N-CSR

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: 811-09521

AMG FUNDS

(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 Yacktman Fund

Class I: YACKX

AMG Yacktman Focused Fund

Class N: YAFFX     |    Class I: YAFIX

AMG Yacktman Global Fund

(formerly AMG Yacktman Focused Fund - Security Selection Only)

Class N: YFSNX     |    Class I: YFSIX

AMG Yacktman Special Opportunities Fund

Class I: YASSX     |    Class Z: YASLX

  amgfunds.com            |   123121           AR071

    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 Yacktman Fund	4
AMG Yacktman Focused Fund	12
AMG Yacktman Global Fund	20
AMG Yacktman Special Opportunities Fund	28
FINANCIAL STATEMENTS
Statement of Assets and Liabilities	37
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations	39
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal year
Statements of Changes in Net Assets	40
Detail of changes in assets for the past two fiscal years
Financial Highlights	42
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	57
OTHER INFORMATION	58
TRUSTEES AND OFFICERS	59

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,

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.

2

    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 Yacktman Fund
Based on Actual Fund Return
Class I	0.70%	$1,000	$1,049		$3.61
Based on Hypothetical 5% Annual Return
Class I	0.70%	$1,000	$1,022		$3.57
AMG Yacktman Focused Fund
Based on Actual Fund Return
Class N	1.25%	$1,000	$1,035		$6.41
Class I	1.06%	$1,000	$1,036		$5.44
Based on Hypothetical 5% Annual Return
Class N	1.25%	$1,000	$1,019		$6.36
Class I	1.06%	$1,000	$1,020		$5.40
AMG Yacktman Global Fund
Based on Actual Fund Return
Class N	1.11%	$1,000	$998		$5.59
Class I	0.93%	$1,000	$999		$4.68
Based on Hypothetical 5% Annual Return
Class N	1.11%	$1,000	$1,020		$5.65
Class I	0.93%	$1,000	$1,021		$4.74

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 Yacktman Special Opportunities Fund
Based on Actual Fund Return
Class I	2.05%†	$1,000	$998		$10.32
Class Z	1.93%†	$1,000	$999		$9.72
Based on Hypothetical 5% Annual Return
Class I	2.05%†	$1,000	$1,015		$10.41
Class Z	1.93%†	$1,000	$1,015		$9.80

  * 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.

  ^† Includes a performance fee adjustment amounting to 0.31% of average daily net assets which is not annualized. (See Note 2 of Notes to Financial Statements.)

3

    AMG Yacktman Fund

    Portfolio Manager’s Comments (unaudited)

For the 12 months ending December 31, 2021, AMG Yacktman Fund (the “Fund”) Class I shares returned 19.63% behind the 25.16% return of the Russell 1000^® Value Index.

Last year produced strong market returns and solid absolute results for the Fund. It was the third year in a row of exceptional U.S. stock market appreciation and reminded us of the speculative period of the late 1990s when multiple expansion, momentum, and dreams seemed to matter more than cash flow, competitive advantages, and fundamentals.

Everything abruptly changed in early 2022 when high multiple stocks with uncertain futures were crushed and multiples on many expensive equities have been reduced somewhat. Our investment approach, which focuses on valuation, quality, and risk management, has held up well during the sharp correction of early 2022. Our strongest outperformance in the past has typically come from protecting well in market declines, bargain hunting and reloading the portfolio with new opportunities if available.

Last year, Adam Sues was added to the Fund as a co-manager. Adam is an incredibly skilled investor who successfully manages AMG Yacktman Special Opportunities Fund, a 5-star rated global fund that generally focuses on small and micro-cap securities. He has been a significant contributor to the firm since he joined our organization in 2013, and is already a familiar voice to investors who listen to our quarterly conference calls.

Contributors and Detractors

Contributors in 2021 included Bolloré, Microsoft, Alphabet, Macy’s and a new holding, Canadian Natural Resources (“CNQ”).

Bolloré was the Fund’s strongest performer in 2021, in large part due to Universal Music Group’s (“UMG”) successful IPO, which resulted in Bolloré becoming a direct holder of approximately 18% of UMG shares and highlighting significant value. Late in the year, we received more positive news when Bolloré announced it received an offer from MSC Group to purchase Bolloré’s African Logistics business. Both the UMG IPO and MSC Group announcement are part of an ongoing simplification at Bolloré, which we believe could result in significant addition to the shares.

Microsoft and Alphabet were top performers due to strong earnings results.

Macy’s stock soared last year as the economic recovery resulted in exceptionally strong sales and earnings. We significantly reduced the position due to price appreciation.

CNQ, a new Fund holding in 2021, was a quick contributor to Fund results.

Detractors in 2021 included Samsung Electronics Preferred (“Samsung Electronics”), Continental AG, The Walt Disney Co. (“Disney”), and Associated British Foods.

After being the biggest positive contributor to 2020 Fund results, Samsung Electronics shares underperformed last year due to investor concerns about weaker earnings from the company’s leading memory semiconductor business. We think the company is well-positioned for long-term growth and the shares trade at a very attractive valuation.

Continental’s stock struggled last year due to weaker auto production, which was largely a result of a shortage of semiconductors (something Samsung Electronics can help solve!).

Disney’s shares were weaker last year due to concerns about the long-term growth and profitability of the company’s streaming services.

Associated British Foods’ shares lagged last year as a recovery in the company’s Primark division stalled modestly due to the Omicron variant. We think the shares trade at an unwarranted discount, possibly because many investors do not like the combination of food, ingredients and a clothing retail business.

Select New Positions

One of our meaningful new positions in 2021 was an investment in CNQ. The company is an upstream oil & gas company based in Canada with a long history of creating shareholder value. CNQ has low decline, long reserve life oil & gas assets, which produce the heavier grades of crude that the world and the U.S. requires to operate our economy and daily life. Canada is at the forefront of environmental stewardship and CNQ is one of the industry leaders in best practices.

We also added a new position in Samsung C&T Corporation (“C&T”) which sells at a significant discount to the value of its holdings. The best asset C&T holds is a 5% ownership position in Samsung Electronics, one of our favorite positions, which by itself is worth more than C&T’s entire market cap. The company also owns approximately 43% of Samsung Biologics, and while we do not like the Biologics position remotely as much as the Samsung Electronics, we are happy to have it because we are not paying anything for it. Additionally, C&T operates a construction and trading operation, and owns a variety of other public and private investments.

Another new position is Reliance Steel & Aluminum Company (“Reliance”). Do not be confused by the name, as the company does not produce or manufacture any metal products—it serves as the middleman between steel mills and end customers. Reliance has compounded shareholder returns well above peers and the market for decades despite operating alongside a difficult industry. It is the leader in a highly fragmented market and benefits from the supply chain disruptions and inflationary environment, leading to record earnings. We have had success before with leading distribution companies like Sysco in food and Brenntag in chemicals.

Conclusion

Since the market low in March of 2009, U.S. markets have steadily risen, in large part due to multiple expansion. We think the start of 2022 could have marked a change where, instead of coasting with ever-increasing index valuations, investments will be judged and rewarded based on fundamentals. In this type of environment, price will matter, and investments with the hidden value we often find could flourish. We have successfully navigated turbulent environments in the past, and will work hard to do so again. We wish investors in the Fund a happy and healthy 2022, and, as always, we will be diligent, patient and objective in our approach.

The views expressed represent the opinions of Yacktman Asset Management LP and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

4

    AMG Yacktman Fund

    Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG Yacktman 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 Yacktman Fund’s Class I shares on December 31, 2011 to a $10,000 investment made in the Russell 1000^® Value Index and the S&P 500^® 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.

The table below shows the average annual total returns for the AMG Yacktman Fund, the Russell 1000^® Value Index and the S&P 500^® Index for the same time periods ended December 31, 2021.

Average Annual Total Returns1	One Year			Five Years		Ten Years
AMG Yacktman Fund2, 3, 4, 5, 6, 7, 8, 9, 10, 11
Class I		19.63	%		14.52%		12.60%
Russell 1000® Value Index12, 14		25.16	%		11.16%		12.97%
S&P 500® Index13, 14		28.71	%		18.47%		16.55%

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.

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  From time to time the Fund’s investment manager 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  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.

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

⁶  The Fund is subject to the risks associated with investments in emerging markets, such as erratic earnings patterns, economic and political instability, changing exchange controls, limitations on repatriation of foreign capital and changes in local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets.

⁷  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.

⁸  The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products.

⁹  Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.

¹⁰  Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

5

    AMG Yacktman Fund

    Portfolio Manager’s Comments (continued)

¹¹  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.   ¹²  The Russell 1000^® Value Index is a market capitalization weighted index that measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 1000^® Value Index is unmanaged, is not available for investment and does not incur expenses. ¹³  The S&P 500^® Index is a capitalization-weighted index of 500 stocks. The S&P 500^® Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Unlike the Fund, the S&P 500^® Index is unmanaged, is not available for investment and does not incur expenses.   ¹⁴  The Russell 1000^® Value and the S&P 500^® Index are provided for illustrative purposes only. We have included the results of such indices to give you a perspective of the historical performance of the U.S. equity market.   The Russell 1000^® Value Index is a trademark of the London Stock Exchange Group companies.   The S&P 500^® Index is proprietary data of Standard & Poor’s, a division of McGraw-Hill Companies, Inc.   Not FDIC insured, nor bank guaranteed. May lose value.

6

    AMG Yacktman Fund

    Fund Snapshots (unaudited)

     December 31, 2021

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Consumer Staples	18.0
Information Technology	15.4
Communication Services	15.3
Financials	10.5
Industrials	8.6
Consumer Discretionary	5.7
Energy	5.7
Health Care	3.3
Materials	2.2
Short-Term Investments	15.1
Other Assets Less Liabilities	0.2

TOP TEN HOLDINGS

Security Name	% of Net Assets
Samsung Electronics Co., Ltd., 1.990% (South Korea)	7.0
Bolloré SA (France)	5.7
Canadian Natural Resources, Ltd. (Canada)	4.1
PepsiCo, Inc.	3.5
Alphabet, Inc., Class C	3.4
Microsoft Corp.	3.2
Cognizant Technology Solutions Corp., Class A	2.9
Brenntag SE (Germany)	2.6
The Procter & Gamble Co.	2.5
Associated British Foods PLC (United Kingdom)	2.3
Top Ten as a Group	37.2

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

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

7

    AMG Yacktman Fund

    Fund Snapshots (continued)

     For the six months ended December 31, 2021

NEW EQUITY POSITIONS

New Purchases	Current Shares Held
FirstCash Holdings, Inc.1	460,000
Reliance Steel & Aluminum Co.	650,000
Samsung C&T Corp. (South Korea)	500,000
Samsung Electronics Co., Ltd. (South Korea)	200,000
Vitesco Technologies Group AG (Germany)1	168,000

CORPORATE BONDS & NOTES SALES

Sales	Net Principal Sold		Current Principal Held
Service Properties Trust, 4.350%, 10/01/24		$20,678,000		–
Weatherford International, Ltd. (Bermuda), 11.000%, 12/01/241		146,420,000		$20,065,000

EQUITY PURCHASES & SALES

Purchases	Net Shares Purchased		Current Shares Held
AMERCO		7,703		141,067
Associated British Foods PLC (United Kingdom)		3,250,000		7,800,000
Canadian Natural Resources, Ltd. (Canada)		2,110,000		9,100,000
Cognizant Technology Solutions Corp., Class A		786,362		3,086,362
Hyundai Motor Co., 3.980% (South Korea)		200,000		400,000
Hyundai Motor Co., 4.050% (South Korea)		100,000		523,882
KT&G Corp. (South Korea)		52,810		1,452,810
Samsung Electronics Co., Ltd., 1.990% (South Korea)		250,000		11,050,000

Sales	Net Shares Sold		Current Shares Held
Alphabet, Inc., Class C		14,000		111,000
Brenntag SE (Germany)		830,000		2,750,000
Cisco Systems, Inc.		150,000		1,250,000
ConocoPhillips		650,000		–
Continental AG (Germany)		60,000		840,000
Exxon Mobil Corp.		600,000		–
FirstCash, Inc.1		460,000		–
The Goldman Sachs Group, Inc.		50,000		130,000
Huntsman Corp.		600,000		2,900,000
Macy’s, Inc.		3,200,000		1,200,000
Rinnai Corp. (Japan)		80,000		180,000
Stanley Electric Co., Ltd. (Japan)		166,668		–
Sysco Corp.		400,000		2,600,000
Valmont Industries, Inc.		3,529		–
The Walt Disney Co.		250,000		900,000
Weatherford International PLC		800,000		3,900,000

¹  Purchases and sales due to a corporate action.

8

    AMG Yacktman Fund

     Schedule of Portfolio Investments

     December 31, 2021

	Shares		Value
Common Stocks - 76.2%
Communication Services - 15.3%
Alphabet, Inc., Class C*		111,000		$321,188,490
Bolloré SA (France)		97,075,700		543,000,391
Comcast Corp., Class A		1,100,000		55,363,000
Fox Corp., Class A		2,400,000		88,560,000
Fox Corp., Class B		3,100,000		106,237,000
News Corp., Class A		8,900,000		198,559,000
The Walt Disney Co.*		900,000		139,401,000
Total Communication Services				1,452,308,881
Consumer Discretionary - 4.9%
Booking Holdings, Inc.*		85,000		203,934,550
Continental AG (Germany)*		840,000		88,254,999
Hyundai Mobis Co., Ltd. (South Korea)		550,000		117,566,377
Macy’s, Inc.		1,200,000		31,416,000
Rinnai Corp. (Japan)		180,000		16,244,318
Vitesco Technologies Group AG (Germany)*,1		168,000		8,238,884
Total Consumer Discretionary				465,655,128
Consumer Staples - 18.0%
Associated British Foods PLC (United Kingdom)		7,800,000		213,516,833
Beiersdorf AG, ADR (Germany)		4,000,000		82,360,000
The Coca-Cola Co.		3,000,000		177,630,000
Colgate-Palmolive Co.		1,100,000		93,874,000
Hengan International Group Co., Ltd. (China)		6,935,400		35,730,549
Ingredion, Inc.		1,150,000		111,136,000
KT&G Corp. (South Korea)*		1,452,810		96,521,578
PepsiCo, Inc.		1,900,000		330,049,000
The Procter & Gamble Co.		1,450,000		237,191,000
Sysco Corp.		2,600,000		204,230,000
Tyson Foods, Inc., Class A		1,460,000		127,253,600
Total Consumer Staples				1,709,492,560
Energy - 5.2%
Canadian Natural Resources, Ltd. (Canada)		9,100,000		384,475,000
Weatherford International PLC*,2		3,900,000		108,108,000
Total Energy				492,583,000
Financials - 10.5%
The Bank of New York Mellon Corp.		2,300,000		133,584,000
Berkshire Hathaway, Inc., Class B*		340,000		101,660,000
The Charles Schwab Corp.		1,825,000		153,482,500
First Hawaiian, Inc.		1,530,000		41,814,900
FirstCash Holdings, Inc.		460,000		34,412,600
The Goldman Sachs Group, Inc.		130,000		49,731,500
State Street Corp.		1,900,000		176,700,000

	Shares		Value
U.S. Bancorp		2,800,000		$157,276,000
Wells Fargo & Co.		3,050,000		146,339,000
Total Financials				995,000,500
Health Care - 3.3%
Anthem, Inc.		300,000		139,062,000
Johnson & Johnson		1,000,000		171,070,000
Total Health Care				310,132,000
Industrials - 8.4%
AMERCO		141,067		102,447,087
Armstrong World Industries, Inc.		735,000		85,348,200
Brenntag SE (Germany)		2,750,000		248,335,611
GrafTech International, Ltd.		2,500,621		29,582,346
L3Harris Technologies, Inc.		355,000		75,700,200
Lockheed Martin Corp.		195,000		69,304,950
MSC Industrial Direct Co., Inc., Class A		530,000		44,551,800
Northrop Grumman Corp.		225,000		87,090,750
Samsung C&T Corp. (South Korea)		500,000		49,960,099
Total Industrials				792,321,043
Information Technology - 8.4%
Cisco Systems, Inc.		1,250,000		79,212,500
Cognizant Technology Solutions Corp., Class A		3,086,362		273,822,037
Corning, Inc.		1,100,000		40,953,000
Microsoft Corp.		900,000		302,688,000
Oracle Corp.		1,000,000		87,210,000
Samsung Electronics Co., Ltd. (South Korea)		200,000		13,134,994
Total Information Technology				797,020,531
Materials - 2.2%
Huntsman Corp.		2,900,000		101,152,000
Reliance Steel & Aluminum Co.		650,000		105,443,000
Total Materials				206,595,000
Total Common Stocks (Cost $4,280,750,731)				7,221,108,643
	Principal Amount
Corporate Bonds and Notes - 0.7%
Energy - 0.5%
W&T Offshore, Inc. 9.750%, 11/01/233		$51,359,000		49,047,845
Industrials - 0.2%
Weatherford International, Ltd. (Bermuda) 11.000%, 12/01/243		20,065,000		20,666,950
Total Corporate Bonds and Notes (Cost $65,861,938)				69,714,795

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

9

    AMG Yacktman Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Preferred Stocks - 7.8%
Consumer Discretionary - 0.8%
Hyundai Motor Co., 3.980% (South Korea)		400,000		$33,924,907
Hyundai Motor Co., 4.050% (South Korea)		523,882		43,342,858
Total Consumer Discretionary				77,267,765
Information Technology - 7.0%
Samsung Electronics Co., Ltd., 1.990% (South Korea)		11,050,000		660,631,667
Total Preferred Stocks (Cost $304,566,646)				737,899,432
	Principal Amount
Short-Term Investments - 15.1%
Joint Repurchase Agreements - 0.0%#,4
Bank of America Securities, Inc., dated 12/31/21, due 01/03/22, 0.050% total to be received $952,632 (collateralized by various U.S. Government Agency Obligations, 1.000% -5.000%, 09/01/28 - 01/01/61, totaling $971,681)		$952,628		952,628
MUFG Securities America, 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, 2.500% - 6.500%, 05/20/24 -10/01/51, totaling $1,020,000)		1,000,000		1,000,000

	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				2,952,628
	Shares
Other Investment Companies - 15.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%5		712,051,317		712,051,317
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%5		712,530,462		712,530,462
Total Other Investment Companies				1,424,581,779
Total Short-Term Investments (Cost $1,427,534,407)				1,427,534,407
Total Investments - 99.8% (Cost $6,078,713,722)				9,456,257,277
Other Assets, less Liabilities - 0.2%				19,365,767
Net Assets - 100.0%				$9,475,623,044

^*  Non-income producing security.

^#  Less than 0.05%.

¹  Some of these securities, amounting to $2,452,049 or less than 0.05% of net assets, were out on loan to various borrowers and are collateralized by cash. See Note 4 of Notes to Financial Statements.

²  Affiliated issuer. See summary of affiliated investment transaction for details.

³  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 $69,714,795 or 0.7% of net assets.

⁴  Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

⁵  Yield shown represents the December 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR American Depositary Receipt

The following schedule shows the value of affiliated investments at December 31, 2021.

Net realized

Net change in

Amount of

Affiliated

Number

gain (loss) for

appreciation

Dividends or

Issuers

of shares

Purchases

Sales

the period

(depreciation)

Interest

Value

Weatherford International PLC

3,900,000

–

$

26,366,427

$

(33,700,893

)

$

135,511,914

–

$

108,108,000

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

10

    AMG Yacktman 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
Consumer Staples		$1,363,723,600		$345,768,960		–		$1,709,492,560
Communication Services		909,308,490		543,000,391		–		1,452,308,881
Financials		995,000,500		–		–		995,000,500
Information Technology		783,885,537		13,134,994		–		797,020,531
Industrials		494,025,333		298,295,710		–		792,321,043
Energy		492,583,000		–		–		492,583,000
Consumer Discretionary		235,350,550		230,304,578		–		465,655,128
Health Care		310,132,000		–		–		310,132,000
Materials		206,595,000		–		–		206,595,000
Corporate Bonds and Notes†		–		69,714,795		–		69,714,795
Preferred Stocks†		–		737,899,432		–		737,899,432
Short-Term Investments
Joint Repurchase Agreements		–		2,952,628		–		2,952,628
Other Investment Companies		1,424,581,779		–		–		1,424,581,779
Total Investments in Securities		$7,215,185,789		$2,241,071,488		–		$9,456,257,277

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

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

For the fiscal year ended 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
Bermuda		0.3
Canada		4.8
China		0.4
France		6.8
Germany		5.3
Japan		0.2
South Korea		12.6
United Kingdom		2.7
United States		66.9
		100.0

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

11

    AMG Yacktman Focused Fund

    Portfolio Manager’s Comments (unaudited)

For the 12 months ending December 31, 2021, AMG Yacktman Focused Fund (the “Fund”) Class N shares returned 16.45% behind the 25.16% return of the Russell 1000^® Value Index.   Last year produced strong market returns and solid absolute results for the Fund. It was the third year in a row of exceptional U.S. stock market appreciation and reminded us of the speculative period of the late 1990s when multiple expansion, momentum, and dreams seemed to matter more than cash flow, competitive advantages, and fundamentals.   Everything abruptly changed in early 2022 when high multiple stocks with uncertain futures were crushed, and multiples on many expensive equities have been reduced somewhat. Our investment approach, which focuses on valuation, quality and risk management, has held up well during the sharp correction of early 2022. Our strongest outperformance in the past has typically come from protecting well in market declines, bargain hunting and reloading the portfolio with new opportunities if available.   Last year, Adam Sues was added to the Fund as a co-manager. Adam is an incredibly skilled investor who successfully manages AMG Yacktman Special Opportunities Fund, a 5-star rated global fund that generally focuses on small and micro-cap securities. He has been a significant contributor to the firm since he joined our organization in 2013 and is already a familiar voice to investors who listen to our quarterly conference calls.   Contributors and Detractors   Contributors in 2021 included Bolloré, Microsoft, Alphabet, Macy’s and a new holding, Canadian Natural Resources (“CNQ”).   Bolloré was the Fund’s strongest performer in 2021, in large part due to Universal Music Group’s (“UMG”) successful IPO which resulted in Bolloré becoming a direct holder of approximately 18% of UMG shares and highlighting significant value. Late in the year, we received more positive news when Bolloré announced it received an offer from MSC Group to purchase Bolloré’s African Logistics business. Both the UMG IPO and MSC Group announcement are part of an ongoing simplification at Bolloré, which we believe could result in significant addition to the shares. Microsoft and Alphabet were top performers due to strong earnings results.   Macy’s stock soared last year as the economic recovery resulted in exceptionally strong sales and earnings. We significantly reduced the position due to price appreciation.   CNQ, a new Fund holding in 2021, was a quick contributor to Fund results.   Detractors in 2021 included Samsung Electronics Preferred (“Samsung Electronics”), Continental AG, Hyundai Home Shopping, The Walt Disney Co. (“Disney”), and Associated British Foods.   After being the biggest positive contributor to 2020 Fund results, Samsung Electronics shares underperformed last year, due to investor concerns about weaker earnings from the company’s leading memory semiconductor business. We think the company is well-positioned for long-term growth and the shares trade at a very attractive valuation.   Continental’s stock struggled last year due to weaker auto production, which was largely a result of a shortage of semiconductors (something Samsung Electronics can help solve!).   Hyundai Home Shopping lagged last year, but is a remarkably inexpensive stock that we think has significant potential.   Disney’s shares were weaker last year due to concerns about the long-term growth and profitability of the company’s streaming services.   Associated British Foods’ shares lagged last year as a recovery in the company’s Primark division stalled modestly due to the Omicron variant. We think the shares trade at an unwarranted discount, possibly because many investors do not like the combination of food, ingredients, and a clothing retail business.   Select New Positions   One of our meaningful new positions in 2021 was an investment in CNQ. The company is an upstream oil & gas company based in Canada with a long history of creating shareholder value. CNQ has low decline, long reserve life oil & gas assets, which produce the heavier grades of crude that the world and U.S. requires to operate our economy and daily life. Canada is at the forefront of environmental stewardship and CNQ is one of the industry leaders in best practices.     We also added a new position in Samsung C&T Corp. (“C&T”) which sells at a significant discount to the value of its holdings. The best asset C&T holds is a 5% ownership position in Samsung Electronics, one of our favorite positions, which by itself is worth more than C&T’s entire market cap. The company also owns approximately 43% of Samsung Biologics, and while we do not like the Biologics position remotely as much as the Samsung Electronics, we are happy to have it because we are not paying anything for it. Additionally, C&T operates a construction and trading operation, and owns a variety of other public and private investments.   Another new position is Reliance Steel & Aluminum Company (“Reliance”). Do not be confused by the name, as the company does not produce or manufacture any metal products – it serves as the middleman between steel mills and end customers. Reliance has compounded shareholder returns well above peers and the market for decades despite operating alongside a difficult industry. It is the leader in a highly fragmented market and benefits from the supply chain disruptions and inflationary environment, leading to record earnings. We have had success before with leading distribution companies like Sysco in food and Brenntag in chemicals.   Conclusion   Since the market low in March of 2009, U.S. markets have steadily risen, in large part due to multiple expansion. We think the start of 2022 could have marked a change where, instead of coasting with ever-increasing index valuations, investments will be judged and rewarded based on fundamentals. In this type of environment, price will matter, and investments with the hidden value we often find could flourish. We have successfully navigated turbulent environments in the past and will work hard to do so again. We wish investors in the Fund a happy and healthy 2022, and, as always, we will be diligent, patient, and objective in our approach.   The views expressed represent the opinions of Yacktman Asset Management LP and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

12

    AMG Yacktman Focused Fund

    Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG Yacktman Focused 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 Yacktman Focused Fund’s Class N shares on December 31, 2011 to a $10,000 investment made in the Russell 1000^® Value Index and the S&P 500^® 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.

The table below shows the average annual total returns for the AMG Yacktman Focused Fund, the Russell 1000^® Value Index and the S&P 500^® 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 Yacktman Focused Fund2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14
Class N		16.45%		14.97%		12.67%		10.37%		05/01/97
Class I		16.62%		15.18%		–		13.19%		07/24/12
Russell 1000® Value Index15, 17		25.16%		11.16%		12.97%		8.73%		05/01/97†
S&P 500® Index16, 17		28.71%		18.47%		16.55%		9.53%		05/01/97†

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

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

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

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

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

³  The Fund may suffer significant losses on assets that it sells short. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short.

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  The Fund may invest in derivatives such as options and futures; the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

⁶  A greater percentage of the Fund’s holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund.

⁷  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  Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

⁹  The Fund is subject to the risks associated with investments in emerging markets, such as erratic earnings patterns, economic and political instability, changing exchange controls, limitations on repatriation of foreign capital and changes in local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets.

¹⁰ Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has

13

    AMG Yacktman Focused Fund

    Portfolio Manager’s Comments (continued)

   substantial holdings within a particular sector, the risks associated with that sector increase.   ¹¹ 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.   ¹² The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products.   ¹³ The 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. ¹⁴ Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.   ¹⁵ The Russell 1000^® Value Index is a market capitalization weighted index that measures the performance of those Russell 1000^® companies with lower price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 1000^® Value Index is unmanaged, is not available for investment and does not incur expenses.   ¹⁶ The S&P 500^® Index is a capitalization-weighted index of 500 stocks. The S&P 500^® Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing        all major industries. Unlike the Fund, the S&P 500^® Index is unmanaged, is not available for investment and does not incur expenses.   ¹⁷ The Russell 1000^® Value and the S&P 500^® Index are provided for illustrative purposes only. We have included the results of such indices to give you a perspective of the historical performance of the U.S. equity market.   The Russell 1000^® Value Index is a trademark of the London Stock Exchange Group companies.   The S&P 500^® Index is proprietary data of Standard & Poor’s, a division of McGraw-Hill Companies, Inc.   Not FDIC insured, nor bank guaranteed. May lose value.

14

    AMG Yacktman Focused Fund

     Fund Snapshots (unaudited)

     December 31, 2021

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Consumer Staples		20.8
Information Technology		18.0
Communication Services		15.1
Industrials		9.8
Consumer Discretionary		6.8
Financials		6.5
Energy		5.9
Materials		2.6
Health Care		1.7
Short-Term Investments		12.7
Other Assets Less Liabilities		0.1

TOP TEN HOLDINGS

Security Name	% of Net Assets
Samsung Electronics Co., Ltd., 1.990% (South Korea)		9.7
Bolloré SA (France)		6.5
PepsiCo, Inc.		4.9
Microsoft Corp.		4.9
Canadian Natural Resources, Ltd. (Canada)		4.3
Associated British Foods PLC (United Kingdom)		3.6
Alphabet, Inc., Class C		3.4
Cognizant Technology Solutions Corp., Class A		3.0
KT&G Corp. (South Korea)		2.7
Brenntag SE (Germany)		2.6
Top Ten as a Group		45.6

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

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

15

    AMG Yacktman Focused Fund

     Fund Snapshots (continued)

     For the six months ended December 31, 2021

NEW EQUITY POSITIONS

New Purchases	Current   Shares Held
Reliance Steel & Aluminum Co.		310,000
Samsung C&T Corp. (South Korea)		364,913
Vitesco Technologies Group AG (Germany)1		80,000

NEW CORPORATE BONDS & NOTES POSITIONS

New Purchases	Current   Principal Held
Microsoft Corp. 2.000%, 08/08/23		$	11,500,000
Microsoft Corp. 2.375%, 05/01/23			19,000,000
Microsoft Corp. 2.650%, 11/03/22			2,000,000
PepsiCo, Inc. 0.750%, 05/01/23			14,623,000
PepsiCo, Inc. 3.100%, 07/17/22			8,000,000

CORPORATE BONDS & NOTES PURCHASES & SALES

Sales	Net Principal Sold		Current Principal Held
Service Properties Trust, 4.350%, 10/01/24		$12,174,000	–
Weatherford International, Ltd. (Bermuda), 11.000%, 12/01/241		65,366,000	$9,022,000

EQUITY PURCHASES & SALES

Purchases	Net Shares Purchased		Current Shares Held
AMERCO		3,902		70,339
Associated British Foods PLC (United Kingdom)		2,200,000		5,900,000
Canadian Natural Resources, Ltd. (Canada)		1,050,000		4,550,000
Cognizant Technology Solutions Corp., Class A		435,800		1,485,800
Hyundai Home Shopping Network Corp. (South Korea)		15,351		562,605
Hyundai Motor Co., 3.980% (South Korea)		140,000		300,000
Hyundai Motor Co., 4.050% (South Korea)		100,000		500,000
KT&G Corp. (South Korea)		300,000		1,800,000
Samsung Electronics Co., Ltd., 1.990% (South Korea)		600,000		7,250,000
Yuasa Trading Co., Ltd. (Japan)		374,800		708,500
Sales	Net Shares Sold		Current Shares Held
Alphabet, Inc., Class C		4,000		52,000
Brenntag SE (Germany)		350,000		1,300,000
Cisco Systems, Inc.		300,000		–
ConocoPhillips		300,000		–
Exxon Mobil Corp.		250,000		–
First Hawaiian, Inc.		296,000		400,000
Huntsman Corp.		200,000		1,400,000
Macy’s, Inc.		1,650,000		450,000
Rinnai Corp. (Japan)		50,000		110,000
Sodexo, S.A. (France)		350,000		–
Stanley Electric Co., Ltd. (Japan)		75,832		–
Sysco Corp.		200,000		900,000
The Walt Disney Co.		100,000		300,000
Weatherford International PLC		550,000		1,700,000
1 Purchases and sales due to a corporate action.

16

    AMG Yacktman Focused Fund

     Schedule of Portfolio Investments

     December 31, 2021

	Shares		Value
Common Stocks - 73.7%
Communication Services - 15.1%
Alphabet, Inc., Class C*		52,000		$150,466,680
Bolloré SA (France)		51,746,528		289,448,182
Fox Corp., Class B		3,000,000		102,810,000
News Corp., Class A		3,685,000		82,212,350
News Corp., Class B		200,000		4,500,000
The Walt Disney Co.*		300,000		46,467,000
Total Communication Services				675,904,212
Consumer Discretionary - 5.3%
Booking Holdings, Inc.*		35,000		83,973,050
Continental AG (Germany)*		400,000		42,026,190
Hyundai Home Shopping Network Corp. (South Korea)		562,605		29,997,625
Hyundai Mobis Co., Ltd. (South Korea)		260,000		55,576,833
Macy’s, Inc.		450,000		11,781,000
Rinnai Corp. (Japan)		110,000		9,927,083
Vitesco Technologies Group AG (Germany)*		80,000		3,923,278
Total Consumer Discretionary				237,205,059
Consumer Staples - 20.5%
Ambev S.A., ADR (Brazil)		7,000,000		19,600,000
Associated British Foods PLC (United Kingdom)		5,900,000		161,506,322
The Coca-Cola Co.		1,300,000		76,973,000
Hengan International Group Co., Ltd. (China)		5,872,300		30,253,554
Ingredion, Inc.		540,000		52,185,600
KT&G Corp. (South Korea)*		1,800,000		119,588,137
PepsiCo, Inc.		1,270,000		220,611,700
The Procter & Gamble Co.		630,000		103,055,400
Sysco Corp.		900,000		70,695,000
Tyson Foods, Inc., Class A		700,000		61,012,000
Total Consumer Staples				915,480,713
Energy - 5.4%
Canadian Natural Resources, Ltd. (Canada)		4,550,000		192,237,500
Weatherford International PLC*		1,700,000		47,124,000
Total Energy				239,361,500
Financials - 6.5%
The Bank of New York Mellon Corp.		650,000		37,752,000
Berkshire Hathaway, Inc., Class B*		100,000		29,900,000
The Charles Schwab Corp.		855,000		71,905,500
First Hawaiian, Inc.		400,000		10,932,000
State Street Corp.		800,000		74,400,000
U.S. Bancorp		750,000		42,127,500

	Shares		Value
Wells Fargo & Co.		500,000		$23,990,000
Total Financials				291,007,000
Health Care - 1.7%
Johnson & Johnson		430,000		73,560,100
Industrials - 8.3%
AMERCO		70,339		51,082,292
Brenntag SE (Germany)		1,300,000		117,395,016
L3Harris Technologies, Inc.		170,000		36,250,800
Lockheed Martin Corp.		95,000		33,763,950
Mitsuboshi Belting, Ltd. (Japan)		91,535		1,716,876
MSC Industrial Direct Co., Inc., Class A		220,000		18,493,200
Northrop Grumman Corp.		110,000		42,577,700
Samsung C&T Corp. (South Korea)		364,913		36,462,179
Societe BIC, S.A. (France)		300,000		16,162,146
Yuasa Trading Co., Ltd. (Japan)		708,500		18,363,348
Total Industrials				372,267,507
Information Technology - 8.3%
Cognizant Technology Solutions Corp., Class A		1,485,800		131,820,176
Microsoft Corp.		650,000		218,608,000
Oracle Corp.		250,000		21,802,500
Total Information Technology				372,230,676
Materials - 2.6%
Huntsman Corp.		1,400,000		48,832,000
Nihon Parkerizing Co., Ltd. (Japan)		1,868,100		18,283,766
Reliance Steel & Aluminum Co.		310,000		50,288,200
Total Materials				117,403,966
Total Common Stocks (Cost $2,219,005,065)				3,294,420,733
	Principal Amount
Corporate Bonds and Notes - 2.0%
Energy - 0.5%
W&T Offshore, Inc. 9.750%, 11/01/231		$22,824,000		21,796,920
Industrials - 1.5%
Microsoft Corp.
2.000%, 08/08/23		11,500,000		11,718,087
2.375%, 05/01/23		19,000,000		19,401,526
2.650%, 11/03/22		2,000,000		2,031,314
PepsiCo, Inc. 0.750%, 05/01/23		14,623,000		14,641,676
3.100%, 07/17/22		8,000,000		8,081,818

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

17

    AMG Yacktman Focused Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Industrials - 1.5% (continued)
Weatherford International, Ltd. (Bermuda) 11.000%, 12/01/241		$9,022,000		$9,292,660
Total Industrials				65,167,081
Total Corporate Bonds and Notes
(Cost $85,366,679)				86,964,001
	Shares
Preferred Stocks - 11.5%
Consumer Discretionary - 1.5%
Hyundai Motor Co., 3.980% (South Korea)		300,000		25,443,680
Hyundai Motor Co., 4.050% (South Korea)		500,000		41,367,005
Total Consumer Discretionary				66,810,685
Consumer Staples - 0.3%
Amorepacific Corp., 1.18 (South Korea)		250,000		15,386,825
Information Technology - 9.7%
Samsung Electronics Co., Ltd., 1.990% (South Korea)		7,250,000		433,446,116
Total Preferred Stocks
(Cost $240,390,883)				515,643,626

^*  Non-income producing security.

¹  Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the value of these securities amounted to $31,089,580 or 0.7% of net assets.

	Shares		Value
Short-Term Investments - 12.7%
Other Investment Companies - 12.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%2		246,991,308		$246,991,308
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%2		319,305,871		319,305,871
Total Short-Term Investments
(Cost $566,297,179)				566,297,179
Total Investments - 99.9%
(Cost $3,111,059,806)				4,463,325,539
Other Assets, less Liabilities - 0.1%				4,529,421
Net Assets - 100.0%				$4,467,854,960

²  Yield shown represents the December 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR    American Depositary Receipt

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

18

    AMG Yacktman Focused 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
Consumer Staples		$604,132,700		$311,348,013		–		$915,480,713
Communication Services		386,456,030		289,448,182		–		675,904,212
Industrials		198,330,088		173,937,419		–		372,267,507
Information Technology		372,230,676		–		–		372,230,676
Financials		291,007,000		–		–		291,007,000
Energy		239,361,500		–		–		239,361,500
Consumer Discretionary		95,754,050		141,451,009		–		237,205,059
Materials		99,120,200		18,283,766		–		117,403,966
Health Care		73,560,100		–		–		73,560,100
Corporate Bonds and Notes†		–		86,964,001		–		86,964,001
Preferred Stocks†		–		515,643,626		–		515,643,626
Short-Term Investments
Other Investment Companies		566,297,179		–		–		566,297,179
Total Investments in Securities		$2,926,249,523		$1,537,076,016		–		$4,463,325,539

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

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

For the fiscal year ended 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
Bermuda		0.2
Brazil		0.5
Canada		4.9
China		0.8
France		7.9
Germany		4.2
Japan		1.2
South Korea		19.4
United Kingdom		4.2
United States		56.7
		100.0

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

19

    AMG Yacktman Global Fund

    Portfolio Manager’s Comments (unaudited)

For the 12 months ending December 31, 2021, AMG Yacktman Global Fund (formerly AMG Yacktman Focused Fund – Security Selection Only) (the “Fund”) Class N shares returned 12.96% behind the 21.82% return of the MSCI World Index.   Last year produced strong market returns and solid absolute results for the Fund.) It was the third year in a row of exceptional U.S. stock market appreciation and reminded us of the speculative period of the late 1990s when multiple expansion, momentum, and dreams seemed to matter more than cash flow, competitive advantages, and fundamentals.   Everything abruptly changed in early 2022 when high multiple stocks with uncertain futures were crushed and multiples on many expensive equities have been reduced somewhat. Our investment approach, which focuses on valuation, quality and risk management, has held up well during the sharp correction of early 2022. Our strongest outperformance in the past has typically come from protecting well in market declines, bargain hunting and reloading the portfolio with new opportunities if available.   Last year, Adam Sues was added to the Fund as a co-manager. Adam is an incredibly skilled investor who successfully manages AMG Yacktman Special Opportunities Fund, a 5-star rated global fund that generally focuses on small and micro-cap securities. He has been a significant contributor to the firm since he joined our organization in 2013 and is already a familiar voice to investors who listen to our quarterly conference calls.   Contributors and Detractors   Contributors in 2021 included Bolloré, Microsoft, Alphabet, Macy’s and a new holding, Canadian Natural Resources (“CNQ”).   Bolloré was the Fund’s strongest performer in 2021, in large part due to Universal Music Group’s (“UMG”) successful IPO which resulted in Bolloré becoming a direct holder of approximately 18% of UMG shares and highlighting significant value. Late in the year, we received more positive news when Bolloré announced it received an offer from MSC Group to purchase Bolloré’s African Logistics business. Both the UMG IPO and MSC Group announcement are part of an ongoing simplification at Bolloré, which we believe could result in significant addition to the shares.   Microsoft and Alphabet were top performers due to strong earnings results.   Macy’s stock soared last year as the economic recovery resulted in exceptionally strong sales and earnings. We sold off the position due to price appreciation.   CNQ, a new Fund holding in 2021, was a quick contributor to Fund results.   Detractors in 2021 included Samsung Electronics Preferred (“Samsung Electronics”), Continental AG, Hyundai Home Shopping, The Walt Disney Co. (“Disney”) and Associated British Foods.   After being the biggest positive contributor to 2020 Fund results, Samsung Electronics shares underperformed last year due to investor concerns about weaker earnings from the company’s leading memory semiconductor business. We think the company is well-positioned for long-term growth and the shares trade at a very attractive valuation.   Continental’s stock struggled last year due to weaker auto production, which was largely a result of a shortage of semiconductors (something Samsung Electronics can help solve!).   Hyundai Home Shopping lagged last year, but is a remarkably inexpensive stock that we think has significant potential.   Disney’s shares were weaker last year due to concerns about the long-term growth and profitability of the company’s streaming services.   Associated British Foods’ shares lagged last year as a recovery in the company’s Primark division stalled modestly due to the Omicron variant. We think the shares trade at an unwarranted discount, possibly because many investors do not like the combination of food, ingredients and a clothing retail business. Select New Positions   One of our meaningful new positions in 2021 was an investment in CNQ. The company is an upstream oil & gas company based in Canada with a long history of creating shareholder value. CNQ has low decline, long reserve life oil & gas assets, which produce the heavier grades of crude that the world and U.S. requires to operate our economy and daily life. Canada is at the forefront of environmental stewardship and CNQ is one of the industry leaders in best practices.   We also added a new position in Samsung C&T Corporation (“C&T”) which sells at a significant discount to the value of its holdings. The best asset C&T holds is a 5% ownership position in Samsung Electronics, one of our favorite positions, which by itself is worth more than C&T’s entire market cap. The company also owns approximately 43% of Samsung Biologics, and while we do not like the Biologics position remotely as much as the Samsung Electronics, we are happy to have it because we are not paying anything for it. Additionally, C&T operates a construction and trading operation, and owns a variety of other public and private investments.   Conclusion   Since the market low in March of 2009, U.S. markets have steadily risen, in large part due to multiple expansion. We think the start of 2022 could have marked a change where, instead of coasting with ever-increasing index valuations, investments will be judged and rewarded based on fundamentals. In this type of environment, price will matter, and investments with the hidden value we often find could flourish. We have successfully navigated turbulent environments in the past, and will work hard to do so again. We wish investors in the Fund a happy and healthy 2022, and, as always, we will be diligent, patient and objective in our approach.   The views expressed represent the opinions of Yacktman Asset Management LP and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

20

    AMG Yacktman Global Fund

    Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG Yacktman Global 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 Yacktman Global Fund’s Class N shares on January 30, 2017 (inception date), to a $10,000 investment made in the MSCI World Index and the Russell 1000^® 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.

The table below shows the average annual total returns for the AMG Yacktman Global Fund, the MSCI World Index and the Russell 1000^® Value Index for the same time periods ended December 31, 2021.

	One			Since			Inception
Average Annual Total Returns1	Year			Inception			Date
AMG Yacktman Global Fund2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15
Class N		12.96	%		15.17	%		01/30/17
Class I		13.08	%		15.21	%		01/30/17
MSCI World Index16		21.82	%		14.75	%		01/30/17†
Russell 1000® Value Index17		25.16	%		11.21	%		01/30/17†

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

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

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

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

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

³  The Fund may invest greater than 5% of its assets in money market securities, cash, or cash equivalents as a temporary defensive measure in response to adverse market, economic, political or other conditions.

⁴  The Fund may suffer significant losses on assets that it sells short. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short.

⁵  The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor’s ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.

⁶  The Fund 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 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.

⁸  A greater percentage of the Fund’s holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund.

⁹  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.

¹⁰ 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.

¹¹ The Fund is subject to the risks associated with investments in emerging markets, such as erratic

21

    AMG Yacktman Global Fund

    Portfolio Manager’s Comments (continued)

    earnings patterns, economic and political instability, changing exchange controls, limitations on repatriation of foreign capital and changes in local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets.   ¹²  Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.   ¹³  The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.   ¹⁴  The Fund is subject to 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.       ¹⁵  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.   ¹⁶  On July 1, 2021, the primary benchmark changed from the Russell 1000^® Value Index to the MSCI World Index and the secondary benchmark S&P 500^® Index was removed. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI World Index is unmanaged, is not available for investment and does not incur expenses.   ¹⁷  The Russell 1000^® Value Index is a market capitalization weighted index that measures the performance of those Russell 1000^® companies with           lower price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 1000^® Value Index is unmanaged, is not available for investment and does not incur expenses.   All MSCI data is provided “as is”. The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.   The Russell 1000^® Value Index is a trademark of the London Stock Exchange Group companies.   Not FDIC insured, nor bank guaranteed. May lose value.

22

    AMG Yacktman Global Fund

     Fund Snapshots (unaudited)

      December 31, 2021

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Industrials		19.4
Communication Services		17.9
Information Technology		15.3
Consumer Staples		14.4
Consumer Discretionary		12.0
Energy		7.7
Materials		5.7
Financials		3.9
Health Care		1.3
Short-Term Investments		1.8
Other Assets Less Liabilities		0.6

TOP TEN HOLDINGS

Security Name	% of Net Assets
Bolloré SA (France)		9.4
Samsung Electronics Co., Ltd., 1.990% (South Korea)		9.1
Samsung C&T Corp. (South Korea)		5.0
HI-LEX Corp. (Japan)		4.7
Canadian Natural Resources, Ltd. (Canada)		4.2
Compagnie de L’Odet SA (France)		4.0
KT&G Corp. (South Korea)		3.9
Ocean Wilsons Holdings, Ltd. (Bermuda)		2.9
Total Energy Services, Inc. (Canada)		2.6
PepsiCo, Inc.		2.6
Top Ten as a Group		48.4

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

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

23

    AMG Yacktman Global Fund

     Fund Snapshots (continued)

     For the six months ended December 31, 2021

NEW EQUITY POSITIONS

New Purchases	Current Shares Held
Hochiki Corp. (Japan)		83,100
KISCO Holdings Co., Ltd. (South Korea)		4,872
Samsung C&T Corp. (South Korea)		86,000
Total Energy Services, Inc. (Canada)		950,000

CORPORATE BONDS & NOTES SALES

Sales	Net Principal Sold		Current Principal Held
Weatherford International, Ltd. (Bermuda), 11.000%, 12/01/24	$	1,513,000	$208,000

EQUITY PURCHASES & SALES

Purchases	Net Shares Purchased		Current Shares Held
Associated British Foods PLC (United Kingdom)		60,000		125,000
Bolloré SA (France)		30,000		2,860,000
Canadian Natural Resources, Ltd. (Canada)		35,000		170,000
Dong Ah Tire & Rubber Co., Ltd. (South Korea)		10,000		75,000
Fox Corp., Class B		5,000		130,000
Hyundai Mobis Co., Ltd. (South Korea)		1,000		6,000
KT&G Corp. (South Korea)		10,000		100,000
Nihon Parkerizing Co., Ltd. (Japan)		10,000		250,000
Parker Corp. (Japan)		135,800		150,000
PepsiCo, Inc.		2,000		26,000
Samsung Electronics Co., Ltd., 1.990% (South Korea)		10,000		260,000
Trecora Resources		320,000		550,000

Sales	Net Shares Sold		Current Shares Held
Alphabet, Inc., Class C		240		1,000
Cisco Systems, Inc.		10,000		–
Exxon Mobil Corp.		2,000		–
First Hawaiian, Inc.		24,900		–
Macy’s, Inc.		70,000		–
QVC, Inc., 6.250%		16,731		–
Utoc Corp.		320,000		–
Weatherford International PLC		37,005		20,000

24

    AMG Yacktman Global Fund

     Schedule of Portfolio Investments

     December 31, 2021

	Shares		Value
Common Stocks - 84.5%
Communication Services - 17.9%
Alphabet, Inc., Class C*		1,000		$2,893,590
Bolloré SA (France)		2,860,000		15,997,630
Fox Corp., Class B		130,000		4,455,100
News Corp., Class A		130,000		2,900,300
Reading International, Inc., Class A*		320,000		1,292,800
Tohokushinsha Film Corp. (Japan)		200,000		1,122,053
The Walt Disney Co.*		13,000		2,013,570
Total Communication Services				30,675,043
Consumer Discretionary - 10.1%
Booking Holdings, Inc.*		1,000		2,399,230
Car Mate Manufacturing Co., Ltd. (Japan)		52,500		424,023
Continental AG (Germany)*		10,000		1,050,655
Daewon San Up Co., Ltd. (South Korea)		96,817		560,324
Dong Ah Tire & Rubber Co., Ltd. (South Korea)		75,000		775,625
HI-LEX Corp. (Japan)		617,800		8,048,813
Hyundai Home Shopping Network Corp. (South Korea)		39,314		2,096,189
Hyundai Mobis Co., Ltd. (South Korea)		6,000		1,282,542
Rinnai Corp. (Japan)		8,000		721,969
Total Consumer Discretionary				17,359,370
Consumer Staples - 12.9%
Associated British Foods PLC (United Kingdom)		125,000		3,421,744
The Coca-Cola Co.		25,000		1,480,250
Hengan International Group Co., Ltd. (China)		37,000		190,621
Ingredion, Inc.		8,500		821,440
KT&G Corp. (South Korea)*		100,000		6,643,785
PepsiCo, Inc.		26,000		4,516,460
The Procter & Gamble Co.		16,000		2,617,280
Sysco Corp.		30,000		2,356,500
Total Consumer Staples				22,048,080
Energy - 7.2%
Canadian Natural Resources, Ltd. (Canada)		170,000		7,182,500
Total Energy Services, Inc. (Canada)*		950,000		4,528,638
Weatherford International PLC*		20,000		554,400
Total Energy				12,265,538
Financials - 3.9%
The Bank of New York Mellon Corp.		10,000		580,800
The Charles Schwab Corp.		30,000		2,523,000
State Street Corp.		30,000		2,790,000
U.S. Bancorp		13,000		730,210
Total Financials				6,624,010

	Shares		Value
Health Care - 1.3%
Johnson & Johnson		12,000		$2,052,840
Kissei Pharmaceutical Co., Ltd. (Japan)		9,400		184,455
Total Health Care				2,237,295
Industrials - 19.3%
AMERCO		3,000		2,178,690
Brenntag SE (Germany)		40,000		3,612,154
CB Industrial Product Holding Bhd (Malaysia)		10,500,000		2,940,393
Compagnie de L’Odet SA (France)		4,500		6,813,923
Komelon Corp. (South Korea)		80,000		745,960
Mitsuboshi Belting, Ltd. (Japan)		2,965		55,613
MSC Industrial Direct Co., Inc., Class A		7,000		588,420
Ocean Wilsons Holdings, Ltd. (Bermuda)		400,000		5,044,486
Parker Corp. (Japan)		150,000		695,396
Sam Yung Trading Co., Ltd. (South Korea)		50,000		607,319
Samsung C&T Corp. (South Korea)		86,000		8,593,137
Yuasa Trading Co., Ltd. (Japan)		45,000		1,166,338
Total Industrials				33,041,829
Information Technology - 6.2%
CAC Holdings Corp. (Japan)		240,000		3,029,604
Cognizant Technology Solutions Corp., Class A		30,000		2,661,600
Hochiki Corp. (Japan)		83,100		940,684
INFOvine Co., Ltd. (South Korea)		40,000		806,274
Microsoft Corp.		7,000		2,354,240
Oracle Corp.		9,000		784,890
Total Information Technology				10,577,292
Materials - 5.7%
KISCO Holdings Co., Ltd. (South Korea)*		4,872		59,611
Kohsoku Corp. (Japan)		90,000		1,303,254
Nihon Parkerizing Co., Ltd. (Japan)		250,000		2,446,840
The Pack Corp. (Japan)		60,000		1,407,488
Trecora Resources*		550,000		4,444,000
Total Materials				9,661,193
Total Common Stocks
(Cost $116,286,010)				144,489,650
	Principal Amount
Corporate Bonds and Notes - 0.6%
Energy - 0.5%
W&T Offshore, Inc. 9.750%, 11/01/231		$806,000		769,730

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

25

    AMG Yacktman Global Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Industrials - 0.1%
Weatherford International, Ltd. (Bermuda) 11.000%, 12/01/241		$208,000		$214,240
Total Corporate Bonds and Notes
(Cost $964,128)				983,970
	Shares
Preferred Stocks - 12.5%
Consumer Discretionary - 1.9%
Hyundai Motor Co., 4.050% (South Korea)		39,000		3,226,626
Consumer Staples - 1.5%
Amorepacific Corp., 1.18 (South Korea)		25,000		1,538,682
LG Household & Health Care, Ltd., 1.670% (South Korea)		2,100		1,087,409
Total Consumer Staples				2,626,091
Information Technology - 9.1%
Samsung Electronics Co., Ltd., 1.990% (South Korea) 260,000				15,544,275
Total Preferred Stocks
(Cost $17,047,499)				21,396,992

^*  Non-income producing security.

¹  Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the value of these securities amounted to $983,970 or 0.6% of net assets.

	Shares		Value
Short-Term Investments - 1.8%
Other Investment Companies - 1.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%2		1,025,726		$1,025,726
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%2		1,025,727		1,025,727
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%2		1,056,809		1,056,809
Total Short-Term Investments
(Cost $3,108,262)				3,108,262
Total Investments - 99.4%
(Cost $137,405,899)				169,978,874
Other Assets, less Liabilities - 0.6%				1,111,553
Net Assets - 100.0%				$171,090,427

²  Yield shown represents the December 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

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

26

    AMG Yacktman Global 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
Industrials		$9,581,033		$23,460,796		–		$33,041,829
Communication Services		13,555,360		17,119,683		–		30,675,043
Consumer Staples		11,791,930		10,256,150		–		22,048,080
Consumer Discretionary		2,399,230		14,960,140		–		17,359,370
Energy		12,265,538		–		–		12,265,538
Information Technology		5,800,730		4,776,562		–		10,577,292
Materials		4,444,000		5,217,193		–		9,661,193
Financials		6,624,010		–		–		6,624,010
Health Care		2,052,840		184,455		–		2,237,295
Corporate Bonds and Notes†		–		983,970		–		983,970
Preferred Stocks†		–		21,396,992		–		21,396,992
Short-Term Investments
Other Investment Companies		3,108,262		–		–		3,108,262
Total Investments in Securities		$71,622,933		$98,355,941		–		$169,978,874

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

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

For the fiscal year ended 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
Bermuda		3.2
Canada		7.0
China		0.1
France		13.7
Germany		2.8
Japan		12.9
Malaysia		1.8
South Korea		26.1
United Kingdom		2.0
United States		30.4
		100.0

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

27

    AMG Yacktman Special Opportunities Fund

    Portfolio Manager’s Comments (unaudited)

For the twelve months ending December 31, 2021, AMG Yacktman Special Opportunities Fund (the “Fund”) Class Z shares returned 24.42%, ahead of the 18.21% return of the MSCI ACWI All Cap Index.   Sharp-eyed readers will notice that full year performance was roughly the same as the halfway point in June. 2021 was a year of two halves, with a strong start and then flat performance in a choppy last six months. The market’s increased concentration in top holdings (largely mega-cap tech in the U.S.) hid a tremendous amount of pain under the surface. It is not hard to find popular and well-known companies down (30)% or more from recent highs. The sell-off in the fast growth “story” stocks has been even more brutal. While many investors have been conditioned to “buy the dips” over the past decade, a temporary dip can easily become a chasm if the winds of sentiment suddenly change. It is too early to tell whether this is the start of a more pronounced rotation, but we believe the Fund is set up to capitalize on any shift. Our preference for small, international and value stocks has been a persistent headwind in the last several years (despite good business performance) so that any tailwind would be a welcome change. We believe our collection of above average businesses trading at discounted valuations remains a good combination no matter the macro environment.   Portfolio Review   News headlines tend to highlight the wild price swings in the market and individual stocks. The day-to-day reality is more mundane. Businesses and the people operating them tend to create value with incremental improvements each day. This progress eventually shows up in higher future cash flows. The essence of value investing is buying those future cash flows at a discount. While we would prefer that prices catch up to our value estimates right away, sometimes the realization of underlying value comes in fits and starts. In 2021, two of our positions were acquired (Aggreko and Fjord), and a third (a debt investment in Colabor) was paid off in full. Another two acquisitions were announced toward the end of the year (Utoc and Vivo Energy). With around fifty positions in the Fund, that equates to 10% of the holdings being crystallized by corporate actions this year. Two of these positions were held since Fund inception, which only reinforces that value tends to surface for patient investors one way or another.   Our cash position ended the year at 4.0%. That is well within the historical range although higher than in recent years. Two of the announced acquisitions (previously mentioned) will soon convert to cash, further bolstering reserves. Cash will ebb and flow as a byproduct of the investment process, and we have a growing list of potential candidates to deploy these funds. Keeping up the pipeline of investment candidates is critical, but new ideas must compete for capital with existing positions. Lately we have found the greatest source of potential future returns in some of our top ideas. These companies also benefit from our historical relationship, often over years of ownership, which provides valuable context and familiarity. We ended 2021 with 51 positions. The top five positions now make up 37.0% of the Fund, a much higher percentage than most mutual funds peers. This portfolio concentration represents our strong conviction in maximizing ideas with outsized risk/rewards. Risk is managed at the position level and mitigated by the diversification across our top weightings. The top five holdings are spread out across litigation finance, oil & gas services, niche chemicals, manufactured homes, and wine distribution–an eclectic mix!   Finding the right mix of seasoned investments and fresh ideas is an important part of our portfolio management process. Our “go-anywhere” investing approach provides a competitive advantage in otherwise expensive markets. Many other funds do not have such flexibility, because of either strategy mandates or manager preferences. Our investment process is designed to capitalize on this edge.   Turning Over Rocks in Both Sales & Investing   Our investment time horizon is influenced by a focus on fundamental business performance rather than stock price movements. This is reflected in a portfolio turnover that is much lower than peers (notwithstanding the recent acquisition activity!). At the same time, we strive to avoid stale positions by using a wide lens in search of new ideas. We have likened our process to “turning over rocks” in past letters, and we have been flipping furiously in these volatile markets. As we reflected on the topic this year, we also thought about the parallels between our investment process and our personal history in another field–sales.   One of our part-time jobs as a teenager was selling local newspaper subscriptions door-to-door. This involved knocking on thousands of doors, shaking off hundreds of noes, and even running from the occasional unfriendly pet. We feel there are inherent skills that are underappreciated about prospecting, the front end of a sales cycle. These include a dogged determination, competitive drive, and the ability to handle emotions in sometimes volatile situations. It also involved doing the job when it was   dark, snowy, and freezing outside (a shout-out to the weather in our hometown in Northeast Ohio). Our job today is much cozier in comparison, but thinking back on the experience, there are several related takeaways:   - In sales, appearances can be deceiving. The easiest sales were sometimes from the worst looking prospects.   In investing, some of the best opportunities can be found in left-behind sectors or companies. We have found there are often a few overlooked prospects in the mix. The financials may be a mess or management may be below average, but they can still be great investments at the right price.   - As a salesperson, time is often better spent seeking out the easy “yes” versus trying to “sell” a difficult prospect.   Some investors get stuck trying to “force” an investment. They spend months tracking down every trivial detail. Behavioral research shows that more information can lead to worse decisions, even if it feels better. This mistake is compounded if it means a better investment was missed. Finding the “no-brainers” makes both sales and investing much easier.   - The best sales territories had houses close together, reducing wasted effort and maximizing the chances of easy sales.   While neighborhoods with big houses were more impressive, wasted time was spent trudging up and down the long driveways. Much better to maximize the chances of a successful sale (or investment) by hitting many houses in an efficient fashion. Like our “turning over rocks” mantra, maintaining a steady and rapid cadence of potential ideas is a crucial part of our investment process.   - The best salespeople were also ready to pounce on a potential sale quickly, especially when there was a clear win-win on both sides of the transaction.   After thousands of rejections, sometimes the rare “yes” in sales was almost unbelievable. Good investments can be just as rare, so it is important to jump at the chance when an opportunity presents. It also means maximizing each opportunity with a concentrated investment approach.   Our Fund capitalizes on many of these lessons. While we enjoyed the competitive part of the sales process, thankfully the amount of “selling” in our current

28

    AMG Yacktman Special Opportunities Fund

    Portfolio Manager’s Comments (continued)

career is kept to a minimum. We believe that over time our investment process and performance track record will naturally resonate with investors.   Contributors and Detractors   The top three contributors for 2021 were Total Energy Services (“Total Energy”), Italian Wine Brands (“IWB”) and Texhong Textile Group (“Texhong”). These are all repeat contributors from the interim update in June. Total Energy has grown into one of our largest positions as the potential for an upswing in the oil & gas market continues to increase. Oil prices are hitting highs last seen in 2014. Yet Total Energy’s market cap ended 2021 at sub-CAD300 million versus its peak around CAD700 million in 2014, lagging far behind the oil price recovery. One recent sell-side report in January 2022 described the oilfield service sector as “Entering the Torquey Part of the Cycle” and we remarked before that “a sustained upswing in the oil market should see explosive growth in cash flow for Total Energy.” While it is too early to make any explosive declarations, almost all key performance metrics at the company have started inflecting upward. If the upcycle strengthens, we believe there is a long way to go. Insiders seem to agree with ongoing purchases by management and directors even as the stock reaches 52-week highs.   Both IWB (a wine distributor) and Texhong (a yarn manufacturer) had very strong performance in the first half of the year. For IWB, integration of the transformational acquisition of Enoitalia is progressing well. We continue to think the deal offers material synergies that will surprise to the upside with time. Management announced another acquisition at year-end to gain a better foothold in the sizable U.S. market as they seek to become the number one Italian wine producer. Texhong is benefiting from the normalization of the apparel supply chain. Cotton prices have been on a steady increase and rising cotton prices should support higher margins at Texhong. Texhong is slowly transitioning from an upstream yarn manufacturer to a more integrated downstream business model, which should help reduce earnings volatility and raise the multiple over time.   In a strong performance year, Omni Bridgeway (“Omni”), our litigation finance company, was the only material detractor. One appealing part of the Omni investment is the uncorrelated nature of its earnings. The timeline of case wins is driven by the legal system rather than macro events. This “feature” went the other way in an otherwise strong year for our holdings. In September, the company lost an appeal for its largest remaining on-balance sheet investment in the Wivenhoe Dam class action, surprising the market. While disappointing, the Wivenhoe case has been a massive success with almost 8x return to Omni on the cash invested. The case is far from over with the company appealing the recent decision. We believe Omni is finally on the cusp of unlocking the tremendous earnings potential built up in its book of case investments and funds, and that the market will judge the stock far differently over the next 12-24 months.   Conclusion   We have largely avoided the high growth/high expectations corners of the market in favor of steady, above average businesses linked to the real economy. For years, that was the “wrong” answer as the speculative corners of the market raced ahead. The leaderboard can change in a hurry, however. The last six months of 2021, and the turmoil so far in the first few weeks of 2022, have provided ample evidence of how quickly things can shift in markets. We are excited about the potential in the Fund’s holdings over the coming years. Our objective remains to produce attractive risk-adjusted returns over a full market cycle. We appreciate the Fund’s shareholders who entrust us with their capital to pursue this goal.   The views expressed represent the opinions of Yacktman Asset Management LP and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

29

AMG Yacktman Special Opportunities Fund

Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG Yacktman Special Opportunities 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 Yacktman Special Opportunities Fund’s Class Z shares on June 30, 2014 (inception date), to a $10,000 investment made in the MSCI ACWI All Cap 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.

The table below shows the average annual total returns for the AMG Yacktman Special Opportunities Fund and the MSCI ACWI All Cap Index for the same time periods ended December 31, 2021.

Average Annual Total Returns1	One Year			Five Years			Since Inception			Inception Date
AMG Yacktman Special Opportunities Fund2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18
Class I		24.30	%		13.28	%		11.39	%	06/30/15
Class Z		24.42	%		13.40	%		8.95	%	06/30/14
MSCI ACWI All Cap Index19		18.21	%		14.10	%		9.70	%	06/30/14†

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

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

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

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

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

³  The Fund’s investment management fees are subject to a performance adjustment, which could increase or reduce the investment management fees paid by the Fund. The prospect of a positive or negative performance adjustment may create an incentive for the Fund’s portfolio manager to take greater risks with the Fund’s portfolio. In addition, because performance adjustments are based upon past performance, a shareholder may pay a higher or lower management fee for performance that occurred prior to the shareholder’s investment in the Fund. The performance adjustment could increase the Investment Manager’s fee (and, in turn, the Subadviser’s fee) even if the Fund’s shares lose value during the performance period provided that the Fund outperformed its benchmark index, and could decrease the Investment Manager’s fee (and, in turn, the Subadviser’s fee) even if the Fund’s shares increase in value during the performance period provided that the Fund underperformed its benchmark index.

⁴  The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars.

⁵  The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor’s ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.

⁶  The Fund may invest in derivatives such as options and futures; the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

⁷  Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

⁸  The Fund is subject to 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  A greater percentage of the Fund’s holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund.

30

    AMG Yacktman Special Opportunities Fund

    Portfolio Manager’s Comments (continued)

¹⁰  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.   ¹¹  The Fund invests in large-capitalization companies that may underperform other stock funds (such as funds that focus on small- and medium-capitalization companies) when stocks of large-capitalization companies are out of favor.   ¹²  The Fund is subject to the special risks associated with investments in micro-cap companies, such as relatively short earnings history, competitive conditions, less publicly available corporate information, and reliance on a limited number of products.   ¹³  The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. ¹⁴  Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.   ¹⁵  The Fund may suffer significant losses on assets that it sells short. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short.   ¹⁶  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.   ¹⁷  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.   ¹⁸  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.   ¹⁹  The MSCI ACWI All Cap Index captures large, mid, small and micro cap representation across certain Developed Markets (DM) countries and large, mid and small cap representation across certain Emerging Markets (EM) countries. The index is comprehensive, covering a significant percentage of the global equity investment opportunity set. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI ACWI All Cap Index is unmanaged, is not available for investment and does not incur expenses.   All MSCI data is provided “as is”. The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.   Not FDIC Insured, nor bank guaranteed. May lose value.

31

   AMG Yacktman Special Opportunities Fund

    Fund Snapshots (unaudited)

    December 31, 2021

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Industrials		19.1
Consumer Discretionary		15.2
Energy		15.0
Materials		14.7
Consumer Staples		14.4
Financials		9.4
Information Technology		4.0
Communication Services		2.8
Health Care		1.1
Utilities		0.4
Short-Term Investments		4.3
Other Assets Less Liabilities		(0.4)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Omni Bridgeway, Ltd. (Australia)		9.4
Total Energy Services, Inc. (Canada)		9.4
Trecora Resources (United States)		7.5
Legacy Housing Corp. (United States)		5.5
Italian Wine Brands S.P.A (Italy)		5.2
Naked Wines PLC (United Kingdom)		4.4
AMERCO (United States)		3.7
Brickability Group PLC (United Kingdom)		3.4
Texhong Textile Group, Ltd. (Hong Kong)		3.1
Ocean Wilsons Holdings, Ltd. (Bermuda)		3.0
Top Ten as a Group		54.6

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

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

32

    AMG Yacktman Special Opportunities Fund

     Fund Snapshots (continued)

     For the six months ended December 31, 2021

NEW EQUITY POSITIONS

New Purchases	Current Shares Held
Anora Group OYJ (Finland)1		115,450
Horizon Oil, Ltd. (Australia)		7,930,920

EQUITY PURCHASES & SALES

Purchases	Net Shares Purchased		Current Shares Held
Amerigo Resources, Ltd. (Canada)		560,100		1,125,000
B&S Group, S.A.R.L. (Luxembourg)		12,294		340,000
Brickability Group PLC (United Kingdom)		70,000		2,770,000
Delfi, Ltd. (Singapore)		1,007,700		2,746,800
Ifis Japan, Ltd. (Japan)		9,300		90,000
Italian Wine Brands S.P.A (Italy)		4,860		123,000
KISCO Holdings Co., Ltd. (South Korea)		55,500		87,500
Legacy Housing Corp. (United States)		49,600		232,100
Mitani Corp. (Japan)		23,300		30,500
NeoPharm Co., Ltd. (South Korea)		37,000		65,000
Omni Bridgeway, Ltd. (Australia)		1,300,000		3,950,000
Pumtech Korea Co., Ltd. (South Korea)		6,500		36,000
Sekisui Jushi Corp. (Japan)		8,500		67,500
SK Kaken Co., Ltd. (Japan)		100		1,600
Texhong Textile Group, Ltd. (Hong Kong)		760,000		2,660,000
Total Energy Services, Inc. (Canada)		433,100		2,200,000
Trecora Resources (United States)		158,000		1,040,000
WIN-Partners Co., Ltd. (Japan)		22,000		125,000
Sales	Net Shares Sold		Current Shares Held
Arcus ASA (Norway)		250,000		–
Bixolon Co., Ltd. (South Korea)		56,488		215,000
Cambria Automobiles PLC (United Kingdom)1		525,000		–
Fjord1 A.S.A. (Norway)		215,000		–
Hargreaves Services PLC (United Kingdom)		30,418		419,751
Naked Wines PLC (United Kingdom)		63,700		560,000
Ocean Wilsons Holdings, Ltd. (Bermuda)		38,500		266,500
Vivo Energy PLC (United Kingdom)		1,015,000		1,385,000
Webstep A.S. (Norway)		20,296		109,671
1   Purchases and sales due to a corporate action.

33

   AMG Yacktman Special Opportunities Fund

   Schedule of Portfolio Investments

    December 31, 2021

	Shares		Value
Common Stocks - 93.5%
Communication Services - 2.8%
Link Net Tbk PT (Indonesia)		4,981,300		$1,397,805
Reading International, Inc., Class A (United States)*		361,100		1,458,844
Spark Networks SE, ADR (Germany)*		86,000		270,040
Total Communication Services				3,126,689
Consumer Discretionary - 15.2%
B&S Group, S.A.R.L. (Luxembourg)1		340,000		2,767,091
The Cato Corp., Class A (United States)		73,000		1,252,680
Dong Ah Tire & Rubber Co., Ltd. (South Korea)		90,400		934,887
Legacy Housing Corp. (United States)*		232,100		6,143,687
Texhong Textile Group, Ltd. (Hong Kong)		2,660,000		3,513,624
Vivo Energy PLC (United Kingdom)1		1,385,000		2,470,811
Total Consumer Discretionary				17,082,780
Consumer Staples - 14.4%
Anora Group OYJ (Finland)		115,450		1,427,437
Cosco Capital, Inc. (Philippines)		10,602,600		1,081,208
Delfi, Ltd. (Singapore)		2,746,800		1,559,292
Italian Wine Brands S.P.A (Italy)		123,000		5,811,473
Naked Wines PLC (United Kingdom)*		560,000		4,934,502
NeoPharm Co., Ltd. (South Korea)		65,000		1,353,174
Total Consumer Staples				16,167,086
Energy - 15.0%
Amplify Energy Corp. (United States)*		170,000		528,700
Evolution Petroleum Corp. (United States)		205,000		1,035,250
Hargreaves Services PLC (United Kingdom)		419,751		2,331,104
Horizon Oil, Ltd. (Australia)		7,930,920		532,088
Lamprell PLC (United Arab Emirates)*		763,599		370,018
Pardee Resources Co., Inc. (United States)		7,352		1,511,571
Total Energy Services, Inc. (Canada)*,2		2,200,000		10,487,371
Total Energy				16,796,102
Financials - 9.4%
Omni Bridgeway, Ltd. (Australia)*		3,950,000		10,579,799
Health Care - 1.1%
HLS Therapeutics, Inc. (Canada)		14,660		173,841
WIN-Partners Co., Ltd. (Japan)		125,000		1,081,542
Total Health Care				1,255,383
Industrials - 18.2%
AMERCO (United States)		5,700		4,139,511
Boustead Singapore, Ltd. (Singapore)		3,178,000		2,346,475
CB Industrial Product Holding Bhd (Malaysia)		6,380,800		1,786,863
Compagnie de L’Odet SA (France)3		800		1,211,364

	Shares		Value
GrafTech International, Ltd. (United States)		123,000		$1,455,090
Komelon Corp. (South Korea)		84,571		788,582
Mitani Corp. (Japan)		30,500		538,451
Ocean Wilsons Holdings, Ltd. (Bermuda)		266,500		3,360,889
Sam Yung Trading Co., Ltd. (South Korea)		210,390		2,555,477
Sekisui Jushi Corp. (Japan)		67,500		1,227,841
Utoc Corp. (Japan)		155,200		976,427
Total Industrials				20,386,970
Information Technology - 2.3%
Bixolon Co., Ltd. (South Korea)		215,000		1,202,165
Ifis Japan, Ltd. (Japan)		90,000		524,520
Reckon, Ltd. (Australia)		645,685		436,760
Webstep A.S. (Norway)1		109,671		418,432
Total Information Technology				2,581,877
Materials - 14.7%
Amerigo Resources, Ltd. (Canada)		1,125,000		1,298,470
Brickability Group PLC (United Kingdom)		2,770,000		3,768,080
KISCO Holdings Co., Ltd. (South Korea)*		87,500		1,070,604
Master Drilling Group, Ltd. (South Africa)*		1,178,934		847,860
Pumtech Korea Co., Ltd. (South Korea)*		36,000		510,637
SK Kaken Co., Ltd. (Japan)		1,600		526,986
Trecora Resources (United States)*		1,040,000		8,403,200
Total Materials				16,425,837
Utilities - 0.4%
Maxim Power Corp. (Canada)*		140,000		439,385
Total Common Stocks (Cost $82,369,158)				104,841,908
	Principal Amount
Corporate Bonds and Notes - 0.4%
Industrials - 0.4%
Helix Energy Solutions Group, Inc. (United States) 4.125%, 09/15/234		$500,000		476,250
Total Corporate Bonds and Notes (Cost $410,412)				476,250
	Shares
Closed-End Funds - 0.5%
Industrials - 0.5%
Excelsior Capital, Ltd. (Australia) (Cost $437,212)		375,377		487,493

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

34

    AMG Yacktman Special Opportunities Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Preferred Stock - 1.7%
Information Technology - 1.7%
Samsung Electronics Co., Ltd., 1.990% (South Korea)		32,500		$1,943,034
Total Preferred Stock (Cost $568,024)				1,943,034
	Principal Amount
Short-Term Investments - 4.3%
Joint Repurchase Agreements - 0.3%5
Morgan, Stanley & Co. LLC, dated 12/31/21, due 01/03/22, 0.050% total to be received $346,615 (collateralized by various U.S. Government Agency Obligations, 2.000% - 8.000%, 11/01/22 - 01/01/52, totaling $353,546)		$346,614		346,614
	Shares
Other Investment Companies - 4.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%6		1,485,577		1,485,577

	Shares		Value
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%6		1,485,578		$1,485,578
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%6		1,530,596		1,530,596
Total Other Investment Companies				4,501,751
Total Short-Term Investments (Cost $4,848,365)				4,848,365
Total Investments - 100.4% (Cost $88,633,171)				112,597,050
Other Assets, less Liabilities - (0.4)%				(488,375	)
Net Assets - 100.0%				$112,108,675

^*  Non-income producing security.

¹  Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the value of these securities amounted to $5,656,334 or 5.0% of net assets.

²  Affiliated issuer. See summary of affiliated investment transaction for details.

³  Some of these securities, amounting to $186,247 or 0.2% of net assets, were out on loan to various borrowers and are collateralized by cash. See Note 4 of Notes to Financial Statements.

⁴  Convertible Security. A corporate bond, usually a junior debenture, that can be converted, at the option of the holder, for a specific number of shares of the company’s preferred stock or common stock. The market value of convertible bonds at December 31, 2021, amounted to $476,250 or 0.4% of net assets.

⁵  Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

⁶  Yield shown represents the December 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR   American Depositary Receipt

The following schedule shows the value of affiliated investments at December 31, 2021.

Affiliated Issuers

Number of shares

Purchases

Sales

Net realized gain (loss) for the period

Net change in appreciation (depreciation)

Amount of Dividends or Interest

Value

Total Energy Services, Inc.

2,200,000

$1,282,721

–

–

$4,651,714

–

$10,487,371

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

35

    AMG Yacktman Special Opportunities 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
Industrials		$9,152,440		$11,234,530		–		$20,386,970
Consumer Discretionary		9,867,178		7,215,602		–		17,082,780
Energy		12,421,339		4,374,763		–		16,796,102
Materials		13,469,750		2,956,087		–		16,425,837
Consumer Staples		14,813,912		1,353,174		–		16,167,086
Financials		–		10,579,799		–		10,579,799
Communication Services		1,728,884		1,397,805		–		3,126,689
Information Technology		418,432		2,163,445		–		2,581,877
Health Care		173,841		1,081,542		–		1,255,383
Utilities		439,385		–		–		439,385
Corporate Bonds and Notes†		–		476,250		–		476,250
Closed-End Funds†		–		487,493		–		487,493
Preferred Stock†		–		1,943,034		–		1,943,034
Short-Term Investments
Joint Repurchase Agreements		–		346,614		–		346,614
Other Investment Companies		4,501,751		–		–		4,501,751
Total Investments in Securities		$66,986,912		$45,610,138		–		$112,597,050

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

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

For the fiscal year ended 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
Australia	11.2
Bermuda	3.1
Canada	11.5
Finland	1.3
France	1.1
Germany	0.3
Hong Kong	3.3
Indonesia	1.3
Italy	5.4
Japan	4.5
Luxembourg	2.6

Country	% of Long-Term Investments
Malaysia	1.7
Norway	0.4
Philippines	1.0
Singapore	3.6
South Africa	0.8
South Korea	9.6
United Arab Emirates	0.3
United Kingdom	12.5
United States	24.5
	100.0

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

36

    Statement of Assets and Liabilities

    December 31, 2021

	AMG Yacktman Fund		AMG Yacktman Focused Fund		AMG Yacktman Global Fund		AMG Yacktman Special Opportunities Fund
Assets:
Investments at value1 (including securities on loan valued at $2,452,049, $0, $0, and $186,247, respectively)		$9,348,149,277		$4,463,325,539		$169,978,874		$102,109,679
Affiliated Investments at value2		108,108,000		–		–		10,487,371
Receivable for investments sold		–		–		–		43,970
Dividend and interest receivables		29,042,206		21,688,216		1,264,592		274,596
Securities lending income receivable		4,943		4,646		–		147
Receivable for Fund shares sold		4,481,987		2,334,518		79,544		–
Receivable from affiliate		–		42,222		10,234		–
Prepaid expenses and other assets		46,653		41,405		9,488		4,910
Total assets		9,489,833,066		4,487,436,546		171,342,732		112,920,673
Liabilities:
Payable upon return of securities loaned		2,952,628		–		–		346,614
Payable for investments purchased		–		11,619,417		60,032		–
Payable for Fund shares repurchased		4,595,140		3,066,245		–		207,607
Accrued expenses:
Investment advisory and management fees		3,377,467		3,253,428		100,199		170,800
Administrative fees		1,183,489		560,936		21,169		13,981
Shareholder service fees		816,628		365,591		202		2,805
Other		1,284,670		715,969		70,703		70,191
Total liabilities		14,210,022		19,581,586		252,305		811,998
Net Assets		$9,475,623,044		$4,467,854,960		$171,090,427		$112,108,675
1 Investments at cost		$5,959,722,607		$3,111,059,806		$137,405,899		$81,923,699
2 Affiliated Investments at cost		$118,991,115		–		–		$6,709,472

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

37

    Statement of Assets and Liabilities (continued)

	AMG Yacktman Fund		AMG Yacktman Focused Fund		AMG Yacktman Global Fund		AMG Yacktman Special Opportunities Fund
Net Assets Represent:
Paid-in capital		$5,976,604,162		$3,060,275,445		$140,379,243		$88,759,317
Total distributable earnings		3,499,018,882		1,407,579,515		30,711,184		23,349,358
Net Assets		$9,475,623,044		$4,467,854,960		$171,090,427		$112,108,675
Class N:
Net Assets		–		$2,158,777,017		$774,871		–
Shares outstanding		–		101,801,906		47,360		–
Net asset value, offering and redemption price per share		–		$21.21		$16.36		–
Class I:
Net Assets		$9,475,623,044		$2,309,077,943		$170,315,556		$33,911,803
Shares outstanding		386,704,748		109,284,773		10,408,074		2,576,053
Net asset value, offering and redemption price per share		$24.50		$21.13		$16.36		$13.16
Class Z:
Net Assets		–		–		–		$78,196,872
Shares outstanding		–		–		–		5,923,894
Net asset value, offering and redemption price per share		–		–		–		$13.20

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

38

    Statement of Operations

     For the fiscal year ended December 31, 2021

	AMG Yacktman Fund			AMG Yacktman Focused Fund			AMG Yacktman Global Fund			AMG Yacktman Special Opportunities Fund
Investment Income:
Dividend income		$156,850,196	1		$84,172,999	2		$3,950,209	3		$2,087,978
Interest income		15,171,111			7,084,366			142,958			290,355
Securities lending income		41,029			12,825			2,173			5,326
Foreign withholding tax		(12,790,717	)		(8,685,263	)		(478,053	)		(153,042	)
Total investment income		159,271,619			82,584,927			3,617,287			2,230,617
Expenses:
Investment advisory and management fees		38,245,480			37,233,122			1,242,143			1,946,418
Administrative fees		13,391,243			6,419,503			237,526			152,394
Shareholder servicing fees - Class N		–			3,991,571			894			–
Shareholder servicing fees - Class I		8,084,671			–			–			25,459
Custodian fees		860,895			495,382			48,630			42,043
Trustee fees and expenses		602,921			290,288			10,870			6,973
Transfer agent fees		420,122			241,706			4,863			3,453
Professional fees		327,800			179,104			35,280			38,464
Reports to shareholders		253,219			145,140			15,377			5,032
Registration fees		206,515			149,435			16,615			16,092
Interest expense		–			–			39			–
Miscellaneous		200,421			97,453			5,131			4,310
Repayment of prior reimbursements		–			163,199			648			9,879
Total expenses before offsets		62,593,287			49,405,903			1,618,016			2,250,517
Expense reimbursements		–			(42,222	)		(33,935	)		(4,331	)
Fee waivers		(198,312	)		(88,870	)		–			–
Net expenses		62,394,975			49,274,811			1,584,081			2,246,186
Net investment income (loss)		96,876,644			33,310,116			2,033,206			(15,569	)
Net Realized and Unrealized Gain:
Net realized gain on investments		335,696,967			182,811,534			8,897,899			4,083,252
Net realized loss on affiliated investments		(33,700,893	)		–			–			–
Net realized gain (loss) on foreign currency transactions		(1,075,082	)		(564,717	)		(45,726	)		247,146
Net change in unrealized appreciation/depreciation on investments		1,007,878,833			410,908,353			6,835,998			11,246,779
Net change in unrealized appreciation/depreciation on affiliated investments		135,511,914			–			–			4,651,714
Net change in unrealized appreciation/depreciation on foreign currency translations		(218,291	)		(122,050	)		(11,005	)		(2,293	)
Net realized and unrealized gain		1,444,093,448			593,033,120			15,677,166			20,226,598
Net increase in net assets resulting from operations		$1,540,970,092			$626,343,236			$17,710,372			$20,211,029

¹  Includes non-recurring dividends of $16,846,939.

²  Includes non-recurring dividends of $10,418,502.

³  Includes non-recurring dividends of $428,562.

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

39

    Statements of Changes in Net Assets

     For the fiscal years ended December 31,

	AMG Yacktman Fund						AMG Yacktman Focused Fund
	2021			2020			2021			2020
Increase in Net Assets Resulting From Operations:
Net investment income		$96,876,644			$95,455,722			$33,310,116			$29,824,593
Net realized gain on investments		300,920,992			563,097,507			182,246,817			315,550,985
Net change in unrealized appreciation/depreciation on investments		1,143,172,456			216,223,428			410,786,303			151,951,251
Net increase in net assets resulting from operations		1,540,970,092			874,776,657			626,343,236			497,326,829
Distributions to Shareholders:
Class N		–			–			(97,900,715	)		(208,983,961	)
Class I		(341,720,709	)		(754,755,439	)		(109,158,676	)		(182,831,695	)
Total distributions to shareholders		(341,720,709	)		(754,755,439	)		(207,059,391	)		(391,815,656	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		640,234,734			(726,405,352	)		409,334,123			(100,007,474	)
Total increase (decrease) in net assets		1,839,484,117			(606,384,134	)		828,617,968			5,503,699
Net Assets:
Beginning of year		7,636,138,927			8,242,523,061			3,639,236,992			3,633,733,293
End of year		$9,475,623,044			$7,636,138,927			$4,467,854,960			$3,639,236,992

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

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

40

    Statements of Changes in Net Assets (continued)

     For the fiscal years ended December 31,

	AMG Yacktman Global Fund						AMG Yacktman Special Opportunities Fund
	2021			2020			2021			2020
Increase in Net Assets Resulting From Operations:
Net investment income (loss)		$2,033,206			$1,537,274			$(15,569	)		$1,450,338
Net realized gain (loss) on investments		8,852,173			4,498,788			4,330,398			(437,846	)
Net change in unrealized appreciation/depreciation on investments		6,824,993			16,405,752			15,896,200			8,350,883
Net increase in net assets resulting from operations		17,710,372			22,441,814			20,211,029			9,363,375
Distributions to Shareholders:
Class N		(53,059	)		(19,108	)		–			–
Class I		(12,752,955	)		(6,000,285	)		(1,238,880	)		(342,102	)
Class Z		–			–			(2,928,032	)		(1,668,303	)
Total distributions to shareholders		(12,806,014	)		(6,019,393	)		(4,166,912	)		(2,010,405	)
Capital Share Transactions:1
Net increase from capital share transactions		32,996,714			20,542,613			17,275,902			11,753,088
Total increase in net assets		37,901,072			36,965,034			33,320,019			19,106,058
Net Assets:
Beginning of year		133,189,355			96,224,321			78,788,656			59,682,598
End of year		$171,090,427			$133,189,355			$112,108,675			$78,788,656

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

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

41

AMG Yacktman 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		$21.26			$20.48			$19.05			$22.85			$21.39
Income from Investment Operations:
Net investment income1,2		0.26	3		0.27			0.35			0.40			0.32
Net realized and unrealized gain on investments		3.89			2.81			2.99			0.20			3.58
Total income from investment operations		4.15			3.08			3.34			0.60			3.90
Less Distributions to Shareholders from:
Net investment income		(0.27	)		(0.28	)		(0.37	)		(0.44	)		(0.34	)
Net realized gain on investments		(0.64	)		(2.02	)		(1.54	)		(3.96	)		(2.10	)
Total distributions to shareholders		(0.91	)		(2.30	)		(1.91	)		(4.40	)		(2.44	)
Net Asset Value, End of Year		$24.50			$21.26			$20.48			$19.05			$22.85
Total Return2,4		19.63	%		15.28	%		17.66	%		2.69	%		18.23	%
Ratio of net expenses to average net assets		0.70	%		0.70	%		0.70	%		0.70	%		0.71	%
Ratio of gross expenses to average net assets5		0.70	%		0.71	%		0.71	%		0.71	%		0.72	%
Ratio of net investment income to average net assets2		1.09	%		1.38	%		1.70	%		1.70	%		1.38	%
Portfolio turnover		15	%		27	%		35	%		12	%		2	%
Net assets end of year (000’s) omitted		$9,475,623			$7,636,139			$8,242,523			$7,110,981			$8,722,375

¹  Per share numbers have been calculated using average shares.

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

³  Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.21.

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.)

42

AMG Yacktman Focused 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		$19.09			$18.25			$17.78			$21.13			$19.69
Income from Investment Operations:
Net investment income2,3		0.14	4		0.15			0.23			0.28			0.19
Net realized and unrealized gain on investments		2.98			2.95			3.13			0.31			3.75
Total income from investment operations		3.12			3.10			3.36			0.59			3.94
Less Distributions to Shareholders from:
Net investment income		(0.16	)		(0.15	)		(0.25	)		(0.31	)		(0.21	)
Net realized gain on investments		(0.84	)		(2.11	)		(2.64	)		(3.63	)		(2.29	)
Total distributions to shareholders		(1.00	)		(2.26	)		(2.89	)		(3.94	)		(2.50	)
Net Asset Value, End of Year		$21.21			$19.09			$18.25			$17.78			$21.13
Total Return3,5		16.45	%		17.26	%		19.13	%		2.88	%		20.03	%
Ratio of net expenses to average net assets		1.25	%6		1.24	%		1.24	%		1.23	%		1.22	%
Ratio of gross expenses to average net assets7		1.25	%6		1.26	%		1.26	%		1.24	%		1.23	%
Ratio of net investment income to average net assets3		0.68	%		0.85	%		1.20	%		1.30	%		0.89	%
Portfolio turnover		19	%		33	%		31	%		16	%		2	%
Net assets end of year (000’s) omitted		$2,158,777			$1,943,998			$2,078,758			$2,166,407			$2,803,230

43

AMG Yacktman Focused 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		$19.03			$18.19			$17.74			$21.09			$19.66
Income from Investment Operations:
Net investment income2,3		0.18	4		0.18			0.27			0.32			0.23
Net realized and unrealized gain on investments		2.96			2.96			3.11			0.32			3.74
Total income from investment operations		3.14			3.14			3.38			0.64			3.97
Less Distributions to Shareholders from:
Net investment income		(0.20	)		(0.19	)		(0.29	)		(0.36	)		(0.25	)
Net realized gain on investments		(0.84	)		(2.11	)		(2.64	)		(3.63	)		(2.29	)
Total distributions to shareholders		(1.04	)		(2.30	)		(2.93	)		(3.99	)		(2.54	)
Net Asset Value, End of Year		$21.13			$19.03			$18.19			$17.74			$21.09
Total Return3,5		16.62	%		17.52	%		19.30	%		3.11	%		20.25	%
Ratio of net expenses to average net assets		1.06	%		1.06	%		1.06	%		1.05	%		1.05	%
Ratio of gross expenses to average net assets7		1.06	%		1.07	%		1.07	%		1.06	%		1.06	%
Ratio of net investment income to average net assets3		0.87	%		1.04	%		1.39	%		1.48	%		1.06	%
Portfolio turnover		19	%		33	%		31	%		16	%		2	%
Net assets end of year (000’s) omitted		$2,309,078			$1,695,239			$1,554,975			$1,292,079			$1,578,775

¹  Effective October 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  Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.09 and $0.13 for Class N and Class I, respectively.

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

⁶  Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.01%.

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

44

AMG Yacktman Global Fund

Financial Highlights

For a share outstanding throughout each fiscal period

													For the fiscal
													period ended
	For the fiscal years ended December 31,												December 31,
Class N	2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$15.69			$13.90			$11.94			$11.77			$10.00
Income from Investment Operations:
Net investment income2,3		0.19	4		0.18			0.17			0.26			0.14
Net realized and unrealized gain on investments		1.80			2.35			2.37			0.00	5		1.94
Total income from investment operations		1.99			2.53			2.54			0.26			2.08
Less Distributions to Shareholders from:
Net investment income		(0.55	)		(0.23	)		(0.25	)		(0.07	)		(0.22	)
Net realized gain on investments		(0.77	)		(0.51	)		(0.33	)		(0.02	)		(0.09	)
Total distributions to shareholders		(1.32	)		(0.74	)		(0.58	)		(0.09	)		(0.31	)
Net Asset Value, End of Period		$16.36			$15.69			$13.90			$11.94			$11.77
Total Return3,6		12.96	%		18.32	%		21.40	%		2.17	%		20.81	%7
Ratio of net expenses to average net assets		1.16	%8		1.19	%		1.12	%		1.08	%		1.08	%9
Ratio of gross expenses to average net assets10		1.18	%8		1.25	%		1.22	%		1.82	%		3.77	%11
Ratio of net investment income to average net assets3		1.12	%		1.40	%		1.28	%		2.14	%		1.35	%9
Portfolio turnover		17	%		27	%		23	%		2	%		12	%7
Net assets end of period (000’s) omitted		$775			$431			$183			$76			$17

45

AMG Yacktman Global Fund

Financial Highlights

For a share outstanding throughout each fiscal period

													For the fiscal
													period ended
	For the fiscal years ended December 31,												December 31,
Class I	2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$15.69			$13.89			$11.94			$11.77			$10.00
Income from Investment Operations:
Net investment income2,3		0.22	4		0.20			0.17			0.26			0.14
Net realized and unrealized gain on investments		1.79			2.35			2.36			0.00	5		1.94
Total income from investment operations		2.01			2.55			2.53			0.26			2.08
Less Distributions to Shareholders from:
Net investment income		(0.57	)		(0.24	)		(0.25	)		(0.07	)		(0.22	)
Net realized gain on investments		(0.77	)		(0.51	)		(0.33	)		(0.02	)		(0.09	)
Total distributions to shareholders		(1.34	)		(0.75	)		(0.58	)		(0.09	)		(0.31	)
Net Asset Value, End of Period		$16.36			$15.69			$13.89			$11.94			$11.77
Total Return3,6		13.08	%		18.47	%		21.32	%		2.17	%		20.81	%7
Ratio of net expenses to average net assets		1.00	%8		1.08	%		1.08	%		1.08	%		1.08	%9
Ratio of gross expenses to average net assets10		1.02	%8		1.15	%		1.19	%		1.82	%		3.77	%11
Ratio of net investment income to average net assets3		1.28	%		1.51	%		1.31	%		2.14	%		1.35	%9
Portfolio turnover		17	%		27	%		23	%		2	%		12	%7
Net assets end of period (000’s) omitted		$170,316			$132,758			$96,041			$59,936			$1,392

¹  Commencement of operations was on January 30, 2017.

²  Per share numbers have been calculated using average shares.

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

⁴  Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.15 and $0.17 for Class N and Class I, respectively.

⁵  Less than $0.005 per share.

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

⁷  Not annualized.

⁸  Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%.

⁹  Annualized.

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

¹¹  Ratio does not reflect the annualization of audit, excise tax and organization expenses.

46

AMG Yacktman Special Opportunities 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		$11.02			$10.04			$9.82			$12.03			$9.37
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.01	)		0.20	3		0.24			0.16			0.06	4
Net realized and unrealized gain (loss) on investments		2.65			1.06			0.73			(1.41	)		3.18
Total income (loss) from investment operations		2.64			1.26			0.97			(1.25	)		3.24
Less Distributions to Shareholders from:
Net investment income		(0.15	)		(0.23	)		(0.21	)		(0.11	)		(0.14	)
Net realized gain on investments		(0.35	)		(0.05	)		(0.54	)		(0.85	)		(0.44	)
Total distributions to shareholders		(0.50	)		(0.28	)		(0.75	)		(0.96	)		(0.58	)
Net Asset Value, End of Year		$13.16			$11.02			$10.04			$9.82			$12.03
Total Return2,5		24.30	%		12.66	%		10.20	%		(10.26	)%		34.67	%
Ratio of net expenses to average net assets6		2.29	%7		1.14	%		1.29	%		1.84	%		2.33	%
Ratio of gross expenses to average net assets6,8		2.29	%7		1.23	%		1.47	%		2.03	%		2.59	%
Ratio of net investment income (loss) to average net assets2,6		(0.09	)%		2.27	%		2.32	%		1.38	%		0.50	%
Portfolio turnover		21	%		37	%		24	%		30	%		36	%
Net assets end of year (000’s) omitted		$33,912			$13,881			$11,701			$7,678			$8,377

47

AMG Yacktman Special Opportunities 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		$11.04			$10.06			$9.84			$12.05			$9.38
Income (loss) from Investment Operations:
Net investment income1,2		0.00	9		0.21	3		0.25			0.17			0.07	4
Net realized and unrealized gain (loss) on investments		2.67			1.06			0.72			(1.40	)		3.19
Total income (loss) from investment operations		2.67			1.27			0.97			(1.23	)		3.26
Less Distributions to Shareholders from:
Net investment income		(0.16	)		(0.24	)		(0.21	)		(0.13	)		(0.15	)
Net realized gain on investments		(0.35	)		(0.05	)		(0.54	)		(0.85	)		(0.44	)
Total distributions to shareholders		(0.51	)		(0.29	)		(0.75	)		(0.98	)		(0.59	)
Net Asset Value, End of Year		$13.20			$11.04			$10.06			$9.84			$12.05
Total Return2,5		24.42	%		12.83	%		10.27	%		(10.14	)%		34.81	%
Ratio of net expenses to average net assets6		2.19	%7		1.04	%		1.19	%		1.74	%		2.23	%
Ratio of gross expenses to average net assets6,8		2.19	%7		1.13	%		1.37	%		1.93	%		2.49	%
Ratio of net investment income to average net assets2,6		0.01	%		2.37	%		2.42	%		1.48	%		0.60	%
Portfolio turnover		21	%		37	%		24	%		30	%		36	%
Net assets end of year (000’s) omitted		$78,197			$64,908			$47,981			$29,153			$29,334

¹  Per share numbers have been calculated using average shares.

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

³  Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.17 and $0.18 for Class I and Class Z, respectively.

⁴  Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.04 and $0.05 for Class I and Class Z, respectively.

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

⁶  Includes a performance adjustment amounting to 0.55%, (0.60)%, (0.45)%, 0.10% and 0.59% for the fiscal years ended 2021, 2020, 2019, 2018 and 2017, respectively. (See Note 2 in the Notes to Financial Statements)

⁷  Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.01%.

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

⁹  Less than $0.005 per share.

48

Notes to Financial Statements

December 31, 2021

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the “Trust”) is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG Yacktman Fund (“Yacktman Fund”), AMG Yacktman Focused Fund (“Yacktman Focused”), AMG Yacktman Global Fund (“Yacktman Global”) (formerly AMG Yacktman Focused Fund - Security Selection Only) and AMG Yacktman Special Opportunities Fund (“Yacktman Special Opportunities”), each a “Fund” and collectively, the “Funds”.

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

Effective July 1, 2021, Yacktman Global changed its name from AMG Yacktman Focused Fund – Security Selection Only to AMG Yacktman Global Fund and changed its principal investment strategies. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

Yacktman Focused, Yacktman Global and Yacktman Special Opportunities are non-diversified. A greater percentage of the Funds’ holdings may be focused in a smaller number of securities which may place the Funds at greater risk than a more diversified fund.

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

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

a. VALUATION OF INVESTMENTS

Equity securities traded on a national securities exchange or reported on the NASDAQ national market system (“NMS”) are valued at the last quoted sales price on the primary exchange or, if applicable, the NASDAQ official closing price or the official closing price of the relevant exchange or, lacking any sales, at the last quoted bid price. Equity securities traded in the over-the-counter market (other

than NMS securities) are valued at the bid price. Foreign equity securities (securities principally traded in markets other than U.S. markets) are valued at the official closing price on the primary exchange or, for markets that either do not offer an official closing price or where the official closing price may not be representative of the overall market, the last quoted sale price.

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. 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 Yacktman Focused was $(534) of change in unrealized appreciation/deprecation, which equates to less than (0.01) Net Asset Value per share. There was no impact to Yacktman Fund, Yacktman Global or Yacktman Special Opportunities relating to the change in valuation policy.

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

The Funds’ portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services approved by the Board of Trustees of the Trust (the “Board”). Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the Board. The Valuation Committee, which is comprised of the Independent Trustees of the Board, and the Pricing Committee, which is comprised of representatives from AMG Funds LLC (the “Investment Manager”) are the committees appointed by the Board to make fair value determinations. Each Fund may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Board’s valuation procedures, if the Investment Manager or the Pricing Committee believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Pricing Committee and, if required under the Trust’s securities valuation procedures, the Valuation Committee, seeks to determine the price that a Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

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

49

Notes to Financial Statements (continued)

by the Funds, including a comparison with the prior quarter end and the percentage of the Funds that the security represents at each quarter end.

With respect to foreign equity securities and certain foreign fixed income securities, the Board has adopted a policy that securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

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

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign currency exchange contracts, swaps, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

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

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

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

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

d. DIVIDENDS AND DISTRIBUTIONS

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

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

	Yacktman Fund				Yacktman Focused
Distributions paid from:	2021		2020		2021		2020
Ordinary income *		$151,346,324		$92,674,373		$62,421,779		$32,342,721
Long-term capital gains		190,374,385		662,081,066		144,637,612		359,472,935
		$341,720,709		$754,755,439		$207,059,391		$391,815,656

50

Notes to Financial Statements (continued)

	Yacktman Global				Yacktman Special Opportunities
Distributions paid from:	2021		2020		2021		2020
Ordinary income *		$6,426,529		$3,044,230		$1,382,618		$1,744,583
Long-term capital gains		6,379,485		2,975,163		2,784,294		265,822
		$12,806,014		$6,019,393		$4,166,912		$2,010,405

* 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:

	Yacktman Fund		Yacktman Focused		Yacktman Global		Yacktman Special Opportunities
Undistributed ordinary income		$2,436,292		$2,133,145		$179,704		–
Undistributed long-term capital gains		126,868,896		58,552,083		2,576,412		$718,161
Late-year loss deferral		–		–		1,998,030		74,501

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
Yacktman Fund		$6,086,535,449		$3,498,218,247		$(128,504,553	)		$3,369,713,694
Yacktman Focused		3,116,431,729		1,444,093,199		(97,198,912	)		1,346,894,287
Yacktman Global		140,021,659		37,135,359		(7,182,261	)		29,953,098
Yacktman Special Opportunities		89,891,442		28,814,688		(6,108,990	)		22,705,698

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, 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.

51

Notes to Financial Statements (continued)

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:

	Yacktman Fund								Yacktman Focused
	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		–		–		–		–		12,333,437		$256,707,747			11,740,917		$200,295,309
Reinvestment of distributions		–		–		–		–		4,655,934		96,331,267			11,008,080		206,291,424
Cost of shares repurchased		–		–		–		–		(17,004,392)		(357,061,246)			(34,866,916)		(591,847,135)
Net decrease		–		–		–		–		(15,021)		$(4,022,232	)		(12,117,919)		$(185,260,402)
Class I:
Proceeds from sale of shares		72,181,278		$1,697,348,269		71,412,641		$1,358,480,073		38,413,804		$795,771,915			27,935,904		$475,988,674
Reinvestment of distributions		12,951,322		309,536,595		32,825,661		683,101,997		4,812,345		99,182,433			8,817,752		164,627,431
Cost of shares repurchased		(57,592,354)		(1,366,650,130)		(147,630,684)		(2,767,987,422)		(23,041,575)		(481,597,993)			(33,155,340)		(555,363,177)
Net increase (decrease)		27,540,246		$640,234,734		(43,392,382)		$(726,405,352)		20,184,574		$413,356,355			3,598,316		$85,252,928
	Yacktman Global								Yacktman Special Opportunities
	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		20,664		$355,714		16,796		$216,993		–		–			–		–
Reinvestment of distributions		3,350		53,059		1,246		19,108		–		–			–		–
Cost of shares repurchased		(4,132)		(70,442)		(3,756)		(49,717)		–		–			–		–
Net increase		19,882		$338,331		14,286		$186,384		–		–			–		–
Class I:
Proceeds from sale of shares		2,356,876		$40,663,325		1,423,865		$18,017,089		1,433,118		$18,442,723			505,893		$4,252,612
Reinvestment of distributions		518,086		8,206,477		234,902		3,598,698		96,992		1,234,713			31,877		340,442
Cost of shares repurchased		(928,902)		(16,211,419)		(110,618)		(1,259,558)		(214,076)		(2,794,549)			(443,385)		(3,989,165)
Net increase		1,946,060		$32,658,383		1,548,149		$20,356,229		1,316,034		$16,882,887			94,385		$603,889
Class Z:
Proceeds from sale of shares		–		–		–		–		37,324		$488,315			1,004,279		$10,009,323
Reinvestment of distributions		–		–		–		–		176,361		2,252,128			119,990		1,283,898
Cost of shares repurchased		–		–		–		–		(167,817)		(2,347,428)			(15,874)		(144,022)
Net increase		–		–		–		–		45,868		$393,015			1,108,395		$11,149,199

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: Yacktman Global - one owns 31%; Yacktman Special Opportunities - two own 26%. Transactions by these shareholders may have a material impact on their respective Fund.

52

Notes to Financial Statements (continued)

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 Yacktman Fund and Yacktman Special Opportunities were $2,952,628 and $346,614, respectively.

i. FOREIGN CURRENCY TRANSLATION

The books and records of the Funds are maintained in U.S. dollars. The value of investments, assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon current foreign exchange rates. Purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based on currency exchange rates prevailing on the respective dates of such transactions. Net realized and unrealized gain (loss) on foreign currency transactions represent: (1) foreign exchange gains and losses from the sale and holdings of foreign currencies; (2) gains and losses between trade date and settlement date on investment securities transactions and foreign currency exchange contracts; and (3) gains and losses from the difference between amounts of interest and dividends recorded and the amounts actually received.

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

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. retail distribution arm of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Funds and is responsible for the Funds’ overall administration and operations. The Investment Manager selects one or more subadvisers for the Funds (subject to Board approval) and monitors each subadviser’s investment performance, security holdings and investment strategies. Each Fund’s investment portfolio is managed by Yacktman Asset Management LP (“Yacktman”) who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in Yacktman.

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:

Yacktman Fund
on first $500 million	0.52%
next $500 million	0.47%
over $1 billion	0.42%
Yacktman Focused	0.87%
Yacktman Global	0.71%1
Yacktman Special Opportunities	1.37%

¹ Prior to July 1, 2021, the investment management fees were 0.87%.

Yacktman Special Opportunities has a performance-based fee structure that consists of an investment management fee and a performance adjustment (“Performance Adjustment”). The monthly investment management fee is increased or reduced by the Performance Adjustment, based on the Fund’s performance relative to the MSCI ACWI All Cap Index over the then preceding twelve months. The Performance Adjustment Rate for the Fund may not exceed plus or minus 0.75%. For the fiscal year ended December 31, 2021, the Performance Adjustment increased management fee by a net amount of $554,556, resulting in Yacktman Special Opportunities paying the Investment Manager at an effective rate of 1.92%.

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), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of the Class N shares of Yacktman Focused to the annual rate of 1.25% of Yacktman Focused Class N shares’ 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 Yacktman Focused Class N shares in certain circumstances.

The Investment Manager has contractually agreed, through at least May 1, 2023, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of Yacktman Global to the annual rate of 0.93% of the Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Fund in certain circumstances. Prior to July 1, 2021, the total annual Fund operating expense limitation was 1.08% of Yacktman Global’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

53

Notes to Financial Statements (continued)

reimbursements (exclusive of investment management fees, administrative fees, 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 Yacktman Special Opportunities to an annual rate of 0.12% of the Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Fund in certain circumstances.

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

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

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

Expiration   Period	Yacktman Focused		Yacktman Global		Yacktman Special Opportunities
Less than 1 year		–		$80,812		$81,819
1-2 years		$15,299		69,647		56,243
2-3 years		42,222		33,935		4,331
Total		$57,521		$184,394		$142,393

The Investment Manager has agreed to waive a portion of its management fee in consideration of a shareholder servicing rebate that it has received from JPMorgan Distribution Services, Inc., with respect to direct investments in the JPMorgan U.S. Government Money Market Fund, IM Capital Shares by Yacktman Fund and Yacktman Focused. For the fiscal year ended December 31, 2021, the investment management fees for Yacktman Fund and Yacktman Focused were reduced by $198,312 and $88,870, respectively, or less than 0.01% of average net assets.

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

The Funds are distributed by AMG Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and underwriter for each Fund and is a registered broker-dealer and

member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Shares of each Fund will be continuously offered and will be sold directly to prospective purchasers and through brokers, dealers or other financial intermediaries who have executed selling agreements with the Distributor. Generally the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

For Class N of Yacktman Focused and Yacktman Global and for Class I of Yacktman Fund and Yacktman Special Opportunities, the Board has approved reimbursement payments to the Investment Manager for shareholder servicing expenses (“shareholder servicing fees”) incurred. Shareholder servicing fees include payments to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder recordkeeping, account servicing and other services. The Class N shares of Yacktman Focused and Yacktman Global and Class I shares of Yacktman Fund and Yacktman Special Opportunities 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
Yacktman Fund
Class I		0.20	%		0.09%
Yacktman Focused
Class N		0.20	%		0.19%
Yacktman Global
Class N		0.20	%		0.16%
Yacktman Special Opportunities
Class I		0.10	%		0.10%

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

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are

54

Notes to Financial Statements (continued)

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
Yacktman Fund		$5,707,069		31		$4,544		0.938	%
Yacktman Focused		10,558,441		31		8,368		0.933	%
Yacktman Global		806,558		18		375		0.942	%
Yacktman Special Opportunities		2,249,164		14		799		0.926	%
Fund	Average Borrowed		Number of Days		Interest Paid		Average Interest Rate
Yacktman Global		$1,527,320		1		$39		0.933	%

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
Yacktman Fund		$1,191,367,114		$1,139,096,666
Yacktman Focused		890,082,534		677,912,116
Yacktman Global		48,521,826		25,727,734
Yacktman Special Opportunities		31,284,796		20,237,654

The Funds had no purchases or sales of U.S. Government Obligations during the fiscal year ended December 31, 2021.

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:

			Cash		Securities		Total
	Securities		Collateral		Collateral		Collateral
Fund	Loaned		Received		Received		Received
Yacktman Fund		$2,452,049		$2,952,628		–		$2,952,628
Yacktman Special Opportunities		186,247		346,614		–		346,614

5. FOREIGN SECURITIES

The Funds invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in domestic securities. Non-domestic securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. A Fund’s investments in emerging market countries are exposed to additional risks. A Fund’s performance will be influenced by political, social and economic factors affecting companies in emerging market countries. Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. Realized gains in certain countries may be subject to foreign taxes at the Fund level and the Fund would pay such foreign taxes at the appropriate rate for each jurisdiction.

6. COMMITMENTS AND CONTINGENCIES

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

7. 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.

55

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
Yacktman Fund
Bank of America Securities, Inc.	$952,628	–	$952,628	$952,628	–
MUFG Securities America, Inc.	1,000,000	–	1,000,000	1,000,000	–
RBC Dominion Securities, Inc.	1,000,000	–	1,000,000	1,000,000	–
Total	$2,952,628	–	$2,952,628	$2,952,628	–
Yacktman Special Opportunities
Morgan, Stanley & Co. LLC	$346,614	–	$346,614	$346,614	–

8. 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.

56

Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF AMG FUNDS AND SHAREHOLDERS OF AMG YACKTMAN FUND, AMG YACKTMAN FOCUSED FUND, AMG YACKTMAN GLOBAL FUND, AND AMG YACKTMAN SPECIAL OPPORTUNITIES FUND

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments of AMG Yacktman Fund, AMG Yacktman Focused Fund, AMG Yacktman Global Fund (formerly AMG Yacktman Focused Fund - Security Selection Only), and AMG Yacktman Special Opportunities Fund (four of the funds constituting AMG Funds, 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

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

February 24, 2022

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

57

Other Information (unaudited)

TAX INFORMATION

AMG Yacktman Fund, AMG Yacktman Focused Fund, AMG Yacktman Global Fund and AMG Yacktman Special Opportunities 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 calendar year.

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

AMG Yacktman Global Fund

u The total amount of taxes paid and income sourced from foreign countries was $445,351 and $3,229,403, respectively.

AMG Yacktman Special Opportunities Fund

u The total amount of taxes paid and income sourced from foreign countries was $152,269 and $1,831,230, respectively.

Pursuant to section 852 of the Internal Revenue Code, AMG Yacktman Fund, AMG Yacktman Focused Fund, AMG Yacktman Global Fund and AMG Yacktman Special Opportunities Fund each hereby designates $190,374,385, $144,637,612, $6,379,485 and $2,784,294, 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 year.

58

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 •  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 •  Oversees 46 Funds in Fund Complex	Kurt A. Keilhacker, 58 Managing Partner, TechFund Europe (2000-Present); Managing Partner, TechFund Capital (1997-Present); Managing Partner, Elementum Ventures (2013-Present); Director, MetricStory, Inc. (2017-Present); Trustee, Wheaton College (2018-Present); Trustee, Gordon College (2001-2016); Board Member, 6wind SA (2002-2019).
•  Trustee since 2000 •  Oversees 42 Funds in Fund Complex	Steven J. Paggioli, 71 Independent Consultant (2002-Present); Trustee, Professionally Managed Portfolios (28 portfolios); Advisory Board Member, Sustainable Growth Advisors, LP; Independent Director, Muzinich BDC, Inc. (business development company) (2019-Present); Director, The Wadsworth Group; Independent Director, Chase Investment Counsel (2008–2019); Executive Vice President, Secretary and Director, Investment Company Administration, LLC and First Fund Distributors, INC. (1990-2001).
•  Independent Chairman •  Trustee since 2000 •  Oversees 46 Funds in Fund Complex	Eric Rakowski, 63 Professor of Law, University of California at Berkeley School of Law (1990-Present); Tax Attorney at Davis Polk & Wardwell and clerked for Judge Harry T. Edwards of the U.S. Court of Appeals for the District of Columbia Circuit and for Justice William J. Brennan Jr. of the U.S. Supreme Court; Director of Harding, Loevner Funds, Inc. (10 portfolios); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019).
•  Trustee since 2013 •  Oversees 46 Funds in Fund Complex	Victoria L. Sassine, 56 Adjunct Professor, Babson College (2007–Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-Present); Chairperson of the Board of Directors of Business Management Associates (2018 to 2019).
•  Trustee since 2004 •  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).

59

    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 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).
•  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).

60

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   Yacktman Asset Management LP 6300 Bridgepoint Parkway Building One, Suite 500 Austin, TX 78730   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 the Funds’ proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.   The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Funds’ website at amgfunds.com. To review a complete list of the Funds’ portfolio holdings, or to view the most recent semiannual report or annual report, please visit amgfunds.com.

      amgfunds.com                |

BALANCED FUNDS AMG GW&K Global Allocation   GW&K Investment Management, LLC   AMG FQ Global Risk-Balanced   First Quadrant, L.P.   EQUITY FUNDS AMG Beutel Goodman International Equity   Beutel, Goodman & Company Ltd.   AMG Boston Common Global Impact   Boston Common Asset Management, LLC   AMG 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                AR071

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            |   123121           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,

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.

2

    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.

3

    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

4

    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.

5

    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.

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 Fund2, 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

6

    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.

7

    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.

8

    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%, 05/15/262,3,4,5		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%, 09/15/262,3,5		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%, 03/15/502,5		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%, 09/20/252,3,5		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%, 06/01/262,3,5		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%, 09/01/252,3,5		4,050,000		4,345,212
VICI Properties LP/VICI Note Co., Inc.
3.500%, 02/15/251,4		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%, 02/01/281,4		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%, 08/12/261,4		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.

9

    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.

10

    AMG GW&K ESG Bond Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Industrials - 38.3% (continued)
Penn National Gaming, Inc.
5.625%, 01/15/271,4		$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%, 04/01/281,4		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%, 12/15/242,3,5		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.

11

    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.

12

    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%	55	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.

13

    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.

14

    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   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 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.   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.   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.

15

    AMG GW&K Enhanced Core Bond ESG Fund

    Portfolio Manager’s Comments (continued)

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.

16

    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.

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 Fund2, 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	†

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

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

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

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

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   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.

17

    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^®” 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.

18

    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.

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.

19

    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%, 09/15/261,2,3		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%, 03/15/501,3		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%, 09/20/251,2,3		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%, 08/10/261,2,3		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%, 02/10/251,2,3		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%, 04/22/421,3		578,000		603,363
Morgan Stanley
(3 month LIBOR + 1.220%), 1.364%, 05/08/241,3		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%, 02/01/284,5		284,000		293,585
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.250%, 09/01/284,5		400,000		395,510
Ashtead Capital, Inc.
1.500%, 08/12/264,5		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.

20

    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%, 04/01/264,5		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%, 12/15/241,2,3		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.

21

    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.

³  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.

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.

22

    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

^†  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.

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.

23

    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   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 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.   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.   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.

24

    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.

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 Fund2, 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	†

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

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

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

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

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   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.

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   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.

25

    AMG GW&K High Income Fund

     Portfolio Manager’s Comments (continued)

“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

26

    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

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.

27

    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%, 05/15/261,2,3		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%, 09/15/261,2,3		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%, 06/01/261,2,3		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%, 02/18/261,2,3		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%, 09/15/251,2,3,4		189,000		192,780
Morgan Stanley
Series M (5.875% to 09/15/26 then 3 month LIBOR + 4.435%), 5.875%, 09/15/261,2,3,4		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%, 02/15/254,5		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%, 02/01/284,5		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.

28

    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%, 08/15/254,5		220,000		237,050
Penn National Gaming, Inc.
4.125%, 07/01/294,5		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.

29

    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.

³  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.

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.

30

    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.

31

    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

32

    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.

33

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.

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 Fund2, 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	%

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.

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  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.

“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.

34

    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

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.

35

    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.

36

    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.

37

    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.

38

    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.

39

    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.

40

    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.

41

    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.   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 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.   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 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

42

    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.   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.

43

     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.

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 Fund2, 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	†

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

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

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

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

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   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   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.

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 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.

44

     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. “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.

45

    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

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.

46

     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.

47

    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.

48

    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

¹  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.

49

    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
1 Investments at cost		$	733,383,099		$	57,188,428		$	20,559,924		$	1,335,968,744		$	356,383,477
2 Repurchase agreements at cost		$	19,741,844		$	1,481,522		$	2,340,362			–			–

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

50

    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.

51

    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.

52

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

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

53

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

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

54

     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 income2,3		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 Return3,4		(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

55

    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 income2,3		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 Return3,4		(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.)

56

    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 income1,2		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 Return2,3		(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

57

    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 income1,2		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 Return2,3		(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

58

    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 income1,2		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 Return2,3		(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.

59

    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 income2,3		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 Return3,4		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

60

    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 income2,3		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 Return3,4		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.

61

    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 income1,2		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 Return2,4		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

62

    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 income1,2		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 Return2,4		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.

63

    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 income1,2		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 Return2,3		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

64

    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 income1,2		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 Return2,3		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

65

    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 income1,2		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 Return2,3		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.

66

    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.

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. Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the 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

67

    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.

68

    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

69

    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	)

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    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

71

    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

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 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,

72

    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

73

    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

74

    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.

75

    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.

76

    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.

77

    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.

78

    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).

79

    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).

80

    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).

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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                |

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 Renaissance Large Cap Growth Fund

Class N: MRLTX    |    Class I: MRLSX    |    Class Z: MRLIX

amgfunds.com                 123121         AR024

    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 SCHEDULE OF PORTFOLIO INVESTMENTS	4
FINANCIAL STATEMENTS
Statement of Assets and Liabilities	9
Balance sheet, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations	11
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal year
Statements of Changes in Net Assets	12
Detail of changes in assets for the past two fiscal years
Financial Highlights	13
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements	16
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	21
OTHER INFORMATION	22
TRUSTEES AND OFFICERS	23

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

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,

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.

2

    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 Renaissance Large Cap Growth Fund
Based on Actual Fund Return
Class N	1.00%		$1,000		$1,143		$5.40
Class I	0.76%		$1,000		$1,145		$4.11
Class Z	0.66%		$1,000		$1,146		$3.57
Based on Hypothetical 5% Annual Return
Class N	1.00%		$1,000		$1,020		$5.09
Class I	0.76%		$1,000		$1,021		$3.87
Class Z	0.66%		$1,000		$1,022		$3.36

* 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.

3

    AMG Renaissance Large Cap Growth Fund

     Portfolio Manager’s Comments (unaudited)

AMG Renaissance Large Cap Growth Fund (the “Fund”) Class N share’s rose 30.02% for the year ending December 31,2021, outpacing the Fund’s benchmark, the Russell 1000^® Growth Index, which rose 27.60%.   MARKET OVERVIEW   Despite a surge in market volatility in the fourth quarter, the stock market posted another gain during the year. The materials, real estate, and utilities sectors were among the stronger performers, while the communication services, consumer discretionary, and health care sectors lagged. Bond yields rose slightly as 10-Year U.S. Treasury Bond Yield rose 0.09% to 1.52% by the end of the period.   Economic news was led by concerns about inflation during the fourth quarter. The annualized change in the Consumer Price Index reached 6.8% for the 12 months ending November 30, marking its highest reading since 1982. Shortages of certain raw materials and manufactured goods have disrupted corporate supply chains, resulting in higher prices. In addition, rising labor costs suggest further inflation in the months ahead. According to the U.S. Department of Labor, median weekly earnings were 6.9% higher in the third quarter of 2021 compared to the fourth quarter of 2019. Workers in the bottom decile of earnings saw their incomes rise by 9.2%.   Beginning last year, the U.S. Federal Reserve (the “Fed”) placed greater emphasis on bringing the economy to full employment while simultaneously establishing greater tolerance for inflation. This policy now appears to be shifting. In mid-December, the Fed signaled that it will likely hike interest rates on three separate occasions in 2022 to curtail inflation. Meanwhile, the Fed stated that it will begin tapering the purchases of bonds in the open market in an effort to end the bond buying program entirely by March 2022. It seems that officials of the Fed are more concerned in regards to the elevated, and possibly persistent, rates of inflation.   Currently, the world is overcoming yet another COVID variant–omicron–which appears to be more contagious than any previous variant. However, omicron appears to be less virulent than previous strains, suggesting that the world may continue to be on course for learning how to live with COVID on a long-term basis. As of the end of the quarter, 9.25 billion vaccine doses have been administered globally, and 58.5% of the total world population has received at least one dose (Source: Our World in Data).   The recovery in corporate earnings from the depths of the COVID pandemic have been extraordinary. Beginning, from the third quarter of 2020 through this past September, corporate earnings have grown 27.6%–roughly in line with the S&P 500^® Index’s gain of 28.1% over the same period. Using a starting point of 9/30/2019 (prior to the onset of COVID), the gain in earnings over the past two years have been 42.6%, compared with a 44.7% gain in the S&P 500^®. This two-year increase in earnings has been among the strongest two-year periods or earnings gains since World War II, which helps explain the correspondingly good returns from stocks.   While stocks have continued to flirt with all-time highs, bond yields have remained at historically low levels, particularly when adjusted for inflation. The quarter-ending yield of 1.52% for the 10-Year U.S. Treasury Bond ranks in the lowest 9% of historical results over the past 20 years.Subtracting the current inflation rate from the yield results in a real yield of -5.3%; which is among the lowest levels ever seen in the U.S. Rising bond yields and/or falling inflation would cause the real bond yield to rise, however it would take significant changes for the real bond yield to turn positive again.   An ongoing dynamic of the stock market advance in 2021 has been the concentration of market indices among a handful of companies.The percentage of indices represented by the 10 largest companies reached all-time highs during the year, particularly in large cap growth indices. The previous period of all-time highs in these measures occurred in early 2000. Following 2000, concerns about valuations and heightened competition led to underperformance of many of these giant companies and better relative performance among the other stocks that lagged in the late 1990s bull market. While many of today’s mega-cap companies admittedly have strong and dominant businesses, we continue to believe that there are many other companies that offer good growth potential while also trading at reasonable valuations.   PERFORMANCE REVIEW   For the year 2021, our stock selection in the information technology and health care sectors, along with our underweight in the consumer discretionary sector, made the most positive contribution to relative returns for the year. Notable performers over the period include Fortinet (+142%), NVIDIA (+125%) and CBRE Group (+73%). On the negative side, our stock selection in the communication services sector and our underweight in the industrials sector detracted the most from our relative returns for the year. Notable underperformers include PayPal (-19%), Global Payments (-15%), and Electronic Arts (-8%). Global Payments was sold during the period.   OUTLOOK   After a robust year of performance, as we have seen in 2021, it is natural to question whether 2022 will likely be more of the same or if it will be a year of disappointing returns. While the future is unknown, we remain optimistic about 2022 and would point out that, historically, a year of strong market returns generally has not been followed by a negative year. In fact, following a solid 20%+ year for stocks, the probability of a further positive return in the following year historically has been 84.2%, which is slightly higher than the probability of a positive year over all periods.   Intermittent periods of market volatility will undoubtedly reoccur in 2022 as we deal with inflation risks, COVID risks, and the ongoing business cycle. However, we remain confident that our approach to identifying high-quality, reasonably priced growth companies will continue to deliver good long-term returns for patient investors.   The views expressed represent the opinions of Renaissance Investment Management and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

4

    AMG Renaissance Large Cap Growth Fund

     Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

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

The table below shows the average annual total returns for the AMG Renaissance Large Cap Growth Fund and the Russell 1000^® Growth Index for the same time periods ended December 31,2021.

Average Annual Total Returns1	One Year			Five Years			Ten Years
AMG Renaissance Large Cap Growth Fund2, 3, 4, 5, 6
Class N		30.02	%		19.70	%		17.34	%
Class I		30.30	%		20.01	%		17.69	%
Class Z		30.54	%		20.13	%		17.84	%
Russell 1000® Growth Index7		27.60	%		25.32	%		19.79	%

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.

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

³  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.

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

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 Russell 1000^® Growth Index is a market capitalization weighted index that measures the performance of those Russell 1000^® companies with higher price-to-book ratios and higher forecasted growth values. Unlike the Fund, the Russell 1000^® Growth Index is unmanaged, is not available for investment and does not incur expenses.

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

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

5

     AMG Renaissance Large Cap Growth Fund

      Fund Snapshots (unaudited)

       December 31, 2021

PORTFOLIO BREAKDOWN

Sector	%of Net Assets
Information Technology		36.4
Health Care		18.9
Industrials		14.5
Consumer Discretionary		12.4
Communication Services		5.8
Materials		3.5
Financials		1.9
Consumer Staples		1.8
Real Estate		1.8
Energy		1.6
Short-Term Investments		1.5
Other Assets Less Liabilities		(0.1	)

TOP TEN HOLDINGS

Security Name	%of Net Assets
Apple, Inc.	3.5
Microsoft Corp.	3.0
Alphabet, Inc., Class A	2.9
NVIDIA Corp.	2.3
Amazon.com, Inc.	2.1
Fortinet, Inc.	2.0
Amphenol Corp., Class A	2.0
Motorola Solutions, Inc.	1.9
Cadence Design Systems, Inc.	1.9
UnitedHealth Group, Inc.	1.9
Top Ten as a Group	23.5

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.

6

     AMG Renaissance Large Cap Growth Fund

    Schedule of Portfolio Investments

      December 31, 2021

	Shares		Value
Common Stocks - 98.6%
Communication Services - 5.8%
Alphabet, Inc., Class A*		1,112		$3,221,509
Electronic Arts, Inc.		10,697		1,410,934
Meta Platforms, Inc.*		5,762		1,938,049
Total Communication Services				6,570,492
Consumer Discretionary - 12.4%
Amazon.com, Inc.*		722		2,407,394
Dollar General Corp.		7,592		1,790,421
The Home Depot, Inc.		4,931		2,046,414
Lowe’s Cos., Inc.		7,802		2,016,661
O’Reilly Automotive, Inc.*		2,866		2,024,055
Ross Stores, Inc.		13,886		1,586,892
Ulta Beauty, Inc.*		5,100		2,102,934
Total Consumer Discretionary				13,974,771
Consumer Staples - 1.8%
The Procter & Gamble Co.		12,390		2,026,756
Energy - 1.6%
EOG Resources, Inc.		20,747		1,842,956
Financials - 1.9%
S&P Global, Inc.		4,410		2,081,211
Health Care - 18.9%
Abbott Laboratories		13,997		1,969,938
AmerisourceBergen Corp.		14,655		1,947,503
Danaher Corp.		6,345		2,087,569
HCA Healthcare, Inc.		7,638		1,962,355
Horizon Therapeutics PLC*		16,368		1,763,816
Johnson & Johnson		10,992		1,880,401
PerkinElmer, Inc.		10,340		2,078,960
Thermo Fisher Scientific, Inc.		3,149		2,101,139
UnitedHealth Group, Inc.		4,299		2,158,700
Vertex Pharmaceuticals, Inc.*		6,055		1,329,678
Zoetis, Inc.		8,512		2,077,183
Total Health Care				21,357,242
Industrials - 14.5%
3M Co.		8,988		1,596,538
Booz Allen Hamilton Holding Corp.		18,162		1,539,956
Cintas Corp.		4,534		2,009,333
Donaldson Co., Inc.		27,761		1,645,117
Illinois Tool Works, Inc.		7,506		1,852,481
Roper Technologies, Inc.		3,863		1,900,055
Union Pacific Corp.		7,905		1,991,507
Vertiv Holdings Co.		69,363		1,731,994

	Shares		Value
Waste Management, Inc.		12,557		$2,095,763
Total Industrials				16,362,744
Information Technology - 36.4%
Accenture PLC, Class A (Ireland)		4,888		2,026,320
Adobe, Inc.*		2,869		1,626,895
Akamai Technologies, Inc.*		17,129		2,004,778
Amphenol Corp., Class A		24,954		2,182,477
Apple, Inc.		22,032		3,912,222
Cadence Design Systems, Inc.*		11,624		2,166,132
CDW Corp.		9,904		2,028,141
Fortinet, Inc.*		6,354		2,283,628
Genpact, Ltd.		37,908		2,012,157
KLA Corp.		4,880		2,098,937
Lam Research Corp.		2,845		2,045,982
Mastercard, Inc., Class A		5,249		1,886,071
Microsoft Corp.		10,141		3,410,621
Motorola Solutions, Inc.		8,000		2,173,600
NVIDIA Corp.		8,899		2,617,285
PayPal Holdings, Inc.*		6,284		1,185,037
ServiceNow, Inc.*		2,920		1,895,401
Texas Instruments, Inc.		9,349		1,762,006
Visa, Inc., Class A1		7,752		1,679,936
Total Information Technology				40,997,626
Materials - 3.5%
Martin Marietta Materials, Inc.		4,772		2,102,161
RPM International, Inc.		18,283		1,846,583
Total Materials				3,948,744
Real Estate - 1.8%
CBRE Group, Inc., Class A*		18,595		2,017,743
Total Common Stocks
(Cost $59,735,888)				111,180,285
Short-Term Investments - 1.5%
Other Investment Companies - 1.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%2		563,264		563,264
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%2		563,265		563,265
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%2		580,334		580,334
Total Short-Term Investments
(Cost $1,706,863)				1,706,863
Total Investments - 100.1%
(Cost $61,442,751)				112,887,148

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

7

     AMG Renaissance Large Cap Growth Fund

     Schedule of Portfolio Investments (continued)

		Value
Other Assets, less Liabilities - (0.1)%		$(77,008)
Net Assets - 100.0%	$	112,810,140

* Non-income producing security.

¹  Some of these securities, amounting to $1,663,033 or 1.5% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

²  Yield shown represents the December 31,2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

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

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†		$111,180,285		–		–		$111,180,285
Short-Term Investments
Other Investment Companies		1,706,863		–		–		1,706,863
Total Investments in Securities		$112,887,148		–		–		$112,887,148

^†  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.

8

    Statement of Assets and Liabilities

     December 31, 2021

	AMG Renaissance Large Cap     Growth Fund
Assets:
Investments at value1 (including securities on loan valued at $1,663,033)		$112,887,148
Dividend and interest receivables		26,909
Securities lending income receivable		240
Receivable for Fund shares sold		54,138
Receivable from affiliate		7,443
Prepaid expenses and other assets		6,881
Total assets		112,982,759
Liabilities:
Payable for Fund shares repurchased		18,328
Accrued expenses:
Investment advisory and management fees		46,972
Administrative fees		14,031
Distribution fees		16,501
Shareholder service fees		7,992
Other		68,795
Total liabilities		172,619
Net Assets		$112,810,140
1 Investments at cost		$61,442,751

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

9

    Statement of Assets and Liabilities (continued)

	AMG Renaissance Large Cap     Growth Fund
Net Assets Represent:
Paid-in capital		$58,812,171
Total distributable earnings		53,997,969
Net Assets		$112,810,140
Class N:
Net Assets		$79,490,005
Shares outstanding		4,317,856
Net asset value, offering and redemption price per share		$18.41
Class I:
Net Assets		$12,599,199
Shares outstanding		676,189
Net asset value, offering and redemption price per share		$18.63
Class Z:
Net Assets		$20,720,936
Shares outstanding		1,131,969
Net asset value, offering and redemption price per share		$18.31

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

10

    Statement of Operations

     For the fiscal year ended December 31, 2021

	AMG Renaissance Large Cap     Growth Fund
Investment Income:
Dividend income		$1,017,996	1
Securities lending income		2,652
Total investment income		1,020,648
Expenses:
Investment advisory and management fees		520,335
Administrative fees		153,231
Distribution fees - Class N		181,145
Shareholder servicing fees - Class N		63,020
Shareholder servicing fees - Class I		10,164
Professional fees		34,426
Registration fees		34,252
Custodian fees		20,279
Transfer agent fees		15,808
Reports to shareholders		15,417
Trustee fees and expenses		6,851
Miscellaneous		4,766
Total expenses before offsets		1,059,694
Expense reimbursements		(131,129	)
Expense reductions		(1,223	)
Net expenses		927,342
Net investment income		93,306
Net Realized and Unrealized Gain:
Net realized gain on investments		10,257,941
Net change in unrealized appreciation/depreciation on investments		16,697,774
Net realized and unrealized gain		26,955,715
Net increase in net assets resulting from operations		$27,049,021

¹ Includes non-recurring dividends of $116,685.

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

11

    Statements of Changes in Net Assets

     For the fiscal years ended December 31,

	AMG Renaissance Large Cap Growth Fund
	2021			2020
Increase in Net Assets Resulting From Operations:
Net investment income		$93,306			$165,608
Net realized gain on investments		10,257,941			3,147,006
Net change in unrealized appreciation/depreciation on investments		16,697,774			14,856,787
Net increase in net assets resulting from operations		27,049,021			18,169,401
Distributions to Shareholders:
Class N		(5,932,775	)		(3,165,685	)
Class I		(939,739	)		(455,440	)
Class Z		(1,617,440	)		(857,588	)
Total distributions to shareholders		(8,489,954	)		(4,478,713)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		81,815			(12,204,255)
Total increase in net assets		18,640,882			1,486,433
Net Assets:
Beginning of year		94,169,258			92,682,825
End of year		$112,810,140			$94,169,258

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

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

12

    AMG Renaissance Large Cap Growth 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		$15.31			$13.01			$10.48			$14.03			$11.86
Income (loss) from Investment Operations:
Net investment income1,2		0.00	3,4		0.01			0.06			0.06			0.08
Net realized and unrealized gain (loss) on investments		4.57			3.04			3.61			(1.09	)		2.54
Total income (loss) from investment operations		4.57			3.05			3.67			(1.03	)		2.62
Less Distributions to Shareholders from:
Net investment income		(0.00	)3		(0.02	)		(0.08	)		(0.07	)		(0.07	)
Net realized gain on investments		(1.47	)		(0.73	)		(1.06	)		(2.45	)		(0.38	)
Total distributions to shareholders		(1.47	)		(0.75	)		(1.14	)		(2.52	)		(0.45	)
Net Asset Value, End of Year		$18.41			$15.31			$13.01			$10.48			$14.03
Total Return2,5		30.02	%		23.54	%		35.16	%		(7.23)	%		22.03	%
Ratio of net expenses to average net assets6		1.00	%		1.00	%		1.00	%7		1.00	%		1.02	%
Ratio of gross expenses to average net assets8		1.13	%		1.19	%		1.17	%		1.12	%		1.16	%
Ratio of net investment income to average net assets2		0.00	%9		0.10	%		0.48	%		0.45	%		0.59	%
Portfolio turnover		18	%		28	%		40	%		38	%		33	%
Net assets end of year (000’s) omitted		$79,490			$67,688			$63,900			$54,595			$70,781

13

    AMG Renaissance Large Cap Growth 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		$15.48			$13.14			$10.58			$14.17			$11.94
Income (loss) from Investment Operations:
Net investment income1,2		0.04	4		0.05			0.09			0.10			0.11
Net realized and unrealized gain (loss) on investments		4.62			3.07			3.64			(1.11)			2.58
Total income (loss) from investment operations		4.66			3.12			3.73			(1.01)			2.69
Less Distributions to Shareholders from:
Net investment income		(0.04	)		(0.05	)		(0.11	)		(0.13)			(0.08	)
Net realized gain on investments		(1.47	)		(0.73	)		(1.06	)		(2.45)			(0.38	)
Total distributions to shareholders		(1.51	)		(0.78	)		(1.17	)		(2.58)			(0.46	)
Net Asset Value, End of Year		$18.63			$15.48			$13.14			$10.58			$14.17
Total Return2,5		30.30	%		23.90	%		35.42	%		(7.00)	%		22.46	%
Ratio of net expenses to average net assets6		0.75	%		0.75	%		0.75	%7		0.74	%		0.76	%
Ratio of gross expenses to average net assets8		0.88	%		0.94	%		0.92	%		0.86	%		0.90	%
Ratio of net investment income to average net assets2		0.25	%		0.35	%		0.73	%		0.71	%		0.85	%
Portfolio turnover		18	%		28	%		40	%		38	%		33	%
Net assets end of year (000’s) omitted		$12,599			$9,414			$8,410			$11,247			$13,635

14

    AMG Renaissance Large Cap Growth 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		$15.22			$12.94			$10.43			$14.00			$11.81
Income (loss) from Investment Operations:
Net investment income1,2		0.06	4		0.06			0.10			0.11			0.13
Net realized and unrealized gain (loss) on investments		4.56			3.01			3.60			(1.09	)		2.53
Total income (loss) from investment operations		4.62			3.07			3.70			(0.98	)		2.66
Less Distributions to Shareholders from:
Net investment income		(0.06	)		(0.06	)		(0.13	)		(0.14	)		(0.09	)
Net realized gain on investments		(1.47	)		(0.73	)		(1.06)			(2.45	)		(0.38	)
Total distributions to shareholders		(1.53	)		(0.79	)		(1.19	)		(2.59	)		(0.47	)
Net Asset Value, End of Year		$18.31			$15.22			$12.94			$10.43			$14.00
Total Return2,5		30.54	%		23.90	%		35.58	%		(6.88)	%		22.50	%
Ratio of net expenses to average net assets6		0.66	%		0.66	%		0.66	%7		0.66	%		0.65	%
Ratio of gross expenses to average net assets8		0.79	%		0.85	%		0.83	%		0.78	%		0.79	%
Ratio of net investment income to average net assets2		0.34	%		0.44	%		0.82	%		0.79	%		0.96	%
Portfolio turnover		18	%		28	%		40	%		38	%		33	%
Net assets end of year (000’s) omitted		$20,721			$17,068			$20,372			$39,149			$100,840

¹  Per share numbers have been calculated using average shares.

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

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

⁴  Includes non-recurring dividends. Without these dividends, net investment income per share would have been $(0.02), $0.02, and $0.04 for Class N, Class I and Class Z, respectively.

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

⁶  Includes reduction from broker recapture amounting to less than 0.01% for the fiscal years ended December 31,2021 and 2020, respectively, 0.01% for the fiscal years ended 2019 and 2018, and less than 0.01% for the fiscal years ended 2017.

⁷  Includes interest expense of 0.01% of average net assets.

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

⁹  Less than 0.005%.

15

    Notes to Financial Statements

    December 31, 2021

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the “Trust”) is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report is AMG Renaissance Large Cap Growth Fund (the “Fund”).

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

Stocks in the information technology sector comprise a significant portion of the Fund’s portfolio at December 31,2021. The information technology sector may be affected by technological obsolescence, short product cycles, falling prices and profits, competitive pressures and general market conditions.

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

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

a. VALUATION OF INVESTMENTS

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

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

The Fund’s portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services approved by the Board of Trustees of the Trust (the “Board”). Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the Board. The Valuation Committee, which is comprised of the Independent Trustees of the Board, and the Pricing Committee, which is comprised of representatives from AMG Funds LLC (the “Investment Manager”) are the committees appointed by the Board to make fair value determinations. The Fund may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Board’s valuation procedures, if the Investment Manager or the Pricing Committee believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Pricing Committee and, if required under the Trust’s securities valuation procedures, the Valuation Committee, seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

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

With respect to foreign equity securities and certain foreign fixed income securities, the Board has adopted a policy that securities held in the Fund that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

16

    Notes to Financial Statements (continued)

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

The Fund had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Fund’s overall expense ratio. For the fiscal year ended December 31,2021, the impact on the expenses and expense ratios was $1,223 or less than 0,01%.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax regulations,which may differ from net investment income and net realized capital gains for

financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. There were no permanent differences during the year. Temporary differences are primarily due to 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:

Distributions paid from:		2021		2020
Ordinary income *		$650,288		$1,676,946
Long-term capital gains		7,839,666		2,801,767
	$8,489,954		$4,478,713

* 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:

Undistributed ordinary income	$1,174
Undistributed long-term capital gains	2,636,880

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

Cost	Appreciation		Depreciation			Net Appreciation
$61,527,233		$52,082,752		$	(722,837)		$51,359,915

e. FEDERAL TAXES

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

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

Management has analyzed the Fund’s tax positions taken on federal income tax returns 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 Fund’s financial statements. Additionally, Management is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

17

    Notes to Financial Statements (continued)

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31,2021, the Fund had no capital loss carryovers for federal income tax purposes. Should the Fund incur net capital losses for the fiscal year ended 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.

g. CAPITAL STOCK

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

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

	December 31,2021						December 31,2020
	Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		109,927			$1,898,528			138,072			$1,853,574
Reinvestment of distributions		285,234			5,162,738			183,443			2,751,642
Cost of shares repurchased		(498,953	)		(8,443,388	)		(812,630	)		(10,739,022	)
Net decrease		(103,792	)		$(1,382,122	)		(491,115	)		$(6,133,806	)
Class I:
Proceeds from sale of shares		119,211			$1,986,733			73,197			$1,017,666
Reinvestment of distributions		51,218			937,805			29,973			454,395
Cost of shares repurchased		(102,506	)		(1,728,236	)		(134,946	)		(1,747,645	)
Net increase (decrease)		67,923			$1,196,302			(31,776	)		$(275,584	)
Class Z:
Proceeds from sale of shares		70,562			$1,224,341			65,584			$863,276
Reinvestment of distributions		85,595			1,539,857			54,130			807,081
Cost of shares repurchased		(145,277	)		(2,496,563	)		(573,413	)		(7,465,222	)
Net increase (decrease)		10,880			$267,635			(453,699	)		$(5,794,865	)

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

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

At December 31,2021, the Fund had no Repurchase Agreements outstanding.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

The Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. retail distribution arm of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Fund and is responsible for the Fund’s overall administration and operations. The Investment Manager selects one or more subadvisers for the Fund (subject to Board approval) and monitors each subadviser’s investment performance, security holdings and investment strategies. The Fund’s investment portfolio is managed by The Renaissance Group LLC (“Renaissance”) who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in Renaissance.

Investment management fees are paid directly by the Fund to the Investment Manager based on average daily net assets. For the fiscal year ended December 31,2021, the Fund’s investment management fee was paid at the following annual rates of the Fund’s average daily net assets:

18

    Notes to Financial Statements (continued)

on the first $50 million	0.55	%
on the next $25 million	0.50	%
on the next $25 million	0.45	%
on balance over $100 million	0.40	%

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) to the annual rate of 0.66% of the Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Fund in certain circumstances.

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

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

At December 31,2021, the Fund’s expiration of reimbursements subject to recoupment is as follows:

Expiration Period
Less than 1 year	$159,989
1-2 years	164,987
2-3 years	131,129
Total	$456,105

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

The Fund is distributed by AMG Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and

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

The Fund has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, the Fund may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of the Fund’s Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorized payments to the Distributor up to 0.25% annually of the Fund’s average daily net assets attributable to the Class N shares.

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

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

	Maximum Annual			Actual
	Amount			Amount
	Approved			Incurred
Class N		0.15	%		0.09%
Class I		0.15	%		0.09%

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

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are

19

    Notes to Financial Statements (continued)

included on the Statement of Operations as interest income and interest expense, respectively. At December 31,2021, the Fund had no interfund loans outstanding.

The Fund did not utilize the interfund loan program during the fiscal year ended December 31, 2021,

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 $18,440,514 and $27,829,664, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the fiscal year ended December 31,2021.

4. PORTFOLIO SECURITIES LOANED

The Fund participates in the Program providing for the lending of securities to qualified borrowers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the Fund, according to agreed-upon rates. Collateral on all securities loaned is accepted in cash, U.S. Treasury Obligations or U.S. Government Agency Obligations. Collateral is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Fund’s policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Fund is indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements for that cash collateral. 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:

Securities Loaned	Cash Collateral Received		Securities Collateral Received	Total Collateral Received
$1,663,033		—	$1,705,418	$1,705,418

The following table summarizes the securities received as collateral for securities lending at December 31,2021:

Collateral Type	Coupon Range	Maturity Date Range
U.S. Treasury Obligations	0.000%-7.500%	01/31/22-08/15/51

5. COMMITMENTS AND CONTINGENCIES

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

6. MASTER NETTING AGREEMENTS

The Fund may enter into master netting agreements with its counterparties for the securities lending program and Repurchase Agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4. At December 31,2021, the Fund had no repurchase agreements outstanding.

7. SUBSEQUENT EVENTS

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

20

    Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF AMG FUNDS AND SHAREHOLDERS OF AMG RENAISSANCE

LARGE CAP GROWTH FUND

Opinions on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AMG Renaissance Large Cap Growth Fund (one of the funds constituting AMG Funds, referred to hereafter as the “Fund”) as of December 31,2021, the related statement 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 five years in the period ended December 31,2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2021, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31,2021 and the financial highlights for each of the five years in the period ended December 31,2021 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of 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 audit provides a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24,2022

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

21

    Other Information (unaudited)

TAX INFORMATION

AMG Renaissance Large Cap Growth Fund hereby designates the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2021 Form 1099-DIV you receive for the Fund will show the tax status of all distributions paid to you during the year.

Pursuant to section 852 of the Internal Revenue Code, AMG Renaissance Large Cap Growth Fund hereby designates $7,839,666 as a capital gain distribution with respect to the taxable fiscal year ended December 31,2021, or if subsequently determined to be different, the net capital gains of such year.

22

    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 Fund. The Trustees are experienced executives who meet periodically throughout the year to oversee the Fund’s activities, review contractual arrangements with companies that provide services to the Fund, and review the Fund’s 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 • 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 • Oversees 46 Funds in Fund Complex	Kurt A. Keilhacker, 58 Managing Partner, TechFund Europe (2000-Present); Managing Partner, TechFund Capital (1997-Present); Managing Partner, Elementum Ventures (2013-Present); Director, MetricStory, Inc. (2017-Present); Trustee, Wheaton College (2018-Present); Trustee, Gordon College (2001-2016); Board Member, 6wind SA (2002-2019).
• Trustee since 2000 • Oversees 42 Funds in Fund Complex	Steven J. Paggioli, 71 Independent Consultant (2002-Present); Trustee, Professionally Managed Portfolios (28 portfolios); Advisory Board Member, Sustainable Growth Advisors, LP; Independent Director, Muzinich BDC, Inc. (business development company) (2019-Present); Director, The Wadsworth Group; Independent Director, Chase Investment Counsel (2008-2019); Executive Vice President, Secretary and Director, Investment Company Administration, LLC and First Fund Distributors, INC. (1990-2001).
• Independent Chairman • Trustee since 2000 • Oversees 46 Funds in Fund Complex	Eric Rakowski, 63 Professor of Law, University of California at Berkeley School of Law (1990-Present); Tax Attorney at Davis Polk & Wardwell and clerked for Judge Harry T. Edwards of the U.S. Court of Appeals for the District of Columbia Circuit and for Justice William J. Brennan Jr. of the U.S. Supreme Court; Director of Harding, Loevner Funds, Inc. (10 portfolios); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019).
• Trustee since 2013 • Oversees 46 Funds in Fund Complex	Victoria L. Sassine, 56 Adjunct Professor, Babson College (2007-Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-Present); Chairperson of the Board of Directors of Business Management Associates (2018 to 2019).
• Trustee since 2004 • 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).

23

    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 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).
• 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).

24

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   The Renaissance Group LLC 625 Eden Park Drive, Suite 1200 Cincinnati, OH 45202 CUSTODIAN   The Bank of New York Mellon Mutual Funds Custody 6023 Airport Road Oriskany, NY 13424   LEGAL COUNSEL   Ropes & Gray LLP Prudential Tower, 800 Boylston Street Boston, MA 02199-3600   TRANSFER AGENT   BNY Mellon Investment Servicing (US) Inc. Attn: AMG Funds 4400 Computer Drive Westborough, MA 01581 800.548.4539 This report is prepared for the Fund’s shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.   Current net asset values per share for the Fund are available on the Fund’s website at amgfunds.com.   A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission’s (SEC) website at sec.gov. For information regarding the Fund’s proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.   The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Fund’s portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Fund’s website at amgfunds.com. To review a complete list of the Fund’s portfolio holdings, or to view the most recent semiannual report or annual report, please visit amgfunds.com.

      amgfunds.com                |

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

      amgfunds.com                | 123121             AR024

ANNUAL REPORT

AMG Funds

December 31, 2021

AMG TimesSquare Small Cap Growth Fund

Class N: TSCPX    |    Class I: TSQIX    |    Class Z: TSCIX

AMG TimesSquare Mid Cap Growth Fund

Class N: TMDPX    |    Class I: TQMIX    |    Class Z: TMDIX

AMG TimesSquare International Small Cap Fund

Class N: TCMPX    |    Class I: TQTIX    |    Class Z: TCMIX

AMG TimesSquare Emerging Markets Small Cap Fund

Class N: TQENX    |    Class I: TQEIX    |    Class Z: TQEZX

AMG TimesSquare Global Small Cap Fund

Class N: TSYNX    |    Class I: TSYIX    |    Class Z: TSYZX

  amgfunds.com            |   123121           AR012

    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 TimesSquare Small Cap Growth Fund		4
AMG TimesSquare Mid Cap Growth Fund		11
AMG TimesSquare International Small Cap Fund		17
AMG TimesSquare Emerging Markets Small Cap Fund		25
AMG TimesSquare Global Small Cap Fund		33
FINANCIAL STATEMENTS
Statement of Assets and Liabilities		41
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations		43
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal year
Statements of Changes in Net Assets		44
Detail of changes in assets for the past two fiscal years
Financial Highlights		46
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements		61
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		70
OTHER INFORMATION		71
TRUSTEES AND OFFICERS		72

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,

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.

2

    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 TimesSquare Small Cap Growth Fund
Based on Actual Fund Return
Class N	1.19%	$1,000	$1,007	$6.02
Class I	1.08%	$1,000	$1,007	$5.46
Class Z	0.99%	$1,000	$1,008	$5.01
Based on Hypothetical 5% Annual Return
Class N	1.19%	$1,000	$1,019	$6.06
Class I	1.08%	$1,000	$1,020	$5.50
Class Z	0.99%	$1,000	$1,020	$5.04
AMG TimesSquare Mid Cap Growth Fund
Based on Actual Fund Return
Class N	1.18%	$1,000	$1,061	$6.13
Class I	1.03%	$1,000	$1,061	$5.35
Class Z	0.98%	$1,000	$1,062	$5.09
Based on Hypothetical 5% Annual Return
Class N	1.18%	$1,000	$1,019	$6.01
Class I	1.03%	$1,000	$1,020	$5.24
Class Z	0.98%	$1,000	$1,020	$4.99
AMG TimesSquare International Small Cap Fund
Based on Actual Fund Return
Class N	1.23%	$1,000	$967	$6.10
Class I	1.08%	$1,000	$968	$5.36
Class Z	0.98%	$1,000	$968	$4.86
Based on Hypothetical 5% Annual Return
Class N	1.23%	$1,000	$1,019	$6.26
Class I	1.08%	$1,000	$1,020	$5.50
Class Z	0.98%	$1,000	$1,020	$4.99

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 TimesSquare Emerging Markets Small Cap Fund
Based on Actual Fund Return
Class N	1.65%	$1,000	$902	$7.91
Class I	1.26%	$1,000	$904	$6.05
Class Z	1.25%	$1,000	$904	$6.00
Based on Hypothetical 5% Annual Return
Class N	1.65%	$1,000	$1,017	$8.39
Class I	1.26%	$1,000	$1,019	$6.41
Class Z	1.25%	$1,000	$1,019	$6.36
AMG TimesSquare Global Small Cap Fund
Based on Actual Fund Return
Class N	1.25%	$1,000	$1,026	$6.38
Class I	1.00%	$1,000	$1,026	$5.11
Class Z	1.00%	$1,000	$1,026	$5.11
Based on Hypothetical 5% Annual Return
Class N	1.25%	$1,000	$1,019	$6.36
Class I	1.00%	$1,000	$1,020	$5.09
Class Z	1.00%	$1,000	$1,020	$5.09

* 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.

3

    AMG TimesSquare Small Cap Growth Fund

    Portfolio Manager’s Comments (unaudited)

The Year In Review   For the year ended December 31, 2021, AMG TimesSquare Small Cap Growth Fund (the “Fund”) Class N shares returned 6.72%, while its benchmark, the Russell 2000^® Growth Index, returned 2.83%.   2021 began with the expectation that vaccinations would reduce COVID-19’s grip on the economy and our collective psyche. For a time we progressed along that course and looked forward to a return to normal by the summer. However, varying levels of vaccinations, changing mandates, and the late-year emergence of new COVID variants created a sense of “dèjà vu all over again” by the close of the year. More consistent in 2021 was the steady increase of global inflation for consumers and producers, typically coupled with ongoing supply chain woes. Despite that, global equity markets posted double-digit gains for the year, led by the U.S. with 26% followed by developed non-U.S. at 11%, though emerging markets dipped by (3)% (however, small cap emerging markets increased by 19%.)   In the U.S., the pace of economic activity increased midyear and slackened toward the end, but remained well in the expansionary range. Meanwhile, monetary policy tightened-the U.S. Federal Reserve (Fed) announced plans to taper its $120 billion monthly purchases of bonds and later increased the pace of those reductions, which could end completely as soon as March 2022. During 2021, there were better returns for larger stocks than smaller capitalizations and value outperformed growth, except for the megacap dominance with the usual FANG+ suspects. Among small-to-mid capitalization growth stocks, the energy sector was propelled by the gains in underlying commodity prices this year, and financials were also strong. Communication services lagged and weakness within the biopharma industries weighed on the health care sector-especially prevalent among smaller capitalizations. Generally there were better returns from stocks with higher quality, lower valuations, and moderate growth expectations.   Amid this environment, the Fund outperformed its benchmark for the year. There was relative weakness in the financials sector and mixed results from communication services. That was more than offset by strength from our positions in the consumer discretionary, consumer staples, information technology, industrials, and health care sectors.   Within the financial services sector, the market ignored all but the newest entrants to the business-to-business (“B2B”) payment segment. That was evident with BTRS Holdings, Inc., which provides a cloud-based integrated payments platform, known as Billtrust, to streamline B2B commerce. Its underlying fundamentals steadily improved-from its first quarter as a public company at the start of the year through its last report at year-end where revenues and earnings exceeded expectations, and guidance was increased for the subsequent quarter. But despite rising levels of revenue growth, BTRS’s shares slipped by (51)%. We felt differently about LendingTree, Inc., which we sold in December. An online marketplace for third-party consumer financial products such as loans, credit cards, and insurance, LendingTree began 2021 with disappointing results. We initially thought the impact of its investments-and higher expenses-would bear fruit later in the year. However, consumer loan growth was slower to recover. When that improved later in the year, LendingTree’s automotive insurance revenues weakened. As a result, management reduced its forward guidance and we exited our position, which was down (60)% while we held it during the year. Countering that impact was the 37% return from Focus Financial Partners, Inc. an affiliation of wealth management firms globally. Focus Financial repeatedly announced new acquisitions throughout the year that expanded its presence in the Southwest U.S., Northeast U.S., Canada, the U.K., and Australia. The company capitalized on those gains with a secondary offering near the end of the year, and while that pulled back its ascent, Focus Financial still posted significant gains.   There were mixed signals from the communication services sector. Dipping by (53)% was Bandwidth Inc., a provider of cloud-based communications platform as a service (“CPaaS”) software components allowing developers to embed voice, messaging, and emergency-related access into software and applications. The company began the year with better-than-expected results, though noted future earnings would be lower than expected with additional spending planned for marketing initiatives, platform investments, and acquisition integration. Its shares recovered midyear following a substantial increase with customer net additions. However, Bandwidth’s stock price drifted downward later in the year because some investors seemed concerned regarding how the second half of 2021 would compare to the prior year, which had an unusually high volume of political messaging activities for its customers. Gaining 61% was the cloud-based communications provider for businesses Vonage Holdings Corp. In the spring and   summer Vonage repeatedly bested expectations with significant sales growth from its CPaaS offering, where demand came from across nearly all its customer industries and geographies. Then in November, Ericsson announced plans to acquire Vonage, which gave its shares an additional lift.   Turning to areas of strength, the strategy benefited from the consumer discretionary sector this year. That included the home furnishings and decor big-box retailer At Home Group, Inc. It began 2021 by reporting accelerating sales growth from increased levels of store traffic and average ticket sizes. That led to fewer mark-downs, which expanded At Home’s gross margins. Then in May a private equity firm announced plans to acquire At Home. We sold our position, which gained 138% while we held it this year. Our position in The RealReal, Inc. did not have as compelling a year. We started the position in early January, then supply and demand dynamics steadily improved in the next few months for this online luxury consignment retailer. Midyear, RealReal’s shares began to pull back as the company saw increased expenses from new distribution operations that should improve future efficiency. Then results were below expectations, though gross merchandise value growth rates were improving, as was the gross profit per order. However, for 2021 its return was (42)%. We had a better year from the timeshare and resort management company Hilton Grand Vacations, Inc. Results started off strong with significant bookings improvement, propelled by pent-up demand for leisure travel. By midyear, many of its destinations had recovered to peak timeshare sales levels, especially those within driving distance of major population centers. Where travel was stymied, Hilton Grand found that virtual tours led to greater productivity for its sales force. Its momentum continued through the end of the year, and Hilton Grand’s shares gained 66%.   In the consumer staples sector, BJ’s Wholesale Club Holdings, Inc. rang up an 80% gain. Revenues and earnings consistently were better than expected for this warehouse club operator focused on smaller package sizes for clients that tend to live in cities or smaller homes. BJ’s benefited from renewal rates that were at historical highs for both new members and overall membership. There had been concerns in the market that inventory disruptions could weigh on BJ’s margins, though the company showed it had adapted since last year to the new environment with an upgraded product assortment, fewer suppliers with tighter relationships, and the ability to increase membership fees successfully.  

4

    AMG TimesSquare Small Cap Growth Fund

    Portfolio Manager’s Comments (continued)

There also was strength from the information technology sector. That included the year’s greatest contributor, Synaptics, Inc. A developer of human interface technologies for a variety of devices, Synaptics bested expectations for revenues and earnings. There was steady growth across all segments: mobile devices, computers, and internet of things (“loT”) connectivity. Forward guidance was also pleasing, with revenue growth expected to be led by high demand for loT-a segment with positive long-term secular trends. For 2021, Synaptics shares climbed by 181% since we initiated the position in January. Another plus was the 112% gain from Onto Innovation, Inc., which develops inspection technologies for use across the entire semiconductor fabrication process. Despite a difficult supply chain environment, revenues and earnings bested expectations repeatedly as increased semiconductor complexities required Onto’s newer and more advanced equipment. Detracting from results was the (37)% showing from Q2 Holdings, a cloud-based software solutions developer for small and medium-sized banks. Its shares slipped early in the year when despite management’s upbeat assessment on its new business pipeline, some sellside analysts became concerned about reduced revenue visibility associated with delayed customer decisions. Q2’s price recovered in the spring when results bested expectations and its outlook included the acquisition of ClickSWITCH, which facilitates digital account switching for customers. Unfortunately, toward the end of the year, the company’s backlog declined and gross margins slipped, which may limit future results in the near term. Returning to the positive was Kulicke & Soffa Industries, Inc., which designs and manufactures tools used to assemble semiconductors and related electronic assemblies. For most of the year, its results and guidance benefited from higher demand from its semiconductor and LED end markets. Volumes continued to be high toward the end of the year, though we understood its core business was tied to chip production volumes rather than new innovations. We grew concerned that Kulicke’s primary business might slow, so we exited the position in December, which had gained 95% during the year to that point.   The industrials sector also contributed to relative performance this year. At the lead was the 87% return from Zurn Water Solutions Corp., which entered the year as our Rexnord Corporation holding. Specializing in water management (“WM”) and process and motion control (“PMC”) products for end markets including industrial, energy, food and beverage, aerospace, and construction, at the start of the year Rexnord announced plans to divest the PMC business to Regal Beloit. The WM business would remain, which was a higher growth segment. That was shown with subsequent quarterly results, and in the final quarter of 2021 after the split occurred and the WM operations were renamed Zurn Water. In October we sold our position in Proto Labs, Inc., which produces rapid prototypes and low-volume parts for industrial companies using traditional mold injection and machining manufacturing techniques. While revenues were in line with expectations, earnings fell shy of them. A recent acquisition-an online platform for custom part manufacturing, providing access to a global network of manufacturing services-had lower margins than other areas of Proto Labs and weighed on the overall gross margins. That business shift led us to sell the holding, which had declined by (59)% for the prior portion of the year. We saw a better corporate move this year with ASGN Inc., which provides flexible and permanent information technology (“IT”) staffing solutions for various sectors worldwide. After the midyear divestiture of its Oxford operations, which provided staffing for the life sciences industries, ASGN focuses almost exclusively on the higher margin business of IT staffing, predominantly for commercial clients with a growing base of federal government clients. Both areas saw notable growth, and the proceeds from the Oxford sale should allow ASGN to make opportunistic acquisitions, such as a subsequent one for its federal business. All told, that led ASGN’s shares up 48% this year.   A final bastion of strength this year was the health care sector. One assist was our typical skepticism regarding the prospects for most of the biopharma companies that comprise over half the benchmark’s weight in this sector. Those industries were down more than (30)% in 2021, far worse than the benchmark’s sector average return of (22)%. Regarding specific holdings, we saw a gain of 64% from Intra-Cellular Therapies, Inc., a biopharma developer of small molecule treatments for neurological disorders. Intra-Cellular reported healthy volumes of prescriptions for its Caplyta treatment for schizophrenia. In addition, the U.S. Food & Drug Administration (the “FDA”) approved Caplyta’s supplemental new drug application for bipolar depression late in the year. This sector also was home to the strategy’s greatest detractor-ChemoCentryx, Inc. and its (81)% showing while we owned it this year. A biotechnology developer of treatments for an autoimmune disease affecting small blood vessels, ChemoCentryx had several drug candidates nearing approval, including Avacopan, which had strong clinical data and independent research supporting its novel treatment. However, in May the FDA’s preliminary advisory committee’s briefing was more negative than expected and raised issues with the trial that the FDA originally designed and approved. With the path to approval delayed-and far from certain-we sold our position. A better reception was offered to the medical device developer of insulin pumps for diabetes patients Tandem Diabetes Care, Inc. Sales growth accelerated several times this year, as the company’s sales representatives were able to resume in-person sales meetings over the summer. That lifted its shares by 57%.   Looking forward in 2022, this year brings another set of opportunities and risks. Globally, the current wave of COVID-19 cases should ebb, though the possibility of future variants may change its status from pandemic to endemic. In addition, the world will grapple with higher inflation-both from materials and labor costs-and a fragile global supply chain may also become an enduring feature of the economic landscape. Expectations of further monetary tightening may create headwinds for the equity markets, especially if new fiscal stimulus measures fail to take shape. However, the investment terrain always shifts, which is why ongoing reevaluation of bottom-up opportunities is critical, and is where we focus our energies. As always, we are available for any questions you might have as we endeavor to protect the assets you have entrusted with us.   The views expressed represent the opinions of TimesSquare Capital Management, LLC and are not intended as a forecast or guarantee of future results, and are subject to change without notice.  

5

    AMG TimesSquare Small Cap Growth Fund

    Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG TimesSquare Small Cap Growth Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. This graph compares a hypothetical $10,000 investment made in the AMG TimesSquare Small Cap Growth Fund’s Class N shares on December 31, 2011 to a $10,000 investment made in the Russell 2000^® Growth Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

The table below shows the average annual total returns for the AMG TimesSquare Small Cap Growth Fund and the Russell 2000^® Growth 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 TimesSquare Small Cap Growth Fund2, 3, 4, 5, 6
Class N	6.72	%	16.33	%	14.18	%	10.05	%	01/21/00
Class I	6.81	%	—		—		16.04	%	02/24/17
Class Z	6.91	%	16.57	%	14.41	%	10.22	%	01/21/00
Russell 2000® Growth Index7	2.83	%	14.53	%	14.14	%	6.25	%	01/21/00†

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

⁷  The Russell 2000^@ Growth Index measures the performance of the Russell 2000^® companies with higher price-to-book ratios and higher forecasted growth values. Unlike the Fund, the Russell 2000^@ Growth Index is unmanaged, is not available for investment, and does not incur expenses.

The Russell 2000^® Growth Index is a trademark of the London Stock Exchange Group companies.

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

6

    AMG TimesSquare Small Cap Growth Fund

    Fund Snapshots (unaudited)

    December 31, 2021

PORTFOLIO BREAKDOWN
Sector	% of Net Assets
Information Technology	27.5
Industrials	19.6
Health Care	17.6
Consumer Discretionary	15.3
Financials	7.3
Exchange Traded Funds	2.8
Consumer Staples	2.8
Communication Services	2.0
Real Estate	1.4
Utilities	0.6
Short-Term Investments1	8.4
Other Assets Less Liabilities2	(5.3)

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

²  Includes repayment of cash collateral on security lending transactions.

TOP TEN HOLDINGS
Security Name	% of Net Assets
iShares Russell 2000 Growth ETF	2.8
ASGN, Inc.	2.1
Sailpoint Technologies Holdings, Inc.	2.0
Onto Innovation, Inc.	2.0
EMCOR Group, Inc.	1.9
The AZEK Co., Inc.	1.9
New Relic, Inc.	1.9
Blueprint Medicines Corp.	1.7
WNS Holdings, Ltd., ADR (India)	1.7
National Vision Holdings, Inc.	1.7
Top Ten as a Group	19.7

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

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

7

    AMG TimesSquare Small Cap Growth Fund

    Schedule of Portfolio Investments

    December 31, 2021

	Shares		Value
Common Stocks - 94.1%
Communication Services - 2.0%
Bandwidth, Inc., Class A*,1		20,000		$1,435,200
CuriosityStream, Inc.*,1		274,565		1,628,171
Integral Ad Science Holding Corp.*,1		234,000		5,197,140
Total Communication Services				8,260,511
Consumer Discretionary - 15.3%
Boot Barn Holdings, Inc.*		28,000		3,445,400
Callaway Golf Co.*,1		185,000		5,076,400
F45 Training Holdings, Inc.*,1		142,000		1,546,380
Global-e Online, Ltd. (Israel)*		62,500		3,961,875
Hilton Grand Vacations, Inc.*		93,000		4,846,230
Leslie’s, Inc.*		270,000		6,388,200
Malibu Boats, Inc., Class A*		39,000		2,680,470
MYT Netherlands Parent, B.V. (Germany)*,1		123,300		2,615,193
National Vision Holdings, Inc.*,1		145,500		6,982,545
OneSpaWorld Holdings, Ltd. (Bahamas)*,1		310,000		3,106,200
Planet Fitness, Inc., Class A*		59,000		5,344,220
PowerSchool Holdings, Inc., Class A*,1		173,000		2,849,310
The RealReal, Inc.*,1		297,000		3,448,170
Rush Street Interactive, Inc.*		166,600		2,748,900
Visteon Corp.*		37,300		4,145,522
Wingstop, Inc.		21,000		3,628,800
Total Consumer Discretionary				62,813,815
Consumer Staples - 2.8%
BJ’s Wholesale Club Holdings, Inc.*		80,000		5,357,600
The Simply Good Foods Co.*		125,000		5,196,250
The Vita Coco Co., Inc.*,1		100,000		1,117,000
Total Consumer Staples				11,670,850
Financials - 7.3%
Bakkt Holdings, Inc.*		119,900		1,020,349
Evercore, Inc., Class A		26,000		3,532,100
Focus Financial Partners, Inc., Class A*		105,000		6,270,600
Hamilton Lane, Inc., Class A		42,100		4,362,402
MVB Financial Corp.		116,181		4,823,835
Silvergate Capital Corp., Class A*		29,000		4,297,800
Victory Capital Holdings, Inc., Class A		157,500		5,753,475
Total Financials				30,060,561
Health Care - 17.6%
Adaptive Biotechnologies Corp.*		65,000		1,823,900
Addus HomeCare Corp.*		31,200		2,917,512
Arcus Biosciences, Inc.*		80,000		3,237,600
AtriCure, Inc.*		65,000		4,519,450

	Shares		Value
BioLife Solutions, Inc.*		54,300		$2,023,761
Blueprint Medicines Corp.*		67,000		7,176,370
Certara, Inc.*,1		36,800		1,045,856
Codex DNA, Inc.*,1		73,500		793,800
GH Research PLC (Ireland)*,1		59,800		1,395,134
Inspire Medical Systems, Inc.*1		19,400		4,463,164
Intra-Cellular Therapies, Inc.*1		102,000		5,338,680
LHC Group, Inc.*		30,000		4,116,900
NanoString Technologies, Inc.*		67,200		2,837,856
NexImmune, Inc.*		10,100		46,561
Outset Medical, Inc.*		75,000		3,456,750
Phreesia, Inc.*		92,500		3,853,550
PTC Therapeutics, Inc.*,1		78,500		3,126,655
Pulmonx Corp.*,1		92,900		2,979,303
Shockwave Medical, Inc.*		17,000		3,031,610
Silk Road Medical, Inc.*		69,800		2,974,178
STAAR Surgical Co.*		30,300		2,766,390
Tandem Diabetes Care, Inc.*		26,500		3,988,780
Tarsus Pharmaceuticals, Inc.*,1		77,500		1,743,750
Taysha Gene Therapies, Inc.*,1		77,000		897,050
Treace Medical Concepts, Inc.*		106,900		1,992,616
Total Health Care				72,547,176
Industrials - 19.6%
ACV Auctions, Inc., Class A*		100,000		1,884,000
ASGN, Inc.*		71,300		8,798,420
The AZEK Co., Inc.*		166,500		7,698,960
Casella Waste Systems, Inc., Class A*		79,300		6,773,806
Driven Brands Holdings, Inc.*		161,000		5,412,820
EMCOR Group, Inc.		62,500		7,961,875
Exponent, Inc.		34,500		4,027,185
First Advantage Corp.*		60,400		1,150,016
Hexcel Corp.*		93,900		4,864,020
RBC Bearings, Inc.*		18,500		3,736,445
Regal Rexnord Corp.		39,000		6,637,020
Saia, Inc.*		6,300		2,123,289
Sterling Check Corp.*		80,800		1,657,208
Sun Country Airlines Holdings, Inc.*		117,000		3,188,250
Tetra Tech, Inc.		35,500		6,027,900
WillScot Mobile Mini Holdings Corp.*		100,000		4,084,000
Zurn Water Solutions Corp.		132,500		4,823,000
Total Industrials				80,848,214
Information Technology - 27.5%
908 Devices, Inc.*		47,600		1,231,412

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

8

    AMG TimesSquare Small Cap Growth Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Information Technology - 27.5% (continued)
Allegro MicroSystems, Inc.*		175,000		$6,331,500
Azenta, Inc.		40,000		4,124,400
BTRS Holdings, Inc., Class A*		605,078		4,731,710
Enfusion, Inc., Class A*		180,000		3,769,200
Envestnet, Inc.*		60,000		4,760,400
Evo Payments, Inc., Class A*		132,500		3,392,000
ExlService Holdings, Inc.*		33,000		4,777,410
JFrog, Ltd. (Israel)*		70,000		2,079,000
Littelfuse, Inc.		6,000		1,888,080
MACOM Technology Solutions Holdings, Inc.*		35,200		2,756,160
New Relic, Inc.*		70,000		7,697,200
nLight, Inc.*		181,500		4,346,925
Onto Innovation, Inc.*		80,000		8,098,400
Paycor HCM, Inc.*,1		203,900		5,874,359
Q2 Holdings, Inc.*		57,000		4,528,080
Repay Holdings Corp,*,1		147,700		2,698,479
Sailpoint Technologies Holdings, Inc.*		170,000		8,217,800
SEMrush Holdings, Inc., Class A*		50,000		1,042,500
Smartsheet, Inc., Class A*		77,000		5,963,650
Sprout Social, Inc., Class A*		41,000		3,718,290
Synaptics, Inc.*		23,500		6,803,485
Vertex, Inc., Class A*1		119,500		1,896,465
WNS Holdings, Ltd., ADR (India)*		79,500		7,013,490
Workiva, Inc.*,1		43,000		5,611,070
Total Information Technology				113,351,465
Real Estate - 1.4%
Kennedy-Wilson Holdings, Inc.1		230,000		5,492,400
Utilities - 0.6%
Sunnova Energy International, Inc.*,1		89,500		2,498,840
Total Common Stocks
(Cost $290,927,286)				387,543,832
Exchange Traded Funds - 2.8%
iShares Russell 2000 Growth ETF1 (Cost $12,035,262)		40,000		11,722,000

	Principal Amount		Value
Short-Term Investments - 8.4%
Joint Repurchase Agreements - 5.0%2
Cantor Fitzgerald Securities, Inc., dated 12/31/21, due 01/03/22, 0.050% total to be received $4,837,620 (collateralized by various U.S. Government Agency Obligations, 0.000% - 9.000%, 02/01/22 - 07/20/71, totaling $4,934,352)	$	4,837,600		$4,837,600
Citadel Securities LLC, dated 12/31/21, due 01/03/22, 0.070% total to be received $4,080,347 (collateralized by various U.S. Treasuries, 0.000% - 7.250%, 01/04/22 - 11/15/51, totaling $4,161,954)		4,080,323		4,080,323
HSBC Securities USA, Inc., dated 12/31/21, due 01/03/22, 0.040% total to be received $119,670 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 05/15/23 - 08/15/47, totaling $122,063)		119,670		119,670
Mirae Asset Securities USA, Inc., dated 12/31/21, due 01/03/22, 0.060% total to be received $2,266,330 (collateralized by various U.S. Government Agency Obligations, 0.550% - 7.500%, 01/01/23 - 10/20/71, totaling $2,311,657)		2,266,319		2,266,319
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22, 0.050% total to be received $4,837,652 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 05/15/22 - 12/01/51, totaling $4,934,385)		4,837,632		4,837,632
State of Wisconsin Investment Board, dated 12/31/21, due 01/03/22, 0.070% total to be received $4,227,420 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/23 - 02/15/48, totaling $4,311,965)		4,227,395		4,227,395
Total Joint Repurchase Agreements				20,368,939
	Shares
Other Investment Companies - 3.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%3		4,663,981		4,663,981
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%3		4,663,981		4,663,981
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%3		4,805,313		4,805,313
Total Other Investment Companies				14,133,275
Total Short-Term Investments
(Cost $34,502,214)				34,502,214
Total Investments - 105.3%
(Cost $337,464,762)				433,768,046
Other Assets, less Liabilities - (5.3)%				(21,842,952	)
Net Assets - 100.0%				$411,925,094

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

9

    AMG TimesSquare Small Cap Growth Fund

    Schedule of Portfolio Investments (continued)

*   Non-income producing security.	3   Yield shown represents the December 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage. ADR   American Depositary Receipt ETF  Exchange Traded Fund
1   Some of these securities, amounting to $36,607,216 or 8.9% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.
2   Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

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†	$	387,543,832		–		–	$	387,543,832
Exchange Traded Funds		11,722,000		–		–		11,722,000
Short-Term Investments
Joint Repurchase Agreements		–	$	20,368,939		–		20,368,939
Other Investment Companies		14,133,275		–		–		14,133,275
Total Investments in Securities	$	413,399,107	$	20,368,939		–	$	433,768,046

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

The 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:

	Common Stock			Preferred Stock
Balance as of December 31, 2020		$587,261			$7,291,664
Change in unrealized appreciation/depreciation		(143,657	)		–
Purchases		–			–
Sales		–			–
Transfers out of Level 3*		(443,604	)		(7,291,664)
Balance as of December 31, 2021		0			0
Net change in unrealized appreciation/depreciation on investments still held at December 31, 2021		0			0

* A preferred stock valued at $7,291,664 was transferred from Level 3 to Level 2 during the fiscal year ended December 31, 2021. For the period January 1,2021 to January 31, 2021, this security was valued using a Discounted Cash Flow model which was based on unobservable inputs. On February 1,2021, it was announced the preferred shares would be acquired by Aspirational Consumer Lifestyle Corp (“Aspirational”), and the security was valued at the market price of Aspirational adjusted for the preliminary conversion ratio. A common stock valued at $443,604 was transferred from Level 3 to Level 1 during the fiscal year ended December 31, 2021. For the period January 1, 2021 to September 29, 2021, this security was valued using a 20% Liquidity Discount of the market price. On September 30, 2021 escrow shares were transferred to equity shares, and the security was valued at the market price.

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

10

    AMG TimesSquare Mid Cap Growth Fund

    Portfolio Manager’s Comments (unaudited)

The Year In Review   For the year ended December 31, 2021, AMG TimesSquare Mid Cap Growth Fund (the “Fund”) Class N shares returned 15.92%, while its benchmark, the Russell Midcap^® Growth Index, returned 12.73%.   2021 began with the expectation that vaccinations would reduce COVID-19’s grip on the economy and our collective psyche. For a time, we progressed along that course and looked forward to a return to normal by the summer. However, varying levels of vaccinations, changing mandates, and the late-year emergence of new COVID variants created a sense of “dèjá vu all over again” by the close of the year. More consistent in 2021 was the steady increase of global inflation for consumers and producers, typically coupled with ongoing supply chain woes. Despite that, global equity markets posted double-digit gains for the year, led by the U.S. with 26% followed by developed non-U.S. at 11%, though emerging markets dipped by (3)% (however, small cap emerging markets increased by 19%.)   In the U.S., the pace of economic activity increased midyear and slackened toward the end, though but remained well in the expansionary range.Meanwhile, monetary policy tightened–the U.S Federal Reserve (Fed) announced plans to taper its $120 billion monthly purchases of bonds and later increased the pace of those reductions, which could end completely as soon as March 2022. During 2021, there were better returns for larger stocks than smaller capitalizations and value outperformed growth, except for the megacap dominance with the usual FANG+ suspects. Among small-to-mid capitalization growth stocks.the energy sector was propelled by the gains in underlying commodity prices this year.and financials were also strong. Communication services lagged and weakness within the biopharma industries weighed on the health care sector—especially prevalent among smaller capitalizations.Generally there were better returns from stocks with higher quality.lower valuations.and moderate growth expectations.   Amid this environment.the Fund outperformed the Russell Midcap^® Growth Index for the full year. The Fund experienced strength across consumer discretionary.industrials.and information technology. This was partially offset by relative weakness in the communication services.energy.and health care sectors.   2020 represented a tremendous period of user growth across a number of companies in the communication services sector. That level of engagement fell during the course of 2021 as restrictions were lifted and economies reopened. Zynga, Inc. develops, markets, and operates social games as live services on mobile platforms.Their gaming portfolio includes CSR Racing, Empires & Puzzles, FarmVille, Merge Dragons!, Words With Friends, Mafia Wars, Zynga Poker, and Treasure Isle. They experienced unexpected levels of customer turnover in recent months with users having less time available for mobile games as businesses reopen.Another challenge was posed by Apple’s privacy changes, which impacted the mobile gaming and digital advertising industries. These factors led to a reduction in guidance by management and its shares retreated by (35)%. Subsequent to year-end, Zynga announced plans to be acquired by Take-Two Software. Despite producing strong financial performance, image-based social media company Pinterest, Inc. tumbled (45)% for the year as the growth in monthly active users decelerated. While we reduced our position, Pinterest still has compelling attributes centered on its 440 million users across the globe and future monetization potential.   The Fund was impacted by our lack of energy exposure for most of the year due to gains in the underlying commodity prices.During the fourth quarter we initiated a position in Cheniere Energy, Inc., an owner and operator of liquefied natural gas (“LNG”) terminals. Approximately 50% of its cargoes are exported to Asia, 25% to Europe, and 25% to Latin America. Cheniere spent the past decade building out its liquefaction facilities. LNG is the only realistic path for developing nations to meet carbon reduction targets and maintain stable electrical grids while also building out solar and wind generation.   We had mixed performance in the health care sector. Ascendis Pharma A/S is a developer of therapeutics for unmet medical needs and possessed a compelling pipeline. Their Skytrofa drug was approved by U.S. Food & Drug Administration (the “FDA”) in August for pediatric growth hormone deficiency. Thus far.a few insurance plans have indicated initial coverage through medical exception processes. Ascendis is in active discussions with the hope of broadening coverage in 2022. Its shares fell by (18)% as it may take some time for prescriptions to ramp up. Encompass Health Corp. provides post-acute healthcare services including inpatient rehabilitation.home health.and hospice care. Throughout the year.investors awaited news on strategic alternatives for the home health and hospice segment and those concerns resulted in a (20)% selloff. In the latter part of 2021 management announced that its year-long strategic review will result in the partial or full separation of its home health and hospice business into an independent public company via a carve-out or a spin-off, which were finally announced in January 2022. Its results were impacted from the delta spike and higher labor costs.We reduced our position during the year. Royalty Pharma PLC operates as a buyer of royalties and a funder of innovation for the biopharmaceutical industry. Questions were raised with respect to the future durability of their cystic fibrosis revenue stream if deuterated Kalydeco is substituted for the triple combo Trikafta treatment. Royalty Pharma believes it is entitled to royalties on the Kalydeco compound regardless of whether it is deuterated or not. This cloud of uncertainty caused its shares to decline by (19)%. Healthier performance was found in outsourced providers to the health care industry. Charles River Laboratories International, Inc. is an early-stage contract research organization, providing essential products and services to pharmaceutical and biotechnology companies. The first three quarters of the year saw price gains on solid fundamentals, then sold off somewhat when management announced they will be increasing capital expenditures on capacity and people in 2022. Its shares improved by 50% and we regularly trimmed on strength in the spring and summer. Catalent, Inc. supplies delivery technologies, development, and manufacturing solutions for drugs, biologics, and cell and gene therapies. The company assists in the vial filling process for COVID-19 vaccines including those produced by Moderna, Johnson & Johnson, and AstraZeneca. Management noted an expansion of their cold storage facility in Singapore and plans to increase manufacturing capacity at their Italian plant. They also announced the acquisition of Bettera, a private contract manufacturing organization focused on gummy drug delivery for the OTC market. These developments served to lift the stock by 23%. AmerisourceBergen Corp., a pharmaceutical products distributor, climbed 38%. A key development during the year was that distributors such as AmerisourceBergen had reached a settlement for claims associated with the opioid crisis and would be proceeding to the next phase. We added to the position in periods of weakness prior to the settlement announcement.   Within consumer discretionary, Pool Corp. is engaged in the wholesale distribution of swimming pool supplies, equipment, and leisure products.Its shares gained 53%, with solid results throughout the year driven by an ability to leverage their global

11

    AMG TimesSquare Mid Cap Growth Fund

    Portfolio Manager’s Comments (continued)

supplier network to meet customer demand amid supply chain constraints. O’Reilly Automotive, Inc., a specialty retailer of aftermarket automotive parts and accessories, surged ahead by 56%. Throughout 2021, O’Reilly generated solid same-store sales. This represented an improvement from 2020 and stemmed from an increase in miles driven. Recreational marine products manufacturer Brunswick Corp. rose 34%. Their boat brands include Sea Ray, Boston Whaler, Bayliner, Lund, and Crestliner. Engines are under the Mercury brand.Boat and engine demand has been strong and they are doing their best to keep up amid supply chain challenges.CarMax, Inc. is a retailer of used vehicles and a wholesale auction operator. The stock rebounded 38% as sales volumes accelerated and used car pricing increased during the course of the year.We trimmed the position on strength.   In the industrials sector, Waste Connections, Inc. is the third-largest solid waste management company in North America with operations across 41 states and 6 provinces of Canada. Their services include collection, transfer, treatment, and recycling.Waste volumes improved as restrictions were eased and that boosted the stock by 34%. Staffing and risk consulting services provider Robert Half International, Inc. jumped 81% and we trimmed the position. They have benefited from the employment recovery and posted an impressive run of beating numbers. We added Generac Holdings, Inc. to the Fund early in the year and its shares rose 39%. This company designs and manufacturers power generation equipment. There has been a relentless demand for back-up and standby power across residential, ..commercial, and industrial markets. CoStar Group, Inc. supplies information, analytics, and an online marketplace for the commercial real estate industry. The company posted uneven results throughout the year and the stock sold off by (15)%. A key point was less demand for multifamily   advertising due to lower vacancy rates. We reduced the position.Booz Allen Hamilton Holding Corp. provides management and technology consulting services. It was a challenging start to the year as it was impacted by travel restrictions, a slower ramp to defense contracts, and a pause to its large cyber program due to funding issues.In the spring it acquired Liberty IT Solutions, thereby improving its digital capabilities.Financial results largely improved since then, though the stock slid (1)% for the year.   Within the information technology sector, a number of companies experienced reversals of fortune for the year. Some of the previous year’s winners faced difficult comparisons in 2021. This was the case with Coupa Software, Inc.and Zendesk, Inc.with their shares trading down by (53)% and (28)%, respectively. Coupa Software provides business spend management solutions. It was an uneven year in terms of organic billings, which tends to be the key metric for investors.Zendesk offers customer engagement support services. It was a tale of two halves for the company, with the first half of 2021 being strong and the second half less so. In the second half, Zendesk moved up-market into the enterprise space where bookings are more back-end quarter loaded. In the latter part of the year they confounded investors by announcing a proposed acquisition of Momentive and its SurveyMonkey platform in an all-stock deal.We reduced the position on this news. Conversely, some of the stocks that had a tougher time in 2020 bounced back this year. Examples are Gartner, Inc., HubSpot, Inc., and Marvell Technology, Inc. Gartner, a provider of independent technology-related research and advisory services, advanced 109%. The company consistently beat expectations as demand for its service has remained strong. It benefited from reopening its events business. HubSpot offers a cloud-based marketing, sales, and client service platform. It was a year in which the company continually posted beats and raises on high demand for its products. A distinguishing feature of HubSpot is that it has grown organically by rolling out new products/modules whereas other businesses have grown through acquisition. This has enabled them to land and expand client relationships. The majority of their customers subscribe to two or more modules. Shares of HubSpot soared 67%.Semiconductor producer Marvell Technology rallied 85%. Demand has been strong as the semiconductor industry works to improve supply as there remains a substantial backlog. Marvell Technology has become a key silicon supplier for data infrastructure including storage, networking, and computer chips.They also have a large exposure to secular growth areas such as 5G and datacenters.   Looking forward in 2022, this year brings another set of opportunities and risks.Globally, the current wave of COVID-19 cases should ebb though the possibility of future variants may change its status from pandemic to endemic. In addition, the world will grapple with higher inflation-both from materials and labor costs-and a fragile global supply chain may also become an enduring feature of the economic landscape. Expectations of further monetary tightening may create headwinds for the equity markets, especially if new fiscal stimulus measures fail to take shape. However, the investment terrain always shifts, which is why ongoing reevaluation of bottom-up opportunities is critical and is where we focus our energies.As always, we are available for any questions you might have as we endeavor to protect the assets you have entrusted with us. The views expressed represent the opinions of TimesSquare Capital Management, LLC and are not intended as a forecast or guarantee of future results, and are subject to change without notice.  

12

    AMG TimesSquare Mid Cap Growth Fund

    Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

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

The table below shows the average annual total returns for the AMG TimesSquare Mid Cap Growth Fund and the Russell Midcap^® Growth 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 TimesSquare Mid Cap Growth Fund2, 3, 4, 5, 6
Class N		15.92	%		19.83	%		16.29	%		12.01	%		03/04/05
Class I		16.04	%		–			–			19.15	%		02/24/17
Class Z		16.10	%		20.06	%		16.53	%		12.23	%		03/04/05
Russell Midcap® Growth Index7		12.73	%		19.83	%		16.63	%		11.70	%		03/04/05	†

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

Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing.For performance information through the most recent month end, current net asset values per share for the 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  From time to time, the Fund’s investment manager 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 mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.

⁴  The Fund 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  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  Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.

⁷  The Russell Midcap^® Growth Index measures the performance of those Russell Midcap^® companies with higher price/book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000^® Growth Index.Unlike the Fund, the Russell Midcap^® Growth Index is unmanaged, is not available for investment, and does not incur expenses.

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

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

13

    AMG TimesSquare Mid Cap Growth Fund

    Fund Snapshots (unaudited)

     December 31, 2021

PORTFOLIO BREAKDOWN
Sector	% of Net Assets
Information Technology		34.1
Industrials		19.3
Health Care		16.6
Consumer Discretionary		11.0
Financials		6.0
Communication Services		3.0
Materials		2.8
Real Estate		2.4
Consumer Staples		2.0
Energy		0.8
Short-Term Investments		2.1
Other Assets Less Liabilities		(0.1	)

TOP TEN HOLDINGS
Security Name	% of Net Assets
TransUnion		2.8
Catalent, Inc.		2.7
Palo Alto Networks, Inc.		2.7
Waste Connections, Inc.		2.5
Gartner, Inc.		2.5
AmerisourceBergen Corp.		2.4
RenaissanceRe Holdings, Ltd. (Bermuda)		2.4
SBA Communications Corp., Class A		2.4
O’Reilly Automotive, Inc.		2.3
Crowdstrike Holdings, Inc., Class A		2.3
Top Ten as a Group		25.0

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.

14

    AMG TimesSquare Mid Cap Growth Fund

     Schedule of Portfolio Investments

     December 31, 2021

	Shares		Value
Common Stocks - 98.0%
Communication Services - 3.0%
IAC/InteractiveCorp.*		124,600		$16,286,466
Pinterest, Inc., Class A*		427,000		15,521,450
Zynga, Inc., Class A*		3,450,500		22,083,200
Total Communication Services				53,891,116
Consumer Discretionary -11.0%
Brunswick Corp.		306,300		30,853,599
Burlington Stores, Inc.*		70,500		20,551,455
CarMax, Inc.*		91,500		11,916,045
Floor & Decor Holdings, Inc., Class A*		169,500		22,036,695
Lululemon Athletica, Inc. (Canada)*		57,100		22,351,795
Marriott Vacations Worldwide Corp.		123,000		20,784,540
O’Reilly Automotive, Inc.*		57,600		40,678,848
Pool Corp.		45,800		25,922,800
Total Consumer Discretionary				195,095,777
Consumer Staples - 2.0%
Olaplex Holdings, Inc.*		573,200		16,697,316
US Foods Holding Corp.*		540,600		18,829,098
Total Consumer Staples				35,526,414
Energy - 0.8%
Cheniere Energy, Inc.		146,600		14,868,172
Financials - 6.0%
Interactive Brokers Group, Inc., Class A		214,200		17,011,764
RenaissanceRe Holdings, Ltd. (Bermuda)		251,500		42,586,495
Signature Bank		90,900		29,403,423
Voya Financial, Inc.		259,500		17,207,445
Total Financials				106,209,127
Health Care - 16.6%
AmerisourceBergen Corp.		324,900		43,175,961
Argenx SE, ADR (Netherlands)*		49,300		17,264,367
Ascendis Pharma A/S, ADR (Denmark)*		143,600		19,318,508
Blueprint Medicines Corp.*		171,600		18,380,076
Catalent, Inc.*		370,000		47,371,100
Charles River Laboratories International, Inc.*		85,200		32,101,656
Chemed Corp.		43,500		23,013,240
DENTSPLY SIRONA, Inc.		270,300		15,080,037
Encompass Health Corp.		185,000		12,073,100
Guardant Health, Inc.*		81,300		8,131,626
Horizon Therapeutics PLC*		153,300		16,519,608
ICON PLC (Ireland)*		71,900		22,267,430
Royalty Pharma PLC, Class A		526,800		20,992,980
Total Health Care				295,689,689

	Shares		Value
Industrials -19.3%
AMETEK, Inc.		162,200	$	23,849,888
Booz Allen Hamilton Holding Corp.		272,300		23,088,317
Carlisle Cos., Inc.		88,400		21,933,808
Cintas Corp.		55,200		24,462,984
Copart, Inc.*		192,700		29,217,174
CoStar Group, Inc.*		246,500		19,480,895
Generac Holdings, Inc.*		44,100		15,519,672
Hubbell, Inc.		62,400		12,996,048
Nordson Corp.		75,900		19,374,993
PACCAR, Inc.		197,200		17,404,872
Robert Half International, Inc.		161,200		17,977,024
TransUnion		416,900		49,436,002
Verisk Analytics, Inc., Class A		105,800		24,199,634
Waste Connections, Inc.		321,500		43,810,805
Total Industrials				342,752,116
Information Technology - 34.1%
Amphenol Corp., Class A		373,700		32,683,802
Avalara, Inc.*		115,700		14,938,027
Bentley Systems, Inc., Class B		270,300		13,063,599
Coupa Software, Inc.*		76,200		12,043,410
Crowdstrike Holdings, Inc., Class A*		197,500		40,438,125
CyberArk Software, Ltd. (Israel)*		111,100		19,251,408
Elastic, N.V.*		153,400		18,882,006
Entegris, Inc.		138,700		19,221,046
FleetCor Technologies, Inc.*		51,600		11,550,144
Gartner, Inc.*		131,000		43,795,920
HubSpot, Inc.*		44,000		29,002,600
Keysight Technologies, Inc.*		119,800		24,739,898
Marvell Technology, Inc.		277,100		24,243,479
Microchip Technology, Inc.		360,800		31,411,248
MKS Instruments, Inc.		71,200		12,400,904
Monolithic Power Systems, Inc.		42,900		21,163,857
Nice, Ltd., Sponsored ADR (Israel)*		92,800		28,174,080
Palo Alto Networks, Inc.*		84,800		47,213,248
Paylocity Holding Corp.*		95,500		22,553,280
Remitly Global, Inc.*		35,700		736,134
Samsara, Inc., Class A*		277,600		7,803,336
Smartsheet, Inc., Class A*		300,200		23,250,490
SS&C Technologies Holdings, Inc.		291,400		23,888,972
Synopsys, Inc.*		77,400		28,521,900
Twilio, Inc., Class A*		25,700		6,767,838
Tyler Technologies, Inc.*		30,700		16,515,065

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

15

     AMG TimesSquare Mid Cap Growth Fund

    Schedule of Portfolio Investments(continued)

    December 31,2021

	Shares		Value
Information Technology - 34.1% (continued)
Unity Software, Inc.*		120,000	$	17,158,800
Zendesk, Inc.*		143,800		14,996,902
Total Information Technology				606,409,518
Materials - 2.8%
FMC Corp.		168,300		18,494,487
Martin Marietta Materials, Inc.		68,700		30,263,724
Total Materials				48,758,211
Real Estate - 2.4%
SBA Communications Corp., Class A, REIT		109,400		42,558,788
Total Common Stocks
(Cost $1,114,491,392)				1,741,758,928
Short-Term Investments - 2.1%
Other Investment Companies - 2.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%1		12,169,584		12,169,584
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%1		12,169,584		12,169,584
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%1		12,538,360		12,538,360
Total Short-Term Investments
(Cost $36,877,528)				36,877,528

	Value
Total Investments - 100.1%
(Cost $1,151,368,920)	$	1,778,636,456
Other Assets, less Liabilities - (0.1)%		(1,340,400	)
Net Assets - 100.0%	$	1,777,296,056

* Non-income producing security.

¹  Yield shown represents the December 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR American Depositary Receipt

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†		$1,741,758,928		—		—		$1,741,758,928
Short-Term Investments
Other Investment Companies		36,877,528		—		—		36,877,528
Total Investments in Securities		$1,778,636,456		—		—		$1,778,636,456

^†  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.

16

    AMG TimesSquare International Small Cap Fund

    Portfolio Manager’s Comments (unaudited)

Year In Review

For the year ended December 31, 2021, AMG TimesSquare International Small Cap Fund (the “Fund”) Class N shares returned 1.25%, while its benchmark, the MSCI EAFE Small Cap Index returned 10.10%.

2021 began with the expectation that vaccinations would reduce C0VID-19’s grip on the economy and our collective psyche. For a time, we progressed along that course and looked forward to a return to normal by the summer. However, varying levels of vaccinations, changing mandates, and the late-year emergence of new COVID variants created a sense of “deja vu all over again” by the close of the year. More consistent in 2021 was the steady increase of global inflation for consumers and producers, typically coupled with ongoing supply chain woes. Despite that, global equity markets posted double-digit gains for the year, led by the U.S. with 26% followed by developed non-U,S, at 11%, though emerging markets dipped by (3)%.

In the first and part of the second quarter of 2021, market sentiment abruptly swung to favor deep cyclical value as approved vaccines boosted sentiment for cyclical, re-opening plays. During that period’s rapid dislocation, our performance lagged notably. Moving into the second half of the year, global emerging markets faltered in the third quarter as concerns related to China’s regulatory actions dragged its growth across several economic sectors and we responded by paring some exposure there. In the final quarter of the year, the world’s attention turned to the omicron variant of COVID-19 and its impact.

Amid this environment, the Fund underperformed the MSCI EAFE Small Cap Index benchmark in 2021.We experienced relative weakness in Japan and Europe while other regions (Asia-Pacific ex Japan, Americas, and the emerging markets) delivered mixed results. There was relative weakness in the information technology, industrials, and health care sectors. That was somewhat offset by strength in the consumer staples and consumer discretionary sectors.

Regional Performance: Europe

Our holdings in Europe lagged the regional benchmark; stocks in Italy and Denmark contributed to performance while Norway, Sweden, and France detracted. The Nordic region offered mixed results. In Denmark, Topdanmark AS is the country’s second largest non-life insurance company. It disappointed us at the end of 2020 when it reported a surprisingly large number of homeowner claims related to burst

water pipes, for which the company had not adequately priced the risk. We subsequently spoke with management, who explained the corrective actions they were taking on repricing and reevaluating those types of policies. After adding to our position, the stock returned to form and climbed 36%. In neighboring Finland, Valmet OYJ supplies process technology including entire production lines to the pulp and paper industry. Its portfolio of solutions include renewable energy power plants to help customers reduce carbon emissions. Though global supply chain and logistical challenges caused some hiccups, its order book remained strong. Later in the year, the Finnish Financial Supervisory Authority’s final approval of Valmet’s merger with Neles Corporation, a global valve company with strong exposure to the pulp and paper industry, was well received by investors. Valmet’s shares climbed 39% since it was added to the Fund in the first quarter. Those gains were partially offset by another holding, Stillfront Group AB, a Swedish developer of ad-supported, free-to-play digital games. New access restrictions on user data impacted its business for longer than anticipated. Though management guided that the impact would not be material, we realized that advertisers would hold off on marketing spending until there is more clarity on the impact of the new regulation. As a result, we sold our holding, which declined (58)% for the period that it was held in the Fund.

Moving over to Italy, Interpump Group S.P.A. is the world’s largest manufacturer of high and ultra-high pressure pumps. The company was built up through M&A and has a solid track record in integrating acquired assets. Its hydraulics division was booming with backlogs with Interpump’s OEM clients ready to commit to longer-term orders to secure capacity. With that strong growth, its share price followed a similar trajectory with a 49% increase.Less positive was France-based nursing home operator Orpea SA with its (23%) decline. The market turned more cautious given the resurgence of the pandemic. There are also worries of the impact of rising interest rates on the company’s real estate assets and balance sheet. In early 2022, shares plunged following unfavorable press targeting Orpea and the industry. Orpea denied the allegations in full but that did not change market sentiment. In light of the uncertainty and in application of our sell discipline, we exited the position.

Holdings in the U.K. aided relative performance. Wealth manager St. James’s Place PLC rose 54%. It reported sequential quarters of strong numbers with

the group seeing record net inflows, helped by pent-up demand from savings accumulated over the last year. The company also aims to increase assets under management by 50% through 2025. While we took some profit into share price strength, the company remains a core holding. Less positive among financials was reinsurer Lancashire Holdings, Ltd. With the news awash with a slew of natural disasters, the market had less patience for business models in which there was uncertainty in the “expenses” to be recognized. As a result, we exited the name and shares declined (29)% for the period that it was held. Electrocomponents PLC is a digitalized distributor of various electronics and industrial products in Europe, Asia Pacific, and North America. Its shares climbed 40% as organic revenue growth was driven by strong contributions from its higher-margin private-label offering. Management’s ambitions remain undeterred and we expect a powerful combination of accelerating organic growth and aggressive acquisitions in 2021 and 2022. New to the Fund this year was Future PLC, a specialty content publisher transitioning from print to online platforms. It owns 220 brands/titles and creates niche interest, high-quality, branded, and expert-led content. The company reported solid first half results driven by e-commerce and digital ads. It announced the acquisition of Marie Claire U.S. to complement its Marie Claire U.K. operation. We expect the group to replicate its success in injecting e-commerce into the U.S. publication. Shares ascended 79% since it was added to the Fund in April.

Regional Performance: Japan

Our Japanese holdings underperformed the regional benchmark on a relative basis. Japan housed the Fund’s top detractor, MedPeer, Inc., which provides a community site exclusively for physicians to link with pharmaceutical companies and is a first mover in Japan’s online health care space. Despite solid execution and firm underlying fundamentals, shares fell by (61)% due to multiple compression in growth names. Nevertheless, we scaled back our position size given its share price volatility. Within information technology, Elecom Co., Ltd. is a maker of peripherals for electronic products. Sentiment began to shift in mid-2021 on the reopening trade as the underlying demand for teleworking decreased. In addition, the continued semiconductor shortage impaired its revenues and we are reviewing this position in the Fund. Offering better returns and gaining 27% was discount supermarket Kobe Bussan Co, Ltd. The market was encouraged by strong same-store sales growth and recovery of its

17

    AMG TimesSquare International Small Cap Fund

     Portfolio Manager’s Comments (continued)

profitability on the back of price hikes. We maintain our conviction in the company on its new store rollout plans.

Regional Performance: Asia Pacific ex Japan and Americas

Our underweight to Asia Pacific ex Japan detracted from performance. Challenger, Ltd. is a leader in selling annuity products which is tied to Australia and Japan’s aging populations. The company reduced its fiscal year 2021 guidance to the bottom end of the range as Challenger has been slow to adjust its pricing amid fluctuating interest rate spreads. As a result, its shares declined by (23)%. Another laggard was Canada-based Real Matters, Inc. which owns and operates a proprietary online network for managing home appraisal management solutions for banking customers. In addition to missing results, management discussed re-allocating resources to focus on larger clients at the expense of smaller customers and their actions caused us to reevaluate its place in the Fund. We decided to liquidate the position, which declined (44)% for the period that it was held.

Regional Performance: Emerging Markets

Global emerging markets underperformed their developed peers in the year. One of the Fund’s detractors was Turkey’s leading e-commerce marketplace, D-MARKET Elektronik Hizmetler ve Ticaret A.S. In its first earnings results after its June IPO, the company reported lower-than-expected revenue growth due to continued investment in its business. In subsequent conversations with management, they remained optimistic but then delivered another set of disappointing results. Having lost faith and with rising geopolitical concerns, we made our exit in November 2021 and the shares had declined by (71)% while we owned them. The Fund’s top contributor was Taiwan’s leading e-commerce player momo.com, Inc. Shares gained 240% as it benefited from the continued growth of online shopping in Taiwan and its strong logistics network. Taiwan experienced a major COVID-19 outbreak in May which also helped its underlying business. It also looks to expand cooperation with international brands, broaden product variety, and add warehousing facilities.

Conclusion

Looking forward in 2022, this year brings another set of opportunities and risks. Globally, the current wave of COVID-19 cases should ebb, though the possibility of future variants may change its status from pandemic to endemic. In addition, the world will grapple with higher inflation-both from materials and labor costs-and a fragile global supply chain may also become an enduring feature of the economic landscape. Expectations of further monetary tightening may create headwinds for the equity markets, especially if new fiscal stimulus measures fail to take shape. However, the investment terrain always shifts, which is why ongoing reevaluations of bottom-up opportunities is critical, and is where we focus our energies.

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

18

    AMG TimesSquare International Small Cap Fund

    Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG TimesSquare International Small 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. This graph compares a hypothetical $10,000 investment made in the AMG TimesSquare International Small Cap Fund’s Class N shares on January 2, 2013 (inception date), to a $10,000 investment made in the MSCI EAFE Small Cap 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.

The table below shows the average annual total returns for the AMG TimesSquare International Small Cap Fund and the MSCI EAFE Small Cap Index for the same time periods ended December 31, 2021.

Average Annual Total Returns1	One Year			Five Years			Since Inception			Inception Date
AMG TimesSquare International Small Cap Fund2,3,4,5,6,7,8,9,10
Class N		1.25	%		9.28	%		9.25	%		01/02/13
Class I		1.36	%		-			8.40	%		02/24/17
Class Z		1.47	%		9.53	%		9.49	%		01/02/13
MSCI EAFE Small Cap Index11		10.10	%		11.04	%		9.63	%		01/02/13	††

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

³  Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

⁴  The Fund is subject to 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.

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

⁷  The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars.

⁸  The Fund may invest in derivatives such as options and futures; the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

⁹  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  Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

¹¹  The MSCI EAFE Small Cap Index covers all investable small-cap securities with a market capitalization below that of the companies in the MSCI Standard Indices of developed markets, excluding the U.S. and Canada. Please go to

19

    AMG TimesSquare International Small Cap Fund

    Portfolio Manager’s Comments (continued)

msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI EAFE Small Cap Index is unmanaged, is not available for investment and does not incur expenses.

All MSCI data is provided ‘as is.’ The products described herein are not

sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein.

Copying or redistributing the MSCI data is strictly prohibited.

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

20

    AMG TimesSquare International Small Cap Fund

    Fund Snapshots (unaudited)

    December 31, 2021

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Industrials	28.7
Information Technology	16.7
Financials	13.6
Communication Services	10.8
Health Care	9.9
Consumer Discretionary	6.4
Materials	5.6
Consumer Staples	3.4
Real Estate	1.6
Energy	0.7
Short-Term Investments	2.1
Other Assets Less Liabilities	0.5

TOP TEN HOLDINGS

Security Name	% of Net Assets
Future PLC (United Kingdom)	3.0
Valmet OYJ (Finland)	2.8
Nordic Entertainment Group AB, Class B (Sweden)	2.7
St James’s Place PLC (United Kingdom)	2.6
Steadfast Group, Ltd. (Australia)	2.5
Nordnet AB publ (Sweden)	2.5
Topdanmark AS (Denmark)	2.5
Rotork PLC (United Kingdom)	2.4
Auto Trader Group PLC (United Kingdom)	2.2
Kadokawa Corp. (Japan)	2.2
Top Ten as a Group	25.4

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

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

21

AMG TimesSquare International Small Cap Fund

Schedule of Portfolio Investments

December 31, 2021

	Shares		Value
Common Stocks - 97.4%
Communication Services -10.8%
Auto Trader Group PLC (United Kingdom)1		2,294,740		$22,981,539
Future PLC (United Kingdom)		591,200		30,607,144
IPS0S (France)		157,720		7,388,229
Kadokawa Corp. (Japan)		880,800		22,975,741
Nordic Entertainment Group AB, Class B (Sweden)*		529,104		27,414,644
Total Communication Services				111,367,297
Consumer Discretionary - 6.4%
Afya, Ltd., Class A (Brazil)*,2		316,300		4,969,073
CIE Automotive, S.A. (Spain)2		609,778		18,845,622
Dalata Hotel Group PLC (Ireland)*		1,592,421		6,744,253
Food & Life Cos., Ltd. (Japan)		276,204		10,429,103
K Car Co., Ltd. (South Korea)		306,500		8,792,134
momo.com, Inc. (Taiwan)		83,320		4,878,038
Thule Group AB (Sweden)1		183,500		11,082,011
Total Consumer Discretionary				65,740,234
Consumer Staples - 3.4%
Kobe Bussan Co., Ltd. (Japan)		477,298		18,479,780
Sugi Holdings Co., Ltd. (Japan)		202,297		12,256,686
Yihai International Holding, Ltd. (China)2		874,200		4,042,444
Total Consumer Staples				34,778,910
Energy - 0.7%
Friedrich Vorwerk Group SE (Germany)*		87,000		2,828,854
Gaztransport Et Technigaz, S.A. (France)		47,300		4,413,339
Total Energy				7,242,193
Financials - 13.6%
doValue S.P.A. (Italy)1		468,700		4,472,882
FinecoBank Banca Fineco S.P.A. (Italy)2		501,013		8,774,009
Nordnet AB publ (Sweden)		1,347,187		25,845,555
Patria Investments, Ltd., Class A (Cayman Islands)		525,500		8,513,100
St James’s Place PLC (United Kingdom)		1,194,141		27,288,797
Steadfast Group, Ltd. (Australia)		6,836,483		26,094,016
Tamburi Investment Partners S.P.A. (Italy)		727,915		8,181,671
Topdanmark AS (Denmark)		452,211		25,365,736
Zenkoku Hosho Co., Ltd. (Japan)		136,109		5,932,732
Total Financials				140,468,498
Health Care - 9.9%
ALK-Abello A/S (Denmark)*		28,200		14,807,908
Amplifon S.P.A. (Italy)2		218,295		11,746,065
As One Corp. (Japan)		185,200		12,410,194
MedPeer, Inc. (Japan)*		164,000		5,106,072

	Shares		Value
Menicon Co., Ltd. (Japan)		383,000		$11,329,070
Nippon Shinyaku Co., Ltd. (Japan)		165,500		11,524,629
Orpea SA (France)		181,304		18,182,661
Siegfried Holding AG (Switzerland)		17,300		16,828,863
Total Health Care				101,935,462
Industrials - 28.7%
Arcadis, N.V. (Netherlands)		270,300		13,021,946
Befesa, S.A. (Luxembourg)1		192,161		14,744,952
Bodycote PLC (United Kingdom)		1,069,039		12,529,954
Cargojet, Inc. (Canada)		50,000		6,584,055
Daiseki Co., Ltd. (Japan)		297,020		13,194,943
Electrocomponents PLC (United Kingdom)		879,751		14,427,114
Fuji Corp. (Japan)		874,000		19,603,004
Genuit Group PLC (United Kingdom)		1,666,005		13,313,757
Grafton Group PLC (Ireland)		990,700		16,634,097
HomeServe PLC (United Kingdom)		1,779,300		21,061,209
Howden Joinery Group PLC (United Kingdom)		1,081,663		13,249,102
Interpump Group S.P.A. (Italy)2		135,957		9,958,967
IPH, Ltd. (Australia)		2,447,740		15,629,151
Nexans, S.A. (France)		172,900		16,906,023
Prosegur Cia de Seguridad, S.A. (Spain)		5,832,983		15,299,757
Rotork PLC (United Kingdom)		5,150,200		25,065,070
RWS Holdings PLC (United Kingdom)		2,023,200		17,800,265
Stabilus, S.A. (Luxembourg)		118,211		8,687,347
Valmet OYJ (Finland)		667,300		28,610,939
Total Industrials				296,321,652
Information Technology - 16.7%
Accton Technology Corp. (Taiwan)		1,521,600		14,257,704
BE Semiconductor Industries, N.V. (Netherlands)		241,600		20,539,081
Chinasoft International, Ltd. (China)		4,393,100		5,728,810
Elecom Co., Ltd. (Japan)		391,976		5,158,982
Fortnox AB (Sweden)		184,500		11,880,912
Horiba, Ltd. (Japan)		263,948		15,521,161
Keywords Studios PLC (Ireland)		416,871		16,600,404
Koh Young Technology, Inc. (South Korea)		278,500		5,547,214
Pushpay Holdings, Ltd. (New Zealand)*		5,525,300		4,985,120
SimCorp A/S (Denmark)		48,500		5,286,101
Sopra Steria Group SACA (France)		64,593		11,591,713
Spirent Communications PLC (United Kingdom)		4,570,700		17,244,931
Systena Corp. (Japan)		2,042,000		7,620,250
TOTVS, S.A. (Brazil)		1,697,206		8,726,747
Tri Chemical Laboratories, Inc. (Japan)		422,200		13,381,953

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

22

AMG TimesSquare International Small Cap Fund

Schedule of Portfolio Investments (continued)

	Shares		Value
Information Technology -16.7% (continued)
Yeahka, Ltd. (China)*,2		2,585,600		$8,573,151
Total Information Technology				172,644,234
Materials - 5.6%
Asahi Holdings, Inc. (Japan)		803,700		14,356,364
Fuso Chemical Co., Ltd. (Japan)		189,800		8,008,158
Huhtamaki Oyj (Finland)		315,900		13,972,577
Toyo Gosei Co., Ltd. (Japan)		83,500		11,341,662
Verallia, S.A. (France)1		299,000		10,535,080
Total Materials				58,213,841
Real Estate - 1.6%
Katitas Co., Ltd. (Japan)		421,652		16,229,168
Total Common Stocks
(Cost $850,609,175)				1,004,941,489
	Principal Amount
Short-Term Investments - 2.1%
Joint Repurchase Agreements - 0.6%3
Bank of America Securities, Inc., dated 12/31/21, due 01/03/22,0.050% total to be received $1,497,744 (collateralized by various U.S. Government Agency Obligations, 1.000% -5.000%, 09/01/28 - 01/01/61, totaling $1,527,693)	$	1,497,738		1,497,738
BNP Paribas SA, dated 12/31/21, due 01/03/22, 0.050% total to be received $1,497,744 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 01/27/22 - 04/20/51, totaling $1,527,693)		1,497,738		1,497,738
Daiwa Capital Markets America, dated 12/31/21, due 01/03/22,0.040% total to be received $1,497,743 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 02/10/22 -01/01/52, totaling $1,527,693)		1,497,738		1,497,738

	Principal Amount		Value
RBC Dominion Securities, Inc., dated 12/31/21, due 01/03/22,0.050% total to be received $1,497,744 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 05/15/22 - 12/01/51, totaling $1,527,693)	$	1,497,738		$1,497,738
TD Securities LLC, dated 12/31/21, due 01/03/22, 0.050% total to be received $315,306 (collateralized by various U.S. Government Agency Obligations, 2.500%, 11/01/51 -01/01/52, totaling $321,611)		315,305		315,305
Total Joint Repurchase Agreements				6,306,257
	Shares
Other Investment Companies -1.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%4		5,266,344		5,266,344
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%4		5,266,344		5,266,344
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%4		5,425,930		5,425,930
Total Other Investment Companies				15,958,618
Total Short-Term Investments (Cost $22,264,875)				22,264,875
Total Investments - 99.5% (Cost $872,874,050)				1,027,206,364
Other Assets, less Liabilities - 0.5%				4,883,146
Net Assets - 100.0%				$1,032,089,510

^*  Non-income producing security.

¹  Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the value of these securities amounted to $63,816,464 or 6.2% of net assets.

²  Some of these securities, amounting to $6,343,082 or 0,6% 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.

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

⁴  Yield shown represents the December 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

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

23

    AMG TimesSquare International Small Cap 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
Industrials		$54,132,876		$242,188,776		—		$296,321,652
Information Technology		25,327,151		147,317,083		—		172,644,234
Financials		8,513,100		131,955,398		—		140,468,498
Communication Services		—		111,367,297		—		111,367,297
Health Care		14,807,908		87,127,554		—		101,935,462
Consumer Discretionary		20,505,460		45,234,774		—		65,740,234
Materials		—		58,213,841		—		58,213,841
Consumer Staples		—		34,778,910		—		34,778,910
Real Estate		—		16,229,168		—		16,229,168
Energy		2,828,854		4,413,339		—		7,242,193
Short-Term Investments
Joint Repurchase Agreements		—		6,306,257		—		6,306,257
Other Investment Companies		15,958,618		—		—		15,958,618
Total Investment in Securities		$142,073,967		$885,132,397		—		$1,027,206,364

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
Australia		4.2
Brazil		1.4
Canada		0.7
Cayman Islands		0.8
China		1.8
Denmark		4.5
Finland		4.2
France		6.9
Germany		0.3
Ireland		4.0
Italy		4.3
Japan		23.4

Country	% of Long-Term Investments
Luxembourg		2.3
Netherlands		3.3
New Zealand		0.5
South Korea		1.4
Spain		3.4
Sweden		7.6
Switzerland		1.7
Taiwan		1.9
United Kingdom		21.4
		100.0

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

24

    AMG TimesSquare Emerging Markets Small Cap Fund

    Portfolio Manager’s Comments (unaudited)

Year in Review   For the year ended December 31, 2021, AMG TimesSquare Emerging Markets Small Cap Fund (the “Fund”) Class I shares returned 9.50%, while its benchmark, the MSCI Emerging Markets Small Cap Index, returned 18.75%.   2021 began with the expectation that vaccinations would reduce C0VID-19’s grip on the economy and our collective psyche. For a time, we progressed along that course and looked forward to a return to normal by the summer. However, varying levels of vaccinations, changing mandates, and the late-year emergence of new COVID variants created a sense of “dèjà vu all over again” by the close of the year. More consistent in 2021 was the steady increase of global inflation for consumers and producers, typically coupled with ongoing supply chain woes. Despite that, global equity markets posted double-digit gains for the year, led by the U.S. with 26%, followed by developed non-U.S. at 11%, though emerging markets dipped by (3)% (however, small cap emerging markets increased by 19%.)   Brazil faced a renewed surge of fiscal worries and fears of a resurgent pandemic weighed on the market. In China, concerns related to recent regulatory actions dragged on growth across several economic sectors. Contrary to the tightening of monetary policy by many central banks around the world, the People’s Bank of China announced more supportive measures amid a slowing economy. Concerns over continued supply chain disruptions and rising inflation also created headwinds for some emerging countries.   Within the emerging markets universe, smaller companies outperformed their large cap peers while Value outpaced Growth. Among emerging markets small cap stocks, Growth outperformed Value, information technology, materials, and industrials were the top performing sectors, while health care and real estate lagged.   The Fund underperformed the MSCI Emerging Markets Small Cap Index for the year. Relative weakness in Asia, Latin America, and EMEA detracted from performance, while Frontier Markets showed relative strength.   Regional Performance: Asia Within the region, our holdings in Taiwan outperformed, while India and China lagged.   In 2021, Chinese equities were a major cause of emerging market underperformance versus developed markets. This price dislocation created opportunities to add to quality businesses with attractive valuations and we increased our positions in A-Living Smart City Services Co., Ltd. and Shanghai Kindly Medical Instruments Co., Ltd. Property management company A-Living Smart City Services slid (61)% due to the negative sentiment in the Chinese real estate sector caused by Evergrande Group. However, the company continues to see solid organic growth and strong momentum in its expansion into housekeeping, childcare, and community retail businesses. Shanghai Kindly is one of China’s leading domestic manufacturers of cardiovascular interventional devices. Its shares fell (44)%, even though Shanghai Kindly reported strong revenue growth in its core business. We believe the company will continue to benefit from the structural tailwinds of increased health care spending related to cardiovascular issues in China and the shift to prioritize domestic products over imports. In the third quarter we initiated a position in YesAsia Holdings, Ltd., an owner of several niche e-commerce platforms that offer affordable Asian fast fashion items, beauty and cosmetics, and entertainment products to customers across the world. Since being added to the Fund, the company reported strong top line and growth in users; but that was offset by increased expenses related to warehouse facilities and labor. We believe its operating leverage and cash flows will improve and continued to build the position during the quarter. YesAsia retreated (56)% since it was added to the Fund. Offering a brighter spot is Chinasoft International, Ltd., one of the largest information technology services providers in China. In early July, Huawei officially launched Harmony0S 2.0 for smartphones, and stated the new operating system will be used across multiple devices. With its deep knowledge of HarmonyOS, Chinasoft is well positioned to benefit from the accelerated growth of this ecosystem development. On December 23, Chinasoft announced the transfer of its stake in its subsidiary that focuses on government business related to the Harmony OS. As the market mistakenly assumed Chinasoft was selling its Harmony OS development unit, Chinasoft’s share price fell but still managed to finish the year up 17%.   Across the strait, Taiwan housed the Fund’s top three contributors. Surging 180%, the Fund’s top contributor was Taiwan’s leading online third-party payment processor for small and medium sized businesses (SMEs), Green World FinTech Service Co., Ltd. The company commands a 75-80% market share among SMEs and helps merchants accept various forms of payments (credit cards and e-wallet apps such as Apple Pay, Samsung Pay, Line Pay). Taiwan’s COVID-19 lockdown accelerated adoption of digital payments and shares have ascended 160% since we purchased the name in the second quarter. We believe the proliferation of smaller e-commerce businesses and continued progress from its existing customers will propel the company’s growth going forward. eCloudvalley Digital Technology Co., Ltd. is the leading Amazon Web Services Cloud Managed Services Provider for the Greater China region. Its shares tumbled during the fourth quarter on concerns over slower revenue growth and the withdrawal of its application to be listed on the main Taipei exchange but still managed to return 93% for the year. We believe the sentiment was overblown, as the volatility in reported revenue growth was due to lower revenues from its lower margin Chinese business and did not impact the company’s profitability. Rounding out the top three is Taiwan’s leading e-commerce player momo.com, Inc. The stock gained 229% as they benefited from the continued growth of online shopping in Taiwan. Taiwan’s COVID-19 outbreak in May also helped its underlying business. momo.com is also looking to expand cooperation with international brands, broaden product variety, and add warehousing facilities.   Leading Korean fried chicken franchise Kyochon F&B Co., Ltd. posted solid results throughout the year. However, its share price retreated (15)% as concerns over the omicron variant mounted. Offering a brighter spot was K Car Co., Ltd., Korea’s largest platform service for used car sales. A key part of K Car’s business operation is their K Car Data Driven Management System, which not only powers its online car buying system, but also allows the company to make better purchasing, pricing, and market decisions. Since its September IPO, doubts from institutional investors about its growth potential have abated. The online used car market in Korea is growing rapidly, and K Car should continue to increase its market share and narrow that market cap gap with global peers. Its shares climbed 38% since the position was added to the Fund.   Indian financials came under pressure during the fourth quarter. A leading investment banking firm in India, JM Financial, Ltd., reported in-line results but saw its shares decline (15)%. On the brighter side, fellow peer ICICI Securities, Ltd. is one of the largest retail and institutional equities brokerage firms in India. As the country battled a massive resurgence of COVID-19 cases, the mobility restrictions translated into higher trading volumes, which benefited the company and lifted its shares by 68%. Another winner was leading logistics company TCI Express,

25

    AMG TimesSquare Emerging Markets Small Cap Fund

    Portfolio Manager’s Comments (continued)

Ltd.; they reported robust volume growth as business activities normalized. Share price jumped 111% and we trimmed into this price strength.   Regional Performance: Latin America Our holdings in Latin America detracted from performance. Brazil’s macro headwinds brought widespread weakness, which also impacted our holdings. Losing (38)% was Brazil’s largest medical education company, Afya Ltd. The company reported in-line second quarter results driven by its undergraduate and digital businesses, while continuing education faced tough comps.   With omicron uncertainty, we exited our position in Mexican hotel operator Hoteles City Express SAB de CV, with its shares down (22)% while held during the year.   Regional Performance: EMEA EMEA was another area of weakness for the Fund. Turkey’s leading e-commerce marketplace D-MARKET Elektronik Hizmetler ve Ticaret A.S. tumbled (74)%. Soon after its June IPO, the company reported lower-than-expected revenue growth due to continued investment in its business. In subsequent conversations with management, they remained optimistic but then delivered another set of disappointing results. Having lost faith and with rising geopolitical concerns, we made our exit in November 2021.   Conclusion   Looking forward in 2022, this year brings another set of opportunities and risks. Globally, the current wave of COVID-19 cases should ebb though the possibility of future variants may change its status from pandemic to endemic. In addition, the world will grapple with higher inflation—both from materials and labor costs—and a fragile global supply chain may also become an enduring feature of the economic landscape. Expectations of further monetary tightening may create headwinds for the equity markets, especially if new fiscal stimulus measures fail to take shape. However, the investment terrain always shifts, which is why ongoing reevaluations of bottom-up opportunities are critical, and is where we focus our energies. As always, we are available for any questions you might have as we endeavor to protect the assets you have entrusted with us.   The views expressed represent the opinions of TimesSquare Capital Management, LLC and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

26

    AMG TimesSquare Emerging Markets Small Cap Fund

    Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG TimesSquare Emerging Markets Small 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. This graph compares a hypothetical $10,000 investment made in the AMG TimesSquare Emerging Markets Small Cap Fund’s Class I shares on December 14, 2016 (inception date), to a $10,000 investment made in the MSCI Emerging Markets Small Cap 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.

The table below shows the average annual total returns for the AMG TimesSquare Emerging Markets Small Cap Fund and the MSCI Emerging Markets Small Cap Index for the same time periods ended December 31, 2021.

Average Annual Total Returns1	One Year			Five Years		Since Inception		Inception Date
AMG TimesSquare Emerging Markets Small Cap Fund2, 3, 4, 5, 6, 7, 8, 9, 10
Class N		9.10	%		—		9.68%		02/24/17
Class I		9.50	%		11.68%		11.67%		12/14/16
Class Z		9.51	%		11.66%		11.66%		12/14/16
MSCI Emerging Markets Small Cap Index11		18.75	%		11.47%		11.23%		12/14/16	†

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

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

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

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

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

³  Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

⁴  The Fund is subject to 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.

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

⁷  The Fund 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.

⁸  Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.

⁹  The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.

¹⁰  Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

¹¹  MSCI Emerging Markets Small Cap Index includes small cap representation across 24 Emerging Markets countries. The small cap segment tends to capture more local economic and sector characteristics relative to larger Emerging Markets

27

    AMG TimesSquare Emerging Markets Small Cap Fund

    Portfolio Manager’s Comments (continued)

capitalization segments. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI Emerging Markets Small Cap Index is unmanaged, is not available for investment, and does not incur expenses. All MSCI data is provided ‘as is.’ The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.   Not FDIC insured, nor bank guaranteed. May lose value.

28

    AMG TimesSquare Emerging Markets Small Cap Fund

     Fund Snapshots (unaudited)

     December 31, 2021

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Information Technology		29.8
Consumer Discretionary		22.6
Financials		9.5
Communication Services		9.0
Industrials		7.9
Health Care		7.7
Consumer Staples		5.2
Materials		4.1
Real Estate		2.5
Energy		2.3
Short-Term Investments		1.2
Other Assets Less Liabilities		(1.8	)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Cowintech Co., Ltd. (South Korea)	2.5
AEON Motor Co., Ltd. (Taiwan)	2.4
Koreacenter Co., Ltd. (South Korea)	2.2
Kyochon F&B Co., Ltd. (South Korea)	2.2
Dian Diagnostics Group Co., Ltd., Class A (China)	2.0
Chinasoft International, Ltd. (China)	2.0
KINX, Inc. (South Korea)	2.0
Green World FinTech Service Co., Ltd. (Taiwan)	1.9
Nippon Life India Asset Management, Ltd. (India)	1.9
Venustech Group, Inc., Class A (China)	1.9
Top Ten as a Group	21.0

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.

29

    AMG TimesSquare Emerging Markets Small Cap Fund

    Schedule of Portfolio Investments

    December 31, 2021

	Shares		Value
Common Stocks - 99.8%
Communication Services - 9.0%
Kingsoft Corp., Ltd. (China)		18,300		$80,490
KINX, Inc. (South Korea)		3,800		159,385
Link Net Tbk PT (Indonesia)		426,400		119,652
Megacable Holdings SAB de CV (Mexico)		32,600		111,435
Railtel Corp. of India, Ltd. (India)		96,900		151,835
Sarana Menara Nusantara Tbk PT (Indonesia)		1,196,000		94,309
Total Communication Services				717,106
Consumer Discretionary - 22.6%
Ace Hardware Indonesia Tbk PT (Indonesia)		941,000		84,429
AEON Motor Co., Ltd. (Taiwan)		102,200		187,019
Afya, Ltd., Class A (Brazil)*,1		8,600		135,106
Despegar.com Corp. (Argentina)*		9,800		95,942
Dixon Technologies India, Ltd. (India)		800		59,169
Fu Shou Yuan International Group, Ltd. (China)		167,000		131,243
JUMBO SA (Greece)		6,000		86,071
K Car Co., Ltd. (South Korea)		3,500		100,400
Koreacenter Co., Ltd. (South Korea)*		31,400		175,777
Kyochon F&B Co., Ltd. (South Korea)		12,400		172,794
momo.com, Inc. (Taiwan)		10		585
Nayuki Holdings, Ltd. (China)*		103,400		113,663
OPAP, S.A. (Greece)		7,400		104,810
Tam Jai International Co., Ltd. (Hong Kong)*		266,300		114,067
Varroc Engineering, Ltd. (India)*,2		28,500		127,211
YesAsia Holdings, Ltd. (Hong Kong)		563,000		108,303
Total Consumer Discretionary				1,796,589
Consumer Staples - 4.4%
Bajaj Consumer Care, Ltd. (India)		36,900		97,973
Delfi, Ltd. (Singapore)		173,300		98,378
Puregold Price Club, Inc. (Philippines)		94,800		73,063
Yihai International Holding, Ltd. (China)		17,800		82,310
Total Consumer Staples				351,724
Energy - 2.3%
Aegis Logistics, Ltd. (India)		36,600		108,613
AKR Corporindo Tbk PT (Indonesia)		260,400		75,060
Total Energy				183,673
Financials - 9.5%
Bangkok Commercial Asset Management PCL (Thailand)		170,600		110,822
BSE, Ltd. (India)		3,200		82,376
ICICI Securities, Ltd. (India)2		7,400		78,628
JM Financial, Ltd. (India)		123,000		122,698

	Shares		Value
Nippon Life India Asset Management, Ltd. (India)2		32,200		$152,067
Patria Investments, Ltd., Class A (Cayman Islands)		7,600		123,120
Transaction Capital, Ltd. (South Africa)		31,200		88,167
Total Financials				757,878
Health Care - 7.7%
Blau Farmaceutica, S.A. (Brazil)		16,700		109,135
Dian Diagnostics Group Co., Ltd., Class A (China)		30,600		161,170
Ray Co., Ltd. (South Korea)*		5,400		128,526
Selvita, S.A. (Poland)*		5,000		101,571
Shanghai Kindly Medical Instruments Co., Ltd., Class H (China)		36,200		106,745
Total Health Care				607,147
Industrials - 7.9%
Bizlink Holding, Inc. (United States)		16,000		150,580
Cowintech Co., Ltd. (South Korea)		7,519		196,535
Grupo Rotoplas SAB de CV (Mexico)		77,405		106,871
IndiaMart InterMesh, Ltd. (India)2		1,100		95,601
KEI Industries, Ltd. (India)		2,700		42,287
TCI Express, Ltd. (India)		1,200		35,669
Total Industrials				627,543
Information Technology - 29.8%
Accton Technology Corp. (Taiwan)		16,000		149,923
Brogent Technologies, Inc. (Taiwan)*		23,000		102,014
Chinasoft International, Ltd. (China)		122,900		160,268
Chroma ATE, Inc. (Taiwan)		19,000		137,021
Cyient, Ltd. (India)		5,600		76,972
Douzone Bizon Co., Ltd. (South Korea)		1,500		91,998
eCloudvalley Digital Technology Co., Ltd. (Taiwan)		10,751		102,227
Elite Material Co., Ltd. (Taiwan)		14,200		142,309
Green World FinTech Service Co., Ltd. (Taiwan)		3,055		152,932
Hyundai Ezwel Co., Ltd. (South Korea)		16,200		145,568
Koh Young Technology, Inc. (South Korea)		6,900		137,436
LiveChat Software, S.A. (Poland)		3,300		95,663
Locaweb Servicos de Internet, S.A. (Brazil)*,2		35,000		82,693
Opera, Ltd., ADR (Norway)*		13,100		92,486
Tong Hsing Electronic Industries, Ltd. (Taiwan)		8,200		87,807
TOTVS, S.A. (Brazil)		20,659		106,225
Venustech Group, Inc., Class A (China)		33,900		151,863
Webcash Corp. (South Korea)		6,300		141,538
WinWay Technology Co., Ltd. (Taiwan)		6,100		95,288
Yeahka, Ltd. (China)*,1		36,300		120,361
Total Information Technology				2,372,592

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

30

    AMG TimesSquare Emerging Markets Small Cap Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Materials - 4.1%
Egypt Kuwait Holding Co., S.A.E. (Egypt)*		62,340		$77,975
EPL, Ltd. (India)		51,100		141,888
Hansol Chemical Co., Ltd. (South Korea)		400		102,753
Total Materials				322,616
Real Estate - 2.5%
A-Living Smart City Services Co., Ltd. (China)2		49,700		84,907
Corp. Inmobiliaria Vesta SAB de CV (Mexico)		57,500		115,250
Total Real Estate				200,157
Total Common Stocks (Cost $7,721,824)				7,937,025
Participation Notes - 0.8%
Consumer Staples - 0.8%
Masan Group Corp., 11/21/22 (JP Morgan) (Vietnam)		8,700		65,279
Total Participation Notes (Cost $21,593)				65,279

	Principal Amount		Value
Short-Term Investments - 1.2%
Joint Repurchase Agreements - 1.2%3
Bank of America Securities, Inc., dated 12/31/21, due 01/03/22, 0.050% total to be received $96,078 (collateralized by various U.S. Treasuries, 0.000% - 0.875%, 07/15/27 - 11/15/45, totaling $98,000)		$96,078		$96,078
Total Short-Term Investments (Cost $96,078)				96,078
Total Investments - 101.8% (Cost $7,839,495)				8,098,382
Other Assets, less Liabilities - (1.8)%				(142,340	)
Net Assets - 100.0%				$7,956,042

* Non-income producing security.

¹  Some of these securities, amounting to $189,000 or 2.4% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

²  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 $621,107 or 7.8% of net assets.

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

ADR American Depositary Receipt

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

31

    AMG TimesSquare Emerging Markets Small Cap 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		$529,999		$1,842,593		—		$2,372,592
Consumer Discretionary		639,889		1,156,700		—		1,796,589
Financials		322,109		435,769		—		757,878
Communication Services		111,435		605,671		—		717,106
Industrials		106,871		520,672		—		627,543
Health Care		109,135		498,012		—		607,147
Consumer Staples		171,441		180,283		—		351,724
Materials		77,975		244,641		—		322,616
Real Estate		115,250		84,907		—		200,157
Energy		—		183,673		—		183,673
Participation Notes†		—		65,279		—		65,279
Short-Term Investments
Joint Repurchase Agreements		—		96,078		—		96,078
Total Investment in Securities		$2,184,104		$5,914,278		—		$8,098,382

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

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

For the fiscal year ended 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
Argentina		1.2
Brazil		5.4
Cayman Islands		1.5
China		14.9
Egypt		1.0
Greece		2.4
Hong Kong		2.8
India		17.1
Indonesia		4.7
Mexico		4.2
Norway		1.1

Country	% of Long-Term Investments
Philippines		0.9
Poland		2.5
Singapore		1.2
South Africa		1.1
South Korea		19.4
Taiwan		14.5
Thailand		1.4
United States		1.9
Vietnam		0.8
		100.0

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

32

    AMG TimesSquare Global Small Cap Fund

    Portfolio Manager’s Comments (unaudited)

Year in Review   For the year ended December 31, 2021, AMG TimesSquare Global Small Cap Fund (the “Fund”) Class N shares returned 11.08%, while its benchmark, the MSCI World Small Cap Index, returned 15.75%.   2021 began with the expectation that vaccinations would reduce COVID-19’s grip on the economy and our collective psyche. For a time, we progressed along that course and looked forward to a return to normal by the summer. However, varying levels of vaccinations, changing mandates, and the late-year emergence of new COVID variants created a sense of “dèjà vu all over again” by the close of the year. More consistent in 2021 was the steady increase of global inflation for consumers and producers, typically coupled with ongoing supply chain woes. Despite that, global equity markets posted double-digit gains for the year, led by the U.S. with 26%, followed by developed non-U.S. at 11%, though emerging markets dipped by (3)%.   In the U.S., the pace of economic growth remained well in the expansionary range. Meanwhile, monetary policy tightened—the U.S. Federal Reserve (Fed) announced plans to taper its $120 billion monthly purchases of bonds and later increased the pace of those reductions, which could end completely as soon as March 2022. Europe was supported by continued economic growth, though that was tempered by supply disruptions and pockets of pause in the reopening progress. In Japan, the market faltered on Prime Minister Suga’s exit and as the newly formed Kishida government failed to lift the market’s expectations of economic reforms. In China, concerns related to recent regulatory actions dragged on growth across several economic sectors. Contrary to the tightening of monetary policy by many central banks around the world, the People’s Bank of China (“PBOC”) announced more supportive measures amid a slowing economy.   The Fund underperformed the MSCI World Small Cap Index in 2021. Holdings in the Americas outperformed while relative weakness was seen in other regions.   Regional Performance: Europe The Fund’s European holdings underperformed the regional benchmark. Relative strength in Denmark, Finland, and Italy was offset by relative weakness in Norway and France.   The Nordic region offered mixed results. Added to the Fund in the first quarter, Norway-based Pexip Holding A.S.A is an online meeting platform that offers video conferencing and digital infrastructure with a focus on large enterprise customers. Its shares were negatively impacted by lower-than-expected third quarter results and the market had concerns on whether Pexip could reach its 2024 targets. New sales representatives, hired over a year ago, have also ramped slower than expected toward high productivity targets. In light of the hiccups in their path to profitability, we exited the name, which declined (65)% for the period that it was held. In neighboring Finland, Valmet OYJ is a process technology provider supplying entire production lines to the pulp and paper industry. Its order book remains strong and the pricing environment healthy; supply chain and transport issues are also easing. As of note, the Finnish Financial Supervisory Authority’s final approval of Valmet’s merger with Neles Corporation, a global valve company with strong exposure to the pulp and paper industry, boosted shares by 30% since they were added to the Fund in February.   Leading the gains in the U.K, was wealth manager St. James’s Place PLC with its 54% gain. Its results were consistently strong for the year, boding well for coming quarters. More of its assets are starting to generate fee earnings. We took some profits into the share price strength. New to the Fund this year was Future PLC, a specialty content publisher transitioning from print to online platforms. It owns 220 brands/titles and creates niche interest, high-quality, branded, and expert-led content. The company reported solid first half results driven by ecommerce and digital ads. It announced the acquisition of Marie Claire U.S. to complement its existing Marie Claire U.K. operation. We expect the group to replicate its success in injecting e-commerce into the U.S. publication. Its shares ascended more than 60% since it was added to the Fund in April. Moving in the other direction with a (19)% drop was HomeServe PLC, which offers a range of home emergencies services via subscription-based memberships. In the second quarter the company recognized a one-time CRM (customer relationship management) system write-off driven by the move to a more flexible cloud-based solution. Despite the write-off, the underlying North American Membership and HVAC (heating, ventilation, and air conditioning) business posted strong results as it continues to benefit from service calls to newly minted suburban homeowners.   France-based nursing home operator Orpea SA declined (23)%. The market turned more cautious on the segment given the resurgence of the pandemic throughout the year. There are also worries of the impact of rising interest rates on the company’s real   estate assets and balance sheet. Though there is short-term uncertainty, it has navigated the pandemic environment well and fundamentals remain supportive for the future.   Regional Performance: The Americas The Americas housed some of the Fund’s largest contributors and detractors.   Within communication services, Zynga, Inc. develops, markets, and operates social games as live services on mobile platforms. Its gaming portfolio includes CSR Racing, Empires & Puzzles, FarmVille, Merge Dragons!, Words With Friends, Mafia Wars, Zynga Poker, and Treasure Isle. There were unexpected levels of turnover among customers, in part because business re-openings siphoned time from users for mobile games. Apple’s privacy changes on the mobile gaming and digital advertising industry also posed challenges, though the company managed to report solid results. Its 2022 guidance was unchanged and will hinge on a number of new game launches. Zynga traded down by (35)% (though as of this writing, Zynga announced plans to be acquired by Take-Two Software.) Encompass Health Corp. provides post-acute healthcare services including inpatient rehabilitation, home health, and hospice care. Its shares fell (20)% as revenues and earnings each fell shy of projections. Light admissions in the home health and hospice segment were the main source of weakness. Their workforce was constrained by quarantined employees, fewer new hires, and intense competition for contract labor. Encompass announced that its year-long strategic review will result in the partial or full separation of its home health and hospice business into an independent public company via a carve-out or a spinoff, which was announced in January 2022.   The Fund’s top contributor was the contract research organization serving the biopharmaceutical industry, Charles River Laboratories International, Inc. The company benefited from a strong business environment throughout the year. In the fourth quarter, its stock pulled back after management commented on the need for more investments in staffing and capacity, but it still finished the year with a 51% gain. We trimmed our position into the price strength late in the third quarter. Surging 142% was commercial banking services provider Signature Bank. The company continued to see impressive deposit and loan growth, and its crypto currency platform has also been quietly gathering momentum.   We had to exit some of the strong performers as their market capitalizations grew too large for a global small cap portfolio. Case in point is information

33

    AMG TimesSquare Global Small Cap Fund

    Portfolio Manager’s Comments (continued)

technology research advisory firm Gartner, Inc. The company reported earnings beats, with notable accelerations in contract values and a revival of its events operations, and later announced share buybacks. As its market capitalization grew above $25 billion, we exited our position and booked an 87% gain for the time it was held in the Fund during the year.   Regional Performance: Japan Japan was an area of weakness. Within information technology, Elecom Co., Ltd. is a maker of peripherals for electronic products. Sentiment began to shift in mid-2021 on the re-opening trade as the underlying demand for teleworking decreased. In addition, the continued semiconductor shortage impaired its revenues. We liquidated our position. Shares were down (51)% while they were held in the Fund in the year. MedPeer, Inc. provides a community site exclusively for physicians to link with pharmaceutical companies and is a first mover in Japan’s online health care space. Despite solid execution and firm underlying fundamentals, its shares fell by (60)% due to multiple compression in higher growth names. More positive was Simplex Holdings, Inc., a leading systems developer and business consultant that re-listed in the third quarter after an eight-year hiatus. Emerging originally from the trading systems development team of Salomon Brothers in the late 1990s, Simplex has since developed a broad client base of leading financial services in which it retains ownership of the core intellectual property development. The company reported solid results with a growing backlog of projects, which served to lift its shares by 85%. We trimmed our position on this price strength.   Regional Performance: Developed Asia Pacific Ex Japan Our holdings in Asia Pacific Ex-Japan delivered lower relative returns. Challenger, Ltd. is a leader in annuity products tied to Australia and Japan’s aging populations. Early in the year the company reduced its fiscal year 2021 guidance to the bottom end of the range. Challenger has been slow to adjust its pricing amid fluctuations in interest rate spreads. Given the string of disappointments, we decided to exit the name and shares corrected (25)% for the period that it was held throughout the year.   Regional Performance: Emerging Markets Global emerging markets underperformed their developed peers. One of the Fund’s detractors was Turkey’s leading e-commerce marketplace, D-MARKET Elektronik Hizmetler ve Ticaret A.S. In its first earnings results after its IPO, the company reported lower-than-expected revenue growth due to continued investment in its business. In subsequent conversations with management, they remained optimistic but then delivered another set of disappointing results. Having lost faith and with rising geopolitical concerns. we made our exit in November 2021 and the shares had declined by (71)% while we owned them. On a more positive note was Taiwan’s leading e-commerce player momo.com, Inc. Shares jumped 237% as they benefited from the continued growth of online shopping in Taiwan. Taiwan’s COVID-19 outbreak in May also helped its underlying business. momo.com also looks to expand cooperation with international brands, broaden product variety, and add warehousing facilities.   Conclusion   Looking forward in 2022, this year brings another set of opportunities and risks. Globally, the current wave of COVID-19 cases should ebb, though the possibility of future variants may change its status from pandemic to endemic. In addition, the world will grapple with higher inflation—both from materials and labor costs—and a fragile global supply chain may also become an enduring feature of the economic landscape. Expectations of further monetary tightening may create headwinds for the equity markets, especially if new fiscal stimulus measures fail to take shape. However, the investment terrain always shifts, which is why ongoing reevaluations of bottom-up opportunities is critical, and is where we focus our energies. As always, we are available for any questions you might have as we endeavor to protect the assets you have entrusted with us.   The views expressed represent the opinions of TimesSquare Capital Management, LLC and are not intended as a forecast or guarantee of future results, and are subject to change without notice.

34

    AMG TimesSquare Global Small Cap Fund

    Portfolio Manager’s Comments (continued)

CUMULATIVE TOTAL RETURN PERFORMANCE

AMG TimesSquare Global Small 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. This graph compares a hypothetical $10,000 investment made in the AMG TimesSquare Global Small Cap Fund’s Class N shares on May 30, 2018 (inception date), to a $10,000 investment made in the MSCI World Small Cap 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.

The table below shows the average annual total returns for the AMG TimesSquare Global Small Cap Fund and the MSCI World Small Cap Index for the same time periods ended December 31, 2021.

Average Annual Total Returns1	One Year			Since Inception			Inception Date
AMG TimesSquare Global Small Cap Fund2, 3, 4, 5, 6, 7, 8, 9, 10
Class N		11.08	%		8.74	%		05/30/18
Class I		11.29	%		8.99	%		05/30/18
Class Z		11.38	%		9.01	%		05/30/18
MSCI World Small Cap Index11		15.75	%		10.11	%		05/30/18	†

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

³  Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

⁴  The Fund is subject to 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.

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

⁷ The Fund 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.

⁸  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.

⁹  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.

¹⁰ Companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.

¹¹ The MSCI World Small Cap Index captures small cap representation across 23 Developed Markets countries. With over 4,000 constituents, the index covers approximately 14% of the free float-adjusted market capitalization in each country. Please go to

35

    AMG TimesSquare Global Small Cap Fund

    Portfolio Manager’s Comments (continued)

msci.com for most current list of countries represented by the Index. Unlike the Fund, the MSCI World Small Cap Index is unmanaged, is not available for investment, and does not incur expenses.

All MSCI data is provided ‘as is.‘The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of

any kind in connection with the MSCI data or the products described herein.

Copying or redistributing the MSCI data is strictly prohibited.

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

36

    AMG TimesSquare Global Small Cap Fund

     Fund Snapshots (unaudited)

      December 31, 2021

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Industrials		24.7
Information Technology		19.4
Financials		15.6
Consumer Discretionary		12.5
Health Care		11.6
Communication Services		6.8
Consumer Staples		3.2
Materials		2.9
Real Estate		2.1
Energy		0.3
Short-Term Investments		1.7
Other Assets Less Liabilities		(0.8)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Chemed Corp. (United States)		2.0
PJT Partners, Inc., Class A (United States)		1.9
RenaissanceRe Holdings, Ltd. (Bermuda)		1.9
Brunswick Corp. (United States)		1.9
Monolithic Power Systems, Inc. (United States)		1.8
Signature Bank (United States)		1.8
Evercore, Inc., Class A (United States)		1.8
Nice, Ltd., Sponsored ADR (Israel)		1.7
First Advantage Corp. (United States)		1.6
MKS Instruments, Inc. (United States)		1.6
Top Ten as a Group		18.0

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.

37

  AMG TimesSquare Global Small Cap Fund

  Schedule of Portfolio Investments

  December 31, 2021

	Shares		Value
Common Stocks - 99.1%
Communication Services - 6.8%
Auto Trader Group PLC (United Kingdom)1		3,300		$33,049
Future PLC (United Kingdom)		800		41,417
Kadokawa Corp. (Japan)		1,600		41,736
Nordic Entertainment Group AB, Class B (Sweden)*		600		31,088
Zynga, Inc., Class A (United States)*		5,700		36,480
Total Communication Services				183,770
Consumer Discretionary - 12.5%
Afya, Ltd., Class A (Brazil)*,2		700		10,997
Brunswick Corp. (United States)		500		50,365
Callaway Golf Co. (United States)*		1,200		32,928
CIE Automotive, S.A. (Spain)		700		21,634
Dalata Hotel Group PLC (Ireland)*		2,000		8,470
Floor & Decor Holdings, Inc., Class A (United States)*		300		39,003
Food & Life Cos., Ltd. (Japan)		500		18,879
Hilton Grand Vacations, Inc. (United States)*		700		36,477
K Car Co., Ltd. (South Korea)		800		22,949
momo.com, Inc. (Taiwan)		190		11,124
National Vision Holdings, Inc. (United States)*,2		800		38,392
Planet Fitness, Inc., Class A (United States)*		300		27,174
Thule Group AB (Sweden)1		300		18,118
Total Consumer Discretionary				336,510
Consumer Staples - 3.2%
Kobe Bussan Co., Ltd. (Japan)		600		23,231
Performance Food Group Co. (United States)*		800		36,712
Sugi Holdings Co., Ltd. (Japan)		250		15,147
Yihai International Holding, Ltd. (China)		2,200		10,173
Total Consumer Staples				85,263
Energy - 0.3%
Friedrich Vorwerk Group SE (Germany)*		200		6,503
Financials - 15.6%
doValue S.P.A. (Italy)1		700		6,680
Evercore, Inc., Class A (United States)		350		47,548
FinecoBank Banca Fineco S.P.A. (Italy)		1,100		19,264
Focus Financial Partners, Inc., Class A (United States)*		500		29,860
Nordnet AB publ (Sweden)		1,800		34,533
Patria Investments, Ltd., Class A (Cayman Islands)		800		12,960
PJT Partners, Inc., Class A (United States)		700		51,863
RenaissanceRe Holdings, Ltd. (Bermuda)		300		50,799

	Shares		Value
Signature Bank (United States)		150		$48,520
St James’s Place PLC (United Kingdom)		1,800		41,134
Steadfast Group, Ltd. (Australia)		11,400		43,512
Topdanmark AS (Denmark)		600		33,656
Total Financials				420,329
Health Care - 11.6%
ALK-Abello A/S (Denmark)*		50		26,255
Amplifon S.P.A. (Italy)		500		26,904
Blueprint Medicines Corp. (United States)*		300		32,133
Charles River Laboratories International, Inc. (United States)*		100		37,678
Chemed Corp. (United States)		100		52,904
Encompass Health Corp. (United States)		600		39,156
MedPeer, Inc. (Japan)*		400		12,454
Menicon Co., Ltd. (Japan)		600		17,748
Nippon Shinyaku Co., Ltd. (Japan)		300		20,890
Orpea SA (France)		200		20,058
Siegfried Holding AG (Switzerland)		25		24,319
Total Health Care				310,499
Industrials - 24.7%
Arcadis, N.V. (Netherlands)		400		19,270
The AZEK Co., Inc. (United States)*		800		36,992
Befesa, S.A. (Luxembourg)1		200		15,347
Booz Allen Hamilton Holding Corp. (United States)		350		29,677
Cargojet, Inc. (Canada)		100		13,168
Electrocomponents PLC (United Kingdom)		1,100		18,039
EMCOR Group, Inc. (United States)		300		38,217
First Advantage Corp. (United States)*		2,300		43,792
Fuji Corp. (Japan)		1,100		24,672
Genuit Group PLC (United Kingdom)		1,900		15,184
Grafton Group PLC (Ireland)		1,600		26,864
HomeServe PLC (United Kingdom)		2,400		28,408
Howden Joinery Group PLC (United Kingdom)		1,600		19,598
Interpump Group S.P.A. (Italy)		200		14,650
IPH, Ltd. (Australia)		3,500		22,348
ITT, Inc. (United States)		200		20,438
KION Group AG (Germany)		366		39,977
Nexans, S.A. (France)		200		19,556
Prosegur Cia de Seguridad, S.A. (Spain)		6,200		16,262
Regal Rexnord Corp. (United States)		250		42,545
Rotork PLC (United Kingdom)		6,300		30,661
RWS Holdings PLC (United Kingdom)		2,400		21,115

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

38

    AMG TimesSquare Global Small Cap Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Industrials - 24.7% (continued)
Valmet OYJ (Finland)		1,000		$42,876
WillScot Mobile Mini Holdings Corp. (United States)*		800		32,672
Zurn Water Solutions Corp. (United States)		900		32,760
Total Industrials				665,088
Information Technology - 19.4%
Accton Technology Corp. (Taiwan)		1,700		15,929
BE Semiconductor Industries, N.V. (Netherlands)		300		25,504
Chinasoft International, Ltd. (China)		7,800		10,172
Copperleaf Technologies, Inc. (Canada)*		400		7,542
CyberArk Software, Ltd. (Israel)*		250		43,320
Fortnox AB (Sweden)		600		38,637
Horiba, Ltd. (Japan)		300		17,641
Jack Henry & Associates, Inc. (United States)		200		33,398
Keywords Studios PLC (Ireland)		600		23,893
Littelfuse, Inc. (United States)		50		15,734
MACOM Technology Solutions Holdings, Inc. (United States)*		400		31,320
MKS Instruments, Inc. (United States)		250		43,542
Monolithic Power Systems, Inc. (United States)		100		49,333
Nice, Ltd., Sponsored ADR (Israel)*		150		45,540
Pushpay Holdings, Ltd. (New Zealand)*		9,000		8,120
Simplex Holdings, Inc. (Japan)*		900		22,209
Spirent Communications PLC (United Kingdom)		7,000		26,411
Systena Corp. (Japan)		2,800		10,449
TOTVS, S.A. (Brazil)		4,383		22,537
Tri Chemical Laboratories, Inc. (Japan)		700		22,187
Yeahka, Ltd. (China)*,2		2,700		8,952
Total Information Technology				522,370
Materials - 2.9%
Asahi Holdings, Inc. (Japan)		900		16,076

	Shares		Value
Huhtamaki Oyj (Finland)		700		$30,962
Toyo Gosei Co., Ltd. (Japan)		100		13,583
Verallia, S.A. (France)1		500		17,617
Total Materials				78,238
Real Estate - 2.1%
Katitas Co., Ltd. (Japan)		700		26,943
Kennedy-Wilson Holdings, Inc. (United States)		1,200		28,656
Total Real Estate				55,599
Total Common Stocks
(Cost $2,156,818)				2,664,169
	Principal Amount
Short-Term Investments - 1.7%
Joint Repurchase Agreements - 0.2%3
HSBC Securities USA, Inc., dated 12/31/21, due 01/03/22, 0.040% total to be received $7,087 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 05/15/23 - 08/15/47, totaling $7,229)		$7,087		7,087
	Shares
Other Investment Companies - 1.5%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%4		39,534		39,534
Total Short-Term Investments (Cost $46,621)				46,621
Total Investments - 100.8% (Cost $2,203,439)				2,710,790
Other Assets, less Liabilities - (0.8)%				(22,346	)
Net Assets - 100.0%				$2,688,444

^*  Non-income producing security.

¹  Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2021, the value of these securities amounted to $90,811 or 3.4% of net assets.

²  Some of these securities, amounting to $52,499 or 2.0% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

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

⁴  Yield shown represents the December 31, 2021, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR American Depositary Receipt

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

39

    AMG TimesSquare Global Small Cap 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
Industrials		$339,784		$325,304		—		$665,088
Information Technology		316,159		206,211		—		522,370
Financials		241,550		178,779		—		420,329
Consumer Discretionary		266,755		69,755		—		336,510
Health Care		188,126		122,373		—		310,499
Communication Services		36,480		147,290		—		183,770
Consumer Staples		36,712		48,551		—		85,263
Materials		—		78,238		—		78,238
Real Estate		28,656		26,943		—		55,599
Energy		6,503		—		—		6,503
Short-Term Investments
Joint Repurchase Agreements		—		7,087		—		7,087
Other Investment Companies		39,534		—		—		39,534
Total Investment in Securities	$	1,500,259	$	1,210,531		—	$	2,710,790

  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
Australia		2.5
Bermuda		1.9
Brazil		1.3
Canada		0.8
Cayman Islands		0.5
China		1.1
Denmark		2.3
Finland		2.8
France		2.1
Germany		1.7
Ireland		2.2
Israel		3.3
Italy		2.5

Country	% of Long-Term Investments
Japan		11.4
Luxembourg		0.6
Netherlands		1.7
New Zealand		0.3
South Korea		0.9
Spain		1.4
Sweden		4.6
Switzerland		0.9
Taiwan		1.0
United Kingdom		10.3
United States		41.9
		100.0

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

40

  Statement of Assets and Liabilities

  December 31, 2021

	AMG TimesSquare Small Cap Growth Fund		AMG TimesSquare Mid Cap Growth Fund		AMG TimesSquare International Small Cap Fund		AMG TimesSquare Emerging Markets Small Cap Fund		AMG TimesSquare Global Small Cap Fund
Assets:
Investments at value1 (including securities on loan valued at $36,607,216, $0, $6,343,082, $189,000, and $52,499, respectively)		$433,768,046		$1,778,636,456		$1,027,206,364		$8,098,382		$2,710,790
Cash		—		92,484		—		—		108
Foreign currency2		—		—		13,505,880		104,547		38,342
Receivable for investments sold		639,269		331,953		3,774,712		—		4,149
Dividend and interest receivables		82,985		610,283		1,624,820		7,949		2,375
Securities lending income receivable		46,441		—		7,126		664		53
Receivable for Fund shares sold		98,265		366,192		1,141,043		—		—
Receivable from affiliate		—		—		—		3,831		2,003
Prepaid expenses and other assets		12,430		13,759		59,689		1,302		520
Total assets		434,647,436		1,780,051,127		1,047,319,634		8,216,675		2,758,340
Liabilities:
Payable upon return of securities loaned		20,368,939		—		6,306,257		96,078		7,087
Payable for investments purchased		492,883		—		7,056,511		11,766		9,519
Payable for Fund shares repurchased		1,398,329		943,317		701,568		—		—
Payable for foreign capital gains tax		—		—		—		21,266		—
Due to custodian		—		—		—		50,825		—
Accrued expenses:
Investment advisory and management fees		277,353		1,178,321		643,062		6,360		1,557
Administrative fees		52,000		223,732		128,613		1,004		334
Distribution fees		—		—		—		11		14
Shareholder service fees		15,909		107,872		55,553		10		—
Other		116,929		301,829		338,560		73,313		51,385
Total liabilities		22,722,342		2,755,071		15,230,124		260,633		69,896
Net Assets	$	411,925,094	$	1,777,296,056		$1,032,089,510		$7,956,042		$2,688,444
1 Investments at cost	$	337,464,762	$	1,151,368,920		$872,874,050		$7,839,495		$2,203,439
2 Foreign currency at cost		—		—		$13,398,954		$103,758		$38,481

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

41

    Statement of Assets and Liabilities (continued)

	AMG TimesSquare Small Cap Growth Fund		AMG TimesSquare Mid Cap Growth Fund		AMG TimesSquare International Small Cap Fund		AMG TimesSquare Emerging Markets Small Cap Fund		AMG TimesSquare Global Small Cap Fund
Net Assets Represent:
Paid-in capital		$302,432,035		$1,125,238,773		$949,677,075		$7,837,362		$2,220,026
Total distributable earnings		109,493,059		652,057,283		82,412,435		118,680		468,418
Net Assets		$411,925,094		$1,777,296,056		$1,032,089,510		$7,956,042		$2,688,444
Class N:
Net Assets		$86,941,318		$535,289,336		$21,201,680		$49,156		$69,428
Shares outstanding		6,169,602		31,051,285		1,146,896		4,672		5,556
Net asset value, offering and redemption price per share		$14.09		$17.24		$18.49		$10.52		$12.50
Class I:
Net Assets		$12,379,591		$431,796,532		$614,652,133		$433,778		$40,869
Shares outstanding		827,527		23,579,886		33,185,292		41,077		3,258
Net asset value, offering and redemption price per share		$14.96		$18.31		$18.52		$10.56		$12.54
Class Z:
Net Assets		$312,604,185		$810,210,188		$396,235,697		$7,473,108		$2,578,147
Shares outstanding		20,804,367		44,045,408		21,382,731		708,150		205,491
Net asset value, offering and redemption price per share		$15.03		$18.39		$18.53		$10.55		$12.55

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

42

  Statement of Operations

   For the fiscal year ended December 31, 2021

	AMG TimesSquare Small Cap Growth Fund			AMG TimesSquare Mid Cap Growth Fund			AMG TimesSquare International Small Cap Fund			AMG TimesSquare Emerging Markets Small Cap Fund			AMG TimesSquare Global Small Cap Fund
Investment Income:
Dividend income		$385,665			$13,541,353	1		$19,264,129			$134,122			$32,617	2
Interest income		93			—			301			—			—
Securities lending income		546,043			184,101			667,895			4,830			1,574
Foreign withholding tax		—			(44,888	)		(1,710,189	)		(17,312	)		(2,610	)
Total investment income		931,801			13,680,566			18,222,136			121,640			31,581
Expenses:
Investment advisory and management fees		3,549,069			15,206,582			8,120,409			77,075			17,664
Administrative fees		673,874			2,887,326			1,624,082			12,170			3,785
Distribution fees - Class N		—			—			—			148			169
Shareholder servicing fees - Class N		221,691			1,114,158			69,085			89			—
Shareholder servicing fees - Class I		9,833			242,352			649,197			15			—
Professional fees		61,233			88,295			79,020			47,643			40,185
Custodian fees		57,064			165,515			276,148			61,207			31,540
Registration fees		39,013			75,177			91,371			4,663			3,911
Trustee fees and expenses		31,039			129,299			73,283			564			172
Transfer agent fees		13,833			59,990			48,974			871			470
Reports to shareholders		6,101			111,809			101,814			3,926			1,894
Interest expense		27			128			407			—			—
Miscellaneous		11,158			59,568			33,139			4,973			2,163
Repayment of prior reimbursements		9,606			—			—			—			—
Total expenses before offsets		4,683,541			20,140,199			11,166,929			213,344			101,953
Expense reimbursements		(4,404	)		—			—			(108,894	)		(76,549	)
Expense reductions		(75,818	)		(161,894	)		—			—			—
Net expenses		4,603,319			19,978,305			11,166,929			104,450			25,404
Net investment income (loss)		(3,671,518	)		(6,297,739	)		7,055,207			17,190			6,177
Net Realized and Unrealized Gain:
Net realized gain on investments		79,059,615			497,360,722	3		139,032,382			1,927,529			310,984
Net realized loss on foreign currency transactions		—			—			(1,414,580	)		(9,848	)		(5,069	)
Net change in unrealized appreciation/depreciation on investments		(46,101,944	)		(202,912,685	)		(128,818,372	)		(1,260,333	)		(55,264	)
Net change in unrealized appreciation/depreciation on foreign currency translations		—			—			(34,922	)		8,676			(323	)
Net realized and unrealized gain		32,957,671			294,448,037			8,764,508			666,024			250,328
Net increase in net assets resulting from operations		$29,286,153			$288,150,298			$15,819,715			$683,214			$256,505

¹  Includes non-recurring dividends of $5,531,700.

²  Includes non-recurring dividends of $3,916.

³  Includes realized gains of $48,002,717 relating to redemptions in-kind. See note 1(g) of the Notes to Financial Statements.

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

43

  Statements of Changes in Net Assets

  For the fiscal years ended December 31,

	AMG TimesSquare Small Cap Growth Fund						AMG TimesSquare Mid Cap Growth Fund						AMG TimesSquare International Small Cap Fund
	2021			2020			2021			2020			2021			2020
Increase in Net Assets Resulting From Operations:
Net investment income (loss)		$(3,671,518	)		$(2,635,495	)		$(6,297,739	)		$(6,505,668	)		$7,055,207			$3,290,328
Net realized gain (loss) on investments		79,059,615			103,888,995			497,360,722			425,100,120			137,617,802			(38,519,843	)
Net change in unrealized appreciation/depreciation on investments		(46,101,944	)		15,244,685			(202,912,685	)		121,000,209			(128,853,294	)		144,045,247
Net increase in net assets resulting from operations		29,286,153			116,498,185			288,150,298			539,594,661			15,819,715			108,815,732
Distributions to Shareholders:
Class N		(16,889,951	)		(14,186,731	)		(129,769,564	)		(101,447,820	)		(202,193	)		—
Class I		(2,245,753	)		(1,430,225	)		(99,774,515	)		(82,109,733	)		(7,082,703	)		(174,954	)
Class Z		(58,061,717	)		(37,842,742	)		(188,751,022	)		(140,525,298	)		(4,959,152	)		(411,538	)
Total distributions to shareholders		(77,197,421	)		(53,459,698	)		(418,295,101	)		(324,082,851	)		(12,244,048	)		(586,492	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		14,500,368			(102,684,467	)		(129,788,867	)		(63,463,055	)		(44,353,251	)		(166,022,077	)
Total increase (decrease) in net assets		(33,410,900	)		(39,645,980	)		(259,933,670	)		152,048,755			(40,777,584	)		(57,792,837	)
Net Assets:
Beginning of year		445,335,994			484,981,974			2,037,229,726			1,885,180,971			1,072,867,094			1,130,659,931
End of year	$	411,925,094		$	445,335,994		$	1,777,296,056		$	2,037,229,726		$	1,032,089,510		$	1,072,867,094

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

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

44

Statements of Changes in Net Assets (continued)

For the fiscal years ended December 31,

	AMG TimesSquare Emerging Markets Small Cap Fund						AMG TimesSquare Global Small Cap Fund
	2021			2020			2021			2020
Increase in Net Assets Resulting From Operations:
Net investment income		$17,190			$90,312			$6,177			$1,234
Net realized gain (loss) on investments		1,917,681			639,702			305,915			(70,226	)
Net change in unrealized appreciation/depreciation on investments		(1,251,657	)		619,794			(55,587	)		283,848
Net increase in net assets resulting from operations		683,214			1,349,808			256,505			214,856
Distributions to Shareholders:
Class N		(14,953	)		(4	)		(4,448	)		—
Class I		(127,065	)		(1,290	)		(2,692	)		—
Class Z		(2,197,218	)		(22,085	)		(169,825	)		—
Total distributions to shareholders		(2,339,236	)		(23,379	)		(176,965	)		—
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		2,407,027			56,507			323,693			(39,132	)
Total increase in net assets		751,005			1,382,936			403,233			175,724
Net Assets:
Beginning of year		7,205,037			5,822,101			2,285,211			2,109,487
Endofyear		$7,956,042			$7,205,037			$2,688,444			$2,285,211

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

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

45

   AMG TimesSquare Small Cap Growth 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		$16.45		$13.96		$12.21		$16.90		$15.52
Income (loss) from Investment Operations:
Net investment loss2,3		(0.17	)	(0.11	)4	(0.09	)	(0.10	)	(0.08	)5
Net realized and unrealized gain (loss) on investments		1.18		4.92		3.47		(0.70	)	3.32
Total income (loss) from investment operations		1.01		4.81		3.38		(0.80	)	3.24
Less Distributions to Shareholders from:
Net realized gain on investments		(3.37	)	(2.32	)	(1.63	)	(3.89	)	(1.86	)
Net Asset Value, End of Year		$14.09		$16.45		$13.96		$12.21		$16.90
Total Return3,6		6.72	%	34.96	%	27.98	%	(4.38	)%	20.87	%
Ratio of net expenses to average net assets7		1.17	%8	1.16	%	1.17	%	1.09	%	1.23	%
Ratio of gross expenses to average net assets9		1.19	%8	1.20	%	1.19	%	1.10	%	1.24	%
Ratio of net investment loss to average net assets3		(0.97	)%	(0.79	)%	(0.63	)%	(0.55	)%	(0.48	)%
Portfolio turnover		65	%	71	%	62	%	63	%	58	%
Net assets end of year (000’s) omitted		$86,941		$112,740		$105,862		$99,996		$318,627

46

  AMG TimesSquare Small Cap Growth 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			201710
Net Asset Value, Beginning of Period		$17.25		$14.53		$12.64		$17.32			$16.52
Income (loss) from Investment Operations:
Net investment loss2,3		(0.15	)	(0.10	)4	(0.07	)	(0.09	)		(0.05	)5
Net realized and unrealized gain (loss) on investments		1.23		5.14		3.59		(0.70	)		2.71
Total income (loss) from investment operations		1.08		5.04		3.52		(0.79	)		2.66
Less Distributions to Shareholders from:
Net realized gain on investments		(3.37)		(2.32)		(1.63)		(3.89)			(1.86)
Net Asset Value, End of Period		$14.96		$17.25		$14.53		$12.64			$17.32
Total Return3,6		6.81	%	35.19	%	28.13	%	(4.21	)%		16.11	%11
Ratio of net expenses to average net assets12		1.05	%8	1.03	%	1.01	%	1.00	%		1.10	%13
Ratio of gross expenses to average net assets9		1.07	%8	1.07	%	1.03	%	1.01	%		1.11	%13
Ratio of net investment loss to average net assets3		(0.85	)%	(0.66	)%	(0.47	)%	(0.46	)%		(0.35	)%13
Portfolio turnover		65	%	71	%	62	%	63	%		58	%
Net assets end of period (000’s) omitted		$12,380		$12,062		$11,333		$174,914			$2,065

47

   AMG TimesSquare Small Cap Growth Fund

    Financial Highlights

    For a share outstanding throughout each fiscal year

	For the fiscal years ended December 31,
Class Z	2021			2020			2019			2018			20171
Net Asset Value, Beginning of Year		$17.30			$14.55			$12.65			$17.33			$15.84
Income (loss) from Investment Operations:
Net investment loss2,3		(0.14	)		(0.09	)4		(0.07	)		(0.08	)		(0.05	)5
Net realized and unrealized gain (loss) on investments		1.24			5.16			3.60			(0.71	)		3.40
Total income (loss) from investment operations		1.10			5.07			3.53			(0.79	)		3.35
Less Distributions to Shareholders from:
Net realized gain on investments		(3.37	)		(2.32	)		(1.63	)		(3.89	)		(1.86	)
Net Asset Value, End of Year		$15.03			$17.30			$14.55			$12.65			$17.33
Total Return3,6		6.91	%		35.35	%		28.19	%		(4.21	)%		21.14	%
Ratio of net expenses to average net assets7		0.97	%8		0.96	%		0.97	%		0.96	%		1.03	%
Ratio of gross expenses to average net assets9		0.99	%8		1.00	%		0.99	%		0.97	%		1.04	%
Ratio of net investment loss to average net assets3		(0.77	)%		(0.59	)%		(0.43	)%		(0.42	)%		(0.28	)%
Portfolio turnover		65	%		71	%		62	%		63	%		58	%
Net assets end of year (000’s) omitted		$312,604			$320,535			$367,787			$601,789			$866,289

¹  Effective February 27, 2017, the Class I and Class S were renamed Class Z and Class N, respectively.

²  Per share numbers have been calculated using average shares.

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

⁴  Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.12), $(0.10), and $(0.09) for Class N, Class I and Class Z, respectively.

⁵  Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.12), $(0.09), and $(0.09) 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  Includes reduction from broker recapture amounting to 0.02% for the fiscal year ended December 31, 2021,0.03% for the fiscal year ended December 31, 2020,0.02% for the fiscal year ended 2019 and 0.01% for each fiscal year ended 2018 and 2017.

⁸  Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%.

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

¹⁰  Commencement of operations was on February 27, 2017.

¹¹  Not annualized.

¹²  Includes reduction from broker recapture amounting to 0.02% for the fiscal year ended December 31, 2021,0.03% for the fiscal year ended December 31, 2020,0.02% for the fiscal year ended 2019,0.01% for the fiscal year ended 2018 and 0.01% for the fiscal period ended 2017.

¹³  Annualized.

48

    AMG TimesSquare Mid Cap Growth 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		$19.66			$17.69			$15.00			$18.40			$17.26
Income (loss) from Investment Operations:
Net investment loss2,3		(0.10	)4		(0.09	)5		(0.07	)		(0.08	)		(0.12	)6
Net realized and unrealized gain (loss) on investments		3.11			5.84			5.62			(0.78	)		3.98
Total income (loss) from investment operations		3.01			5.75			5.55			(0.86	)		3.86
Less Distributions to Shareholders from:
Net realized gain on investments		(5.43	)		(3.78	)		(2.86	)		(2.54	)		(2.72	)
Net Asset Value, End of Year		$17.24			$19.66			$17.69			$15.00			$18.40
Total Return3,7		15.92	%		33.03	%		37.15	%		(4.55	)%		22.40	%
Ratio of net expenses to average net assets8		1.17	%		1.17	%		1.17	%		1.17	%		1.23	%
Ratio of gross expenses to average net assets9		1.18	%		1.18	%		1.18	%		1.18	%		1.24	%
Ratio of net investment loss to average net assets3		(0.46	)%		(0.48	)%		(0.38	)%		(0.39	)%		(0.66	)%
Portfolio turnover		53	%		74	%		65	%		59	%		54	%
Net assets end of year (000’s) omitted		$535,289			$613,501			$518,267			$375,505			$519,337

49

    AMG TimesSquare Mid Cap Growth 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			201710
Net Asset Value, Beginning of Period		$20.58			$18.35			$15.46			$18.86			$18.73
Income (loss) from Investment Operations:
Net investment loss2,3		(0.07	)4		(0.07	)5		(0.05	)		(0.05	)		(0.09	)6
Net realized and unrealized gain (loss) on investments		3.25			6.08			5.80			(0.81	)		2.94
Total income (loss) from investment operations		3.18			6.01			5.75			(0.86	)		2.85
Less Distributions to Shareholders from:
Net investment income		(0.02	)		—			—			—			—
Net realized gain on investments		(5.43	)		(3.78	)		(2.86	)		(2.54	)		(2.72	)
Total distributions to shareholders		(5.45	)		(3.78	)		(2.86	)		(2.54	)		(2.72	)
Net Asset Value, End of Period		$18.31			$20.58			$18.35			$15.46			$18.86
Total Return3,7		16.04	%		33.27	%		37.33	%		(4.45	)%		15.24	%11
Ratio of net expenses to average net assets12		1.02	%		1.04	%		1.07	%		1.02	%		1.08	%13
Ratio of gross expenses to average net assets9		1.03	%		1.05	%		1.08	%		1.03	%		1.09	%13
Ratio of net investment loss to average net assets3		(0.31	)%		(0.35	)%		(0.28	)%		(0.24	)%		(0.52	)%13
Portfolio turnover		53	%		74	%		65	%		59	%		54	%
Net assets end of period (000’s) omitted		$431,797			$526,800			$472,524			$353,282			$397,061

50

    AMG TimesSquare Mid Cap Growth Fund

    Financial Highlights

    For a share outstanding throughout each fiscal year

	For the fiscal years ended December 31,
Class Z	2021			2020			2019			2018			20171
Net Asset Value, Beginning of Year		$20.65			$18.39			$15.48			$18.87			$17.61
Income (loss) from Investment Operations:
Net investment loss2,3		(0.06	)4		(0.05	)5		(0.03	)		(0.04	)		(0.09	)6
Net realized and unrealized gain (loss) on investments		3.27			6.09			5.80			(0.81	)		4.07
Total income (loss) from investment operations		3.21			6.04			5.77			(0.85	)		3.98
Less Distributions to Shareholders from:
Net investment income		(0.04	)		—			—			—			—
Net realized gain on investments		(5.43	)		(3.78	)		(2.86	)		(2.54	)		(2.72	)
Total distributions to shareholders		(5.47	)		(3.78	)		(2.86	)		(2.54	)		(2.72	)
Net Asset Value, End of Year		$18.39			$20.65			$18.39			$15.48			$18.87
Total Return3,7		16.10	%		33.36	%		37.41	%		(4.39	)%		22.63	%
Ratio of net expenses to average net assets8		0.97	%		0.97	%		0.97	%		0.97	%		1.03	%
Ratio of gross expenses to average net assets9		0.98	%		0.98	%		0.98	%		0.98	%		1.04	%
Ratio of net investment loss to average net assets3		(0.26	)%		(0.28	)%		(0.18	)%		(0.19	)%		(0.46	)%
Portfolio turnover		53	%		74	%		65	%		59	%		54	%
Net assets end of year (000’s) omitted		$810,210			$896,929			$894,390			$948,380			$1,171,466

¹  Effective February 27, 2017, the Class I and Class S were renamed Class Z and Class N, respectively.

²  Per share numbers have been calculated using average shares.

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

⁴  Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.16), $(0.13) and $(0.12) for Class N, Class I and Class Z, respectively.

⁵  Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.11), $(0.08) and $(0.07) for Class N, Class I and Class Z, respectively.

⁶  Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.14), $(0.11) and $(0.11) for Class N, Class I and Class Z, respectively.

⁷  The total return is calculated using the published Net Asset Value as of fiscal year end.

⁸  Includes reduction from broker recapture amounting to 0.01% for each fiscal year ended 2021, 2020, 2019, 2018 and 2017.

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

¹⁰  Commencement of operations was on February 27, 2017.

¹¹  Not annualized.

¹²  Includes reduction from broker recapture amounting to 0.01% for each fiscal year ended 2021, 2020, 2019 and 2018 and 0.01% for the fiscal period ended 2017.

¹³  Annualized.

51

    AMG TimesSquare International Small Cap 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		$18.44			$16.24			$12.72			$16.99			$12.35
Income (loss) from Investment Operations:
Net investment income2,3		0.09			0.02			0.21	4		0.18			0.08	5
Net realized and unrealized gain (loss) on investments		0.14			2.18			3.55			(4.35	)		4.69
Total income (loss) from investment operations		0.23			2.20			3.76			(4.17	)		4.77
Less Distributions to Shareholders from:
Net investment income		(0.18	)		—			(0.24	)		(0.10	)		(0.06	)
Net realized gain on investments		—			—			—			—			(0.07	)
Total distributions to shareholders		(0.18	)		—			(0.24	)		(0.10	)		(0.13	)
Net Asset Value, End of Year		$18.49			$18.44			$16.24			$12.72			$16.99
Total Return3,6		1.25	%		13.55	%		29.56	%		(24.54	)%		38.63	%
Ratio of net expenses to average net assets		1.22	%		1.23	%		1.23	%		1.23	%		1.29	%
Ratio of gross expenses to average net assets7		1.22	%		1.23	%		1.23	%		1.23	%		1.30	%
Ratio of net investment income to average net assets3		0.47	%		0.17	%		1.43	%		1.07	%		0.53	%
Portfolio turnover		73	%		57	%		40	%		46	%		48	%
Net assets end of year (000’s) omitted		$21,202			$45,389			$70,532			$88,913			$238,935

52

    AMG TimesSquare International Small 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 I	2021			2020			2019			2018			20178
Net Asset Value, Beginning of Period		$18.49			$16.26			$12.74			$17.08			$13.18
Income (loss) from Investment Operations:
Net investment income2,3		0.12			0.05			0.24	4		0.20			0.11	5
Net realized and unrealized gain (loss) on investments		0.13			2.19			3.55			(4.37	)		3.94
Total income (loss) from investment operations		0.25			2.24			3.79			(4.17	)		4.05
Less Distributions to Shareholders from:
Net investment income		(0.22	)		(0.01	)		(0.27	)		(0.17	)		(0.08	)
Net realized gain on investments		—			—			—			—			(0.07	)
Total distributions to shareholders		(0.22	)		(0.01	)		(0.27	)		(0.17	)		(0.15	)
Net Asset Value, End of Period		$18.52			$18.49			$16.26			$12.74			$17.08
Total Return3,6		1.36	%		13.75	%		29.78	%		(24.42	)%		30.72	%9
Ratio of net expenses to average net assets		1.07	%		1.08	%		1.06	%		1.06	%		1.09	%10
Ratio of gross expenses to average net assets7		1.07	%		1.08	%		1.06	%		1.06	%		1.10	%10
Ratio of net investment income to average net assets3		0.62	%		0.32	%		1.60	%		1.24	%		0.77	%10
Portfolio turnover		73	%		57	%		40	%		46	%		48	%
Net assets end of period (000’s) omitted		$614,652			$629,502			$658,599			$538,749			$182,528

53

  AMG TimesSquare International Small Cap Fund

  Financial Highlights

  For a share outstanding throughout each fiscal year

	For the fiscal years ended December 31,
Class Z	2021			2020			2019			2018			20171
Net Asset Value, Beginning of Year		$18.50			$16.26			$12.75			$17.08			$12.41
Income (loss) from Investment Operations:
Net investment income2,3		0.14			0.06			0.25	4		0.21			0.11	5
Net realized and unrealized gain (loss) on investments		0.12			2.20			3.55			(4.36	)		4.71
Total income (loss) from investment operations		0.26			2.26			3.80			(4.15	)		4.82
Less Distributions to Shareholders from:
Net investment income		(0.23	)		(0.02	)		(0.29	)		(0.18	)		(0.08	)
Net realized gain on investments		—			—			—			—			(0.07	)
Total distributions to shareholders		(0.23	)		(0.02	)		(0.29	)		(0.18	)		(0.15	)
Net Asset Value, End of Year		$18.53			$18.50			$16.26			$12.75			$17.08
Total Return3,6		1.47	%		13.90	%		29.77	%		(24.29	)%		38.86	%
Ratio of net expenses to average net assets		0.97	%		0.98	%		0.98	%		0.98	%		1.04	%
Ratio of gross expenses to average net assets7		0.97	%		0.98	%		0.98	%		0.98	%		1.05	%
Ratio of net investment income to average net assets3		0.72	%		0.42	%		1.68	%		1.32	%		0.70	%
Portfolio turnover		73	%		57	%		40	%		46	%		48	%
Net assets end of year (000’s) omitted		$396,236			$397,976			$401,528			$372,085			$252,951

¹  Effective February 27, 2017, the Class I and Class S were renamed Class Z and Class N, respectively.

²  Per share numbers have been calculated using average shares.

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

⁴  Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.16. $0.18 and $0.20 for Class N, Class I and Class Z, respectively.

⁵  Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.02. $0.05 and $0.05 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  Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

⁸  Commencement of operations was on February 27, 2017.

⁹  Not annualized.

¹⁰  Annualized.

54

  AMG TimesSquare Emerging Markets Small 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		$13.66			$11.03			$9.49			$12.32			$10.94
Income (loss) from Investment Operations:
Net investment income (loss)2,3		(0.03	)		0.13	4		0.03			0.08			0.03
Net realized and unrealized gain (loss) on investments		1.22			2.50			1.53			(2.34	)		2.33
Total income (loss) from investment operations		1.19			2.63			1.56			(2.26	)		2.36
Less Distributions to Shareholders from:
Net investment income		(0.07	)		(0.00	)5		(0.02	)		(0.01	)		(0.15	)
Net realized gain on investments		(4.26	)		—			—			(0.56	)		(0.83	)
Paid in capital		—			—			(0.00	)5		—			—
Total distributions to shareholders		(4.33	)		(0.00	)5		(0.02	)		(0.57	)		(0.98	)
Net Asset Value, End of Period		$10.52			$13.66			$11.03			$9.49			$12.32
Total Return3,6		9.10	%		23.86	%		16.49	%		(18.30	)%		21.72	%7
Ratio of net expenses to average net assets		1.68	%8		1.65	%		1.67	%9		1.67	%		1.65	%10
Ratio of gross expenses to average net assets11		3.03	%		3.66	%		4.29	%		3.87	%		5.02	%10
Ratio of net investment income (loss) to average net assets3		(0.19	)%		1.22	%		0.31	%		0.68	%		0.28	%10
Portfolio turnover		139	%		129	%		103	%		84	%		81	%
Net assets end of period (000’s) omitted		$49			$43			$39			$31			$43

55

  AMG TimesSquare Emerging Markets Small 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		$13.70			$11.05			$9.51			$12.35			$10.05
Income (loss) from Investment Operations:
Net investment income2,3		0.03			0.18	4		0.07			0.11			0.06
Net realized and unrealized gain (loss) on investments		1.23			2.51			1.53			(2.33	)		3.23
Total income (loss) from investment operations		1.26			2.69			1.60			(2.22	)		3.29
Less Distributions to Shareholders from:
Net investment income		(0.14	)		(0.04	)		(0.05	)		(0.06	)		(0.16	)
Net realized gain on investments		(4.26	)		—			—			(0.56	)		(0.83	)
Paid in capital		—			—			(0.01	)		—			—
Total distributions to shareholders		(4.40	)		(0.04	)		(0.06	)		(0.62	)		(0.99	)
Net Asset Value, End of Year		$10.56			$13.70			$11.05			$9.51			$12.35
Total Return3,6		9.50	%		24.49	%		16.83	%		(17.90	)%		32.85	%
Ratio of net expenses to average net assets		1.28	%8		1.25	%		1.27	%9		1.27	%		1.25	%
Ratio of gross expenses to average net assets11		2.63	%		3.26	%		3.89	%		3.47	%		4.59	%
Ratio of net investment income to average net assets3		0.21	%		1.62	%		0.71	%		1.08	%		0.53	%
Portfolio turnover		139	%		129	%		103	%		84	%		81	%
Net assets end of year (000’s) omitted		$434			$396			$310			$273			$13

56

  AMG TimesSquare Emerging Markets Small Cap 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		$13.70			$11.05			$9.51			$12.35			$10.05
Income (loss) from Investment Operations:
Net investment income2,3		0.03			0.18	4		0.07			0.12			0.06
Net realized and unrealized gain (loss) on investments		1.22			2.51			1.53			(2.34	)		3.23
Total income (loss) from investment operations		1.25			2.69			1.60			(2.22	)		3.29
Less Distributions to Shareholders from:
Net investment income		(0.14	)		(0.04	)		(0.05	)		(0.06	)		(0.16	)
Net realized gain on investments		(4.26	)		—			—			(0.56	)		(0.83	)
Paid in capital		—			—			(0.01	)		—			—
Total distributions to shareholders		(4.40	)		(0.04	)		(0.06	)		(0.62	)		(0.99	)
Net Asset Value, End of Year		$10.55			$13.70			$11.05			$9.51			$12.35
Total Return3,6		9.51	%		24.40	%		16.83	%		(17.90	)%		32.85	%
Ratio of net expenses to average net assets		1.28	%8		1.25	%		1.27	%9		1.27	%		1.25	%
Ratio of gross expenses to average net assets11		2.63	%		3.26	%		3.89	%		3.47	%		4.59	%
Ratio of net investment income to average net assets3		0.21	%		1.62	%		0.71	%		1.08	%		0.53	%
Portfolio turnover		139	%		129	%		103	%		84	%		81	%
Net assets end of year (000’s) omitted		$7,473			$6,766			$5,473			$5,513			$6,850

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  Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.11. $0.16 and $0.16 for Class N, Class I and Class Z, respectively.

⁵  Less than $(0.005) per share.

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

⁷  Not annualized.

⁸  Includes expense totaling 0.03% relating to excise tax expense.

⁹  Includes interest expense totaling 0.02% relating to interfund lending and bank overdrafts.

¹⁰  Annualized.

¹¹  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.)

57

  AMG TimesSquare Global Small 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			20181
Net Asset Value, Beginning of Period		$12.05			$10.84			$7.95			$10.00
Income (loss) from Investment Operations:
Net investment income (loss)2,3		0.00	4,5		(0.02	)		0.04			0.00	5
Net realized and unrealized gain (loss) on investments		1.31			1.23			2.95			(2.05	)
Total income (loss) from investment operations		1.31			1.21			2.99			(2.05	)
Less Distributions to Shareholders from:
Net investment income		—			—			(0.10	)		—
Net realized gain on investments		(0.86	)		—			—			—
Total distributions to shareholders		(0.86	)		—			(0.10	)		—
Net Asset Value, End of Period		$12.50			$12.05			$10.84			$7.95
Total Return3,6		11.08	%		11.16	%		37.60	%		(20.50	)%7
Ratio of net expenses to average net assets		1.25	%		1.25	%		1.27	%8		1.25	%9
Ratio of gross expenses to average net assets10		4.28	%		6.48	%		7.45	%		11.67	%9,11
Ratio of net investment income (loss) to average net assets3		0.00	%12		(0.18	)%		0.42	%		0.07	%9
Portfolio turnover		59	%		42	%		80	%		22	%7
Net assets end of period (000’s) omitted		$69			$63			$44			$24

58

  AMG TimesSquare Global Small 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 I	2021			2020			2019			20181
Net Asset Value, Beginning of Period		$12.09			$10.85			$7.96			$10.00
Income (loss) from Investment Operations:
Net investment income2,3		0.03	4		0.01			0.06			0.02
Net realized and unrealized gain (loss) on investments		1.31			1.23			2.96			(2.06	)
Total income (loss) from investment operations		1.34			1.24			3.02			(2.04	)
Less Distributions to Shareholders from:
Net investment income		(0.03	)		—			(0.13	)		—
Net realized gain on investments		(0.86	)		—			—			—
Total distributions to shareholders		(0.89	)		—			(0.13	)		—
Net Asset Value, End of Period		$12.54			$12.09			$10.85			$7.96
Total Return3,6		11.29	%		11.43	%		37.96	%		(20.40	)%7
Ratio of net expenses to average net assets		1.00	%		1.00	%		1.02	%8		1.00	%9
Ratio of gross expenses to average net assets10		4.03	%		6.23	%		7.20	%		11.42	%9,11
Ratio of net investment income to average net assets3		0.25	%		0.07	%		0.67	%		0.32	%9
Portfolio turnover		59	%		42	%		80	%		22	%7
Net assets end of period (000’s) omitted		$41			$37			$33			$24

59

  AMG TimesSquare Global Small 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			20181
Net Asset Value, Beginning of Period		$12.09			$10.86			$7.96			$10.00
Income (loss) from Investment Operations:
Net investment income2,3		0.03	4		0.01			0.06			0.02
Net realized and unrealized gain (loss) on investments		1.32			1.22			2.97			(2.06	)
Total income (loss) from investment operations		1.35			1.23			3.03			(2.04	)
Less Distributions to Shareholders from:
Net investment income		(0.03	)		—			(0.13	)		—
Net realized gain on investments		(0.86	)		—			—			—
Total distributions to shareholders		(0.89	)		—			(0.13	)		—
Net Asset Value, End of Period		$12.55			$12.09			$10.86			$7.96
Total Return3,6		11.38	%		11.33	%		38.09	%		(20.40	)%7
Ratio of net expenses to average net assets		1.00	%		1.00	%		1.02	%8		1.00	%9
Ratio of gross expenses to average net assets10		4.03	%		6.23	%		7.20	%		11.42	%9,11
Ratio of net investment income to average net assets3		0.25	%		0.07	%		0.67	%		0.32	%9
Portfolio turnover		59	%		42	%		80	%		22	%7
Net assets end of period (000’s) omitted		$2,578			$2,186			$2,032			$1,443

¹  Commencement of operations was on May 31, 2018.

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  Includes non-recurring dividends. Without these dividends, net investment income/(loss) per share would have been $(0.02), $0.01 and $0.01 for Class N, Class I and Class Z, respectively.

⁵  Less than $0.005 per share.

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

⁷  Not annualized.

⁸  Includes interest expense on interfund lending and excise tax expense totaling 0.02%.

⁹  Annualized.

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

¹¹  Ratio does not reflect the annualization of audit, excise tax and organization expenses.

¹²  Less than 0.005%.

60

    Notes to Financial Statements

    December 31, 2021

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the “Trust”) is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG TimesSquare Small Cap Growth Fund (“Small Cap”), AMG TimesSquare Mid Cap Growth Fund (“Mid Cap”), AMG TimesSquare International Small Cap Fund (“International Small Cap”), AMG TimesSquare Emerging Markets Small Cap Fund (“Emerging Markets Small Cap”) and AMG TimesSquare Global Small Cap Fund (“Global Small Cap”), each a “Fund” and collectively, the “Funds”.

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

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

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

a. VALUATION OF INVESTMENTS

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

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

The Funds’ portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services approved by the Board of Trustees of the Trust (the “Board”). Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the Board. The Valuation Committee, which is comprised of the Independent Trustees of the Board, and the Pricing Committee, which is comprised of representatives from AMG Funds LLC (the “Investment Manager”) are the committees appointed by the Board to make fair value determinations. Each Fund may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Board’s valuation procedures, if the Investment Manager or the Pricing Committee believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Pricing Committee and, if required under the Trust’s securities valuation procedures, the Valuation Committee, seeks to determine the price that a Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

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

With respect to foreign equity securities and certain foreign fixed income securities, the Board has adopted a policy that securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability developed 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:

61

    Notes to Financial Statements (continued)

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, except for Korean securities where dividends are recorded on confirmation date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Upon notification from issuers, distributions received from a real estate investment trust may be redesignated as a reduction of cost of investments and/or realized gain. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trust and other trusts 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 and 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 Funds’ overall expense ratio. For the fiscal year ended December 31, 2021, the impact on the expenses and expense ratios, if any, were as follows: Small Cap - $75,818 or 0.02% and Mid Cap - $161,894 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 net operating losses, distributions in excess of earnings, tax equalization utilized and redemptions in kind. Temporary differences are due to mark-to-market on passive foreign investment companies, mark to market of foreign currency, wash sale loss deferrals, and the deferral of qualified late year losses.

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

	Small Cap				Mid Cap				International Small Cap
Distributions paid from:	2021		2020		2021		2020		2021		2020
Ordinary income*		$2,223,579		—		$41,720,839		$11,788,773		$12,244,048		$586,492
Long-term capital gains		74,973,842		$53,459,698		376,574,262		312,294,078		—		—
		$77,197,421		$53,459,698		$418,295,101		$324,082,851		$12,244,048		$586,492

62

Notes to Financial Statements (continued)

	Emerging Markets Small Cap				Global Small Cap
Distributions paid from:	2021		2020		2021		2020
Ordinary income*		$1,417,218		$23,379		$5,747		—
Long-term capital gains		922,018		—		171,218		—
		$2,339,236		$23,379		$176,965		—

* 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	Mid Cap	International Small Cap	Emerging Markets Small Cap	Global Small Cap
Capital loss carryforward	—	—	$54,268,987	—		—
Undistributed long-term capital gains	$15,263,743	$42,226,712	—	$101,889		—
Late-year loss deferral	—	1,733,062	996,889	31,902		$27,769

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		$339,538,730		$115,174,461		$(20,945,145)			$94,229,316
Mid Cap		1,167,072,823		635,675,804		(24,112,171	)		611,563,633
International Small Cap		889,626,391		207,870,292		(70,191,981	)		137,678,311
Emerging Markets Small Cap		8,029,203		883,742		(835,049	)		48,693
Global Small Cap		2,214,436		600,703		(104,516	)		496,187

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

Fund	Short-Term		Long-Term		Total
International Small Cap	$	54,268,987		—	$	54,268,987

As of December 31, 2021, Small Cap, Mid Cap, Emerging Markets Small Cap and Global Small Cap 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 either 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
International Small Cap	$38,241,148	$83,583,312
Global Small Cap	74,022	77,527

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 year ended December 31, 2021, Mid Cap transferred securities and cash to certain shareholders in connection with redemptions in-kind transactions in the amount of $96,239,592. For the fiscal year ended December 31, 2020, Small Cap and Mid Cap transferred securities

63

    Notes to Financial Statements (continued)

and cash to certain shareholders in connection with redemptions in-kind transactions in the amount of $55,031,433 and $95,449,270, respectively. For the purposes of U.S. GAAP, the transactions were treated as sales of securities and the resulting gain or loss was recognized based on the market value of the securities on the date of the transfer. For tax purposes, no gains or losses were recognized.

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										Mid Cap
	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		930,439		$15,571,628			932,300		$12,452,477			3,047,700		$63,868,231			9,115,475			$162,122,304
Reinvestment of distributions		1,230,987		16,889,145			889,249		14,165,736			7,682,488		129,603,580			5,288,327			101,324,348
Cost of shares repurchased		(2,843,265)		(48,167,312)			(2,552,868)		(35,672,455)			(10,883,148)		(223,239,974)			(12,504,810)			(234,341,365)
Net increase (decrease)		(681,839)		$(15,706,539	)		(731,319)		$(9,054,242	)		(152,960)		$(29,768,163	)		1,898,992			$29,105,287
Class I:
Proceeds from sale of shares		79,467		$1,373,565			1,032,547		$14,380,169			4,176,242		$93,109,355			2,840,070			$52,527,341
Reinvestment of distributions		154,084		2,245,001			85,693		1,430,225			5,558,491		99,608,163			4,088,964			81,983,738
Cost of shares repurchased		(105,412)		(1,906,387)			(1,198,986)		(15,164,745)			(11,757,412)		(263,905,674)			(7,078,438)			(131,765,381)
Net increase (decrease)		128,139		$1,712,179			(80,746)		$645,649			(2,022,679)		$(71,188,156	)		(149,404)			$2,745,698
Class Z:
Proceeds from sale of shares		1,427,078		$24,765,445			4,865,181		$66,148,869			4,442,505		$95,320,322			6,540,814			$122,425,292
Reinvestment of distributions		3,693,532		54,036,383			2,134,074		35,724,402			10,284,038		185,112,679			6,883,868			138,503,425
Cost of shares repurchased		(2,849,416)		(50,307,100)			(13,742,210)		(196,149,145)	1		(14,118,081)		(309,265,549)	2		(18,618,705)			(356,242,757)	3
Net increase (decrease)		2,271,194		$28,494,728			(6,742,955)		$(94,275,874	)		608,462		$(28,832,548	)		(5,194,023	)		$(95,314,040	)

¹ Includes redemption in-kind in the amount of $55,031,433.

² Includes redemption in-kind in the amount of $96,239,592.

³ Includes redemption in-kind in the amount of $95,449,270.

				International Small Cap												Emerging Markets Small Cap
	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		134,982			$2,573,892			716,803			$10,362,361			4,935			$78,379			247			$2,000
Reinvestment of distributions		11,270			202,193			—			—			1,336			13,885			—			4
Cost of shares repurchased		(1,460,668	)		(27,664,145	)		(2,599,344	)		(36,081,457	)		(4,734	)		(71,083	)		(662	)		(6,476	)
Net increase (decrease)		(1,314,416	)		$(24,888,060	)		(1,882,541	)		$(25,719,096	)		1,537			$21,181			(415	)		$(4,472	)
Class I:
Proceeds from sale of shares		10,853,232			$208,442,162			14,959,904			$202,194,415			3,903			$62,945			760			$10,010
Reinvestment of distributions		382,596			6,879,080			9,542			169,659			12,182			127,065			96			1,290
Cost of shares repurchased		(12,100,730	)		(230,937,471	)		(21,429,597	)		(292,725,839	)		(3,903	)		(61,007	)		—			—
Net increase (decrease)		(864,902	)		$(15,616,229	)		(6,460,151	)		$(90,361,765	)		12,182			$129,003			856			$11,300

64

    Notes to Financial Statements (continued)

	International Small Cap												Emerging Markets Small Cap
	December 31, 2021						December 31, 2020						December 31, 2021						December 31, 2020
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class Z:
Proceeds from sale of shares		2,778,649			$52,217,687			5,068,141			$71,756,305			8,876			$130,100			33,815			$416,719
Reinvestment of distributions		266,202			4,786,311			21,843			388,594			208,460			2,172,152			1,031			13,888
Cost of shares repurchased		(3,176,564	)		(60,852,960	)		(8,263,110	)		(122,086,115	)		(3,176	)		(45,409	)		(36,125	)		(380,928	)
Net increase (decrease)		(131,713	)		$(3,848,962	)		(3,173,126	)		$(49,941,216	)		214,160			$2,256,843			(1,279	)		$49,679

	Global Small Cap
	December 31, 2021						December 31, 2020
	Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		—			—			1,111			$11,570
Reinvestment of distributions		367			$4,448			—			—
Net increase		367			$4,448			1,111			$11,570
Class I:
Reinvestment of distributions		221			$2,692			—			—
Class Z:
Proceeds from sale of shares		16,217			$212,500			2,276			$19,500
Reinvestment of distributions		13,966			169,825			—			—
Cost of shares repurchased		(5,491	)		(65,772	)		(8,691	)		(70,202	)
Net increase (decrease)		24,692			$316,553			(6,415	)		$(50,702	)

At December 31, 2021, certain shareholders of record individually or collectively held greater than 10% of the net assets of the Funds as follows: Emerging Markets Small Cap — two own 41%; Global Small Cap — four own 84%. Transactions by these shareholders may have a material impact on the Funds.

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 Small Cap, International Small Cap, Emerging Markets Small Cap and Global Small Cap were $20,368,939, $6,306,257, $96,078 and $7,087, respectively.

i. FOREIGN CURRENCY TRANSLATION

The books and records of the Funds are maintained in U.S. dollars. The value of investments, assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon current foreign exchange rates. Purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based on currency exchange rates prevailing on the respective dates of such transactions. Net realized and unrealized gain (loss) on foreign currency transactions represent: (1) foreign exchange gains and losses from the sale and holdings of foreign currencies; (2) gains and losses between trade date and settlement date on investment securities transactions and foreign currency exchange contracts; and (3) gains and losses from the difference between amounts of interest and dividends recorded and the amounts actually received.

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

65

    Notes to Financial Statements (continued)

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. retail distribution arm of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Funds and is responsible for the Funds’ overall administration and operations. The Investment Manager selects one or more subadvisers for the Funds (subject to Board approval) and monitors each subadviser’s investment performance, security holdings and investment strategies. Each Fund’s investment portfolio is managed by TimesSquare Capital Management, LLC (“TimesSquare”) who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in TimesSquare.

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:

Small Cap	0.79%
Mid Cap	0.79%
International Small Cap	0.75%
Emerging Markets Small Cap	0.95%
Global Small Cap	0.70%

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, Mid Cap, International Small Cap, Emerging Markets Small Cap and Global Small Cap to the annual rate of 0.99%, 1.13%, 1.05%, 1.25% and 1.00%, 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.

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

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

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

Expiration
Period	Small Cap		Emerging Markets Small Cap		Global Small Cap
Less than 1 year		—		$150,992		$118,313
1-2 years		$36,850		111,885		99,133
2-3 years		4,404		108,894		76,549
Total		$41,254		$371,771		$293,995

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

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

The Trust has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares of Emerging Markets Small Cap and Global Small Cap, 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, Emerging Markets Small Cap and Global Small Cap may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of Emerging Markets Small Cap and Global Small Cap’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 Emerging Markets Small Cap’s and Global Small Cap’s average daily net assets attributable to the Class N shares.

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

66

    Notes to Financial Statements (continued)

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
Class N		0.20%		0.20%
Class I		0.10%		0.08%
Mid Cap
Class N		0.20%		0.20%
Class I		0.05%		0.05%
International Small Cap
Class N		0.25%		0.25%
Class I		0.10%		0.10%
Emerging Markets Small Cap
Class N		0.15%		0.15%
Class I		0.15%		0.00%	*
Global Small Cap
Class N		0.15%		—
Class I		0.15%		—

* Less than 0.005%.

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

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At 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:

	Average		Number		Interest		Average
Fund	Lent		of Days		Earned		Interest Rate
Small Cap	$	1,204,702		3	$	93		0.935%
International Small Cap		2,864,478		4		301		0.958%

	Average		Number		Interest		Average
Fund	Borrowed		of Days		Paid		Interest Rate
Small Cap	$	1,045,624		1	$	27		0.933%
Mid Cap		4,908,405		1		128		0.950%
International Small Cap		5,240,610		3		407		0.944%

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	$	282,358,528	$	346,412,132
Mid Cap		986,957,559		1,450,054,852
International Small Cap		756,752,618		822,846,995
Emerging Markets Small Cap		11,076,478		11,041,213
Global Small Cap		1,598,219		1,418,079

The Funds had no purchases or sales of U.S. Government Obligations during the fiscal year ended December 31, 2021.

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.

67

    Notes to Financial Statements (continued)

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	$	36,607,216	$	20,368,939	$	17,208,595	$	37,577,534
International Small Cap		6,343,082		6,306,257		384,128		6,690,385
Emerging Markets Small Cap		189,000		96,078		101,677		197,755
Global Small Cap		52,499		7,087		47,346		54,433

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	U.S. Treasury Obligations	0.000%-6.875%	01/31/22-11/15/51
International Small Cap	U.S. Treasury Obligations	0.000%-4.625%	01/31/22-08/15/50
Emerging Markets Small Cap	U.S. Treasury Obligations	0.010%-4.625%	01/31/22-08/15/50
Global Small Cap	U.S. Treasury Obligations	0.010%-4.625%	01/31/22-08/15/50

5. FOREIGN SECURITIES

Certain Funds invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in domestic securities. Non-domestic securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. A Fund’s investments in emerging market countries are exposed to additional risks. A Fund’s performance will be influenced by political, social and economic factors affecting companies in emerging market countries. Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. Realized gains in certain countries may be subject to foreign taxes at the Fund level and the Fund would pay such foreign taxes at the appropriate rate for each jurisdiction.

6. COMMITMENTS AND CONTINGENCIES

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

7. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the securities lending program and Repurchase Agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4.

The following table is a summary of the Funds’ open Repurchase Agreements that are subject to a master netting agreement as of 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
Cantor Fitzgerald Securities, Inc.		$4,837,600		—		$4,837,600		$4,837,600		—
Citadel Securities LLC		4,080,323		—		4,080,323		4,080,323		—
HSBC Securities USA, Inc.		119,670		—		119,670		119,670		—
Mirae Asset Securities USA, Inc.		2,266,319		—		2,266,319		2,266,319		—
RBC Dominion Securities, Inc.		4,837,632		—		4,837,632		4,837,632		—
State of Wisconsin Investment Board		4,227,395		—		4,227,395		4,227,395		—
Total		$20,368,939		—		$20,368,939		$20,368,939		—

68

    Notes to Financial Statements (continued)

			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
International Small Cap
Bank of America Securities, Inc.		$1,497,738		—		$1,497,738		$1,497,738		—
BNP Paribas SA		1,497,738		—		1,497,738		1,497,738		—
Daiwa Capital Markets America		1,497,738		—		1,497,738		1,497,738		—
RBC Dominion Securities, Inc.		1,497,738		—		1,497,738		1,497,738		—
TD Securities LLC		315,305		—		315,305		315,305		—
Total		$6,306,257		—		$6,306,257		$6,306,257		—
Emerging Markets Small Cap
Bank of America Securities, Inc.		$96,078		—		$96,078		$96,078		—
Global Small Cap
HSBC Securities USA, Inc.		$7,087		—		$7,087		$7,087		—

8. 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.

69

    Report of Independent Registered Public Accounting Firm

TO THE BOARD OF TRUSTEES OF AMG FUNDS AND SHAREHOLDERS OF AMG TIMESSQUARE SMALL CAP GROWTH FUND, AMG TIMESSQUARE MID CAP GROWTH FUND, AMG TIMESSQUARE INTERNATIONAL SMALL CAP FUND, AMG TIMESSQUARE EMERGING MARKETS SMALL CAP FUND, AND AMG TIMESSQUARE GLOBAL SMALL CAP FUND

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AMG TimesSquare Small Cap Growth Fund, AMG TimesSquare Mid Cap Growth Fund, AMG TimesSquare International Small Cap Fund, AMG TimesSquare Emerging Markets Small Cap Fund, and AMG TimesSquare Global Small Cap Fund (five of the funds constituting AMG Funds, 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

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

February 24, 2022

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

70

    Other Information (unaudited)

TAX INFORMATION

AMG TimesSquare Small Cap Growth Fund, AMG TimesSquare Mid Cap Growth Fund, AMG TimesSquare International Small Cap Fund, AMG TimesSquare Emerging Markets Small Cap Fund and AMG TimesSquare Global Small Cap 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.

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

AMG TimesSquare International Small Cap Fund

uThe total amount of taxes paid and income sourced from foreign countries was $1,327,297 and $19,295,999, respectively.

AMG TimesSquare Emerging Markets Small Cap Fund

uThe total amount of taxes paid and income sourced from foreign countries was $94,662 and $134,070, respectively.

AMG TimesSquare Global Small Cap Fund

uThe total amount of taxes paid and income sourced from foreign countries was $2,106 and $25,343, respectively.

Pursuant to section 852 of the Internal Revenue Code, AMG TimesSquare Small Cap Growth Fund, AMG TimesSquare Mid Cap Growth Fund, AMG TimesSquare International Small Cap Fund, AMG TimesSquare Emerging Markets Small Cap Fund and AMG TimesSquare Global Small Cap Fund each hereby designates $79,252,948, $440,884,574, $0, $922,018 and $171,218, respectively, as a capital gain distribution with respect to the taxable period ended December 31, 2021, or, if subsequently determined to be different, the net capital gains of such period.

71

     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 • 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 • Oversees 46 Funds in Fund Complex	Kurt A. Keilhacker, 58 Managing Partner, TechFund Europe (2000-Present); Managing Partner, TechFund Capital (1997-Present); Managing Partner, Elementum Ventures (2013-Present); Director, MetricStory, Inc. (2017-Present); Trustee, Wheaton College (2018-Present); Trustee, Gordon College (2001-2016); Board Member, 6wind SA (2002-2019).
• Trustee since 2000 • Oversees 42 Funds in Fund Complex	Steven J. Paggioli, 71 Independent Consultant (2002-Present); Trustee, Professionally Managed Portfolios (28 portfolios); Advisory Board Member, Sustainable Growth Advisors, LP; Independent Director, Muzinich BDC, Inc. (business development company) (2019-Present); Director, The Wadsworth Group; Independent Director, Chase Investment Counsel (2008–2019); Executive Vice President, Secretary and Director, Investment Company Administration, LLC and First Fund Distributors, INC. (1990-2001).
• Independent Chairman • Trustee since 2000 • Oversees 46 Funds in Fund Complex	Eric Rakowski, 63 Professor of Law, University of California at Berkeley School of Law (1990-Present); Tax Attorney at Davis Polk & Wardwell and clerked for Judge Harry T. Edwards of the U.S. Court of Appeals for the District of Columbia Circuit and for Justice William J. Brennan Jr. of the U.S. Supreme Court; Director of Harding, Loevner Funds, Inc. (10 portfolios); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019).
• Trustee since 2013 • Oversees 46 Funds in Fund Complex	Victoria L. Sassine, 56 Adjunct Professor, Babson College (2007–Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-Present); Chairperson of the Board of Directors of Business Management Associates (2018 to 2019).
• Trustee since 2004 • 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).

72

    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 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).
• 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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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   TimesSquare Capital Management, LLC 7 Times Square 42nd Floor New York, NY 10036 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 the Funds’ proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov. The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Funds’ website at amgfunds.com. To review a complete list of the Funds’ portfolio holdings, or to view the most recent semiannual report or annual report, please visit amgfunds.com.

      amgfunds.com                |

BALANCED FUNDS AMG GW&K Global Allocation   GW&K Investment Management, LLC   AMG FQ Global Risk-Balanced   First Quadrant, L.P.   EQUITY FUNDS AMG Beutel Goodman International Equity   Beutel, Goodman & Company Ltd.   AMG Boston Common Global Impact   Boston Common Asset Management, LLC   AMG 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 EmergingWealth 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             AR012

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

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 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.

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,

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.

2

    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 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.

3

    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

4

    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.

5

    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.

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
AMG GW&K Small Cap Core Fund2,3,4,5,6
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†

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

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

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

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

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  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.

6

    AMG GW&K Small Cap Core Fund

    Fund Snapshots (unaudited)

     December 31, 2021

PORTFOLIO BREAKDOWN

	% of Net Assets
Sector
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

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

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

7

    AMG 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.

9

8

    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.

9

    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.   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 2000 Value. 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. High quality companies outperformed low quality, with the highest P/E, highest leverage and lowest dividend yield quintiles all underperforming the benchmark.   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.   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 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

10

    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.

11

    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.

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
AMG GW&K Small Cap Value Fund2,3,4,5,6,7
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	%		—			—

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.

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  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.

12

    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

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

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

13

    AMG GW&K 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.

14

    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.

15

    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

16

    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 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.   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.

17

    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.

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†

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

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

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

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

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   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.

⁷   Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

⁸   The Russell 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.

18

    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

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.

19

    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.

20

    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.

21

    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

22

    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.

23

    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.

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 Index11, 12		8.79	%		10.18	%		7.97	%		—			—
MSCI ACWI Index 11		18.54	%		14.40	%		11.85	%		—			—
Bloomberg Global Aggregate Bond Index12		(4.71	%)		3.36	%		1.77	%		—			—

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.

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  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.

24

    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. “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.

25

    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.

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.

26

    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%, 03/15/503,4		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%, 02/18/263,4,5		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%, 09/15/251,3,4,5		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.

27

    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.

28

     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%, 12/15/243,4,5		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.

29

     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.

30

     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

^†  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.

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.

31

    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.

32

    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.

33

    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.

34

    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.

35

    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.

36

     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 loss1,2		(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

37

    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

38

    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.

39

    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

40

    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 income2,3			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

41

    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 income2,3			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.

42

    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

43

    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

44

    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.)

45

    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

46

    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

47

    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 income1,2		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 Return2,4		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.)

48

    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.

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 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.

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. 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 Global Allocation was $39,016 of change in unrealized appreciation/deprecation, which equates to 0.01 Net Asset Value per share.

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

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.

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.

49

    Notes to Financial Statements (continued)

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

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

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign currency exchange contracts, swaps, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

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

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

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the

Funds become aware of the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. 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

50

    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

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, 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		–

51

    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)

52

    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

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 Small Cap Core and Global Allocation were $2,198,953 and $1,720,571, respectively.

i. FOREIGN CURRENCY TRANSLATION

The books and records of the Funds are maintained in U.S. dollars. The value of investments, assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon current foreign exchange rates. Purchases and sales of foreign investments, income and expenses are converted

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

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

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

53

    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.

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:

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.

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

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

At 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

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

54

    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%

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 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

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.

55

    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.

56

    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.

57

    Notes to Financial Statements (continued)

9. SUBSEQUENT EVENTS

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

58

    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

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

February 24, 2022

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

59

    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.

60

    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).

61

    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).

62

    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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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                

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	Fiscal 2021		Fiscal 2020
AMG GW&K Municipal Enhanced Yield Fund	$	36,695	$	35,073
AMG GW&K Small Cap Core Fund	$	28,816	$	28,423
AMG GW&K Municipal Bond Fund	$	46,980	$	43,516
AMG GW&K Small/Mid Cap Fund	$	41,244	$	28,244
AMG GW&K Small Cap Value Fund	$	29,718	$	29,649
AMG TimesSquare Mid Cap Growth Fund	$	37,177	$	38,540
AMG TimesSquare Small Cap Growth Fund	$	43,466	$	34,892
AMG TimesSquare International Small Cap Fund	$	44,692	$	37,176
AMG TimesSquare Emerging Markets Small Cap Fund	$	39,973	$	35,239
AMG TimesSquare Global Small Cap Fund	$	32,668	$	25,510
AMG Renaissance Large Cap Growth Fund	$	25,570	$	24,481
AMG Yacktman Focused Fund	$	56,452	$	53,766
AMG Yacktman Fund	$	80,934	$	75,453
AMG Yacktman Special Opportunities Fund	$	29,280	$	31,878
AMG Yacktman Global Fund	$	24,572	$	21,744

(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 Funds’ 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	Fiscal 2021		Fiscal 2020
AMG GW&K Municipal Enhanced Yield Fund	$	6,250	$	6,250
AMG GW&K Small Cap Core Fund	$	6,250	$	6,250
AMG GW&K Municipal Bond Fund	$	6,250	$	6,250
AMG GW&K Small/Mid Cap Fund	$	6,250	$	6,250
AMG GW&K Small Cap Value Fund	$	6,250	$	6,250
AMG TimesSquare Mid Cap Growth Fund	$	6,250	$	6,250
AMG TimesSquare Small Cap Growth Fund	$	6,250	$	6,250
AMG TimesSquare International Small Cap Fund	$	7,450	$	7,450
AMG TimesSquare Emerging Markets Small Cap Fund	$	7,450	$	7,450
AMG TimesSquare Global Small Cap Fund	$	7,450	$	7,450
AMG Renaissance Large Cap Growth Fund	$	6,250	$	6,250
AMG Yacktman Focused Fund	$	6,250	$	6,250
AMG Yacktman Fund	$	6,250	$	6,250
AMG Yacktman Special Opportunities Fund	$	6,250	$	6,250
AMG Yacktman Global Fund	$	6,250	$	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 $143,850 and $146,850, 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), with $49,500 in additional 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
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

EX-99.CODE

AMG FUNDS, AMG FUNDS I, AMG FUNDS II, AMG FUNDS III AND AMG FUNDS IV

Sarbanes-Oxley Code of Ethics

for Principal Executive and Principal Financial Officers

I. Covered Officers/Purpose of the Code

AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (each, a “Trust,” and each series thereof, a “Fund”) have adopted this Sarbanes-Oxley Code of Ethics (this “Code”) to apply to the Trusts’ Principal Executive Officer, Principal Financial Officer/Chief Financial Officer and Principal Accounting Officer (the “Covered Officers”, each of whom is set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trusts;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trusts.

II. Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest

A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or the Covered Officer’s service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer’s family, receives improper personal benefits as a result of the Covered Officer’s position with the Trusts.

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2021

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Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “1940 Act”) and the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as “affiliated persons” of the Funds. The compliance programs and procedures of the Funds and AMG Funds LLC (together with AMG Distributors, Inc., “AMG Funds Entities”) are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or are a result of, the contractual relationship between a Fund and the investment adviser and/or principal underwriter of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trusts or for AMG Funds Entities, or for both), be involved in establishing policies and implementing decisions that will have different effects on AMG Funds Entities and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trusts and AMG Funds Entities and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trusts’ Boards of Trustees (“Trustees”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive.

* * * *

Each Covered Officer must not:

• use the Covered Officer’s personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts;

• cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered Officer, rather than for the benefit of the Trusts;

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2021

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• use material non-public knowledge of portfolio transactions made or contemplated for a Fund to profit personally or cause others to profit, by the market effect of such transactions; and

• retaliate against any other Covered Officer or any employee of AMG Funds Entities or their affiliated persons for reports of potential violations that are made in good faith.

Material conflict of interest situations should be discussed with the Funds’ Chief Compliance Officer (the “Fund CCO”)¹, who shall serve as the Compliance Officer for this Code. Examples of these include:

• any outside business activity other than with AMG Funds Entities that detracts from an individual’s ability to devote appropriate time and attention to the Covered Officer’s responsibilities with a Trust;

• service as a director on the board of any company that files periodic reports with the SEC;

• service as a board member of any organization, public or private, including non-profits;

• the receipt of any gifts in excess of $300;

• the receipt of any entertainment from any company with which a Trust has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Trusts’ service providers, other than AMG Funds Entities, the principal underwriter or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.

III. Disclosure and Compliance

Each Covered Officer should:

¹  For purposes of this policy and procedure, references to the “Fund CCO” shall include his/her delegate(s).

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2021

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• familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

• not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or outside Funds, including the Trustees and independent accountants, and to governmental regulators and self-regulatory organizations;

• to the extent appropriate within the Covered Officer’s area of responsibility, consult with other officers and employees of AMG Funds Entities with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts; and

• assume responsibility for promoting compliance with the standards and restrictions imposed by applicable laws, rules and regulations.

IV. Reporting and Accountability

Each Covered Officer must:

• report at least annually a list of affiliations or other relationships related to conflicts of interest that the Trusts’ Trustees and Officers Questionnaire covers;

• upon adoption of the Code, including amendments to the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Trustees or Fund CCO that the Covered Officer has received, read, and understands the Code;

• annually thereafter affirm to the Trustees that the Covered Officer has complied with the requirements of the Code; and

• notify the Fund CCO promptly if the Covered Officer knows of any violation of this Code.

Failure to take any of the preceding four actions is itself a violation of this Code.

On an annual basis the Fund CCO will provide each Covered Officer with a copy of this Code. Each Covered Officer will complete and deliver to the Fund CCO a completed Acknowledgement and Certification form (as set forth in Exhibit B). A completed Acknowledgement and Certification is one that has been initialed next to each acknowledgement and certification, signed, and dated, with any affiliations or other conflicting relationships provided.

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2021

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The Fund CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by a committee (the “Committee”) comprised of the Trusts’ trustees who are not “interested persons” of the Trusts (as defined in Section 2(a)(19) of the 1940 Act) (the “Independent Trustees”).

The Trusts will follow these procedures in investigating and enforcing this Code:

• the Fund CCO will take all appropriate action to investigate any actual or potential conflicts or violations reported to him/her;

• if, after investigating a potential violation, the Fund CCO believes that no violation has occurred, the Fund CCO is not required to take any further action;

• any matter that the Fund CCO believes is a violation will be reported to the Committee;

• if the Committee concurs that a violation has occurred, it will make a recommendation to the Trustees, who will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of AMG Funds Entities; or a recommendation to dismiss the Covered Officer as an officer of the Trusts;

• the Committee will be responsible for granting waivers and/or approvals, as appropriate;

• the Fund CCO is responsible for identifying and documenting waivers;

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules currently in effect.

V. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts, either of the AMG Funds Entities, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code,

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2021

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they are superseded by this Code to the extent that they conflict with the provisions of this Code.

The Funds’ and AMG Funds Entities’ codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures set forth in the Code of Ethics for AMG Funds Entities are separate requirements applying to the Covered Officers and others, and are not part of this Code. This Code does not, and is not intended to, repeat or replace these programs and procedures.

VI. Amendments

Any material changes to this Code, other than amendments to Exhibit A, must be approved by a majority vote of the Trustees, including a majority of Independent Trustees. Any non-material changes to this Code, other than amendments to Exhibit A, must be ratified by a majority vote of the Trustees, including a majority of Independent Trustees.

VII. Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such reports and records shall not be disclosed to anyone other than the Trustees, counsel to the Independent Trustees, counsel to the Trusts and the investment adviser of the Funds.

VIII. Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion and does not create any rights of third parties.

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2021

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EXHIBIT A

COVERED OFFICERS

Keitha L. Kinne	President, Principal Executive Officer, Chief Executive Officer and Chief Operating Officer
Thomas G. Disbrow	Chief Financial Officer, Principal Financial Officer, Treasurer and Principal Accounting Officer

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2021

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EXHIBIT B

AMG FUNDS, AMG FUNDS I, AMG FUNDS II, AMG FUNDS III AND AMG FUNDS IV

SARBANES-OXLEY CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICERS

(Insert Year) ACKNOWLEDGEMENT AND CERTIFICATION

Please initial each individual item and then provide your signature below.

I acknowledge and affirm that I have received, reviewed, and understand the Sarbanes-Oxley Code of Ethics for Principal Executive and Senior Financial Officers (the “Code”) (each a “Covered Officer”) adopted by the Boards of Trustees of each of AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (each, a “Trust” and collectively, the “Trusts”). ____

I understand that as a Covered Officer it is my responsibility now and going forward to comply with the Code and any revisions made to it. Most importantly, I understand that the Code’s overarching principle is that my personal interests should not be placed improperly before the interests of the Trusts. ____

I affirm that I have notified the Compliance Officer for the Code (the “Compliance Officer’) promptly if I knew of any violation of the Code by myself or any other Covered Officer. ____

I affirm that I have discussed with the Compliance Officer any material personal conflict of interest comparable to those discussed within Section II of the Code prior to entering into any such arrangements. ____

On Schedule A of this (insert year) Acknowledgement and Certification, I have provided a complete and accurate listing of all affiliations or other relationships related to conflicts of interest that the Trusts’ Trustees and Officers Questionnaire covers. ____

I acknowledge and affirm that since I last signed an Acknowledgement and Certification related to the Code, to the best of my knowledge, I have complied with the requirements of the Code. ____

If I have not so complied with the requirements of the Code, I have included a detailed description of any instances of non-compliance immediately below:

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2021

8

Covered Officer’s Name (Printed):

Covered Officer’s Signature:

Date:__________________________________________

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2021

9

SCHEDULE A

TO THE

(Insert Year) ACKNOWLEDGEMENT AND CERTIFICATION

RELATING TO THE TRUSTS’

SARBANES-OXLEY CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND

PRINCIPAL FINANCIAL OFFICERS

Please list below all affiliations or other relationships related to conflicts of interest that the Trusts’ Trustees and Officers Questionnaire covers as of the date of my signing of the (insert year) Acknowledgement and Certification:

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2021

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EX-99.CERT

CERTIFICATION FILED AS EXHIBIT 13(a)(2) TO FORM N-CSR

I, Keitha L. Kinne, certify that:

1. I have reviewed this report on Form N-CSR of AMG Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 7, 2022

/s/ Keitha L. Kinne

Keitha L. Kinne

Principal Executive Officer

CERTIFICATION FILED AS EXHIBIT 13(a)(2) TO FORM N-CSR

I, Thomas Disbrow, certify that:

1. I have reviewed this report on Form N-CSR of AMG Funds;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: March 7, 2022

/s/ Thomas Disbrow

Thomas Disbrow

Principal Financial Officer

EX-99.906 CERT

CERTIFICATION FILED AS EXHIBIT 13(B) TO FORM N-CSR

Name of Issuer: AMG FUNDS: AMG GW&K MUNICIPAL BOND FUND, AMG GW&K MUNICIPAL ENHANCED YIELD FUND, AMG GW&K SMALL CAP CORE FUND, AMG GW&K SMALL CAP VALUE FUND, AMG GW&K SMALL/MID CAP FUND, AMG RENAISSANCE LARGE CAP GROWTH FUND, AMG TIMESSQUARE SMALL CAP GROWTH FUND, AMG TIMESSQUARE MID CAP GROWTH FUND, AMG TIMESSQUARE INTERNATIONAL SMALL CAP FUND, AMG TIMESSQUARE EMERGING MARKETS SMALL CAP FUND, AMG TIMESSQUARE GLOBAL SMALL CAP FUND, AMG YACKTMAN FUND, AMG YACKTMAN FOCUSED FUND, AMG YACKTMAN SPECIAL OPPORTUNITIES FUND, AMG YACKTMAN GLOBAL FUND

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Dated: March 7, 2022	/s/ Keitha L. Kinne
	Keitha L. Kinne
	Principal Executive Officer

CERTIFICATION FILED AS EXHIBIT 13(B) TO FORM N-CSR

Name of Issuer: AMG FUNDS: AMG GW&K MUNICIPAL BOND FUND, AMG GW&K MUNICIPAL ENHANCED YIELD FUND, AMG GW&K SMALL CAP CORE FUND, AMG GW&K SMALL CAP VALUE FUND, AMG GW&K SMALL/MID CAP FUND, AMG RENAISSANCE LARGE CAP GROWTH FUND, AMG TIMESSQUARE SMALL CAP GROWTH FUND, AMG TIMESSQUARE MID CAP GROWTH FUND, AMG TIMESSQUARE INTERNATIONAL SMALL CAP FUND, AMG TIMESSQUARE EMERGING MARKETS SMALL CAP FUND, AMG TIMESSQUARE GLOBAL SMALL CAP FUND, AMG YACKTMAN FUND, AMG YACKTMAN FOCUSED FUND, AMG YACKTMAN SPECIAL OPPORTUNITIES FUND, AMG YACKTMAN GLOBAL FUND

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

Dated: March 7, 2022	/s/ Thomas Disbrow
	Thomas Disbrow
	Principal Financial Officer