UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSRS

CERTIFIED SHAREHOLDER REPORT OF

REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-09521

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, 2022 – JUNE 30, 2022

(Semi-Annual Shareholder Report)

Item 1. Reports to Shareholders

SEMI-ANNUAL REPORT

AMG Funds

June 30, 2022

AMG GW&K ESG 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            | 063022         SAR088

    AMG Funds

     Semi-Annual Report — June 30, 2022 (unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		3
FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS
AMG GW&K ESG Bond Fund		5
AMG GW&K Enhanced Core Bond ESG Fund		11
AMG GW&K High Income Fund		16
AMG GW&K Municipal Bond Fund		21
AMG GW&K Municipal Enhanced Yield Fund		27
FINANCIAL STATEMENTS
Statement of Assets and Liabilities		31
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations		33
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets		34
Detail of changes in assets for the past two fiscal periods
Financial Highlights		36
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements		48
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks
ANNUAL RENEWAL OF INVESTMENT MANAGEMENT AND SUBADVISORY AGREEMENTS		56
FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM		60

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.

    About Your Fund’s Expenses (unaudited)

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

Six Months Ended  June 30, 2022	Expense Ratio for the Period	Beginning Account Value 01/01/22	Ending Account Value 06/30/22	Expenses Paid During the Period*
AMG GW&K ESG Bond Fund
Based on Actual Fund Return
Class N	0.68%	$1,000	$885	$3.18
Class I	0.48%	$1,000	$886	$2.24
Based on Hypothetical 5% Annual Return
Class N	0.68%	$1,000	$1,021	$3.41
Class I	0.48%	$1,000	$1,022	$2.41
AMG GW&K Enhanced Core Bond ESG Fund
Based on Actual Fund Return
Class N	0.73%	$1,000	$884	$3.41
Class I	0.57%	$1,000	$886	$2.66
Class Z	0.48%	$1,000	$885	$2.24
Based on Hypothetical 5% Annual Return
Class N	0.73%	$1,000	$1,021	$3.66
Class I	0.57%	$1,000	$1,022	$2.86
Class Z	0.48%	$1,000	$1,022	$2.41
AMG GW&K High Income Fund
Based on Actual Fund Return
Class N	0.84%	$1,000	$896	$3.95
Class I	0.64%	$1,000	$897	$3.01
Based on Hypothetical 5% Annual Return
Class N	0.84%	$1,000	$1,021	$4.21
Class I	0.64%	$1,000	$1,022	$3.21

Six Months Ended  June 30, 2022	Expense Ratio for the Period	Beginning Account Value 01/01/22	Ending Account Value 06/30/22	Expenses Paid During the Period*
AMG GW&K Municipal Bond Fund
Based on Actual Fund Return
Class N	0.72%	$1,000	$907		$3.41
Class I	0.39%	$1,000	$909		$1.85
Based on Hypothetical 5% Annual Return
Class N	0.72%	$1,000	$1,021		$3.61
Class I	0.39%	$1,000	$1,023		$1.96
AMG GW&K Municipal Enhanced Yield Fund
Based on Actual Fund Return
Class N	0.99%	$1,000	$832		$4.50
Class I	0.64%	$1,000	$834		$2.91
Class Z	0.59%	$1,000	$834		$2.68
Based on Hypothetical 5% Annual Return
Class N	0.99%	$1,000	$1,020		$4.96
Class I	0.64%	$1,000	$1,022		$3.21
Class Z	0.59%	$1,000	$1,022		$2.96

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

2

    Fund Performance (unaudited)

     Periods ended June 30, 2022

The table below shows the average annual total returns for the periods indicated for each Fund, as well as each Fund’s relative index for the same time periods ended June 30, 2022.

Average Annual Total Returns1	Six Months*		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
Class N		(11.48%)		(11.55%)		0.86%		2.49%		7.26%		06/01/84
Class I		(11.43%)		(11.41%)		1.04%		—		1.97%		04/01/13
Bloomberg U.S. Aggregate           Bond Index20		(10.35%)		(10.29%)		0.88%		1.54%		6.57%		06/01/84	†
AMG GW&K Enhanced Core Bond ESG Fund2, 3, 4, 5, 6, 7, 8, 9, 11, 13, 14
Class N		(11.56%)		(11.93%)		1.01%		1.72%		4.59%		01/02/97
Class I		(11.45%)		(11.73%)		1.19%		—		1.56%		11/30/12
Class Z		(11.50%)		(11.76%)		1.26%		1.97%		4.95%		01/02/97
Bloomberg U.S. Aggregate           Bond Index20		(10.35%)		(10.29%)		0.88%		1.54%		4.41%		01/02/97	†
AMG GW&K High Income Fund2, 4, 5, 6, 14, 15
Class N		(10.39%)		(9.71%)		2.07%		2.24%		4.47%		03/25/94
Class I		(10.31%)		(9.49%)		—		—		(5.43%)		03/15/21
Bloomberg U.S. High Yield           1-5 Year Ba Index21		(8.89%)		(7.79%)		2.61%		4.11%		4.04%		03/25/94	†
AMG GW&K Municipal Bond Fund2, 4, 6, 11, 14, 16, 17, 18
Class N		(9.26%)		(9.35%)		0.57%		1.65%		3.01%		06/30/09
Class I		(9.14%)		(9.08%)		0.89%		2.03%		3.44%		06/30/09
Bloomberg 10-Year Municipal           Bond Index22		(8.26%)		(7.90%)		1.66%		2.52%		3.78%		06/30/09	†
AMG GW&K Municipal Enhanced Yield Fund2, 4, 5, 6, 11, 14, 16, 17, 18, 19
Class N		(16.81%)		(16.66%)		0.96%		2.61%		4.66%		07/27/09
Class I		(16.59%)		(16.30%)		1.35%		3.03%		3.73%		12/30/05
Class Z		(16.57%)		(16.26%)		1.40%		—		2.01%		02/24/17
Bloomberg U.S. Municipal           Bond BAA Index23		(11.33%)		(10.52%)		2.58%		3.09%		4.72%		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 Funds 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.

* Not annualized.

¹  Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain

    distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of June 30, 2022. 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   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   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   Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

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

⁸   The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars.

⁹   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

3

    Fund Performance

     Periods ended June 30, 2022 (continued)

    by the Subadviser will reflect the beliefs or values of any particular investor.   ¹⁰  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.   ¹¹  Factors unique to the municipal bond market may negatively affect the value in municipal bonds.   ¹²  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.   ¹³  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.   ¹⁴  The issuer of the bonds may not be able to meet interest or principal payments when the bonds come due.   ¹⁵  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.   ¹⁶Investment 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.   ¹⁷Companies 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.   ¹⁸The 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.   ¹⁹The 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.   ²⁰The 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.   ²¹The 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.   ²²The 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.   ²³The 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.

4

    AMG GW&K ESG Bond Fund

     Fund Snapshots (unaudited)

      June 30, 2022

PORTFOLIO BREAKDOWN

Category	% of Net Assets
U.S. Government and Agency Obligations	46.9
Corporate Bonds and Notes	42.4
Municipal Bonds	4.8
Foreign Government Obligations	0.8
Asset-Backed Securities	0.3
Short-Term Investments	7.0
Other Assets, Less Liabilities	(2.2)

Rating	% of Market Value1
U.S. Government and Agency Obligations		49.2
Aaa/AAA		1.4
Aa/AA		6.2
A		6.5
Baa/BBB		21.8
Ba/BB		14.0
B		0.9

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

TOP TEN HOLDINGS

Security Name	% of Net Assets
U.S. Treasury Bonds, 2.250%, 05/15/41	3.5
FHLMC, 3.000%, 04/01/51	2.9
U.S. Treasury Bonds, 1.875%, 02/15/51	2.2
U.S. Treasury Notes, 2.625%, 02/15/29	2.2
FNMA, 3.500%, 02/01/35	2.2
FNMA, 3.500%, 08/01/49	2.1
U.S. Treasury Notes, 0.125%, 03/31/23	2.1
U.S. Treasury Bonds, 5.000%, 05/15/37	2.0
FNMA, 2.000%, 04/01/51	2.0
FNMA, 3.500%, 02/01/47	2.0
Top Ten as a Group	23.2

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.

5

    AMG GW&K ESG Bond Fund

     Schedule of Portfolio Investments (unaudited)

     June 30, 2022

	Principal Amount		Value
Corporate Bonds and Notes - 42.4%
Financials - 10.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) 1.650%, 10/29/24		$5,450,000		$5,032,158
Aircastle, Ltd. (Bermuda) 5.250%, 08/11/251		2,282,000		2,203,251
Ally Financial, Inc. 8.000%, 11/01/31		2,000,000		2,223,329
American Express Co.
(3.550% to 09/15/26 then U.S. Treasury Yield Curve CMT 5 year + 2.854%), 3.550%, 09/15/262,3,4		1,195,000		972,264
American Tower Corp. 4.400%, 02/15/26		1,900,000		1,888,324
Bank of America Corp.
MTN, (4.330% to 03/15/49 then 3 month LIBOR + 1.520%), 4.330%, 03/15/502,4		2,775,000		2,492,105
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%, 09/20/252,3,4		4,300,000		4,201,100
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%, 06/01/262,3,4		4,400,000		3,729,704
Crown Castle International Corp. 4.000%, 03/01/27		2,300,000		2,234,358
First-Citizens Bank & Trust Co. 6.125%, 03/09/285		2,825,000		2,943,553
The Goldman Sachs Group, Inc. 6.750%, 10/01/37		1,850,000		2,048,731
Morgan Stanley 3.950%, 04/23/27		2,200,000		2,130,339
(4.431% to 01/23/29 then 3 month LIBOR + 1.628%), 4.431%, 01/23/302,4		2,948,000		2,864,347
OneMain Finance Corp. 8.250%, 10/01/23		3,050,000		3,048,195
Owl Rock Capital Corp. 4.250%, 01/15/26		2,300,000		2,115,659
SBA Communications Corp. 3.875%, 02/15/27		3,700,000		3,377,323
SLM Corp. 3.125%, 11/02/26		3,365,000		2,717,103
4.200%, 10/29/25		838,000		759,192
Starwood Property Trust, Inc. 4.750%, 03/15/25		1,700,000		1,570,201
Truist Financial Corp.
Series P, (4.950% to 09/01/25 then U.S. Treasury Yield Curve CMT 5 year + 4.605%), 4.950%, 09/01/252,3,4		3,400,000		3,309,687

	Principal Amount		Value
VICI Properties LP/VICI Note Co., Inc. 3.500%, 02/15/251		$1,900,000		$1,777,303
Wells Fargo & Co., MTN
(2.879% to 10/30/29 then SOFR + 1.432%), 2.879%, 10/30/302,4		3,435,000		3,020,655
Weyerhaeuser Co. 6.875%, 12/15/33		2,600,000		2,916,695
Total Financials				59,575,576
Industrials - 30.2%
Advocate Health & Hospitals Corp. 4.272%, 08/15/48		1,700,000		1,629,090
AECOM 5.125%, 03/15/27		1,650,000		1,559,250
Air Products and Chemicals, Inc. 2.700%, 05/15/40		2,450,000		1,959,344
Alcoa Nederland Holding, B.V. (Netherlands) 4.125%, 03/31/291		5,750,000		5,141,305
Anglo American Capital PLC (United Kingdom) 2.875%, 03/17/311		3,554,000		2,957,175
Anheuser-Busch InBev Worldwide, Inc. 4.375%, 04/15/38		2,200,000		2,017,701
Aramark Services, Inc. 5.000%, 02/01/281,5		3,220,000		2,917,996
ArcelorMittal, S.A. (Luxembourg) 4.250%, 07/16/295		3,300,000		3,132,839
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC
3.250%, 09/01/281,5		3,500,000		2,987,490
Ashtead Capital, Inc. 1.500%, 08/12/261		3,536,000		3,087,718
AT&T, Inc. 4.300%, 02/15/30		2,200,000		2,146,982
Ball Corp. 2.875%, 08/15/30		3,875,000		3,119,012
Broadcom Corp./Broadcom Cayman Finance, Ltd. 3.875%, 01/15/27		3,019,000		2,904,869
Centene Corp. 3.375%, 02/15/30		3,650,000		3,095,382
CF Industries, Inc. 5.375%, 03/15/44		2,650,000		2,470,116
Cisco Systems, Inc. 5.500%, 01/15/40		1,650,000		1,799,506
Clearwater Paper Corp. 4.750%, 08/15/281		1,950,000		1,681,552
The Coca-Cola Co. 2.500%, 06/01/40		2,400,000		1,877,703
Cogent Communications Group, Inc. 3.500%, 05/01/261		3,365,000		3,095,800
CommonSpirit Health 3.347%, 10/01/29		1,950,000		1,799,917

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

6

    AMG GW&K ESG Bond Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Industrials - 30.2% (continued)
Crown Americas LLC/Crown Americas Capital Corp. V 4.250%, 09/30/26		$3,350,000		$3,090,375
CVS Health Corp. 5.125%, 07/20/45		1,850,000		1,781,961
Dell International LLC/EMC Corp. 8.100%, 07/15/36		972,000		1,134,600
Dell, Inc. 7.100%, 04/15/28		2,950,000		3,208,197
Delta Air Lines, Inc. 7.375%, 01/15/265		3,100,000		3,095,195
Discovery Communications LLC 3.950%, 03/20/28		2,047,000		1,910,784
FMG Resources August 2006 Pty, Ltd. (Australia) 4.500%, 09/15/271		3,000,000		2,677,500
The Ford Foundation Series 2020, 2.415%, 06/01/50		2,725,000		1,942,964
Freeport-McMoRan, Inc. 4.625%, 08/01/305		3,261,000		3,025,491
Graphic Packaging International LLC 3.500%, 03/01/291		2,850,000		2,393,134
Hanesbrands, Inc. 4.875%, 05/15/261,5		3,250,000		3,010,345
Hasbro, Inc. 3.900%, 11/19/295		3,425,000		3,145,062
HB Fuller Co. 4.250%, 10/15/28		3,400,000		2,852,804
HCA, Inc. 3.500%, 09/01/30		3,050,000		2,594,665
Hilton Domestic Operating Co., Inc. 4.875%, 01/15/30		3,600,000		3,253,500
The Home Depot, Inc. 5.875%, 12/16/36		1,600,000		1,839,650
KB Home 4.800%, 11/15/29		1,222,000		1,019,120
6.875%, 06/15/275		1,751,000		1,689,855
Kraft Heinz Foods Co. 4.375%, 06/01/46		5,075,000		4,229,532
Lamar Media Corp. 4.875%, 01/15/295		3,250,000		2,925,377
Merck & Co., Inc. 1.900%, 12/10/28		7,310,000		6,496,292
Methanex Corp. (Canada) 5.125%, 10/15/27		1,800,000		1,588,500
Microsoft Corp. 2.525%, 06/01/50		2,450,000		1,804,489
MSCI, Inc. 3.250%, 08/15/331		2,015,000		1,606,136
Murphy Oil USA, Inc. 4.750%, 09/15/29		3,250,000		2,925,195

	Principal Amount		Value
Newell Brands, Inc. 4.450%, 04/01/266		$3,400,000		$3,238,542
Novelis Corp. 3.250%, 11/15/261		3,175,000		2,683,747
Owens Corning 7.000%, 12/01/36		1,800,000		2,011,246
Parker-Hannifin Corp. 3.250%, 06/14/29		1,900,000		1,738,849
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.750%, 04/15/261		3,250,000		3,030,625
PulteGroup, Inc. 6.000%, 02/15/35		2,050,000		2,009,748
SK Hynix, Inc. (South Korea) 2.375%, 01/19/311		3,000,000		2,362,774
Sonoco Products Co. 2.850%, 02/01/32		3,682,000		3,074,052
Sysco Corp. 2.400%, 02/15/30		4,475,000		3,816,300
Teleflex, Inc. 4.250%, 06/01/281		3,350,000		3,026,842
Tenet Healthcare Corp. 4.875%, 01/01/261		3,350,000		3,082,000
Travel + Leisure Co. 5.650%, 04/01/246		2,700,000		2,652,750
Twilio, Inc. 3.625%, 03/15/29		600,000		504,420
3.875%, 03/15/315		2,694,000		2,216,542
United Parcel Service, Inc. 6.200%, 01/15/38		1,500,000		1,749,732
United Rentals North America, Inc. 3.875%, 02/15/31		3,650,000		3,079,094
Verizon Communications, Inc. 3.875%, 02/08/29		3,460,000		3,347,506
VF Corp. 2.950%, 04/23/305		2,100,000		1,840,636
Walgreens Boots Alliance, Inc. 4.800%, 11/18/44		2,520,000		2,204,044
Walmart, Inc. 4.050%, 06/29/48		1,850,000		1,808,190
WESCO Distribution, Inc. 7.125%, 06/15/251		1,600,000		1,596,528
Western Digital Corp. 4.750%, 02/15/26		1,916,000		1,828,075
Yum! Brands, Inc. 3.625%, 03/15/31		3,550,000		2,982,000
Total Industrials				172,505,712

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

7

    AMG GW&K ESG Bond Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
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%, 12/15/242,3,4		$3,950,000		$3,510,122
National Rural Utilities Cooperative Finance Corp. 1.350%, 03/15/31		4,750,000		3,701,904
Northern States Power Co. 2.900%, 03/01/50		3,800,000		2,856,316
Total Utilities				10,068,342
Total Corporate Bonds and Notes (Cost $277,956,574)				242,149,630
Asset-Backed Securities - 0.3%
FAN Engine Securitization, Ltd. (Ireland)
Series 2013-1A, Class 1A 4.625%, 10/15/43 (Cost $4,321,280)1,7		4,360,594		1,813,135
Municipal Bonds - 4.8%
California Health Facilities Financing Authority 4.190%, 06/01/37		3,500,000		3,329,417
California State General Obligation, School Improvements 7.550%, 04/01/39		2,300,000		3,119,923
Dallas Fort Worth International Airport, Series A 4.507%, 11/01/51		1,000,000		971,963
JobsOhio Beverage System, Series A 2.833%, 01/01/38		3,700,000		3,086,100
Los Angeles Unified School District, School Improvements 5.750%, 07/01/34		3,225,000		3,582,761
Massachusetts School Building Authority Series B, 1.753%, 08/15/30		4,500,000		3,875,159
New Jersey Economic Development Authority, Pension Funding, Series A (National Insured) 7.425%, 02/15/29		3,550,000		3,988,315
Port Authority of New York & New Jersey 6.040%, 12/01/29		2,000,000		2,245,492
University of California 1.697%, 05/15/29		3,650,000		3,162,273
Total Municipal Bonds (Cost $31,318,397)				27,361,403
U.S. Government and Agency Obligations - 46.9%
Fannie Mae - 16.9%
FNMA
2.000%, 04/01/51		12,891,329		11,205,653
2.500%, 11/01/50		5,342,884		4,819,060
3.500%, 02/01/35 to 02/01/51		43,396,674		42,709,804
4.000%, 07/01/44 to 01/01/51		25,815,229		25,898,020
4.500%, 05/01/48 to 06/01/49		7,521,346		7,729,470

	Principal Amount		Value
FNMA 5.000%, 05/01/50		$3,649,344		$3,798,695
Total Fannie Mae				96,160,702
Freddie Mac - 8.2%
FHLMC
2.000%, 03/01/36		9,369,682		8,767,322
3.000%, 04/01/51		17,920,936		16,709,198
3.500%, 02/01/50		10,352,146		10,060,134
4.500%, 10/01/48 to 12/01/48		10,935,054		11,056,616
Total Freddie Mac				46,593,270
U.S. Treasury Obligations - 21.8%
U.S. Treasury Bonds
1.250%, 05/15/50		5,625,000		3,578,906
1.875%, 02/15/51		16,912,000		12,685,982
2.250%, 05/15/41		23,759,000		19,825,772
2.500%, 02/15/46		3,096,000		2,625,190
3.125%, 05/15/48		11,143,000		10,783,899
3.500%, 02/15/39		4,556,000		4,759,418
5.000%, 05/15/37		9,246,000		11,430,729
6.750%, 08/15/26		5,839,000		6,667,180
U.S. Treasury Notes
0.125%, 03/31/23 to 02/15/24		23,613,000		22,861,505
0.250%, 03/15/24		7,118,000		6,796,300
0.500%, 02/28/26		3,270,000		2,980,426
0.750%, 03/31/26		3,800,000		3,490,211
2.500%, 01/31/25		3,450,000		3,404,719
2.625%, 02/15/29		13,007,000		12,664,042
Total U.S. Treasury Obligations				124,554,279
Total U.S. Government and Agency Obligations (Cost $295,218,322)				267,308,251
Foreign Government Obligation - 0.8%
The Korea Development Bank (South Korea) 0.500%, 10/27/23 (Cost $4,554,702)		4,550,000		4,386,974
Short-Term Investments - 7.0%
Joint Repurchase Agreements - 3.0%8
Cantor Fitzgerald Securities, Inc., dated 06/30/22,due 07/01/22, 1.550% total to be received $4,066,875 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 9.000%, 08/01/22 - 01/20/68, totaling $4,148,034)		4,066,700		4,066,700
MUFG Securities America, Inc., dated 06/30/22,due 07/01/22, 1.550% total to be received $4,066,873 (collateralized by various U.S. Government Agency Obligations, 3.000% - 5.000%, 11/01/26 - 07/01/52, totaling $4,148,032)		4,066,698		4,066,698
National Bank Financial, dated 06/30/22, due 07/01/22, 1.590% total to be received $4,066,878 (collateralized by various U.S. Treasuries, 0.000% - 2.750%, 07/01/22 - 09/09/49, totaling $4,148,035)		4,066,698		4,066,698

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

8

    AMG GW&K ESG Bond Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Joint Repurchase Agreements - 3.0%8 (continued)
RBC Dominion Securities, Inc., dated 06/30/22,due 07/01/22, 1.550% total to be received $2,582,860 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.875%, 08/16/22 - 05/20/52, totaling $2,634,404)		$2,582,749		$2,582,749
State of Wisconsin Investment Board, dated 06/30/22, due 07/01/22, 1.550% total to be received $2,339,351 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 01/15/25 - 02/15/51, totaling $2,386,039)		2,339,250		2,339,250
Total Joint Repurchase Agreements				17,122,095

	Principal Amount		Value
Repurchase Agreements - 4.0%
Fixed Income Clearing Corp., dated 06/30/2022 due 07/01/2022, 1.35% total to be received $22,600,848 (collateralized by a U.S. Treasury, 0.375%, 07/15/27, totaling $23,052,062)		$22,600,000		$22,600,000
Total Short-Term Investments
(Cost $39,722,095)				39,722,095
Total Investments - 102.2%
(Cost $653,091,370)				582,741,488
Other Assets, less Liabilities - (2.2)%				(12,336,571)
Net Assets - 100.0%				$570,404,917

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 June 30, 2022, the value of these securities amounted to $53,132,356 or 9.3% of net assets.

²  Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2022. Rate will reset at a future date.

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

⁴  Variable rate security. The rate shown is based on the latest available information as of June 30, 2022. 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  Some of these securities, amounting to $24,789,642 or 4.3% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

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 following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Corporate Bonds and Notes†		—		$242,149,630		—		$242,149,630
Asset-Backed Securities		—		—		$1,813,135		1,813,135
Municipal Bonds†		—		27,361,403		—		27,361,403
U.S. Government and Agency Obligations†		—		267,308,251		—		267,308,251
Foreign Government Obligation		—		4,386,974		—		4,386,974
Short-Term Investments
Joint Repurchase Agreements		—		17,122,095		—		17,122,095
Repurchase Agreements		—		22,600,000		—		22,600,000
Total Investments in Securities		—		$580,928,353		$1,813,135		$582,741,488

^†  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 accompanying notes are an integral part of these financial statements.

9

    AMG GW&K ESG Bond Fund

    Schedule of Portfolio Investments (continued)

The following table below is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value at June 30, 2022:

	Asset-Backed Securities
Balance as of December 31, 2021		$2,475,909
Accrued discounts (premiums)		1,720
Realized gain (loss)		25,777
Change in unrealized appreciation/depreciation		2,125,682
Purchases		—
Sales		(2,815,953	)
Transfers in to Level 3		—
Transfers out of Level 3		—
Balance as of June 30, 2022		$1,813,135
Net change in unrealized appreciation/depreciation on investments still held at June 30, 2022		$(899,699	)

The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3 of the fair value hierarchy as of June 30, 2022. 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 June 30, 2022	Valuation Technique(s)	Unobservable Inputs(s)	Range	Median	Impact to Valuation from an Increase in Input(a)
Asset-Backed Securities	$1,813,135	Discounted Cash Flow	Discount Rate	15%	N/A	Decrease

^(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.

10

    AMG GW&K Enhanced Core Bond ESG Fund

    Fund Snapshots (unaudited)

    June 30, 2022

PORTFOLIO BREAKDOWN

Category	% of Net Assets
U.S. Government and Agency Obligations	51.2
Corporate Bonds and Notes	37.3
Municipal Bonds	6.0
Foreign Government Obligations	0.6
Short-Term Investments	6.1
Other Assets, Less Liabilities	(1.2)

Rating	% of Market Value1
U.S. Government and Agency Obligations	53.8
Aaa/AAA	2.6
Aa/AA	5.6
A	7.8
Baa/BBB	21.6
Ba/BB	8.1
B	0.5

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

TOP TEN HOLDINGS

Security Name	% of Net Assets
U.S. Treasury Bonds, 6.750%, 08/15/26		4.1
U.S. Treasury Bonds, 2.250%, 05/15/41		2.0
U.S. Treasury Bonds, 1.875%, 02/15/51		1.9
FNMA, 4.000%, 10/01/43		1.9
U.S. Treasury Bonds, 3.125%, 05/15/48		1.8
FNMA, 4.500%, 09/01/46		1.8
U.S. Treasury Bonds, 3.500%, 02/15/39		1.8
California State General Obligation, School Improvements, 7.550%, 04/01/39		1.6
FNMA, 3.500%, 02/01/47		1.6
FHLMC, 3.000%, 03/01/51		1.6
Top Ten as a Group		20.1

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.

11

    AMG GW&K Enhanced Core Bond ESG Fund

    Schedule of Portfolio Investments (unaudited)

    June 30, 2022

	Principal Amount		Value
Corporate Bonds and Notes - 37.3%
Financials - 11.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) 1.650%, 10/29/24		$450,000		$415,499
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		610,000		496,302
American Tower Corp. 2.950%, 01/15/51		536,000		362,917
Bank of America Corp.
MTN, (4.330% to 03/15/49 then 3 month LIBOR + 1.520%), 4.330%, 03/15/501,3		458,000		411,309
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		266,000		259,882
Boston Properties, LP 3.400%, 06/21/29		538,000		482,236
Crown Castle International Corp. 4.300%, 02/15/29		378,000		362,923
First-Citizens Bank & Trust Co. 6.125%, 03/09/284		420,000		437,625
The Goldman Sachs Group, Inc.
Series O, (5.300% to 11/10/26 then 3 month LIBOR + 3.834%), 5.300%, 11/10/261,2,3		268,000		251,998
Morgan Stanley, GMTN
(4.431% to 01/23/29 then 3 month LIBOR + 1.628%), 4.431%, 01/23/301,3		530,000		514,961
OneMain Finance Corp. 6.125%, 03/15/24		524,000		500,420
SBA Communications Corp. 3.875%, 02/15/27		225,000		205,378
SLM Corp. 3.125%, 11/02/26		290,000		234,163
Starwood Property Trust, Inc. 5.500%, 11/01/235		231,000		228,401
Wells Fargo & Co., MTN
(2.879% to 10/30/29 then SOFR + 1.432%), 2.879%, 10/30/301,3		600,000		527,625
Total Financials				5,691,639
Industrials - 25.7%
AECOM 5.125%, 03/15/27		224,000		211,680
Alcoa Nederland Holding, B.V. (Netherlands) 4.125%, 03/31/295		480,000		429,187
Anglo American Capital PLC (United Kingdom) 2.875%, 03/17/315		277,000		230,483
Aramark Services, Inc. 5.000%, 02/01/284,5		270,000		244,677

	Principal Amount		Value
ArcelorMittal, S.A. (Luxembourg) 4.250%, 07/16/294		$272,000		$258,222
Arconic, Inc. 5.900%, 02/01/27		206,000		202,910
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.250%, 09/01/284,5		400,000		341,427
Ashtead Capital, Inc. 1.500%, 08/12/265		278,000		242,756
Ball Corp. 4.875%, 03/15/26		200,000		196,750
Block Financial LLC 3.875%, 08/15/30		142,000		127,705
Broadcom, Inc. 1.950%, 02/15/285		548,000		466,615
Centene Corp. 2.500%, 03/01/31		286,000		227,015
CF Industries, Inc. 5.375%, 03/15/44		501,000		466,992
Charter Communications Operating LLC/Charter Communications Operating Capital 4.908%, 07/23/25		516,000		517,197
Clearwater Paper Corp. 4.750%, 08/15/285		270,000		232,830
The Coca-Cola Co. 2.500%, 06/01/40		135,000		105,621
Cogent Communications Group, Inc. 3.500%, 05/01/265		250,000		230,000
Comcast Corp. 4.150%, 10/15/28		262,000		261,273
CommonSpirit Health 3.347%, 10/01/29		518,000		478,132
Crown Americas LLC/Crown Americas Capital Corp. V 4.250%, 09/30/264		215,000		198,337
CVS Health Corp. 5.125%, 07/20/45		437,000		420,928
Dell, Inc. 7.100%, 04/15/284		225,000		244,693
Discovery Communications LLC 3.950%, 03/20/28		252,000		235,231
Fiserv, Inc. 4.200%, 10/01/28		493,000		474,982
The Ford Foundation Series 2020, 2.415%, 06/01/50		588,000		419,252
Freeport-McMoRan, Inc. 4.625%, 08/01/304		272,000		252,356
HCA, Inc. 3.500%, 09/01/30		235,000		199,917

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

12

    AMG GW&K Enhanced Core Bond ESG Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Industrials - 25.7% (continued)
Hilton Domestic Operating Co., Inc. 4.875%, 01/15/30		$220,000		$198,825
KB Home 4.800%, 11/15/29		441,000		367,784
Kraft Heinz Foods Co. 4.250%, 03/01/31		491,000		466,893
Merck & Co., Inc. 1.900%, 12/10/28		573,000		509,217
Microsoft Corp. 2.525%, 06/01/50		551,000		405,826
MSCI, Inc. 3.250%, 08/15/335		118,000		94,057
Murphy Oil USA, Inc. 4.750%, 09/15/29		60,000		54,004
5.625%, 05/01/27		205,000		200,900
Newell Brands, Inc. 4.450%, 04/01/266		236,000		224,793
PulteGroup, Inc. 5.000%, 01/15/27		492,000		491,952
Sonoco Products Co. 2.850%, 02/01/32		576,000		480,895
Sysco Corp. 2.400%, 02/15/30		543,000		463,073
Travel + Leisure Co. 5.650%, 04/01/246		392,000		385,140
United Rentals North America, Inc. 3.875%, 02/15/314		250,000		210,897
Verizon Communications, Inc. 3.875%, 02/08/29		506,000		489,548
Walgreens Boots Alliance, Inc. 4.800%, 11/18/44		365,000		319,236
Total Industrials				13,280,208
Utilities - 0.6%
National Rural Utilities Cooperative Finance Corp. 1.350%, 03/15/31		427,000		332,782
Total Corporate Bonds and Notes
(Cost $21,989,442)				19,304,629
Municipal Bonds - 6.0%
California Health Facilities Financing Authority 4.190%, 06/01/37		225,000		214,034
California State General Obligation, School Improvements 7.550%, 04/01/39		625,000		847,805
County of Miami-Dade FL Aviation Revenue, Series C 4.280%, 10/01/41		670,000		625,215

	Principal Amount		Value
Los Angeles Unified School District, School Improvements 5.750%, 07/01/34		$545,000		$605,459
Massachusetts School Building Authority Series B, 1.753%, 08/15/30		523,000		450,379
University of California, University & College Improvements Series BD, 3.349%, 07/01/29		360,000		345,258
Total Municipal Bonds
(Cost $3,361,619)				3,088,150
U.S. Government and Agency Obligations - 51.2%
Fannie Mae - 26.8%
FNMA
3.000%, 06/01/38 to 08/01/50		764,126		741,503
3.500%, 02/01/33 to 07/01/50		4,436,483		4,365,937
4.000%, 12/01/33 to 01/01/51		2,470,137		2,484,412
4.500%, 04/01/39 to 08/01/50		2,173,076		2,227,885
5.000%, 07/01/47 to 08/01/50		919,417		964,015
FNMA Pool
3.000%, 06/01/33 to 04/01/47		679,860		658,944
3.500%, 01/01/36 to 07/01/50		958,362		941,586
4.000%, 05/01/47 to 06/01/49		903,692		906,799
4.500%, 01/01/44 to 05/01/48		546,621		563,809
Total Fannie Mae				13,854,890
Freddie Mac - 6.3%
FHLMC
3.000%, 03/01/50 to 03/01/51		1,434,382		1,342,817
4.000%, 07/01/48 to 09/01/50		412,122		411,622
4.500%, 10/01/41		524,300		540,912
FHLMC Gold Pool
3.500%, 02/01/30 to 04/01/46		968,833		958,200
Total Freddie Mac				3,253,551
U.S. Treasury Obligations - 18.1%
U.S. Treasury Bonds
1.875%, 02/15/51		1,316,000		987,154
2.250%, 05/15/41		1,247,000		1,040,563
2.500%, 02/15/46		468,000		396,831
3.125%, 05/15/48		966,000		934,869
3.500%, 02/15/39		870,000		908,844
5.000%, 05/15/37		608,000		751,664
6.750%, 08/15/26		1,859,000		2,122,673
U.S. Treasury Notes
1.625%, 02/15/26		796,000		756,542
1.875%, 02/15/32		562,000		509,137
2.125%, 09/30/24		556,000		545,640
2.875%, 05/15/28		430,000		424,978
Total U.S. Treasury Obligations				9,378,895
Total U.S. Government and Agency Obligations
(Cost $28,681,033)				26,487,336

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

13

    AMG GW&K Enhanced Core Bond ESG Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Foreign Government Obligation - 0.6%
The Korea Development Bank (South Korea) 0.500%, 10/27/23
(Cost $345,614)		$346,000		$333,603
Short-Term Investments - 6.1%
Joint Repurchase Agreements - 2.2%7
Deutsche Bank Securities, Inc., dated 06/30/22,due 07/01/22, 1.480% total to be received $133,696 (collateralized by various U.S. Treasuries, 0.000% - 0.750%, 01/15/25 - 08/15/39, totaling $136,365)		133,691		133,691
National Bank Financial, dated 06/30/22, due 07/01/22, 1.590% total to be received $1,000,044 (collateralized by various U.S. Treasuries, 0.000% - 2.750%, 07/01/22 - 09/09/49, totaling $1,020,001)		1,000,000		1,000,000
Total Joint Repurchase Agreements				1,133,691

	Principal Amount		Value
Repurchase Agreements - 3.9%
Fixed Income Clearing Corp., dated 06/30/2022 due 07/01/2022, 1.35% total to be received $2,000,075 (collateralized by a U.S. Treasury, 0.125%, 08/15/31, totaling $2,040,027)		$2,000,000		$2,000,000
Total Short-Term Investments
(Cost $3,133,691)				3,133,691
Total Investments - 101.2%
(Cost $57,511,399)				52,347,409
Other Assets, less Liabilities - (1.2)%				(599,641)
Net Assets - 100.0%				$51,747,768

¹  Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2022. 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 June 30, 2022. 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 $1,543,220 or 3.0% 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.

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 June 30, 2022, the value of these securities amounted to $2,740,433 or 5.3% 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
GMTN	Global Medium-Term Notes
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.

14

    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 June 30, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Corporate Bonds and Notes†		—		$19,304,629		—		$19,304,629
Municipal Bonds†		—		3,088,150		—		3,088,150
U.S. Government and Agency Obligations†		—		26,487,336		—		26,487,336
Foreign Government Obligation†		—		333,603		—		333,603
Short-Term Investments
Joint Repurchase Agreements		—		1,133,691		—		1,133,691
Repurchase Agreements		—		2,000,000		—		2,000,000
Total Investments in Securities		—		$52,347,409		—		$52,347,409

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

For the six months ended June 30, 2022, 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 High Income Fund

     Fund Snapshots (unaudited)

     June 30, 2022

PORTFOLIO BREAKDOWN

Category	%of Net Assets
Corporate Bonds and Notes	95.5
Short-Term Investments1	12.4
Other Assets, Less Liabilities2	(7.9)

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	22.2
Ba/BB	64.7
B	13.1

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

TOP TEN HOLDINGS

Security Name	%of Net Assets
Matador Resources Co., 5.875%, 09/15/26	1.9
Ford Motor Co., 4.346%, 12/08/26	1.9
SM Energy Co., 5.625%, 06/01/25	1.6
Ball Corp., 5.250%, 07/01/25	1.6
Aircastle, Ltd., 4.250%, 06/15/26 (Bermuda)	1.6
PTC, Inc., 3.625%, 02/15/25	1.5
United Airlines Holdings, Inc., 5.000%, 02/01/24	1.5
Western Midstream Operating LP, 4.650%, 07/01/26	1.5
DCP Midstream Operating LP, 5.375%, 07/15/25	1.5
Meritor, Inc., 6.250%, 06/01/25	1.5
Top Ten as a Group	16.1

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.

16

     AMG GW&K High Income Fund

     Schedule of Portfolio Investments (unaudited)

      June 30, 2022

	Principal Amount		Value
Corporate Bonds and Notes - 95.5%
Financials - 16.8%
Aircastle, Ltd. (Bermuda) 4.250%, 06/15/26	$	304,000	$	281,237
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		198,000		157,017
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		166,790
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		204,286
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		257,300
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		165,000		128,093
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		189,000		168,296
Morgan Stanley Series M (5.875% to 09/15/26 then 3 month LIBOR + 4.435%), 5.875%, 09/15/261,2,3		210,000		204,711
Navient Corp. 6.125%, 03/25/24		193,000		182,991
OneMain Finance Corp. 7.125%, 03/15/264		275,000		254,163
SBA Communications Corp. 3.875%, 02/15/27		180,000		164,302
SLM Corp. 4.200%, 10/29/25		286,000		259,104
Starwood Property Trust, Inc. 4.750%, 03/15/25		281,000		259,545
VICI Properties LP/VICI Note Co., Inc. 3.500%, 02/15/255		120,000		112,251
4.250%, 12/01/265		85,000		77,631

	Principal Amount		Value
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp.
5.500%, 03/01/255	$	185,000		$169,275
Total Financials				3,046,992
Industrials - 75.2%
AECOM 5.125%, 03/15/27		184,000		173,880
Alcoa Nederland Holding BV (Netherlands) 6.125%, 05/15/285		200,000		194,500
Allegheny Technologies, Inc. 4.875%, 10/01/29		156,000		124,408
American Airlines Inc/AAdvantage Loyalty IP, Ltd. 5.500%, 04/20/265		235,000		215,915
American Axle & Manufacturing, Inc. 6.250%, 03/15/26		164,000		150,479
Aramark Services, Inc. 5.000%, 02/01/284,5		100,000		90,621
ArcelorMittal, S.A. (Luxembourg) 4.250%, 07/16/294		81,000		76,897
Avient Corp. 5.750%, 05/15/255		140,000		134,189
Ball Corp. 5.250%, 07/01/25		283,000		283,195
Bath & Body Works, Inc. 6.694%, 01/15/27		135,000		126,200
Caesars Entertainment, Inc. 6.250%, 07/01/255		185,000		178,290
CDW LLC/CDW Finance Corp. 5.500%, 12/01/24		145,000		145,544
Centennial Resource Production LLC 5.375%, 01/15/265		190,000		171,391
Chord Energy Corp. 6.375%, 06/01/265		140,000		129,500
Clearwater Paper Corp. 5.375%, 02/01/255		255,000		247,988
Cleveland-Cliffs, Inc. 5.875%, 06/01/27		195,000		181,843
Cogent Communications Group, Inc. 3.500%, 05/01/265		200,000		184,000
Continental Resources, Inc. 4.375%, 01/15/28		138,000		129,720
Crown Cork & Seal Co., Inc. 7.375%, 12/15/26		205,000		209,410
CSC Holdings LLC 5.250%, 06/01/24		167,000		156,145
Dana, Inc. 5.625%, 06/15/284		100,000		86,078
DCP Midstream Operating LP 5.375%, 07/15/25		276,000		268,410

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

17

    AMG GW&K High Income Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Industrials - 75.2% (continued)
Delta Air Lines, Inc. 7.375%, 01/15/264	$	251,000	$	250,611
Embraer Netherlands Finance BV (Netherlands) 5.050%, 06/15/25		220,000		212,850
Encompass Health Corp. 4.500%, 02/01/28		191,000		163,515
Ford Motor Co. 4.346%, 12/08/264		364,000		337,364
5.291%, 12/08/46		88,000		67,488
Fortress Transportation and Infrastructure Investors LLC
6.500%, 10/01/255		175,000		165,114
General Motors Co. 6.800%, 10/01/27		86,000		90,546
G-III Apparel Group, Ltd. 7.875%, 08/15/255		180,000		173,956
The Goodyear Tire & Rubber Co. 4.875%, 03/15/274		283,000		253,073
Hanesbrands, Inc. 4.875%, 05/15/264,5		170,000		157,464
HCA, Inc. 5.375%, 02/01/25		192,000		190,994
Hillenbrand, Inc. 5.000%, 09/15/26		140,000		132,160
Howmet Aerospace, Inc. 6.875%, 05/01/25		212,000		217,788
Hudbay Minerals, Inc. (Canada) 4.500%, 04/01/265		105,000		87,862
KB Home 4.000%, 06/15/31		95,000		73,269
Kraft Heinz Foods Co. 4.375%, 06/01/46		86,000		71,673
Lamar Media Corp. 4.875%, 01/15/294		195,000		175,523
Lumen Technologies Inc 5.625%, 04/01/25		279,000		264,570
Matador Resources Co. 5.875%, 09/15/26		357,000		343,177
Mattel, Inc. 3.375%, 04/01/265		240,000		220,182
MEG Energy Corp. (Canada) 5.875%, 02/01/295		195,000		178,106
Meritage Homes Corp. 6.000%, 06/01/25		163,000		158,966
Meritor, Inc. 6.250%, 06/01/255		260,000		266,644
Methanex Corp. (Canada) 5.125%, 10/15/27		200,000		176,500

	Principal Amount		Value
MGM Resorts International
5.750%, 06/15/25	$	233,000	$	221,933
Mueller Water Products, Inc.
4.000%, 06/15/295		200,000		174,468
Murphy Oil Corp.
6.375%, 07/15/284		185,000		172,529
Newell Brands, Inc.
4.450%, 04/01/266		148,000		140,972
Novelis Corp.
3.250%, 11/15/265		210,000		177,508
NuStar Logistics LP
5.625%, 04/28/27		186,000		166,472
5.750%, 10/01/25		115,000		107,525
Occidental Petroleum Corp.
7.875%, 09/15/31		150,000		164,625
Olin Corp.
5.125%, 09/15/27		185,000		170,047
Owens-Brockway Glass Container, Inc.
6.375%, 08/15/255		220,000		209,926
Penn National Gaming, Inc.
4.125%, 07/01/295		200,000		151,760
Penske Automotive Group, Inc.
3.500%, 09/01/254		192,000		180,000
Prime Security Services Borrower LLC/Prime Finance, Inc.
5.750%, 04/15/265		250,000		233,125
PTC, Inc.
3.625%, 02/15/255		295,000		279,005
Royal Caribbean Cruises, Ltd. (Liberia)
7.500%, 10/15/27		181,000		142,990
Sealed Air Corp.
5.500%, 09/15/255		200,000		199,654
Silgan Holdings, Inc.
4.125%, 02/01/28		153,000		137,200
Southwestern Energy Co.
5.950%, 01/23/256		47,000		46,431
8.375%, 09/15/28		235,000		247,631
Sprint Corp.
7.125%, 06/15/24		169,000		173,436
Taseko Mines, Ltd. (Canada)
7.000%, 02/15/265		100,000		85,112
Tenet Healthcare Corp.
4.875%, 01/01/265		190,000		174,800
Teva Pharmaceutical Finance Netherlands III, B.V. (Netherlands)
3.150%, 10/01/26		224,000		183,680
TransDigm, Inc.
6.250%, 03/15/265		190,000		183,113
Travel + Leisure Co.
5.650%, 04/01/246		181,000		177,833

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

18

    AMG GW&K High Income Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Industrials - 75.2% (continued)
Trinity Industries, Inc.
4.550%, 10/01/24	$	199,000	$	192,831
United Airlines Holdings, Inc.
5.000%, 02/01/244		290,000		278,425
United States Steel Corp.
6.875%, 03/01/29		94,000		82,023
Wabash National Corp.
4.500%, 10/15/285		155,000		118,575
WESCO Distribution, Inc.
7.250%, 06/15/285		90,000		89,010
Western Midstream Operating LP
4.650%, 07/01/26		294,000		277,095
Westlake Corp.
0.875%, 08/15/24		192,000		183,245
Total Industrials				13,610,977
Telecommunications - 1.0%
CCO Holdings LLC/CCO Holdings Capital Corp.
5.500%, 05/01/265		185,000		180,506
Utilities - 2.5%
NRG Energy, Inc.
5.250%, 06/15/295		185,000		165,112
SM Energy Co.
5.625%, 06/01/25		312,000		294,840
Total Utilities				459,952
Total Corporate Bonds and Notes (Cost $19,395,142)				17,298,427

	Principal Amount		Value
Short-Term Investments - 12.4%
Joint Repurchase Agreements - 9.4%7
National Bank Financial, dated 06/30/22, due 07/01/22, 1.590% total to be received $1,000,044 (collateralized by various U.S. Treasuries, 0.000% - 2.750%, 07/01/22 - 09/09/49, totaling $1,020,001)		$1,000,000		$1,000,000
RBC Dominion Securities, Inc., dated 06/30/22,due 07/01/22, 1.550% total to be received $697,835 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.875%, 08/16/22 - 05/20/52, totaling $711,761)		697,805		697,805
Total Joint Repurchase Agreements				1,697,805
Repurchase Agreements - 3.0%
Fixed Income Clearing Corp., dated 06/30/2022 due 07/01/2022, 1.350% total to be received $550,021 (collateralized by a U.S. Treasury, 1.250%, 08/15/31, totaling $561,072)		550,000		550,000
Total Short-Term Investments
(Cost $2,247,805)				2,247,805
Total Investments - 107.9% (Cost $21,642,947)				19,546,232
Other Assets, less Liabilities - (7.9)%				(1,437,713)
Net Assets - 100.0%				$18,108,519

¹  Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2022. 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 June 30, 2022. 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 $2,054,787 or 11.3% 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  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 June 30, 2022, the value of these securities amounted to $5,576,553 or 30.8% 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 following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2022:

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

19

     AMG GW&K High Income Fund

     Schedule of Portfolio Investments (continued)

	Level 1		Level 2		Level 3		Total
Investments in Securities
Corporate Bonds and Notes†		—	$	17,298,427		—	$	17,298,427
Short-Term Investments
Joint Repurchase Agreements		—		1,697,805		—		1,697,805
Repurchase Agreements		—		550,000		—		550,000
Total Investments in Securities		—	$	19,546,232		—	$	19,546,232

^†  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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

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

20

    AMG GW&K Municipal Bond Fund

    Fund Snapshots (unaudited)

    June 30, 2022

PORTFOLIO BREAKDOWN

Category	% of Net Assets
General Obligation	45.5
Transportation	33.6
Medical	9.7
Water	5.7
Education	2.8
Utilities	2.1
Power	1.5
Tobacco Settlement	0.8
Industrial Development	0.8
Short-Term Investments	2.6
Other Assets Less Liabilities	(5.1)

Rating	% of Market Value1
Aaa/AAA	24.2
Aa/AA	47.5
A	22.6
Baa/BBB	5.7

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

TOP TEN HOLDINGS

Security Name	% of Net Assets
Wisconsin State Revenue, Department of Transportation, Series 2, Series 2, 5.000%, 07/01/29	2.1
Iowa Finance Authority, State Revolving Fund Green Bond, 5.000%, 08/01/30	1.5
Metropolitan Transportation Authority, Transit Revenue, Green Bond, Series B, 5.000%, 11/15/27	1.4
State of Maryland, Department of Transportation, 5.000%, 10/01/28	1.3
State of Maryland, Department of Transportation, 5.000%, 09/01/29	1.3
New York State Urban Development Corp., 5.000%, 03/15/32	1.3
State of California, General Obligation, 5.000%, 11/01/30	1.2
State of New Jersey, Series A, 5.000%, 06/01/29	1.2
New York City Transitional Finance Authority Building Aid Revenue, Series S, 5.000%, 07/15/32	1.1
Michigan Finance Authority, Henry Ford Health System, 5.000%, 11/15/29	1.1
Top Ten as a Group	13.5

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.

21

    AMG GW&K Municipal Bond Fund

    Schedule of Portfolio Investments (unaudited)

    June 30, 2022

	Principal Amount		Value
Municipal Bonds - 102.5%
Alabama - 0.8%
Alabama Public School and College Authority, Series A
5.000%, 11/01/34		$7,500,000		$8,521,210
Arizona - 1.8%
Arizona Department of Transportation State Highway Fund Revenue
5.000%, 07/01/28		5,040,000		5,523,886
Arizona Industrial Development Authority
5.000%, 02/01/32		1,450,000		1,651,262
5.000%, 02/01/35		1,700,000		1,871,560
5.000%, 02/01/36		1,800,000		1,969,959
5.000%, 02/01/37		1,905,000		2,069,987
Salt River Project Agricultural Improvement & Power District
5.000%, 01/01/27		3,000,000		3,352,073
5.000%, 01/01/28		2,625,000		2,975,726
Total Arizona				19,414,453
California - 13.0%
California Municipal Finance Authority, Community Medical Centers, Series A
5.000%, 02/01/27		950,000		1,026,207
5.000%, 02/01/30		1,630,000		1,736,060
5.000%, 02/01/31		900,000		954,749
5.000%, 02/01/32		1,855,000		1,962,975
California State Public Works Board, Series A
5.000%, 02/01/30		3,500,000		4,042,992
5.000%, 02/01/31		3,500,000		4,075,500
5.000%, 02/01/32		3,500,000		4,098,631
5.000%, 08/01/33		5,000,000		5,738,687
5.000%, 08/01/34		2,750,000		3,136,848
5.000%, 08/01/35		2,500,000		2,836,978
California State Public Works Board, Series C
5.000%, 08/01/30 1		2,785,000		3,173,168
5.000%, 08/01/31 1		2,560,000		2,937,735
5.000%, 08/01/32 1		2,750,000		3,143,331
5.000%, 08/01/33 1		3,000,000		3,415,846
City of Los Angeles Department of Airports, Series C
5.000%, 05/15/30		10,515,000		11,801,776
Los Angeles County Public Works Financing Authority, Series G
5.000%, 12/01/30		1,750,000		2,037,276
5.000%, 12/01/31		1,500,000		1,757,920
5.000%, 12/01/32		1,875,000		2,178,181
Los Angeles Unified School District, Series A
5.000%, 07/01/28		5,000,000		5,679,473
San Francisco City & County Airport Commission, San Francisco International Airport, Series A
5.000%, 05/01/32		3,000,000		3,300,476
5.000%, 05/01/34		5,010,000		5,354,794
5.000%, 05/01/35		5,800,000		6,170,235

	Principal Amount		Value
State of California
5.000%, 08/01/29		$7,235,000		$7,929,693
5.000%, 09/01/29		5,075,000		5,570,136
5.000%, 11/01/29		6,720,000		7,795,217
5.000%, 11/01/30		11,575,000		13,538,589
5.000%, 09/01/31		8,000,000		9,423,511
5.000%, 04/01/32		5,000,000		5,924,240
University of California, Series S
5.000%, 05/15/36		3,000,000		3,456,150
5.000%, 05/15/37		3,000,000		3,429,875
5.000%, 05/15/38		3,000,000		3,404,413
Total California				141,031,662
Colorado - 0.4%
Colorado Health Facilities Authority, Series A
5.000%, 08/01/33		4,260,000		4,499,205
Connecticut - 4.6%
Connecticut State Health & Educational Facilities Authority
5.000%, 07/01/31		6,205,000		6,804,456
5.000%, 07/01/33		2,750,000		2,966,449
5.000%, 07/01/34		3,100,000		3,335,135
State of Connecticut Special Tax Revenue
5.000%, 05/01/28		3,000,000		3,389,022
State of Connecticut Special Tax Revenue, Transportation Infrastructure
5.000%, 01/01/30		10,180,000		11,273,071
State of Connecticut Special Tax Revenue, Series B
5.000%, 10/01/35		7,500,000		8,180,233
State of Connecticut Special Tax Revenue, Series C
5.000%, 01/01/28		1,000,000		1,125,390
5.000%, 01/01/29		1,000,000		1,135,844
5.000%, 01/01/30		1,000,000		1,142,507
5.000%, 01/01/31		1,000,000		1,148,049
5.000%, 01/01/32		1,000,000		1,155,826
State of Connecticut, Series A
5.000%, 01/15/31		7,650,000		8,683,230
Total Connecticut				50,339,212
Delaware - 0.3%
Delaware River & Bay Authority
5.000%, 01/01/31 1		1,000,000		1,134,013
5.000%, 01/01/32 1		1,040,000		1,185,759
5.000%, 01/01/33 1		1,100,000		1,248,080
Total Delaware				3,567,852
District of Columbia - 3.0%
District of Columbia, Series A
5.000%, 06/01/30		6,020,000		6,553,302
District of Columbia, Series B
5.000%, 10/01/28		7,100,000		8,114,154
5.000%, 06/01/31		10,080,000		11,291,006

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

22

    AMG GW&K Municipal Bond Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
District of Columbia - 3.0% (continued)
Washington Convention & Sports Authority, Series A
5.000%, 10/01/27		$5,475,000		$6,136,557
Total District of Columbia				32,095,019
Florida - 5.2%
Central Florida Expressway Authority
5.000%, 07/01/28		4,460,000		5,018,596
Escambia County Health Facilities Authority
5.000%, 08/15/37		6,000,000		6,327,085
Florida Development Finance Corp.
4.000%, 11/15/33		10,000,000		10,017,190
Florida’s Turnpike Enterprise, Department of Transportation, Series C
5.000%, 07/01/28		7,075,000		7,765,558
Lee Memorial Health System, Series A
5.000%, 04/01/34		5,645,000		6,040,647
Orange County Health Facilities Authority, Series A
5.000%, 10/01/31		4,525,000		4,764,668
State of Florida, Capital Outlay, Series B
5.000%, 06/01/27		9,045,000		9,522,056
State of Florida, Series C
5.000%, 06/01/31		5,375,000		6,361,872
Total Florida				55,817,672
Georgia - 1.5%
Georgia State University & College Improvements, Series A
5.000%, 07/01/27		4,600,000		4,600,959
Private Colleges & Universities Authority, Series B
5.000%, 09/01/30		10,365,000		12,002,785
Total Georgia				16,603,744
Illinois - 8.2%
Chicago O’Hare International Airport, Series A
5.000%, 01/01/35		5,010,000		5,486,305
Chicago O’Hare International Airport, Series B
5.000%, 01/01/28		5,670,000		5,962,521
Chicago O’Hare International Airport, Senior Lien, Series A
5.000%, 01/01/36		10,000,000		10,571,820
5.000%, 01/01/38		5,500,000		5,788,925
Illinois Finance Authority
5.000%, 01/01/29		2,310,000		2,631,170
5.000%, 07/01/29		8,755,000		10,043,354
Illinois Finance Authority, Series A
4.000%, 08/15/37		5,910,000		5,761,439
Illinois State Finance Authority Revenue, Clean Water Initiative Revenue
5.000%, 07/01/27		11,000,000		11,984,925

	Principal Amount		Value
Illinois State Toll Highway Authority, Series A
5.000%, 12/01/31		$9,735,000		$10,382,702
Illinois State Toll Highway Authority, Senior Revenue Bonds, Series A
5.000%, 01/01/30		10,110,000		11,388,433
State of Illinois, Series A
5.250%, 03/01/37		8,500,000		9,129,590
Total Illinois				89,131,184
Indiana - 1.5%
Indiana Finance Authority, Series A
5.000%, 02/01/32		5,000,000		5,782,890
Indiana Finance Authority, Series S
5.000%, 10/01/28		1,000,000		1,137,470
5.000%, 10/01/29		3,555,000		4,071,780
Indiana Finance Authority, Series C
5.000%, 06/01/29		4,800,000		5,500,953
Total Indiana				16,493,093
Iowa - 1.5%
Iowa Finance Authority, State Revolving Fund Green Bond
5.000%, 08/01/30		15,025,000		16,658,910
Kentucky - 0.5%
Louisville/Jefferson County Metropolitan Government, Norton Healthcare Inc., Series A
5.000%, 10/01/29		5,505,000		5,883,487
Maine - 0.8%
Maine Turnpike Authority
5.000%, 07/01/28		1,955,000		2,218,349
5.000%, 07/01/29		1,600,000		1,832,159
5.000%, 07/01/30		1,390,000		1,605,848
5.000%, 07/01/31		1,500,000		1,748,283
5.000%, 07/01/32		1,390,000		1,632,395
Total Maine				9,037,034
Maryland - 7.9%
Maryland State Transportation Authority
5.000%, 07/01/33		6,350,000		7,224,584
State of Maryland Department of Transportation, Series 2022B
5.000%, 12/01/27 1		2,500,000		2,769,040
5.000%, 12/01/28 1		2,305,000		2,581,615
5.000%, 12/01/29 1		2,250,000		2,546,614
State of Maryland, Department of Transportation
5.000%, 10/01/28		12,365,000		13,646,919
5.000%, 09/01/29		12,205,000		13,633,130
State of Maryland, Series C
4.000%, 03/01/28		9,500,000		10,256,285
4.000%, 03/01/29		9,245,000		10,038,158
State of Maryland, Series D
4.000%, 08/01/28		8,000,000		8,654,765
4.000%, 08/01/29		6,500,000		7,073,527

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

23

    AMG GW&K Municipal Bond Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Maryland - 7.9% (continued)
State of Maryland, State & Local Facilities Loan of 2019, 1st Series
5.000%, 03/15/30		$6,000,000		$6,863,516
Total Maryland				85,288,153
Michigan - 3.3%
Michigan Finance Authority, Henry Ford Health System
5.000%, 11/15/29		11,450,000		12,243,555
Michigan State Building Authority Revenue, Series I
5.000%, 04/15/27		5,700,000		6,162,343
State of Michigan
5.000%, 03/15/27		10,000,000		11,169,296
Wayne County Airport Authority, Series A
5.000%, 12/01/37		2,285,000		2,498,847
5.000%, 12/01/38		1,405,000		1,532,532
5.000%, 12/01/39		1,800,000		1,959,261
Total Michigan				35,565,834
Minnesota - 0.3%
City of Minneapolis MN, Fairview Health Services, Series A
5.000%, 11/15/35		3,165,000		3,334,182
New Jersey - 5.4%
New Jersey State Turnpike Authority Revenue, Series B
5.000%, 01/01/28		4,010,000		4,469,297
New Jersey State Turnpike Authority Revenue, Series D
5.000%, 01/01/28		5,000,000		5,448,291
New Jersey Transportation Trust Fund Authority
4.000%, 06/15/37		3,000,000		2,973,638
New Jersey Transportation Trust Fund Authority, Series S
5.000%, 06/15/30		6,255,000		6,846,184
5.000%, 06/15/31		7,615,000		8,338,436
5.000%, 06/15/32		5,750,000		6,215,875
5.000%, 06/15/33		6,000,000		6,453,530
State of New Jersey
5.000%, 06/01/25		4,335,000		4,633,296
5.000%, 06/01/29		11,500,000		12,924,698
Total New Jersey				58,303,245
New Mexico - 1.3%
New Mexico Finance Authority, Series A
5.000%, 06/15/28		4,470,000		5,082,697
5.000%, 06/15/30		7,500,000		8,678,219
Total New Mexico				13,760,916
New York - 18.8%
City of New York
5.000%, 08/01/34		3,250,000		3,614,116

	Principal Amount		Value
City of New York NY, Series B
5.000%, 08/01/32		$3,000,000		$3,483,007
City of New York, Series C
5.000%, 08/01/33		1,500,000		1,678,530
City of New York, Series L
5.000%, 04/01/33		6,500,000		7,337,375
Long Island Power Authority
5.000%, 09/01/35		5,030,000		5,551,939
Long Island Power Authority, Series A
5.000%, 09/01/30		2,275,000		2,593,555
5.000%, 09/01/31		3,935,000		4,511,838
Metropolitan Transportation Authority, Transit Revenue, Green Bond, Series B
5.000%, 11/15/27		14,225,000		15,290,827
Metropolitan Transportation Authority, Transit Revenue, Series F
5.000%, 11/15/24		4,950,000		4,998,952
5.000%, 11/15/27		5,000,000		5,066,413
5.000%, 11/15/28		4,760,000		5,031,077
New York City Transitional Finance Authority Building Aid Revenue, Series S
5.000%, 07/15/32		10,835,000		12,471,128
New York City Transitional Finance Authority Building Aid Revenue, Series S-3, Sub-Series S-3A
5.000%, 07/15/31		5,080,000		5,699,628
New York City Transitional Finance Authority Future Tax Secured Revenue
5.000%, 11/01/31		2,500,000		2,873,775
5.000%, 11/01/32		4,000,000		4,573,229
New York City Transitional Finance Authority Future Tax Secured Revenue, Series E
5.000%, 02/01/37		7,000,000		7,735,367
New York City Transitional Finance Authority Future Tax Secured Revenue, Series F
5.000%, 02/01/36		1,000,000		1,120,830
5.000%, 02/01/39		4,000,000		4,426,598
New York State Dormitory Authority, Series A
5.000%, 12/15/27		5,640,000		5,717,010
5.000%, 03/15/31		7,670,000		8,547,033
5.000%, 03/15/32		8,000,000		9,161,010
5.000%, 03/15/33		3,200,000		3,688,620
New York State Dormitory Authority, Series E
5.000%, 03/15/32		8,410,000		8,946,933
New York State Dormitory Authority, Series S
4.000%, 05/01/39		2,000,000		1,935,949
New York State Urban Development Corp.
5.000%, 03/15/32		12,000,000		13,597,652
New York Transportation Development Corp, Series P
5.000%, 12/01/36		10,000,000		10,396,898

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

24

    AMG GW&K Municipal Bond Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
New York - 18.8% (continued)
New York Transportation Development Corp.
4.000%, 10/31/41		$1,250,000		$1,094,058
4.000%, 10/31/46		1,500,000		1,263,071
5.000%, 12/01/30		1,000,000		1,071,877
5.000%, 12/01/31		1,100,000		1,183,689
5.000%, 12/01/32		1,450,000		1,535,322
5.000%, 12/01/33		1,000,000		1,053,323
Port Authority of New York & New Jersey
5.000%, 07/15/32		6,545,000		7,230,791
Triborough Bridge & Tunnel Authority
5.000%, 05/15/30 1		10,000,000		11,465,343
5.000%, 05/15/31 1		10,000,000		11,555,230
5.000%, 05/15/32 1		5,000,000		5,824,038
Total New York				203,326,031
North Carolina - 1.0%
North Carolina State Limited Obligation, Series B
5.000%, 05/01/28		10,000,000		11,159,625
Ohio - 0.5%
Ohio State General Obligation, Series T
5.000%, 05/01/30		5,000,000		5,522,822
Oregon - 2.4%
Oregon State Lottery, Series C
5.000%, 04/01/27		10,000,000		10,713,616
Oregon State Lottery, Series D
5.000%, 04/01/28		9,225,000		9,863,007
State of Oregon
5.000%, 05/01/27		5,000,000		5,611,847
Total Oregon				26,188,470
Pennsylvania - 2.1%
Allegheny County Airport Authority, Series A
5.000%, 01/01/31		1,350,000		1,488,163
5.000%, 01/01/32		2,215,000		2,422,711
Allegheny County Hospital Development Authority, University Pittsburgh Medical Center
5.000%, 07/15/31		5,530,000		6,072,580
Commonwealth Financing Authority, Pennsylvania Tobacco
5.000%, 06/01/32		7,910,000		8,553,129
Hospitals & Higher Education Facilities Authority of Philadelphia
4.000%, 07/01/38		2,500,000		2,436,344
4.000%, 07/01/39		2,000,000		1,940,311
Total Pennsylvania				22,913,238
Texas - 5.9%
City of Corpus Christi TX Utility System Revenue, Junior Lien
5.000%, 07/15/29		3,125,000		3,540,772

	Principal Amount		Value
City of Houston TX Airport System Revenue, Series A
4.000%, 07/01/35		$1,100,000		$1,085,892
4.000%, 07/01/36		1,100,000		1,085,677
5.000%, 07/01/34		2,835,000		3,081,124
City of San Antonio TX Electric & Gas Systems Revenue, Series A
5.000%, 02/01/37		3,010,000		3,359,172
5.000%, 02/01/38		2,985,000		3,318,594
Dallas Area Rapid Transit, Senior Lien
5.250%, 12/01/28		8,865,000		10,227,988
Dallas Fort Worth International Airport, Series A
5.000%, 11/01/30		2,000,000		2,275,371
5.000%, 11/01/31		3,265,000		3,695,496
Lower Colorado River Authority, LCRA Transmission Services Corporation
5.000%, 05/15/29		3,815,000		3,973,431
North Texas Municipal Water District Water System Revenue, Refunding and Improvement
5.000%, 09/01/29		7,350,000		8,122,345
North Texas Tollway Authority, 2nd Tier, Series B
5.000%, 01/01/31		2,000,000		2,127,425
5.000%, 01/01/32		3,010,000		3,241,068
Texas Private Activity Bond Surface Transportation Corp.
4.000%, 12/31/37		5,000,000		4,588,725
4.000%, 12/31/38		3,735,000		3,397,014
Texas Water Development Board
5.000%, 08/01/38		5,860,000		6,675,009
Total Texas				63,795,103
Utah - 2.1%
Intermountain Power Agency, Series A
5.000%, 07/01/34		5,250,000		6,005,933
Salt Lake City Corp. Airport Revenue, Series A
5.000%, 07/01/29		3,450,000		3,766,892
5.000%, 07/01/30		6,585,000		7,138,261
University of Utah/The, Series B
5.000%, 08/01/37 1		5,000,000		5,813,164
Total Utah				22,724,250
Virginia - 1.5%
Hampton Roads Transportation Accountability Commission, Series A
5.000%, 07/01/26		9,810,000		10,794,980
Virginia Small Business Financing Authority
4.000%, 01/01/37 1		3,000,000		2,845,734
4.000%, 01/01/38 1		3,000,000		2,824,193
Total Virginia				16,464,907
Washington - 2.6%
Port of Seattle
5.000%, 08/01/31		5,000,000		5,595,110

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

25

    AMG GW&K Municipal Bond Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Washington - 2.6% (continued)
State of Washington School Improvements, Series C
5.000%, 02/01/28		$7,370,000		$8,031,923
State of Washington, Series R-2015C
5.000%, 07/01/28		10,280,000		10,913,835
Washington Health Care Facilities Authority, Series A
5.000%, 08/01/38		3,270,000		3,397,989
Total Washington				27,938,857
West Virginia - 1.3%
West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligation
5.000%, 01/01/35		3,745,000		3,884,876
West Virginia Parkways Authority
5.000%, 06/01/37		1,750,000		1,991,432
5.000%, 06/01/38		2,000,000		2,266,956
5.000%, 06/01/39		5,150,000		5,774,888
Total West Virginia				13,918,152
Wisconsin - 3.0%
State of Wisconsin
5.000%, 05/01/29		3,500,000		4,033,093
5.000%, 05/01/30		2,390,000		2,789,674
5.000%, 05/01/31		2,700,000		3,124,074

¹  All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at June 30, 2022, amounted to $64,462,903, or 5.9% of net assets.

	Principal Amount		Value
Wisconsin State Revenue, Department of Transportation, Series 2
5.000%, 07/01/29		$20,405,000		$22,634,824
Total Wisconsin				32,581,665
Total Municipal Bonds (Cost $1,184,397,121)				1,111,879,187
Short-Term Investments - 2.6%
Repurchase Agreements - 2.6%
Fixed Income Clearing Corp., dated 6/30/2022 due 07/01/2022, 1.35% total to be received $28,401,065 (collateralized by a U.S. Treasury, 0.375%, 07/15/27, totaling $28,968,083)		28,400,000		28,400,000
Total Short-Term Investments (Cost $28,400,000)				28,400,000
Total Investments - 105.1% (Cost $1,212,797,121)				1,140,279,187
Other Assets, less Liabilities - (5.1)%				(55,656,201	)
Net Assets - 100.0%				$1,084,622,986

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds†		—		$1,111,879,187		—		$1,111,879,187
Short-Term Investments
Repurchase Agreements		—		28,400,000		—		28,400,000
Total Investments in Securities		—		$1,140,279,187		—		$1,140,279,187

^†  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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

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

26

    AMG GW&K Municipal Enhanced Yield Fund

    Fund Snapshots (unaudited)

     June 30, 2022

PORTFOLIO BREAKDOWN

Category	% of Net Assets
Transportation		37.3
Medical		30.0
General Obligation		17.2
Industrial Development		4.9
Education		4.7
Tobacco Settlement		4.1
Short-Term Investments		2.4
Other Assets Less Liabilities		(0.6	)

Rating	% of Market Value1
Aa/AA		7.5
A		49.4
Baa/BBB		42.3
Ba/BB		0.8

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	3.4
West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligation, 5.000%, 01/01/43	2.9
Chicago O’Hare International Airport, Senior Lien, Series A, 5.000%, 01/01/48	2.6
Pennsylvania Turnpike Commission, Series A, 4.000%, 12/01/50	2.3
Brevard County Health Facilities Authority, Series A, 5.000%, 04/01/47	2.3
Central Texas Regional Mobility Authority, Series B, 5.000%, 01/01/45	2.3
Central Plains Energy Project Project #3, Series A, 5.000%, 09/01/42	2.2
New York Transportation Development Corp., Revenue, 4.000%, 04/30/53	2.1
Public Authority for Colorado Energy Natural Gas Purchase Revenue, Series 2008, Revenue, 6.500%, 11/15/38	2.0
Escambia County Health Facilities Authority, 4.000%, 08/15/50	1.9
Top Ten as a Group	24.0

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 Municipal Enhanced Yield Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2022

	Principal Amount		Value
Municipal Bonds - 98.2%
California - 6.1%
California Municipal Finance Authority, Series A
4.000%, 02/01/51		$1,750,000		$1,578,852
California Municipal Finance Authority, Series I
5.000%, 05/15/43		3,000,000		3,094,066
5.000%, 05/15/48		4,600,000		4,715,521
Riverside County Transportation Commission
4.000%, 06/01/46		2,500,000		2,344,035
4.000%, 06/01/47		3,425,000		3,151,356
San Diego County Regional Airport Authority, Series B
4.000%, 07/01/51		2,000,000		1,873,781
Total California				16,757,611
Colorado - 3.9%
Colorado Health Facilities Authority, Series A
5.000%, 08/01/44		5,000,000		5,107,710
Public Authority for Colorado Energy Natural Gas Purchase Revenue, Series 2008
6.500%, 11/15/38		4,445,000		5,460,201
Total Colorado				10,567,911
Connecticut - 2.8%
Connecticut State Health & Educational Facilities Authority
4.000%, 07/01/39		3,500,000		3,154,184
4.000%, 07/01/40		3,400,000		3,040,757
4.000%, 07/01/42		1,750,000		1,557,238
Total Connecticut				7,752,179
Florida - 12.0%
Brevard County Health Facilities Authority
5.000%, 04/01/47		6,000,000		6,326,734
City of Tampa, Series H
4.000%, 07/01/45		1,475,000		1,392,508
5.000%, 07/01/50		1,400,000		1,459,404
County of Miami-Dade Seaport Department, Series A
4.000%, 10/01/45		5,000,000		4,649,999
Escambia County Health Facilities Authority
4.000%, 08/15/50		6,050,000		5,319,839
Florida Development Finance Corp.
4.000%, 02/01/52		3,000,000		2,464,859
5.000%, 02/01/52		2,000,000		1,975,780
Hillsborough County Industrial Development Authority
4.000%, 08/01/50		5,000,000		4,564,203
Miami Beach Health Facilities Authority
4.000%, 11/15/46		5,000,000		4,626,570
Total Florida				32,779,896

	Principal Amount		Value
Illinois - 10.1%
Chicago O’Hare International Airport, Senior Lien, Series A
5.000%, 01/01/48		$6,750,000		$7,007,011
Metropolitan Pier & Exposition Authority
4.000%, 12/15/42		2,000,000		1,788,206
4.000%, 06/15/52		3,000,000		2,582,422
5.000%, 06/15/50		5,000,000		5,045,509
State of Illinois
5.500%, 05/01/39		4,000,000		4,290,366
5.750%, 05/01/45		3,000,000		3,265,380
State of Illinois, Series A
4.000%, 03/01/40		1,500,000		1,395,536
5.000%, 03/01/46		2,225,000		2,284,625
Total Illinois				27,659,055
Maine - 0.3%
Maine Health & Higher Educational Facilities Authority, Series A
4.000%, 07/01/50		1,000,000		938,258
Massachusetts - 1.6%
Massachusetts Development Finance Agency
4.000%, 07/01/51		5,110,000		4,432,819
Minnesota - 2.8%
City of Minneapolis MN, Fairview Health Services, Series A
5.000%, 11/15/49		5,000,000		5,169,555
Duluth Economic Development Authority, Essentia Health Obligated Group
5.000%, 02/15/48		2,550,000		2,627,687
Total Minnesota				7,797,242
Nebraska - 2.2%
Central Plains Energy Project Project #3, Series A
5.000%, 09/01/42		5,560,000		5,911,698
New Jersey - 8.4%
New Jersey Economic Development Authority
5.000%, 11/01/44		3,000,000		3,117,446
New Jersey Economic Development Authority, Series S
4.000%, 06/15/46		1,500,000		1,381,771
4.000%, 06/15/50		1,500,000		1,366,326
New Jersey Transportation Trust Fund Authority
4.000%, 06/15/45		2,000,000		1,853,376
4.000%, 06/15/50		2,000,000		1,821,768
5.000%, 06/15/45		1,000,000		1,042,787
5.000%, 06/15/50		2,000,000		2,075,950
New Jersey Transportation Trust Fund Authority, Series BB
5.000%, 06/15/44		2,250,000		2,332,824

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

28

    AMG GW&K Municipal Enhanced Yield Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
New Jersey - 8.4% (continued)
Tobacco Settlement Financing Corp. Series A
5.000%, 06/01/46		$2,500,000		$2,561,485
5.250%, 06/01/46		3,285,000		3,416,566
Tobacco Settlement Financing Corp. Series B
5.000%, 06/01/46		2,050,000		2,049,903
Total New Jersey				23,020,202
New York - 16.4%
Metropolitan Transportation Authority, Series C
4.750%, 11/15/45		3,175,000		3,212,196
5.000%, 11/15/50		2,335,000		2,404,968
5.250%, 11/15/55		3,020,000		3,138,285
Monroe County Industrial Development Corp., Series A
4.000%, 07/01/50		5,095,000		4,803,950
New York State Dormitory Authority, Series A
4.000%, 07/01/47		2,000,000		1,792,041
4.000%, 07/01/52		2,115,000		1,859,507
New York State Dormitory Authority, Series S
4.250%, 05/01/52		2,000,000		1,887,132
5.000%, 05/01/52		3,000,000		3,110,768
New York State Thruway Authority, Series B
4.000%, 01/01/45		3,500,000		3,316,357
New York Transportation Development Corp, Series P
5.000%, 12/01/40		5,000,000		5,180,869
5.000%, 12/01/41		5,000,000		5,169,877
New York Transportation Development Corp.
4.000%, 12/01/39		1,825,000		1,732,894
4.000%, 12/01/41		1,900,000		1,781,298
4.000%, 04/30/53		6,915,000		5,629,256
Total New York				45,019,398
Oklahoma - 1.6%
Norman Regional Hospital Authority
5.000%, 09/01/45		4,335,000		4,418,603
Oregon - 0.6%
Oregon State Facilities Authority, Series A
5.000%, 06/01/52		1,500,000		1,587,722
Pennsylvania - 8.1%
Allegheny County Airport Authority, Series A
5.000%, 01/01/51		5,000,000		5,204,555
Geisinger Authority, Series G
4.000%, 04/01/50		5,710,000		5,177,227
Montgomery County Higher Education and Health Authority
5.000%, 05/01/52		5,000,000		5,253,438
Pennsylvania Turnpike Commission, Series A
4.000%, 12/01/50		7,050,000		6,421,246
Total Pennsylvania				22,056,466

	Principal Amount		Value
Rhode Island - 1.2%
Tobacco Settlement Financing Corp. Series A
5.000%, 06/01/40		$3,285,000		$3,329,131
Texas - 11.5%
Central Texas Regional Mobility Authority, Series B
4.000%, 01/01/51		2,030,000		1,841,647
5.000%, 01/01/45		5,905,000		6,221,843
City of Houston TX Airport System Revenue, Series A
4.000%, 07/01/48		1,500,000		1,398,661
Texas Private Activity Bond Surface Transportation Corp.
5.000%, 06/30/58		9,320,000		9,227,708
Texas Private Activity Bond Surface Transportation Corp., Senior Lien-Blueridge Transport
5.000%, 12/31/40		3,955,000		4,003,020
5.000%, 12/31/45		3,880,000		3,909,747
Texas Private Activity Bond Surface Transportation Corp., Series A
4.000%, 12/31/39		5,500,000		4,972,069
Total Texas				31,574,695
Virginia - 5.6%
Lynchburg Economic Development Authority
4.000%, 01/01/55		1,500,000		1,344,499
Virginia Small Business Financing Authority
4.000%, 01/01/39 1		3,000,000		2,807,278
4.000%, 01/01/40 1		3,000,000		2,785,658
5.000%, 12/31/47		2,555,000		2,650,347
Virginia Small Business Financing Authority, Transform 66 P3 Project
5.000%, 12/31/49		2,500,000		2,548,214
5.000%, 12/31/52		3,170,000		3,221,668
Total Virginia				15,357,664
West Virginia - 3.0%
West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligation
5.000%, 01/01/43		8,000,000		8,078,560
Total Municipal Bonds
(Cost $301,769,170)				269,039,110
Short-Term Investments - 2.4%
Repurchase Agreements - 2.4%
Fixed Income Clearing Corp., dated 06/30/2022 due 07/01/2022, 1.35% total to be received $6,450,242 (collateralized by a U.S. Treasury,
1.250%, 08/15/31, totaling $6,579,022)		6,450,000		6,450,000
Total Short-Term Investments
(Cost $6,450,000)				6,450,000
Total Investments - 100.6%
(Cost $308,219,170)				275,489,110

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

29

    AMG GW&K Municipal Enhanced Yield Fund

    Schedule of Portfolio Investments (continued)

	Value
Other Assets, less Liabilities - (0.6)%		$(1,623,056	)
Net Assets - 100.0%		$273,866,054

¹  All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at June 30, 2022, amounted to $5,592,936, or 2.0% of net assets.

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Municipal Bonds†		—		$269,039,110		—		$269,039,110
Short-Term Investments
Repurchase Agreements		—		6,450,000		—		6,450,000
Total Investments in Securities		—		$275,489,110		—		$275,489,110

^†  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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

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

30

    Statement of Assets and Liabilities (unaudited)

    June 30, 2022

	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 $24,789,642, $1,543,220, $2,054,787, $0,and $0, respectively)		$543,019,393		$49,213,718		$17,298,427		$1,111,879,187		$269,039,110
Repurchase Agreements at value2		39,722,095		3,133,691		2,247,805		28,400,000		6,450,000
Cash		1,213,863		118,793		26,116		1,473,173		330,427
Receivable for investments sold		—		—		—		—		3,043,601
Dividend and interest receivables		4,631,053		435,102		253,359		13,131,978		2,805,525
Securities lending income receivable		11,141		943		1,150		—		—
Receivable for Fund shares sold		37,447		699		300		1,980,373		66,180
Receivable from affiliate		3,100		10,456		7,467		55,040		17,789
Prepaid expenses and other assets		37,231		20,421		18,679		89,585		28,281
Total assets		588,675,323		52,933,823		19,853,303		1,157,009,336		281,780,913
Liabilities:
Payable upon return of securities loaned		17,122,095		1,133,691		1,697,805		—		—
Payable for delayed delivery investments purchased		—		—		—		68,134,227		6,620,640
Payable for Fund shares repurchased		749,629		309		5,693		3,757,320		1,095,968
Accrued expenses:
Investment advisory and management fees		109,448		12,773		5,909		189,382		103,273
Administrative fees		71,379		6,386		2,273		136,643		34,424
Distribution fees		—		2,352		—		2,865		940
Shareholder service fees		79,537		2,083		1,876		46,430		11,846
Other		138,318		28,461		31,228		119,483		47,768
Total liabilities		18,270,406		1,186,055		1,744,784		72,386,350		7,914,859
Net Assets		$570,404,917		$51,747,768		$18,108,519		$1,084,622,986		$273,866,054
1 Investments at cost		$613,369,275		$54,377,708		$19,395,142		$1,184,397,121		$301,769,170
2 Repurchase agreements at cost		$39,722,095		$3,133,691		$2,247,805		$28,400,000		$6,450,000

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

31

    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		$651,076,362			$60,705,821			$20,479,607			$1,159,873,755			$311,545,679
Total distributable loss		(80,671,445	)		(8,958,053	)		(2,371,088	)		(75,250,769	)		(37,679,625	)
Net Assets		$570,404,917			$51,747,768			$18,108,519			$1,084,622,986			$273,866,054
Class N:
Net Assets		$334,862,454			$11,391,594			$6,654,520			$13,200,541			$2,878,398
Shares outstanding		15,338,629			1,223,227			335,870			1,196,197			325,067
Net asset value, offering and redemption price per share		$21.83			$9.31			$19.81			$11.04			$8.85
Class I:
Net Assets		$235,542,463			$28,551,337			$11,453,999			$1,071,422,445			$270,875,167
Shares outstanding		10,787,841			3,055,190			578,502			96,534,765			31,537,757
Net asset value, offering and redemption price per share		$21.83			$9.35			$19.80			$11.10			$8.59
Class Z:
Net Assets		—			$11,804,837			—			—			$112,489
Shares outstanding		—			1,263,469			—			—			13,100
Net asset value, offering and redemption price per share		—			$9.34			—			—			$8.59

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

32

    Statement of Operations (unaudited)

     For the six months ended June 30, 2022

	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
Investment Income:
Interest income		$7,606,020			$603,390			$362,160			$11,325,697			$4,978,051
Securities lending income		40,494			4,621			5,381			—			—
Total investment income		7,646,514			608,011			367,541			11,325,697			4,978,051
Expenses:
Investment advisory and management fees		743,117			79,253			38,059			1,241,930			717,684
Administrative fees		484,642			39,626			14,638			898,905			239,228
Distribution fees - Class N		—			15,497			—			19,400			6,468
Shareholder servicing fees - Class N		463,829			—			9,154			9,855			3,881
Shareholder servicing fees - Class I		68,781			11,857			3,049			295,755			78,419
Professional fees		44,630			28,441			21,253			49,671			26,983
Custodian fees		39,175			10,748			8,240			47,881			18,827
Reports to shareholders		36,207			2,197			2,988			15,864			3,827
Registration fees		31,847			19,866			12,559			46,577			22,727
Trustee fees and expenses		22,978			1,796			666			41,955			11,463
Transfer agent fees		19,778			1,718			636			18,910			5,325
Interest expense		—			427			—			—			—
Miscellaneous		12,891			2,242			1,261			20,058			6,482
Total expenses before offsets		1,967,875			213,668			112,503			2,706,761			1,141,314
Expense reimbursements		(45,958	)		(59,073	)		(42,718	)		(344,234	)		(111,561	)
Net expenses		1,921,917			154,595			69,785			2,362,527			1,029,753
Net investment income		5,724,597			453,416			297,756			8,963,170			3,948,298
Net Realized and Unrealized Loss:
Net realized loss on investments		(10,484,826	)		(1,240,442	)		(243,457	)		(4,642,158	)		(5,908,626	)
Net change in unrealized appreciation/depreciation on investments		(76,074,670	)		(5,641,097	)		(2,175,101	)		(125,608,853	)		(57,945,223	)
Net realized and unrealized loss		(86,559,496	)		(6,881,539	)		(2,418,558	)		(130,251,011	)		(63,853,849	)
Net decrease in net assets resulting from operations		$(80,834,899	)		$(6,428,123	)		$(2,120,802	)		$(121,287,841	)		$(59,905,551	)

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

33

   Statements of Changes in Net Assets

    For the six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021

	AMG GW&K ESG Bond Fund						AMG GW&K Enhanced Core Bond ESG Fund						AMG GW&K High Income Fund
	June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income		$5,724,597			$16,869,717			$453,416			$812,613			$297,756			$437,039
Net realized gain (loss) on investments		(10,484,826	)		81,364,988			(1,240,442	)		874,010			(243,457	)		151,347
Net change in unrealized appreciation/depreciation on investments		(76,074,670	)		(112,045,135	)		(5,641,097	)		(2,321,289	)		(2,175,101	)		89,236
Net increase (decrease) in net assets resulting from operations		(80,834,899	)		(13,810,430	)		(6,428,123	)		(634,666	)		(2,120,802	)		677,622
Distributions to Shareholders:
From net investment income and/or realized gain on investments:
Class N		(3,248,161	)		(53,132,625	)		(96,081	)		(211,642	)		(115,045	)		(232,178	)
Class I		(2,662,373	)		(51,380,355	)		(237,467	)		(426,487	)		(204,694	)		(312,124	)
Class Z		—			—			(114,765	)		(186,240	)		—			—
From paid-in capital:
Class N		—			—			—			(12,304	)		—			—
Class I		—			—			—			(24,795	)		—			—
Class Z		—			—			—			(10,828	)		—			—
Total distributions to shareholders		(5,910,534	)		(104,512,980	)		(448,313	)		(872,296	)		(319,739	)		(544,302	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(97,787,972	)		(228,559,947	)		(2,225,730	)		7,211,314			(774,652	)		10,888,534
Total increase (decrease) in net assets		(184,533,405	)		(346,883,357	)		(9,102,166	)		5,704,352			(3,215,193	)		11,021,854
Net Assets:
Beginning of period		754,938,322			1,101,821,679			60,849,934			55,145,582			21,323,712			10,301,858
End of period		$570,404,917			$754,938,322			$51,747,768			$60,849,934			$18,108,519			$21,323,712

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

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

34

   Statements of Changes in Net Assets (continued)

    For the six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021

	AMG GW&K Municipal Bond Fund						AMG GW&K Municipal Enhanced Yield Fund
	June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income		$8,963,170			$17,736,073			$3,948,298			$8,074,327
Net realized gain (loss) on investments		(4,642,158	)		11,510,796			(5,908,626	)		5,033,099
Net change in unrealized appreciation/depreciation on investments		(125,608,853	)		(24,090,355	)		(57,945,223	)		727,146
Net increase (decrease) in net assets resulting from operations		(121,287,841	)		5,156,514			(59,905,551	)		13,834,572
Distributions to Shareholders:
Class N		(90,332	)		(320,461	)		(30,794	)		(239,124	)
Class I		(8,816,692	)		(27,948,470	)		(3,883,318	)		(12,853,713	)
Class Z		—			—			(1,547	)		(4,817	)
Total distributions to shareholders		(8,907,024	)		(28,268,931	)		(3,915,659	)		(13,097,654	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(134,252,288	)		66,362,378			(46,843,198	)		55,209,790
Total increase (decrease) in net assets		(264,447,153	)		43,249,961			(110,664,408	)		55,946,708
Net Assets:
Beginning of period		1,349,070,139			1,305,820,178			384,530,462			328,583,754
End of period		$1,084,622,986			$1,349,070,139			$273,866,054			$384,530,462

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

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

35

     AMG GW&K ESG Bond Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$24.88			$28.12			$27.14			$25.49			$26.97			$26.24
Income (loss) from Investment Operations:
Net investment income2,3		0.19			0.44			0.90			0.94			0.84			0.91
Net realized and unrealized gain (loss) on investments		(3.04	)		(0.83	)		1.03			1.85			(1.33	)		0.85
Total income (loss) from investment operations		(2.85	)		(0.39	)		1.93			2.79			(0.49	)		1.76
Less Distributions to Shareholders from:
Net investment income		(0.20	)		(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		(0.20	)		(2.85	)		(0.95	)		(1.14	)		(0.99	)		(1.03	)
Net Asset Value, End of Period		$21.83			$24.88			$28.12			$27.14			$25.49			$26.97
Total Return3,4		(11.48	)%5		(1.29	)%		7.34	%		11.10	%		(1.82	)%		6.77	%
Ratio of net expenses to average net assets		0.68	%6		0.69	%7		0.71	%		0.72	%8		0.98	%7		0.99	%7
Ratio of gross expenses to average net assets9		0.68	%6		0.69	%7		0.72	%		0.73	%8		0.98	%7		0.99	%7
Ratio of net investment income to average net assets3		1.69	%6		1.71	%		3.31	%		3.53	%		3.19	%		3.38	%
Portfolio turnover		14	%5		186	%		25	%		20	%		9	%		4	%
Net assets end of period (000’s) omitted		$334,862			$427,818			$555,124			$618,381			$715,468			$971,359

36

    AMG GW&K ESG Bond Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$24.89			$28.13			$27.14			$25.49			$26.97			$26.24
Income (loss) from Investment Operations:
Net investment income2,3		0.22			0.50			0.95			0.99			0.86			0.94
Net realized and unrealized gain (loss) on investments		(3.05	)		(0.83	)		1.05			1.85			(1.32	)		0.85
Total income (loss) from investment operations		(2.83	)		(0.33	)		2.00			2.84			(0.46	)		1.79
Less Distributions to Shareholders from:
Net investment income		(0.23	)		(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		(0.23	)		(2.91	)		(1.01	)		(1.19	)		(1.02	)		(1.06	)
Net Asset Value, End of Period		$21.83			$24.89			$28.13			$27.14			$25.49			$26.97
Total Return3,4		(11.43	)%5		(1.05	)%		7.57	%		11.32	%		(1.72	)%		6.87	%
Ratio of net expenses to average net assets		0.48	%6		0.49	%7		0.50	%		0.52	%8		0.88	%7		0.89	%7
Ratio of gross expenses to average net assets9		0.48	%6		0.49	%7		0.51	%		0.53	%8		0.88	%7		0.89	%7
Ratio of net investment income to average net assets3		1.89	%6		1.91	%		3.52	%		3.73	%		3.29	%		3.48	%
Portfolio turnover		14	%5		186	%		25	%		20	%		9	%		4	%
Net assets end of period (000’s) omitted		$235,542			$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 period end.

⁵  Not annualized.

⁶  Annualized.

⁷  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

⁸  Includes 0.01% of extraordinary expense related to legal expense in support of an investment held in the portfolio.

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.)

37

    AMG GW&K Enhanced Core Bond ESG Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$10.61			$10.90			$10.15			$9.43			$9.81			$9.67
Income (loss) from Investment Operations:
Net investment income1,2		0.08			0.14			0.20			0.24			0.23			0.21
Net realized and unrealized gain (loss) on investments		(1.30	)		(0.28	)		0.75			0.73			(0.38	)		0.15
Total income (loss) from investment operations		(1.22	)		(0.14	)		0.95			0.97			(0.15	)		0.36
Less Distributions to Shareholders from:
Net investment income		(0.08	)		(0.14	)		(0.20	)		(0.25	)		(0.23	)		(0.22	)
Paid in capital		—			(0.01	)		—			—			—			—
Total distributions to shareholders		(0.08	)		(0.15	)		(0.20	)		(0.25	)		(0.23	)		(0.22	)
Net Asset Value, End of Period		$9.31			$10.61			$10.90			$10.15			$9.43			$9.81
Total Return2,3		(11.56	)%4		(1.26	)%		9.41	%		10.35	%		(1.48	)%		3.76	%
Ratio of net expenses to average net assets		0.73	%5		0.73	%		0.73	%		0.73	%		0.73	%		0.75	%
Ratio of gross expenses to average net assets6		0.95	%5		0.93	%		1.06	%		1.16	%		0.99	%		1.04	%
Ratio of net investment income to average net assets2		1.57	%5		1.32	%		1.86	%		2.43	%		2.45	%		2.19	%
Portfolio turnover		38	%4		86	%		101	%		71	%		26	%		39	%
Net assets end of period (000’s) omitted		$11,392			$13,736			$15,794			$14,779			$12,884			$16,027

38

    AMG GW&K Enhanced Core Bond ESG Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			20177
Net Asset Value, Beginning of Period		$10.65			$10.94			$10.19			$9.47			$9.85			$9.70
Income (loss) from Investment Operations:
Net investment income1,2		0.09			0.16			0.22			0.26			0.25			0.23
Net realized and unrealized gain (loss) on investments		(1.31	)		(0.28	)		0.75			0.73			(0.38	)		0.16
Total income (loss) from investment operations		(1.22	)		(0.12	)		0.97			0.99			(0.13	)		0.39
Less Distributions to Shareholders from:
Net investment income		(0.08	)		(0.16	)		(0.22	)		(0.27	)		(0.25	)		(0.24	)
Paid in capital		—			(0.01	)		—			—			—			—
Total distributions to shareholders		(0.08	)		(0.17	)		(0.22	)		(0.27	)		(0.25	)		(0.24	)
Net Asset Value, End of Period		$9.35			$10.65			$10.94			$10.19			$9.47			$9.85
Total Return2,3		(11.45	)%4		(1.07	)%		9.57	%		10.51	%		(1.27	)%		4.03	%
Ratio of net expenses to average net assets		0.57	%5		0.56	%		0.55	%		0.55	%		0.54	%		0.61	%
Ratio of gross expenses to average net assets6		0.79	%5		0.76	%		0.88	%		0.98	%		0.80	%		0.90	%
Ratio of net investment income to average net assets2		1.73	%5		1.49	%		2.04	%		2.62	%		2.64	%		2.32	%
Portfolio turnover		38	%4		86	%		101	%		71	%		26	%		39	%
Net assets end of period (000’s) omitted		$28,551			$33,402			$27,800			$8,502			$5,967			$6,864

39

    AMG GW&K Enhanced Core Bond ESG Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class Z	(unaudited)			2021			2020			2019			2018			20177
Net Asset Value, Beginning of Period		$10.65			$10.93			$10.18			$9.46			$9.84			$9.70
Income (loss) from Investment Operations:
Net investment income1,2		0.09			0.17			0.22			0.27			0.26			0.24
Net realized and unrealized gain (loss) on investments		(1.31	)		(0.27	)		0.75			0.72			(0.38	)		0.15
Total income (loss) from investment operations		(1.22	)		(0.10	)		0.97			0.99			(0.12	)		0.39
Less Distributions to Shareholders from:
Net investment income		(0.09	)		(0.17	)		(0.22	)		(0.27	)		(0.26	)		(0.25	)
Paid in capital		—			(0.01	)		—			—			—			—
Total distributions to shareholders		(0.09	)		(0.18	)		(0.22	)		(0.27	)		(0.26	)		(0.25	)
Net Asset Value, End of Period		$9.34			$10.65			$10.93			$10.18			$9.46			$9.84
Total Return2,3		(11.50	)%4		(0.92	)%		9.65	%		10.59	%		(1.23	)%		4.01	%
Ratio of net expenses to average net assets		0.48	%5		0.48	%		0.48	%		0.48	%		0.48	%		0.50	%
Ratio of gross expenses to average net assets6		0.70	%5		0.68	%		0.81	%		0.91	%		0.74	%		0.79	%
Ratio of net investment income to average net assets2		1.82	%5		1.57	%		2.11	%		2.72	%		2.70	%		2.43	%
Portfolio turnover		38	%4		86	%		101	%		71	%		26	%		39	%
Net assets end of period (000’s) omitted		$11,805			$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 period end.

⁴  Not annualized.

⁵  Annualized.

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

⁷  Effective February 27, 2017, Class I shares were renamed Class Z and Class S shares were renamed Class I.

40

    AMG GW&K High Income Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$22.46			$22.23			$21.52			$20.04			$21.06			$19.05
Income (loss) from Investment Operations:
Net investment income2,3		0.31			0.53			0.51			0.57			0.69			0.75
Net realized and unrealized gain (loss) on investments		(2.63	)		0.28			2.09			0.98			(1.57	)		1.26
Total income (loss) from investment operations		(2.32	)		0.81			2.60			1.55			(0.88	)		2.01
Less Distributions to Shareholders from:
Net investment income		(0.33	)		(0.53	)		(0.48	)		(0.07	)		(0.14	)		—
Net realized gain on investments		—			(0.05	)		(1.41	)		—			—			—
Total distributions to shareholders		(0.33	)		(0.58	)		(1.89	)		(0.07	)		(0.14	)		—
Net Asset Value, End of Period		$19.81			$22.46			$22.23			$21.52			$20.04			$21.06
Total Return3,4		(10.39	)%5		3.67	%		12.16	%		7.67	%		(4.18	)%		10.55	%
Ratio of net expenses to average net assets		0.84	%6		0.84	%		0.89	%		0.89	%		0.89	%		0.89	%
Ratio of gross expenses to average net assets7		1.28	%6		1.37	%		1.70	%		1.87	%		1.52	%		1.39	%
Ratio of net investment income to average net assets3		2.93	%6		2.36	%		2.28	%		2.70	%		3.34	%		3.71	%
Portfolio turnover		21	%5		97	%		157	%		52	%		60	%		55	%
Net assets end of period (000’s) omitted		$6,655			$8,157			$10,302			$9,638			$10,365			$14,074

41

    AMG GW&K High Income Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

				For the fiscal
	For the six			period ended
	months ended			December 31,
	June 30, 2022
Class I	(unaudited)			20218
Net Asset Value, Beginning of Period		$22.45			$22.27
Income (loss) from Investment Operations:
Net investment income2,3		0.33			0.46
Net realized and unrealized gain (loss) on investments		(2.63	)		0.35
Total income (loss) from investment operations		(2.30	)		0.81
Less Distributions to Shareholders from:
Net investment income		(0.35	)		(0.58	)
Net realized gain on investments		—			(0.05	)
Total distributions to shareholders		(0.35	)		(0.63	)
Net Asset Value, End of Period		$19.80			$22.45
Total Return3,4		(10.31	)%5		3.68	%5
Ratio of net expenses to average net assets		0.64	%6		0.64	%6
Ratio of gross expenses to average net assets7		1.08	%6		1.17	%6
Ratio of net investment income to average net assets3		3.13	%6		2.56	%6
Portfolio turnover		21	%5		97	%
Net assets end of period (000’s) omitted		$11,454			$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 period end.

⁵  Not annualized.

⁶  Annualized.

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

⁸  Commencement of operations was on March 15, 2021.

42

AMG GW&K Municipal Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$12.24			$12.45			$12.12			$11.48			$11.60			$11.25
Income (loss) from Investment Operations:
Net investment income1,2		0.07			0.13			0.15			0.19			0.17			0.15
Net realized and unrealized gain (loss) on investments		(1.20	)		(0.11	)		0.33			0.64			(0.11	)		0.36
Total income (loss) from investment operations		(1.13	)		0.02			0.48			0.83			0.06			0.51
Less Distributions to Shareholders from:
Net investment income		(0.07	)		(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		(0.07	)		(0.23	)		(0.15	)		(0.19	)		(0.18	)		(0.16)
Net Asset Value, End of Period		$11.04			$12.24			$12.45			$12.12			$11.48			$11.60
Total Return2,4		(9.26	)%5		0.10	%		4.31	%		7.29	%		0.54	%		4.58%
Ratio of net expenses to average net assets		0.72	%6		0.71	%		0.71	%		0.71	%		0.71	%		0.71%
Ratio of gross expenses to average net assets7		0.78	%6		0.76	%		0.77	%		0.78	%		0.77	%		0.78%
Ratio of net investment income to average net assets2		1.17	%6		1.01	%		1.25	%		1.59	%		1.53	%		1.31%
Portfolio turnover		11	%5		24	%		17	%		18	%		35	%		27%
Net assets end of period (000’s) omitted		$13,201			$17,112			$18,153			$18,711			$17,445			$29,513

43

AMG GW&K Municipal Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			20178
Net Asset Value, Beginning of Period		$12.31			$12.52			$12.18			$11.54			$11.66			$11.31
Income (loss) from Investment Operations:
Net investment income1,2		0.09			0.17			0.19			0.23			0.21			0.19
Net realized and unrealized gain (loss) on investments		(1.21	)		(0.11	)		0.34			0.64			(0.12	)		0.36
Total income (loss) from investment operations		(1.12	)		0.06			0.53			0.87			0.09			0.55
Less Distributions to Shareholders from:
Net investment income		(0.09	)		(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		(0.09	)		(0.27	)		(0.19	)		(0.23	)		(0.21	)		(0.20)
Net Asset Value, End of Period		$11.10			$12.31			$12.52			$12.18			$11.54			$11.66
Total Return2,4		(9.14	)%5		0.43	%		4.70	%		7.58	%		0.87	%		4.90%
Ratio of net expenses to average net assets		0.39	%6		0.39	%		0.39	%		0.39	%		0.39	%		0.37%
Ratio of gross expenses to average net assets7		0.45	%6		0.44	%		0.45	%		0.46	%		0.45	%		0.45%
Ratio of net investment income to average net assets2		1.50	%6		1.33	%		1.57	%		1.91	%		1.85	%		1.64%
Portfolio turnover		11	%5		24	%		17	%		18	%		35	%		27%
Net assets end of period (000’s) omitted		$1,071,422			$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 period end.

⁵  Not annualized.

⁶  Annualized.

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

⁸  Effective June 23, 2017, Class S shares were converted to Class I shares.

44

AMG GW&K Municipal Enhanced Yield Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$10.74			$10.69			$10.42			$9.69			$10.02			$9.40
Income (loss) from Investment Operations:
Net investment income1,2		0.10			0.20			0.23			0.26			0.27			0.26
Net realized and unrealized gain (loss) on investments		(1.90	)		0.18			0.37			0.78			(0.33	)		0.62
Total income (loss) from investment operations		(1.80	)		0.38			0.60			1.04			(0.06	)		0.88
Less Distributions to Shareholders from:
Net investment income		(0.09	)		(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		(0.09	)		(0.33	)		(0.33	)		(0.31	)		(0.27	)		(0.26)
Net Asset Value, End of Period		$8.85			$10.74			$10.69			$10.42			$9.69			$10.02
Total Return2,3		(16.81	)%4		3.59	%		5.95	%		10.92	%		(0.55	)%		9.51%
Ratio of net expenses to average net assets		0.99	%5		0.99	%		0.99	%		0.99	%		0.99	%		1.01%
Ratio of gross expenses to average net assets6		1.06	%5		1.05	%		1.07	%		1.08	%		1.08	%		1.11%
Ratio of net investment income to average net assets2		2.13	%5		1.85	%		2.17	%		2.56	%		2.79	%		2.67%
Portfolio turnover		28	%4		61	%		81	%		40	%		89	%		67%
Net assets end of period (000’s) omitted		$2,878			$14,923			$5,015			$5,722			$7,283			$8,828

45

AMG GW&K Municipal Enhanced Yield Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			20177
Net Asset Value, Beginning of Period		$10.43			$10.40			$10.15			$9.45			$10.01			$9.40
Income (loss) from Investment Operations:
Net investment income1,2		0.12			0.23			0.25			0.29			0.31			0.30
Net realized and unrealized gain (loss) on investments		(1.84	)		0.17			0.37			0.76			(0.32	)		0.61
Total income (loss) from investment operations		(1.72	)		0.40			0.62			1.05			(0.01	)		0.91
Less Distributions to Shareholders from:
Net investment income		(0.12	)		(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		(0.12	)		(0.37	)		(0.37	)		(0.35	)		(0.55	)		(0.30)
Net Asset Value, End of Period		$8.59			$10.43			$10.40			$10.15			$9.45			$10.01
Total Return2,3		(16.59	)%4		3.94	%		6.31	%		11.28	%		(0.07	)%		9.79%
Ratio of net expenses to average net assets		0.64	%5		0.64	%		0.64	%		0.64	%		0.64	%		0.64%
Ratio of gross expenses to average net assets6		0.71	%5		0.70	%		0.72	%		0.73	%		0.73	%		0.74%
Ratio of net investment income to average net assets2		2.48	%5		2.20	%		2.52	%		2.91	%		3.14	%		3.05%
Portfolio turnover		28	%4		61	%		81	%		40	%		89	%		67%
Net assets end of period (000’s) omitted		$270,875			$369,473			$323,439			$273,228			$203,867			$226,638

46

AMG GW&K Municipal Enhanced Yield Fund

Financial Highlights

For a share outstanding throughout each fiscal period

																					For the fiscal
	For the six																				period ended
	months ended				For the fiscal years ended December 31,																December 31,
	June 30, 2022
Class Z	(unaudited)				2021				2020				2019				2018				20178
Net Asset Value, Beginning of Period		$	10.43			$	10.40			$	10.15			$	9.44			$	10.01			$	9.49
Income (loss) from Investment Operations:
Net investment income1,2			0.12				0.24				0.26				0.30				0.31				0.25
Net realized and unrealized gain (loss) on investments			(1.84	)			0.17				0.37				0.76				(0.32	)			0.52
Total income (loss) from investment operations			(1.72	)			0.41				0.63				1.06				(0.01	)			0.77
Less Distributions to Shareholders from:
Net investment income			(0.12	)			(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			(0.12	)			(0.38	)			(0.38	)			(0.35	)			(0.56	)			(0.25	)
Net Asset Value, End of Period		$	8.59			$	10.43			$	10.40			$	10.15			$	9.44			$	10.01
Total Return2,3			(16.57	)%4			3.99	%			6.37	%			11.45	%			(0.09	)%			8.23	%4
Ratio of net expenses to average net assets			0.59	%5			0.59	%			0.59	%			0.59	%			0.59	%			0.59	%5
Ratio of gross expenses to average net assets6			0.66	%5			0.65	%			0.67	%			0.68	%			0.68	%			0.69	%5
Ratio of net investment income to average net assets2			2.53	%5			2.25	%			2.57	%			2.96	%			3.19	%			3.07	%5
Portfolio turnover			28	%4			61	%			81	%			40	%			89	%			67	%
Net assets end of period (000’s) omitted		$	112			$	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 period end.

⁴  Not annualized.

⁵  Annualized.

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

⁷  Effective June 23, 2017, Class S shares were converted to Class I shares.

⁸  Commencement of operations was February 27, 2017.

47

Notes to Financial Statements (unaudited)

June 30, 2022

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds, AMG Funds II and AMG Funds III 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 (“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. 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

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid 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, convertible securities, derivatives and other debt securities not traded on an organized securities market are valued on the basis of valuations provided by dealers or by a pricing service which uses information with respect to transactions in such securities and various relationships between such securities and yield to maturity in determining value.

Fixed income securities purchased with a remaining maturity of 60 days or less are valued at amortized cost, provided that the amortized cost value is approximately the same as the fair value of the security valued without the use of

amortized cost. Investments in other open-end 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. 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 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.

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)

48

Notes to Financial Statements (continued)

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

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

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

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

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. 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.

At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

Fund	Cost		Appreciation		Depreciation			Net Depreciation
ESG Bond		$653,091,370		$1,776,448		$(72,126,330	)		$(70,349,882	)
Enhanced Core Bond ESG		57,511,399		425		(5,164,415	)		(5,163,990	)
High Income		21,642,947		55,699		(2,152,414	)		(2,096,715	)
Municipal Bond		1,212,797,121		1,777,405		(74,295,339	)		(72,517,934	)
Municipal Enhanced		308,219,170		1,028,175		(33,758,235	)		(32,730,060	)

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 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 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.

49

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 six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021, the capital stock transactions by class for the Funds were as follows:

	ESG Bond												Enhanced Core Bond ESG
	June 30, 2022						December 31, 2021						June 30, 2022						December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Shares sold		241,551			$5,644,805			1,452,937			$38,053,195			78,816			$792,295			286,260			$3,068,578
Shares issued in reinvestment of distributions		139,714			3,201,668			2,051,404			51,918,933			8,099			78,774			17,561			187,784
Shares redeemed		(2,235,398	)		(52,124,918	)		(6,049,606	)		(156,764,465	)		(157,978	)		(1,556,063	)		(459,141	)		(4,905,575	)
Net decrease		(1,854,133	)		$(43,278,445	)		(2,545,265	)		$(66,792,337	)		(71,063	)		$(684,994	)		(155,320	)		$(1,649,213	)
Class I:
Shares sold		847,204			$19,536,416			3,132,524			$82,409,399			1,230,228			$11,968,193			1,729,710			$18,560,256
Shares issued in reinvestment of distributions		111,284			2,553,552			1,959,229			49,642,039			23,413			228,615			40,944			439,321
Shares redeemed		(3,314,960	)		(76,599,495	)		(11,383,287	)		(293,819,048	)		(1,334,178	)		(13,542,784	)		(1,177,158	)		(12,618,347	)
Net increase (decrease)		(2,356,472	)		$(54,509,527	)		(6,291,534	)		$(161,767,610	)		(80,537	)		$(1,345,976	)		593,496			$6,381,230
Class Z:
Shares sold		—			—			—			—			120,632			$1,229,807			442,744			$4,753,770
Shares issued in reinvestment of distributions		—			—			—			—			11,470			112,017			17,832			191,235
Shares redeemed		—			—			—			—			(156,427	)		(1,536,584	)		(229,602	)		(2,465,708	)
Net increase (decrease)		—			—			—			—			(24,325	)		$(194,760	)		230,974			$2,479,297
	High Income												Municipal Bond
	June 30, 2022						December 31, 2021						June 30, 2022						December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Shares sold		10,626			$225,697			111,205			$2,494,229			318,601			$3,673,648			698,892			$8,650,727
Shares issued in reinvestment of distributions		5,269			110,929			9,973			224,451			7,028			79,653			23,744			292,232
Shares redeemed		(43,179	)		(921,421	)		(221,405	)		(4,977,229	)		(527,826	)		(5,946,626	)		(782,262	)		(9,674,017	)
Net decrease		(27,284	)		$(584,795	)		(100,227	)		$(2,258,549	)		(202,197	)		$(2,193,325	)		(59,626	)		$(731,058	)
Class I:1
Shares sold		56,569			$1,185,612			605,743			$13,584,553			38,054,676			$432,247,355			33,594,124			$418,621,329
Shares issued in reinvestment of distributions		9,732			204,694			13,885			312,124			616,493			7,030,156			1,809,529			22,408,701
Shares redeemed		(74,315	)		(1,580,163	)		(33,112	)		(749,594	)		(50,361,365	)		(571,336,474	)		(30,023,803	)		(373,936,594	)
Net increase (decrease)		(8,014	)		$(189,857	)		586,516			$13,147,083			(11,690,196	)		$(132,058,963	)		5,379,850			$67,093,436

50

Notes to Financial Statements (continued)

	Municipal Enhanced
	June 30, 2022						December 31, 2021
	Shares			Amount			Shares			Amount
Class N:
Shares sold		559,751			$5,297,427			3,442,311			$37,047,081
Shares issued in reinvestment of distributions		2,225			21,010			15,958			172,953
Shares redeemed		(1,626,715	)		(16,232,212	)		(2,537,721	)		(27,497,613)
Net increase (decrease)		(1,064,739	)		$(10,913,775	)		920,548			$9,722,421
Class I:
Shares sold		4,935,551			$45,684,540			10,001,279			$105,402,142
Shares issued in reinvestment of distributions		218,605			2,017,436			631,256			6,610,515
Shares redeemed		(9,038,271	)		(83,632,946	)		(6,312,309	)		(66,530,105)
Net increase (decrease)		(3,884,115	)		$(35,930,970	)		4,320,226			$45,482,552
Class Z:
Shares issued in reinvestment of distributions		168			$1,547			461			$4,817
Net increase		168			$1,547			461			$4,817

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 and bilateral 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 June 30, 2022, the market value of Repurchase Agreements outstanding for ESG Bond, Enhanced Core Bond ESG, High Income, Municipal Bond Fund and Municipal Enhanced Yield were $39,722,095, $3,133,691, $2,247,805, $28,400,000 and $6,450,000, 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

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 above.

Each TBA contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the TBA sale commitment is

51

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

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, Sayles & Company, L.P.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the six months ended June 30, 2022, 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	%
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.

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 (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%.

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 (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 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 June 30, 2022, 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		$82,377		$149,252		$85,568
1-2 years		36,901		122,320		77,004
2-3 years		62,350		116,554		98,612
Total		$181,628		$388,126		$261,184

Expiration   Period	Municipal Bond		Municipal Enhanced
Less than 1 year		$668,704		$233,459
1-2 years		702,073		239,669
2-3 years		719,839		230,876
Total		$2,090,616		$704,004

52

Notes to Financial Statements (continued)

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 and Class I shares of ESG Bond, High Income, Municipal Bond, Municipal Enhanced, and for Enhanced Core Bond ESG’s 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 six months ended June 30, 2022, 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%

Fund	Maximum Annual Amount Approved		Actual     Amount     Incurred
Enhanced Core Bond ESG
Class I		0.10%		0.09%
High Income
Class N		0.25%		0.25%
Class I		0.05%		0.05%
Municipal Bond
Class N		0.15%		0.13%
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 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 June 30, 2022, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund loan program during the six months ended June 30, 2022 as follows:

Fund	Average Lent		Number of Days		Interest Earned		Average Interest Rate
ESG Bond		$8,489,204		2		$1,111		2.388%
Enhanced Core Bond ESG		709,783		7		229		1.683%
Municipal Bond		7,587,361		16		6,483		1.949%
Municipal Enhanced		7,887,664		4		804		0.930%
Fund	Average Borrowed		Number of Days		Interest Paid		Average Interest Rate
Enhanced Core Bond ESG		$3,295,838		5		$427		0.945%

53

Notes to Financial Statements (continued)

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended June 30, 2022, were as follows:

	Long Term Securities
Fund	Purchases	Sales
ESG Bond	$27,649,944	$131,704,040
Enhanced Core Bond ESG	8,583,499	12,456,031
High Income	3,985,431	4,765,747
Municipal Bond	134,929,579	188,509,387
Municipal Enhanced	92,362,767	139,406,117

Purchases and sales of U.S. Government Obligations for the six months ended June 30, 2022 were as follows:

	U.S. Government Obligations
Fund	Purchases	Sales
ESG Bond	$61,370,903	$63,155,473
Enhanced Core Bond ESG	11,112,867	8,464,605

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 June 30, 2022, were as follows:

Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total  Collateral  Received
ESG Bond	$	24,789,642	$	17,122,095	$	8,660,023	$	25,782,118
Enhanced Core Bond ESG		1,543,220		1,133,691		465,254		1,598,945
High Income		2,054,787		1,697,805		444,903		2,142,708

The following table summarizes the securities received as collateral for securities lending at June 30, 2022:

Fund	Collateral Type	Coupon Range	Maturity Date Range
ESG Bond	U.S. Treasury Obligations	0.010%-4.750%	10/31/22-05/15/52
Enhanced Core Bond ESG	U.S. Treasury Obligations	0.010%-4.750%	10/31/22-05/15/52
High Income	U.S. Treasury Obligations	0.010%-4.625%	01/15/23-05/15/51

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. 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. 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.

54

Notes to Financial Statements (continued)

8. MASTER NETTING AGREEMENTS

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

The following table is a summary of the Funds’ open Repurchase Agreements that are subject to a master netting agreement as of June 30, 2022:

			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.		$4,066,700	—		$4,066,700		$4,066,700	—
MUFG Securities America, Inc.		4,066,698	—		4,066,698		4,066,698	—
National Bank Financial		4,066,698	—		4,066,698		4,066,698	—
RBC Dominion Securities, Inc.		2,582,749	—		2,582,749		2,582,749	—
State of Wisconsin Investment Board		2,339,250	—		2,339,250		2,339,250	—
Fixed Income Clearing Corp.		22,600,000	—		22,600,000		22,600,000	—
Total		$39,722,095	—		$39,722,095		$39,722,095	—
Enhanced Core Bond ESG
Deutsche Bank Securities, Inc.		$133,691	—		$133,691		$133,691	—
National Bank Financial		1,000,000	—		1,000,000		1,000,000	—
Fixed Income Clearing Corp.		2,000,000	—		2,000,000		2,000,000	—
Total		$3,133,691	—		$3,133,691		$3,133,691	—
High Income
National Bank Financial		$1,000,000	—		$1,000,000		$1,000,000	—
RBC Dominion Securities, Inc.		697,805	—		697,805		697,805	—
Fixed Income Clearing Corp.		550,000	—		550,000		550,000	—
Total		$2,247,805	—		$2,247,805		$2,247,805	—
Municipal Bond
Fixed Income Clearing Corp.		$28,400,000	—		$28,400,000		$28,400,000	—
Municipal Enhanced
Fixed Income Clearing Corp.		$6,450,000	—		$6,450,000		$6,450,000	—

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.

55

Annual Renewal of Investment Management and Subadvisory Agreements

AMG GW&K Municipal Enhanced Yield Fund, AMG GW&K Municipal Bond Fund, AMG GW&K Enhanced Core Bond ESG Fund, AMG GW&K ESG Bond Fund, and AMG GW&K High Income Fund: Approval of Investment Management and Subadvisory Agreements on June 22, 2022   At an in-person meeting held on June 22, 2022, the Board of Trustees (the “Board” or the “Trustees”) of each of AMG Funds, AMG Funds II, and AMG Funds III (each, a “Trust” and collectively, the “Trusts”), and separately a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) and AMG Funds for each of AMG GW&K Municipal Enhanced Yield Fund and AMG GW&K Municipal Bond Fund, and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016; the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with the Investment Manager and AMG Funds II for AMG GW&K Enhanced Core Bond ESG Fund, and separately each of Amendment No. 1 thereto, Amendment No. 2 thereto dated July 1, 2015, and Amendment No. 3 thereto dated October 1, 2016; and the Fund Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with the Investment Manager and AMG Funds III for AMG GW&K ESG Bond Fund and AMG GW&K High Income Fund, and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the “Investment Management Agreements”); and (ii) the Subadvisory Agreements, as amended at any time prior to the date of the meeting (collectively, the “Subadvisory Agreements”), with the Subadviser for each of AMG GW&K Municipal Enhanced Yield Fund, AMG GW&K Municipal Bond Fund, AMG GW&K Enhanced Core Bond ESG Fund, AMG GW&K ESG Bond Fund, and AMG GW&K High Income Fund (each, a “Fund,” and collectively, the “Funds”). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreements and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to each Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a “Peer Group”), performance information for the relevant benchmark index for each Fund (each, a “Fund Benchmark”), other relevant matters, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreements and Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.   NATURE, EXTENT AND QUALITY OF SERVICES.   In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information relating to the Investment Manager’s operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Management Agreements and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Funds; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Funds’ other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreements and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trusts in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreements and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreements and the Investment Manager’s undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager’s risk management processes.   The Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques (its “Investment Strategy”) used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies

56

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in each Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under each Subadvisory Agreement. The Trustees also considered the Subadviser’s risk management processes.   PERFORMANCE.   The Board considered each Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark, considered the gross performance of each Fund other than AMG GW&K ESG Bond Fund as compared to the Subadviser’s relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both a Fund’s performance results and portfolio composition, as well as the Subadviser’s Investment Strategy. The Board was mindful of the Investment Manager’s expertise, resources, and attention to monitoring the Subadviser’s performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds’ subadviser during the period regarding the factors that contributed to the performance of the Funds.   With respect to AMG GW&K Municipal Enhanced Yield Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2022 was below, below, above, and at, respectively, the median performance of the Peer Group and below, below, below, and above, respectively, the performance of the Fund Benchmark, the Bloomberg U.S. Municipal Bond BAA Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance relative to the Peer Group and the Fund Benchmark and the fact that Class I shares of the Fund outperformed the Peer Group median for the 5-year period. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies and policies.   With respect to AMG GW&K Municipal Bond Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (which share class has the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year, and 10-year periods ended March 31, 2022 was below, below, below, and above, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the Bloomberg 10-Year Municipal Bond Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s underperformance relative to the Fund Benchmark and its more recent underperformance relative to the Peer Group. The Trustees also noted that Class I shares of the Fund ranked in the top third relative to its Peer Group for the 10-year period. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies and policies.   With respect to AMG GW&K Enhanced Core Bond ESG Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class Z shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund with that inception date) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2022 was below, above, above, and below, respectively, the median performance of the Peer Group and below, above, above, and above, respectively, the performance of the Fund Benchmark, the Bloomberg U.S. Aggregate Bond Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance and its longer-term outperformance relative to the Fund Benchmark. The Trustees also noted that Class Z shares of the Fund ranked in the top quartile relative to its Peer Group for the 3-year period and in the top third relative to its Peer Group for the 5-year period. The Trustees also took into account the fact that the Fund’s investment strategy was changed in 2019. The Trustees concluded that the Fund’s overall performance has been satisfactory.   With respect to AMG GW&K ESG Bond Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2022 was below, below, above, and above, respectively, the median performance of the Peer Group and above the performance of the Fund Benchmark, the Bloomberg U.S. Aggregate Bond Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s outperformance relative to the Fund Benchmark and the fact that Class N shares of the Fund ranked in the top quintile relative to its Peer Group for the 10-year period. The Trustees also took into account the fact that the Fund’s subadviser, investment strategy, and Fund Benchmark changed effective March 19, 2021, and that the performance information prior to that date reflected that of the Fund’s prior subadviser and investment strategy. The Trustees concluded that the Fund’s overall performance has been satisfactory.   With respect to AMG GW&K High Income Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2022 was below, above, above, and below, respectively, the median performance of the Peer Group and below, above, above, and below, respectively, the performance of the Fund Benchmark, the Bloomberg U.S. High Yield 1-5 Year Ba Index. The Trustees took into account management’s discussion of the Fund’s performance, noting that Class N shares of the Fund ranked in the top quintile relative to its Peer Group for the 3-year period. The Trustees also took into account the fact that the Fund’s subadviser, investment strategy, and Fund Benchmark changed effective December 4, 2020, and that the performance information prior to that date reflected that of the Fund’s prior subadviser and investment strategy. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies and policies.   ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE.   In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 22, 2022 and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager

57

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management’s discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.   In considering the cost of services to be provided by the Investment Manager under each Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management’s discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under each Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also with respect to economies of scale, the Trustees noted that as each Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.   In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from these relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management’s discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under each Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also with respect to economies of scale, the Trustees noted that as a Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.   With respect to AMG GW&K Municipal Enhanced Yield Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares of the Fund as of March 31, 2022 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.59%. The Board also took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   With respect to AMG GW&K Municipal Bond Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares of the Fund as of March 31, 2022 were both lower than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.34%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable. With respect to AMG GW&K Enhanced Core Bond ESG Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2022 were both higher than the average for the Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.48%. The Trustees also took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   With respect to AMG GW&K ESG Bond Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2022 were lower and higher, respectively, than the average for the Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.43%. The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and key competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   With respect to AMG GW&K High Income Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2022 were both lower than the average for the Peer Group. The

58

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.59%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   *  *  *  * After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under each Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs. Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of each Investment Management Agreement and each Subadvisory Agreement would be in the best interests of the applicable Fund and its shareholders. Accordingly, on June 22, 2022, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement and the Subadvisory Agreement for each Fund.

59

Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders.   The AMG Funds Family of Funds (each a “Fund,” and collectively, the “Funds”) have adopted and implemented a Liquidity Risk Management Program (the “Program”) as required by the Liquidity Rule. The Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short and long-term cash flow projections, and its holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including access to the Funds’ credit facility. Under the Liquidity Rule, each liquidity classification category (highly liquid, moderately liquid, less liquid and illiquid) is defined with respect to the time it is reasonably expected to take to convert the investment to cash (or sell or dispose of the investment) in current market conditions without significantly changing the market value of the investment.   The Funds’ Board of Trustees (the “Board”) appointed AMG Funds, LLC (“AMGF”) as the Program administrator. AMGF formed a Liquidity Risk Management Committee (“LRMC”), which includes members of various departments across AMGF, including Legal, Compliance, Mutual Fund Services, Investment Research and Product Analysis & Operations and, as needed, other representatives of AMGF and/or representatives of the subadvisers to the Funds. The LRMC meets on a periodic basis, no less frequently than monthly. The LRMC is responsible for the Program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the Program’s operation and effectiveness.   At a meeting of the Board held on March 17, 2022, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period January 1, 2021 through December 31, 2021 (the “Program Reporting Period”).   The Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:   A. The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed whether each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions is appropriate for an open-end fund structure. The LRMC also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed historical net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size. The Funds maintain an in-kind redemption policy, which may be utilized to meet larger redemption requests, when appropriate. The LRMC may also take into consideration a Fund’s shareholder ownership concentration, a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.   C. Holdings of cash and cash equivalents, as well as borrowing arrangements:   The LRMC considered the terms of the credit facilities available to the Funds.   The report concluded that, based upon the review of the Program, using resources and methodologies that AMGF considers reasonable, AMGF believes that the Program and Funds’ Liquidity Risk Management Policies and Procedures are adequate, effective, and reasonably designed to effectively manage the Funds’ liquidity risk.   There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus or statement of additional information for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

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   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   TRUSTEES   Bruce B. Bingham Kurt A. Keilhacker Steven J. Paggioli Eric Rakowski Victoria L. Sassine Thomas R. Schneeweis Garret W. Weston 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   EQUITY FUNDS AMG Beutel Goodman International Equity Beutel, Goodman & Company Ltd.   AMG Boston Common Global Impact Boston Common Asset 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                | 063022                SAR088

  SEMI-ANNUAL REPORT

AMG Funds
June 30, 2022
AMG GW&K Small Cap Core Fund
Class N: GWETX	Class I: GWEIX	Class Z: GWEZX
AMG GW&K Small Cap Value Fund
Class N: SKSEX	Class I: SKSIX	Class Z: SKSZX
AMG GW&K Small/Mid Cap Fund
Class N: GWGVX	Class I: GWGIX	Class Z: GWGZX
AMG GW&K Global Allocation Fund
Class N: MBEAX	Class I: MBESX	Class Z: MBEYX

amgfunds.com             063022         SAR089

    AMG Funds

    Semi-Annual Report — June 30, 2022 (unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		3
FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS
AMG GW&K Small Cap Core Fund		5
AMG GW&K Small Cap Value Fund		9
AMG GW&K Small/Mid Cap Fund		13
AMG GW&K Global Allocation Fund		16
FINANCIAL STATEMENTS
Statement of Assets and Liabilities		23
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations		25
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets		26
Detail of changes in assets for the past two fiscal periods
Financial Highlights		28
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements		40
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks
ANNUAL RENEWAL OF INVESTMENT MANAGEMENT AND SUBADVISORY AGREEMENTS		49
FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM		52

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.

    About Your Fund’s Expenses (unaudited)

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

Six Months Ended   June 30, 2022	Expense Ratio for the Period	Beginning Account Value 01/01/22	Ending Account Value 06/30/22	Expenses Paid During the Period*
AMG GW&K Small Cap Core Fund
Based on Actual Fund Return
Class N	1.30%	$1,000	$791	$5.77
Class I	0.95%	$1,000	$792	$4.22
Class Z	0.90%	$1,000	$792	$4.00
Based on Hypothetical 5% Annual Return
Class N	1.30%	$1,000	$1,018	$6.51
Class I	0.95%	$1,000	$1,020	$4.76
Class Z	0.90%	$1,000	$1,020	$4.51
AMG GW&K Small Cap Value Fund
Based on Actual Fund Return
Class N	1.15%	$1,000	$818	$5.18
Class I	0.95%	$1,000	$818	$4.28
Class Z	0.90%	$1,000	$819	$4.06
Based on Hypothetical 5% Annual Return
Class N	1.15%	$1,000	$1,019	$5.76
Class I	0.95%	$1,000	$1,020	$4.76
Class Z	0.90%	$1,000	$1,020	$4.51
AMG GW&K Small/Mid Cap Fund
Based on Actual Fund Return
Class N	1.07%	$1,000	$787	$4.74
Class I	0.87%	$1,000	$788	$3.86
Class Z	0.82%	$1,000	$788	$3.63
Based on Hypothetical 5% Annual Return
Class N	1.07%	$1,000	$1,019	$5.36
Class I	0.87%	$1,000	$1,020	$4.36
Class Z	0.82%	$1,000	$1,021	$4.11

Six Months Ended   June 30, 2022	Expense Ratio for the Period	Beginning Account Value 01/01/22	Ending Account Value 06/30/22	Expenses Paid During the Period*
AMG GW&K Global Allocation Fund
Based on Actual Fund Return
Class N	1.06%	$1,000	$795	$4.72
Class I	0.91%	$1,000	$796	$4.05
Class Z	0.81%	$1,000	$796	$3.61
Based on Hypothetical 5% Annual Return
Class N	1.06%	$1,000	$1,020	$5.31
Class I	0.91%	$1,000	$1,020	$4.56
Class Z	0.81%	$1,000	$1,021	$4.06

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

2

    Fund Performance (unaudited)

     Periods ended June 30, 2022

The table below shows the average annual total returns for the periods indicated for each Fund, as well as each Fund’s relative index for the same time periods ended June 30, 2022.

Average Annual Total Returns1	Six Months*			One Year			Five Years			Ten Years		Since Inception		Inception Date
AMG GW&K Small Cap Core Fund2, 3, 4, 5, 6
Class N		(20.95	%)		(18.00	%)		6.78	%		10.41%		8.02%		12/10/96
Class I		(20.78	%)		(17.69	%)		7.15	%		10.84%		12.33%		07/27/09
Class Z		(20.79	%)		(17.66	%)		7.20	%		—		7.58%		02/24/17
Russell 2000® Index18		(23.43	%)		(25.20	%)		5.17	%		9.35%		7.67%		12/10/96†
AMG GW&K Small Cap Value Fund2, 3, 5, 6, 7, 8, 15
Class N		(18.22	%)		(11.42	%)		4.55	%		9.98%		10.99%		04/23/87
Class I		(18.17	%)		(11.27	%)		4.72	%		—		4.58%		02/24/17
Class Z		(18.14	%)		(11.19	%)		4.80	%		—		4.65%		02/24/17
Russell 2000® Value Index19		(17.31	%)		(16.28	%)		4.89	%		9.05%		—		—
AMG GW&K Small/Mid Cap Fund2, 3, 4, 5, 6, 8, 9
Class N		(21.33	%)		(14.45	%)		9.23	%		—		9.09%		02/24/17
Class I		(21.25	%)		(14.25	%)		9.40	%		—		7.54%		06/30/15
Class Z		(21.22	%)		(14.23	%)		9.50	%		—		9.36%		02/24/17
Russell 2500® Index20		(21.81	%)		(21.00	%)		7.04	%		10.49%		7.16%		06/30/15†
AMG GW&K Global Allocation Fund2, 3, 4, 6, 10, 11, 12, 13, 14, 16, 17
Class N		(20.46	%)		(21.24	%)		3.51	%		6.12%		6.99%		01/02/97
Class I		(20.42	%)		(21.14	%)		3.66	%		—		6.13%		11/30/12
Class Z		(20.40	%)		(21.04	%)		3.77	%		6.38%		7.34%		01/02/97
60% MSCI ACWI/40%
Bloomberg Global Aggregate Bond Index 21, 22		(17.54	%)		(15.28	%)		4.27	%		5.49%		—		—
MSCI ACWI Index 21		(20.18	%)		(15.75	%)		7.00	%		8.76%		—		—
Bloomberg Global Aggregate Bond Index22		(13.91	%)		(15.25	%)		(0.55	%)		0.11%		—		—
The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.
Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Funds 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.

* Not annualized

¹  Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of June 30, 2022. 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   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 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.   ⁹   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.   ¹⁰To 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.   ¹¹  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.   ¹²  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.

3

    Fund Performance

     Periods ended June 30, 2022 (continued)

¹³  Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.   ¹⁴  The Fund’s investments may not be allocated in the best performing asset classes.   ¹⁵  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 Skyline Special Equities 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, Skyline Asset Management, 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.   ¹⁶  As of April 17, 2020, the Fund’s subadvisor was changed to GW&K Investment Management, LLC. Prior to April 17, 2020, the Fund was known as the AMG Chicago Equity Partners Balanced Fund, and had different principal investment strategies and corresponding risks. Performance shown for periods prior to April 17, 2020 reflects the performance and investment strategies of the Fund’s previous subadvisor, Chicago Equity Partners, LLC. The Fund’s past performance would have been different if the Fund were managed by the current subadvisor and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.   ¹⁷  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.   ¹⁸  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.   ¹⁹  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.   ²⁰  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.   ²¹  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.   ²²  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.   The Russell Indices are trademarks of the London Stock Exchange Group companies.   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.

4

    AMG GW&K Small Cap Core Fund

     Fund Snapshots (unaudited)

      June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Health Care	21.3
Financials	16.3
Industrials	15.0
Consumer Discretionary	12.1
Information Technology	11.8
Materials	5.0
Real Estate	4.8
Energy	4.5
Consumer Staples	3.5
Utilities	2.8
Short-Term Investments	3.8
Other Assets Less Liabilities	(0.9)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Halozyme Therapeutics, Inc.	2.1
Performance Food Group Co.	2.1
Magnolia Oil & Gas Corp., Class A	1.8
SPX Corp.	1.8
Matador Resources Co.	1.8
RBC Bearings, Inc.	1.8
Seacoast Banking Corp. of Florida	1.7
Ritchie Bros. Auctioneers, Inc. (Canada)	1.7
Avient Corp.	1.6
Texas Roadhouse, Inc.	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.

5

    AMG GW&K Small Cap Core Fund

     Schedule of Portfolio Investments (unaudited)

      June 30, 2022

	Shares		Value
Common Stocks - 97.1%
Consumer Discretionary - 12.1%
Boot Barn Holdings, Inc.*		71,573		$4,932,095
Churchill Downs, Inc.		47,889		9,172,180
Chuy’s Holdings, Inc.*		143,980		2,868,082
Five Below, Inc.*		32,905		3,732,414
Grand Canyon Education, Inc.*		106,519		10,033,025
Helen of Troy, Ltd.*		28,072		4,559,174
Lithia Motors, Inc., Class A		35,228		9,681,007
Oxford Industries, Inc.		90,567		8,036,916
Patrick Industries, Inc.		78,291		4,058,606
Revolve Group, Inc.*,1		76,441		1,980,586
Skyline Champion Corp.*		145,703		6,909,236
Texas Roadhouse, Inc.		146,277		10,707,476
Wolverine World Wide, Inc.		208,090		4,195,094
Total Consumer Discretionary				80,865,891
Consumer Staples - 3.5%
Central Garden & Pet Co., Class A*		230,052		9,204,380
Performance Food Group Co.*,1		302,057		13,888,581
Total Consumer Staples				23,092,961
Energy - 4.5%
ChampionX Corp.		142,301		2,824,675
Magnolia Oil & Gas Corp., Class A1		583,617		12,250,121
Matador Resources Co.		257,720		12,007,174
Patterson-UTI Energy, Inc.		199,650		3,146,484
Total Energy				30,228,454
Financials - 16.3%
Ameris Bancorp		250,219		10,053,799
AMERISAFE, Inc.		110,060		5,724,221
Cathay General Bancorp		244,915		9,588,422
Cohen & Steers, Inc.1		120,954		7,691,465
Glacier Bancorp, Inc.		156,809		7,435,883
Horace Mann Educators Corp.		212,751		8,165,383
Houlihan Lokey, Inc.		120,152		9,483,597
Independent Bank Corp.		91,774		7,289,609
OceanFirst Financial Corp.		372,374		7,123,515
Open Lending Corp., Class A*,1		117,332		1,200,306
Pacific Premier Bancorp, Inc.		277,043		8,100,737
Seacoast Banking Corp. of Florida		344,596		11,385,452
Stifel Financial Corp.		162,976		9,129,916
Veritex Holdings, Inc.		213,375		6,243,353
Total Financials				108,615,658

	Shares		Value
Health Care - 21.3%
Arcutis Biotherapeutics, Inc.*		109,178		$2,326,583
Artivion, Inc.*,1		277,872		5,246,223
AtriCure, Inc.*		153,249		6,261,754
Azenta, Inc.		106,794		7,699,848
Castle Biosciences, Inc.*		94,615		2,076,799
ChemoCentryx, Inc.*		283,404		7,022,751
Covetrus, Inc.*		344,529		7,148,977
CryoPort, Inc.*		151,716		4,700,162
Globus Medical, Inc., Class A*		177,169		9,946,268
Halozyme Therapeutics, Inc.*,1		317,960		13,990,240
HealthEquity, Inc.*		155,705		9,558,730
ICU Medical, Inc.*,1		35,346		5,810,529
Integra LifeSciences Holdings Corp.*		141,301		7,634,493
Intra-Cellular Therapies, Inc.*		103,415		5,902,928
Medpace Holdings, Inc.*,1		65,601		9,818,502
Phreesia, Inc.*		347,506		8,691,125
Progyny, Inc.*		175,990		5,112,510
Supernus Pharmaceuticals, Inc.*		352,846		10,204,306
Syneos Health, Inc.*		131,324		9,413,304
Veracyte, Inc.*		157,337		3,131,006
Total Health Care				141,697,038
Industrials - 15.0%
Alamo Group, Inc.		70,770		8,239,751
Allegiant Travel Co.*		54,496		6,162,953
Heartland Express, Inc.		178,628		2,484,716
Helios Technologies, Inc.		126,181		8,359,491
ICF International, Inc.		95,238		9,047,610
ITT, Inc.		71,650		4,817,746
Primoris Services Corp.		337,886		7,352,399
RBC Bearings, Inc.*		63,248		11,697,718
Ritchie Bros. Auctioneers, Inc. (Canada)		169,330		11,016,610
The Shyft Group, Inc.		227,236		4,224,317
SPX Corp.*		230,880		12,199,699
Terex Corp.		183,328		5,017,687
UFP Industries, Inc.		132,708		9,042,723
Total Industrials				99,663,420
Information Technology - 11.8%
Cerence, Inc.*,1		100,191		2,527,819
The Descartes Systems Group, Inc. (Canada)*		134,409		8,341,422
Endava PLC, ADR (United Kingdom)*		34,749		3,067,294
MACOM Technology Solutions Holdings, Inc.*		217,133		10,009,831
Novanta, Inc.*		78,090		9,469,974

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

6

    AMG GW&K Small Cap Core Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Information Technology - 11.8% (continued)
Paycor HCM, Inc.*,1		242,102		$6,294,652
Paylocity Holding Corp.*		43,512		7,589,363
Rapid7, Inc.*		124,561		8,320,675
Silicon Laboratories, Inc.*		60,536		8,488,358
Thoughtworks Holding, Inc.*,1		409,552		5,778,779
Viavi Solutions, Inc.*		653,625		8,647,459
Total Information Technology				78,535,626
Materials - 5.0%
Avient Corp.		268,430		10,758,674
Balchem Corp.		67,828		8,800,005
Minerals Technologies, Inc.		144,706		8,876,266
Silgan Holdings, Inc.		111,347		4,604,199
Total Materials				33,039,144
Real Estate - 4.8%
Agree Realty Corp., REIT		118,822		8,570,631
National Health Investors, Inc., REIT		101,210		6,134,338
Ryman Hospitality Properties, Inc., REIT *		115,403		8,774,090
STAG Industrial, Inc., REIT		276,103		8,526,061
Total Real Estate				32,005,120
Utilities - 2.8%
IDACORP, Inc.		76,501		8,102,986
NorthWestern Corp.1		175,899		10,365,728
Total Utilities				18,468,714
Total Common Stocks (Cost $567,285,033)				646,212,026
	Principal Amount
Short-Term Investments - 3.8%
Joint Repurchase Agreements - 0.9%2
Bank of America Securities, Inc., dated 06/30/22, due 07/01/22, 1.550% total to be received $1,518,458 (collateralized by various U.S. Government Agency Obligations, 1.000% - 8.500%, 01/20/24 - 06/20/52, totaling $1,548,761)		$1,518,393		1,518,393

	Principal Amount		Value
Citigroup Global Markets, Inc., dated 06/30/22, due 07/01/22, 1.500% total to be received $319,328 (collateralized by various U.S. Treasuries, 1.875% - 3.250%, 06/30/24 - 05/15/52, totaling $325,701)		$319,315		$319,315
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.550% total to be received $1,518,458 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 07/31/22 - 07/01/52, totaling $1,548,761)		1,518,393		1,518,393
National Bank Financial, dated 06/30/22, due 07/01/22, 1.590% total to be received $1,518,460 (collateralized by various U.S. Treasuries, 0.000% - 2.750%, 07/01/22 - 09/09/49, totaling $1,548,762)		1,518,393		1,518,393
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.550% total to be received $1,518,458 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.875%, 08/16/22 - 05/20/52, totaling $1,548,761)		1,518,393		1,518,393
Total Joint Repurchase Agreements				6,392,887
Repurchase Agreements - 2.9%
Fixed Income Clearing Corp., dated 6/30/2022 due 7/01/2022, 1.35% total to be received $19,150,718 (collateralized by a U.S. Treasury, 0.375%, 07/15/27, totaling $19,533,050)		19,150,000		19,150,000
Total Short-Term Investments     (Cost $25,542,887)				25,542,887
Total Investments - 100.9%
(Cost $592,827,920)				671,754,913
Other Assets, less Liabilities - (0.9)%				(5,838,023	)
Net Assets - 100.0%				$665,916,890

* Non-income producing security.

¹  Some of these securities, amounting to $38,111,959 or 5.7% 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.

²  Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

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

7

    AMG GW&K Small Cap Core 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 June 30, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†		$646,212,026		—		—		$646,212,026
Short-Term Investments
Joint Repurchase Agreements		—		$6,392,887		—		6,392,887
Repurchase Agreements		—		19,150,000		—		19,150,000
Total Investments in Securities		$646,212,026		$25,542,887		—		$671,754,913

^†  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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

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

8

    AMG GW&K Small Cap Value Fund

    Fund Snapshots (unaudited)

    June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Financials	27.5
Industrials	14.4
Real Estate	10.8
Consumer Discretionary	10.1
Health Care	9.3
Energy	5.3
Information Technology	5.0
Utilities	4.3
Materials	4.2
Consumer Staples	3.2
Communication Services	2.7
Short-Term Investments	4.3
Other Assets Less Liabilities	(1.1)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Independence Realty Trust, Inc.	2.7
Selective Insurance Group, Inc.	2.3
Group 1 Automotive, Inc.	2.2
Walker & Dunlop, Inc.	2.1
Tenet Healthcare Corp.	2.1
First Interstate BancSystem, Inc., Class A	1.9
Central Garden & Pet Co.	1.9
Boot Barn Holdings, Inc.	1.9
CACI International, Inc., Class A	1.8
Atlantic Union Bankshares Corp.	1.8
Top Ten as a Group	20.7

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.

9

    AMG GW&K Small Cap Value Fund

    Schedule of Portfolio Investments (unaudited)

     June 30, 2022

	Shares		Value
Common Stocks - 96.8%
Communication Services - 2.7%
Gray Television, Inc.		284,546		$4,805,982
IMAX Corp. (Canada)*		172,600		2,915,214
Total Communication Services				7,721,196
Consumer Discretionary - 10.1%
Academy Sports & Outdoors, Inc.		74,800		2,658,392
Boot Barn Holdings, Inc.*		76,132		5,246,256
Callaway Golf Co.*		170,734		3,482,974
First Watch Restaurant Group, Inc.*		152,077		2,192,950
Group 1 Automotive, Inc.1		35,779		6,075,274
LCI Industries		23,375		2,615,195
Leslie’s, Inc.*		176,800		2,683,824
Noodles & Co.*		389,069		1,828,624
Signet Jewelers, Ltd.		29,475		1,575,734
Total Consumer Discretionary				28,359,223
Consumer Staples - 3.2%
BJ’s Wholesale Club Holdings, Inc.*		58,542		3,648,337
Central Garden & Pet Co.*		127,400		5,404,308
Total Consumer Staples				9,052,645
Energy - 5.3%
Earthstone Energy, Inc.*,1		215,698		2,944,278
Magnolia Oil & Gas Corp., Class A1		130,690		2,743,183
Matador Resources Co.1		74,436		3,467,973
ProPetro Holding Corp.*		293,269		2,932,690
Solaris Oilfield Infrastructure, Inc., Class A		241,715		2,629,859
Total Energy				14,717,983
Financials - 27.5%
Ameris Bancorp		122,201		4,910,036
Atlantic Union Bankshares Corp.		146,149		4,957,374
Cathay General Bancorp		94,247		3,689,770
City Holding Co.1		41,859		3,343,697
Community Bank System, Inc.		68,230		4,317,594
Enterprise Financial Services Corp.		81,120		3,366,480
Federal Agricultural Mortgage Corp., Class C		38,535		3,762,943
First Financial Bancorp1		153,074		2,969,636
First Interstate BancSystem, Inc., Class A		143,720		5,477,169
International Bancshares Corp.		94,063		3,770,045
James River Group Holdings, Ltd. (Bermuda)		62,677		1,553,136
OceanFirst Financial Corp.		228,858		4,378,054
Pacific Premier Bancorp, Inc.		154,409		4,514,919
Piper Sandler Cos.		38,372		4,349,850
PJT Partners, Inc., Class A		40,911		2,875,225

	Shares		Value
Selective Insurance Group, Inc.		73,260		$6,369,224
Stifel Financial Corp.		69,610		3,899,552
Walker & Dunlop, Inc.		61,115		5,887,819
WesBanco, Inc.		77,353		2,452,864
Total Financials				76,845,387
Health Care - 9.3%
Arcutis Biotherapeutics, Inc.*		191,182		4,074,089
Covetrus, Inc.*		184,484		3,828,043
Integer Holdings Corp.*		57,944		4,094,323
Ligand Pharmaceuticals, Inc.*		30,850		2,752,437
SeaSpine Holdings Corp.*		326,052		1,842,194
Supernus Pharmaceuticals, Inc.*		129,521		3,745,747
Tenet Healthcare Corp.*		110,693		5,818,024
Total Health Care				26,154,857
Industrials - 14.4%
Atkore, Inc.*		33,771		2,803,331
CACI International, Inc., Class A*		18,200		5,128,396
CBIZ, Inc.*		111,759		4,465,890
Columbus McKinnon Corp.		114,972		3,261,756
Comfort Systems USA, Inc.		34,488		2,867,677
Herc Holdings, Inc.		22,000		1,983,300
Hillenbrand, Inc.		75,591		3,096,207
ICF International, Inc.		50,823		4,828,185
Primoris Services Corp.		138,470		3,013,107
RBC Bearings, Inc.*		16,520		3,055,374
Terex Corp.		95,830		2,622,867
UFP Industries, Inc.		46,577		3,173,757
Total Industrials				40,299,847
Information Technology - 5.0%
American Software, Inc., Class A		240,628		3,888,548
Power Integrations, Inc.		52,150		3,911,772
Silicon Laboratories, Inc.*		20,452		2,867,779
Viavi Solutions, Inc.*		247,925		3,280,048
Total Information Technology				13,948,147
Materials - 4.2%
Minerals Technologies, Inc.		48,551		2,978,118
Orion Engineered Carbons, S.A. (Luxembourg)		234,496		3,641,723
Schnitzer Steel Industries, Inc., Class A		76,010		2,496,169
Worthington Industries, Inc.		61,053		2,692,437
Total Materials				11,808,447
Real Estate - 10.8%
Agree Realty Corp., REIT		55,550		4,006,821
Four Corners Property Trust, Inc., REIT		170,003		4,520,380

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

10

    AMG GW&K Small Cap Value Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Real Estate - 10.8% (continued)
Getty Realty Corp., REIT		140,277		$3,717,341
Independence Realty Trust, Inc., REIT		363,877		7,543,170
Lexington Realty Trust, REIT		196,434		2,109,701
STAG Industrial, Inc., REIT		106,570		3,290,882
Summit Hotel Properties, Inc., REIT *		253,375		1,842,036
Xenia Hotels & Resorts, Inc., REIT *		212,866		3,092,943
Total Real Estate				30,123,274
Utilities - 4.3%
IDACORP, Inc.		42,071		4,456,161
NorthWestern Corp.1		59,683		3,517,119
Southwest Gas Holdings, Inc.		45,779		3,986,435
Total Utilities				11,959,715
Total Common Stocks (Cost $260,072,564)				270,990,721
	Principal Amount
Short-Term Investments - 4.3%
Joint Repurchase Agreements - 1.2%2
Citigroup Global Markets, Inc., dated 06/30/22, due 07/01/22, 1.500% total to be received $262,923 (collateralized by U.S. Treasuries, 1.875% - 3.250%, 06/30/24 - 05/15/52, totaling $268,170)		$262,912		262,912
MUFG Securities America, Inc., dated 06/30/22, due 07/01/22, 1.550% total to be received $1,000,043 (collateralized by various U.S. Government Agency Obligations, 3.000% - 5.000%, 11/01/26 - 07/01/52, totaling $1,020,000)		1,000,000		1,000,000

	Principal Amount		Value
National Bank Financial, dated 06/30/22, due 07/01/22, 1.590% total to be received $1,000,044 (collateralized by U.S. Treasuries, 0.000% - 2.750%, 07/01/22 - 09/09/49, totaling $1,020,001)		$1,000,000		$1,000,000
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.550% total to be received $1,000,043 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.875%, 08/16/22 - 05/20/52, totaling $1,020,000)		1,000,000		1,000,000
Total Joint Repurchase Agreements				3,262,912
Repurchase Agreements - 3.1%
Fixed Income Clearing Corp., dated 06/30/2022 due 07/01/2022, 1.35% total to be received $8,750,328 (collateralized by a U.S. Treasury, 0.375%, 07/15/27, totaling $8,925,053)		8,750,000		8,750,000
Total Short-Term Investments (Cost $12,012,912)				12,012,912
Total Investments - 101.1% (Cost $272,085,476)				283,003,633
Other Assets, less Liabilities - (1.1)%				(3,170,689	)
Net Assets - 100.0%				$279,832,944

* Non-income producing security.

¹  Some of these securities, amounting to $14,963,170 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.

²  Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

REIT  Real Estate Investment Trust

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

11

    AMG GW&K Small Cap Value Fund

    Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†		$270,990,721		—		—		$270,990,721
Short-Term Investments
Joint Repurchase Agreements		—		$3,262,912		—		3,262,912
Repurchase Agreements		—		8,750,000		—		8,750,000
Total Investments in Securities		$270,990,721		$12,012,912		—		$283,003,633

^†  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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

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

12

AMG GW&K Small/Mid Cap Fund

Fund Snapshots (unaudited)

June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Health Care	16.7
Industrials	16.2
Information Technology	14.1
Consumer Discretionary	13.1
Financials	11.4
Real Estate	6.7
Materials	5.8
Energy	4.5
Consumer Staples	4.5
Utilities	2.3
Short-Term Investments	2.6
Other Assets Less Liabilities	2.1

TOP TEN HOLDINGS

Security Name	% of Net Assets
Diamondback Energy, Inc.	2.6
BJ’s Wholesale Club Holdings, Inc.	2.2
Manhattan Associates, Inc.	1.8
RBC Bearings, Inc.	1.8
Catalent, Inc.	1.8
Western Alliance Bancorp.	1.7
Voya Financial, Inc.	1.7
Horizon Therapeutics PLC	1.7
Sun Communities, Inc.	1.7
Jazz Pharmaceuticals PLC (Ireland)	1.6
Top Ten as a Group	18.6

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.

13

AMG GW&K Small/Mid Cap Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2022

	Shares		Value
Common Stocks - 95.3%
Consumer Discretionary - 13.1%
Bright Horizons Family Solutions, Inc.*		44,059		$3,723,867
Burlington Stores, Inc.*		36,229		4,935,477
Carter’s, Inc.1		47,497		3,347,589
Cavco Industries, Inc.*		32,380		6,346,156
Dorman Products, Inc.*		70,689		7,755,290
Five Below, Inc.*		49,921		5,662,539
Gentherm, Inc.*		80,264		5,009,276
Grand Canyon Education, Inc.*		38,395		3,616,425
Krispy Kreme Inc.		173,615		2,361,164
Lithia Motors, Inc., Class A		31,858		8,754,897
Nordstrom, Inc.		145,484		3,074,077
Polaris, Inc.1		73,271		7,274,345
Texas Roadhouse, Inc.		95,161		6,965,785
Vail Resorts, Inc.		15,328		3,342,270
Total Consumer Discretionary				72,169,157
Consumer Staples - 4.5%
BJ’s Wholesale Club Holdings, Inc.*		198,311		12,358,741
Lancaster Colony Corp.		41,491		5,343,211
Performance Food Group Co.*		152,357		7,005,375
Total Consumer Staples				24,707,327
Energy - 4.5%
ChampionX Corp.		118,916		2,360,483
Diamondback Energy, Inc.		120,629		14,614,203
Magnolia Oil & Gas Corp., Class A		247,121		5,187,070
ProPetro Holding Corp.*		266,483		2,664,830
Total Energy				24,826,586
Financials - 11.4%
Artisan Partners Asset Management, Inc., Class A		63,669		2,264,706
Atlantic Union Bankshares Corp.		176,711		5,994,037
Glacier Bancorp, Inc.		94,710		4,491,148
Kinsale Capital Group, Inc.		37,192		8,540,771
Pinnacle Financial Partners, Inc.		118,551		8,572,423
Piper Sandler Cos.		56,211		6,372,079
Signature Bank		44,780		8,025,024
Voya Financial, Inc.1		156,822		9,335,613
Western Alliance Bancorp.		134,298		9,481,439
Total Financials				63,077,240
Health Care - 16.7%
Acadia Healthcare Co., Inc.*		111,072		7,511,799
Azenta, Inc.		54,766		3,948,629
Bio-Rad Laboratories, Inc., Class A*		10,992		5,441,040

	Shares		Value
Catalent, Inc.*		90,411		$9,700,196
Globus Medical, Inc., Class A*		86,771		4,871,324
Hologic, Inc.*		72,208		5,004,014
Horizon Therapeutics PLC*		116,816		9,317,244
Integer Holdings Corp.*		74,234		5,245,375
Jazz Pharmaceuticals PLC (Ireland)*		57,442		8,961,527
Molina Healthcare, Inc.*		23,152		6,473,531
Neurocrine Biosciences, Inc.*		89,734		8,747,270
STERIS PLC		30,333		6,253,148
Syneos Health, Inc.*		103,884		7,446,405
Vericel Corp.*,1		122,462		3,083,593
Total Health Care				92,005,095
Industrials - 16.2%
Booz Allen Hamilton Holding Corp.		88,383		7,986,288
Columbus McKinnon Corp.		137,603		3,903,797
Comfort Systems USA, Inc.		78,793		6,551,638
Exponent, Inc.		62,331		5,701,417
Federal Signal Corp.		171,496		6,105,258
Gates Industrial Corp. PLC*		651,767		7,045,601
Gibraltar Industries, Inc.*		98,030		3,798,662
Hexcel Corp.		106,345		5,562,907
Ingersoll Rand, Inc.		168,157		7,076,046
Nordson Corp.		42,283		8,559,770
RBC Bearings, Inc.*		52,882		9,780,526
Ritchie Bros. Auctioneers, Inc. (Canada)		103,814		6,754,139
Schneider National, Inc., Class B		157,149		3,516,995
The Toro Co.		93,416		7,079,999
Total Industrials				89,423,043
Information Technology - 14.1%
Cerence, Inc.*,1		92,690		2,338,569
Cognex Corp.		113,339		4,819,174
Entegris, Inc.		89,874		8,280,092
Gartner, Inc.*		31,339		7,578,710
Globant SA (Uruguay)*		31,595		5,497,530
HubSpot, Inc.*		14,185		4,264,720
Manhattan Associates, Inc.*		87,280		10,002,288
Paylocity Holding Corp.*		40,841		7,123,487
Power Integrations, Inc.		88,682		6,652,037
Rapid7, Inc.*		103,956		6,944,261
Silicon Laboratories, Inc.*		48,027		6,734,346
Zebra Technologies Corp., Class A*		24,478		7,195,308
Total Information Technology				77,430,522

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

14

AMG GW&K Small/Mid Cap Fund

Schedule of Portfolio Investments (continued)

	Shares		Value
Materials - 5.8%
AptarGroup, Inc.		51,988		$5,365,682
Eagle Materials, Inc.		61,173		6,725,360
Element Solutions, Inc.		488,908		8,702,562
Quaker Chemical Corp.1		34,024		5,087,268
RPM International, Inc.		79,406		6,250,840
Total Materials				32,131,712
Real Estate - 6.7%
Agree Realty Corp., REIT		61,525		4,437,798
Easterly Government Properties, Inc., REIT		301,042		5,731,840
Hudson Pacific Properties, Inc., REIT		250,788		3,721,694
Physicians Realty Trust, REIT		322,082		5,620,331
PS Business Parks, Inc., Class A, REIT		25,235		4,722,730
Summit Hotel Properties, Inc., REIT *		447,118		3,250,548
Sun Communities, Inc., REIT		57,484		9,160,650
Total Real Estate				36,645,591
Utilities - 2.3%
IDACORP, Inc.		67,838		7,185,401
Portland General Electric Co.		114,099		5,514,405
Total Utilities				12,699,806
Total Common Stocks (Cost $521,875,404)				525,116,079

	Principal Amount		Value
Short-Term Investments - 2.6%
Joint Repurchase Agreements - 0.0%#,2
HSBC Securities USA, Inc., dated 06/30/22, due 07/01/22, 1.480% total to be received $1,990 (collateralized by various U.S. Treasuries, 0.000% - 6.500%, 11/15/23 - 08/15/51, totaling $2,030)		$1,990		$1,990
Repurchase Agreements - 2.6%
Fixed Income Clearing Corp., dated 06/30/2022 due 07/01/2022, 1.35% total to be received $14,350,538 (collateralized by a U.S. Treasury, 2.25%, 08/15/46, totaling $14,637,002)		14,350,000		14,350,000
Total Short-Term Investments
(Cost $14,351,990)				14,351,990
Total Investments - 97.9%
(Cost $536,227,394)				539,468,069
Other Assets, less Liabilities - 2.1%				11,511,315
Net Assets - 100.0%				$550,979,384

* Non-income producing security.

# Less than 0.05%.

¹  Some of these securities, amounting to $23,840,157 or 4.3% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

²  Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

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 June 30, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†		$525,116,079		—		—		$525,116,079
Short-Term Investments
Joint Repurchase Agreements		—		$1,990		—		1,990
Repurchase Agreements		—		14,350,000		—		14,350,000
Total Investments in Securities		$525,116,079		$14,351,990		—		$539,468,069

^†  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 six months ended June 30, 2022, 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 Global Allocation Fund

Fund Snapshots (unaudited)

June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Consumer Discretionary	17.7
Information Technology	16.2
U.S. Government and Agency Obligations	15.7
Industrials	13.0
Health Care	11.4
Financials	11.1
Foreign Government Obligations	9.6
Communication Services	5.2
Energy	4.3
Utilities	3.0
Real Estate	2.8
Municipal Bonds	1.3
Short-Term Investments	7.0
Other Assets, Less Liabilities	(18.3)

TOP TEN HOLDINGS

Security Name	% of Net Assets
UnitedHealth Group, Inc.	4.3
Alphabet, Inc., Class A	3.0
AIA Group, Ltd. (Hong Kong)	2.9
STERIS PLC	2.9
Alibaba Group Holding, Ltd. (China)	2.8
American Tower Corp.	2.7
Yum China Holdings, Inc. (China)	2.6
NextEra Energy, Inc.	2.6
The Charles Schwab Corp.	2.6
Microsoft Corp.	2.5
Top Ten as a Group	28.9

Rating	% of Market Value1
U.S. Government and Agency Obligations	42.5
Aaa/AAA	13.4
Aa/AA	17.0
A	2.8
Baa/BBB	15.8
Ba/BB	8.5

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.

16

AMG GW&K Global Allocation Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2022

	Shares		Value
Common Stocks - 74.5%
Communication Services - 5.2%
Alphabet, Inc., Class A*		708		$1,542,916
Tencent Holdings, Ltd. (China)		24,800		1,122,576
Total Communication Services				2,665,492
Consumer Discretionary - 17.7%
Alibaba Group Holding, Ltd. (China)*		102,500		1,462,203
Amazon.com, Inc.*		9,610		1,020,678
Huazhu Group, Ltd., ADR (China)		31,190		1,188,339
JD.com, Inc., Class A (China)		1,280		41,245
LVMH Moet Hennessy Louis Vuitton SE (France)		1,421		870,900
MakeMyTrip, Ltd. (India)*		44,931		1,153,828
Moncler SpA (Italy)1		19,450		838,023
Trip.com Group, Ltd. (China)*		42,600		1,178,761
Yum China Holdings, Inc. (China)		27,700		1,358,996
Total Consumer Discretionary				9,112,973
Energy - 4.3%
Canadian Natural Resources, Ltd. (Canada)		18,700		1,004,878
Hess Corp.		11,290		1,196,063
Total Energy				2,200,941
Financials - 8.7%
AIA Group, Ltd. (Hong Kong)		135,100		1,476,179
The Charles Schwab Corp.		20,900		1,320,462
Goosehead Insurance, Inc., Class A1		12,125		553,749
HDFC Bank, Ltd., ADR (India)		20,110		1,105,246
Total Financials				4,455,636
Health Care - 11.4%
Avantor, Inc.*		40,670		1,264,837
IDEXX Laboratories, Inc.*		2,577		903,831
STERIS PLC		7,160		1,476,034
UnitedHealth Group, Inc.		4,281		2,198,850
Total Health Care				5,843,552
Industrials - 5.6%
Casella Waste Systems, Inc., Class A*		13,070		949,927
MISUMI Group, Inc. (Japan)		47,800		1,009,511
Union Pacific Corp.		4,420		942,698
Total Industrials				2,902,136
Information Technology - 16.2%
Adyen, N.V. (Netherlands)*,1,2		801		1,155,949
Black Knight, Inc.*		17,710		1,158,057
Halma PLC (United Kingdom)		40,762		1,000,794
Infineon Technologies AG (Germany)		47,530		1,156,192
Mastercard, Inc., Class A		3,720		1,173,586

	Shares		Value
Microsoft Corp.		4,990		$1,281,582
PayPal Holdings, Inc.*		7,035		491,324
Taiwan Semiconductor Manufacturing Co., Ltd. ADR (Taiwan)		11,010		900,068
Total Information Technology				8,317,552
Real Estate - 2.8%
American Tower Corp., REIT		5,535		1,414,691
Utilities - 2.6%
NextEra Energy, Inc.		17,120		1,326,115
Total Common Stocks
(Cost $34,183,852)				38,239,088
	Principal Amount
Corporate Bonds and Notes - 10.2%
Financials - 2.4%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) 1.650%, 10/29/24		$280,000		258,533
Aircastle, Ltd. (Bermuda) 5.250%, 08/11/252		96,000		92,687
Bank of America Corp. MTN, (4.330% to 03/15/49 then 3 month LIBOR + 1.520%), 4.330%, 03/15/503,4		60,000		53,883
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		115,000		95,450
First-Citizens Bank & Trust Co. 6.125%, 03/09/281		93,000		96,903
Landwirtschaftliche Rentenbank, EMTN (Germany) 1.750%, 01/14/271		220,000		206,818
MetLife, Inc. Series G, (3.850% to 09/15/25 then U.S. Treasury Yield Curve CMT 5 year + 3.576%), 3.850%, 09/15/253,4,5		198,000		176,310
SBA Communications Corp. 3.875%, 02/15/27		67,000		61,157
Sprint Capital Corp. 6.875%, 11/15/28		75,000		78,864
Truist Financial Corp. Series N, (4.800% to 09/01/24 then U.S. Treasury Yield Curve CMT 5 year + 3.003%), 4.800%, 09/01/241,3,4,5		151,000		135,130
Total Financials				1,255,735
Industrials - 7.4%
AECOM 5.125%, 03/15/27		66,000		62,370
Alcoa Nederland Holding, B.V. (Netherlands) 4.125%, 03/31/292		200,000		178,828

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

17

AMG GW&K Global Allocation Fund

Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Industrials - 7.4% (continued)
Anheuser-Busch InBev Worldwide, Inc. 4.375%, 04/15/38		$117,000		$107,305
ArcelorMittal, S.A. (Luxembourg) 4.250%, 07/16/291		94,000		89,238
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC 3.250%, 09/01/281,2		200,000		170,714
AT&T, Inc. 4.300%, 12/15/42		94,000		81,942
Ball Corp. 4.875%, 03/15/26		81,000		79,684
The Boeing Co. 5.805%, 05/01/50		62,000		56,945
Centene Corp. 2.500%, 03/01/31		51,000		40,482
3.375%, 02/15/30		59,000		50,035
CF Industries, Inc. 5.375%, 03/15/44		92,000		85,755
Cisco Systems, Inc. 5.500%, 01/15/40		68,000		74,161
Cogent Communications Group, Inc. 3.500%, 05/01/262		78,000		71,760
Crown Americas LLC/Crown Americas Capital Corp. V 4.250%, 09/30/261		64,000		59,040
CVS Health Corp. 5.125%, 07/20/45		83,000		79,947
Dell, Inc. 7.100%, 04/15/281		85,000		92,440
Delta Air Lines, Inc. 7.375%, 01/15/261		95,000		94,853
Ford Motor Co. 6.625%, 10/01/28		70,000		69,038
HB Fuller Co. 4.250%, 10/15/28		89,000		74,676
HCA, Inc. 3.500%, 09/01/30		79,000		67,206
KB Home 4.000%, 06/15/311		63,000		48,589
Kraft Heinz Foods Co. 4.375%, 06/01/46		106,000		88,341
Lamar Media Corp. 3.750%, 02/15/28		84,000		74,569
MDC Holdings, Inc. 2.500%, 01/15/31		97,000		71,598
MEG Energy Corp. (Canada) 5.875%, 02/01/292		82,000		74,896
Meritor, Inc. 6.250%, 06/01/252		91,000		93,326

	Principal Amount		Value
Microsoft Corp. 2.525%, 06/01/50		$80,000		$58,922
Murphy Oil USA, Inc. 5.625%, 05/01/27		67,000		65,660
Nestle Holdings, Inc. 1.000%, 09/15/271,2		275,000		240,739
Newell Brands, Inc. 4.450%, 04/01/266		74,000		70,486
NuStar Logistics LP 5.750%, 10/01/25		100,000		93,500
Occidental Petroleum Corp. 5.500%, 12/01/25		109,000		107,365
Pernod Ricard International Finance LLC 1.250%, 04/01/282		250,000		210,909
Silgan Holdings, Inc. 4.125%, 02/01/28		69,000		61,874
SK Hynix, Inc. (South Korea) 2.375%, 01/19/312		200,000		157,518
Smith & Nephew PLC (United Kingdom) 2.032%, 10/14/30		172,000		136,858
Teva Pharmaceutical Finance Netherlands III, B.V. (Netherlands) 3.150%, 10/01/261		84,000		68,880
Travel + Leisure Co. 5.650%, 04/01/246		71,000		69,758
United Rentals North America, Inc. 3.875%, 02/15/311		71,000		59,895
Verizon Communications, Inc. 3.875%, 02/08/29		74,000		71,594
Walmart, Inc. 4.050%, 06/29/48		60,000		58,644
Western Digital Corp. 4.750%, 02/15/26		73,000		69,650
Yum! Brands, Inc. 3.625%, 03/15/31		73,000		61,320
Total Industrials				3,801,310
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		151,000		134,185
Northern States Power Co. 2.900%, 03/01/50		73,000		54,871
Total Utilities				189,056
Total Corporate Bonds and Notes
(Cost $6,085,882)				5,246,101
Municipal Bonds - 1.3%
California State General Obligation, School Improvements 7.550%, 04/01/39		110,000		149,213

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

18

AMG GW&K Global Allocation Fund

Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Municipal Bonds - 1.3% (continued)
JobsOhio Beverage System Series B, 4.532%, 01/01/35		$195,000		$200,165
Los Angeles Unified School District, School Improvements 5.750%, 07/01/34		140,000		155,531
New Jersey Transportation Trust Fund Authority Series C, 5.754%, 12/15/28		175,000		183,315
Total Municipal Bonds
(Cost $789,984)				688,224
U.S. Government and Agency Obligations - 15.7%
Fannie Mae - 5.0%
FNMA 2.000%, 05/01/36		63,242		59,293
3.000%, 01/01/38		110,508		106,511
3.500%, 01/01/48		124,438		121,678
4.000%, 11/01/44 to 11/01/50		914,997		916,856
4.500%, 02/01/49 to 09/01/49		705,897		718,503
5.000%, 08/01/49 to 08/01/50		599,739		622,912
5.500%, 02/01/37		5,403		5,713
Total Fannie Mae				2,551,466
Freddie Mac - 1.1%
FHLMC Gold Pool 3.500%, 05/01/44		597,834		588,041
U.S. Treasury Obligations - 9.6%
U.S. Treasury Bonds 1.875%, 02/15/51		684,000		513,080
2.250%, 05/15/41		318,000		265,356
3.000%, 11/15/44		235,000		217,770
3.125%, 05/15/48		463,000		448,079
3.500%, 02/15/39		574,000		599,628
5.000%, 05/15/37		687,000		849,331
U.S. Treasury Notes 1.500%, 02/15/30		573,000		514,670
1.875%, 02/15/32		1,041,000		943,081
2.250%, 02/15/27		574,000		553,439
Total U.S. Treasury Obligations				4,904,434
Total U.S. Government and Agency Obligations
(Cost $9,135,613)				8,043,941
Foreign Government Obligations - 9.6%
African Development Bank (Côte d’Ivoire) Series GDIF 0.875%, 03/23/26		375,000		345,008
Agence Francaise de Developpement EPIC (France) 0.625%, 01/22/26		200,000		182,489
Asian Development Bank (Philippines) 1.750%, 09/19/29		225,000		203,693
BNG Bank, N.V. (Netherlands) 0.875%, 05/18/262		200,000		182,912

	Principal Amount		Value
China Government Bond (China) Series INBK 2.880%, 11/05/237		$6,210,000		$936,688
European Investment Bank (Luxembourg) 0.625%, 10/21/27		192,000		168,353
Finland Government International Bond (Finland) 0.875%, 05/20/302		200,000		167,338
Inter-American Development Bank 4.375%, 01/24/44		310,000		342,009
International Bank for Reconstruction & Development Series GDIF 3.125%, 11/20/25		360,000		360,037
International Finance Corp. 2.125%, 04/07/26		220,000		211,798
Japan Finance Organization for Municipalities (Japan) 1.000%, 05/21/252		300,000		280,598
Kingdom of Belgium Government International Bond (Belgium) 1.000%, 05/28/30		200,000		168,229
Kommunalbanken A.S. (Norway) 1.125%, 10/26/262		200,000		183,123
The Korea Development Bank (South Korea) 0.500%, 10/27/23		299,000		288,287
1.375%, 04/25/27		200,000		180,224
Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden, N.V. (Netherlands) 0.875%, 06/15/26		300,000		273,353
Philippine Government International Bond (Philippines) 1.648%, 06/10/311		200,000		160,184
Province of Ontario Canada (Canada) 1.050%, 05/21/271		181,000		162,133
Province of Quebec Canada (Canada) 1.350%, 05/28/30		163,000		138,330
Total Foreign Government Obligations
(Cost $5,390,267)				4,934,786
Short-Term Investments - 7.0%
Joint Repurchase Agreements - 4.4%8
Citigroup Global Markets, Inc., dated 06/30/22, due 07/01/22, 1.500% total to be received $235,304 (collateralized by various U.S. Treasuries, 1.875% - 3.250%, 06/30/24 - 05/15/52, totaling $240,000)		235,294		235,294
National Bank Financial, dated 06/30/22, due 07/01/22, 1.590% total to be received $1,000,044 (collateralized by various U.S. Treasuries, 0.000% - 2.750%, 07/01/22 - 09/09/49, totaling $1,020,001)		1,000,000		1,000,000

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

19

AMG GW&K Global Allocation Fund

Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Joint Repurchase Agreements - 4.4%8 (continued)
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.550% total to be received $1,000,043 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.875%, 08/16/22 - 05/20/52, totaling $1,020,000)		$1,000,000		$1,000,000
Total Joint Repurchase Agreements				2,235,294
Repurchase Agreements - 2.6%
Fixed Income Clearing Corp., dated 06/30/2022 due 07/01/2022, 1.35% total to be received $1,350,051 (collateralized by a U.S. Treasury, 0.375%, 07/15/27, totaling $1,377,050)		1,350,000		1,350,000
Total Short-Term Investments
(Cost $3,585,294)				3,585,294

	Value
Total Investments - 118.3%
(Cost $59,170,892)	$	60,737,434
Other Assets, less Liabilities - (18.3)%		(9,382,999	)
Net Assets - 100.0%	$	51,354,435

* Non-income producing security.

¹  Some of these securities, amounting to $2,728,331 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.

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 June 30, 2022, the value of these securities amounted to $3,261,297 or 6.4% of net assets.

³  Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2022. Rate will reset at a future date.

⁴  Variable rate security. The rate shown is based on the latest available information as of June 30, 2022. 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 Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

⁷ Principal amount stated in Chinese Yuan (CNY).

⁸ 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	Établissement Public à caractère 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.

20

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 June 30, 2022:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Consumer Discretionary		$3,362,845		$5,750,128		—		$9,112,973
Information Technology		5,004,617		3,312,935		—		8,317,552
Health Care		5,843,552		—		—		5,843,552
Financials		2,979,457		1,476,179		—		4,455,636
Industrials		1,892,625		1,009,511		—		2,902,136
Communication Services		1,542,916		1,122,576		—		2,665,492
Energy		2,200,941		—		—		2,200,941
Real Estate		1,414,691		—		—		1,414,691
Utilities		1,326,115		—		—		1,326,115
Corporate Bonds and Notes†		—		5,246,101		—		5,246,101
Municipal Bonds†		—		688,224		—		688,224
U.S. Government and Agency Obligations†		—		8,043,941		—		8,043,941
Foreign Government Obligations†		—		4,934,786		—		4,934,786
Short-Term Investments
Joint Repurchase Agreements		—		2,235,294		—		2,235,294
Repurchase Agreements		—		1,350,000		—		1,350,000
Total Investments in Securities		$25,567,759		$35,169,675		—		$60,737,434

^†  All corporate bonds and notes, municipal bonds, U.S. government and agency obligations, and foreign government obligations held in the Fund are Level 2 securities. For a detailed breakout of corporate bonds and notes, municipal bonds, U.S. government and agency obligations and foreign government 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 six months ended June 30, 2022, 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

Schedule of Portfolio Investments (continued)

The country allocation in the Schedule of Portfolio Investments at June 30, 2022, was as follows:

Country	% of Long-Term   Investments
Belgium	0.3
Bermuda	0.2
Canada	2.4
China	12.8
Côte d’Ivoire	0.6
Finland	0.3
France	1.8
Germany	2.4
Hong Kong	2.6
India	3.9
Ireland	0.4
Italy	1.5
Japan	2.3
Luxembourg	0.4
Netherlands	3.3
Norway	0.3
Philippines	0.6
South Korea	1.1
Taiwan	1.6
United Kingdom	2.0
United States	59.2
	100.0

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

22

Statement of Assets and Liabilities (unaudited)

June 30, 2022

	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 $38,111,959, $14,963,170, $23,840,157, and $2,728,331, respectively)		$671,754,913		$283,003,633		$539,468,069		$60,737,434
Cash		982,835		441,893		756,327		32,485
Foreign currency2		—		—		—		652,637
Receivable for investments sold		—		974,068		13,573,094		1,137,190
Dividend and interest receivables		383,175		309,550		213,973		221,125
Securities lending income receivable		6,206		2,745		3,202		870
Receivable for Fund shares sold		168,993		25,312		7,425,495		2,783
Receivable from affiliate		—		8,324		1,917		8,842
Prepaid expenses and other assets		37,945		26,533		34,221		24,540
Total assets		673,334,067		284,792,058		561,476,298		62,817,906
Liabilities:
Payable upon return of securities loaned		6,392,887		3,262,912		1,990		2,235,294
Payable for investments purchased		221,822		1,272,737		9,901,396		—
Payable for Fund shares repurchased		239,011		127,936		174,051		9,124,647
Accrued expenses:
Investment advisory and management fees		392,439		170,724		282,797		38,534
Administrative fees		83,978		36,584		68,419		9,634
Distribution fees		1,752		—		11,211		5,557
Shareholder service fees		19,089		39,689		10,658		4,019
Other		66,199		48,532		46,392		45,786
Total liabilities		7,417,177		4,959,114		10,496,914		11,463,471
Net Assets		$665,916,890		$279,832,944		$550,979,384		$51,354,435
1 Investments at cost		$592,827,920		$272,085,476		$536,227,394		$59,170,892
2 Foreign currency at cost		—		—		—		$656,065

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

23

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		$584,615,025		$260,630,881		$528,727,705		$40,181,394
Total distributable earnings		81,301,865		19,202,063		22,251,679		11,173,041
Net Assets		$665,916,890		$279,832,944		$550,979,384		$51,354,435
Class N:
Net Assets		$8,278,393		$165,025,042		$52,533,727		$26,851,078
Shares outstanding		316,060		6,531,181		3,499,603		1,731,720
Net asset value, offering and redemption price per share		$26.19		$25.27		$15.01		$15.51
Class I:
Net Assets		$426,827,333		$86,953,142		$255,580,933		$22,345,983
Shares outstanding		15,840,019		3,441,668		16,948,578		1,422,971
Net asset value, offering and redemption price per share		$26.95		$25.26		$15.08		$15.70
Class Z:
Net Assets		$230,811,164		$27,854,760		$242,864,724		$2,157,374
Shares outstanding		8,556,816		1,106,272		16,075,065		137,186
Net asset value, offering and redemption price per share		$26.97		$25.18		$15.11		$15.73

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

24

Statement of Operations (unaudited)

For the six months ended June 30, 2022

	AMG			AMG			AMG			AMG
	GW&K Small Cap			GW&K Small Cap			GW&K Small/Mid			GW&K Global
	Core Fund			Value Fund			Cap Fund			Allocation Fund
Investment Income:
Dividend income		$2,969,905			$2,750,071			$3,386,024			$378,724
Interest income		21,424			4,807			15,912			323,335
Securities lending income		25,037			11,677			17,288			4,301
Foreign withholding tax		(11,948	)		(2,273	)		(11,641	)		(27,897	)
Total investment income		3,004,418			2,764,282			3,407,583			678,463
Expenses:
Investment advisory and management fees		2,431,492			1,137,256			1,757,186			297,926
Administrative fees		521,034			243,698			425,126			74,481
Distribution fees - Class N		11,814			—			75,446			39,752
Shareholder servicing fees - Class N		7,088			241,541			—			—
Shareholder servicing fees - Class I		118,594			25,564			67,420			32,486
Professional fees		31,913			25,342			29,733			22,834
Registration fees		31,079			26,366			24,811			23,970
Custodian fees		30,516			20,275			23,637			17,392
Trustee fees and expenses		23,542			11,333			18,673			3,762
Transfer agent fees		11,897			13,950			12,462			4,424
Reports to shareholders		11,037			13,806			10,797			5,103
Interest expense		804			96			—			4,380
Miscellaneous		11,689			6,289			8,660			3,670
Repayment of prior reimbursements		22,005			—			14,991			—
Total expenses before offsets		3,264,504			1,765,516			2,468,942			530,180
Expense reimbursements		—			(36,128	)		(2,056	)		(51,361	)
Expense reductions		(29,092	)		(17,296	)		(8,222	)		—
Net expenses		3,235,412			1,712,092			2,458,664			478,819
Net investment income (loss)		(230,994	)		1,052,190			948,919			199,644
Net Realized and Unrealized Loss:
Net realized gain on investments		6,199,136			5,680,537			12,089,474			5,456,304
Net realized loss on foreign currency transactions		—			—			—			(57,184	)
Net change in unrealized appreciation/depreciation on investments		(170,771,378	)		(71,262,698	)		(149,077,279	)		(30,694,412	)
Net change in unrealized appreciation/depreciation on foreign currency translations		—			—			—			(6,812	)
Net realized and unrealized loss		(164,572,242	)		(65,582,161	)		(136,987,805	)		(25,302,104	)
Net decrease in net assets resulting from operations		$(164,803,236	)		$(64,529,971	)		$(136,038,886	)		$(25,102,460	)

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

25

Statements of Changes in Net Assets

For the six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021

	AMG GW&K Small Cap Core Fund						AMG GW&K Small Cap Value Fund
	June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)		$(230,994	)		$(629,013	)		$1,052,190			$1,232,848
Net realized gain on investments		6,199,136			49,419,834			5,680,537			38,956,174
Net change in unrealized appreciation/depreciation on investments		(170,771,378	)		79,668,547			(71,262,698	)		60,248,817
Net increase (decrease) in net assets resulting from operations		(164,803,236	)		128,459,368			(64,529,971	)		100,437,839
Distributions to Shareholders:
Class N		—			(949,945	)		—			(28,587,718	)
Class I		—			(46,514,091	)		—			(12,015,888	)
Class Z		—			(15,991,224	)		—			(1,267,238	)
Total distributions to shareholders		—			(63,455,260	)		—			(41,870,844	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		73,265,118			87,562,396			(27,769,670	)		(23,573,512	)
Total increase (decrease) in net assets		(91,538,118	)		152,566,504			(92,299,641	)		34,993,483
Net Assets:
Beginning of period		757,455,008			604,888,504			372,132,585			337,139,102
End of period		$665,916,890			$757,455,008			$279,832,944			$372,132,585

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

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

26

Statements of Changes in Net Assets (continued)

For the six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021

	AMG GW&K Small/Mid Cap Fund						AMG GW&K Global Allocation Fund
	June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)		$948,919			$(577,795)			$199,644			$(157,875	)
Net realized gain on investments		12,089,474			32,735,934			5,399,120			8,621,655
Net change in unrealized appreciation/depreciation on investments		(149,077,279	)		63,516,205			(30,701,224	)		(4,403,764	)
Net increase (decrease) in net assets resulting from operations		(136,038,886	)		95,674,344			(25,102,460	)		4,060,016
Distributions to Shareholders:
Class N		—			(3,691,812	)		—			(999,921	)
Class I		—			(14,552,343	)		—			(2,220,592	)
Class Z		—			(10,207,781	)		—			(78,887	)
Total distributions to shareholders		—			(28,451,936	)		—			(3,299,400	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		123,706,925			225,319,643			(50,114,923	)		(27,205,033	)
Total increase (decrease) in net assets		(12,331,961	)		292,542,051			(75,217,383	)		(26,444,417	)
Net Assets:
Beginning of period		563,311,345			270,769,294			126,571,818			153,016,235
End of period		$550,979,384			$563,311,345			$51,354,435			$126,571,818

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

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

27

AMG GW&K Small Cap Core Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended		For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)		2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$33.13		$29.97			$26.09			$21.03			$28.04			$24.57
Income (loss) from Investment Operations:
Net investment loss1,2		(0.06)		(0.15	)		(0.03	)		(0.04	)		(0.04	)		(0.06	)3
Net realized and unrealized gain (loss) on investments		(6.88)		6.34			4.64			6.47			(3.95	)		5.06
Total income (loss) from investment operations		(6.94)		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 Period		$26.19		$33.13			$29.97			$26.09			$21.03			$28.04
Total Return2,4		(20.95)%5		21.01	%		17.73	%		30.66	%		(14.08	)%		20.32	%
Ratio of net expenses to average net assets6		1.30%7,8		1.30	%8		1.29	%		1.29	%		1.28	%		1.32	%
Ratio of gross expenses to average net assets9		1.30%7,8		1.30	%8		1.30	%		1.31	%		1.28	%		1.33	%
Ratio of net investment loss to average net assets2		(0.43)%7		(0.45	)%		(0.14	)%		(0.15	)%		(0.13	)%		(0.21	)%
Portfolio turnover		11%5		33	%		37	%		20	%		25	%		23	%
Net assets end of period (000’s) omitted		$8,278		$11,278			$8,667			$10,239			$12,655			$24,989

28

AMG GW&K Small Cap Core Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			201710
Net Asset Value, Beginning of Period		$34.02			$30.61			$26.57			$21.37			$28.42			$24.84
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.01	)		(0.03	)		0.05			0.05			0.06			0.07	3
Net realized and unrealized gain (loss) on investments		(7.06	)		6.47			4.76			6.58			(4.03	)		5.10
Total income (loss) from investment operations		(7.07	)		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 Period		$26.95			$34.02			$30.61			$26.57			$21.37			$28.42
Total Return2,4		(20.78	)%5		21.38	%		18.16	%		31.13	%		(13.83	)%		20.79	%
Ratio of net expenses to average net assets6		0.95	%7,8		0.95	%8		0.94	%		0.94	%		0.95	%		0.95	%
Ratio of gross expenses to average net assets9		0.95	%7,8		0.95	%8		0.95	%		0.96	%		0.95	%		0.96	%
Ratio of net investment income (loss) to average net assets2		(0.08	)%7		(0.10	)%		0.21	%		0.20	%		0.20	%		0.24	%
Portfolio turnover		11	%5		33	%		37	%		20	%		25	%		23	%
Net assets end of period (000’s) omitted		$426,827			$546,326			$470,373			$331,703			$311,252			$403,309

29

AMG GW&K Small Cap Core Fund

Financial Highlights

For a share outstanding throughout each fiscal period

																					For the fiscal
	For the six																				period ended
	months ended				For the fiscal years ended December 31,																December 31,
	June 30, 2022
Class Z	(unaudited)				2021				2020				2019				2018				201711
Net Asset Value, Beginning of Period			$34.05				$30.61				$26.57				$21.37				$28.42				$26.13
Income (loss) from Investment Operations:
Net investment income (loss)1,2			(0.00	)12			(0.02	)			0.07				0.06				0.07				0.14	3
Net realized and unrealized gain (loss) on investments			(7.08	)			6.49				4.75				6.59				(4.03	)			3.75
Total income (loss) from investment operations			(7.08	)			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			$26.97				$34.05				$30.61				$26.57				$21.37				$28.42
Total Return2,4			(20.79	)%5			21.48	%			18.21	%			31.13	%			(13.73	)%			14.87	%5
Ratio of net expenses to average net assets6			0.90	%7,8			0.90	%8			0.89	%			0.89	%			0.90	%			0.90	%7
Ratio of gross expenses to average net assets9			0.90	%7,8			0.90	%8			0.90	%			0.91	%			0.90	%			0.91	%7
Ratio of net investment income (loss) to average net assets2			(0.03	)%7			(0.05	)%			0.26	%			0.25	%			0.25	%			0.56	%7
Portfolio turnover			11	%5			33	%			37	%			20	%			25	%			23	%
Net assets end of period (000’s) omitted		$	230,811			$	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 period end.

  ⁵ Not annualized.

  ⁶ Includes reduction from broker recapture amounting to less than 0.01% for the six months ended June 30,2022 and 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 the period ended December 31, 2017.

  ⁷ Annualized.

  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  Effective June 23, 2017, Class S shares were converted to Class I shares.

¹¹  Commencement of operations was on February 27, 2017.

¹²  Less than $(0.005) per share.

30

AMG GW&K Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended				For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)				2021				2020				2019				2018				20171
Net Asset Value, Beginning of Period			$30.90				$26.71				$37.16				$30.93				$43.98				$43.30
Income (loss) from Investment Operations:
Net investment income (loss)2,3			0.08				0.09				0.08				0.07				(0.01	)			(0.08	)
Net realized and unrealized gain (loss) on investments			(5.71	)			8.41				1.00				8.79				(8.40	)			3.73
Total income (loss) from investment operations			(5.63	)			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 Period			$25.27				$30.90				$26.71				$37.16				$30.93				$43.98
Total Return3,4			(18.22	)%5			32.93	%			3.29	%			28.64	%			(19.00	)%			8.39	%
Ratio of net expenses to average net assets			1.14	%6,7			1.13	%7			1.17	%			1.17	%			1.17	%			1.25	%
Ratio of gross expenses to average net assets8			1.17	%6,7			1.17	%			1.21	%			1.20	%			1.18	%			1.27	%
Ratio of net investment income (loss) to average net assets3			0.56	%6			0.28	%			0.28	%			0.19	%			(0.03	)%			(0.18	)%
Portfolio turnover			12	%5			41	%			115	%			20	%			24	%			33	%
Net assets end of period (000’s) omitted		$	165,025			$	223,586			$	243,655			$	359,550			$	425,540			$	923,139

31

AMG GW&K Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

																					For the fiscal
	For the six																				period ended
	months ended				For the fiscal years ended December 31,																December 31,
	June 30, 2022
Class I	(unaudited)				2021				2020				2019				2018				20179
Net Asset Value, Beginning of Period			$30.87				$26.79				$37.23				$31.05				$44.06				$43.64
Income (loss) from Investment Operations:
Net investment income2,3			0.11				0.15				0.14				0.13				0.06				0.02
Net realized and unrealized gain (loss) on investments			(5.72	)			8.42				1.02				8.83				(8.43	)			3.37
Total income (loss) from investment operations			(5.61	)			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			$25.26				$30.87				$26.79				$37.23				$31.05				$44.06
Total Return3,4			(18.17	)%5			33.17	%			3.50	%			28.86	%			(18.88	)%			7.73	%5
Ratio of net expenses to average net assets			0.94	%6,7			0.93	%7			0.99	%			1.01	%			1.01	%			1.13	%6
Ratio of gross expenses to average net assets8			0.97	%6,7			0.97	%			1.03	%			1.04	%			1.02	%			1.15	%6
Ratio of net investment income to average net assets3			0.76	%6			0.48	%			0.46	%			0.35	%			0.13	%			0.06	%6
Portfolio turnover			12	%5			41	%			115	%			20	%			24	%			33	%
Net assets end of period (000’s) omitted		$	86,953			$	115,837			$	83,003			$	122,323			$	306,757			$	362,723

32

AMG GW&K Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

																					For the fiscal
	For the six																				period ended
	months ended				For the fiscal years ended December 31,																December 31,
	June 30, 2022
Class Z	(unaudited)				2021				2020				2019				2018				20179
Net Asset Value, Beginning of Period			$30.76				$26.72				$37.16				$31.10				$44.08				$43.64
Income (loss) from Investment Operations:
Net investment income2,3			0.11				0.16				0.16				0.16				0.10				0.08
Net realized and unrealized gain (loss) on investments			(5.69	)			8.41				1.02				8.84				(8.44	)			3.33
Total income (loss) from investment operations			(5.58	)			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			$25.18				$30.76				$26.72				$37.16				$31.10				$44.08
Total Return3,4			(18.14	)%5			33.27	%			3.57	%			28.94	%			(18.80	)%			7.78	%5
Ratio of net expenses to average net assets			0.89	%6,7			0.88	%7			0.92	%			0.92	%			0.92	%			0.98	%6
Ratio of gross expenses to average net assets8			0.92	%6,7			0.92	%			0.96	%			0.95	%			0.93	%			1.00	%6
Ratio of net investment income to average net assets3			0.81	%6			0.53	%			0.53	%			0.44	%			0.22	%			0.21	%6
Portfolio turnover			12	%5			41	%			115	%			20	%			24	%			33	%
Net assets end of period (000’s) omitted		$	27,855			$	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 period end.

⁵ Not annualized.

⁶ Annualized.

⁷ Includes reduction from broker recapture amounting to 0.01% for the six months ended 30 June, 2022 and 0.02% for the fiscal year ended December 31, 2021.

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 Commencement of operations was on February 27, 2017.

33

AMG GW&K Small/Mid Cap Fund

Financial Highlights

For a share outstanding throughout each fiscal period

																For the fiscal
	For the six															period ended
	months ended			For the fiscal years ended December 31,												December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$19.08			$16.04			$13.03			$9.99			$11.15			$10.35
Income (loss) from Investment Operations:
Net investment income (loss)2,3		0.01			(0.06	)		(0.01	)		0.00	4		(0.01	)		0.01	5
Net realized and unrealized gain (loss) on investments		(4.08	)		4.14			3.02			3.07			(0.91	)		0.94
Total income (loss) from investment operations		(4.07	)		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		$15.01			$19.08			$16.04			$13.03			$9.99			$11.15
Total Return3,6		(21.33	)%7		25.63	%		23.10	%		30.64	%		(8.25	)%		9.17	%7
Ratio of net expenses to average net assets8		1.06	%9,10		1.06	%		1.10	%		1.09	%		1.09	%		1.10	%9
Ratio of gross expenses to average net assets11		1.07	%9,10		1.08	%		1.13	%		1.14	%		1.16	%		1.71	%9
Ratio of net investment income (loss) to average net assets3		0.14	%9		(0.32	)%		(0.07	)%		0.02	%		(0.09	)%		0.12	%9
Portfolio turnover		9	%7		19	%		29	%		18	%		53	%		38	%
Net assets end of period (000’s) omitted		$52,534			$70,736			$224			$172			$89			$11

34

AMG GW&K Small/Mid Cap Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended				For the fiscal years ended December 31,
	June 30, 2022
Class I	(unaudited)				2021				2020				2019				2018				2017
Net Asset Value, Beginning of Period			$19.15				$16.06				$13.04				$9.99				$11.15				$9.80
Income (loss) from Investment Operations:
Net investment income (loss)2,3			0.03				(0.02	)			0.01				0.02				0.01				0.03	5
Net realized and unrealized gain (loss) on investments			(4.10	)			4.15				3.03				3.07				(0.92	)			1.48
Total income (loss) from investment operations			(4.07	)			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 Period			$15.08				$19.15				$16.06				$13.04				$9.99				$11.15
Total Return3,6			(21.25	)%7			25.91	%			23.31	%			30.86	%			(8.15	)%			15.44	%
Ratio of net expenses to average net assets8			0.86	%9,10			0.86	%			0.92	%			0.94	%			0.94	%			0.94	%
Ratio of gross expenses to average net assets11			0.87	%9,10			0.88	%			0.95	%			0.99	%			1.01	%			1.62	%
Ratio of net investment income (loss) to average net assets3			0.34	%9			(0.12	)%			0.11	%			0.17	%			0.06	%			0.26	%
Portfolio turnover			9	%7			19	%			29	%			18	%			53	%			38	%
Net assets end of period (000’s) omitted		$	255,581			$	293,614			$	165,840			$	102,784			$	54,376			$	24,266

35

AMG GW&K Small/Mid Cap Fund

Financial Highlights

For a share outstanding throughout each fiscal period

																For the fiscal
	For the six															period ended
	months ended			For the fiscal years ended December 31,												December 31,
	June 30, 2022
Class Z	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$19.18			$16.07			$13.05			$10.00			$11.15			$10.35
Income (loss) from Investment Operations:
Net investment income (loss)2,3		0.03			(0.01	)		0.02			0.03			0.02			0.03	5
Net realized and unrealized gain (loss) on investments		(4.10	)		4.16			3.03			3.07			(0.91	)		0.94
Total income (loss) from investment operations		(4.07	)		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		$15.11			$19.18			$16.07			$13.05			$10.00			$11.15
Total Return3,6		(21.22	)%7		26.02	%		23.37	%		30.94	%		(7.98	)%		9.34	%7
Ratio of net expenses to average net assets8		0.81	%9,10		0.81	%		0.83	%		0.84	%		0.84	%		0.85	%9
Ratio of gross expenses to average net assets11		0.82	%9,10		0.83	%		0.86	%		0.89	%		0.91	%		1.46	%9
Ratio of net investment income (loss) to average net assets3		0.39	%9		(0.07	)%		0.19	%		0.27	%		0.16	%		0.37	%9
Portfolio turnover		9	%7		19	%		29	%		18	%		53	%		38	%
Net assets end of period (000’s) omitted		$242,865			$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 period end.

  ⁷ Not annualized.

  ⁸ Includes reduction from broker recapture amounting to 0.01% for the six months ended June 30 2022 and for the fiscal year ended 2021, 2020, 2019, 2018, and less than 0.01% for the fiscal year ended 2017.

  ⁹ Annualized.

¹⁰ Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%

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.)

36

AMG GW&K Global Allocation Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended				For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)				2021				2020				2019				2018				2017
Net Asset Value, Beginning of Period			$19.50				$19.50				$17.04				$15.45				$17.03				$15.45
Income (loss) from Investment Operations:
Net investment income (loss)1,2			0.03				(0.04	)			0.10				0.25				0.18				0.10
Net realized and unrealized gain (loss) on investments			(4.02	)			0.51				2.93				2.35				(0.67	)			2.30
Total income (loss) from investment operations			(3.99	)			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 Period			$15.51				$19.50				$19.50				$17.04				$15.45				$17.03
Total Return2,4			(20.46	)%5			2.44	%			18.92	%			16.96	%			(2.89	)%			15.54	%
Ratio of net expenses to average net assets6			1.06	%7			1.06	%			1.07	%			1.08	%			1.08	%			1.09	%
Ratio of gross expenses to average net assets8			1.16	%7			1.10	%			1.19	%			1.16	%			1.15	%			1.14	%
Ratio of net investment income (loss) to average net assets2			0.30	%7			(0.21	)%			0.60	%			1.51	%			1.02	%			0.63	%
Portfolio turnover			14	%5			36	%			156	%			123	%			80	%			75	%
Net assets end of period (000’s) omitted		$	26,851			$	41,939			$	51,415			$	69,774			$	75,271			$	74,315

37

AMG GW&K Global Allocation Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended				For the fiscal years ended December 31,
	June 30, 2022
Class I	(unaudited)				2021				2020				2019				2018				2017
Net Asset Value, Beginning of Period			$19.75				$19.71				$17.22				$15.60				$17.19				$15.59
Income (loss) from Investment Operations:
Net investment income (loss)1,2			0.04				(0.01	)			0.13				0.28				0.21				0.13
Net realized and unrealized gain (loss) on investments			(4.09	)			0.53				2.95				2.38				(0.68	)			2.31
Total income (loss) from investment operations			(4.05	)			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 Period			$15.70				$19.75				$19.71				$17.22				$15.60				$17.19
Total Return2,4			(20.42	)%5			2.60	%			19.08	%			17.17	%			(2.77	)%			15.71	%
Ratio of net expenses to average net assets6			0.91	%7			0.91	%			0.92	%			0.93	%			0.92	%			0.94	%
Ratio of gross expenses to average net assets8			1.01	%7			0.95	%			1.04	%			1.01	%			0.99	%			0.99	%
Ratio of net investment income (loss) to average net assets2			0.45	%7			(0.06	)%			0.75	%			1.66	%			1.18	%			0.78	%
Portfolio turnover			14	%5			36	%			156	%			123	%			80	%			75	%
Net assets end of period (000’s) omitted		$	22,346			$	81,515			$	97,869			$	173,575			$	166,554			$	114,913

38

AMG GW&K Global Allocation Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended		For the fiscal years ended December 31,
	June 30, 2022
Class Z	(unaudited)		2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$19.76		$19.71			$17.21			$15.60			$17.19			$15.58
Income (loss) from Investment Operations:
Net investment income1,2		0.05		0.01			0.14			0.30			0.22			0.15
Net realized and unrealized gain (loss) on investments		(4.08)		0.52			2.97			2.37			(0.67	)		2.32
Total income (loss) from investment operations		(4.03)		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 Period		$15.73		$19.76			$19.71			$17.21			$15.60			$17.19
Total Return2,4		(20.40)%5		2.73	%		19.28	%		17.21	%		(2.68	)%		15.90	%
Ratio of net expenses to average net assets6		0.81%7		0.81	%		0.82	%		0.83	%		0.83	%		0.84	%
Ratio of gross expenses to average net assets8		0.91%7		0.85	%		0.94	%		0.91	%		0.90	%		0.89	%
Ratio of net investment income to average net assets2		0.55%7		0.04	%		0.85	%		1.76	%		1.27	%		0.88	%
Portfolio turnover		14%5		36	%		156	%		123	%		80	%		75	%
Net assets end of period (000’s) omitted		$2,157		$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 period end.

⁵ Not annualized.

⁶ 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 and less than 0.01% for the fiscal year ended 2017.

⁷ Annualized.

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

39

Notes to Financial Statements (unaudited)

June 30, 2022

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. Equity securities held by the Funds that are 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) 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.

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid 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.

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 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 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

40

Notes to Financial Statements (continued)

that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

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

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

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

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

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 the issuer, 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 six months ended June 30, 2022, the impact on the expenses 

and expense ratios were as follows: Small Cap Core $29,092or less than 0.01%, Small Cap Value $17,296 or 0.01% and Small/Mid Cap $8,222 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.

At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

Fund	Cost	Appreciation	Depreciation	Net Appreciation
Small Cap Core	$592,827,920	$118,966,245	$(40,039,252)	$78,926,993
Small Cap Value	272,085,476	32,086,211	(21,168,054)	10,918,157
Small/Mid Cap	536,227,394	50,663,629	(47,422,954)	3,240,675
Global Allocation	59,170,892	6,864,816	(5,298,364)	1,566,452

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 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.

41

Notes to Financial Statements (continued)

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.

g. CAPITALSTOCK

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 six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021, the capital stock transactions by class for the Funds were as follows:

				Small Cap Core												Small Cap Value
	June 30, 2022						December 31, 2021						June 30, 2022						December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Shares sold		19,640			$574,462			84,169			$2,934,323			237,039			$6,806,513			646,059			$20,089,418
Shares issued in reinvestment of distributions		—			—			29,602			949,062			—			—			964,248			28,375,377
Proceeds from sale of shares issued in connection with merger1		—			—			—			—			—			—			186,108			5,493,756
Shares redeemed		(44,023	)		(1,306,134	)		(62,485	)		(2,150,775	)		(941,032	)		(26,651,208	)		(3,681,845	)		(115,582,183	)
Net increase (decrease)		(24,383	)		$(731,672)			51,286			$1,732,610			(703,993	)		$(19,844,695	)		(1,885,430	)		$(61,623,632	)
Class I:
Shares sold		2,622,778			$78,920,167			2,645,735			$91,738,088			99,436			$2,864,218			341,959			$10,607,900
Shares issued in reinvestment of distributions		—			—			1,277,694			42,061,693			—			—			396,269			11,704,153
Proceeds from sale of shares issued in connection with merger1		—			—			—			—			—			—			1,824,176			53,997,408
Shares redeemed		(2,840,688	)		(85,527,070	)		(3,234,127	)		(111,529,391	)		(410,332	)		(11,562,813	)		(1,908,490	)		(57,882,036	)
Net increase (decrease)		(217,910	)		$(6,606,903	)		689,302			$22,270,390			(310,896	)		$(8,698,595	)		653,914			$18,427,425
Class Z:
Shares sold		3,282,171			$97,956,179			3,719,320			$134,331,474			204,665			$5,482,012			139,820			$4,232,314
Shares issued in reinvestment of distributions		—			—			441,716			14,554,549			—			—			42,709			1,267,237
Proceeds from sale of shares issued in connection with merger1		—			—			—			—			—			—			914,333			26,987,694
Shares redeemed		(594,870	)		(17,352,486	)		(2,402,803	)		(85,326,627	)		(161,934	)		(4,708,392	)		(425,526	)		(12,864,550	)
Net increase		2,687,301			$80,603,693			1,758,233			$63,559,396			42,731			$773,620			671,336			$19,622,695

42

Notes to Financial Statements (continued)

				Small/Mid Cap												Global Allocation
	June 30, 2022						December 31, 2021						June 30, 2022						December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Shares sold		24,135			$394,841			77,253			$1,461,251			115,391			$1,929,746			294,575			$5,879,209
Shares issued in reinvestment of distributions		—			—			188,828			3,512,206			—			—			47,121			910,836
Proceeds from sale of shares issued in connection with merger1		—			—			3,848,331			66,278,653			—			—			—			—
Shares redeemed		(230,976	)		(3,862,474	)		(421,926	)		(7,905,351	)		(533,837	)		(9,229,797	)		(828,499	)		(16,567,833	)
Net increase (decrease)		(206,841	)		$(3,467,633	)		3,692,486			$63,346,759			(418,446	)		$(7,300,051	)		(486,803	)		$(9,777,788	)
Class I:
Shares sold		2,930,957			$49,076,729			4,826,923			$88,859,351			55,379			$968,924			551,511			$11,042,654
Shares issued in reinvestment of distributions		—			—			738,929			13,795,804			—			—			31,565			617,691
Proceeds from sale of shares issued in connection with merger1		—			—			792,895			13,678,626			—			—			—			—
Shares redeemed		(1,312,549	)		(21,688,202	)		(1,355,973	)		(25,571,871	)		(2,760,514	)		(43,437,949	)		(1,420,191	)		(28,442,920	)
Net increase (decrease)		1,618,408			$27,388,527			5,002,774			$90,761,910			(2,705,135	)		$(42,469,025	)		(837,115	)		$(16,782,575	)
Class Z:
Shares sold		6,625,513			$115,718,801			3,681,463			$68,683,820			2,749			$46,297			11,662			$233,192
Shares issued in reinvestment of distributions		—			—			516,351			9,655,772			—			—			3,937			77,077
Proceeds from sale of shares issued in connection with merger1		—			—			780,901			13,486,545			—			—			—			—
Shares redeemed		(922,627	)		(15,932,770	)		(1,120,356	)		(20,615,163	)		(23,387	)		(392,144	)		(47,183	)		(954,939	)
Net increase (decrease)		5,702,886			$99,786,031			3,858,359			$71,210,974			(20,638	)		$(345,847	)		(31,584	)		$(644,670	)

¹ See Note 8 of the Notes to Financial Statements.

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral 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 June 30, 2022, the market value of Repurchase Agreements outstanding for Small Cap Core, Small Cap Value, Small/Mid Cap and Global Allocation were $6,392,887, $3,262,912, $1,990 and $2,235,294, 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.

43

Notes to Financial Statements (continued)

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 above.

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

During the six months ended June 30, 2022, Global Allocation did not invest in TBA commitment transactions.

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.

During the six months ended June 30, 2022, Global Allocation did not enter into securities transactions on a delayed delivery or when issued basis.

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 six months ended June 30, 2022, 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%
Small/Mid Cap	0.62%
Global Allocation	0.60%

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 (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.

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 (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.

44

    Notes to Financial Statements (continued)

At June 30, 2022, 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		—		$158,806		$65,954		$226,789
1-2 years		—		109,155		21,000		127,078
2-3 years		$3,404		53,216		43,340		80,552
Total		$3,404		$321,177		$130,294		$434,419

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 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 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 six months ended June 30, 2022, 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 June 30, 2022, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund loan program during the six months ended June 30, 2022 as follows:

Fund	Average Lent		Number of Days		Interest Earned		Average     Interest Rate
Global Allocation		$748,899		2		$49		1.193%
Fund	Average Borrowed		Number of Days		Interest Paid		Average Interest Rate
Small Cap Core		$7,887,664		4		$804		0.930%
Small Cap Value		1,875,692		2		96		0.935%
Global Allocation		8,080,297		9		4,380		2.199%

45

    Notes to Financial Statements (continued)

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended June 30, 2022, were as follows:

	Long Term Securities
Fund	Purchases		Sales
Small Cap Core	$	134,593,744	$	73,388,152
Small Cap Value		38,951,627		70,802,778
Small/Mid Cap		172,833,123		52,200,154
Global Allocation		9,728,226		52,007,128

Global Allocation purchases and sales of U.S. Government Obligations for the six months ended June 30, 2022 were $3,592,540 and $5,737,719, respectively.

4. PORTFOLIO SECURITIES LOANED

The Funds participate in the Program providing for the lending of securities to qualified borrowers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the Funds, according to agreed-upon rates. Collateral on all securities loaned is accepted in cash, U.S. Treasury Obligations or U.S. Government Agency Obligations. Collateral is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements for that cash collateral. 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 June 30, 2022, were as follows:

Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
Small Cap Core	$	38,111,959	$	6,392,887	$	33,351,294	$	39,744,181
Small Cap Value		14,963,170		3,262,912		12,561,551		15,824,463
Small/Mid Cap		23,840,157		1,990		24,725,722		24,727,712
Global Allocation		2,728,331		2,235,294		629,631		2,864,925

The following table summarizes the securities received as collateral for securities lending at June 30, 2022:

Fund	Collateral Type	Coupon Range	Maturity Date Range
Small Cap Core	U.S. Treasury Obligations	0.000%-7.500%		07/14/22-05/15/52
Small Cap Value	U.S. Treasury Obligations	0.000%-7.500%		07/14/22-11/15/51
Small/Mid Cap	U.S. Treasury Obligations	0.000%-7.500%		07/14/22-05/15/52
Global Allocation	U.S. Treasury Obligations	0.010%-4.750%		10/31/22-05/15/52

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.

46

    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 June 30, 2022:

			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.		$1,518,393		—		$1,518,393		$1,518,393		—
Citigroup Global Markets, Inc.		319,315		—		319,315		319,315		—
Daiwa Capital Markets America		1,518,393		—		1,518,393		1,518,393		—
National Bank Financial		1,518,393		—		1,518,393		1,518,393		—
RBC Dominion Securities, Inc.		1,518,393		—		1,518,393		1,518,393		—
Fixed Income Clearing Corp.		19,150,000		—		19,150,000		19,150,000		—
Total		$25,542,887		—		$25,542,887		$25,542,887		—
Small Cap Value
Citigroup Global Markets, Inc.		$262,912		—		$262,912		$262,912		—
MUFG Securities America, Inc.		1,000,000		—		1,000,000		1,000,000		—
National Bank Financial		1,000,000		—		1,000,000		1,000,000		—
RBC Dominion Securities, Inc.		1,000,000		—		1,000,000		1,000,000		—
Fixed Income Clearing Corp.		8,750,000		—		8,750,000		8,750,000		—
Total		$12,012,912		—		$12,012,912		$12,012,912		—
Small/Mid Cap
HSBC Securities USA, Inc.		$1,990		—		$1,990		$1,990		—
Fixed Income Clearing Corp.		14,350,000		—		14,350,000		14,350,000		—
Total		$14,351,990		—		$14,351,990		$14,351,990		—
Global Allocation
Citigroup Global Markets, Inc.		$235,294		—		$235,294		$235,294		—
National Bank Financial		1,000,000		—		1,000,000		1,000,000		—
RBC Dominion Securities, Inc.		1,000,000		—		1,000,000		1,000,000		—
Fixed Income Clearing Corp.		1,350,000		—		1,350,000		1,350,000		—
Total		$3,585,294		—		$3,585,294		$3,585,294		—

8. FUND MERGER

On March 8, 2021, Small/Mid Cap acquired all the net assets of AMG GW&K Mid Cap Fund (“Mid Cap”), a series of AMG Funds IV, 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

47

    Notes to Financial Statements (continued)

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 Small/Mid Cap and Small Cap Value that have been included in their statements of operations for the fiscal year ended December 31, 2021.

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.

48

    Annual Renewal of Investment Management and Subadvisory Agreements

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: Approval of Investment Management and Subadvisory Agreements on June 22, 2022

At an in-person meeting held on June 22, 2022, the Board of Trustees (the “Board” or the “Trustees”) of each of AMG Funds and AMG Funds II (each, a “Trust” and collectively, the “Trusts”), and separately a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) and AMG Funds for each of AMG GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund, and AMG GW&K Small/Mid Cap Fund, and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016; and the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with the Investment Manager and AMG Funds II for AMG GW&K Global Allocation Fund, and separately each of Amendment No. 1 thereto, Amendment No. 2 thereto dated July 1, 2015, and Amendment No. 3 thereto dated October 1, 2016 (collectively, the “Investment Management Agreements”); and (ii) the Subadvisory Agreements, as amended at any time prior to the date of the meeting (collectively, the “Subadvisory Agreements”), with the Subadviser for each 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 (each, a “Fund,” and collectively, the “Funds”). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreements and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to each Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a “Peer Group”), performance information for the relevant benchmark index for each Fund (each, a “Fund Benchmark”), other relevant matters, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with

their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreements and Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

NATURE, EXTENT AND QUALITY OF SERVICES.

In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information relating to the Investment Manager’s operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Management Agreements and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Funds; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Funds’ other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreements and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any

changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trusts in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreements and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreements and the Investment Manager’s undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager’s risk management processes.

The Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques (its “Investment Strategy”) used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in each Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the

49

    Annual Renewal of Investment Management and Subadvisory Agreements(continued)

Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under each Subadvisory Agreement. The Trustees also considered the Subadviser’s risk management processes.

PERFORMANCE.

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

With respect to AMG GW&K Small Cap Core Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2022 was below, above, above, and above, respectively, the median performance of the Peer Group and above the performance of the Fund Benchmark, the Russell 2000 Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s recent outperformance relative to the Fund Benchmark and the fact that Class N shares of the Fund ranked in the top quintile relative to its Peer Group for the 3-year period and the top quartile relative to its Peer Group for the 5-year and 10-year periods. The Trustees concluded that the Fund’s overall performance has been satisfactory.

With respect to AMG GW&K Small Cap Value Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year

periods ended March 31, 2022 was below, above, below, and above, respectively, the median performance of the Peer Group and above, above, below, and above, respectively, the performance of the Fund Benchmark, the Russell 2000 Value Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s recent outperformance of its benchmark and recent underperformance of its Peer Group. The Trustees also took into account the fact that the Fund’s subadviser and investment strategy changed effective December 4, 2020, and that the performance information prior to that date reflected that of the Fund’s prior subadviser and investment strategy. The Trustees concluded that the Fund’s overall performance has been satisfactory.

With respect to AMG GW&K Small/Mid Cap Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, and 5-year periods ended March 31, 2022 and for the period from the Fund’s inception on June 30, 2015 through March 31, 2022 was below, above, above, and above, respectively, the median performance of the Peer Group and above, above, above, and below, respectively, the performance of the Fund Benchmark, the Russell 2500 Index. The Trustees took into account management’s discussion of the Fund’s performance, including the fact that Class I shares of the Fund ranked in the top decile relative to its Peer Group for the 3-year and 5-year periods. The Trustees concluded that the Fund’s overall performance has been satisfactory.

With respect to AMG GW&K Global Allocation Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund with that inception date) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2022 was below, below, below, and above, respectively, the median performance of the Peer Group and below, below, below, and above, respectively, the performance of the Fund Benchmark, a Composite Index (60% MSCI ACWI Index and 40% Bloomberg Global Aggregate Bond Index). The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance relative to the Peer Group and the Fund Benchmark. The Trustees also

noted that Class N shares of the Fund ranked in the top quintile relative to its Peer Group for the 10-year period. The Trustees also took into account the fact that the Fund’s subadviser, investment strategy, and Fund Benchmark changed effective April 17, 2020, and that the performance information prior to that date reflected that of the Fund’s prior subadviser and investment strategy. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies and policies.

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

In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 22, 2022 and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management’s discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.

In considering the cost of services to be provided by the Investment Manager under each Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management’s discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under each Investment Management Agreement and supervising the Subadviser. Based

50

    Annual Renewal of Investment Management and Subadvisory Agreements(continued)

on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also with respect to economies of scale, the Trustees noted that as each Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from these relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management’s discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under each Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also with respect to economies of scale, the Trustees noted that as a Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

With respect to AMG GW&K Small Cap Core Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2022 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.90%. The Trustees also took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and

quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG GW&K Small Cap Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2022 were both higher than the average for the Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.90%. The Trustees also took into account management’s discussion of the Fund’s expenses, including the fact that the total expenses of Class I shares of the Fund as of March 31, 2022 were lower than the median of the Peer Group. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG GW&K Small/Mid Cap Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares of the Fund as of March 31, 2022 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.82%. The Trustees also took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG GW&K Global Allocation Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2022 were both higher than the average for the Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.81%. The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and key competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

*  *  *  *

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under each Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.

Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of each Investment Management Agreement and each Subadvisory Agreement would be in the best interests of the applicable Fund and its shareholders. Accordingly, on June 22, 2022, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement and the Subadvisory Agreement for each Fund.

51

    Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders.

The AMG Funds Family of Funds (each a “Fund,” and collectively, the “Funds”) have adopted and implemented a Liquidity Risk Management Program (the “Program”) as required by the Liquidity Rule. The Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short and long-term cash flow projections, and its holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including access to the Funds’ credit facility. Under the Liquidity Rule, each liquidity classification category (highly liquid, moderately liquid, less liquid and illiquid) is defined with respect to the time it is reasonably expected to take to convert the investment to cash (or sell or dispose of the investment) in current market conditions without significantly changing the market value of the investment.

The Funds’ Board of Trustees (the “Board”) appointed AMG Funds, LLC (“AMGF”) as the Program administrator. AMGF formed a Liquidity Risk Management Committee (“LRMC”), which includes

members of various departments across AMGF, including Legal, Compliance, Mutual Fund Services, Investment Research and Product Analysis & Operations and, as needed, other representatives of AMGF and/or representatives of the subadvisers to the Funds. The LRMC meets on a periodic basis, no less frequently than monthly. The LRMC is responsible for the Program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the Program’s operation and effectiveness.

At a meeting of the Board held on March 17, 2022, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period January 1, 2021 through December 31, 2021 (the “Program Reporting Period”).

The Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:

A. The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions:

During the Program Reporting Period, the LRMC reviewed whether each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions is appropriate for an open-end fund structure. The LRMC also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account.

B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions:

During the Program Reporting Period, the LRMC reviewed historical net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size. The Funds maintain an in-kind redemption policy, which may be utilized to meet larger redemption requests, when appropriate. The LRMC may also take into consideration a Fund’s shareholder ownership concentration, a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.

C. Holdings of cash and cash equivalents, as well as borrowing arrangements:

The LRMC considered the terms of the credit facilities available to the Funds.

The report concluded that, based upon the review of the Program, using resources and methodologies that AMGF considers reasonable, AMGF believes that the Program and Funds’ Liquidity Risk Management Policies and Procedures are adequate, effective, and reasonably designed to effectively manage the Funds’ liquidity risk.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus or statement of additional information for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

52

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

INVESTMENT MANAGER AND ADMINISTRATOR

AMG Funds LLC

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

DISTRIBUTOR

AMG Distributors, Inc.

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

SUBADVISER

GW&K Investment Management, LLC

222 Berkeley St.

Boston, MA 02116

CUSTODIAN

The Bank of New York Mellon

Mutual Funds Custody

6023 Airport Road

Oriskany, NY 13424

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street Boston, MA 02199-3600

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

Attn: AMG Funds

4400 Computer Drive

Westborough, MA 01581

800.548.4539

TRUSTEES

Bruce B. Bingham

Kurt A. Keilhacker

Steven J. Paggioli

Eric Rakowski

Victoria L. Sassine

Thomas R. Schneeweis

Garret W. Weston

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

EQUITY FUNDS

AMG Beutel Goodman International Equity

Beutel, Goodman & Company Ltd.

AMG Boston Common Global Impact

Boston Common Asset 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                | 063022                SAR089

SEMI-ANNUAL REPORT

AMG Funds
June 30, 2022
AMG Renaissance Large Cap Growth Fund
Class N: MRLTX	Class I: MRLSX	Class Z: MRLIX

amgfunds.com                 063022         SAR024

    AMG Funds

    Semi-Annual Report — June 30, 2022 (unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		3
FUND SNAPSHOTS AND SCHEDULE OF PORTFOLIO INVESTMENTS		4
FINANCIAL STATEMENTS
Statement of Assets and Liabilities		7
Balance sheet, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations		9
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets		10
Detail of changes in assets for the past two fiscal periods
Financial Highlights		11
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements		14
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks
ANNUAL RENEWAL OF INVESTMENT MANAGEMENT AND SUBADVISORY AGREEMENTS		19
FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM		21

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.

    About Your Fund’s Expenses (unaudited)

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

Six Months Ended   June 30, 2022	Expense Ratio for the Period	Beginning Account Value 01/01/22	Ending Account Value 06/30/22	Expenses Paid During the Period*
AMG Renaissance Large Cap Growth Fund
Based on Actual Fund Return
Class N	1.00%	$1,000	$780	$4.41
Class I	0.76%	$1,000	$781	$3.36
Class Z	0.66%	$1,000	$781	$2.91
Based on Hypothetical 5% Annual Return
Class N	1.00%	$1,000	$1,020	$5.01
Class I	0.76%	$1,000	$1,021	$3.81
Class Z	0.66%	$1,000	$1,022	$3.31

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

2

    Fund Performance (unaudited)

     Periods ended June 30, 2022

The table below shows the average annual total returns for the periods indicated for the Fund, as well as the Fund’s relative index for the same time periods ended June 30, 2022.

Average Annual Total Returns1	Six Months*		One Year		Five Years		Ten Years
AMG Renaissance Large Cap Growth Fund2, 3, 4, 5, 6
Class N		(22.05%)		(10.88%)		11.85%		13.48%
Class I		(21.95%)		(10.66%)		12.13%		13.82%
Class Z		(21.90%)		(10.52%)		12.24%		13.96%
Russell 1000® Growth Index7		(28.07%)		(18.77%)		14.29%		14.80%

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.

* Not annualized.

¹  Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Funds are net of expenses and based on the published NAV as of June 30, 2022. 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.

3

     AMG Renaissance Large Cap Growth Fund

     Fund Snapshots (unaudited)

      June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Information Technology	36.8
Health Care	19.2
Industrials	12.2
Consumer Discretionary	10.3
Communication Services	5.9
Financials	5.3
Consumer Staples	3.2
Energy	1.8
Materials	1.6
Real Estate	1.5
Short-Term Investments	2.0
Other Assets Less Liabilities	0.2

TOP TEN HOLDINGS

Security Name	%of Net Assets
Apple, Inc.	3.5
Microsoft Corp.	3.0
Alphabet, Inc., Class A	2.8
Vertex Pharmaceuticals, Inc.	2.1
Lockheed Martin Corp.	2.0
Thermo Fisher Scientific, Inc.	2.0
UnitedHealth Group, Inc.	1.9
Motorola Solutions, Inc.	1.9
Arch Capital Group, Ltd. (Bermuda)	1.9
Waste Management, Inc.	1.9
Top Ten as a Group	23.0

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.

4

    AMG Renaissance Large Cap Growth Fund

    Schedule of Portfolio Investments (unaudited)

    June 30, 2022

	Shares		Value
Common Stocks - 97.8%
Communication Services - 5.9%
Alphabet, Inc., Class A*		1,112		$2,423,337
Electronic Arts, Inc.		10,697		1,301,290
Meta Platforms, Inc., Class A*		8,720		1,406,100
Total Communication Services				5,130,727
Consumer Discretionary - 10.3%
Amazon.com, Inc.*		14,440		1,533,673
Dollar General Corp.		6,462		1,586,033
The Home Depot, Inc.		4,931		1,352,425
Lowe’s Cos., Inc.		7,802		1,362,775
O’Reilly Automotive, Inc.*		2,393		1,511,802
Ulta Beauty, Inc.*		4,091		1,576,999
Total Consumer Discretionary				8,923,707
Consumer Staples - 3.2%
Altria Group, Inc.		30,051		1,255,230
The Procter & Gamble Co.		10,529		1,513,965
Total Consumer Staples				2,769,195
Energy - 1.8%
EOG Resources, Inc.		14,035		1,550,025
Financials - 5.3%
Arch Capital Group, Ltd. (Bermuda)*		36,746		1,671,576
Raymond James Financial, Inc.		16,286		1,456,131
S&P Global, Inc.		4,410		1,486,435
Total Financials				4,614,142
Health Care - 19.2%
Abbott Laboratories		13,997		1,520,774
AmerisourceBergen Corp.		10,813		1,529,823
Danaher Corp.		6,345		1,608,584
HCA Healthcare, Inc.		6,962		1,170,034
Horizon Therapeutics PLC*		16,368		1,305,512
Johnson & Johnson		9,072		1,610,371
PerkinElmer, Inc.		9,670		1,375,267
Thermo Fisher Scientific, Inc.		3,149		1,710,789
UnitedHealth Group, Inc.		3,274		1,681,625
Vertex Pharmaceuticals, Inc.*		6,280		1,769,641
Zoetis, Inc.		8,512		1,463,128
Total Health Care				16,745,548
Industrials - 12.2%
3M Co.		8,988		1,163,137
Cintas Corp.		4,168		1,556,873
Illinois Tool Works, Inc.		7,506		1,367,969
Lockheed Martin Corp.		4,097		1,761,546

	Shares		Value
Union Pacific Corp.		7,128		$1,520,260
Waste Management, Inc.		10,875		1,663,657
WW Grainger, Inc.		3,439		1,562,785
Total Industrials				10,596,227
Information Technology - 36.8%
Accenture PLC, Class A (Ireland)		4,888		1,357,153
Adobe, Inc.*		2,869		1,050,226
Akamai Technologies, Inc.*		16,192		1,478,815
Amphenol Corp., Class A		23,643		1,522,136
Apple, Inc.		22,032		3,012,215
Broadcom, Inc.		2,957		1,436,540
Cadence Design Systems, Inc.*		10,354		1,553,411
CDW Corp.		9,904		1,560,474
Fortinet, Inc.*		28,425		1,608,287
Genpact, Ltd.		37,908		1,605,783
KLA Corp.		4,568		1,457,558
Lam Research Corp.		2,845		1,212,397
Mastercard, Inc., Class A		4,782		1,508,625
Microsoft Corp.		10,141		2,604,513
Motorola Solutions, Inc.		8,000		1,676,800
PTC, Inc.*		14,293		1,519,918
Roper Technologies, Inc.		3,730		1,472,045
ServiceNow, Inc.*		2,920		1,388,518
Texas Instruments, Inc.		9,716		1,492,863
Visa, Inc., Class A1		7,752		1,526,291
Total Information Technology				32,044,568
Materials - 1.6%
Martin Marietta Materials, Inc.		4,772		1,427,973
Real Estate - 1.5%
CBRE Group, Inc., Class A*		17,618		1,296,861
Total Common Stocks (Cost $60,636,103)				85,098,973
Short-Term Investments - 2.0%
Other Investment Companies - 2.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.35%2		1,132,452		1,132,452
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.37%2		583,384		583,384
Total Short-Term Investments (Cost $1,715,836)				1,715,836
Total Investments - 99.8% (Cost $62,351,939)				86,814,809
Other Assets, less Liabilities - 0.2%				186,358
Net Assets - 100.0%				$87,001,167

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

5

    AMG Renaissance Large Cap Growth Fund

    Schedule of Portfolio Investments (continued)

* Non-income producing security.

¹  This security, amounting to $1,510,934 or 1.7% of net assets, was out on loan to various borrowers and is collateralized by various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

²  Yield shown represents the June 30, 2022, 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 June 30, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†		$85,098,973		—		—		$85,098,973
Short-Term Investments
Other Investment Companies		1,715,836		—		—		1,715,836
Total Investments in Securities		$86,814,809		—		—		$86,814,809

^†  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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

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

6

    Statement of Assets and Liabilities (unaudited)

     June 30, 2022

	AMG Renaissance Large Cap     Growth Fund
Assets:
Investments at value1 (including securities on loan valued at $1,510,934)		$86,814,809
Receivable for investments sold		1,696,212
Dividend and interest receivables		61,411
Securities lending income receivable		152
Receivable for Fund shares sold		22,528
Receivable from affiliate		11,165
Prepaid expenses and other assets		25,706
Total assets		88,631,983
Liabilities:
Payable for investments purchased		1,503,099
Payable for Fund shares repurchased		21,589
Accrued expenses:
Investment advisory and management fees		38,157
Administrative fees		11,006
Distribution fees		12,013
Shareholder service fees		5,473
Other		39,479
Total liabilities		1,630,816
Net Assets		$87,001,167
1 Investments at cost		$62,351,939

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

7

    Statement of Assets and Liabilities (continued)

	AMG Renaissance Large Cap     Growth Fund
Net Assets Represent:
Paid-in capital		$57,694,126
Total distributable earnings		29,307,041
Net Assets		$87,001,167
Class N:
Net Assets		$56,567,199
Shares outstanding		3,941,063
Net asset value, offering and redemption price per share		$14.35
Class I:
Net Assets		$14,543,062
Shares outstanding		999,931
Net asset value, offering and redemption price per share		$14.54
Class Z:
Net Assets		$15,890,906
Shares outstanding		1,111,612
Net asset value, offering and redemption price per share		$14.30

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

8

    Statement of Operations (unaudited)

     For the six months ended June 30, 2022

	AMG Renaissance Large Cap     Growth Fund
Investment Income:
Dividend income		$562,932
Securities lending income		885
Total investment income		563,817
Expenses:
Investment advisory and management fees		248,033
Administrative fees		72,444
Distribution fees - Class N		82,605
Shareholder servicing fees - Class N		28,416
Shareholder servicing fees - Class I		6,052
Professional fees		17,380
Registration fees		17,060
Custodian fees		10,418
Transfer agent fees		7,668
Reports to shareholders		7,662
Trustee fees and expenses		3,374
Miscellaneous		2,690
Total expenses before offsets		503,802
Expense reimbursements		(67,964	)
Expense reductions		(648	)
Net expenses		435,190
Net investment income		128,627
Net Realized and Unrealized Loss:
Net realized gain on investments		2,161,972
Net change in unrealized appreciation/depreciation on investments		(26,981,527	)
Net realized and unrealized loss		(24,819,555	)
Net decrease in net assets resulting from operations		$(24,690,928)

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

9

    Statements of Changes in Net Assets

     For the six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021

	AMG Renaissance Large Cap
	Growth Fund
	June 30, 2022			December 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income		$128,627			$93,306
Net realized gain on investments		2,161,972			10,257,941
Net change in unrealized appreciation/depreciation on investments		(26,981,527	)		16,697,774
Net increase (decrease) in net assets resulting from operations		(24,690,928	)		27,049,021
Distributions to Shareholders:
Class N		—			(5,932,775	)
Class I		—			(939,739	)
Class Z		—			(1,617,440	)
Total distributions to shareholders		—			(8,489,954	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(1,118,045	)		81,815
Total increase (decrease) in net assets		(25,808,973	)		18,640,882
Net Assets:
Beginning of period		112,810,140			94,169,258
End of period		$87,001,167			$112,810,140

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

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

10

    AMG Renaissance Large Cap Growth Fund

   Financial Highlights

    For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$18.41			$15.31			$13.01			$10.48			$14.03			$11.86
Income (loss) from Investment Operations:
Net investment income1,2		0.01			0.00	3,4		0.01			0.06			0.06			0.08
Net realized and unrealized gain (loss) on investments		(4.07	)		4.57			3.04			3.61			(1.09	)		2.54
Total income (loss) from investment operations		(4.06	)		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 Period		$14.35			$18.41			$15.31			$13.01			$10.48			$14.03
Total Return2,5		(22.05	)%6		30.02	%		23.54	%		35.16	%		(7.23	)%		22.03	%
Ratio of net expenses to average net assets7		1.00	%8		1.00	%		1.00	%		1.00	%9		1.00	%		1.02	%
Ratio of gross expenses to average net assets10		1.14	%8		1.13	%		1.19	%		1.17	%		1.12	%		1.16	%
Ratio of net investment income to average net assets2		0.17	%8		0.00	%11		0.10	%		0.48	%		0.45	%		0.59	%
Portfolio turnover		14	%6		18	%		28	%		40	%		38	%		33	%
Net assets end of period (000’s) omitted		$56,567			$79,490			$67,688			$63,900			$54,595			$70,781

11

   AMG Renaissance Large Cap Growth Fund

   Financial Highlights

    For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$18.63			$15.48			$13.14			$10.58			$14.17			$11.94
Income (loss) from Investment Operations:
Net investment income1,2		0.03			0.04	4		0.05			0.09			0.10			0.11
Net realized and unrealized gain (loss) on investments		(4.12	)		4.62			3.07			3.64			(1.11	)		2.58
Total income (loss) from investment operations		(4.09	)		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 Period		$14.54			$18.63			$15.48			$13.14			$10.58			$14.17
Total Return2,5		(21.95	)%6		30.30	%		23.90	%		35.42	%		(7.00	)%		22.46	%
Ratio of net expenses to average net assets7		0.76	%8		0.75	%		0.75	%		0.75	%9		0.74	%		0.76	%
Ratio of gross expenses to average net assets10		0.90	%8		0.88	%		0.94	%		0.92	%		0.86	%		0.90	%
Ratio of net investment income to average net assets2		0.41	%8		0.25	%		0.35	%		0.73	%		0.71	%		0.85	%
Portfolio turnover		14	%6		18	%		28	%		40	%		38	%		33	%
Net assets end of period (000’s) omitted		$14,543			$12,599			$9,414			$8,410			$11,247			$13,635

12

   AMG Renaissance Large Cap Growth Fund

   Financial Highlights

    For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class Z	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$18.31			$15.22			$12.94			$10.43			$14.00			$11.81
Income (loss) from Investment Operations:
Net investment income1,2		0.04			0.06	4		0.06			0.10			0.11			0.13
Net realized and unrealized gain (loss) on investments		(4.05	)		4.56			3.01			3.60			(1.09	)		2.53
Total income (loss) from investment operations		(4.01	)		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 Period		$14.30			$18.31			$15.22			$12.94			$10.43			$14.00
Total Return2,5		(21.90	)%6		30.54	%		23.90	%		35.58	%		(6.88	)%		22.50	%
Ratio of net expenses to average net assets7		0.66	%8		0.66	%		0.66	%		0.66	%9		0.66	%		0.65	%
Ratio of gross expenses to average net assets10		0.80	%8		0.79	%		0.85	%		0.83	%		0.78	%		0.79	%
Ratio of net investment income to average net assets2		0.51	%8		0.34	%		0.44	%		0.82	%		0.79	%		0.96	%
Portfolio turnover		14	%6		18	%		28	%		40	%		38	%		33	%
Net assets end of period (000’s) omitted		$15,891			$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 period end.

 ⁶ Not annualized.

 ⁷ Includes reduction from broker recapture amounting to less than 0.01% for the six months ended June 30, 2022 and 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 year ended 2017.

 ⁸ Annualized.

 ⁹ Includes interest expense of 0.01% of average net assets.

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  Less than 0.005%.

13

    Notes to Financial Statements (unaudited)

    June 30, 2022

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 June 30, 2022. 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 held by the Fund that are 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) held by the Fund 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:

14

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, 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 six months ended June 30, 2022, the impact on the expenses and expense ratios was $648 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.

At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

Cost	Appreciation		Depreciation		Net Appreciation
$62,351,939		$27,043,312		$(2,580,442)		$24,462,870

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

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of 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.

15

Notes to Financial Statements (continued)

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 six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021, the capital stock transactions by class for the Fund were as follows:

	June 30, 2022						December 31, 2021
	Shares			Amount			Shares			Amount
Class N:
Shares sold		25,058			$399,112			109,927			$1,898,528
Shares issued in reinvestment of distributions		—			—			285,234			5,162,738
Shares redeemed		(401,851	)		(6,543,201	)		(498,953	)		(8,443,388	)
Net decrease		(376,793	)		$(6,144,089	)		(103,792	)		$(1,382,122	)
Class I:
Shares sold		403,318			$6,534,888			119,211			$1,986,733
Shares issued in reinvestment of distributions		—			—			51,218			937,805
Shares redeemed		(79,576	)		(1,299,476	)		(102,506	)		(1,728,236	)
Net increase		323,742			$5,235,412			67,923			$1,196,302
Class Z:
Shares sold		76,077			$1,347,657			70,562			$1,224,341
Shares issued in reinvestment of distributions		—			—			85,595			1,539,857
Shares redeemed		(96,434	)		(1,557,025	)		(145,277	)		(2,496,563	)
Net increase (decrease)		(20,357	)		$(209,368	)		10,880			$267,635

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Fund may enter into third-party and bilateral 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 June 30, 2022, 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 six months ended June 30, 2022, the Fund paid an investment management fee at the following annual rates of the Fund’s average daily net assets:

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%

16

Notes to Financial Statements (continued)

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 (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 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 (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 June 30, 2022, the Fund’s expiration of reimbursements subject to recoupment is as follows:

Expiration   Period
Less than 1 year	$	161,076
1-2 years		152,483
2-3 years		125,520
Total	$	439,079

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

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

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

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

The impact on the annualized expense ratios for the six months ended June 30, 2022, were as follows:

	Maximum Annual Amount Approved		Actual Amount Incurred
Class N		0.15%		0.09%
Class I		0.15%		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 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 included on the Statement of Operations as interest income and interest expense, respectively. At June 30, 2022, the Fund had no interfund loans outstanding.

The Fund did not utilize the interfund loan program during the six months ended June 30, 2022.

17

Notes to Financial Statements (continued)

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended June 30, 2022, were $13,515,912 and $14,757,195, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the six months ended June 30, 2022.

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 June 30, 2022, were as follows:

Securities Loaned	Cash Collateral Received		Securities Collateral Received	Total Collateral Received
$1,510,934		—	$1,561,599	$1,561,599

The following table summarizes the securities received as collateral for securities lending at June 30, 2022:

Collateral Type	Coupon Range	Maturity Date Range
U.S. Treasury Obligations	0.000%-7.500%	07/14/22-11/15/51

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 June 30, 2022, 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.

18

    Annual Renewal of Investment Management and Subadvisory Agreements

At an in-person meeting held on June 22, 2022, the Board of Trustees (the “Board” or the “Trustees”), and separately a majority of the Trustees who are not “interested persons” of AMG Funds (the “Trust”) (the “Independent Trustees”), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) for AMG Renaissance Large Cap Growth Fund (the “Fund”) and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the “Investment Management Agreement”); and (ii) the Subadvisory Agreement, as amended at any time prior to the date of the meeting, with the Subadviser for the Fund (the “Subadvisory Agreement”). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreement and Subadvisory Agreement, the Trustees reviewed a variety of materials relating to the Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for the Fund (the “Peer Group”), performance information for the relevant benchmark index for the Fund (the “Fund Benchmark”), other relevant matters, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and the Subadvisory Agreement; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.   NATURE, EXTENT AND QUALITY OF SERVICES   In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information relating to the Investment Manager’s operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Fund and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Management Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Fund; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Fund’s other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to the Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to the Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of the Subadvisory Agreement and annual consideration of the Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager’s undertaking to maintain a contractual expense limitation for the Fund. The Trustees also considered the Investment Manager’s risk management processes.   The Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques (its “Investment Strategy”) used in managing the Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for the Fund, including the information set forth in the Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under the Subadvisory Agreement. The Trustees also considered the Subadviser’s risk management processes.   PERFORMANCE   The Board considered the Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark, considered the gross performance of the Fund as compared to the Subadviser’s relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both the Fund’s performance results and portfolio composition, as well as the Subadviser’s Investment Strategy. The Board was mindful of the Investment Manager’s expertise, resources and attention to monitoring the Subadviser’s performance, investment style and risk-adjusted performance with

19

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

respect to the Fund and its discussions with the management of the Fund’s subadviser during the period regarding the factors that contributed to the performance of the Fund.   Among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and   10-year periods ended March 31, 2022 was above, above, below, and below, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the Russell 1000 Growth Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s underperformance relative to its Fund Benchmark and the fact that the Fund ranked in the top quintile relative to its Peer Group for the 1-year period and the top half of its Peer Group for the 3-year period. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies and policies.   ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE   In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 22, 2022 and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager to the Fund), received by the Investment Manager and its affiliates attributable to managing the Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Fund, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to the Fund. The Trustees also considered management’s discussion of the current asset level of the Fund, and the impact on profitability of both the current asset level and any future growth of assets of the Fund.   In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with the Fund, the Trustees noted the undertaking by the Investment Manager to maintain a contractual expense limitation for the Fund. The Board also took into account management’s discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also with respect to economies of scale, the Trustees noted that as the Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.   In considering the reasonableness of the subadvisory fee payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to the Fund and the resulting profitability from the relationship. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management’s discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under the Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also with respect to economies of scale, the Trustees noted that as the Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses. The Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2022 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.66%. The Trustees also took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   *    *    *    *   After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreement and the Subadvisory Agreement: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and the Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.   Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of the Investment Management Agreement and the Subadvisory Agreement would be in the best interests of the Fund and its shareholders. Accordingly, on June 22, 2022, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement and the Subadvisory Agreement for the Fund.

20

    Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders.   The AMG Funds Family of Funds (each a “Fund,” and collectively, the “Funds”) have adopted and implemented a Liquidity Risk Management Program (the “Program”) as required by the Liquidity Rule. The Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short and long-term cash flow projections, and its holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including access to the Funds’ credit facility. Under the Liquidity Rule, each liquidity classification category (highly liquid, moderately liquid, less liquid and illiquid) is defined with respect to the time it is reasonably expected to take to convert the investment to cash (or sell or dispose of the investment) in current market conditions without significantly changing the market value of the investment.   The Funds’ Board of Trustees (the “Board”) appointed AMG Funds, LLC (“AMGF”) as the Program administrator. AMGF formed a Liquidity Risk Management Committee (“LRMC”), which includes     members of various departments across AMGF, including Legal, Compliance, Mutual Fund Services, Investment Research and Product Analysis & Operations and, as needed, other representatives of AMGF and/or representatives of the subadvisers to the Funds. The LRMC meets on a periodic basis, no less frequently than monthly. The LRMC is responsible for the Program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the Program’s operation and effectiveness.   At a meeting of the Board held on March 17, 2022, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period January 1, 2021 through December 31, 2021 (the “Program Reporting Period”).   The Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:   A. The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed whether each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions is appropriate for an open-end fund structure. The LRMC also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed historical net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size. The Funds maintain an in-kind redemption policy, which may be utilized to meet larger redemption requests, when appropriate. The LRMC may also take into consideration a Fund’s shareholder ownership concentration, a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.   C. Holdings of cash and cash equivalents, as well as borrowing arrangements:   The LRMC considered the terms of the credit facilities available to the Funds.   The report concluded that, based upon the review of the Program, using resources and methodologies that AMGF considers reasonable, AMGF believes that the Program and Funds’ Liquidity Risk Management Policies and Procedures are adequate, effective, and reasonably designed to effectively manage the Funds’ liquidity risk.   There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus or statement of additional information for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

21

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

INVESTMENT MANAGER AND ADMINISTRATOR AMG Funds LLC 680 Washington Blvd., Suite 500 Stamford, CT 06901 800.548.4539   DISTRIBUTOR AMG Distributors, Inc. 680 Washington Blvd., Suite 500 Stamford, CT 06901 800.548.4539   SUBADVISER 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   TRUSTEES Bruce B. Bingham Kurt A. Keilhacker Steven J. Paggioli Eric Rakowski Victoria L. Sassine Thomas R. Schneeweis Garret W. Weston 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   EQUITY FUNDS AMG Beutel Goodman International Equity Beutel, Goodman & Company Ltd.   AMG Boston Common Global Impact Boston Common Asset 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                | 063022             SAR024

SEMI-ANNUAL REPORT

AMG Funds

June 30, 2022

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            | 063022         SAR012

    AMG Funds

    Semi-Annual Report — June 30, 2022 (unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		3
FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS
AMG TimesSquare Small Cap Growth Fund		5
AMG TimesSquare Mid Cap Growth Fund		9
AMG TimesSquare International Small Cap Fund		13
AMG TimesSquare Emerging Markets Small Cap Fund		17
AMG TimesSquare Global Small Cap Fund		21
FINANCIAL STATEMENTS
Statement of Assets and Liabilities		26
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations		28
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets		29
Detail of changes in assets for the past two fiscal periods
Financial Highlights		31
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements		46
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks
ANNUAL RENEWAL OF INVESTMENT MANAGEMENT AND SUBADVISORY AGREEMENTS		54
FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM		58

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.

    About Your Fund’s Expenses (unaudited)

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

Six Months  Ended  June 30, 2022	Expense Ratio for the Period	Beginning Account Value 01/01/22	Ending Account Value 06/30/22	Expenses Paid During the Period*
AMG TimesSquare Small Cap Growth Fund
Based on Actual Fund Return
Class N	1.19%	$1,000	$677	$4.95
Class I	1.06%	$1,000	$678	$4.41
Class Z	0.99%	$1,000	$677	$4.12
Based on Hypothetical 5% Annual Return
Class N	1.19%	$1,000	$1,019	$5.96
Class I	1.06%	$1,000	$1,020	$5.31
Class Z	0.99%	$1,000	$1,020	$4.96
AMG TimesSquare Mid Cap Growth Fund
Based on Actual Fund Return
Class N	1.18%	$1,000	$747	$5.11
Class I	1.03%	$1,000	$748	$4.46
Class Z	0.98%	$1,000	$748	$4.25
Based on Hypothetical 5% Annual Return
Class N	1.18%	$1,000	$1,019	$5.91
Class I	1.03%	$1,000	$1,020	$5.16
Class Z	0.98%	$1,000	$1,020	$4.91
AMG TimesSquare International Small Cap Fund
Based on Actual Fund Return
Class N	1.24%	$1,000	$699	$5.22
Class I	1.09%	$1,000	$700	$4.59
Class Z	0.99%	$1,000	$700	$4.17
Based on Hypothetical 5% Annual Return
Class N	1.24%	$1,000	$1,019	$6.21
Class I	1.09%	$1,000	$1,019	$5.46
Class Z	0.99%	$1,000	$1,020	$4.96

Six Months Ended  June 30, 2022	Expense Ratio for the Period	Beginning Account Value 01/01/22	Ending Account Value 06/30/22	Expenses Paid During the Period*
AMG TimesSquare Emerging Markets Small Cap Fund
Based on Actual Fund Return
Class N	1.68%	$1,000	$785	$7.44
Class I	1.29%	$1,000	$787	$5.72
Class Z	1.28%	$1,000	$787	$5.67
Based on Hypothetical 5% Annual Return
Class N	1.68%	$1,000	$1,016	$8.40
Class I	1.29%	$1,000	$1,018	$6.46
Class Z	1.28%	$1,000	$1,018	$6.41
AMG TimesSquare Global Small Cap Fund
Based on Actual Fund Return
Class N	1.25%	$1,000	$714	$5.31
Class I	1.00%	$1,000	$715	$4.25
Class Z	1.00%	$1,000	$715	$4.25
Based on Hypothetical 5% Annual Return
Class N	1.25%	$1,000	$1,019	$6.26
Class I	1.00%	$1,000	$1,020	$5.01
Class Z	1.00%	$1,000	$1,020	$5.01

 ^* 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 (181), then divided by 365.

2

    Fund Performance (unaudited)

     Periods ended June 30, 2022

The table below shows the average annual total returns for the periods indicated for each Fund, as well as each Fund’s relative index for the same time periods ended June 30, 2022.

Average Annual Total Returns1	Six Months*		One Year		Five Years		Ten Years		Since Inception		Inception Date
AMG TimesSquare Small Cap Growth Fund2, 3, 4, 5, 6
Class N		(32.29%)		(31.85%)		5.81%		9.34%		7.93%		01/21/00
Class I		(32.22%)		(31.72%)		5.97%		—		6.42%		02/24/17
Class Z		(32.27%)		(31.73%)		6.01%		9.56%		8.09%		01/21/00
Russell 2000® Growth Index12		(29.45%)		(33.43%)		4.80%		9.30%		4.47%		01/21/00	†
AMG TimesSquare Mid Cap Growth Fund2, 4, 5, 6, 7
Class N		(25.29%)		(20.74%)		10.76%		11.98%		9.79%		03/04/05
Class I		(25.23%)		(20.64%)		10.90%		—		11.02%		02/24/17
Class Z		(25.18%)		(20.56%)		10.98%		12.21%		10.00%		03/04/05
Russell Midcap® Growth           Index13		(31.00%)		(29.57%)		8.88%		11.50%		8.99%		03/04/05	†
AMG TimesSquare International Small Cap Fund2, 3, 4, 5, 6, 8, 9, 10, 11
Class N		(30.13%)		(32.44%)		(2.50%)		—		4.72%		01/02/13
Class I		(30.02%)		(32.29%)		(2.33%)		—		0.64%		02/24/17
Class Z		(30.01%)		(32.24%)		(2.26%)		—		4.95%		01/02/13
MSCI EAFE Small Cap  Index14		(24.71%)		(23.98%)		1.72%		7.18%		5.89%		01/02/13	†
AMG TimesSquare Emerging Markets Small Cap Fund2, 3, 4, 5, 6, 8, 9, 10, 11
Class N		(21.48%)		(29.17%)		3.20%		—		3.94%		02/24/17
Class I		(21.31%)		(28.88%)		3.62%		—		5.90%		12/14/16
Class Z		(21.33%)		(28.90%)		3.60%		—		5.88%		12/14/16
MSCI Emerging Markets Small           Cap Index15		(20.03%)		(20.72%)		3.48%		4.31%		5.82%		12/14/16	†
AMG TimesSquare Global Small Cap Fund2, 3, 4, 5, 6, 8, 9, 10, 11
Class N		(28.64%)		(26.81%)		—		—		(0.90%)		05/30/18
Class I		(28.47%)		(26.59%)		—		—		(0.64%)		05/30/18
Class Z		(28.53%)		(26.65%)		—		—		(0.64%)		05/30/18
MSCI World Small Cap  Index16		(22.56%)		(21.97%)		4.78%		8.79%		2.23%		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 Funds 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.

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

^*  Not annualized.

¹  Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No

    adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Funds are net of expenses and based on the published NAV as of June 30, 2022. 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   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.

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 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   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  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  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.

3

    Fund Performance

     Periods ended June 30, 2022 (continued)

¹²  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.   ¹³  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.   ¹⁴  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 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.   ¹⁵  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 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.   ¹⁶  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 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.   The Russell Indices are trademarks of the London Stock Exchange Group companies.   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.

4

    AMG TimesSquare Small Cap Growth Fund

    Fund Snapshots (unaudited)

    June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Information Technology	25.3
Industrials	23.5
Health Care	16.2
Consumer Discretionary	14.4
Financials	7.4
Consumer Staples	4.5
Energy	3.3
Real Estate	2.1
Communication Services	0.9
Short-Term Investments	7.2
Other Assets, Less Liabilities	(4.8)

TOP TEN HOLDINGS

Security Name	% of Net Assets
EMCOR Group, Inc.	2.5
Casella Waste Systems, Inc., Class A	2.3
WNS Holdings, Ltd., ADR (India)	2.2
BJ’s Wholesale Club Holdings, Inc.	2.2
Onto Innovation, Inc.	2.1
Sailpoint Technologies Holdings, Inc.	1.9
Leslie’s, Inc.	1.9
Driven Brands Holdings, Inc.	1.9
Matador Resources Co.	1.8
ExlService Holdings, Inc.	1.7
Top Ten as a Group	20.5

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.

5

    AMG TimesSquare Small Cap Growth Fund

    Schedule of Portfolio Investments (unaudited)

    June 30, 2022

	Shares		Value
Common Stocks - 97.6%
Communication Services - 0.9%
Integral Ad Science Holding Corp.*		220,000		$2,184,600
Consumer Discretionary - 14.4%
Boot Barn Holdings, Inc.*		30,000		2,067,300
Callaway Golf Co.*		170,000		3,468,000
Global-e Online, Ltd. (Israel)*		77,600		1,565,192
Hilton Grand Vacations, Inc.*		90,000		3,215,700
Leslie’s, Inc.*,1		304,700		4,625,346
Malibu Boats, Inc., Class A*		29,600		1,560,216
MYT Netherlands Parent, B.V. (Germany)*,1		120,000		1,185,600
National Vision Holdings, Inc.*,1		133,500		3,671,250
OneSpaWorld Holdings, Ltd. (Bahamas)*,1		336,200		2,410,554
Planet Fitness, Inc., Class A*		53,100		3,611,331
PowerSchool Holdings, Inc., Class A*		205,700		2,478,685
Visteon Corp.*		36,900		3,822,102
Wingstop, Inc.1		18,800		1,405,676
Total Consumer Discretionary				35,086,952
Consumer Staples - 4.5%
BJ’s Wholesale Club Holdings, Inc.*		85,000		5,297,200
The Simply Good Foods Co.*		110,000		4,154,700
The Vita Coco Co., Inc.*,1		145,000		1,419,550
Total Consumer Staples				10,871,450
Energy - 3.3%
Cactus, Inc., Class A		50,500		2,033,635
Matador Resources Co.		93,000		4,332,870
SM Energy Co.		46,500		1,589,835
Total Energy				7,956,340
Financials - 7.4%
Evercore, Inc., Class A		18,500		1,731,785
Focus Financial Partners, Inc., Class A*		111,500		3,797,690
Hamilton Lane, Inc., Class A		62,500		4,198,750
MVB Financial Corp.		97,540		3,034,469
Silvergate Capital Corp., Class A*		30,000		1,605,900
Victory Capital Holdings, Inc., Class A		148,000		3,566,800
Total Financials				17,935,394
Health Care - 16.2%
Addus HomeCare Corp.*		25,600		2,131,968
AtriCure, Inc.*		74,100		3,027,726
Azenta, Inc.		41,400		2,984,940
BioLife Solutions, Inc.*		54,300		749,883
Certara, Inc.*		63,000		1,351,980
GH Research PLC (Ireland)*,1		60,500		603,790

	Shares		Value
HealthEquity, Inc.*		47,500		$2,916,025
Inspire Medical Systems, Inc.*		16,000		2,922,720
Intra-Cellular Therapies, Inc.*		62,500		3,567,500
Outset Medical, Inc.*		39,900		592,914
Phreesia, Inc.*		84,000		2,100,840
PTC Therapeutics, Inc.*		50,800		2,035,048
Pulmonx Corp.*,1		96,000		1,413,120
Shockwave Medical, Inc.*		15,800		3,020,486
Silk Road Medical, Inc.*,1		70,000		2,547,300
STAAR Surgical Co.*		32,200		2,283,946
Tandem Diabetes Care, Inc.*		27,000		1,598,130
Tarsus Pharmaceuticals, Inc.*,1		153,250		2,237,450
Treace Medical Concepts, Inc.*		93,000		1,333,620
Total Health Care				39,419,386
Industrials - 23.5%
ACV Auctions, Inc., Class A*		168,000		1,098,720
ASGN, Inc.*		42,800		3,862,700
The AZEK Co., Inc.*		159,900		2,676,726
Casella Waste Systems, Inc., Class A*		77,000		5,596,360
Chart Industries, Inc.*,1		14,300		2,393,534
Columbus McKinnon Corp.		47,000		1,333,390
Driven Brands Holdings, Inc.*		164,800		4,538,592
EMCOR Group, Inc.		58,600		6,033,456
Esab Corp.		62,900		2,751,875
Exponent, Inc.		28,500		2,606,895
First Advantage Corp.*		90,700		1,149,169
Hexcel Corp.		64,200		3,358,302
ITT, Inc.		24,000		1,613,760
RBC Bearings, Inc.*		20,000		3,699,000
Regal Rexnord Corp.		21,000		2,383,920
Saia, Inc.*		11,500		2,162,000
Sun Country Airlines Holdings, Inc.*		105,000		1,925,700
Tetra Tech, Inc.		20,000		2,731,000
WillScot Mobile Mini Holdings Corp.*		68,000		2,204,560
Zurn Water Solutions Corp.		111,100		3,026,364
Total Industrials				57,146,023
Information Technology - 25.3%
Allegro MicroSystems, Inc.*		177,000		3,662,130
BTRS Holdings, Inc., Class A*		501,278		2,496,365
Enfusion, Inc., Class A*,1		175,000		1,786,750
Envestnet, Inc.*		34,000		1,794,180
Evo Payments, Inc., Class A*		138,200		3,250,464
ExlService Holdings, Inc.*		28,700		4,228,371

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

6

    AMG TimesSquare Small Cap Growth Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Information Technology - 25.3% (continued)
JFrog, Ltd. (Israel)*		110,700		$2,332,449
MACOM Technology Solutions Holdings, Inc.*		63,000		2,904,300
New Relic, Inc.*		60,000		3,003,000
nLight, Inc.*		226,000		2,309,720
Onto Innovation, Inc.*		73,000		5,091,020
Paycor HCM, Inc.*,1		147,400		3,832,400
Q2 Holdings, Inc.*		45,800		1,766,506
Sailpoint Technologies Holdings, Inc.*		75,000		4,701,000
Smartsheet, Inc., Class A*		71,800		2,256,674
Sprout Social, Inc., Class A*		43,200		2,508,624
Synaptics, Inc.*,1		27,600		3,258,180
Vertex, Inc., Class A*		164,100		1,859,253
WNS Holdings, Ltd., ADR (India)*		73,000		5,448,720
Workiva, Inc.*		46,000		3,035,540
Total Information Technology				61,525,646
Real Estate - 2.1%
Kennedy-Wilson Holdings, Inc.		163,700		3,100,478
National Storage Affiliates Trust, REIT		41,000		2,052,870
Total Real Estate				5,153,348
Total Common Stocks (Cost $252,320,890)				237,279,139
	Principal Amount
Short-Term Investments - 7.2%
Joint Repurchase Agreements - 4.9%2
Cantor Fitzgerald Securities, Inc., dated 06/30/22, due 07/01/22, 1.550% total to be received $2,810,821 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 9.000%, 08/01/22 - 01/20/68, totaling $2,866,914)		$2,810,700		2,810,700

	Principal Amount		Value
Citigroup Global Markets, Inc., dated 06/30/22,due 07/01/22, 1.500% total to be received $591,181 (collateralized by various U.S. Treasuries, 1.875% - 3.250%, 06/30/24 - 05/15/52, totaling $602,979)		$591,156		$591,156
MUFG Securities America, Inc., dated 06/30/22,due 07/01/22, 1.550% total to be received $2,810,798 (collateralized by various U.S. Government Agency Obligations, 3.000% - 5.000%, 11/01/26 - 07/01/52, totaling $2,866,891)		2,810,677		2,810,677
National Bank Financial, dated 06/30/22, due 07/01/22, 1.590% total to be received $2,810,801 (collateralized by various U.S. Treasuries, 0.000% - 2.750%, 07/01/22 - 09/09/49, totaling $2,866,893)		2,810,677		2,810,677
RBC Dominion Securities, Inc., dated 06/30/22,due 07/01/22, 1.550% total to be received $2,810,798 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.875%, 08/16/22 - 05/20/52, totaling $2,866,891)		2,810,677		2,810,677
Total Joint Repurchase Agreements				11,833,887
	Shares
Other Investment Companies - 2.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.35%3		3,736,656		3,736,656
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.37%3		1,924,944		1,924,944
Total Other Investment Companies				5,661,600
Total Short-Term Investments
(Cost $17,495,487)				17,495,487
Total Investments - 104.8%
(Cost $269,816,377)				254,774,626
Other Assets, less Liabilities - (4.8)%				(11,615,761	)
Net Assets - 100.0%				$243,158,865

* Non-income producing security.

¹  Some of these securities, amounting to $16,738,493 or 6.9% 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.

³  Yield shown represents the June 30, 2022, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR    American Depositary Receipt

REIT   Real Estate Investment Trust

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

7

    AMG TimesSquare Small Cap Growth Fund

    Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2022:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†	$	237,279,139		—		—	$	237,279,139
Short-Term Investments
Joint Repurchase Agreements		—	$	11,833,887		—		11,833,887
Other Investment Companies		5,661,600		—		—		5,661,600
Total Investments in Securities	$	242,940,739	$	11,833,887		—	$	254,774,626

^†  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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

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

8

    AMG TimesSquare Mid Cap Growth Fund

    Fund Snapshots (unaudited)

    June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Information Technology	29.8
Industrials	21.1
Health Care1	17.6
Consumer Discretionary	9.8
Financials	7.6
Energy	3.1
Real Estate	2.6
Materials	2.2
Consumer Staples	2.1
Communication Services	1.9
Short-Term Investments	4.2
Other Assets, Less Liabilities	(2.0)

¹  Includes less than (0.05)% of a forward sale in a when-issue market.

TOP TEN HOLDINGS

Security Name	% of Net Assets
Waste Connections, Inc.	3.2
Catalent, Inc.	3.0
Palo Alto Networks, Inc.	2.9
SBA Communications Corp., Class A	2.6
Cintas Corp.	2.5
Gartner, Inc.	2.5
RenaissanceRe Holdings, Ltd. (Bermuda)	2.5
AmerisourceBergen Corp.	2.5
Crowdstrike Holdings, Inc., Class A	2.2
Pool Corp.	2.1
Top Ten as a Group	26.0

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.

9

    AMG TimesSquare Mid Cap Growth Fund

    Schedule of Portfolio Investments (unaudited)

    June 30, 2022

	Shares		Value
Long Positions - 102.0%
Common Stocks - 97.8%
Communication Services - 1.9%
IAC/InteractiveCorp.*		101,300		$7,695,761
Pinterest, Inc., Class A*		374,900		6,808,184
Take-Two Interactive Software, Inc.*		80,200		9,826,906
Total Communication Services				24,330,851
Consumer Discretionary - 9.8%
Brunswick Corp.		337,100		22,039,598
Burlington Stores, Inc.*		86,600		11,797,518
Floor & Decor Holdings, Inc., Class A*		174,600		10,992,816
Lululemon Athletica, Inc. (Canada)*		68,900		18,782,829
Marriott Vacations Worldwide Corp.		107,200		12,456,640
O’Reilly Automotive, Inc.*		36,600		23,122,416
Pool Corp.		77,100		27,079,833
Total Consumer Discretionary				126,271,650
Consumer Staples - 2.1%
Casey’s General Stores, Inc.		65,100		12,042,198
Olaplex Holdings, Inc.*,1		1,072,800		15,115,752
Total Consumer Staples				27,157,950
Energy - 3.1%
Cheniere Energy, Inc.		162,300		21,590,769
Pioneer Natural Resources Co.		82,100		18,314,868
Total Energy				39,905,637
Financials - 7.6%
Interactive Brokers Group, Inc., Class A		342,400		18,835,424
Nasdaq, Inc.		110,800		16,901,432
RenaissanceRe Holdings, Ltd. (Bermuda)		204,000		31,899,480
Signature Bank		109,300		19,587,653
TPG, Inc.1		404,800		9,678,768
Total Financials				96,902,757
Health Care - 17.6%
AmerisourceBergen Corp.		221,500		31,337,820
Argenx SE, ADR (Netherlands)*		42,100		15,950,848
Ascendis Pharma A/S, ADR (Denmark)*,1		111,900		10,402,224
Catalent, Inc.*		360,300		38,656,587
Charles River Laboratories International, Inc.*		61,900		13,244,743
Chemed Corp.		36,100		16,944,979
Encompass Health Corp.		202,200		11,333,310
Envista Holdings Corp.*		341,300		13,153,702
Horizon Therapeutics PLC*,1		236,700		18,879,192
ICON PLC (Ireland)*		84,800		18,376,160
Royalty Pharma PLC, Class A1		500,300		21,032,612

	Shares		Value
Veeva Systems, Inc., Class A*		81,100		$16,061,044
Total Health Care				225,373,221
Industrials - 21.1%
AMETEK, Inc.		156,300		17,175,807
Booz Allen Hamilton Holding Corp.		206,800		18,686,448
Carlisle Cos., Inc.		80,500		19,208,105
Cintas Corp.		87,200		32,571,816
Copart, Inc.*		187,600		20,384,616
CoStar Group, Inc.*		194,800		11,767,868
Generac Holdings, Inc.*		42,800		9,012,824
Hubbell, Inc.		68,700		12,268,446
Nordson Corp.		77,500		15,689,100
PACCAR, Inc.		196,600		16,188,044
Robert Half International, Inc.		117,300		8,784,597
Rockwell Automation, Inc.		45,900		9,148,329
TransUnion		273,900		21,909,261
Verisk Analytics, Inc., Class A		98,600		17,066,674
Waste Connections, Inc.		329,100		40,795,236
Total Industrials				270,657,171
Information Technology - 29.8%
Amphenol Corp., Class A		325,300		20,942,814
Avalara, Inc.*		138,000		9,742,800
Bentley Systems, Inc., Class B1		302,700		10,079,910
Crowdstrike Holdings, Inc., Class A*		168,300		28,368,648
CyberArk Software, Ltd. (Israel)*		87,400		11,183,704
Elastic, N.V.*		189,500		12,823,465
Entegris, Inc.		176,600		16,270,158
FleetCor Technologies, Inc.*		58,800		12,354,468
Gartner, Inc.*		133,300		32,235,939
HubSpot, Inc.*		38,900		11,695,285
Keysight Technologies, Inc.*		118,900		16,390,365
Marvell Technology, Inc.		387,800		16,880,934
Microchip Technology, Inc.		319,500		18,556,560
Monolithic Power Systems, Inc.		45,500		17,473,820
Nice, Ltd., Sponsored ADR (Israel)*		94,800		18,244,260
Palo Alto Networks, Inc.*		75,900		37,490,046
Paylocity Holding Corp.*		101,500		17,703,630
Samsara, Inc., Class A*,1		576,700		6,441,739
Smartsheet, Inc., Class A*		315,700		9,922,451
SS&C Technologies Holdings, Inc.		261,600		15,191,112
Synopsys, Inc.*		72,300		21,957,510
Tyler Technologies, Inc.*		35,200		11,703,296

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

10

    AMG TimesSquare Mid Cap Growth Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Information Technology - 29.8% (continued)
Zendesk, Inc.*		113,500		$8,406,945
Total Information Technology				382,059,859
Materials - 2.2%
FMC Corp.		90,700		9,705,807
Martin Marietta Materials, Inc.		60,700		18,163,868
Total Materials				27,869,675
Real Estate - 2.6%
SBA Communications Corp., Class A, REIT		104,500		33,445,225
Total Common Stocks (Cost $1,066,332,273)				1,253,973,996
	Principal Amount
Short-Term Investments - 4.2%
Joint Repurchase Agreements - 1.8%2
Cantor Fitzgerald Securities, Inc., dated 06/30/22, due 07/01/22, 1.550% total to be received $5,546,739 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 9.000%, 08/01/22 - 01/20/68, totaling $5,657,430)	$	5,546,500		5,546,500
Citadel Securities LLC, dated 06/30/22, due 07/01/22, 1.550% total to be received $2,722,024 (collateralized by various U.S. Treasuries, 0.000% - 7.250%, 07/21/22 - 05/15/52, totaling $2,776,486)		2,721,907		2,721,907
Deutsche Bank Securities, Inc., dated 06/30/22, due 07/01/22, 1.480% total to be received $800,576 (collateralized by various U.S. Treasuries, 0.000% - 0.750%, 01/15/25 - 08/15/39, totaling $816,554)		800,543		800,543
National Bank Financial, dated 06/30/22, due 07/01/22, 1.590% total to be received $5,546,753 (collateralized by various U.S. Treasuries, 0.000% - 2.750%, 07/01/22 - 09/09/49, totaling $5,657,442)		5,546,508		5,546,508

	Principal Amount			Value
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.550% total to be received $5,546,747 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.875%, 08/16/22 - 05/20/52, totaling $5,657,438)		$5,546,508			$5,546,508
State of Wisconsin Investment Board, dated 06/30/22, due 07/01/22, 1.550% total to be received $3,190,516 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 01/15/25 - 02/15/51, totaling $3,254,192)		3,190,379			3,190,379
Total Joint Repurchase Agreements					23,352,345
	Shares
Other Investment Companies - 2.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.35%3		19,859,123			19,859,123
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.37%3		10,230,457			10,230,457
Total Other Investment Companies					30,089,580
Total Short-Term Investments (Cost $53,441,925)					53,441,925
Total Investments - 102.0% (Cost $1,119,774,198)					1,307,415,921
Forward When-Issue Sale - (0.0%)
Common Stocks - (0.0%)
Health Care - (0.0%)#
Enhabit, Inc. *,4 (Proceeds $(444,189))		(17,800	)		(408,866)
Other Assets, less Liabilities - (2.0)%					(25,221,336	)
Net Assets - 100.0%				$	1,281,785,719

* Non-income producing security.

^#  Less than 0.05%.

¹  Some of these securities, amounting to $39,186,647 or 3.1% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

²  Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

³  Yield shown represents the June 30, 2022, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

⁴  Enhabit, Inc. represents a forward sale in the when-issue market of shares the Fund received on July 7, 2022, from a spin-off from Encompass Health Corp. The position is reflected on the holdings report as the sale occurred before the effective date of the spin-off.

ADR    American Depositary Receipt

REIT   Real Estate Investment Trust

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

11

    AMG TimesSquare Mid Cap Growth Fund

    Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2022:

	Level 1		Level 2		Level 3		Value
Investments in Securities
Assets
Common Stocks†	$	1,253,973,996		—		—	$	1,253,973,996
Short-Term Investments
Joint Repurchase Agreements		—	$	23,352,345		—		23,352,345
Other Investment Companies		30,089,580		—		—		30,089,580
Total Assets		1,284,063,576		23,352,345		—		1,307,415,921
Liabilities
Common Stocks†		(408,866)		—		—		(408,866)
Net Investments in Securities	$	1,283,654,710	$	23,352,345		—	$	1,307,007,055

^†  All common stocks, including forward when-issue sales held in the Fund are Level 1 securities. For a detailed break-out of the common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

For the six months ended June 30, 2022, there were no transfers in or out of Level 3.

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

12

    AMG TimesSquare International Small Cap Fund

     Fund Snapshots (unaudited)

     June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Industrials	33.7
Financials	13.3
Information Technology	11.3
Consumer Discretionary	7.7
Consumer Staples	7.3
Communication Services	7.2
Materials	4.8
Health Care	4.6
Energy	3.7
Utilities	1.3
Real Estate	0.7
Short-Term Investments	5.2
Other Assets, Less Liabilities	(0.8)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Steadfast Group, Ltd. (Australia)	3.5
Topdanmark AS (Denmark)	3.2
Gaztransport Et Technigaz, S.A. (France)	2.4
HomeServe PLC (United Kingdom)	2.4
IPH, Ltd. (Australia)	2.3
Saab AB, Class B (Sweden)	2.3
Viscofan, S.A. (Spain)	2.2
Huhtamaki Oyj (Finland)	2.1
Kobe Bussan Co., Ltd. (Japan)	2.0
Spirent Communications PLC (United Kingdom)	1.9
Top Ten as a Group	24.3

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.

13

    AMG TimesSquare International Small Cap Fund

    Schedule of Portfolio Investments (unaudited)

    June 30, 2022

	Shares		Value
Common Stocks - 95.6%
Communication Services - 7.2%
Auto Trader Group PLC (United Kingdom)1		1,304,140		$8,832,358
Future PLC (United Kingdom)		264,800		5,603,587
IPSOS (France)		111,620		5,324,335
Kadokawa Corp. (Japan)		476,300		10,303,668
Metropole Television, S.A. (France)		428,600		6,355,344
Nordic Entertainment Group AB, Class B (Sweden)*		264,204		5,427,038
Total Communication Services				41,846,330
Consumer Discretionary - 7.7%
Afya, Ltd., Class A (Brazil)*		477,100		4,747,145
CIE Automotive, S.A. (Spain)2		241,678		6,018,238
Dalata Hotel Group PLC (Ireland)*		1,372,621		4,998,573
Food & Life Cos., Ltd. (Japan)		300,904		6,455,622
Games Workshop Group PLC (United Kingdom)		76,400		6,219,815
K Car Co., Ltd. (South Korea)		247,400		3,901,788
momo.com, Inc. (Taiwan)		207,144		4,456,487
Shoei Co., Ltd. (Japan)		94,700		3,715,500
Spin Master Corp. (Canada)*,1		132,300		4,317,840
Total Consumer Discretionary				44,831,008
Consumer Staples - 7.3%
Kobe Bussan Co., Ltd. (Japan)		470,098		11,555,498
Sugi Holdings Co., Ltd. (Japan)		157,197		6,905,049
Tate & Lyle PLC (United Kingdom)		1,207,314		11,063,981
Viscofan, S.A. (Spain)		229,600		12,667,245
Total Consumer Staples				42,191,773
Energy - 3.7%
Friedrich Vorwerk Group SE (Germany)2		68,500		1,841,238
Gaztransport Et Technigaz, S.A. (France)		111,200		13,967,226
TGS ASA (Norway)		389,600		5,470,026
Total Energy				21,278,490
Financials - 13.3%
doValue S.P.A. (Italy)1		337,037		1,995,319
FinecoBank Banca Fineco S.P.A. (Italy)		265,913		3,190,042
Nordnet AB publ (Sweden)		523,387		6,890,246
Patria Investments, Ltd., Class A (Cayman Islands)		323,600		4,277,992
St James’s Place PLC (United Kingdom)		734,141		9,878,114
Steadfast Group, Ltd. (Australia)		5,892,083		20,501,067
Tamburi Investment Partners S.P.A. (Italy)		437,815		3,368,790
Topdanmark AS (Denmark)		355,811		18,518,585
Zenkoku Hosho Co., Ltd. (Japan)		266,309		8,364,045
Total Financials				76,984,200

	Shares		Value
Health Care - 4.6%
ALK-Abello A/S (Denmark)*		394,900		$6,879,554
Amplifon S.P.A. (Italy)		115,495		3,550,844
Nippon Shinyaku Co., Ltd. (Japan)		136,400		8,325,917
Siegfried Holding AG (Switzerland)		12,700		8,133,380
Total Health Care				26,889,695
Industrials - 33.7%
AG Growth International, Inc. (Canada)2		126,600		2,920,101
APM Human Services International, Ltd. (Australia)*		3,524,700		6,982,492
Arcadis, N.V. (Netherlands)		269,400		9,022,893
Befesa, S.A. (Luxembourg)1		116,261		5,666,931
Bodycote PLC (United Kingdom)		832,639		5,358,002
Cargojet, Inc. (Canada)2		42,000		4,649,953
Cleanaway Waste Management, Ltd. (Australia)		2,945,400		5,127,007
Daiseki Co., Ltd. (Japan)		272,220		8,497,879
Diploma PLC (United Kingdom)		238,700		6,500,897
Downer EDI, Ltd. (Australia)		1,603,800		5,595,987
Fuji Corp. (Japan)		517,200		7,629,474
Grafton Group PLC (Ireland)		745,200		7,078,883
HomeServe PLC (United Kingdom)		964,100		13,754,579
Howden Joinery Group PLC (United Kingdom)		685,163		5,050,647
Interpump Group S.P.A. (Italy)2		98,357		3,765,931
IPH, Ltd. (Australia)		2,423,240		13,633,478
Meitec Corp. (Japan)		465,900		7,510,687
Nabtesco Corp. (Japan)		348,500		8,177,619
Nexans, S.A. (France)		125,700		9,793,199
Organo Corp. (Japan)		78,400		4,907,298
RADA Electronic Industries, Ltd. (Israel)*		316,300		2,922,612
Rotork PLC (United Kingdom)		3,381,900		9,934,688
RS Group PLC (United Kingdom)		820,551		8,727,524
RWS Holdings PLC (United Kingdom)		1,390,700		5,869,454
Saab AB, Class B (Sweden)		322,600		13,340,284
THK Co., Ltd. (Japan)		440,100		8,289,656
Valmet OYJ (Finland)		187,100		4,610,767
Total Industrials				195,318,922
Information Technology - 11.3%
Accton Technology Corp. (Taiwan)		1,139,500		9,166,148
Chinasoft International, Ltd. (China)		5,150,900		5,286,235
Fortnox AB (Sweden)		600,400		2,773,537
Indra Sistemas, S.A. (Spain)*,2		284,700		2,726,431
Keywords Studios PLC (Ireland)		244,171		6,523,024
SimCorp A/S (Denmark)2		47,200		3,450,447

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

14

    AMG TimesSquare International Small Cap Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Information Technology - 11.3% (continued)
Sopra Steria Group SACA (France)		52,593		$7,909,195
Spirent Communications PLC (United Kingdom)		3,755,800		11,283,006
Systena Corp. (Japan)		2,437,900		7,114,676
TOTVS, S.A. (Brazil)		1,406,806		6,265,971
Yeahka, Ltd. (China)*		1,141,400		3,253,020
Total Information Technology				65,751,690
Materials - 4.8%
Asahi Holdings, Inc. (Japan)		497,200		7,800,856
Fuso Chemical Co., Ltd. (Japan)		159,100		4,168,588
Huhtamaki Oyj (Finland)		301,500		11,994,069
Verallia, S.A. (France)1		160,400		3,846,233
Total Materials				27,809,746
Real Estate - 0.7%
Katitas Co., Ltd. (Japan)		193,452		4,182,844
Utilities - 1.3%
Nippon Gas Co., Ltd. (Japan)		519,800		7,401,102
Total Common Stocks (Cost $609,148,474)				554,485,800
	Principal Amount
Short-Term Investments - 5.2%
Joint Repurchase Agreements - 2.1%3
Bank of America Securities, Inc., dated 06/30/22, due 07/01/22, 1.550% total to be received $2,955,419 (collateralized by various U.S. Government Agency Obligations, 1.000% - 8.500%, 01/20/24 - 06/20/52, totaling $3,014,398)		$2,955,292		2,955,292
Cantor Fitzgerald Securities, Inc., dated 06/30/22, due 07/01/22, 1.550% total to be received $2,955,427 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 9.000%, 08/01/22 - 01/20/68, totaling $3,014,406)		2,955,300		2,955,300

	Principal Amount		Value
Citigroup Global Markets, Inc., dated 06/30/22, due 07/01/22, 1.500% total to be received $621,616 (collateralized by various U.S. Treasuries, 1.875% - 3.250%, 06/30/24 - 05/15/52, totaling $634,022)		$621,590		$621,590
Daiwa Capital Markets America, dated 06/30/22, due 07/01/22, 1.550% total to be received $2,955,419 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 07/31/22 - 07/01/52, totaling $3,014,398)		2,955,292		2,955,292
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.550% total to be received $2,955,419 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.875%, 08/16/22 - 05/20/52, totaling $3,014,398)		2,955,292		2,955,292
Total Joint Repurchase Agreements				12,442,766
	Shares
Other Investment Companies - 3.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.35%4		11,815,473		11,815,473
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.37%4		6,086,759		6,086,759
Total Other Investment Companies				17,902,232
Total Short-Term Investments
(Cost $30,344,998)				30,344,998
Total Investments - 100.8%
(Cost $639,493,472)				584,830,798
Other Assets, less Liabilities - (0.8)%				(4,749,680	)
Net Assets - 100.0%				$580,081,118

* 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 June 30, 2022, the value of these securities amounted to $24,658,681 or 4.3% of net assets.

²  Some of these securities, amounting to $10,109,496 or 1.7% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

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

⁴  Yield shown represents the June 30, 2022, 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.

15

    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 June 30, 2022:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Industrials		$31,229,737		$164,089,185		—		$195,318,922
Financials		22,796,577		54,187,623		—		76,984,200
Information Technology		6,265,971		59,485,719		—		65,751,690
Consumer Discretionary		14,063,558		30,767,450		—		44,831,008
Consumer Staples		—		42,191,773		—		42,191,773
Communication Services		—		41,846,330		—		41,846,330
Materials		—		27,809,746		—		27,809,746
Health Care		—		26,889,695		—		26,889,695
Energy		—		21,278,490		—		21,278,490
Utilities		—		7,401,102		—		7,401,102
Real Estate		—		4,182,844		—		4,182,844
Short-Term Investments
Joint Repurchase Agreements		—		12,442,766		—		12,442,766
Other Investment Companies		17,902,232		—		—		17,902,232
Total Investment in Securities		$92,258,075		$492,572,723		—		$584,830,798

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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at June 30, 2022, was as follows:

Country	% of Long-Term Investments
Australia	9.3
Brazil	2.0
Canada	2.1
Cayman Islands	0.8
China	1.5
Denmark	5.2
Finland	3.0
France	8.5
Germany	0.3
Ireland	3.4
Israel	0.5
Italy	2.9

Country	% of Long-Term Investments
Japan	23.7
Luxembourg	1.0
Netherlands	1.6
Norway	1.0
South Korea	0.7
Spain	3.9
Sweden	5.1
Switzerland	1.5
Taiwan	2.5
United Kingdom	19.5
	100.0

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

16

    AMG TimesSquare Emerging Markets Small Cap Fund

    Fund Snapshots (unaudited)

     June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Information Technology		34.3
Consumer Discretionary		16.0
Health Care		12.8
Communication Services		11.6
Financials		10.8
Industrials		5.4
Real Estate		3.4
Materials		2.8
Energy		2.7
Short-Term Investments		0.7
Other Assets, Less Liabilities		(0.5	)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Chinasoft International, Ltd. (China)	2.9
Sarana Menara Nusantara Tbk PT (Indonesia)	2.5
Cowintech Co., Ltd. (South Korea)	2.2
Tam Jai International Co., Ltd. (Hong Kong)	2.1
Nippon Life India Asset Management, Ltd. (India)	2.1
Accton Technology Corp. (Taiwan)	2.1
Shanghai Kindly Medical Instruments Co., Ltd., Class H (China)	2.0
KINX, Inc. (South Korea)	2.0
Dian Diagnostics Group Co., Ltd., Class A (China)	2.0
Alchip Technologies, Ltd. (Taiwan)	1.9
Top Ten as a Group	21.8

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.

17

    AMG TimesSquare Emerging Markets Small Cap Fund

    Schedule of Portfolio Investments (unaudited)

    June 30, 2022

	Shares		Value
Common Stocks - 98.8%
Communication Services - 11.6%
Converge ICT Solutions, Inc. (Philippines)*		196,300		$75,662
KINX, Inc. (South Korea)		2,700		99,465
Megacable Holdings SAB de CV (Mexico)		26,500		64,334
The One Enterprise Public Co., Ltd. (Thailand)		262,600		78,133
Railtel Corp. of India, Ltd. (India)		65,800		76,213
Sarana Menara Nusantara Tbk PT (Indonesia)		1,685,700		124,538
TIME dotCom Bhd (Malaysia)		71,700		71,253
Total Communication Services				589,598
Consumer Discretionary - 16.0%
AEON Motor Co., Ltd. (Taiwan)		33,000		48,663
Afya, Ltd., Class A (Brazil)*		9,400		93,530
Cyrela Brazil Realty S.A. Empreendimentos e Participacoes (Brazil)		24,100		54,845
Despegar.com Corp. (Argentina)*		6,000		48,600
Dixon Technologies India, Ltd. (India)		400		18,183
Grupo SBF, S.A. (Brazil)		16,800		60,190
JUMBO SA (Greece)		2,200		32,030
K Car Co., Ltd. (South Korea)		5,700		89,896
momo.com, Inc. (Taiwan)		3,132		67,382
OPAP, S.A. (Greece)		4,100		58,972
Tam Jai International Co., Ltd. (Hong Kong)*		299,200		108,409
Varroc Engineering, Ltd. (India)*,1		13,800		52,710
YesAsia Holdings, Ltd. (Hong Kong)		563,000		76,999
Total Consumer Discretionary				810,409
Energy - 2.7%
Aegis Logistics, Ltd. (India)		26,300		69,909
AKR Corporindo Tbk PT (Indonesia)		970,400		67,090
Total Energy				136,999
Financials - 10.8%
Bangkok Commercial Asset Management PCL (Thailand)		159,400		78,580
BSE, Ltd. (India)		6,600		50,071
ICICI Securities, Ltd. (India)1		17,700		96,398
JM Financial, Ltd. (India)		81,400		63,247
Nippon Life India Asset Management, Ltd. (India)1		31,000		106,789
Patria Investments, Ltd., Class A (Cayman Islands)		6,600		87,252
Transaction Capital, Ltd. (South Africa)		28,800		64,987
Total Financials				547,324
Health Care - 12.8%
Blau Farmaceutica, S.A. (Brazil)		17,900		84,482
Dian Diagnostics Group Co., Ltd., Class A (China)		21,400		99,339

	Shares		Value
Jeisys Medical, Inc. (South Korea)*		13,500		$71,408
Poly Medicure, Ltd. (India)		8,200		78,137
Selvita, S.A. (Poland)*		4,700		69,246
Shanghai Kindly Medical Instruments Co., Ltd., Class H (China)		34,700		99,586
T&L Co., Ltd. (South Korea)		2,700		63,843
Universal Vision Biotechnology Co., Ltd. (Taiwan)		8,700		83,484
Total Health Care				649,525
Industrials - 4.4%
Bizlink Holding, Inc. (Taiwan)		400		4,158
Container Corp. Of India, Ltd. (India)		8,500		64,123
Cowintech Co., Ltd. (South Korea)		5,819		112,927
IndiaMart InterMesh, Ltd. (India)1		298		14,443
KEI Industries, Ltd. (India)		1,200		17,599
TCI Express, Ltd. (India)		600		12,145
Total Industrials				225,395
Information Technology - 34.3%
Accton Technology Corp. (Taiwan)		12,900		103,768
Alchip Technologies, Ltd. (Taiwan)		4,200		98,563
Brogent Technologies, Inc. (Taiwan)*		18,500		66,760
Chinasoft International, Ltd. (China)		145,200		149,015
Computer Age Management Services, Ltd. (India)		2,100		60,264
Cyient, Ltd. (India)		9,500		91,371
eCloudvalley Digital Technology Co., Ltd. (Taiwan)		9,251		73,476
Elite Material Co., Ltd. (Taiwan)		10,400		62,605
eMemory Technology, Inc. (Taiwan)		1,600		56,129
Green World FinTech Service Co., Ltd. (Taiwan)		6,655		96,261
Hyundai Ezwel Co., Ltd. (South Korea)		13,300		77,272
Koh Young Technology, Inc. (South Korea)		8,100		88,474
LiveChat Software, S.A. (Poland)2		2,000		43,841
Locaweb Servicos de Internet, S.A. (Brazil)*,1		68,100		73,390
Metrodata Electronics Tbk PT (Indonesia)		2,370,400		93,877
Sasken Technologies, Ltd. (India)		9,400		91,810
Tong Hsing Electronic Industries, Ltd. (Taiwan)		13,200		89,498
TOTVS, S.A. (Brazil)		18,359		81,772
Venustech Group, Inc., Class A (China)		32,700		97,535
WinWay Technology Co., Ltd. (Taiwan)		3,700		45,242
Yeahka, Ltd. (China)*		33,300		94,906
Total Information Technology				1,735,829
Materials - 2.8%
Dongsung Finetec Co., Ltd. (South Korea)		9,900		92,666
Hansol Chemical Co., Ltd. (South Korea)		300		47,434
Total Materials				140,100

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

18

    AMG TimesSquare Emerging Markets Small Cap Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Real Estate - 3.4%
A-Living Smart City Services Co., Ltd. (China)1		48,700		$78,399
Corp. Inmobiliaria Vesta SAB de CV (Mexico)		34,900		65,081
PowerGrid Infrastructure Investment Trust (India)1		17,700		28,919
Total Real Estate				172,399
Total Common Stocks
(Cost $6,049,937)				5,007,578
Participation Notes - 1.0%
Industrials - 1.0%
Masan Group Corp., 11/21/22 (JPMorgan) (Vietnam)		10,440		50,327
Total Participation Notes
(Cost $21,593)				50,327

	Principal Amount		Value
Short-Term Investments - 0.7%
Joint Repurchase Agreements - 0.7%3
HSBC Securities USA, Inc., dated 06/30/22, due 07/01/22, 1.480% total to be received $35,007 (collateralized by various U.S. Treasuries, 0.000% - 6.500%, 11/15/23 - 08/15/51, totaling $35,706)		$35,006		$35,006
Total Short-Term Investments
(Cost $35,006)				35,006
Total Investments - 100.5%
(Cost $6,106,536)				5,092,911
Other Assets, less Liabilities - (0.5)%				(27,706	)
Net Assets - 100.0%				$5,065,205

* 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 June 30, 2022, the value of this security amounted to $451,048 or 8.9% of net assets.

²  Some of this security, amounting to $31,894 or 0.6% of net assets, was out on loan to various borrowers and is collateralized by cash. See Note 4 of Notes to Financial Statements.

³  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 June 30, 2022:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Information Technology		$249,039		$1,486,790		—		$1,735,829
Consumer Discretionary		257,165		553,244		—		810,409
Health Care		84,482		565,043		—		649,525
Communication Services		135,587		454,011		—		589,598
Financials		152,239		395,085		—		547,324
Industrials		—		225,395		—		225,395
Real Estate		94,000		78,399		—		172,399
Materials		—		140,100		—		140,100
Energy		—		136,999		—		136,999
Participation Notes†		—		50,327		—		50,327
Short-Term Investments
Joint Repurchase Agreements		—		35,006		—		35,006
Total Investment in Securities		$972,512		$4,120,399		—		$5,092,911

^†  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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

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

19

    AMG TimesSquare Emerging Markets Small Cap Fund

    Schedule of Portfolio Investments (continued)

The country allocation in the Schedule of Portfolio Investments at June 30, 2022, was as follows:

Country	% of Long-Term Investments
Argentina	1.0
Brazil	8.9
Cayman Islands	1.7
China	12.2
Greece	1.8
Hong Kong	3.7
India	19.6
Indonesia	5.6
Malaysia	1.4
Mexico	2.6
Philippines	1.5
Poland	2.2
South Africa	1.3
South Korea	14.7
Taiwan	17.7
Thailand	3.1
Vietnam	1.0
	100.0

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

20

    AMG TimesSquare Global Small Cap Fund

    Fund Snapshots (unaudited)

    June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Industrials		27.4
Financials		16.1
Information Technology		15.1
Consumer Discretionary		11.3
Health Care1		8.4
Consumer Staples		6.5
Communication Services		3.1
Materials		2.7
Energy		2.2
Real Estate		1.0
Utilities		0.7
Short-Term Investments		7.9
Other Assets, Less Liabilities		(2.4	)

¹  Includes (0.2)% of a forward sale in a when-issue market.

TOP TEN HOLDINGS

Security Name	% of Net Assets
PJT Partners, Inc., Class A (United States)	2.6
Chemed Corp. (United States)	2.4
RenaissanceRe Holdings, Ltd. (Bermuda)	2.4
Steadfast Group, Ltd. (Australia)	2.3
Topdanmark AS (Denmark)	2.2
Kobe Bussan Co., Ltd. (Japan)	1.9
IPH, Ltd. (Australia)	1.8
Evercore, Inc., Class A (United States)	1.7
CyberArk Software, Ltd. (Israel)	1.7
EMCOR Group, Inc. (United States)	1.6
Top Ten as a Group	20.6

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.

21

    AMG TimesSquare Global Small Cap Fund

    Schedule of Portfolio Investments (unaudited)

    June 30, 2022

	Shares		Value
Long Positions - 102.6%
Common Stocks - 94.7%
Communication Services - 3.1%
Auto Trader Group PLC (United Kingdom)1		2,300		$15,577
Future PLC (United Kingdom)		700		14,813
Kadokawa Corp. (Japan)		900		19,469
Nordic Entertainment Group AB, Class B (Sweden)*		500		10,271
Total Communication Services				60,130
Consumer Discretionary - 11.3%
Afya, Ltd., Class A (Brazil)*		1,500		14,925
Brunswick Corp. (United States)		400		26,152
Callaway Golf Co. (United States)*		1,200		24,480
CIE Automotive, S.A. (Spain)		800		19,921
Dalata Hotel Group PLC (Ireland)*		2,900		10,561
Floor & Decor Holdings, Inc., Class A (United States)*		300		18,888
Games Workshop Group PLC (United Kingdom)		100		8,141
Hilton Grand Vacations, Inc. (United States)*		700		25,011
K Car Co., Ltd. (South Korea)		800		12,617
momo.com, Inc. (Taiwan)		708		15,232
National Vision Holdings, Inc. (United States)*,2		700		19,250
Planet Fitness, Inc., Class A (United States)*		300		20,403
Total Consumer Discretionary				215,581
Consumer Staples - 6.5%
Kobe Bussan Co., Ltd. (Japan)		1,500		36,871
Performance Food Group Co. (United States)*		600		27,588
Sugi Holdings Co., Ltd. (Japan)		150		6,589
Tate & Lyle PLC (United Kingdom)		2,800		25,660
Viscofan, S.A. (Spain)		500		27,585
Total Consumer Staples				124,293
Energy - 2.2%
Friedrich Vorwerk Group SE (Germany)		200		5,376
Gaztransport Et Technigaz, S.A. (France)		200		25,121
TGS ASA (Norway)		800		11,232
Total Energy				41,729
Financials - 16.1%
doValue S.P.A. (Italy)1		27		160
Evercore, Inc., Class A (United States)		350		32,763
FinecoBank Banca Fineco S.P.A. (Italy)		900		10,797
Focus Financial Partners, Inc., Class A (United States)*		700		23,842
Nordnet AB publ (Sweden)		1,300		17,114

	Shares		Value
Patria Investments, Ltd., Class A (Cayman Islands)		800		$10,576
PJT Partners, Inc., Class A (United States)		700		49,196
RenaissanceRe Holdings, Ltd. (Bermuda)		300		46,911
Silvergate Capital Corp., Class A (United States)*		200		10,706
St James’s Place PLC (United Kingdom)		1,600		21,529
Steadfast Group, Ltd. (Australia)		12,400		43,145
Topdanmark AS (Denmark)		800		41,637
Total Financials				308,376
Health Care - 8.6%
ALK-Abello A/S (Denmark)*		1,000		17,421
Amplifon S.P.A. (Italy)		400		12,298
Ascendis Pharma A/S, ADR (Denmark)*,2		150		13,944
Charles River Laboratories International, Inc. (United States)*		50		10,698
Chemed Corp. (United States)		100		46,939
Encompass Health Corp. (United States)		500		28,025
Nippon Shinyaku Co., Ltd. (Japan)		300		18,312
Siegfried Holding AG (Switzerland)		25		16,011
Total Health Care				163,648
Industrials - 27.4%
Arcadis, N.V. (Netherlands)		400		13,397
The AZEK Co., Inc. (United States)*		800		13,392
Befesa, S.A. (Luxembourg)1		200		9,749
Bodycote PLC (United Kingdom)		1,600		10,296
Booz Allen Hamilton Holding Corp. (United States)		250		22,590
Cargojet, Inc. (Canada)		100		11,071
Casella Waste Systems, Inc., Class A (United States)*		375		27,255
Diploma PLC (United Kingdom)		500		13,617
Downer EDI, Ltd. (Australia)		6,600		23,029
EMCOR Group, Inc. (United States)		300		30,888
First Advantage Corp. (United States)*		2,000		25,340
Fuji Corp. (Japan)		900		13,276
Grafton Group PLC (Ireland)		1,800		17,099
Hexcel Corp. (United States)		300		15,693
HomeServe PLC (United Kingdom)		1,600		22,827
Interpump Group S.P.A. (Italy)		200		7,658
IPH, Ltd. (Australia)		6,000		33,757
KION Group AG (Germany)		666		27,880
Nabtesco Corp. (Japan)		800		18,772
Nexans, S.A. (France)		300		23,373
Regal Rexnord Corp. (United States)		250		28,380

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

22

    AMG TimesSquare Global Small Cap Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Industrials - 27.4% (continued)
Rotork PLC (United Kingdom)		5,800		$17,038
RS Group PLC (United Kingdom)		1,300		13,827
RWS Holdings PLC (United Kingdom)		2,400		10,129
Saab AB, Class B (Sweden)		600		24,811
Valmet OYJ (Finland)		600		14,786
WillScot Mobile Mini Holdings Corp. (United States)*		500		16,210
Zurn Water Solutions Corp. (United States)		600		16,344
Total Industrials				522,484
Information Technology - 15.1%
Accton Technology Corp. (Taiwan)		1,700		13,675
Chinasoft International, Ltd. (China)		9,800		10,057
Copperleaf Technologies, Inc. (Canada)*		500		2,486
CyberArk Software, Ltd. (Israel)*		250		31,990
Fortnox AB (Sweden)		2,000		9,239
Jack Henry & Associates, Inc. (United States)		150		27,003
Keywords Studios PLC (Ireland)		400		10,686
Littelfuse, Inc. (United States)		50		12,702
MACOM Technology Solutions Holdings, Inc. (United States)*		500		23,050
MKS Instruments, Inc. (United States)		125		12,829
Nice, Ltd., Sponsored ADR (Israel)*		150		28,867
Simplex Holdings, Inc. (Japan)*		1,200		15,467
Spirent Communications PLC (United Kingdom)		7,000		21,029
Systena Corp. (Japan)		4,900		14,300
TOTVS, S.A. (Brazil)		4,583		20,413
WNS Holdings, Ltd., ADR (India)*		350		26,124
Yeahka, Ltd. (China)*		2,700		7,695
Total Information Technology				287,612
Materials - 2.7%
Asahi Holdings, Inc. (Japan)		800		12,552
Huhtamaki Oyj (Finland)		700		27,847

	Shares			Value
Verallia, S.A. (France)1		500			$11,989
Total Materials					52,388
Real Estate - 1.0%
Kennedy-Wilson Holdings, Inc. (United States)		1,000			18,940
Utilities - 0.7%
Nippon Gas Co., Ltd. (Japan)		900			12,815
Total Common Stocks (Cost $2,014,011)					1,807,996
	Principal Amount
Short-Term Investments - 7.9%
Joint Repurchase Agreements - 1.1%3
HSBC Securities USA, Inc., dated 06/30/22, due 07/01/22, 1.480% total to be received $21,440 (collateralized by various U.S. Treasuries, 0.000% - 6.500%, 11/15/23 - 08/15/51, totaling $21,868)		$21,439			21,439
	Shares
Other Investment Companies - 6.8%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.35%4		85,986			85,986
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.37%4		44,295			44,295
Total Other Investment Companies					130,281
Total Short-Term Investments
(Cost $151,720)					151,720
Total Investments - 102.6%
(Cost $2,165,731)					1,959,716
Forward When-Issue Sale - (0.2%)
Common Stocks - (0.2%)
Health Care - (0.2%)
Enhabit, Inc. (United States)*,5 (Proceeds $(4,991))		(200	)		(4,594	)
Other Assets, less Liabilities - (2.4)%					(45,669	)
Net Assets - 100.0%					$1,909,453

* 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 June 30, 2022, the value of these securities amounted to $37,475 or 2.0% of net assets.

²  Some of these securities, amounting to $32,816 or 1.7% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

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

⁴  Yield shown represents the June 30, 2022, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

⁵  Enhabit, Inc. represents a forward sale in the when-issue market of shares the Fund received on July 7, 2022, from a spin-off from Encompass Health Corp. The position is reflected on the holdings report as the sale occurred before the effective date of the spin-off.

ADR   American Depositary Receipt

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

23

    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 June 30, 2022:

	Level 1			Level 21		Level 3		Value
Investments in Securities
Assets
Common Stocks
Industrials		$229,990			$292,494		—		$522,484
Financials		215,631			92,745		—		308,376
Information Technology		185,464			102,148		—		287,612
Consumer Discretionary		159,670			55,911		—		215,581
Health Care		99,606			64,042		—		163,648
Consumer Staples		27,588			96,705		—		124,293
Communication Services		—			60,130		—		60,130
Materials		—			52,388		—		52,388
Energy		—			41,729		—		41,729
Real Estate		18,940			—		—		18,940
Utilities		—			12,815		—		12,815
Short-Term Investments
Joint Repurchase Agreements		—			21,439		—		21,439
Other Investment Companies		130,281			—		—		130,281
Total Assets		1,067,170			892,546		—		1,959,716
Liabilities
Common Stocks
Health Care		(4,594	)		—		—		(4,594	)
Net Investments in Securities		$1,062,576			$892,546		—		$1,955,122

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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

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

24

    AMG TimesSquare Global Small Cap Fund

    Schedule of Portfolio Investments (continued)

The country allocation in the Schedule of Portfolio Investments at June 30, 2022, was as follows:

Country	% of Long-Term Investments
Australia	5.5
Bermuda	2.6
Brazil	2.0
Canada	0.8
Cayman Islands	0.6
China	1.0
Denmark	4.0
Finland	2.4
France	3.4
Germany	1.8
India	1.4
Ireland	2.1
Israel	3.4
Italy	1.7
Japan	9.3
Luxembourg	0.5
Netherlands	0.7
Norway	0.6
South Korea	0.7
Spain	2.6
Sweden	3.4
Switzerland	0.9
Taiwan	1.6
United Kingdom	10.8
United States	36.2
	100.0

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

25

    Statement of Assets and Liabilities (unaudited)

    June 30, 2022

	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 $16,738,493, $39,186,647, $10,109,496, $31,894, and $32,816, respectively)		$254,774,626		$1,307,415,921		$584,830,798		$5,092,911		$1,959,716
Foreign currency2		—		—		1,991,391		100,646		21,892
Receivable for investments sold		1,000,300		6,459,476		31,700,915		—		4,991
Dividend and interest receivables		79,060		205,575		2,575,218		15,630		3,880
Securities lending income receivable		5,677		13,320		1,312		55		4
Receivable for Fund shares sold		—		356,754		1,241,797		—		—
Receivable from affiliate		4,035		—		—		12,583		6,785
Prepaid expenses and other assets		23,407		55,383		53,909		—		689
Total assets		255,887,105		1,314,506,429		622,395,340		5,221,825		1,997,957
Liabilities:
Payable upon return of securities loaned		11,833,887		23,352,345		12,442,766		35,006		21,439
Payable for investments purchased		150,159		2,736,010		579,202		—		42,384
Payable for Fund shares repurchased		471,211		4,923,898		28,622,565		—		—
Payable for foreign capital gains tax		—		—		—		2,260		—
Interfund loan payable		—		—		—		91,065		—
Due to custodian		—		—		—		8,118		—
Accrued expenses:
Investment advisory and management fees		163,447		863,386		404,828		4,362		1,142
Administrative fees		31,034		163,934		80,966		689		245
Distribution fees		—		—		—		5		11
Shareholder service fees		10,630		76,811		30,122		4		—
Other		67,872		195,460		153,773		15,111		18,689
Forward when-issue sale, at value3		—		408,866		—		—		4,594
Total liabilities		12,728,240		32,720,710		42,314,222		156,620		88,504
Net Assets		$243,158,865		$1,281,785,719		$580,081,118		$5,065,205		$1,909,453
1 Investments at cost		$269,816,377		$1,119,774,198		$639,493,472		$6,106,536		$2,165,731
2 Foreign currency at cost		—		—		$2,026,310		$101,947		$22,146
3 Proceeds		—		$444,189		—		—		$4,991

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

26

    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		$258,342,772			$1,074,827,488		$798,210,713			$6,510,762			$2,209,371
Total distributable earnings (loss)		(15,183,907	)		206,958,231		(218,129,595	)		(1,445,557	)		(299,918	)
Net Assets		$243,158,865			$1,281,785,719		$580,081,118			$5,065,205			$1,909,453
Class N:
Net Assets		$61,017,204			$367,344,603		$13,201,407			$22,405			$49,582
Shares outstanding		6,394,663			28,523,881		1,021,500			2,713			5,556
Net asset value, offering and redemption price per share		$9.54			$12.88		$12.92			$8.26			$8.92
Class I:
Net Assets		$8,069,933			$339,912,022		$293,173,800			$332,244			$29,223
Shares outstanding		796,194			24,828,676		22,623,635			39,993			3,258
Net asset value, offering and redemption price per share		$10.14			$13.69		$12.96			$8.31			$8.97
Class Z:
Net Assets		$174,071,728			$574,529,094		$273,705,911			$4,710,556			$1,830,648
Shares outstanding		17,091,525			41,766,460		21,101,927			567,372			204,059
Net asset value, offering and redemption price per share		$10.18			$13.76		$12.97			$8.30			$8.97

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

27

    Statement of Operations (unaudited)

     For the six months ended June 30, 2022

	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		$315,823			$4,451,726			$14,686,325	1		$58,414			$20,658
Interest income		50			217			263			—`			—
Securities lending income		80,781			79,023			56,510			1,063			117
Foreign withholding tax		—			(23,677	)		(1,611,731	)		(6,345	)		(2,360	)
Total investment income		396,654			4,507,289			13,131,367			53,132			18,415
Expenses:
Investment advisory and management fees		1,211,765			5,844,174			3,031,059			31,448			7,787
Administrative fees		230,082			1,109,653			606,212			4,966			1,669
Distribution fees - Class N		—			—			—			35			72
Shareholder servicing fees - Class N		70,420			434,641			20,402			21			—
Shareholder servicing fees - Class I		3,771			92,713			226,954			9			—
Professional fees		28,166			55,331			39,606			20,133			16,806
Custodian fees		25,299			72,310			141,374			30,976			16,422
Registration fees		19,496			36,199			54,205			7,521			1,138
Trustee fees and expenses		11,438			52,522			29,574			240			79
Transfer agent fees		6,053			25,895			22,643			423			231
Reports to shareholders		4,162			49,633			46,409			584			539
Interest expense		—			—			7,807			236			—
Miscellaneous		6,954			26,395			15,728			1,274			1,198
Total expenses before offsets		1,617,606			7,799,466			4,241,973			97,866			45,941
Expense reimbursements		(24,874	)		—			—			(55,407	)		(34,743	)
Expense reductions		(27,943	)		(61,125	)		—			—			—
Net expenses		1,564,789			7,738,341			4,241,973			42,459			11,198
Net investment income (loss)		(1,168,135	)		(3,231,052	)		8,889,394			10,673			7,217
Net Realized and Unrealized Loss:
Net realized loss on investments		(12,163,796	)		(2,277,510	)		(99,841,299	)		(311,462	)		(60,552	)
Net realized loss on foreign currency transactions		—			—			(388,387	)		(7,489	)		(1,617	)
Net change in unrealized appreciation/depreciation on investments		(111,345,035	)		(439,625,813	)		(208,994,988	)		(1,272,512	)		(713,366	)
Net change in unrealized appreciation/depreciation on forward when-issue sale		—			35,323			—			—			397
Net change in unrealized appreciation/depreciation on foreign currency translations		—			—			(206,750	)		16,553			(415	)
Net realized and unrealized loss		(123,508,831	)		(441,868,000	)		(309,431,424	)		(1,574,910	)		(775,553	)
Net decrease in net assets resulting from operations		$(124,676,966	)		$(445,099,052	)		$(300,542,030	)		$(1,564,237	)		$(768,336	)

¹ Includes non-recurring dividends of $1,504,074.

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

28

    Statements of Changes in Net Assets

     For the six months ended June 30, 2022 (unaudited) and 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
	June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)		$(1,168,135	)		$(3,671,518	)		$(3,231,052	)		$(6,297,739	)		$8,889,394			$7,055,207
Net realized gain (loss) on investments		(12,163,796	)		79,059,615			(2,277,510	)		497,360,722			(100,229,686	)		137,617,802
Net change in unrealized appreciation/depreciation on investments		(111,345,035	)		(46,101,944	)		(439,590,490	)		(202,912,685	)		(209,201,738	)		(128,853,294	)
Net increase (decrease) in net assets resulting from operations		(124,676,966	)		29,286,153			(445,099,052	)		288,150,298			(300,542,030	)		15,819,715
Distributions to Shareholders:
Class N		—			(16,889,951	)		—			(129,769,564	)		—			(202,193	)
Class I		—			(2,245,753	)		—			(99,774,515	)		—			(7,082,703	)
Class Z		—			(58,061,717	)		—			(188,751,022	)		—			(4,959,152	)
Total distributions to shareholders		—			(77,197,421	)		—			(418,295,101	)		—			(12,244,048	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(44,089,263	)		14,500,368			(50,411,285	)		(129,788,867	)		(151,466,362	)		(44,353,251	)
Total decrease in net assets		(168,766,229	)		(33,410,900	)		(495,510,337	)		(259,933,670	)		(452,008,392	)		(40,777,584	)
Net Assets:
Beginning of period		411,925,094			445,335,994			1,777,296,056			2,037,229,726			1,032,089,510			1,072,867,094
End of period		$243,158,865			$411,925,094			$1,281,785,719			$1,777,296,056			$580,081,118			$1,032,089,510

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

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

29

    Statements of Changes in Net Assets (continued)

     For the six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021

	AMG TimesSquare Emerging Markets Small Cap Fund						AMG TimesSquare Global Small Cap Fund
	June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income		$10,673			$17,190			$7,217			$6,177
Net realized gain (loss) on investments		(318,951	)		1,917,681			(62,169	)		305,915
Net change in unrealized appreciation/depreciation on investments		(1,255,959	)		(1,251,657	)		(713,384	)		(55,587	)
Net increase (decrease) in net assets resulting from operations		(1,564,237	)		683,214			(768,336	)		256,505
Distributions to Shareholders:
Class N		—			(14,953	)		—			(4,448	)
Class I		—			(127,065	)		—			(2,692	)
Class Z		—			(2,197,218	)		—			(169,825	)
Total distributions to shareholders		—			(2,339,236	)		—			(176,965	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(1,326,600	)		2,407,027			(10,655	)		323,693
Total increase (decrease) in net assets		(2,890,837	)		751,005			(778,991	)		403,233
Net Assets:
Beginning of period		7,956,042			7,205,037			2,688,444			2,285,211
End of period		$5,065,205			$7,956,042			$1,909,453			$2,688,444

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

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

30

     AMG TimesSquare Small Cap Growth Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$14.09			$16.45			$13.96			$12.21			$16.90			$15.52
Income (loss) from Investment Operations:
Net investment loss2,3		(0.05	)		(0.17	)		(0.11	)4		(0.09	)		(0.10	)		(0.08	)5
Net realized and unrealized gain (loss) on investments		(4.50	)		1.18			4.92			3.47			(0.70	)		3.32
Total income (loss) from investment operations		(4.55	)		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 Period		$9.54			$14.09			$16.45			$13.96			$12.21			$16.90
Total Return3,6		(32.29	)%7		6.72	%		34.96	%		27.98	%		(4.38	)%		20.87	%
Ratio of net expenses to average net assets8		1.18	%9		1.17	%10		1.16	%		1.17	%		1.09	%		1.23	%
Ratio of gross expenses to average net assets11		1.21	%9		1.19	%10		1.20	%		1.19	%		1.10	%		1.24	%
Ratio of net investment loss to average net assets3		(0.92	)%9		(0.97	)%		(0.79	)%		(0.63	)%		(0.55	)%		(0.48	)%
Portfolio turnover		23	%7		65	%		71	%		62	%		63	%		58	%
Net assets end of period (000’s) omitted		$61,017			$86,941			$112,740			$105,862			$99,996			$318,627

31

    AMG TimesSquare Small Cap Growth Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

																For the fiscal
	For the six															period ended
	months ended			For the fiscal years ended December 31,												December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			201712
Net Asset Value, Beginning of Period		$14.96			$17.25			$14.53			$12.64			$17.32			$16.52
Income (loss) from Investment Operations:
Net investment loss2,3		(0.05	)		(0.15	)		(0.10	)4		(0.07	)		(0.09	)		(0.05	)5
Net realized and unrealized gain (loss) on investments		(4.77	)		1.23			5.14			3.59			(0.70	)		2.71
Total income (loss) from investment operations		(4.82	)		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		$10.14			$14.96			$17.25			$14.53			$12.64			$17.32
Total Return3,6		(32.22	)%7		6.81	%		35.19	%		28.13	%		(4.21	)%		16.11	%7
Ratio of net expenses to average net assets13		1.05	%9		1.05	%10		1.03	%		1.01	%		1.00	%		1.10	%9
Ratio of gross expenses to average net assets11		1.08	%9		1.07	%10		1.07	%		1.03	%		1.01	%		1.11	%9
Ratio of net investment loss to average net assets3		(0.80	)%9		(0.85	)%		(0.66	)%		(0.47	)%		(0.46	)%		(0.35	)%9
Portfolio turnover		23	%7		65	%		71	%		62	%		63	%		58	%
Net assets end of period (000’s) omitted		$8,070			$12,380			$12,062			$11,333			$174,914			$2,065

32

    AMG TimesSquare Small Cap Growth Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class Z	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$15.03			$17.30			$14.55			$12.65			$17.33			$15.84
Income (loss) from Investment Operations:
Net investment loss2,3		(0.04	)		(0.14	)		(0.09	)4		(0.07	)		(0.08	)		(0.05	)5
Net realized and unrealized gain (loss) on investments		(4.81	)		1.24			5.16			3.60			(0.71	)		3.40
Total income (loss) from investment operations		(4.85	)		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 Period		$10.18			$15.03			$17.30			$14.55			$12.65			$17.33
Total Return3,6		(32.27	)%7		6.91	%		35.35	%		28.19	%		(4.21	)%		21.14	%
Ratio of net expenses to average net assets8		0.98	%9		0.97	%10		0.96	%		0.97	%		0.96	%		1.03	%
Ratio of gross expenses to average net assets11		1.01	%9		0.99	%10		1.00	%		0.99	%		0.97	%		1.04	%
Ratio of net investment loss to average net assets3		(0.72	)%9		(0.77	)%		(0.59	)%		(0.43	)%		(0.42	)%		(0.28	)%
Portfolio turnover		23	%7		65	%		71	%		62	%		63	%		58	%
Net assets end of period (000’s) omitted		$174,072			$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 period end.

⁷  Not annualized.

⁸  Includes reduction from broker recapture amounting to 0.01% for the six months ended June 30 2022, 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.

⁹  Annualized.

¹⁰  Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%

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.)

¹²  Commencement of operations was on February 27, 2017.

¹³  Includes reduction from broker recapture amounting to 0.01% for the six months ended June 30 2022, 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.

33

    AMG TimesSquare Mid Cap Growth Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$17.24			$19.66			$17.69			$15.00			$18.40			$17.26
Income (loss) from Investment Operations:
Net investment loss2,3		(0.04	)		(0.10	)4		(0.09	)5		(0.07	)		(0.08	)		(0.12	)6
Net realized and unrealized gain (loss) on investments		(4.32	)		3.11			5.84			5.62			(0.78	)		3.98
Total income (loss) from investment operations		(4.36	)		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 Period		$12.88			$17.24			$19.66			$17.69			$15.00			$18.40
Total Return3,7		(25.29	)%8		15.92	%		33.03	%		37.15	%		(4.55	)%		22.40	%
Ratio of net expenses to average net assets9		1.17	%10		1.17	%		1.17	%		1.17	%		1.17	%		1.23	%
Ratio of gross expenses to average net assets11		1.18	%10		1.18	%		1.18	%		1.18	%		1.18	%		1.24	%
Ratio of net investment loss to average net assets3		(0.57	)%10		(0.46	)%		(0.48	)%		(0.38	)%		(0.39	)%		(0.66	)%
Portfolio turnover		21	%8		53	%		74	%		65	%		59	%		54	%
Net assets end of period (000’s) omitted		$367,345			$535,289			$613,501			$518,267			$375,505			$519,337

34

    AMG TimesSquare Mid Cap Growth Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

																For the fiscal
	For the six															period ended
	months ended			For the fiscal years ended December 31,												December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			201712
Net Asset Value, Beginning of Period		$18.31			$20.58			$18.35			$15.46			$18.86			$18.73
Income (loss) from Investment Operations:
Net investment loss2,3		(0.03	)		(0.07	)4		(0.07	)5		(0.05	)		(0.05	)		(0.09	)6
Net realized and unrealized gain (loss) on investments		(4.59	)		3.25			6.08			5.80			(0.81	)		2.94
Total income (loss) from investment operations		(4.62	)		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		$13.69			$18.31			$20.58			$18.35			$15.46			$18.86
Total Return3,7		(25.23	)%8		16.04	%		33.27	%		37.33	%		(4.45	)%		15.24	%8
Ratio of net expenses to average net assets13		1.02	%10		1.02	%		1.04	%		1.07	%		1.02	%		1.08	%10
Ratio of gross expenses to average net assets11		1.03	%10		1.03	%		1.05	%		1.08	%		1.03	%		1.09	%10
Ratio of net investment loss to average net assets3		(0.42	)%10		(0.31	)%		(0.35	)%		(0.28	)%		(0.24	)%		(0.52	)%10
Portfolio turnover		21	%8		53	%		74	%		65	%		59	%		54	%
Net assets end of period (000’s) omitted		$339,912			$431,797			$526,800			$472,524			$353,282			$397,061

35

    AMG TimesSquare Mid Cap Growth Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class Z	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$18.39			$20.65			$18.39			$15.48			$18.87			$17.61
Income (loss) from Investment Operations:
Net investment loss2,3		(0.03	)		(0.06	)4		(0.05	)5		(0.03	)		(0.04	)		(0.09	)6
Net realized and unrealized gain (loss) on investments		(4.60	)		3.27			6.09			5.80			(0.81	)		4.07
Total income (loss) from investment operations		(4.63	)		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 Period		$13.76			$18.39			$20.65			$18.39			$15.48			$18.87
Total Return3,7		(25.18	)%8		16.10	%		33.36	%		37.41	%		(4.39	)%		22.63	%
Ratio of net expenses to average net assets9		0.97	%10		0.97	%		0.97	%		0.97	%		0.97	%		1.03	%
Ratio of gross expenses to average net assets11		0.98	%10		0.98	%		0.98	%		0.98	%		0.98	%		1.04	%
Ratio of net investment loss to average net assets3		(0.37	)%10		(0.26	)%		(0.28	)%		(0.18	)%		(0.19	)%		(0.46	)%
Portfolio turnover		21	%8		53	%		74	%		65	%		59	%		54	%
Net assets end of period (000’s) omitted		$574,529			$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 period end.

⁸  Not annualized.

⁹  Includes reduction from broker recapture amounting to less than 0.01% for the six months ended June 30, 2022, and 0.01% for each fiscal year ended 2021, 2020, 2019, 2018 and 2017.

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.)

¹²  Commencement of operations was on February 27, 2017.

¹³  Includes reduction from broker recapture amounting to less than 0.01% for the six months ended June 30, 2022, 0.01% for each fiscal year ended 2021, 2020, 2019 and 2018 and 0.01% for the fiscal period ended 2017.

36

    AMG TimesSquare International Small Cap Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$18.49			$18.44			$16.24			$12.72			$16.99			$12.35
Income (loss) from Investment Operations:
Net investment income2,3		0.15	4		0.09			0.02			0.21	5		0.18			0.08	6
Net realized and unrealized gain (loss) on investments		(5.72	)		0.14			2.18			3.55			(4.35	)		4.69
Total income (loss) from investment operations		(5.57	)		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 Period		$12.92			$18.49			$18.44			$16.24			$12.72			$16.99
Total Return3,7		(30.13	)%8		1.25	%		13.55	%		29.56	%		(24.54	)%		38.63	%
Ratio of net expenses to average net assets		1.24	%9		1.22	%		1.23	%		1.23	%		1.23	%		1.29	%
Ratio of gross expenses to average net assets10		1.24	%9		1.22	%		1.23	%		1.23	%		1.23	%		1.30	%
Ratio of net investment income to average net assets3		2.01	%9		0.47	%		0.17	%		1.43	%		1.07	%		0.53	%
Portfolio turnover		41	%8		73	%		57	%		40	%		46	%		48	%
Net assets end of period (000’s) omitted		$13,201			$21,202			$45,389			$70,532			$88,913			$238,935

37

    AMG TimesSquare International Small Cap Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

																For the fiscal
	For the six															period ended
	months ended			For the fiscal years ended December 31,												December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			201711
Net Asset Value, Beginning of Period		$18.52			$18.49			$16.26			$12.74			$17.08			$13.18
Income (loss) from Investment Operations:
Net investment income2,3		0.16	4		0.12			0.05			0.24	5		0.20			0.11	6
Net realized and unrealized gain (loss) on investments		(5.72	)		0.13			2.19			3.55			(4.37	)		3.94
Total income (loss) from investment operations		(5.56	)		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		$12.96			$18.52			$18.49			$16.26			$12.74			$17.08
Total Return3,7		(30.02	)%8		1.36	%		13.75	%		29.78	%		(24.42	)%		30.72	%8
Ratio of net expenses to average net assets		1.09	%9		1.07	%		1.08	%		1.06	%		1.06	%		1.09	%9
Ratio of gross expenses to average net assets10		1.09	%9		1.07	%		1.08	%		1.06	%		1.06	%		1.10	%9
Ratio of net investment income to average net assets3		2.16	%9		0.62	%		0.32	%		1.60	%		1.24	%		0.77	%9
Portfolio turnover		41	%8		73	%		57	%		40	%		46	%		48	%
Net assets end of period (000’s) omitted		$293,174			$614,652			$629,502			$658,599			$538,749			$182,528

38

    AMG TimesSquare International Small Cap Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class Z	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$18.53			$18.50			$16.26			$12.75			$17.08			$12.41
Income (loss) from Investment Operations:
Net investment income2,3		0.17	4		0.14			0.06			0.25	5		0.21			0.11	6
Net realized and unrealized gain (loss) on investments		(5.73	)		0.12			2.20			3.55			(4.36	)		4.71
Total income (loss) from investment operations		(5.56	)		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 Period		$12.97			$18.53			$18.50			$16.26			$12.75			$17.08
Total Return3,7		(30.01	)%8		1.47	%		13.90	%		29.77	%		(24.29	)%		38.86	%
Ratio of net expenses to average net assets		0.99	%9		0.97	%		0.98	%		0.98	%		0.98	%		1.04	%
Ratio of gross expenses to average net assets10		0.99	%9		0.97	%		0.98	%		0.98	%		0.98	%		1.05	%
Ratio of net investment income to average net assets3		2.26	%9		0.72	%		0.42	%		1.68	%		1.32	%		0.70	%
Portfolio turnover		41	%8		73	%		57	%		40	%		46	%		48	%
Net assets end of period (000’s) omitted		$273,706			$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 $0.12, $0.13 and $0.14 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 $0.16, $0.18 and $0.20 for

Class N, Class I and Class Z, respectively.

⁶  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.

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

⁸  Not annualized.

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  Commencement of operations was on February 27, 2017.

39

    AMG TimesSquare Emerging Markets Small Cap Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

																For the fiscal
	For the six															period ended
	months ended			For the fiscal years ended December 31,												December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$10.52			$13.66			$11.03			$9.49			$12.32			$10.94
Income (loss) from Investment Operations:
Net investment income (loss)2,3		(0.00	)4		(0.03	)		0.13	5		0.03			0.08			0.03
Net realized and unrealized gain (loss) on investments		(2.26	)		1.22			2.50			1.53			(2.34	)		2.33
Total income (loss) from investment operations		(2.26	)		1.19			2.63			1.56			(2.26	)		2.36
Less Distributions to Shareholders from:
Net investment income		—			(0.07	)		(0.00	)4		(0.02	)		(0.01	)		(0.15	)
Net realized gain on investments		—			(4.26	)		—			—			(0.56	)		(0.83	)
Paid in capital		—			—			—			(0.00	)4		—			—
Total distributions to shareholders		—			(4.33	)		(0.00	)4		(0.02	)		(0.57	)		(0.98	)
Net Asset Value, End of Period		$8.26			$10.52			$13.66			$11.03			$9.49			$12.32
Total Return3,6		(21.48	)%7		9.10	%		23.86	%		16.49	%		(18.30	)%		21.72	%7
Ratio of net expenses to average net assets		1.68	%8,9		1.68	%10		1.65	%		1.67	%9		1.67	%		1.65	%8
Ratio of gross expenses to average net assets11		3.35	%8		3.03	%		3.66	%		4.29	%		3.87	%		5.02	%8
Ratio of net investment income (loss) to average net assets3		(0.08	)%8		(0.19	)%		1.22	%		0.31	%		0.68	%		0.28	%8
Portfolio turnover		51	%7		139	%		129	%		103	%		84	%		81	%
Net assets end of period (000’s) omitted		$22			$49			$43			$39			$31			$43

40

    AMG TimesSquare Emerging Markets Small Cap Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$10.56			$13.70			$11.05			$9.51			$12.35			$10.05
Income (loss) from Investment Operations:
Net investment income2,3		0.02			0.03			0.18	5		0.07			0.11			0.06
Net realized and unrealized gain (loss) on investments		(2.27	)		1.23			2.51			1.53			(2.33	)		3.23
Total income (loss) from investment operations		(2.25	)		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 Period		$8.31			$10.56			$13.70			$11.05			$9.51			$12.35
Total Return3,6		(21.31	)%7		9.50	%		24.49	%		16.83	%		(17.90	)%		32.85%
Ratio of net expenses to average net assets		1.29	%8,9		1.28	%10		1.25	%		1.27	%9		1.27	%		1.25%
Ratio of gross expenses to average net assets11		2.96	%8		2.63	%		3.26	%		3.89	%		3.47	%		4.59%
Ratio of net investment income to average net assets3		0.31	%8		0.21	%		1.62	%		0.71	%		1.08	%		0.53%
Portfolio turnover		51	%7		139	%		129	%		103	%		84	%		81%
Net assets end of period (000’s) omitted		$332			$434			$396			$310			$273			$13

41

    AMG TimesSquare Emerging Markets Small Cap Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class Z	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$10.55			$13.70			$11.05			$9.51			$12.35			$10.05
Income (loss) from Investment Operations:
Net investment income2,3		0.02			0.03			0.18	5		0.07			0.12			0.06
Net realized and unrealized gain (loss) on investments		(2.27	)		1.22			2.51			1.53			(2.34	)		3.23
Total income (loss) from investment operations		(2.25	)		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 Period		$8.30			$10.55			$13.70			$11.05			$9.51			$12.35
Total Return3,6		(21.33	)%7		9.51	%		24.40	%		16.83	%		(17.90	)%		32.85%
Ratio of net expenses to average net assets		1.28	%8,9		1.28	%10		1.25	%		1.27	%9		1.27	%		1.25%
Ratio of gross expenses to average net assets11		2.95	%8		2.63	%		3.26	%		3.89	%		3.47	%		4.59%
Ratio of net investment income to average net assets3		0.32	%8		0.21	%		1.62	%		0.71	%		1.08	%		0.53%
Portfolio turnover		51	%7		139	%		129	%		103	%		84	%		81%
Net assets end of period (000’s) omitted		$4,711			$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  Less than $(0.005) per share.

⁵  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.

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

⁷  Not annualized.

⁸  Annualized.

⁹  Includes interest expense totaling 0.03% for the six months ended June 30, 2022 and 0.02% for the fiscal year ended 2019, relating to interfund lending and bank overdrafts.

¹⁰  Includes expense totaling 0.03% relating to excise tax expense.

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.)

42

    AMG TimesSquare Global Small Cap Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

													For the fiscal
	For the six												period ended
	months ended			For the fiscal years ended December 31,									December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			20181
Net Asset Value, Beginning of Period		$12.50			$12.05			$10.84			$7.95			$10.00
Income (loss) from Investment Operations:
Net investment income (loss)2,3		0.02			0.00	4,5		(0.02	)		0.04			0.00	5
Net realized and unrealized gain (loss) on investments		(3.60	)		1.31			1.23			2.95			(2.05	)
Total income (loss) from investment operations		(3.58	)		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		$8.92			$12.50			$12.05			$10.84			$7.95
Total Return3,6		(28.64	)%7		11.08	%		11.16	%		37.60	%		(20.50	)%7
Ratio of net expenses to average net assets		1.25	%8		1.25	%		1.25	%		1.27	%9		1.25	%8
Ratio of gross expenses to average net assets10		4.37	%8		4.28	%		6.48	%		7.45	%		11.67	%8,11
Ratio of net investment income (loss) to average net assets3		0.40	%8		0.00	%12		(0.18	)%		0.42	%		0.07	%8
Portfolio turnover		28	%7		59	%		42	%		80	%		22	%7
Net assets end of period (000’s) omitted		$50			$69			$63			$44			$24

43

    AMG TimesSquare Global Small Cap Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

													For the fiscal
	For the six												period ended
	months ended			For the fiscal years ended December 31,									December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			20181
Net Asset Value, Beginning of Period		$12.54			$12.09			$10.85			$7.96			$10.00
Income (loss) from Investment Operations:
Net investment income2,3		0.03			0.03	4		0.01			0.06			0.02
Net realized and unrealized gain (loss) on investments		(3.60	)		1.31			1.23			2.96			(2.06	)
Total income (loss) from investment operations		(3.57	)		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		$8.97			$12.54			$12.09			$10.85			$7.96
Total Return3,6		(28.47	)%7		11.29	%		11.43	%		37.96	%		(20.40	)%7
Ratio of net expenses to average net assets		1.00	%8		1.00	%		1.00	%		1.02	%9		1.00	%8
Ratio of gross expenses to average net assets10		4.12	%8		4.03	%		6.23	%		7.20	%		11.42	%8,11
Ratio of net investment income to average net assets3		0.65	%8		0.25	%		0.07	%		0.67	%		0.32	%8
Portfolio turnover		28	%7		59	%		42	%		80	%		22	%7
Net assets end of period (000’s) omitted		$29			$41			$37			$33			$24

44

    AMG TimesSquare Global Small Cap Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

													For the fiscal
	For the six												period ended
	months ended			For the fiscal years ended December 31,									December 31,
	June 30, 2022
Class Z	(unaudited)			2021			2020			2019			20181
Net Asset Value, Beginning of Period		$12.55			$12.09			$10.86			$7.96			$10.00
Income (loss) from Investment Operations:
Net investment income2,3		0.03			0.03	4		0.01			0.06			0.02
Net realized and unrealized gain (loss) on investments		(3.61	)		1.32			1.22			2.97			(2.06	)
Total income (loss) from investment operations		(3.58	)		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		$8.97			$12.55			$12.09			$10.86			$7.96
Total Return3,6		(28.53	)%7		11.38	%		11.33	%		38.09	%		(20.40	)%7
Ratio of net expenses to average net assets		1.00	%8		1.00	%		1.00	%		1.02	%9		1.00	%8
Ratio of gross expenses to average net assets10		4.12	%8		4.03	%		6.23	%		7.20	%		11.42	%8,11
Ratio of net investment income to average net assets3		0.65	%8		0.25	%		0.07	%		0.67	%		0.32	%8
Portfolio turnover		28	%7		59	%		42	%		80	%		22	%7
Net assets end of period (000’s) omitted		$1,831			$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 Annualized.

⁹ Includes interest expense on interfund lending and excise tax expense totaling 0.02%.

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%.

45

Notes to Financial Statements (unaudited)

June 30, 2022

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 held by the Funds that are 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) 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.

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:

46

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, 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 (“REIT”) may be redesignated as a reduction of cost of investments and/or realized gain. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trust and other trusts 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 six months ended June 30, 2022, the impact on the expenses and expense ratios, if any, were as follows: Small Cap - $27,943 or 0.01% and Mid Cap - $61,125 or less than 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in

December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are primarily due to 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.

At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

Fund	Cost		Appreciation		Depreciation			Net Appreciation (Depreciation)
Small Cap		$269,816,377		$37,379,953		$(52,421,704	)		$(15,041,751	)
Mid Cap		1,119,330,009		280,709,034		(93,031,988	)		187,677,046
International Small Cap		639,493,472		48,664,616		(103,327,290	)		(54,662,674	)
Emerging Markets Small Cap		6,106,536		151,491		(1,165,116	)		(1,013,625	)
Global Small Cap		2,160,740		132,953		(338,571	)		(205,618	)

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 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.

47

Notes to Financial Statements (continued)

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.

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 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 six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021, the capital stock transactions by class for the Funds were as follows:

				Small Cap												Mid Cap
	June 30, 2022						December 31, 2021						June 30, 2022						December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Shares sold		687,912			$7,721,107			930,439			$15,571,628			1,312,519			$19,307,669			3,047,700			$63,868,231
Shares issued in reinvestment of distributions		—			—			1,230,987			16,889,145			—			—			7,682,488			129,603,580
Shares redeemed		(462,851	)		(5,171,598	)		(2,843,265	)		(48,167,312	)		(3,839,923	)		(56,269,136	)		(10,883,148	)		(223,239,974	)
Net increase (decrease)		225,061			$2,549,509			(681,839	)		$(15,706,539	)		(2,527,404	)		$(36,961,467	)		(152,960	)		$(29,768,163	)
Class I:
Shares sold		31,073			$354,829			79,467			$1,373,565			3,670,690			$57,135,988			4,176,242			$93,109,355
Shares issued in reinvestment of distributions		—			—			154,084			2,245,001			—			—			5,558,491			99,608,163
Shares redeemed		(62,406	)		(728,326	)		(105,412	)		(1,906,387	)		(2,421,900	)		(37,072,768	)		(11,757,412	)		(263,905,674	)
Net increase (decrease)		(31,333	)		$(373,497	)		128,139			$1,712,179			1,248,790			$20,063,220			(2,022,679	)		$(71,188,156	)
Class Z:
Shares sold		629,431			$7,801,092			1,427,078			$24,765,445			3,300,833			$52,155,496			4,442,505			$95,320,322
Shares issued in reinvestment of distributions		—			—			3,693,532			54,036,383			—			—			10,284,038			185,112,679
Shares redeemed		(4,342,273	)		(54,066,367	)		(2,849,416	)		(50,307,100	)		(5,579,781	)		(85,668,534	)		(14,118,081	)		(309,265,549	)1
Net increase (decrease)		(3,712,842	)		$(46,265,275	)		2,271,194			$28,494,728			(2,278,948	)		$(33,513,038	)		608,462			$(28,832,548	)
1  Includes redemption in-kind in the amount of $96,239,592.
				International Small Cap												Emerging Markets Small Cap
	June 30, 2022						December 31, 2021						June 30, 2022						December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Shares sold		75,233			$1,107,263			134,982			$2,573,892			134			$1,201			4,935			$78,379
Shares issued in reinvestment of distributions		—			—			11,270			202,193			—			—			1,336			13,885
Shares redeemed		(200,629	)		(3,030,549	)		(1,460,668	)		(27,664,145	)		(2,093	)		(20,725	)		(4,734	)		(71,083	)
Net increase (decrease)		(125,396	)		$(1,923,286	)		(1,314,416	)		$(24,888,060	)		(1,959	)		$(19,524	)		1,537			$21,181

48

Notes to Financial Statements (continued)

	International Small Cap												Emerging Markets Small Cap
	June 30, 2022						December 31, 2021						June 30, 2022						December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class I:
Shares sold		5,136,847			$80,470,491			10,853,232			$208,442,162			—			—			3,903			$62,945
Shares issued in reinvestment of distributions		—			—			382,596			6,879,080			—			—			12,182			127,065
Shares redeemed		(15,698,504	)		(232,827,825	)		(12,100,730	)		(230,937,471	)		(1,084	)		$(10,580	)		(3,903	)		(61,007	)
Net increase (decrease)		(10,561,657	)		$(152,357,334	)		(864,902	)		$(15,616,229	)		(1,084	)		$(10,580	)		12,182			$129,003
Class Z:
Shares sold		3,683,156			$57,670,440			2,778,649			$52,217,687			527			$5,000			8,876			$130,100
Shares issued in reinvestment of distributions		—			—			266,202			4,786,311			—			—			208,460			2,172,152
Shares redeemed		(3,963,960	)		(54,856,182	)		(3,176,564	)		(60,852,960	)		(141,305	)		(1,301,496	)		(3,176	)		(45,409	)
Net increase (decrease)		(280,804	)		$2,814,258			(131,713	)		$(3,848,962	)		(140,778	)		$(1,296,496	)		214,160			$2,256,843
				Global Small Cap
	June 30, 2022						December 31, 2021
	Shares			Amount			Shares			Amount
Class N:
Shares issued in reinvestment of distributions		—			—			367			$4,448
Class I:
Shares issued in reinvestment of distributions		—			—			221			$2,692
Class Z:
Shares sold		4,550			$50,000			16,217			$212,500
Shares issued in reinvestment of distributions		—			—			13,966			169,825
Shares redeemed		(5,982	)		(60,655	)		(5,491	)		(65,772	)
Net increase (decrease)		(1,432	)		$(10,655	)		24,692			$316,553

At June 30, 2022, 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 37%; Global Small Cap - four own 85%. 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 and bilateral 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 June 30, 2022, the market value of Repurchase Agreements outstanding for Small Cap, Mid Cap, International Small Cap, Emerging Markets Small Cap and Global Small Cap were $11,833,887, $23,352,345, $12,442,766, $35,006 and $21,439, 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

49

Notes to Financial Statements (continued)

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 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 six months ended June 30, 2022, 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, 2023, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses (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 (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 June 30, 2022, 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		$22,568		$147,366		$118,900
1-2 years		14,640		95,066		79,007
2-3 years		28,920		122,036		73,377
Total		$66,128		$364,468		$271,284

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 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

50

Notes to Financial Statements (continued)

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 six months ended June 30, 2022, 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	%		0.01	%
Global Small Cap
Class N		0.15	%		—
Class I		0.15	%		—

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 June 30, 2022, Emerging Markets Small Cap had interfund loans of $91,065 outstanding.

The following Funds utilized the interfund loan program during the six months ended June 30, 2022 as follows:

Fund	Average Lent		Number of Days		Interest Earned		Average     Interest Rate
Small Cap		$1,073,814		1		$50		1.683	%
Mid Cap		1,184,141		4		217		1.673	%
International Small Cap		2,044,125		4		263		1.174	%
Fund	Average Borrowed		Number of Days		Interest Paid		Average     Interest Rate
International Small Cap		$16,802,372		10		$7,807		1.696	%
Emerging Markets Small Cap		204,779		27		236		1.332	%

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended June 30, 2022, were as follows:

	Long Term Securities
Fund	Purchases		Sales
Small Cap		$70,262,248		$108,548,674
Mid Cap		311,579,228		356,546,274
International Small Cap		323,769,045		465,388,248
Emerging Markets Small Cap		3,411,998		4,773,140
Global Small Cap		622,019		702,631

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended June 30, 2022.

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

51

Notes to Financial Statements (continued)

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 June 30, 2022, were as follows:

Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total  Collateral  Received
Small Cap	$	16,738,493	$	11,833,887	$	5,500,775	$	17,334,662
Mid Cap		39,186,647		23,352,345		17,591,052		40,943,397
International Small Cap		10,109,496		12,442,766		99,014		12,541,780
Emerging Markets Small Cap		31,894		35,006		—		35,006
Global Small Cap		32,816		21,439		20,220		41,659

The following table summarizes the securities received as collateral for securities lending at June 30, 2022:

Fund	Collateral Type	Coupon Range	Maturity Date Range
Small Cap	U.S. Treasury Obligations	0.000%-4.625%	07/14/22-11/15/51
Mid Cap	U.S. Treasury Obligations	0.000%-4.750%	07/31/22-05/15/52
International Small Cap	U.S. Treasury Obligations	0.125%-4.500%	07/31/22-05/15/48
Global Small Cap	U.S. Treasury Obligations	0.010%-4.625%	01/15/23-05/15/51

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.

52

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 June 30, 2022:

			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.		$2,810,700	—		$2,810,700		$2,810,700	—
Citigroup Global Markets, Inc.		591,156	—		591,156		591,156	—
MUFG Securities America, Inc.		2,810,677	—		2,810,677		2,810,677	—
National Bank Financial		2,810,677	—		2,810,677		2,810,677	—
RBC Dominion Securities, Inc.		2,810,677	—		2,810,677		2,810,677	—
Total		$11,833,887	—		$11,833,887		$11,833,887	—
Mid Cap
Cantor Fitzgerald Securities, Inc.		$5,546,500	—		$5,546,500		$5,546,500	—
Citadel Securities LLC		2,721,907	—		2,721,907		2,721,907	—
Deutsche Bank Securities, Inc.		800,543	—		800,543		800,543	—
National Bank Financial		5,546,508	—		5,546,508		5,546,508	—
RBC Dominion Securities, Inc.		5,546,508	—		5,546,508		5,546,508	—
State of Wisconsin Investment Board		3,190,379	—		3,190,379		3,190,379	—
Total		$23,352,345	—		$23,352,345		$23,352,345	—
International Small Cap
Bank of America Securities, Inc.		$2,955,292	—		$2,955,292		$2,955,292	—
Cantor Fitzgerald Securities, Inc.		2,955,300	—		2,955,300		2,955,300	—
Citigroup Global Markets, Inc.		621,590	—		621,590		621,590	—
Daiwa Capital Markets America		2,955,292	—		2,955,292		2,955,292	—
RBC Dominion Securities, Inc.		2,955,292	—		2,955,292		2,955,292	—
Total		$12,442,766	—		$12,442,766		$12,442,766	—
Emerging Markets Small Cap
HSBC Securities USA, Inc.		$35,006	—		$35,006		$35,006	—
Global Small Cap
HSBC Securities USA, Inc.		$21,439	—		$21,439		$21,439	—

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.

53

Annual Renewal of Investment Management and Subadvisory Agreements

At an in-person meeting held on June 22, 2022, the Board of Trustees (the “Board” or the “Trustees”), and separately a majority of the Trustees who are not “interested persons” of AMG Funds (the “Trust”) (the “Independent Trustees”), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) for each of AMG TimesSquare Mid Cap Growth Fund, AMG TimesSquare Small Cap Growth Fund, AMG TimesSquare International Small Cap Fund, AMG TimesSquare Emerging Markets Small Cap Fund and AMG TimesSquare Global Small Cap Fund (each, a “Fund,” and collectively, the “Funds”) and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the “Investment Management Agreement”); and (ii) the Subadvisory Agreement, as amended at any time prior to the date of the meeting, with the Subadviser for each Fund (collectively, the “Subadvisory Agreements”). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreement and Subadvisory Agreements, the Trustees reviewed a variety of materials relating to each Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a “Peer Group”), performance information for the relevant benchmark index for each Fund (each, a “Fund Benchmark”), other relevant matters, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and the Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.   NATURE, EXTENT AND QUALITY OF SERVICES   In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information relating to the Investment Manager’s operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Management Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Funds; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Funds’ other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of the Subadvisory Agreements and annual consideration of the Subadvisory Agreements thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager’s undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager’s risk management processes.   The Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques (its “Investment Strategy”) used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in the Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under the Subadvisory Agreements. The Trustees also considered the Subadviser’s risk management processes.   PERFORMANCE   The Board considered each Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark, considered the gross performance of the Fund as compared to the Subadviser’s relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both the Fund’s performance results and portfolio composition, as well as the Subadviser’s Investment

54

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

Strategy. The Board was mindful of the Investment Manager’s expertise, resources and attention to monitoring the Subadviser’s performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds’ subadviser during the period regarding the factors that contributed to the performance of the Funds.   With respect to AMG TimesSquare Mid Cap Growth Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class Z shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2022 was above the median performance of the Peer Group and above the performance of the Fund Benchmark, the Russell Midcap Growth Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s outperformance relative to the Peer Group and the Fund Benchmark. The Trustees also noted that Class Z shares of the Fund ranked in the top decile relative to its Peer Group for the 1-year period, in the top quintile relative to its Peer Group for the 3-year period, in the top quartile relative to its Peer Group for the 10-year period, and in the top third relative to its Peer Group for the 5-year period. The Trustees concluded that the Fund’s overall performance has been satisfactory.   With respect to AMG TimesSquare Small Cap Growth Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class Z shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2022 was below the median performance of the Peer Group and above the performance of the Fund Benchmark, the Russell 2000 Growth Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s outperformance of the Fund Benchmark and the Fund’s underperformance relative to the Peer Group. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies and policies.   With respect to AMG TimesSquare International Small Cap Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class Z shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund with that inception date) for the 1-year, 3-year and 5-year periods ended March 31, 2022 and for the period from the Fund’s inception on January 2, 2013 through March 31, 2022 was below the median performance of the Peer Group and below the performance of the Fund Benchmark, the MSCI EAFE Small Cap Index. The Trustees took into account the reasons for the Fund’s recent underperformance relative to the Fund Benchmark and Peer Group and noted the impact of the Fund’s underperformance during certain calendar years on its longer-term performance. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies and policies.   With respect to AMG TimesSquare Emerging Markets Small Cap Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class Z shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year and 5-year periods ended March 31, 2022 and for the period from the Fund’s inception on December 14, 2016 through March 31, 2022 was above the median performance of the Peer Group and below the performance of the Fund Benchmark, the MSCI Emerging Markets Small Cap Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s underperformance relative to the Fund Benchmark. The Trustees also noted that the Fund outperformed the Peer Group for all relevant time periods and that Class Z shares of the Fund ranked in the top decile relative to its Peer Group for the 3-year period and in the top quintile relative to its Peer Group for the 1-year and 5-year periods and for the period from the Fund’s inception through March 31, 2022. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies and policies.   With respect to AMG TimesSquare Global Small Cap Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class Z shares (which share class has the largest amount of assets of all the share classes of the Fund) for the 1-year and 3-year periods ended March 31, 2022 and for the period from the Fund’s inception on May 30, 2018 through March 31, 2022 was below the median performance of the Peer Group and below the performance of the Fund Benchmark, the MSCI World Small Cap Index. The Trustees took into account management’s discussion of the Fund’s performance, including reasons for the Fund’s underperformance relative to the Fund Benchmark and the Peer Group. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies and policies.   ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE   In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 22, 2022 and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management’s discussion of the current asset level of each Fund, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.   In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management’s discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time.

55

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

Also with respect to economies of scale, the Trustees noted that as each Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.   In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from the relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management’s discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under the Subadvisory Agreements. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also with respect to economies of scale, the Trustees noted that as a Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.   With respect to AMG TimesSquare Mid Cap Growth Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class Z shares of the Fund as of March 31, 2022 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 1.13%. The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and key competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable. With respect to AMG TimesSquare Small Cap Growth Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class Z shares of the Fund as of March 31, 2022 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.99%. The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   With respect to AMG TimesSquare International Small Cap Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2022 were lower and higher, respectively, than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 1.05%. The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   With respect to AMG TimesSquare Emerging Markets Small Cap Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class Z shares of the Fund as of March 31, 2022 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 1.25%. The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and select competitors, and the Fund’s small size relative to its peer universe. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   With respect to AMG TimesSquare Global Small Cap Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class Z shares of the Fund as of March 31, 2022 were both lower than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 1.00%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   *  *  *  *   After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreement and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.

56

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of the Investment Management Agreement and the Subadvisory Agreements would be in the best interests of the applicable Fund and its shareholders. Accordingly, on June 22, 2022, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management and the Subadvisory Agreements for each Fund.

57

Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders.   The AMG Funds Family of Funds (each a “Fund,” and collectively, the “Funds”) have adopted and implemented a Liquidity Risk Management Program (the “Program”) as required by the Liquidity Rule. The Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short and long-term cash flow projections, and its holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including access to the Funds’ credit facility. Under the Liquidity Rule, each liquidity classification category (highly liquid, moderately liquid, less liquid and illiquid) is defined with respect to the time it is reasonably expected to take to convert the investment to cash (or sell or dispose of the investment) in current market conditions without significantly changing the market value of the investment.   The Funds’ Board of Trustees (the “Board”) appointed AMG Funds, LLC (“AMGF”) as the Program administrator. AMGF formed a Liquidity Risk Management Committee (“LRMC”), which includes members of various departments across AMGF, including Legal, Compliance, Mutual Fund Services, Investment Research and Product Analysis & Operations and, as needed, other representatives of AMGF and/or representatives of the subadvisers to the Funds. The LRMC meets on a periodic basis, no less frequently than monthly. The LRMC is responsible for the Program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the Program’s operation and effectiveness.   At a meeting of the Board held on March 17, 2022, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period January 1, 2021 through December 31, 2021 (the “Program Reporting Period”).   The Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:   A. The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed whether each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions is appropriate for an open-end fund structure. The LRMC also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed historical net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size. The Funds maintain an in-kind redemption policy, which may be utilized to meet larger redemption requests, when appropriate. The LRMC may also take into consideration a Fund’s shareholder ownership concentration, a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.   C. Holdings of cash and cash equivalents, as well as borrowing arrangements:   The LRMC considered the terms of the credit facilities available to the Funds.   The report concluded that, based upon the review of the Program, using resources and methodologies that AMGF considers reasonable, AMGF believes that the Program and Funds’ Liquidity Risk Management Policies and Procedures are adequate, effective, and reasonably designed to effectively manage the Funds’ liquidity risk.   There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus or statement of additional information for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

58

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

INVESTMENT MANAGER AND ADMINISTRATOR AMG Funds LLC 680 Washington Blvd., Suite 500 Stamford, CT 06901 800.548.4539   DISTRIBUTOR AMG Distributors, Inc. 680 Washington Blvd., Suite 500 Stamford, CT 06901 800.548.4539   SUBADVISER 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   TRUSTEES Bruce B. Bingham Kurt Keilhacker Steven J. Paggioli Eric Rakowski Victoria Sassine Thomas R. Schneeweis Garrett W. Weston 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   EQUITY FUNDS AMG Beutel Goodman International Equity Beutel, Goodman & Company Ltd.   AMG Boston Common Global Impact Boston Common Asset 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                | 063022                SAR012

SEMI-ANNUAL REPORT

AMG Funds

June 30, 2022

AMG Yacktman Fund

Class I: YACKX

AMG Yacktman Focused Fund

Class N: YAFFX    |    Class I: YAFIX

AMG Yacktman Global Fund

Class N: YFSNX    |    Class I: YFSIX

AMG Yacktman Special Opportunities Fund

Class I: YASSX     |    Class Z: YASLX

amgfunds.com            | 063022         SAR071

    AMG Funds

    Semi-Annual Report — June 30, 2022 (unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		3
FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS
AMG Yacktman Fund		5
AMG Yacktman Focused Fund		10
AMG Yacktman Global Fund		15
AMG Yacktman Special Opportunities Fund		20
FINANCIAL STATEMENTS
Statement of Assets and Liabilities		27
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations		29
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets		30
Detail of changes in assets for the past two fiscal periods
Financial Highlights		32
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements		39
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks
ANNUAL RENEWAL OF INVESTMENT MANAGEMENT AND SUBADVISORY AGREEMENTS		46
FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM		49

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.

    About Your Fund’s Expenses (unaudited)

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

Six Months Ended  June 30, 2022	Expense Ratio for the Period	Beginning Account Value 01/01/22	Ending Account Value 06/30/22	Expenses Paid During the Period*
AMG Yacktman Fund
Based on Actual Fund Return
Class I	0.70%	$1,000	$873	$3.25
Based on Hypothetical 5% Annual Return
Class I	0.70%	$1,000	$1,021	$3.51
AMG Yacktman Focused Fund
Based on Actual Fund Return
Class N	1.25%	$1,000	$865	$5.78
Class I	1.06%	$1,000	$866	$4.90
Based on Hypothetical 5% Annual Return
Class N	1.25%	$1,000	$1,019	$6.26
Class I	1.06%	$1,000	$1,020	$5.31
AMG Yacktman Global Fund
Based on Actual Fund Return
Class N	1.11%	$1,000	$848	$5.09
Class I	0.93%	$1,000	$850	$4.26
Based on Hypothetical 5% Annual Return
Class N	1.11%	$1,000	$1,019	$5.56
Class I	0.93%	$1,000	$1,020	$4.66

Six Months Ended June 30, 2022	Expense Ratio for the Period	Beginning Account Value 01/01/22	Ending Account Value 06/30/22	Expenses Paid During the Period*
AMG Yacktman Special Opportunities Fund
Based on Actual Fund Return
Class I	1.90%†	$1,000	$841	$8.67
Class Z	1.80%†	$1,000	$841	$8.22
Based on Hypothetical 5% Annual Return
Class I	1.90%†	$1,000	$1,015	$9.49
Class Z	1.80%†	$1,000	$1,016	$9.00

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

^†  Includes a performance fee adjustment amounting to 0.16% of average daily net assets which is not annualized. (See Note 2 of Notes to Financial Statements.)

2

Fund Performance (unaudited)

    Periods ended June 30, 2022

The table below shows the average annual total returns for the periods indicated for each Fund, as well as each Fund’s relative index for the same time periods ended June 30, 2022.

Average Annual Total  Returns1	Six Months*		One Year		Five Years		Ten Years		Since Inception		Inception Date
AMG Yacktman Fund2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12
Class I		(12.70%)		(8.43%)		9.74%		10.34%		10.21%		07/06/92
Russell 1000® Value Index20, 22		(12.86%)		(6.82%)		7.17%		10.50%		9.52%		07/06/92	†
S&P 500® Index21, 22		(19.96%)		(10.62%)		11.31%		12.96%		9.80%		07/06/92	†
AMG Yacktman Focused Fund2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15
Class N		(13.53%)		(10.51%)		9.70%		10.35%		9.52%		05/01/97
Class I		(13.44%)		(10.36%)		9.90%		–		10.87%		07/24/12
Russell 1000® Value Index20, 22		(12.86%)		(6.82%)		7.17%		10.50%		7.96%		05/01/97	†
S&P 500® Index21, 22		(19.96%)		(10.62%)		11.31%		12.96%		8.37%		05/01/97	†
AMG Yacktman Global Fund2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16
Class N		(15.16%)		(15.34%)		9.65%		–		10.29%		01/30/17
Class I		(15.04%)		(15.17%)		9.72%		–		10.35%		01/30/17
MSCI World Index23		(20.51%)		(14.34%)		7.67%		–		8.61%		01/30/17	†
AMG Yacktman Special Opportunities Fund2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 17, 18, 19
Class I		(15.87%)		(16.02%)		5.71%		–		7.85%		06/30/15
Class Z		(15.90%)		(15.98%)		5.80%		–		6.06%		06/30/14
MSCI ACWI All Cap Index24		(20.46%)		(16.61%)		6.68%		–		6.00%		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 Funds 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.

* Not annualized.

¹ Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of June 30, 2022. 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 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.

⁵The 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.

⁶The 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.

⁷High-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.

⁸Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.

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

¹⁰  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 Fund is subject to the risks associated with investments in emerging markets, such as erratic earnings patterns, economic and political instability, changing exchange controls, limitations on

    repatriation of foreign capital and changes in local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets.

¹²  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.

¹³  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.

¹⁴  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.

3

    Fund Performance

    Periods ended June 30, 2022 (continued)

¹⁵  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.   ¹⁶  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.   ¹⁷  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.   ¹⁸  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.   ¹⁹  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.   ²⁰  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.   ²¹  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.   ²²  The Russell 1000^® Value Index and the S&P 500^® Index are provided for illustrative purposes only. The S&P 500^® is included to give the shareholder a perspective of the historical performance of the U.S. equity market.   ²³  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.   ²⁴  The MSCI ACWI All Cap Index captures large, mid, small and micro cap representation across certain Developed Markets (DM) and large, mid and small cap representation across certain Emerging Markets (EM). 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.   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. All rights reserved.   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.

4

    AMG Yacktman Fund

    Fund Snapshots (unaudited)

    June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Consumer Staples	19.5
Communication Services	14.6
Information Technology	12.3
Industrials	10.1
Financials	9.7
Energy	7.7
Consumer Discretionary	5.0
Health Care	4.5
Materials	1.4
Short-Term Investments	15.0
Other Assets, Less Liabilities	0.2

TOP TEN HOLDINGS

Security Name	% of Net Assets
Canadian Natural Resources, Ltd. (Canada)	6.1
Samsung Electronics Co., Ltd., 2.700% (South Korea)	5.6
Bolloré SA (France)	5.6
PepsiCo, Inc.	4.0
Alphabet, Inc., Class C	3.0
Microsoft Corp.	2.9
The Procter & Gamble Co.	2.6
Cognizant Technology Solutions Corp., Class A	2.4
The Coca-Cola Co.	2.4
Sysco Corp.	2.2
Top Ten as a Group	36.8

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.

5

    AMG Yacktman Fund

    Fund Snapshots (continued)

    For the six months ended June 30, 2022

NEW EQUITY POSITIONS

New Purchases	Current Shares Held
eBay, Inc.	1,250,000
Embecta Corp.	1,600,000
Warner Bros Discovery, Inc.	2,900,000

EQUITY PURCHASES & SALES

Purchases	Net Shares Purchased	Current Shares Held
AMERCO	188,933	330,000
Samsung C&T Corp. (South Korea)	200,000	700,000

Sales	Net Shares Sold	Current Shares Held
Associated British Foods PLC (United Kingdom)	100,000	7,700,000
Brenntag SE (Germany)	50,000	2,700,000
Cisco Systems, Inc.	450,000	800,000
Cognizant Technology Solutions Corp., Class A	286,362	2,800,000
Continental AG (Germany)	240,000	600,000
Huntsman Corp.	2,900,000	—
Macy’s, Inc.	1,200,000	—
Oracle Corp.	300,000	700,000
Sysco Corp.	500,000	2,100,000
Vitesco Technologies Group AG (Germany)	168,000	—

6

    AMG Yacktman Fund

    Schedule of Portfolio Investments (unaudited)

    June 30, 2022

	Shares		Value
Common Stocks - 77.7%
Communication Services - 14.6%
Alphabet, Inc., Class C*		111,000		$242,806,950
Bolloré SA (France)		97,075,700		452,542,139
Comcast Corp., Class A		1,100,000		43,164,000
Fox Corp., Class A1		2,400,000		77,184,000
Fox Corp., Class B		3,100,000		92,070,000
News Corp., Class A		8,900,000		138,662,000
The Walt Disney Co.*		900,000		84,960,000
Warner Bros Discovery, Inc.*		2,900,000		38,918,000
Total Communication Services				1,170,307,089
Consumer Discretionary - 4.2%
Booking Holdings, Inc.*		85,000		148,664,150
Continental AG (Germany)		600,000		42,113,257
eBay, Inc.		1,250,000		52,087,500
Hyundai Mobis Co., Ltd. (South Korea)		550,000		84,775,389
Rinnai Corp. (Japan)		180,000		12,398,966
Total Consumer Discretionary				340,039,262
Consumer Staples - 19.5%
Associated British Foods PLC (United Kingdom)		7,700,000		148,575,951
Beiersdorf AG, ADR (Germany)		4,000,000		81,600,000
The Coca-Cola Co.		3,000,000		188,730,000
Colgate-Palmolive Co.		1,100,000		88,154,000
Hengan International Group Co., Ltd. (China)		6,935,400		32,645,329
Ingredion, Inc.		1,150,000		101,384,000
KT&G Corp. (South Korea)		1,452,810		92,086,077
PepsiCo, Inc.		1,900,000		316,654,000
The Procter & Gamble Co.		1,450,000		208,495,500
Sysco Corp.1		2,100,000		177,891,000
Tyson Foods, Inc., Class A		1,460,000		125,647,600
Total Consumer Staples				1,561,863,457
Energy - 7.1%
Canadian Natural Resources, Ltd. (Canada)		9,100,000		488,488,000
Weatherford International PLC*,1,2		3,900,000		82,563,000
Total Energy				571,051,000
Financials - 9.7%
The Bank of New York Mellon Corp.		2,300,000		95,933,000
Berkshire Hathaway, Inc., Class B*		340,000		92,826,800
The Charles Schwab Corp.		1,825,000		115,303,500
First Hawaiian, Inc.1		1,530,000		34,746,300
FirstCash Holdings, Inc.		460,000		31,974,600
The Goldman Sachs Group, Inc.		130,000		38,612,600
State Street Corp.		1,900,000		117,135,000

	Shares		Value
U.S. Bancorp		2,800,000		$128,856,000
Wells Fargo & Co.		3,050,000		119,468,500
Total Financials				774,856,300
Health Care - 4.5%
Elevance Health, Inc.		300,000		144,774,000
Embecta Corp.*,1		1,600,000		40,512,000
Johnson & Johnson		1,000,000		177,510,000
Total Health Care				362,796,000
Industrials - 9.9%
AMERCO		330,000		157,815,900
Armstrong World Industries, Inc.		735,000		55,095,600
Brenntag SE (Germany)		2,700,000		176,791,218
GrafTech International, Ltd.		2,500,621		17,679,390
L3Harris Technologies, Inc.		355,000		85,803,500
Lockheed Martin Corp.		195,000		83,842,200
MSC Industrial Direct Co., Inc., Class A		530,000		39,808,300
Northrop Grumman Corp.		225,000		107,678,250
Samsung C&T Corp. (South Korea)		700,000		66,643,104
Total Industrials				791,157,462
Information Technology - 6.8%
Cisco Systems, Inc.		800,000		34,112,000
Cognizant Technology Solutions Corp., Class A		2,800,000		188,972,000
Corning, Inc.		1,100,000		34,661,000
Microsoft Corp.		900,000		231,147,000
Oracle Corp.		700,000		48,909,000
Samsung Electronics Co., Ltd. (South Korea)		200,000		8,821,472
Total Information Technology				546,622,472
Materials - 1.4%
Reliance Steel & Aluminum Co.		650,000		110,409,000
Total Common Stocks (Cost $4,437,112,379)				6,229,102,042
	Principal Amount
Corporate Bonds and Notes - 0.8%
Energy - 0.6%
W&T Offshore, Inc.
9.750%, 11/01/233		$51,359,000		48,919,447
Industrials - 0.2%
Weatherford International, Ltd. (Bermuda)
11.000%, 12/01/243		20,065,000		20,215,488
Total Corporate Bonds and Notes (Cost $66,935,608)				69,134,935

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

7

    AMG Yacktman Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Preferred Stocks - 6.3%
Consumer Discretionary - 0.8%
Hyundai Motor Co., 5.600% (South Korea)		400,000		$27,030,966
Hyundai Motor Co., 5.630% (South Korea)		523,882		35,170,889
Total Consumer Discretionary				62,201,855
Information Technology - 5.5%
Samsung Electronics Co., Ltd., 2.700% (South Korea)		11,050,000		444,159,206
Total Preferred Stocks (Cost $304,566,646)				506,361,061
	Principal Amount
Short-Term Investments - 15.0%
Joint Repurchase Agreements - 0.0%#,4
RBC Dominion Securities, Inc., dated 06/30/22,due 07/01/22, 1.550% total to be received $542,870 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.875%, 08/16/22 - 05/20/52, totaling $553,704)		$542,847		542,847

	Shares		Value
Other Investment Companies - 15.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.35%5		485,820,305		$485,820,305
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.37%5		713,289,207		713,289,207
Total Other Investment Companies				1,199,109,512
Total Short-Term Investments (Cost $1,199,652,359)				1,199,652,359
Total Investments - 99.8% (Cost $6,008,266,992)				8,004,250,397
Other Assets, less Liabilities - 0.2%				16,446,369
Net Assets - 100.0%				$8,020,696,766

* Non-income producing security.

^#  Less than 0.05%.

¹  Some of these securities, amounting to $12,956,044 or 0.2% 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  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 June 30, 2022, the value of these securities amounted to $69,134,935 or 0.8% of net assets.

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

⁵  Yield shown represents the June 30, 2022, 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 June 30, 2022.

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
Weatherford International PLC		3,900,000		—		—		—		$	(25,545,000)		—		$82,563,000

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

8

    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 June 30, 2022:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Consumer Staples		$1,288,556,100		$273,307,357		—		$1,561,863,457
Communication Services		717,764,950		452,542,139		—		1,170,307,089
Industrials		547,723,140		243,434,322		—		791,157,462
Financials		774,856,300		—		—		774,856,300
Energy		571,051,000		—		—		571,051,000
Information Technology		537,801,000		8,821,472		—		546,622,472
Health Care		362,796,000		—		—		362,796,000
Consumer Discretionary		200,751,650		139,287,612		—		340,039,262
Materials		110,409,000		—		—		110,409,000
Corporate Bonds and Notes†		—		69,134,935		—		69,134,935
Preferred Stocks†		—		506,361,061		—		506,361,061
Short-Term Investments
Joint Repurchase Agreements		—		542,847		—		542,847
Other Investment Companies		1,199,109,512		—		—		1,199,109,512
Total Investments in Securities		$6,310,818,652		$1,693,431,745		—		$8,004,250,397

^†  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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at June 30, 2022, was as follows:

Country	% of Long-Term  Investments
Bermuda	0.3
Canada	7.2
China	0.5
France	6.6
Germany	4.4
Japan	0.2
South Korea	11.1
United Kingdom	2.2
United States	67.5
	100.0

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

9

    AMG Yacktman Focused Fund

    Fund Snapshots (unaudited)

    June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Consumer Staples	22.7
Information Technology	15.2
Communication Services	15.0
Industrials	12.3
Energy	8.3
Financials	6.0
Consumer Discretionary	5.7
Health Care	2.1
Materials	1.8
Short-Term Investments	10.0
Other Assets, Less Liabilities1	0.9

¹  Includes collateral and net unrealized appreciation on options contracts.

TOP TEN HOLDINGS

Security Name	% of Net Assets
Samsung Electronics Co., Ltd., 2.700% (South Korea)	8.0
Canadian Natural Resources, Ltd. (Canada)	6.7
Bolloré SA (France)	6.6
PepsiCo, Inc.	5.5
Microsoft Corp.	4.0
KT&G Corp. (South Korea)	3.1
Associated British Foods PLC (United Kingdom)	3.1
Alphabet, Inc., Class C	3.0
Cognizant Technology Solutions Corp., Class A	2.7
The Procter & Gamble Co.	2.5
Top Ten as a Group	45.2

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.

10

    AMG Yacktman Focused Fund

    Fund Snapshots (continued)

    For the six months ended June 30, 2022

NEW EQUITY POSITIONS

New Purchases	Current Shares Held
Warner Bros Discovery, Inc.	1,315,000

EQUITY PURCHASES & SALES

Purchases	Net Shares Purchased		Current Shares Held
AMERCO		88,661		159,000
Hyundai Home Shopping Network Corp. (South Korea)		37,395		600,000
Hyundai Motor Co., 5.600% (South Korea)		100,000		400,000
Samsung C&T Corp. (South Korea)		135,087		500,000
Yuasa Trading Co., Ltd. (Japan)		91,500		800,000
Sales	Net Shares Sold		Current Shares Held
Alphabet, Inc., Class C		2,000		50,000
Ambev S.A., ADR (Brazil)		2,000,000		5,000,000
Associated British Foods PLC (United Kingdom)		100,000		5,800,000
Brenntag SE (Germany)		50,000		1,250,000
The Coca-Cola Co.		100,000		1,200,000
Continental AG (Germany)		150,000		250,000
First Hawaiian, Inc.		150,000		250,000
Huntsman Corp.		1,400,000		—
Macy’s, Inc.		450,000		—
Microsoft Corp.		80,000		570,000
PepsiCo, Inc.		70,000		1,200,000
Vitesco Technologies Group AG (Germany)		80,000		—

11

    AMG Yacktman Focused Fund

    Schedule of Portfolio Investments (unaudited)

    June 30, 2022

	Shares		Value
Common Stocks - 77.1%
Communication Services - 15.0%
Alphabet, Inc., Class C*		50,000		$109,372,500
Bolloré SA (France)		51,746,528		241,229,107
Fox Corp., Class B		3,000,000		89,100,000
News Corp., Class A		3,685,000		57,412,300
News Corp., Class B		200,000		3,178,000
The Walt Disney Co.*		300,000		28,320,000
Warner Bros Discovery, Inc.*		1,315,000		17,647,300
Total Communication Services				546,259,207
Consumer Discretionary - 4.1%
Booking Holdings, Inc.*		35,000		61,214,650
Continental AG (Germany)		250,000		17,547,190
Hyundai Home Shopping Network Corp. (South Korea)1		600,000		23,442,206
Hyundai Mobis Co., Ltd. (South Korea)		260,000		40,075,639
Rinnai Corp. (Japan)		110,000		7,577,146
Total Consumer Discretionary				149,856,831
Consumer Staples - 22.4%
Ambev S.A., ADR (Brazil)		5,000,000		12,550,000
Associated British Foods PLC (United Kingdom)		5,800,000		111,914,353
The Coca-Cola Co.		1,200,000		75,492,000
Hengan International Group Co., Ltd. (China)		5,872,300		27,641,255
Ingredion, Inc.		540,000		47,606,400
KT&G Corp. (South Korea)		1,800,000		114,092,647
PepsiCo, Inc.		1,200,000		199,992,000
The Procter & Gamble Co.		630,000		90,587,700
Sysco Corp.		900,000		76,239,000
Tyson Foods, Inc., Class A		700,000		60,242,000
Total Consumer Staples				816,357,355
Energy - 7.7%
Canadian Natural Resources, Ltd. (Canada)		4,550,000		244,244,000
Weatherford International PLC*		1,700,000		35,989,000
Total Energy				280,233,000
Financials - 6.0%
The Bank of New York Mellon Corp.		650,000		27,111,500
Berkshire Hathaway, Inc., Class B*		100,000		27,302,000
The Charles Schwab Corp.		855,000		54,018,900
First Hawaiian, Inc.		250,000		5,677,500
State Street Corp.		800,000		49,320,000
U.S. Bancorp		750,000		34,515,000
Wells Fargo & Co.		500,000		19,585,000
Total Financials				217,529,900

	Shares		Value
Health Care - 2.1%
Johnson & Johnson		430,000		$76,329,300
Industrials - 10.8%
AMERCO		159,000		76,038,570
Brenntag SE (Germany)		1,250,000		81,847,786
L3Harris Technologies, Inc.		170,000		41,089,000
Lockheed Martin Corp.		95,000		40,846,200
Mitsuboshi Belting, Ltd. (Japan)		91,535		1,908,914
MSC Industrial Direct Co., Inc., Class A		220,000		16,524,200
Northrop Grumman Corp.		110,000		52,642,700
Samsung C&T Corp. (South Korea)		500,000		47,602,217
Societe BIC, S.A. (France)		300,000		16,460,913
Yuasa Trading Co., Ltd. (Japan)		800,000		19,776,981
Total Industrials				394,737,481
Information Technology - 7.2%
Cognizant Technology Solutions Corp., Class A		1,485,800		100,276,642
Microsoft Corp.		570,000		146,393,100
Oracle Corp.		250,000		17,467,500
Total Information Technology				264,137,242
Materials - 1.8%
Nihon Parkerizing Co., Ltd. (Japan)		1,868,100		12,299,701
Reliance Steel & Aluminum Co.		310,000		52,656,600
Total Materials				64,956,301
Total Common Stocks
(Cost $2,245,216,945)				2,810,396,617
	Principal Amount
Corporate Bonds and Notes - 2.1%
Energy - 0.6%
W&T Offshore, Inc. 9.750%, 11/01/232		$22,824,000		21,739,860
Industrials - 1.5%
Microsoft Corp.
2.000%, 08/08/23		11,500,000		11,386,640
2.375%, 05/01/23		19,000,000		18,938,041
2.650%, 11/03/22		2,000,000		2,001,402
PepsiCo, Inc. 0.750%, 05/01/23		14,623,000		14,376,988
Weatherford International, Ltd. (Bermuda) 11.000%, 12/01/242		9,022,000		9,089,665
Total Industrials				55,792,736
Total Corporate Bonds and Notes
(Cost $77,455,343)				77,532,596

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

12

    AMG Yacktman Focused Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
Preferred Stocks - 9.9%
Consumer Discretionary - 1.6%
Hyundai Motor Co., 5.600% (South Korea)		400,000		$27,030,966
Hyundai Motor Co., 5.630% (South Korea)		500,000		33,567,567
Total Consumer Discretionary				60,598,533
Consumer Staples - 0.3%
Amorepacific Corp., 2.800% (South Korea)		250,000		9,806,164
Information Technology - 8.0%
Samsung Electronics Co., Ltd., 2.700% (South Korea)		7,250,000		291,416,674
Total Preferred Stocks
(Cost $247,281,506)				361,821,371
Short-Term Investments - 10.0%
Other Investment Companies - 10.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.35%3		43,918,262		43,918,262
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.37%3		319,645,887		319,645,887
Total Short-Term Investments
(Cost $363,564,149)				363,564,149

	Value
Total Investments - 99.1% (Cost $2,933,517,943)		$3,613,314,733
Derivatives - (0.2)%4		(7,505,000)
Other Assets, less Liabilities - 1.1%		41,884,735
Net Assets - 100.0%		$3,647,694,468

^*  Non-income producing security.

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

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 June 30, 2022, the value of these securities amounted to $30,829,525 or 0.8% of net assets.

³  Yield shown represents the June 30, 2022, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

⁴  Includes Exchange Traded Written Options Contracts. Please refer to Open Exchange Traded Written Options Contracts tables for the details.

ADR  American Depositary Receipt

The following schedule shows the value of affiliated investments at June 30, 2022.

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
Hyundai Home Shopping Network Corp.	600,000	$1,940,086	—	—	$(8,495,505)	$94,468	$23,442,206

Open Exchange Traded Written Options Contracts
Description	Strike Price		Expiration Date		Number of Contracts		Notional Amount	Premium	Value
eBay, Inc. (PUT)		47.50		01/20/23		9,500	$45,125,000	$5,011,509	$(7,505,000)

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

13

    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 June 30, 2022:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Consumer Staples		$562,709,100		$253,648,255		—		$816,357,355
Communication Services		305,030,100		241,229,107		—		546,259,207
Industrials		227,140,670		167,596,811		—		394,737,481
Energy		280,233,000		—		—		280,233,000
Information Technology		264,137,242		—		—		264,137,242
Financials		217,529,900		—		—		217,529,900
Consumer Discretionary		61,214,650		88,642,181		—		149,856,831
Health Care		76,329,300		—		—		76,329,300
Materials		52,656,600		12,299,701		—		64,956,301
Corporate Bonds and Notes†		—		77,532,596		—		77,532,596
Preferred Stocks†		—		361,821,371		—		361,821,371
Short-Term Investments
Other Investment Companies		363,564,149		—		—		363,564,149
Total Investments in Securities		$2,410,544,711		$1,202,770,022		—		$3,613,314,733
Financial Derivative Instruments - Liabilities
Equity Written Options		—		$(7,505,000)		—		$(7,505,000)
Total Financial Derivative Instruments		—		$(7,505,000)		—		$(7,505,000)

^†  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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at June 30, 2022, was as follows:

Country	% of Long-Term  Investments
Bermuda	0.3
Brazil	0.4
Canada	7.5
China	0.8
France	7.9
Germany	3.1

Country	% of Long-Term  Investments
Japan	1.3
South Korea	18.1
United Kingdom	3.4
United States	57.2
	100.0

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

14

    AMG Yacktman Global Fund

Fund Snapshots (unaudited)

June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of  Net Assets
Industrials	21.7
Communication Services	16.6
Information Technology	14.4
Consumer Discretionary	13.5
Consumer Staples	12.2
Energy	10.7
Financials	3.0
Materials	3.0
Health Care	1.3
Short-Term Investments	3.3
Other Assets, Less Liabilities	0.3

TOP TEN HOLDINGS

Security Name	% of  Net Assets
Bolloré SA (France)	9.0
Samsung Electronics Co., Ltd., 2.700% (South Korea)	8.4
Canadian Natural Resources, Ltd. (Canada)	6.2
Samsung C&T Corp. (South Korea)	5.6
KT&G Corp. (South Korea)	5.2
HI-LEX Corp. (Japan)	3.9
Total Energy Services, Inc. (Canada)	3.7
Compagnie de L’Odet SA (France)	3.5
Ocean Wilsons Holdings, Ltd. (Bermuda)	3.1
Fox Corp., Class B	2.6
Top Ten as a Group	51.2

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.

15

    AMG Yacktman Global Fund

    Fund Snapshots (continued)

    For the six months ended June 30, 2022

NEW EQUITY POSITIONS

New Purchases	Current Shares Held
Naked Wines PLC (United Kingdom)		256,424
Rix Corp. (Japan)		60,000

EQUITY PURCHASES & SALES

Purchases	Net Shares Purchased		Current Shares Held
AMERCO		3,000		6,000
Dong Ah Tire & Rubber Co., Ltd. (South Korea)		25,000		100,000
HI-LEX Corp. (Japan)		82,200		700,000
Hochiki Corp. (Japan)		76,900		160,000
Hyundai Home Shopping Network Corp. (South Korea)		30,686		70,000
Hyundai Mobis Co., Ltd. (South Korea)		14,000		20,000
Hyundai Motor Co., 5.630% (South Korea)		16,000		55,000
KISCO Holdings Co., Ltd. (South Korea)		65,128		70,000
KT&G Corp. (South Korea)		20,000		120,000
Sam Yung Trading Co., Ltd. (South Korea)		10,000		60,000
Samsung Electronics Co., Ltd., 2.700% (South Korea)		50,000		310,000
Yuasa Trading Co., Ltd. (Japan)		45,000		90,000
Sales	Net Shares Sold		Current Shares Held
The Coca-Cola Co.		25,000		—
Cognizant Technology Solutions Corp., Class A		5,000		25,000
Johnson & Johnson		2,000		10,000
Oracle Corp.		3,000		6,000
PepsiCo, Inc.		13,000		13,000
The Procter & Gamble Co.		2,000		14,000
State Street Corp.		5,000		25,000
Sysco Corp.		20,000		10,000
Trecora Resources		550,000		—
The Walt Disney Co.		3,000		10,000

16

    AMG Yacktman Global Fund

    Schedule of Portfolio Investments (unaudited)

     June 30, 2022

	Shares		Value
Common Stocks - 83.7%
Communication Services - 16.6%
Alphabet, Inc., Class C*		1,000		$2,187,450
Bolloré SA (France)		2,860,000		13,332,590
Fox Corp., Class B		130,000		3,861,000
News Corp., Class A		130,000		2,025,400
Reading International, Inc., Class A*		320,000		1,155,200
Tohokushinsha Film Corp. (Japan)		200,000		953,310
The Walt Disney Co.*		10,000		944,000
Total Communication Services				24,458,950
Consumer Discretionary - 11.0%
Booking Holdings, Inc.*		1,000		1,748,990
Car Mate Manufacturing Co., Ltd. (Japan)		52,500		347,859
Continental AG (Germany)		10,000		701,888
Daewon San Up Co., Ltd. (South Korea)		96,817		387,110
Dong Ah Tire & Rubber Co., Ltd. (South Korea)		100,000		917,928
HI-LEX Corp. (Japan)		700,000		5,803,813
Hyundai Home Shopping Network Corp. (South Korea)		70,000		2,734,924
Hyundai Mobis Co., Ltd. (South Korea)		20,000		3,082,741
Rinnai Corp. (Japan)		8,000		551,065
Total Consumer Discretionary				16,276,318
Consumer Staples - 11.2%
Associated British Foods PLC (United Kingdom)		125,000		2,411,947
Hengan International Group Co., Ltd. (China)		37,000		174,161
Ingredion, Inc.		8,500		749,360
KT&G Corp. (South Korea)		120,000		7,606,177
Naked Wines PLC (United Kingdom)*,1		256,424		536,868
PepsiCo, Inc.		13,000		2,166,580
The Procter & Gamble Co.		14,000		2,013,060
Sysco Corp.		10,000		847,100
Total Consumer Staples				16,505,253
Energy - 10.2%
Canadian Natural Resources, Ltd. (Canada)		170,000		9,125,600
Total Energy Services, Inc. (Canada)		950,000		5,513,129
Weatherford International PLC*		20,000		423,400
Total Energy				15,062,129
Financials - 3.0%
The Bank of New York Mellon Corp.		10,000		417,100
The Charles Schwab Corp.		30,000		1,895,400
State Street Corp.		25,000		1,541,250
U.S. Bancorp		13,000		598,260
Total Financials				4,452,010

	Shares		Value
Health Care - 1.3%
Johnson & Johnson		10,000		$1,775,100
Kissei Pharmaceutical Co., Ltd. (Japan)		9,400		183,979
Total Health Care				1,959,079
Industrials - 21.5%
AMERCO		6,000		2,869,380
Brenntag SE (Germany)		40,000		2,619,129
CB Industrial Product Holding Bhd (Malaysia)		10,500,000		3,006,545
Compagnie de L’Odet SA (France)		4,500		5,109,262
Komelon Corp. (South Korea)		80,000		555,303
Mitsuboshi Belting, Ltd. (Japan)		2,965		61,833
MSC Industrial Direct Co., Inc., Class A		7,000		525,770
Ocean Wilsons Holdings, Ltd. (Bermuda)		400,000		4,565,886
Parker Corp. (Japan)		150,000		590,878
Rix Corp. (Japan)		60,000		855,269
Sam Yung Trading Co., Ltd. (South Korea)		60,000		614,624
Samsung C&T Corp. (South Korea)		86,000		8,187,581
Yuasa Trading Co., Ltd. (Japan)		90,000		2,224,910
Total Industrials				31,786,370
Information Technology - 5.9%
CAC Holdings Corp. (Japan)		240,000		2,430,293
Cognizant Technology Solutions Corp., Class A		25,000		1,687,250
Hochiki Corp. (Japan)		160,000		1,517,969
INFOvine Co., Ltd. (South Korea)		40,000		790,018
Microsoft Corp.		7,000		1,797,810
Oracle Corp.		6,000		419,220
Total Information Technology				8,642,560
Materials - 3.0%
KISCO Holdings Co., Ltd. (South Korea)		70,000		748,742
Kohsoku Corp. (Japan)		90,000		1,012,903
Nihon Parkerizing Co., Ltd. (Japan)		250,000		1,646,017
The Pack Corp. (Japan)		60,000		994,258
Total Materials				4,401,920
Total Common Stocks
(Cost $118,881,417)				123,544,589
	Principal Amount
Corporate Bonds and Notes - 0.7%
Energy - 0.5%
W&T Offshore, Inc. 9.750%, 11/01/232		$806,000		767,715

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

17

    AMG Yacktman Global Fund

    Schedule of Portfolio Investments (continued)

	Principal Amount		Value
Industrials - 0.2%
Weatherford International, Ltd. (Bermuda) 11.000%, 12/01/242		$208,000		$209,560
Total Corporate Bonds and Notes
(Cost $974,352)				977,275
	Shares
Preferred Stocks - 12.0%
Consumer Discretionary - 2.5%
Hyundai Motor Co., 5.630% (South Korea)		55,000		3,692,432
Consumer Staples - 1.0%
Amorepacific Corp., 2.800% (South Korea)		25,000		980,617
LG Household & Health Care, Ltd., 2.440% (South Korea)		2,100		528,478
Total Consumer Staples				1,509,095
Information Technology - 8.5%
Samsung Electronics Co., Ltd., 2.700% (South Korea)		310,000		12,460,575
Total Preferred Stocks
(Cost $20,461,922)				17,662,102
	Principal Amount
Short-Term Investments - 3.3%
Joint Repurchase Agreements - 0.1%3
Morgan, Stanley & Co. LLC, dated 06/30/22, due 07/01/22, 1.460% total to be received $110,637 (collateralized by various U.S. Treasuries, 0.000% - 4.500%, 09/29/22 - 11/15/40, totaling $112,846)		$110,633		110,633

	Shares		Value
Other Investment Companies - 3.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.35%4		3,164,074		$3,164,074
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.37%4		1,629,978		1,629,978
Total Other Investment Companies				4,794,052
Total Short-Term Investments
(Cost $4,904,685)				4,904,685
Total Investments - 99.7%
(Cost $145,222,376)				147,088,651
Other Assets, less Liabilities - 0.3%				406,262
Net Assets - 100.0%				$147,494,913

^*  Non-income producing security.

¹  This security amounting to $104,684 or 0.1% of net assets, was out on loan to various borrowers and is collateralized by cash. 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 June 30, 2022, the value of these securities amounted to $977,275 or 0.7% of net assets.

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

⁴  Yield shown represents the June 30, 2022, 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 June 30, 2022:

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

18

    AMG Yacktman Global Fund

    Schedule of Portfolio Investments (continued)

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Industrials		$3,395,150		$28,391,220		—		$31,786,370
Communication Services		10,173,050		14,285,900		—		24,458,950
Consumer Staples		5,776,100		10,729,153		—		16,505,253
Consumer Discretionary		2,096,849		14,179,469		—		16,276,318
Energy		15,062,129		—		—		15,062,129
Information Technology		3,904,280		4,738,280		—		8,642,560
Financials		4,452,010		—		—		4,452,010
Materials		—		4,401,920		—		4,401,920
Health Care		1,775,100		183,979		—		1,959,079
Corporate Bonds and Notes†		—		977,275		—		977,275
Preferred Stocks†		—		17,662,102		—		17,662,102
Short-Term Investments
Joint Repurchase Agreements		—		110,633		—		110,633
Other Investment Companies		4,794,052		—		—		4,794,052
Total Investments in Securities		$51,428,720		$95,659,931		—		$147,088,651

^†  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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at June 30, 2022, was as follows:

Country	% of Long-Term Investments
Bermuda		3.4
Canada		10.3
China		0.1
France		13.0
Germany		2.3
Japan		13.5
Malaysia		2.1
South Korea		30.4
United Kingdom		2.1
United States		22.8
		100.0

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

19

    AMG Yacktman Special Opportunities Fund

    Portfolio Manager’s Comments (unaudited)

For the six months ending June 30, 2022, AMG Yacktman Special Opportunities Fund (the “Fund”) Class Z shares returned (15.90%), ahead of the (20.46%) decline in the MSCI ACWI All Cap Index.   This was a tough six month stretch in the market. The sharp declines—which started in 2021 in the high-tech stocks and more speculative corners of the market—caught up to even the more resilient stocks. June was an unpleasant month for areas such as energy and value. The Fund’s conservative positioning helped mitigate some of the downside volatility, but it was not totally immune. In our experience, some of the best opportunities arise following such periods.   In our 2021 first half letter, we likened the challenges facing the market to a 10-team parlay bet in sports gambling, where “winning nine out of ten bets still means a losing ticket.” While the final tally isn’t official just yet, it seems the chances of collecting on such a wager have grown even dimmer. Add to the list new challenges including the extended war in Ukraine, that “expected” inflation is now “actual” inflation, the growing threats of global energy and food crises, and the higher odds of an economic recession. Stock prices are lower and risks are higher, so risk-adjusted returns haven’t improved despite the market declines, at least for a broad swath of the universe. However, we invest in individual stocks, not the market. Owning real businesses producing actual cash flow at inexpensive valuations should help navigate more difficult conditions. This discipline remains at the core of the Fund’s investment approach.   Portfolio Review   As an active manager focused on stock-picking, volatility is a necessary part of the job (it’s hard to outperform without it). We have endured drawdowns in the past and it often brings up the question, what are we doing in response? First, our investment approach hasn’t changed. We are still scouring the world for the best opportunities. With the advantage of a flexible investment mandate, turning over rocks in search of hidden gems remains a crucial part of the investment process.   While on the lookout for the next bargains, we believe some of the best risk-adjusted opportunities can be found in our existing positions. Hence, the top ten holdings represent 53% of the Fund. While we expect contributions from the entire portfolio, truly standout ideas are somewhat rare. It is important to make them count. Any further market turmoil will provide plenty of chances to supplement with new additions or increase weightings in our smaller positions.   Over a volatile quarter, stock price movements within and outside the portfolio have changed the risk/reward equation in several of our existing positions. This was especially true with a few smaller and less liquid investments that no longer stacked up against alternatives. We exited a number of those smaller weightings and ended the quarter holding 45 positions. These sales included several companies (such as Link Net and Vivo Energy) where acquisitions were pending. Rather than waiting for these acquisitions to close, we took the cash to deploy elsewhere. In addition, one of our largest positions entering the year, Trecora Resources, was acquired the last week of June. The timing of the Trecora proceeds combined with our portfolio pruning means we entered the second half of the Fund’s fiscal year with cash at 9.6% of the Fund. This cash position provides ample capital to deploy if the environment becomes more difficult in the coming months.   A Few Words on Investor Psychology   In the final season of the Netflix show Peaky Blinders, a drama about a fictional gang in post-World War I England, the main character, Thomas Shelby, had a line that struck a chord: “I wanted to have everything already.”   Over the past dozen or so years, it seems market participants sought out (and even expected) super-normal returns and they expected them immediately. Look at the Reddit/GameStop phenomenon, SPAC mania, Robinhood, cryptocurrencies, NFTs (Non-fungible tokens) and more. This psychology of “more and faster” extended into the real world (more stimulus! more stuff!), fueled by a perception that everyone else was getting rich quick. This kind of speculative environment has been a headwind to a strategy like ours rooted in the more mundane topics of fundamental analysis, competitive advantages, and valuation.   There’s nothing like a market washout to douse speculative fervor. While we have looked through the stocks that have fallen the most, it’s unclear if there is even a viable business model in many cases. Even the “real” businesses in areas like software or internet were priced at such a level that they needed to be in the top 0.01% of exceptional businesses—even the top 1% wouldn’t cut it at those prices. That’s a high bar. The penalty for falling short of that rarified air could only result in steep drawdowns.   While this recent pullback caused much of the supercharged speculative gains of mid 2020 through 2021 to unwind, falling back to breakeven probably isn’t good enough—more real capital loss is likely ahead before a true bottom is signified. Whatever happens in the short term, investing (not speculation) is a wonderful method to compound capital over the long-term. The lack of patience and demands for future returns today remains a recipe for trouble. That’s the case whether it’s a fictional version of early 1900s England portrayed in Peaky Blinders or if it’s investing in the globally connected, always on markets of 2022.   Contributors and Detractors   The top three detractors during the first half of 2022 were Legacy Housing (“Legacy”), Italian Wine Brands (“IWB”) and Naked Wines. The first two names declined for what we believe are temporary reasons. For Legacy, after an outstanding earnings report in late 2021 drove up the stock to all-time highs, the company disclosed accounting issues in early 2022 and has not filed updated financials. At the same time, peers in manufactured housing pulled back due to concerns over interest rates. For a significant portion of U.S. consumers, affordable homes are desperately needed and there remains a wide price gap between manufactured versus traditional homes. Once Legacy moves beyond their accounting issues, we believe their business outlook remains bright.   Like Legacy, IWB was a strong performer in 2021 but has given back all of its recent gains. As the largest private wine group in Italy, IWB’s stock was not immune to the broader sell-off in European and Italian stocks due to concerns over the war between Russia and Ukraine. Inflation in areas like energy, glass, and logistics are all hitting IWB, and it will take time to reset contracts to pass through these costs. We believe IWB’s management team will navigate this period and return the business to growth, building on their tremendous success since we originated the investment.   Naked Wines was by far our largest detractor to performance in the first half of 2022. As an online seller of wine via direct-to-consumers subscriptions, Naked Wines was one of our only true “COVID winners” in 2020 and the first half of 2021. The company built up a subscriber base of almost one

20

    AMG Yacktman Special Opportunities Fund

    Portfolio Manager’s Comments (continued)

million consumers who enjoy funding and purchasing wine from independent winemakers. The business has been reinvesting heavily to acquire new customers and therefore profits have run around break-even levels. This year, Naked Wines’ management admitted that some recent marketing investments fell short of expectations. In response, they pulled back on this growth spending, denting the growth trajectory. Concerns over the balance sheet added to investor consternation. The stock price correction now shows the gap that exists in many of these stocks as market participants shift from calculating the total addressable market and growth ambitions to more mundane topics like cash flow generation and profits. Many stocks are going through similar corrections. We like the Naked Wines model and believe it adds real value across the ecosystem to both consumers and winemakers. It’s now up to the management team to prove they can execute against their current customer base and regain market trust in a more difficult consumer environment.   Positive contributors include a handful of stocks that generated positive returns in a difficult environment that saw most sectors decline. The two standouts as material contributors were Total Energy Services (“Total Energy”) and Trecora. Even with the run-up in stock price, our enthusiasm for Total Energy’s prospects remains. Oilfield service companies are in a tough business. Serving a volatile and cyclical end market is not easy and the last eight years have been especially challenging. Equipment is old and outdated, capital inflows have dried up, and good labor has fled the industry to seek fortune elsewhere. Oilfield services are finally catching up from 8+ years of price declines as their upstream exploration & production customers are now desperate to take advantage of high energy prices. All signs point toward a bull market in profitability, not capacity/equipment expansion. We believe this will benefit well-run companies like Total Energy who have the equipment and employee base to capitalize on this long-awaited upswing.   We purchased our initial position in Trecora in early 2020 after following the business closely for many years. Prior to our purchase, the stock had fallen more than 50% from its 2018 peak after running into trouble with failed expansion projects and too much leverage. During our ownership, new management cleaned up the balance sheet, sold off non-core assets, and began operational improvements. The company attracted several activist investors and we selectively added to the position over the past 12-18 months, believing the status quo was unlikely to continue. As a small-cap chemical company, Trecora wasn’t a logical fit for the public markets and its board eventually ran a sales process. The timing coincided with the market turmoil in the first half of 2022 but Trecora signed a deal to be acquired by a private equity firm at a decent premium. While not a complete home run, our investment in Trecora provided a solid return on a sizable position.   Conclusion   For years, we have watched as the market seemed to levitate on the back of expanding valuation multiples. Investors told themselves ever more fanciful stories about why they continued to hold on as stock prices raced skyward. In our view, future returns were pulled forward, as market participants fell into that trap of expecting everything already. We have been on the other side of this trend for years, but it feels as though this dynamic has shifted. We believe the Fund is set up well to capture this opportunity. As always, our objective is to produce attractive risk-adjusted returns. We appreciate the Fund’s shareholders who entrust us with their capital in our pursuit of 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.

21

    AMG Yacktman Special Opportunities Fund

     Fund Snapshots (unaudited)

     June 30, 2022

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Energy	19.2
Industrials	18.8
Consumer Discretionary	14.6
Consumer Staples	12.1
Financials	11.4
Materials	9.2
Information Technology	2.7
Communication Services	1.2
Health Care	0.8
Utilities	0.4
Short-Term Investments	10.9
Other Assets, Less Liabilities	(1.3)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Omni Bridgeway, Ltd. (Australia)	11.4
Total Energy Services, Inc. (Canada)	10.3
Italian Wine Brands S.P.A (Italy)	4.8
Texhong Textile Group, Ltd. (Hong Kong)	4.6
Brickability Group PLC (United Kingdom)	4.5
AMERCO (United States)	4.5
Legacy Housing Corp. (United States)	4.0
B&S Group, S.A.R.L. (Luxembourg)	3.7
Naked Wines PLC (United Kingdom)	3.0
Delfi, Ltd. (Singapore)	2.4
Top Ten as a Group	53.2

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.

22

    AMG Yacktman Special Opportunities Fund

     Fund Snapshots (continued)

     For the six months ended June 30, 2022

NEW EQUITY POSITIONS

New Purchases	Current Shares Held
America’s Car-Mart, Inc.		15,500
Hemisphere Energy Corp. (Canada)		656,600
Macfarlane Group PLC (United Kingdom)		525,000
Maezawa Industries, Inc. (Japan)		202,400
Okamoto Industries, Inc. (Japan)		34,000
Sinko Industries, Ltd. (Japan)		50,000

CORPORATE BONDS & NOTES SALES

Sales	Net Principal Sold		Current Principal Held
Helix Energy Solutions Group, Inc.,
4.125%, 09/15/23		$500,000		—

EQUITY PURCHASES & SALES

Purchases	Net Shares Purchased		Current Shares Held
AMERCO		3,000		8,700
Amplify Energy Corp.		50,000		220,000
B&S Group, S.A.R.L. (Luxembourg)		315,000		655,000
Brickability Group PLC (United Kingdom)		1,815,000		4,585,000
Compagnie de L’Odet SA (France)		166		966
Delfi, Ltd. (Singapore)		1,453,200		4,200,000
Horizon Oil, Ltd. (Australia)		10,069,080		18,000,000
Italian Wine Brands S.P.A (Italy)		39,000		162,000
KISCO Holdings Co., Ltd. (South Korea)		2,500		90,000
Legacy Housing Corp.		52,900		285,000
Mitani Corp. (Japan)		13,000		43,500
Naked Wines PLC (United Kingdom)		790,000		1,350,000
Omni Bridgeway, Ltd. (Australia)		375,000		4,325,000
Pumtech Korea Co., Ltd. (South Korea)		3,000		39,000
Sekisui Jushi Corp. (Japan)		41,000		108,500
SK Kaken Co., Ltd. (Japan)		200		1,800
Texhong Textile Group, Ltd. (Hong Kong)		1,391,500		4,051,500

Sales	Net Shares Sold		Current Shares Held
Amerigo Resources, Ltd. (Canada)		168,100		956,900
Anora Group OYJ		115,450		—
Bixolon Co., Ltd. (South Korea)		20,000		195,000
Boustead Singapore, Ltd. (Singapore)		847,200		2,330,800
The Cato Corp.		73,000		—
Cosco Capital, Inc. (Philippines)		1,352,600		9,250,000
Dong Ah Tire & Rubber Co., Ltd. (South Korea)		15,900		74,500
Evolution Petroleum Corp.		35,000		170,000
Excelsior Capital, Ltd.		375,377		—
GrafTech International, Ltd.		68,000		55,000
Hargreaves Services PLC (United Kingdom)		109,751		310,000
HLS Therapeutics, Inc.		14,660		—
Ifis Japan, Ltd. (Japan)		9,000		81,000
Komelon Corp. (South Korea)		13,571		71,000
Lamprell PLC		763,599		—
Link Net Tbk PT		4,981,300		—
Master Drilling Group, Ltd. (South Africa)		328,934		850,000
NeoPharm Co., Ltd. (South Korea)		5,025		59,975
Ocean Wilsons Holdings, Ltd. (Bermuda)		92,500		174,000
Pardee Resources Co., Inc.		1,252		6,100
Reading International, Inc., Class A		50,100		311,000
Reckon, Ltd.		645,685		—
Sam Yung Trading Co., Ltd. (South Korea)		20,330		190,060
Samsung Electronics Co., Ltd., 2.700% (South Korea)		8,500		24,000
Spark Networks SE		86,000		—
Total Energy Services, Inc. (Canada)		534,400		1,665,600
Trecora Resources		1,040,000		—
Utoc Corp.		155,200		—
Vivo Energy PLC		1,385,000		—
Webstep A.S. (Norway)		9,264		100,407
WIN-Partners Co., Ltd. (Japan)		22,500		102,500

23

    AMG Yacktman Special Opportunities Fund

    Schedule of Portfolio Investments (unaudited)

     June 30, 2022

	Shares		Value
Common Stocks - 89.4%
Communication Services - 1.2%
Reading International, Inc., Class A (United States)*		311,000		$1,122,710
Consumer Discretionary - 14.6%
America’s Car-Mart, Inc. (United States)*		15,500		1,559,300
B&S Group, S.A.R.L. (Luxembourg)1		655,000		3,433,544
Dong Ah Tire & Rubber Co., Ltd. (South Korea)		74,500		683,856
Legacy Housing Corp. (United States)*		285,000		3,719,250
Texhong Textile Group, Ltd. (Hong Kong)		4,051,500		4,284,413
Total Consumer Discretionary				13,680,363
Consumer Staples - 12.1%
Cosco Capital, Inc. (Philippines)		9,250,000		725,061
Delfi, Ltd. (Singapore)		4,200,000		2,267,329
Italian Wine Brands S.P.A (Italy)		162,000		4,534,187
Naked Wines PLC (United Kingdom)*,2		1,350,000		2,826,457
NeoPharm Co., Ltd. (South Korea)		59,975		922,434
Total Consumer Staples				11,275,468
Energy - 19.2%
Amplify Energy Corp. (United States)*		220,000		1,438,800
Evolution Petroleum Corp. (United States)		170,000		928,200
Hargreaves Services PLC (United Kingdom)		310,000		1,939,646
Hemisphere Energy Corp. (Canada)		656,600		795,755
Horizon Oil, Ltd. (Australia)		18,000,000		1,676,649
Pardee Resources Co., Inc. (United States)		6,100		1,555,500
Total Energy Services, Inc. (Canada)		1,665,600		9,665,966
Total Energy				18,000,516
Financials - 11.4%
Omni Bridgeway, Ltd. (Australia)*		4,325,000		10,645,748
Health Care - 0.8%
WIN-Partners Co., Ltd. (Japan)		102,500		757,833
Industrials - 18.8%
AMERCO (United States)		8,700		4,160,601
Boustead Singapore, Ltd. (Singapore)		2,330,800		1,602,184
CB Industrial Product Holding Bhd (Malaysia)		6,380,800		1,827,063
Compagnie de L’Odet SA (France)		966		1,096,788
GrafTech International, Ltd. (United States)		55,000		388,850
Komelon Corp. (South Korea)		71,000		492,831
Macfarlane Group PLC (United Kingdom)		525,000		731,749
Maezawa Industries, Inc. (Japan)		202,400		912,281
Mitani Corp. (Japan)		43,500		485,589
Ocean Wilsons Holdings, Ltd. (Bermuda)2		174,000		1,986,160
Sam Yung Trading Co., Ltd. (South Korea)		190,060		1,946,925

	Shares		Value
Sekisui Jushi Corp. (Japan)		108,500		$1,348,606
Sinko Industries, Ltd. (Japan)		50,000		601,781
Total Industrials				17,581,408
Information Technology - 1.7%
Bixolon Co., Ltd. (South Korea)		195,000		917,615
Ifis Japan, Ltd. (Japan)		81,000		391,560
Webstep A.S. (Norway)1		100,407		314,992
Total Information Technology				1,624,167
Materials - 9.2%
Amerigo Resources, Ltd. (Canada)		956,900		921,812
Brickability Group PLC (United Kingdom)		4,585,000		4,241,804
KISCO Holdings Co., Ltd. (South Korea)		90,000		962,668
Master Drilling Group, Ltd. (South Africa)		850,000		655,705
Okamoto Industries, Inc. (Japan)2		34,000		954,492
Pumtech Korea Co., Ltd. (South Korea)		39,000		458,998
SK Kaken Co., Ltd. (Japan)		1,800		430,498
Total Materials				8,625,977
Utilities - 0.4%
Maxim Power Corp. (Canada)*		140,000		362,181
Total Common Stocks
(Cost $80,608,805)				83,676,371
Preferred Stock - 1.0%
Information Technology - 1.0%
Samsung Electronics Co., Ltd., 2.700% (South Korea)		24,000		964,690
Total Preferred Stock
(Cost $398,488)				964,690
	Principal Amount
Short-Term Investments - 10.9%
Joint Repurchase Agreements - 1.3%3
Citigroup Global Markets, Inc., dated 06/30/22, due 07/01/22, 1.500% total to be received $225,307 (collateralized by various U.S. Treasuries, 1.875% - 3.250%, 06/30/24 - 05/15/52, totaling $229,804)		$225,298		225,298
RBC Dominion Securities, Inc., dated 06/30/22, due 07/01/22, 1.550% total to be received $1,000,043 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.875%, 08/16/22 - 05/20/52, totaling $1,020,000)		1,000,000		1,000,000
Total Joint Repurchase Agreements				1,225,298
	Shares
Other Investment Companies - 9.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 1.35%4		5,930,495		5,930,495

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

24

    AMG Yacktman Special Opportunities Fund

    Schedule of Portfolio Investments (continued)

	Shares		Value
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.37%4		3,055,103		$3,055,103
Total Other Investment Companies				8,985,598
Total Short-Term Investments
(Cost $10,210,896)				10,210,896

	Value
Total Investments - 101.3%
(Cost $91,218,189)		$94,851,957
Other Assets, less Liabilities - (1.3)%		(1,241,473	)
Net Assets - 100.0%		$93,610,484

* 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 June 30, 2022, the value of these securities amounted to $3,748,536 or 4.0% of net assets.

²  Some of these securities, amounting to $1,052,128 or 1.1% 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 June 30, 2022, 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 June 30, 2022:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Energy		$16,323,867		$1,676,649		—		$18,000,516
Industrials		6,883,384		10,698,024		—		17,581,408
Consumer Discretionary		5,278,550		8,401,813		—		13,680,363
Consumer Staples		2,992,390		8,283,078		—		11,275,468
Financials		—		10,645,748		—		10,645,748
Materials		6,249,819		2,376,158		—		8,625,977
Information Technology		314,992		1,309,175		—		1,624,167
Communication Services		1,122,710		—		—		1,122,710
Health Care		—		757,833		—		757,833
Utilities		362,181		—		—		362,181
Preferred Stock†		—		964,690		—		964,690
Short-Term Investments
Joint Repurchase Agreements		—		1,225,298		—		1,225,298
Other Investment Companies		8,985,598		—		—		8,985,598
Total Investments in Securities		$48,513,491		$46,338,466		—		$94,851,957

^†  All preferred stocks held in the Fund are level 2 securities. For a detailed breakout of 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 six months ended June 30, 2022, there were no transfers in or out of Level 3.

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

25

    AMG Yacktman Special Opportunities Fund

    Schedule of Portfolio Investments (continued)

The country allocation in the Schedule of Portfolio Investments at June 30, 2022, was as follows:

Country	% of Long-Term  Investments
Australia		14.6
Bermuda		2.3
Canada		13.9
France		1.3
Hong Kong		5.1
Italy		5.3
Japan		6.9
Luxembourg		4.0
Malaysia		2.2
Norway		0.4
Philippines		0.8
Singapore		4.6
South Africa		0.8
South Korea		8.7
United Kingdom		11.5
United States		17.6
		100.0

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

26

    Statement of Assets and Liabilities (unaudited)

     June 30, 2022

	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 $12,956,044, $0, $104,684, and $1,052,128, respectively)		$7,921,687,397			$3,589,872,527			$147,088,651		$94,851,957
Affiliated Investments at value2		82,563,000			23,442,206			—		—
Due from broker		—			45,125,000			—		—
Foreign currency3		78,643			425,715			76,292		33,156
Receivable for investments sold		4,526,424			—			—		4,333
Dividend and interest receivables		21,189,735			10,654,049			564,545		204,664
Securities lending income receivable		1,907			2,483			217		1,959
Receivable for Fund shares sold		9,007,017			1,347,049			7,563		98,476
Receivable from affiliate		—			4,322			4,253		2,566
Prepaid expenses and other assets		167,988			112,350			15,288		17,239
Total assets		8,039,222,111			3,670,985,701			147,756,809		95,214,350
Liabilities:
Payable upon return of securities loaned		542,847			—			110,633		1,225,298
Payable for investments purchased		6,658,625			—			—		216,091
Payable for Fund shares repurchased		3,720,028			9,593,391			12,000		6,000
Written options4		—			7,505,000			—		—
Foreign currency overdraft5		2,291,552			2,291,411			—		—
Accrued expenses:
Investment advisory and management fees		2,944,405			2,740,153			90,692		111,601
Administrative fees		1,029,558			472,440			19,160		12,219
Shareholder service fees		604,007			282,105			174		3,451
Other		734,323			406,733			29,237		29,206
Total liabilities		18,525,345			23,291,233			261,896		1,603,866
Net Assets		$8,020,696,766			$3,647,694,468			$147,494,913		$93,610,484
1 Investments at cost		$5,889,275,877			$2,880,003,056			$145,222,376		$91,218,189
2 Affiliated Investments at cost		$118,991,115			$53,514,887			—		—
3 Foreign currency at cost		$78,306			$422,321			$75,648		$33,077
4 Premiums received		—			$5,011,509			—		—
5 Foreign currency overdraft at cost		$(2,368,254	)		$(2,368,114	)		—		—

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

27

     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		$5,700,625,039		$2,819,377,245		$142,912,967		$88,108,944
Total distributable earnings		2,320,071,727		828,317,223		4,581,946		5,501,540
Net Assets		$8,020,696,766		$3,647,694,468		$147,494,913		$93,610,484
Class N:
Net Assets		—		$1,749,435,340		$1,117,588		—
Shares outstanding		—		95,378,890		80,493		—
Net asset value, offering and redemption price per share		—		$18.34		$13.88		—
Class I:
Net Assets		$8,020,696,766		$1,898,259,128		$146,377,325		$39,997,201
Shares outstanding		374,923,879		103,770,918		10,531,993		3,610,696
Net asset value, offering and redemption price per share		$21.39		$18.29		$13.90		$11.08
Class Z:
Net Assets		—		—		—		$53,613,283
Shares outstanding		—		—		—		4,824,244
Net asset value, offering and redemption price per share		—		—		—		$11.11

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

28

    Statement of Operations (unaudited)

     For the six months ended June 30, 2022

	AMG Yacktman Fund			AMG Yacktman Focused Fund			AMG Yacktman Global Fund			AMG Yacktman Special Opportunities Fund
Investment Income:
Dividend income		$83,435,346			$39,052,232			$1,954,919			$1,105,295
Interest income		1,172,161			2,201,639			60,671			21,811
Dividends from affiliated securities		—			94,468			—			—
Securities lending income		39,239			18,571			426			5,574
Foreign withholding tax		(6,542,076	)		(4,274,290	)		(247,551	)		(95,934	)
Total investment income		78,104,670			37,092,620			1,768,465			1,036,746
Expenses:
Investment advisory and management fees		19,172,966			17,965,392			578,998			947,163
Administrative fees		6,714,660			3,097,482			122,323			84,031
Shareholder servicing fees - Class N		—			1,864,654			897			—
Shareholder servicing fees - Class I		3,986,604			—			—			21,027
Custodian fees		451,443			256,221			25,714			23,364
Trustee fees and expenses		305,699			141,916			5,517			3,864
Professional fees		240,966			121,214			20,177			19,343
Transfer agent fees		207,142			113,625			2,442			1,755
Reports to shareholders		127,651			66,498			919			1,563
Registration fees		80,511			74,337			10,243			9,288
Interest expense		—			—			—			166
Miscellaneous		133,197			63,854			3,140			2,734
Repayment of prior reimbursements		—			26,634			—			8,646
Total expenses before offsets		31,420,839			23,791,827			770,370			1,122,944
Expense reimbursements		—			(4,322	)		(10,815	)		(3,304	)
Fee waivers		(153,691	)		(68,873	)		—			—
Net expenses		31,267,148			23,718,632			759,555			1,119,640
Net investment income (loss)		46,837,522			13,373,988			1,008,910			(82,894	)
Net Realized and Unrealized Loss:
Net realized gain on investments		156,781,952			83,202,055			3,636,554			2,626,644
Net realized loss on foreign currency transactions		(678,734	)		(737,871	)		(50,372	)		(57,476	)
Net change in unrealized appreciation/depreciation on investments		(1,356,015,150	)		(663,940,682	)		(30,706,700	)		(20,330,111	)
Net change in unrealized appreciation/depreciation on affiliated investments		(25,545,000	)		(8,495,504	)		—			—
Net change in unrealized appreciation/depreciation on written options		—			(2,493,491	)		—			—
Net change in unrealized appreciation/depreciation on foreign currency translations		(327,745	)		(170,787	)		(17,630	)		(3,981	)
Net realized and unrealized loss		(1,225,784,677	)		(592,636,280	)		(27,138,148	)		(17,764,924	)
Net decrease in net assets resulting from operations		$(1,178,947,155	)		$(579,262,292	)		$(26,129,238	)		$(17,847,818	)

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

29

    Statements of Changes in Net Assets

     For the six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021

	AMG Yacktman Fund						AMG Yacktman Focused Fund
	June 30, 2022			December 31, 2021			June 30, 2022			December 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income		$46,837,522			$96,876,644			$13,373,988			$33,310,116
Net realized gain on investments		156,103,218			300,920,992			82,464,184			182,246,817
Net change in unrealized appreciation/depreciation on investments		(1,381,887,895	)		1,143,172,456			(675,100,464	)		410,786,303
Net increase (decrease) in net assets resulting from operations		(1,178,947,155	)		1,540,970,092			(579,262,292	)		626,343,236
Distributions to Shareholders:
Class N		—			—			—			(97,900,715	)
Class I		—			(341,720,709	)		—			(109,158,676	)
Total distributions to shareholders		—			(341,720,709	)		—			(207,059,391	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(275,979,123	)		640,234,734			(240,898,200	)		409,334,123
Total increase (decrease) in net assets		(1,454,926,278	)		1,839,484,117			(820,160,492	)		828,617,968
Net Assets:
Beginning of period		9,475,623,044			7,636,138,927			4,467,854,960			3,639,236,992
End of period		$8,020,696,766			$9,475,623,044			$3,647,694,468			$4,467,854,960

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

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

30

    Statements of Changes in Net Assets (continued)

     For the six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021

	AMG Yacktman Global Fund					AMG Yacktman Special Opportunities Fund
	June 30, 2022		December 31, 2021			June 30, 2022		December 31, 2021
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)		$1,008,910		$2,033,206			$(82,894)		$(15,569)
Net realized gain on investments		3,586,182		8,852,173			2,569,168		4,330,398
Net change in unrealized appreciation/depreciation on investments		(30,724,330)		6,824,993			(20,334,092)		15,896,200
Net increase (decrease) in net assets resulting from operations		(26,129,238)		17,710,372			(17,847,818)		20,211,029
Distributions to Shareholders:
Class N		—		(53,059	)		—		—
Class I		—		(12,752,955	)		—		(1,238,880)
Class Z		—		—			—		(2,928,032)
Total distributions to shareholders		—		(12,806,014	)		—		(4,166,912)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		2,533,724		32,996,714			(650,373)		17,275,902
Total increase (decrease) in net assets		(23,595,514)		37,901,072			(18,498,191)		33,320,019
Net Assets:
Beginning of period		171,090,427		133,189,355			112,108,675		78,788,656
End of period		$147,494,913		$171,090,427			$93,610,484		$112,108,675

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

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

31

    AMG Yacktman Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$24.50			$21.26			$20.48			$19.05			$22.85			$21.39
Income (loss) from Investment Operations:
Net investment income1,2		0.12			0.26	3		0.27			0.35			0.40			0.32
Net realized and unrealized gain (loss) on investments		(3.23)			3.89			2.81			2.99			0.20			3.58
Total income (loss) from investment operations		(3.11)			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 Period		$21.39			$24.50			$21.26			$20.48			$19.05			$22.85
Total Return2,4		(12.70)	%5		19.63	%		15.28	%		17.66	%		2.69	%		18.23	%
Ratio of net expenses to average net assets		0.70	%6		0.70	%		0.70	%		0.70	%		0.70	%		0.71	%
Ratio of gross expenses to average net assets7		0.70	%6		0.70	%		0.71	%		0.71	%		0.71	%		0.72	%
Ratio of net investment income to average net assets2		1.05	%6		1.09	%		1.38	%		1.70	%		1.70	%		1.38	%
Portfolio turnover		4	%5		15	%		27	%		35	%		12	%		2	%
Net assets end of period (000’s) omitted		$8,020,697			$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 period end.

⁵  Not annualized.

⁶  Annualized.

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

32

    AMG Yacktman Focused Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$21.21			$19.09			$18.25			$17.78			$21.13			$19.69
Income (loss) from Investment Operations:
Net investment income2,3		0.06			0.14	4		0.15			0.23			0.28			0.19
Net realized and unrealized gain (loss) on investments		(2.93	)		2.98			2.95			3.13			0.31			3.75
Total income (loss) from investment operations		(2.87	)		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 Period		$18.34			$21.21			$19.09			$18.25			$17.78			$21.13
Total Return3,5		(13.53	)%6		16.45	%		17.26	%		19.13	%		2.88	%		20.03	%
Ratio of net expenses to average net assets		1.25	%7,8		1.25	%8		1.24	%		1.24	%		1.23	%		1.22	%
Ratio of gross expenses to average net assets9		1.25	%7,8		1.25	%8		1.26	%		1.26	%		1.24	%		1.23	%
Ratio of net investment income to average net assets3		0.55	%7		0.68	%		0.85	%		1.20	%		1.30	%		0.89	%
Portfolio turnover		4	%6		19	%		33	%		31	%		16	%		2	%
Net assets end of period (000’s) omitted		$1,749,435		$	2,158,777		$	1,943,998		$	2,078,758		$	2,166,407		$	2,803,230

33

    AMG Yacktman Focused Fund

    Financial Highlights

     For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$21.13			$19.03			$18.19			$17.74			$21.09			$19.66
Income (loss) from Investment Operations:
Net investment income2,3		0.07			0.18	4		0.18			0.27			0.32			0.23
Net realized and unrealized gain (loss) on investments		(2.91	)		2.96			2.96			3.11			0.32			3.74
Total income (loss) from investment operations		(2.84	)		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 Period		$18.29			$21.13			$19.03			$18.19			$17.74			$21.09
Total Return3,5		(13.44	)%6		16.62	%		17.52	%		19.30	%		3.11	%		20.25	%
Ratio of net expenses to average net assets		1.06	%7		1.06	%		1.06	%		1.06	%		1.05	%		1.05	%
Ratio of gross expenses to average net assets9		1.06	%7		1.06	%		1.07	%		1.07	%		1.06	%		1.06	%
Ratio of net investment income to average net assets3		0.74	%7		0.87	%		1.04	%		1.39	%		1.48	%		1.06	%
Portfolio turnover		4	%6		19	%		33	%		31	%		16	%		2	%
Net assets end of period (000’s) omitted		$1,898,259			$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 period end.

⁶  Not annualized.

⁷  Annualized.

⁸  Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 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.)

34

    AMG Yacktman Global Fund

Financial Highlights

For a share outstanding throughout each fiscal period

																For the fiscal
	For the six															period ended
	months ended			For the fiscal years ended December 31,												December 31,
	June 30, 2022
Class N	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$16.36			$15.69			$13.90			$11.94			$11.77			$10.00
Income (loss) from Investment Operations:
Net investment income2,3		0.08			0.19	4		0.18			0.17			0.26			0.14
Net realized and unrealized gain (loss) on investments		(2.56	)		1.80			2.35			2.37			0.00	5		1.94
Total income (loss) from investment operations		(2.48	)		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		$13.88			$16.36			$15.69			$13.90			$11.94			$11.77
Total Return3,6		(15.16	)%7		12.96	%		18.32	%		21.40	%		2.17	%		20.81	%7
Ratio of net expenses to average net assets		1.11	%8		1.16	%9		1.19	%		1.12	%		1.08	%		1.08	%8
Ratio of gross expenses to average net assets10		1.12	%8		1.18	%9		1.25	%		1.22	%		1.82	%		3.77	%11
Ratio of net investment income to average net assets3		1.06	%8		1.12	%		1.40	%		1.28	%		2.14	%		1.35	%8
Portfolio turnover		8	%7		17	%		27	%		23	%		2	%		12	%7
Net assets end of period (000’s) omitted		$1,118			$775			$431			$183			$76			$17

35

AMG Yacktman Global Fund

Financial Highlights

For a share outstanding throughout each fiscal period

																For the fiscal
	For the six															period ended
	months ended			For the fiscal years ended December 31,												December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			20171
Net Asset Value, Beginning of Period		$16.36			$15.69			$13.89			$11.94			$11.77			$10.00
Income (loss) from Investment Operations:
Net investment income2,3		0.10			0.22	4		0.20			0.17			0.26			0.14
Net realized and unrealized gain (loss) on investments		(2.56	)		1.79			2.35			2.36			0.00	5		1.94
Total income (loss) from investment operations		(2.46	)		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		$13.90			$16.36			$15.69			$13.89			$11.94			$11.77
Total Return3,6		(15.04	)%7		13.08	%		18.47	%		21.32	%		2.17	%		20.81	%7
Ratio of net expenses to average net assets		0.93	%8		1.00	%9		1.08	%		1.08	%		1.08	%		1.08	%8
Ratio of gross expenses to average net assets10		0.94	%8		1.02	%9		1.15	%		1.19	%		1.82	%		3.77	%11
Ratio of net investment income to average net assets3		1.24	%8		1.28	%		1.51	%		1.31	%		2.14	%		1.35	%8
Portfolio turnover		8	%7		17	%		27	%		23	%		2	%		12	%7
Net assets end of period (000’s) omitted		$146,377			$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 period end.

⁷  Not annualized.

⁸  Annualized.

⁹  Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.01%.

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.

36

AMG Yacktman Special Opportunities Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class I	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$13.16			$11.02			$10.04			$9.82			$12.03			$9.37
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.01	)		(0.01	)		0.20	3		0.24			0.16			0.064
Net realized and unrealized gain (loss) on investments		(2.07	)		2.65			1.06			0.73			(1.41	)		3.18
Total income (loss) from investment operations		(2.08	)		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 Period		$11.08			$13.16			$11.02			$10.04			$9.82			$12.03
Total Return2,5		(15.87	)%6		24.30	%		12.66	%		10.20	%		(10.26	)%		34.67%
Ratio of net expenses to average net assets7		1.90	%8,9		2.29	%9		1.14	%		1.29	%		1.84	%		2.33%
Ratio of gross expenses to average net assets7,10		1.90	%8,9		2.29	%9		1.23	%		1.47	%		2.03	%		2.59%
Ratio of net investment income (loss) to average net assets2,7		(0.21	)%8		(0.09	)%		2.27	%		2.32	%		1.38	%		0.50%
Portfolio turnover		26	%6		21	%		37	%		24	%		30	%		36%
Net assets end of period (000’s) omitted		$39,997			$33,912			$13,881			$11,701			$7,678			$8,377

37

AMG Yacktman Special Opportunities Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal years ended December 31,
	June 30, 2022
Class Z	(unaudited)			2021			2020			2019			2018			2017
Net Asset Value, Beginning of Period		$13.20			$11.04			$10.06			$9.84			$12.05			$9.38
Income (loss) from Investment Operations:
Net investment income (loss)1,2		(0.01	)		0.00	11		0.21	3		0.25			0.17			0.07	4
Net realized and unrealized gain (loss) on investments		(2.08	)		2.67			1.06			0.72			(1.40	)		3.19
Total income (loss) from investment operations		(2.09	)		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 Period		$11.11			$13.20			$11.04			$10.06			$9.84			$12.05
Total Return2,5		(15.90	)%6		24.42	%		12.83	%		10.27	%		(10.14	)%		34.81	%
Ratio of net expenses to average net assets7		1.80	%8,9		2.19	%9		1.04	%		1.19	%		1.74	%		2.23	%
Ratio of gross expenses to average net assets7,10		1.80	%8,9		2.19	%9		1.13	%		1.37	%		1.93	%		2.49	%
Ratio of net investment income (loss) to average net assets2,7		(0.11	)%8		0.01	%		2.37	%		2.42	%		1.48	%		0.60	%
Portfolio turnover		26	%6		21	%		37	%		24	%		30	%		36	%
Net assets end of period (000’s) omitted		$53,613			$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 period end.

⁶  Not annualized.

⁷  Includes a performance adjustment amounting to 0.16% for the six months ended June 30, 2022 and 0.55%, (0.60)%, (0.45)%, 0.10% and 0.59% for the fiscal years ended December 31, 2021, 2020, 2019, 2018 and 2017, respectively. (See Note 2 in the Notes to Financial Statements.)

⁸  Annualized.

⁹  Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.01%.

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  Less than $0.005 per share.

38

Notes to Financial Statements (unaudited)

June 30, 2022

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”) 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.

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

For the Funds, equity securities, including options, 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 held by the Funds that are 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) 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.

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid 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.

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

39

Notes to Financial Statements (continued)

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

The three-tier hierarchy of inputs is summarized below:

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

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

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

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

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.

At June 30, 2022, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

Fund	Cost		Appreciation		Depreciation			Net Appreciation
Yacktman Fund		$6,008,266,992		$2,308,966,672		$(312,983,267	)		$1,995,983,405
Yacktman Focused		2,933,517,943		897,248,429		(217,451,639	)		679,796,790
Yacktman Global		145,222,376		16,970,424		(15,104,149	)		1,866,275
Yacktman Special Opportunities		91,218,189		14,495,968		(10,862,200	)		3,633,768

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 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.

40

Notes to Financial Statements (continued)

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.

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 six months ended June 30, 2022 (unaudited) and the fiscal year ended December 31, 2021, the capital stock transactions by class for the Funds were as follows:

	Yacktman Fund												Yacktman Focused
	June 30, 2022						December 31, 2021						June 30, 2022						December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Shares sold		—			—			—			—			3,572,733			$73,225,534			12,333,437			$256,707,747
Shares issued in reinvestment of distributions		—			—			—			—			—			—			4,655,934			96,331,267
Shares redeemed		—			—			—			—			(9,995,749	)		(202,957,260	)		(17,004,392	)		(357,061,246	)
Net decrease		—			—			—			—			(6,423,016	)		$(129,731,726	)		(15,021	)		$(4,022,232	)
Class I:
Shares sold		27,614,680			$653,042,018			72,181,278			$1,697,348,269			12,293,862			$249,897,815			38,413,804			$795,771,915
Shares issued in reinvestment of distributions		—			—			12,951,322			309,536,595			—			—			4,812,345			99,182,433
Shares redeemed		(39,395,549	)		(929,021,141	)		(57,592,354	)		(1,366,650,130	)		(17,807,717	)		(361,064,289	)		(23,041,575	)		(481,597,993	)
Net increase (decrease)		(11,780,869	)		$(275,979,123	)		27,540,246			$640,234,734			(5,513,855	)		$(111,166,474	)		20,184,574			$413,356,355
	Yacktman Global												Yacktman Special Opportunities
	June 30, 2022						December 31, 2021						June 30, 2022						December 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Shares sold		42,768			$668,606			20,664			$355,714			—			—			—			—
Shares issued in reinvestment of distributions		—			—			3,350			53,059			—			—			—			—
Shares redeemed		(9,635	)		(149,031	)		(4,132	)		(70,442	)		—			—			—			—
Net increase		33,133			$519,575			19,882			$338,331			—			—			—			—
Class I:
Shares sold		659,706			$10,287,078			2,356,876			$40,663,325			2,028,307			$25,602,373			1,433,118			$18,442,723
Shares issued in reinvestment of distributions		—			—			518,086			8,206,477			—			—			96,992			1,234,713
Shares redeemed		(535,787	)		(8,272,929	)		(928,902	)		(16,211,419	)		(993,664	)		(12,352,206	)		(214,076	)		(2,794,549	)
Net increase		123,919			$2,014,149			1,946,060			$32,658,383			1,034,643			$13,250,167			1,316,034			$16,882,887
Class Z:
Shares sold		—			—			—			—			6,399			$82,937			37,324			$488,315
Shares issued in reinvestment of distributions		—			—			—			—			—			—			176,361			2,252,128
Shares redeemed		—			—			—			—			(1,106,049	)		(13,983,477	)		(167,817	)		(2,347,428	)
Net increase (decrease)		—			—			—			—			(1,099,650	)		$(13,900,540	)		45,868			$393,015

41

Notes to Financial Statements (continued)

At June 30, 2022, certain unaffiliated shareholders of record individually or collectively held greater than 10% of the net assets of the Funds as follows: Yacktman Special Opportunities - one owns 13%. Transactions by these shareholders may have a material impact on their respective Fund.

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral 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 June 30, 2022, the market value of Repurchase Agreements outstanding for Yacktman Fund, Yacktman Global and Yacktman Special Opportunities were $542,847, $110,633 and $1,225,298, 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 six months ended June 30, 2022, 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 for the Fund may not exceed plus or minus 0.75%. For the six months ended June 30, 2022, the Performance Adjustment increased the management fee by a net amount of $179,677, resulting in an effective management fee rate of 1.69%.

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 (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, as well as shareholder servicing fees and distribution and service (12b-1) fees with respect to Yacktman Global and Yacktman Special Opportunities and investment management fees and administrative fees with respect to Yacktman Special Opportunities) of Yacktman Focused Class N shares, Yacktman Global and Yacktman Special Opportunities to the annual rate of 1.25%, 0.93% and 0.12%, respectively, of each Fund’s or share class’s average daily net assets (this annual rate or such other annual rate that may be in effect for the applicable Fund or share class from time to time, the “Expense Cap”), subject to later reimbursement by the applicable Fund or share class in certain circumstances. Prior to July 1, 2021, the expense limitation was 1.08% for Yacktman Global.

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 (exclusive of the items noted in the parenthetical above) to

42

Notes to Financial Statements (continued)

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 June 30, 2022, the Funds’ expiration of reimbursements subject to recoupment is as follows:

Expiration   Period	Yacktman Focused		Yacktman Global		Yacktman Special Opportunities
Less than 1 year		—		$82,401		$75,171
1-2 years		—		44,654		26,598
2-3 years		$35,209		37,561		5,457
Total		$35,209		$164,616		$107,226

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 Shares by Yacktman Fund and Yacktman Focused. For the six months ended June 30, 2022, the investment management fees for Yacktman Fund and Yacktman Focused were reduced by $153,691 and $68,873, respectively, or less than 0.01% of average daily 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 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. These Classes 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 six months ended June 30, 2022, 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%	0.18%
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 included on the Statement of Operations as interest income and interest expense, respectively. At June 30, 2022, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund loan program during the six months ended June 30, 2022 as follows:

Fund	Average Lent		Number of Days		Interest Earned		Average Interest Rate
Yacktman Fund		$13,725,395		14		$8,388		1.593	%
Yacktman Focused		6,210,572		6		1,183		1.159	%
Yacktman Special Opportunities		3,765,179		3		291		0.941	%
Fund	Average Borrowed		Number of Days		Interest Paid		Average Interest Rate
Yacktman Special Opportunities		$1,029,158		5		$166		1.175	%

43

Notes to Financial Statements (continued)

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended June 30, 2022, were as follows:

	Long Term Securities
Fund	Purchases	Sales
Yacktman Fund	$289,959,060	$290,378,752
Yacktman Focused	139,908,195	144,914,129
Yacktman Global	15,436,100	13,062,813
Yacktman Special Opportunities	26,589,327	32,008,435

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended June 30, 2022.

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 June 30, 2022, were as follows:

Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
Yacktman Fund		$12,956,044		$542,847		$13,172,426		$13,715,273
Yacktman Global		104,684		110,633		—		110,633
Yacktman Special Opportunities		1,052,128		1,225,298		172,504		1,397,802

The following table summarizes the securities received as collateral for securities lending at June 30, 2022:

Fund	Collateral Type	Coupon Range	Maturity Date Range
Yacktman Fund	U.S. Treasury Obligations	0.010%-4.750%	10/31/22-05/15/52
Yacktman   Special   Opportunities	U.S. Treasury Obligations	0.125%-4.500%	07/31/22-05/15/48

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. DERIVATIVE INSTRUMENTS

The following disclosures contain information on how and why certain Funds use derivative instruments, the credit risk and how derivative instruments affect the 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 the applicable Fund’s Schedule of Portfolio Investments.

For the six months ended June 30, 2022, the average monthly balances of derivative financial instruments outstanding were as follows:

	Yacktman Focused
Options
Average value of option contracts written		$1,734,429

44

Notes to Financial Statements (continued)

8. OPTIONS

The Funds may purchase and write call options and put options on a variety of underlying securities and instruments, including, but not limited to, specific securities, securities indices, futures contracts and foreign currencies. A call option gives the purchaser the right to buy, and obligates the writer to sell, the underlying security or instrument at the agreed-upon price during the option period. A put option gives the purchaser the right to sell, and obligates the writer to buy, the underlying security or instrument at the agreed-upon price during the option period. Options purchased are recorded as an asset, while options written (sold) are recorded as liabilities. When a Fund writes options it bears the risk of an

unfavorable change in the market value of the instrument underlying the written option. When an option expires, the premium (original option value) is realized as a gain if the option was written or as a loss if the option was purchased. When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is recognized as realized gain or loss. When securities are acquired or delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, the difference between the premium and the cost to close the position is realized as a gain or loss.

9. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the 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 June 30, 2022:

			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
RBC Dominion Securities, Inc.		$542,847	—		$542,847		$542,847	—
Yacktman Global
Morgan, Stanley & Co. LLC		$110,633	—		$110,633		$110,633	—
Yacktman Special Opportunities
Citigroup Global Markets, Inc.		$225,298	—		$225,298		$225,298	—
RBC Dominion Securities, Inc.		1,000,000	—		1,000,000		1,000,000	—
Total		$1,225,298	—		$1,225,298		$1,225,298	—

10. 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.

45

Annual Renewal of Investment Management and Subadvisory Agreements

At an in-person meeting held on June 22, 2022, the Board of Trustees (the “Board” or the “Trustees”), and separately a majority of the Trustees who are not “interested persons” of AMG Funds (the “Trust”) (the “Independent Trustees”), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) for each of AMG Yacktman Focused Fund, AMG Yacktman Fund, AMG Yacktman Global Fund and AMG Yacktman Special Opportunities Fund (each, a “Fund,” and collectively, the “Funds”) and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the “Investment Management Agreement”); and (ii) the Subadvisory Agreement, as amended at any time prior to the date of the meeting, with the Subadviser for each Fund (collectively, the “Subadvisory Agreements”). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreement and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to the Funds, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a “Peer Group”), performance information for the relevant benchmark index for each Fund (each, a “Fund Benchmark”), other relevant matters, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.   NATURE, EXTENT AND QUALITY OF SERVICES   In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information relating to the Investment Manager’s operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Management Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Funds; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Funds’ other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager’s undertaking to maintain contractual expense limitations for AMG Yacktman Special Opportunities Fund, AMG Yacktman Global Fund and Class N shares of AMG Yacktman Focused Fund. The Trustees also considered the Investment Manager’s risk management processes.   The Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques (its “Investment Strategy”) used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in the Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under each Subadvisory Agreement. The Trustees also considered the Subadviser’s risk management processes.   PERFORMANCE   The Board considered each Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark and noted that the Board reviews on a quarterly basis detailed information about both the Fund’s performance results and portfolio composition, as well as the Subadviser’s Investment Strategy. The Board was mindful of the Investment Manager’s expertise, resources and attention to monitoring the Subadviser’s performance, investment style and

46

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds’ subadviser during the period regarding the factors that contributed to the performance of the Funds.   With respect to AMG Yacktman Focused Fund, among other information relating to the Fund’s performance (including the predecessor fund’s performance for periods prior to its acquisition by the Trust on June 29, 2012), the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2022 was below, above, above, and above, respectively, the median performance of the Peer Group and below, above, above, and above, respectively, the performance of the Fund Benchmark, the Russell 1000 Value Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance and the fact that Class N shares of the Fund ranked in the top quintile relative to its Peer Group for the 5-year period and the top third relative to its Peer Group for the 10-year period. The Trustees concluded that the Fund’s overall performance has been satisfactory.   With respect to AMG Yacktman Fund, among other information relating to the Fund’s performance (including the predecessor fund’s performance for periods prior to its acquisition by the Trust on June 29, 2012), the Trustees noted that the Fund’s performance for Class I shares (the Fund’s sole share class) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2022 was below, above, above, and above, respectively, the median performance of the Peer Group and below, above, above, and below, respectively, the performance of the Fund Benchmark, the Russell 1000 Value Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s recent underperformance and the fact that Class I shares of the Fund ranked in the top quintile relative to its Peer Group for the 5-year period. The Trustees concluded that the Fund’s overall performance has been satisfactory.   With respect to AMG Yacktman Global Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (which share class has the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, and 5-year periods ended March 31, 2022 and for the period from the Fund’s inception on January 30, 2017 through March 31, 2022 was below, above, above, and above, respectively, the median performance of the Peer Group and below, below, above, and above, respectively, the performance of the Fund Benchmark, the MSCI World Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance. The Trustees noted that Class I shares of the Fund ranked in the top percentile relative to its Peer Group for the 5-year period and the period from inception through March 31, 2022 and in the top quintile relative to its Peer Group for the 3-year period. The Trustees also took into account the fact that the Fund’s investment strategy and Fund Benchmark changed effective July 1, 2021, and that the performance information prior to that date reflected that of the Fund’s prior investment strategy. The Trustees concluded that the Fund’s overall performance has been satisfactory.   With respect to AMG Yacktman Special Opportunities Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class Z shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, and 5-year periods ended March 31, 2022 and for the period from the Class Z shares’ inception on June 30, 2014 through March 31, 2022 was above the median performance of the Peer Group and above, below, below, and below, respectively, the performance of the Fund Benchmark, the MSCI ACWI All Cap Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s recent outperformance relative to the Peer Group and Fund Benchmark. The Trustees noted that Class Z shares of the Fund ranked in the top percentile relative to its Peer Group for the 5-year period and the period from inception through March 31, 2022 and in the top decile relative to its Peer Group for the 1-year and 3-year periods. The Trustees concluded that the Fund’s overall performance has been satisfactory.   ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE   In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 22, 2022 and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the changes to the management fee and subadvisory fee rates and the change to the expense cap that took effect during the past year for AMG Yacktman Global Fund. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management’s discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.   In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for AMG Yacktman Special Opportunities Fund, AMG Yacktman Global Fund and Class N shares of AMG Yacktman Focused Fund. The Board also took into account management’s discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also with respect to economies of scale, the Trustees noted that as each Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.   In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the

47

Annual Renewal of Investment Management and Subadvisory Agreements (continued)

resulting profitability from the relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management’s discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under each Subadvisory Agreement and the differences in, among other things, portfolio composition, cash holdings, security holdings, strategy and diversification among the Funds. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also with respect to economies of scale, the Trustees noted that as a Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.   With respect to AMG Yacktman Focused Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2022 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 1.25% for Class N shares. The Trustees also took into account management’s discussion of the Fund’s expenses and competitiveness with select competitors, as well as the Fund’s non-diversified, flexible investment approach. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   With respect to AMG Yacktman Fund, the Trustees noted that the Fund’s management fees (which include both the advisory and administration fees) and total expenses as of March 31, 2022 were lower and higher, respectively, than the average for the Fund’s Peer Group. The Trustees also took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   With respect to AMG Yacktman Global Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares of the Fund as of March 31, 2022 were both higher than the average for the Fund’s Peer Group. The Trustees took into account the fact that, among other changes, effective July 1, 2021, the Investment Manager has contractually agreed, through May 1, 2023, to lower the Fund’s contractual expense limitation from 1.08% to 0.93% of the Fund’s net annual operating expenses (subject to certain excluded expenses). The Trustees also took into account the fact that, effective July 1, 2021, the Fund’s management fee rate was reduced. The Trustees also took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   With respect to AMG Yacktman Special Opportunities Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2022 were lower and higher, respectively, than the average for the Fund’s Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2023, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.12%. The Trustees also took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors, as well as the performance adjustment component of the Fund’s management fee. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.   *  *  *  *   After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreement and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.   Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of the Investment Management Agreement and each Subadvisory Agreement would be in the best interests of the applicable Fund and its shareholders. Accordingly, on June 22, 2022, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management and the Subadvisory Agreements for each Fund.

48

Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule 22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout the open-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders.   The AMG Funds Family of Funds (each a “Fund,” and collectively, the “Funds”) have adopted and implemented a Liquidity Risk Management Program (the “Program”) as required by the Liquidity Rule. The Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short and long-term cash flow projections, and its holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including access to the Funds’ credit facility. Under the Liquidity Rule, each liquidity classification category (highly liquid, moderately liquid, less liquid and illiquid) is defined with respect to the time it is reasonably expected to take to convert the investment to cash (or sell or dispose of the investment) in current market conditions without significantly changing the market value of the investment.   The Funds’ Board of Trustees (the “Board”) appointed AMG Funds, LLC (“AMGF”) as the Program administrator. AMGF formed a Liquidity Risk Management Committee (“LRMC”), which includes members of various departments across AMGF, including Legal, Compliance, Mutual Fund Services, Investment Research and Product Analysis & Operations and, as needed, other representatives of AMGF and/or representatives of the subadvisers to the Funds. The LRMC meets on a periodic basis, no less frequently than monthly. The LRMC is responsible for the Program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the Program’s operation and effectiveness.   At a meeting of the Board held on March 17, 2022, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period January 1, 2021 through December 31, 2021 (the “Program Reporting Period”).   The Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:   A. The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed whether each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions is appropriate for an open-end fund structure. The LRMC also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed historical net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size. The Funds maintain an in-kind redemption policy, which may be utilized to meet larger redemption requests, when appropriate. The LRMC may also take into consideration a Fund’s shareholder ownership concentration, a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.   C. Holdings of cash and cash equivalents, as well as borrowing arrangements:   The LRMC considered the terms of the credit facilities available to the Funds.   The report concluded that, based upon the review of the Program, using resources and methodologies that AMGF considers reasonable, AMGF believes that the Program and Funds’ Liquidity Risk Management Policies and Procedures are adequate, effective, and reasonably designed to effectively manage the Funds’ liquidity risk.   There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus or statement of additional information for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

49

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

THIS PAGE INTENTIONALLY LEFT BLANK

INVESTMENT MANAGER AND ADMINISTRATOR   AMG Funds LLC 680 Washington Blvd., Suite 500 Stamford, CT 06901 800.548.4539   DISTRIBUTOR   AMG Distributors, Inc. 680 Washington Blvd., Suite 500 Stamford, CT 06901 800.548.4539   SUBADVISER   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   TRUSTEES   Bruce B. Bingham Kurt Keilhacker Steven J. Paggioli Eric Rakowski Victoria Sassine Thomas R. Schneeweis Garrett W. Weston 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   EQUITY FUNDS AMG Beutel Goodman International Equity Beutel, Goodman & Company Ltd.   AMG Boston Common Global Impact Boston Common Asset 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                | 063022                SAR071

Item 2. CODE OF ETHICS

Not applicable for the semi-annual shareholder report.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable for the semi-annual shareholder report.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable for the semi-annual shareholder report.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

Item 6. SCHEDULE OF INVESTMENTS

The schedule of investments in unaffiliated issuers as of the close of the reporting period is included as part of the shareholder report contained in Item 1 hereof.

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS

Not applicable.

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable.

Item 11. CONTROLS AND PROCEDURES

(a) The registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the registrant’s management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

Item 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 13. EXHIBITS

(a) (1)	Not applicable.
(a) (2)	Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 - Filed herewith.
(a) (3)	Not applicable.
(b)	Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 - Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMG FUNDS
By:	/s/ Keitha L. Kinne
	Keitha L. Kinne, Principal Executive Officer
Date:	September 1, 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:	September 1, 2022
By:	/s/ Thomas Disbrow
	Thomas Disbrow, Principal Financial Officer
Date:	September 1, 2022