AMG Funds II

N-CSR 1 d292533dncsr.htm AMG FUNDS II AMG Funds II

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: 811-06431

AMG Funds II

(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: DECEMBER 31

Date of reporting period: JANUARY 1, 2021 – DECEMBER 31, 2021 (Annual Shareholder Report)

Item 1.

Reports to Shareholders


		ANNUAL REPORT


		AMG Funds

		December 31, 2021


		AMG GW&K ESG Bond Fund
		(formerly AMG Managers Loomis Sayles Bond Fund)

		Class N: MGFIX \| Class I: MGBIX

		AMG GW&K Enhanced Core Bond ESG Fund

		Class N: MFDAX \| Class I: MFDSX \| Class Z: MFDYX

		AMG GW&K High Income Fund

		Class N: MGGBX \| Class I: GWHIX

		AMG GW&K Municipal Bond Fund

		Class N: GWMTX \| Class I: GWMIX

		AMG GW&K Municipal Enhanced Yield Fund

		Class N: GWMNX \| Class I: GWMEX \| Class Z: GWMZX

amgfunds.com |

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AR088

AMG Funds

Annual Report – December 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 ESG Bond Fund		4

		AMG GW&K Enhanced Core Bond ESG Fund		15

		AMG GW&K High Income Fund		24

		AMG GW&K Municipal Bond Fund		32

		AMG GW&K Municipal Enhanced Yield Fund		42

		FINANCIAL STATEMENTS

		Statement of Assets and Liabilities		50
		Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)

		Statement of Operations		52
		Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal year

		Statements of Changes in Net Assets		53
		Detail of changes in assets for the past two fiscal years

		Financial Highlights		55
		Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets

		Notes to Financial Statements		67
		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		77

		OTHER INFORMATION		78

		TRUSTEES AND OFFICERS		79

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 December 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 119%. 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 28.71% during the year and all sectors produced double-digit returns, but there was very wide dispersion in performance. Energy and real estate led the market with returns of 54.72% and 46.20%, respectively. On the other hand, utilities and consumer staples lagged with returns of 17.63% and 18.63%, respectively. Growth stocks edged out Value stocks as the Russell 1000^® Growth Index returned 27.60% compared to the 25.16% return for the Russell 1000^® Value Index. Small cap stocks underperformed as the Russell 2000^® Index returned 14.82%. Within small caps, the Value-Growth disparity was much more pronounced as the Russell 2000^® Value Index returned 28.27% compared to 2.83% for the Russell 2000^® Growth Index. Outside the U.S., foreign developed markets lagged their U.S. counterparts with an 11.26% 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 (2.54)% 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 59 basis points to 1.52% and ended the year slightly shy of its post-pandemic high. The Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond market performance, lost (1.54)% over the period. While risk appetite was strong, rising rates still hurt returns for investment-grade corporate bonds, which lost (1.04)% during the year. The global search for yield helped high-yield bonds outperform the investment-grade market with a 5.28% return as measured by the return of the Bloomberg U.S. Corporate High Yield Bond Index. Municipal bonds benefited from a strong technical backdrop, which drove a 1.52% 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 December 31, 2021*

Stocks:		1 Year			3 Years			5 Years

Large Cap	(S&P 500^® Index)		28.71	%		26.07	%		18.47	%

Small Cap	(Russell 2000^® Index)		14.82	%		20.02	%		12.02	%

International	(MSCI ACWI ex USA)		7.82	%		13.18	%		9.61	%
Bonds:

Investment Grade	(Bloomberg U.S. Aggregate Bond Index)		(1.54	)%		4.79	%		3.57	%

High Yield	(Bloomberg U.S. Corporate High Yield Bond Index)		5.28	%		8.83	%		6.30	%

Tax-exempt	(Bloomberg Municipal Bond Index)		1.52	%		4.73	%		4.17	%

Treasury Bills	(ICE BofAML U.S. 6-Month Treasury Bill Index)		0.09	%		1.23	%		1.31	%

*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 December 31, 2021	Expense Ratio for the Period	Beginning Account Value 07/01/21	Ending Account Value 12/31/21	Expenses Paid During the Period*

AMG GW&K ESG Bond Fund

Based on Actual Fund Return

Class N	0.68%	$1,000	$999		$3.43

Class I	0.48%	$1,000	$1,000		$2.42

Based on Hypothetical 5% Annual Return

Class N	0.68%	$1,000	$1,022		$3.47

Class I	0.48%	$1,000	$1,023		$2.45


AMG GW&K Enhanced Core Bond ESG Fund

Based on Actual Fund Return

Class N	0.73%	$1,000	$996		$3.67

Class I	0.57%	$1,000	$997		$2.87

Class Z	0.48%	$1,000	$997		$2.42

Based on Hypothetical 5% Annual Return

Class N	0.73%	$1,000	$1,022		$3.72

Class I	0.57%	$1,000	$1,022		$2.91

Class Z	0.48%	$1,000	$1,023		$2.45


AMG GW&K High Income Fund

Based on Actual Fund Return

Class N	0.84%	$1,000	$1,008		$4.25

Class I	0.65%	$1,000	$1,009		$3.29

Based on Hypothetical 5% Annual Return

Class N	0.84%	$1,000	$1,021		$4.28

Class I	0.65%	$1,000	$1,022		$3.31


Six Months Ended December 31, 2021	Expense Ratio for the Period	Beginning Account Value 07/01/21	Ending Account Value 12/31/21	Expenses Paid During the Period*

AMG GW&K Municipal Bond Fund

Based on Actual Fund Return

Class N	0.72%	$1,000	$999		$3.63

Class I	0.39%	$1,000	$1,001		$1.97

Based on Hypothetical 5% Annual Return

Class N	0.72%	$1,000	$1,022		$3.67

Class I	0.39%	$1,000	$1,023		$1.99


AMG GW&K Municipal Enhanced Yield Fund

Based on Actual Fund Return

Class N	0.99%	$1,000	$1,002		$5.00

Class I	0.64%	$1,000	$1,004		$3.23

Class Z	0.59%	$1,000	$1,004		$2.98

Based on Hypothetical 5% Annual Return

Class N	0.99%	$1,000	$1,020		$5.04

Class I	0.64%	$1,000	$1,022		$3.26

Class Z	0.59%	$1,000	$1,022		$3.01

*	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 GW&K ESG Bond Fund

Portfolio Manager’s Comments (unaudited)

THE YEAR IN REVIEW

AMG GW&K ESG Bond Fund Class N (the “Fund”) shares returned (1.29%) for the year ended December 31, 2021, compared with the (1.54%) return for its current benchmark, the Bloomberg U.S. Aggregate Bond Index. The Fund’s prior benchmark, the Bloomberg Barclays U.S. Government/Credit Bond Index, returned (1.75%).

Effective March 19, 2021, the subadviser of the Fund changed from Loomis, Sayles & Company, L.P. to GW&K Investment Management, LLC (“GW&K”). Also effective March 19, 2021, the Fund changed its name to AMG GW&K ESG Bond Fund and changed its principal investment strategies, benchmark, and principal risks. On June 11, 2021, the Fund’s shareholders approved the appointment of GW&K as the subadviser to the Fund and the change in the Fund’s name.

MARKET OVERVIEW

In the first quarter of 2021, fixed income markets posted their worst returns since 1981 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 U.S. Federal Reserve (the “Fed”). And beyond that, investors were confronted with the possibility of yet more fiscal support with a proposal of more than $2 trillion 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. Nevertheless, worries over new variants, challenged vaccine rollouts, and isolated instances of supply constraints might present challenges in the months ahead.

Fixed income markets rebounded solidly in the second quarter 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 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 disappointments, 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 over the persistence of recent inflationary pressures. None of this suggested 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 despite a steady succession of headlines related to COVID-19, geopolitics, and price increases. Bond investors’ largely sanguine response to these challenges suggested 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.

Fixed income markets were effectively flat in the fourth quarter, despite major narrative shifts with respect to inflation, monetary policy, and COVID-19. Signs of easing supply-chain pressures and continued labor market normalization were not enough to quell concerns about rising inflation, which printed at its highest level in almost 40 years. The Fed executed a “hawkish pivot” in acknowledging more persistent inflationary forces and signaled their intention to respond accordingly. The extremely contagious omicron variant rapidly established itself as the dominant strain around the globe, forcing a reappraisal of reopening timelines and reviving the specter of lockdowns and healthcare rationing. Ironically, the combined effect of these various forces essentially netted to zero; solid economic data and a broadly constructive outlook from the Fed were met with the prospect of tightening financial conditions and growth fears

posed by omicron. But trading overall was orderly, and after the last two years’ investors seemed well practiced at looking past near-term volatility toward the next stage of a return to normalcy.

FUND REVIEW

The Fund outperformed during its fiscal year, helped by its overweight to spread product. For the period prior to the Fund’s transition to GW&K, January 1, 2021 to March 18, 2021, the Fund outperformed the legacy Bloomberg Barclays U.S. Government/Credit Bond Index. An overweight allocation to corporate bonds, including out-of-benchmark high yield allocation, were primary drivers of excess return. Following the transition of the Fund to GW&K, the Fund modestly trailed its current benchmark. High yield corporates notably outperformed the broad investment grade market, as they were less sensitive to the upward shift in rates and experienced 77 basis points in spread tightening. Thus, the Fund’s out-of-benchmark allocation to high yield corporates contributed to returns. An overweight to taxable municipals was a modest tailwind. Security selection was the main contributor to performance. Selection within banking, due to an inclusion of out-of-benchmark preferred stock, was a key positive. Also helping was selection in the investment grade corporate technology, consumer cyclicals, and consumer non-cyclicals sectors. Selection within agency MBS was a drag on returns. The biggest detractor from relative performance was yield curve positioning. The Fund benefited from having an overall duration shorter than its benchmark as yields rose. However, this effect was more than offset by the negative impact of our underweight to the long end amid the sharp flattening of the curve.

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 was 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

AMG GW&K ESG Bond Fund

Portfolio Manager’s Comments (continued)

OUTLOOK

The meaningful shift in the Fed’s reaction function–in addition to potentially elevated inflation pressure in the near term–suggests front-end maturities could face a challenging 2022. Farther out the curve, however, the outlook is less clear. With the Fed projecting a terminal rate near 2.5% and the market pricing in a ceiling closer to 1.75%, any fluctuation in this differential is likely to impact longer maturities most acutely as investors weigh the potential for a policy error. In light of these various moving pieces and projections, we believe the bias in rates is to the upside and consequently we are broadly shorter than our benchmark. With respect to curve positioning, we think risks are fairly balanced. We have only a small underweight to long

maturities because we see a more appealing risk profile in intermediates, which offer attractive carry and roll with less exposure to potential volatility as rates move higher.

In light of our constructive fundamental outlook for the credit market and still-supportive market technicals, we believe the corporate credit space offers attractive value. Additionally, with Treasury rates at historically low levels, corporates offer a competitive yield and the potential for spread compression in a rising-rate environment. While we are on guard against the potential for elevated M&A and an increased focus on shareholder returns, we see value in credit improvement stories within the investment grade space. In high yield, we favor crossover stories trading wide of investment grade

peers while avoiding some of the more cyclical industries where we think good news is already reflected in spreads. We remain neutral on mortgages heading into the taper, though higher mortgage rates could improve our outlook for prepayment speeds. We also maintain our preference for higher-coupon, seasoned pools given our expectation of higher rates, as they are less exposed to extension risk.

The views expressed represent the opinions of GW&K Investment Management, LLC and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

AMG GW&K ESG Bond Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K ESG 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 GW&K ESG Bond Fund’s Class N shares on December 31, 2011, to a $10,000 investment made in the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Government/Credit 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 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 ESG Bond Fund and the Bloomberg U.S. Aggregate Bond Index and Bloomberg U.S. Government/Credit Bond Index for the same time periods ended December 31, 2021.


Average Annual Total Returns¹	One Year			Five Years		Ten Years		Since Inception		Inception Date
AMG GW&K ESG Bond Fund^2,^{3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15}

Class N		(1.29	%)		4.30%		4.28%		7.71%		06/01/84

Class I		(1.05	%)		4.47%		—		3.51%		04/01/13
Bloomberg U.S. Aggregate Bond Index¹⁶		(1.54	%)		3.57%		2.90%		6.97%		06/01/84^†

Bloomberg U.S. Government/Credit Bond Index¹⁷		(1.75	%)		3.99%		3.13%		6.99%		06/01/84^†

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 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 December 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 Loomis Sayles Bond 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, Loomis, Sayles & Company, L.P. 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 fees and/or absorbed Fund expenses, which has resulted in higher returns.

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 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.

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

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

AMG GW&K ESG Bond Fund

Portfolio Manager’s Comments (continued)

events that affect particular industries or companies.

⁹ Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

¹⁰ The Fund is subject to 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.

¹¹ 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

¹² 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.

¹³ Factors unique to the municipal bond market may negatively affect the value in municipal bonds.

¹⁴ 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.

1⁵ 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.

¹⁶ On March 19, 2021, the primary benchmark changed from the Bloomberg U.S. Government/Credit Bond Index to the Bloomberg U.S. Aggregate Bond Index. 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.

¹⁷ The Bloomberg U.S. Government/Credit Bond Index is an index of investment grade government and corporate bonds with a maturity date of more than one year. Unlike the Fund, the Bloomberg U.S. Government/Credit Bond Index is unmanaged, is not available for investment and does not incur expenses.

“Bloomberg^®” and any Bloomberg index described herein are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the fund described herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to such fund.

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

AMG GW&K ESG Bond Fund

Fund Snapshots (unaudited)

December 31, 2021

PORTFOLIO BREAKDOWN


Category		% of Net Assets

Corporate Bonds and Notes		52.8

U.S. Government and Agency Obligations		40.1

Municipal Bonds		4.1

Foreign Government Obligations		0.6

Asset-Backed Securities		0.3

Short-Term Investments		2.6

Other Assets Less Liabilities		(0.5)



Rating		% of Market Value¹

U.S. Government and Agency Obligations		41.0

Aaa/AAA		1.4

Aa/AA		7.4

A		5.1

Baa/BBB		20.3

Ba/BB		21.3

B		3.5

TOP TEN HOLDINGS


Security Name		% of Net Assets

U.S. Treasury Bonds, 2.250%, 05/15/41		2.9

FHLMC, 3.000%, 04/01/51		2.8

FHLMC, 2.000%, 03/01/36		2.6

U.S. Treasury Bonds, 1.875%, 02/15/51		2.3

FNMA, 2.000%, 04/01/51		2.2

FNMA, 3.500%, 08/01/49		2.2

FNMA, 3.500%, 02/01/35		2.1

U.S. Treasury Bonds, 3.500%, 02/15/39		2.0

FHLMC, 3.500%, 02/01/50		1.8

FHLMC, 4.500%, 12/01/48		1.8


Top Ten as a Group		22.7

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

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

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

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments

December 31, 2021



	Principal Amount		Value

Corporate Bonds and Notes - 52.8%

Financials - 12.7%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) 1.650%, 10/29/24		$5,850,000		$5,839,389

Aircastle, Ltd. (Bermuda)
5.250%, 08/11/25¹		2,582,000		2,839,181

Ally Financial, Inc.
Series B, (4.700% to 05/15/26 then U.S. Treasury Yield Curve CMT 5 year + 3.868%), 4.700%, 05/15/26^2,3,4,5		3,010,000		3,122,875
8.000%, 11/01/31		3,100,000		4,388,265

American Express Co.
(3.550% to 09/15/26 then U.S. Treasury Yield Curve CMT 5 year + 2.854%), 3.550%, 09/15/26^2,3,5		1,195,000		1,197,091

American Tower Corp.
4.400%, 02/15/26		2,300,000		2,510,009

Bank of America Corp.
MTN, (4.330% to 03/15/49 then 3 month LIBOR + 1.520%), 4.330%, 03/15/50^2,5		6,175,000		7,639,152

The Bank of New York Mellon Corp.
Series G, (4.700% to 09/20/25 then U.S. Treasury Yield Curve CMT 5 year + 4.358%), 4.700%, 09/20/25^2,3,5		4,850,000		5,173,737

The Bank of Nova Scotia (Canada)
(SOFR + 0.610%), 0.660%, 09/15/26⁵		4,788,000		4,788,000

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%, 06/01/26^2,3,5		4,900,000		4,998,000

CIT Group, Inc.
6.125%, 03/09/28⁴		2,975,000		3,592,313

Crown Castle International Corp.
4.000%, 03/01/27		2,300,000		2,499,700

GLP Capital LP/GLP Financing II, Inc.
4.000%, 01/15/31		1,700,000		1,813,883

The Goldman Sachs Group, Inc.
(SOFR + 0.920%), 0.969%, 10/21/27⁵		3,150,000		3,164,876
6.750%, 10/01/37		2,200,000		3,119,377

Iron Mountain, Inc.
4.500%, 02/15/31¹		3,850,000		3,891,156

JPMorgan Chase & Co.
(SOFR + 0.580%), 0.630%, 03/16/24⁵		4,000,000		4,007,559
4.125%, 12/15/26		2,700,000		2,978,022

Morgan Stanley
3.950%, 04/23/27		2,200,000		2,421,937

OneMain Finance Corp.
8.250%, 10/01/23		3,450,000		3,799,312

Owl Rock Capital Corp.
4.250%, 01/15/26		2,300,000		2,418,612



	Principal Amount		Value

SBA Communications Corp.
3.875%, 02/15/27	$	3,850,000		$3,965,500

SLM Corp.
3.125%, 11/02/26⁴		3,365,000		3,331,350
4.200%, 10/29/25		838,000		875,710

Starwood Property Trust, Inc.
4.750%, 03/15/25⁴		1,700,000		1,768,000

Truist Financial Corp.
Series P, (4.950% to 12/01/25 then U.S. Treasury Yield Curve CMT 5 year + 4.605%), 4.950%, 09/01/25^2,3,5		4,050,000		4,345,212

VICI Properties LP/VICI Note Co., Inc.
3.500%, 02/15/25^1,4		1,900,000		1,928,500

Weyerhaeuser Co.
6.875%, 12/15/33		2,600,000		3,550,116

Total Financials				95,966,834

Industrials - 38.3%

ACCO Brands Corp.
4.250%, 03/15/29¹		4,100,000		4,069,250

Advocate Health & Hospitals Corp.
4.272%, 08/15/48		2,200,000		2,721,217

AECOM
5.125%, 03/15/27		2,100,000		2,287,625

Air Products and Chemicals, Inc.
2.700%, 05/15/40		2,700,000		2,722,720

Alcoa Nederland Holding, B.V. (Netherlands)
4.125%, 03/31/29¹		3,800,000		3,914,000

Anheuser-Busch InBev Worldwide, Inc.
4.375%, 04/15/38		2,200,000		2,576,323

Aramark Services, Inc.
5.000%, 02/01/28^1,4		3,620,000		3,742,175

ArcelorMittal, S.A. (Luxembourg)
4.250%, 07/16/29⁴		3,550,000		3,887,007

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.250%, 09/01/28¹		3,500,000		3,460,713

Ashtead Capital, Inc.
1.500%, 08/12/26^1,4		3,536,000		3,471,110

AT&T, Inc. (3 month LIBOR + 1.180%), 1.381%, 06/12/24⁵ 4.300%, 02/15/30		3,900,000 2,200,000		3,952,494 2,476,078

Ball Corp.
2.875%, 08/15/30		4,075,000		3,952,750

Block, Inc.
2.750%, 06/01/26¹		2,130,000		2,132,535

Broadcom Corp./Broadcom Cayman Finance, Ltd.
3.875%, 01/15/27		3,419,000		3,707,193

Caesars Entertainment, Inc.
6.250%, 07/01/25¹		3,675,000		3,857,372

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

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments (continued)



	Principal Amount		Value

Industrials - 38.3% (continued)

Centene Corp.
3.375%, 02/15/30	$	3,850,000	$	3,920,801

Central Garden & Pet Co.
4.125%, 10/15/30⁴		1,800,000		1,815,750

Cisco Systems, Inc.
5.500%, 01/15/40		1,900,000		2,645,541

Clearwater Paper Corp.
4.750%, 08/15/28¹		2,150,000		2,187,625

The Coca-Cola Co.
2.500%, 06/01/40		2,600,000		2,609,785

Cogent Communications Group, Inc.
3.500%, 05/01/26¹		3,565,000		3,620,899

CommonSpirit Health
3.347%, 10/01/29		2,300,000		2,445,775

Crown Americas LLC/Crown Americas Capital Corp. V
4.250%, 09/30/26		3,700,000		3,949,750

CVS Health Corp.
5.125%, 07/20/45		2,100,000		2,729,715

Dana, Inc.
4.250%, 09/01/30		1,000,000		1,013,750
5.375%, 11/15/27⁴		3,700,000		3,880,171

Dell International LLC/EMC Corp.
8.100%, 07/15/36		972,000		1,478,995

Dell, Inc.
7.100%, 04/15/28⁴		3,100,000		3,883,783

Delta Air Lines, Inc.
7.375%, 01/15/26⁴		3,350,000		3,943,945

Discovery Communications LLC
3.950%, 03/20/28		2,247,000		2,442,023

Elanco Animal Health, Inc.
5.900%, 08/28/28⁶		3,400,000		3,944,000

Encompass Health Corp.
4.750%, 02/01/30		3,400,000		3,502,000

Fiserv, Inc.
4.200%, 10/01/28		2,200,000		2,466,255

FMG Resources August 2006 Pty, Ltd. (Australia)
4.500%, 09/15/27¹		3,700,000		3,940,500

The Ford Foundation
Series 2020, 2.415%, 06/01/50		2,900,000		2,739,925

G-III Apparel Group, Ltd.
7.875%, 08/15/25¹		3,440,000		3,660,143

GLP Capital LP/GLP Financing II Inc.
5.750%, 06/01/28		1,500,000		1,731,960

The Goodyear Tire & Rubber Co.
4.875%, 03/15/27		3,475,000		3,679,156

Graphic Packaging International LLC
3.500%, 03/01/29¹		3,150,000		3,126,375

Hanesbrands, Inc.
4.875%, 05/15/26¹		3,650,000		3,900,937



	Principal Amount		Value

Hasbro, Inc.
3.900%, 11/19/29⁴	$	3,925,000	$	4,327,454

HB Fuller Co.
4.250%, 10/15/28		3,900,000		4,017,000

HCA, Inc.
3.500%, 09/01/30		3,600,000		3,804,750

Hilton Domestic Operating Co., Inc.
4.875%, 01/15/30		3,750,000		4,007,812

The Home Depot, Inc.
5.875%, 12/16/36		1,700,000		2,407,895

IEA Energy Services LLC
6.625%, 08/15/29¹		1,855,000		1,832,276

KB Home
4.800%, 11/15/29⁴		1,347,000		1,470,251
6.875%, 06/15/27		1,751,000		2,053,048

Klabin Finance, S.A. (Luxembourg)
4.875%, 09/19/27¹		3,700,000		3,931,250

Kraft Heinz Foods Co.
4.375%, 06/01/46		5,800,000		6,791,802

Lamar Media Corp.
4.875%, 01/15/29		3,650,000		3,809,688

Lumen Technologies Inc
5.625%, 04/01/25		1,900,000		2,009,668

Macy’s Retail Holdings, LLC
4.500%, 12/15/34		4,100,000		4,048,750

MercadoLibre, Inc.
2.375%, 01/14/26		4,000,000		3,890,040

Merck & Co.,Inc.
1.900%, 12/10/28⁴		7,460,000		7,495,118

Methanex Corp. (Canada)
5.125%, 10/15/27		1,800,000		1,890,000

MGM Resorts International
5.750%, 06/15/25		3,550,000		3,820,688

Microsoft Corp.
2.525%, 06/01/50		2,700,000		2,633,007

MSCI, Inc.
3.250%, 08/15/33¹		2,015,000		2,037,669

Murphy Oil USA, Inc.
4.750%, 09/15/29		3,700,000		3,894,250

Newell Brands, Inc.
4.700%, 04/01/26⁶		3,600,000		3,924,918

Nordstrom, Inc.
4.000%, 03/15/27⁴		3,900,000		3,919,500

Northrop Grumman Corp.
3.200%, 02/01/27		2,200,000		2,334,922

Novelis Corp.
3.250%, 11/15/26¹		3,775,000		3,808,031

Owens Corning
7.000%, 12/01/36		1,800,000		2,541,702

Parker-Hannifin Corp.
3.250%, 06/14/29		2,200,000		2,331,511

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

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments (continued)



	Principal Amount		Value

Industrials - 38.3% (continued)

Penn National Gaming, Inc.
5.625%, 01/15/27^1,4		$3,400,000		$3,468,000

Prime Security Services Borrower LLC/Prime Finance, Inc.
5.750%, 04/15/26¹		3,650,000		3,918,895

PulteGroup, Inc.
6.000%, 02/15/35		4,050,000		5,208,420

Royal Caribbean Cruises, Ltd. (Liberia)
5.500%, 04/01/28^1,4		3,475,000		3,515,171

Sally Holdings LLC/Sally Capital, Inc.
8.750%, 04/30/25¹		2,000,000		2,130,000

SK Hynix, Inc. (South Korea)
2.375%, 01/19/31¹		3,000,000		2,887,091

Sysco Corp.
2.400%, 02/15/30		4,900,000		4,914,371

Teleflex, Inc.
4.250%, 06/01/28¹		3,900,000		4,017,741

Tenet Healthcare Corp.
4.875%, 01/01/26¹		3,750,000		3,851,737

Travel + Leisure Co.
5.650%, 04/01/24⁶		2,900,000		3,081,250

Twilio, Inc.
3.625%, 03/15/29		600,000		605,298
3.875%, 03/15/31		2,819,000		2,846,344

United Parcel Service, Inc.
6.200%, 01/15/38		1,700,000		2,453,164

United Rentals North America, Inc.
3.875%, 02/15/31		3,850,000		3,907,750

Valvoline, Inc.
4.250%, 02/15/30¹		3,600,000		3,672,792

Verizon Communications, Inc.
3.875%, 02/08/29⁴		3,860,000		4,277,550

VF Corp.
2.950%, 04/23/30		2,400,000		2,489,401

Walgreens Boots Alliance, Inc.
4.800%, 11/18/44		3,120,000		3,751,999

Walmart, Inc.
4.050%, 06/29/48		2,100,000		2,668,884

WESCO Distribution, Inc.
7.125%, 06/15/25¹		1,600,000		1,696,000

Western Digital Corp.
4.750%, 02/15/26		2,066,000		2,259,047

Yum! Brands, Inc.
3.625%, 03/15/31		3,950,000		3,935,187

Total Industrials				288,779,213

Utilities - 1.8%

Dominion Energy, Inc.
Series B, (4.650% to 12/15/24 then U.S. Treasury Yield Curve CMT 5 year + 2.993%), 4.650%, 12/15/24^2,3,5		4,450,000		4,639,125



	Principal Amount		Value

National Rural Utilities Cooperative Finance Corp.
1.350%, 03/15/31		$5,100,000		$4,686,458

Northern States Power Co.
2.900%, 03/01/50		4,200,000		4,240,203

Total Utilities				13,565,786

Total Corporate Bonds and Notes
(Cost $389,051,017)				398,311,833

Asset-Backed Securities - 0.3%

FAN Engine Securitization, Ltd. (Ireland)
Series 2013-1A, Class 1A 4.625%, 10/15/43 (Cost $7,109,736)^1,7		7,176,547		2,475,909

Municipal Bonds - 4.1%

California State General Obligation, School Improvements 7.550%, 04/01/39		2,900,000		4,839,679

JobsOhio Beverage System, Series A 2.833%, 01/01/38		4,000,000		4,123,719

Los Angeles Unified School District, School Improvements 5.750%, 07/01/34		3,725,000		4,848,629

Massachusetts School Building Authority Series B, 1.753%, 08/15/30		4,850,000		4,796,170

New Jersey Economic Development Authority, Pension Funding, Series A (National Insured) 7.425%, 02/15/29		3,900,000		4,901,645

Port Authority of New York & New Jersey
6.040%, 12/01/29		2,150,000		2,789,364

University of California
1.697%, 05/15/29		4,370,000		4,302,439

Total Municipal Bonds
(Cost $30,539,769)				30,601,645

U.S. Government and Agency Obligations - 40.1%

Fannie Mae - 13.4%

FNMA
2.000%, 04/01/51		16,409,567		16,373,579
2.500%, 11/01/50		5,917,701		6,043,218
3.500%, 02/01/35 to 08/01/49		32,000,239		33,880,883
4.000%, 06/01/48 to 01/01/51		24,331,566		25,931,739
5.000%, 05/01/50		4,328,171		4,804,358

FNMA Pool
3.500%, 02/01/51		6,011,309		6,467,641
4.000%, 07/01/44		7,387,565		8,098,067

Total Fannie Mae				101,599,485

Freddie Mac - 9.0%

FHLMC
2.000%, 03/01/36		18,816,097		19,300,901
3.000%, 04/01/51		20,334,540		21,072,492
3.500%, 02/01/50		13,134,900		13,823,343

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

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments (continued)



	Principal Amount		Value

Freddie Mac - 9.0% (continued)

FHLMC
4.500%, 12/01/48		$12,600,668		$13,524,568

Total Freddie Mac				67,721,304

U.S. Treasury Obligations - 17.7%

U.S. Treasury Bonds
1.250%, 05/15/50		6,850,000		5,816,881
1.875%, 02/15/51		17,501,000		17,315,052
2.250%, 05/15/41		20,772,000		21,817,091
2.500%, 02/15/46		3,396,000		3,751,386
3.125%, 05/15/48		6,521,000		8,149,722
3.500%, 02/15/39		12,306,000		15,438,262
5.000%, 05/15/37		5,325,000		7,750,995
6.750%, 08/15/26		3,474,000		4,329,744

U.S. Treasury Notes
0.125%, 03/31/23 to 02/15/24		25,713,000		25,489,854
0.250%, 03/15/24		7,718,000		7,625,746
0.500%, 02/28/26		8,870,000		8,618,106
0.875%, 03/31/26		3,800,000		3,727,859
2.500%, 01/31/25		3,650,000		3,816,103

Total U.S. Treasury Obligations				133,646,801

Total U.S. Government and Agency Obligations
(Cost $301,875,763)				302,967,590

Foreign Government Obligation - 0.6%
The Korea Development Bank (South Korea)
0.500%, 10/27/23 (Cost $4,806,814)		4,800,000		4,757,313
Short-Term Investments - 2.6%

Joint Repurchase Agreements - 2.6%⁸

Cantor Fitzgerald Securities, Inc., dated 12/31/21,due 01/03/22, 0.050% total to be received $4,688,720 (collateralized by various U.S. Government Agency Obligations, 0.000% - 9.000%, 02/01/22 - 07/20/71, totaling $4,782,474)		4,688,700		4,688,700



	Principal Amount		Value

Citadel Securities LLC, dated 12/31/21, due 01/03/22, 0.070% total to be received $3,954,575 (collateralized by various U.S. Treasuries, 0.000% - 7.250%, 01/04/22 - 11/15/51, totaling $4,033,667)		$3,954,552		$3,954,552

HSBC Securities USA, Inc., dated 12/31/21, due 01/03/22, 0.040% total to be received $116,285 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 05/15/23 - 08/15/47, totaling $118,611)		116,285		116,285

Mirae Asset Securities USA, Inc., dated 12/31/21,due 01/03/22, 0.060% total to be received $2,196,474 (collateralized by various U.S. Government Agency Obligations, 0.550% - 7.500%, 01/01/23 - 10/20/71, totaling $2,240,404)		2,196,463		2,196,463

RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.050% total to be received $4,688,716 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 05/15/22 - 12/01/51, totaling $4,782,470)		4,688,696		4,688,696

State of Wisconsin Investment Board, dated 12/31/21, due 01/03/22, 0.070% total to be received $4,097,172 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/23 - 02/15/48, totaling $4,179,112)		4,097,148		4,097,148

Total Joint Repurchase Agreements				19,741,844

Total Short-Term Investments
(Cost $19,741,844)				19,741,844

Total Investments - 100.5%
(Cost $753,124,943)				758,856,134

Other Assets, less Liabilities - (0.5)%				(3,917,812	)

Net Assets - 100.0%				$754,938,322

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 December 31, 2021, the value of these securities amounted to $96,985,033 or 12.8% of net assets.

²	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2021. Rate will reset at a future date.

³	Perpetuity Bond. The date shown represents the next call date.

⁴	Some of these securities, amounting to $39,839,239 or 5.3% 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.

⁵

Variable rate security. The rate shown is based on the latest available information as of December 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.

⁶	Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

⁷	Security’s value was determined by using significant unobservable inputs.

⁸	Cash collateral received for securities lending activity was invested in these joint repurchase agreements.


CMT		Constant Maturity Treasury
FHLMC		Freddie Mac
FNMA		Fannie Mae
LIBOR		London Interbank Offered Rate
MTN		Medium-Term Note
National Insured		National Public Finance Guarantee Corp.
SOFR		Secured Overnight Financing Rate

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

AMG GW&K ESG 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 December 31, 2021:


	Level 1		Level 2		Level 3		Total

Investments in Securities

Corporate Bonds and Notes^†		–	$	398,311,833		–	$	398,311,833

Asset-Backed Securities		–		–	$	2,475,909		2,475,909

Municipal Bonds^†		–		30,601,645		–		30,601,645

U.S. Government and Agency Obligations^†		–		302,967,590		–		302,967,590

Foreign Government Obligation		–		4,757,313		–		4,757,313

Short-Term Investments

Joint Repurchase Agreements		–		19,741,844		–		19,741,844



Total Investments in Securities		–	$	756,380,225	$	2,475,909	$	758,856,134

^†

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 December 31, 2021:


	Asset-Backed Securities
Balance as of December 31, 2020		$	5,105,499
Accrued discounts (premiums)			5,414
Realized gain (loss)			11,419
Change in unrealized appreciation/depreciation			(1,471,536	)
Purchases			–
Sales			–
Paydowns			(1,174,887	)
Transfers in to Level 3			–
Transfers out of Level 3			–
Balance as of December 31, 2021		$	2,475,909

Net change in unrealized appreciation/depreciation on investments still held at December 31, 2021		$	(1,911,114	)

The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy as of December 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

Valuation

Unobservable

Impact to Valuation from

December 31, 2021

Technique(s)

Inputs(s)

Range

Median

an Increase in Input^(a)

Broker Quote weighted 25%

N/A

Increase

Asset-Backed Securities

$2,475,909

Market Approach

Discount Rate

3.83%

N/A

Decrease

Indicative Bid Price weighted 75%

29.5

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.

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

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments (continued)

For the fiscal year ended December 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 futures contracts	Net realized gain on futures contracts	$267,476	Net change in unrealized appreciation/ depreciation on futures contracts		–

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

AMG GW&K Enhanced Core Bond ESG Fund

Portfolio Manager’s Comments (unaudited)

THE YEAR IN REVIEW

AMG GW&K Enhanced Core Bond ESG Fund (the “Fund”) Class N shares returned (1.26%) for the year ended December 31, 2021, compared to the return of (1.54%) for Fund’s benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index.

MARKET OVERVIEW

Fixed income markets rebounded solidly in the second quarter 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 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 disappointments, 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 over the persistence of recent inflationary pressures. None of this suggested that the recovery is off track, but the bond market’s stubborn resilience points to a marked revision of the timeframe for normalization.

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.

Fixed income markets were effectively flat in the fourth quarter, despite major narrative shifts with respect to inflation, monetary policy, and COVID-19. Signs of easing supply-chain pressures and continued labor market normalization were not enough to quell concerns about rising inflation, which is at its highest level in almost 40 years. The Fed executed a “hawkish pivot” in acknowledging more persistent inflationary forces and signaled their intention to respond accordingly. The extremely contagious omicron variant rapidly established itself as the dominant strain around the globe, forcing a reappraisal of reopening timelines and reviving the specter of lockdowns and healthcare rationing. Ironically, the combined effect of these various forces essentially netted to zero; solid economic data and a broadly constructive outlook from the Fed were met with the prospect of tightening financial conditions and growth fears posed by omicron. But trading overall was orderly, and after the last two years’ investors seemed well practiced at looking past near-term volatility toward the next stage of a return to normalcy.

FUND REVIEW

The Fund outperformed its benchmark during the fiscal year, helped by its overweight to spread product. Investment grade corporates outperformed due to modest spread contraction and their higher carry. Additionally, high yield corporates notably outperformed the broad investment grade market, as they were less sensitive to the upward shift in rates and experienced 77 basis points in spread tightening. Thus, the Fund’s above-benchmark allocation to investment grade corporate bonds and the Fund’s

out-of-benchmark allocation to high yield corporates contributed to returns. An overweight to taxable municipals was an additional tailwind. Security selection was the main contributor to performance. Selection within banking, due to an inclusion of out-of-benchmark preferreds, was a key positive. Also helping was selection in the investment grade corporate consumer cyclicals and consumer non-cyclicals sectors as well as in taxable municipals and agency MBS. Selection was negative in the communications and capital goods sectors. The Fund benefited from having an overall duration shorter than its benchmark as yields rose across the curve. However, our preference for intermediate maturities and underweight to the long end weighed on performance amid the sharp flattening of the yield curve.

OUTLOOK

The meaningful shift in the Fed reaction function—in addition to potentially elevated inflation pressure in the near term—suggests front-end maturities could face a challenging 2022. Farther out the curve, however, the outlook is less clear. With the Fed projecting a terminal rate near 2.5% and the market pricing in a ceiling closer to 1.75%, any fluctuation in this differential is likely to impact longer maturities most acutely as investors weigh the potential for a policy error. In light of these various moving pieces and projections, we believe the bias in rates is to the upside and consequently we are broadly shorter than our benchmark. With respect to curve positioning, we think risks are fairly balanced. We have only a small underweight to long maturities because we see a more appealing risk profile in intermediates, which offer attractive carry and roll with less exposure to potential volatility as rates move higher.

AMG GW&K Enhanced Core Bond ESG Fund

Portfolio Manager’s Comments (continued)

see value in credit improvement stories within the investment grade space. In high yield, we favor crossover stories trading wide of investment grade peers while avoiding some of the more cyclical industries where we think good news is already reflected in spreads. We remain neutral on mortgages heading into the taper, though higher mortgage rates could improve our outlook for prepayment speeds. We also maintain our

preference for higher-coupon, seasoned pools given our expectation of higher rates, as they are less exposed to extension risk.

The views expressed represent the opinions of GW&K Investment Management, LLC and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

AMG GW&K Enhanced Core Bond ESG Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K Enhanced 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. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Enhanced Core Bond ESG Fund’s Class N shares on December 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 Enhanced Core Bond ESG Fund and the Bloomberg U.S. Aggregate Bond Index for the same time periods ended December 31, 2021.


	One			Five			Ten			Since			Inception
Average Annual Total Returns¹	Year			Years			Years			Inception			Date
AMG GW&K Enhanced Core Bond ESG Fund^2,^{3, 4, 5, 6, 7, 8, 9}
Class N		(1.26	%)		4.04	%		3.48	%		5.20	%		01/02/97

Class I		(1.07	%)		4.23	%			–		3.01	%		11/30/12

Class Z		(0.92	%)		4.30	%		3.75	%		5.57	%		01/02/97

Bloomberg U.S. Aggregate Bond Index¹⁰		(1.54	%)		3.57	%		2.90	%		4.96	%		01/02/97	^†

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 December 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 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.

⁴ 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.

⁵ High-yield bonds (also known as “junk bonds”) may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments. The issuers of the Fund’s holdings may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers.

⁶ 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.

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 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.

AMG GW&K Enhanced Core Bond ESG Fund

Portfolio Manager’s Comments (continued)

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 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 is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the fund described herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to such fund.

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

AMG GW&K Enhanced Core Bond ESG Fund

Fund Snapshots (unaudited)

December 31, 2021

PORTFOLIO BREAKDOWN


Category	% of Net Assets

Corporate Bonds and Notes		44.3

U.S. Government and Agency Obligations		44.1

Municipal Bonds		5.8

Foreign Government Obligations		0.6

Short-Term Investments		2.4

Other Assets Less Liabilities		2.8

Rating	% of Market Value¹

U.S. Government and Agency Obligations		46.5

Aaa/AAA		2.8

Aa/AA		8.6

A		7.3

Baa/BBB		20.1

Ba/BB		13.2

B		1.5

TOP TEN HOLDINGS


Security Name	% of Net Assets

U.S. Treasury Bonds, 6.750%, 08/15/26		3.9

U.S. Treasury Bonds, 2.250%, 05/15/41		3.0

FNMA, 4.000%, 10/01/43		2.0

U.S. Treasury Bonds, 5.000%, 05/15/37		2.0

U.S. Treasury Bonds, 1.875%, 02/15/51		1.9

California State General Obligation, School Improvements, 7.550%, 04/01/39		1.8

FNMA, 4.500%, 09/01/46		1.7

FHLMC, 3.000%, 03/01/51		1.5

U.S. Treasury Notes, 1.625%, 02/15/26		1.3

Los Angeles Unified School District, School Improvements, General Obligation, 5.750%, 07/01/34		1.2



Top Ten as a Group		20.3

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

AMG GW&K Enhanced Core Bond ESG Fund

Schedule of Portfolio Investments

December 31, 2021



	Principal Amount		Value

Corporate Bonds and Notes - 44.3%

Financials - 13.4%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) 1.650%, 10/29/24	$	450,000		$449,184

Ally Financial, Inc. 8.000%, 11/01/31		409,000		578,968

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		595,000		596,041

American Tower Corp.
2.950%, 01/15/51		591,000		559,803

Bank of America Corp.
MTN, (4.330% to 03/15/49 then 3 month LIBOR + 1.520%), 4.330%, 03/15/50^1,3		484,000		598,761

The Bank of New York Mellon Corp.
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		234,000		249,620

The Bank of Nova Scotia (Canada)
(SOFR + 0.610%), 0.660%, 09/15/26³		600,000		600,000

Boston Properties, LP
3.400%, 06/21/29		542,000		575,276

CIT Group, Inc.
6.125%, 03/09/28⁴		421,000		508,357

Crown Castle International Corp.
4.300%, 02/15/29		392,000		437,587

The Goldman Sachs Group, Inc.
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		15,000		14,850
Series S, (4.400% to 02/10/25 then U.S. Treasury Yield Curve CMT 5 year + 2.850%), 4.400%, 02/10/25^1,2,3		343,000		345,230

Iron Mountain, Inc.
4.500%, 02/15/31⁵		270,000		272,886

JPMorgan Chase & Co.
(3.157% to 04/22/41 then SOFR + 1.460%), 3.157%, 04/22/42^1,3		578,000		603,363

Morgan Stanley
(3 month LIBOR + 1.220%), 1.364%, 05/08/24^1,3		595,000		602,271

SLM Corp.
3.125%, 11/02/26⁴		300,000		297,000

Starwood Property Trust, Inc.
5.500%, 11/01/23⁵		238,000		246,330

The Toronto-Dominion Bank (Canada)
(SOFR + 0.355%), 0.405%, 03/04/24³		592,000		592,323

Total Financials				8,127,850

Industrials - 29.5%

AECOM
5.125%, 03/15/27		235,000		255,996



	Principal Amount		Value

Alcoa Nederland Holding, B.V. (Netherlands)
4.125%, 03/31/29⁵	$	230,000	$	236,900

Aramark Services, Inc.
5.000%, 02/01/28^4,5		284,000		293,585

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.250%, 09/01/28^4,5		400,000		395,510

Ashtead Capital, Inc.
1.500%, 08/12/26^4,5		278,000		272,898

AT&T, Inc.
(3 month LIBOR + 1.180%), 1.381%, 06/12/24³		729,000		738,812

Berry Global, Inc.
5.625%, 07/15/27⁵		252,000		263,655

Block Financial LLC
3.875%, 08/15/30		124,000		132,670

Block, Inc.
2.750%, 06/01/26⁵		160,000		160,190

Broadcom, Inc.
1.950%, 02/15/28⁵		568,000		561,546

Centene Corp.
2.500%, 03/01/31		294,000		286,213

Central Garden & Pet Co.
4.125%, 10/15/30⁴		130,000		131,138

Charter Communications Operating LLC/Charter Communications Operating Capital
4.908%, 07/23/25		541,000		595,700

Clearwater Paper Corp.
4.750%, 08/15/28⁵		240,000		244,200

The Coca-Cola Co.
2.500%, 06/01/40		140,000		140,527

Cogent Communications Group, Inc.
3.500%, 05/01/26⁵		235,000		238,685

Comcast Corp.
4.150%, 10/15/28		514,000		583,509

CommonSpirit Health
3.347%, 10/01/29		541,000		575,289

CVS Health Corp.
5.125%, 07/20/45		490,000		636,933

Dana, Inc.
4.250%, 09/01/30		35,000		35,481
5.625%, 06/15/28⁴		377,000		400,563

Dell, Inc.
7.100%, 04/15/28⁴		235,000		294,416

Discovery Communications LLC
3.950%, 03/20/28		260,000		282,566

Elanco Animal Health, Inc.
5.900%, 08/28/28⁶		361,000		418,760

Fiserv, Inc.
4.200%, 10/01/28		516,000		578,449

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

AMG GW&K Enhanced Core Bond ESG Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value

Industrials - 29.5% (continued)

The Ford Foundation
Series 2020, 2.415%, 06/01/50	$	548,000	$	517,751

G-III Apparel Group, Ltd.
7.875%, 08/15/25⁵		220,000		234,079

GLP Capital LP/GLP Financing II Inc.
5.750%, 06/01/28		115,000		132,784

Hilton Domestic Operating Co., Inc.
4.875%, 01/15/30		218,000		232,988

Hudbay Minerals, Inc. (Canada)
4.500%, 04/01/26^4,5		135,000		135,000

KB Home
4.800%, 11/15/29⁴		415,000		452,972

Kraft Heinz Foods Co.
4.250%, 03/01/31		510,000		579,931

Lumen Technologies Inc
5.625%, 04/01/25		246,000		260,199

Macy’s Retail Holdings, LLC
4.500%, 12/15/34		518,000		511,525

Merck & Co., Inc.
1.900%, 12/10/28⁴		598,000		600,815

MGM Resorts International
5.750%, 06/15/25⁴		365,000		392,831

Microsoft Corp.
2.525%, 06/01/50		589,000		574,386

MSCI, Inc.
3.250%, 08/15/33⁵		135,000		136,519

Murphy Oil USA, Inc.
4.750%, 09/15/29		22,000		23,155
5.625%, 05/01/27		257,000		267,280

Newell Brands, Inc.
4.700%, 04/01/26⁶		245,000		267,112

Nordstrom, Inc.
4.375%, 04/01/30⁴		581,000		586,104

Penn National Gaming, Inc.
5.625%, 01/15/27⁵		125,000		127,500

PulteGroup, Inc.
5.000%, 01/15/27⁴		424,000		481,579
5.500%, 03/01/26		85,000		96,647

Royal Caribbean Cruises, Ltd. (Liberia)
7.500%, 10/15/27⁴		253,000		292,595

Sysco Corp.
2.400%, 02/15/30		563,000		564,651

Travel + Leisure Co.
5.650%, 04/01/24⁶		412,000		437,750

United Rentals North America, Inc.
3.875%, 02/15/31		289,000		293,335

Verizon Communications, Inc.
3.875%, 02/08/29⁴		526,000		582,899


	Principal Amount		Value

Walgreens Boots Alliance, Inc.
4.800%, 11/18/44		$364,000		$437,733

Total Industrials				17,974,311

Utilities - 1.4%

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		456,000		475,380

National Rural Utilities Cooperative Finance Corp.
1.350%, 03/15/31		438,000		402,484

Total Utilities				877,864

Total Corporate Bonds and Notes (Cost $26,648,969)				26,980,025

Municipal Bonds - 5.8%

California State General Obligation,
School Improvements
7.550%, 04/01/39		650,000		1,084,756

County of Miami-Dade FL Aviation
Revenue, Series C
4.280%, 10/01/41		675,000		740,284

Los Angeles Unified School District,
School Improvements
5.750%, 07/01/34		570,000		741,938

Massachusetts School Building Authority
Series B, 1.753%, 08/15/30		518,000		512,250

University of California, University & College Improvements Series BD, 3.349%, 07/01/29		380,000		417,496

Total Municipal Bonds (Cost $3,320,286)				3,496,724

U.S. Government and Agency Obligations - 44.1%

Fannie Mae - 19.9%

FNMA
2.000%, 08/01/50 to 09/01/50		562,136		561,420
2.500%, 07/01/33 to 05/01/50		577,257		596,834
3.000%, 08/01/50		217,168		227,203
3.500%, 02/01/33 to 07/01/50		4,277,168		4,583,345
4.000%, 12/01/33 to 01/01/51		2,902,510		3,159,301
4.500%, 04/01/39 to 08/01/50		1,770,720		1,941,053
5.000%, 07/01/47 to 08/01/50		952,483		1,063,412

Total Fannie Mae				12,132,568

Freddie Mac - 8.4%

FHLMC
2.000%, 08/01/50		169,342		169,456
2.500%, 10/01/34 to 08/01/50		1,152,720		1,191,307
3.000%, 03/01/50 to 03/01/51		1,475,843		1,543,488
4.000%, 07/01/48 to 09/01/50		490,905		532,304
4.500%, 10/01/41		593,596		653,435

FHLMC Gold Pool
3.500%, 02/01/30 to 04/01/46		918,454		985,706

Total Freddie Mac				5,075,696

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

AMG GW&K Enhanced Core Bond ESG Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value

U.S. Treasury Obligations - 15.8%

U.S. Treasury Bonds
1.875%, 02/15/51	$	1,173,000		$1,160,537
2.250%, 05/15/41		1,732,000		1,819,141
2.500%, 02/15/46		540,000		596,510
3.125%, 05/15/48		476,000		594,888
5.000%, 05/15/37		821,000		1,195,036
6.750%, 08/15/26		1,929,000		2,404,167

U.S. Treasury Notes
1.625%, 02/15/26		813,000		826,974
2.125%, 09/30/24		558,000		576,222
2.875%, 05/15/28		426,000		464,124

Total U.S. Treasury Obligations				9,637,599

Total U.S. Government and Agency Obligations (Cost $26,873,703)				26,845,863

Foreign Government Obligation - 0.6%

The Korea Development Bank (South Korea)
0.500%, 10/27/23
(Cost $345,470)		346,000		342,923

Short-Term Investments - 2.4%

Joint Repurchase Agreements - 2.4%⁷

Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22, 0.060% total to be received $481,524 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 3.500%, 02/15/22 - 12/20/51, totaling $491,152)		481,522		481,522


	Principal Amount		Value

RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.050% total to be received $1,000,004 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 05/15/22 - 12/01/51, totaling $1,020,000)	$	1,000,000		$1,000,000

Total Joint Repurchase Agreements				1,481,522

Total Short-Term Investments (Cost $1,481,522)				1,481,522

Total Investments - 97.2% (Cost $58,669,950)				59,147,057

Other Assets, less Liabilities - 2.8%				1,702,877

Net Assets - 100.0%			$	60,849,934

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

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

⁴	Some of these securities, amounting to $5,203,772 or 8.6% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

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 December 31, 2021, the value of these securities amounted to $3,819,483 or 6.3% of net assets.

⁶	Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

⁷	Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

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 Enhanced 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 December 31, 2021:


	Level 1		Level 2		Level 3		Total

Investments in Securities

Corporate Bonds and Notes^†		–	$	26,980,025		–	$	26,980,025

Municipal Bonds^†		–		3,496,724		–		3,496,724

U.S. Government and Agency Obligations^†		–		26,845,863		–		26,845,863

Foreign Government Obligation		–		342,923		–		342,923

Short-Term Investments

Joint Repurchase Agreements		–		1,481,522		–		1,481,522



Total Investments in Securities		–	$	59,147,057		–	$	59,147,057

^†

For the fiscal year ended December 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 High Income Fund

Portfolio Manager’s Comments (unaudited)

THE YEAR IN REVIEW

AMG GW&K High Income Fund (the “Fund”) Class N shares returned 3.67% during the year ended December 31, 2021, compared to the 4.11% return for the Bloomberg Barclays U.S. High Yield 1–5 Year Ba Index.

MARKET OVERVIEW

to these challenges suggested 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.

Fixed income markets were effectively flat in the fourth quarter, despite major narrative shifts with respect to inflation, monetary policy, and COVID-19. Signs of easing supply-chain pressures and continued labor market normalization were not enough to quell concerns about rising inflation, which is at its highest level in almost 40 years. The Fed executed a “hawkish pivot” in acknowledging more persistent inflationary forces and signaled its intention to respond accordingly. The extremely contagious omicron variant rapidly established itself as the dominant strain around the globe, forcing a reappraisal of reopening timelines and reviving the specter of lockdowns and healthcare rationing. Ironically, the combined effect of these various forces essentially netted to zero; solid economic data and a broadly constructive outlook from the Fed were met with the prospect of tightening financial conditions and growth fears posed by omicron. But trading overall was orderly, and after the last two years investors seemed well practiced at looking past near-term volatility toward the next stage of a return to normalcy.

FUND REVIEW

The Fund underperformed during its fiscal year mainly because of its duration and curve positioning. The Fund’s duration was longer than that of the benchmark, which detracted from returns in the rising rate environment. In addition, an overweight to the 3- to 5-year part of the curve served as a drag on performance as longer tenors endured the worst returns. The Fund’s overweight to this segment was due to more attractive yield and bond roll versus

shorter segments. The overall allocation effect was a modest negative, but this was mostly due to a small amount of cash being a drag in an upward market. However, the decisions to have a moderate out-of-benchmark allocation to investment grade corporates and B-rated bonds were additive. Security selection was the main contributor to performance and came from a range of areas. Inclusion of out-of-benchmark preferreds was a positive, as was selection in energy, basic industry, consumer cyclicals, and transportation. Selection in real estate investment trusts and communications lagged.

OUTLOOK

The meaningful shift in the Fed’s reaction function–in addition to potentially elevated inflation pressure in the near term—suggest front-end maturities could face a challenging 2022. Farther out the curve, however, the outlook is less clear. With the Fed projecting a terminal rate near 2.5% and the market pricing in a ceiling closer to 1.75%, any fluctuation in this differential is likely to impact longer maturities most acutely as investors weigh the potential for a policy error. In light of these various moving pieces and projections, we believe the bias in rates is to the upside and consequently we are broadly shorter than our benchmark. With respect to curve positioning, we think risks are fairly balanced. We have only a small underweight to long maturities because we see a more appealing risk profile in intermediates, which offer attractive carry and roll with less exposure to potential volatility as rates move higher.

The views expressed represent the opinions of GW&K Investment Management, LLC and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

AMG GW&K High Income Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K High Income 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 High Income Fund’s Class N shares on December 31, 2011, to a $10,000 investment made in the Bloomberg U.S. High Yield 1-5 Year Ba 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 High Income Fund and the Bloomberg U.S. High Yield 1-5 Year Ba Index for the same time periods ended December 31, 2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG GW&K High Income Fund^2,^{3, 4, 5, 6, 7}
Class N		3.67	%		5.81	%		3.77	%		4.97	%		03/25/94

Class I			–			–			–		3.68	%		03/15/21
Bloomberg U.S. High Yield 1-5 Year Ba Index⁸		4.11	%		5.17	%		5.77	%			–		03/ 25/94	^†

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

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

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

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

³ As of December 4, 2020, the Fund’s subadvisor was changed to GW&K Investment Management, LLC. Prior to December 4, 2020, the Fund was known as the AMG Managers Global Income Opportunity Fund, and had different principal investment strategies and corresponding risks. Performance shown for periods prior to December 4, 2020 reflects the performance and investment strategies of the Fund’s previous subadvisor, Loomis, Sayles & Company, L.P. 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.

⁵ 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.

⁶ High-yield bonds (also known as “junk bonds”) may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments. The issuers of the Fund’s holdings may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers.

⁷ The issuer of the bonds may not be able to meet interest or principal payments when the bonds come due.

⁸ The Bloomberg U.S. High Yield Ba 1-5 Year Index, a subset of the Bloomberg High Yield Index, is an unmanaged index comprised of fixed rate, publicly issued, non-investment grade debt registered with the Securities and Exchange Commission (SEC) where the middle rating of Moody’s, S&P and Fitch is BB and maturities range from 1 to 5 years. Unlike the Fund, the Bloomberg U.S. High Yield Ba 1-5 Year Index is unmanaged, is not available for investment and does not incur expenses.

AMG GW&K High Income Fund

Portfolio Manager’s Comments (continued)

for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the fund described herein. Bloomberg does not guarantee the timeliness, accurateness, or

completeness of any data or information relating to such fund.

Not FDIC insured, nor bank guaranteed. May lose value

AMG GW&K High Income Fund

Fund Snapshots (unaudited)

December 31, 2021

PORTFOLIO BREAKDOWN


Category	% of Net Assets

Corporate Bonds and Notes		96.8

Short-Term Investments¹		11.0

Other Assets Less Liabilities²		(7.8	)

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

²	Includes repayment of cash collateral on security lending transactions.


Rating	% of Market Value¹

Baa/BBB		19.3

Ba/BB		66.0

B		14.7

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

TOP TEN HOLDINGS


Security Name	% of Net Assets

Starwood Property Trust, Inc., 4.750%, 03/15/25		2.2

Telecom Italia S.P.A., 5.303%, 05/30/24 (Italy)		2.0

Ford Motor Co., 4.346%, 12/08/26		1.9

Ovintiv Exploration Inc, 5.625%, 07/01/24		1.8

Service Properties Trust, 7.500%, 09/15/25		1.8

Apache Corp., 4.625%, 11/15/25		1.8

OneMain Finance Corp., 7.125%, 03/15/26		1.5

Ball Corp., 5.250%, 07/01/25		1.5

Citigroup, Inc., 3.875%, 02/18/26		1.5

DCP Midstream Operating LP, 5.375%, 07/15/25		1.4



Top Ten as a Group		17.4

AMG GW&K High Income Fund

Schedule of Portfolio Investments

December 31, 2021


	Principal Amount		Value

Corporate Bonds and Notes - 96.8%

Financials - 17.8%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) 1.650%, 10/29/24	$	150,000		$149,728

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		190,000		197,125

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		205,000		205,359

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		241,000		245,820

Citigroup, Inc.
(3.875% to 02/18/26 then U.S. Treasury Yield Curve CMT 5 year + 3.417%), 3.875%, 02/18/26^1,2,3		310,000		310,000

MetLife, Inc.
Series G (3.850% to 09/15/25 then U.S. Treasury Yield Curve CMT 5 year + 3.576%), 3.850%, 09/15/25^1,2,3,4		189,000		192,780

Morgan Stanley
Series M (5.875% to 09/15/26 then 3 month LIBOR + 4.435%), 5.875%, 09/15/26^1,2,3,4		210,000		236,638

Navient Corp.
6.125%, 03/25/24		193,000		205,786

OneMain Finance Corp.
7.125%, 03/15/26		275,000		313,500

SBA Communications Corp.
3.875%, 02/15/27		180,000		185,400

Service Properties Trust
7.500%, 09/15/25		360,000		390,037

SLM Corp.
4.200%, 10/29/25		286,000		298,870

Starwood Property Trust, Inc.
4.750%, 03/15/25		446,000		463,840

VICI Properties LP/VICI Note Co., Inc.
3.500%, 02/15/25^4,5		120,000		121,800
4.250%, 12/01/26⁵		85,000		88,525

Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.500%, 03/01/25⁵		185,000		190,550

Total Financials				3,795,758


	Principal Amount		Value
Industrials - 77.0%

AECOM
5.125%, 03/15/27	$	184,000	$	200,439

Alcoa Nederland Holding BV (Netherlands)
6.125%, 05/15/28⁵		200,000		215,250

Allegheny Technologies, Inc.
4.875%, 10/01/29		156,000		156,156

American Airlines Inc/AAdvantage Loyalty IP, Ltd.
5.500%, 04/20/26⁵		235,000		244,371

American Axle & Manufacturing, Inc.
6.250%, 03/15/26		164,000		167,485

Apache Corp.
4.625%, 11/15/25		351,000		376,886

Aramark Services, Inc.
5.000%, 02/01/28^4,5		100,000		103,375

ArcelorMittal, S.A. (Luxembourg)
4.250%, 07/16/29⁴		181,000		198,183

Avient Corp.
5.750%, 05/15/25⁵		140,000		145,950

Ball Corp.
5.250%, 07/01/25		283,000		312,007

Bath & Body Works, Inc.
6.694%, 01/15/27		135,000		155,250

Block, Inc.
2.750%, 06/01/26⁵		210,000		210,250

Caesars Entertainment, Inc.
6.250%, 07/01/25⁵		185,000		194,181

CDW LLC/CDW Finance Corp.
5.500%, 12/01/24		145,000		158,890

Clearwater Paper Corp.
5.375%, 02/01/25⁵		255,000		275,400

Cogent Communications Group, Inc.
3.500%, 05/01/26⁵		200,000		203,136

Continental Resources, Inc.
4.375%, 01/15/28		138,000		149,185

Crown Cork & Seal Co., Inc.
7.375%, 12/15/26		205,000		247,281

CSC Holdings LLC
5.250%, 06/01/24		167,000		173,680

Dana, Inc.
5.625%, 06/15/28		100,000		106,250

DCP Midstream Operating LP
5.375%, 07/15/25		276,000		301,530

Delta Air Lines, Inc.
7.375%, 01/15/26⁴		251,000		295,502

DISH DBS Corp.
7.750%, 07/01/26		175,000		184,625

Embraer Netherlands Finance BV (Netherlands)
5.050%, 06/15/25		220,000		227,425

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

AMG GW&K High Income Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 77.0% (continued)

Encompass Health Corp.
4.500%, 02/01/28	$	191,000	$	196,491

FMG Resources August 2006 Pty, Ltd. (Australia)
5.125%, 05/15/24⁵		135,000		143,100

Ford Motor Co.
4.346%, 12/08/26		364,000		397,033
5.291%, 12/08/46		88,000		103,422

Fortress Transportation and Infrastructure Investors LLC
6.500%, 10/01/25⁵		175,000		180,906

G-III Apparel Group, Ltd.
7.875%, 08/15/25⁵		180,000		191,519

The Goodyear Tire & Rubber Co.
4.875%, 03/15/27		283,000		299,626

Griffon Corp.
5.750%, 03/01/28		100,000		103,883

Hanesbrands, Inc.
4.875%, 05/15/26⁵		170,000		181,687

HCA, Inc.
5.375%, 02/01/25		192,000		211,008

Hexcel Corp.
4.950%, 08/15/25⁶		168,000		183,211

Hilton Domestic Operating Co., Inc.
4.875%, 01/15/30		98,000		104,738

Howmet Aerospace, Inc.
6.875%, 05/01/25		212,000		243,739

Hudbay Minerals, Inc. (Canada)
4.500%, 04/01/26⁵		300,000		300,000

IEA Energy Services LLC
6.625%, 08/15/29⁵		45,000		44,449

KB Home
4.000%, 06/15/31		95,000		98,563

Kraft Heinz Foods Co.
4.375%, 06/01/46		86,000		100,706

Lumen Technologies Inc
5.625%, 04/01/25		279,000		295,104

Macy’s Retail Holdings, LLC
3.625%, 06/01/24⁴		139,000		142,127
4.500%, 12/15/34		107,000		105,663

Matador Resources Co.
5.875%, 09/15/26		250,000		257,500

Mattel, Inc.
3.375%, 04/01/26⁵		240,000		246,125

MercadoLibre, Inc.
2.375%, 01/14/26		200,000		194,502

Meritage Homes Corp.
6.000%, 06/01/25		163,000		181,745

Meritor, Inc.
6.250%, 06/01/25⁵		260,000		271,050


	Principal Amount		Value

Methanex Corp. (Canada)
5.125%, 10/15/27	$	200,000	$	210,000

MGM Resorts International
5.750%, 06/15/25⁴		233,000		250,766

Mueller Water Products, Inc.
4.000%, 06/15/29⁵		200,000		202,000

Newell Brands, Inc.
4.875%, 06/01/25		180,000		196,200

Nordstrom, Inc.
4.000%, 03/15/27⁴		282,000		283,410

Novelis Corp.
3.250%, 11/15/26⁵		210,000		211,837

NuStar Logistics LP
5.625%, 04/28/27		113,000		119,497
5.750%, 10/01/25		115,000		123,754

Occidental Petroleum Corp.
3.400%, 04/15/26		205,000		210,264

Ovintiv Exploration Inc
5.625%, 07/01/24		356,000		391,878

Owens-Brockway Glass Container, Inc.
6.375%, 08/15/25^4,5		220,000		237,050

Penn National Gaming, Inc.
4.125%, 07/01/29^4,5		200,000		194,000

Penske Automotive Group, Inc.
3.500%, 09/01/25⁴		192,000		196,320

Prime Security Services Borrower LLC/Prime Finance, Inc.
5.750%, 04/15/26⁵		250,000		268,417

PTC, Inc.
3.625%, 02/15/25⁵		295,000		299,056

QVC, Inc.
4.750%, 02/15/27		204,000		209,765

Royal Caribbean Cruises, Ltd. (Liberia)
7.500%, 10/15/27⁴		181,000		209,326

Sally Holdings LLC/Sally Capital, Inc.
8.750%, 04/30/25⁵		130,000		138,450

Sealed Air Corp.
5.500%, 09/15/25⁵		200,000		221,250

Silgan Holdings, Inc.
4.125%, 02/01/28		153,000		156,251

Southwestern Energy Co.
6.450%, 01/23/25		47,000		51,653

Sprint Corp.
7.125%, 06/15/24		169,000		189,729

Telecom Italia S.P.A. (Italy)
5.303%, 05/30/24⁵		400,000		420,984

Tenet Healthcare Corp.
4.875%, 01/01/26⁵		190,000		195,155

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

AMG GW&K High Income Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 77.0% (continued)

Teva Pharmaceutical Finance Netherlands III (Netherlands)
2.800%, 07/21/23	$	200,000		$200,693

TransDigm, Inc.
6.250%, 03/15/26⁵		190,000		197,481

Travel + Leisure Co.
5.650%, 04/01/24⁶		181,000		192,312

United Airlines Holdings, Inc.
5.000%, 02/01/24		290,000		300,150

United States Steel Corp.
6.875%, 03/01/29⁴		94,000		101,168

Wabash National Corp.
4.500%, 10/15/28⁵		155,000		156,550

WESCO Distribution, Inc.
7.250%, 06/15/28⁵		100,000		109,625

Western Midstream Operating LP
4.650%, 07/01/26		184,000		200,265

Total Industrials				16,425,840

Utilities - 2.0%

NRG Energy, Inc.
5.250%, 06/15/29⁵		185,000		198,206

SM Energy Co.
5.625%, 06/01/25		217,000		218,628

Total Utilities				416,834

Total Corporate Bonds and Notes
(Cost $20,559,924)				20,638,432


	Principal Amount		Value
Short-Term Investments - 11.0%

Joint Repurchase Agreements - 11.0%⁷

Bank of America Securities, Inc., dated 12/31/21,due 01/03/22, 0.050% total to be received $1,000,004 (collateralized by various U.S. Government Agency Obligations, 1.000% - 5.000%, 09/01/28 - 01/01/61, totaling $1,020,000)	$	1,000,000		$1,000,000

Morgan, Stanley & Co. LLC, dated 12/31/21, due 01/03/22, 0.050% total to be received $340,363 (collateralized by various U.S. Government Agency Obligations, 2.000% - 8.000%, 11/01/22 - 01/01/52, totaling $347,169)		340,362		340,362

RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.050% total to be received $1,000,004 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 05/15/22 - 12/01/51, totaling $1,020,000)		1,000,000		1,000,000

Total Joint Repurchase Agreements				2,340,362

Total Short-Term Investments
(Cost $2,340,362)				2,340,362

Total Investments - 107.8%
(Cost $22,900,286)				22,978,794

Other Assets, less Liabilities - (7.8)%				(1,655,082	)

Net Assets - 100.0%			$	21,323,712

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

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

⁴	Some of these securities, amounting to $2,660,400 or 12.5% 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.

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 December 31, 2021, the value of these securities amounted to $6,601,685 or 31.0% of net assets.

⁶	Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

⁷	Cash collateral received for securities lending activity was invested in these joint repurchase agreements.


CMT		Constant Maturity Treasury
LIBOR		London Interbank Offered Rate

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

AMG GW&K High Income 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 December 31, 2021:


	Level 1		Level 2		Level 3		Total

Investments in Securities

Corporate Bonds and Notes^†		–	$	20,638,432		–	$	20,638,432

Short-Term Investments

Joint Repurchase Agreements		–		2,340,362		–		2,340,362


Total Investments in Securities		–	$	22,978,794		–	$	22,978,794

^†	All corporate bonds and notes held in the Fund are level 2 securities. For a detailed breakout of corporate bonds and notes by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

For the fiscal year ended December 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 Municipal Bond Fund

Portfolio Manager’s Comments (unaudited)

THE YEAR IN REVIEW

For the year ended December 31, 2021, AMG GW&K Municipal Bond Fund (the “Fund”) Class N shares returned 0.10%, compared to the 0.96% return for its benchmark, the Bloomberg 10-Year Municipal Bond Index (the “Index”).

Municipal bonds fared better than most fixed income alternatives in the first quarter, but ultimately could not escape the gravitational pull of a bond market selloff that saw Treasury yields surge to their highest levels of the pandemic era. The major catalyst came in January, when the Democrats unexpectedly secured control of the U.S. Senate, clearing the way to add a $1.9 trillion fiscal stimulus package to an economy already buoyed by the momentum of a successful vaccine rollout. Investors responded quickly, repositioning for a sharp acceleration in growth and a revival of long-dormant inflationary pressures. The yield on the 10-year U.S. Treasury shot up 82 basis points over the first quarter and the curve steepened significantly, as the futures market pulled forward by a year; the date of a first rate hike. But the U.S. Federal Reserve (the “Fed”) pledged patience and dismissed pricing pressures as temporary. While inflation expectations had pushed to decade-highs, policymakers emphasized that over half of the increase in nominal yields was driven by a surge in real rates, a welcome reflection of investor confidence in the recovery.

That followed with solid gains from municipal bonds in the second quarter, riding the coattails of a Treasury rally that reversed much of the first quarter selloff in bonds. In many ways, the rebound in the broader market went against the grain of events. After all, during the quarter, unprecedented fiscal stimulus made its way through the economy, with the White House pushing aggressively for even more. A vaccine-led recovery across the U.S. unleashed a mountain of pent-up savings amid easing lockdowns, fueling an acceleration in growth. Inflation readings jumped to levels not seen in two decades, as job openings surged to record highs and supply chain disruptions caused widespread shortages. And yet, Treasury yields declined anyway. Disappointing employment data and a deceleration in retail sales and manufacturing activity called into question the strength of the recovery. Fiscal spending initiatives met stiff resistance in Congress. And the Fed surprised investors by easing off its ultra-accommodative stance on rates and asset purchases, signaling two quarter point hikes in 2023

and setting the stage for a future discussion on tapering. This combination of less-robust growth and a more vigilant Fed led to a significant flattening of the yield curve.

Modest losses for municipal bonds followed in the third quarter, driven by a late-September selloff in Treasuries. For most of the summer, broader rates remained low and traded within a narrow range, despite solid economic data and rising inflation prints. The market, it appeared, was more focused on the longer term, taking supply-chain disruptions in stride and buying into the Fed’s argument that price increases would ultimately prove “transitory.” The spread of the delta variant also helped to keep a lid on rates, as concerns about delayed reopenings dialed back expectations over the pace for global growth. But the markets received a jolt from the September FOMC meeting when a less dovish Fed indicated that the tapering program was likely to begin in November and finish next summer. Further, the accompanying dot plot reflected a more aggressive path for rate hikes, with liftoff potentially beginning next year, followed by three more hikes in both 2023 and 2024. The yield on the 10-year Treasury reacted with the single largest one-day jump since February. Meanwhile, Congress found it increasingly difficult to reach consensus on the infrastructure deal, which has been put on hold pending the outcome of a more contentious $3.5 trillion social policy bill. A debt ceiling debate and threats of a government shutdown only added to the apprehension and uncertainty. Over the final eight days of September, the 10-year Treasury yield rose nearly 20 basis points to finish roughly unchanged for the third quarter.

Municipal bonds posted mixed returns in the fourth quarter; short maturities barely broke even, held back by the potential for an accelerated rate-hike cycle, while the long end rallied on declining growth expectations. Municipal bonds outperformed Treasuries across the entire curve, buoyed by a strong technical environment that had been in place all year. The broader market, meanwhile, experienced its second major selloff of 2021, though most of the losses were likewise concentrated at the short end, while the long end saw solid gains. Back in the first quarter, the long end had led the slide, as investors repositioned during the so-called “reflation trade.” This time around, the results reflected a market trying to juggle elevated growth and inflation against tighter monetary policy, less fiscal stimulus and the damping effects of the omicron variant. With

inflation topping 40-year highs, the Fed executed a well-telegraphed hawkish pivot, doubling the pace of its expected taper and signaling as many as six quarter-point rate hikes over the next two years. The “transitory” moniker was also dropped from the policy statement, a nod to the reality that the spike in price increases is expected to linger far longer than originally anticipated. While two-year rates jumped 45 basis points over the quarter in reaction to the new messaging, 10-year rates were essentially unchanged. Whereas the 30-year rallied 14 basis points, an indication that investors believe the Fed will either succeed in keeping inflation at bay or damage the economy in trying.

Municipals charted their own path through the end of the year, largely ignoring the volatility in the Treasury market. After a brief hiccup in October, the market regained its footing in November and December. The catalyst was a seasonal boost in reinvestment flows against a backdrop of stable to falling issuance. In Washington, the House passed a version of the Build Back Better legislation, but left out key provisions that the municipal bond market lobbied hard for, including one that would have restored tax-exempt advanced refunding transactions. With that provision off the table, it seemed clear that the scarcity premium enjoyed by tax-exempt paper would persist further, an impression reinforced by the subsequent rally in municipals even while the Treasury market was in the midst of a pre-Thanksgiving Day slide. Meanwhile, the fundamental momentum remained intact. In November, Congress finally passed the bipartisan infrastructure bill, shoring up existing funding commitments and adding new federal grants to be used by all levels of government. Tax receipts continued to pour into state and local coffers, while outsized stock market gains helped bolster the funded status of pension systems across the board. Through the end of the year, the municipal curve mimicked the flattening of the Treasury curve, though short tax-exempt rates were up far less than their taxable counterparts, while longer-term yields fell by more. Those dynamics capped a year of outperformance that enabled municipal bonds to stand as one of the few investment-grade fixed income sectors to post positive returns for 2021.

Amid this backdrop, the Fund underperformed the Index for the year. The Fund’s higher quality bias was a negative as credit spreads tightened, particularly for BBB-rated securities. An overweight to the

AMG GW&K Municipal Bond Fund

Portfolio Manager’s Comments (continued)

transportation sector and shift in yield curve positioning in February were positive contributors for the year.

From both a technical and fundamental perspective, the municipal bond market enters 2022 on a solid footing. The biggest questions moving forward involve valuation and the pace of improvement from here. After a year that saw a record $100 billion pour into industry mutual funds, it’s hard to envision a material increase in retail demand. The same can be said for credit spreads, which blew out dramatically during the early days of the lockdown but have since rallied back to post-2007 tights. Even nominal rates,

though well above the historical lows reached in the summer of 2020, begin the year at levels that would have been all-time lows before the onset of the pandemic. The resilience of municipal bonds in the face of broader weakness has left relative value ratios nearly two standard deviations rich to their long-term averages. And yet the case for municipals remains compelling when you consider where we are in the market cycle. With asset valuations at record highs, investors would be well advised to remember the low correlation of municipal bonds with riskier securities, like equities, commodities, real estate and high yield. Backed by unprecedented federal support, conservative budgeting and its

status as one of the few high-quality tax shelters, municipal bonds are in good shape to weather any repricing in the broader markets. To be sure, investors are currently paying a meaningful premium for such an attractive and reliable haven, but with few things as valuable as sleeping well at night, that shouldn’t come as much of a surprise.

The views expressed represent the opinions of GW&K Investment Management, LLC and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

AMG GW&K Municipal Bond Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K Municipal 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 GW&K Municipal Bond Fund’s Class N shares on December 31, 2011, to a $10,000 investment made in the Bloomberg 10-Year Municipal 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 Municipal Bond Fund and the Bloomberg 10-Year Municipal Bond Index for the same time periods ended December 31, 2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years

AMG GW&K Municipal Bond Fund^2,^{3, 4, 5, 6, 7}

Class N		0.10	%		3.33	%		2.88	%

Class I		0.43	%		3.66	%		3.27	%

Bloomberg 10-Year Municipal Bond Index⁸		0.96	%		4.27	%		3.69	%

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	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. An increase in interest rates typically cause the value of bonds and other fixed securities to fall.

⁴ Factors unique to the municipal bond market may negatively affect the value of municipal bonds.

⁵ Investment income may be subject to certain state and local taxes, and depending on your tax status, the federal alternative minimum tax. Capital gains are not exempt from federal income tax.

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 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.

⁸ The Bloomberg 10-Year Municipal Bond Index is the 10 Year (8-12) component of the Municipal Bond index. It is a rules-based, market-value-weighted index engineered for the tax-exempt bond market. The Index tracks general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds rated Baa3/BBB- or higher by at least two of the ratings agencies: Moody’s, S&P, Fitch. Unlike the Fund, the Bloomberg 10-Year Municipal Bond Index is unmanaged, is not available for investment and does not incur expenses.

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

AMG GW&K Municipal Bond Fund

Fund Snapshots (unaudited)

December 31, 2021

PORTFOLIO BREAKDOWN


Category	% of Net Assets

Transportation		29.6

Utilities		26.8

General Obligation		19.7

Medical		9.2

Water		5.8

Education		4.6

Power		1.5

Tobacco Settlement		0.7

Industrial Development		0.7

Short-Term Investments		4.4

Other Assets Less Liabilities		(3.0	)

Rating	% of Market Value¹

Aaa/AAA		29.5

Aa/AA		43.8

A		21.0

Baa/BBB		5.7

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

TOP TEN HOLDINGS


Security Name	% of Net Assets

Hampton Roads Transportation Accountability Commission, Series A, Series A, Revenue, 5.000%, 07/01/26		2.4

Wisconsin State Revenue, Department of Transportation, Series 2, Series 2, 5.000%, 07/01/29		1.9

North Carolina State Limited Obligation, Series B, Series B, 5.000%, 05/01/28		1.4

Iowa Finance Authority, State Revolving Fund Green Bond, 5.000%, 08/01/30		1.4

Metropolitan Transportation Authority, Transit Revenue, Green Bond, Series B, Series B, 5.000%, 11/15/27		1.3

State of California, General Obligation, 5.000%, 11/01/30		1.1

State of Maryland, Department of Transportation, 5.000%, 09/01/29		1.1

State of Maryland, Department of Transportation, 5.000%, 10/01/28		1.1

State of New Jersey, Series A, 5.000%, 06/01/29		1.1

New York City Transitional Finance Authority Building Aid Revenue, Series S, Series 1A, Revenue, 5.000%, 07/15/32		1.1



Top Ten as a Group		13.9

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments

December 31, 2021



	Principal Amount		Value

Municipal Bonds - 98.6%

Alabama - 0.7%

Alabama Public School and College Authority, Series A
5.000%, 11/01/34		$7,500,000		$9,861,164

Arizona - 2.7%

Arizona Department of Transportation State Highway Fund Revenue
5.000%, 07/01/28		5,040,000		5,991,516

Arizona Industrial Development Authority
5.000%, 02/01/32		1,450,000		1,946,108
5.000%, 02/01/35		1,700,000		2,256,052
5.000%, 02/01/36		1,800,000		2,381,927
5.000%, 02/01/37		1,905,000		2,514,710

Arizona Water Infrastructure Finance Authority, Water Quality Revenue, Series A 5.000%, 10/01/26		10,000,000		11,241,938

Salt River Project Agricultural Improvement & Power District
5.000%, 01/01/27		3,000,000		3,640,618
5.000%, 01/01/28		2,625,000		3,269,607
5.000%, 01/01/29		2,500,000		3,193,543

Total Arizona				36,436,019

California - 11.2%

California Municipal Finance Authority, Community Medical Centers, Series A
5.000%, 02/01/27		950,000		1,150,857
5.000%, 02/01/30		1,630,000		1,957,709
5.000%, 02/01/31		900,000		1,080,005
5.000%, 02/01/32		1,855,000		2,222,756

California State Public Works Board
5.000%, 02/01/31		3,500,000		4,663,931

California State Public Works Board, Series A
5.000%, 02/01/30		3,500,000		4,563,105
5.000%, 02/01/32		3,500,000		4,756,455
5.000%, 08/01/33 ¹		5,000,000		6,574,537
5.000%, 08/01/34 ¹		2,750,000		3,608,764
5.000%, 08/01/35 ¹		2,500,000		3,275,189

California State Public Works Board, Series C
5.000%, 08/01/30 ¹		2,785,000		3,484,573
5.000%, 08/01/31 ¹		2,560,000		3,263,788
5.000%, 08/01/32 ¹		2,750,000		3,492,133
5.000%, 08/01/33 ¹		3,000,000		3,802,919

City of Los Angeles Department of Airports, Series C
5.000%, 05/15/30		10,515,000		13,583,803

Los Angeles County Public Works Financing Authority, Series G
5.000%, 12/01/30 ¹		1,750,000		2,237,923
5.000%, 12/01/31 ¹		1,500,000		1,953,916
5.000%, 12/01/32 ¹		1,875,000		2,435,082

Los Angeles Unified School District, Series A
5.000%, 07/01/28		5,000,000		6,309,182



	Principal Amount		Value

San Francisco City & County Airport Commission, San Francisco International Airport, Series A
5.000%, 05/01/34		$5,010,000		$6,249,182
5.000%, 05/01/35		5,800,000		7,223,399

San Francisco City & County Airport Comm-San Francisco International Airport, Series A
5.000%, 05/01/32		3,000,000		3,931,202

State of California
5.000%, 08/01/29		7,235,000		8,622,509
5.000%, 09/01/29		5,075,000		6,063,321
5.000%, 11/01/30		11,575,000		15,421,184
5.000%, 09/01/31		8,000,000		10,878,690
5.000%, 04/01/32		5,000,000		6,866,463

University of California, Series S
5.000%, 05/15/36 ¹		3,000,000		4,022,462
5.000%, 05/15/37 ¹		3,000,000		4,005,723
5.000%, 05/15/38 ¹		3,000,000		3,994,483

Total California				151,695,245

Colorado - 1.0%

Colorado Health Facilities Authority, Series A
5.000%, 01/01/28		2,545,000		3,148,121
5.000%, 01/01/29		4,175,000		5,281,497
5.000%, 08/01/33		4,260,000		5,364,673

Total Colorado				13,794,291

Connecticut - 4.3%

Connecticut State Health & Educational Facilities Authority
5.000%, 07/01/31 ¹		6,205,000		7,923,461
5.000%, 07/01/33 ¹		2,750,000		3,539,557
5.000%, 07/01/34 ¹		3,100,000		3,981,706

State of Connecticut Special Tax Revenue
5.000%, 05/01/28		3,000,000		3,752,640

State of Connecticut Special Tax Revenue, Transportation Infrastructure
5.000%, 01/01/30		10,180,000		12,570,139

State of Connecticut Special Tax Revenue, Series B
5.000%, 10/01/35		7,500,000		9,405,236

State of Connecticut Special Tax Revenue, Series C
5.000%, 01/01/28		1,000,000		1,240,275
5.000%, 01/01/29		1,000,000		1,268,113
5.000%, 01/01/30		1,000,000		1,295,951
5.000%, 01/01/31		1,000,000		1,324,002
5.000%, 01/01/32		1,000,000		1,347,516

State of Connecticut, Series A
5.000%, 01/15/31		7,650,000		9,881,686

Total Connecticut				57,530,282

Delaware - 0.3%

Delaware River & Bay Authority
5.000%, 01/01/31 ¹		1,000,000		1,254,446
5.000%, 01/01/32 ¹		1,040,000		1,326,839
5.000%, 01/01/33 ¹		1,100,000		1,399,437

Total Delaware				3,980,722

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

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)



	Principal Amount		Value

District of Columbia - 2.6%

District of Columbia, Series A
5.000%, 06/01/30		$6,020,000		$7,129,746

District of Columbia, Series B
5.000%, 10/01/28		7,100,000		9,025,537
5.000%, 06/01/31		10,080,000		12,578,199

Washington Convention & Sports Authority, Series A
5.000%, 10/01/27		5,475,000		6,710,152

Total District of Columbia				35,443,634

Florida - 4.2%

Central Florida Expressway Authority
5.000%, 07/01/28		4,460,000		5,618,156

Escambia County Health Facilities Authority
5.000%, 08/15/37		6,000,000		7,471,287

Florida Development Finance Corp.
4.000%, 11/15/33		10,000,000		12,193,287

Florida’s Turnpike Enterprise,
Department of Transportation, Series C
5.000%, 07/01/28		7,075,000		8,448,783

Lee Memorial Health System, Series A
5.000%, 04/01/34		5,645,000		7,044,799

Orange County Health Facilities Authority, Series A
5.000%, 10/01/31		4,525,000		5,375,361

State of Florida, Capital Outlay, Series B
5.000%, 06/01/27		9,045,000		10,034,391

Total Florida				56,186,064

Georgia - 1.4%

Georgia State University & College
Improvements, Series A
5.000%, 07/01/27		4,600,000		4,709,270

Private Colleges & Universities Authority, Series B
5.000%, 09/01/30		10,365,000		13,688,570

Total Georgia				18,397,840

Illinois - 6.7%

Chicago O’Hare International Airport, Series A
5.000%, 01/01/35		5,010,000		6,351,893

Chicago O’Hare International Airport, Series B
5.000%, 01/01/28		5,670,000		6,396,162

Chicago O’Hare International Airport,
Senior Lien, Series A
5.000%, 01/01/36		10,000,000		12,228,819
5.000%, 01/01/38		5,500,000		6,704,337

Illinois Finance Authority
5.000%, 01/01/29		2,310,000		2,941,857
5.000%, 07/01/29		8,755,000		11,274,443

Illinois Finance Authority, Series A
4.000%, 08/15/37		5,910,000		7,119,323



	Principal Amount		Value

Illinois State Finance Authority Revenue, Clean Water Initiative Revenue
5.000%, 07/01/27		$11,000,000		$12,851,202

Illinois State Toll Highway Authority, Series A
5.000%, 12/01/31		9,735,000		11,319,006

Illinois State Toll Highway Authority,
Senior Revenue Bonds, Series A
5.000%, 01/01/30		10,110,000		12,765,369

Total Illinois				89,952,411

Indiana - 0.9%

Indiana Finance Authority, Series S
5.000%, 10/01/28		1,000,000		1,264,465
5.000%, 10/01/29		3,555,000		4,596,174

Indiana Finance Authority, Series C
5.000%, 06/01/29		4,800,000		6,189,925

Total Indiana				12,050,564

Iowa - 1.4%

Iowa Finance Authority, State Revolving Fund Green Bond
5.000%, 08/01/30		15,025,000		18,385,413

Kentucky - 0.5%

Louisville/Jefferson County Metropolitan Government, Norton Healthcare Inc., Series A
5.000%, 10/01/29		5,505,000		6,536,712

Maine - 0.7%

Maine Turnpike Authority
5.000%, 07/01/28 ¹		1,955,000		2,412,650
5.000%, 07/01/29 ¹		1,600,000		2,018,668
5.000%, 07/01/30 ¹		1,390,000		1,790,045
5.000%, 07/01/31 ¹		1,500,000		1,972,281
5.000%, 07/01/32 ¹		1,390,000		1,864,736

Total Maine				10,058,380

Maryland - 6.9%

Maryland State Transportation Authority
5.000%, 07/01/33		6,350,000		8,304,142

State of Maryland Department of Transportation, Series 2022B
5.000%, 12/01/27 ¹		2,500,000		2,953,843
5.000%, 12/01/28 ¹		2,305,000		2,782,517
5.000%, 12/01/29 ¹		2,250,000		2,766,847

State of Maryland, Department of Transportation
5.000%, 10/01/28		12,365,000		14,871,215
5.000%, 09/01/29		12,205,000		14,958,232

State of Maryland, Series C
4.000%, 03/01/28 ¹		9,500,000		11,136,303
4.000%, 03/01/29 ¹		9,245,000		11,035,552

State of Maryland, Series D
4.000%, 08/01/28 ¹		8,000,000		9,457,322
4.000%, 08/01/29 ¹		6,500,000		7,812,916

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

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)



	Principal Amount		Value

Maryland - 6.9% (continued)

State of Maryland, State & Local Facilities Loan of 2019, 1st Series
5.000%, 03/15/30		$6,000,000		$7,684,976

Total Maryland				93,763,865

Massachusetts - 1.7%

Commonwealth of Massachusetts, Series F
5.000%, 11/01/26		5,000,000		5,199,473

Massachusetts Bay Transportation Authority
5.000%, 07/01/22		10,020,000		10,260,035

Massachusetts Water Resources Authority, Series C
5.000%, 08/01/31		6,080,000		7,294,591

Total Massachusetts				22,754,099

Michigan - 2.9%

Michigan Finance Authority,
Henry Ford Health System
5.000%, 11/15/29		11,450,000		13,671,804

Michigan State Building Authority Revenue, Series I
5.000%, 04/15/27		5,700,000		6,630,600

State of Michigan
5.000%, 03/15/27		10,000,000		12,177,869

Wayne County Airport Authority, Series A
5.000%, 12/01/37		2,285,000		3,002,682
5.000%, 12/01/38		1,405,000		1,842,763
5.000%, 12/01/39		1,800,000		2,353,900

Total Michigan				39,679,618

Minnesota - 1.5%

City of Minneapolis MN, Fairview Health Services, Series A
5.000%, 11/15/35		3,165,000		3,930,513

State of Minnesota, Series A
5.000%, 08/01/22		7,500,000		7,710,715
5.000%, 09/01/22		8,090,000		8,349,873

Total Minnesota				19,991,101

Missouri - 1.4%

University of Missouri, Series A
5.000%, 11/01/26		5,520,000		6,229,634

University of Missouri, Series B
5.000%, 11/01/30		10,010,000		13,207,690

Total Missouri				19,437,324

New Jersey - 4.7%

New Jersey State Turnpike Authority Revenue, Series B
5.000%, 01/01/28		4,010,000		4,970,860

New Jersey State Turnpike Authority Revenue, Series D
5.000%, 01/01/28		5,000,000		5,889,726



	Principal Amount		Value

New Jersey Transportation Trust Fund Authority, Series S
5.000%, 06/15/30		$6,255,000		$8,020,522
5.000%, 06/15/31		7,615,000		9,952,421
5.000%, 06/15/32		5,750,000		7,492,255
5.000%, 06/15/33		6,000,000		7,790,786

State of New Jersey
5.000%, 06/01/25		4,335,000		4,969,055
5.000%, 06/01/29		11,500,000		14,603,887

Total New Jersey				63,689,512

New Mexico - 1.4%

New Mexico Finance Authority
5.000%, 06/01/22		2,845,000		2,901,628

New Mexico Finance Authority, Series A
5.000%, 06/15/28		4,470,000		5,617,990
5.000%, 06/15/30		7,500,000		9,838,336

Total New Mexico				18,357,954

New York - 13.6%

City of New York
5.000%, 08/01/34		3,250,000		4,223,327

City of New York, Series C
5.000%, 08/01/33		1,500,000		1,954,271

City of New York, Series L
5.000%, 04/01/33		6,500,000		8,564,462

Long Island Power Authority
5.000%, 09/01/35		5,030,000		6,340,963

Long Island Power Authority, Series A
5.000%, 09/01/30		2,275,000		2,991,314
5.000%, 09/01/31		3,935,000		5,265,641

Metropolitan Transportation Authority,

Transit Revenue, Green Bond, Series B
5.000%, 11/15/27		14,225,000		17,309,614

Metropolitan Transportation Authority,
Transit Revenue, Series F
5.000%, 11/15/24		4,950,000		5,144,954
5.000%, 11/15/27		5,000,000		5,191,592
5.000%, 11/15/28		4,760,000		5,485,830

New York City Transitional Finance Authority
Building Aid Revenue, Series S
5.000%, 07/15/32		10,835,000		14,489,198

New York City Transitional Finance Authority
Building Aid Revenue,
Series S-3, Sub-Series S-3A
5.000%, 07/15/31		5,080,000		6,360,327

New York City Transitional Finance Authority
Future Tax Secured Revenue
5.000%, 11/01/31		2,500,000		3,334,165
5.000%, 11/01/32		4,000,000		5,318,281

New York City Transitional Finance Authority
Future Tax Secured Revenue, Series E
5.000%, 02/01/37		7,000,000		9,109,032

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

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)



	Principal Amount		Value

New York - 13.6% (continued)

New York City Transitional Finance Authority, Future Tax Secured Revenue, Series C
5.000%, 11/01/26		$9,585,000		$11,000,479

New York State Dormitory Authority, Series A
5.000%, 12/15/27		5,640,000		5,893,409
5.000%, 03/15/31		7,670,000		9,675,904
5.000%, 03/15/32		8,000,000		10,624,312

New York State Dormitory Authority, Series D
5.000%, 02/15/27		5,355,000		5,384,483

New York State Dormitory Authority, Series E
5.000%, 03/15/32		8,410,000		9,739,322

New York Transportation Development Corp.
4.000%, 10/31/41		1,250,000		1,456,625
4.000%, 10/31/46		1,500,000		1,727,498
5.000%, 12/01/30		1,000,000		1,287,564
5.000%, 12/01/31		1,100,000		1,407,301
5.000%, 12/01/32		1,450,000		1,856,728
5.000%, 12/01/33		1,000,000		1,276,498

Port Authority of New York & New Jersey
5.000%, 07/15/31		10,000,000		12,872,920
5.000%, 07/15/32		6,545,000		8,392,418

Total New York				183,678,432

North Carolina - 1.4%

North Carolina State Limited Obligation, Series B
5.000%, 05/01/28		15,300,000		18,661,878

Ohio - 0.4%

Ohio State General Obligation, Series T
5.000%, 05/01/30		5,000,000		6,089,003

Oregon - 2.1%

Oregon State Lottery, Series C
5.000%, 04/01/27		10,000,000		11,415,342

Oregon State Lottery, Series D
5.000%, 04/01/28		9,225,000		10,524,251

State of Oregon
5.000%, 05/01/27		5,000,000		6,125,074

Total Oregon				28,064,667

Pennsylvania - 1.6%

Allegheny County Airport Authority, Series A
5.000%, 01/01/31		1,350,000		1,754,003
5.000%, 01/01/32		2,215,000		2,864,172

Allegheny County Hospital Development Authority, University Pittsburgh Medical Center
5.000%, 07/15/31		5,530,000		7,005,417

Commonwealth Financing Authority, Pennsylvania Tobacco
5.000%, 06/01/32		7,910,000		9,663,441

Total Pennsylvania				21,287,033



	Principal Amount		Value

Texas - 8.1%

Central Texas Turnpike System Transportation Commission, Series C
5.000%, 08/15/31		$11,175,000		$12,464,719

Central Texas Turnpike System, Series A
5.000%, 08/15/39		8,000,000		10,162,101

City of Corpus Christi TX Utility System Revenue, Junior Lien
5.000%, 07/15/29		3,125,000		3,934,141

City of Houston TX Airport System Revenue, Series A
4.000%, 07/01/35		1,100,000		1,316,834
4.000%, 07/01/36		1,100,000		1,311,777
5.000%, 07/01/34		2,835,000		3,684,838

City of San Antonio TX Electric & Gas Systems Revenue, Series A
5.000%, 02/01/37		3,010,000		3,925,818
5.000%, 02/01/38		2,985,000		3,883,347

Dallas Area Rapid Transit, Senior Lien
5.250%, 12/01/28		8,865,000		11,401,847

Dallas Fort Worth International Airport, Series A
5.000%, 11/01/30		2,000,000		2,619,351
5.000%, 11/01/31		3,265,000		4,260,882

Lower Colorado River Authority,
LCRA Transmission Services Corporation
5.000%, 05/15/29		3,815,000		4,216,399

North Texas Municipal Water District
Water System Revenue,
Refunding and Improvement
5.000%, 09/01/29		7,350,000		8,781,362

North Texas Tollway Authority, 2nd Tier, Series B
5.000%, 01/01/31		2,000,000		2,319,964
5.000%, 01/01/32		3,010,000		3,602,428

North Texas Tollway Authority, Series A
5.000%, 01/01/26		7,795,000		8,496,759

Texas Private Activity Bond Surface Transportation Corp.
4.000%, 12/31/37		5,000,000		5,817,229
4.000%, 12/31/38		3,735,000		4,335,393

Texas Transportation Commission Fund, Series A
5.000%, 04/01/27		12,550,000		12,697,609

Total Texas				109,232,798

Utah - 1.5%

Salt Lake City Corp. Airport Revenue, Series A
5.000%, 07/01/29		3,450,000		4,246,290
5.000%, 07/01/30		6,585,000		8,062,991

State of Utah, Series B
5.000%, 07/01/22		7,515,000		7,695,405

Total Utah				20,004,686

Virginia - 3.0%

Hampton Roads Transportation Accountability Commission, Series A
5.000%, 07/01/26		27,350,000		32,633,848

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

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)



	Principal Amount		Value

Virginia - 3.0% (continued)

Virginia College Building Authority, Series P
4.000%, 02/01/30		$8,000,000		$8,023,255

Total Virginia				40,657,103

Washington - 3.9%

Central Puget Sound Regional Transit Authority, Series S
5.000%, 11/01/29		5,700,000		7,421,841

Energy Northwest
5.000%, 07/01/22		6,000,000		6,143,432

Port of Seattle
5.000%, 08/01/31		5,000,000		6,589,281

State of Washington School Improvements, Series C
5.000%, 02/01/28		7,370,000		8,658,793

State of Washington, Series R-2015C
5.000%, 07/01/28		10,280,000		11,616,198

University of Washington, University & College Improvements Revenue, Series C
5.000%, 07/01/27		7,270,000		7,607,974

Washington Health Care Facilities Authority, Series A
5.000%, 08/01/38		3,270,000		4,068,372

Total Washington				52,105,891

West Virginia - 1.2%

West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligation
5.000%, 01/01/35		3,745,000		4,578,572

West Virginia Parkways Authority
5.000%, 06/01/37		1,750,000		2,304,346
5.000%, 06/01/38		2,000,000		2,624,600
5.000%, 06/01/39		5,150,000		6,734,028

Total West Virginia				16,241,546

¹	All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at December 31, 2021, amounted to $123,580,618, or 9.2% of net assets.



	Principal Amount		Value

Wisconsin - 2.7%

State of Wisconsin
5.000%, 05/01/29		$3,500,000		$4,499,390
5.000%, 05/01/30		2,390,000		3,142,360
5.000%, 05/01/31		2,700,000		3,554,485

Wisconsin State Revenue, Department of Transportation, Series 2
5.000%, 07/01/29		20,405,000		25,009,123

Total Wisconsin				36,205,358

Total Municipal Bonds (Cost $1,277,111,978)				1,330,210,609

Short-Term Investments - 4.4%

Municipal Bonds - 4.4%

California - 3.2%

City of Los Angeles
4.000%, 06/23/22		41,525,000		42,290,543

Colorado - 1.2%

Colorado State Education Loan Program, Series A
4.000%, 06/29/22		16,250,000		16,558,511

Total Municipal Bonds
(Cost $58,856,766)				58,849,054

Total Short-Term Investments
(Cost $58,856,766)				58,849,054

Total Investments - 103.0%
(Cost $1,335,968,744)				1,389,059,663

Other Assets, less Liabilities - (3.0)%				(39,989,524	)

Net Assets - 100.0%				$1,349,070,139

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

AMG GW&K Municipal 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 December 31, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities

Municipal Bonds^†

–

$1,330,210,609

–

$1,330,210,609

Short-Term Investments

Municipal Bonds^†

–

58,849,054

–

58,849,054

Total Investments in Securities

–

$1,389,059,663

–

$1,389,059,663

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

For the fiscal year ended December 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 Municipal Enhanced Yield Fund

Portfolio Manager’s Comments (unaudited)

THE YEAR IN REVIEW

For the year ended December 31, 2021, AMG GW&K Municipal Enhanced Yield Fund’s (the “Fund”) Class N shares returned 3.59%, compared to the Bloomberg U.S. Municipal Bond BAA Index (the “Bloomberg BAA Index”), which returned 4.85%.

Municipal bonds fared better than most fixed income alternatives in the first quarter, but ultimately could not escape the gravitational pull of a bond market selloff that saw Treasury yields surge to their highest levels of the pandemic era. The major catalyst came in January, when the Democrats unexpectedly secured control of the U.S. Senate, clearing the way to add a $1.9 trillion fiscal stimulus package to an economy already buoyed by the momentum of a successful vaccine rollout. Investors responded quickly, repositioning for a sharp acceleration in growth and a revival of long-dormant inflationary pressures. The yield on the 10-year U.S. Treasury shot up 82 basis points over the first quarter and the curve steepened significantly as the futures market pulled forward by a year; the date of a first rate hike. But the U. S. Federal Reserve (the “Fed”) pledged patience and dismissed pricing pressures as temporary. While inflation expectations had pushed to decade-highs, policymakers emphasized that over half of the increase in nominal yields was driven by a surge in real rates, a welcome reflection of investor confidence in the recovery.

and setting the stage for a future discussion on tapering. This combination of less-robust growth and a more vigilant Fed led to a significant flattening of the yield curve.

Municipal bonds posted mixed returns in the fourth quarter – short maturities barely broke even, held back by the potential for an accelerated rate-hike cycle, while the long end rallied on declining growth expectations. Municipal bonds outperformed Treasuries across the entire curve, buoyed by a strong technical environment that had been in place all year. The broader market, meanwhile, experienced its second major selloff of 2021, though most of the losses were likewise concentrated at the short end, while the long end saw solid gains. Back in the first quarter, the long end had led the slide, as investors repositioned during the so-called “reflation trade.” This time around, the results reflected a market trying to juggle elevated growth and inflation against tighter monetary policy, less fiscal stimulus, and the damping effects of the omicron variant. With

inflation topping 30-year highs, the Fed executed a well-telegraphed hawkish pivot, doubling the pace of its expected taper and signaling as many as six quarter-point rate hikes over the next two years. The “transitory” moniker was also dropped from the policy statement, a nod to the reality that the spike in price increases is expected to linger far longer than originally anticipated. While two-year rates jumped 45 basis points over the quarter in reaction to the new messaging, 10-year rates were essentially unchanged. Whereas the 30-year rallied 14 basis points, an indication that investors believe the Fed will either succeed in keeping inflation at bay or damage the economy in trying.

Amid this backdrop, the Fund underperformed the Bloomberg BAA Index for the year due to its higher quality bias as credit spreads tightened. The Fund has over 50% of its holdings in credits rated A or

AMG GW&K Municipal Enhanced Yield Fund

Portfolio Manager’s Comments (continued)

higher versus the BBB-rated bonds in the Index. Overweights in the health care and transportation sectors were positive contributors for the year.

The views expressed represent the opinions of GW&K Investment Management, LLC and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

AMG GW&K Municipal Enhanced Yield Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K Municipal Enhanced Yield 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 Municipal Enhanced Yield Fund’s Class N shares on December 31, 2011, to a $10,000 investment made in the Bloomberg U.S. Municipal Bond BAA 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 Municipal Enhanced Yield Fund and the Bloomberg U.S. Municipal Bond BAA Index for the same time periods ended December 31, 2021.


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

AMG GW&K Municipal Enhanced Yield Fund^2,^{3, 4, 5, 6, 7, 8, 9, 10}

Class N		3.59	%		5.80	%		5.32	%		6.42	%		07/27/09

Class I		3.94	%		6.17	%		5.75	%		5.04	%		12/30/05

Class Z		3.99	%			–			–		6.11	%		02/24/17

Bloomberg U.S. Municipal Bond BAA Index¹¹		4.85	%		5.97	%		5.01	%		5.93	%		07/27/09	^†

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.

⁴ 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.

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 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.

⁸ Factors unique to the municipal bond market may negatively affect the value of municipal bonds.

⁹ Investment income may be subject to certain state and local taxes, and depending on your tax status, the federal alternative minimum tax. Capital gains are not exempt from federal income tax.

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.

AMG GW&K Municipal Enhanced Yield Fund

Portfolio Manager’s Comments (continued)

¹¹ The Bloomberg U.S. Municipal Bond BAA Index is a subset of the Bloomberg U.S. Municipal Bond Index with an index rating of Baa1, Baa2, or Baa3. The Bloomberg U.S. Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term, tax-exempt bond market. Unlike the Fund, the Bloomberg U.S. Municipal Bond BAA Index is unmanaged, is not available for investment and does not incur expenses.

does not guarantee the timeliness, accurateness, or completeness of any data or information relating to such fund.

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

AMG GW&K Municipal Enhanced Yield Fund

Fund Snapshots (unaudited)

December 31, 2021

PORTFOLIO BREAKDOWN


Category	% of Net Assets

Transportation		33.8

Medical		30.3

Utilities		12.4

General Obligation		8.0

Tobacco Settlement		4.0

Education		3.9

Industrial Development		3.2

Housing		2.4

Water		1.2

Other Assets Less Liabilities		0.8

Rating	% of Market Value¹
Aa/AA		17.2

A		40.1

Baa/BBB		42.1

Ba/BB		0.6

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

TOP TEN HOLDINGS


Security Name		% of Net Assets

Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58		2.9

West Virginia Hospital Finance Authority,Cabell Huntington Hospital Obligation, 5.000%, 01/01/43		2.5

Colorado Health Facilities Authority, Series A, Series A, 5.000%, 08/01/44		2.3

Central Plains Energy Project Project #3, Series A, Series A, 5.000%, 09/01/42		2.1

Chicago O’Hare International Airport, Senior Lien, Series A, Series A, 5.000%, 01/01/48		2.1

New York Transportation Development Corp., Revenue, 4.000%, 04/30/53		2.1

Central Texas Regional Mobility Authority, Series B, Series B, 5.000%, 01/01/45		2.0

City of Minneapolis MN, Fairview Health Services, Series A, Series A, Revenue, 5.000%, 11/15/49		1.9

Public Authority for Colorado Energy Natural Gas Purchase Revenue, Series 2008, Revenue, 6.500%, 11/15/38		1.8

New Orleans Aviation Board, General Airport North Terminal, Series B, Series B, Revenue, 5.000%, 01/01/48		1.8



Top Ten as a Group		21.5

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments

December 31, 2021


	Principal
	Amount		Value

Municipal Bonds - 99.2%

Arizona - 1.3%

Arizona Industrial Development Authority
4.000%, 02/01/50		$2,000,000		$2,305,341

The Industrial Development Authority of the County of Pima
4.000%, 04/01/46		2,405,000		2,820,285

Total Arizona				5,125,626

California - 6.4%

California Health Facilities Financing Authority
4.000%, 04/01/49		1,000,000		1,149,970

California Municipal Finance Authority, Series A
4.000%, 02/01/51		2,000,000		2,343,517

California Municipal Finance Authority, Series I
5.000%, 05/15/43		3,000,000		3,576,595
5.000%, 05/15/48		4,600,000		5,451,688

California State Public Works Board, Series B
4.000%, 05/01/46		2,500,000		2,963,341

Riverside County Transportation Commission
4.000%, 06/01/46		2,500,000		2,943,513
4.000%, 06/01/47		3,425,000		3,996,212

San Diego County Regional Airport Authority, Series B
4.000%, 07/01/51		2,000,000		2,318,098

Total California				24,742,934

Colorado - 4.1%

Colorado Health Facilities Authority, Series A
5.000%, 08/01/44		7,215,000		8,859,952

Public Authority for Colorado Energy Natural Gas Purchase Revenue, Series 2008
6.500%, 11/15/38		4,445,000		6,912,350

Total Colorado				15,772,302

Connecticut - 4.6%

Connecticut State Health & Educational Facilities Authority
4.000%, 07/01/39 ¹		3,500,000		4,069,473
4.000%, 07/01/40 ¹		3,400,000		3,945,787
4.000%, 07/01/42 ¹		1,750,000		2,020,157

State of Connecticut Special Tax Revenue
4.000%, 05/01/39		1,000,000		1,192,807

State of Connecticut Special Tax Revenue, Transportation Infrastructure
5.000%, 01/01/38		5,165,000		6,316,896

Total Connecticut				17,545,120

Florida - 8.8%

City of Tampa, Series H
4.000%, 07/01/45		2,775,000		3,194,146
5.000%, 07/01/50		2,250,000		2,791,122

County of Miami-Dade FL Water & Sewer System Revenue
4.000%, 10/01/46		4,000,000		4,750,212


	Principal
	Amount		Value

County of Miami-Dade Seaport Department, Series A
4.000%, 10/01/45		$5,000,000		$5,894,291

Escambia County Health Facilities Authority
4.000%, 08/15/50		6,050,000		6,765,643

Hillsborough County Industrial Development Authority
4.000%, 08/01/50		5,000,000		5,773,374

Miami Beach Health Facilities Authority
4.000%, 11/15/51		4,000,000		4,635,409

Total Florida				33,804,197

Georgia - 1.5%

Gainesville & Hall County Hospital Authority
4.000%, 02/15/51		5,000,000		5,779,922

Illinois - 8.6%

Chicago O’Hare International Airport, Senior Lien, Series A
5.000%, 01/01/48		6,750,000		8,093,001

Metropolitan Pier & Exposition Authority
4.000%, 12/15/42 ¹		2,000,000		2,299,207
4.000%, 06/15/52 ¹		3,000,000		3,403,750
5.000%, 06/15/50 ¹		5,000,000		6,000,142

State of Illinois
5.500%, 05/01/39		4,000,000		5,110,836
5.750%, 05/01/45		3,000,000		3,842,859

State of Illinois, Series A
4.000%, 03/01/40		1,500,000		1,741,714
5.000%, 03/01/46		2,225,000		2,762,794

Total Illinois				33,254,303

Louisiana - 3.3%

Louisiana Public Facilities Authority
4.000%, 05/15/49		5,000,000		5,764,251

New Orleans Aviation Board, General Airport North Terminal, Series B
5.000%, 01/01/48		5,845,000		6,839,810

Total Louisiana				12,604,061

Maine - 1.1%

Maine Health & Higher Educational Facilities Authority, Series A
4.000%, 07/01/45		1,500,000		1,744,333
4.000%, 07/01/50		2,000,000		2,304,644

Total Maine				4,048,977

Massachusetts - 1.5%

Massachusetts Development Finance Agency
4.000%, 07/01/51		5,110,000		5,899,008

Minnesota - 3.1%

City of Minneapolis MN, Fairview Health Services, Series A
5.000%, 11/15/49		5,910,000		7,153,206

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

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments (continued)



	Principal Amount		Value

Minnesota - 3.1% (continued)

Duluth Economic Development Authority, Essentia Health Obligated Group
5.000%, 02/15/48	$	4,050,000		$4,796,333

Total Minnesota				11,949,539

Nebraska - 2.1%

Central Plains Energy Project Project #3, Series A
5.000%, 09/01/42		5,560,000		8,134,377

New Jersey - 9.3%

New Jersey Economic Development Authority
5.000%, 11/01/44		3,000,000		3,660,483

New Jersey Economic Development Authority, Series DDD
5.000%, 06/15/42		2,865,000		3,366,281

New Jersey Economic Development Authority, Series S
4.000%, 06/15/46		1,500,000		1,719,552
4.000%, 06/15/50		1,500,000		1,712,960

New Jersey Transportation Trust Fund Authority
4.000%, 06/15/45		2,000,000		2,295,774
4.000%, 06/15/50		2,000,000		2,283,947
5.000%, 06/15/45		1,000,000		1,241,859
5.000%, 06/15/50		2,000,000		2,471,828

New Jersey Transportation Trust Fund Authority, Series BB
5.000%, 06/15/44		2,250,000		2,714,571

New Jersey Turnpike Authority, Series A
4.000%, 01/01/42		2,000,000		2,378,577
4.000%, 01/01/51		2,280,000		2,678,256

Tobacco Settlement Financing Corp. Series A
5.000%, 06/01/46		2,500,000		2,935,807
5.250%, 06/01/46		3,285,000		3,924,086

Tobacco Settlement Financing Corp. Series B
5.000%, 06/01/46		2,050,000		2,387,302

Total New Jersey				35,771,283

New York - 14.9%

City of New York, Series A
5.000%, 08/01/45		4,405,000		5,450,749

City of New York, Series D
5.000%, 03/01/43		5,360,000		6,761,161

City of New York, Series F
5.000%, 03/01/42		4,000,000		5,142,834

Metropolitan Transportation Authority, Series C
4.750%, 11/15/45		3,175,000		3,804,034
5.000%, 11/15/50		2,335,000		2,833,909
5.250%, 11/15/55		3,020,000		3,725,279

Monroe County Industrial Development Corp., Series A
4.000%, 07/01/50		5,000,000		5,799,651



	Principal Amount		Value

New York State Thruway Authority, Series B
4.000%, 01/01/45	$	5,000,000		$5,770,047

New York Transportation Development Corp.
4.000%, 12/01/39		1,825,000		2,122,287
4.000%, 12/01/40		2,020,000		2,345,127
4.000%, 04/30/53		6,915,000		7,904,436

New York Transportation Development Corp., Laguardia Airport Terminal B
5.000%, 07/01/46		5,000,000		5,488,504

Total New York				57,148,018

Oklahoma - 3.8%

Norman Regional Hospital Authority
5.000%, 09/01/45		4,335,000		5,318,749

Oklahoma Development Finance Authority, Health Ou Medicine Project, Series B
5.250%, 08/15/48		2,975,000		3,636,553
5.500%, 08/15/52		4,500,000		5,559,163

Total Oklahoma				14,514,465

Pennsylvania - 4.8%

Allegheny County Airport Authority, Series A
5.000%, 01/01/51		5,000,000		6,215,100

Geisinger Authority, Series G
4.000%, 04/01/50		3,510,000		4,018,644

Pennsylvania Turnpike Commission, Series B
4.000%, 12/01/46		3,500,000		4,099,233
4.000%, 12/01/51		3,550,000		4,129,954

Total Pennsylvania				18,462,931

Rhode Island - 1.5%

Tobacco Settlement Financing Corp. Series A
5.000%, 06/01/35		2,000,000		2,240,216
5.000%, 06/01/40		3,285,000		3,645,106

Total Rhode Island				5,885,322

South Carolina - 1.1%

South Carolina Jobs-Economic Development Authority, Series I
5.000%, 12/01/46		3,325,000		4,143,253

Texas - 10.6%

Central Texas Regional Mobility Authority, Series B
4.000%, 01/01/51		2,000,000		2,311,745
5.000%, 01/01/45		6,405,000		7,901,383
5.000%, 01/01/46		2,050,000		2,571,284

City of Houston TX Airport System Revenue, Series A
4.000%, 07/01/46		1,500,000		1,744,255

Texas Private Activity Bond Surface Transportation Corp.
5.000%, 06/30/58		9,320,000		11,148,249

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

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments (continued)



	Principal Amount		Value

Texas - 10.6% (continued)

Texas Private Activity Bond Surface Transportation Corp., Senior Lien-Blueridge Transport
5.000%, 12/31/40		$3,955,000		$4,442,497
5.000%, 12/31/45		3,880,000		4,335,081

Texas Private Activity Bond Surface Transportation Corp., Series A
4.000%, 12/31/39		5,500,000		6,372,567

Total Texas				40,827,061

Virginia - 2.2%

Lynchburg Economic Development Authority
4.000%, 01/01/55		1,500,000		1,748,386

Virginia Small Business Financing Authority, Transform 66 P3 Project
5.000%, 12/31/49		2,500,000		2,967,514
5.000%, 12/31/52		3,170,000		3,748,828

Total Virginia				8,464,728

Washington - 2.1%

Port of Seattle
5.000%, 08/01/46		3,000,000		3,801,941



	Principal Amount		Value

Washington Health Care Facilities Authority
4.000%, 09/01/45		$1,000,000		$1,160,617
5.000%, 09/01/45		2,465,000		3,103,144

Total Washington				8,065,702

West Virginia - 2.5%

West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligation
5.000%, 01/01/43		8,000,000		9,655,511

Total Municipal Bonds
(Cost $356,383,477)				381,598,640

Total Investments - 99.2%
(Cost $356,383,477)				381,598,640

Other Assets, less Liabilities - 0.8%				2,931,822

Net Assets - 100.0%				$384,530,462

All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at December 31, 2021, amounted to $16,887,977, or 4.4% of net assets.

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of December 31, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities

Municipal Bonds^†

–

$381,598,640

–

$381,598,640

Total Investments in Securities

–

$381,598,640

–

$381,598,640

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

For the fiscal year ended December 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

December 31, 2021


	AMG GW&K ESG Bond Fund			AMG GW&K Enhanced Core Bond ESG Fund			AMG GW&K High Income Fund			AMG GW&K Municipal Bond Fund			AMG GW&K Municipal Enhanced Yield Fund
Assets:

Investments at value¹(including securities on loan valued at $39,839,239, $5,203,772, $2,660,400, $0,and $0, respectively)		$	739,114,290		$	57,665,535		$	20,638,432		$	1,389,059,663		$	381,598,640

Repurchase Agreements at value²			19,741,844			1,481,522			2,340,362			–			–

Cash			13,886,502			2,253,640			472,173			66,610,198			15,191,181

Receivable for investments sold			–			–			–			–			1,158,020

Dividend and interest receivables			5,806,394			422,786			266,344			15,675,503			3,762,955

Securities lending income receivable			5,142			1,659			852			–			–

Receivable for Fund shares sold			159,105			607,385			78			1,505,622			886

Receivable from affiliate			–			6,907			6,591			75,701			20,189

Prepaid expenses and other assets			18,354			15,633			9,808			31,347			21,926

Total assets			778,731,631			62,455,067			23,734,640			1,472,958,034			401,753,797

Liabilities:

Payable upon return of securities loaned			19,741,844			1,481,522			2,340,362			–			–

Payable for delayed delivery investments purchased			–			–			–			122,197,545			16,906,193

Payable for Fund shares repurchased			3,475,445			23,077			128			1,011,022			10,430

Accrued expenses:

Investment advisory and management fees			157,052			15,376			6,858			237,004			146,296

Administrative fees			98,735			7,688			2,638			172,180			48,765

Distribution fees			–			2,914			–			3,752			3,051

Shareholder service fees			106,660			4,300			3,089			59,162			17,470

Other			213,573			70,256			57,853			207,230			91,130

Total liabilities			23,793,309			1,605,133			2,410,928			123,887,895			17,223,335


Net Assets		$	754,938,322		$	60,849,934		$	21,323,712		$	1,349,070,139		$	384,530,462

¹Investments at cost		$	733,383,099		$	57,188,428		$	20,559,924		$	1,335,968,744		$	356,383,477

²Repurchase agreements at cost		$	19,741,844		$	1,481,522		$	2,340,362			–			–

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

Statement of Assets and Liabilities (continued)


	AMG GW&K ESG Bond Fund		AMG GW&K Enhanced Core Bond ESG Fund			AMG GW&K High Income Fund		AMG GW&K Municipal Bond Fund		AMG GW&K Municipal Enhanced Yield Fund
Net Assets Represent:

Paid-in capital		$748,864,334		$62,931,551			$21,254,259		$1,294,126,043		$358,388,877

Total distributable earnings (loss)		6,073,988		(2,081,617	)		69,453		54,944,096		26,141,585

Net Assets		$754,938,322		$60,849,934			$21,323,712		$1,349,070,139		$384,530,462

Class N:

Net Assets		$427,817,558		$13,736,494			$8,157,438		$17,111,901		$14,922,798

Shares outstanding		17,192,762		1,294,290			363,154		1,398,394		1,389,806

Net asset value, offering and redemption price per share		$24.88		$10.61			$22.46		$12.24		$10.74

Class I:

Net Assets		$327,120,764		$33,401,854			$13,166,274		$1,331,958,238		$369,472,801

Shares outstanding		13,144,313		3,135,727			586,516		108,224,961		35,421,872

Net asset value, offering and redemption price per share		$24.89		$10.65			$22.45		$12.31		$10.43

Class Z:

Net Assets		–		$13,711,586			–		–		$134,863

Shares outstanding		–		1,287,794			–		–		12,932

Net asset value, offering and redemption price per share		–		$10.65			–		–		$10.43

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

Statement of Operations

For the fiscal year ended December 31, 2021


				AMG									AMG
	AMG GW&K			GW&K Enhanced			AMG			AMG			GW&K Municipal
	ESG			Core Bond			GW&K High			GW&K Municipal			Enhanced
	Bond Fund			ESG Fund			Income Fund			Bond Fund			Yield Fund

Investment Income:

Dividend income		$445,841			–			–			–			–

Interest income		22,089,992			$1,123,756			$556,462			$22,997,646			$10,468,547

Securities lending income		60,664			16,985			14,023			–			–

Foreign withholding tax		(151,783	)		–			(87	)		–			–

Total investment income		22,444,714			1,140,741			570,398			22,997,646			10,468,547

Expenses:

Investment advisory and management fees		2,288,065			166,870			69,762			2,756,098			1,657,448

Administrative fees		1,402,709			83,435			26,831			2,001,448			552,482

Distribution fees - Class N		–			39,632			–			44,601			26,063

Shareholder servicing fees - Class N		1,213,393			–			23,614			22,127			15,638

Shareholder servicing fees - Class I		202,209			21,385			4,208			658,229			178,882

Custodian fees		104,038			21,168			15,706			98,391			35,989

Professional fees		86,761			52,856			45,209			82,290			51,537

Reports to shareholders		77,877			5,209			17,978			41,773			9,828

Registration fees		71,825			39,060			19,843			93,383			48,915

Trustee fees and expenses		61,515			3,728			1,184			88,777			24,696

Transfer agent fees		48,997			3,794			1,220			40,071			10,806

Interest expense		1,051			111			–			–			487

Miscellaneous		33,435			4,215			2,303			40,400			11,839

Repayment of prior reimbursements		2,766			–			–			–			–

Total expenses before offsets		5,594,641			441,463			227,858			5,967,588			2,624,610

Expense reimbursements		(19,644	)		(113,335	)		(94,499	)		(706,015	)		(230,390	)

Net expenses		5,574,997			328,128			133,359			5,261,573			2,394,220


Net investment income		16,869,717			812,613			437,039			17,736,073			8,074,327

Net Realized and Unrealized Gain (Loss):

Net realized gain on investments		110,502,541			874,010			151,347			11,510,796			5,033,099

Net realized gain on futures contracts		267,476			–			–			–			–

Net realized loss on foreign currency transactions		(29,405,029	)		–			–			–			–

Net change in unrealized appreciation/depreciation on investments		(112,038,141	)		(2,321,289	)		89,236			(24,090,355	)		727,146

Net change in unrealized appreciation/depreciation on foreign currency translations		(6,994	)		–			–			–			–

Net realized and unrealized gain (loss)		(30,680,147	)		(1,447,279	)		240,583			(12,579,559	)		5,760,245

Net increase (decrease) in net assets resulting from operations		$(13,810,430	)		$(634,666	)		$677,622			$5,156,514			$13,834,572

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

Statements of Changes in Net Assets

For the fiscal years ended December 31,


							AMG						AMG
	AMG GW&K						GW&K Enhanced						GW&K High
	ESG Bond Fund						Core Bond ESG Fund						Income Fund

	2021			2020			2021			2020			2021			2020

Increase (Decrease) in Net Assets Resulting From Operations:

Net investment income		$16,869,717			$38,906,482			$812,613			$827,348			$437,039			$211,227

Net realized gain (loss) on investments		81,364,988			(1,563,017	)		874,010			851,301			151,347			995,238

Net change in unrealized appreciation/depreciation on investments		(112,045,135	)		36,446,570			(2,321,289	)		1,758,021			89,236			(169,694	)

Net increase (decrease) in net assets resulting from operations		(13,810,430	)		73,790,035			(634,666	)		3,436,670			677,622			1,036,771

Distributions to Shareholders:

From net investment income and/or realized gain on investments:

Class N		(53,132,625	)		(19,831,473	)		(211,642	)		(270,732	)		(232,178	)		(825,025	)

Class I		(51,380,355	)		(20,896,667	)		(426,487	)		(319,421	)		(312,124	)		–

Class Z		–			–			(186,240	)		(225,439	)		–			–

From paid-in capital:

Class N		–			–			(12,304	)		–			–			–

Class I		–			–			(24,795	)		–			–			–

Class Z		–			–			(10,828	)		–			–			–

Total distributions to shareholders		(104,512,980	)		(40,728,140	)		(872,296	)		(815,592	)		(544,302	)		(825,025	)

Capital Share Transactions:¹

Net increase (decrease) from capital share transactions		(228,559,947	)		(154,973,478	)		7,211,314			19,163,432			10,888,534			452,271


Total increase (decrease) in net assets		(346,883,357	)		(121,911,583	)		5,704,352			21,784,510			11,021,854			664,017

Net Assets:

Beginning of year		1,101,821,679			1,223,733,262			55,145,582			33,361,072			10,301,858			9,637,841

End of year		$754,938,322			$1,101,821,679			$60,849,934			$55,145,582			$21,323,712			$10,301,858

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 December 31,


	AMG						AMG
	GW&K Municipal						GW&K Municipal
	Bond Fund						Enhanced Yield Fund

	2021			2020			2021			2020

Increase in Net Assets Resulting From Operations:

Net investment income		$17,736,073			$18,149,308			$8,074,327			$7,592,341

Net realized gain on investments		11,510,796			4,459,854			5,033,099			3,972,374

Net change in unrealized appreciation/depreciation on investments		(24,090,355	)		30,387,730			727,146			8,743,902

Net increase in net assets resulting from operations		5,156,514			52,996,892			13,834,572			20,308,617

Distributions to Shareholders:

Class N		(320,461	)		(291,376	)		(239,124	)		(230,199	)

Class I		(27,948,470	)		(21,463,147	)		(12,853,713	)		(11,227,601	)

Class Z		–			–			(4,817	)		(4,636	)

Total distributions to shareholders		(28,268,931	)		(21,754,523	)		(13,097,654	)		(11,462,436	)

Capital Share Transactions:¹

Net increase from capital share transactions		66,362,378			241,352,504			55,209,790			40,667,096



Total increase in net assets		43,249,961			272,594,873			55,946,708			49,513,277

Net Assets:

Beginning of year		1,305,820,178			1,033,225,305			328,583,754			279,070,477

End of year		$1,349,070,139			$1,305,820,178			$384,530,462			$328,583,754

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

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

AMG GW&K ESG Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended December 31,

Class N	2021			2020			2019			2018			2017¹

Net Asset Value, Beginning of Year		$28.12			$27.14			$25.49			$26.97			$26.24

Income (loss) from Investment Operations:

Net investment income^2,3		0.44			0.90			0.94			0.84			0.91

Net realized and unrealized gain (loss) on investments		(0.83	)		1.03			1.85			(1.33	)		0.85

Total income (loss) from investment operations		(0.39	)		1.93			2.79			(0.49	)		1.76

Less Distributions to Shareholders from:

Net investment income		(0.47	)		(0.88	)		(0.98	)		(0.80	)		(0.87	)

Net realized gain on investments		(2.38	)		(0.07	)		(0.16	)		(0.19	)		(0.16	)

Total distributions to shareholders		(2.85	)		(0.95	)		(1.14	)		(0.99	)		(1.03	)

Net Asset Value, End of Year		$24.88			$28.12			$27.14			$25.49			$26.97

Total Return^3,4		(1.29	)%		7.34	%		11.10	%		(1.82	)%		6.77	%

Ratio of net expenses to average net assets		0.69	%⁵		0.71	%		0.72	%⁶		0.98	%⁵		0.99	%⁵

Ratio of gross expenses to average net assets⁷		0.69	%⁵		0.72	%		0.73	%⁶		0.98	%⁵		0.99	%⁵

Ratio of net investment income to average net assets³		1.71	%		3.31	%		3.53	%		3.19	%		3.38	%

Portfolio turnover		186	%		25	%		20	%		9	%		4	%

Net assets end of year (000’s) omitted		$427,818			$555,124			$618,381			$715,468			$971,359

AMG GW&K ESG Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended December 31,

Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$28.13			$27.14			$25.49			$26.97			$26.24

Income (loss) from Investment Operations:

Net investment income^2,3		0.50			0.95			0.99			0.86			0.94

Net realized and unrealized gain (loss) on investments		(0.83	)		1.05			1.85			(1.32	)		0.85

Total income (loss) from investment operations		(0.33	)		2.00			2.84			(0.46	)		1.79

Less Distributions to Shareholders from:

Net investment income		(0.53	)		(0.94	)		(1.03	)		(0.83	)		(0.90	)

Net realized gain on investments		(2.38	)		(0.07	)		(0.16	)		(0.19	)		(0.16	)

Total distributions to shareholders		(2.91	)		(1.01	)		(1.19	)		(1.02	)		(1.06	)

Net Asset Value, End of Year		$24.89			$28.13			$27.14			$25.49			$26.97

Total Return^3,4		(1.05	)%		7.57	%		11.32	%		(1.72	)%		6.87	%

Ratio of net expenses to average net assets		0.49	%⁵		0.50	%		0.52	%⁶		0.88	%⁵		0.89	%⁵

Ratio of gross expenses to average net assets⁷		0.49	%⁵		0.51	%		0.53	%⁶		0.88	%⁵		0.89	%⁵

Ratio of net investment income to average net assets³		1.91	%		3.52	%		3.73	%		3.29	%		3.48	%

Portfolio turnover		186	%		25	%		20	%		9	%		4	%

Net assets end of year (000’s) omitted		$327,121			$546,698			$605,353			$1,094,820			$1,027,477

¹	Effective February 27, 2017, Class S shares were renamed Class N shares.

²	Per share numbers have been calculated using average shares.

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

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

⁵	Ratio includes recapture of reimbursed fees from prior years amounting to less than 0.01%, 0.04% and 0.07% for the fiscal year ended December 31, 2021, December 31, 2018 and December 31, 2017, respectively

⁶	Includes 0.01% of extraordinary expense related to legal expense in support of an investment held in the portfolio.

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.)

AMG GW&K Enhanced Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended December 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$10.90			$10.15			$9.43			$9.81			$9.67

Income (loss) from Investment Operations:

Net investment income^1,2		0.14			0.20			0.24			0.23			0.21

Net realized and unrealized gain (loss) on investments		(0.28	)		0.75			0.73			(0.38	)		0.15

Total income (loss) from investment operations		(0.14	)		0.95			0.97			(0.15	)		0.36

Less Distributions to Shareholders from:

Net investment income		(0.14	)		(0.20	)		(0.25	)		(0.23	)		(0.22	)

Paid in capital		(0.01	)		–			–			–			–

Total distributions to shareholders		(0.15	)		(0.20	)		(0.25	)		(0.23	)		(0.22	)

Net Asset Value, End of Year		$10.61			$10.90			$10.15			$9.43			$9.81

Total Return^2,3		(1.26	)%		9.41	%		10.35	%		(1.48	)%		3.76	%

Ratio of net expenses to average net assets		0.73	%		0.73	%		0.73	%		0.73	%		0.75	%

Ratio of gross expenses to average net assets⁴		0.93	%		1.06	%		1.16	%		0.99	%		1.04	%

Ratio of net investment income to average net assets²		1.32	%		1.86	%		2.43	%		2.45	%		2.19	%

Portfolio turnover		86	%		101	%		71	%		26	%		39	%

Net assets end of year (000’s) omitted		$13,736			$15,794			$14,779			$12,884			$16,027

AMG GW&K Enhanced Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended December 31,

Class I	2021			2020			2019			2018			2017⁵

Net Asset Value, Beginning of Year		$10.94			$10.19			$9.47			$9.85			$9.70

Income (loss) from Investment Operations:

Net investment income^1,2		0.16			0.22			0.26			0.25			0.23

Net realized and unrealized gain (loss) on investments		(0.28	)		0.75			0.73			(0.38	)		0.16

Total income (loss) from investment operations		(0.12	)		0.97			0.99			(0.13	)		0.39

Less Distributions to Shareholders from:

Net investment income		(0.16	)		(0.22	)		(0.27	)		(0.25	)		(0.24	)

Paid in capital		(0.01	)		–			–			–			–

Total distributions to shareholders		(0.17	)		(0.22	)		(0.27	)		(0.25	)		(0.24	)

Net Asset Value, End of Year		$10.65			$10.94			$10.19			$9.47			$9.85

Total Return^2,3		(1.07	)%		9.57	%		10.51	%		(1.27	)%		4.03	%

Ratio of net expenses to average net assets		0.56	%		0.55	%		0.55	%		0.54	%		0.61	%

Ratio of gross expenses to average net assets⁴		0.76	%		0.88	%		0.98	%		0.80	%		0.90	%

Ratio of net investment income to average net assets²		1.49	%		2.04	%		2.62	%		2.64	%		2.32	%

Portfolio turnover		86	%		101	%		71	%		26	%		39	%

Net assets end of year (000’s) omitted		$33,402			$27,800			$8,502			$5,967			$6,864

AMG GW&K Enhanced Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended December 31,

Class Z	2021			2020			2019			2018			2017⁵

Net Asset Value, Beginning of Year		$10.93			$10.18			$9.46			$9.84			$9.70

Income (loss) from Investment Operations:

Net investment income^1,2		0.17			0.22			0.27			0.26			0.24

Net realized and unrealized gain (loss) on investments		(0.27	)		0.75			0.72			(0.38	)		0.15

Total income (loss) from investment operations		(0.10	)		0.97			0.99			(0.12	)		0.39

Less Distributions to Shareholders from:

Net investment income		(0.17	)		(0.22	)		(0.27	)		(0.26	)		(0.25	)

Paid in capital		(0.01	)		–			–			–			–

Total distributions to shareholders		(0.18	)		(0.22	)		(0.27	)		(0.26	)		(0.25	)

Net Asset Value, End of Year		$10.65			$10.93			$10.18			$9.46			$9.84

Total Return^2,3		(0.92	)%		9.65	%		10.59	%		(1.23	)%		4.01	%

Ratio of net expenses to average net assets		0.48	%		0.48	%		0.48	%		0.48	%		0.50	%

Ratio of gross expenses to average net assets⁴		0.68	%		0.81	%		0.91	%		0.74	%		0.79	%

Ratio of net investment income to average net assets²		1.57	%		2.11	%		2.72	%		2.70	%		2.43	%

Portfolio turnover		86	%		101	%		71	%		26	%		39	%

Net assets end of year (000’s) omitted		$13,712			$11,552			$10,080			$15,254			$21,271

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	Effective February 27, 2017, Class I shares were renamed Class Z and Class S shares were renamed Class I.

AMG GW&K High Income Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended December 31,

Class N	2021			2020			2019			2018			2017¹

Net Asset Value, Beginning of Year		$22.23			$21.52			$20.04			$21.06			$19.05

Income (loss) from Investment Operations:

Net investment income^2,3		0.53			0.51			0.57			0.69			0.75

Net realized and unrealized gain (loss) on investments		0.28			2.09			0.98			(1.57	)		1.26

Total income (loss) from investment operations		0.81			2.60			1.55			(0.88	)		2.01

Less Distributions to Shareholders from:

Net investment income		(0.53	)		(0.48	)		(0.07	)		(0.14	)		–

Net realized gain on investments		(0.05	)		(1.41	)		–			–			–

Total distributions to shareholders		(0.58	)		(1.89	)		(0.07	)		(0.14	)		–

Net Asset Value, End of Year		$22.46			$22.23			$21.52			$20.04			$21.06

Total Return^3,4		3.67	%		12.16	%		7.67	%		(4.18	)%		10.55	%

Ratio of net expenses to average net assets		0.84	%		0.89	%		0.89	%		0.89	%		0.89	%

Ratio of gross expenses to average net assets⁵		1.37	%		1.70	%		1.87	%		1.52	%		1.39	%

Ratio of net investment income to average net assets³		2.36	%		2.28	%		2.70	%		3.34	%		3.71	%

Portfolio turnover		97	%		157	%		52	%		60	%		55	%

Net assets end of year (000’s) omitted		$8,157			$10,302			$9,638			$10,365			$14,074

AMG GW&K High Income Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the fiscal
Class I	period ended December 31, 2021⁶

Net Asset Value, Beginning of Period		$22.27

Income from Investment Operations:

Net investment income^2,3		0.46

Net realized and unrealized gain on investments		0.35

Total income from investment operations		0.81

Less Distributions to Shareholders from:

Net investment income		(0.58	)

Net realized gain on investments		(0.05	)

Total distributions to shareholders		(0.63	)

Net Asset Value, End of Period		$22.45

Total Return^3,4		3.68	%⁷

Ratio of net expenses to average net assets		0.64	%⁸

Ratio of gross expenses to average net assets⁵		1.17	%⁸

Ratio of net investment income to average net assets³		2.56	%⁸

Portfolio turnover		97	%

Net assets end of period (000’s) omitted		$13,166

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

²	Per share numbers have been calculated using average shares.

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

⁴	The total return is calculated using the published Net Asset Value as of 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	Commencement of operations was on March 15, 2021.

⁷	Not annualized.

⁸	Annualized.

AMG GW&K Municipal Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended December 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$12.45			$12.12			$11.48			$11.60			$11.25

Income (loss) from Investment Operations:

Net investment income^1,2		0.13			0.15			0.19			0.17			0.15

Net realized and unrealized gain (loss) on investments		(0.11	)		0.33			0.64			(0.11	)		0.36

Total income from investment operations		0.02			0.48			0.83			0.06			0.51

Less Distributions to Shareholders from:

Net investment income		(0.13	)		(0.15	)		(0.19	)		(0.18	)		(0.15	)

Net realized gain on investments		(0.10	)		–			–			(0.00	)³		(0.01	)

Total distributions to shareholders		(0.23	)		(0.15	)		(0.19	)		(0.18	)		(0.16	)

Net Asset Value, End of Year		$12.24			$12.45			$12.12			$11.48			$11.60

Total Return^2,4		0.10	%		4.31	%		7.29	%		0.54	%		4.58	%

Ratio of net expenses to average net assets		0.71	%		0.71	%		0.71	%		0.71	%		0.71	%

Ratio of gross expenses to average net assets⁵		0.76	%		0.77	%		0.78	%		0.77	%		0.78	%

Ratio of net investment income to average net assets²		1.01	%		1.25	%		1.59	%		1.53	%		1.31	%

Portfolio turnover		24	%		17	%		18	%		35	%		27	%

Net assets end of year (000’s) omitted		$17,112			$18,153			$18,711			$17,445			$29,513

AMG GW&K Municipal Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended December 31,

Class I	2021			2020			2019			2018			2017⁶

Net Asset Value, Beginning of Year		$12.52			$12.18			$11.54			$11.66			$11.31

Income (loss) from Investment Operations:

Net investment income^1,2		0.17			0.19			0.23			0.21			0.19

Net realized and unrealized gain (loss) on investments		(0.11	)		0.34			0.64			(0.12	)		0.36

Total income from investment operations		0.06			0.53			0.87			0.09			0.55

Less Distributions to Shareholders from:

Net investment income		(0.17	)		(0.19	)		(0.23	)		(0.21	)		(0.19	)

Net realized gain on investments		(0.10	)		–			–			(0.00	)³		(0.01	)

Total distributions to shareholders		(0.27	)		(0.19	)		(0.23	)		(0.21	)		(0.20	)

Net Asset Value, End of Year		$12.31			$12.52			$12.18			$11.54			$11.66

Total Return^2,4		0.43	%		4.70	%		7.58	%		0.87	%		4.90	%

Ratio of net expenses to average net assets		0.39	%		0.39	%		0.39	%		0.39	%		0.37	%

Ratio of gross expenses to average net assets⁵		0.44	%		0.45	%		0.46	%		0.45	%		0.45	%

Ratio of net investment income to average net assets²		1.33	%		1.57	%		1.91	%		1.85	%		1.64	%

Portfolio turnover		24	%		17	%		18	%		35	%		27	%

Net assets end of year (000’s) omitted		$1,331,958			$1,287,667			$1,014,514			$940,553			$1,045,399

¹	Per share numbers have been calculated using average shares.

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

³	Less than $(0.005) per share.

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	Effective June 23, 2017, Class S shares were converted to Class I shares.

AMG GW&K Municipal Enhanced Yield Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended December 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$10.69			$10.42			$9.69			$10.02			$9.40

Income (loss) from Investment Operations:

Net investment income^1,2		0.20			0.23			0.26			0.27			0.26

Net realized and unrealized gain (loss) on investments		0.18			0.37			0.78			(0.33	)		0.62

Total income (loss) from investment operations		0.38			0.60			1.04			(0.06	)		0.88

Less Distributions to Shareholders from:

Net investment income		(0.19	)		(0.21	)		(0.25	)		(0.15	)		(0.26	)

Net realized gain on investments		(0.14	)		(0.12	)		(0.06	)		–			–

Paid in capital		–			–			–			(0.12	)		–

Total distributions to shareholders		(0.33	)		(0.33	)		(0.31	)		(0.27	)		(0.26	)

Net Asset Value, End of Year		$10.74			$10.69			$10.42			$9.69			$10.02

Total Return^2,3		3.59	%		5.95	%		10.92	%		(0.55	)%		9.51	%

Ratio of net expenses to average net assets		0.99	%		0.99	%		0.99	%		0.99	%		1.01	%

Ratio of gross expenses to average net assets⁴		1.05	%		1.07	%		1.08	%		1.08	%		1.11	%

Ratio of net investment income to average net assets²		1.85	%		2.17	%		2.56	%		2.79	%		2.67	%

Portfolio turnover		61	%		81	%		40	%		89	%		67	%

Net assets end of year (000’s) omitted		$14,923			$5,015			$5,722			$7,283			$8,828

AMG GW&K Municipal Enhanced Yield Fund

Financial Highlights

For a share outstanding throughout each fiscal year


	For the fiscal years ended December 31,

Class I	2021			2020			2019			2018			2017⁵

Net Asset Value, Beginning of Year		$10.40			$10.15			$9.45			$10.01			$9.40

Income (loss) from Investment Operations:

Net investment income^1,2		0.23			0.25			0.29			0.31			0.30

Net realized and unrealized gain (loss) on investments		0.17			0.37			0.76			(0.32	)		0.61

Total income (loss) from investment operations		0.40			0.62			1.05			(0.01	)		0.91

Less Distributions to Shareholders from:

Net investment income		(0.23	)		(0.25	)		(0.29	)		(0.31	)		(0.30	)

Net realized gain on investments		(0.14	)		(0.12	)		(0.06	)		–			–

Paid in capital		–			–			–			(0.24	)		–

Total distributions to shareholders		(0.37	)		(0.37	)		(0.35	)		(0.55	)		(0.30	)

Net Asset Value, End of Year		$10.43			$10.40			$10.15			$9.45			$10.01

Total Return^2,3		3.94	%		6.31	%		11.28	%		(0.07	)%		9.79	%

Ratio of net expenses to average net assets		0.64	%		0.64	%		0.64	%		0.64	%		0.64	%

Ratio of gross expenses to average net assets⁴		0.70	%		0.72	%		0.73	%		0.73	%		0.74	%

Ratio of net investment income to average net assets²		2.20	%		2.52	%		2.91	%		3.14	%		3.05	%

Portfolio turnover		61	%		81	%		40	%		89	%		67	%

Net assets end of year (000’s) omitted		$369,473			$323,439			$273,228			$203,867			$226,638

AMG GW&K Municipal Enhanced Yield Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the fiscal years ended December 31,												For the fiscal period ended December 31,

Class Z	2021			2020			2019			2018			2017⁶

Net Asset Value, Beginning of Period		$10.40			$10.15			$9.44			$10.01			$9.49

Income (loss) from Investment Operations:

Net investment income^1,2		0.24			0.26			0.30			0.31			0.25

Net realized and unrealized gain (loss) on investments		0.17			0.37			0.76			(0.32	)		0.52

Total income (loss) from investment operations		0.41			0.63			1.06			(0.01	)		0.77

Less Distributions to Shareholders from:

Net investment income		(0.24	)		(0.26	)		(0.29	)		(0.32	)		(0.25	)

Net realized gain on investments		(0.14	)		(0.12	)		(0.06	)		–			–

Paid in capital		–			–			–			(0.24	)		–

Total distributions to shareholders		(0.38	)		(0.38	)		(0.35	)		(0.56	)		(0.25	)

Net Asset Value, End of Period		$10.43			$10.40			$10.15			$9.44			$10.01

Total Return^2,3		3.99	%		6.37	%		11.45	%		(0.09	)%		8.23	%⁷

Ratio of net expenses to average net assets		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%⁸

Ratio of gross expenses to average net assets⁴		0.65	%		0.67	%		0.68	%		0.68	%		0.69	%⁸

Ratio of net investment income to average net assets²		2.25	%		2.57	%		2.96	%		3.19	%		3.07	%⁸

Portfolio turnover		61	%		81	%		40	%		89	%		67	%

Net assets end of period (000’s) omitted		$135			$130			$120			$108			$108

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	Effective June 23, 2017, Class S shares were converted to Class I shares.

⁶	Commencement of operations was February 27, 2017.

⁷	Not annualized.

⁸	Annualized.

Notes to Financial Statements

December 31, 2021

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds, AMG Funds II and AMG Funds III (the “Trusts”) are open-end management investment companies, organized as Massachusetts business trusts, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trusts consist of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG Funds: AMG GW&K Municipal Bond Fund (“Municipal Bond”), AMG GW&K Municipal Enhanced Yield Fund (“Municipal Enhanced”), AMG Funds II: AMG GW&K Enhanced Core Bond ESG Fund (“Enhanced Core Bond ESG”) and AMG Funds III: AMG GW&K ESG Bond Fund (formerly AMG Managers Loomis Sayles Bond Fund) (“ESG Bond”), and AMG GW&K High Income Fund (“High Income”), each a “Fund” and collectively, the “Funds”.

Each Fund offers different classes of shares. All Funds offer Class N shares and Class I shares; and Municipal Enhanced and Enhanced Core Bond ESG offer Class Z shares. High Income Class I shares commenced operations on March 15, 2021. 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 Fund III (the “Board” and together with the Board of Trustees of AMG Funds and AMG Funds II, the “Boards”) approved GW&K Investment Management, LLC (“GW&K”) as the subadviser to ESG Bond on an interim basis to replace Loomis, Sayles & Company, L.P. (“Loomis”) effective March 19, 2021, which was subsequently approved by the shareholders of ESG Bond on June 11, 2021. After the subadviser change, ESG Bond seeks to achieve it’s investment objective by investing in a diversified portfolio of fixed income securities. In conjunction with the respective changes in investment strategy for ESG Bond, the Fund sold substantially all open positions around the date of the subadviser change that increased the Fund’s portfolio turnover. Also, during the transition of ESG Bond, the Fund invested in futures contracts to manage exposure to security markets. ESG Bond also declared a special capital gain distribution on March 29, 2021. In addition, the Board also approved expense changes (See Note 2).

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

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

a. VALUATION OF INVESTMENTS

For the Funds, equity securities traded on a national securities exchange or reported on the NASDAQ national market system (“NMS”) are valued at the last quoted sales price on the primary exchange or, if applicable, the NASDAQ official closing price or the official closing price of the relevant exchange or, lacking any sales, at the last quoted bid price for ESG Bond and High Income or the mean between the last quoted bid and ask prices (the “mean price”) for Enhanced Core Bond ESG, Municipal Bond and Municipal Enhanced. 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) 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 Enhanced Core Bond ESG, Municipal Bond and Municipal Enhanced 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 Unrealized Appreciation/Depreciation and Net Asset Value Per Share for ESG Bond, Enhanced Core Bond ESG, High Income, Municipal Bond and Municipal Enhanced was $(133,118), $48,641, $(1,571), $768,188 and $373,784, respectively, and less than $(0.01), $0.01, less than $(0.01), $0.01 and $0.01, respectively.

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)

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 Boards’ valuation procedures, if the Investment Manager or the Pricing Committee believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Pricing Committee and, if required under the Trusts’ securities valuation procedures, the Valuation Committee, seeks to determine the price that a Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Boards 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 Boards have 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. 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.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income, if any, will normally be declared and paid monthly by the Funds. High Income commenced monthly net investment income distributions on March 29, 2021. Fund distributions resulting from 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 the equalization utilized and net operating losses. Temporary differences are primarily due to wash sales loss deferrals and premium amortization on callable bonds.

Notes to Financial Statements (continued)

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


	ESG Bond			Enhanced Core Bond ESG			High Income

Distributions paid from:		2021	2020		2021	2020		2021	2020

Ordinary income *		$200,763	$38,079,582		$824,369	$815,592		$543,755	$364,445

Tax-exempt income		–	–		–	–		–	–

Long-term capital gains		104,312,217	2,648,558		–	–		547	460,580

Paid-in capital		–	–		47,927	–		–	–


		$104,512,980	$40,728,140		$872,296	$815,592		$544,302	$825,025


				Municipal Bond			Municipal Enhanced

Distributions paid from:					2021	2020		2021	2020

Ordinary income *					$808,177	$154,232		$1,453,156	$1,182,108

Tax-exempt income					17,729,864	18,075,720		8,070,665	7,549,526

Long-term capital gains					9,730,890	3,524,571		3,573,833	2,730,802

Paid-in capital					–	–		–	–


					$28,268,931	$21,754,523		$13,097,654	$11,462,436

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

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

ESG Bond

Enhanced Core Bond ESG

High Income

Municipal Bond

Municipal Enhanced

Capital loss carryforward

–

$2,528,660

–

Undistributed ordinary income

–

$24,685

$87,872

$117,246

Undistributed tax-exempt income

–

31,461

8,924

Undistributed long-term capital gains

$963,551

–

2,954

1,733,844

814,678

At December 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

ESG Bond	$753,745,709	$13,194,540	$(8,084,103)	$5,110,437

Enhanced Core Bond ESG	58,700,014	880,542	(433,499)	447,043

High Income	22,936,479	160,912	(119,098)	41,814

Municipal Bond	1,335,968,744	55,012,705	(1,921,786)	53,090,919

Municipal Enhanced	356,397,903	25,418,003	(217,266)	25,200,737

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 December 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 December 31, 2021, Enhanced Core Bond ESG had capital loss carryovers for federal income tax purposes as shown in the following chart. These amounts may

Notes to Financial Statements (continued)

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

Fund

Short-Term

Long-Term

Total

Enhanced Core Bond ESG

$1,145,095

$1,383,565

$2,528,660

As of December 31, 2021, ESG Bond, High Income, Municipal Bond and Municipal Enhanced had no accumulated net realized capital loss carryovers from securities transactions for federal income tax purposes. Should the Funds incur net capital

losses for the year ending December 31, 2022, such amounts may be used to offset future realized capital gains, for an unlimited time period.

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


Fund	Short-Term	Long-Term

Enhanced Core Bond ESG	$22,458	$876,687

g. CAPITAL STOCK

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

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


	ESG Bond												Enhanced Core Bond ESG

	December 31, 2021						December 31, 2020						December 31, 2021						December 31, 2020

	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Class N:

Proceeds from sale of shares		1,452,937			$38,053,195			2,974,694			$80,948,805			286,260			$3,068,578			325,128			$3,475,322

Reinvestment of distributions		2,051,404			51,918,933			712,467			19,290,277			17,561			187,784			20,814			219,293

Cost of shares repurchased		(6,049,606	)		(156,764,465	)		(6,734,473	)		(180,090,308	)		(459,141	)		(4,905,575	)		(352,412	)		(3,703,576	)


Net decrease		(2,545,265	)		$(66,792,337	)		(3,047,312	)		$(79,851,226	)		(155,320	)		$(1,649,213	)		(6,470	)		$(8,961	)


Class I:

Proceeds from sale of shares		3,132,524			$82,409,399			5,277,165			$142,427,000			1,729,710			$18,560,256			1,930,056			$20,740,872

Reinvestment of distributions		1,959,229			49,642,039			741,223			20,066,494			40,944			439,321			28,452			303,557

Cost of shares repurchased		(11,383,287	)		(293,819,048	)		(8,884,854	)		(237,615,746	)		(1,177,158	)		(12,618,347	)		(250,872	)		(2,616,750	)


Net increase (decrease)		(6,291,534	)		$(161,767,610	)		(2,866,466	)		$(75,122,252	)		593,496			$6,381,230			1,707,636			$18,427,679


Class Z:

Proceeds from sale of shares		–			–			–			–			442,744			$4,753,770			325,068			$3,463,674

Reinvestment of distributions		–			–			–			–			17,832			191,235			20,445			216,232

Cost of shares repurchased		–			–			–			–			(229,602	)		(2,465,708	)		(278,702	)		(2,935,192	)


Net increase		–			–			–			–			230,974			$2,479,297			66,811			$744,714


	High Income												Municipal Bond

	December 31, 2021						December 31, 2020						December 31, 2021						December 31, 2020

	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Class N:

Proceeds from sale of shares		111,205			$2,494,229			122,058			$2,754,401			698,892			$8,650,727			841,918			$10,312,713

Reinvestment of distributions		9,973			224,451			36,046			798,071			23,744			292,232			22,319			274,465

Cost of shares repurchased		(221,405	)		(4,977,229	)		(142,591	)		(3,100,201	)		(782,262	)		(9,674,017	)		(950,262	)		(11,578,005	)


Net increase (decrease)		(100,227	)		$(2,258,549	)		15,513			$452,271			(59,626	)		$(731,058	)		(86,025	)		$(990,827	)

Notes to Financial Statements (continued)


	High Income												Municipal Bond

	December 31, 2021						December 31, 2020						December 31, 2021						December 31, 2020

	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount

Class I:¹

Proceeds from sale of shares		605,743			$13,584,553			–			–			33,594,124			$418,621,329			50,063,425			$614,578,625

Reinvestment of distributions		13,885			312,124			–			–			1,809,529			22,408,701			1,402,065			17,349,323

Cost of shares repurchased		(33,112	)		(749,594	)		–			–			(30,023,803	)		(373,936,594	)		(31,883,833	)		(389,584,617	)


Net increase		586,516			$13,147,083			–			–			5,379,850			$67,093,436			19,581,657			$242,343,331


	Municipal Enhanced

	December 31, 2021						December 31, 2020

	Shares			Amount			Shares			Amount

Class N:

Proceeds from sale of shares		3,442,311			$37,047,081			1,891,900			$19,211,900

Reinvestment of distributions		15,958			172,953			17,895			186,782

Cost of shares repurchased		(2,537,721	)		(27,497,613	)		(1,989,572	)		(20,374,161	)


Net increase (decrease)		920,548			$9,722,421			(79,777	)		$(975,479	)


Class I:

Proceeds from sale of shares		10,001,279			$105,402,142			11,477,762			$114,640,533

Reinvestment of distributions		631,256			6,610,515			570,856			5,821,974

Cost of shares repurchased		(6,312,309	)		(66,530,105	)		(7,868,907	)		(78,826,067	)


Net increase		4,320,226			$45,482,552			4,179,711			$41,636,440


Class Z:

Proceeds from sale of shares		—			—			146			$1,500

Reinvestment of distributions		461			$4,817			455			4,635


Net increase		461			$4,817			601			$6,135

¹	Commencement of operations was March 15, 2021 for Class I of High Income.

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 December 31, 2021, the market value of Repurchase Agreements outstanding for ESG Bond, Enhanced Core Bond ESG and High Income were $19,741,844, $1,481,522, and $2,340,362, 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

Notes to Financial Statements (continued)

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

The Funds 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.

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

k. DELAYED DELIVERY TRANSACTIONS AND WHEN-ISSUED SECURITIES

The Funds 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’s identify 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

operations. The Investment Manager selects one or more subadvisers for the Funds (subject to the Boards 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, ESG Bond’s investment portfolio was managed by Loomis, who served pursuant to subadvisory agreements with the Investment Manager.

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



ESG Bond			0.23%¹

Enhanced Core Bond ESG			0.30%

High Income			0.39%²

Municipal Bond

on first $25 million			0.35%

on next $25 million			0.30%

on next $50 million			0.25%

on balance over $100 million			0.20%

Municipal Enhanced			0.45%

¹	Prior to June 12, 2021, the annual rate for the investment management fees for ESG Bond was 0.26% of the Fund’s average daily net assets.

²	Prior to December 4, 2020, the annual rate for the investment management fees for High Income was 0.55% of the Fund’s average daily net assets.

The Investment Manager has contractually agreed, through at least May 1, 2023 for ESG Bond and through at least May 1, 2022 for Enhanced Core Bond ESG, High Income, Municipal Bond, and Municipal Enhanced, 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 ESG Bond, Enhanced Core Bond ESG, High Income, Municipal Bond, and Municipal Enhanced to the annual rate of 0.43%, 0.48%. 0.59%, 0.34%, and 0.59%, 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 12, 2021, ESG Bond expense limitation was 0.46%, and prior to December 4, 2020, the expense limitation was 0.89% for High Income.

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,

Notes to Financial Statements (continued)

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


Expiration Period	ESG Bond		Enhanced Core Bond ESG		High Income

Less than 1 year		$64,494		$153,359		$94,471

1-2 years		51,532		135,792		75,430

2-3 years		19,644		113,335		94,499


Total		$135,670		$402,486		$264,400


Expiration Period	Municipal Bond		Municipal Enhanced

Less than 1 year		$651,229		$220,347

1-2 years		704,935		242,883

2-3 years		706,015		230,390


Total		$2,062,179		$693,620

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

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

The Trusts have adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, 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, Enhanced Core Bond ESG, Municipal Bond and Municipal Enhanced 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 Enhanced Core Bond ESG, Municipal Bond and Municipal Enhanced average daily net assets attributable to the Class N shares. The portion of payments made under the plan by Class N shares of Enhanced Core Bond ESG, Municipal Bond and Municipal Enhanced for shareholder servicing may not exceed an annual rate of 0.25% of the average daily net asset value of each Fund’s shares of that class owned by clients of such broker, dealer or financial intermediary.

For each of Class N shares and Class I shares of ESG Bond, High Income, Municipal Bond, Municipal Enhanced, and for Enhanced Core Bond ESG’s Class I shares, the Boards have 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 December 31, 2021, were as follows:


Fund	Maximum Annual Amount Approved		Actual Amount Incurred

ESG Bond

Class N		0.25%		0.25	%

Class I		0.05%		0.05	%

Enhanced Core Bond ESG

Class I		0.10%		0.08	%

High Income

Class N		0.25%		0.25	%

Class I		0.05%		0.05	%

Municipal Bond

Class N		0.15%		0.12	%

Class I		0.05%		0.05	%

Municipal Enhanced

Class N		0.15%		0.15	%

Class I		0.05%		0.05	%

The Boards provide 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 Boards 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

Notes to Financial Statements (continued)

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 Boards, and the Boards monitor the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At December 31, 2021, the Funds had no interfund loans outstanding.

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


Fund	Average Lent		Number of Days		Interest Earned		Average Interest Rate

ESG Bond		$3,192,280		7		$578		0.944%

Enhanced Core Bond ESG		1,676,031		6		252		0.914%

Municipal Bond		2,642,739		18		1,198		0.920%

Municipal Enhanced		1,529,151		9		349		0.926%

Fund	Average Borrowed		Number of Days		Interest Paid		Average Interest Rate

ESG Bond		$2,049,436		20		$1,051		0.936%

Enhanced Core Bond ESG		2,212,964		2		111		0.913%

Municipal Enhanced		4,733,326		4		487		0.938%

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 December 31, 2021, were as follows:


	Long Term Securities

Fund	Purchases		Sales

ESG Bond		$968,244,555		$1,361,615,133

Enhanced Core Bond ESG		29,584,559		32,258,220

High Income		27,950,119		16,972,674

Municipal Bond		436,576,718		301,391,624

Municipal Enhanced		276,847,399		220,346,399

Purchases and sales of U.S. Government Obligations for the fiscal year ended December 31, 2021 were as follows:


	U.S. Government Obligations

Fund	Purchases		Sales

ESG Bond		$676,248,854		$509,070,884

Enhanced Core Bond ESG		22,888,664		14,065,357

4. PORTFOLIO SECURITIES LOANED

The Funds participate in the Program providing for the lending of securities to qualified borrowers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its

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

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


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

ESG Bond	$	39,839,239	$	19,741,844	$	21,586,934	$	41,328,778

Enhanced Core Bond ESG		5,203,772		1,481,522		3,886,928		5,368,450

High Income		2,660,400		2,340,362		427,388		2,767,750

The following table summarizes the securities received as collateral for securities lending at December 31, 2021:


	Collateral	Coupon	Maturity
Fund	Type	Range	Date Range

ESG Bond	U.S. Treasury Obligations	0.000%-4.375%	02/03/22-11/15/49

Enhanced Core Bond ESG	U.S. Treasury Obligations	0.000%-4.625%	01/31/22-08/15/50

High Income	U.S. Treasury Obligations	0.000%-3.875%	02/03/22-02/15/49

5. FOREIGN SECURITIES

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

Notes to Financial Statements (continued)

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. 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. FORWARD COMMITMENTS

Certain transactions, such as futures and forward transactions, or delayed delivery securities may have a similar effect on a Fund’s net asset value as if a Fund had created a degree of leverage in its portfolio. However, if a Fund enters into such a transaction, a Fund will establish a segregated account with its custodian in which it will maintain cash, U.S. government securities or other liquid securities equal in value to its obligations in respect to such transaction. Securities and other assets held in the segregated account may not be sold while the transaction is outstanding, unless other suitable assets are substituted.

9. DERIVATIVE INSTRUMENTS

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

For ESG Bond, from March 9, 2021 to March 18, 2021, Loomis used futures contracts to adjust the Fund’s duration and from March 31, 2021 to April 4, 2021, the transition managers used futures contracts to realign the Fund’s portfolio. The daily average for ESG Bond of financial instruments outstanding were as follows:


	ESG Bond

Financial Futures Contracts

Average number of contracts purchased		8

Average number of contracts sold		9

Average notional value of contracts purchased		$1,162,930

Average notional value of contracts sold		$1,324,812

10. FUTURES CONTRACTS

Before March 19, 2021, ESG Bond used futures contracts to adjust the Fund’s duration, and during the transition of the portfolio for ESG Bond, the transition manager purchased and sold futures contracts to achieve desired levels of investment. There are certain risks associated with futures contracts. Prices may not move as expected or the Fund may not be able to close out the contract when it desires to do so, resulting in losses.

On entering into a futures contract, either cash or securities in an amount equal to a certain percentage of the contract value (initial margin) must be deposited with the futures broker. Subsequent payments (variation margin) are made or received each day.

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 an asset (liability), and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are recorded as realized gain or loss on futures contracts.

At December 31, 2021, there were no open futures contracts.

11. 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. For securities lending transactions, see Note 4. At December 31, 2021, the Funds had no outstanding derivatives outstanding.

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 December 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


ESG Bond

Cantor Fitzgerald Securities, Inc.		$4,688,700		–		$4,688,700		$4,688,700		–

Citadel Securities LLC		3,954,552		–		3,954,552		3,954,552		–

HSBC Securities USA, Inc.		116,285		–		116,285		116,285		–

Mirae Asset Securities USA, Inc.		2,196,463		–		2,196,463		2,196,463		–

RBC Dominion Securities, Inc.		4,688,696		–		4,688,696		4,688,696		–

State of Wisconsin Investment Board		4,097,148		–		4,097,148		4,097,148		–


Total		$19,741,844		–		$19,741,844		$19,741,844		–


Enhanced Core Bond ESG

Citigroup Global Markets, Inc.		$481,522		–		$481,522		$481,522		–

RBC Dominion Securities, Inc.		1,000,000		–		1,000,000		1,000,000		–


Total		$1,481,522		–		$1,481,522		$1,481,522		–


High Income

Bank of America Securities, Inc.		$1,000,000		–		$1,000,000		$1,000,000		–

Morgan, Stanley & Co. LLC		340,362		–		340,362		340,362		–

RBC Dominion Securities, Inc.		1,000,000		–		1,000,000		1,000,000		–


Total		$2,340,362		–		$2,340,362		$2,340,362		–

12. 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, AMG FUNDS II, AND AMG FUNDS III AND SHAREHOLDERS OF AMG GW&K MUNICIPAL BOND FUND, AMG GW&K MUNICIPAL ENHANCED YIELD FUND, AMG GW&K ENHANCED CORE BOND ESG FUND, AMG GW&K ESG BOND FUND, AND AMG GW&K HIGH INCOME FUND

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AMG GW&K Municipal Bond Fund, AMG GW&K Municipal Enhanced Yield Fund (two of the funds constituting AMG Funds), AMG GW&K Enhanced Core Bond ESG Fund (one of the funds constituting AMG Funds II), AMG GW&K ESG Bond Fund (formerly AMG Managers Loomis Sayles Bond Fund), and AMG GW&K High Income Fund, (two of the funds constituting AMG Funds III) (hereafter collectively referred to as the “Funds”) as of December 31, 2021, the related statements of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 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 the Funds as of December 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 December 31, 2021 and each of 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 December 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

March 1, 2022

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 ESG Bond Fund, AMG GW&K Enhanced Core Bond ESG Fund, AMG GW&K High Income Fund, AMG GW&K Municipal Bond Fund, and AMG GW&K Municipal Enhanced Yield 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 2021 Form 1099-DIV you receive for each 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 GW&K ESG Bond Fund, AMG GW&K Enhanced Core Bond ESG Fund, AMG GW&K High Income Fund, AMG GW&K Municipal Bond Fund, and AMG GW&K Municipal Enhanced Yield Fund each hereby designates $105,416,331, $0, $547, $9,730,890, and $3,573,833, respectively, as a capital gain distribution with respect to the taxable year ended December 31, 2021, or if subsequently determined to be different, the net capital gains of such fiscal year.

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 2012 - AMG Funds

• Trustee since 2012 - AMG Funds II

• Trustee since 2012 - AMG Funds III

• Oversees 42 Funds in Fund Complex

Bruce B. Bingham, 73

Partner, Hamilton Partners (real estate development firm) (1987-Current); Director of The Yacktman Funds (2 portfolios) (2000-2012).

• Trustee since 2013 - AMG Funds

• Trustee since 2013 - AMG Funds II

• Trustee since 2013 - AMG Funds III

• 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

• Trustee since 2000 - AMG Funds II

• Trustee since 2000 - AMG Funds III

• 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).

• Independent Chairman

• Trustee since 2000 - AMG Funds

• Trustee since 2000 - AMG Funds II

• Trustee since 2000 - AMG Funds III

• 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 - AMG Funds

• Trustee since 2013 - AMG Funds II

• Trustee since 2013 - AMG Funds III

• 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 II • Trustee since 2004 - AMG Funds • Trustee since 1987 - AMG Funds III • 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

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 46 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 46 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 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, 44

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).

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

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

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 \|

LOGO

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 \|		123121 AR088


		ANNUAL REPORT


		AMG Funds

		December 31, 2021


		AMG GW&K Small Cap Core Fund

		Class N: GWETX I Class I: GWEIX I Class Z: GWEZX

		AMG GW&K Small Cap Value Fund

		Class N: SKSEX I Class I: SKSIX I Class Z: SKSZX

		AMG GW&K Small/Mid Cap Fund

		Class N: GWGVX I Class I: GWGIX I Class Z: GWGZX

		AMG GW&K Global Allocation Fund

		Class N: MBEAX I Class I: MBESX I Class Z: MBEYX

amgfunds.com |

123121

AR089

AMG Funds

Annual Report — December 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 Small Cap Core Fund		4

		AMG GW&K Small Cap Value Fund		10

		AMG GW&K Small/Mid Cap Fund		16

		AMG GW&K Global Allocation Fund		22

		FINANCIAL STATEMENTS

		Statement of Assets and Liabilities		32

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

		Statement of Operations		34

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

		Statements of Changes in Net Assets		35

		Detail of changes in assets for the past two fiscal years

		Financial Highlights		37

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

		Notes to Financial Statements		49

		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		59

		OTHER INFORMATION		60

		TRUSTEES AND OFFICERS		61

Letter to Shareholders

Dear Shareholder:

The fiscal year ended December 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 119%. 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 28.71% during the year and all sectors produced double-digit returns, but there was very wide dispersion in performance. Energy and real estate led the market with returns of 54.72% and 46.20%, respectively. On the other hand, utilities and consumer staples lagged with returns of 17.63% and 18.63%, respectively. Growth stocks edged out Value stocks as the Russell 1000^® Growth Index returned 27.60% compared to the 25.16% return for the Russell 1000^® Value Index. Small cap stocks underperformed as the Russell 2000^® Index returned 14.82%. Within small caps, the Value-Growth disparity was much more pronounced as the Russell 2000^® Value Index returned 28.27% compared to 2.83% for the Russell 2000^® Growth Index. Outside the U.S., foreign developed markets lagged their U.S. counterparts with an 11.26% return for the MSCIEAFE Index. A major regulatory crackdown in China shook investor confidence in Chinese equities and caused emerging markets to underperform with a (2.54)% return for the MSCI Emerging Markets Index.

Respectfully,

LOGO

Keitha Kinne

President

AMG Funds


Average Annual Total Returns		Periods ended December 31, 2021*

Stocks:		1 Year			3 Years			5 Years

Large Cap	(S&P 500^® Index)		28.71	%		26.07	%		18.47	%

Small Cap	(Russell 2000^® Index)		14.82	%		20.02	%		12.02	%

International	(MSCI ACWI ex USA)		7.82	%		13.18	%		9.61	%
Bonds:

Investment Grade	(Bloomberg U.S. Aggregate Bond Index)		(1.54	)%		4.79	%		3.57	%

High Yield	(Bloomberg U.S. Corporate High Yield Bond Index)		5.28	%		8.83	%		6.30	%

Tax-exempt	(Bloomberg Municipal Bond Index)		1.52	%		4.73	%		4.17	%

Treasury Bills	(ICE BofAML U.S. 6-Month Treasury Bill Index)		0.09	%		1.23	%		1.31	%

*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 December 31, 2021	Expense Ratio for the Period	Beginning Account Value 07/01/21	Ending Account Value 12/31/21		Expenses Paid During the Period*

AMG GW&K Small Cap Core Fund

Based on Actual Fund Return

Class N	1.30%	$1,000		$1,037		$6.68

Class I	0.95%	$1,000		$1,039		$4.88

Class Z	0.90%	$1,000		$1,040		$4.63

Based on Hypothetical 5% Annual Return

Class N	1.30%	$1,000		$1,019		$6.61

Class I	0.95%	$1,000		$1,020		$4.84

Class Z	0.90%	$1,000		$1,021		$4.58

AMG GW&K Small Cap Value Fund

Based on Actual Fund Return

Class N	1.15%	$1,000		$1,083		$6.04

Class I	0.95%	$1,000		$1,084		$4.99

Class Z	0.90%	$1,000		$1,085		$4.73

Based on Hypothetical 5% Annual Return

Class N	1.15%	$1,000		$1,019		$5.85

Class I	0.95%	$1,000		$1,020		$4.84

Class Z	0.90%	$1,000		$1,021		$4.58

AMG GW&K Small/Mid Cap Fund
Based on Actual Fund Return

Class N	1.07%	$1,000		$1,088		$5.63

Class I	0.87%	$1,000		$1,089		$4.58

Class Z	0.82%	$1,000		$1,089		$4.32
Based on Hypothetical 5% Annual Return

Class N	1.07%	$1,000		$1,020		$5.45

Class I	0.87%	$1,000		$1,021		$4.43

Class Z	0.82%	$1,000		$1,021		$4.18


Six Months Ended December 31, 2021	Expense Ratio for the Period	Beginning Account Value 07/01/21	Ending Account Value 12/31/21		Expenses Paid During the Period*

AMG GW&K Global Allocation Fund
Based on Actual Fund Return

Class N	1.06%	$1,000		$990		$5.32

Class I	0.91%	$1,000		$991		$4.57

Class Z	0.81%	$1,000		$992		$4.07
Based on Hypothetical 5% Annual Return

Class N	1.06%	$1,000		$1,020		$5.40

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 GW&K Small Cap Core Fund

Portfolio Manager’s Comments (unaudited)

THE YEAR IN REVIEW

For the year ended December 31, 2021, AMG GW&K Small Cap Core Fund (the “Fund”) Class N shares returned 21.01%, compared to the Russell 2000^® Index (the “Russell 2000”), which returned 14.82%.

After taking a punch from the new omicron variant in late November, the equity markets had to search far and wide for a reason to enjoy a Santa rally. After a slightly more hawkish U.S Federal Reserve (the “Fed”) meeting and with Biden’s Build Back Better program bounced into 2022, it seemed maybe the 2021 calendar would run out before the magical rally arrived. However, just as omicron became dominant in the U.S., case counts began to drop sharply in South Africa where it first gained prominence. This was the promise of a brighter future that investors needed, and the broader indexes responded with a move higher to end the month and the year. The S&P 500^® Index finished up 28.7% for the year, easily trouncing its small cap counterpart as the Russell 2000 reported gains of 14.8% for the year. And this was after U.S. small caps got off to a roaring start in 2021, essentially doubling the S&P’s return of 6.2% with a jump of 12.7% in the first quarter.

In fact, the Russell 2000 spent most of the remaining months of the year below levels it hit in mid-March. Thinking back to the early days of 2021, we started the year talking about speculative excesses, meme stocks, and capital markets digesting huge monetary and fiscal support. In our first quarter note, you may recall we mentioned Signal Advance, Inc., the stock misidentified as an Elon Musk investment target. This stock went from $0.59 to over $30 in January. The year ended with capital market records in IPO and M&A activity. Yet, according to The Wall Street Journal, more than two-thirds of these IPOs were trading below their offering prices as the year concluded. Not coincidently, Signal Advance closed the year at $0.28. So 2021 did turn out to be a year of digestion after all, including a good amount of indigestion for the most speculative areas of the market.

One area that had more speculation than most was health care, the sector that finished ahead of the Russell 2000 in each of the previous four years and more than doubled the return of the Russell 2000 in 2020. Due to this past overindulgence, as well as the wall of earlier stage new issues that have begun to populate the sector, the Russell 2000 health care constituents returned (17)% in 2021. Meanwhile, most other sectors delivered excellent returns, led by energy, real estate, and financials. These areas

benefited from good earnings support,some cyclical momentum, and attractive valuations compared to health care.

The Fund outperformed its benchmark for the fiscal year. As speculation subsided, investors focused more on earnings, valuation, and other measurements favoring higher quality stocks where the Fund has much higher exposure relative to the Russell 2000. To see how this played out beyond the collapse of Signal Advance and the speculative parts of health care, witness the generally challenged results of most IPOs or the performance of the ARK Fund complex, whose flagship ETF, ARKK, was down (23.6)% in 2021. Within the benchmark, factor analysis makes it clear that lower-quality stocks underperformed. Non-earners finished off down (0.9)% for the year, meaningfully below the benchmark overall. Results were similarly terrible for negative equity stocks and the lowest Return on Equity (ROE) quintile group. While factor categories like market cap, beta, and leverage were more mixed,the results among the non-earning groups were the starkest we have seen in some time. Of the six factors that we monitor, the Fund’s allocation toward higher-quality stocks benefited performance. Results were even more rewarding in factors related directly to earnings and returns.

While this environment aided our relative performance, outstanding stock selection played a big role as well. The health care, information technology, and consumer discretionary sectors were top contributors to returns, Industrials was the lone detrimental sector, with three holdings lagging meaningfully (U.S. Ecology, Inc., Ritchie Bros. Auctioneers, Inc., and Primoris Services Corp.). We remain holders of each currently and expect the headwinds of 2021 to abate somewhat in the coming year with competitive advantages for each firm intact. Relative performance in the sector was also impacted by outsized strength from unowned Avis Budget Group, which rose 456% as it enjoyed a turn at meme stock glory. On the positive side, health care aided performance as the terrible performance in biotechnology was a weight on the benchmark and benefited the Fund due to our low exposure to the group. Meanwhile, Medpace Holdings, Inc., and Syneos Health, Inc., were both up over 50% on excellent earnings and continued strength in backlog. CryoPort, Inc., Atricure, Inc., Progyny. Inc., and Supernus Pharmaceuticals, Inc., were other strong contributors. In the information technology sector, Endava PLC was the largest driver with the

stock up over 100% during the year. Other contributors included our overweight position in semiconductors (where all three holdings were up more than 40%) and strong individual stock performance from Novanta, Inc., The Descartes Systems Group, Inc., and Rapid7, Inc., as each rose more than 30%. The consumer discretionary sector outperformed thanks to two stocks that jumped over 150%: Skyline Champion Corp., and Boot Barn Holdings, Inc. Each company produced dynamic earnings growth relative to our bullish expectations last January. Finally, the materials and energy sectors both contributed positively, but less dramatically, to relative returns.

As we enter 2022, there are two important turning points in the U.S. occurring nearly simultaneously. First, between plentiful vaccines and the cresting wave of the omicron variant, it is possible we will begin to consider a more fully reopened economy before the first quarter is over. Second, the Fed appears to not be asleep at the wheel, but instead is on the path to slowing accommodation. With these two important turning points coalescing, it might be time to admit that the potential range of outcomes over the next year is wider than usual. Evercore ISI’s Ed Hyman points out that we have the federal funds rate at zero and inflation at a 40-year high. Both of these are likely to normalize this year, but implications and spillover effects could be numerous.

The most likely outcome, in our view, is continued surprisingly good growth, driven by higher incomes (employment and wages improving) and a consumer that is in excellent shape to spend and will have increasing reasons to spend (reopening). This should be a particularly good environment for U.S. small caps. On the flip side, there are hundreds of risks that could make this forecast humorous in its naivety looking back in the years ahead. The first would be COVID-related in the form of another variant or additional unforeseen pandemic challenges. China seems like a wildcard here in particular, given the different policy path it has taken with the virus. The second would be interest rates, with the Fed getting too aggressive against inflation or markets panicking that interest rates will rise meaningfully. A fear of higher rates could strangle the equity markets if investors worry higher rates will knock out some of the supports for a stronger recovery. The third group relates to a global political issue such as Russia/Ukraine, China/Taiwan, or even excessive divisiveness in the U.S. We acknowledge there are

AMG GW&K Small Cap Core Fund

Portfolio Manager’s Comments (continued)

fiscal holes we are digging as a country that impact our longer-term growth prospects, as debt climbs and political will appears to be faltering.

After the U.S. small cap market in a holding pattern for the past nine months while earnings estimates have continued to increase, we are optimistic about the asset class entering 2022. Our best answer to

this uncertainty is to build a diversified portfolio made up of a broad collection of reasonably valued stocks representing strong companies run by skilled and committed managers who can adapt to changing circumstances. Thinking through the many risks is a productive exercise, as long as it doesn’t keep one from moving forward.

The views expressed represent theo pinions of GW&K Investment Management, LLC and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

AMG GW&K Small Cap Core Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K Small Cap Core 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 Cap Core Fund’s Class N shares on December 31, 2011, to a $10,000 investment made in the Russell 2000^® 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 Small Cap Core Fund and the Russell 2000^® Index for the same time periods ended December 31, 2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years			Since Inception			Inception Date
Average Annual Total Returns¹	One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG GW&K Small Cap Core Fund^2,3,4,5,6

Class N		21.01	%		13.99	%		13.74	%		9.21	%	12/10/96
Class I		21.38	%		14.38	%		14.18	%		14.99	%	07/27/09
Class Z		21.48	%		—			—			13.73	%	02/24/17

Russell 2000^® Index⁷		14.82	%		12.02	%		13.23	%		8.99	%	12/10/96^†

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	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.

⁴	The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.

⁵	The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history, and a reliance on one or a limited number of products.

⁶	The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time.

⁷

The Russell 2000^® Index is composed of the 2,000 smallest stocks in the Russell 3000^® Index and is widely regarded in the industry as the premier measure of small-cap stock performance. Unlike the Fund, the Russell 2000^® Index is unmanaged, is not available for investment and does not incur expenses.

The Russell Indices are trademarks of the London Stock Exchange Group companies.

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

AMG GW&K Small Cap Core Fund

Fund Snapshots (unaudited)

December 31, 2021

PORTFOLIO BREAKDOWN


	% of Net Assets
Sector	% of Net Assets

Health Care		20.2

Consumer Discretionary		15.8

Information Technology		15.7

Financials		15.0

Industrials		14.7

Materials		5.0

Real Estate		4.7

Consumer Staples		3.0

Energy		2.7

Utilities		2.2

Short-Term Investments		0.3

Other Assets Less Liabilities		0.7


TOP TEN HOLDINGS Security Name		% of Net Assets

Skyline Champion Corp.		2.5

Avient Corp.		2.1

MACOM Technology Solutions Holdings, Inc.		2.0

STAG Industrial, Inc.		2.0

Texas Roadhouse, Inc.		1.9

Syneos Health, Inc.		1.9

Helios Technologies, Inc.		1.8

UFP Industries, Inc.		1.8

Rapid7, Inc.		1.8

Medpace Holdings, Inc.		1.7


Top Ten as a Group		19.5

AMG GW&K Small Cap Core Fund

Schedule of Portfolio Investments

December 31, 2021


	Shares		Value
Common Stocks - 99.0%

Consumer Discretionary -15.8%

Boot Barn Holdings, Inc.*		96,633	$	11,890,691

Churchill Downs, Inc.		43,714		10,530,703

Chuy’s Holdings, Inc.*^,¹		113,435		3,416,662

Five Below, Inc.*		30,155		6,238,768

Grand Canyon Education, Inc.*		97,114		8,323,641

Helen of Troy, Ltd.*		25,692		6,280,923

Lithia Motors, Inc., Class A		26,608		7,901,246

Ollie’s Bargain Outlet Holdings, Inc.*^,¹		85,097		4,356,115

Oxford Industries, Inc.		68,577		6,961,937

Patrick Industries, Inc.¹		134,905		10,885,484

Revolve Group, Inc.*		70,916		3,974,133

Skyline Champion Corp.*		241,208		19,050,608

Texas Roadhouse, Inc.		157,997		14,105,972

Wolverine World Wide, Inc.		190,530		5,489,169

Total Consumer Discretionary				119,406,052

Consumer Staples - 3.0%

Central Garden & Pet Co., Class A*		209,632		10,030,891

Performance Food Group Co.*		275,347		12,635,674

Total Consumer Staples				22,666,565

Energy - 2.7%

Magnolia Oil & Gas Corp., Class A		626,057		11,813,695

Matador Resources Co.		234,930		8,673,616

Total Energy				20,487,311

Financials -15.0%

Ameris Bancorp		228,089		11,331,461

AMERISAFE, Inc.		101,190		5,447,058

Cathay General Bancorp		223,235		9,596,873

Cohen & Steers, Inc.		110,274		10,201,448

Glacier Bancorp, Inc.		199,316		11,301,217

Horace Mann Educators Corp.		193,896		7,503,775

Houlihan Lokey, Inc.		109,537		11,339,270

Independent Bank Corp.¹		61,549		5,018,090

OceanFirst Financial Corp.		339,374		7,534,103

Open Lending Corp., Class A*		109,042		2,451,264

Pacific Premier Bancorp, Inc.		252,523		10,108,496

Seacoast Banking Corp. of Florida		314,066		11,114,796

Stifel Financial Corp.		148,541		10,460,257

Total Financials				113,408,108

Health Care - 20.2%

AtriCure, Inc.*		139,804		9,720,572

Castle Biosciences, Inc.*		88,620		3,799,139


	Shares		Value

ChemoCentryx, Inc.*		103,004	$	3,750,376

Covetrus, Inc.*		314,609		6,282,742

CryoLife, Inc.*		255,292		5,195,192

CryoPort, Inc.*^,¹		138,786		8,211,968

Globus Medical, Inc., Class A*		161,524		11,662,033

Halozyme Therapeutics, Inc.*		289,785		11,652,255

HealthEquity, Inc.*		144,210		6,379,850

ICU Medical, Inc.*		20,261		4,808,746

Integra LifeSciences Holdings Corp.*		128,811		8,629,049

Intra-Cellular Therapies, Inc.*^,¹		53,000		2,774,020

LHC Group, Inc.*		59,220		8,126,761

Medpace Holdings, Inc.*		59,871		13,030,324

Phreesia, Inc.*		267,631		11,149,507

Progyny, Inc.*		160,795		8,096,028

Supernus Pharmaceuticals, Inc.*		321,541		9,376,136

Syneos Health, Inc.*		136,903		14,057,200

Veracyte, Inc.*		145,547		5,996,536

Total Health Care				152,698,434

Industrials - 14.7%

Alamo Group, Inc.		64,545		9,499,733

Allegiant Travel Co.*		39,396		7,368,628

Heartland Express, Inc.		166,903		2,807,309

Helios Technologies, Inc.		131,472		13,826,910

ICF International, Inc.		86,813		8,902,673

Primoris Services Corp.		307,941		7,384,425

RBC Bearings, Inc.*		57,688		11,651,245

Ritchie Bros. Auctioneers, Inc. (Canada)¹		154,345		9,447,458

The Shyft Group, Inc.		160,088		7,865,123

SPX Corp.*		175,268		10,459,994

Terex Corp.		112,688		4,952,638

UFP Industries, Inc.		146,948		13,520,686

US Ecology, Inc.*		118,376		3,780,929

Total Industrials				111,467,751

Information Technology - 15.7%

Azenta, Inc.		97,564		10,059,824

Cerence, Inc.*^,¹		94,191		7,218,798

The Descartes Systems Group, Inc. (Canada)*		122,519		10,129,871

Endava PLC, ADR (United Kingdom)*		74,044		12,433,469

MACOM Technology Solutions Holdings, Inc.*		197,933		15,498,154

Novanta, Inc.*		71,265		12,566,157

Paycor HCM, Inc.*^,¹		221,137		6,370,957

Paylocity Holding Corp.*		39,732		9,383,109

Rapid7, Inc.*¹		113,511		13,359,110

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

AMG GW&K Small/Mid Cap Fund

Schedule of Portfolio Investments (continued)


	Shares		Value

Information Technology -15.7%

(continued)

Silicon Laboratories, Inc.*		55,201	$	11,394,590

Viavi Solutions, Inc.*		595,605		10,494,560

Total Information Technology				118,908,599

Materials - 5.0%

Avient Corp.		284,800		15,934,560

Balchem Corp.		46,873		7,902,788

Minerals Technologies, Inc.		135,011		9,876,054

Silgan Holdings, Inc.		102,812		4,404,466

Total Materials				38,117,868

Real Estate - 4.7%

Agree Realty Corp., REIT		94,002		6,707,983

National Health Investors, Inc., REIT¹		92,980		5,343,560

Ryman Hospitality Properties, Inc., REIT*		88,433		8,132,299

STAG Industrial, Inc., REIT		321,958		15,441,106

Total Real Estate				35,624,948

Utilities - 2.2%

IDACORP, Inc.		69,781		7,906,885

NorthWestern Corp.		160,354		9,165,835

Total Utilities				17,072,720

Total Common Stocks
(Cost $500,159,985)				749,858,356


	Principal Amount		Value

Short-Term Investments - 0.3%

Joint Repurchase Agreements - 0.3%²

Bank of America Securities, Inc., dated 12/31/21, due 01/03/22,0.050% total to be received $1,000,004 (collateralized by various U.S. Government Agency Obligations, 1.000% -5.000%, 09/01/28 - 01/01/61, totaling $1,020,000)	$	1,000,000		$1,000,000

Citigroup Global Markets, Inc., dated 12/31/21, due 01/03/22,0.050% total to be received $198,954 (collateralized by various U.S. Treasuries, 0.000% - 2.375%, 01/04/22 -11/15/51, totaling $202,932)		198,953		198,953

RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22,0.050% total to be received $1,000,004 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 05/15/22 -12/01/51, totaling $1,020,000)		1,000,000		1,000,000

Total Joint Repurchase Agreements				2,198,953

Total Short-Term Investments
(Cost $2,198,953)				2,198,953

Total Investments - 99.3%
(Cost $502,358,938)				752,057,309

Other Assets, less Liabilities - 0.7%				5,397,699

Net Assets - 100.0%			$	757,455,008

* Non-income producing security.

¹ Some of these securities, amounting to $35,945,664 or 4.7% 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.

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

ADR American Depositary Receipt

REIT Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of December 31, 2021:

Level 1

Level 2

Level 3

Total

Investments in Securities

Common Stocks^†

$749,858,356

–

$749,858,356

Short-Term Investments

Joint Repurchase Agreements

–

$2,198,953

–

2,198,953

Total Investments in Securities

$749,858,356

$2,198,953

–

$752,057,309

†	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 December 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 Small Cap Value Fund

Portfolio Manager’s Comments (unaudited)

For the fiscal year ended December 31,2021, AMG Managers GW&K Small Cap Value Fund (the “Fund”) Class N shares returned 32.93%, compared to a 28.27% return for the Russell 2000^® Value Index (“Russell 2000 Value”).

After taking a punch from the new omicron variant in late November, the equity markets had to search far and wide for a reason to enjoy a Santa rally. After a slightly more hawkish U.S. Federal Reserve (the “Fed”) meeting and with Biden’s Build Back Better program bounced into 2022, it seemed maybe the 2021 calendar would run out before the magical rally arrived. However, just as omicron became dominant in the U.S., case counts began to drop sharply in South Africa where it first gained prominence. This was the promise of a brighter future that investors needed, and the broader indexes responded with a move higher to end the month and the year. The S&P 500^® Index finished up 28.7% for the year, easily trouncing its small cap counterpart as the Russell 2000^® Index reported gains of 14.8% for the year.

Looking more closely, however, there was a dramatic difference in performance between small cap growth and small cap value stocks. While the Russell 2000^® Growth Index was up just 2.8% for all of 2021, the Russell 2000 Value rose 28.3% for the full year. In fact, Value beat Growth in each quarter of 2021, starting with a first quarter 21.2% return for the Russell 2000 Value versus a 4.9% increase for the Russell 2000^® Growth Index.

Thinking back to the early days of 2021, we started the year talking about speculative excesses, meme stocks, and capital markets digesting huge monetary and fiscal support. In our first quarter note, you may recall we mentioned Signal Advance, Inc., the stock misidentified as an Elon Musk investment target. This stock went from $0.59 to over $30 in January. The year ended with capital market records in IPO and M&A activity. Yet, according to The Wall Street Journal, more than two-thirds of these IPOs were trading below their offering prices as the year concluded. Not coincidently, Signal Advance closed the year at $0.28. So 2021 did turn out to be a year of digestion after all, including a good amount of indigestion for the most speculative areas of the market.

One area that had seen a great deal of speculation was health care, the sector that finished ahead of the Russell 2000^® Index in each of the previous four years and more than doubled the return of the Russell 2000^® Index in 2020. Due to this past overindulgence, as well as the wall of new issues that have populated the sector, the Russell 2000^®

health care constituents declined (17)% in 2021. Given a lower exposure to biotechnology, things weren’t quite as bad in the Russell 2000 Value, but the health care sector’s 5.6% increase was still the weakest sector performance in the Russell 2000 Value. Meanwhile, most other sectors delivered excellent returns, led by energy, consumer discretionary, communication services, real estate, and materials, which all finished up 30% or more, and ahead of the Russell 2000 Value. For the fourth quarter, the Russell 2000 Value sectors delivered widely varying returns. Areas such as consumer staples, utilities, and technology were the top performers, with each returning 10% or more. Meanwhile, communication services, health care and energy were each off (5)% or more. In summary, given the wide range in sector outcomes for both the quarter and year, making big mistakes on sector bets could have had a dismal impact on active fund performance.

While this environment aided our relative performance, outstanding stock selection played a big role as well. The top contributing sectors included health care, financials, and consumer staples. We had three sectors that detracted from relative performance. Two of these, consumer discretionary and communication services, were both meaningfully negatively impacted by the sharp rise in the so-called “meme stocks” earlier in 2021. In consumer discretionary, holdings in Johnson Outdoors Inc., Noodles & Co. and Stoneridge, Inc. detracted from returns. In energy, relative underperformance was mostly due to our modest underweight position, given the sector’s 66.4% return for the year. On the positive side, health care was the top contributor. The weak performance in biotechnology (2.6%) was a weight on the benchmark and benefited the Fund due to our low exposure to the group. More importantly, though,

strong stock selection, particularly in health care services, drove relative outperformance with triple-digit increases for both Apollo Medical Holdings, Inc. and Tenet Healthcare Corp. In financials, strong stock selection in thrifts & mortgage finance and capital markets overcame relatively poor stock selection in banks and insurance. Walker & Dunlop, Inc. and Piper Sandler Cos., were joined by Federal Agricultural Mortgage Corp., Class C and Stifel Financial Corp., as the primary drivers of relative outperformance. In consumer staples we only own two names, BJ’s Wholesale Club Holdings, Inc., and Central Garden & Pet Co., but they both beat the sector by a wide margin in 2021. We also saw meaningful, stock-selection driven relative outperformance from the industrials, information technology, and real estate sectors.

The most likely outcome in our view is continued, surprisingly good growth, driven by higher incomes (employment and wages improving) and a consumer that is in excellent shape to spend and will have increasing reasons to spend (reopening). This should be a particularly good environment for U.S. small caps. On the flip side, there are hundreds of risks that could make this forecast humorous in its naivety looking back in the years ahead. The first would be COVID-related in the form of another variant or additional unforeseen COVID challenges. China seems like a wildcard here in particular, given the different policy path they have taken with the virus. The second would be interest-rate related, with the Fed getting too aggressive against inflation or markets panicking that interest rates will rise meaningfully. A fear of higher rates could strangle the equity markets, if investors worry higher rates will knock out some of the supports for a stronger recovery. The third group relates to a global political issue such as Russia/Ukraine, China/Taiwan, or even

AMG GW&K Small Cap Value Fund

Portfolio Manager’s Comments (continued)

excessive divisiveness in the U.S. We acknowledge there are fiscal holes we are digging as a country that impact our longer-term growth prospects, as debt climbs and political will appears to be faltering.

After the U.S. small cap market has existed in a holding pattern for the past nine months, while earnings estimates have continued to increase, we

are optimistic about the asset class entering 2022. Our best answer to this uncertainty is to build a diversified portfolio made up of a broad collection of reasonably valued stocks representing strong companies run by skilled and committed managers who can adapt to changing circumstances. Thinking through the many risks is a productive exercise, as long as it doesn’t keep one from moving forward.

The views expressed represent the opinions of GW&K Investment Management, LLC and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

AMG GW&K Small Cap Value Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K 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 GW&K Small Cap Value Fund’s Class N shares on December 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 GW&K Small Cap Value Fund and the Russell 2000^® Value Index for the same time periods ended December 31,2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years			Since Inception			Inception Date
Average Annual Total Returns¹	One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG GW&K Small Cap Value Fund^2,3,4,5,6,7

Class N		32.93	%		9.17	%		12.77	%		11.80	%		04/23/87
Class I		33.17	%		—			—			9.49	%		02/24/17
Class Z		33.27	%		—			—			9.57	%		02/24/17

Russell 2000^® Value Index⁸		28.27	%		9.07	%		12.03	%		—			—

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	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	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.

⁵	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.

⁶	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.

⁷	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.

⁸

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 Indices are trademarks of the London Stock Exchange Group companies.

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

AMG GW&K Small Cap Value Fund

Fund Snapshots (unaudited)

December 31, 2021


PORTFOLIO BREAKDOWN


Sector	%of Net Assets

Financials		27.9

Industrials		16.9

Real Estate		11.8

Consumer Discretionary		10.0

Health Care		9.1

Information Technology		5.8

Materials		4.8

Energy		4.7

Utilities		3.3

Consumer Staples		3.1

Communication Services		1.7

Other Assets Less Liabilities		0.9


TOP TEN HOLDINGS


Sector		%of Net Assets

Tenet Healthcare Corp.		3.0

Independence Realty Trust, Inc.		2.7

Boot Barn Holdings, Inc.		2.7

Walker & Dunlop, Inc.		2.7

Piper Sandler Cos.		2.7

Group 1 Automotive, Inc.		2.0

Central Garden & Pet Co.		2.0

Comfort Systems USA, Inc.		1.8

American Software, Inc., Class A		1.8

Schnitzer Steel Industries, Inc., Class A		1.8


Top Ten as a Group		23.2

AMG GW&K Small Cap Value Fund

Schedule of Portfolio Investments

December 31, 2021



	Shares		Value

Common Stocks - 99.1%

Communication Services - 1.7%

Gray Television, Inc.		308,821		$6,225,831
Consumer Discretionary -10.0%

Boot Barn Holdings, Inc.*		82,607		10,164,791

Callaway Golf Co.*		185,359		5,086,251

Denny’s Corp.*		302,323		4,837,168

Group 1 Automotive, Inc.¹		38,879		7,589,959

MDC Holdings, Inc.		48,287		2,695,863

Noodles & Co.*		285,907		2,593,177

Patrick Industries, Inc.		54,400		4,389,536

Total Consumer Discretionary				37,356,745

Consumer Staples - 3.1%

BJ’s Wholesale Club Holdings, Inc.*		63,492		4,252,059

Central Garden & Pet Co.*		138,225		7,274,782

Total Consumer Staples				11,526,841

Energy - 4.7%

Magnolia Oil & Gas Corp., Class A		279,065		5,265,956

Matador Resources Co.		155,661		5,747,004

ProPetro Holding Corp.*		403,119		3,265,264

Renewable Energy Group, Inc.*		45,697		1,939,381

Solaris Oilfield Infrastructure, Inc., Class A		191,740		1,255,897

Total Energy				17,473,502

Financials - 27.9%

Ameris Bancorp		132,601		6,587,618

Atlantic Union Bankshares Corp.		158,674		5,916,953

Cathay General Bancorp		102,322		4,398,823

City Holding Co.¹		45,384		3,711,957

Community Bank System, Inc.¹		74,030		5,513,754

Enterprise Financial Services Corp.		87,995		4,143,685

Federal Agricultural Mortgage Corp., Class C		41,810		5,181,513

First Financial Bancorp		166,174		4,051,322

First Interstate BancSystem, Inc., Class A¹		155,995		6,344,317

International Bancshares Corp.		102,088		4,327,510

James River Group Holdings, Ltd. (Bermuda)		67,302		1,938,971

OceanFirst Financial Corp.		248,458		5,515,768

Pacific Premier Bancorp, Inc.		167,584		6,708,388

Piper Sandler Cos.		55,622		9,929,083

PJT Partners, Inc., Class A		44,386		3,288,559

Selective Insurance Group, Inc.		79,535		6,517,098

Stifel Financial Corp.		93,860		6,609,621

Walker & DunIop, Inc.		66,315		10,005,607



	Shares		Value

WesBanco, Inc.		84,353		$2,951,511

Total Financials				103,642,058

Health Care - 9.1%

Apollo Medical Holdings, Inc.*¹		38,655		2,840,369

Covetrus, Inc.*		199,159		3,977,205

Integer Holdings Corp.*		41,855		3,582,370

Ligand Pharmaceuticals, Inc.*		23,775		3,672,287

SeaSpine Holdings Corp.*		348,077		4,740,809

Supernus Pharmaceuticals, Inc.*¹		140,546		4,098,321

Tenet Healthcare Corp,*		134,993		11,027,578

Total Health Care				33,938,939

Industrials - 16.9%

Allegiant Travel Co.*		14,548		2,721,058

Atkore, Inc.*		50,146		5,575,734

CACI International, Inc., Class A*		19,800		5,330,358

CBIZ, Inc.*		121,334		4,746,586

Columbus McKinnon Corp.		124,747		5,770,796

Comfort Systems USA, Inc.		69,438		6,870,196

Douglas Dynamics, Inc.		111,136		4,340,972

Federal Signal Corp.		152,225		6,597,431

ICF International, Inc.		55,123		5,652,864

Primoris Services Corp.		150,745		3,614,865

RBC Bearings, Inc.*		17,920		3,619,302

Terex Corp.		76,555		3,364,592

UFP Industries, Inc.		50,552		4,651,290

Total Industrials				62,856,044

Information Technology - 5.8%

American Software, Inc., Class A		261,128		6,833,720

Power Integrations, Inc.		56,550		5,252,929

Silicon Laboratories, Inc.*		22,202		4,582,937

Viavi Solutions, Inc.*		269,150		4,742,423

Total Information Technology				21,412,009

Materials - 4.8%

Minerals Technologies, Inc.		52,701		3,855,078

Orion Engineered Carbons, S.A. (Luxembourg)		254,571		4,673,924

Schnitzer Steel Industries, Inc., Class A		130,610		6,781,271

Worthington Industries, Inc.		48,903		2,673,038

Total Materials				17,983,311

Real Estate - 11.8%

Agree Realty Corp., REIT		60,300		4,303,008

CareTrust REIT, Inc.		149,093		3,403,793

Four Corners Property Trust, Inc., REIT		184,528		5,426,969

Getty Realty Corp., REIT		152,302		4,887,371

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

AMG GW&K Small Cap Value Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Real Estate - 11.8% (continued)

Independence Realty Trust, Inc., REIT		394,952		$10,201,610

Lexington Realty Trust, REIT		211,559		3,304,552

STAG Industrial, Inc., REIT		115,620		5,545,135

Summit Hotel Properties, Inc., REIT *		272,675		2,661,308

Xenia Hotels & Resorts, Inc., REIT*		231,066		4,184,605

Total Real Estate				43,918,351

Utilities - 3.3%

IDACORP, Inc.		45,721		5,180,647


	Shares		Value

NorthWestern Corp.		64,708		$3,698,709

Southwest Gas Holdings, Inc.		49,754		3,485,268

Total Utilities				12,364,624

Total Common Stocks (Cost $286,517,400)				368,698,255

Total Investments - 99.1% (Cost $286,517,400)				368,698,255

Other Assets, less Liabilities - 0.9%				3,434,330

Net Assets - 100.0%				$372,132,585

^*	Non-income producing security.

¹	Some of these securities, amounting to $14,980,710 or 4.0% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations.

See

Note 4 of Notes to Financial Statements.

REIT	Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of December 31, 2021:


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks^†	$	368,698,255		—		—	$	368,698,255

Total Investments in Securities	$	368,698,255		—		—	$	368,698,255

^†	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 December 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 Small/Mid Cap Fund

Portfolio Manager’s Comments (unaudited)

THE YEAR IN REVIEW

For the year ended December 31, 2021, AMG GW&K Small/Mid Cap Fund (the “Fund”) Class I shares returned 25.91%, compared to the Russell 2500^® Index (the “Russell 2500”), which returned 18.18%.

After taking a punch from the new omicron variant in late November, the equity markets had to search far and wide for a reason to enjoy a Santa rally. After a slightly more hawkish U.S Federal Reverse (the “Fed”) meeting and with Biden’s Build Back Better program bounced into 2022, it seemed maybe the 2021 calendar would run out before the magical rally arrived. However, just as omicron became dominant in the U.S., case counts began to drop sharply in South Africa where it first gained prominence. This was the promise of a brighter future that investors needed, and the broader indexes responded with a move higher to end the month and the year. The S&P 500^® Index finished up 28.7% for the year, easily trouncing its small/mid cap counterpart as the Russell 2500 reported a gain of 18.2% for the year. And this was after U.S. small/mid caps got off to a roaring start in 2021, nearly doubling the S&P’s return of 6.2% with a jump of 10.9% in the first quarter.

In fact, the Russell 2500 spent most of the remaining months of the year below levels it hit in mid-March. Thinking back to the early days of 2021, we started the year talking about speculative excesses, meme stocks, and capital markets digesting huge monetary and fiscal support. In our first quarter note, you may recall we mentioned Signal Advance, Inc., the stock misidentified as an Elon Musk investment target. This stock went from $0.59 to over $30 in January. The year ended with capital market records in IPO and M&A activity. Yet, according to The Wall Street Journal, more than two-thirds of these IPOs were trading below their offering prices as the year concluded. Not coincidently, Signal Advance closed the year at $0.28. So 2021 did turn out to be a year of digestion after all, including a good amount of indigestion for the most speculative areas of the market.

One area that had more speculation than most was health care, the sector that finished ahead of the Russell 2500 in each of the previous four years and more than doubled the return of the entire index in 2020. Due to this past overindulgence, as well as the wall of earlier stage new issues that have begun to populate the sector, the Russell 2500 health care constituents returned (6.2)% in 2021. Meanwhile, most other sectors delivered excellent returns, led by energy, real estate, and financials. These areas

benefited from good earnings support, some cyclical momentum, and attractive valuations compared to health care.

The Fund outperformed its benchmark during the fiscal year. As speculation subsided, investors focused more on earnings, valuation, and other measurements favoring higher quality stocks where the Fund has much higher exposure relative to the Russell 2500. To see how this played out beyond the collapse of Signal Advance, and the speculative parts of health care, witness the generally challenged results of most IPOs or the performance of the ARK Fund complex, whose flagship ETF, ARKK, was down (23.6)% in 2021. Within the Russell 2500, factor analysis makes it clear that lower-quality stocks underperformed. Non-earners finished up only 2.3% for the year, meaningfully below the benchmark overall. Results were similarly terrible for negative equity stocks and the lowest Return on Equity (ROE) quintile group. While factor categories like market cap, beta, and leverage were more mixed, the results among the non-earning groups were the starkest we have seen in some time. Of the six factors that we monitor, the Fund’s allocation toward higher-quality stocks benefited performance for the full year. Results were even more rewarding in factors related directly to earnings and returns.

While this environment aided our relative performance, outstanding stock selection played a big role as well. The health care, information technology, and financials sectors were top contributors to returns. Within the information technology sector, Gartner, Inc. climbed 108.7% and EPAM Systems, Inc. gained 74.1%, as these two service companies saw great business momentum and delivered strong upside to expectations. EPAM was sold during the period. Among our software holdings, HubSpot, Inc. climbed 66.3%, followed by Rapid7, Inc. and Paylocity Holding Corp., which were both up over 25%. Finally, Zebra Technologies Corp., Class A and Silicon Laboratories, Inc., each rose over 50% as earnings estimates and valuations both increased. Similarly, health care holdings in the Fund performed exceptionally well.Eight stocks were up over 20%, two of which topped 50%, compared to the benchmark return of (6.2)%. Standouts included Syneos Health, Inc., Molina Healthcare, Inc., Horizon Therapeutics PLC, Biohaven Pharmaceuticals Holding Co., Ltd, Bio-Rad Laboratories Inc. Class A, STERIS PLC, Catalent, Inc., and Acadia Healthcare Co., Inc. In addition, the Fund benefited from an underweight position in the biotechnology industry, which dropped (24.5)%. The strong relative performance in financials came mostly from our

bank holdings, especially Signature Bank, which jumped 141.5% due to excellent deposit, loan, and customer growth. Western Alliance Bancorp was another bank standout, up 81.7%, while Piper Sandler Cos., in the capital markets portion of the sector, moved up 85.5%. Consumer staples was another additive sector due to strong performance from BJ’s Wholesale Club Holding, Inc., which continues to see customer gains and higher spending levels. Utilities and energy helped to a smaller degree.

Not everything went exactly how we planned, however, and the Fund lost ground in industrials, consumer discretionary, real estate, and materials. In industrials, Gibraltar Industries, Inc. (7.3%) had a similarly large negative impact in comparison to its strong industry group. Richie Brothers Auctioneers, Inc and Booz Allen Hamilton Holding Corp., were also negative performers and stung relative returns. Finally, the Fund was also impacted by outsized strength from unowned Avis Budget Group, which rose 456% as it enjoyed a turn at meme stock glory. Our consumer discretionary holdings lagged the strong performance of the Russell 2500. The specialty retail industry was most challenging, where our three holdings (Lithia Motors Inc., Class A, Burlington Stores, Inc., and Five Below, Inc.) were up double digits but still gave performance to the Russell 2500. GameStop Corp¹ and other impaired retailers in the benchmark roared to life as consumer spending and meme stock investing changed the dynamics in this group. Our position in Nordstrom, Inc., unfortunately didn’t see the same benefit due to poor execution during the recovery. Within the real estate sector, performance was impacted by our underweight position and weak performance by four holdings: Easterly Government Properties, Inc, Hudson Pacific Properties, Inc., Summit Hotel Properties, Inc., and Physicians Realty Trust. Finally, the materials sector was a drag on relative results as two holdings, AptarGroup, Inc., and Quaker Houghton, delivered negative returns due to cost pressures and uneven demand recovery.

As we enter 2022, there are two important turning points in the U.S. occurring nearly simultaneously. First, between plentiful vaccines and the cresting wave of the omicron variant, it is possible we will begin to consider a more fully reopened economy before the first quarter is over. Second, the Fed appears to not be asleep at the switch, but instead is on the path to slowing accommodation. With these two important turning points coalescing, it might be time to admit that the potential range of outcomes over the next year are wider than usual. Evercore ISI’s Ed Hyman points out that we have the federal

AMG GW&K Small/Mid Cap Fund

Portfolio Manager’s Comments (continued)

funds rate at zero and inflation at a 40-year high. Both of these are likely to normalize this year, but implications and spillover effects could be numerous.

The most likely outcome in our view is continued surprisingly good growth, driven by higher incomes (employment and wages improving) and a consumer that is in excellent shape to spend and will have increasing reasons to spend (reopening). This should be a particularly good environment for U.S. small/mid caps. On the flip side, there are hundreds of risks that could make this forecast humorous in its naivety looking back in the years ahead. First, would be COVID-related in the form of another variant or additional unforeseen pandemic challenges. China seems like a wildcard here in particular, given the

different policy path they have taken with the virus. Second, would be interest rate-related, with the Fed getting too aggressive against inflation or markets panicking that interest rates will rise meaningfully. A fear of higher rates could strangle the equity markets, if investors worry higher rates will knock out some of the supports for a stronger recovery. The third group relates to a global political issue such as Russia/ Ukraine, China/Taiwan, or even excessive divisiveness in the U.S. We acknowledge there are fiscal holes we are digging as a country that impact our longer-term growth prospects, as debt climbs and political will appears to be faltering.

After the U.S. small/mid cap market has existed in a holding pattern for the past nine months, while earnings estimates have continued to increase, we

¹ Gamestop was not a holding in the Fund.

The views expressed represent the opinions of GW&K Investment Management, LLC 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 Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K Small/Mid Cap 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 Fund’s Class I shares on June 30,2015, to a $10,000 investment made in the Russell 2500^® 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 Small/Mid Cap Fund and the Russell 2500^® Index for the same time periods ended December 31,2021,


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

AMG GW&K Small/Mid Cap Fund², ³, ⁴, ⁵, ⁶, ⁷

Class N	25.63%	—	15.65%	02/24/17
Class I	25.91%	16.59%	12.18%	06/30/15
Class Z	26.02%	—	15.93%	02/24/17
Russell 2500^® Index⁸	18.18%	13.75%	11.87%	06/30/15^†

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 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 invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.

⁶ 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.

⁸ The Russell 2500^® Index is composed of the 2,500 smallest stocks in the Russell 3000^® Index and is widely regarded in the industry as the premier measure of small/mid cap stock performance. Unlike the Fund, the Russell 2500^® Index is unmanaged, is not available for investment and does not incur expenses.

The Russell Indices are trademarks of the London Stock Exchange Group companies.

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

AMG GW&K Small/Mid Cap Fund

Fund Snapshots (unaudited)

December 31, 2021


PORTFOLIO BREAKDOWN		TOP TEN HOLDINGS


Sector		% of Net Assets

Information Technology		17.4

Industrials		16.1

Health Care		15.4

Financials		12.9

Consumer Discretionary		12.7

Real Estate		6.6

Materials		6.2

Consumer Staples		4.1

Energy		2.8

Utilities		1.9

Other Assets Less Liabilities		3.9


Security Name		% of Net Assets

Signature Bank		2.5

BJ’s Wholesale Club Holdings, Inc.		2.3

Western Alliance Bancorp.		2.0

Ingersoll Rand, Inc.		1.9

Diamondback Energy, Inc.		1.8

Syneos Health, Inc.		1.8

Horizon Therapeutics PLC		1.8

Catalent, Inc.		1.8

Rapid7, Inc.		1.7

Silicon Laboratories, Inc.		1.7


Top Ten as a Group		19.3

AMG GW&K Small/Mid Cap Fund

Schedule of Portfolio Investments

December 31, 2021


	Shares		Value

Common Stocks - 96.1%

Consumer Discretionary - 12.7%

Bright Horizons Family Solutions, Inc.*		35,399	$	4,456,026

Burlington Stores, Inc.*		17,839		5,200,247

Carter’s, Inc.		38,187		3,865,288

Cavco Industries, Inc.*		25,665		8,152,487

Dorman Products, Inc.*		56,123		6,342,460

Five Below, Inc.*		39,606		8,194,085

Gentherm, Inc.*		63,974		5,559,341

Grand Canyon Education, Inc.*		30,520		2,615,869

Lithia Motors, Inc., Class A¹		25,263		7,501,848

Nordstrom, Inc.*		116,854		2,643,238

Polaris, Inc.		58,136		6,389,728

Texas Roadhouse, Inc.		75,476		6,738,497

Vail Resorts, Inc.		12,173		3,991,527

Total Consumer Discretionary				71,650,641

Consumer Staples - 4.1%

BJ’s Wholesale Club Holdings, Inc.*		196,045		13,129,134

Lancaster Colony Corp.		32,926		5,452,546

Performance Food Group Co.*		93,405		4,286,355

Total Consumer Staples				22,868,035

Energy - 2.8%

Devon Energy Corp.		120,704		5,317,011

Diamondback Energy, Inc.		95,664		10,317,362

Total Energy				15,634,373

Financials - 12.9%

Artisan Partners Asset Management, Inc., Class A		51,379		2,447,696

Atlantic Union Bankshares Corp.		140,266		5,230,519

Glacier Bancorp, Inc.		75,225		4,265,258

Kemper Corp.		54,332		3,194,178

Kinsale Capital Group, Inc.		29,467		7,009,905

Pinnacle Financial Partners, Inc.		94,001		8,977,095

Piper Sandler Cos.		44,561		7,954,584

Signature Bank		43,690		14,132,404

Voya Financial, Inc.¹		124,447		8,252,081

Western Alliance Bancorp.		106,488		11,463,433

Total Financials				72,927,153

Health Care - 15.4%

Acadia Healthcare Co., Inc.*		150,145		9,113,802
Biohaven Pharmaceutical Holding Co., Ltd.*		34,755		4,789,587
Bio-Rad Laboratories, Inc., Class A*		12,205		9,221,732

Catalent, Inc.*		77,911		9,974,945

Globus Medical, Inc., Class A*		68,876		4,972,847


	Shares		Value

Horizon Therapeutics PLC*		92,691	$	9,988,382

Integer Holdings Corp.*		43,902		3,757,572

Jazz Pharmaceuticals PLC (Ireland)*^,¹		46,382		5,909,067

Molina Healthcare, Inc.*		22,972		7,306,934

Neurocrine Biosciences, Inc.*		51,984		4,427,477

STERIS PLC		30,288		7,372,402

Syneos Health, Inc.*		98,394		10,103,096

Total Health Care				86,937,843

Industrials - 16.1%

Booz Allen Hamilton Holding Corp.		53,638		4,547,966

Columbus McKinnon Corp.		88,421		4,090,355

Comfort Systems USA, Inc.		62,492		6,182,959

Exponent, Inc.		49,416		5,768,330

Federal Signal Corp.		180,414		7,819,143

Gates Industrial Corp. PLC*		517,252		8,229,479

Gibraltar Industries, Inc.*		97,028		6,469,827

Hexcel Corp.*		84,365		4,370,107

Ingersoll Rand, Inc.		168,277		10,411,298

Nordson Corp.		33,568		8,568,903

RBC Bearings, Inc.*		41,951		8,472,844

Ritchie Bros. Auctioneers, Inc. (Canada)		82,399		5,043,643

Schneider National, Inc., Class B		124,774		3,357,668

The Toro Co.		74,143		7,407,627

Total Industrials				90,740,149

Information Technology - 17.4%

Azenta, Inc.		43,506		4,485,904

Cerence, Inc.*^,1		73,730		5,650,667

Cognex Corp.		88,704		6,897,623

Entegris, Inc.		62,149		8,612,608

Gartner, Inc.*		24,949		8,340,950

Globant SA (Uruguay)*		24,900		7,820,841

HubSpot, Inc.*		7,733		5,097,207

Manhattan Associates, Inc.*		60,025		9,333,287

Paylocity Holding Corp.*		32,431		7,658,905

Power Integrations, Inc.		57,640		5,354,180

Rapid7, Inc.*^,¹		82,516		9,711,308

Silicon Laboratories, Inc.*		46,677		9,635,066

Zebra Technologies Corp., Class A*		15,343		9,132,154

Total Information Technology				97,730,700

Materials - 6.2%

AptarGroup, Inc.		41,278		5,055,729

Eagle Materials, Inc.		48,498		8,072,977

Element Solutions, Inc.		387,918		9,418,649

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

AMG GW&K Small/Mid Cap Fund

Schedule of Portfolio Investments (continued)


	Shares		Value

Materials - 6.2% (continued)

Quaker Chemical Corp.¹		26,938	$	6,216,752

RPM International, Inc.		63,031		6,366,131

Total Materials				35,130,238

Real Estate - 6.6%

American Campus Communities, Inc., REIT		90,009		5,156,616

Easterly Government Properties, Inc., REIT		238,885		5,475,244

Hudson Pacific Properties, Inc., REIT		200,978		4,966,166

Physicians Realty Trust, REIT		255,552		4,812,044

PS Business Parks, Inc., Class A, REIT		19,190		3,534,222

Summit Hotel Properties, Inc., REIT *		359,240		3,506,182

Sun Communities, Inc., REIT		45,584		9,571,273

Total Real Estate				37,021,747


	Shares		Value

Utilities - 1.9%

IDACORP, Inc.		53,833		$6,099,817

Portland General Electric Co.		90,539		4,791,324

Total Utilities				10,891,141
Total Common Stocks
(Cost $389,214,066)				541,532,020

Total Investments - 96.1%

(Cost $389,214,066)				541,532,020

Other Assets, less Liabilities - 3.9%				21,779,325
Net Assets - 100.0%				$563,311345

* Non-income producing security.

¹ Some of these securities, amounting to $26,963,926 or 4.8% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations.

See Note 4 of Notes to Financial Statements.

REIT Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of December 31,2021:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	541,532,020		—		—	$	541,532,020

Total Investments in Securities	$	541,532,020		—		—	$	541,532,020

^†	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 December 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 Global Allocation Fund

Portfolio Manager’s Comments (unaudited)

THE YEAR IN REVIEW

For the year ended December 31,2021, AMG GW&K Global Allocation Fund (the “Fund”) Class N shares returned 2.44%, compared to the 8.79% return for its blended benchmark which consists of 60% the MSCI ACWI Index and 40% the Bloomberg Global Aggregate Bond Index.

ASSET ALLOCATION

The asset allocation framework for the Fund favored equities over fixed income throughout the year. At the end of 2021, the equity/fixed income asset allocation stood at 70%/30%. Following exceptionally strong equity market performance, the allocation was adjusted modestly in December from the strategic target equity/fixed income allocation of 75%/25% that was held for most of the year. The tilt toward equities had a positive impact on the Fund’s relative performance to a blended 60% MSCI ACWI Index/40% Barclays Global Aggregate Index benchmark. The allocation reflects our judgement that equities are likely to outperform bonds in coming quarters, continuing the trend seen in 2021.

The continued tilt toward equities is based on both quantitative and qualitative judgments. First, relative asset-class valuations continue to favor equities, with almost all developed nations’ government bonds offering negative yields in inflation-adjusted terms. Second, the committee believes that the most likely scenario for the global economy is continued expansion for the next several years. That said, with the U.S. Consumer Price Index (CPI) having posted a 6.8% rise in November from a year earlier, pressures mounted on the U.S. Federal Reserve (the “Fed”) to take measures to curb inflation. A hawkish pivot was confirmed at the December Federal Open Market Committee (FOMC) meeting, which unveiled an accelerated tapering of the Fed’s asset purchase program with the aim of ending purchases by March 2022. It also looks increasingly likely that the Fed will begin to hike rates in March and may undertake 3 or 4 quarter-point rate hikes over the course of the year. Moreover, the Fed signaled its intent to start reducing its balance sheet soon after the first rate hike in a process known as quantitative tightening (QT). Although history shows that bull markets tend to survive the initiation of a monetary tightening cycle, the result may be less robust equity returns associated with slower corporate earnings growth and reduced investor risk appetite. That said, we think odds of a U.S. recession anytime soon remain low and that a positive tailwind of corporate earnings growth should still favor equities over fixed income.

A key valuation metric for global equities is the long-term earnings yield of the MSCI ACWI Index. That stood at 3.7% at the end of 2021, based on the inverse of the corresponding Shiller PE (Price to Earnings) ratio of 27.0 times. By way of comparison, the long-term earnings yield of MSCI ACWI has averaged 5.1% since 2005, corresponding to an average Shiller PE ratio of 19.4 times, Those figures suggest that equities are somewhat expensive relative to their own history.

For asset allocation purposes, however, a relevant comparison of the long-term earnings yield is to the real yield of U.S. Treasuries. At the end of 2021, the yield on 10-Year U.S. Treasury Inflation-Protected Securities (“TIPS”) stood at (1.1)%. The gap between the long-term earnings yield of 3.7% for global equities and (1.1)% for TIPS securities suggests the potential for global equities to outperform bonds by about 4.8% per annum over the next five to ten years.

In short, investors continue to have strong incentives to favor equities over fixed income, notwithstanding the potential for greater volatility in equities. Key risks would be if the broad-based economic recovery that is evident in global economic data gives way to renewed economic weakness or if the Fed and other major central banks need to pursue significantly more restrictive monetary policy than is already priced into markets. Those risks will be monitored carefully, but we currently view such risks to be low enough to justify a significant tilt toward equities.

EQUITY

Global equity markets delivered solid performance in 2021, as abundant liquidity and the ongoing post-pandemic business recovery offset new COVID variants, continuous supply-chain bottlenecks and persistently high inflation in several countries. The MSCI ACWI Index gained 18.5%, commodities rallied, and the U.S. Dollar Index finished the year up 6.7%, North America and Europe were the standout regions thanks to record-setting earnings surprises throughout the year. Asia struggled with Japan up only marginally and China was down sharply on widespread regulatory changes, real estate sector concerns, and a zero-tolerance COVID policy that hamstrung several industries.

The Fund’s equity sleeve was the primary driver of the Fund’s overall underperformance. Stock selection in the consumer discretionary and information technology (IT) sectors were the main detractors.

Regulatory tightening in China caused a sharp decline in the portfolio’s consumer discretionary holdings, including TAL Education Group, Sands China, Ltd. and Alibaba Group Holdings, Inc. TAL Education and Sands China were sold. Within IT, some of our strong performers in 2020 were laggards in 2021; PayPal Holdings, Inc., Black Knight, Inc., and Mastercard, Inc., Class A are a few prime examples. PayPal’s solid fundamental trends were obscured by a customer (eBay) transitioning off its platform at a faster rate and a rumored acquisition of Pinterest, which called into question the company’s strategy. Otherwise, business fundamentals in the remaining IT stocks that lagged this year remain solidly intact. Health care was the top contributing sector, due mostly from stock selection. U.S managed care company, UnitedHealth Group, Inc., topped the list with its 45% return. U.S. animal health diagnostics company IDEXX Laboratories, Inc., and STERIS PLC, a sterilization company in Ireland, rounded out the list of top performers. The 65% return in Alphabet, Inc, Class A drove performance in the communication services sector.

On a geographic level, Asia, most notably China, was the Fund’s worst country. Our overweight allocation was a significant detractor as well as security selection within China hurt performance. India also detracted from results, mostly due to security selection, though our overweight allocation was also a modest drag. North America was the second biggest detractor by region. Our underweight allocation to the U.S. hurt results, and security selection detracted from relative performance as well. On the positive side, Western Europe was the top contributor, all from security selection, and our zero weight in South America contributed from an allocation standpoint.

As the world shifts to a more balanced post-pandemic business recovery, normalization of monetary policy, specifically in the U.S., will likely usher in a broader equity market driven by company fundamentals. However, withdrawing stimulus at a pace that contains inflation without derailing growth is essential to this outcome. There could be bouts of market volatility as policy shifts, but, as always, our focus will be to discover high-quality companies able to generate sustainable earnings growth–the drivers of long-term returns. In addition, a challenging 2021 does not alter our view on

AMG GW&K Global Allocation Fund

Portfolio Manager’s Comments (continued)

emerging market equities—we believe they remain a compelling long – term investment opportunity. Wealth creation across emerging markets – particularly in the populous Asian region – is a major driver of global economic growth, benefiting a host of local and multinational companies.

FIXED INCOME

Fixed income markets posted their worst returns since 2013 amid a sharp increase in inflation and a rebound in growth. Consumers were supported in the form of a $1.9 trillion fiscal stimulus package and the economy was backed by an ultra-loose monetary policy from the Fed. Fixed income was essentially unchanged in the second half of the year despite a steady succession of headlines related to COVID-19, geopolitics, and price increases. Consequently, with the essentially flat returns during Q3 and Q4, losses earlier in the year persisted. Supply-chain constraints, energy shortages, and limited labor

availability threatened to weigh

on growth, but there have been few indications that these market failures reflect any weakness in aggregate demand. Indeed, concerns escalated about rising inflation, which printed at its highest level in almost 40 years. The Fed executed a “hawkish pivot” in acknowledging more persistent inflationary forces and signaled their intention to respond accordingly.

The Fund’s fixed income sleeve finished ahead of its benchmark. Substantially all of the Fund’s fixed income holdings are dollar-denominated, which helped returns as the dollar strengthened during the year. Performance also benefited primarily from favorable sector allocation due to its overweight to corporates (especially an out-of-benchmark allocation to high yield corporates). The influence of security selection within corporates was negligible for the year while local market exposure was a slight positive. The yield curve effect was neutral.

The fixed income segment of the Fund is constructed to benefit from the next phase of the economic cycle. We believe the bias in rates is likely to the upside and consequently we are shorter than our benchmark. With respect to curve positioning, we remain underweight the long end because we see a more appealing risk profile in intermediates, which offer attractive carry and roll with less exposure to potential volatility as rates move higher. With respect to sector allocation, we still have a constructive fundamental outlook for the credit market amid the abundant liquidity and little evidence of financial distress, Regionally, 45% of our holdings’ revenue is derived from outside the U.S. to improve portfolio diversification and expand the universe of investment opportunities.

The views expressed represent the opinions of GW&K Investment Management, LLC and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

AMG GW&K Global Allocation Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG GW&K Global Allocation 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 Global Allocation Fund’s Class N shares on December 31,2011, to a $10,000 investment made in the 60% MSCI ACWI/40% Bloomberg Global 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 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 Global Allocation Fund and the 60% MSCI ACWI/40% Bloomberg Global Aggregate Bond Index for the same time periods ended December 31,2021.


Average Annual Total Returns¹	One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG GW&K Global Allocation Fund², ³, ⁴, ⁵, ⁶, ^{7, 8, 9, 10}
Class N		2.44	%		9.84	%		9.20	%		8.12	%		01/02/97
Class I		2.60	%		10.00	%		—			9.18	%		11/30/12
Class Z		2.73	%		10.13	%		9.48	%		8.48	%		01/02/97

60% MSCI ACWI/40% Bloomberg Global Aggregate Bond Index^11, 12		8.79	%		10.18	%		7.97	%		—			—
MSCI ACWI Index¹¹		18.54	%		14.40	%		11.85	%		—			—
Bloomberg Global Aggregate Bond Index¹²		(4.71	%)		3.36	%		1.77	%		—			—

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

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 December 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	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

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	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	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.

⁸

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.

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’s investments may not be allocated in the best performing asset classes.

¹¹

The MSCI All Country World Index (ACWI) is a free-float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Please go to msci.com for most current list of countries represented by the Index. Unlike the Fund, the MSCI All Country World Index (ACWI) is unmanaged, is not available for investment and does not incur expenses.

AMG GW&K Global Allocation Fund

Portfolio Manager’s Comments (continued)

¹² The Bloomberg Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices.The Index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Unlike the Fund, the Bloomberg Global Aggregate Bond 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. All holdings and sector/region allocations are subject to review and adjustment in accordance with the Portfolio’s investment strategy and may vary in the future, and should not be considered recommendations to buy or sell any security.

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

AMG GW&K Global Allocation Fund

Fund Snapshots (unaudited)

December 31, 2021

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Information Technology		21.9

Consumer Discretionary		15.3

Industrials		13.5

Financials		11.1

Health Care		10.3

U.S. Government and Agency Obligations		9.3

Communication Services		6.6

Foreign Government Obligations		6.3

Utilities		2.6

Real Estate		2.3

Municipal Bonds		1.1

Short-Term Investments		1.4

Other Assets Less Liabilities		(1.7)


Rating		% of Market Value¹

U.S. Government and Agency Obligations		34.6

Aaa/AAA		10.0

Aa/AA		18.7

A		3.0

Baa/BBB		17.5

Ba/BB		15.8

B		0.4

TOP TEN HOLDINGS


Security Name		% of Net Assets

Infineon Technologies AG (Germany)		3.1

UnitedHealth Group, Inc.		3.0

Adyen, N.V. (Netherlands)		2.9

Alphabet, Inc., Class A

Taiwan Semiconductor Manufacturing Co., Ltd. ADR (Taiwan)		2.7

Casella Waste Systems, Inc., Class A		2.5

Halma PLC (United Kingdom)		2.5

The Charles Schwab Corp.

STERIS PLC		2.4

HDFC Bank, Ltd., ADR (India)		2.4


Top Ten as a Group		26.9

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”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch. 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 Global Allocation Fund

Schedule of Portfolio Investments

December 31, 2021



	Shares		Value

Common Stocks - 73.2%

Communication Services - 6.6%

Alphabet, Inc., Class A*		1,258		$3,644,476

Charter Communications, Inc., Class A*^,¹		3,443		2,244,733

Tencent Holdings, Ltd. (China)		43,500		2,538,274

Total Communication Services				8,427,483

Consumer Discretionary - 15.3%

Alibaba Group Holding, Ltd. (China)*		135,500		1,991,252

Amazon.com, Inc.*		855		2,850,861

Huazhu Group, Ltd., ADR (China)*		55,580		2,075,357

LVMH Moet Hennessy Louis Vuitton SE (France)		2,548		2,105,754

MakeMyTrip, Ltd. (India)*		105,731		2,929,806

Moncler SpA (Italy)		40,650		2,937,707

Trip.com Group, Ltd. (China)*		85,700		2,101,927

Yum China Holdings, Inc. (China)		48,700		2,391,972

Total Consumer Discretionary				19,384,636

Financials - 9.0%

AIA Group, Ltd. (Hong Kong)		237,400		2,396,042

The Charles Schwab Corp.		37,100		3,120,110

Goosehead Insurance, Inc., Class A		21,645		2,815,582

HDFC Bank, Ltd., ADR (India)		46,890		3,051,132

Total Financials				11,382,866

Health Care - 10.3%

Avantor, Inc.*		72,300		3,046,722

IDEXX Laboratories, Inc.*		4,614		3,038,134

STERIS PLC		12,700		3,091,307

UnitedHealth Group, Inc.		7,612		3,822,290

Total Health Care				12,998,453

Industrials - 5.6%

Casella Waste Systems, Inc., Class A*		37,360		3,191,291

MISUMI Group, Inc. (Japan)		71,900		2,953,795

Roper Technologies, Inc.		2,005		986,179

Total Industrials				7,131,265

Information Technology - 21.9%

Adyen, N.V. (Netherlands)*^,¹^,²		1,414		3,711,754

ANSYS, Inc.*		6,850		2,747,672

Black Knight, Inc.*		31,500		2,611,035

Halma PLC (United Kingdom)		72,300		3,134,848

Infineon Technologies AG (Germany)		85,240		3,924,319

Mastercard, Inc., Class A		7,960		2,860,187

PayPal Holdings, Inc.*		12,510		2,359,136

ServiceNow, Inc.*		4,455		2,891,785



	Shares		Value

Taiwan Semiconductor Manufacturing Co., Ltd. ADR (Taiwan)		28,480		$3,426,429

Total Information Technology				27,667,165

Real Estate - 2.3%

American Tower Corp., REIT		9,820		2,872,350

Utilities - 2.2%

NextEra Energy, Inc.		30,430		2,840,945

Total Common Stocks

(Cost $60,500,287)				92,705,163

	Principal Amount
Corporate Bonds and Notes - 10.4%

Financials - 2.1%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) 1.650%, 10/29/24	$	300,000		299,456

Aircastle, Ltd. (Bermuda) 5.250%, 08/11/25²		168,000		184,734

Ally Financial, Inc. 8.000%, 11/01/31		102,000		144,388

Bank of America Corp. MTN, (4.330% to 03/15/49 then 3 month LIBOR + 1.520%), 4.330%, 03/15/50^3,4		283,000		350,102

CIT Group, Inc. 6.125%, 03/09/28¹		143,000		172,673

Citigroup, Inc. (3.875% to 02/18/26 then U.S. Treasury Yield Curve CMT 5 year + 3.417%), 3.875%, 02/18/26^3,4,5		165,000		165,000

Iron Mountain, Inc. 4.500%, 02/15/31²		176,000		177,881

Landwirtschaftliche Rentenbank, EMTN (Germany) 1.750%, 01/14/27		350,000		356,294

MetLife, Inc. Series G, (3.850% to 09/15/25 then U.S. Treasury Yield Curve CMT 5 year + 3.576%), 3.850%, 09/15/25^1,3,4,5		310,000		316,200

SBA Communications Corp. 3.875%, 02/15/27		152,000		156,560

Sprint Capital Corp. 6.875%, 11/15/28		115,000		145,475

Truist Financial Corp. Series N, (4.800% to 09/01/24 then U.S. Treasury Yield Curve CMT 5 year + 3.003%), 4.800%, 09/01/24³,⁴,⁵		234,000		243,945

Total Financials				2,712,708

Industrials - 7.9%

AECOM 5.125%, 03/15/27		148,000		161,223

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

AMG GW&K Global Allocation Fund

Schedule of Portfolio Investments (continued)



	Principal Amount		Value

Industrials - 7.9% (continued)

Anheuser-Busch InBev Worldwide, Inc. 4.375%, 04/15/38	$	171,000		$200,251

Apache Corp. 4.625%, 11/15/25		160,000		171,800

ArcelorMittal, S.A. (Luxembourg) 4.250%, 07/16/29¹		150,000		164,240

Arconic, Inc. 5.900%, 02/01/27		20,000		22,850

Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.250%, 09/01/28¹^,²		200,000		197,755

AT&T, Inc. 4.300%, 12/15/42		199,000		224,670

Ball Corp. 4.875%, 03/15/26		138,000		152,007

Berry Global, Inc. 1.500%, 01/15/27²^,⁶		166,000		192,410
5.625%, 07/15/27²		170,000		177,862

The Boeing Co. 5.805%, 05/01/50		125,000		169,266

Centene Corp. 2.500%, 03/01/31		51,000		49,649
3.375%, 02/15/30		114,000		116,096

Cisco Systems, Inc. 5.500%, 01/15/40		122,000		169,872

Cogent Communications Group, Inc. 3.500%, 05/01/26²		170,000		172,666

CommonSpirit Health 3.347%, 10/01/29		132,000		140,366

Crown Americas LLC/Crown Americas Capital Corp. V 4.250%, 09/30/26		143,000		152,653

CVS Health Corp. 5.125%, 07/20/45		162,000		210,578

Dell, Inc. 7.100%, 04/15/28¹		139,000		174,144

Delta Air Lines, Inc. 3.800%, 04/19/23		161,000		164,610

Elanco Animal Health, Inc. 5.900%, 08/28/28⁷		125,000		145,000

Embraer Netherlands Finance BV (Netherlands) 5.400%, 02/01/27		236,000		245,735

Ford Motor Co. 6.625%, 10/01/28		274,000		329,485

Griffon Corp. 5.750%, 03/01/28		140,000		145,436

HB Fuller Co. 4.250%, 10/15/28		149,000		153,470



	Principal Amount		Value

HCA, Inc. 3.500%, 09/01/30	$	171,000		$180,726

Howmet Aerospace, Inc. 5.125%, 10/01/24		134,000		144,385

KB Home 4.000%, 06/15/31		165,000		171,187

Kraft Heinz Foods Co. 4.375%, 06/01/46		290,000		339,590

Lamar Media Corp. 3.750%, 02/15/28		179,000		179,447

Lumen Technologies Inc 5.625%, 04/01/25		129,000		136,446

MDC Holdings, Inc. 2.500%, 01/15/31¹		175,000		169,266

MercadoLibre, Inc. 2.375%, 01/14/26		250,000		243,127

Meritor, Inc. 6.250%, 06/01/25²		135,000		140,738

MGM Resorts International 5.750%, 06/15/25¹		145,000		156,056

Microsoft Corp. 2.525%, 06/01/50		190,000		185,286

Murphy Oil USA, Inc. 5.625%, 05/01/27		167,000		173,680

Nestle Holdings, Inc. 1.000%, 09/15/27²		275,000		263,866

Netflix, Inc. 3.000%, 06/15/25²^,⁶		155,000		191,188

Newell Brands, Inc. 4.700%, 04/01/26⁷		135,000		147,184

NuStar Logistics LP 5.750%, 10/01/25		161,000		173,255

Occidental Petroleum Corp. 5.500%, 12/01/25		157,000		174,171

Pernod Ricard International Finance LLC 1.250%, 04/01/28¹^,²		400,000		378,886

PulteGroup, Inc. 5.500%, 03/01/26		121,000		137,579

Royal Caribbean Cruises, Ltd. (Liberia) 10.875%, 06/01/23²		130,000		142,026

Silgan Holdings, Inc. 4.125%, 02/01/28		157,000		160,336

SK Hynix, Inc. (South Korea) 2.375%, 01/19/31²		200,000		192,473

Smith & Nephew PLC (United Kingdom) 2.032%, 10/14/30		332,000		320,595

Teva Pharmaceutical Finance Netherlands III (Netherlands) 2.800%, 07/21/23		175,000		175,606

Travel + Leisure Co. 5.650%, 04/01/24⁷		145,000		154,063

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

AMG GW&K Global Allocation Fund

Schedule of Portfolio Investments (continued)



	Principal Amount		Value

Industrials - 7.9% (continued)

United Rentals North America, Inc. 3.875%, 02/15/31		$190,000		$192,850

Verizon Communications, Inc. 3.875%, 02/08/29¹		151,000		167,334

Walmart, Inc. 4.050%, 06/29/48		176,000		223,678

Western Digital Corp. 4.750%, 02/15/26		152,000		166,203

Yum! Brands, Inc. 3.625%, 03/15/31		174,000		173,347

Total Industrials				9,958,668

Utilities - 0.4%

Dominion Energy, Inc. Series B, (4.650% to 12/15/24 then U.S. Treasury Yield Curve CMT 5 year + 2.993%), 4.650%, 12/15/24^3,4,5		219,000		228,308

Northern States Power Co. 2.900%, 03/01/50		219,000		221,096

Total Utilities				449,404

Total Corporate Bonds and Notes (Cost $12,987,479)				13,120,780

Municipal Bonds -1.1%

California State General Obligation, School Improvements 7.550%, 04/01/39		215,000		358,804

JobsOhio Beverage System Series B, 4.532%, 01/01/35		290,000		351,044

Los Angeles Unified School District, School Improvements 5.750%, 07/01/34		255,000		331,919

New Jersey Transportation Trust Fund Authority Series C, 5.754%, 12/15/28		280,000		327,551

Total Municipal Bonds (Cost $1,352,627)				1,369,318
U.S. Government and Agency Obligations -9.3%

Fannie Mae - 4.3%

FNMA 2.000%, 02/01/36 to 05/01/36		434,333		447,352
2.500%, 01/01/35 to 02/01/35		215,373		222,920
3.500%, 01/01/48		329,206		354,620
4.000%, 11/01/44 to 11/01/50		1,577,650		1,712,845
4.500%, 10/01/45 to 08/01/50		1,791,433		1,953,429
5.000%, 08/01/49 to 08/01/50		748,044		830,996
5.500%, 02/01/37		6,266		6,983

Total Fannie Mae				5,529,145

Freddie Mac - 0.8%

FHLMC Gold Pool 3.500%, 05/01/44 to 01/01/46		953,585		1,027,951



	Principal Amount		Value

U.S. Treasury Obligations - 4.2%

U.S. Treasury Bonds 1.875%, 02/15/51		$969,000		$958,704
2.250%, 05/15/41		877,000		921,124
3.000%, 11/15/44		138,000		164,565
3.125%, 05/15/48		271,000		338,687
3.500%, 02/15/39		613,000		769,028
5.000%, 05/15/37		994,000		1,446,852

U.S. Treasury Notes 1.500%, 02/15/30		691,000		694,563

Total U.S. Treasury Obligations				5,293,523

Total U.S. Government and Agency Obligations (Cost $11,946,891)				11,850,619
Foreign Government Obligations - 6.3%

Abu Dhabi Government International Bond (United Arab Emirates) 2.500%, 04/16/25¹^,²		350,000		363,178

African Development Bank (Côte d’lvoire) 0.875%, 03/23/26		360,000		354,088

Agence Francaise de Developpement EPIC (France) 0.625%, 01/22/26		200,000		195,083

Asian Development Bank (Philippines) 1.750%, 09/19/29		350,000		355,003

China Government Bond (China) Series INBK 2.880%, 11/05/23⁸		6,210,000		983,096

Series INBK 3.270%, 11/19/30⁸		6,300,000		1,022,152

European Investment Bank (Luxembourg) 0.625%, 10/21/27		300,000		285,417

Finland Government International Bond (Finland) 0.875%, 05/20/30²		400,000		379,763

Inter-American Development Bank 4.375%, 01/24/44		490,000		676,889

International Bank for Reconstruction & Development 3.125%, 11/20/25		330,000		353,229

International Finance Corp. 2.125%, 04/07/26		350,000		362,814

Japan Finance Organization for Municipalities (Japan) 1.000%, 05/21/25²		732,000		725,102

Kingdom of Belgium Government International Bond (Belgium) 1.000%, 05/28/30		200,000		190,718

Kommunalbanken A.S. (Norway) 1.125%, 10/26/26²		200,000		197,715

The Korea Development Bank (South Korea) 0.500%, 10/27/23		269,000		266,608

1.375%, 04/25/27		200,000		195,583

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

AMG GW&K Global Allocation Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Foreign Government Obligations - 6.3%
(continued)

Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden, N.V. (Netherlands) 0.875%, 06/15/26	$	300,000		$293,592

Philippine Government International Bond (Philippines) 1.648%, 06/10/31		200,000		193,545

Province of Ontario Canada (Canada) 1.050%, 05/21/27¹		276,000		269,204

Province of Quebec Canada (Canada) 1.350%, 05/28/30		273,000		264,147

Total Foreign Government Obligations
(Cost $7,924,568)				7,926,926

Short-Term Investments -1.4%
Joint Repurchase Agreements -1.4%⁹

Daiwa Capital Markets America, dated 12/31/21, due 01/03/22,0.040% total to be received $720,573 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 02/10/22 - 01/01/52, totaling $734,982)		720,571		720,571

*	Non-income producing security.

¹	Some of these securities, amounting to $4,755,593 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.

²	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31,2021, the value of these securities amounted to $7,789,997 or 6.2% of net assets.

³	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31,2021. Rate will reset at a future date.

⁴

Variable rate security. The rate shown is based on the latest available information as of December 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.

⁵	Perpetuity Bond. The date shown represents the next call date.

⁶	Principal amount stated in EURO dollars (EUR).


	Principal Amount		Value

RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22,0.050% total to be received $1,000,004 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 05/15/22 -12/01/51, totaling $1,020,000)	$	1,000,000		$1,000,000

Total Joint Repurchase Agreements				1,720,571

Total Short-Term Investments (Cost $1,720,571)				1,720,571

Total Investments - 101.7% (Cost $96,432,423)				128,693,377

Other Assets, less Liabilities - (1.7)%				(2,121,559)

Net Assets - 100.0%				$126,571,818

⁷	Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

⁸	Principal amount stated in Chinese Yuan (CNY).

⁹	Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

ADR	American Depositary Receipt

CMT	Constant Maturity Treasury

EMTN	European Medium Term Note

EPIC	Etablissement Public à caractere Industriel ou Commercial

FHLMC

Freddie Mac

FNMA	Fannie Mae

LIBOR

London Interbank Offered Rate

MTN	Medium-Term Note

REIT	Real Estate Investment Trust

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

AMG GW&K Global Allocation 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 December 31, 2021:


	Level 1		Level 2¹		Level 3		Total

Investments in Securities

Common Stocks

Information Technology	$	16,896,244	$	10,770,921		—	$	27,667,165

Consumer Discretionary		7,856,024		11,528,612		—		19,384,636

Health Care		12,998,453		—		—		12,998,453

Financials		8,986,824		2,396,042		—		11,382,866

Communication Services		5,889,209		2,538,274		—		8,427,483

Industrials		4,177,470		2,953,795		—		7,131,265

Real Estate		2,872,350		—		—		2,872,350

Utilities		2,840,945		—		—		2,840,945

Corporate Bonds and Notes^†		—		13,120,780		—		13,120,780

Municipal Bonds^†		—		1,369,318		—		1,369,318

U.S. Government and Agency Obligations^†		—		11,850,619		—		11,850,619

Foreign Government Obligations		—		7,926,926		—		7,926,926

Short-Term Investments

Joint Repurchase Agreements		—		1,720,571		—		1,720,571


Total Investments in Securities	$	62,517,519	$	66,175,858		—	$	128,693,377

^†

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 December 31,2021, there were no transfers in or out of Level 3.

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


Country	% of Long-Term Investments

Belgium		0.2

Bermuda		0.1

Canada		0.4

China		10.3

Côte d’lvoire		0.3

Finland		0.3

France		1.8

Germany		3.4

Hong Kong		1.9

India		4.7

Ireland		0.2

Itely		2.3

Japan		2.9


Country	% of Long-Term Investments

Liberia		0.1

Luxembourg		0.4

Netherlands		3.5

Norway		0.2

Philippines		0.4

South Korea		0.5

Taiwan		2.7

United Arab Emirates		0.3

United Kingdom		2.7

United States		60.4


		100.0

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

Statement of Assets and Liabilities

December 31, 2021


	AMG GW&K Small Cap Core Fund		AMG GW&K Small Cap Value Fund		AMG GW&K Small/Mid Cap Fund		AMG GW&K Global Allocation Fund

Assets:

Investments at value¹ (including securities on loan valued at $35,945,664, $14,980,710, $26,963,926, and $4,755,593, respectively)		$752,057,309		$368,698,255		$541,532,020		$128,693,377

Cash		8,407,666		2,164,972		9,536,310		–

Foreign currency²		–		–		–		265,834

Receivable for investments sold		–		1,420,083		–		4,203,477

Dividend and interest receivables		388,845		362,641		148,178		295,155

Securities lending income receivable		2,904		1,431		3,218		872

Receivable for Fund shares sold		442,435		72,353		12,556,318		200,624

Receivable from affiliate		7,847		–		23,855		–

Prepaid expenses and other assets		21,470		15,305		13,569		21,564

Total assets		761,328,476		372,735,040		563,813,468		133,680,903

Liabilities:

Payable upon return of securities loaned		2,198,953		–		–		1,720,571

Payable for Fund shares repurchased		983,195		173,554		27,171		3,534,784

Interfund loan payable		–		–		–		1,641,021

Accrued expenses:

Investment advisory and management fees		445,021		220,350		282,385		95,709

Administrative fees		95,361		46,722		68,319		17,506

Distribution fees		2,349		–		14,723		8,881

Shareholder service fees		24,580		52,630		11,612		7,849

Other		124,009		109,199		97,913		82,764

Total liabilities		3,873,468		602,455		502,123		7,109,085


Net Assets		$757,455,008		$372,132,585		$563,311,345		$126,571,818

¹ Investments at cost		$502,358,938		$286,517,400		$389,214,066		$96,432,423

² Foreign currency at cost		–		–		–		$264,492

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

Statement of Assets and Liabilities (continued)


	AMG GW&K Small Cap Core Fund		AMG GW&K Small Cap Value Fund		AMG GW&K Small/Mid Cap Fund		AMG GW&K Global Allocation Fund

Net Assets Represent:

Paid-in capital		$511,349,907		$288,400,551		$405,020,780		$90,296,317

Total distributable earnings		246,105,101		83,732,034		158,290,565		36,275,501

Net Assets		$757,455,008		$372,132,585		$563,311,345		$126,571,818

Class N:

Net Assets		$11,278,273		$223,585,743		$70,736,196		$41,938,634

Shares outstanding		340,443		7,235,174		3,706,444		2,150,166

Net asset value, offering and redemption price per share		$33.13		$30.90		$19.08		$19.50

Class I:

Net Assets		$546,325,641		$115,837,211		$293,613,809		$81,514,962

Shares outstanding		16,057,929		3,752,564		15,330,170		4,128,106

Net asset value, offering and redemption price per share		$34.02		$30.87		$19.15		$19.75

Class Z:

Net Assets		$199,851,094		$32,709,631		$198,961,340		$3,118,222

Shares outstanding		5,869,515		1,063,541		10,372,179		157,824

Net asset value, offering and redemption price per share		$34.05		$30.76		$19.18		$19.76

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

Statement of Operations

For the fiscal year ended December 31, 2021


	AMG GW&K Small Cap Core Fund		AMG GW&K Small Cap Value Fund		AMG GW&K Small/Mid Cap Fund		AMG GW&K Global Allocation Fund
Investment Income:

Dividend income	$5,811,232		$5,004,419		$3,381,885		$538,603

Interest income	749		–		230		760,974

Securities lending income	72,747		23,835		33,756		16,528

Foreign withholding tax	(20,785	)	–		(12,944	)	(46,341	)

Total investment income	5,863,943		5,028,254		3,402,927		1,269,764

Expenses:

Investment advisory and management fees	4,828,317		2,501,302		2,831,620		896,197

Administrative fees	1,034,639		535,994		685,069		224,049

Distribution fees - Class N	26,014		–		142,062		119,896

Shareholder servicing fees - Class N	15,608		604,339		–		–

Shareholder servicing fees - Class I	272,701		49,757		122,320		97,836

Registration fees	59,414		56,702		44,075		48,914

Custodian fees	57,918		32,094		40,877		31,153

Professional fees	54,309		44,626		61,930		49,188

Trustee fees and expenses	47,748		23,927		30,708		10,030

Reports to shareholders	26,118		35,316		31,527		–

Transfer agent fees	24,279		28,384		21,884		12,140

Interest expense	2,661		2,181		–		42

Miscellaneous	19,123		10,337		10,071		1,325

Repayment of prior reimbursements	63,818		–		29,974		–

Total expenses before offsets	6,532,667		3,924,959		4,052,117		1,490,770
Expense reimbursements	(7,847	)	(52,722	)	(42,690	)	(63,131	)
Expense reductions	(31,864	)	(76,831	)	(28,705	)	–

Net expenses	6,492,956		3,795,406		3,980,722		1,427,639


Net investment income (loss)	(629,013	)	1,232,848		(577,795	)	(157,875	)

Net Realized and Unrealized Gain:

Net realized gain on investments	49,419,834		38,956,174		32,735,934		8,637,890

Net realized loss on foreign currency transactions	–		–		–		(16,235	)

Net change in unrealized appreciation/depreciation on investments	79,668,547		60,248,817		63,516,205		(4,390,830	)

Net change in unrealized appreciation/depreciation on foreign currency translations	–		–		–		(12,934	)

Net realized and unrealized gain	129,088,381		99,204,991		96,252,139		4,217,891


Net increase in net assets resulting from operations	$128,459,368		$100,437,839		$95,674,344		$4,060,016

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

Statements of Changes in Net Assets

For the fiscal years ended December 31,


	AMG GW&K Small Cap Core Fund						AMG GW&K Small Cap Value Fund
	2021			2020			2021			2020

Increase (Decrease) in Net Assets Resulting From Operations:

Net investment income (loss)		$(629,013	)		$1,002,236			$1,232,848			$1,157,753

Net realized gain on investments		49,419,834			29,838,323			38,956,174			106,326,548

Net change in unrealized appreciation/depreciation on investments		79,668,547			72,950,806			60,248,817			(122,030,123	)

Net increase (decrease) in net assets resulting from operations		128,459,368			103,791,365			100,437,839			(14,545,822	)

Distributions to Shareholders:

Class N		(949,945	)		(206,153	)		(28,587,718	)		(78,448,514	)

Class I		(46,514,091	)		(11,703,788	)		(12,015,888	)		(32,924,631	)

Class Z		(15,991,224	)		(3,120,957	)		(1,267,238	)		(3,178,095	)

Total distributions to shareholders		(63,455,260	)		(15,030,898	)		(41,870,844	)		(114,551,240	)

Capital Share Transactions:¹

Net increase (decrease) from capital share transactions		87,562,396			64,165,490			(23,573,512	)		(27,451,765	)


Total increase (decrease) in net assets		152,566,504			152,925,957			34,993,483			(156,548,827	)

Net Assets:

Beginning of year		604,888,504			451,962,547			337,139,102			493,687,929

End of year		$757,455,008			$604,888,504			$372,132,585			$337,139,102

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 December 31,


	AMG GW&K Small/Mid Cap Fund						AMG GW&K Global Allocation Fund
	2021			2020			2021			2020

Increase in Net Assets Resulting From Operations:

Net investment income (loss)		$(577,795	)		$295,299			$(157,875	)		$1,207,441

Net realized gain (loss) on investments		32,735,934			4,655,713			8,621,655			(971,068	)

Net change in unrealized appreciation/depreciation on investments		63,516,205			45,255,119			(4,403,764	)		15,233,111

Net increase in net assets resulting from operations		95,674,344			50,206,131			4,060,016			15,469,484

Distributions to Shareholders:

From net investment income and/or realized gain on investments:

Class N		(3,691,812	)		–			(999,921	)		(1,802,668	)

Class I		(14,552,343	)		(194,295	)		(2,220,592	)		(4,171,934	)

Class Z		(10,207,781	)		(187,001	)		(78,887	)		(215,224	)

From paid-in capital:

Class N		–			–			–			(11,312	)

Class I		–			–			–			(26,180	)

Class Z		–			–			–			(1,351	)

Total distributions to shareholders		(28,451,936	)		(381,296	)		(3,299,400	)		(6,228,669	)

Capital Share Transactions:¹

Net increase (decrease) from capital share transactions		225,319,643			22,104,665			(27,205,033	)		(107,931,884	)


Total increase (decrease) in net assets		292,542,051			71,929,500			(26,444,417	)		(98,691,069	)

Net Assets:

Beginning of year		270,769,294			198,839,794			153,016,235			251,707,304

End of year		$563,311,345			$270,769,294			$126,571,818			$153,016,235

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 Small Cap Core Fund

Financial Highlights

For a share outstanding throughout each fiscal year



	For the fiscal years ended December 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$29.97			$26.09			$21.03			$28.04			$24.57

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.15	)		(0.03	)		(0.04	)		(0.04	)		(0.06	)³

Net realized and unrealized gain (loss) on investments		6.34			4.64			6.47			(3.95	)		5.06

Total income (loss) from investment operations		6.19			4.61			6.43			(3.99	)		5.00

Less Distributions to Shareholders from:

Net realized gain on investments		(3.03	)		(0.73	)		(1.37	)		(3.02	)		(1.53	)

Net Asset Value, End of Year		$33.13			$29.97			$26.09			$21.03			$28.04

Total Return²^,⁴		21.01	%		17.73	%		30.66	%		(14.08	)%		20.32	%

Ratio of net expenses to average net assets⁵		1.30	%⁶		1.29	%		1.29	%		1.28	%		1.32	%

Ratio of gross expenses to average net assets⁷		1.30	%⁶		1.30	%		1.31	%		1.28	%		1.33	%

Ratio of net investment loss to average net assets²		(0.45	)%		(0.14	)%		(0.15	)%		(0.13	)%		(0.21	)%

Portfolio turnover		33	%		37	%		20	%		25	%		23	%

Net assets end of year (000’s) omitted		$11,278			$8,667			$10,239			$12,655			$24,989

AMG GW&K Small Cap Core Fund

Financial Highlights

For a share outstanding throughout each fiscal year



	For the fiscal years ended December 31,

Class I	2021			2020			2019			2018			2017⁸

Net Asset Value, Beginning of Year		$30.61			$26.57			$21.37			$28.42			$24.84

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.03	)		0.05			0.05			0.06			0.07	³

Net realized and unrealized gain (loss) on investments		6.47			4.76			6.58			(4.03	)		5.10

Total income (loss) from investment operations		6.44			4.81			6.63			(3.97	)		5.17

Less Distributions to Shareholders from:

Net investment income		—			(0.04	)		(0.06	)		(0.06	)		(0.06	)

Net realized gain on investments		(3.03	)		(0.73	)		(1.37	)		(3.02	)		(1.53	)

Total distributions to shareholders		(3.03	)		(0.77	)		(1.43	)		(3.08	)		(1.59	)

Net Asset Value, End of Year		$34.02			$30.61			$26.57			$21.37			$28.42

Total Return²^,⁴		21.38	%		18.16	%		31.13	%		(13.83	)%		20.79	%

Ratio of net expenses to average net assets⁵		0.95	%⁶		0.94	%		0.94	%		0.95	%		0.95	%

Ratio of gross expenses to average net assets⁷		0.95	%⁶		0.95	%		0.96	%		0.95	%		0.96	%

Ratio of net investment income (loss) to average net assets²		(0.10	)%		0.21	%		0.20	%		0.20	%		0.24	%

Portfolio turnover		33	%		37	%		20	%		25	%		23	%

Net assets end of year (000’s) omitted		$546,326			$470,373			$331,703			$311,252			$403,309

AMG GW&K Small Cap Core Fund

Financial Highlights

For a share outstanding throughout each fiscal period



	For the fiscal years ended December 31,													For the fiscal period ended December 31,

Class Z		2021			2020			2019			2018			2017⁹

Net Asset Value, Beginning of Period			$30.61			$26.57			$21.37			$28.42			$26.13

Income (loss) from Investment Operations:

Net investment income (loss)^1,2			(0.02	)		0.07			0.06			0.07			0.14	³

Net realized and unrealized gain (loss) on investments			6.49			4.75			6.59			(4.03	)		3.75

Total income (loss) from investment operations			6.47			4.82			6.65			(3.96	)		3.89

Less Distributions to Shareholders from:

Net investment income			—			(0.05	)		(0.08	)		(0.07	)		(0.07	)

Net realized gain on investments			(3.03	)		(0.73	)		1.37	)		(3.02	)		(1.53	)

Total distributions to shareholders			(3.03	)		(0.78	)		(1.45	)		(3.09	)		(1.60	)

Net Asset Value, End of Period			$34.05			$30.61			$26.57			$21.37			$28.42

Total Return²^,⁴			21.48	%		18.21	%		31.13	%		(13.73	)%		14.87	%¹⁰

Ratio of net expenses to average net assets⁵			0.90	%⁶		0.89	%		0.89	%		0.90	%		0.90	%¹¹

Ratio of gross expenses to average net assets⁷			0.90	%⁶		0.90	%		0.91	%		0.90	%		0.91	%¹¹

Ratio of net investment income (loss) to average net assets²			(0.05	)%		0.26	%		0.25	%		0.25	%		0.56	%¹¹

Portfolio turnover			33	%		37	%		20	%		25	%		23	%

Net assets end of period (000’s) omitted			$199,851			$125,848			$110,020			$85,009			$108,047

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 (loss) per share would have been $(0.12), $0,01, and $0,09 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 less than 0,01% for the fiscal year ended December 31,2021,0,01% for the fiscal years ended 2020 and 2019, less than 0,01% for the fiscal year ended 2018 and period ended December 31,2017.

⁶	Such ratio includes recapture of waived/reimbursed fees from prior periods.

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	Effective June 23,2017, Class S shares were converted to Class I shares.

⁹	Commencement of operations was on February 27,2017.

¹⁰	Not annualized.

¹¹	Annualized.

AMG GW&K Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal year



	For the fiscal years ended December 31,

Class N	2021			2020			2019			2018			2017¹

Net Asset Value, Beginning of Year		$26.71			$37.16			$30.93			$43.98			$43.30

Income (loss) from Investment Operations:

Net investment income (loss)^2,3		0.09			0.08			0.07			(0.01	)		(0.08	)

Net realized and unrealized gain (loss) on investments		8.41			1.00			8.79			(8.40	)		3.73

Total income (loss) from investment operations		8.50			1.08			8.86			(8.41	)		3.65

Less Distributions to Shareholders from:

Net investment income		(0.08	)		(0.08	)		(0.09	)		—			—

Net realized gain on investments		(4.23	)		(11.45	)		(2.54	)		(4.64	)		(2.97	)

Total distributions to shareholders		(4.31	)		(11.53	)		(2.63	)		(4.64	)		(2.97	)

Net Asset Value, End of Year		$30.90			$26.71			$37.16			$30.93			$43.98

Total Return³^,⁴		32.93	%		3.29	%		28.64	%		(19.00	)%		8.39	%

Ratio of net expenses to average net assets		1.13	%⁵		1.17	%		1.17	%		1.17	%		1.25	%

Ratio of gross expenses to average net assets⁶		1.17	%		1.21	%		1.20	%		1.18	%		1.27	%

Ratio of net investment income (loss) to average net assets³		0.28	%		0.28	%		0.19	%		(0.03	)%		(0.18	)%

Portfolio turnover		41	%		115	%		20	%		24	%		33	%

Net assets end of year (000’s) omitted		$223,586			$243,655			$359,550			$425,540			$923,139

AMG GW&K Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period



	For the fiscal years ended December 31,													For the fiscal period ended December 31,

Class I		2021			2020			2019			2018			2017⁷

Net Asset Value, Beginning of Period			$26.79			$37.23			$31.05			$44.06			$43.64

Income (loss) from Investment Operations:

Net investment income^2,3			0.15			0.14			0.13			0.06			0.02

Net realized and unrealized gain (loss) on investments			8.42			1.02			8.83			(8.43	)		3.37

Total income (loss) from investment operations			8.57			1.16			8.96			(8.37	)		3.39

Less Distributions to Shareholders from:

Net investment income			(0.26	)		(0.15	)		(0.24	)		—			—

Net realized gain on investments			(4.23	)		(11.45	)		(2.54	)		(4.64	)		(2.97	)

Total distributions to shareholders			(4.49	)		(11.60	)		(2.78	)		(4.64	)		(2.97	)

Net Asset Value, End of Period			$30.87			$26.79			$37.23			$31.05			$44.06

Total Return³^,⁴			33.17	%		3.50	%		28.86	%		(18.88	)%		7.73	%⁸

Ratio of net expenses to average net assets			0.93	%⁵		0.99	%		1.01	%		1.01	%		1.13	%⁹

Ratio of gross expenses to average net assets⁶			0.97	%		1.03	%		1.04	%		1.02	%		1.15	%⁹

Ratio of net investment income to average net assets³			0.48	%		0.46	%		0.35	%		0.13	%		0.06	%⁹

Portfolio turnover			41	%		115	%		20	%		24	%		33	%

Net assets end of period (000’s) omitted			$115,837			$83,003			$122,323			$306,757			$362,723

AMG GW&K Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period



	For the fiscal years ended December 31,													For the fiscal period ended December 31,

Class Z		2021			2020			2019			2018			2017⁷

Net Asset Value, Beginning of Period			$26.72			$37.16			$31.10			$44.08			$43.64

Income (loss) from Investment Operations:

Net investment income^2,3			0.16			0.16			0.16			0.10			0.08

Net realized and unrealized gain (loss) on investments			8.41			1.02			8.84			(8.44	)		3.33

Total income (loss) from investment operations			8.57			1.18			9.00			(8.34	)		3.41

Less Distributions to Shareholders from:

Net investment income			(0.30	)		(0.17	)		(0.40	)		—			—

Net realized gain on investments			(4.23	)		(11.45	)		(2.54	)		(4.64	)		(2.97	)

Total distributions to shareholders			(4.53	)		(11.62	)		(2.94	)		(4.64	)		(2.97	)

Net Asset Value, End of Period			$30.76			$26.72			$37.16			$31.10			$44.08

Total Return³^,⁴			33.27	%		3.57	%		28.94	%		(18.80	)%		7.78	%⁸

Ratio of net expenses to average net assets			0.88	%⁵		0.92	%		0.92	%		0.92	%		0.98	%⁹

Ratio of gross expenses to average net assets⁶			0.92	%		0.96	%		0.95	%		0.93	%		1.00	%⁹

Ratio of net investment income to average net assets³			0.53	%		0.53	%		0.44	%		0.22	%		0.21	%⁹

Portfolio turnover			41	%		115	%		20	%		24	%		33	%

Net assets end of period (000’s) omitted			$32,710			$10,481			$11,815			$16,969			$9,929

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

²	Per share numbers have been calculated using average shares.

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

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

⁵	Includes reduction from broker recapture amounting to 0,02% for the fiscal year ended December 31,2021.

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

⁷	Commencement of operations was on February 27,2017.

⁸	Not annualized.

⁹	Annualized.

AMG GW&K Small/Mid Cap Fund

Financial Highlights

For a share outstanding throughout each fiscal period



	For the fiscal years ended December 31,													For the fiscal period ended December 31,

Class N		2021			2020			2019			2018			2017¹

Net Asset Value, Beginning of Period			$16.04			$13.03			$9.99			$11.15			$10.35

Income (loss) from Investment Operations:

Net investment income (loss)^2,3			(0.06	)		(0.01	)		0.00	⁴		(0.01	)		0.01	⁵

Net realized and unrealized gain (loss) on investments			4.14			3.02			3.07			(0.91	)		0.94

Total income (loss) from investment operations			4.08			3.01			3.07			(0.92	)		0.95

Less Distributions to Shareholders from:

Net investment income			—			—			(0.01	)		—			—

Net realized gain on investments			(1.04	)		—			(0.02	)		(0.24	)		(0.15	)

Total distributions to shareholders			(1.04	)		—			(0.03	)		(0.24	)		(0.15	)

Net Asset Value, End of Period			$19.08			$16.04			$13.03			$9.99			$11.15

Total Return³^,⁶			25.63	%		23.10	%		30.64	%		(8.25	)%		9.17	%⁷

Ratio of net expenses to average net assets⁸			1.06	%		1.10	%		1.09	%		1.09	%		1.10	%⁹

Ratio of gross expenses to average net assets¹⁰			1.08	%		1.13	%		1.14	%		1.16	%		1.71	%⁹

Ratio of net investment income (loss) to average net assets³			(0.32	)%		(0.07	)%		0.02	%		(0.09	)%		0.12	%⁹

Portfolio turnover			19	%		29	%		18	%		53	%		38	%

Net assets end of period (000’s) omitted			$70,736			$224			$172			$89			$11

AMG GW&K Small/Mid Cap Fund

Financial Highlights

For a share outstanding throughout each fiscal year



	For the fiscal years ended December 31,

Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$16.06			$13.04			$9.99			$11.15			$9.80

Income (loss) from Investment Operations:

Net investment income (loss)^2,3		(0.02	)		0.01			0.02			0.01			0.03	⁵

Net realized and unrealized gain (loss) on investments		4.15			3.03			3.07			(0.92	)		1.48

Total income (loss) from investment operations		4.13			3.04			3.09			(0.91	)		1.51

Less Distributions to Shareholders from:

Net investment income		—			(0.02	)		(0.02	)		(0.01	)		(0.01	)
Net realized gain on investments		(1.04	)		—			(0.02	)		(0.24	)		(0.15	)

Total distributions to shareholders		(1.04	)		(0.02	)		(0.04	)		(0.25	)		(0.16	)

Net Asset Value, End of Year		$19.15			$16.06			$13.04			$9.99			$11.15

Total Return³^,⁶		25.91	%		23.31	%		30.86	%		(8.15	)%		15.44	%

Ratio of net expenses to average net assets⁸		0.86	%		0.92	%		0.94	%		0.94	%		0.94	%

Ratio of gross expenses to average net assets¹⁰		0.88	%		0.95	%		0.99	%		1.01	%		1.62	%

Ratio of net investment income (loss) to average net assets³		(0.12	)%		0.11	%		0.17	%		0.06	%		0.26	%

Portfolio turnover		19	%		29	%		18	%		53	%		38	%

Net assets end of year (000’s) omitted		$293,614			$165,840			$102,784			$54,376			$24,266

AMG GW&K Small/Mid Cap Fund

Financial Highlights

For a share outstanding throughout each fiscal period



	For the fiscal years ended December 31,													For the fiscal period ended December 31,

Class Z		2021			2020			2019			2018			2017¹

Net Asset Value, Beginning of Period			$16.07			$13.05			$10.00			$11.15			$10.35

Income (loss) from Investment Operations:

Net investment income (loss)^2,3			(0.01	)		0.02			0.03			0.02			0.03	⁵

Net realized and unrealized gain (loss) on investments			4.16			3.03			3.07			(0.91	)		0.94

Total income (loss) from investment operations			4.15			3.05			3.10			(0.89	)		0.97

Less Distributions to Shareholders from:

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

Net realized gain on investments			(1.04	)		—			(0.02	)		(0.24	)		(0.15	)

Total distributions to shareholders			(1.04	)		(0.03	)		(0.05	)		(0.26	)		(0.17	)
Net Asset Value, End of Period			$19.18			$16.07			$13.05			$10.00			$11.15

Total Return³^,⁶			26.02	%		23.37	%		30.94	%		(7.98	)%		9.34	%⁷

Ratio of net expenses to average net assets⁸			0.81	%		0.83	%		0.84	%		0.84	%		0.85	%⁹

Ratio of gross expenses to average net assets¹⁰			0.83	%		0.86	%		0.89	%		0.91	%		1.46	%⁹

Ratio of net investment income (loss) to average net assets³			(0.07	)%		0.19	%		0.27	%		0.16	%		0.37	%⁹

Portfolio turnover			19	%		29	%		18	%		53	%		38	%

Net assets end of period (000’s) omitted			$198,961			$104,705			$95,884			$65,375			$6,980

¹	Commencement of operations was on February 27, 2017.

²	Per share numbers have been calculated using average shares.

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

⁴	Less than $0.005 per share.

⁵	Includes non-recurring dividends. Without these dividends, net investment income (loss) per share would have been $(0,01), $0.00, and $0.01 for Class N, Class I and Class Z, respectively.

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

⁷	Not annualized.

⁸	Includes reduction from broker recapture amounting to 0.01% for the fiscal year ended 2021, 2020, 2019, 2018, and less than 0.01% for the fiscal year ended 2017.

⁹	Annualized.

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

AMG GW&K Global Allocation Fund

Financial Highlights

For a share outstanding throughout each fiscal year



	For the fiscal years ended December 31,

Class N	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$19.50			$17.04			$15.45			$17.03			$15.45

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.04	)		0.10			0.25			0.18			0.10

Net realized and unrealized gain (loss) on investments		0.51			2.93			2.35			(0.67	)		2.30

Total income (loss) from investment operations		0.47			3.03			2.60			(0.49	)		2.40

Less Distributions to Shareholders from:

Net investment income		(0.00	)³		(0.09	)		(0.27	)		(0.16	)		(0.11	)

Net realized gain on investments		(0.47	)		(0.48	)		(0.74	)		(0.93	)		(0.71	)

Paid in capital		—			(0.00	)³		—			—			—

Total distributions to shareholders		(0.47	)		(0.57	)		(1.01	)		(1.09	)		(0.82	)

Net Asset Value, End of Year		$19.50			$19.50			$17.04			$15.45			$17.03

Total Return²^,⁴		2.44	%		18.92	%		16.96	%		(2.89	)%		15.54	%

Ratio of net expenses to average net assets⁵		1.06	%		1.07	%		1.08	%		1.08	%		1.09	%

Ratio of gross expenses to average net assets⁶		1.10	%		1.19	%		1.16	%		1.15	%		1.14	%

Ratio of net investment income (loss) to average net assets²		(0.21	)%		0.60	%		1.51	%		1.02	%		0.63	%

Portfolio turnover		36	%		156	%		123	%		80	%		75	%

Net assets end of year (000’s) omitted		$41,939			$51,415			$69,774			$75,271			$74,315

AMG GW&K Global Allocation Fund

Financial Highlights

For a share outstanding throughout each fiscal year



	For the fiscal years ended December 31,

Class I	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$19.71			$17.22			$15.60			$17.19			$15.59

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.01	)		0.13			0.28			0.21			0.13

Net realized and unrealized gain (loss) on investments		0.53			2.95			2.38			(0.68	)		2.31

Total income (loss) from investment operations		0.52			3.08			2.66			(0.47	)		2.44

Less Distributions to Shareholders from:

Net investment income		(0.01	)		(0.11	)		(0.30	)		(0.19	)		(0.13	)

Net realized gain on investments		(0.47	)		(0.48	)		(0.74	)		(0.93	)		(0.71	)

Paid in capital		—			(0.00	)³		—			—			—

Total distributions to shareholders		(0.48	)		(0.59	)		(1.04	)		(1.12	)		(0.84	)

Net Asset Value, End of Year		$19.75			$19.71			$17.22			$15.60			$17.19

Total Return²^,⁴		2.60	%		19.08	%		17.17	%		(2.77	)%		15.71	%

Ratio of net expenses to average net assets⁵		0.91	%		0.92	%		0.93	%		0.92	%		0.94	%

Ratio of gross expenses to average net assets⁶		0.95	%		1.04	%		1.01	%		0.99	%		0.99	%

Ratio of net investment income (loss) to average net assets²		(0.06	)%		0.75	%		1.66	%		1.18	%		0.78	%

Portfolio turnover		36	%		156	%		123	%		80	%		75	%

Net assets end of year (000’s) omitted		$81,515			$97,869			$173,575			$166,554			$114,913

AMG GW&K Global Allocation Fund

Financial Highlights

For a share outstanding throughout each fiscal year



	For the fiscal years ended December 31,

Class Z	2021			2020			2019			2018			2017

Net Asset Value, Beginning of Year		$19.71			$17.21			$15.60			$17.19			$15.58

Income (loss) from Investment Operations:

Net investment income^1,2		0.01			0.14			0.30			0.22			0.15

Net realized and unrealized gain (loss) on investments		0.52			2.97			2.37			(0.67	)		2.32

Total income (loss) from investment operations		0.53			3.11			2.67			(0.45	)		2.47

Less Distributions to Shareholders from:

Net investment income		(0.01	)		(0.13	)		(0.32	)		(0.21	)		(0.15	)

Net realized gain on investments		(0.47	)		(0.48	)		(0.74	)		(0.93	)		(0.71	)

Paid in capital		—			(0.00	)³		—			—			—

Total distributions to shareholders		(0.48	)		(0.61	)		(1.06	)		(1.14	)		(0.86	)

Net Asset Value, End of Year		$19.76			$19.71			$17.21			$15.60			$17.19

Total Return^2,4		2.73	%		19.28	%		17.21	%		(2.68	)%		15.90	%

Ratio of net expenses to average net assets⁵		0.81	%		0.82	%		0.83	%		0.83	%		0.84	%

Ratio of gross expenses to average net assets⁶		0.85	%		0.94	%		0.91	%		0.90	%		0.89	%

Ratio of net investment income to average net assets²		0.04	%		0.85	%		1.76	%		1.27	%		0.88	%

Portfolio turnover		36	%		156	%		123	%		80	%		75	%

Net assets end of year (000’s) omitted		$3,118			$3,733			$8,358			$8,429			$7,060

¹	Per share numbers have been calculated using average shares.

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

³	Less than $(0.005) per share.

⁴	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% for the fiscal year ended December 31,2020,0.01% for the fiscal years ended December 31,2019 and 2018, less than 0.01% and 0.01% for the fiscal years ended 2017 and 2016, 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.)

Notes to Financial Statements

December 31, 2021

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds and AMG Funds II (the “Trusts”) are open-end management investment companies, organized as Massachusetts business trusts, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trusts consist of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG Funds: AMG GW&K Small Cap Core Fund (“Small Cap Core”), AMG GW&K Small Cap Value (“Small Cap Value”) and GW&K Small/Mid Cap Fund (“Small/Mid Cap”) and AMG Funds II: AMG GW&K Global Allocation Fund (“Global Allocation”), each a “Fund” and collectively, the “Funds”.

Each Fund offers Class N shares, Class I shares and Class Z shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may 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.

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 Small Cap Core, Small Cap Value and Small/Mid Cap, or the mean between the last quoted bid and ask prices (the “mean price”) for Global Allocation. 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 Global Allocation 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 Boards of Trustees of the Trusts (the “Boards”). 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 underthe general supervision of the Boards. The Valuation Committee, which is comprised of the Independent Trustees of the Boards, and the Pricing Committee, which is comprised of representatives from AMG Funds LLC (the “Investment Manager”) are the committees appointed by the Boards 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 Boards’ valuation procedures, if the Investment Manager or the Pricing Committee believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Pricing Committee and, if required under the Trusts’ securities valuation procedures, the Valuation Committee, seeks to determine the price that a Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

Notes to Financial Statements (continued)

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)

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. 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.

Small Cap Core, Small Cap Value and Small/Mid Cap 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 December 31, 2021, the impact on the expenses and expense ratios were as follows: Small Cap Core $31,864 or less than 0.01%, Small Cap Value $76,831 or 0.02% and Small/Mid Cap $28,705 or 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 adjustments related to mergers and net operating losses. Temporary differences are primarily due to the deferral of late year losses and wash sale loss deferrals.

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


	Small Cap Core				Small Cap Value

Distributions paid from:	2021		2020		2021		2020
Ordinary income*		$12,026,639		$4,358,429		$29,494,137		$6,081,044
Long-term capital gains		51,428,621		10,672,469		12,376,707		108,470,196

		$63,455,260		$15,030,898		$41,870,844		$114,551,240

Notes to Financial Statements (continued)



	Small/Mid Cap				Global Allocation

Distributions paid from:	2021		2020		2021		2020

Ordinary income*		$2,786,628		$357,747		–		$1,199,737

Long-term capital gains		25,665,308		23,549		$3,299,400		4,990,089

Paid-in capital		–		–		–		38,843



		$28,451,936		$381,296		$3,299,400		$6,228,669

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

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


	Small Cap Core		Small Cap Value		Small/Mid Cap		Global Allocation

Undistributed ordinary income		$186,696		$1,250,137		$152,612		–

Undistributed long-term capital gains		–		1,493,768		6,759,461		$4,080,472

Late-year loss deferral		225,157		–		–		8,158

At December 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

Small Cap Core		$505,913,747		$258,271,278		$(12,127,716)			$246,143,562

Small Cap Value		287,705,636		88,544,690		(7,552,071	)		80,992,619

Small/Mid Cap		390,153,529		157,911,189		(6,532,697	)		151,378,492

Global Allocation		96,491,058		34,202,988		(1,999,801	)		32,203,187

e. FEDERAL TAXES

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 December 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 December 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.

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


Fund	Short-Term		Long-Term
Small/Mid Cap		–		$607,944

Global Allocation		$1,150,789		–

Notes to Financial Statements (continued)

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.

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


			Small Cap Core										Small Cap Value

	December 31, 2021				December 31, 2020					December 31, 2021					December 31, 2020

	Shares		Amount		Shares		Amount			Shares			Amount		Shares		Amount

Class N:

Proceeds from sale of shares		84,169		$2,934,323		81,195		$1,849,925			646,059			$20,089,418		874,807		$25,658,252

Reinvestment of distributions		29,602		949,062		7,028		206,122			964,248			28,375,377		2,953,511		77,884,081

Proceeds from sale of shares issued in connection with merger¹		–		–		–		–			186,108			5,493,756		–		–

Cost of shares repurchased		(62,485)		(2,150,775)		(191,533)		(4,505,002)			(3,681,845)			(115,582,183)		(4,383,180)		(125,831,759)


Net increase (decrease)		51,286		$1,732,610		(103,310)		$(2,448,955	)		(1,885,430	)		$(61,623,632)		(554,862)		$(22,289,426	)


Class I:

Proceeds from sale of shares		2,645,735		$91,738,088		6,647,636		$153,200,697			341,959			$10,607,900		669,037		$19,414,296

Reinvestment of distributions		1,277,694		42,061,693		348,162		10,423,972			396,269			11,704,153		1,212,187		32,050,234

Proceeds from sale of shares issued in connection with merger¹		–		–		–		–			1,824,176			53,997,408		–		–

Cost of shares repurchased		(3,234,127)		(111,529,391)		(4,112,470)		(96,834,817)			(1,908,490)			(57,882,036)		(2,068,313)		(58,336,031)


Net increase (decrease)		689,302		$22,270,390		2,883,328		$66,789,852			653,914			$18,427,425		(187,089)		$(6,871,501	)


Class Z:

Proceeds from sale of shares		3,719,320		$134,331,474		222,490		$5,627,757			139,820			$4,232,314		34,276		$1,038,772

Reinvestment of distributions		441,716		14,554,549		104,205		3,120,958			42,709			1,267,237		120,519		3,178,096

Proceeds from sale of shares issued in connection with merger¹		–		–		–		–			914,333			26,987,694		–		–

Cost of shares repurchased		(2,402,803)		(85,326,627)		(356,478)		(8,924,122)			(425,526)			(12,864,550)		(80,517)		(2,507,706)


Net increase (decrease)		1,758,233		$63,559,396		(29,783)		$(175,407	)		671,336			$19,622,695		74,278		$1,709,162


			Small/Mid Cap										Global Allocation

	December 31, 2021				December 31, 2020					December 31, 2021					December 31, 2020

	Shares		Amount		Shares		Amount			Shares			Amount		Shares		Amount

Class N:

Proceeds from sale of shares		77,253		$1,461,251		727		$10,000			294,575			$5,879,209		359,114		$6,076,127

Reinvestment of distributions		188,828		3,512,206		–		–			47,121			910,836		114,659		1,674,037

Proceeds from sale of shares issued in connection with merger¹		3,848,331		66,278,653		–		–			–			–		–		–

Cost of shares repurchased		(421,926)		(7,905,351)		–		–			(828,499)			(16,567,833)		(1,932,600)		(31,474,792)


Net increase (decrease)		3,692,486		$63,346,759		727		$10,000			(486,803)			$(9,777,788)		(1,458,827)		$(23,724,628)

Notes to Financial Statements (continued)



			Small/Mid Cap								Global Allocation

	December 31, 2021				December 31, 2020				December 31, 2021				December 31, 2020

	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount

Class I:

Proceeds from sale of shares		4,826,923		$88,859,351		4,771,671		$58,055,212		551,511		$11,042,654		2,038,932		$33,784,181

Reinvestment of distributions		738,929		13,795,804		11,292		178,297		31,565		617,691		112,082		1,651,265

Proceeds from sale of shares issued in connection with merger¹		792,895		13,678,626		–		–		–		–		–		–

Cost of shares repurchased		(1,355,973)		(25,571,871)		(2,334,832)		(26,093,366)		(1,420,191)		(28,442,920)		(7,267,874)		(114,947,733)


Net increase (decrease)		5,002,774		$90,761,910		2,448,131		$32,140,143		(837,115)		$(16,782,575)		(5,116,860)		$(79,512,287)


Class Z:

Proceeds from sale of shares		3,681,463		$68,683,820		740,790		$9,664,314		11,662		$233,192		85,028		$1,346,330

Reinvestment of distributions		516,351		9,655,772		11,828		187,001		3,937		77,077		14,496		214,292

Proceeds from sale of shares issued in connection with merger¹		780,901		13,486,545		–		–		–		–		–		–

Cost of shares repurchased		(1,120,356)		(20,615,163)		(1,583,660)		(19,896,793)		(47,183)		(954,939)		(395,703)		(6,255,591)


Net increase (decrease)		3,858,359		$71,210,974		(831,042)		$(10,045,478)		(31,584)		$(644,670)		(296,179)		$(4,694,969)

¹ See Note 8 of the Notes to Financial Statements.

At December 31, 2021, certain unaffiliated shareholders of record, individually or collectively held greater than 10% of the net assets of the Funds as follows: Small/Mid Cap -one owns 14%. Transactions by these shareholders may have a material impact on the Fund.

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

At December 31, 2021, the market value of Repurchase Agreements outstanding for Small Cap Core and Global Allocation were $2,198,953 and $1,720,571, respectively.

i. FOREIGN CURRENCY TRANSLATION

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.

j. SECURITIES TRANSACTED ON A WHEN ISSUED BASIS

Global Allocation 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.

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

Notes to Financial Statements (continued)

closed through the acquisition of an offsetting purchase commitment with the same broker, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

k. DELAYED DELIVERY TRANSACTIONS AND WHEN-ISSUED SECURITIES

Global Allocation 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 Trusts have entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. retail distribution arm of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Funds and is responsible for the Funds’ overall administration and operations. The Investment Manager selects one or more subadvisers for the Funds (subject to Board approval) and monitors each subadviser’s investment performance, security holdings and investment strategies. Each Fund’s investment portfolio is managed by GW&K Investment Management, LLC, (“GW&K”) who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in GW&K.


Small Cap Core	0.70	%
Small Cap Value	0.70	%¹
Small/MidCap	0.62	%²
Global Allocation	0.60	%

¹ Prior to December 4, 2020, the annual rate for the investment management fees for Small Cap Value was 0.73% of the Fund’s average daily net assets.

² Prior to October 8, 2020, the annual rate for the investment management fees for Small Mid/Cap was 0.65% of the Fund’s average daily net assets.

The Investment Manager has contractually agreed, through at least May 1, 2022, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of Small Cap Core, Small Cap Value, Small/Mid Cap and Global Allocation to the annual rate of 0.90%, 0.90%, 0.82% and 0.81%, 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 December 4, 2020, the expense limitation was 0.92% for Small Cap Value and prior to October 8, 2020, the expense limitation was 0.85% for Small/Mid Cap.

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


Expiration Period	Small Cap Core		Small Cap Value		Small/Mid Cap		Global Allocation

Less than 1 year		–		$165,098		$68,437		$179,640
1-2 years		$17,562		144,468		48,533		203,900

2-3 years		7,847		52,722		42,690		63,131


Total		$25,409		$362,288		$159,660		$446,671

Notes to Financial Statements (continued)

purchasers and through brokers, dealers or other financial intermediaries who have executed selling agreements with the Distributor. Generally the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

The Trusts have adopted a distribution and service plan (the “Plan”) with respect to the Class N shares of each Fund, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, each Fund, except Small Cap Value, 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, except Small Cap Value, average daily net assets attributable to the Class N shares. The portion of payments made under the plan by Class N shares of each Fund, except Small Cap Value, for shareholder servicing may not exceed an annual rate of 0.25% of the average daily net asset value of each Fund’s shares of that class owned by clients of such broker, dealer or financial intermediary.

For each of Class N shares and Class I shares of Small Cap Core and Small Cap Value, and for Small/Mid Cap and Global Allocation’s Class I shares, the Boards have 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 December 31, 2021, were as follows:


Fund	Maximum Annual Amount Approved			Actual Amount Incurred

Small Cap Core

Class N		0.15	%		0.15%

Class I		0.05	%		0.05%

Small Cap Value

Class N		0.25	%		0.25%

Class I		0.05	%		0.05%

Small/Mid Cap

Class I		0.05	%		0.05%

Global Allocation

Class I		0.10	%		0.10%

Chairman of the Boards 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 Boards, and the Boards monitor the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order,which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At December 31, 2021, Global Allocation had interfund loans of $1,641,021 outstanding.

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


Fund	Average Lent		Number of Days		Interest Earned		Average Interest Rate

Small Cap Core		$3,218,752		9		$749		0.943	%
Small/Mid Cap		1,535,382		6		230		0.911	%


Fund	Average Borrowed		Number of Days		Interest Paid		Average Interest Rate

Small Cap Core		$17,670,946		6		$2,661		0.916	%
Small Cap Value		14,059,729		6		2,181		0.944	%

Global Allocation		1,641,021		1		42		0.928	%

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 December 31, 2021, were as follows:



	Long Term Securities

Fund	Purchases		Sales

Small Cap Core		$243,405,539		$218,006,210

Small Cap Value		139,936,620		209,396,455

Small/Mid Cap		249,072,472		85,429,329

Global Allocation		39,891,492		65,573,717

Global Allocation purchases and sales of U.S. Government Obligations for the fiscal year ended December 31, 2021 were $11,735,749 and $11,851,081, respectively.

4. PORTFOLIO SECURITIES LOANED

Notes to Financial Statements (continued)

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

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


Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
Small Cap Core		$35,945,664		$2,198,953		$34,998,873		$37,197,826
Small Cap Value		14,980,710		—		15,258,327		15,258,327
Small/Mid Cap		26,963,926		—		27,780,033		27,780,033
Global Allocation		4,755,593		1,720,571		3,354,347		5,074,918

The following table summarizes the securities received as collateral for securities lending at December 31, 2021:


Fund	Collateral Type	Coupon Range	Maturity Date Range

Small Cap Core	U.S. Treasury Obligations	0.000%-6.875%		01/31/22-11/15/51
Small Cap Value	U.S. Treasury Obligations	0.000%-6.875%		01/31/22-11/15/51

Small/Mid Cap	U.S. Treasury Obligations	0.000%-7.500%		01/31/22-08/15/51
Global Allocation	U.S. Treasury Obligations	0.000%-6.875%		01/31/22-11/15/50

5. FOREIGN SECURITIES

Global Allocation invests in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in domestic securities. Non-domestic securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. The Fund’s investments in emerging market countries are exposed to additional risks. The Fund’s performance will be influenced by political, social and economic factors affecting companies in emerging market countries. Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. Realized gains in certain countries may be subject to foreign taxes at the Fund level and the Fund would pay such foreign taxes at the appropriate rate for each jurisdiction.

6. COMMITMENTS AND CONTINGENCIES

Under the 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. 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 December 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 Core

Bank of America Securities, Inc.		$1,000,000		—		$1,000,000		$1,000,000		—

Citigroup Global Markets, Inc.		198,953		—		198,953		198,953		—

RBC Dominion Securities, Inc.		1,000,000		—		1,000,000		1,000,000		—


Total		$2,198,953		—		$2,198,953		$2,198,953		—


Global Allocation

Daiwa Capital Markets America		$720,571		—		$720,571		$720,571		—

RBC Dominion Securities, Inc.		1,000,000		—		1,000,000		1,000,000		—


Total		$1,720,571		—		$1,720,571		$1,720,571		—

8. FUND MERGER

On March 8, 2021, Small/Mid Cap acquired all the net assets of AMG GW&K Mid Cap Fund (“Mid Cap”) based on the respective valuations as of the close of business on March 5, 2021, pursuant to a Plan of Reorganization approved by the Board of Mid Cap on October 8, 2021.

The acquisition was accomplished by a tax-free exchange of 3,848,331 Class N shares of Small/Mid Cap at a net asset value of $17.22 per share for 2,667,192 Class N shares of Mid Cap; 792,895 Class I shares of Small/Mid Cap at a net asset value of $17.25 per share for 519,987 Class I shares of Mid Cap; and 780,901 Class Z shares of Small/Mid Cap at a net asset value of $17.27 per share for 474,356 Class Z shares of Mid Cap.

The net assets of Small/Mid Cap and Mid Cap immediately before the acquisition were $311,921,414 and $93,443,824, respectively, including unrealized appreciation of $16,703,006 for Mid Cap. Immediately after the acquisition, the combined net assets of Small/Mid Cap amounted to $405,365,238. For financial reporting purposes, assets received and shares issued by Small/Mid Cap were recorded at fair value; however, the cost basis of the investments received from Mid Cap was carried forward to align ongoing reporting of Small/Mid Cap’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

On August 9, 2021, Small Cap Value acquired all the net assets of AMG GW&K Small Cap Value Fund II (“Small Cap Value II”), a series of AMG Funds IV, based on the respective valuations as of the close of business on August 6, 2021, pursuant to a Plan of Reorganization approved by the Board of Small Cap Value II on March 17-18, 2021.

The acquisition was accomplished by a tax-free exchange of 186,108 Class N shares of Small Cap Value at a net asset value of $29.52 per share for 399,433 Class N shares of Small Cap Value II; 1,824,176 Class I shares of Small Cap Value at a net asset value of $29.60 per share for 3,846,984 Class I shares of Small Cap

Value II; and 914,333 Class Z shares of Small Cap Value at a net asset value of $29.52 per share for 1,924,341 Class Z shares of Small Cap Value II.

The net assets of Small Cap Value and Small Cap Value II immediately before the acquisition were $299,058,407 and $86,478,858, respectively, including unrealized appreciation of $7,179,547 for Small Cap Value II. Immediately after the acquisition, the combined net assets of Small Cap Value amounted to $385,537,265. For financial reporting purposes, assets received and shares issued by Small Cap Value were recorded at fair value; however, the cost basis of the investments received from Small Cap Value II was carried forward to align ongoing reporting of Small Cap Value’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming these reorganizations had been completed on January 1, 2021, the Funds’ results of operations for the fiscal year ended December 31, 2021 would have been as follows:


	Small/Mid Cap			Small Cap Value

Net Investment Income		$(381,491	)		$1,325,967

Realized and Unrealized Gain on Investments		121,546,008			140,200,795


Net Increase to Net Assets from Operations		$121,164,517			$141,526,762

Because the combined investment portfolios have been managed as single portfolios since the reorganizations were completed, it is not practical to separate the amounts of revenue and earnings to the Funds that have been included in their statements of operations for the fiscal year ended December 31, 2021.

Notes to Financial Statements (continued)

9. SUBSEQUENT EVENTS

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF AMG FUNDS AND AMG FUNDS II AND SHAREHOLDERS OF AMG GW&K SMALL CAP CORE FUND, AMG GW&K SMALL CAP VALUE FUND, AMG GW&K SMALL/MID CAP FUND, AND AMG GW&K GLOBAL ALLOCATION 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 Small Cap Core Fund, AMG GW&K Small Cap Value Fund, AMG GW&K Small/Mid Cap Fund, (three of the funds constituting AMG Funds), and AMG GW&K Global Allocation Fund (one of the funds constituting AMG Funds II) (hereafter collectively referred to as the “Funds”) as of December 31, 2021, the related statements of operations for the year ended December 31, 2021, the statements of changes in net assets for each of the two years in the period ended December 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 the Funds as of December 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 December 31, 2021 and each of 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

February 24, 2022

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 Small Cap Core Fund, AMG GW&K Small Cap Value Fund, AMG GW&K Small/Mid Cap Fund and AMG GW&K Global Allocation 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 2021 Form 1099-DIV you receive for each 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 GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund, AMG GW&K Small/Mid Cap Fund and AMG GW&K Global Allocation Fund each hereby designates $51,428,621, $12,376,707, $25,665,308 and $3,299,400, respectively, as a capital gain distribution with respect to the taxable year ended December 31, 2021, or if subsequently determined to be different, the net capital gains of such fiscal year.

AMG Funds

Trustees and Officers

The Trustees and Officers of the Trusts, 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 Trusts 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 Trusts’ organizational documents and policies adopted by the Boards 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 2012 - AMG Funds • Trustee since 2012 - AMG Funds II • Oversees 42 Funds in Fund Complex		Bruce B. Bingham, 73 Partner, Hamilton Partners (real estate development firm) (1987-Current); Director of The Yacktman Funds (2 portfolios) (2000-2012).

• Trustee since 2013 - AMG Funds • Trustee since 2013 - AMG Funds II • 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 • Trustee since 2000 - AMG Funds II • 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).

• Independent Chairman • Trustee since 2000 - AMG Funds • Trustee since 2000 - AMG Funds II • 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 - AMG Funds • Trustee since 2013 - AMG Funds II • 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 2000 - AMG Funds II • Trustee since 2004 - AMG Funds • 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 46 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 46 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, 44 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).

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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

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

LOGO


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 \|				123121 AR089

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 an 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 by the Funds’ independent registered public accounting firm, PricewaterhouseCoopers LLP (“PwC”), to the Funds for the Funds’ two most recent fiscal years for professional services rendered for audits of annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements (“Audit Fees”) were as follows:


Fund - AMG FUNDS II	Fiscal 2021		Fiscal 2020
AMG GW&K Enhanced Core Bond ESG Fund	$	45,370	$	42,658
AMG GW&K Global Allocation Fund	$	37,242	$	40,849

(b)

Audit-Related Fees

There were no fees billed by PwC to the Funds in their two most 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 by PwC to the Funds for the two most recent fiscal years for professional services rendered for tax compliance, tax advice, and tax planning (“Tax Fees”) were as follows:


Fund - AMG FUNDS II	Fiscal 2021		Fiscal 2020
AMG GW&K Enhanced Core Bond ESG Fund	$	6,250	$	6,250
AMG GW&K Global Allocation Fund	$	8,400	$	6,250

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 $61,150 and $62,000, respectively. For the fiscal year ended December 31, 2021, this amount reflects the amounts disclosed above in Item 4(b),(c),(d), plus $46,500 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. For the fiscal year ended December 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

The 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 COMPANIES AND AFFILIATED PURCHASERS

Not applicable.

Item 10.

SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable.

Item 11.

CONTROLS AND PROCEDURES

(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing 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 II


By:		/s/ Keitha L. Kinne
		Keitha L. Kinne, Principal Executive Officer

Date:		March 7, 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:		March 7, 2022

By:		/s/ Thomas Disbrow
		Thomas Disbrow, Principal Financial Officer

Date:		March 7, 2022