AMG Managers Silvercrest Small Cap Fund

<b>AMG Managers Silvercrest Small Cap Fund</b>

<b>INVESTMENT OBJECTIVE</b>

The Fund seeks to provide long-term capital appreciation.

<b>FEES AND EXPENSES OF THE FUND</b>

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

Annual Fund Operating Expenses - AMG Managers Silvercrest Small Cap Fund		Class N	Class I	Class Z
Management Fee		0.90%	0.90%	0.90%
Distribution and Service (12b-1) Fees		0.24%	none	none
Other Expenses	[1]	0.29%	0.29%	0.22%
Total Annual Fund Operating Expenses		1.43%	1.19%	1.12%
Fee Waiver and Expense Reimbursements	[2]	(0.04%)	(0.04%)	(0.04%)
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements	[2]	1.39%	1.15%	1.08%

<b>EXPENSE EXAMPLE</b>

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:

Expense Example - AMG Managers Silvercrest Small Cap Fund - USD ($)	1 Year	3 Years	5 Years	10 Years
Class N	142	449	778	1,710
Class I	117	374	650	1,440
Class Z	110	352	613	1,360

<b>PORTFOLIO TURNOVER</b>

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 34% of the average value of its portfolio.

<b>PRINCIPAL INVESTMENT STRATEGIES</b>

Under normal circumstances, the Fund invests at least 80% of its assets in common stocks and other equity securities of small-cap companies. The Fund currently considers small-cap companies to be those with market capitalization at the time of acquisition within the range of capitalizations of companies in the Russell 2000^® Value Index (between $104.0 million and $6.57 billion as of May 11, 2018, the date of the latest reconstitution of the Index (implemented by the Index June 22, 2018)). This capitalization range will change over time. The Fund may continue to hold securities of a portfolio company that subsequently appreciates above the small-capitalization threshold. Because of this, the Fund may have less than 80% of its net assets in equity securities of small-cap companies at any given time. Silvercrest Asset Management Group, LLC, the subadviser to the Fund (“Silvercrest” or the “Subadviser”), invests in companies that it believes to be undervalued at the time of purchase. These companies typically possess, in the opinion of the Subadviser, one or more of the following attributes:

• Business that results in relatively consistent longer-term earnings and cash flow growth

• Franchise/asset value that may make the company attractive to potential acquirers

• Cyclically depressed earnings and/or cash flow that has potential for improvement

• A catalyst that will promote recognition of the company’s undervalued status

The Fund may also invest in securities of companies outside the small-cap range, preferred stock, convertible preferred stocks, convertible bonds and real estate investment trusts (“REITs”). The Subadviser employs a strategy of diversification, and adheres to a structured sell discipline.

<b>PRINCIPAL RISKS</b>

There is the risk that you may lose money on your investment. All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency. Below are some of the risks of investing in the Fund. The risks are described in alphabetical order and not in the order of importance or potential exposure.

Convertible Securities Risk— convertible preferred stocks, which are convertible into shares of the issuer’s common stock and pay regular dividends, and convertible debt securities, which are convertible into shares of the issuer’s common stock and bear interest, are subject to the risks of equity securities and fixed income securities. The lower the conversion premium, the more likely the price of the convertible security will follow the price of the underlying common stock. Conversely, higher premium convertible securities are more likely to exhibit the behavior of bonds because the likelihood of conversion is lower, which may cause their prices to fall as interest rates rise. There is the risk that the issuer of convertible preferred stock will not be able to make dividend payments or that the issuer of a convertible bond will not be able to make principal and/or interest payments.

Liquidity Risk—the Fund may not be able to dispose of particular investments, such as illiquid securities, readily at favorable times or prices or the Fund may have to sell them at a loss.

Management Risk—because the Fund is an actively managed investment portfolio, security selection or focus on securities in a particular style, market sector or group of companies may cause the Fund to incur losses or underperform relative to its benchmarks or other funds with a similar investment objective. There can be no guarantee that the Subadviser’s investment techniques and risk analysis will produce the desired result.

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

Real Estate Industry Risk—investments in the Fund may be subject to many of the same risks as a direct investment in real estate. The stock prices of companies in the real estate industry, including REITs, are typically sensitive to changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use, and rents, as well as the management skill and creditworthiness of the issuer. REITs also depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders and are subject to the risk of failing to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”).

Sector Risk—issuers and 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. Stocks in the industrials and financials sectors may comprise a significant portion of the Fund's portfolio. The industrials sector may be affected by general economic trends, including employment, economic growth and interest rates, changes in consumer confidence and spending, government regulation, commodity prices and competitive pressures.  Unique risks of the financial sector include, but are not limited to, government regulation uncertainty, yield curve fluctuation, asset flow fluctuation, and capital market fluctuations.

Small- and Mid-Capitalization Stock Risk—the stocks of small- and mid-capitalization companies often have greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.

Value Stock Risk—value stocks may perform differently from the market as a whole and may be undervalued by the market for a long period of time.

<b>PERFORMANCE</b>

The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of two broad-based securities market indices. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. To obtain updated performance information please visit www.amgfunds.com or call 800.548.4539.

Calendar Year Total Returns as of 12/31/18 (Class N)

Best Quarter: 12.39% (1st Quarter 2013)
Worst Quarter: -18.02% (4th Quarter 2018)

Average Annual Total Returns as of 12/31/18

Average Annual Total Returns - AMG Managers Silvercrest Small Cap Fund	1 Year	5 Years	Since Inception		Inception Date
Class N	(17.07%)	3.48%	9.06%	[1]	Dec. 27, 2011
Class N | Return After Taxes on Distributions	(19.31%)	2.21%	7.92%	[1]	Dec. 27, 2011
Class N | Return After Taxes on Distributions and Sale of Fund Shares	(8.84%)	2.68%	7.22%	[1]	Dec. 27, 2011
Class N | Russell 2000® Value Index (reflects no deduction for fees, expenses, or taxes)	(12.86%)	3.61%	9.39%	[1]	Dec. 27, 2011
Class N | Russell 2000® Index (reflects no deduction for fees, expenses, or taxes)	(11.01%)	4.41%	10.28%	[1]	Dec. 27, 2011
Class I	(16.91%)	3.72%	9.34%	[1]	Dec. 27, 2011
Class I | Russell 2000® Value Index (reflects no deduction for fees, expenses, or taxes)	(12.86%)	3.61%	9.39%	[1]	Dec. 27, 2011
Class I | Russell 2000® Index (reflects no deduction for fees, expenses, or taxes)	(11.01%)	4.41%	10.28%	[1]	Dec. 27, 2011
Class Z	(16.83%)		(11.23%)	[2]	Sep. 29, 2017
Class Z | Russell 2000® Value Index (reflects no deduction for fees, expenses, or taxes)	(12.86%)		(8.99%)	[2]	Sep. 29, 2017
Class Z | Russell 2000® Index (reflects no deduction for fees, expenses, or taxes)	(11.01%)		(6.50%)	[2]	Sep. 29, 2017

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-advantaged arrangements, such as 401(k) plans or individual retirement accounts (“IRAs”). After-tax returns are shown for Class N shares only, and after-tax returns for Class I and Class Z shares will vary.

[1] Expense information has been restated to reflect current fees.

[2] 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 1.08% 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 IV 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.

[1] Class N, Class I and Index performance shown reflects performance since the inception date of the Fund’s Class N and Class I shares on December 27, 2011.

[2] Class Z and Index performance shown reflects performance since the inception date of the Fund’s Class Z shares on September 29, 2017.