. The relatively modest advantage for DM earnings appears to reflect EM’s incomplete recoveries from the pandemic. The notable valuation discount suggests to us that any positive surprises for EM, like monetary and fiscal policy stimulus from China or an easing of its regulatory environment, could easily provide fuel for EM equities to substantially recover lost ground from DM equities over the year ahead.

With respect to the Fund’s structure, trading and market activity during the fiscal year resulted in increased exposure to communication services and information technology, while health care declined marginally. At the close of the period, the Fund had overweight positions in the consumer discretionary, health care, and financials sectors and underweight positions in the information technology, communication services, materials, energy, and industrials sectors relative to the benchmark. Geographically, the Fund finished the fiscal year with exposures of 79% in EM Asia, 19% in DM, 1% in EM Latin America and 1% in EM EMEA.

AMG GW&K Emerging Wealth Equity Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K Emerging Wealth Equity Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. This graph compares a hypothetical $10,000 investment made in the AMG GW&K Emerging Wealth Equity Fund’s Class N shares on March 19, 2015 (inception date), to a $10,000 investment made in the MSCI Emerging Markets Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG GW&K Emerging Wealth Equity Fund and the MSCI Emerging Markets Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year			Five Years			Since Inception			Inception Date

AMG GW&K Emerging Wealth Equity Fund^2,^{3, 4, 5, 6, 7, 8, 9}

Class N		0.98	%		8.72	%		6.73	%		03/19/15

Class I		1.27	%		9.03	%		7.01	%		03/19/15

Class Z		1.37	%		9.14	%		7.11	%		03/19/15

MSCI Emerging Markets Index¹⁰		16.96	%		9.39	%		6.66	%		03/19/15	^†

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

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

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 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.

⁴ 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.

⁵ The Fund may invest in derivatives such as options and futures; the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

⁶ 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.

⁷ 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.

⁹ Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.

¹⁰ The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI Emerging Markets Index is unmanaged, is not available for investment and does not incur expenses.

AMG GW&K Emerging Wealth Equity Fund

Portfolio Manager’s Comments (continued)


All MSCI data is provided “as is.” The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data				provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.				Not FIDC insured, not bank guaranteed. May lose value.

AMG GW&K Emerging Wealth Equity Fund

Fund Snapshots (unaudited)

October 31, 2021

PORTFOLIO BREAKDOWN


Sector		%of Net Assets

Consumer Discretionary		37.8

Financials		20.1

Communication Services		13.2

Information Technology		13.1

Health Care		7.3

Consumer Staples		5.4

Materials		1.8

Short-Term Investments		0.2

Other Assets Less Liabilities		1.1

TOP TEN HOLDINGS


Security Name		%of Net Assets

Tencent Holdings, Ltd. (China)		5.2

Infineon Technologies AG (Germany)		5.0

Alibaba Group Holding, Ltd., Sponsored ADR (China)		4.9

Trip.com Group, Ltd., ADR (China)		4.9

QUALCOMM, Inc.		4.6

HDFC Bank, Ltd., ADR (India)		4.5

Yum China Holdings, Inc. (China)		4.4

Kotak Mahindra (India)		4.2

Galaxy Entertainment Group, Ltd. (Hong Kong)		3.9

Baidu, Inc., Sponsored ADR (China)		3.6


Top Ten as a Group		45.2

AMG GW&K Emerging Wealth Equity Fund

Schedule of Portfolio Investments

October 31, 2021


	Shares		Value

Common Stocks - 98.7%

Communication Services - 13.2%

Baidu, Inc., Sponsored ADR (China)^*		50,450		$8,185,008

Kingsoft Corp., Ltd. (China)		790,600		3,373,526

Kuaishou Technology (China)^*,1		47,275		618,424

Tencent Holdings, Ltd. (China)		192,240		11,693,919

Tencent Music Entertainment Group, ADR (China)^*		601,659		4,729,040

The Walt Disney Co. (United States)^*		7,068		1,194,987

Total Communication Services				29,794,904

Consumer Discretionary - 37.8%

Alibaba Group Holding, Ltd., Sponsored ADR (China)^*		67,331		11,105,575

Eicher Motors, Ltd. (India)		111,580		3,713,804

Galaxy Entertainment Group, Ltd. (Hong Kong)^*		1,650,000		8,878,198

Haidilao International Holding, Ltd. (China)^1,2		925,000		2,579,205

Hermes International (France)		2,044		3,245,699

Huazhu Group, Ltd., ADR (China)^*		153,359		7,109,723

JD Health International, Inc. (China)^*,1		249,700		2,191,979

Jubilant Foodworks, Ltd. (India)		55,388		2,737,487

LVMH Moet Hennessy Louis Vuitton SE (France)		3,492		2,738,153

MakeMyTrip, Ltd. (India)^*		204,548		6,478,035

Meituan, Class B (China)^*,1		65,700		2,235,682

Moncler SpA (Italy)		36,733		2,643,468

NIKE, Inc., Class B (United States)		10,889		1,821,621

Ozon Holdings PLC, ADR (Russia)^*		32,620		1,467,900

Pinduoduo, Inc., ADR (China)^*		12,100		1,075,932

Starbucks Corp. (United States)		6,951		737,293

Titan Co., Ltd. (India)		110,830		3,536,291

Trip.com Group, Ltd., ADR (China)^*		386,442		11,036,783

Yum China Holdings, Inc. (China)		173,238		9,888,425

Total Consumer Discretionary				85,221,253

Consumer Staples - 5.4%

The Estee Lauder Cos., Inc., Class A (United States)		6,060		1,965,440

Foshan Haitian Flavouring & Food Co., Ltd., Class A (China)		167,782		3,072,295

Wal-Mart de Mexico, S.A.B. de CV (Mexico)		211,520		736,950

Wuliangye Yibin Co., Ltd., Class A (China)		189,303		6,396,816

Total Consumer Staples				12,171,501

Financials - 20.1%

AIA Group, Ltd. (Hong Kong)		678,400		7,602,836

China International Capital Corp., Ltd., Class H (China)¹		3,144,800		7,785,799


	Shares		Value

East Money Information Co., Ltd., Class A (China)		483,020		$2,483,936

Grupo Financiero Banorte, S.A.B de CV, Class O (Mexico)		147,831		934,463

HDFC Bank, Ltd., ADR (India)		142,333		10,235,166

Hong Kong Exchanges & Clearing, Ltd. (Hong Kong)		71,350		4,298,248

Kotak Mahindra (India)		350,886		9,544,802

LIC Housing Finance, Ltd. (India)		472,800		2,576,916

Total Financials				45,462,166

Health Care - 7.3%

China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A (China)		1,748,012		6,589,975

CSPC Pharmaceutical Group, Ltd. (China)		837,600		874,036

Jiangsu Hengrui Medicine Co., Ltd., Class A (China)		189,860		1,458,504

Novo Nordisk A/S, Class B (Denmark)		35,274		3,867,967

Wuxi Biologics Cayman, Inc. (China)^*,1		241,700		3,661,022

Total Health Care				16,451,504

Information Technology - 13.1%

Infineon Technologies AG (Germany)		241,535		11,311,412

KLA Corp. (United States)		3,550		1,323,298

Mastercard, Inc., Class A (United States)		7,260		2,435,875

QUALCOMM, Inc. (United States)		77,474		10,307,141

SK Hynix, Inc. (South Korea)		24,400		2,150,876

Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		57,000		1,209,557

Yeahka, Ltd. (China)^*		259,800		784,673

Total Information Technology				29,522,832

Materials - 1.8%

Asian Paints, Ltd. (India)		83,748		3,470,796

Chr Hansen Holding A/S (Denmark)²		7,948		632,381

Total Materials				4,103,177

Total Common Stocks (Cost $192,579,167)				222,727,337

	Principal Amount

Short-Term Investments - 0.2%

Joint Repurchase Agreements - 0.2%³

Daiwa Capital Markets America, dated 10/29/21, due 11/01/21, 0.050% total to be received $507,796 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 11/01/21 - 11/01/51, totaling $517,950)		$507,794		507,794

Total Short-Term Investments (Cost $507,794)				507,794

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

AMG GW&K Emerging Wealth Equity Fund

Schedule of Portfolio Investments (continued)


	Value

Total Investments - 98.9%
(Cost $193,086,961)		$223,235,131

Other Assets, less Liabilities - 1.1%		2,474,452

Net Assets - 100.0%		$225,709,583

*	Non-income producing security.

¹	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2021, the value of these securities amounted to $19,072,111 or 8.4% of net assets.

²	Some of these securities, amounting to $1,589,618 or 0.7% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

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

ADR American Depositary Receipt

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of October 31, 2021:


	Level 1		Level 2¹		Level 3		Total

Investments in Securities

Common Stocks

Consumer Discretionary		$50,721,287		$34,499,966		–		$85,221,253

Financials		11,169,629		34,292,537		–		45,462,166

Communication Services		14,109,035		15,685,869		–		29,794,904

Information Technology		14,066,314		15,456,518		–		29,522,832

Health Care		–		16,451,504		–		16,451,504

Consumer Staples		2,702,390		9,469,111		–		12,171,501

Materials		632,381		3,470,796		–		4,103,177

Short-Term Investments

Joint Repurchase Agreements		–		507,794		–		507,794


Total Investments in Securities		$93,401,036		$129,834,095		–		$223,235,131

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

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at October 31, 2021, was as follows:


Country	% of Long-Term Investments

China		48.9

Denmark		2.0

France		2.7

Germany		5.1

Hong Kong		9.3

India		19.0

Italy		1.2


Country		% of Long-Term Investments

Mexico		0.7

Russia		0.7

South Korea		1.0

Taiwan		0.5

United States		8.9


		100.0

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

AMG GW&K Small/Mid Cap Growth Fund

Portfolio Manager’s Comments (unaudited)

AMG GW&K Small/Mid Cap Growth Fund (the “Fund”) Class N shares outperformed its benchmark for the 12 months ended October 31, 2021, returning 46.66% vs. the Russell 2500^® Growth Index return of 37.12%. The Fund’s prior benchmark, the Russell 2000^® Growth Index, returned 38.45% over the same period.

Effective March 19, 2021, the subadviser of Fund changed from LMCG Investments, LLC to GW&K Investment Management, LLC (“GW&K”). Also effective March 19, 2021, the Fund changed its name to AMG GW&K Small Cap Fund II and changed its principal investment strategies and principal risks. Furthermore, effective May 21, 2021, the Fund changed its name to AMG GW&K Small/Mid Cap Growth Fund and made changes to its principal investment strategies.

U.S. equity markets enjoyed outsized gains over the trailing year as the economy recovered from the COVID pandemic fueled by massive monetary and fiscal stimulus, progress on the vaccine and therapeutics front, improving economic data, and strong corporate earnings growth. Markets saw volatility return in the third quarter of 2021 on concerns around the Delta variant, inflation, supply chain pressures, and peak growth, but then rebounded in October as corporate earnings results continued to impress and consumer demand remained robust.

The domestic small/mid cap market experienced eye-popping returns, particularly in the first half of the fiscal year, with the Russell 2500^® Index rising 49.4% as investors sought to gain exposure to the U.S. domestic reopening trade. As such, small/mid cap stocks outpaced large caps during the period (S&P 500 ^® Index, returned 42.91%). Small/mid cap growth stocks were a bit lower as the Russell 2500^® Growth Index returned 37.12%. Cyclicals and financials generally performed better than areas featuring more secular growers as the economy reopened, leading to the outperformance of value stocks for the year (Russell 2500^® Value; up 58.1%).

For the fiscal year period prior to the Fund’s transition to GW&K from November 1, 2020 to March 18, 2021, the Fund underperformed the legacy Russell 2000^® Growth Index. Both stock selection and sector weightings negatively impacted relative

performance over this period. An overweight and weak stock selection in the health care and technology sectors were the largest detractors. Underweight positioning and weak stock selection in industrials, financials, and consumer staples also detracted.

Following the transition of the Fund to GW&K, relative performance improved significantly as the Fund strongly outperformed the Russell 2500^® Growth Index through the remainder of the fiscal year. Stock selection drove the outperformance, with particular strength in information technology and health care. In information technology, the majority of the contribution can be attributed to our software holdings. While the benchmark return for this industry was a respectable 22.9%, our holdings returned 58.5% led by HubSpot, Inc., Paylocity Holding Corp., and Rapid7, Inc. Outside of Software, Gartner, Inc., EPAM Systems (EPAM Systems was sold during the period), and Brooks Automation, Inc. were also notably additive to the Strategy’s results. Within the health care sector, the largest contributor to relative performance came from biopharma, thanks entirely to stock selection. In particular, the big winners were Catalent, Inc., Biohaven Pharmaceutical Holding Co., Ltd., and Horizon Therapeutics PLC. All three stocks reported better-than-expected quarterly results, and subsequently saw increases in their forward sales and earnings estimates.

On the other side of the ledger, the largest detractor to relative results was the financials sector, due to weakness in the Capital Markets industry. One stock, MarketAxess Holdings, Inc., accounted for most of the underperformance. The stock suffered late in the third quarter as the company’s share of bond trading volumes stepped down in August after increasing in July. Despite this short-term issue, we continue to admire the management team and prospects for the company moving forward. Consumer discretionary was also a challenging sector for us during the period. Grand Canyon Education, Inc., Krispy Kreme, Inc., and Burlington Stores, Inc. weighed most heavily on relative results. We continue to hold all three stocks at this time. Krispy Kreme, specifically, was a new purchase in the third quarter. We believe that the new management team has re-focused the company on its core, differentiated product and think

the stock trades at an attractive valuation. Looking at relative performance through a factor lens, the allocation in our Strategy toward higher-quality stocks helped results by about 230 basis points based on an average of six factors, with earnings being the most prominent factor.

While the past year has been quite strong for the market, the overall U.S. small/mid cap market, and the Russell 2500^® Growth Index along with it, have not made much notional progress since March of 2021. The silver lining is that the composition of the benchmark is improving in both quality and valuation as the hard fall of meme and other low quality stocks has been met with continued earnings strength from many other components. Of course, that still leaves investors with a great many uncertainties to consider. This includes some waning fiscal support for the domestic economy, the partisan and even intra-party roadblocks in Washington, potential for U.S. Federal Reserve (Fed) tapering or a market tantrum from Fed speak or policy, supply chain shortages and challenges, and what appears to be an increasing acceptance of higher input prices; from commodities all the way up the value chain to labor. Will rising prices and interest rates result in a sudden change in the valuations investors are willing to pay for stocks? Could Delta or some other variant change the calculus on our recovery from the pandemic? And we haven’t even talked about China yet, which as the second largest economy in the world has domestic and foreign policy issues that could damage our best assumptions about future economic activity and corporate profits. Our conversations with small/mid cap companies reveal demand that is still robust and creative thinking and innovation that can help circumvent many of these fundamental challenges. The risk of larger macro changes are always present with many rivers to cross. If we take the long view and avoid meme shortcuts, our probability of investment success will increase meaningfully.

The views expressed represent the opinions of GW&K Investment Management, LLC, as of October 31, 2021, and are not intended as a forecast or guarantee of future results and are subject to change without notice.

AMG GW&K Small/Mid Cap Growth Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K Small/Mid Cap Growth Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Small/Mid Cap Growth Fund’s Class N shares on October 31, 2011, to a $10,000 investment made in the Russell 2500^® Growth Index and Russell 2000^® Growth Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the indexes exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG GW&K Small/Mid Cap Growth Fund and the Russell 2500^® Growth Index and Russell 2000^® Growth Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG GW&K Small/Mid Cap Growth Fund^2,^{3, 4, 5, 6, 7, 8, 9, 10, 11}

Class N		46.66	%		20.54	%		14.91	%		13.42	%		11/03/10

Class I		46.94	%		20.77	%		15.16	%		12.13	%		06/01/11

Class Z		—			—			—			3.08	%		09/01/21

Russell 2500^® Growth Index¹²		37.12	%		20.68	%		16.11	%		15.60	%		11/03/10	^†

Russell 2000^® Growth Index¹³		38.45	%		17.90	%		14.57	%		14.00	%		11/03/10	^†

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

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

¹	Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the


		prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of October 31, 2021. All returns are in U.S. dollars ($).

		² As of March 19, 2021, the Fund’s subadvisor was changed to GW&K Investment Management, LLC. Prior to March 19, 2021, the Fund was known as the AMG Managers LMCG Small Cap Growth Fund and had different principal investment strategies and corresponding risks. Effective March 19, 2021, the Fund changed its name to AMG GW&K Small Cap Fund II. Effective May 21, 2021, the Fund changed its name to AMG GW&K Small/Mid Cap Growth Fund and made changes to its principal investment strategies. Performance shown for periods prior to March 19, 2021, reflects the performance and investment strategies of the Fund’s previous subadvisor, LMCG Investments, LLC. The Fund’s past performance would have been different if the Fund were managed by the current subadvisor and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.

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

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

		⁶ 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.

		⁷ Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

		⁸ Investing in initial public offerings (IPOs) is risky and the prices of stocks purchased in IPOs tend to fluctuate more widely than stocks of companies that have been publicly traded for a longer period of time. Stocks purchased in IPOs generally do not have a trading history, and information about the companies may be available for very limited periods.

		⁹ The Fund is subject to risks associated with investments in mid-capitalization companies such

AMG GW&K Small/Mid Cap Growth Fund

Portfolio Manager’s Comments (continued)

as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.

¹⁰ Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.

¹¹ Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to

events that affect particular industries or companies.

¹² On March 19, 2021, the primary benchmark changed from the Russell 2000^® Growth Index to the Russell 2500^® Growth Index. The Russell 2500^® Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500^® companies with higher price-to-book ratios and higher forecasted growth values. Unlike the Fund, the Russell 2500^® Growth Index is unmanaged, is not available for investment and does not incur expenses.

¹³The Russell 2000^® Growth Index measures the performance of the Russell 2000^® companies with higher price-to-book ratios and higher forecasted growth values. Unlike the Fund, the Russell 2000^® Growth Index is unmanaged, is not available for investment and does not incur expenses.

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

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

AMG GW&K Small/Mid Cap Growth Fund

Fund Snapshots (unaudited)

October 31, 2021

PORTFOLIO BREAKDOWN


Sector	% of Net Assets

Information Technology		31.5

Health Care		26.2

Industrials		14.7

Consumer Discretionary		13.8

Financials		4.6

Materials		3.0

Real Estate		2.5

Energy		1.5

Consumer Staples		1.2

Short-Term Investments		1.1

Other Assets Less Liabilities		(0.1	)

TOP TEN HOLDINGS


Security Name		% of Net Assets

Gartner, Inc.		3.5

Paylocity Holding Corp.		3.1

HubSpot, Inc.		2.9

Catalent, Inc.		2.7

Brooks Automation, Inc.		2.3

Pool Corp.		2.2

SiteOne Landscape Supply, Inc.		2.1

Burlington Stores, Inc.		2.1

Rapid7, Inc.		2.0

Syneos Health, Inc.		2.0


Top Ten as a Group		24.9

AMG GW&K Small/Mid Cap Growth Fund

Schedule of Portfolio Investments

October 31, 2021


	Shares		Value

Common Stocks - 99.0%

Consumer Discretionary - 13.8%

Bright Horizons Family Solutions, Inc.^*		2,133		$354,078

Burlington Stores, Inc.^*		3,320		917,283

Churchill Downs, Inc.		2,427		558,210

Five Below, Inc.^*		3,256		642,409

Grand Canyon Education, Inc.^*		4,956		394,993

Krispy Kreme Inc.¹		23,575		300,581

Lithia Motors, Inc., Class A		1,282		409,240

LKQ Corp.^*		10,484		577,459

Pool Corp.		1,865		960,774

Texas Roadhouse, Inc.		6,814		605,151

Vail Resorts, Inc.		1,051		362,290

Total Consumer Discretionary				6,082,468

Consumer Staples - 1.2%

Performance Food Group Co.^*		5,862		265,138

PriceSmart, Inc.		3,385		243,551

Total Consumer Staples				508,689

Energy - 1.5%

Matador Resources Co.		16,050		671,693

Financials - 4.6%

Evercore, Inc., Class A		2,909		441,703

MarketAxess Holdings, Inc.		1,566		639,977

Pinnacle Financial Partners, Inc.		4,337		418,824

Signature Bank		1,790		533,098

Total Financials				2,033,602

Health Care - 26.2%

Acadia Healthcare Co., Inc.^*		9,391		582,242

Albireo Pharma, Inc.^*		10,439		305,028

Arena Pharmaceuticals, Inc.^*		5,512		316,334

Biohaven Pharmaceutical Holding Co., Ltd.^*		4,572		650,687

Bio-Rad Laboratories, Inc., Class A^*		769		611,109

Catalent, Inc.^*		8,723		1,202,553

Chemed Corp.		672		324,072

CryoPort, Inc.^*,1		7,298		595,079

Deciphera Pharmaceuticals, Inc.^*		8,973		299,608

Emergent BioSolutions, Inc.^*		4,758		226,814

Globus Medical, Inc., Class A^*		8,993		693,990

Halozyme Therapeutics, Inc.^*		8,059		306,806

HealthEquity, Inc.^*		7,273		481,327

Horizon Therapeutics PLC^*		5,754		689,962

ICU Medical, Inc.^*		917		214,697

Integra LifeSciences Holdings Corp.^*		6,959		462,495


	Shares		Value

LHC Group, Inc.^*		3,135		$421,940

Medpace Holdings, Inc.^*		2,639		597,865

Neurocrine Biosciences, Inc.^*		3,757		396,025

Oyster Point Pharma, Inc.^*,1		19,111		225,128

Phathom Pharmaceuticals, Inc.^*,1		8,288		195,017

Syneos Health, Inc.^*		9,356		873,289

West Pharmaceutical Services, Inc.		1,535		659,866

Zogenix, Inc.^*		15,392		235,959

Total Health Care				11,567,892

Industrials - 14.7%

Booz Allen Hamilton Holding Corp.		3,835		333,108

CACI International, Inc., Class A^*		1,488		428,008

Dycom Industries, Inc.^*		2,162		171,706

Gibraltar Industries, Inc.^*		3,954		257,643

Graco, Inc.		6,325		475,514

IAA, Inc.^*		7,872		469,565

Ingersoll Rand, Inc.^*		10,057		540,664

JELD-WEN Holding, Inc.^*		5,127		140,531

Knight-Swift Transportation Holdings, Inc.		6,089		345,185

RBC Bearings, Inc.^*		3,152		737,347

Ritchie Bros. Auctioneers, Inc. (Canada)		11,608		793,407

SiteOne Landscape Supply, Inc.^*,1		3,970		932,791

The Toro Co.		4,834		461,502

Woodward, Inc.		3,264		368,669

Total Industrials				6,455,640

Information Technology - 31.5%

Brooks Automation, Inc.		8,788		1,023,363

Cerence, Inc.^*,1		8,044		845,666

Cognex Corp.		8,262		723,669

The Descartes Systems Group, Inc. (Canada)^*		6,064		495,853

Entegris, Inc.		5,815		818,636

Gartner, Inc.^*		4,610		1,530,105

Globant SA (Uruguay)^*		1,500		478,785

HubSpot, Inc.^*,1		1,599		1,295,558

MACOM Technology Solutions Holdings, Inc.^*		7,182		501,447

Manhattan Associates, Inc.^*		4,361		791,696

Paycor HCM, Inc.^*,1		15,213		493,510

Paylocity Holding Corp.^*		4,461		1,361,229

Rapid7, Inc.^*,1		6,934		892,752

Rogers Corp.^*		1,896		381,323

Silicon Laboratories, Inc.^*		3,056		576,850

SS&C Technologies Holdings, Inc.		4,370		347,284

Tyler Technologies, Inc.^*		908		493,244

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

AMG GW&K Small/Mid Cap Growth Fund

Schedule of Portfolio Investments (continued)



	Shares		Value

Information Technology - 31.5%
(continued)

Zebra Technologies Corp., Class A^*		1,599		$853,786

Total Information Technology				13,904,756

Materials - 3.0%

AptarGroup, Inc.		3,097		374,055

Avient Corp.		6,574		354,207

Eagle Materials, Inc.		1,277		189,456

RPM International, Inc.		4,780		416,816

Total Materials				1,334,534

Real Estate - 2.5%

American Campus Communities, Inc., REIT		4,796		257,641

CoreSite Realty Corp., REIT		1,734		247,025

Sun Communities, Inc., REIT		2,963		580,689

Total Real Estate				1,085,355

Total Common Stocks
(Cost $36,482,263)				43,644,629


	Principal Amount		Value

Short-Term Investments - 1.1%

Joint Repurchase Agreements - 1.1%²

Daiwa Capital Markets America, dated 10/29/21, due 11/01/21, 0.050% total to be received $485,592 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 11/01/21 -11/01/51, totaling $495,302)		$485,590		$485,590

Total Short-Term Investments
(Cost $485,590)				485,590

Total Investments - 100.1%
(Cost $36,967,853)				44,130,219

Other Assets, less Liabilities - (0.1)%				(31,401	)

Net Assets - 100.0%				$44,098,818

*	Non-income producing security.

¹	Some of these securities, amounting to $4,624,938 or 10.5% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

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

REIT Real Estate Investment Trust


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks^†	$	43,644,629		–		–	$	43,644,629

Short-Term Investments

Joint Repurchase Agreements		–	$	485,590		–		485,590


Total Investments in Securities	$	43,644,629	$	485,590		–	$	44,130,219

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

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.

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

Statement of Assets and Liabilities

October 31, 2021


	AMG GW&K Core Bond ESG Fund		AMG GW&K Emerging Markets Equity Fund		AMG GW&K Emerging Wealth Equity Fund		AMG GW&K Small/Mid Cap Growth Fund

Assets:

Investments at value¹(including securities on loan valued at $0, $2,242,295, $1,589,618, and $4,624,938, respectively)		$187,223,760		$58,092,433		$223,235,131		$44,130,219

Cash		7,855,311		2,094,705		2,195,655		369,165

Foreign currency²		–		503,550		998,804		–

Receivable for investments sold		–		–		–		122,296

Dividend and interest receivables		1,160,434		33,778		91,512		5,247

Securities lending income receivable		–		210		964		3,004

Receivable for Fund shares sold		269,622		29,291		41,680		1,399

Receivable from affiliate		19,060		15,594		–		14,320

Prepaid expenses and other assets		12,566		2,902		10,963		13,145

Total assets		196,540,753		60,772,463		226,574,709		44,658,795

Liabilities:

Payable upon return of securities loaned		–		2,015,149		507,794		485,590

Payable for investments purchased		–		10,683		–		–

Payable for Fund shares repurchased		196,959		–		15,821		1,048

Payable for foreign capital gains tax		–		–		76,478		–

Accrued expenses:

Investment advisory and management fees		50,044		27,572		107,965		22,469

Administrative fees		25,022		7,520		29,445		5,436

Distribution fees		448		92		264		5,320

Shareholder service fees		13,059		2,440		1,566		273

Other		99,636		75,590		125,793		39,841

Total liabilities		385,168		2,139,046		865,126		559,977



Net Assets		$196,155,585		$58,633,417		$225,709,583		$44,098,818

¹Investments at cost		$182,901,480		$45,508,783		$193,086,961		$36,967,853

²Foreign currency at cost		–		$509,084		$1,009,549		–

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

Statement of Assets and Liabilities (continued)


	AMG GW&K Core Bond ESG Fund		AMG GW&K Emerging Markets Equity Fund		AMG GW&K Emerging Wealth Equity Fund		AMG GW&K Small/Mid Cap Growth Fund

Net Assets Represent:

Paid-in capital		$187,344,468		$46,243,995		$196,202,624		$37,326,251

Total distributable earnings		8,811,117		12,389,422		29,506,959		6,772,567

Net Assets		$196,155,585		$58,633,417		$225,709,583		$44,098,818

Class N:

Net Assets		$2,124,979		$414,446		$967,435		$37,471,420

Shares outstanding		197,625		40,245		72,154		2,120,110

Net asset value, offering and redemption price per share		$10.75		$10.30		$13.41		$17.67

Class I:

Net Assets		$190,306,434		$24,570,809		$41,452,647		$6,611,932

Shares outstanding		17,691,563		2,407,340		3,060,018		359,532

Net asset value, offering and redemption price per share		$10.76		$10.21		$13.55		$18.39

Class Z:

Net Assets		$3,724,172		$33,648,162		$183,289,501		$15,466

Shares outstanding		346,421		3,313,668		13,552,956		841

Net asset value, offering and redemption price per share		$10.75		$10.15		$13.52		$18.39

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

Statement of Operations

For the fiscal year ended October 31, 2021


	AMG GW&K Core Bond ESG Fund			AMG GW&K Emerging Markets Equity Fund			AMG GW&K Emerging Wealth Equity Fund			AMG GW&K Small/Mid Cap Growth Fund

Investment Income:

Dividend income		$97			$984,601			$1,764,081			$98,715

Interest income		3,984,290			–			–			–

Securities lending income		–			7,665			34,047			10,638

Foreign withholding tax		–			(118,669	)		(134,379	)		(1,385	)

Total investment income		3,984,387			873,597			1,663,749			107,968

Expenses:

Investment advisory and management fees		598,401			326,599			1,456,380			337,346

Administrative fees		299,200			89,073			397,195			63,507

Distribution fees - Class N		4,847			1,231			4,350			63,201

Shareholder servicing fees - Class N		2,908			738			2,610			15,385

Shareholder servicing fees - Class I		145,926			21,441			43,017			4,523

Professional fees		55,841			54,462			65,293			27,560

Reports to shareholders		29,232			10,019			24,699			14,252

Custodian fees		29,014			55,707			124,386			20,786

Registration fees		28,518			20,604			53,286			27,049

Transfer agent fees		24,166			3,456			11,642			10,117

Trustee fees and expenses		14,220			4,170			18,894			3,063

Interest expense		33			–			408			166

Miscellaneous		8,483			3,501			9,452			3,409

Repayment of prior reimbursements		–			7,118			–			–

Total expenses before offsets		1,240,789			598,119			2,211,612			590,364

Expense reimbursements		(129,634	)		(58,087	)		–			(103,778	)

Expense reductions		–			–			–			(2,645	)

Fee waivers		–			(297	)		–			–

Net expenses		1,111,155			539,735			2,211,612			483,941



Net investment income (loss)		2,873,232			333,862			(547,863	)		(375,973	)

Net Realized and Unrealized Gain (Loss):

Net realized gain on investments		4,909,231			557,200			2,895,248			16,012,613

Net realized gain (loss) on foreign currency transactions		–			7,230			(23,639	)		–

Net change in unrealized appreciation/depreciation on investments		(7,605,124	)		2,367,756			(5,095,133	)		(137,250	)

Net change in unrealized appreciation/depreciation on foreign currency translations		–			(8,202	)		68,588			–

Net realized and unrealized gain (loss)		(2,695,893	)		2,923,984			(2,154,936	)		15,875,363



Net increase (decrease) in net assets resulting from operations		$177,339			$3,257,846			$(2,702,799	)		$15,499,390

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

Statements of Changes in Net Assets

For the fiscal years ended October 31,


	AMG GW&K Core Bond ESG Fund						AMG GW&K Emerging Markets Equity Fund

	2021			2020			2021			2020

Increase in Net Assets Resulting From Operations:

Net investment income		$2,873,232			$4,276,093			$333,862			$243,007

Net realized gain on investments		4,909,231			3,844,884			564,430			1,747,550

Net change in unrealized appreciation/depreciation on investments		(7,605,124	)		3,478,614			2,359,554			1,505,399

Net increase in net assets resulting from operations		177,339			11,599,591			3,257,846			3,495,956

Distributions to Shareholders:

Class N		(21,649	)		(27,152	)		(17,233	)		(26,892	)

Class I		(2,789,712	)		(4,226,935	)		(1,069,474	)		(1,090,353	)

Class Z		(57,930	)		(77,096	)		(1,249,608	)		(1,569,541	)

Total distributions to shareholders		(2,869,291	)		(4,331,183	)		(2,336,315	)		(2,686,786	)

Capital Share Transactions:¹

Net increase (decrease) from capital share transactions		(9,231,990	)		(16,453,440	)		13,857,527			(13,302,131	)


Total increase (decrease) in net assets		(11,923,942	)		(9,185,032	)		14,779,058			(12,492,961	)

Net Assets:

Beginning of year		208,079,527			217,264,559			43,854,359			56,347,320

End of year		$196,155,585			$208,079,527			$58,633,417			$43,854,359

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

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

Statements of Changes in Net Assets (continued)

For the fiscal years ended October 31,


	AMG GW&K Emerging Wealth Equity Fund						AMG GW&K Small/Mid Cap Growth Fund
	2021			2020			2021			2020
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)		$(547,863	)		$55,701			$(375,973	)		$(314,735	)

Net realized gain (loss) on investments		2,871,609			(3,363,890	)		16,012,613			4,712,131

Net change in unrealized appreciation/depreciation on investments		(5,026,545	)		24,585,666			(137,250	)		2,853,559

Net increase (decrease) in net assets resulting from operations		(2,702,799	)		21,277,477			15,499,390			7,250,955
Distributions to Shareholders:
From net investment income and/or realized gain on investments:

Class N		–			(55,712	)		(14,397,541	)		–

Class I		–			(219,919	)		(3,078,320	)		–

Class Z		(35,421	)		(3,346,538	)		–			–
From paid-in capital:

Class N		–			–			(674,816	)		–

Class I		–			–			(144,282	)		–

Total distributions to shareholders		(35,421	)		(3,622,169	)		(18,294,959	)		–
Capital Share Transactions:¹

Net increase (decrease) from capital share transactions		18,163,731			79,224,668			11,502,921			(17,184,417	)


Total increase (decrease) in net assets		15,425,511			96,879,976			8,707,352			(9,933,462	)
Net Assets:

Beginning of year		210,284,072			113,404,096			35,391,466			45,324,928

End of year		$225,709,583			$210,284,072			$44,098,818			$35,391,466

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

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

AMG GW&K Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,
Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$10.90			$10.53			$9.67			$10.14			$10.26

Income (loss) from Investment Operations:

Net investment income^1,2		0.12			0.18			0.21			0.18			0.18

Net realized and unrealized gain (loss) on investments		(0.15	)		0.37			0.86			(0.46	)		(0.12	)

Total income (loss) from investment operations		(0.03	)		0.55			1.07			(0.28	)		0.06

Less Distributions to Shareholders from:

Net investment income		(0.12	)		(0.18	)		(0.21	)		(0.19	)		(0.18	)

Net Asset Value, End of Year		$10.75			$10.90			$10.53			$9.67			$10.14

Total Return^2,3		(0.27	)%		5.31	%		11.20	%		(2.79	)%		0.57	%

Ratio of net expenses to average net assets		0.88	%		0.88	%		0.88	%		0.88	%		0.88	%

Ratio of gross expenses to average net assets⁴		0.94	%		0.96	%		0.95	%		0.93	%		0.93	%

Ratio of net investment income to average net assets²		1.12	%		1.69	%		2.10	%		1.88	%		1.75	%

Portfolio turnover		62	%		56	%		48	%		17	%		18	%

Net assets end of year (000’s) omitted		$2,125			$1,905			$1,255			$502			$146

AMG GW&K Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,
Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$10.90			$10.54			$9.67			$10.15			$10.27

Income (loss) from Investment Operations:

Net investment income^1,2		0.16			0.22			0.24			0.22			0.21

Net realized and unrealized gain (loss) on investments		(0.14	)		0.36			0.88			(0.48	)		(0.12	)

Total income (loss) from investment operations		0.02			0.58			1.12			(0.26	)		0.09

Less Distributions to Shareholders from:

Net investment income		(0.16	)		(0.22	)		(0.25	)		(0.22	)		(0.21	)

Net Asset Value, End of Year		$10.76			$10.90			$10.54			$9.67			$10.15

Total Return^2,3		0.15	%		5.55	%		11.70	%		(2.59	)%		0.91	%

Ratio of net expenses to average net assets		0.56	%		0.55	%		0.55	%		0.56	%		0.55	%

Ratio of gross expenses to average net assets⁴		0.62	%		0.63	%		0.62	%		0.61	%		0.60	%

Ratio of net investment income to average net assets²		1.44	%		2.01	%		2.42	%		2.20	%		2.08	%

Portfolio turnover		62	%		56	%		48	%		17	%		18	%

Net assets end of year (000’s) omitted		$190,306			$202,363			$212,801			$264,795			$325,855

AMG GW&K Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,
Class Z	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$10.90			$10.53			$9.67			$10.14			$10.26

Income (loss) from Investment Operations:

Net investment income^1,2		0.16			0.22			0.25			0.23			0.22

Net realized and unrealized gain (loss) on investments		(0.15	)		0.38			0.87			(0.47	)		(0.12	)

Total income (loss) from investment operations		0.01			0.60			1.12			(0.24	)		0.10

Less Distributions to Shareholders from:

Net investment income		(0.16	)		(0.23	)		(0.26	)		(0.23	)		(0.22	)

Net Asset Value, End of Year		$10.75			$10.90			$10.53			$9.67			$10.14

Total Return^2,3		0.13	%		5.73	%		11.71	%		(2.42	)%		0.98	%

Ratio of net expenses to average net assets		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%

Ratio of gross expenses to average net assets⁴		0.54	%		0.56	%		0.55	%		0.53	%		0.53	%

Ratio of net investment income to average net assets²		1.52	%		2.09	%		2.50	%		2.28	%		2.15	%

Portfolio turnover		62	%		56	%		48	%		17	%		18	%

Net assets end of year (000’s) omitted		$3,724			$3,812			$3,208			$5,005			$5,590

¹	Per share numbers have been calculated using average shares.

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

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

⁴	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.)

AMG GW&K Emerging Markets Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$9.73			$9.52			$8.61			$10.11			$7.91

Income (loss) from Investment Operations:

Net investment income^1,2		0.02			0.01			0.14			0.11			0.09

Net realized and unrealized gain (loss) on investments		0.96			0.70			1.04			(1.54	)		2.18

Total income (loss) from investment operations		0.98			0.71			1.18			(1.43	)		2.27

Less Distributions to Shareholders from:

Net investment income		(0.07	)		(0.06	)		(0.17	)		(0.07	)		(0.07	)

Net realized gain on investments		(0.34	)		(0.44	)		(0.10	)		–			–

Total distributions to shareholders		(0.41	)		(0.50	)		(0.27	)		(0.07	)		(0.07	)

Net Asset Value, End of Year		$10.30			$9.73			$9.52			$8.61			$10.11

Total Return^2,3		9.85	%		7.55	%		13.94	%		(14.24	)%		28.97	%

Ratio of net expenses to average net assets		1.27	%⁴		1.34	%		1.30	%		1.27	%		1.31	%

Ratio of gross expenses to average net assets⁵		1.37	%⁴		1.52	%		1.30	%		1.27	%		1.31	%

Ratio of net investment income to average net assets²		0.20	%		0.13	%		1.52	%		1.12	%		1.08	%

Portfolio turnover		36	%		40	%		123	%		24	%		29	%

Net assets end of year (000’s) omitted		$414			$412			$520			$289			$350

AMG GW&K Emerging Markets Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$9.69			$9.48			$8.60			$10.11			$7.90

Income (loss) from Investment Operations:

Net investment income^1,2		0.06			0.04			0.17			0.13			0.12

Net realized and unrealized gain (loss) on investments		0.95			0.69			1.04			(1.53	)		2.18

Total income (loss) from investment operations		1.01			0.73			1.21			(1.40	)		2.30

Less Distributions to Shareholders from:

Net investment income		(0.15	)		(0.08	)		(0.23	)		(0.11	)		(0.09	)

Net realized gain on investments		(0.34	)		(0.44	)		(0.10	)		–			–

Total distributions to shareholders		(0.49	)		(0.52	)		(0.33	)		(0.11	)		(0.09	)

Net Asset Value, End of Year		$10.21			$9.69			$9.48			$8.60			$10.11

Total Return^2,3		10.13	%		7.91	%		14.34	%		(13.94	)%		29.34	%

Ratio of net expenses to average net assets		0.95	%⁴		1.01	%		0.97	%		0.99	%		1.03	%

Ratio of gross expenses to average net assets⁵		1.05	%⁴		1.19	%		0.97	%		0.99	%		1.03	%

Ratio of net investment income to average net assets²		0.52	%		0.47	%		1.85	%		1.40	%		1.36	%

Portfolio turnover		36	%		40	%		123	%		24	%		29	%

Net assets end of year (000’s) omitted		$24,571			$19,251			$24,100			$11,210			$2,207

AMG GW&K Emerging Markets Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class Z	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$9.64			$9.43			$8.56			$10.06			$7.86

Income (loss) from Investment Operations:

Net investment income^1,2		0.07			0.05			0.18			0.15			0.13

Net realized and unrealized gain (loss) on investments		0.93			0.69			1.02			(1.53	)		2.16

Total income (loss) from investment operations		1.00			0.74			1.20			(1.38	)		2.29

Less Distributions to Shareholders from:

Net investment income		(0.15	)		(0.09	)		(0.23	)		(0.12	)		(0.09	)

Net realized gain on investments		(0.34	)		(0.44	)		(0.10	)		–			–

Total distributions to shareholders		(0.49	)		(0.53	)		(0.33	)		(0.12	)		(0.09	)

Net Asset Value, End of Year		$10.15			$9.64			$9.43			$8.56			$10.06

Total Return^2,3		10.15	%		8.01	%		14.39	%		(13.88	)%		29.62	%

Ratio of net expenses to average net assets		0.87	%⁴		0.94	%		0.90	%		0.87	%		0.88	%

Ratio of gross expenses to average net assets⁵		0.97	%⁴		1.12	%		0.90	%		0.87	%		0.88	%

Ratio of net investment income to average net assets²		0.60	%		0.53	%		1.92	%		1.52	%		1.51	%

Portfolio turnover		36	%		40	%		123	%		24	%		29	%

Net assets end of year (000’s) omitted		$33,648			$24,191			$31,727			$133,688			$130,828

¹	Per share numbers have been calculated using average shares.

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

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

⁴	Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.01% for the fiscal year ended October 31, 2021.

⁵	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.)

AMG GW&K Emerging Wealth Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$13.28			$11.93			$10.38			$12.94			$10.13

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.09	)		(0.04	)		0.10			0.06			0.05

Net realized and unrealized gain (loss) on investments		0.22			1.72			1.95			(1.88	)		2.80

Total income (loss) from investment operations		0.13			1.68			2.05			(1.82	)		2.85

Less Distributions to Shareholders from:

Net investment income		–			(0.06	)		(0.06	)		(0.05	)		(0.04	)

Net realized gain on investments		–			(0.27	)		(0.44	)		(0.69	)		–

Total distributions to shareholders		–			(0.33	)		(0.50	)		(0.74	)		(0.04	)

Net Asset Value, End of Year		$13.41			$13.28			$11.93			$10.38			$12.94

Total Return^2,3		0.98	%		14.37	%		20.82	%		(15.16	)%		28.31	%

Ratio of net expenses to average net assets		1.22	%		1.26	%		1.37	%⁴		1.45	%^4,5		1.45	%^4,5

Ratio of gross expenses to average net assets⁶		1.22	%		1.26	%		1.37	%⁴		1.45	%⁴		1.45	%⁴

Ratio of net investment income (loss) to average net assets²		(0.59	)%		(0.35	)%		0.93	%		0.49	%		0.45	%

Portfolio turnover		57	%		37	%		40	%		37	%		68	%

Net assets end of year (000’s) omitted		$967			$1,716			$2,007			$1,940			$10

AMG GW&K Emerging Wealth Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$13.38			$12.03			$10.44			$12.96			$10.14

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.05	)		(0.01	)		0.14			0.09			0.08

Net realized and unrealized gain (loss) on investments		0.22			1.73			1.96			(1.88	)		2.81

Total income (loss) from investment operations		0.17			1.72			2.10			(1.79	)		2.89

Less Distributions to Shareholders from:

Net investment income		–			(0.10	)		(0.07	)		(0.04	)		(0.07	)

Net realized gain on investments		–			(0.27	)		(0.44	)		(0.69	)		��

Total distributions to shareholders		–			(0.37	)		(0.51	)		(0.73	)		(0.07	)

Net Asset Value, End of Year		$13.55			$13.38			$12.03			$10.44			$12.96

Total Return^2,3		1.27	%		14.63	%		21.15	%		(14.89	)%		28.73	%

Ratio of net expenses to average net assets		0.93	%		0.97	%		1.08	%⁴		1.19	%^4,5		1.12	%^4,5

Ratio of gross expenses to average net assets⁶		0.93	%		0.97	%		1.08	%⁴		1.19	%⁴		1.16	%⁴

Ratio of net investment income (loss) to average net assets²		(0.30	)%		(0.06	)%		1.22	%		0.75	%		0.78	%

Portfolio turnover		57	%		37	%		40	%		37	%		68	%

Net assets end of year (000’s) omitted		$41,453			$22,813			$6,328			$2,539			$1,646

AMG GW&K Emerging Wealth Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class Z	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$13.34			$11.99			$10.41			$12.97			$10.15

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.03	)		0.01			0.15			0.11			0.10

Net realized and unrealized gain (loss) on investments		0.21			1.72			1.96			(1.89	)		2.80

Total income (loss) from investment operations		0.18			1.73			2.11			(1.78	)		2.90

Less Distributions to Shareholders from:

Net investment income		(0.00	)⁷		(0.11	)		(0.09	)		(0.09	)		(0.08	)

Net realized gain on investments		–			(0.27	)		(0.44	)		(0.69	)		–

Total distributions to shareholders		(0.00	)⁷		(0.38	)		(0.53	)		(0.78	)		(0.08	)

Net Asset Value, End of Year		$13.52			$13.34			$11.99			$10.41			$12.97

Total Return^2,3		1.37	%		14.75	%		21.34	%		(14.87	)%		28.86	%

Ratio of net expenses to average net assets		0.82	%		0.86	%		0.97	%⁴		1.05	%^4,5		1.05	%^4,5

Ratio of gross expenses to average net assets⁶		0.82	%		0.86	%		0.97	%⁴		1.05	%⁴		1.05	%⁴

Ratio of net investment income (loss) to average net assets²		(0.19	)%		0.05	%		1.33	%		0.89	%		0.85	%

Portfolio turnover		57	%		37	%		40	%		37	%		68	%

Net assets end of year (000’s) omitted		$183,290			$185,755			$105,069			$60,443			$59,500

¹	Per share numbers have been calculated using average shares.

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

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

⁴	Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.02%, 0.07% and 0.04% for the fiscal years ended October 31, 2019, 2018 and 2017, respectively.

⁵	Includes reduction from broker recapture amounting to less than 0.01%.

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	Less than $(0.005) per share.

AMG GW&K Small/Mid Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$21.14			$17.02			$16.90			$15.30			$12.19

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.17	)		(0.17	)		(0.08	)		(0.12	)		(0.09	)³

Net realized and unrealized gain on investments		7.74			4.29			0.20			1.72			3.20

Total income from investment operations		7.57			4.12			0.12			1.60			3.11

Less Distributions to Shareholders from:

Net realized gain on investments		(10.55	)		–			–			–			–

Paid in capital		(0.49	)		–			–			–			–

Total distributions to shareholders		(11.04	)		–			–			–			–

Net Asset Value, End of Year		$17.67			$21.14			$17.02			$16.90			$15.30

Total Return^2,4		46.66	%		24.27	%		0.71	%		10.46	%		25.51	%

Ratio of net expenses to average net assets⁵		1.17	%		1.29	%⁶		1.30	%		1.31	%		1.23	%

Ratio of gross expenses to average net assets⁷		1.42	%		1.60	%		1.47	%		1.43	%		1.36	%

Ratio of net investment loss to average net assets²		(0.91	)%		(0.92	)%		(0.48	)%		(0.73	)%		(0.65	)%

Portfolio turnover		158	%		126	%		138	%		161	%		151	%

Net assets end of year (000’s) omitted		$37,471			$28,908			$30,717			$37,232			$45,902

AMG GW&K Small/Mid Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$21.60			$17.35			$17.20			$15.54			$12.36

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.15	)		(0.14	)		(0.05	)		(0.09	)		(0.07	)³

Net realized and unrealized gain on investments		7.98			4.39			0.20			1.75			3.25

Total income from investment operations		7.83			4.25			0.15			1.66			3.18

Less Distributions to Shareholders from:

Net realized gain on investments		(10.55	)		–			–			–			–

Paid in capital		(0.49	)		–			–			–			–

Total distributions to shareholders		(11.04	)		–			–			–			–

Net Asset Value, End of Year		$18.39			$21.60			$17.35			$17.20			$15.54

Total Return^2,4		46.94	%		24.48	%		0.93	%		10.68	%		25.73	%

Ratio of net expenses to average net assets⁵		1.02	%		1.10	%⁶		1.10	%		1.10	%		1.05	%

Ratio of gross expenses to average net assets⁷		1.27	%		1.41	%		1.27	%		1.22	%		1.18	%

Ratio of net investment loss to average net assets²		(0.76	)%		(0.73	)%		(0.28	)%		(0.52	)%		(0.47	)%

Portfolio turnover		158	%		126	%		138	%		161	%		151	%

Net assets end of year (000’s) omitted		$6,612			$6,483			$14,608			$65,802			$79,652

AMG GW&K Small/Mid Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period



Class Z	For the fiscal period ended October 31,2021⁸

Net Asset Value, Beginning of Period		$17.84

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.01	)

Net realized and unrealized gain on investments		0.56

Total income from investment operations		0.55

Net Asset Value, End of Period		$18.39

Total Return^2,4		3.08	%⁹

Ratio of net expenses to average net assets¹⁰		0.82	%¹¹

Ratio of gross expenses to average net assets⁷		1.13	%¹¹

Ratio of net investment loss to average net assets²		(0.49	)%¹¹

Portfolio turnover		158	%

Net assets end of period (000’s) omitted		$15

¹	Per share numbers have been calculated using average shares.

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

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

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

⁵	Includes reduction from broker recapture amounting to less than 0.01%, 0.01%, less than 0.01%, 0.01% and 0.01% for the fiscal years ended 2021, 2020, 2019, 2018 and 2017, respectively.

⁶	Includes interest expense of 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	Commencement of operations was on August 31, 2021.

⁹	Not annualized.

¹⁰	Includes reduction from broker recapture amounting to less than 0.01% for the fiscal period ended October 31, 2021.

¹¹	Annualized.

Notes to Financial Statements

October 31, 2021

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds, AMG Funds I and AMG Funds IV (the “Trusts”) are open-end management investment companies. AMG Funds and AMG Funds I are organized as Massachusetts business trusts, while AMG Funds IV is organized as a Delaware Statutory Trust. The Trusts are registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trusts consist of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG Funds I: AMG GW&K Core Bond ESG Fund (“Core Bond ESG”), AMG Funds: AMG GW&K Emerging Markets Equity Fund (“Emerging Markets Equity”) and AMG GW&K Emerging Wealth Equity Fund (“Emerging Wealth Equity”) and AMG Funds IV: AMG GW&K Small/Mid Cap Growth Fund (“Small/Mid Cap Growth”) (formerly AMG GW&K Small Cap Fund II, which was formerly AMG Managers LMCG Small Cap Growth Fund), each a “Fund” and collectively, the “Funds”.

Each Fund offers different classes of shares. Core Bond ESG, Emerging Markets Equity and Emerging Wealth Equity offer Class N, Class I and Class Z shares. Small/Mid Cap Growth offers Class N and Class I shares, and, effective August 31, 2021, commenced offering Class Z shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

On March 17-18, 2021, the Board of Trustees of AMG Funds IV (together with the Board of Trustees of AMG Funds and AMG Funds I, the “Board”) approved GW&K Investment Management, LLC (“GW&K”) as the subadviser to Small/Mid Cap Growth on an interim basis to replace LMCG Investments, LLC (“LMCG”), effective March 19, 2021, which was subsequently approved by the shareholders of Small/Mid Cap Growth on June 18, 2021. In conjunction with the subadviser change, Small/Mid Cap Growth seeks to achieve its investment objective by investing securities of small- and mid-capitalization companies. In conjunction with the changes in investment strategy for Small/Mid Cap Growth, Small/Mid Cap Growth sold substantially all open positions around the date of the subadviser change that increased Small/Mid Cap Growth’s portfolio turnover. Small/Mid Cap Growth also declared a special capital gain distribution on March 24, 2021.

The Funds’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”),

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

a. VALUATION OF INVESTMENTS

For the Funds, equity securities traded on a national securities exchange or reported on the NASDAQ national market system (“NMS”) are valued at the last quoted sales price on the primary exchange or, if applicable, the NASDAQ official closing price or the official closing price of the relevant exchange or, lacking any sales, at the last quoted bid price for Emerging Markets Equity, Emerging Wealth Equity and Small/Mid Cap Growth, or the mean between the last quoted bid and ask prices (the “mean price”) for Core Bond ESG. Equity securities held by the Funds that are traded in the over-the-counter market (other than NMS securities) are valued at the mean price. Foreign equity securities (securities principally traded in markets other than U.S. markets) held by the Funds are valued at the official closing price on the primary exchange or, for markets that either do not offer an official closing price or where the official closing price may not be representative of the overall market, the last quoted sale price. Effective October 1, 2021, equity securities lacking any sales in Core Bond ESG are valued at the last quoted bid price and equity securities traded in the over-the-counter market (other than NMS securities) in each Fund are valued at the bid price. As of October 1, 2021, there was no impact to the Funds due to the changes in valuation policy.

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. Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the Board. The Valuation Committee, which is comprised of the Independent Trustees of the Board, and the Pricing Committee, which is comprised of representatives from AMG Funds LLC (the “Investment Manager”) are the committees appointed by the Board to make fair value determinations. Each Fund may use the fair value of a portfolio investment to

Notes to Financial Statements (continued)

calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Board’s valuation procedures, if the Investment Manager or the Pricing Committee believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Pricing Committee and, if required under the Trusts’ securities valuation procedures, the Valuation Committee, seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The 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)

securities, foreign currency exchange contracts, swaps, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date, except for Korean securities where dividends are recorded on confirmation date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trusts and other trusts or funds within the AMG Funds Family of Funds (collectively the “AMG Funds Family”) based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

Small/Mid Cap Growth had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Fund’s overall expense ratio. For the fiscal year ended October 31, 2021, the impact on the expenses and expense ratios was $2,645 or less than 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

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

Notes to Financial Statements (continued)

financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are primarily due to net operating losses. Temporary differences are primarily due to wash sale loss deferrals,

mark-to-market on passive foreign investment companies, and the deferral of qualified late year losses.

The tax character of distributions paid during the fiscal years ended October 31, 2021 and October 31, 2020 were as follows:


	Core Bond ESG				Emerging Markets Equity

Distributions paid from:	2021		2020		2021		2020

Ordinary income *		$2,869,291		$4,331,183		$711,110		$2,686,786

Long-term capital gains		–		–		1,625,205		–


		$2,869,291		$4,331,183		$2,336,315		$2,686,786


	Emerging Wealth Equity				Small/Mid Cap Growth

Distributions paid from:	2021		2020		2021		2020

Ordinary income *		$35,159		$1,049,631		$9,053,185		–

Long-term capital gains		262		2,572,538		8,422,676		–

Paid-in capital		–		–		819,098		–


		$35,421		$3,622,169		$18,294,959		–

*	For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of October 31, 2021, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

Core Bond ESG

Emerging Markets Equity

Emerging Wealth Equity

Small/Mid Cap Growth

Undistributed ordinary income

$478,093

$399,654

–

Undistributed long-term capital gains

4,019,861

211,238

$2,341,935

–

Late-year loss deferral

–

432,825

$312,728

At October 31, 2021, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:


Fund	Cost		Appreciation		Depreciation			Net Appreciation

Core Bond ESG		$182,910,597		$5,373,966		$(1,060,803	)		$4,313,163
Emerging Markets Equity		46,308,480		14,591,299		(2,812,769	)		11,778,530
Emerging Wealth Equity		195,604,187		45,764,578		(18,166,729	)		27,597,849
Small/Mid Cap Growth		37,043,331		8,967,608		(1,880,720	)		7,086,888

e. FEDERAL TAXES

required in the Funds’ financial statements. Additionally, Management is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

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

Notes to Financial Statements (continued)

For the fiscal year ended October 31, 2021, the following Funds utilized capital loss carryovers in the amount of:


	Capital Loss Carryover Utilized

Fund	Short-Term		Long-Term

Core Bond ESG		$425,987		–

Emerging Wealth Equity		911,098		–

g. CAPITAL STOCK

For the fiscal years ended October 31, 2021 and October 31, 2020, the capital stock transactions by class for the Funds were as follows:


				Core Bond ESG												Emerging Markets Equity

	October 31, 2021						October 31, 2020						October 31, 2021						October 31, 2020

	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Class N:

Proceeds from sale of shares		57,167			$617,603			85,411			$920,846			26,050			$301,090			181,059			$1,744,337

Reinvestment of distributions		1,982			21,505			2,508			26,975			1,571			17,233			2,833			26,891

Cost of shares repurchased		(36,310	)		(394,283	)		(32,291	)		(348,057	)		(29,702	)		(340,566	)		(196,188	)		(1,558,530	)


Net increase (decrease)		22,839			$244,825			55,628			$599,764			(2,081	)		$(22,243	)		(12,296	)		$212,698


Class I:

Proceeds from sale of shares		1,732,406			$18,782,363			1,374,556			$14,850,604			635,502			$7,074,008			1,230,745			$9,743,030

Reinvestment of distributions		244,961			2,659,029			374,177			4,019,598			35,661			386,561			52,112			491,414

Cost of shares repurchased		(2,843,986	)		(30,881,158	)		(3,385,772	)		(36,392,063	)		(251,494	)		(2,698,418	)		(1,837,609	)		(15,777,470	)


Net increase (decrease)		(866,619	)		$(9,439,766	)		(1,637,039	)		$(17,521,861	)		419,669			$4,762,151			(554,752	)		$(5,543,026	)


Class Z:

Proceeds from sale of shares		58,501			$638,670			82,098			$869,531			762,904			$8,699,676			231,629			$2,130,804

Reinvestment of distributions		5,343			57,930			7,172			77,096			115,827			1,248,619			128,421			1,203,308

Cost of shares repurchased		(67,164	)		(733,649	)		(44,147	)		(477,970	)		(75,374	)		(830,676	)		(1,213,641	)		(11,305,915	)


Net increase (decrease)		(3,320	)		$(37,049	)		45,123			$468,657			803,357			$9,117,619			(853,591	)		$(7,971,803	)


				Emerging Wealth Equity												Small/Mid Cap Growth

	October 31, 2021						October 31, 2020						October 31, 2021						October 31, 2020

	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Class N:

Proceeds from sale of shares		8,974			$138,021			24,646			$275,535			91,217			$1,757,478			36,920			$687,740

Reinvestment of distributions		–			–			4,548			55,712			972,672			14,770,300			–			–

Cost of shares repurchased		(66,077	)		(967,375	)		(68,095	)		(733,597	)		(311,010	)		(5,726,959	)		(473,941	)		(8,270,391	)


Net increase (decrease)		(57,103	)		$(829,354	)		(38,901	)		$(402,350	)		752,879			$10,800,819			(437,021	)		$(7,582,651	)

Notes to Financial Statements (continued)



				Emerging Wealth Equity												Small/Mid Cap Growth

	October 31, 2021						October 31, 2020						October 31, 2021						October 31, 2020

	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Class I:

Proceeds from sale of shares		1,993,990			$30,549,706			1,818,122			$21,632,228			42,998			$900,118			34,550			$621,155

Reinvestment of distributions		–			–			17,592			216,555			202,482			3,199,629			–			–

Cost of shares repurchased		(639,402	)		(9,207,782	)		(656,368	)		(7,085,572	)		(186,045	)		(3,412,645	)		(576,238	)		(10,222,921	)


Net increase (decrease)		1,354,588			$21,341,924			1,179,346			$14,763,211			59,435			$687,102			(541,688	)		$(9,601,766	)


Class Z:¹

Proceeds from sale of shares		3,554,557			$54,731,525			8,182,601			$98,216,854			841			$15,000			–			–

Reinvestment of distributions		162			2,470			27,678			339,331			–			–			–			–

Cost of shares repurchased		(3,925,460	)		(57,082,834	)		(3,049,658	)		(33,692,378	)		–			–			–			–


Net increase (decrease)		(370,741	)		$(2,348,839	)		5,160,621			$64,863,807			841			$15,000			–			–

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

At October 31, 2021, certain affiliated and unaffiliated shareholders of record individually or collectively held greater than 10% of the net assets of the Funds as follows: Emerging Markets Equity - one owns 39%. Transactions by this shareholder may have a material impact on the Fund.

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

At October 31, 2021, the market value of Repurchase Agreements outstanding for Emerging Markets Equity, Emerging Wealth Equity and Small/Mid Cap Growth were $2,015,149, $507,794 and $485,590, respectively.

i. FOREIGN CURRENCY TRANSLATION

The books and records of the Funds are maintained in U.S. dollars. The value of investments, assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon current foreign exchange rates. Purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based on currency exchange rates prevailing on the respective dates of such transactions. Net realized and unrealized gain (loss) on foreign currency transactions represent: (1) foreign exchange gains and losses from the sale and holdings of foreign currencies; (2) gains and losses between trade date and settlement date on investment securities transactions and foreign currency

exchange contracts; and (3) gains and losses from the difference between amounts of interest and dividends recorded and the amounts actually received.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trusts have entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. retail distribution arm of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Funds and is responsible for the Funds’ overall administration and operations. The Investment Manager selects one or more subadvisers for the Funds (subject to Board approval) and monitors each subadviser’s investment performance, security holdings and investment strategies. Each Fund’s investment portfolio is managed by GW&K, who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in GW&K. Prior to March 19, 2021, Small/Mid Cap Growth’s investment portfolio was managed by LMCG, who served pursuant to subadvisory agreements with the Investment Manager.

Notes to Financial Statements (continued)


Core Bond ESG	0.30	%

Emerging Markets Equity	0.55	%
Emerging Wealth Equity	0.55	%

Small/Mid Cap Growth¹	0.62	%

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

The Investment Manager has contractually agreed, through at least March 1, 2022 for Core Bond ESG, Emerging Markets Equity, and Emerging Wealth Equity and March 1, 2023 for Small/Mid Cap Growth, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of Core Bond ESG, Emerging Markets Equity, Emerging Wealth Equity and Small/Mid Cap Growth to 0.48%, 0.87%, 0.90% and 0.82%, respectively, of each Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Funds in certain circumstances. Prior to March 1, 2020, the total annual Fund operating expense limitation was 1.05% of Emerging Markets Equity’s average daily net assets. Prior to June 18 2021, the total annual Fund operating expense limitation was 1.03% of Small/Mid Cap Growth’s average daily net assets.

At October 31, 2021, the Funds’ expiration of reimbursements subject to recoupment is as follows:


Expiration
Period	Core Bond ESG		Emerging Markets Equity		Small/Mid Cap Growth

Less than 1 year		$156,648		–		$140,019

1-2 years		159,696		$78,697		111,190

2-3 years		129,634		58,087		103,778


Total		$445,978		$136,784		$354,987

The Investment Manager has contractually agreed, through March 1, 2021, to waive management fees and/or pay or reimburse Emerging Markets Equity’s expenses in an amount that is equal to the fees and expenses incurred indirectly by the Fund as a result of investment in shares of one or more acquired funds. The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement among the Investment Manager, GW&K and the 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. For the four months ended February 28, 2021, the Investment Manager waived $297 in fees.

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

The Trusts have adopted a distribution and service plan (the “Plan”) with respect to the Class N shares of each Fund, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, each Fund may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of each Fund’s Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorized payments to the Distributor up to 0.25% annually of each Fund’s average daily net assets attributable to the Class N shares. For Small/Mid Cap Growth, the Plan is characterized as a reimbursement plan and is directly tied to expenses incurred by the Distributor; the payments the Distributor receives during any year may not exceed its actual expenses. The impact on the Class N annualized expense ratios for the fiscal year ended October 31, 2021, were 0.25%

Notes to Financial Statements (continued)

for Core Bond ESG, Emerging Markets Equity, and Emerging Wealth Equity and 0.18% for Small/Mid Cap Growth.

The impact on the annualized expense ratios for the fiscal year ended October 31, 2021, were as follows:


Fund	Maximum Annual Amount Approved		Actual Amount Incurred

Core Bond ESG
Class N		0.15%		0.15%
Class I		0.10%		0.08%
Emerging Markets Equity
Class N		0.15%		0.15%
Class I		0.15%		0.08%
Emerging Wealth Equity
Class N		0.15%		0.15%
Class I		0.15%		0.11%
Small/Mid Cap Growth
Class N*		–		0.04%
Class I*		0.05%		0.06%

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

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

respectively. Core Bond ESG, Emerging Markets Equity and Emerging Wealth Equity participated in the interfund lending program for the year ended October 31, 2021, while Small/Mid Cap Growth commenced participating in the interfund lending program on July 2, 2021. At October 31, 2021, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund loan program during the fiscal year ended October 31, 2021 as follows:


Fund	Average Lent		Number of Days		Interest Earned		Average Interest Rate

Core Bond ESG		$1,335,266		9		$308		0.936%

Fund	Average Borrowed		Number of Days		Interest Paid		Average Interest Rate

Core Bond ESG		$1,344,381		1		$33		0.908%

Emerging Wealth Equity		1,949,218		8		408		0.955%

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended October 31, 2021, were as follows:


	Long Term Securities

Fund	Purchases		Sales

Core Bond ESG		$62,383,118		$86,118,731

Emerging Markets Equity		31,010,215		20,056,587

Emerging Wealth Equity		167,557,733		143,756,947

Small/Mid Cap Growth		65,349,566		71,590,324

Core Bond ESG purchases and sales of U.S. Government obligations during the fiscal year ended October 31, 2021 were $57,922,268 and $45,970,522, respectively.

4. PORTFOLIO SECURITIES LOANED

The Funds participate in the Program providing for the lending of securities to qualified borrowers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the Funds, according to agreed-upon rates. Collateral on all securities loaned is accepted in cash, U.S. Treasury Obligations or U.S. Government Agency Obligations. Collateral is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements for that cash collateral, and securities collateral is held in separate

Notes to Financial Statements (continued)

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

The value of securities loaned on positions held, cash collateral and securities collateral received at October 31, 2021, were as follows:


Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received

Emerging Markets Equity		$2,242,295		$2,015,149		$360,842		$2,375,991

Emerging Wealth Equity		1,589,618		507,794		1,208,507		1,716,301

Small/Mid Cap Growth		4,624,938		485,590		4,218,215		4,703,805

The following table summarizes the securities received as collateral for securities lending at October 31, 2021:


Fund	Collateral Type	Coupon Range	Maturity Date Range

Emerging Markets Equity	U.S. Treasury Obligations	0.000%-3.750%	11/30/21-02/15/51

Emerging Wealth Equity	U.S. Treasury Obligations	0.750%-3.625%	05/31/22-08/15/49

Small/Mid Cap Growth	U.S. Treasury Obligations	0.000%-6.875%	11/15/21-11/15/50

5. FOREIGN SECURITIES

Certain Funds invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in domestic securities. Non-domestic securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. A Fund’s investments in emerging market countries are exposed to additional risks. A Fund’s performance will be influenced by political, social and economic factors affecting companies in emerging market countries. Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. Realized gains in certain countries may be subject to foreign taxes at the Fund level and the Fund would pay such foreign taxes at the appropriate rate for each jurisdiction.

6. COMMITMENTS AND CONTINGENCIES

Under the Trusts’ organizational documents, its trustees and officers are indemnified against certain liabilities arising out of the performance of their duties

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

7. CREDIT AGREEMENT

The following Fund utilized the line of credit during the fiscal year ended October 31, 2021:


Fund	Weighted Average Borrowed		Number of Days		Interest Paid		Average Interest Rate

Small/Mid Cap Growth		$1,471,403		3		$166		1.357	%

8. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the securities lending program and Repurchase Agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4.

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 October 31, 2021:


		Gross Amount Not Offset in the Statement of Assets and Liabilities
Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities	Offset Amount	Net Asset Balance	Collateral Received	Net Amount

Emerging Markets Equity

Bank of America Securities, Inc.	$1,000,000	–	$1,000,000	$1,000,000	–

HSBC Securities USA, Inc.	15,149	–	15,149	15,149	–

RBC Dominion Securities, Inc.	1,000,000	–	1,000,000	1,000,000	–


Total	$2,015,149	–	$2,015,149	$2,015,149	–


Emerging Wealth Equity

Daiwa Capital Markets America	$ 507,794	–	$507,794	$507,794	–

Small/Mid Cap Growth

Daiwa Capital Markets America	$ 485,590	–	$485,590	$485,590	–

9. SUBSEQUENT EVENTS

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF AMG FUNDS, AMG FUNDS I, AND AMG FUNDS IV AND SHAREHOLDERS OF AMG GW&K CORE BOND ESG FUND, AMG GW&K EMERGING MARKETS EQUITY FUND, AMG GW&K EMERGING WEALTH EQUITY FUND, AND AMG GW&K SMALL/MID CAP GROWTH FUND:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AMG GW&K Core Bond ESG Fund (one of the funds constituting AMG Funds I), AMG GW&K Emerging Markets Equity Fund and AMG GW&K Emerging Wealth Equity Fund (two of the funds constituting AMG Funds), and AMG GW&K Small/Mid Cap Growth Fund (formerly AMG GW&K Small Cap Fund II, which was formerly AMG Managers LMCG Small Cap Growth Fund) (one of the funds constituting AMG Funds IV) (hereafter collectively referred to as the “Funds “) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2021

We have served as the auditor of one or more investment companies in AMG Funds Family since 1993.

Other Information (unaudited)

TAX INFORMATION

AMG GW&K Core Bond ESG Fund, AMG GW&K Emerging Markets Equity Fund, AMG GW&K Emerging Wealth Equity Fund and AMG GW&K Small/Mid Cap Growth Fund each hereby designates the maximum amount allowable of their net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2020/2021 Form 1099-DIV you receive for each Fund will show the tax status of all distributions paid to you during the year.

In accordance with federal tax law, the following Funds elect to provide foreign taxes paid and the income sourced from foreign countries. Accordingly, each Fund hereby makes the following designations regarding its taxable period ended October 31, 2021:

AMG GW&K Emerging Markets Equity Fund

u The total amount of taxes paid and income sourced from foreign countries was $106,848 and $984,671, respectively.

AMG GW&K Emerging Wealth Equity Fund

u The total amount of taxes paid and income sourced from foreign countries was $767,841 and $1,367,271, respectively.

Pursuant to section 852 of the Internal Revenue Code, AMG GW&K Core Bond ESG Fund, AMG GW&K Emerging Markets Equity Fund, AMG GW&K Emerging Wealth Equity Fund and AMG GW&K Small/Mid Cap Growth Fund, each hereby designates as a capital gain distribution with respect to the taxable period ended October 31, 2021, $0, $1,625,205, $262 and $8,422,676, respectively, or, if subsequently determined to be different, the net capital gains of such period.

PROXY VOTE

A special meeting of the shareholders of AMG GW&K Small/Mid Cap Growth Fund (the “Fund”) was held on June 18, 2021, to vote on proposals to approve a new subadvisory agreement between AMG Funds LLC (the “Investment Manager”) and GW&K Investment Management, LLC (“GW&K”) with respect to the Fund. The proposals and results of the votes are summarized below.


		Number of Eligible Shareholders

Proposal 1	For	Against	Abstain

To approve a new subadvisory agreement between the Investment Manager and GW&K with respect to the Fund.	1,069,360	77,401	192,172

% of Shares Present	79.866%	5.781%	14.353%

% of Outstanding Shares	40.246%	2.913%	7.232%

		Number of Eligible Shareholders

Proposal 2	For	Against	Abstain

To approve the redesignation of the Fund’s fundamental investment objective as non-fundamental.	991,268	163,495	184,170

% of Shares Present	74.034%	12.211%	13.755%

% of Outstanding Shares	37.307%	6.153%	6.931%

		Number of Eligible Shareholders

Proposal 3a	For	Against	Abstain

To approve the amendment of the Fund’s fundamental investment restriction with respect to borrowing and issuing senior securities.	1,033,279	130,744	174,910

% of Shares Present	77.172%	9.765%	13.063%

% of Outstanding Shares	38.887%	4.921%	6.583%

		Number of Eligible Shareholders

Proposal 3b	For	Against	Abstain

To approve the amendment of the Funds fundamental investment restriction with respect to lending.	1,026,548	137,533	174,852

% of Shares Present	76.669%	10.272%	13.059%

% of Outstanding Shares	38.634%	5.176%	6.581%

Other Information (continued)



		Number of Eligible Shareholders

Proposal 4	For	Against	Abstain
To approve a modified manager-of-managers structure for the Fund that would permit the Investment Manager to enter into and materially amend subadvisory agreements with unaffiliated and affiliated subadvisers without obtaining shareholder approval and would also permit the Fund to disclose fees paid to subadvisers on an aggregate, rather than individual, basis.	972,247	176,963	189,723
% of Shares Present	72.613%	13.217%	14.170%
% of Outstanding Shares	36.591%	6.660%	7.140%


Fund Totals:	Shares
Record Total		2,657,099
Shares Voted		1,338,933
Percent Present		50.391%

AMG Funds

Trustees and Officers

review the Funds’ performance. Unless otherwise noted, the address of each Trustee or Officer is the address of the Trust: 680 Washington Blvd., Suite 500, Stamford, CT. 06901.

There is no stated term of office for Trustees. Trustees serve until their resignation, retirement or removal in

Independent Trustees

The following Trustees are not “interested persons” of the Trust within the meaning of the 1940 Act:


Number of Funds Overseen in Fund Complex		Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee

• Trustee since 2012 - AMG Funds • Trustee since 2012 - AMG Funds I • Trustee since 2016 - AMG Funds IV • Oversees 42 Funds in Fund Complex		Bruce B. Bingham, 72 Partner, Hamilton Partners (real estate development firm) (1987-Present); Director of The Yacktman Funds, Inc. (2 portfolios) (2000-2012).

• Trustee since 2013 - AMG Funds • Trustee since 2013 - AMG Funds I • Trustee since 2013 - AMG Funds IV • Chairman of the Audit Committee since 2021 - AMG Funds, AMG Funds I • Chairman of the Audit Committee since 2020 - AMG Funds IV • Oversees 46 Funds in Fund Complex		Kurt A. Keilhacker, 58 Managing Partner, TechFund Europe (2000-Present); Managing Partner, TechFund Capital (1997-Present); Managing Partner, Elementum Ventures (2013-Present); Director, MetricStory, Inc. (2017-Present); Trustee, Wheaton College (2018-Present); Trustee, Gordon College (2001-2016); Board Member, 6wind SA (2002-2019).

• Trustee since 2000 - AMG Funds • Oversees 42 Funds in Fund Complex		Steven J. Paggioli, 71 Independent Consultant (2002-Present); Trustee, Professionally Managed Portfolios (28 portfolios); Advisory Board Member, Sustainable Growth Advisors, LP; Independent Director, Muzinich BDC, Inc. (business development company) (2019-Present); Director, The Wadsworth Group; Independent Director, Chase Investment Counsel (2008–2019); Executive Vice President, Secretary and Director, Investment Company Administration, LLC and First Fund Distributors, INC. (1990-2001).

• Trustee since 2013 • Oversees 42 Funds in Fund Complex		Richard F. Powers III, 75 Adjunct Professor, U.S. Naval War College (2016-Present); Adjunct Professor, Boston College (2011-2015); Director, Ameriprise Financial Inc. (2005-2009); President and CEO of Van Kampen Investments Inc. (1998-2003); President, Morgan Stanley Client Group (2000-2002); Executive Vice President and Chief Marketing Officer of the Morgan Stanley Individual Investor Group (1984-1998).

• Independent Chairman of the Board of Trustees since 2017; Chairman of the Governance Committee since 2017 • Trustee since 2000 • Oversees 46 Funds in Fund Complex		Eric Rakowski, 63 Professor of Law, University of California at Berkeley School of Law (1990-Present); Tax Attorney at Davis Polk & Wardwell and clerked for Judge Harry T. Edwards of the U.S. Court of Appeals for the District of Columbia Circuit and for Justice William J. Brennan Jr. of the U.S. Supreme Court; Director of Harding, Loevner Funds, Inc. (10 portfolios); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019).

• Trustee since 2013 • Oversees 46 Funds in Fund Complex		Victoria L. Sassine, 56 Adjunct Professor, Babson College (2007–Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-Present); Chairperson of the Board of Directors of Business Management Associates (2018 to 2019).

AMG Funds

Trustees and Officers (continued)


Number of Funds Overseen in Fund Complex		Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee

• Trustee since 2000 - AMG Funds I • Trustee since 2004 - AMG Funds • Trustee since 2016 - AMG Funds IV • Oversees 42 Funds in Fund Complex		Thomas R. Schneeweis, 74 Professor Emeritus, University of Massachusetts (2013-Present); President, TRS Associates (1982-Present); Board Member, Chartered Alternative Investment Association (“CAIA”) (2002-Present); Co-Founder and Director, Institute for Global Asset and Risk Management (Education) (2010-Present); Co-Owner, Quantitative Investment Technologies (2014-Present); Co-Owner, Yes Wealth Management (2018-Present); Director, CAIA Foundation (2010-2019); Partner, S Capital Wealth Advisors (2015-2018); Partner, S Capital Management, LLC (2007-2015); President, Alternative Investment Analytics, LLC, (formerly Schneeweis Partners, LLC) (2001-2013).

Interested Trustees


Number of Funds Overseen in Fund Complex		Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee

• Trustee since 2011 • Oversees 42 Funds in Fund Complex		Christine C. Carsman, 69 Affiliated Managers Group, Inc. (2004-Present): Senior Policy Advisor (2019-Present), Executive Vice President, Deputy General Counsel and Chief Regulatory Counsel (2017-2018), Senior Vice President and Deputy General Counsel (2011-2016), Senior Vice President and Chief Regulatory Counsel (2007-2011), Vice President and Chief Regulatory Counsel (2004-2007); Chair of the Board of Directors, AMG Funds plc (2015-2018); Director, AMG Funds plc (2010-2018); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2004-2011); Senior Counsel, Vice President and Director of Operational Risk Management and Compliance, Wellington Management Company, LLP (1995-2004); Director Emeritus of Harding, Loevner Funds, Inc. (0 Portfolios) (2021- Present); Director of Harding, Loevner Funds, Inc. (9 portfolios) (2017-2020).

• Trustee since 2021 • Oversees 42 Funds in Fund Complex		Garret W. Weston, 40 Affiliated Managers Group, Inc. (2008-Present): Managing Director, Co-Head of Affiliate Engagement (2021-Present), Senior Vice President, Affiliate Development (2016-2021), Vice President, Office of the CEO (2015-2016), Vice President, New Investments (2012-2015), Senior Associate, New Investments (2008-2012); Associate, Madison Dearborn Partners (2006-2008); Analyst, Merrill Lynch (2004-2006).

Officers
Position(s) Held with Fund and Length of Time Served		Name, Age, Principal Occupation(s) During Past 5 Years

• President since 2018 • Principal Executive Officer since 2018 • Chief Executive Officer since 2018 • Chief Operating Officer since 2007		Keitha L. Kinne, 63 Chief Operating Officer, AMG Funds LLC (2007-Present); Chief Investment Officer, AMG Funds LLC (2008-Present); President and Principal, AMG Distributors, Inc. (2018-Present); Chief Operating Officer, AMG Distributors, Inc. (2007-Present); President, Chief Executive Officer and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2018-Present); Chief Operating Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2007-Present); Chief Operating Officer, AMG Funds IV (2016-Present); Chief Operating Officer and Chief Investment Officer, Aston Asset Management, LLC (2016); President and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2012-2014); Managing Partner, AMG Funds LLC (2007-2014); President and Principal, AMG Distributors, Inc. (2012-2014); Managing Director, Legg Mason & Co., LLC (2006-2007); Managing Director, Citigroup Asset Management (2004-2006).

• Secretary since 2015 • Chief Legal Officer since 2015		Mark J. Duggan, 56 Managing Director and Senior Counsel, AMG Funds LLC (2021-Present); Senior Vice President and Senior Counsel, AMG Funds LLC (2015-2021); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2015-Present); Attorney, K&L Gates, LLP (2009-2015).

• Chief Financial Officer since 2017 • Treasurer since 2017 • Principal Financial Officer since 2017 • Principal Accounting Officer since 2017		Thomas G. Disbrow, 55 Vice President, Mutual Fund Treasurer & CFO, AMG Funds, AMG Funds LLC (2017-Present); Chief Financial Officer, Principal Financial Officer, Treasurer and Principal Accounting Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Managing Director - Global Head of Traditional Funds Product Control, UBS Asset Management (Americas), Inc. (2015-2017); Managing Director - Head of North American Funds Treasury, UBS Asset Management (Americas), Inc. (2011-2015).

AMG Funds

Trustees and Officers (continued)


Position(s) Held with Fund and Length of Time Served		Name, Age, Principal Occupation(s) During Past 5 Years

• Deputy Treasurer since 2017		John A. Starace, 51 Vice President, Mutual Fund Accounting, AMG Funds LLC (2021-Present); Director, Mutual Fund Accounting, AMG Funds LLC (2017-2021); Vice President, Deputy Treasurer of Mutual Funds Services, AMG Funds LLC (2014-2017); Deputy Treasurer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Vice President, Citi Hedge Fund Services (2010-2014); Audit Senior Manager (2005-2010) and Audit Manager (2001-2005), Deloitte & Touche LLP.

• Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer since 2019		Patrick J. Spellman, 47 Vice President, Chief Compliance Officer, AMG Funds LLC (2017-Present); Chief Compliance Officer, AMG Distributors, Inc., (2010-Present); Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present); Senior Vice President, Chief Compliance Officer, AMG Funds LLC (2011-2017); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2014-2019); Anti-Money Laundering Officer, AMG Funds IV (2016-2019); Compliance Manager, Legal and Compliance, Affiliated Managers Group, Inc. (2005-2011).

• Assistant Secretary since 2016		Maureen A. Meredith, 36 Vice President, Senior Counsel, AMG Funds LLC (2021-Present); Vice President, Counsel, AMG Funds LLC (2019-2021); Director, Counsel, AMG Funds LLC (2017-2018); Vice President, Counsel, AMG Funds LLC (2015-2017); Assistant Secretary, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2016-Present); Associate, Ropes & Gray LLP (2011-2015); Law Fellow, Massachusetts Appleseed Center for Law and Justice (2010-2011).

• Anti-Money Laundering Compliance Officer since 2019		Hector D. Roman, 43 Director, Legal and Compliance, AMG Funds LLC (2020-Present); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present); Manager, Legal and Compliance, AMG Funds LLC (2017-2019); Director of Compliance, Morgan Stanley Investment Management (2015-2017); Senior Advisory, PricewaterhouseCoopers LLP (2014-2015); Risk Manager, Barclays Investment Bank (2008-2014).

Annual Renewal of Investment Management and Subadvisory Agreements

AMG GW&K Emerging Markets Equity Fund, AMG GW&K Emerging Wealth Equity Fund, AMG GW&K Core Bond ESG Fund, and AMG GW&K Small/Mid Cap Growth Fund (formerly AMG GW&K Small Cap Fund II, which was formerly AMG Managers LMCG Small Cap Growth Fund): Approval of Investment Management and Subadvisory Agreements on June 24, 2021

At a meeting held via telephone and video conference on June 24, 2021,1 the Board of Trustees (the “Board” or the “Trustees”) of each of AMG Funds, AMG Funds I, and AMG Funds IV (each, a “Trust” and collectively, the “Trusts”), and separately a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) and AMG Funds for each of AMG GW&K Emerging Markets Equity Fund and AMG GW&K Emerging Wealth Equity Fund, and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016; the Fund Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with the Investment Manager and AMG Funds I for AMG GW&K Core Bond ESG Fund, and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016; and the Investment Advisory Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with the Investment Manager and AMG Funds IV for AMG GW&K Small/Mid Cap Growth Fund (formerly AMG GW&K Small Cap Fund II, which was formerly AMG Managers LMCG Small Cap Growth Fund), and separately Amendment No. 1 thereto dated October 1, 2016 (collectively, the “Investment Management Agreements”); and (ii) the Subadvisory Agreements, as amended at any time prior to the date of the meeting (collectively, the “Subadvisory Agreements”), with the Subadviser for AMG GW&K Emerging Markets Equity Fund, AMG GW&K

Emerging Wealth Equity Fund, and AMG GW&K Core Bond ESG Fund. 2 The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreements and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to AMG GW&K Emerging Markets Equity Fund, AMG GW&K Emerging Wealth Equity Fund, AMG GW&K Core Bond ESG Fund, and AMG GW&K Small/Mid Cap Growth Fund (each, a

“Fund,” and collectively, the “Funds”), the Investment Manager and, with respect to AMG GW&K Emerging Markets Equity Fund, AMG GW&K Emerging Wealth Equity Fund, and AMG GW&K Core Bond ESG Fund, the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a “Peer Group”), performance information for the relevant benchmark index for each Fund (each, a “Fund Benchmark”), other relevant matters, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreements and the Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

NATURE, EXTENT AND QUALITY OF SERVICES

In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information relating to the Investment Manager’s operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Management Agreements and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Funds; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Funds’ other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreements and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and

reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trusts in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and the Small/Mid Cap Growth Subadvisory Agreement and annual consideration of each Subadvisory Agreement and the Small/Mid Cap Growth Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreements and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreements and the Investment Manager’s undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager’s risk management processes.

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

For AMG GW&K Emerging Markets Equity Fund, AMG GW&K Emerging Wealth Equity Fund and AMG GW&K Core Bond ESG Fund, the Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in the Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under each Subadvisory Agreement. The Trustees also considered the Subadviser’s risk management processes.

PERFORMANCE

The Board considered each Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark, considered the gross performance of each of AMG GW&K Emerging Markets Equity Fund, AMG GW&K Emerging Wealth Equity Fund and AMG GW&K Core Bond ESG Fund as compared to the Subadviser’s relevant performance composite that utilizes the same investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both a Fund’s performance results and portfolio composition, as well as the Subadviser’s investment philosophy, strategies and techniques used in managing the Fund. The Board was mindful of the Investment Manager’s expertise, resources and attention to monitoring the Subadviser’s performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds’ subadvisers during the period regarding the factors that contributed to the performance of the Funds.

With respect to AMG GW&K Emerging Markets Equity Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s

performance for Class Z shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year, and 10-year periods ended March 31, 2021 was above, above, above, and below, respectively, the median performance of the Peer Group and above, above, above, and below, respectively, the performance of the Fund Benchmark, the MSCI Emerging Markets Index. The Trustees took into account management’s discussion of the Fund’s performance, including the Fund’s recent outperformance of the Peer Group and the Fund Benchmark. The Trustees concluded that the Fund’s overall performance has been satisfactory.

With respect to AMG GW&K Emerging Wealth Equity Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class Z shares (which share class has the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, and 5-year periods ended March 31, 2021 and for the period from the Fund’s inception on March 19, 2015 through March 31, 2021 was below, above, above, and above the median performance of the Peer Group and above the performance of the Fund Benchmark, the MSCI Emerging Markets Index. The Trustees took into account management’s discussion of the Fund’s performance, noting that the Class Z shares of the Fund ranked in the top quintile relative to its Peer Group for the 3-year and 5-year periods and the period from inception through March 31, 2021. The Trustees concluded that the Fund’s overall performance has been satisfactory.

With respect to AMG GW&K Core Bond ESG Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2021 was above, above, below, and below, respectively, the median performance of the Peer Group and above, above, at, and below, respectively, the performance of the Fund Benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent outperformance of the Peer Group and the Fund Benchmark. The Trustees also noted the change in the Fund’s Subadviser in February 2015 and that the performance record prior to that time reflects that of the prior Subadviser. The Trustees

also took into account the fact that the Fund transitioned to include an ESG strategy in 2019. The Trustees concluded that the Fund’s overall performance has been satisfactory.

With respect to AMG GW&K Small/Mid Cap Growth Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year, and 10-year periods ended March 31, 2021 was above, below, below, and below, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the Russell 2500^® Growth Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s underperformance. The Trustees noted that the Fund ranked in the top third relative to its Peer Group for the 1-year period. The Trustees also took into account the fact that the Fund’s subadviser changed effective March 19, 2021, that the Fund’s investment strategy changed effective March 19, 2021 and further on May 21, 2021, that the Fund Benchmark changed effective May 21, 2021, and that the performance information reflected that of the Fund’s prior subadviser and investment strategy. The Trustees concluded that the Fund’s performance is being addressed.

ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

were implemented during the past year for AMG GW&K Small/Mid Cap Growth Fund and the changes to the expense caps that were implemented during the past year for AMG GW&K Emerging Wealth Equity Fund and AMG GW&K Small/Mid Cap Growth Fund. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments made or to be made from the Subadviser to the Investment Manager, and other payments made or to be made from the Investment Manager to the Subadviser. The Trustees also considered management’s discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.

In considering the cost of services to be provided by the Investment Manager under each Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management’s discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under each Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also with respect to economies of scale, the Trustees noted that as each Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

For each of AMG GW&K Emerging Markets Equity Fund, AMG GW&K Emerging Wealth Equity Fund, and AMG GW&K Core Bond ESG Fund, in considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from these relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management’s discussion of the subadvisory fee structure, and the services the

Subadviser provides in performing its functions under each Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also with respect to economies of scale, the Trustees noted that as a Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

With respect to AMG GW&K Emerging Markets Equity Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2021 were both lower than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2022, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.87%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG GW&K Emerging Wealth Equity Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2021 were both lower than the average for the Fund’s Peer Group. The Trustees took into account the fact that, effective March 1, 2021, the Investment Manager has contractually agreed, through March 1, 2022, to lower the Fund’s contractual expense limitation from 1.05% to 0.90% of the Fund’s net annual operating expenses (subject to certain excluded expenses). The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG GW&K Core Bond ESG Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares of the Fund as of March 31, 2021 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2022, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.48%. The Trustees also took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG GW&K Small/Mid Cap Growth Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2021 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that, effective June 18, 2021, the Investment Manager has contractually agreed, through March 1, 2023, to lower the Fund’s contractual expense limitation from 1.03% to 0.82% of the Fund’s net annual operating expenses (subject to certain excluded expenses). The Trustees also noted that, effective June 18, 2021, the Fund’s management fee rate was reduced. The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and select competitors, and the Fund’s small size relative to its peer universe. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager, the foregoing expense limitation and the considerations noted above with respect to the Investment Manager, the Fund’s advisory fees are reasonable.

With respect to AMG GW&K Small/Mid Cap Growth Fund, the Trustees also considered information provided by the Investment Manager throughout the previous year related to the benefits of the strategic repositioning of the AMG Funds complex for greater alignment with Affiliated Managers Group, Inc. (“AMG”), in which each fund that was not previously

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

subadvised by an affiliate of AMG (each affiliate of AMG, an “Affiliate” and collectively, “Affiliates”) was transitioned to an AMG Affiliate subadviser. The Trustees considered that the strategic repositioning was expected to create value for the Fund, the other funds in the AMG Funds complex and their shareholders through enhanced resources and competitive fee levels. The Trustees noted the expectations that the changes would result in bringing the full range of AMG’s resources to bear on the growth and success of the AMG Funds, streamlining the lineup of funds in the AMG Funds complex and reducing the number of subadvisers in the AMG Funds complex, significantly reducing strategy overlap and providing more differentiated investment solutions for the AMG Funds complex that are otherwise not available to U.S. retail investors. The Trustees further considered the expectation that the repositioning would bring AMG’s strong partnerships in support of the Fund and the AMG Funds complex as a whole and enable AMG Funds to bring the best capabilities of AMG’s Affiliates to the Fund and the rest of the AMG Funds complex. The Trustees noted that AMG’s relationship with its Affiliates will also allow the Fund to have greater insight into the Affiliates’ compliance and business platform than is generally possible with third party subadvisers, aiding the ongoing monitoring of subadvisers.

* * * *

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under each Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.

Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of each Investment Management Agreement and each Subadvisory Agreement would be in the best interests of the applicable Fund and its shareholders. Accordingly, on June 24, 2021, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement for each Fund and the Subadvisory Agreement for each of AMG GW&K Emerging Markets Equity Fund, AMG GW&K Emerging Wealth Equity Fund, and AMG GW&K Core Bond ESG Fund.

¹ The Trustees determined that the conditions surrounding COVID-19 constituted unforeseen or emergency circumstances and that reliance on the

Securities and Exchange Commission’s (“SEC”) exemptive order, which provides relief from the in-person voting requirements of the Investment Company Act of 1940, as amended (the “1940 Act”), in certain circumstances (the “In-Person Relief”), was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19. The Trustees unanimously wished to rely on the In-Person Relief with respect to the approval of those matters on the agenda for the June 24, 2021 meeting that would otherwise require in-person votes under the 1940 Act. See Investment Company Release No. 33897 (June 19, 2020). This exemptive order supersedes, in part, a similar, earlier exemptive order issued by the SEC (Investment Company Release No. 33824 (March 25, 2020)).

² At a meeting held via telephone and videoconference on March 17-18, 2021, the Board of AMG Funds IV, and separately a majority of the Independent Trustees, approved the Subadvisory Agreement with respect to AMG GW&K Small/Mid Cap Growth Fund (the “Small/Mid Cap Growth Subadvisory Agreement”). The Small/Mid Cap Growth Subadvisory Agreement was subsequently approved by the Fund’s shareholders at a special meeting held on June 18, 2021, for an initial two-year period. References herein to the “Subadvisory Agreements” refer to the Subadvisory Agreements for AMG GW&K Emerging Markets Equity Fund, AMG GW&K Emerging Wealth Equity Fund, and AMG GW&K Core Bond ESG Fund, and do not include the Small/Mid Cap Growth Subadvisory Agreement.

THIS PAGE INTENTIONALLY LEFT BLANK

INVESTMENT MANAGER AND ADMINISTRATOR

AMG Funds LLC

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

DISTRIBUTOR

AMG Distributors, Inc.

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

SUBADVISER

GW&K Investment Management, LLC

222 Berkeley St.

Boston, MA 02116

CUSTODIAN

The Bank of New York Mellon

Mutual Funds Custody

6023 Airport Road

Oriskany, NY 13424

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

Attn: AMG Funds

4400 Computer Drive

Westborough, MA 01581

800.548.4539

Current net asset values per share for each Fund are available on the Funds’ website at amgfunds.com.

amgfunds.com

BALANCED FUNDS

AMG GW&K Global Allocation

GW&K Investment Management, LLC

AMG FQ Global Risk-Balanced

First Quadrant, L.P.

EQUITY FUNDS

AMG Beutel Goodman International Equity

Beutel, Goodman & Company Ltd.

AMG Boston Common Global Impact

Boston Common Asset Management, LLC

AMG Managers CenterSquare Real Estate

CenterSquare Investment Management LLC

AMG Frontier Small Cap Growth

Frontier Capital Management Co., LLC

AMG GW&K Small Cap Core

AMG GW&K Small Cap Value

AMG GW&K Small/Mid Cap

AMG GW&K Small/Mid Cap Growth

AMG GW&K Emerging Markets Equity

AMG GW&K Emerging Wealth Equity

AMG GW&K International Small Cap

GW&K Investment Management, LLC

AMG Montrusco Bolton Large Cap Growth

Montrusco Bolton Investments, Inc.

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

AMG River Road Dividend All Cap Value

AMG River Road Focused Absolute Value

AMG River Road International Value Equity

AMG River Road Large Cap Value Select

AMG River Road Mid Cap Value

AMG River Road Small-Mid Cap Value

AMG River Road Small Cap Value

River Road Asset Management, LLC

AMG TimesSquare Emerging Markets Small Cap

AMG TimesSquare Global Small Cap

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

AMG Veritas Asia Pacific

AMG Veritas China

AMG Veritas Global Focus

AMG Veritas Global Real Return

Veritas Asset Management LLP

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Global

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

FIXED INCOME FUNDS

AMG Beutel Goodman Core Plus Bond

Beutel, Goodman & Company Ltd.

AMG GW&K Core Bond ESG

AMG GW&K Enhanced Core Bond ESG

AMG GW&K ESG Bond

AMG GW&K High Income

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced Yield

GW&K Investment Management, LLC

amgfunds.com

103121

AR069


		ANNUAL REPORT


AMG Funds October 31, 2021
AMG River Road Mid Cap Value Fund (formerly AMG Managers Fairpointe Mid Cap Fund)
Class N: CHTTX	Class I: ABMIX	Class Z: ABIZX
AMG River Road Large Cap Value Select Fund (formerly AMG FQ Long-Short Equity Fund)
Class N: FQUAX	Class I: MEQFX
AMG River Road Small Cap Value Fund
Class N: ARSVX	Class I: ARSIX	Class Z: ARZMX
AMG River Road Dividend All Cap Value Fund
Class N: ARDEX	Class I: ARIDX	Class Z: ARZDX
AMG River Road Small-Mid Cap Value Fund
Class N: ARSMX	Class I: ARIMX	Class Z: ARSZX
AMG River Road International Value Equity Fund (formerly AMG River Road Long-Short Fund)
Class N: ARLSX	Class I: ALSIX	Class Z: ARLZX
AMG River Road Focused Absolute Value Fund
Class N: ARRFX	Class I: AFAVX	Class Z: ARRZX


amgfunds.com		103121 AR082

AMG Funds

Annual Report — October 31, 2021

TABLE OF CONTENTS

PAGE

LETTER TO SHAREHOLDERS

ABOUT YOUR FUND’S EXPENSES

PORTFOLIO MANAGER’S COMMENTS, FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS

AMG River Road Mid Cap Value Fund

AMG River Road Small-Mid Cap Value Fund

AMG River Road Large Cap Value Select Fund

AMG River Road International Value Equity Fund

AMG River Road Small Cap Value Fund

AMG River Road Focused Absolute Value Fund

AMG River Road Dividend All Cap Value Fund

FINANCIAL STATEMENTS

Statement of Assets and Liabilities

Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)

Statement of Operations

Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal year

Statements of Changes in Net Assets

Detail of changes in assets for the past two fiscal years

Financial Highlights

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

Notes to Financial Statements

Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

OTHER INFORMATION

TRUSTEES AND OFFICERS

ANNUAL RENEWAL OF INVESTMENT MANAGEMENT AND SUBADVISORY AGREEMENTS

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


		Letter to Shareholders

Dear Shareholder:

Respectfully,

LOGO

Keitha Kinne

President

AMG Funds


Average Annual Total Returns		Periods ended October 31, 2021*

Stocks:		1 Year			3 Years		5 Years

Large Cap	(S&P 500^® Index)		42.91	%		21.48%		18.93%

Small Cap	(Russell 2000^® Index)		50.80	%		16.47%		15.52%

International	(MSCI All Country World Index ex USA)		29.66	%		12.00%		9.77%
Bonds:

Investment Grade	(Bloomberg U.S. Aggregate Bond Index)		(0.48	)%		5.63%		3.10%

High Yield	(Bloomberg U.S. Corporate High Yield Bond Index)		10.53	%		7.43%		6.40%

Tax-exempt	(Bloomberg Municipal Bond Index)		2.64	%		5.17%		3.41%

Treasury Bills	(ICE BofAML U.S. 6-Month Treasury Bill Index)		0.11	%		1.37%		1.32%

*Source: FactSet. Past performance is no guarantee of future results.

About Your Fund’s Expenses

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


Six Months Ended October 31, 2021	Expense Ratio for the Period	Beginning Account Value 05/01/21	Ending Account Value 10/31/21	Expenses Paid During the Period*
AMG River Road Mid Cap Value Fund

Based on Actual Fund Return

Class N	1.11%	$1,000	$1,070	$5.79

Class I	0.83%	$1,000	$1,072	$4.33

Class Z	0.78%	$1,000	$1,072	$4.07

Based on Hypothetical 5% Annual Return

Class N	1.11%	$1,000	$1,020	$5.65

Class I	0.83%	$1,000	$1,021	$4.23

Class Z	0.78%	$1,000	$1,021	$3.97


AMG River Road Large Cap Value Select Fund

Based on Actual Fund Return

Class N	0.97%	$1,000	$1,052	$5.02

Class I	0.65%	$1,000	$1,053	$3.36

Based on Hypothetical 5% Annual Return

Class N	0.97%	$1,000	$1,020	$4.94

Class I	0.65%	$1,000	$1,022	$3.31


Six Months Ended October 31, 2021	Expense Ratio for the Period	Beginning Account Value 05/01/21	Ending Account Value 10/31/21	Expenses Paid During the Period*
AMG River Road Small Cap Value Fund

Based on Actual Fund Return

Class N	1.36%	$1,000	$997	$6.85

Class I	1.10%	$1,000	$999	$5.54

Class Z	1.02%	$1,000	$999	$5.14

Based on Hypothetical 5% Annual Return

Class N	1.36%	$1,000	$1,018	$6.92

Class I	1.10%	$1,000	$1,020	$5.60

Class Z	1.02%	$1,000	$1,020	$5.19


AMG River Road Dividend All Cap Value Fund

Based on Actual Fund Return

Class N	1.07%	$1,000	$1,030	$5.48

Class I	0.82%	$1,000	$1,031	$4.20

Class Z	0.78%	$1,000	$1,032	$4.00

Based on Hypothetical 5% Annual Return

Class N	1.07%	$1,000	$1,020	$5.45

Class I	0.82%	$1,000	$1,021	$4.18

Class Z	0.78%	$1,000	$1,021	$3.97

About Your Fund’s Expenses (continued)


Six Months Ended October 31, 2021	Expense Ratio for the Period	Beginning Account Value 05/01/21	Ending Account Value 10/31/21	Expenses Paid During the Period*
AMG River Road Small-Mid Cap Value Fund

Based on Actual Fund Return

Class N	1.27%	$1,000	$995	$6.39

Class I	1.02%	$1,000	$996	$5.14

Class Z	0.98%	$1,000	$997	$4.93

Based on Hypothetical 5% Annual Return

Class N	1.27%	$1,000	$1,019	$6.46

Class I	1.02%	$1,000	$1,020	$5.20

Class Z	0.98%	$1,000	$1,020	$4.99


AMG River Road International Value Equity Fund**

Based on Actual Fund Return

Class N	1.28%	$1,000	$1,013	$6.49

Class I	1.07%	$1,000	$1,014	$5.43

Class Z	0.98%	$1,000	$1,015	$4.98

Based on Hypothetical 5% Annual Return

Class N	1.28%	$1,000	$1,019	$6.51

Class I	1.07%	$1,000	$1,020	$5.45

Class Z	0.98%	$1,000	$1,020	$4.99


Six Months Ended October 31, 2021	Expense Ratio for the Period	Beginning Account Value 05/01/21	Ending Account Value 10/31/21	Expenses Paid During the Period*
AMG River Road Focused Absolute Value Fund

Based on Actual Fund Return

Class N	1.08%	$1,000	$979	$5.39

Class I	0.82%	$1,000	$980	$4.09

Class Z	0.78%	$1,000	$980	$3.89

Based on Hypothetical 5% Annual Return

Class N	1.08%	$1,000	$1,020	$5.50

Class I	0.82%	$1,000	$1,021	$4.18

Class Z	0.78%	$1,000	$1,021	$3.97

^*	Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365.

^**

Excludes interest expense and dividends on short positions. If included, your annualized expense ratios would be 1.71%, 1.50% and 1.41% for Class N, Class I and Class Z, respectively, and your actual and hypothetical expenses paid during the period would be $8.69, $7.61 and $7.16, and $8.68, $7.63 and $7.17 for Class N, Class I and Class Z, respectively. The fund stopped investing in short positions on August 8, 2021.

AMG River Road Mid Cap Value Fund

Portfolio Manager’s Comments (unaudited)

OVERVIEW

For the fiscal year ended October 31, 2021, AMG River Road Mid Cap Value Fund (the “Fund”) Class N shares returned 50.65%, outpacing the 48.60% return for the Russell Midcap^® Value Index, the Fund’s current benchmark, and the 48.90% return for the Fund’s prior benchmark, the S&P MidCap 400^® Index.

On March 17-18, 2021, the Fund’s Board of Trustees approved the appointment of River Road Asset Management, LLC (“River Road”) as interim subadviser to the Fund effective March 19, 2021, as well as a change to the Fund’s name and benchmark. On June 14, 2021, the Fund’s shareholders approved the appointment of River Road as the subadviser to the Fund.

MARKET AND PERFORMANCE REVIEW

During the first portion of the fiscal year under the Fund’s prior subadviser, the Fund outpaced both the former and current benchmark. The Fund benefited from strong stock performance within the communication services and consumer discretionary sectors. This was partially offset by stock performance in the information technology sector. During the second portion of the fiscal year under River Road, the Fund continued to outpace both the former and current benchmarks. The sector with the largest positive contribution to relative return during this period was financials, which benefited from strong stock selection and an overweight allocation. The sector with the largest negative contribution to relative return was real estate, which suffered from an underweight allocation.

The top contributing holdings in the Fund were KKR & Co., Inc. (KKR) and Ares Management Corp. (ARES). KKR is a leading global alternative asset manager. The firm generates highly visible earnings (87% of AUM has a duration of at least eight years) and expects to grow at double-digit rates over the next several years. During 2021, management fees,

fee-related earnings, and adjusted book value per share have grown at attractive rates. Management expects $4-5/share of after-tax distributable earnings by 2023-2024 (versus $2 today). Ares is a leading global alternative investment manager. The business benefits from long-term top-line visibility, massive free cash flows, and insider ownership, along with a compelling growth outlook. During 2021, the company benefited from strong results with fee related earnings, record fundraising, and strong deployment activity.

The bottom contributing holdings in the Fund were GoHealth, Inc. (Cl A) (GOCO) and Dollar Tree, Inc. (DLTR). GoHealth is a distribution platform primarily selling Medicare Advantage plans. The firm provides the 11,000 people turning 65 every day an independent platform to determine their most appropriate health care plan. Shares suffered after the company cut EBITDA guidance due to increased cost from a tight labor market and ineffective retention efforts in training programs. We misjudged the cost structure and our inability to project future cash flows. We exited the position.

Dollar Tree is a leading discount retailer in the U.S. and Canada. The business is spilt between the $1 price point Dollar Tree business (71% of profits) and the multi-price point Family Dollar (29% of profits). Despite Family Dollar posting its best post-merger operating profit and an impressive two-year same-store-sales comp, the stock declined as continued disruption in the global supply chain resulted in higher-than-expected freight costs and a material reduction in annual earnings guidance for Dollar Tree. The rapid rise in freight costs is particularly challenging for the Dollar Tree banner, as it remains the only chain with principally $1 pricing.

POSITIONING AND OUTLOOK

The market has spent the past six months transitioning from the early, euphoric stage of recovery to a point in this unorthodox cycle where a

solid wall of worry has been constructed. Investor concerns are not based on the typical factors that kill a bull market, but rather uncertainty regarding how long it will take to put COVID-19 and its accompanying fear in the rearview and for market forces to reconcile heavily damaged supply chains with the pent-up demand of consumers and businesses. From our perspective, these challenges are shorter term in nature with solutions that are currently in place and working. We believe resolution will simply require a bit more time. Additionally, many of the other elements that support a rising market (and strong performance by small- and mid-cap value stocks) remain intact, including robust growth expectations, strong employment, and tight credit spreads.

Aside from the timely reconciliation of supply chain issues and higher energy prices, the biggest risk we are focused on is valuations. While mid cap value stocks look very attractive relative to mid-cap growth, they are still quite expensive on an absolute basis. On their own, high valuations rarely kill a bull market but they could severely limit upside and greatly amplify volatility, even in a booming economy.

In our opinion, the combination of these opportunities and challenges creates an environment where fundamentals and intrinsic valuation matter—a lot! A market where active stock picking can shine, and, from our current perspective, the best opportunities are likely to be found among attractively priced, high quality mid cap stocks.

This commentary reflects the viewpoints of River Road Asset Management as of October 31, 2021, and is not intended as a forecast or guarantee of future results.

AMG River Road Mid Cap Value Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG River Road Mid Cap Value Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG River Road Mid Cap Value Fund’s Class N shares on October 31, 2011, to a $10,000 investment made in the Russell Midcap^® Value Index and S&P MidCap 400^® Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the indexes exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG River Road Mid Cap Value Fund and the Russell Midcap^® Value Index and S&P MidCap 400^® Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG River Road Mid Cap Value Fund^{2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12}

Class N		50.65	%		9.23	%		10.92	%		11.43	%		09/19/94

Class I		51.11	%		9.52	%		11.20	%		9.39	%		07/06/04

Class Z		51.18	%		–			–			6.83	%		09/29/17

Russell Midcap^® Value Index¹³		48.60	%		12.30	%		13.18	%		–			09/19/94	^†

S&P MidCap 400^® Index¹⁴		48.90	%		14.89	%		13.90	%		12.28	%		09/19/94	^†

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

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



		capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of October 31, 2021. All returns are in U.S. dollars ($).

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

		³ As of March 19, 2021, the Fund’s Subadviser was changed to River Road Asset Management, LLC. Prior to March 19, 2021, the Fund was known as the AMG Managers Fairpointe Mid Cap Fund and had different principal investment strategies and corresponding risks. Performance shown for periods prior to March 19, 2021, reflects the performance and investment strategies of the Fund’s previous Subadvisor, Fairpointe Capital LLC. The Fund’s past performance would have been different if the Fund were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.

		⁴ The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.

		⁵ The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products.

		⁶ The Fund may invest in derivatives such as options and futures; the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

		⁷ Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

		⁸ Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.

		⁹ The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.

		¹⁰ The Fund invests in value stocks, which may perform differently from the market as a whole and

AMG River Road Mid Cap Value Fund

Portfolio Manager’s Comments (continued)

may be undervalued by the market for a long period of time.

¹² The Fund is subject to special risk considerations similar to those associated with the direct ownership of real estate. Real estate valuations may be subject to factors such as changing general and local economic, financial, competitive, and environmental conditions.

¹³ On March 19, 2021, the primary benchmark changed from the S&P MidCap 400^® Index to the Russell Midcap^® Value Index. The Russell Midcap^® Value Index measures the performance of those Russell Midcap^® companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. Unlike the Fund, the Russell Midcap^® Value Index is unmanaged, is not available for investment and does not incur expenses.

¹⁴ 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. Unlike the Fund, the S&P MidCap 400^® Index is unmanaged, is not available for investment and does not incur expenses.

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

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

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

AMG River Road Mid Cap Value Fund

Fund Snapshots (unaudited)

October 31, 2021

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Financials		20.1

Consumer Discretionary		16.8

Communication Services		15.7

Industrials		14.7

Consumer Staples		7.4

Energy		7.2

Health Care		7.0

Information Technology		4.8

Materials		4.0

Real Estate		1.5

Short-Term Investments		0.1

Other Assets Less Liabilities		0.7

TOP TEN HOLDINGS


Security Name		% of Net Assets
KKR & Co., Inc.		5.5

News Corp., Class A		4.5

Liberty Media Corp.-Liberty SiriusXM, Class C		4.4

Willis Towers Watson PLC (United Kingdom)		3.8

Advance Auto Parts, Inc.		3.6

Liberty Broadband Corp., Class C		3.6

LKQ Corp.		3.4

Air Transport Services Group, Inc.		3.2

NCR Corp.		3.2

NVR, Inc.		3.0

Top Ten as a Group		38.2

AMG River Road Mid Cap Value Fund

Schedule of Portfolio Investments

October 31, 2021


	Shares		Value

Common Stocks - 99.2%

Communication Services - 15.7%

Liberty Broadband Corp., Class C^*		89,709	$	14,573,227

Liberty Global PLC, Class C (United Kingdom)^*		207,682		5,989,549

Liberty Media Corp.-Liberty SiriusXM, Class C^*		366,209		18,061,428

Madison Square Garden Sports Corp.^*		36,867		6,986,665

News Corp., Class A		801,235		18,348,281

Total Communication Services				63,959,150

Consumer Discretionary - 16.8%

Advance Auto Parts, Inc.		65,131		14,688,343

Bath & Body Works, Inc.		119,173		8,233,663

Dollar Tree, Inc.^*		79,878		8,607,653

DR Horton, Inc.		82,335		7,350,045

LKQ Corp.^*		253,151		13,943,557

Murphy USA, Inc.		23,349		3,804,720

NVR, Inc.^*		2,458		12,031,418

Total Consumer Discretionary				68,659,399

Consumer Staples - 7.4%

Albertsons Cos., Inc., Class A		145,009		4,488,029

BJ’s Wholesale Club Holdings, Inc.^*		147,467		8,617,971

Fomento Economico Mexicano SAB de CV, Sponsored ADR (Mexico)		95,853		7,878,158

Herbalife Nutrition, Ltd.^*		103,227		4,789,733

Molson Coors Beverage Co., Class B		95,172		4,196,133

Total Consumer Staples				29,970,024

Energy - 7.2%

Marathon Petroleum Corp.		117,973		7,777,960

Pioneer Natural Resources Co.		55,300		10,339,994

Texas Pacific Land Corp.		2,458		3,130,681

The Williams Cos., Inc.		293,704		8,250,145

Total Energy				29,498,780

Financials - 20.1%

American Equity Investment Life Holding Co.		309,680		9,869,502

Apollo Global Management, Inc.		140,093		10,780,156

Ares Management Corp., Class A		50,384		4,269,540

Cannae Holdings, Inc.^*		275,271		9,386,741

Fidelity National Financial, Inc.		206,453		9,891,163

KKR & Co., Inc.		282,644		22,518,248

Willis Towers Watson PLC (United Kingdom)		63,902		15,482,177

Total Financials				82,197,527


	Shares		Value

Health Care - 7.0%

Centene Corp.^*		121,660		$8,667,058

McKesson Corp.		50,384		10,473,826

Premier, Inc., Class A		235,946		9,190,097

Total Health Care				28,330,981

Industrials - 14.7%

Air Transport Services Group, Inc.^*		529,651		13,183,014

API Group Corp.^*		428,882		9,341,050

Armstrong World Industries, Inc.		86,022		9,088,224

CACI International, Inc., Class A^*		35,638		10,250,914

Carlisle Cos., Inc.		13,518		3,013,433

Huntington Ingalls Industries, Inc.		23,349		4,733,543

UniFirst Corp.		52,842		10,460,602

Total Industrials				60,070,780

Information Technology - 4.8%

CDK Global, Inc.		149,924		6,524,693

NCR Corp.^*		330,571		13,070,777

Total Information Technology				19,595,470

Materials - 4.0%

Axalta Coating Systems, Ltd.^*		326,884		10,195,512

Royal Gold, Inc.		62,673		6,205,880

Total Materials				16,401,392

Real Estate - 1.5%

The St Joe Co.		130,293		6,126,377

Total Common Stocks
(Cost $367,569,811)				404,809,880

Short-Term Investments - 0.1%

Other Investment Companies - 0.1%

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%¹		147,198		147,198

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%¹		147,198		147,198

JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%¹		151,658		151,658

Total Short-Term Investments
(Cost $446,054)				446,054

Total Investments - 99.3%
(Cost $368,015,865)				405,255,934

Other Assets, less Liabilities - 0.7%				2,887,775

Net Assets - 100.0%				$408,143,709

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

AMG River Road Mid Cap Value Fund

Schedule of Portfolio Investments (continued)

^*	Non-income producing security.

¹	Yield shown represents the October 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR American Depositary Receipt

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of October 31, 2021:


	Level 1		Level 2		Level 3		Total
Investments in Securities

Common Stocks^†	$	404,809,880		–		–	$	404,809,880

Short-Term Investments

Other Investment Companies		446,054		–		–		446,054

Total Investments in Securities	$	405,255,934		–		–	$	405,255,934

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

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.

Realized Gain/(Loss)

Change in Unrealized Appreciation/Depreciation

Derivatives not accounted

for as hedging instruments

Statement of Operations Location

Realized

Gain/(Loss)

Statement of Operations Location

Change in
Unrealized
Appreciation/
Depreciation

Equity contracts

Net realized loss on futures contracts

$(132,843

)

Net change in unrealized appreciation/ depreciation on futures contracts

–

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

AMG River Road Large Cap Value Select Fund

Portfolio Manager’s Comments (unaudited)

OVERVIEW

For the fiscal year ended October 31, 2021, AMG River Road Large Cap Value Select Fund (the “Fund”) Class N shares returned 33.53%, trailing the 43.76% return for the Russell 1000^® Value Index, the Fund’s current benchmark, and the 43.90% return for the Fund’s prior benchmark, the Russell 3000^® Index.

On March 17-18, 2021, the Fund’s Board of Trustees approved the appointment of River Road Asset Management, LLC (“River Road”) as interim subadviser to the Fund, as well as a change to the Fund’s Principal Investment Strategies from investing primarily both long and short positions in equity and equity-related securities to investing primarily in long securities of large-cap companies. The Fund’s name and benchmark were changed effective March 22, 2021. On June 11, 2021, the Fund’s shareholders approved the appointment of River Road as the subadviser to the Fund, and a change in the Fund’s sub-classification from “diversified” to “non-diversified.”

PERFORMANCE REVIEW

During the first portion of the fiscal year under the Fund’s prior subadviser, the Fund underperformed both the former and current benchmarks. The Fund’s short positions detracted from absolute performance during this period. During the second portion of the fiscal year under River Road, the Fund outpaced both the former and current benchmarks. The sector with the largest positive contribution to relative return was financials, which benefited from strong stock selection and an overweight allocation. The sector with the largest negative contribution to relative return was information technology, which suffered from poor stock selection, partially offset by an underweight allocation.

The top contributing holdings in the Fund were KKR & Co., Inc. (KKR) and Nestle SA Sponsored ADR (NSRGY). KKR is a leading global alternative asset manager. The company generates highly visible earnings (87% of AUM has a duration of at least eight years) and expects to grow at double-digit rates over the next several years. During 2021, management fees, fee-related earnings, and adjusted book value per share have grown at attractive rates. Management expects $4-5/share of after-tax distributable earnings by 2023-2024 (versus $2 today).

Nestle is the largest food and beverage company in the world. The company operates with what we believe is a pristine balance sheet, has historically generated steady and predictable results, uses its global scale and reach to satisfy faster-growing emerging markets (over 40% of sales), and focuses on highly attractive segments (coffee + pet care + confectionary = 50% of profit) of the food and beverage industry. Since the first Nestle outsider CEO took over in early 2017 (at least since 1922), the company has improved operating margins, engaged in thoughtful M&A/divestures, raised the dividend, and repurchased shares at attractive prices. CEO Schneider’s efforts over the past five years to energize and refocus Nestle are showing up in the results. Nestle generated the best organic growth in more than a decade.

The bottom contributing holdings in the Fund were Fiserv, Inc. (FISV) and Dollar Tree, Inc. (DLTR). FISV is a leading technology provider to financial institutions. Although some sell-side investment companies knock Fiserv merchant acceptance growth prospects, we think the segment’s financial

performance spoke for itself with solid organic revenue growth, including robust growth at Clover, a cloud-based point-of-sale offering. Dollar Tree is a leading discount retailer in the U.S. and Canada. The business is spilt between the $1 price point Dollar Tree business (71% of profits) and the multi-price point Family Dollar (29% of profits). Despite Family Dollar posting its best post-merger operating profit and an impressive two-year same-store-sales comp, the stock declined as continued disruption in the global supply chain resulted in higher-than-expected freight costs and a material reduction in annual earnings guidance for Dollar Tree . The rapid rise in freight costs is particularly challenging for the Dollar Tree banner, as it remains the only chain with principally $1 pricing.

POSITIONING AND OUTLOOK

While external market valuations remain expensive in our opinion, the portfolio discount looks attractive. We believe our thoughtful approach to concentrated large cap investing is well positioned. High conviction positions remain the core growth engine (65%) of the Fund, while opportunistic holdings (33%) potentially provide more compelling upside (percentages based on total portfolio). According to FactSet, the Fund’s valuation (as measured by EV/EBITDA) is cheaper than the Russell 1000^® Value benchmark.

The views expressed represent the opinions of River Road Asset Management LLC, as of October 31, 2021, and are not intended as a forecast or guarantee of future results and are subject to change without notice.

AMG River Road Large Cap Value Select Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG River Road Large Cap Value Select Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG River Road Large Cap Value Select Fund’s Class N shares on October 31, 2011, to a $10,000 investment made in the Russell 1000^® Value Index and Russell 3000^® Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the indexes exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG River Road Large Cap Value Select Fund and the Russell 1000^® Value Index and Russell 3000^® Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years
AMG River Road Large Cap Value Select Fund^{2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21}

Class N		33.53	%		11.77	%		10.87	%

Class I		33.93	%		12.11	%		11.18	%

Russell 1000^® Value Index²²		43.76	%		12.39	%		12.85	%
Russell 3000^® Index²³		43.90	%		18.91	%		16.10	%

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

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

³ As of March 22, 2021, the Fund’s Subadviser was changed to River Road Asset Management, LLC. Prior to March 22, 2021, the Fund was known as the AMG FQ Long-Short Equity Fund and had different principal investment strategies and corresponding risks. Performance shown for periods prior to March 22, 2021, reflects the performance and investment strategies of the Fund’s previous Subadvisor, First Quadrant, L.P. The Fund’s past performance would have been different if the Fund were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.

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

⁵ 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.

⁶ Investing in Publicly Traded Partnerships (PTPs) (including master limited partnerships) involves risks in addition to those typically associated with publicly traded companies. PTPs are exposed to the risks of their underlying assets, which in many cases includes the same types of risks as energy and natural resources companies. PTPs are also subject to capital markets risk. PTPs may lose their partnership status for tax purposes. The Fund’s status as a regulated investment company may be jeopardized if it does not appropriately limit such investments in PTPs or if such investments are recharacterized for tax purposes.

⁷ The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars.

⁹ Convertible preferred stocks, which are convertible into shares of the common stock and pay regular dividends, and convertible debt securities, which are convertible into shares of the common stock and bear interest, are subject to the risks of equity securities and fixed income securities.

¹⁰ Investments in master limited partnerships (MLPs) are subject to similar risks to those associated with the specific industry or industries in which the partnership invests, such as the risk of investing in the real estate or oil and gas industries. In addition,

AMG River Road Large Cap Value Select Fund

Portfolio Manager’s Comments (continued)

investments in MLPs are subject to the risks of investing in a partnership, including limited control and voting rights on matters affecting the partnership and fewer investor protections compared to corporations.

¹¹ Because exchange-traded funds (ETFs) incur their own costs, investing in them could result in a higher cost to the investor. Additionally, the fund will be indirectly exposed to all the risks of securities held by the ETFs.

¹² 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.

¹³ 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.

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

¹⁵ The Fund invests in large-capitalization companies that may underperform other stock funds (such as funds that focus on small-and medium-capitalization companies) when stocks of large-capitalization companies are out of favor.

¹⁶ 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.

¹⁷ In managing the Fund, the Fund’s prior Subadviser may rely heavily on one or more quantitative models (“Model”) and information and data supplied by third parties (“Data”). When a Model or Data used in managing the Fund contains an error, or is incorrect or incomplete, any investment decision made in reliance on the Model or Data may not produce the desired results and the Fund may realize losses. In addition, any hedging based on a faulty Model or Data may prove to be unsuccessful.

¹⁸ 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.

¹⁹ The use of leverage in a Fund’s strategy, such as futures and forward commitment transactions, can magnify relatively small market movements into relatively larger losses for the Fund.

²⁰The 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.

²¹ 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.

²²On March 22, 2021, the primary benchmark changed from the Russell 3000^® Index to the Russell 1000^® Value Index. The Russell 1000^®Value Index is a market capitalization weighted index that measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 1000^® Value Index is unmanaged, is not available for investment and does not incur expenses.

²³The Russell 3000^® Index is composed of the 3,000 largest U.S. companies as measured by market capitalization, and represents about 98% of the U.S. stock market. Unlike the Fund, the Russell 3000^® Index is unmanaged, is not available for investment and does not incur expenses.

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

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

AMG River Road Large Cap Value Select Fund

Fund Snapshots (unaudited)

October 31, 2021

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Communication Services		30.4

Financials		23.7

Consumer Staples		10.3

Health Care		10.0

Consumer Discretionary		8.4

Information Technology		6.7

Energy		4.6

Utilities		4.0

Short-Term Investments		2.3

Other Assets Less Liabilities		(0.4)

TOP TEN HOLDINGS


Security Name		% of Net Assets
KKR & Co., Inc.		8.4

Fiserv, Inc.		6.7

Berkshire Hathaway, Inc., Class B		6.1

Liberty Media Corp.-Liberty SiriusXM, Class C		5.8

Keurig Dr Pepper, Inc.		5.4

Meta Platforms, Inc.		5.2

Liberty Broadband Corp., Class C		5.1

Nestle SA, Sponsored ADR (Switzerland)		4.9

Comcast Corp., Class A		4.7

Willis Towers Watson PLC (United Kingdom)		4.6

Top Ten as a Group		56.9

AMG River Road Large Cap Value Select Fund

Schedule of Portfolio Investments

October 31, 2021


	Shares		Value

Common Stocks - 98.1%

Communication Services - 30.4%

Alphabet, Inc., Class C^*		439		$1,301,815

Comcast Corp., Class A		38,020		1,955,369

Liberty Broadband Corp., Class C^*		12,971		2,107,139

Liberty Media Corp.-Liberty SiriusXM, Class C^*		48,738		2,403,758

Meta Platforms, Inc.^*		6,694		2,165,978

News Corp., Class A		50,589		1,158,488

T-Mobile US, Inc.^*		13,344		1,534,960

Total Communication Services				12,627,507

Consumer Discretionary - 8.4%

Bath & Body Works, Inc.		15,046		1,039,528

LKQ Corp.^*		20,454		1,126,606

NVR, Inc.^*		270		1,321,596

Total Consumer Discretionary				3,487,730

Consumer Staples - 10.3%

Keurig Dr Pepper, Inc.		61,912		2,234,404

Nestle SA, Sponsored ADR (Switzerland)		15,601		2,056,524

Total Consumer Staples				4,290,928

Energy - 4.6%

Pioneer Natural Resources Co.		10,106		1,889,620

Financials - 23.7%

Berkshire Hathaway, Inc., Class B^*		8,887		2,550,658

KKR & Co., Inc.		43,670		3,479,189

The Progressive Corp.		20,013		1,898,833

Willis Towers Watson PLC (United Kingdom)		7,916		1,917,889

Total Financials				9,846,569


	Shares		Value

Health Care - 10.0%

CVS Health Corp.		9,415		$840,571

McKesson Corp.		7,833		1,628,324

UnitedHealth Group, Inc.		3,679		1,694,069

Total Health Care				4,162,964

Information Technology - 6.7%

Fiserv, Inc.^*		28,092		2,766,781

Utilities - 4.0%

American Electric Power Co., Inc.		19,775		1,675,140

Total Common Stocks
(Cost $37,633,732)				40,747,239

Short-Term Investments - 2.3%

Other Investment Companies - 2.3%

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%¹		312,477		312,477

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%¹		312,475		312,475

JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%¹		321,946		321,946

Total Short-Term Investments
(Cost $946,898)				946,898

Total Investments - 100.4%
(Cost $38,580,630)				41,694,137

Other Assets, less Liabilities - (0.4)%				(170,718	)

Net Assets - 100.0%				$41,523,419

^*	Non-income producing security.

¹	Yield shown represents the October 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR American Depositary Receipt

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of October 31, 2021:


	Level 1		Level 2		Level 3		Total
Investments in Securities

Common Stocks^†	$	40,747,239		–		–	$	40,747,239

Short-Term Investments

Other Investment Companies		946,898		–		–		946,898

Total Investments in Securities	$	41,694,137		–		–	$	41,694,137

^†	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.

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

AMG River Road Large Cap Value Select Fund

Schedule of Portfolio Investments (continued)

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.


	Realized Gain/(Loss)		Change in Unrealized Appreciation/Depreciation

Derivatives not accounted for as hedging instruments	Statement of Operations Location	Realized Gain/(Loss)	Statement of Operations Location	Change in Unrealized Appreciation/ Depreciation
Equity contracts	Net realized gain on swaps	$6,028,933	Net change in unrealized appreciation/ depreciation on swaps	$653,732

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

AMG River Road Small Cap Value Fund

Portfolio Manager’s Comments (unaudited)

OVERVIEW

For the fiscal year ended October 31, 2021, AMG River Road Small Cap Value Fund (the “Fund”) Class N shares returned 43.59%, trailing the 64.30% return for the Russell 2000^® Value Index.

PERFORMANCE REVIEW

The sector with the largest negative contribution to relative return was financials, which suffered from negative stock selection. The sector with the largest positive contribution to relative return was utilities, which benefited from an underweight allocation. The Fund’s cash position, which averaged 9% during the period, was also a negative contributor to relative performance.

The top contributing holdings in the Fund were Atkore, Inc. (ATKR) and NCR Corp. (NCR). Atkore is a manufacturer of branded products that protect and frame electrical circuitry. Atkore reported several strong quarters due to solid demand for PVC and metal conduit, leading to favorable pricing and volume growth. Atkore’s agile business model has allowed the company to manage supply chain and inflation constraints while maintaining industry-leading fill rates. As a result, EBITDA margins and free cash flow generation have surged higher, supporting a significant increase in 2021 guidance. We have trimmed the position, as this growth is not expected to be maintained in 2022. NCR is a provider of transaction software, services, and hardware largely to banks, retailers, restaurants, and the hospitality industry. As restaurants and retailers reopened and consumer mobility improved from COVID-19 induced lockdowns, the company delivered strong organic recurring revenue growth and EBITDA margin expansion from higher-margin

software and services and aggressive cost cutting. NCR steadily progressed toward its goals of generating 80% of sales from software and services, 60% of revenues recurring, with 20% EBITDA margins. We added to the position at an attractive discount to our assessed valuation.

The bottom contributing holdings in the Fund were GoHealth, Inc. (GOCO) and Air Transport Services Group, Inc. (ATSG). GoHealth is a distribution platform primarily selling Medicare Advantage plans to senior citizens. Shares dropped sharply when 2021 EBITDA guidance was cut (14)%, largely due to rising agent costs. GoHealth is on target to increase agent count ~50% amid a historically tight labor market, which has increased expenses more than expected. Graduation rates from the company’s agent training program fell from over 80% to roughly 50%. COVID-19 necessitated remote training, which has proven to be less effective than in-person training. Additionally, some trainees were recruited away to other industries before completing the six-week training course. GoHealth paid many trainees who never transitioned to productive, revenue-generating agents. The company has restructured incentives for trainees and is to pay bonuses at key milestones. Additionally, the pace of hiring after this annual enrollment period should slow, which will allow GoHealth to optimize its agent base rather than recruit massive numbers of new agents in potentially challenging labor markets. Management strongly believes this is a transitory issue and unit economics will be attractive going forward. Nonetheless, we trimmed the position in accordance with our sell discipline. Air Transport is the premier lessor of wide-body freighter aircraft, primarily the Boeing 767. Air Transport grew revenue and EBITDA throughout the year by expanding its fleet, including leasing new

aircraft to Amazon under 10-year leases. The impact of COVID-19 accelerated the transition toward e-commerce, which should continue to drive demand for Air Transport’s unique cargo and logistics assets. We opportunistically added to the position due to its attractive valuation and promising growth outlook.

OUTLOOK AND POSITIONING

We continue to believe high-quality small-cap value stocks are extraordinarily well positioned as the COVID-19 Delta variant recedes and the reopening economy gains momentum. However, several fresh challenges to our outlook have emerged, most notably a sharp spike in commodity prices, continuing supply chain issues, and tightness in the labor force—all of which could put pressure on small cap earnings over the next few quarters.

Aside from these challenges, the biggest risk we are focused on is valuations. While small cap value stocks look very attractive relative to large cap and small cap growth, they are expensive on an absolute basis. On their own, high absolute valuations rarely kill a bull market, but they could limit near-term upside and greatly amplify volatility. In our opinion, the combination of these factors creates an environment where fundamentals and intrinsic valuation greatly matter and, thus, the best opportunities are likely to be found among attractively priced, high-quality small cap stocks.

This commentary reflects the viewpoints of River Road Asset Management as of October 31, 2021, and is not intended as a forecast or guarantee of future results.

AMG River Road Small Cap Value Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG River Road Small Cap Value Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG River Road Small Cap Value Fund’s Class N shares on October 31, 2011, to a $10,000 investment made in the Russell 2000^® Value Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG River Road Small Cap Value Fund and the Russell 2000^® Value Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG River Road Small Cap Value Fund^{2, 3, 4, 5, 6, 7, 8, 9}

Class N		43.59	%		12.73	%		11.65	%		8.68	%		06/28/05

Class I		43.99	%		13.03	%		11.94	%		7.37	%		12/13/06

Class Z		44.17	%		–			–			10.36	%		09/29/17
Russell 2000^® Value Index¹⁰		64.30	%		12.61	%		12.12	%		8.15	%		06/28/05	^†

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

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


		capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of October 31, 2021. All returns are in U.S. dollars ($). ² From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns. ³ The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products.
		⁴ The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.
		⁵ The Fund is subject to 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. ⁶ The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time.
		⁷ Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.
		⁸ 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.
		⁹ Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.
		¹⁰ The Russell 2000^® Value Index is an unmanaged, market-value weighted, value-oriented index comprised of small stocks that have relatively low price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 2000^® Value Index is unmanaged, is not available for investment and does not incur expenses.
		The Russell 2000 Value Index^® is a trademark of the London Stock Exchange Group companies. Not FDIC insured, nor bank guaranteed. May lose value.

AMG River Road Small Cap Value Fund

Fund Snapshots (unaudited)

October 31, 2021

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Industrials		28.5

Information Technology		17.2

Financials		14.7

Consumer Staples		9.2

Health Care		7.2

Energy		3.7

Consumer Discretionary		3.6

Materials		3.3

Communication Services		1.8

Utilities		1.7

Real Estate		0.6

Short-Term Investments		10.8

Other Assets Less Liabilities		(2.3)

TOP TEN HOLDINGS


Security Name		% of Net Assets
Cannae Holdings, Inc.		3.8

Air Transport Services Group, Inc.		3.7

Murphy USA, Inc.		3.7

White Mountains Insurance Group, Ltd.		3.5

NCR Corp.		3.3

Premier, Inc., Class A		3.3

BJ’s Wholesale Club Holdings, Inc.		3.3

Hostess Brands, Inc.		3.0

Comfort Systems USA, Inc.		2.7

American Equity Investment Life Holding Co.		2.5

Top Ten as a Group		32.8

AMG River Road Small Cap Value Fund

Schedule of Portfolio Investments

October 31, 2021


	Shares		Value

Common Stocks - 91.5%

Communication Services - 1.8%

Liberty Latin America, Ltd., Class C^*		1,283,901		$15,445,329

Consumer Discretionary - 3.6%

Murphy USA, Inc.		196,882		32,081,922

Consumer Staples - 9.2%

BJ’s Wholesale Club Holdings, Inc.^*,1		497,157		29,053,855

Hostess Brands, Inc.^*		1,400,004		26,474,076

Ingles Markets, Inc., Class A		188,254		13,025,294

Whole Earth Brands, Inc.^*,1		984,407		11,940,857

Total Consumer Staples				80,494,082

Energy - 3.7%

Centennial Resource Development, Inc., Class A^*		597,102		4,299,134

Evolution Petroleum Corp.		666,012		3,956,111

HollyFrontier Corp.		352,370		11,910,106

SM Energy Co.		133,876		4,594,624

World Fuel Services Corp.		264,680		8,080,681

Total Energy				32,840,656

Financials - 14.7%

American Equity Investment Life Holding Co.		698,628		22,265,274

Axis Capital Holdings, Ltd. (Bermuda)		412,225		21,464,556

Cannae Holdings, Inc.^*		968,614		33,029,738

eHealth, Inc.^*		54,698		2,425,856

Genworth Financial, Inc., Class A^*		3,585,582		14,736,742

GoHealth, Inc., Class A^*,1		874,071		4,719,983

White Mountains Insurance Group, Ltd.		29,025		30,621,085

Total Financials				129,263,234

Health Care - 7.2%

Computer Programs and Systems, Inc.^*		271,550		9,802,955

Haemonetics Corp.^*		75,002		5,153,387

MEDNAX, Inc.^*		213,277		5,807,533

Patterson Cos., Inc.		429,725		13,433,204

Premier, Inc., Class A		750,671		29,238,635

Total Health Care				63,435,714

Industrials - 28.5%

Air Transport Services Group, Inc.^*		1,312,125		32,658,791

Alight, Inc., Class A^*,1		1,459,466		15,878,990

Argan, Inc.		311,130		12,837,224

Armstrong World Industries, Inc.		184,988		19,543,982

Atkore, Inc.^*		149,293		14,112,667

Barrett Business Services, Inc.		76,699		6,289,318

Colfax Corp.^*,1		160,148		8,266,840

Comfort Systems USA, Inc.		255,718		23,390,525


	Shares		Value

CoreCivic, Inc.^*		1,266,419		$10,903,868

GMS, Inc.^*		209,569		10,379,953

GrafTech International, Ltd.		1,409,608		15,082,806

Harsco Corp.^*		496,759		8,494,579

McGrath RentCorp		132,844		9,583,366

MSC Industrial Direct Co., Inc., Class A		49,719		4,179,876

Park Aerospace Corp.		511,833		6,699,894

SP Plus Corp.^*		543,009		17,512,040

UniFirst Corp.		109,435		21,663,753

Univar Solutions, Inc.^*		294,807		7,541,163

Viad Corp.^*		115,983		5,146,166

Total Industrials				250,165,801

Information Technology - 17.2%

ACI Worldwide, Inc.^*		526,726		16,159,954

Avaya Holdings Corp.^*		1,124,268		20,933,870

CDK Global, Inc.		448,317		19,510,756

Computer Services, Inc.		186,199		10,240,945

DXC Technology Co.^*		438,161		14,270,904

ePlus, Inc.^*		195,852		21,655,355

Ituran Location and Control, Ltd. (Israel)		408,781		10,632,394

NCR Corp.^*		742,251		29,348,604

Vonage Holdings Corp.^*		537,239		8,660,293

Total Information Technology				151,413,075

Materials - 3.3%

Axalta Coating Systems, Ltd.^*		666,255		20,780,493

TriMas Corp.		238,108		7,940,902

Total Materials				28,721,395

Real Estate - 0.6%

Newmark Group, Inc., Class A		346,169		5,150,995

Utilities - 1.7%

Southwest Gas Holdings, Inc.		210,307		14,563,760

Total Common Stocks
(Cost $620,872,717)				803,575,963

	Principal Amount

Short-Term Investments - 10.8%

Joint Repurchase Agreements - 1.9%²

Bank of America Securities, Inc., dated 10/29/21,due 11/01/21, 0.050% total to be received $3,941,527 (collateralized by various U.S. Government Agency Obligations, 1.500% - 5.000%, 09/01/28 - 01/01/59, totaling $4,020,341)		$3,941,511		3,941,511

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

Joint Repurchase Agreements - 1.9%² (continued)

Cantor Fitzgerald Securities, Inc., dated 10/29/21, due 11/01/21, 0.050% total to be received $3,941,516 (collateralized by various U.S. Government Agency Obligations, 0.430% - 9.500%, 11/25/21 - 07/20/71, totaling $4,020,330)	$	3,941,500		$3,941,500

Citigroup Global Markets, Inc., dated 10/29/21, due 11/01/21, 0.050% total to be received $829,782 (collateralized by various U.S. Treasuries, 0.125% - 3.625%, 02/15/22 - 02/15/51, totaling $846,375)		829,779		829,779

Deutsche Bank Securities, Inc., dated 10/29/21, due 11/01/21, 0.050% total to be received $3,941,527 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 8.000%, 11/04/21 - 08/15/51, totaling $4,020,341)		3,941,511		3,941,511

RBC Dominion Securities, Inc., dated 10/29/21, due 11/01/21, 0.050% total to be received $3,941,527 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.000%, 11/01/21 - 07/20/51, totaling $4,020,341)		3,941,511		3,941,511

Total Joint Repurchase Agreements				16,595,812


	Shares		Value

Other Investment Companies - 8.9%

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%³		25,750,904		$25,750,904

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%³		25,750,904		25,750,904

JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%³		26,531,234		26,531,234

Total Other Investment Companies				78,033,042

Total Short-Term Investments
(Cost $94,628,854)				94,628,854

Total Investments - 102.3%
(Cost $715,501,571)				898,204,817

Other Assets, less Liabilities - (2.3)%				(20,575,062	)

Net Assets - 100.0%			$	877,629,755

^*	Non-income producing security.

¹	Some of these securities, amounting to $34,877,877 or 4.0% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

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

³	Yield shown represents the October 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of October 31, 2021:


	Level 1		Level 2		Level 3		Total
Investments in Securities

Common Stocks^†	$	803,575,963		–		–	$	803,575,963

Short-Term Investments

Joint Repurchase Agreements		–	$	16,595,812		–		16,595,812

Other Investment Companies		78,033,042		–		–		78,033,042

Total Investments in Securities	$	881,609,005	$	16,595,812		–	$	898,204,817

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

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.

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

AMG River Road Dividend All Cap Value Fund

Portfolio Manager’s Comments (unaudited)

OVERVIEW

For the fiscal year ended October 31, 2021, the AMG River Road Dividend All Cap Value Fund (the “Fund”) Class N shares returned 34.74%, while the Russell 3000^® Value Index returned 44.97%.

MARKET AND PERFORMANCE REVIEW

The period started with a bang as the market surged following the FDA’s announced approval of the first vaccine for COVID-19. With hope growing, the market was led higher by lower quality, riskier issues, many of which suffered during the lockdown. Relative to the benchmark, the Fund’s bias toward lower-beta and higher-quality stocks were significant headwinds. As the strength of the market surge lessened in the second half of the period, so too did these headwinds. The consumer discretionary sector had the most significant positive impact on relative results in the period, due to strong stock selection. The financials sector had the most significant negative impact due to both the underweight allocation and adverse stock selection.

The two holdings with the largest positive contribution to the Fund’s total return were discount retailer Target Corp. (TGT) and regional bank Truist Financial Corp. (TFC). Target was also the top contributor in the prior year, a testament to the company’s success both during and in the wake of the pandemic lockdown. The company has continued to report very strong sales trends, as the omni-channel strategy and differentiated merchandising drove substantial market share gains. Key to our investment thesis, in recent quarters more than 75% of digital sales were fulfilled by stores. Driven by this store infrastructure leverage and the substantial growth in higher-margin categories like apparel, home, and owned brands, the company’s operating profit grew 4x and margins expanded dramatically. Guests continue to use convenient same-day services like Drive Up which now represent more than 30% of the digital comp, up from just 5% two years ago. Further, Target is returning the substantial free cash flow it is generating to shareholders through share repurchases and a 32% dividend hike.

Truist was formed by the merger of two Southeast banking leaders, BB&T and SunTrust. The banking industry is in the middle of a massive transformation as client interactions are rapidly shifting out of branch networks and moving online. Truist is embracing the challenge, investing heavily in digitalization, and improving the efficiency of the

combined organization. Whereas banks came out of the 2008/2009 crisis in dire shape, Congress’ pandemic-related stimulus programs were very effective and banks like Truist are well capitalized, and the quality of their loan books is very strong. As such, Truist was able to announce a 7% dividend increase. Loan margins are historically low thanks to low prevailing interest rates, but rising rates promise to increase profitability at some point in the next couple years.

The two holdings with the lowest contribution to the Fund’s total return during the period were Vistra Corp. (VST), an independent electricity producer, and M&T Bank Corp. (M&T), a regional bank. The initial position in Vistra was completed just days prior to the historic winter storms that hit the company’s largest market, Texas. The Texas market is unique as its electricity market is “deregulated,” meaning electricity prices are market based and a single utility does not have a monopoly on generation/distribution. Historically, the company has benefited from volatility in power prices given its conservative hedging policy, ownership of generation and retail electricity assets, and reliable fleet. Throughout the event, Vistra’s management team took a no-holds-barred approach to meeting its number one responsibility – keeping the lights and heat on, worrying about the cost later. While this was the correct ethical decision, and one we believe will ultimately benefit the firm longer term, ultimately this decision, combined with a systematic breakdown in the pricing mechanisms of ERCOT, the regulator of the Texas power grid, led to substantial losses. Over the subsequent months, the industry has worked to strengthen its grid and Vistra has recovered a good portion of its losses, but the stock has not kept up with the broader market advance despite management’s plans to return a substantial percentage of the current market cap to shareholders in the next year.

M&T Bank is a regional bank based in the Northeast and is in the middle of a proposed merger with People’s United Financial Inc. (PBCT) that is expected to close by the end of 2021. It is our opinion that the merger positions M&T to gain scale and more efficiently invest in technology to support customers’ shift to digital banking channels. M&T’s footprint creates very specific challenges in its loan portfolio where it has above-average exposure to New York City hospitality properties. We established the position midway through the period as travel bans eased and this risk diminished. However, in June long-term treasury rates fell sharply and the yield

curve flattened, and M&T was among the bank stocks that reacted negatively to the prospect of reduced net interest income. Consistent with our investment thesis, we believe credit trends are stable and improving, capital levels at the bank are near a record high, and the company should regain substantial flexibility to return capital after the deal is closed.

POSITIONING AND OUTLOOK

As of October 31, 2021, the Fund is significantly overweight in the utilities, consumer staples, and energy sectors and significantly underweight in the real estate, industrials, and materials sectors. The health care sector had the largest change in the past 12 months, going from modestly overweight in October 2020 to underweight at the end of the period, as the sector has not kept pace with the broader recovery. In contrast, the consumer discretionary sector went from a marginal underweight to a significant overweight as the holdings rebounded sharply, outpacing both the Fund and the broader market in the process.

Almost a year after the vaccine was released, the market appears to have shifted to the mid-stage of the cycle. The sudden disruption of global supply chains left them unable to meet the return in global demand, and inflation has spiked as a result. In our view, as the pandemic-related disruptions come to an end and the labor market normalizes the economic expansion should reaccelerate, and much cheaper value stocks should outperform growth. As we move out of the early phase of the recovery amid low prevailing interest rates, the relative return for higher-quality and dividend-paying stocks we believe should be increasingly positive. This is doubly so given that while the short-term outlook is positive, it seems warning bells are going off everywhere. We continue to look to opportunities in defensive sectors which have lagged in recent months and should provide exposure to less-elastic demand categories that can pass along rising costs. We are pleased to have come out of the crisis with a collection of companies we believe can and will deliver attractive returns and stable, growing dividends in what will likely be a persistent low-rate environment in the coming quarters.

This commentary reflects the viewpoints of River Road Asset Management, as of October 31, 2021, and is not intended as a forecast or guarantee of future results.

AMG River Road Dividend All Cap Value Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG River Road Dividend All Cap Value Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG River Road Dividend All Cap Value Fund’s Class N shares on October 31, 2011, to a $10,000 investment made in the Russell 3000^® Value Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG River Road Dividend All Cap Value Fund and the Russell 3000^® Value Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG River Road Dividend All Cap Value Fund^{2, 3, 4, 5, 6, 7, 8, 9, 10, 11}

Class N		34.74	%		9.13	%		10.18	%		8.19	%		06/28/05

Class I		35.10	%		9.41	%		10.46	%		7.12	%		06/28/07

Class Z		35.26	%		–			–			8.09	%		09/29/17

Russell 3000^® Value Index¹²		44.97	%		12.41	%		12.79	%		8.29	%		06/28/05	^†

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

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


		capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of October 31, 2021. All returns are in U.S. dollars ($).
		² From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.
		³ Investing in Publicly Traded Partnerships (PTPs) (including master limited partnerships) involves risks in addition to those typically associated with publicly traded companies. PTPs are exposed to the risks of their underlying assets, which in many cases includes the same types of risks as energy and natural resources companies. PTPs are also subject to capital market risk. PTPs may lose their partnership status for tax purposes. The Fund’s status as a regulated investment company may be jeopardized if it does not appropriately limit such investments in PTPs or if such investments are recharacterized for tax purposes.
		⁴ 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.
		⁵ Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.
		⁶ The Fund is subject to 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.
		⁷ 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.
		⁸ 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.
		⁹ 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.

AMG River Road Dividend All Cap Value Fund

Portfolio Manager’s Comments (continued)

¹⁰ Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

¹¹ Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has

substantial holdings within a particular sector, the risks associated with that sector increase.

¹² The Russell 3000^® Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3000^® companies with lower price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 3000^® Value Index is unmanaged, is not

available for investment and does not incur expenses.

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

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

AMG River Road Dividend All Cap Value Fund

Fund Snapshots (unaudited)

October 31, 2021


PORTFOLIO BREAKDOWN
Sector		% of Net Assets

Financials		19.3

Health Care		13.9

Information Technology		12.3

Consumer Staples		10.4

Utilities		10.0

Consumer Discretionary		9.1

Energy		8.9

Communication Services		8.1

Industrials		7.0

Short-Term Investments		2.0

Other Assets Less Liabilities		(1.0)


TOP TEN HOLDINGS
Security Name		% of Net Assets

United Parcel Service, Inc., Class B		4.0

The AES Corp.		3.6

Truist Financial Corp.		3.5

Comcast Corp., Class A		3.2

Corning, Inc.		3.1

Target Corp.		3.0

Cisco Systems, Inc.		3.0

U.S. Bancorp		2.9

Verizon Communications, Inc.		2.9

Bristol-Myers Squibb Co.		2.5

Top Ten as a Group		31.7

AMG River Road Dividend All Cap Value Fund

Schedule of Portfolio Investments

October 31, 2021


	Shares		Value

Common Stocks - 99.0%

Communication Services - 8.1%

Comcast Corp., Class A		268,851	$	13,827,007

The Interpublic Group of Cos., Inc.		232,570		8,505,085

Verizon Communications, Inc.		233,256		12,360,235

Total Communication Services				34,692,327

Consumer Discretionary - 9.1%

Advance Auto Parts, Inc.		28,418		6,408,828

Genuine Parts Co.		76,530		10,033,848

The Home Depot, Inc.		6,408		2,382,110

Magna International, Inc. (Canada)		86,081		6,998,385

Target Corp.		50,021		12,986,452

Total Consumer Discretionary				38,809,623

Consumer Staples - 10.4%

The JM Smucker Co. ¹		31,913		3,920,831

Kimberly-Clark Corp.		71,019		9,196,250

PepsiCo, Inc.		54,127		8,746,923

Sysco Corp.		118,201		9,089,657

Unilever PLC, Sponsored ADR (United Kingdom)		187,849		10,064,950

Walgreens Boots Alliance, Inc.		72,568		3,412,147

Total Consumer Staples				44,430,758

Energy - 8.9%

Enterprise Products Partners LP, MLP		378,367		8,581,364

Kinder Morgan, Inc.		607,061		10,168,272

Magellan Midstream Partners LP, MLP		57,580		2,821,420

Marathon Petroleum Corp.		129,045		8,507,937

The Williams Cos., Inc.		291,839		8,197,757

Total Energy				38,276,750

Financials - 19.3%

Axis Capital Holdings, Ltd. (Bermuda)		102,953		5,360,763

Chubb, Ltd. (Switzerland)		49,748		9,719,764

CNA Financial Corp.		147,380		6,611,467

Fidelity National Financial, Inc.		173,047		8,290,682

M&T Bank Corp.		52,922		7,785,884

The PNC Financial Services Group, Inc.		32,997		6,963,357

The Progressive Corp.		112,506		10,674,569

Truist Financial Corp.		233,004		14,788,764

U.S. Bancorp		208,021		12,558,228

Total Financials				82,753,478

Health Care - 13.9%

AbbVie, Inc.		85,342		9,786,167

Amgen, Inc.		34,831		7,208,972

Bristol-Myers Squibb Co.		183,656		10,725,510


	Shares		Value

Cerner Corp.		60,307		$4,480,207

Medtronic PLC (Ireland)		25,636		3,072,731

Merck & Co., Inc.		70,429		6,201,273

Pfizer, Inc.		203,998		8,922,873

Premier, Inc., Class A		237,884		9,265,582

Total Health Care				59,663,315

Industrials - 7.0%

General Dynamics Corp.		40,323		8,175,488

Lockheed Martin Corp.		14,408		4,788,067

United Parcel Service, Inc., Class B		80,123		17,103,857

Total Industrials				30,067,412

Information Technology - 12.3%

Cass Information Systems, Inc.		66,161		2,711,939

Cisco Systems, Inc.		225,564		12,624,817

Corning, Inc.		378,194		13,452,361

CSG Systems International, Inc.		57,121		2,858,906

NortonLifeLock, Inc.		191,367		4,870,290

Oracle Corp.		92,751		8,898,531

QUALCOMM, Inc.		54,836		7,295,382

Total Information Technology				52,712,226

Utilities - 10.0%

The AES Corp.		613,390		15,414,491

Atlantica Sustainable Infrastructure

PLC (United Kingdom)		225,001		8,853,789

Black Hills Corp.		92,842		6,162,852

IDACORP, Inc.		64,710		6,750,547

Vistra Corp.		275,271		5,392,559

Total Utilities				42,574,238

Total Common Stocks
(Cost $291,792,744)				423,980,127

Short-Term Investments - 2.0%

Other Investment Companies - 2.0%

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%²		2,910,893		2,910,893

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%²		2,910,893		2,910,893

JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%²		2,999,102		2,999,102

Total Short-Term Investments
(Cost $8,820,888)				8,820,888

Total Investments - 101.0%
(Cost $300,613,632)				432,801,015
Other Assets, less Liabilities - (1.0)%				(4,369,964	)

Net Assets - 100.0%			$	428,431,051

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

AMG River Road Dividend All Cap Value Fund

Schedule of Portfolio Investments (continued)

¹ Some of these securities, amounting to $3,881,516 or 0.9% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

² Yield shown represents the October 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR American Depositary Receipt

MLP Master Limited Partnership

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of October 31, 2021:


	Level 1		Level 2		Level 3		Total
Investments in Securities

Common Stocks^†	$	423,980,127		–		–	$	423,980,127

Short-Term Investments

Other Investment Companies		8,820,888		–		–		8,820,888


Total Investments in Securities	$	432,801,015		–		–	$	432,801,015

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

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.

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

AMG River Road Small-Mid Cap Value Fund

Portfolio Manager’s Comments (unaudited)

OVERVIEW

For the fiscal year ended October 31, 2021, AMG River Road Small-Mid Cap Value Fund (the “Fund”) Class N shares returned 44.27%, compared to the Russell 2500^® Value Index return of 58.14%.

PERFORMANCE REVIEW

The sector with the largest negative contribution to relative return was financials, which suffered from negative stock selection and an underweight allocation to banks. The sector with the largest positive contribution to relative return was utilities, which benefited from an underweight allocation. The Fund’s cash position, which averaged 4% during the period, was also a negative contributor to relative performance.

The top contributing holdings in the Fund were Atkore, Inc. (ATKR) and LKQ Corp. (LKQ). Atkore is a manufacturer of branded products that protect and frame electrical circuitry. Atkore reported several strong quarters due to solid demand for PVC and metal conduit leading to favorable pricing and volume growth. Atkore’s agile business model has allowed the company to manage supply chain and inflation constraints while maintaining industry-leading fill rates. As a result, EBITDA margins and free cash flow generation have surged higher, supporting a significant increase in 2021 guidance. We have trimmed the position, as this growth is not expected to be maintained in 2022. LKQ is a global distributor of aftermarket and recycled replacement parts for vehicle repair. Economic and industry conditions remain favorable as LKQ is currently benefiting from a global rebound in miles driven (more collisions) and the further aging of the car parc (constrained new vehicle inventory has pushed used car prices higher, which extends their lives and results in more repairs for out-of-warranty automobiles using less expensive alternative parts.) LKQ’s scale and network advantages are driving

continued market share gains as smaller competitors struggle with inventory and their overall financial positions. LKQ is also seeing the favorable impact of the recreational vehicle (RV) sales boom on its growing specialty segment. We believe this sales growth is leveraging a permanently lower cost structure following implementation of a wide-ranging cost savings program during the pandemic, resulting in impressive margin expansion. Furthermore, significant improvements in working capital have aided record levels of free cash flow, which has driven leverage to its lowest level in nearly 10 years and earned LKQ an investment-grade credit rating. We maintained the position as it still trades at a discount to our assessed value.

The bottom contributing holdings in the Fund were GoHealth, Inc. (GOCO) and Air Transport Services Group, Inc. (ATSG). GoHealth is a distribution platform primarily selling Medicare Advantage plans to senior citizens. Shares dropped sharply when 2021 EBITDA guidance was cut (14)% largely due to rising agent costs. GoHealth is on target to increase agent count ~50% amid a historically tight labor market, which has increased expenses more than expected. Graduation rates from the company’s agent training program fell from over 80% to roughly 50%. COVID-19 necessitated remote training, which has proven to be less effective than in-person training. Additionally, some trainees were recruited away to other industries before completing the six-week training course. GoHealth paid many trainees who never transitioned to productive, revenue-generating agents. The company has restructured incentives for trainees and is to pay bonuses at key milestones. Additionally, the pace of hiring after this annual enrollment period should slow, which will allow GoHealth to optimize its agent base rather than recruit massive numbers of new agents in potentially challenging labor markets. Management strongly believes this is a transitory issue and unit economics will be attractive going forward. Nonetheless, we

trimmed the position in accordance with our sell discipline. Air Transport is the premier lessor of wide-body freighter aircraft, primarily the Boeing 767. Air Transport grew revenue and EBITDA throughout the year by expanding its fleet, including leasing new aircraft to Amazon under 10-year leases. The impact of COVID-19 accelerated the transition toward e-commerce, which should continue to drive demand for Air Transport’s unique cargo and logistics assets. We opportunistically added to the position due to its attractive valuation and promising growth outlook.

OUTLOOK AND POSITIONING

We continue to believe high-quality smaller-cap value stocks are extraordinarily well positioned as the COVID-19 Delta variant recedes and the reopening economy gains momentum. However, several fresh challenges to our outlook have emerged, most notably a sharp spike in commodity prices, continuing supply chain issues, and tightness in the labor force – all of which could put pressure on smaller cap earnings over the next few quarters.

Aside from these challenges, the biggest risk we are focused on is valuations. While small cap value stocks look very attractive relative to large cap and small cap growth, they are expensive on an absolute basis. On their own, high absolute valuations rarely kill a bull market but they could limit near-term upside and greatly amplify volatility. In our opinion, the combination of these factors creates an environment where fundamentals and intrinsic valuation greatly matter and, thus, the best opportunities are likely to be found among attractively priced, high-quality smaller-cap stocks.

This commentary reflects the viewpoints of River Road Asset Management as of October 31, 2021, and is not intended as a forecast or guarantee of future results.

AMG River Road Small-Mid Cap Value Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG River Road Small-Mid Cap Value Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG River Road Small-Mid Cap Value Fund’s Class N shares on October 31, 2011, to a $10,000 investment made in the Russell 2500^® Value Index and Russell 2000^® Value Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the indexes exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG River Road Small-Mid Cap Value Fund and the Russell 2500^® Value Index and Russell 2000^® Value Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year		Five Years		Ten Years		Since Inception		Inception Date
AMG River Road Small-Mid Cap Value Fund^{2, 3, 4, 5, 6, 7, 8, 9}

Class N		44.27%		14.01%		12.23%		7.98%		03/29/07

Class I		44.70%		14.31%		12.51%		8.02%		06/28/07

Class Z		44.77%		–		–		10.88%		09/29/17

Russell 2500^® Value Index¹⁰		58.14%		12.20%		12.40%		7.82%		03/29/07	^†

Russell 2000^® Value Index¹¹		64.30%		12.61%		12.12%		7.27%		03/29/07	^†

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

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

¹	Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the

prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of October 31, 2021. All returns are in U.S. dollars ($).

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

³ The Fund is subject to 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.

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

⁷ Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

⁸ 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.

¹⁰ The Russell 2500^® Value Index measures the performance of the Russell 2500^® companies with lower price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 2500^® Value Index is unmanaged, is not available for investment and does not incur expenses.

AMG River Road Small-Mid Cap Value Fund

Portfolio Manager’s Comments (continued)

¹¹The Russell 2000^® Value Index is an unmanaged, market-value weighted, value-oriented index comprised of small stocks that have relatively low price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 2000^® Value

Index is unmanaged, is not available for investment and does not incur expenses.

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

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

AMG River Road Small-Mid Cap Value Fund

Fund Snapshots (unaudited)

October 31, 2021

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Industrials		30.3

Financials		17.7

Information Technology		13.6

Consumer Discretionary		10.4

Consumer Staples		8.3

Health Care		6.2

Energy		3.0

Utilities		2.8

Materials		2.7

Communication Services		1.6

Real Estate		0.6

Short-Term Investments		3.4

Other Assets Less Liabilities		(0.6)

TOP TEN HOLDINGS


Security Name		% of Net Assets

LKQ Corp.		4.2

Cannae Holdings, Inc.		3.9

Air Transport Services Group, Inc.		3.8

White Mountains Insurance Group, Ltd.		3.5

Premier, Inc., Class A		3.3

NCR Corp.		3.2

Advance Auto Parts, Inc.		3.1

Murphy USA, Inc.		3.1

Hostess Brands, Inc.		2.9

Fidelity National Financial, Inc.		2.7


Top Ten as a Group		33.7

AMG River Road Small-Mid Cap Value Fund

Schedule of Portfolio Investments

October 31, 2021


	Shares		Value

Common Stocks - 97.2%

Communication Services - 1.6%

Liberty Latin America, Ltd., Class A^*		141,852		$1,705,061

Liberty Latin America, Ltd., Class C^*		235,335		2,831,080

Total Communication Services				4,536,141

Consumer Discretionary - 10.4%

Advance Auto Parts, Inc.		38,183		8,611,030

LKQ Corp.^*		211,761		11,663,796

Murphy USA, Inc.		52,047		8,481,059

Total Consumer Discretionary				28,755,885

Consumer Staples - 8.3%

BJ’s Wholesale Club Holdings, Inc.^*,1		103,280		6,035,683

Hostess Brands, Inc.^*		427,278		8,079,827

Ingles Markets, Inc., Class A		39,074		2,703,530

Molson Coors Beverage Co., Class B		103,837		4,578,174

Whole Earth Brands, Inc.^*,1		137,431		1,667,038

Total Consumer Staples				23,064,252

Energy - 3.0%

Centennial Resource Development, Inc., Class A^*		91,843		661,270

HollyFrontier Corp.		113,426		3,833,799

SM Energy Co.		42,615		1,462,547

World Fuel Services Corp.		80,546		2,459,069

Total Energy				8,416,685

Financials - 17.7%

American Equity Investment Life Holding Co.		213,461		6,803,002

Axis Capital Holdings, Ltd. (Bermuda)		92,639		4,823,713

Cannae Holdings, Inc.^*		321,147		10,951,113

CNA Financial Corp.		68,476		3,071,833

eHealth, Inc.^*		17,517		776,879

Fidelity National Financial, Inc.		154,677		7,410,575

Genworth Financial, Inc., Class A^*		1,031,941		4,241,278

GoHealth, Inc., Class A^*,1		241,865		1,306,071

White Mountains Insurance Group, Ltd.		9,180		9,684,808

Total Financials				49,069,272

Health Care - 6.2%

Computer Programs and Systems, Inc.^*		57,161		2,063,512

Haemonetics Corp.^*		25,307		1,738,844

MEDNAX, Inc.^*		46,771		1,273,574

Patterson Cos., Inc.		97,548		3,049,350

Premier, Inc., Class A		231,727		9,025,767

Total Health Care				17,151,047

Industrials - 30.3%

Air Transport Services Group, Inc.^*		422,778		10,522,944


	Shares		Value

Alight, Inc., Class A^*,1		473,296		$5,149,460

Argan, Inc.		99,631		4,110,775

Armstrong World Industries, Inc.		61,860		6,535,509

Atkore, Inc.^*		42,792		4,045,128

CACI International, Inc., Class A^*		21,413		6,159,235

Colfax Corp.^*,1		36,360		1,876,903

Comfort Systems USA, Inc.		74,172		6,784,513

CoreCivic, Inc.^*		449,030		3,866,148

Curtiss-Wright Corp.		36,432		4,651,638

Dun & Bradstreet Holdings, Inc.^*		187,868		3,539,433

GrafTech International, Ltd.		433,027		4,633,389

Harsco Corp.^*		159,325		2,724,457

Huntington Ingalls Industries, Inc.		23,224		4,708,202

SP Plus Corp.^*		105,859		3,413,953

UniFirst Corp.		36,679		7,260,975

Univar Solutions, Inc.^*		91,865		2,349,907

Viad Corp.^*		36,345		1,612,628

Total Industrials				83,945,197

Information Technology - 13.6%

ACI Worldwide, Inc.^*		167,166		5,128,653

Avaya Holdings Corp.^*		375,047		6,983,375

CDK Global, Inc.		111,017		4,831,460

DXC Technology Co.^*		83,985		2,735,391

ePlus, Inc.^*		49,997		5,528,168

Ituran Location and Control, Ltd. (Israel)		57,256		1,489,229

NCR Corp.^*		227,280		8,986,651

Vonage Holdings Corp.^*		117,482		1,893,810

Total Information Technology				37,576,737

Materials - 2.7%

Axalta Coating Systems, Ltd.^*		197,750		6,167,822

TriMas Corp.		35,380		1,179,923

Total Materials				7,347,745

Real Estate - 0.6%

Newmark Group, Inc., Class A		107,946		1,606,236

Utilities - 2.8%

OGE Energy Corp.		83,923		2,859,256

Pinnacle West Capital Corp.		5,069		326,900

Vistra Corp.		238,959		4,681,207

Total Utilities				7,867,363

Total Common Stocks
(Cost $218,940,595)				269,336,560

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 - 3.4%

Joint Repurchase Agreements - 1.2%²

Bank of America Securities, Inc., dated 10/29/21, due 11/01/21, 0.050% total to be received $1,000,004 (collateralized by various U.S. Government Agency Obligations, 1.500% - 5.000%, 09/01/28 - 01/01/59, totaling $1,020,000)		$1,000,000		$1,000,000

Citigroup Global Markets, Inc., dated 10/29/21, due 11/01/21, 0.050% total to be received $222,310 (collateralized by various U.S. Treasuries, 0.125% - 3.625%, 02/15/22 - 02/15/51, totaling $226,755)		222,309		222,309

Deutsche Bank Securities, Inc., dated 10/29/21, due 11/01/21, 0.050% total to be received $1,000,004 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 8.000%, 11/04/21 - 08/15/51, totaling $1,020,000)		1,000,000		1,000,000

RBC Dominion Securities, Inc., dated 10/29/21, due 11/01/21, 0.050% total to be received $1,000,004 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.000%, 11/01/21 - 07/20/51, totaling $1,020,000)		1,000,000		1,000,000

Total Joint Repurchase Agreements				3,222,309


	Shares		Value

Other Investment Companies - 2.2%

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%³		2,040,860		$2,040,860

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%³		2,040,859		2,040,859

JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%³		2,102,703		2,102,703

Total Other Investment Companies				6,184,422

Total Short-Term Investments
(Cost $9,406,731)				9,406,731

Total Investments - 100.6%
(Cost $228,347,326)				278,743,291

Other Assets, less Liabilities - (0.6)%				(1,576,842	)

Net Assets - 100.0%				$277,166,449

^*	Non-income producing security.

¹	Some of these securities, amounting to $11,915,505 or 4.3% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

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

³	Yield shown represents the October 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of October 31, 2021:


	Level 1		Level 2		Level 3		Total
Investments in Securities

Common Stocks^†	$	269,336,560		–		–	$	269,336,560

Short-Term Investments

Joint Repurchase Agreements		–	$	3,222,309		–		3,222,309

Other Investment Companies		6,184,422		–		–		6,184,422

Total Investments in Securities	$	275,520,982	$	3,222,309		–	$	278,743,291

^†

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

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.

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

AMG River Road International Value Equity Fund

Portfolio Manager’s Comments (unaudited)

OVERVIEW

For the fiscal year ended October 31, 2021, AMG River Road International Value Equity Fund (the “Fund”) Class N shares returned 22.06%, trailing the 34.18% return for the MSCI EAFE Index, the Fund’s current benchmark, and the 43.90% return for the Fund’s prior benchmark, the Russell 3000^® Index.

On August 12, 2021, the Fund’s shareholders approved a change to the Fund’s Principal Investment Strategies from seeking to provide absolute return while minimizing volatility over a full market cycle to seeking to provide long-term capital appreciation. The Fund’s mandate changed from long-short equity within domestic markets to long-only equity in non-U.S. markets. Also approved was the change in the Fund’s name and benchmark, and a change in the Fund’s sub-classification from “non-diversified” to “diversified.” These changes became effective August 16, 2021.

PERFORMANCE REVIEW

During the first portion of the fiscal year under the Fund’s prior mandate, the Fund underperformed both the former and current benchmark. The Fund’s short positions detracted from absolute performance during this period. During the second portion of the fiscal year under the new mandate, the Fund modestly trailed both the former and current benchmarks. The region with the largest negative contribution to relative return was Europe (ex UK) due to negative stock selection. Underperformance was partially offset by an overweight allocation to the Middle East. The sector with the largest negative contribution to relative return was financials, which suffered from an underweight allocation and negative stock selection. Most of the poor stock selection within financials was attributable to China

as real estate concerns weighed on the sector. The underperformance was partially offset by positive stock selection and an underweight allocation within the materials sector.

The top contributing holdings in the Fund were Sony Corp. (6758-JP) and Elbit Systems, Ltd. (ESLT-US). Sony is one of the world’s largest media entertainment and consumer electronics companies. The company holds market leadership positions for most of its business segments and is currently benefiting from robust demand for video gaming and music streaming. We expect Sony will further strengthen its market position in these two fast-growing businesses through its PlayStation ecosystem and world-class music content. Elbit is an Israel-based global defense electronics company engaged in a wide range of programs worldwide. Elbit appears to have strong technological competitive advantages in airborne and C4ISR systems and enjoys a low-cost advantage due to its synergistic “one company” management approach. We believe Elbit is well positioned to benefit from rising global defense spending and should continue to win large contracts.

The bottom contributing holdings in the Fund were Deutsche Telekom AG (DTE-DE) and Novartis AG (NOVN-CH). Deutsche Telekom is the largest telecommunications provider in Europe and owns an approximate 48% stake in the second-largest U.S. wireless carrier, T-Mobile. Concerns over slowing subscriber growth for T-Mobile contributed to the recent underperformance of Deutsche Telekom. Despite these concerns, we believe Deutsche Telekom is well positioned to grow in both Europe and the United States, while also returning free cash flow to investors through dividends and share repurchases. Novartis is one of the world’s largest

pharmaceutical companies and is a leader in cancer and rare disease treatments, as well as other therapy platforms. The Biden administration’s plan to reduce prescription drug prices by empowering the federal government to negotiate prices for Medicare drugs weighed on the sector. Although Novartis is generally viewed as having above-average exposure to potential price negotiation, we continue to view the stock as attractive given its global scale and R&D expertise, as well as its broad drug portfolio and robust pipeline that mitigates the risk of drug patent expiry.

POSITIONING AND OUTLOOK

Although global equity markets trade at premium valuations to their long-term averages, we believe international equity markets remain attractively valued relative to U.S. equity markets. Furthermore, we expect to see relatively stronger corporate earnings growth in international markets for the balance of 2021, based on increasing vaccination rates, additional monetary and fiscal stimulus, and ramping consumer activity. However, earnings are likely to moderate in 2022 if supply chain disruptions, labor shortages, and rising inflation persist well into the New Year.

The Fund focuses on investing in high quality companies with improving fundamentals trading at attractive valuations. We believe the Fund is well positioned to benefit from attractive relative international market valuations and weather an uncertain outlook for 2022 earnings.

This commentary reflects the viewpoints of River Road Asset Management as of October 31, 2021, and is not intended as a forecast or guarantee of future results.

AMG River Road International Value Equity Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG River Road International Value Equity Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG River Road International Value Equity Fund’s Class N shares on October 31, 2011, to a $10,000 investment made in the MSCI EAFE Index, MSCI EAFE Value Index, and Russell 3000^® Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the indexes exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG River Road International Value Equity Fund and the MSCI EAFE Index, MSCI EAFE Value Index, and Russell 3000^® Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year		Five Years		Ten Years		Since Inception		Inception Date
AMG River Road International Value Equity Fund^{2, 3, 4, 5, 6, 7, 8, 9, 10}

Class N		22.06%		7.82%		6.39%		6.01%		05/04/11

Class I		22.48%		8.09%		–		5.81%		03/04/13

Class Z		22.58%		–		–		6.99%		09/29/17

MSCI EAFE Index¹¹		34.18%		9.79%		7.37%		5.37%		05/04/11	^†

MSCI EAFE Value Index¹²		38.31%		6.25%		5.21%		3.27%		05/04/11	^†

Russell 3000^® Index¹³		43.90%		18.91%		16.10%		14.41%		05/04/11	^†

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

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


		¹ Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of October 31, 2021. All returns are in U.S. dollars ($).
		² From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns. ³ Effective August 16, 2021, the Fund went from a non-diversified fund to a diversified fund. ⁴ 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. ⁵ Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.
		⁶ Investing in Publicly Traded Partnerships (PTPs) (including master limited partnerships) involves risks in addition to those typically associated with publicly traded companies. PTPs are exposed to the risks of their underlying assets, which in many cases includes the same types of risks as energy and natural resources companies. PTPs are also subject to capital markets risk. PTPs may lose their partnership status for tax purposes. The Fund’s status as a regulated investment company may be jeopardized if it does not appropriately limit such investments in PTPs or if such investments are recharacterized for tax purposes.
		⁷ Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.
		⁸ Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. ⁹ The Fund invests in 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.

AMG River Road International Value Equity Fund

Portfolio Manager’s Comments (continued)

¹⁰ On August 16, 2021, the fund changed investment strategy.

¹¹ On August 16, 2021, the primary benchmark changed from the Russell 3000^® Index to the MSCI EAFE Index. The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI EAFE Index is unmanaged, is not available for investment and does not incur expenses.

¹² The Fund’s secondary benchmark is the MSCI EAFE

Value Index (Europe, Australasia, Far East) captures large and mid cap securities exhibiting overall value style characteristics across Developed Markets countries* around the world, excluding the U.S. and Canada. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI EAFE Value Index is unmanaged, is not available for investment and does not incur expenses.

¹³ The Russell 3000^® Index is composed of the 3,000 largest U.S. companies as measured by market capitalization, and represents about 98% of the U.S. stock market. Unlike the Fund, the Russell 3000^® Index is unmanaged, is not available for investment and does not incur expenses.

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

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

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

AMG River Road International Value Equity Fund

Fund Snapshots (unaudited)

October 31, 2021

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Financials		22.5

Industrials		15.4

Information Technology		14.4

Health Care		11.7

Communication Services		10.8

Consumer Staples		8.9

Consumer Discretionary		5.5

Energy		2.7

Materials		2.2

Utilities		2.0

Short-Term Investments		3.8

Other Assets Less Liabilities		0.1

TOP TEN HOLDINGS


Security Name		% of Net Assets

Sony Corp. (Japan)		3.8

SAP SE (Germany)		3.5

SK Telecom Co., Ltd., Sponsored ADR (South Korea)		3.4

Elbit Systems, Ltd. (Israel)		3.4

Check Point Software Technologies, Ltd. (Israel)		3.1

Genpact, Ltd.		2.8

Deutsche Boerse AG (Germany)		2.8

Nintendo Co., Ltd. (Japan)		2.8

Deutsche Telekom AG (Germany)		2.7

DBS Group Holdings, Ltd. (Singapore)		2.6

Top Ten as a Group		30.9

AMG River Road International Value Equity Fund

Schedule of Portfolio Investments

October 31, 2021


	Shares		Value

Common Stocks - 96.1%

Communication Services - 10.8%

America Movil SAB de CV (Mexico)		9,774		$173,782

Deutsche Telekom AG (Germany)		13,604		252,995

Nintendo Co., Ltd. (Japan)		580		256,161

SK Telecom Co., Ltd., Sponsored ADR (South Korea)^*		10,907		316,303

Total Communication Services				999,241

Consumer Discretionary - 5.5%

Continental AG (Germany)^*		1,316		154,724

Sony Corp. (Japan)		3,057		353,990

Total Consumer Discretionary				508,714

Consumer Staples - 8.9%

Coca-Cola HBC AG (Switzerland)		6,532		226,401

Fomento Economico Mexicano SAB de CV, Sponsored ADR (Mexico)		1,607		132,079

Kimberly-Clark de Mexico SAB de CV (Mexico)		14,615		116,043

Nestle, S.A. (Switzerland)		1,365		180,053

Unilever PLC (United Kingdom)		3,009		161,108

Total Consumer Staples				815,684

Energy - 2.7%

Royal Dutch Shell PLC, Class B (Netherlands)		5,334		122,408

Total Energies SE (France)		2,570		128,693

Total Energy				251,101

Financials - 22.5%

AIA Group, Ltd. (Hong Kong)		16,031		179,659

Allianz SE (Germany)		854		198,308

Axa, S.A. (France)		7,761		225,791

DBS Group Holdings, Ltd. (Singapore)		10,331		241,413

Deutsche Boerse AG (Germany)		1,551		257,477

Itau Unibanco Holding, S.A., Sponsored ADR (Brazil)		23,860		97,110

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		677		200,451

Ping An Insurance Group Co. of China, Ltd., Class H (China)		25,103		179,806

Prudential PLC (United Kingdom)		8,802		179,631

Tokio Marine Holdings, Inc. (Japan)		2,907		153,112

UBS Group AG (Switzerland)		8,937		162,677

Total Financials				2,075,435

Health Care - 11.7%

GlaxoSmithKline PLC (United Kingdom)		9,596		199,221

Novartis AG (Switzerland)		2,622		216,873


	Shares		Value

Roche Holding AG (Switzerland)		464		$179,751

Sanofi (France)		2,000		200,888

Smith & Nephew PLC (United Kingdom)		8,682		149,939

Takeda Pharmaceutical Co., Ltd. (Japan)		4,616		129,552

Total Health Care				1,076,224

Industrials - 15.4%

Assa Abloy AB (Sweden)		4,639		136,121

BAE Systems PLC (United Kingdom)		30,048		226,567

CK Hutchison Holdings, Ltd. (Hong Kong)		18,047		120,995

Elbit Systems, Ltd. (Israel)		1,955		310,473

Smiths Group PLC (United Kingdom)		12,428		230,764

Thales, S.A. (France)		1,775		163,794

Vinci, S.A. (France)		2,150		229,857

Total Industrials				1,418,571

Information Technology - 14.4%

ams AG (Austria)^*		5,190		102,753

ASM Pacific Technology, Ltd. (Hong Kong)		13,634		147,525

Check Point Software Technologies, Ltd. (Israel)^*		2,352		281,299

Genpact, Ltd. (United States)		5,296		261,358

Murata Manufacturing Co., Ltd. (Japan)		2,839		210,593

SAP SE (Germany)		2,210		320,033

Total Information Technology				1,323,561

Materials - 2.2%

Shin-Etsu Chemical Co., Ltd. (Japan)		1,124		200,446

Utilities - 2.0%

National Grid PLC (United Kingdom)		14,496		185,600

Total Common Stocks
(Cost $9,136,598)				8,854,577

Short-Term Investments - 3.8%

Other Investment Companies - 3.8%

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%¹		115,270		115,270

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%¹		115,270		115,270

JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%¹		118,763		118,763

Total Short-Term Investments
(Cost $349,303)				349,303

Total Investments - 99.9%
(Cost $9,485,901)				9,203,880

Other Assets, less Liabilities - 0.1%				13,665

Net Assets - 100.0%				$9,217,545

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

AMG River Road International Value Equity Fund

Schedule of Portfolio Investments (continued)

^*	Non-income producing security.

¹	Yield shown represents the October 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR	American Depositary Receipt

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of October 31, 2021:


	Level 1		Level 2¹		Level 3		Total
Investments in Securities

Common Stocks

Financials	$	97,110	$	1,978,325		–	$	2,075,435

Industrials		310,473		1,108,098		–		1,418,571

Information Technology		542,657		780,904		–		1,323,561

Health Care		–		1,076,224		–		1,076,224

Communication Services		490,085		509,156		–		999,241

Consumer Staples		248,122		567,562		–		815,684

Consumer Discretionary		–		508,714		–		508,714

Energy		–		251,101		–		251,101

Materials		–		200,446		–		200,446

Utilities		–		185,600		–		185,600

Short-Term Investments

Other Investment Companies		349,303		–		–		349,303


Total Investments in Securities	$	2,037,750	$	7,166,130		–	$	9,203,880

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

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at October 31, 2021, was as follows:


Country	% of Long-Term Investments

Austria		1.2

Brazil		1.1

China		2.0

France		10.7

Germany		15.6

Hong Kong		5.1

Israel		6.7

Japan		14.7

Mexico		4.8


Country	% of Long-Term Investments

Netherlands		1.4

Singapore		2.7

South Korea		3.6

Sweden		1.5

Switzerland		10.9

United Kingdom		15.1

United States		2.9


		100.0

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

AMG River Road Focused Absolute Value Fund

Portfolio Manager’s Comments (unaudited)

OVERVIEW

For the fiscal year ended October 31, 2021, AMG River Road Focused Absolute Value Fund (the “Fund”) Class N shares returned 30.68%, trailing the 44.97% return for the Russell 3000^® Value Index.

PERFORMANCE REVIEW

The Fund significantly underperformed the Russell 3000^® Value during the last 12 months. From a sector perspective, the largest driver of relative underperformance was financials, where positive allocation was more than offset by negative stock selection. To a lesser extent, lack of exposure to energy and an overweight allocation to communication services also contributed to relative underperformance. These headwinds were partially offset by strong stock selection in the industrials, information technology, and utilities sectors.

The top contributing holdings in the Fund were Berkshire Hathaway, Inc. (BRK.B) and LKQ Corp. (LKQ). Berkshire Hathaway is a conglomerate with a diverse group of wholly owned operating companies and other public/private investments. Over the past 12 months, Berkshire’s overall book value per share grew nearly 22%, driven by appreciation of the equity portfolio, internal cash generation, and significant share repurchase activity.

Share repurchase activity has surged to record levels in recent quarters. In Q4 2020, buybacks totaled $8.8 billion, bringing the calendar year total to $24.7 billion (at an average price representing 1.15x year-end book value). In the first nine months of 2021, the company repurchased another $20 billion of stock. In total, $45 billion of buybacks in 2020 and 2021 to date have reduced the shares outstanding by more than 8% since the end of 2019. Results within insurance businesses have been strong, highlighted by premium growth supported by a sustained hard insurance market. Underwriting profits remain resilient, despite facing extremely challenging comparisons due to unusually high profits booked in much of 2020, particularly at Geico, which benefited from significantly lower claims during the pandemic last year. Berkshire’s operating businesses have seen impressive results over the past 12 months as the economy slowly emerges from pandemic-related shutdowns. This was particularly true for the manufacturing, service, and retailing businesses, which collectively achieved revenue growth of 14.6% while pre-tax earnings grew 42.7% for the year-to-date period compared to the prior year. The

railroad BNSF has also seen steady improvement with higher volumes, improved pricing, and effective cost controls, leading to revenue growth of 11.7% and pre-tax earnings growth of 16.7% in the year-to-date period.

LKQ is a global distributor of aftermarket and recycled replacement parts for vehicle repair. Management skillfully navigated a difficult COVID-19 impacted operating environment by focusing on controllable costs, which delivered exceptionally strong margins, including a new record for the North America segment. As the economic environment improved, industry conditions turned near ideal for LKQ’s business model. Indeed, LKQ is currently benefiting from a global rebound in miles driven (more collisions), the further aging of the car parc as new vehicle availability remains constrained (more repairs for out-of-warranty automobiles using less expensive alternative parts), the negative impact of the pandemic on smaller competitors’ inventories and overall financial positions, pricing power from scale, and an enviable inventory position that allows the pass-through of inflationary cost pressures. We believe the favorable impact of the recreational vehicle sales boom on the company’s profitable growing specialty segment as well as sales growth leverage on a permanently lower cost structure following cost reductions during the pandemic provide additional tailwinds. Furthermore, a laser focus on working capital has complemented sales growth and margin expansion, such that record free cash flow has driven leverage to its lowest level in nearly 10 years, recently earning LKQ an investment-grade credit rating. We reduced the position as the stock approached assessed value.

The bottom contributing holdings in the Fund were GoHealth, Inc. (Cl A) (GOCO) and Avaya Holdings Corp. (AVYA). GoHealth is a direct-to-consumer health insurance distribution platform primarily selling Medicare Advantage plans. In August, shares dropped sharply as EBITDA declined (47)% year over year and full-year EBITDA guidance was cut (14)% largely due to rising agent costs. GOHealth is on target to increase agent count ~50% in 2021 to support continued revenue growth, but doing so amid a historically tight labor market has been more expensive than expected. Graduation rates from the company’s training program fell from over 80% to less than 50%, as COVID-19 has necessitated remote training, which has proven to be less effective than in-person training. Additionally, some trainees were recruited away to other industries before completing

the six-week training course. As a result, GoHealth was forced to pay many trainees who never transitioned to productive, revenue-generating agents, and then incurred the cost of replacing those recruits who did not graduate. Given the small position size, GoHealth’s status as the largest unrealized loser, and the seasonal nature of the business that would have required the team to wait more than one year to see concrete improvements, the position was sold.

Avaya provides communications networks for companies in on-premise, cloud, and hybrid formats. Shares lagged despite fiscal Q3 2021 EBITDA exceeding Wall Street estimates and a slight increase to full-year EBITDA guidance. Revenues grew for the fifth straight quarter on the strength of the Avaya Cloud Office product, recently launched in partnership with RingCentral. This product generates monthly subscription revenue per user, which we feel dramatically increases the predictability of the business and the value of the customer over time. However, as subscription contracts cycle through the customer base, it creates a temporary cash flow headwind as cash payments are received over time rather than a one-time payment at the time of sale. Avaya is in the early stages of transitioning toward subscriptions, so we expect cash flow to begin reflecting the benefits of the transition in 2022. We modestly trimmed Avaya due to unrealized losses.

POSITIONING AND OUTLOOK

As always, the Fund invests in companies we believe represent the most attractive combination of risk (conviction) and reward (discount) available across the River Road universe of U.S. equity portfolio holdings. We continue to believe high-quality smaller-cap and value stocks are well positioned as the COVID-19 Delta variant recedes and the reopening gains momentum. However, several fresh challenges to our outlook also emerged, most notably the sharp spike in commodity prices, continuing supply chain issues, and tightness in the labor force—all of which could weigh earnings over the next few quarters, particularly for smaller-cap stocks.

Aside from these challenges, we view valuations as the biggest risk. On their own, high valuations rarely kill a bull market, but they could severely limit upside and greatly amplify volatility, even in a booming economy. In our opinion, the combination of these factors creates an environment where fundamentals and intrinsic valuation matter—a lot! This is a market

AMG River Road Focused Absolute Value Fund

Portfolio Manager’s Comments (continued)

where active stock picking can shine and, from our current perspective, the best opportunities are likely to be found among attractively priced, higher quality stocks.

This commentary reflects the viewpoints of River Road Asset Management as of October 31, 2021, and is not intended as a forecast or guarantee of future results.

AMG River Road Focused Absolute Value Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG River Road Focused Absolute Value Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG River Road Focused Absolute Value Fund’s Class N shares on November 3, 2015, to a $10,000 investment made in the Russell 3000^® Value Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

LOGO

The table below shows the average annual total returns for the AMG River Road Focused Absolute Value Fund and the Russell 3000^® Value Index for the same time periods ended October 31, 2021.


Average Annual Total Returns¹	One Year		Five Years		Since Inception		Inception Date
AMG River Road Focused Absolute Value Fund^{2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13}

Class N		30.68%		11.14%		10.70%		11/03/15

Class I		30.98%		11.40%		10.97%		11/03/15

Class Z		31.12%		–		9.13%		09/29/17

Russell 3000^® Value Index¹⁴		44.97%		12.41%		11.15%		11/03/15^†

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

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

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

³ Investing in Publicly Traded Partnerships (PTPs) (including master limited partnerships) involves risks in addition to those typically associated with publicly traded companies. PTPs are exposed to the risks of their underlying assets, which in many cases includes the same types of risks as energy and natural resources companies. PTPs are also subject to capital market risk. PTPs may lose their partnership status for tax purposes. The Fund’s status as a regulated investment company may be jeopardized if it does not appropriately limit such investments in PTPs or if such investments are recharacterized for tax purposes.

⁵ 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.

⁶ Active and frequent trading of a fund may result in higher transaction costs and increased tax liability.

⁷ A greater percentage of the Fund’s holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund.

⁹ The Fund is subject to the risks associated with investments in emerging markets, such as erratic earnings patterns, economic and political instability, changing exchange controls, limitations on repatriation of foreign capital and changes in local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets.

¹⁰ 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.

AMG River Road Focused Absolute Value Fund

Portfolio Manager’s Comments (continued)

¹¹The 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.

¹² Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.

¹³ Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

¹⁴ The Russell 3000^® Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3000^® companies with lower price-to-book ratios and

lower forecasted growth values. Unlike the Fund, the Russell 3000^® Value Index is unmanaged, is not available for investment and does not incur expenses.

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

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

AMG River Road Focused Absolute Value Fund

Fund Snapshots (unaudited)

October 31, 2021

PORTFOLIO BREAKDOWN


Sector	% of Net Assets

Communication Services		27.4

Financials		19.9

Information Technology		12.6

Consumer Staples		12.1

Utilities		7.4

Health Care		7.0

Consumer Discretionary		6.7

Materials		3.2

Industrials		3.2

Short-Term Investments		0.6

Other Assets Less Liabilities		(0.1	)

TOP TEN HOLDINGS


Security Name	% of Net Assets

Berkshire Hathaway, Inc., Class B		10.5

Liberty Broadband Corp., Class C		8.6

Liberty Media Corp.-Liberty SiriusXM, Class C		6.3

Comcast Corp., Class A		5.3

The AES Corp.		4.9

Fiserv, Inc.		4.6

Fomento Economico Mexicano SAB de CV, Sponsored ADR (Mexico)		4.3

Unilever PLC, Sponsored ADR (United Kingdom)		4.3

NCR Corp.		4.3

Fidelity National Financial, Inc.		3.9


Top Ten as a Group		57.0

AMG River Road Focused Absolute Value Fund

Schedule of Portfolio Investments

October 31, 2021


	Shares		Value

Common Stocks - 99.5%

Communication Services - 27.4%

Comcast Corp., Class A		200,944		$10,334,550

Liberty Broadband Corp., Class C^*		102,565		16,661,684

Liberty Media Corp.-Liberty SiriusXM, Class C^*		246,296		12,147,319

Meta Platforms, Inc.^*		22,676		7,337,273

News Corp., Class A		287,829		6,591,284

Total Communication Services				53,072,110

Consumer Discretionary - 6.7%

DR Horton, Inc.		63,493		5,668,020

LKQ Corp.^*		132,218		7,282,567

Total Consumer Discretionary				12,950,587

Consumer Staples - 12.1%

Fomento Economico Mexicano SAB de CV, Sponsored ADR (Mexico)		102,216		8,401,133

Molson Coors Beverage Co., Class B		149,661		6,598,553

Unilever PLC, Sponsored ADR (United Kingdom)		154,894		8,299,221

Total Consumer Staples				23,298,907

Financials - 19.9%

American Equity Investment Life Holding Co.		121,403		3,869,114

Berkshire Hathaway, Inc., Class B^*		70,819		20,325,761

Fidelity National Financial, Inc.		158,775		7,606,910

The Progressive Corp.		70,470		6,686,194

Total Financials				38,487,979

Health Care - 7.0%

Bristol-Myers Squibb Co.		126,636		7,395,543

Premier, Inc., Class A		156,992		6,114,838

Total Health Care				13,510,381

Industrials - 3.2%

CACI International, Inc., Class A^*		21,629		6,221,366


	Shares		Value

Information Technology - 12.6%

Avaya Holdings Corp.^*		192,920		$3,592,170

Fiserv, Inc.^*		90,006		8,864,691

NCR Corp.^*		208,270		8,234,996

QUALCOMM, Inc.		27,560		3,666,582

Total Information Technology				24,358,439

Materials - 3.2%

Axalta Coating Systems, Ltd.^*		200,246		6,245,673

Utilities - 7.4%

The AES Corp.		372,932		9,371,781

Vistra Corp.		255,017		4,995,783

Total Utilities				14,367,564

Total Common Stocks

(Cost $167,344,290)				192,513,006

Short-Term Investments - 0.6%

Other Investment Companies - 0.6%

Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%¹		358,381		358,381

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%¹		358,380		358,380

JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%¹		369,241		369,241

Total Short-Term Investments

(Cost $1,086,002)				1,086,002

Total Investments - 100.1%

(Cost $168,430,292)				193,599,008

Other Assets, less Liabilities - (0.1)%				(149,930	)

Net Assets - 100.0%				$193,449,078

*	Non-income producing security.

¹	Yield shown represents the October 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR American Depositary Receipt

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

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 October 31, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities

Common Stocks^†

$192,513,006

–

$192,513,006

Short-Term Investments

Other Investment Companies

1,086,002

–

1,086,002

Total Investments in Securities

$193,599,008

–

$193,599,008

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

For the fiscal year ended October 31, 2021, there were no transfers in or out of Level 3.

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

Statement of Assets and Liabilities

October 31, 2021


	AMG River Road Mid Cap Value Fund		AMG River Road Large Cap Value Select Fund		AMG River Road Small Cap Value Fund		AMG River Road Dividend All Cap Value Fund

Assets:

Investments at value¹ (including securities on loan valued at $0, $0, $34,877,877, and $3,881,516, respectively)		$405,255,934		$41,694,137		$898,204,817		$432,801,015

Receivable for investments sold		6,926,208		859,255		40,995		–

Dividend and interest receivables		136,583		4,715		164,180		832,167

Securities lending income receivable		–		–		5,163		594

Receivable for Fund shares sold		72,836		85,296		297,609		74,963

Receivable from affiliate		2,429		7,916		–		14,440

Prepaid expenses and other assets		24,852		8,921		17,829		15,511

Total assets		412,418,842		42,660,240		898,730,593		433,738,690

Liabilities:

Payable upon return of securities loaned		–		–		16,595,812		–

Payable for investments purchased		3,543,333		1,042,421		3,503,242		–

Payable for Fund shares repurchased		279,665		9,826		92,416		675,847

Due to custodian		–		–		–		4,221,712

Accrued expenses:

Investment advisory and management fees		192,025		12,154		591,611		225,037

Administrative fees		51,435		5,209		110,927		56,259

Distribution fees		59,443		932		7,529		9,627

Shareholder service fees		28,861		–		75,030		14,921

Other		120,371		66,279		124,271		104,236

Total liabilities		4,275,133		1,136,821		21,100,838		5,307,639



Net Assets		$408,143,709		$41,523,419		$877,629,755		$428,431,051

¹ Investments at cost		$368,015,865		$38,580,630		$715,501,571		$300,613,632

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

Statement of Assets and Liabilities (continued)


	AMG River Road Mid Cap Value Fund		AMG River Road Large Cap Value Select Fund			AMG River Road Small Cap Value Fund		AMG River Road Dividend All Cap Value Fund

Net Assets Represent:

Paid-in capital		$358,878,939		$44,306,391			$632,246,324			$233,832,660
Total distributable earnings (loss)		49,264,770		(2,782,972	)		245,383,431			194,598,391

Net Assets		$408,143,709		$41,523,419			$877,629,755			$428,431,051

Class N:

Net Assets		$287,165,102		$4,623,179			$34,246,249		��	$43,430,378
Shares outstanding		14,776,160		299,182			2,216,497			3,269,485

Net asset value, offering and redemption price per share		$19.43		$15.45			$15.45			$13.28

Class I:

Net Assets		$112,741,282		$36,900,240			$835,472,715			$382,570,573
Shares outstanding		5,416,299		2,367,899			52,511,173			28,822,703

Net asset value, offering and redemption price per share		$20.82		$15.58			$15.91			$13.27

Class Z:

Net Assets		$8,237,325		–			$7,910,791			$2,430,100
Shares outstanding		397,734		–			496,886			183,054

Net asset value, offering and redemption price per share		$20.71		–			$15.92			$13.28

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

Statement of Assets and Liabilities (continued)


	AMG River Road Small-Mid Cap Value Fund		AMG River Road International Value Equity Fund		AMG River Road Focused Absolute Value Fund

Assets:

Investments at value¹ (including securities on loan valued at $11,915,505, $0, and $0, respectively)		$278,743,291		$9,203,880		$193,599,008

Foreign currency²		–		2,790		–

Receivable for investments sold		2,603,268		70,996		–

Dividend and interest receivables		25,821		22,254		62,921

Securities lending income receivable		1,568		–		133

Receivable for Fund shares sold		48,450		650		38,480

Receivable from affiliate		–		16,030		15,115

Prepaid expenses and other assets		12,141		4,477		18,524

Total assets		281,434,539		9,321,077		193,734,181

Liabilities:

Payable upon return of securities loaned		3,222,309		–		–

Payable for investments purchased		728,537		52,722		–

Payable for Fund shares repurchased		20,153		–		92,353

Accrued expenses:

Investment advisory and management fees		177,541		4,153		99,971

Administrative fees		35,508		1,175		24,993

Distribution fees		4,909		346		1,271

Shareholder service fees		11,890		368		6,206

Other		67,243		44,768		60,309

Total liabilities		4,268,090		103,532		285,103



Net Assets		$277,166,449		$9,217,545		$193,449,078

¹ Investments at cost		$228,347,326		$9,485,901		$168,430,292

² Foreign currency at cost		–		$2,795		–

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

Statement of Assets and Liabilities (continued)


	AMG River Road Small-Mid Cap Value Fund		AMG River Road International Value Equity Fund			AMG River Road Focused Absolute Value Fund

Net Assets Represent:

Paid-in capital		$212,951,624		$9,459,736			$157,588,940

Total distributable earnings (loss)		64,214,825		(242,191	)		35,860,138
Net Assets		$277,166,449		$9,217,545			$193,449,078

Class N:

Net Assets		$22,702,355		$1,561,242			$3,666,155

Shares outstanding		2,315,149		164,096			253,859

Net asset value, offering and redemption price per share		$9.81		$9.51			$14.44

Class I:

Net Assets		$218,697,941		$7,104,629			$176,459,833

Shares outstanding		21,661,405		720,406			12,186,814

Net asset value, offering and redemption price per share		$10.10		$9.86			$14.48

Class Z:

Net Assets		$35,766,153		$551,674			$13,323,090

Shares outstanding		3,540,219		55,622			919,634

Net asset value, offering and redemption price per share		$10.10		$9.92			$14.49

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

Statement of Operations

For the fiscal year ended October 31, 2021


	AMG River Road Mid Cap Value Fund				AMG River Road Large Cap Value Select Fund			AMG River Road Small Cap Value Fund				AMG River Road Dividend All Cap Value Fund
Investment Income:
Dividend income			$5,537,866	¹		$465,423				$5,693,650				$13,150,845
Interest income			–			38				–				–
Securities lending income			–			109				99,984				17,687
Foreign withholding tax			(31,688	)		(13,759	)			(75,571	)			(33,439	)
Total investment income			5,506,178			451,811				5,718,063				13,135,093
Expenses:
Investment advisory and management fees			2,816,151			146,579				6,294,216				3,060,349
Administrative fees			681,025			62,820				1,180,166				765,087
Distribution fees - Class N			713,540			10,962				83,347				111,644
Shareholder servicing fees - Class N			256,207			4,385				33,470				20,108
Shareholder servicing fees - Class I			106,487			13,689				655,080				191,945
Reports to shareholders			115,540			15,438				85,443				35,627
Registration fees			56,653			30,534				58,763				51,605
Custodian fees			51,090			16,763				64,260				48,242
Professional fees			41,881			43,234				65,295				55,675
Transfer agent fees			35,340			12,107				26,677				19,434
Trustee fees and expenses			33,083			2,968				54,582				36,678
Interest expense			756			–				–				1,944
Miscellaneous			17,207			2,561				65,925				30,212
Total expenses before offsets			4,924,960			362,040				8,667,224				4,428,550
Expense reimbursements			(219,148	)		(58,404	)			–				(97,897	)
Expense reductions			(2,903	)		(339	)			(170,268	)			(32,421	)
Net expenses			4,702,909			303,297				8,496,956				4,298,232


Net investment income (loss)			803,269			148,514				(2,778,893	)			8,836,861
Net Realized and Unrealized Gain:

Net realized gain on investments			258,405,413			2,351,234				77,730,613				74,356,959

Net realized loss on futures contracts			(132,843	)		–				–				–

Net realized gain on swaps			–			6,028,933				–				–

Net change in unrealized appreciation/depreciation on investments			(64,506,569	)		3,189,774				163,130,688				67,143,423

Net change in unrealized appreciation/depreciation on swaps			–			653,732				–				–
Net realized and unrealized gain			193,766,001			12,223,673				240,861,301				141,500,382


Net increase in net assets resulting from operations		$	194,569,270			$12,372,187			$	238,082,408			$	150,337,243

¹	Includes non-recurring dividends of $714,028.

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

Statement of Operations (continued)


	AMG River Road Small-Mid Cap Value Fund				AMG River Road International Value Equity Fund				AMG River Road Focused Absolute Value Fund
Investment Income:
Dividend income			$2,155,723				$219,061				$2,250,451
Interest income			–				–				202
Securities lending income			29,880				–				7,281
Foreign withholding tax			(10,538	)			(3,857	)			–
Total investment income			2,175,065				215,204				2,257,934
Expenses:
Investment advisory and management fees			1,860,628				123,794				1,167,575
Administrative fees			372,126				22,971				291,894
Distribution fees - Class N			59,564				4,158				13,574
Shareholder servicing fees - Class N			14,639				1,232				2,172
Shareholder servicing fees - Class I			117,095				9,921				72,750
Registration fees			48,558				29,748				44,257
Professional fees			37,819				33,362				37,529
Custodian fees			32,362				17,988				27,045
Reports to shareholders			23,618				10,689				15,006
Trustee fees and expenses			17,169				1,145				13,656
Transfer agent fees			9,568				990				6,632
Dividend expense			–				97,569				–
Interest expense			–				17,822				1,275
Miscellaneous			15,831				2,934				12,859
Total expenses before offsets			2,608,977				374,323				1,706,224
Expense reimbursements			–				(79,873	)			(98,605	)
Expense reductions			(46,339	)			(5,520	)			(12,836	)
Net expenses			2,562,638				288,930				1,594,783


Net investment income (loss)			(387,573	)			(73,726	)			663,151
Net Realized and Unrealized Gain:

Net realized gain on investments			24,570,939				6,411,942				32,121,761

Net realized loss on short sales			–				(2,041,447	)			–

Net realized gain on foreign currency transactions			–				14,041				–

Net change in unrealized appreciation/depreciation on investments			54,476,017				(236,485	)			14,157,205

Net change in unrealized appreciation/depreciation on short sales			–				(381,575	)			–

Net change in unrealized appreciation/depreciation on foreign currency translations			–				(2,389	)			–

Net realized and unrealized gain			79,046,956				3,764,087				46,278,966


Net increase in net assets resulting from operations		$	78,659,383			$	3,690,361			$	46,942,117

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

Statements of Changes in Net Assets

For the fiscal years ended October 31,


	AMG						AMG						AMG
	River Road						River Road Large						River Road
	Mid Cap Value Fund						Cap Value Select Fund						Small Cap Value Fund

	2021			2020			2021			2020			2021			2020

Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)		$803,269			$4,726,723			$148,514			$372,445			$(2,778,893	)		$244,674
Net realized gain (loss) on investments		258,272,570			124,204,848			8,380,167			(7,603,426	)		77,730,613			(10,803,606	)
Net change in unrealized appreciation/depreciation on investments		(64,506,569	)		(179,176,911	)		3,843,506			(4,306,653	)		163,130,688			(29,318,189	)

Net increase (decrease) in net assets resulting from operations		194,569,270			(50,245,340	)		12,372,187			(11,537,634	)		238,082,408			(39,877,121	)
Distributions to Shareholders:
Class N		(178,403,401	)		(33,504,723	)		(667,556	)		(624,543	)		–			(2,120,249	)
Class I		(89,340,284	)		(37,562,764	)		(5,854,852	)		(3,646,142	)		(32,321	)		(23,298,854	)
Class Z		(6,230,574	)		(3,451,809	)		–			–			(824	)		(11,458	)
Total distributions to shareholders		(273,974,259	)		(74,519,296	)		(6,522,408	)		(4,270,685	)		(33,145	)		(25,430,561	)
Capital Share Transactions:¹

Net increase (decrease) from capital share transactions		41,394,175			(1,097,820,771	)		(8,032,778	)		(38,109,098	)		124,998,329			175,396,275


Total increase (decrease) in net assets		(38,010,814	)		(1,222,585,407	)		(2,182,999	)		(53,917,417	)		363,047,592			110,088,593
Net Assets:
Beginning of year		446,154,523			1,668,739,930			43,706,418			97,623,835			514,582,163			404,493,570
End of year		$408,143,709			$446,154,523			$41,523,419			$43,706,418			$877,629,755			$514,582,163

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

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

Statements of Changes in Net Assets (continued)

For the fiscal years ended October 31,


	AMG						AMG						AMG
	River Road						River Road						River Road
	Dividend All Cap						Small-Mid Cap						International Value
	Value Fund						Value Fund						Equity Fund

	2021			2020			2021			2020			2021			2020

Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)		$8,836,861			$13,424,588			$(387,573	)		$103,778			$(73,726	)		$(233,345	)
Net realized gain (loss) on investments		74,356,959			2,020,791			24,570,939			(9,195,938	)		4,384,536			(637,581	)
Net change in unrealized appreciation/depreciation on investments		67,143,423			(77,612,710	)		54,476,017			(14,720,991	)		(620,449	)		(272,397	)

Net increase (decrease) in net assets resulting from operations		150,337,243			(62,167,331	)		78,659,383			(23,813,151	)		3,690,361			(1,143,323	)
Distributions to Shareholders:
Class N		(727,705	)		(5,975,070	)		–			(512,884	)		(532,006	)		(244,069	)
Class I		(8,517,604	)		(47,458,557	)		(4,398	)		(3,093,005	)		(2,364,560	)		(1,797,271	)
Class Z		(45,063	)		(20,856	)		(318	)		(3,815	)		(146,169	)		(6,804	)
Total distributions to shareholders		(9,290,372	)		(53,454,483	)		(4,716	)		(3,609,704	)		(3,042,735	)		(2,048,144	)
Capital Share Transactions:¹

Net increase (decrease) from capital share transactions		(164,718,707	)		(45,255,562	)		19,990,348			35,471,352			(7,714,823	)		(6,117,855	)


Total increase (decrease) in net assets		(23,671,836	)		(160,877,376	)		98,645,015			8,048,497			(7,067,197	)		(9,309,322	)
Net Assets:
Beginning of year		452,102,887			612,980,263			178,521,434			170,472,937			16,284,742			25,594,064
End of year		$428,431,051			$452,102,887			$277,166,449			$178,521,434			$9,217,545			$16,284,742

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

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

Statements of Changes in Net Assets (continued)

For the fiscal years ended October 31,


	AMG
	River Road
	Focused Absolute
	Value Fund

	2021			2020

Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income		$663,151			$861,559
Net realized gain (loss) on investments		32,121,761			(20,924,160	)
Net change in unrealized appreciation/depreciation on investments		14,157,205			(655,316	)

Net increase (decrease) in net assets resulting from operations		46,942,117			(20,717,917	)
Distributions to Shareholders:
Class N		–			(376,933	)
Class I		(950,327	)		(3,160,161	)
Class Z		(18,026	)		(3,318	)
Total distributions to shareholders		(968,353	)		(3,540,412	)
Capital Share Transactions:¹

Net increase from capital share transactions		1,789,489			23,576,015


Total increase (decrease) in net assets		47,763,253			(682,314	)
Net Assets:
Beginning of year		145,685,825			146,368,139
End of year		$193,449,078			$145,685,825

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

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

AMG River Road Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N	2021			2020			2019			2018			2017
Net Asset Value, Beginning of Year		$29.75			$34.95			$38.27			$41.95			$37.48
Income (loss) from Investment Operations:
Net investment income (loss)^1,2		0.02	³		0.16			0.34	⁴		0.08			(0.02	)

Net realized and unrealized gain (loss) on investments		11.69			(2.85	)		(0.85	)		(0.95	)		6.33
Total income (loss) from investment operations		11.71			(2.69	)		(0.51	)		(0.87	)		6.31
Less Distributions to Shareholders from:
Net investment income		(0.02	)		(0.33	)		(0.15	)		–			(0.13	)
Net realized gain on investments		(22.01	)		(2.18	)		(2.66	)		(2.81	)		(1.71	)
Total distributions to shareholders		(22.03	)		(2.51	)		(2.81	)		(2.81	)		(1.84	)
Net Asset Value, End of Year		$19.43			$29.75			$34.95			$38.27			$41.95
Total Return^2,5		50.65	%		(8.62	)%		(0.55	)%		(2.82	)%		16.87	%
Ratio of net expenses to average net assets		1.13	%⁶		1.14	%		1.15	%		1.12	%		1.12	%
Ratio of gross expenses to average net assets⁷		1.18	%		1.16	%		1.15	%		1.13	%		1.13	%

Ratio of net investment income (loss) to average net assets²		0.08	%		0.52	%		0.95	%		0.19	%		(0.05	)%
Portfolio turnover		149	%		50	%		21	%		18	%		28	%
Net assets end of year (000’s) omitted	$	287,165		$	259,561		$	518,354		$	893,685		$	1,292,107

AMG River Road Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I	2021			2020			2019			2018			2017
Net Asset Value, Beginning of Year		$30.68			$35.96			$39.33			$42.97			$38.39
Income (loss) from Investment Operations:
Net investment income^1,2		0.09	³		0.25			0.45	⁴		0.19			0.08

Net realized and unrealized gain (loss) on investments		12.16			(2.94	)		(0.89	)		(0.99	)		6.49
Total income (loss) from investment operations		12.25			(2.69	)		(0.44	)		(0.80	)		6.57
Less Distributions to Shareholders from:
Net investment income		(0.10	)		(0.41	)		(0.27	)		(0.03	)		(0.24	)
Net realized gain on investments		(22.01	)		(2.18	)		(2.66	)		(2.81	)		(1.75	)
Total distributions to shareholders		(22.11	)		(2.59	)		(2.93	)		(2.84	)		(1.99	)
Net Asset Value, End of Year		$20.82			$30.68			$35.96			$39.33			$42.97
Total Return^2,5		51.11	%		(8.38	)%		(0.33	)%		(2.56	)%		17.16	%
Ratio of net expenses to average net assets		0.87	%⁶		0.90	%		0.90	%		0.87	%		0.87	%
Ratio of gross expenses to average net assets⁷		0.92	%		0.92	%		0.90	%		0.88	%		0.88	%

Ratio of net investment income to average net assets²		0.34	%		0.76	%		1.20	%		0.44	%		0.20	%
Portfolio turnover		149	%		50	%		21	%		18	%		28	%
Net assets end of year (000’s) omitted	$	112,741		$	176,807		$	1,102,479		$	1,754,203		$	2,668,464

AMG River Road Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


													For the fiscal period ended
	For the fiscal year ended October 31,												October 31,

Class Z	2021			2020			2019			2018			2017⁸
Net Asset Value, Beginning of Period		$30.63			$35.95			$39.34			$42.98			$44.24
Income (loss) from Investment Operations:
Net investment income^1,2		0.10	³		0.28			0.48	⁴		0.22			0.00	⁹
Net realized and unrealized gain (loss) on investments		12.13			(2.94	)		(0.89	)		(0.98	)		(1.26	)
Total income (loss) from investment operations		12.23			(2.66	)		(0.41	)		(0.76	)		(1.26	)
Less Distributions to Shareholders from:
Net investment income		(0.14	)		(0.48	)		(0.32	)		(0.07	)		–
Net realized gain on investments		(22.01	)		(2.18	)		(2.66	)		(2.81	)		–
Total distributions to shareholders		(22.15	)		(2.66	)		(2.98	)		(2.88	)		–
Net Asset Value, End of Period		$20.71			$30.63			$35.95			$39.34			$42.98
Total Return^2,5		51.18	%		(8.32	)%		(0.25	)%		(2.48	)%		(2.85	)%¹⁰
Ratio of net expenses to average net assets		0.80	%⁶		0.82	%		0.82	%		0.79	%		0.79	%¹¹
Ratio of gross expenses to average net assets⁷		0.85	%		0.84	%		0.82	%		0.80	%		0.80	%¹¹
Ratio of net investment income to average net assets²		0.41	%		0.84	%		1.28	%		0.52	%		0.01	%¹¹
Portfolio turnover		149	%		50	%		21	%		18	%		28	%¹⁰
Net assets end of period (000’s) omitted		$8,237			$9,786			$47,907			$205,203			$9,625

¹	Per share numbers have been calculated using average shares.

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

³	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $(0.02), $0.05 and $0.06 for Class N, Class I and Class z, respectively.

⁴	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.23, $0.33 and $0.36 for Class N, Class I and Class z, respectively.

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

⁶	Includes reduction from brokerage recapture amounting to less than 0.01% for the fiscal year ended 2021.

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	Commencement of operations was on October 2, 2017.

⁹	Less than $0.005 per share.

¹⁰	Not annualized.

¹¹	Annualized.

AMG River Road Large Cap Value Select Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N	2021			2020			2019			2018			2017
Net Asset Value, Beginning of Year		$13.73			$16.22			$15.68			$17.97			$15.48
Income (loss) from Investment Operations:
Net investment income (loss)^1,2		0.01			0.04	³		0.12	⁴		(0.07	)		0.10	⁵
Net realized and unrealized gain (loss) on investments		4.27			(1.84	)		0.95			1.94			3.30
Total income (loss) from investment operations		4.28			(1.80	)		1.07			1.87			3.40
Less Distributions to Shareholders from:
Net investment income		(2.56	)		–			(0.02	)		–			(0.16	)
Net realized gain on investments		–			(0.69	)		(0.51	)		(4.16	)		(0.75	)
Total distributions to shareholders		(2.56	)		(0.69	)		(0.53	)		(4.16	)		(0.91	)
Net Asset Value, End of Year		$15.45			$13.73			$16.22			$15.68			$17.97
Total Return^2,6		33.53	%		(11.66	)%		7.15	%		12.54	%		22.62	%
Ratio of net expenses to average net assets		1.00	%⁷		1.04	%		1.28	%^7,8		2.24	%^7,8		1.09	%⁸
Ratio of gross expenses to average net assets⁹		1.14	%		1.08	%		1.30	%		2.36	%		1.14	%
Ratio of net investment income (loss) to average net assets²		0.08	%		0.25	%		0.74	%		(0.43	)%		0.60	%
Portfolio turnover		256	%		750	%		330	%		240	%		159	%
Net assets end of year (000’s) omitted		$4,623			$4,716			$14,301			$24,536			$3,495

AMG River Road Large Cap Value Select Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$13.80			$16.25			$15.71			$17.97			$15.47

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.06			0.08	³		0.16	⁴		(0.02	)		0.15	⁵

Net realized and unrealized gain (loss) on investments		4.29			(1.84	)		0.95			1.92			3.33

Total income (loss) from investment operations		4.35			(1.76	)		1.11			1.90			3.48

Less Distributions to Shareholders from:

Net investment income		(2.57	)		–			(0.06	)		–			(0.23	)

Net realized gain on investments		–			(0.69	)		(0.51	)		(4.16	)		(0.75	)

Total distributions to shareholders		(2.57	)		(0.69	)		(0.57	)		(4.16	)		(0.98	)

Net Asset Value, End of Year		$15.58			$13.80			$16.25			$15.71			$17.97

Total Return^2,6		33.93	%		(11.38	)%		7.43	%		12.82	%		23.11	%

Ratio of net expenses to average net assets		0.69	%⁷		0.76	%		0.99	%^7,8		1.92	%^7,8		0.78	%⁸

Ratio of gross expenses to average net assets⁹		0.83	%		0.80	%		1.01	%		2.04	%		0.87	%

Ratio of net investment income (loss) to average net assets²		0.39	%		0.53	%		1.03	%		(0.11	)%		0.90	%

Portfolio turnover		256	%		750	%		330	%		240	%		159	%

Net assets end of year (000’s) omitted		$36,900			$38,990			$83,323			$55,590			$37,002

¹	Per share numbers have been calculated using average shares.

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

³	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $(0.01) and $0.03 for Class N and Class I, respectively.

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

⁵	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.07 and $0.12 for Class N and Class I, respectively.

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

⁷	Includes reduction from broker recapture amounting to less than 0.01% for the fiscal years ended October 31, 2021 and 2019 and 0.01% for the fiscal year ended October 31, 2018, respectively.

⁸

Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of expenses to average net assets would be 1.04% and 0.75%, 1.04% and 0.72% and 1.04% and 0.73% for Class N and Class I, respectively, for the fiscal years ended October 31, 2019, October 31, 2018 and October 31, 2017, respectively.

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.)

AMG River Road Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$10.76			$13.00			$13.26			$14.46			$12.29

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.09	)		(0.02	)		(0.04	)		(0.05	)		(0.05	)

Net realized and unrealized gain (loss) on investments		4.78			(1.43	)		1.17			0.79			2.88

Total income (loss) from investment operations		4.69			(1.45	)		1.13			0.74			2.83

Less Distributions to Shareholders from:

Net realized gain on investments		–			(0.79	)		(1.39	)		(1.94	)		(0.66	)

Net Asset Value, End of Year		$15.45			$10.76			$13.00			$13.26			$14.46

Total Return^2,3		43.59	%		(12.09	)%		10.86	%		5.41	%		23.43	%

Ratio of net expenses to average net assets⁴		1.33	%		1.34	%		1.36	%		1.35	%		1.35	%

Ratio of gross expenses to average net assets⁵		1.35	%		1.36	%		1.37	%		1.36	%		1.36	%

Ratio of net investment loss to average net assets²		(0.61	)%		(0.19	)%		(0.33	)%		(0.34	)%		(0.36	)%

Portfolio turnover		39	%		42	%		47	%		41	%		42	%

Net assets end of year (000’s) omitted		$34,246			$25,920			$29,963			$28,444			$31,657

AMG River Road Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$11.05			$13.30			$13.51			$14.68			$12.44

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.05	)		0.01			(0.01	)		(0.01	)		(0.01	)

Net realized and unrealized gain (loss) on investments		4.91			(1.46	)		1.20			0.79			2.92

Total income (loss) from investment operations		4.86			(1.45	)		1.19			0.78			2.91

Less Distributions to Shareholders from:

Net investment income		(0.00	)⁶		(0.01	)		(0.01	)		(0.01	)		–

Net realized gain on investments		–			(0.79	)		(1.39	)		(1.94	)		(0.67	)

Total distributions to shareholders		(0.00	)⁶		(0.80	)		(1.40	)		(1.95	)		(0.67	)

Net Asset Value, End of Year		$15.91			$11.05			$13.30			$13.51			$14.68

Total Return^2,3		43.99	%		(11.91	)%		11.23	%		5.60	%		23.80	%

Ratio of net expenses to average net assets⁴		1.07	%		1.07	%		1.09	%		1.10	%		1.10	%

Ratio of gross expenses to average net assets⁵		1.09	%		1.09	%		1.10	%		1.11	%		1.11	%

Ratio of net investment income (loss) to average net assets²		(0.35	)%		0.07	%		(0.06	)%		(0.09	)%		(0.11	)%

Portfolio turnover		39	%		42	%		47	%		41	%		42	%

Net assets end of year (000’s) omitted		$835,473			$487,637			$374,344			$330,245			$279,574

AMG River Road Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the fiscal years ended October 31,												For the fiscal period ended October 31,

Class Z	2021			2020			2019			2018			2017⁷

Net Asset Value, Beginning of Period		$11.05			$13.30			$13.51			$14.68			$14.68

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.04	)		0.02			0.00	⁸		0.00	⁸		(0.01	)

Net realized and unrealized gain (loss) on investments		4.92			(1.46	)		1.20			0.79			0.01

Total income (loss) from investment operations		4.88			(1.44	)		1.20			0.79			–

Less Distributions to Shareholders from:

Net investment income		(0.01	)		(0.02	)		(0.02	)		(0.02	)		–

Net realized gain on investments		–			(0.79	)		(1.39	)		(1.94	)		–

Total distributions to shareholders		(0.01	)		(0.81	)		(1.41	)		(1.96	)		–

Net Asset Value, End of Period		$15.92			$11.05			$13.30			$13.51			$14.68

Total Return^2,3		44.17	%		(11.78	)%		11.29	%		5.71	%		0.00	%⁹

Ratio of net expenses to average net assets⁴		0.98	%		0.99	%		1.01	%		1.00	%		1.03	%¹⁰

Ratio of gross expenses to average net assets⁵		1.00	%		1.01	%		1.02	%		1.01	%		1.03	%¹⁰

Ratio of net investment income (loss) to average net assets²		(0.26	)%		0.16	%		0.02	%		0.01	%		(0.58	)%¹⁰

Portfolio turnover		39	%		42	%		47	%		41	%		42	%⁹

Net assets end of period (000’s) omitted		$7,911			$1,025			$186			$163			$154

¹	Per share numbers have been calculated using average shares.

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

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

⁴	Includes reduction from broker recapture amounting to 0.02%, 0.02%, 0.01%, 0.01% and 0.01% for the fiscal years ended 2021, 2020, 2019, 2018, and 2017, respectively.

⁵	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.)

⁶	Less than $(0.005) per share.

⁷	The commencement of operations was October 2, 2017.

⁸	Less than $ 0.005 per share.

⁹	Not annualized.

¹⁰	Annualized.

AMG River Road Dividend All Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$10.02			$12.34			$12.29			$12.87			$12.18

Income (loss) from Investment Operations:

Net investment income^1,2		0.19			0.25			0.27			0.22			0.22

Net realized and unrealized gain (loss) on investments		3.27			(1.49	)		0.80			0.06			1.54

Total income (loss) from investment operations		3.46			(1.24	)		1.07			0.28			1.76

Less Distributions to Shareholders from:

Net investment income		(0.20	)		(0.34	)		(0.30	)		(0.28	)		(0.21	)

Net realized gain on investments		–			(0.74	)		(0.72	)		(0.58	)		(0.86	)

Total distributions to shareholders		(0.20	)		(1.08	)		(1.02	)		(0.86	)		(1.07	)

Net Asset Value, End of Year		$13.28			$10.02			$12.34			$12.29			$12.87

Total Return^2,3		34.74	%		(10.96	)%		10.11	%		2.06	%		14.79	%

Ratio of net expenses to average net assets⁴		1.06	%		1.13	%		1.11	%		1.10	%		1.11	%

Ratio of gross expenses to average net assets⁵		1.09	%		1.13	%		1.12	%		1.11	%		1.12	%

Ratio of net investment income to average net assets²		1.51	%		2.38	%		2.32	%		1.78	%		1.75	%

Portfolio turnover		20	%		35	%		29	%		27	%		28	%

Net assets end of year (000’s) omitted		$43,430			$41,358			$79,811			$100,420			$136,534

AMG River Road Dividend All Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$10.01			$12.33			$12.29			$12.86			$12.17

Income (loss) from Investment Operations:

Net investment income^1,2		0.22			0.28			0.31			0.26			0.24

Net realized and unrealized gain (loss) on investments		3.27			(1.49	)		0.78			0.06			1.55

Total income (loss) from investment operations		3.49			(1.21	)		1.09			0.32			1.79

Less Distributions to Shareholders from:

Net investment income		(0.23	)		(0.37	)		(0.33	)		(0.31	)		(0.24	)

Net realized gain on investments		–			(0.74	)		(0.72	)		(0.58	)		(0.86	)

Total distributions to shareholders		(0.23	)		(1.11	)		(1.05	)		(0.89	)		(1.10	)

Net Asset Value, End of Year		$13.27			$10.01			$12.33			$12.29			$12.86

Total Return^2,3		35.10	%		(10.69	)%		10.32	%		2.38	%		15.07	%

Ratio of net expenses to average net assets⁴		0.81	%		0.86	%		0.84	%		0.84	%		0.86	%

Ratio of gross expenses to average net assets⁵		0.84	%		0.86	%		0.85	%		0.85	%		0.87	%

Ratio of net investment income to average net assets²		1.76	%		2.65	%		2.59	%		2.04	%		1.93	%

Portfolio turnover		20	%		35	%		29	%		27	%		28	%

Net assets end of year (000’s) omitted		$382,571			$408,844			$533,106			$743,984			$788,023

AMG River Road Dividend All Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the fiscal year ended October 31,												For the fiscal period ended October 31,

Class Z	2021			2020			2019			2018			2017⁶

Net Asset Value, Beginning of Period		$10.01			$12.33			$12.29			$12.86			$12.80

Income (loss) from Investment Operations:

Net investment income^1,2		0.22			0.27			0.32			0.26			0.01

Net realized and unrealized gain (loss) on investments		3.29			(1.47	)		0.77			0.06			0.07

Total income (loss) from investment operations		3.51			(1.20	)		1.09			0.32			0.08

Less Distributions to Shareholders from:

Net investment income		(0.24	)		(0.38	)		(0.33	)		(0.31	)		(0.02	)

Net realized gain on investments		–			(0.74	)		(0.72	)		(0.58	)		–

Total distributions to shareholders		(0.24	)		(1.12	)		(1.05	)		(0.89	)		(0.02	)

Net Asset Value, End of Period		$13.28			$10.01			$12.33			$12.29			$12.86

Total Return^2,3		35.26	%		(10.65	)%		10.37	%		2.42	%		0.59	%⁷

Ratio of net expenses to average net assets⁴		0.77	%		0.81	%		0.79	%		0.78	%		0.78	%⁸

Ratio of gross expenses to average net assets⁵		0.80	%		0.81	%		0.80	%		0.79	%		0.79	%⁸

Ratio of net investment income to average net assets²		1.80	%		2.69	%		2.64	%		2.10	%		0.79	%⁸

Portfolio turnover		20	%		35	%		29	%		27	%		28	%⁷

Net assets end of period (000’s) omitted		$2,430			$1,901			$63			$619			$257

¹	Per share numbers have been calculated using average shares.

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

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

⁴	Includes reduction from broker recapture amounting to $0.01, less than 0.01%, 0.01%, less than 0.01%, and less than 0.01% for the fiscal years ended 2021, 2020, 2019, 2018, and 2017, respectively.

⁵	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.)

⁶	The commencement of operations was on October 2, 2017.

⁷	Not annualized.

⁸	Annualized.

AMG River Road Small-Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$6.80			$7.84			$7.62			$8.23			$7.04

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.04	)		(0.01	)³		(0.02	)		(0.03	)		(0.03	)

Net realized and unrealized gain (loss) on investments		3.05			(0.88	)		0.78			0.57			1.81

Total income (loss) from investment operations		3.01			(0.89	)		0.76			0.54			1.78

Less Distributions to Shareholders from:

Net investment income		–			(0.01	)		–			(0.02	)		(0.01	)

Net realized gain on investments		–			(0.14	)		(0.54	)		(1.13	)		(0.58	)

Total distributions to shareholders		–			(0.15	)		(0.54	)		(1.15	)		(0.59	)

Net Asset Value, End of Year		$9.81			$6.80			$7.84			$7.62			$8.23

Total Return^2,4		44.27	%		(11.65	)%		11.82	%		7.09	%		26.18	%

Ratio of net expenses to average net assets⁵		1.25	%		1.31	%		1.31	%		1.32	%		1.35	%

Ratio of gross expenses to average net assets⁶		1.27	%		1.33	%		1.37	%		1.36	%		1.46	%

Ratio of net investment loss to average net assets²		(0.38	)%		(0.16	)%		(0.27	)%		(0.35	)%		(0.33	)%

Portfolio turnover		44	%		47	%		38	%		46	%		57	%

Net assets end of year (000’s) omitted		$22,702			$21,618			$24,669			$17,840			$7,810

AMG River Road Small-Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$6.98			$8.04			$7.78			$8.38			$7.16

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.01	)		0.01	³		(0.00	)⁷		(0.01	)		0.00	⁸

Net realized and unrealized gain (loss) on investments		3.13			(0.91	)		0.80			0.57			1.84

Total income (loss) from investment operations		3.12			(0.90	)		0.80			0.56			1.84

Less Distributions to Shareholders from:

Net investment income		(0.00	)⁷		(0.02	)		–			(0.03	)		(0.03	)

Net realized gain on investments		–			(0.14	)		(0.54	)		(1.13	)		(0.59	)

Total distributions to shareholders		(0.00	)⁷		(0.16	)		(0.54	)		(1.16	)		(0.62	)

Net Asset Value, End of Year		$10.10			$6.98			$8.04			$7.78			$8.38

Total Return^2,4		44.70	%		(11.47	)%		12.12	%		7.32	%		26.63	%

Ratio of net expenses to average net assets⁵		1.00	%		1.05	%		1.06	%		1.08	%		1.10	%

Ratio of gross expenses to average net assets⁶		1.02	%		1.07	%		1.12	%		1.12	%		1.21	%

Ratio of net investment income (loss) to average net assets²		(0.13	)%		0.09	%		(0.02	)%		(0.11	)%		(0.06	)%

Portfolio turnover		44	%		47	%		38	%		46	%		57	%

Net assets end of year (000’s) omitted		$218,698			$156,350			$145,620			$51,400			$36,547

AMG River Road Small-Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the fiscal year ended October 31,												For the fiscal period ended October 31,

Class Z	2021			2020			2019			2018			2017⁹

Net Asset Value, Beginning of Period		$6.98			$8.04			$7.77			$8.37			$8.48

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.01	)		0.01	³		0.00	⁸		(0.01	)		(0.01	)

Net realized and unrealized gain (loss) on investments		3.13			(0.91	)		0.81			0.58			(0.10	)

Total income (loss) from investment operations		3.12			(0.90	)		0.81			0.57			(0.11	)

Less Distributions to Shareholders from:

Net investment income		(0.00	)⁷		(0.02	)		–			(0.04	)		–

Net realized gain on investments		–			(0.14	)		(0.54	)		(1.13	)		–

Total distributions to shareholders		(0.00	)⁷		(0.16	)		(0.54	)		(1.17	)		–

Net Asset Value, End of Period		$10.10			$6.98			$8.04			$7.77			$8.37

Total Return^2,4		44.77	%		(11.43	)%		12.26	%		7.37	%		(1.30	)%¹⁰

Ratio of net expenses to average net assets⁵		0.95	%		1.00	%		1.01	%		1.03	%		1.04	%¹¹

Ratio of gross expenses to average net assets⁶		0.97	%		1.02	%		1.07	%		1.07	%		1.48	%¹¹

Ratio of net investment income (loss) to average net assets²		(0.08	)%		0.14	%		0.03	%		(0.06	)%		(0.71	)%¹¹

Portfolio turnover		44	%		47	%		38	%		46	%		57	%¹⁰

Net assets end of period (000’s) omitted		$35,766			$553			$183			$136			$49

¹	Per share numbers have been calculated using average shares.

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

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

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

⁵	Includes reduction from broker recapture amounting to 0.02%, 0.02%, 0.03%, 0.01% and 0.01% for the fiscal years ended 2021, 2020, 2019, 2018 and the fiscal period ended 2017, respectively.

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	Less than $(0.005) per share.

⁸	Less than $ 0.005 per share.

⁹	The commencement of operations was October 2, 2017.

¹⁰	Not annualized.

¹¹	Annualized.

AMG River Road International Value Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$11.40			$13.06			$12.19			$12.33			$11.04

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.09	)		(0.16	)		(0.05	)		(0.03	)³		(0.25	)

Net realized and unrealized gain (loss) on investments		2.71			(0.42	)		1.63			(0.11	)		1.54

Total income (loss) from investment operations		2.62			(0.58	)		1.58			(0.14	)		1.29

Less Distributions to Shareholders from:

Net realized gain on investments		(4.51	)		(1.08	)		(0.71	)		–			–

Net Asset Value, End of Year		$9.51			$11.40			$13.06			$12.19			$12.33

Total Return^2,4		22.06	%		(5.17	)%		13.98	%		(1.14	)%		11.69	%

Ratio of net expenses to average net assets^5,6		2.08	%		2.71	%		2.41	%		3.12	%		3.60	%

Ratio of gross expenses to average net assets⁷		2.69	%		3.23	%		2.83	%		3.41	%		3.75	%

Ratio of net investment loss to average net assets²		(0.70	)%		(1.35	)%		(0.43	)%		(0.25	)%		(2.23	)%

Portfolio turnover		159	%		257	%		264	%		189	%		186	%

Net assets end of year (000’s) omitted		$1,561			$1,584			$2,654			$3,749			$5,508

AMG River Road International Value Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$11.65			$13.30			$12.37			$12.48			$11.15

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.06	)		(0.14	)		(0.02	)		0.00	^3,8		(0.24	)

Net realized and unrealized gain (loss) on investments		2.78			(0.43	)		1.66			(0.11	)		1.57

Total income (loss) from investment operations		2.72			(0.57	)		1.64			(0.11	)		1.33

Less Distributions to Shareholders from:

Net realized gain on investments		(4.51	)		(1.08	)		(0.71	)		–			–

Net Asset Value, End of Year		$9.86			$11.65			$13.30			$12.37			$12.48

Total Return^2,4		22.48	%		(4.98	)%		14.28	%		(0.88	)%		11.93	%

Ratio of net expenses to average net assets^5,6		1.84	%		2.46	%		2.16	%		2.87	%		3.35	%

Ratio of gross expenses to average net assets⁷		2.45	%		2.98	%		2.58	%		3.16	%		3.50	%

Ratio of net investment loss to average net assets²		(0.46	)%		(1.10	)%		(0.18	)%		0.00	%⁹		(1.98	)%

Portfolio turnover		159	%		257	%		264	%		189	%		186	%

Net assets end of year (000’s) omitted		$7,105			$14,041			$22,856			$24,925			$29,030

AMG River Road International Value Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the fiscal year ended October 31,												For the fiscal period ended October 31,

Class Z	2021			2020			2019			2018			2017¹⁰

Net Asset Value, Beginning of Period		$11.69			$13.32			$12.38			$12.49			$12.53

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.05	)		(0.12	)		(0.01	)		0.01	³		(0.02	)

Net realized and unrealized gain (loss) on investments		2.79			(0.43	)		1.66			(0.12	)		(0.02	)

Total income (loss) from investment operations		2.74			(0.55	)		1.65			(0.11	)		(0.04	)

Less Distributions to Shareholders from:

Net realized gain on investments		(4.51	)		(1.08	)		(0.71	)		–			–

Net Asset Value, End of Period		$9.92			$11.69			$13.32			$12.38			$12.49

Total Return^2,4		22.58	%		(4.82	)%		14.35	%		(0.88	)%		(0.32	)%¹¹

Ratio of net expenses to average net assets^5,6		1.76	%		2.38	%		2.08	%		2.79	%		3.38	%¹²

Ratio of gross expenses to average net assets⁷		2.37	%		2.90	%		2.50	%		3.08	%		3.38	%¹²

Ratio of net investment income (loss) to average net assets²		(0.38	)%		(1.02	)%		(0.10	)%		0.09	%		(2.74	)%¹²

Portfolio turnover		159	%		257	%		264	%		189	%		186	%¹¹

Net assets end of period (000’s) omitted		$552			$660			$84			$73			$25

¹	Per share numbers have been calculated using average shares.

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

³	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.17), $(0.14), and $(0.13) for Class N, Class I and Class Z shares, respectively.

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

⁵	Includes reduction from brokerage recapture amounting to 0.04%, 0.11%, 0.01% and 0.02% for the fiscal years ended 2021, 2020, 2019, 2018, respectively, and 0.02%, 0.02%, and less than 0.01% for Class N, Class I, and Class Z, respectively, for the fiscal period ended 2017.

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 1.32%, 1.11%, and 1.01% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2021, 1.34%, 1.09% and 1.01% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2020, 1.44%, 1.19% and 1.11% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2019, 1.45%, 1.20% and 1.12% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2018, 1.48% and 1.23% for Class N and Class I, respectively, for the fiscal year ended October 31, 2017, and 1.12% for Class Z for the fiscal period ended 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.

⁹	Less than 0.005%.

¹⁰	Commencement of operations was on October 2, 2017.

¹¹	Not annualized.

¹²	Annualized.

AMG River Road Focused Absolute Value Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$11.05			$12.65			$11.91			$11.87			$10.85

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.01			0.04	³		0.04			0.05			(0.01	)

Net realized and unrealized gain (loss) on investments		3.38			(1.39	)		1.45			0.93			1.85

Total income (loss) from investment operations		3.39			(1.35	)		1.49			0.98			1.84

Less Distributions to Shareholders from:

Net investment income		–			(0.02	)		(0.05	)		(0.07	)		(0.09	)

Net realized gain on investments		–			(0.23	)		(0.70	)		(0.87	)		(0.73	)

Total distributions to shareholders		–			(0.25	)		(0.75	)		(0.94	)		(0.82	)

Net Asset Value, End of Year		$14.44			$11.05			$12.65			$11.91			$11.87

Total Return^2,4		30.68	%		(11.03	)%		14.29	%		8.69	%		17.42	%

Ratio of net expenses to average net assets⁵		1.06	%		1.03	%		0.98	%		0.99	%		0.97	%

Ratio of gross expenses to average net assets⁶		1.12	%		1.15	%		1.21	%		1.32	%		1.50	%

Ratio of net investment income (loss) to average net assets²		0.10	%		0.34	%		0.34	%		0.43	%		(0.09	)%

Portfolio turnover		83	%		103	%		59	%		88	%		112	%

Net assets end of year (000’s) omitted		$3,666			$12,466			$15,284			$9,184			$7,448

AMG River Road Focused Absolute Value Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended October 31,

Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$11.12			$12.72			$11.98			$11.92			$10.88

Income (loss) from Investment Operations:

Net investment income^1,2		0.05			0.07	³		0.07			0.08			0.06

Net realized and unrealized gain (loss) on investments		3.39			(1.40	)		1.46			0.93			1.81

Total income (loss) from investment operations		3.44			(1.33	)		1.53			1.01			1.87

Less Distributions to Shareholders from:

Net investment income		(0.08	)		(0.04	)		(0.09	)		(0.08	)		(0.10	)

Net realized gain on investments		–			(0.23	)		(0.70	)		(0.87	)		(0.73	)

Total distributions to shareholders		(0.08	)		(0.27	)		(0.79	)		(0.95	)		(0.83	)

Net Asset Value, End of Year		$14.48			$11.12			$12.72			$11.98			$11.92

Total Return^2,4		30.98	%		(10.81	)%		14.55	%		8.91	%		17.72	%

Ratio of net expenses to average net assets⁵		0.81	%		0.78	%		0.73	%		0.74	%		0.73	%

Ratio of gross expenses to average net assets⁶		0.87	%		0.90	%		0.96	%		1.07	%		1.20	%

Ratio of net investment income to average net assets²		0.35	%		0.59	%		0.59	%		0.68	%		0.50	%

Portfolio turnover		83	%		103	%		59	%		88	%		112	%

Net assets end of year (000’s) omitted		$176,460			$130,758			$130,928			$20,928			$17,106

AMG River Road Focused Absolute Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the fiscal year ended October 31,												For the fiscal period ended October 31,

Class Z	2021			2020			2019			2018			2017⁷

Net Asset Value, Beginning of Period		$11.12			$12.73			$11.98			$11.92			$12.18

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.06			0.07	³		0.07			0.08			(0.01	)

Net realized and unrealized gain (loss) on investments		3.39			(1.41	)		1.47			0.93			(0.25	)

Total income (loss) from investment operations		3.45			(1.34	)		1.54			1.01			(0.26	)

Less Distributions to Shareholders from:

Net investment income		(0.08	)		(0.04	)		(0.09	)		(0.08	)		–

Net realized gain on investments		–			(0.23	)		(0.70	)		(0.87	)		–

Total distributions to shareholders		(0.08	)		(0.27	)		(0.79	)		(0.95	)		–

Net Asset Value, End of Period		$14.49			$11.12			$12.73			$11.98			$11.92

Total Return^2,4		31.12	%		(10.86	)%		14.69	%		8.96	%		(2.13	)%⁸

Ratio of net expenses to average net assets⁵		0.77	%		0.74	%		0.69	%		0.70	%		0.70	%⁹

Ratio of gross expenses to average net assets⁶		0.83	%		0.86	%		0.92	%		1.03	%		1.32	%⁹

Ratio of net investment income (loss) to average net assets²		0.39	%		0.63	%		0.63	%		0.72	%		(0.59	)%⁹

Portfolio turnover		83	%		103	%		59	%		88	%		112	%⁸

Net assets end of period (000’s) omitted		$13,323			$2,462			$157			$66			$61

¹	Per share numbers have been calculated using average shares.

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

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

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

⁵

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

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 for Class Z shares was October 2, 2017.

⁸	Not annualized.

⁹	Annualized.

Notes to Financial Statements

October 31, 2021

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I and AMG Funds IV (the “Trusts”) are open-end management investment companies. AMG Funds I is organized as a Massachusetts business trust, while AMG Funds IV is organized as a Delaware Statutory Trust. The Trusts are registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trusts consist of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG Funds I: AMG River Road Large Cap Value Select Fund (“Large Cap Value Select”) (formerly AMG FQ Long-Short Equity Fund), AMG Trust IV: AMG River Road Mid Cap Value Fund (“Mid Cap Value”) (formerly AMG Managers Fairpointe Mid Cap Fund), AMG River Road Small Cap Value Fund (“Small Cap Value”), AMG River Road Dividend All Cap Value Fund (“Dividend All Cap Value”), AMG River Road Small-Mid Cap Value Fund (“Small-Mid Cap Value”), AMG River Road International Value Equity Fund (“International Value Equity “) (formerly AMG River Road Long-Short Fund), and AMG River Road Focused Absolute Value Fund (“Focused Absolute Value”), each a “Fund” and collectively, the “Funds”.

Each Fund is authorized to issue Class N and Class I shares. Mid Cap Value, Small Cap Value, Dividend All Cap Value, Small-Mid Cap Value, International Value Equity, and Focused Absolute Value are also authorized to issue Class Z shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

Effective June 11, 2021, Large Cap Value Select became a non-diversified fund and through August 15, 2021, International Value Equity was a non-diversified fund. 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.

On March 17-18, 2021, the Board of Trustees of the Trusts (the “Board”) approved the following: River Road Asset Management, LLC (“River Road”), as the subadviser to Mid Cap Value and Large Cap Value Select, to replace Fairpointe Capital LLC (“Fairpointe Capital”) and First Quadrant, L.P. (“First Quadrant”), respectively, effective March 19, 2021 and March 22, 2021, respectively, which were subsequently approved by the shareholders of Mid Cap Value and Large Cap Value Select on June 14, 2021 and June 11, 2021, respectively. In connection with the subadviser change, Mid Cap Value seeks to achieve its investment objective by investing in a portfolio of mid-capitalization equity securities and Large Cap Value Select seeks to achieve its investment objective by investing in a focused portfolio of large-capitalization equity securities.

In conjunction with the respective changes in investment strategy for each Fund, each Fund sold substantially all open positions, including derivative positions, around the date of the subadviser change that increased each Fund’s portfolio turnover. Also, Mid Cap Value declared a special capital gain distribution on March 24, 2021, and Large Cap Value Select declared a special income distribution on March 25, 2021.

Effective August 16, 2021, International Value Equity changed its principal investment strategies, resulting in changes to its principal risks, as well as to its primary and secondary benchmarks. In conjunction with the respective investment strategy International Value Equity sold substantially all open

positions, including covering all securities sold short, that increased each Fund’s portfolio turnover.

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

a. VALUATION OF INVESTMENTS

For the Funds, equity securities, 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 for Mid Cap Value, Small Cap Value, Dividend All Cap Value, Small-Mid Cap Value, International Equity, and Focused Absolute Value or the mean between the last quoted bid and ask prices (the “mean price”) for Large Cap Value Select. Equity securities and securities sold short held by the Funds that are traded in the over-the-counter market (other than NMS securities) are valued at the mean price. Foreign equity securities (securities principally traded in markets other than U.S. markets) held by the Funds are valued at the official closing price on the primary exchange or, for markets that either do not offer an official closing price or where the official closing price may not be representative of the overall market, the last quoted sale price. Effective October 1, 2021, equity securities lacking any sales in Large Cap Value Select are valued at the last quoted bid price and equity securities traded in the over-the-counter market (other than NMS securities) in each Fund are valued at the bid price. As of October 1, 2021, there was no impact to the Funds due to the changes in valuation policy.

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

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

The Funds’ portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based

Notes to Financial Statements (continued)

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

The 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 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)

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 Trusts and other trusts or funds within the AMG Funds Family of Funds (collectively the “AMG Funds Family”) based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

The following Funds had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Funds’ overall expense ratio.

Notes to Financial Statements (continued)

For the fiscal year ended October 31, 2021, the impact on the expenses and expense ratios were as follows:


			Percentage
	Amount		Reduction
Mid Cap Value		$2,903		0.00%¹

Large Cap Value Select		339		0.00%¹

Small Cap Value		170,268		0.02%

Dividend All Cap Value		32,421		0.01%

Small-Mid Cap Value		46,339		0.02%

International Value Equity		5,520		0.04%

Focused Absolute Value		12,836		0.01%

¹	Less than 0.005%

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

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions, except Dividend All Cap Value, resulting from net

investment income will normally be declared and paid at least annually.

Dividend All Cap

The tax character of distributions paid during the fiscal years ended October 31, 2021 and October 31, 2020 were as follows:


	Mid Cap Value			Large Cap Value Select			Small Cap Value
Distributions paid from:		2021	2020		2021	2020		2021	2020

Ordinary income *		$26,955,595	$10,935,063		$6,522,408	$1,902,248		$29,406	$11,238,122

Long-term capital gains		247,018,664	63,584,233		–	2,368,437		3,739	14,192,439


		$273,974,259	$74,519,296		$6,522,408	$4,270,685		$33,145	$25,430,561


	Dividend All Cap Value			Small-Mid Cap Value			International Value Equity
Distributions paid from:		2021	2020		2021	2020		2021	2020

Ordinary income *		$9,290,372	$19,814,208		–	$1,878,170		$1,587,930	$1,618,532

Long-term capital gains		–	33,640,275		$4,716	1,731,534		1,454,805	429,612


		$9,290,372	$53,454,483		$4,716	$3,609,704		$3,042,735	$2,048,144


							Focused Absolute Value
Distributions paid from:								2021	2020

Ordinary income *								$968,353	$1,516,569

Long-term capital gains								–	2,023,843


								$968,353	$3,540,412

*	For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

Notes to Financial Statements (continued)

As of October 31, 2021, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

Mid Cap Value

Large Cap Value Select

Small Cap Value

Dividend All Cap Value

Small-Mid Cap Value

International Value Equity

Capital loss carryforward

–

$5,997,350

–

Undistributed ordinary income

$12,500,413

112,606

$25,727,975

$3,835,202

–

$4,913

Undistributed long-term capital gains

–

38,262,243

65,748,019

$15,292,294

47,222

Late-year loss deferral

–

535,886

–

Focused Absolute Value

Capital loss carryforward

–

Undistributed ordinary income

$427,562

Undistributed long-term capital gains

12,517,253

Late-year loss deferral

–

The undistributed ordinary income predominately consists of short-term capital gains.

At October 31, 2021, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:


								Net Appreciation
Fund	Cost		Appreciation		Depreciation			(Depreciation)

Mid Cap Value		$368,491,577		$46,424,771		$(9,660,414	)		$36,764,357

Large Cap Value Select		38,592,365		4,095,137		(993,365	)		3,101,772

Small Cap Value		716,811,604		194,911,027		(13,517,814	)		181,393,213

Dividend All Cap Value		307,781,507		138,399,607		(13,380,099	)		125,019,508

Small-Mid Cap Value		229,284,874		55,793,700		(6,335,283	)		49,458,417

International Value Equity		9,487,438		189,910		(473,859	)		(283,949	)

Focused Absolute Value		170,681,981		30,797,679		(7,880,652	)		22,917,027

e. FEDERAL TAXES

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of October 31, 2021, the following Fund had capital loss carryovers for federal income tax purposes as shown in the following chart. These amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

Capital Loss

Carryover Amounts

Fund

Short-Term

Long-Term

Total

Large Cap Value Select

$5,890,249

$107,101

$5,997,350

As of October 31, 2021, all the Funds except for Large Cap Value Select had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended October 31, 2022, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as either short-term and/or long-term.

Notes to Financial Statements (continued)

For the fiscal year ended October 31, 2021, the following Funds utilized capital loss carryovers in the amount of:


	Capital Loss Carryover
	Utilized
Fund	Short-Term	Long-Term

Large Cap Value Select	$2,299,690		$14,491

Small Cap Value	9,222,296		304,969

Dividend All Cap Value	5,115,331		–

Small-Mid Cap Value	9,229,185		238,952

International Value Equity	824,816		–

Focused Absolute Value	14,782,383		3,813,848

g. CAPITAL STOCK

For the fiscal years ended October 31, 2021 and October 31, 2020, the capital stock transactions by class for the Funds were as follows:


	Mid Cap Value								Large Cap Value Select
	October 31, 2021				October 31, 2020				October 31, 2021				October 31, 2020
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount

Class N:

Proceeds from sale of shares		1,000,186		$21,108,563		1,043,587		$30,389,017		164,567		$2,473,353		211,610		$3,163,296

Reinvestment of distributions		9,762,503		173,639,301		957,529		32,737,912		46,486		636,854		36,393		578,284

Cost of shares repurchased		(4,709,879)		(107,167,675)		(8,108,221)		(259,648,250)		(255,444)		(3,802,758)		(786,253)		(11,087,771)


Net increase (decrease)		6,052,810		$87,580,189		(6,107,105)		$(196,521,321)		(44,391)		$(692,551)		(538,250)		$(7,346,191)


Class I:

Proceeds from sale of shares		555,161		$14,772,271		2,707,562		$88,140,400		181,073		$2,751,837		888,503		$13,511,204

Reinvestment of distributions		4,458,635		86,006,601		1,012,059		35,604,248		419,365		5,783,038		227,253		3,620,144

Cost of shares repurchased		(5,360,001)		(147,242,762)		(28,612,112)		(989,605,334)		(1,058,936)		(15,875,102)		(3,416,477)		(47,894,255)


Net decrease		(346,205)		$(46,463,890)		(24,892,491)		$(865,860,686)		(458,498)		$(7,340,227)		(2,300,721)		$(30,762,907)


Class Z:

Proceeds from sale of shares		442,478		$8,605,426		91,111		$3,232,335		–		–		–		–

Reinvestment of distributions		327,778		6,230,541		98,338		3,451,659		–		–		–		–

Cost of shares repurchased		(691,958)		(14,558,091)		(1,202,505)		(42,122,758)		–		–		–		–


Net increase (decrease)		78,298		$277,876		(1,013,056)		$(35,438,764)		–		–		–		–

Notes to Financial Statements (continued)


	Mid Cap Value								Large Cap Value Select
	October 31, 2021				October 31, 2020				October 31, 2021				October 31, 2020
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount

Class N:

Proceeds from sale of shares		454,023		$6,674,412		2,345,923		$27,389,252		98,286		$1,183,126		167,234		$1,454,138

Reinvestment of distributions		–		–		163,198		2,103,624		58,595		717,232		515,286		5,884,839

Proceeds from sale of shares issued in connection with merger¹		–		–		–		–		–		–		170,747		1,522,394

Cost of shares repurchased		(647,219)		(9,299,010)		(2,405,007)		(24,167,828)		(1,016,227)		(12,362,195)		(3,193,510)		(34,235,056)



Net increase (decrease)		(193,196)		$(2,624,598)		104,114		$5,325,048		(859,346)		$(10,461,837)		(2,340,243)		$(25,373,685)



Class I:

Proceeds from sale of shares		18,321,840		$268,489,956��		27,142,324		$284,598,207		3,534,890		$43,183,255		9,321,078		$97,770,769

Reinvestment of distributions		1,899		25,529		1,701,697		22,479,421		683,668		8,379,202		4,140,352		46,751,171

Proceeds from sale of shares issued in connection with merger¹		–		–		–		–		–		–		3,839,907		34,205,889

Cost of shares repurchased		(9,949,460)		(147,247,886)		(12,851,781)		(137,875,911)		(16,246,669)		(205,721,380)		(19,682,512)		(200,460,605)



Net increase (decrease)		8,374,279		$121,267,599		15,992,240		$169,201,717		(12,028,111)		$(154,158,923)		(2,381,175)		$(21,732,776)



Class Z:

Proceeds from sale of shares		427,783		$6,713,310		92,949		$1,010,670		10,627		$130,295		164,880		$1,673,944

Reinvestment of distributions		61		824		868		11,458		3,663		45,064		2,015		20,857

Proceeds from sale of shares issued in connection with merger¹		–		–		–		–		–		–		20,040		178,535

Cost of shares repurchased		(23,740)		(358,806)		(15,034)		(152,618)		(21,172)		(273,306)		(2,133)		(22,437)



Net increase (decrease)		404,104		$6,355,328		78,783		$869,510		(6,882)		$(97,947)		184,802		$1,850,899


	Small-Mid Cap Value								International Value Equity
	October 31, 2021				October 31, 2020				October 31, 2021				October 31, 2020
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount

Class N:

Proceeds from sale of shares		462,130		$4,299,141		2,175,588		$15,236,384		16,199		$193,637		46,000		$591,651

Reinvestment of distributions		–		–		62,404		505,470		53,951		525,479		19,409		242,803

Cost of shares repurchased		(1,326,562)		(11,825,814)		(2,205,618)		(14,105,367)		(45,025)		(546,815)		(129,701)		(1,542,866)



Net increase (decrease)		(864,432)		$(7,526,673)		32,374		$1,636,487		25,125		$172,301		(64,292)		$(708,412)



Class I:

Proceeds from sale of shares		6,623,387		$63,170,204		12,348,904		$87,077,448		90,642		$1,154,827		288,767		$3,451,566

Reinvestment of distributions		455		3,854		335,635		2,785,767		233,034		2,351,316		140,762		1,796,123

Cost of shares repurchased		(7,353,482)		(71,259,285)		(8,407,421)		(56,413,434)		(808,059)		(11,285,954)		(943,700)		(11,249,964)



Net increase (decrease)		(729,640)		$(8,085,227)		4,277,118		$33,449,781		(484,383)		$(7,779,811)		(514,171)		$(6,002,275)

Notes to Financial Statements (continued)


	Small-Mid Cap Value								International Value Equity
	October 31, 2021				October 31, 2020				October 31, 2021				October 31, 2020
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount

Class Z:

Proceeds from sale of shares		3,492,412		$35,894,795		62,039		$414,123		13,162		$137,741		50,123		$591,769

Reinvestment of distributions		37		318		460		3,815		14,400		146,170		532		6,804

Cost of shares repurchased		(31,459)		(292,865)		(6,100)		(32,854)		(28,403)		(391,224)		(484)		(5,741)


Net increase (decrease)		3,460,990		$35,602,248		56,399		$385,084		(841)		$(107,313)		50,171		$592,832


	Focused Absolute Value
	October 31, 2021				October 31, 2020
	Shares		Amount		Shares		Amount

Class N:

Proceeds from sale of shares		30,865		$396,447		605,991		$7,457,266

Reinvestment of distributions		–		–		28,703		376,872

Cost of shares repurchased		(905,026)		(11,851,733)		(714,432)		(7,662,321)


Net increase (decrease)		(874,161)		$(11,455,286)		(79,738)		$171,817


Class I:

Proceeds from sale of shares		3,567,469		$47,793,216		6,335,337		$71,527,063

Reinvestment of distributions		69,096		901,014		223,054		2,939,854

Cost of shares repurchased		(3,210,925)		(45,922,762)		(5,088,985)		(53,279,690)


Net increase		425,640		$2,771,468		1,469,406		$21,187,227


Class Z:

Proceeds from sale of shares		768,873		$11,515,688		222,551		$2,353,952

Reinvestment of distributions		1,382		18,026		252		3,319

Cost of shares repurchased		(71,919)		(1,060,407)		(13,810)		(140,300)


Net increase		698,336		$10,473,307		208,993		$2,216,971

¹	See Note 13 of the Notes to Financial Statements.

At October 31, 2021, certain affiliated and unaffiliated shareholders of record, including individually or collectively, held greater than 10% of the net assets of the Funds as follows: International Value Equity - one owns 48%. Transactions by this shareholder may have a material impact on the Fund.

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

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 October 31, 2021, the market value of Repurchase Agreements outstanding is as follows:

Notes to Financial Statements (continued)


	Market Value

Small Cap Value		$16,595,812

Small-Mid Cap Value		3,222,309

i. FOREIGN CURRENCY TRANSLATION

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trusts have entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. retail distribution arm of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Funds and is responsible for the Funds’ overall administration and operations. The Investment Manager selects one or more subadvisors for the Funds (subject to Board approval) and monitors each subadvisor’s investment performance, security holdings and investment strategies. Each Fund’s investment portfolio is managed by River Road. AMG indirectly owns a majority interest in River Road. Prior to March 19, 2021, the investment portfolios of Mid Cap Value was managed by Fairpointe Capital and prior to March 22, 2021, Large Cap Value Select was managed by First Quadrant.


Mid Cap Value				0.56%¹

Large Cap Value Select				0.35%

Small Cap Value				0.80%

Dividend All Cap Value				0.60%

Small-Mid Cap Value				0.75%

International Value Equity				0.53%²

Focused Absolute Value				0.60%

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

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

The Investment Manager has contractually agreed, through at least March 1, 2023 for Mid Cap Value, Large Cap Value Select, and International Value Equity, and through at least March 1, 2022 for Dividend All Cap Value, Small-Mid Cap Value, and Focused Absolute Value to waive management fees and/or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service 12b-1 fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses). The percentages of the Funds’ average daily net assets subject to later reimbursement by the Funds in certain circumstances are as follows:


Mid Cap Value			0.76%¹

Large Cap Value Select			0.60%²

Small Cap Value			N/A

Dividend All Cap Value			0.78%³

Small-Mid Cap Value			1.04%

International Value Equity			0.73%⁴

Focused Absolute Value			0.78%

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

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

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

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

At October 31, 2021, each Fund’s expiration of recoupment are as follows:


Expiration Period	Mid Cap Value		Large Cap Value Select		Dividend All Cap Value

Less than 1 year		–		$34,444		–

1-2 years		$176,021		24,885		–

2-3 years		219,148		58,404		$97,897


Total		$395,169		$117,733		$97,897

Notes to Financial Statements (continued)



Expiration Period	International Value Equity		Focused Absolute Value

Less than 1 year		$105,218		$166,409

1-2 years		84,419		176,679

2-3 years		79,873		98,605


Total		$269,510		$441,693

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

The impact on the annualized expense ratios for the fiscal year ended October 31, 2021, were as follows:



Fund	Actual Amount Incurred

Mid Cap Value

Class N		0.24%

Large Cap Value Select

Class N		0.25%

Small Cap Value

Class N		0.25%

Dividend All Cap Value

Class N		0.25%


Fund	Actual Amount Incurred

Small-Mid Cap Value

Class N		0.24%

International Value Equity

Class N		0.25%

Focused Absolute Value

Class N		0.25%

The Investment Manager has agreed, through at least October 1, 2021, to waive a portion of shareholder servicing fees paid by the various share classes of each Fund, except for Large Cap Value Select, 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. Effective January 1, 2021, the shareholder servicing fees waiver of Dividend All Cap Value was eliminated. The impact on the annualized expense ratios for the fiscal year ended October 31, 2021, were as follows:


	Maximum Annual		Actual
	Amount		Amount
Fund	Approved		Incurred

Mid Cap Value

Class N¹		0.10%		0.09%

Class I¹		0.05%		0.07%

Large Cap Value Select

Class N		0.10%		0.10%

Class I²		0.05%		0.04%

Small Cap Value

Class N		0.15%		0.10%

Class I		0.15%		0.09%

Dividend All Cap Value

Class N³		0.04%		0.04%

Class I³		0.04%		0.04%

Small-Mid Cap Value

Class N		0.15%		0.06%

Class I		0.15%		0.05%

Notes to Financial Statements (continued)


	Maximum Annual		Actual
	Amount		Amount
Fund	Approved		Incurred

International Value Equity

Class N⁴		0.05%		0.07%

Class I⁴		0.05%		0.08%

Focused Absolute Value

Class N		0.15%		0.04%

Class I		0.15%		0.04%

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

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

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

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

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. Large Cap Value Select participated as a lender and borrower for the year ended October 31, 2021. Focused Absolute Value and International Value Equity participated as lenders for the year ended October 31, 2021. Mid Cap Value commenced participating in the interfund lending program as a lender and borrower on July 2, 2021, while International Value Equity commenced participating in the interfund lending program as a borrower on August 16, 2021. At October 31, 2021, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund loan program during the fiscal year ended October 31, 2021 as follows:


	Average		Number		Interest		Average
Fund	Lent		of Days		Earned		Interest Rate

Large Cap Value Select		$1,455,560		1		$38		0.958%

Focused Absolute Value		1,881,100		4		202		0.980%

Average

Number

Interest

Average

Fund

Borrowed

of Days

Paid

Interest Rate

Mid Cap Value

$2,777,528

$502

0.943%

Average

Number

Interest

Average

Fund

Borrowed

of Days

Paid

Interest Rate

International Value Equity

$1,570,347

$41

0.950%

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended October 31, 2021, were as follows:


	Long Term Securities
Fund	Purchases		Sales

Mid Cap Value		$648,993,502		$838,380,536

Large Cap Value Select		109,261,376		76,479,845

Small Cap Value		359,353,242		274,411,834

Dividend All Cap Value		89,513,566		249,060,085

Small-Mid Cap Value		118,106,904		103,834,028

International Value Equity		31,604,267		37,070,518

Focused Absolute Value		159,049,348		156,504,660

The Funds had no purchases or sales of U.S. Government Obligations during the fiscal year ended October 31, 2021.

4. PORTFOLIO SECURITIES LOANED

The value of securities loaned on positions held, cash collateral and securities collateral received at October 31, 2021, were as follows:

Notes to Financial Statements (continued)


			Cash		Securities		Total
	Securities		Collateral		Collateral		Collateral
Fund	Loaned		Received		Received		Received

Small Cap Value		$34,877,877		$16,595,812		$19,582,136		$36,177,948

Dividend All Cap Value		3,881,516		–		4,025,084		4,025,084

Small-Mid Cap Value		11,915,505		3,222,309		9,033,667		12,255,976

The following table summarizes the securities received as collateral for securities lending at October 31, 2021:


	Collateral	Coupon	Maturity
Fund	Type	Range	Date Range

Small Cap Value	U.S. Treasury Obligations	0.000%-6.875%	11/15/21-11/15/50

Dividend All Cap Value	U.S. Treasury Obligations	0.000%-4.375%	01/27/22-11/15/50

Small-Mid Cap Value	U.S. Treasury Obligations	0.000%-6.875%	11/15/21-11/15/50

5. FOREIGN SECURITIES

6. COMMITMENTS AND CONTINGENCIES

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

7. DERIVATIVE INSTRUMENTS

The following disclosures contain information on how and why certain Funds use derivative instruments, the credit risk and how derivative instruments affect the Funds’ financial position, and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities, and the realized gains and losses and changes in unrealized appreciation and depreciation on the Statement of Operations, each categorized by type of derivative contract, are included in a table at the end of the applicable Fund’s Schedule of Portfolio Investments. From March 23, 2021 to March 29, 2021, for Mid Cap Value, the transition managers used futures contracts to realign the Fund’s portfolio.

For the fiscal year ended October 31, 2021, the average of derivative financial instruments outstanding were as follows:


	Mid Cap Value		Large Cap Value Select

Financial Futures Contracts

Average daily number of contracts purchased		2		–

Average daily notional value of contracts purchased		$386,873		–

Swap Agreements
Long Position:

Average quarterly notional value		–		$26,446,062

Short Position:

Average quarterly notional value		–		17,392,090

8. FUTURES CONTRACTS

During the transition of the portfolio for Mid Cap Value, the transition manager purchased futures contracts to achieve desired levels of investment. There are certain risks associated with futures contracts. Prices may not move as expected or the Fund may not be able to close out the contract when it desires to do so, resulting in losses.

Variation margin on futures contracts is recorded as unrealized appreciation or depreciation until the futures contract is closed or expired. The Funds recognize a realized gain or loss when the contract is closed or expires equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as Receivable for variation margin or Payable for variation margin, and in the Statement of Operations as Net change in unrealized appreciation (depreciation) on futures contracts until the contracts are closed, when they are recorded as Net realized gain or loss on futures contracts.

At October 31, 2021, there were no open futures contracts.

9. SWAPS

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

Notes to Financial Statements (continued)

available for cash settlement between the Fund and the swap counterparty. Cash settlement in and out of the swap may occur at a reset date, close-out date or at maturity.

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

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

At October 31, 2021, there were no open swap positions.

10. SECURITIES SOLD SHORT

The prior subadviser of International Value Equity utilized 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. The Fund has entered into a Master Securities Loan Agreement (“MSLA”) with BNYM pursuant to which the Fund borrows securities from BNYM to facilitate short sale transactions. The Fund is required to pledge collateral, in cash and/or securities, to collateralize the Fund’s obligations to BNYM in respect of borrowed securities. The MSLA 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. The Fund is subject to credit risk should BNYM be unable to meet its obligations to the Fund, including the obligation to return cash collateral to the Fund. For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to

the MSLA in the Statement of Assets and Liabilities, and security positions segregated as collateral for short sales were included in investments at value in the Statement of Assets and Liabilities. As of October 31, 2021, International Value Equity had no securities sold short. In accordance with the terms of its MSLA, the Fund may receive rebate income or be charged a fee on the market value on the collateral of loaned securities. The income received or fee paid is calculated based upon a variable rate minus a spread. The Fund will recognize interest income if the variable rate is greater than the spread or interest expense if the variable rate is less than the spread. For the year ended October 31, 2021, International Value Equity had interest expense and dividend expense in the amount of $17,282 and $97,569, respectively.

11. CREDIT AGREEMENT

Effective July 6, 2010, and amended and restated on July 22, 2020, AMG Funds IV entered into a Credit Agreement with BNYM (the “Credit Agreement”) which provides the funds in AMG Funds IV, including the Funds except Large Cap Value Select, with a revolving line of credit of up to $50 million. The Credit Agreement expires in 365 days and can be renewed at the mutual agreement of AMG Funds IV and BNYM. The facility is shared by each fund of AMG Funds IV, and is available for temporary, emergency purposes including liquidity needs in meeting redemptions. The interest rate on outstanding Alternate Base Rate Loans is equal to the greater of the Prime Rate plus 1.25%, or 0.50% plus the Federal Funds Effective Rate plus 1.25%. The interest rate on outstanding Overnight Loans is equal to the greater of the Federal Funds Effective Rate plus 1.25%, or the One-Month LIBOR Rate (the “LIBOR Rate”) plus 1.25%. On July 21, 2021, the Credit Agreement was renewed; and Mid Cap Value did not participate in the renewal, while International Value Equity ceased participating in the Credit Agreement on August 16, 2021. As part of the renewal, the aforementioned LIBOR rate will be replaced by the greater of Term SOFR plus 0.11448% or the sum of Daily Simple SOFR plus 0.11448% upon when the LIBOR Rate’s administrator has ceased or will cease to provide publication of the LIBOR Rate or the LIBOR Rate is no longer be representative of the underlying market and economic reality the LIBOR Rate is intended to measure and that representativeness will not be restored. AMG Funds IV pays a commitment fee on the unutilized commitment amount of 0.175% per annum, which is allocated to the funds in AMG Funds IV based on average daily net assets and included in miscellaneous expense on the Statement of Operations. Interest incurred on loans utilized is included in the Statement of Operations as interest expense. At October 31, 2021, the Funds had no loans outstanding.

The following Funds utilized the line of credit during the fiscal year ended October 31, 2021:


	Weighted
	Average		Number		Interest		Average
Fund	Borrowed		of Days		Paid		Interest Rate

Mid Cap Value		$3,373,926		2		$254		1.356%

Dividend All Cap Value		3,079,378		17		1,944		1.337%

International Value Equity		2,657,585		5		499		1.353%

Focused Absolute Value		4,781,037		7		1,275		1.371%

12. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the securities lending, short-sale programs, Repurchase Agreements and derivatives, which provide the right, in the event of default (including bankruptcy

Notes to Financial Statements (continued)

or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities

that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4. At October 31, 2021, the Funds did not hold short sales.

The following table is a summary of the Funds’ open Repurchase Agreements that are subject to a master netting agreement as of October 31, 2021:


			Gross Amount Not Offset in the
			Statement of Assets and Liabilities

Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Offset Amount		Net Asset Balance		Collateral Received		Net Amount

Small Cap Value

Bank of America Securities, Inc.		$3,941,511		–		$3,941,511		$3,941,511		–

Cantor Fitzgerald Securities, Inc.		3,941,500		–		3,941,500		3,941,500		–

Citigroup Global Markets, Inc.		829,779		–		829,779		829,779		–

Deutsche Bank Securities, Inc.		3,941,511		–		3,941,511		3,941,511		–

RBC Dominion Securities, Inc.		3,941,511		–		3,941,511		3,941,511		–



Total		$16,595,812		–		$16,595,812		$16,595,812		–



Small-Mid Cap Value

Bank of America Securities, Inc.		$1,000,000		–		$1,000,000		$1,000,000		–

Citigroup Global Markets, Inc.		222,309		–		222,309		222,309		–

Deutsche Bank Securities, Inc.		1,000,000		–		1,000,000		1,000,000		–

RBC Dominion Securities, Inc.		1,000,000		–		1,000,000		1,000,000		–



Total		$3,222,309		–		$3,222,309		$3,222,309		–

13. FUND MERGER

On April 27, 2020, Dividend All Cap Value acquired all the net assets of AMG River Road Dividend All Cap Value Fund II (“Dividend All Cap Value II”) based on the respective valuations as of the close of business on April 24, 2020, pursuant to a Plan of Reorganization approved by the Board of Dividend All Cap Value II on March 19, 2020.

The acquisition was accomplished by a tax-free exchange of 156,555 Class N shares of Dividend All Cap Value II at a net asset value of $8.92 per share for 170,747 Class N shares of Dividend All Cap Value; 3,508,101 Class I shares of Dividend All Cap Value II at a net asset value of $8.91 per share for 3,839,907 Class I shares of Dividend All Cap Value; and 18,306 Class Z shares of Dividend All Cap Value II at a net asset value of $8.91 per share for 20,040 Class Z shares of Dividend All Cap Value.

The net assets of Dividend All Cap Value and Dividend All Cap Value II immediately before the acquisition were $425,135,278 and $35,906,818 respectively, including unrealized appreciation of $675,273 for Dividend All Cap Value II. Immediately after the acquisition, the combined net assets of Dividend All Cap Value amounted to $461,042,096. For financial reporting purposes, assets received and shares issued by Dividend All Cap Value were recorded at fair value; however, the cost basis of the investments received from Dividend All Cap Value II was carried forward to

align ongoing reporting of Dividend All Cap Value’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming this reorganization had been completed on November 1, 2019, the Fund’s results of operations for the fiscal year ended October 31, 2020 would have been as follows:



Net Investment Income			$14,033,969

Realized and Unrealized Gain on Investments			(89,245,365)

Net Decrease to Net Assets from Operations			$(75,211,396)

Because the combined investment portfolios have been managed as a single portfolio since the reorganization was completed, it is not practical to separate the amounts of revenue and earnings to the Fund that have been included in its statements of operations for the fiscal Year ended October 31, 2020.

14. SUBSEQUENT EVENTS

Report of Independent Registered Public Accounting Firm


TO THE BOARD OF TRUSTEES OF AMG FUNDS I AND AMG FUNDS IV AND SHAREHOLDERS OF AMG RIVER ROAD LARGE CAP VALUE SELECT FUND, AMG RIVER ROAD MID CAP VALUE FUND, AMG RIVER ROAD SMALL CAP VALUE FUND, AMG RIVER ROAD DIVIDEND ALL CAP VALUE FUND, AMG RIVER ROAD SMALL-MID CAP VALUE FUND, AMG RIVER ROAD INTERNATIONAL VALUE EQUITY FUND, AND AMG RIVER ROAD FOCUSED ABSOLUTE VALUE FUND:

OPINION ON THE FINANCIAL STATEMENTS

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments of AMG River Road Large Cap Value Select Fund (formerly AMG FQ Long-Short Equity Fund) (one of the funds constituting AMG Funds I), AMG River Road Mid Cap Value Fund (formerly AMG Managers Fairpointe Mid Cap Fund), AMG River Road Small Cap Value Fund, AMG River Road Dividend All Cap Value Fund, AMG River Road Small-Mid Cap Value Fund, AMG River Road International Value Equity Fund (formerly AMG River Road Long-Short Fund), and AMG River Road Focused Absolute Value Fund (six of the funds constituting AMG Funds IV) (hereafter collectively referred to as the “Funds “) as of October 31, 2021, the related statements of operations for the year ended October 31, 2021, the statements of changes in net assets for each of the two years in the period ended October 31, 2021, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2021, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2021 and the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

BASIS FOR OPINIONS

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

PricewaterhouseCoopers LLP Boston, Massachusetts December 22, 2021 We have served as the auditor of one or more investment companies in AMG Funds Family since 1993.

Other Information (unaudited)

TAX INFORMATION

AMG River Road Mid Cap Value Fund, AMG River Road Large Cap Value Select Fund, AMG River Road Small Cap Value Fund, AMG River Road Dividend All Cap Value Fund, AMG River Road Small-Mid Cap Value Fund, AMG River Road International Value Equity Fund and AMG River Road Focused Absolute Value Fund each hereby designates the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2020/2021 Form 1099-DIV you receive for each Fund will show the tax status of all distributions paid to you during the year.

AMG River Road International Value Equity Fund

u The total amount of taxes paid and income sourced from foreign countries was $3,307 and $83,752, respectively.

Pursuant to section 852 of the Internal Revenue Code, the Funds each hereby designates as a capital gain distribution with respect to the taxable period ended October 31, 2021, or if subsequently determined to be different, the net capital gains of such period as follows:


Fund	Amount

Mid Cap Value		$247,018,664

Small Cap Value		3,739


Fund	Amount

Small-Mid Cap Value		$4,716

International Value Equity		1,454,805

PROXY VOTE

A special meeting of the shareholders of AMG River Road Mid Cap Value Fund (the “Fund”) was held on June 14, 2021, to vote on proposals including to approve a new subadvisory agreement between AMG Funds LLC (the “Investment Manager”) and River Road Asset Management, LLC (“River Road”), with respect to the Fund. The proposals and results of the votes are summarized below.


			Number of Eligible Shareholders

Proposal 1	For		Against	Abstain

Approval of a new subadvisory agreement between the Investment Manager and River Road with respect to the Fund.		10,379,947	429,957	1,991,135

% of Shares Present		81.09%	3.36%	15.55%

% of Outstanding Shares		41.52%	1.72%	7.96%

			Number of Eligible Shareholders

Proposal 2	For		Against	Abstain

Approval of a change to the Fund’s fundamental investment objective.		8,830,732	2,030,598	1,939,709

% of Shares Present		68.98%	15.86%	15.15%

% of Outstanding Shares		35.32%	8.12%	7.76%

			Number of Eligible Shareholders

Proposal 3	For		Against	Abstain

Approval of the redesignation of the Fund’s fundamental investment objective as non-fundamental.		7,718,261	3,063,590	2,019,188

% of Shares Present		60.29%	23.93%	15.77%

% of Outstanding Shares		30.87%	12.25%	8.08%

			Number of Eligible Shareholders

Proposal 4a	For		Against	Abstain

Approval of the amendment of the Fund’s fundamental investment restriction with respect to borrowing and issuing senior securities.		8,676,723	2,068,735	2,055,582

% of Shares Present		67.78%	16.16%	16.06%

% of Outstanding Shares		34.70%	8.27%	8.22%

Other Information (continued)


			Number of Eligible Shareholders
Proposal 4b	For		Against	Abstain

Approval of the amendment of the Fund’s fundamental investment restriction with respect to lending.		8,659,043	2,086,915	2,055,081

% of Shares Present		67.64%	16.30%	16.05%

% of Outstanding Shares		34.63%	8.35%	8.22%

			Number of Eligible Shareholders

Proposal 4c	For		Against	Abstain

Approval of the elimination of the Fund’s fundamental investment restriction with respect to investing in new issuers.		8,725,280	2,118,772	1,956,988

% of Shares Present		68.16%	16.55%	15.29%

% of Outstanding Shares		34.90%	8.47%	7.83%

			Number of Eligible Shareholders

Proposal 5	For		Against	Abstain

Approval of a modified manager-of-managers structure for the Fund that would permit the Investment Manager to enter into and materially amend subadvisory agreements with unaffiliated and affiliated subadvisers without obtaining shareholder approval and would also permit the Fund to disclose fees paid to subadvisers on an aggregate, rather than individual, basis.		9,745,910	1,074,655	1,980,474

% of Shares Present		76.13%	8.40%	15.47%

% of Outstanding Shares		38.98%	4.30%	7.92%

A special meeting of the shareholders of AMG River Road Large Cap Value Select Fund (the “Fund”) was held on June 11, 2021, to vote on proposals including to approve a new subadvisory agreement between AMG Funds LLC (the “Investment Manager”) and River Road Asset Management, LLC (“River Road”), with respect to the Fund. The proposals and results of the votes are summarized below.


			Number of Eligible Shareholders

Proposal 1	For		Against	Abstain

Approval of a new subadvisory agreement between the Investment Manager and River Road with respect to the Fund.		1,600,093	53,977	186,454

% of Shares Present		86.94%	2.93%	10.13%

% of Outstanding Shares		49.38%	1.67%	5.75%

			Number of Eligible Shareholders

Proposal 2	For		Against	Abstain

Approval of a change in the Fund’s sub-classification under the Investment Company Act of 1940, as amended, from “diversified” to “non-diversified”.		1,483,727	169,659	187,138

% of Shares Present		80.61%	9.22%	10.17%

% of Outstanding Shares		45.79%	5.24%	5.78%

			Number of Eligible Shareholders

Proposal 3	For		Against	Abstain

Approval of a modified manager-of-managers structure for the Fund that would permit the Investment Manager to enter into and materially amend subadvisory agreements with unaffiliated and affiliated subadvisers without obtaining shareholder approval and would also permit the Fund to disclose fees paid to subadvisers on an aggregate, rather than individual, basis.		1,441,204	115,565	283,754

% of Shares Present		78,30%	6.28%	15.42%

% of Outstanding Shares		44.48%	3.57%	8.76%

Other Information (continued)


Funds Totals:	Shares

Record Total		3,240,214

Shares Voted		1,840,524

Percent Present		56.80%

A special meeting of the shareholders of AMG River Road International Value Equity Fund (the “Fund”) was held on August 12, 2021, to vote on proposals between AMG Funds LLC (the “Investment Manager”) and River Road Asset Management, LLC (“River Road”), with respect to the Fund. The proposals and results of the votes are summarized below.


			Number of Eligible Shareholders

Proposal 1	For		Against	Abstain

Approval of a change to the Fund’s fundamental investment objective.		421,268	3,173	0

% of Shares Present		99.25%	0.75%	0.00%

% of Outstanding Shares		58.03%	0.44%	0.00%

			Number of Eligible Shareholders

Proposal 2	For		Against	Abstain

Approval of the redesignation of the Fund’s fundamental investment objective as non-fundamental.		397,087	27,354	0

% of Shares Present		93.56%	6.44%	0.00%

% of Outstanding Shares		54.70%	3.77%	0.00%

			Number of Eligible Shareholders

Proposal 3	For		Against	Abstain

Approval of the amendment of the Fund’s fundamental investment restriction with respect to borrowing.		421,268	3,173	0

% of Shares Present		99.25%	0.75%	0.00%

% of Outstanding Shares		58.03%	0.44%	0.00%

			Number of Eligible Shareholders

Proposal 4	For		Against	Abstain

Approval of a modified manager-of-managers structure for the Fund that would permit the Investment Manager to enter into and materially amend subadvisory agreements with unaffiliated and affiliated subadvisers without obtaining shareholder approval and would also permit the Fund to disclose fees paid to subadvisers on an aggregate, rather than individual, basis.		419,010	3,173	2,258

% of Shares Present		98.72%	0.75%	0.53%

% of Outstanding Shares		57.72%	0.44%	0.31%


Funds Totals:	Shares

Record Total		725,990

Shares Voted		424,441

Percent Present		58.46%

AMG Funds

Trustees and Officers

review the Funds’ performance. Unless otherwise noted, the address of each Trustee or Officer is the address of the Trust: 680 Washington Blvd., Suite 500, Stamford, CT. 06901.

There is no stated term of office for Trustees. Trustees serve until their resignation, retirement or removal in

Independent Trustees

The following Trustees are not “interested persons” of the Trust within the meaning of the 1940 Act:

Number of Funds Overseen in

Fund Complex

Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee

• Trustee since 2012 - AMG Funds I

• Trustee since 2016 - AMG Funds IV

• Oversees 42 Funds in Fund Complex

Bruce B. Bingham, 72

Partner, Hamilton Partners (real estate development firm) (1987-Present); Director of The Yacktman Funds, Inc. (2 portfolios) (2000-2012).

• Trustee since 2013 - AMG Funds I

• Trustee since 2013 - AMG Funds IV

• Chairman of the Audit Committee since 2021 - AMG Funds I

• Chairman of the Audit Committee since 2020 - AMG Funds IV

• Oversees 46 Funds in Fund Complex

Kurt A. Keilhacker, 58

Managing Partner, TechFund Europe (2000-Present); Managing Partner, TechFund Capital (1997-Present); Managing Partner, Elementum Ventures (2013-Present); Director, MetricStory, Inc. (2017-Present); Trustee, Wheaton College (2018-Present); Trustee, Gordon College (2001-2016); Board Member, 6wind SA (2002-2019).

• Trustee since 2000

• Oversees 42 Funds in Fund Complex

Steven J. Paggioli, 71

Independent Consultant (2002-Present); Trustee, Professionally Managed Portfolios (28 portfolios); Advisory Board Member, Sustainable Growth Advisors, LP; Independent Director, Muzinich BDC, Inc. (business development company) (2019-Present); Director, The Wadsworth Group; Independent Director, Chase Investment Counsel (2008–2019); Executive Vice President, Secretary and Director, Investment Company Administration, LLC and First Fund Distributors, INC. (1990-2001).

• Trustee since 2013

• Oversees 42 Funds in Fund Complex

Richard F. Powers III, 75

Adjunct Professor, U.S. Naval War College (2016-Present); Adjunct Professor, Boston College (2011-2015); Director, Ameriprise Financial Inc. (2005-2009); President and CEO of Van Kampen Investments Inc. (1998-2003); President, Morgan Stanley Client Group (2000-2002); Executive Vice President and Chief Marketing Officer of the Morgan Stanley Individual Investor Group (1984-1998).

• Independent Chairman of the Board of Trustees since 2017; Chairman of the Governance Committee since 2017

• Trustee since 2000

• Oversees 46 Funds in Fund Complex

Eric Rakowski, 63

Professor of Law, University of California at Berkeley School of Law (1990-Present); Tax Attorney at Davis Polk & Wardwell and clerked for Judge Harry T. Edwards of the U.S. Court of Appeals for the District of Columbia Circuit and for Justice William J. Brennan Jr. of the U.S. Supreme Court; Director of Harding, Loevner Funds, Inc. (10 portfolios); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019).

• Trustee since 2013

• Oversees 46 Funds in Fund Complex

Victoria L. Sassine, 56

Adjunct Professor, Babson College (2007–Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-Present); Chairperson of the Board of Directors of Business Management Associates (2018 to 2019).

AMG Funds

Trustees and Officers (continued)

Number of Funds Overseen in
Fund Complex

Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee

• Trustee since 2000 - AMG Funds I

• Trustee since 2016 - AMG Funds IV

• Oversees 42 Funds in Fund Complex

Thomas R. Schneeweis, 74

Professor Emeritus, University of Massachusetts (2013-Present); President, TRS Associates (1982-Present); Board Member, Chartered Alternative Investment Association (“CAIA”) (2002-Present); Co-Founder and Director, Institute for Global Asset and Risk Management (Education) (2010-Present); Co-Owner, Quantitative Investment Technologies (2014-Present); Co-Owner, Yes Wealth Management (2018-Present); Director, CAIA Foundation (2010-2019); Partner, S Capital Wealth Advisors (2015-2018); Partner, S Capital Management, LLC (2007-2015); President, Alternative Investment Analytics, LLC (formerly Schneeweis Partners, LLC) (2001-2013).

AMG Funds

Trustees and Officers (continued)

Interested Trustees


Number of Funds Overseen in Fund Complex		Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee
• Trustee since 2011 • Oversees 42 Funds in Fund Complex		Christine C. Carsman, 69 Affiliated Managers Group, Inc. (2004-Present): Senior Policy Advisor (2019-Present), Executive Vice President, Deputy General Counsel and Chief Regulatory Counsel (2017-2018), Senior Vice President and Deputy General Counsel (2011-2016), Senior Vice President and Chief Regulatory Counsel (2007-2011), Vice President and Chief Regulatory Counsel (2004-2007); Chair of the Board of Directors, AMG Funds plc (2015-2018); Director, AMG Funds plc (2010-2018); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2004-2011); Senior Counsel, Vice President and Director of Operational Risk Management and Compliance, Wellington Management Company, LLP (1995-2004); Director Emeritus of Harding, Loevner Funds, Inc. (0 Portfolios) (2021- Present); Director of Harding, Loevner Funds, Inc. (9 portfolios) (2017-2020).
• Trustee since 2021 • Oversees 42 Funds in Fund Complex		Garret W. Weston, 40 Affiliated Managers Group, Inc. (2008-Present): Managing Director, Co-Head of Affiliate Engagement (2021-Present), Senior Vice President, Affiliate Development (2016-2021), Vice President, Office of the CEO (2015-2016), Vice President, New Investments (2012-2015), Senior Associate, New Investments (2008-2012); Associate, Madison Dearborn Partners (2006-2008); Analyst, Merrill Lynch (2004-2006).

Officers
Position(s) Held with Fund and Length of Time Served		Name, Age, Principal Occupation(s) During Past 5 Years
• President since 2018 • Principal Executive Officer since 2018 • Chief Executive Officer since 2018 • Chief Operating Officer since 2007		Keitha L. Kinne, 63 Chief Operating Officer, AMG Funds LLC (2007-Present); Chief Investment Officer, AMG Funds LLC (2008-Present); President and Principal, AMG Distributors, Inc. (2018-Present); Chief Operating Officer, AMG Distributors, Inc. (2007-Present); President, Chief Executive Officer and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2018-Present); Chief Operating Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2007-Present); Chief Operating Officer, AMG Funds IV (2016-Present); Chief Operating Officer and Chief Investment Officer, Aston Asset Management, LLC (2016); President and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2012-2014); Managing Partner, AMG Funds LLC (2007-2014); President and Principal, AMG Distributors, Inc. (2012-2014); Managing Director, Legg Mason & Co., LLC (2006-2007); Managing Director, Citigroup Asset Management (2004-2006).
• Secretary since 2015 • Chief Legal Officer since 2015		Mark J. Duggan, 56 Managing Director and Senior Counsel, AMG Funds LLC (2021-Present); Senior Vice President and Senior Counsel, AMG Funds LLC (2015-2021); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2015-Present); Attorney, K&L Gates, LLP (2009-2015).
• Chief Financial Officer since 2017 • Treasurer since 2017 • Principal Financial Officer since 2017 • Principal Accounting Officer since 2017		Thomas G. Disbrow, 55 Vice President, Mutual Fund Treasurer & CFO, AMG Funds, AMG Funds LLC (2017-Present); Chief Financial Officer, Principal Financial Officer, Treasurer and Principal Accounting Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Managing Director - Global Head of Traditional Funds Product Control, UBS Asset Management (Americas), Inc. (2015-2017); Managing Director - Head of North American Funds Treasury, UBS Asset Management (Americas), Inc. (2011-2015).
• Deputy Treasurer since 2017		John A. Starace, 51 Vice President, Mutual Fund Accounting, AMG Funds LLC (2021-Present); Director, Mutual Fund Accounting, AMG Funds LLC (2017-2021); Vice President, Deputy Treasurer of Mutual Funds Services, AMG Funds LLC (2014-2017); Deputy Treasurer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Vice President, Citi Hedge Fund Services (2010-2014); Audit Senior Manager (2005-2010) and Audit Manager (2001-2005), Deloitte & Touche LLP.
• Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer since 2019		Patrick J. Spellman, 47 Vice President, Chief Compliance Officer, AMG Funds LLC (2017-Present); Chief Compliance Officer, AMG Distributors, Inc. (2010-Present); Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present); Senior Vice President, Chief Compliance Officer, AMG Funds LLC (2011-2017); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2014-2019); Anti-Money Laundering Officer, AMG Funds IV, (2016-2019); Compliance Manager, Legal and Compliance, Affiliated Managers Group, Inc. (2005-2011).

AMG Funds

Trustees and Officers (continued)


Position(s) Held with Fund and Length of Time Served		Name, Age, Principal Occupation(s) During Past 5 Years
• Assistant Secretary since 2016		Maureen A. Meredith, 36 Vice President, Senior Counsel, AMG Funds LLC (2021-Present); Vice President, Counsel, AMG Funds LLC (2019-2021); Director, Counsel, AMG Funds LLC (2017-2018); Vice President, Counsel, AMG Funds LLC (2015-2017); Assistant Secretary, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2016-Present); Associate, Ropes & Gray LLP (2011-2015); Law Fellow, Massachusetts Appleseed Center for Law and Justice (2010-2011).
• Anti-Money Laundering Compliance Officer since 2019		Hector D. Roman, 43 Director, Legal and Compliance, AMG Funds LLC (2020-Present); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present); Manager, Legal and Compliance, AMG Funds LLC (2017-2019); Director of Compliance, Morgan Stanley Investment Management (2015-2017); Senior Advisory, PricewaterhouseCoopers LLP (2014-2015); Risk Manager, Barclays Investment Bank (2008-2014).

Annual Renewal of Investment Management and Subadvisory Agreements

AMG River Road Dividend All Cap Value Fund, AMG River Road Focused Absolute Value Fund, AMG River Road Long-Short Fund, AMG River Road Small-Mid Cap Value Fund, AMG River Road Small Cap Value Fund, AMG River Road Large Cap Value Select Fund (formerly AMG FQ Long-Short Equity Fund), and AMG River Road Mid Cap Value Fund (formerly AMG Managers Fairpointe Mid Cap Fund): Approval of Investment Management and Subadvisory Agreements on June 24, 2021

At a meeting held via telephone and video conference on June 24, 2021,1 the Board of Trustees (the “Board” or the “Trustees”) of each of AMG Funds I and AMG Funds IV (each a “Trust” and collectively, the “Trusts”), and separately a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”), approved (i) the Fund Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) and AMG Funds I for AMG River Road Large Cap Value Select Fund (formerly AMG FQ Long-Short Equity Fund) and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016; and the Investment Advisory Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with the Investment Manager and AMG Funds IV for each of AMG River Road Dividend All Cap Value Fund, AMG River Road Focused Absolute Value Fund, AMG River Road Long-Short Fund, AMG River Road Small-Mid Cap Value Fund, AMG River Road Small Cap Value Fund and AMG River Road Mid Cap Value Fund (formerly AMG Managers Fairpointe Mid Cap Fund), and separately Amendment No. 1 thereto dated October 1, 2016 (collectively, the “Investment Management Agreements”); and (ii) the Sub-Investment Advisory Agreements, as amended at any time prior to the date of the meeting (collectively, the “Subadvisory Agreements”), with the Subadviser for each of AMG River Road Dividend All Cap Value Fund, AMG River Road Focused Absolute Value Fund, AMG River Road Long-Short Fund, AMG River Road Small-Mid Cap Value Fund, and AMG River Road Small Cap Value Fund.² The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreements and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to AMG River Road Dividend All Cap Value Fund, AMG River Road Focused Absolute Value Fund, AMG River Road Long-Short Fund, AMG

River Road Small-Mid Cap Value Fund, AMG River Road Small Cap Value Fund, AMG River Road Large Cap Value Select Fund, and AMG River Road Mid Cap Value Fund (each, a “Fund,” and collectively, the “Funds”), the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a “Peer Group”), performance information for the relevant benchmark index for each Fund (each, a “Fund Benchmark”), other relevant matters, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreements and the Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

NATURE, EXTENT AND QUALITY OF SERVICES

Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trusts in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and the Large Cap Value Select Subadvisory Agreement and the Mid Cap Value Subadvisory Agreement and annual consideration of each Subadvisory Agreement and the Large Cap Value Select Subadvisory Agreement and the Mid Cap Value Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreements and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreements and the Investment Manager’s undertaking to maintain

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

contractual expense limitations for certain Funds, as described below. The Trustees also considered the Investment Manager’s risk management processes.

For AMG River Road Dividend All Cap Value Fund, AMG River Road Focused Absolute Value Fund, AMG River Road Long-Short Fund, AMG River Road Small-Mid Cap Value Fund, and AMG River Road Small Cap Value Fund, the Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in each Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under each Subadvisory Agreement. The Trustees also considered the Subadviser’s risk management processes.

PERFORMANCE

The Board considered each Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark, considered the gross performance of each of AMG River Road Dividend All Cap Value Fund, AMG River Road Focused Absolute Value Fund, AMG River Road Long-Short Fund, AMG River Road Small-Mid Cap Value Fund, and AMG River Road Small Cap Value Fund as compared to the Subadviser’s relevant performance composite that utilizes the same investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both a Fund’s performance results and portfolio composition, as well as the Subadviser’s investment philosophy, strategies and techniques used in managing the Fund. The Board was mindful of the Investment Manager’s expertise, resources and attention to monitoring the Subadviser’s

performance, investment style and risk-adjusted performance with respect to the Funds

and its discussions with the management of the Funds’ subadvisers during the period regarding the factors that contributed to the performance of the Funds.

With respect to AMG River Road Dividend All Cap Value Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2021 was below the median performance of the Peer Group and below the performance of the Fund Benchmark, the Russell 3000 Value Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s underperformance and the impact of the Fund’s recent underperformance on its longer-term performance rankings. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies and policies.

With respect to AMG River Road Focused Absolute Value Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, and 5-year periods ended March 31, 2021 and for the period from the Fund’s inception on November 3, 2015 through March 31, 2021 was below, above, above, and above, respectively, the median performance of the Peer Group and below, above, above, and above, respectively, the performance of the Fund Benchmark, the Russell 3000 Value Index. The Trustees also took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance. The Trustees also took into account the fact that Class I shares of the Fund ranked in the top quintile relative to its Peer Group for the period from the Fund’s inception through March 31, 2021, the top quartile relative to its Peer Group for the 5-year period, and the top third relative to its Peer Group for the 3-year period. The Trustees concluded that the Fund’s overall performance has been satisfactory.

With respect to AMG River Road Long-Short Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date of all the share

classes of the Fund) for the 1-year, 3-year and 5-year periods ended March 31, 2021 and for the period from the Class N shares’ inception on May 4, 2011 through March 31, 2021 was below, above, above, and above, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the Russell 3000 Index. The Trustees also took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s recent underperformance. The Trustees noted that Class N shares of the Fund outperformed the median of the Peer Group for the 3-year and 5-year periods and the period from the Fund’s inception through March 31, 2021. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies and policies.

With respect to AMG River Road Small-Mid Cap Value Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2021 was below, above, above, and above, respectively, the median performance of the Peer Group and below, above, above, and above, respectively, the performance of the Fund Benchmark, the Russell 2500 Value Index. The Trustees also took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance. The Trustees also took into account the fact that Class N shares of the Fund ranked in the top decile relative to its Peer Group for the 10-year period and in the top quintile relative to its Peer Group for the 3-year and 5-year periods. The Trustees concluded that the Fund’s overall performance has been satisfactory.

With respect to AMG River Road Small Cap Value Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2021 was below, above, above, and above, respectively, the median performance of the Peer Group and below, above, below, and above, respectively, the performance of the Fund Benchmark, the Russell 2000 Value Index. The Trustees also took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance. The Trustees also took into account the fact that Class N shares of the Fund

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

ranked in the top quartile relative to its Peer Group for the 3-year period and in the top quintile relative to its Peer Group for the 5-year and 10-year periods. The Trustees concluded that the Fund’s overall performance has been satisfactory.

With respect to AMG River Road Large Cap Value Select Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2021 was below the median performance of the Peer Group and below the performance of the Fund Benchmark, the Russell 1000 Value Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s underperformance. The Trustees also took into account the fact that the Fund’s subadviser, investment strategy, and Fund Benchmark changed effective March 22, 2021, and that the performance information reflected that of the Fund’s prior subadviser and investment strategy. The Trustees concluded that the Fund’s performance is being addressed.

With respect to AMG River Road Mid Cap Value Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2021 was below the median performance of the Peer Group and below the performance of the Fund Benchmark, the Russell Midcap Value Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s underperformance. The Trustees also took into account the fact that the Fund’s subadviser, investment strategy, and Fund Benchmark changed effective March 19, 2021, and that the performance information reflected that of the Fund’s prior subadviser and investment strategy. The Trustees concluded that the Fund’s performance is being addressed.

ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE

In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 24, 2021 and prior meetings

setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the change to the management fee rate that was implemented during the past year for AMG River Road Mid Cap Value Fund, the changes to the subadvisory and shareholder servicing fee rates that were implemented during the past year for AMG River Road Large Cap Value Select Fund and AMG River Road Mid Cap Value Fund, and the changes to the expense caps that were implemented during the past year for AMG River Road Dividend All Cap Value Fund, AMG River Road Large Cap Value Select Fund, and AMG River Road Mid Cap Value Fund. The Trustees also considered the changes to the management fee, subadvisory fee and shareholder servicing fee rates and the change to the expense cap that were approved during the past year for AMG River Road Long-Short Fund. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments made or to be made from the Subadviser to the Investment Manager, and other payments made or to be made from the Investment Manager to the Subadviser. The Trustees also considered management’s discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.

and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also with respect to economies of scale, the Trustees noted that as each Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

For AMG River Road Dividend All Cap Value Fund, AMG River Road Focused Absolute Value Fund, AMG River Road Long-Short Fund, AMG River Road Small-Mid Cap Value Fund, and AMG River Road Small Cap Value Fund, in considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from these relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management’s discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under each Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also with respect to economies of scale, the Trustees noted that as a Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

With respect to AMG River Road Dividend All Cap Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2021 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that, effective January 1, 2021, the Investment Manager has contractually agreed, through March 1, 2022, to lower the Fund’s contractual expense limitation from 0.99% to 0.78% of the Fund’s net annual operating expenses (subject to certain excluded expenses). The Trustees also took into account management’s discussion of the Fund’s

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

expenses, including fees and expenses relative to comparably sized funds and key competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG River Road Focused Absolute Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares of the Fund as of March 31, 2021 were both lower than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2022, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.78%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG River Road Long-Short Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2021 were both lower than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2022, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 1.12%. The Trustees also took into account the fact that, effective on a date to be determined by the Fund after the date on which shareholders approve the change to the Fund’s fundamental investment objective or the redesignation of the Fund’s fundamental investment objective as non-fundamental (the “River Road Long-Short Implementation Date”), among other changes, the Fund would change its name and investment strategy and the Investment Manager would contractually agree, through March 1, 2023, to lower the Fund’s contractual expense limitation from 1.12% to 0.73% of the Fund’s net annual operating expenses (subject to certain excluded expenses).

The Trustees also noted that, effective on the River Road Long-Short Implementation Date, the Fund’s management fee rate would be reduced. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG River Road Small-Mid Cap Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2021 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2022, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 1.04%. The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG River Road Small Cap Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2021 were both higher than the average for the Fund’s Peer Group. The Trustees took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager) and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG River Road Large Cap Value Select Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares of the Fund as of March 31, 2021 were lower and higher, respectively, than the average for the Fund’s Peer Group. The Trustees took into account the fact that, effective June 11, 2021, the Investment Manager has contractually agreed, through March 1, 2023, to lower the Fund’s contractual expense limitation from 0.69% to 0.60% of the Fund’s net annual operating expenses (subject to certain excluded expenses). The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager, the foregoing expense limitation and the considerations noted above with respect to the Investment Manager, the Fund’s advisory fees are reasonable.

With respect to AMG River Road Mid Cap Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2021 were lower and higher, respectively, than the average for the Fund’s Peer Group. The Trustees took into account the fact that, effective June 14, 2021, the Investment Manager has contractually agreed, through March 1, 2023, to lower the Fund’s contractual expense limitation from 0.82% to 0.76% of the Fund’s net annual operating expenses (subject to certain excluded expenses). The Trustees also noted that, effective June 14, 2021, the Fund’s management fee rate was reduced. The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager, the foregoing expense limitation and the considerations noted above with respect to the Investment Manager, the Fund’s advisory fees are reasonable.

With respect to AMG River Road Mid Cap Value Fund, the Trustees also considered information provided by the Investment Manager throughout the previous year related to the benefits of the strategic repositioning of the AMG Funds complex for greater alignment with Affiliated Managers Group, Inc.

100

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

(“AMG”), in which each fund that was not previously subadvised by an affiliate of AMG (each affiliate of AMG, an “Affiliate” and collectively, “Affiliates”) was transitioned to an AMG Affiliate subadviser. The Trustees considered that the strategic repositioning was expected to create value for the Fund, the other funds in the AMG Funds complex and their shareholders through enhanced resources and competitive fee levels. The Trustees noted the expectations that the changes would result in bringing the full range of AMG’s resources to bear on the growth and success of the AMG Funds, streamlining the lineup of funds in the AMG Funds complex and reducing the number of subadvisers in the AMG Funds complex, significantly reducing strategy overlap and providing more differentiated investment solutions for the AMG Funds complex that are otherwise not available to U.S. retail investors. The Trustees further considered the expectation that the repositioning would bring AMG’s strong partnerships in support of the Fund and the AMG Funds complex as a whole and enable AMG Funds to bring the best capabilities of AMG’s Affiliates to the Fund and the rest of the AMG Funds complex. The Trustees noted that AMG’s relationship with its Affiliates will also allow the Fund to have greater insight into the Affiliates’ compliance and business platform than is generally possible with third party subadvisers, aiding the ongoing monitoring of subadvisers.

* * * * *

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the

conclusions discussed above) regarding the Investment Management Agreements and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreements and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.

Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of each Investment Management Agreement and each Subadvisory Agreement would be in the best interests of the applicable Fund and its shareholders. Accordingly, on June 24, 2021, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement for each Fund and the Subadvisory Agreement for each of AMG River Road Dividend All Cap Value Fund, AMG River Road Focused Absolute Value Fund, AMG River Road Long-Short Fund, AMG River Road Small-Mid Cap Value Fund, and AMG River Road Small Cap Value Fund.

“In-Person Relief”), was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19. The Trustees unanimously wished to rely on the In-Person Relief with respect to the approval of those matters on the agenda for the June 24, 2021 meeting that would otherwise require in-person votes under the 1940 Act. See Investment Company Release No. 33897 (June 19, 2020). This exemptive order supersedes, in part, a similar, earlier exemptive order issued by the SEC (Investment Company Release No. 33824 (March 25, 2020)).

² At a meeting held via telephone and videoconference on March 17-18, 2021 (the “March Meeting”), the Board of AMG Funds I, and separately a majority of the Independent Trustees, approved the Subadvisory Agreement with respect to AMG River Road Large Cap Value Select Fund (the “Large Cap Value Select Subadvisory Agreement”). The Large Cap Value Select Subadvisory Agreement was subsequently approved by the Fund’s shareholders at a special meeting held on June 11, 2021, for an initial two-year period. Also at the March Meeting, the Board of AMG Funds IV, and separately a majority of the Independent Trustees, approved the Subadvisory Agreement with respect to AMG River Road Mid Cap Value Fund (the “Mid Cap Value Subadvisory Agreement”). The Mid Cap Value Subadvisory Agreement was subsequently approved by the Fund’s shareholders at a special meeting held on June 14, 2021, for an initial two-year period. References herein to the “Subadvisory Agreements” refer to the Subadvisory Agreements for AMG River Road Dividend All Cap Value Fund, AMG River Road Focused Absolute Value Fund, AMG River Road Long-Short Fund, AMG River Road Small-Mid Cap Value Fund, and AMG River Road Small Cap Value Fund, and do not include the Large Cap Value Select Subadvisory Agreement or the Mid Cap Value Subadvisory Agreement.

101

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LOGO

INVESTMENT MANAGER AND

ADMINISTRATOR

AMG Funds LLC

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

DISTRIBUTOR

AMG Distributors, Inc.

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

SUBADVISER

River Road Asset Management, LLC

Meidinger Tower

462 South Fourth Street, Suite 2000

Louisville, KY 40202

CUSTODIAN

The Bank of New York Mellon

Mutual Funds Custody

6023 Airport Road

Oriskany, NY 13424

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

Attn: AMG Funds

4400 Computer Drive

Westborough, MA 01581

800.548.4539

Current net asset values per share for each Fund are available on the Funds’ website at amgfunds.com.

amgfunds.com |

BALANCED FUNDS

AMG GW&K Global Allocation

GW&K Investment Management, LLC

AMG FQ Global Risk-Balanced

First Quadrant, L.P.

EQUITY FUNDS

AMG Beutel Goodman International Equity

Beutel, Goodman & Company Ltd.

AMG Boston Common Global Impact

Boston Common Asset Management, LLC

AMG Managers CenterSquare Real Estate

CenterSquare Investment Management LLC

AMG Frontier Small Cap Growth

Frontier Capital Management Co., LLC

AMG GW&K Small Cap Core

AMG GW&K Small Cap Value

AMG GW&K Small/Mid Cap

AMG GW&K Small/Mid Cap Growth

AMG GW&K Emerging Markets Equity

AMG GW&K Emerging Wealth Equity

AMG GW&K International Small Cap

GW&K Investment Management, LLC

AMG Montrusco Bolton Large Cap Growth

Montrusco Bolton Investments, Inc.

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

AMG River Road Dividend All Cap Value

AMG River Road Focused Absolute Value

AMG River Road International Value Equity

AMG River Road Large Cap Value Select

AMG River Road Mid Cap Value

AMG River Road Small-Mid Cap Value

AMG River Road Small Cap Value

River Road Asset Management, LLC

AMG TimesSquare Emerging Markets Small Cap

AMG TimesSquare Global Small Cap

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

AMG Veritas Asia Pacific

AMG Veritas China

AMG Veritas Global Focus

AMG Veritas Global Real Return

Veritas Asset Management LLP

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Global

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

FIXED INCOME FUNDS

AMG Beutel Goodman Core Plus Bond

Beutel, Goodman & Company Ltd.

AMG GW&K Core Bond ESG

AMG GW&K Enhanced Core Bond ESG

AMG GW&K ESG Bond

AMG GW&K High Income

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced Yield

GW&K Investment Management, LLC

amgfunds.com |

103121 AR082

Item 2.

Code of Ethics.

Registrant has adopted a Code of Ethics. See attached exhibit (a) (1).

Item 3.

Audit Committee Financial Expert.

Registrant’s Board of Trustees has determined that independent Trustee Mr. Steven J. Paggioli qualifies as the Audit Committee Financial Expert. Mr. Paggioli is “independent” as such term is defined in Form N-CSR.

Item 4.

Principal Accountant Fees and Services.

(a)

Audit Fees

The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years are $302,435 for 2021 and $307,976 for 2020.

(b)

Audit-Related Fees

There were no fees billed by PwC to the Funds in its two recent fiscal years for services rendered for assurance and related services that are reasonably related to the performance of the audit or review of the Fund’s financial statements, but are not reported as Audit Fees (“Audit-Related Fees”).

For the Funds’ two most recent fiscal years, there were no Audit-Related Fees billed by PwC for engagements related directly to the operations and financial reporting of one or more Funds by a Fund Service Provider. A Fund Service Provider is (a) any investment adviser to the Fund (not including any Subadvisor whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or (b) any entity that provides ongoing services to the Fund and is controlling, controlled by or under common control with a Fund investment adviser described in (a).

(c)

Tax Fees

The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning are $56,800 for 2021 and $79,433 for 2020.

For the Funds’ two most recent fiscal years, Tax Fees billed by PwC for engagements by Fund Service Providers that related directly to the operations and financial reporting of the Funds were $0 for fiscal 2021 and $0 for fiscal 2020, respectively.

The services for which Tax Fees were charged comprise all services performed by professional staff in PwC’s tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax

advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d)

All Other Fees

There were no other fees billed by PwC to the Funds for all other non-audit services (“Other Fees”) during the Funds’ two most recent fiscal years. During the same period, there were no Other Fees billed by PwC for engagements by Fund Service Providers that related directly to the operations and financial reporting of the Funds.

(e)

(1) According to policies adopted by the Audit Committee, services provided by PwC to the Funds must be pre-approved by the Audit Committee. On an annual basis, the Audit Committee reviews and pre-approves various types of services that PwC may perform for the Funds without specific approval of each engagement, subject to specified budget limitations. As contemplated by the Sarbanes-Oxley Act of 2002 and related SEC rules, the Audit Committee also pre-approves non-audit services provided by PwC to any Fund Service Provider for any engagement that relates directly to the operations and financial reporting of the Funds. Any engagement that is not already pre-approved or that will exceed a pre-approved budget must be submitted to the Audit Committee for pre-approval. The Chairman of the Audit Committee is authorized on behalf of the Board of Trustees and the Audit Committee to approve the engagement of PwC to perform non-audit services subject to certain conditions, including notification to the Audit Committee of such pre-approval not later than the next meeting of the Audit Committee following the date of such pre-approval.

(e)(2)

None.

(f)

Not applicable.

(g)

The aggregate fees billed by PwC in 2021 and 2020 for non-audit services rendered to the Funds and Fund Service Providers were $98,383 for 2021 and $128,933 for 2020. For the fiscal year ended October 31, 2021, this amount reflects the amounts disclosed above in Item 4(b),(c),(d), plus $41,583 in fees billed to the Fund Service Providers for non-audit services that did not relate directly to the operations and financial reporting of the Funds. For the fiscal year ended October 31, 2020, this amount reflects the amounts disclosed above in Item 4(b),(c),(d), plus $49,500 in fees billed to the Fund Service Providers for non-audit services that did not relate directly to the operations and financial reporting of the Funds.

(h)

The Trust’s Audit Committee has considered whether the provision of non-audit services by registrant’s independent registered public accounting firm to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provided ongoing services to the registrant that were not pre-approved by the Committee (because such services did not relate directly to the

operations and financial reporting of the registrant) was compatible with maintaining the independence of the independent registered public accounting firm.

Item 5.

Audit Committee of Listed Registrants.

Not applicable.

Item 6.

Schedule of Investments.

(a)	Schedule of Investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

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 Company 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 of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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

Item 12.

DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 13. Exhibits.


(a)(1)		Any Code of Ethics or amendments hereto. Filed herewith.

(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:		January 6, 2022

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


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

Date:		January 6, 2022

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

Date:		January 6, 2022

AMG Funds IV N-CSRCertified annual shareholder report (management investment company)