AMG Funds I

0001193125-19-187228.txt : 20190701 0001193125-19-187228.hdr.sgml : 20190701 20190701143400 ACCESSION NUMBER: 0001193125-19-187228 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20190701 DATE AS OF CHANGE: 20190701 EFFECTIVENESS DATE: 20190701 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMG Funds I CENTRAL INDEX KEY: 0000882443 IRS NUMBER: 561773580 STATE OF INCORPORATION: MA FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-44909 FILM NUMBER: 19932734 BUSINESS ADDRESS: STREET 1: 600 STEAMBOAT ROAD STREET 2: SUITE 300 CITY: GREENWICH STATE: CT ZIP: 06830 BUSINESS PHONE: 2032993500 MAIL ADDRESS: STREET 1: 600 STEAMBOAT ROAD STREET 2: SUITE 300 CITY: GREENWICH STATE: CT ZIP: 06830 FORMER COMPANY: FORMER CONFORMED NAME: MANAGERS TRUST I DATE OF NAME CHANGE: 20000801 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BREEDEN TRUST DATE OF NAME CHANGE: 19920929

0000882443 S000009909 AMG FQ Long-Short Equity Fund

C000027420 Class N FQUAX

C000027422 Class I MEQFX

497 1 d105330d497.htm AMG FUNDS I AMG Funds I

Filed pursuant to Rule 497(e)

File Nos. 033-44909 and 811-06520

AMG FUNDS I

AMG FQ Long-Short Equity Fund

Supplement dated July 1, 2019 to the Prospectus, dated March 1, 2019

The following information supplements and supersedes any information to the contrary relating to AMG FQ Long-Short Equity Fund, a series of AMG Funds I (the “Fund”), contained in the Fund’s Prospectus (the “Prospectus”), dated as noted above.

Effective immediately, the sections under “Summary of the Funds – AMG FQ Long-Short Equity Fund” titled “Fees and Expenses of the Fund” and “Expense Example” on page 10 are hereby deleted and replaced with the following:

FEES AND EXPENSES OF THE FUND

The table below describes the fees and expenses that you may pay if you buy and hold shares of the Fund. If you transact in Class I shares of the Fund through a financial intermediary, you may be required to pay a commission to the financial intermediary for effecting such transactions. Such commissions are charged by the financial intermediary and are not reflected in the table or Expense Example below.

Annual Fund Operating Expenses

(expenses that you pay each year as a percentage of the value of your investment)


	Class N			Class I
Management Fee		0.35	%		0.35	%
Distribution and Service (12b-1) Fees		0.25	%		None
Other Expenses¹		0.55	%		0.48	%
Acquired Fund Fees and Expenses		0.03	%		0.03	%
Total Annual Fund Operating Expenses²		1.18	%		0.86	%
Fee Waiver and Expense Reimbursements³		(0.11	)%		(0.11	)%
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements^2,3		1.07	%		0.75	%

¹	Expense information has been restated to reflect current fees. The Fund has restated Other Expenses principally to reflect its current principal investment strategy of gaining short equity exposure through the use of swaps.

The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of this Prospectus, which reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired fund.

AMG Funds LLC (the “Investment Manager”) has contractually agreed, through at least March 1, 2020, to waive management fees and/or pay or reimburse the Fund’s expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the Fund to the annual rate of 0.69% 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 Fund Operating Expenses After Fee Waiver and Expense Reimbursements

(exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund. The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the Investment Manager and the AMG Funds I Board of Trustees 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.

EXPENSE EXAMPLE

This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund’s operating expenses remain the same. The Example includes the Fund’s contractual expense limitation through March 1, 2020. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:


	1 Year		3 Years		5 Years		10 Years
Class N	$	109	$	364	$	638	$	1,422
Class I	$	77	$	263	$	466	$	1,051

PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE