AMG Funds I NCSRS Certified semi-annual shareholder report (management investment company)

AMG Funds I N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06520

AMG FUNDS I

(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: OCTOBER 31

Date of reporting period: NOVEMBER 1, 2022 – APRIL 30, 2023

(Semi-Annual Shareholder Report)

Item 1.

Reports to Shareholders


		SEMI-ANNUAL REPORT


AMG Funds

April 30, 2023



AMG River Road Mid Cap Value Fund
Class N: CHTTX	Class I: ABMIX	Class Z: ABIZX

AMG River Road Large Cap Value Select Fund

Class N: FQUAX	Class I: MEQFX

AMG River Road Small Cap Value Fund

Class N: ARSVX	Class I: ARSIX	Class Z: ARZMX

AMG River Road Dividend All Cap Value Fund

Class N: ARDEX	Class I: ARIDX	Class Z: ARZDX

AMG River Road Small-Mid Cap Value Fund

Class N: ARSMX	Class I: ARIMX	Class Z: ARSZX

AMG River Road International Value Equity Fund

Class N: ARLSX	Class I: ALSIX	Class Z: ARLZX

AMG River Road Focused Absolute Value Fund

Class N: ARRFX	Class I: AFAVX	Class Z: ARRZX

AMG Funds

Semi-Annual Report — April 30, 2023 (unaudited)


TABLE OF CONTENTS	PAGE

ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		4

FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS

AMG River Road Mid Cap Value Fund		7

AMG River Road Large Cap Value Select Fund		10

AMG River Road Small Cap Value Fund		13

AMG River Road Dividend All Cap Value Fund		16

AMG River Road Small-Mid Cap Value Fund		19

AMG River Road International Value Equity Fund		22

AMG River Road Focused Absolute Value Fund		25

FINANCIAL STATEMENTS

Statement of Assets and Liabilities		28
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)

Statement of Operations		32
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		37
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets

Notes to Financial Statements		57
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks

FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM		67

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 the 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 April 30, 2023	Expense Ratio for the Period	Beginning Account Value 11/01/22	Ending Account Value 04/30/23	Expenses Paid During the Period*
AMG River Road Mid Cap Value Fund
Based on Actual Fund Return
Class N	1.11%	$1,000	$1,076	$5.71
Class I	0.81%	$1,000	$1,077	$4.17
Class Z	0.76%	$1,000	$1,077	$3.91
Based on Hypothetical 5% Annual Return
Class N	1.11%	$1,000	$1,019	$5.56
Class I	0.81%	$1,000	$1,021	$4.06
Class Z	0.76%	$1,000	$1,021	$3.81

AMG River Road Large Cap Value Select Fund
Based on Actual Fund Return
Class N	0.95%	$1,000	$1,082	$4.90
Class I	0.63%	$1,000	$1,083	$3.25
Based on Hypothetical 5% Annual Return
Class N	0.95%	$1,000	$1,020	$4.76
Class I	0.63%	$1,000	$1,022	$3.16


Six Months Ended April 30, 2023	Expense Ratio for the Period	Beginning Account Value 11/01/22	Ending Account Value 04/30/23	Expenses Paid During the Period*
AMG River Road Small Cap Value Fund
Based on Actual Fund Return
Class N	1.35%	$1,000	$989	$6.66
Class I	1.09%	$1,000	$989	$5.38
Class Z	1.00%	$1,000	$990	$4.93
Based on Hypothetical 5% Annual Return
Class N	1.35%	$1,000	$1,018	$6.76
Class I	1.09%	$1,000	$1,019	$5.46
Class Z	1.00%	$1,000	$1,020	$5.01

AMG River Road Dividend All Cap Value Fund
Based on Actual Fund Return
Class N	0.97%	$1,000	$1,015	$4.85
Class I	0.72%	$1,000	$1,017	$3.60
Class Z	0.68%	$1,000	$1,016	$3.40
Based on Hypothetical 5% Annual Return
Class N	0.97%	$1,000	$1,020	$4.86
Class I	0.72%	$1,000	$1,021	$3.61
Class Z	0.68%	$1,000	$1,021	$3.41

About Your Fund’s Expenses (continued)


Six Months Ended April 30, 2023	Expense Ratio for the Period	Beginning Account Value 11/01/22	Ending Account Value 04/30/23	Expenses Paid During the Period*
AMG River Road Small-Mid Cap Value Fund
Based on Actual Fund Return
Class N	1.27%	$1,000	$979	$6.23
Class I	1.02%	$1,000	$980	$5.01
Class Z	0.97%	$1,000	$980	$4.76
Based on Hypothetical 5% Annual Return
Class N	1.27%	$1,000	$1,019	$6.36
Class I	1.02%	$1,000	$1,020	$5.11
Class Z	0.97%	$1,000	$1,020	$4.86

AMG River Road International Value Equity Fund
Based on Actual Fund Return
Class N	1.02%	$1,000	$1,227	$5.63
Class I	0.78%	$1,000	$1,227	$4.31
Class Z	0.73%	$1,000	$1,228	$4.03
Based on Hypothetical 5% Annual Return
Class N	1.02%	$1,000	$1,020	$5.11
Class I	0.78%	$1,000	$1,021	$3.91
Class Z	0.73%	$1,000	$1,021	$3.66


Six Months Ended April 30, 2023	Expense Ratio for the Period	Beginning Account Value 11/01/22	Ending Account Value 04/30/23	Expenses Paid During the Period*
AMG River Road Focused Absolute Value Fund
Based on Actual Fund Return
Class N	1.07%	$1,000	$1,043	$5.42
Class I	0.82%	$1,000	$1,045	$4.16
Class Z	0.78%	$1,000	$1,044	$3.95
Based on Hypothetical 5% Annual Return
Class N	1.07%	$1,000	$1,019	$5.36
Class I	0.82%	$1,000	$1,021	$4.11
Class Z	0.78%	$1,000	$1,021	$3.91

*	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.

Fund Performance (unaudited)

Periods ended April 30, 2023

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 April 30, 2023.


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

AMG River Road Mid Cap Value Fund^2,^{3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13}

Class N		7.57%			6.55%			5.73%		7.85%		10.86%		09/19/94

Class I		7.72%			6.88%			6.01%		8.13%		8.72%		07/06/04

Class Z		7.73%			6.88%			6.08%		—		5.32%		09/29/17

Russell Midcap^® Value Index²⁵		2.26%			(3.47%	)		6.43%		8.68%		—		09/19/94	^†

AMG River Road Large Cap Value Select Fund^2,^{4, 5, 6, 8, 9, 10, 11, 13, 14, 15, 16, 17, 18, 19}

Class N		8.20%			5.14%			5.48%		8.12%		6.70%		03/01/06

Class I		8.32%			5.42%			5.78%		8.43%		8.06%		08/14/92

Russell 1000^® Value Index²⁶		4.54%			1.21%			7.75%		9.13%		9.53%		08/14/92	^†

AMG River Road Small Cap Value Fund^2,^{4, 5, 6, 7, 8, 9, 10, 11, 12, 13}

Class N		(1.12%	)		2.18%			6.88%		8.58%		7.83%		06/28/05

Class I		(1.07%	)		2.39%			7.15%		8.85%		6.60%		12/13/06

Class Z		(1.01%	)		2.53%			7.25%		—		7.29%		09/29/17

Russell 2000^® Value Index²⁷		(6.72%	)		(7.99%	)		3.66%		6.96%		6.35%		06/28/05	^†

AMG River Road Dividend All Cap Value Fund^2,^{4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 17, 19, 20}

Class N		1.47%			0.38%			6.10%		7.18%		7.48%		06/28/05

Class I		1.71%			0.65%			6.39%		7.45%		6.46%		06/28/07

Class Z		1.64%			0.69%			6.42%		—		5.95%		09/29/17

Russell 3000^® Value Index²⁸		3.86%			0.67%			7.48%		8.98%		7.35%		06/28/05	^†

AMG River Road Small-Mid Cap Value Fund^2,^{4, 5, 6, 7, 8, 9, 10, 11, 12, 13}

Class N		(2.15%	)		(0.40%	)		7.21%		8.66%		6.96%		03/29/07

Class I		(2.03%	)		(0.13%	)		7.50%		8.93%		7.00%		06/28/07

Class Z		(2.02%	)		(0.12%	)		7.55%		—		7.22%		09/29/17

Russell 2500^® Value Index²⁹		(1.18%	)		(5.30%	)		5.10%		7.55%		6.24%		03/29/07	^†

Russell 2000^® Value Index²⁷		(6.72%	)		(7.99%	)		3.66%		6.96%		5.36%		03/29/07	^†

AMG River Road International Value Equity Fund^2,^{4, 5, 6, 7, 8, 9, 10, 12, 13, 15, 16, 17, 19,}^{21, 22, 23}

Class N		22.69%			13.58%			7.24%		5.43%		5.94%		05/04/11

Class I		22.72%			13.92%			7.50%		5.70%		5.80%		03/04/13

Class Z		22.80%			13.91%			7.58%		—		6.67%		09/29/17

MSCI EAFE Index³⁰		24.19%			8.42%			3.63%		4.76%		4.30%		05/04/11	^†

MSCI EAFE Value Index³¹		22.90%			8.38%			1.78%		3.45%		3.10%		05/04/11	^†

AMG River Road Focused Absolute Value Fund^2,^{5, 6, 7, 8, 9, 10, 11, 12, 13, 15, 17, 18, 19, 24}

Class N		4.34%			(0.92%	)		4.63%		—		6.79%		11/03/15

Class I		4.52%			(0.66%	)		4.88%		—		7.04%		11/03/15

Class Z		4.42%			(0.67%	)		4.91%		—		4.44%		09/29/17

Russell 3000^® Value Index²⁸		3.86%			0.67%			7.48%		8.98%		8.29%		11/03/15	^†

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

Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the 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.

* Not annualized.

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

¹ Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Funds are net of expenses and based on the published NAV as of April 30, 2023. All returns are in U.S. Dollars ($).

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

³ As of March 19, 2021, the Fund’s Subadviser was changed to River Road Asset Management, LLC. Prior to March 19, 2021, the Fund was known as the AMG Managers Fairpointe Mid Cap 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 Subadviser, Fairpointe Capital LLC. The Fund’s past performance would have been different if the Fund were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.

Fund Performance

Periods ended April 30, 2023 (continued)

⁴ 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.

⁵ Fluctuations in exchange rates may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars and exposure to non-U.S. currencies may subject the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar.

⁶ Investments in foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investments in U.S. issuers and may result in greater price volatility.

⁷ 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.

⁸ 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.

⁹ 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 other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics such as the COVID-19 pandemic, or in response to events that affect particular industries or companies.

¹⁰ 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 real estate investment trusts (“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”).

¹¹ 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.

¹² 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.

¹³ Value stocks may perform differently from the market as a whole and may be undervalued by the market for a long period of time.

¹⁴ As of March 22, 2021, the Fund’s Subadviser was changed to River Road Asset Management, LLC. Prior to March 22, 2021, the Fund was known as the AMG FQ Long-Short Equity Fund and had different principal investment strategies and corresponding risks. Performance shown for periods prior to March 22, 2021, reflects the performance and investment strategies of the Fund’s previous Subadviser, First Quadrant, LLC. The Fund’s past performance would have been different if the Fund were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.

¹⁵ To the extent the Fund invests a substantial portion of its assets in a relatively small number of securities or a particular market, industry, group of industries, country, region, group of countries, asset class or sector, it generally will be subject to greater risk than a fund that invests in a more diverse investment portfolio. In addition, the value of the Fund would be more susceptible to any single economic, market, political or regulatory occurrence affecting, for example, that particular market, industry, region or sector.

¹⁶ The stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.

¹⁷ Investments in master limited partnerships are subject to similar risks to those associated with the specific industry or industries in which the partnership invests, such as the risk of investing in the real estate or oil and gas industries. In addition,

investments in master limited partnerships are subject to the risks of investing in a partnership, including limited control and voting rights on matters affecting the partnership and fewer investor protections compared to corporations.

¹⁸ The Fund is non-diversified and therefore a greater percentage of holdings may be focused in a small number of issuers or a single issuer, which can place the Fund at greater risk. Notwithstanding the Fund’s status as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”), the Fund intends to qualify as a regulated investment company accorded favorable tax treatment under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which imposes its own diversification requirements that are less restrictive than the requirements applicable to “diversified” investment companies under the 1940 Act. The Fund’s intention to qualify as a regulated investment company may limit its pursuit of its investment strategy and its investment strategy could limit its ability to so qualify.

¹⁹ Investing in publicly traded partnerships (“PTPs”) (including master limited partnerships) involves special risks in addition to those typically associated with publicly traded companies. PTPs are exposed to the risks of their underlying assets, which in many cases includes the same types of risks as energy and natural resources companies, such as commodity pricing risk, supply and demand risk and depletion and exploration risk. PTPs are also subject to capital markets risk, which is the risk that they may be unable to raise capital to execute their growth strategies. PTPs are also subject to tax risk, which is the risk that PTPs may lose their partnership status for tax purposes. The Fund’s ability to make investments in certain PTPs, including master limited partnerships, can be limited by the Fund’s intention to qualify as a regulated investment company, and if the Fund does not appropriately limit such investments or if such investments are recharacterized for U.S. federal income tax purposes, the Fund’s status as a regulated investment company may be jeopardized.

²⁰ Investing in royalty income trusts, which typically passively manage royalties and net working interests in oil-, gas- or mineral-producing properties and rely on outside drilling or mining companies to extract the resources, involves certain risks not typically associated with investing in publicly traded companies. Royalty income trusts generally do not guarantee minimum distributions or return of capital. Royalty income trusts are also exposed to many of the same risks as energy and natural resources companies, such as commodity pricing risk, supply and demand risk and depletion and exploration risk.

Fund Performance

Periods ended April 30, 2023 (continued)

²¹ As of August 16, 2021, the Fund changed its name to AMG River Road International Value Equity Fund, adopted its current investment strategies and began comparing its performance to the MSCI EAFE Index and MSCI EAFE Value Index. The Fund’s performance information for periods prior to August 16, 2021 reflects the Fund’s investment strategy that was in effect at that time and would have been different had the Fund’s current investment strategy been in effect.

²² Investments in emerging markets are subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility. Such additional risks include the risk that markets in emerging market countries are typically less developed and less liquid than markets in developed countries and such markets are subjected to increased economic, political, or regulatory uncertainties.

²³ To the extent the Fund focuses its investments in a particular country, group of countries or geographic region, the Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting such countries or region, and the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund and may result in losses.

²⁴ Higher portfolio turnover may adversely affect Fund performance by increasing Fund transaction costs and may increase a shareholder’s tax liability.

²⁵ The Russell Midcap^® Value Index measures the performance of those Russell Midcap^® companies with lower price-to-book ratios and lower

forecasted growth values. The stocks are also members of the Russell 1000^® Value Index. Unlike the Fund, the Russell Midcap^® Value Index is unmanaged, is not available for investment and does not incur expenses.

²⁶ 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.

²⁷ 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.

²⁸ The Russell 3000^® Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3000^® companies with lower price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 3000^® Value Index is unmanaged, is not available for investment and does not incur expenses.

²⁹ The Russell 2500^® Value Index measures the performance of the Russell 2500^® companies with lower price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 2500^® Value Index is unmanaged, is not available for investment and does not incur expenses.

³⁰ The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI EAFE Index is unmanaged, is not available for investment and does not incur expenses

³¹ The Fund’s secondary benchmark, the MSCI EAFE Value Index (Europe, Australasia, Far East), captures large- and mid-capitalization securities exhibiting overall value style characteristics across Developed Market countries around the world, 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 Value Index is unmanaged, is not available for investment and does not incur expenses.

The Russell Indices are trademarks of the London Stock Exchange Group companies.

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.

AMG River Road Mid Cap Value Fund

Fund Snapshots (unaudited)

April 30, 2023

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Industrials		31.1

Financials		21.8

Consumer Discretionary		15.6

Consumer Staples		10.6

Energy		5.1

Health Care		3.9

Communication Services		3.9

Real Estate		2.8

Materials		2.7

Information Technology		1.5

Short-Term Investments		1.0

Other Assets, less Liabilities		0.0¹

¹Less than 0.05%

TOP TEN HOLDINGS


Security Name		% of Net Assets

Carlisle Cos., Inc.		4.4

Fairfax Financial Holdings, Ltd. (Canada)		4.2

LKQ Corp.		4.1

KKR & Co., Inc.		3.6

The Kroger Co.		3.5

BJ’s Wholesale Club Holdings, Inc.		3.4

API Group Corp.		3.0

Ferguson PLC (United Kingdom)		2.8

Lithia Motors, Inc.		2.8

Dollar Tree, Inc.		2.7



Top Ten as a Group		34.5

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.

AMG River Road Mid Cap Value Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value

Common Stocks - 99.0%

Communication Services - 3.9%

Cable One, Inc.		6,584		$4,993,371

Madison Square Garden Sports Corp.		36,683		7,354,942

Total Communication Services				12,348,313

Consumer Discretionary - 15.6%

Advance Auto Parts, Inc.		25,396		3,187,960

Bath & Body Works, Inc.		114,753		4,027,830

Expedia Group, Inc.^*		47,030		4,418,939

Lithia Motors, Inc.¹		39,505		8,726,260

LKQ Corp.		223,862		12,923,553

MGM Resorts International		177,773		7,985,563

NVR, Inc.^*		941		5,495,440

Petco Health & Wellness Co., Inc.^*		252,080		2,510,717

Total Consumer Discretionary				49,276,262

Consumer Staples - 10.6%

Albertsons Cos., Inc., Class A		152,393		3,185,014

BJ’s Wholesale Club Holdings, Inc.^*		139,209		10,631,391

Dollar Tree, Inc.^*		56,436		8,674,777

The Kroger Co.		230,447		11,206,638

Total Consumer Staples				33,697,820

Energy - 5.1%

Chesapeake Energy Corp.		44,208		3,655,117

Devon Energy Corp.		48,911		2,613,315

Texas Pacific Land Corp.¹		2,822		4,169,928

Valaris, Ltd.^*		95,000		5,700,000

Total Energy				16,138,360

Financials - 21.8%

American Equity Investment Life Holding Co.		86,535		3,335,059

Apollo Global Management, Inc.		73,957		4,688,134

Ares Management Corp., Class A		95,483		8,363,356

Brookfield Asset Management, Ltd., Class A (Canada)		162,891		5,464,993

Cannae Holdings, Inc.^*		210,694		3,843,058

Fairfax Financial Holdings, Ltd. (Canada)		18,812		13,149,588

Fidelity National Financial, Inc.		88,573		3,143,456

Hagerty, Inc., Class A^*		167,427		1,675,944

KKR & Co., Inc.		216,338		11,481,058

WEX, Inc.^*		45,149		8,007,175

Willis Towers Watson PLC (United Kingdom)		24,456		5,664,010

Total Financials				68,815,831

Health Care - 3.9%

Centene Corp.^*		114,753		7,909,925


	Shares		Value

Laboratory Corp. of America Holdings		19,644		$4,453,491

Total Health Care				12,363,416

Industrials - 31.1%

Air Transport Services Group, Inc.^*		200,347		4,069,048

API Group Corp.^*		412,923		9,398,127

Armstrong World Industries, Inc.		103,466		7,103,976

Atkore, Inc.^*		46,089		5,822,423

CACI International, Inc., Class A^*		27,277		8,546,430

Carlisle Cos., Inc.		63,961		13,805,982

Core & Main, Inc., Class A^*		301,932		7,868,348

Delta Air Lines, Inc.^*		180,695		6,199,645

Expeditors International of Washington, Inc.		47,030		5,353,895

Ferguson PLC (United Kingdom)		63,961		9,006,988

SS&C Technologies Holdings, Inc.		145,793		8,534,722

TransUnion		119,456		8,219,767

UniFirst Corp.		27,326		4,472,720

Total Industrials				98,402,071

Information Technology - 1.5%

TD SYNNEX Corp.		51,733		4,606,306

Materials - 2.7%

AptarGroup, Inc.		42,327		5,016,173

Royal Gold, Inc.		27,164		3,597,600

Total Materials				8,613,773

Real Estate - 2.8%

The St Joe Co.		99,703		4,097,794

The Howard Hughes Corp.^*		62,079		4,803,052

Total Real Estate				8,900,846

Total Common Stocks
(Cost $303,575,495)				313,162,998

	Principal Amount

Short-Term Investments - 1.0%

Repurchase Agreements - 1.0%

Fixed Income Clearing Corp. dated 04/28/23, due 05/01/23, 4.650% total to be received $3,227,250 (collateralized by a U.S. Treasury, 5.160%, 07/31/23, totaling $3,290,524)		$3,226,000		3,226,000

Total Short-Term Investments
(Cost $3,226,000)				3,226,000

Total Investments - 100.0%
(Cost $306,801,495)				316,388,998

Other Assets, less Liabilities - 0.0%^#				(53,233	)

Net Assets - 100.0%				$316,335,765

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

AMG River Road Mid Cap Value Fund

Schedule of Portfolio Investments (continued)

Non-income producing security.

Less than 0.05%.

Some of these securities, amounting to $2,312,634 or 0.7% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2023:


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks^†	$	313,162,998		—		—	$	313,162,998

Short-Term Investments

Repurchase Agreements		—	$	3,226,000		—		3,226,000

Total Investments in Securities	$	313,162,998	$	3,226,000		—	$	316,388,998

^†

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 April 30, 2023, there were no transfers in or out of Level 3.

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

AMG River Road Large Cap Value Select Fund

Fund Snapshots (unaudited)

April 30, 2023


PORTFOLIO BREAKDOWN

Sector		% of Net Assets

Financials		33.5

Consumer Staples		22.1

Industrials		11.6

Communication Services		9.6

Energy		7.6

Health Care		7.5

Consumer Discretionary		5.5

Short-Term Investments		2.0

Other Assets, less Liabilities		0.6


TOP TEN HOLDINGS

Security Name		% of Net Assets

Berkshire Hathaway, Inc., Class B		8.5

Keurig Dr Pepper, Inc.		7.7

Fiserv, Inc.		6.0

LKQ Corp.		5.5

T-Mobile US, Inc.		5.5

Nestle SA, Sponsored ADR (Switzerland)		5.2

The Kroger Co.		5.1

Fairfax Financial Holdings, Ltd. (Canada)		5.0

KKR & Co., Inc.		4.6

UnitedHealth Group, Inc.		4.4


Top Ten as a Group		57.5

AMG River Road Large Cap Value Select Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value

Common Stocks - 97.4%

Communication Services - 9.6%

Alphabet, Inc., Class C^*		12,825		$1,387,922

T-Mobile US, Inc.^*		13,045		1,877,175

Total Communication Services				3,265,097

Consumer Discretionary - 5.5%

LKQ Corp.		32,768		1,891,697

Consumer Staples - 22.1%

Dollar Tree, Inc.^*		9,100		1,398,761

Keurig Dr Pepper, Inc.		79,786		2,609,002

The Kroger Co.		35,866		1,744,164

Nestle SA, Sponsored ADR (Switzerland)		13,806		1,770,757

Total Consumer Staples				7,522,684

Energy - 7.6%

EOG Resources, Inc.		10,510		1,255,630

Suncor Energy, Inc. (Canada)		42,670		1,336,424

Total Energy				2,592,054

Financials - 33.5%

Berkshire Hathaway, Inc., Class B^*		8,861		2,911,282

Fairfax Financial Holdings, Ltd. (Canada)		2,424		1,694,376

Fiserv, Inc.^*		16,617		2,029,268

KKR & Co., Inc.		29,321		1,556,065

U.S. Bancorp		23,534		806,745

Visa, Inc., Class A¹		4,681		1,089,409

Willis Towers Watson PLC (United Kingdom)		5,811		1,345,828

Total Financials				11,432,973


	Shares		Value

Health Care - 7.5%

CVS Health Corp.		14,359		$1,052,659

UnitedHealth Group, Inc.		3,080		1,515,637

Total Health Care				2,568,296

Industrials - 11.6%

Armstrong World Industries, Inc.		13,416		921,143

Carlisle Cos., Inc.		7,012		1,513,540

Ferguson PLC (United Kingdom)		10,684		1,504,521

Total Industrials				3,939,204

Total Common Stocks
(Cost $31,653,810)				33,212,005

	Principal Amount
Short-Term Investments - 2.0%

Repurchase Agreements - 2.0%

Fixed Income Clearing Corp. dated 04/28/23, due 05/01/23, 4.650% total to be received $678,263 (collateralized by a U.S. Treasury, 5.160%, 07/31/23, totaling $691,635)		$678,000		678,000

Total Short-Term Investments
(Cost $678,000)				678,000

Total Investments - 99.4%
(Cost $32,331,810)				33,890,005

Other Assets, less Liabilities - 0.6%				200,878

Net Assets - 100.0%				$34,090,883

Non-income producing security.

Some of this security, amounting to $1,078,471 or 3.2% 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.

ADR

American Depositary Receipt

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

AMG River Road Large Cap Value Select 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 April 30, 2023:


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks^†	$	33,212,005		—		—	$	33,212,005

Short-Term Investments

Repurchase Agreements		—	$	678,000		—		678,000


Total Investments in Securities	$	33,212,005	$	678,000		—	$	33,890,005

^†

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 April 30, 2023, there were no transfers in or out of Level 3.

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

AMG River Road Small Cap Value Fund

Fund Snapshots (unaudited)

April 30, 2023


PORTFOLIO BREAKDOWN

Sector		% of Net Assets

Industrials		32.6

Financials		16.8

Information Technology		9.2

Health Care		6.2

Consumer Staples		5.6

Communication Services		5.1

Consumer Discretionary		4.8

Energy		4.3

Materials		3.3

Utilities		2.7

Real Estate		0.3

Short-Term Investments		8.9

Other Assets, less Liabilities		0.2


TOP TEN HOLDINGS

Security Name		% of Net Assets

White Mountains Insurance Group, Ltd.		4.1

BJ’s Wholesale Club Holdings, Inc.		3.6

Air Transport Services Group, Inc.		3.2

McGrath RentCorp		2.9

Atkore, Inc.		2.9

Premier, Inc., Class A		2.9

UniFirst Corp.		2.8

SP Plus Corp.		2.5

Genworth Financial, Inc., Class A		2.4

Axis Capital Holdings, Ltd. (Bermuda)		2.3


Top Ten as a Group		29.6

AMG River Road Small Cap Value Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value

Common Stocks - 90.9%

Communication Services - 5.1%

Cable One, Inc.		13,973		$10,597,263

Liberty Latin America, Ltd., Class C^*		557,758		4,952,891

TripAdvisor, Inc.^*		789,654		14,000,565

WideOpenWest, Inc.^*		244,172		2,790,886

Yelp, Inc.^*		364,363		10,901,741

Total Communication Services				43,243,346

Consumer Discretionary - 4.8%

Asbury Automotive Group, Inc.^*		45,802		8,860,855

Leslie’s, Inc.^*,1		1,129,041		12,250,095

Murphy USA, Inc.		67,057		18,456,098

Sleep Number Corp.^*		68,747		1,550,245

Total Consumer Discretionary				41,117,293

Consumer Staples - 5.6%

BJ’s Wholesale Club Holdings, Inc.^*		405,693		30,982,775

Ingles Markets, Inc., Class A		187,328		17,241,669

Total Consumer Staples				48,224,444

Energy - 4.3%

Evolution Petroleum Corp.		703,914		4,638,793

Permian Resources Corp.		1,558,200		16,283,190

SM Energy Co.		403,519		11,330,814

World Fuel Services Corp.		197,546		4,669,987

Total Energy				36,922,784

Financials - 16.8%

American Equity Investment Life Holding Co.		307,343		11,844,999

Axis Capital Holdings, Ltd. (Bermuda)		351,108		19,851,646

Cannae Holdings, Inc.^*		1,003,086		18,296,289

EVERTEC, Inc. (Puerto Rico)		533,395		18,503,473

Genworth Financial, Inc., Class A^*		3,579,383		20,796,215

NMI Holdings, Inc., Class A^*		389,501		9,114,323

Radian Group, Inc.¹		428,581		10,401,661

White Mountains Insurance Group, Ltd.		24,305		34,808,163

Total Financials				143,616,769

Health Care - 6.2%

Computer Programs and Systems, Inc.^*		463,147		11,986,244

ICU Medical, Inc.^*		6,858		1,297,122

Patterson Cos., Inc.		412,727		11,189,029

Pediatrix Medical Group, Inc.^*		270,038		3,869,645

Premier, Inc., Class A		730,334		24,342,032

Total Health Care				52,684,072

Industrials - 32.6%

Air Transport Services Group, Inc.^*		1,332,399		27,061,024


	Shares		Value

Alight, Inc., Class A^*		1,660,941		$15,363,704

Argan, Inc.		321,179		12,921,031

Armstrong World Industries, Inc.		235,842		16,192,912

Atkore, Inc.^*		195,132		24,651,026

Barrett Business Services, Inc.		44,274		3,701,749

Comfort Systems USA, Inc.		80,114		11,976,242

Core & Main, Inc., Class A^*		170,922		4,454,227

CoreCivic, Inc.^*		1,785,480		15,694,369

Esab Corp.		84,706		4,943,442

Forward Air Corp.		32,988		3,480,564

GMS, Inc.^*		234,507		13,615,476

Kelly Services, Inc., Class A¹		545,267		8,947,832

McGrath RentCorp		280,395		24,921,508

MSC Industrial Direct Co., Inc., Class A		110,778		10,050,888

Park Aerospace Corp.		712,668		9,321,697

SP Plus Corp.^*		633,987		21,663,336

UniFirst Corp.		144,887		23,715,104

Univar Solutions, Inc.^*		360,879		12,811,205

Verra Mobility Corp.^*,1		266,751		4,521,429

Viad Corp.^*		430,862		8,199,304

Total Industrials				278,208,069

Information Technology - 9.2%

ACI Worldwide, Inc.^*		649,085		16,441,323

DXC Technology Co.^*		330,026		7,871,120

ePlus, Inc.^*		356,739		15,532,416

Ituran Location and Control, Ltd. (Israel)		328,264		6,827,891

NCR Corp.^*		612,731		13,657,774

Vontier Corp.		670,993		18,204,040

Total Information Technology				78,534,564

Materials - 3.3%

Axalta Coating Systems, Ltd.^*		138,486		4,372,003

Summit Materials, Inc., Class A^*		439,561		12,048,367

TriMas Corp.		445,711		11,325,517

Total Materials				27,745,887

Real Estate - 0.3%

Newmark Group, Inc., Class A		460,378		2,918,796

Utilities - 2.7%

NorthWestern Corp.		193,790		11,359,970

Southwest Gas Holdings, Inc.		208,801		11,692,856

Total Utilities				23,052,826

Total Common Stocks
(Cost $657,951,040)				776,268,850

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

AMG River Road Small Cap Value Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value

Short-Term Investments - 8.9%

Repurchase Agreements - 8.9%

Fixed Income Clearing Corp. dated 04/28/23, due 05/01/23, 4.650% total to be received $76,511,637 (collateralized by a U.S. Treasury, 5.160%, 07/31/23, totaling $78,011,657)		$76,482,000		$76,482,000

Total Short-Term Investments
(Cost $76,482,000)				76,482,000


	Value

Total Investments - 99.8%
(Cost $734,433,040)		$852,750,850

Other Assets, less Liabilities - 0.2%		1,500,821

Net Assets - 100.0%		$854,251,671

Non-income producing security.

Some of these securities, amounting to $22,430,724 or 2.6% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations.

See Note 4 of Notes to Financial Statements.

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2023:


	Level 1		Level 2		Level 3		Total

Investments in Securities

Common Stocks^†	$	776,268,850		—		—	$	776,268,850

Short-Term Investments

Repurchase Agreements		—	$	76,482,000		—		76,482,000


Total Investments in Securities	$	776,268,850	$	76,482,000		—	$	852,750,850

^†

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 April 30, 2023, there were no transfers in or out of Level 3.

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

AMG River Road Dividend All Cap Value Fund

Fund Snapshots (unaudited)

April 30, 2023


PORTFOLIO BREAKDOWN

Sector		% of Net Assets

Financials		15.7

Consumer Staples		14.2

Information Technology		13.9

Health Care		13.0

Communication Services		10.6

Utilities		9.4

Energy		8.4

Industrials		8.1

Real Estate		3.3

Consumer Discretionary		2.5

Short-Term Investments		0.8

Other Assets, less Liabilities		0.1


TOP TEN HOLDINGS

Security Name		% of Net Assets

Oracle Corp.		4.7

The AES Corp.		4.0

United Parcel Service, Inc., Class B		3.5

Comcast Corp., Class A		3.4

Corning, Inc.		3.2

Kinder Morgan, Inc.		3.0

The Williams Cos., Inc.		3.0

The Progressive Corp.		2.9

Unilever PLC, Sponsored ADR (United Kingdom)		2.8

Bristol-Myers Squibb Co.		2.8


Top Ten as a Group		33.3

AMG River Road Dividend All Cap Value Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value

Common Stocks - 99.1%

Communication Services - 10.6%

Cable One, Inc.		4,790		$3,632,784

Cogent Communications Holdings, Inc.		108,417		7,485,110

Comcast Corp., Class A		263,077		10,883,495

The Interpublic Group of Cos., Inc.		134,637		4,810,580

Verizon Communications, Inc.		169,682		6,588,752

Total Communication Services				33,400,721

Consumer Discretionary - 2.5%

Advance Auto Parts, Inc.		29,975		3,762,762

Genuine Parts Co.		10,930		1,839,628

MDC Holdings, Inc.¹		55,735		2,283,463

Total Consumer Discretionary				7,885,853

Consumer Staples - 14.2%

The JM Smucker Co.		25,167		3,886,037

Kimberly-Clark Corp.		57,456		8,324,800

The Kroger Co.		91,964		4,472,209

PepsiCo, Inc.		31,531		6,018,953

Sysco Corp.		71,774		5,507,937

Target Corp.		50,191		7,917,630

Unilever PLC, Sponsored ADR (United Kingdom)¹		161,097		8,945,716

Total Consumer Staples				45,073,282

Energy - 8.4%

Enterprise Products Partners LP, MLP		279,412		7,351,330

Kinder Morgan, Inc.		559,995		9,603,914

The Williams Cos., Inc.		313,189		9,477,099

Total Energy				26,432,343

Financials - 15.7%

Axis Capital Holdings, Ltd. (Bermuda)		92,743		5,243,689

Chubb, Ltd. (Switzerland)		25,081		5,055,326

CNA Financial Corp.		59,813		2,327,324

Fidelity National Financial, Inc.		80,409		2,853,716

Fidelity National Information Services, Inc.		29,848		1,752,675

M&T Bank Corp.		26,128		3,286,902

The PNC Financial Services Group, Inc.		32,433		4,224,398

The Progressive Corp.		67,548		9,213,547

Truist Financial Corp.		175,695		5,724,143

U.S. Bancorp		192,426		6,596,363

Willis Towers Watson PLC (United Kingdom)		14,988		3,471,221

Total Financials				49,749,304

Health Care - 13.0%

AbbVie, Inc.		42,476		6,418,973

Amgen, Inc.		25,318		6,069,737


	Shares		Value

Baxter International, Inc.		66,258		$3,159,182

Bristol-Myers Squibb Co.		132,386		8,839,413

Merck & Co., Inc.		32,391		3,740,189

Pfizer, Inc.		170,882		6,645,601

Premier, Inc., Class A		189,410		6,313,035

Total Health Care				41,186,130

Industrials - 8.1%

CSG Systems International, Inc.		46,773		2,464,002

Dun & Bradstreet Holdings, Inc.		212,966		2,378,830

Lockheed Martin Corp.		4,826		2,241,436

United Parcel Service, Inc., Class B		61,840		11,119,450

Watsco, Inc.		21,333		7,389,325

Total Industrials				25,593,043

Information Technology - 13.9%

Cisco Systems, Inc.		94,460		4,463,235

Corning, Inc.		299,273		9,941,849

Micron Technology, Inc.		90,996		5,856,502

Oracle Corp.		156,865		14,858,253

QUALCOMM, Inc.		34,527		4,032,754

Texas Instruments, Inc.		29,688		4,963,834

Total Information Technology				44,116,427

Real Estate - 3.3%

American Tower Corp., REIT		42,742		8,736,037

Crown Castle, Inc., REIT		12,617		1,553,027

Total Real Estate				10,289,064

Utilities - 9.4%

The AES Corp.		532,263		12,593,343

Black Hills Corp.		51,664		3,373,143

IDACORP, Inc.¹		52,913		5,879,692

Vistra Corp.		334,625		7,984,152

Total Utilities				29,830,330

Total Common Stocks
(Cost $238,261,715)				313,556,497

		Principal Amount

Short-Term Investments - 0.8%

Repurchase Agreements - 0.8%

Fixed Income Clearing Corp. dated 04/28/23, due 05/01/23, 4.650% total to be received $2,674,036 (collateralized by a U.S. Treasury, 5.160%, 07/31/23, totaling $2,726,497)		$2,673,000		2,673,000

Total Short-Term Investments
(Cost $2,673,000)				2,673,000

Total Investments - 99.9%
(Cost $240,934,715)				316,229,497

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

AMG River Road Dividend All Cap Value Fund

Schedule of Portfolio Investments (continued)


	Value

Other Assets, less Liabilities - 0.1%		$185,996

Net Assets - 100.0%		$316,415,493

Some of these securities, amounting to $9,254,474 or 2.9% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations.

See Note 4 of Notes to Financial Statements.

ADR American Depositary Receipt

MLP Master Limited Partnership

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 April 30, 2023:


	Level 1		Level 2		Level 3		Total
Investments in Securities

Common Stocks^†		$313,556,497		—		—		$313,556,497

Short-Term Investments

Repurchase Agreements		—		$2,673,000		—		2,673,000


Total Investments in Securities		$313,556,497		$2,673,000		—		$316,229,497

^†

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 April 30, 2023, there were no transfers in or out of Level 3.

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

AMG River Road Small-Mid Cap Value Fund

Fund Snapshots (unaudited)

April 30, 2023

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Industrials		26.1

Financials		18.0

Consumer Discretionary		13.3

Information Technology		10.8

Health Care		6.1

Consumer Staples		5.9

Energy		5.0

Utilities		4.7

Communication Services		4.4

Real Estate		0.6

Materials		0.6

Short-Term Investments		4.1

Other Assets, less Liabilities		0.4

TOP TEN HOLDINGS


Security Name		% of Net Assets

LKQ Corp.		4.3

White Mountains Insurance Group, Ltd.		3.9

Air Transport Services Group, Inc.		3.2

Atkore, Inc.		3.0

Premier, Inc., Class A		2.9

TD SYNNEX Corp.		2.7

BJ’s Wholesale Club Holdings, Inc.		2.7

UniFirst Corp.		2.7

Advance Auto Parts, Inc.		2.3

WEX, Inc.		2.3



Top Ten as a Group		30.0

AMG River Road Small-Mid Cap Value Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value

Common Stocks - 95.5%

Communication Services - 4.4%

Cable One, Inc.		4,048		$3,070,044

Liberty Latin America, Ltd., Class A^*		113,935		1,010,603

Liberty Latin America, Ltd., Class C^*		127,907		1,135,814

TripAdvisor, Inc.^*		174,198		3,088,531

Yelp, Inc.^*		116,010		3,471,019

Total Communication Services				11,776,011

Consumer Discretionary - 13.3%

Advance Auto Parts, Inc.		49,954		6,270,726

Leslie’s, Inc.^*,1		284,216		3,083,744

Lithia Motors, Inc.¹		19,920		4,400,129

LKQ Corp.		198,889		11,481,862

Murphy USA, Inc.		21,020		5,785,334

Polaris, Inc.¹		37,804		4,107,405

Sleep Number Corp.^*		15,279		344,541

Total Consumer Discretionary				35,473,741

Consumer Staples - 5.9%

BJ’s Wholesale Club Holdings, Inc.^*		94,694		7,231,781

Ingles Markets, Inc., Class A		45,064		4,147,691

Molson Coors Beverage Co., Class B		76,336		4,540,465

Total Consumer Staples				15,919,937

Energy - 5.0%

Chesapeake Energy Corp.¹		16,097		1,330,900

HF Sinclair Corp.		45,734		2,017,327

Ovintiv, Inc.		27,318		985,634

Permian Resources Corp.		476,585		4,980,313

SM Energy Co.		83,761		2,352,009

World Fuel Services Corp.		74,927		1,771,274

Total Energy				13,437,457

Financials - 18.0%

American Equity Investment Life Holding Co.		92,543		3,566,607

Axis Capital Holdings, Ltd. (Bermuda)		88,368		4,996,327

Cannae Holdings, Inc.^*		298,971		5,453,231

CNA Financial Corp.		63,176		2,458,178

EVERTEC, Inc. (Puerto Rico)		110,366		3,828,597

Genworth Financial, Inc., Class A^*		866,799		5,036,102

NMI Holdings, Inc., Class A^*		122,377		2,863,622

Radian Group, Inc.¹		132,938		3,226,405

WEX, Inc.^*		35,166		6,236,690

White Mountains Insurance Group, Ltd.		7,275		10,418,818

Total Financials				48,084,577


	Shares		Value

Health Care - 6.1%

Bausch + Lomb Corp. (Canada)^*		165,645		$2,892,162

Computer Programs and Systems, Inc.^*		68,280		1,767,086

Patterson Cos., Inc.		92,507		2,507,865

Pediatrix Medical Group, Inc.^*		89,020		1,275,657

Premier, Inc., Class A		232,956		7,764,423

Total Health Care				16,207,193

Industrials - 26.1%

Air Transport Services Group, Inc.^*		418,812		8,506,072

Alight, Inc., Class A^*		472,023		4,366,213

Argan, Inc.		87,169		3,506,809

Armstrong World Industries, Inc.		75,202		5,163,369

Atkore, Inc.^*		62,961		7,953,863

Comfort Systems USA, Inc.		14,138		2,113,490

Core & Main, Inc., Class A^*		53,636		1,397,754

CoreCivic, Inc.^*		492,162		4,326,104

Dun & Bradstreet Holdings, Inc.		319,273		3,566,280

Forward Air Corp.		4,932		520,375

McGrath RentCorp		36,867		3,276,739

MDU Resources Group, Inc.		155,188		4,534,593

MSC Industrial Direct Co., Inc., Class A		18,399		1,669,341

Ritchie Bros. Auctioneers, Inc. (Canada)		33,849		1,935,824

SP Plus Corp.^*		111,439		3,807,871

UniFirst Corp.		43,849		7,177,204

Univar Solutions, Inc.^*		73,720		2,617,060

Verra Mobility Corp.^*,1		84,903		1,439,106

Viad Corp.^*		110,947		2,111,321

Total Industrials				69,989,388

Information Technology - 10.8%

ACI Worldwide, Inc.^*		192,541		4,877,064

DXC Technology Co.^*		80,221		1,913,271

ePlus, Inc.^*		107,635		4,686,428

Ituran Location and Control, Ltd. (Israel)		43,040		895,232

NCR Corp.^*		192,405		4,288,707

TD SYNNEX Corp.		82,836		7,375,717

Vontier Corp.		181,960		4,936,575

Total Information Technology				28,972,994

Materials - 0.6%

TriMas Corp.		60,261		1,531,232

Real Estate - 0.6%

Newmark Group, Inc., Class A		257,278		1,631,142

Utilities - 4.7%

NorthWestern Corp.		47,245		2,769,502

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

AMG River Road Small-Mid Cap Value Fund

Schedule of Portfolio Investments (continued)


	Shares		Value

Utilities - 4.7% (continued)

Southwest Gas Holdings, Inc.¹		65,876		$3,689,056

Vistra Corp.		261,159		6,231,254

Total Utilities				12,689,812

Total Common Stocks
(Cost $236,020,289)				255,713,484

		Principal Amount

Short-Term Investments - 4.1%

Repurchase Agreements - 4.1%

Fixed Income Clearing Corp. dated 04/28/23, due 05/01/23, 4.650% total to be received $11,024,270 (collateralized by a U.S. Treasury, 5.160%, 07/31/23, totaling $11,240,482)		$11,020,000		11,020,000

Total Short-Term Investments
(Cost $11,020,000)				11,020,000


	Value

Total Investments - 99.6%
(Cost $247,040,289)		$266,733,484

Other Assets, less Liabilities - 0.4%		943,327

Net Assets - 100.0%		$267,676,811

Non-income producing security.

Some of these securities, amounting to $7,816,851 or 2.9% of net assets, were out on loan to various borrowers and is collateralized by various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2023:


	Level 1		Level 2		Level 3		Total
Investments in Securities

Common Stocks^†		$255,713,484		—		—		$255,713,484

Short-Term Investments

Repurchase Agreements		—		$11,020,000		—		11,020,000


Total Investments in Securities		$255,713,484		$11,020,000		—		$266,733,484

^†

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 April 30, 2023, there were no transfers in or out of Level 3.

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

AMG River Road International Value Equity Fund

Fund Snapshots (unaudited)

April 30, 2023

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Financials		22.9

Industrials		19.8

Health Care		12.7

Communication Services		9.5

Consumer Discretionary		8.7

Energy		6.1

Consumer Staples		6.0

Information Technology		5.2

Materials		2.6

Utilities		2.5

Short-Term Investments		9.1

Other Assets, less Liabilities		(5.1)

TOP TEN HOLDINGS


Security Name		% of Net Assets

Axa, S.A. (France)		3.8

Sony Group Corp. (Japan)		3.7

Sanofi (France)		3.3

Check Point Software Technologies, Ltd. (Israel)		3.3

Shell PLC (United Kingdom)		3.2

Vinci, S.A. (France)		3.1

Deutsche Post AG (Germany)		3.0

Takeda Pharmaceutical Co., Ltd. (Japan)		3.0

TotalEnergies SE (France)		3.0

DBS Group Holdings, Ltd. (Singapore)		2.9


Top Ten as a Group		32.3

AMG River Road International Value Equity Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value
Common Stocks - 96.0%

Communication Services - 9.5%

Deutsche Telekom AG (Germany)		9,501		$229,086

Nintendo Co., Ltd. (Japan)		6,542		276,579

SK Telecom Co., Ltd., Sponsored ADR (South Korea)		7,636		150,887

TIM, S.A., ADR (Brazil)¹		17,918		249,418

Total Communication Services				905,970

Consumer Discretionary - 8.7%

Industria de Diseno Textil, S.A. (Spain)		7,371		253,391

Kering, S.A. (France)		333		213,242

Sony Group Corp. (Japan)		3,971		359,272

Total Consumer Discretionary				825,905

Consumer Staples - 6.0%

Anheuser-Busch InBev SA/NV (Belgium)		2,975		193,433

Fomento Economico Mexicano SAB de CV, Sponsored ADR (Mexico)		1,551		150,478

Unilever PLC (United Kingdom)		4,030		224,399

Total Consumer Staples				568,310

Energy - 6.1%

Shell PLC (United Kingdom)		9,851		302,703

TotalEnergies SE (France)		4,444		283,972

Total Energy				586,675

Financials - 22.9%

AIA Group, Ltd. (Hong Kong)		10,916		118,844

Allianz SE (Germany)		1,016		255,125

Axa, S.A. (France)		11,011		359,401

DBS Group Holdings, Ltd. (Singapore)		11,357		280,631

Deutsche Boerse AG (Germany)		1,063		202,723

Euronext, N.V. (Netherlands)²		2,687		213,695

Itau Unibanco Holding, S.A., Sponsored ADR (Brazil)		47,532		244,790

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Germany)		184		69,152

Prudential PLC (United Kingdom)		8,298		126,968

Tokio Marine Holdings, Inc. (Japan)		10,980		220,775

UBS Group AG (Switzerland)		4,400		89,551

Total Financials				2,181,655

Health Care - 12.7%

GSK PLC (United Kingdom)		11,337		204,442

Novartis AG (Switzerland)		1,590		162,647

Roche Holding AG (Switzerland)		772		241,744

Sanofi (France)¹		2,904		312,959


	Shares		Value

Takeda Pharmaceutical Co., Ltd. (Japan)		8,600		$285,169

Total Health Care				1,206,961

Industrials - 19.8%

Ashtead Group PLC (United Kingdom)		4,522		260,727

BAE Systems PLC (United Kingdom)		21,122		269,094

CK Hutchison Holdings, Ltd. (Hong Kong)		18,171		121,481

Daikin Industries, Ltd. (Japan)		1,168		212,145

Deutsche Post AG (Germany)		6,046		290,810

Genpact, Ltd. (United States)		4,154		185,061

Thales, S.A. (France)		1,673		255,306

Vinci, S.A. (France)		2,395		296,240

Total Industrials				1,890,864

Information Technology - 5.2%

Check Point Software Technologies, Ltd. (Israel)^*		2,450		312,032

Murata Manufacturing Co., Ltd. (Japan)		1,244		70,580

Open Text Corp. (Canada)		3,075		116,454

Total Information Technology				499,066

Materials - 2.6%

Shin-Etsu Chemical Co., Ltd. (Japan)		8,763		250,059

Utilities - 2.5%

EDP - Energias de Portugal, S.A. (Portugal)		43,382		239,035

Total Common Stocks
(Cost $8,627,485)				9,154,500

	Principal Amount

Short-Term Investments - 9.1%

Joint Repurchase Agreements - 4.8%³

Bank of America Securities, Inc., dated 04/28/23,due 05/01/23, 4.820% total to be received $455,784 (collateralized by various U.S. Government Agency Obligations, 1.500% - 4.000%, 09/20/46 - 06/20/52, totaling $464,713)		$455,601		455,601

Repurchase Agreements - 4.3%

Fixed Income Clearing Corp. dated 04/28/23, due 05/01/23, 4.650% total to be received $407,158 (collateralized by a U.S. Treasury, 5.160%, 07/31/23, totaling $415,183)		407,000		407,000

Total Short-Term Investments
(Cost $862,601)				862,601

Total Investments - 105.1%
(Cost $9,490,086)				10,017,101

Other Assets, less Liabilities - (5.1)%				(483,094	)

Net Assets - 100.0%				$9,534,007

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

AMG River Road International Value Equity Fund

Schedule of Portfolio Investments (continued)

*	Non-income producing security.

¹	Some of these securities, amounting to $421,499 or 4.4% of net assets, were out on loan to various borrowers and are 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 April 30, 2023, the value of this security amounted to $213,695 or 2.2% of net assets.

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

ADR American Depositary Receipt

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2023:


	Level 1		Level 2¹		Level 3		Total
Investments in Securities

Common Stocks

Financials		$244,790	$	1,936,865		—		$2,181,655

Industrials		185,061		1,705,803		—		1,890,864

Health Care		—		1,206,961		—		1,206,961

Communication Services		400,305		505,665		—		905,970

Consumer Discretionary		—		825,905		—		825,905

Energy		—		586,675		—		586,675

Consumer Staples		150,478		417,832		—		568,310

Information Technology		428,486		70,580		—		499,066

Materials		—		250,059		—		250,059

Utilities		—		239,035		—		239,035

Short-Term Investments

Joint Repurchase Agreements		—		455,601		—		455,601

Repurchase Agreements		—		407,000		—		407,000


Total Investments in Securities	$	1,409,120	$	8,607,981		—	$	10,017,101

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 April 30, 2023, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at April 30, 2023, was as follows:


Country	% of Long-Term Investments

Belgium		2.1

Brazil		5.4

Canada		1.3

France		18.8

Germany		11.4

Hong Kong		2.6

Israel		3.4

Japan		18.3

Mexico		1.6

Netherlands		2.3


Country	% of Long-Term Investments

Portugal		2.6

Singapore		3.1

South Korea		1.7

Spain		2.8

Switzerland		5.4

United Kingdom		15.2

United States		2.0


		100.0

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

AMG River Road Focused Absolute Value Fund

Fund Snapshots (unaudited)

April 30, 2023


PORTFOLIO BREAKDOWN
Sector	% of Net Assets

Financials		28.2

Consumer Staples		13.9

Industrials		12.9

Information Technology		11.8

Health Care		11.4

Consumer Discretionary		6.8

Utilities		6.6

Energy		4.3

Communication Services		3.6

Short-Term Investments		0.3

Other Assets, less Liabilities		0.2


TOP TEN HOLDINGS
Security Name	% of Net Assets

Berkshire Hathaway, Inc., Class B		7.7

Fairfax Financial Holdings, Ltd. (Canada)		5.8

The Kroger Co.		5.1

Fiserv, Inc.		5.1

Oracle Corp.		4.0

LKQ Corp.		3.9

Patterson Cos., Inc.		3.6

WEX, Inc.		3.6

Comcast Corp., Class A		3.6

Unilever PLC, Sponsored ADR (United Kingdom)		3.6



Top Ten as a Group		46.0

AMG River Road Focused Absolute Value Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value

Common Stocks - 99.5%

Communication Services - 3.6%

Comcast Corp., Class A		47,051		$1,946,500

Consumer Discretionary - 6.8%

LKQ Corp.		36,227		2,091,385

Murphy USA, Inc.		5,743		1,580,646

Total Consumer Discretionary				3,672,031

Consumer Staples - 13.9%

BJ’s Wholesale Club Holdings, Inc.^*		22,200		1,695,414

The Kroger Co.		56,915		2,767,776

Molson Coors Beverage Co., Class B		18,551		1,103,414

Unilever PLC, Sponsored ADR (United Kingdom)¹		35,012		1,944,216

Total Consumer Staples				7,510,820

Energy - 4.3%

SM Energy Co.		44,952		1,262,252

The Williams Cos., Inc.		35,564		1,076,167

Total Energy				2,338,419

Financials - 28.2%

Berkshire Hathaway, Inc., Class B^*		12,702		4,173,242

Fairfax Financial Holdings, Ltd. (Canada)		4,528		3,165,072

Fiserv, Inc.^*		22,531		2,751,486

U.S. Bancorp		41,749		1,431,156

WEX, Inc.^*		11,045		1,958,831

White Mountains Insurance Group, Ltd.		125		179,017

Willis Towers Watson PLC (United Kingdom)		7,069		1,637,180

Total Financials				15,295,984

Health Care - 11.4%

Laboratory Corp. of America Holdings		5,097		1,155,541

Patterson Cos., Inc.		72,454		1,964,228

Pfizer, Inc.		47,161		1,834,091

Premier, Inc., Class A		35,896		1,196,414

Total Health Care				6,150,274

Non-income producing security.

Some of this security, amounting to $1,924,725 or 3.6% of net assets, was out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.


	Shares		Value

Industrials - 12.9%

Air Transport Services Group, Inc.^*		53,457		$1,085,712

Armstrong World Industries, Inc.		16,073		1,103,572

Carlisle Cos., Inc.		5,964		1,287,329

Dun & Bradstreet Holdings, Inc.		147,957		1,652,680

United Parcel Service, Inc., Class B		10,493		1,886,746

Total Industrials				7,016,039

Information Technology - 11.8%

Corning, Inc.		41,393		1,375,076

Oracle Corp.		22,642		2,144,650

QUALCOMM, Inc.		9,057		1,057,858

TD SYNNEX Corp.		20,433		1,819,354

Total Information Technology				6,396,938

Utilities - 6.6%

The AES Corp.		80,075		1,894,574

Vistra Corp.		69,803		1,665,500

Total Utilities				3,560,074

Total Common Stocks
(Cost $48,957,496)				53,887,079

	Principal Amount

Short-Term Investments - 0.3%
Repurchase Agreements - 0.3%

Fixed Income Clearing Corp. dated 04/28/23, due 05/01/23, 4.650% total to be received $176,068 (collateralized by a U.S. Treasury, 5.160%, 07/31/23, totaling $179,582)		$176,000		176,000
Total Short-Term Investments
(Cost $176,000)				176,000
Total Investments - 99.8%
(Cost $49,133,496)				54,063,079
Other Assets, less Liabilities - 0.2%				126,038

Net Assets - 100.0%				$54,189,117

ADR American Depositary Receipt

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

AMG River Road Focused Absolute 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 April 30, 2023:


	Level 1			Level 2			Level 3		Total

Investments in Securities

Common Stocks^†		$	53,887,079			—		—		$	53,887,079

Short-Term Investments

Repurchase Agreements			—		$	176,000		—			176,000


Total Investments in Securities		$	53,887,079		$	176,000		—		$	54,063,079

^†

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 April 30, 2023, there were no transfers in or out of Level 3.

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

Statement of Assets and Liabilities (unaudited)

April 30, 2023


	AMG River Road Mid Cap Value Fund		AMG River Road Large Cap Value Select Fund		AMG River Road Small Cap Value Fund		AMG River Road Dividend All Cap Value Fund

Assets:

Investments at value¹(including securities on loan valued at $2,312,634, $1,078,471, $22,430,724, and $9,254,474, respectively)		$316,388,998		$33,890,005		$852,750,850		$316,229,497

Cash		194,376		190,398		2,178,827		449

Receivable for investments sold		—		—		2,572,029		—

Dividend and interest receivables		193,406		52,643		313,239		744,158

Securities lending income receivable		32		108		2,206		556

Receivable for Fund shares sold		83,818		867		493,277		88,350

Receivable from affiliate		6,495		7,426		—		10,723

Prepaid expenses and other assets		29,006		13,302		45,016		17,871

Total assets		316,896,131		34,154,749		858,355,444		317,091,604

Liabilities:

Payable for investments purchased		—		—		2,747,973		—

Payable for Fund shares repurchased		235,027		11,899		500,425		411,729

Accrued expenses:

Investment advisory and management fees		143,761		9,728		562,871		132,630

Administrative fees		38,507		4,169		105,538		39,789

Distribution fees		46,812		747		8,634		7,032

Shareholder service fees		22,006		1,043		61,612		10,494

Other		74,253		36,280		116,720		74,437

Total liabilities		560,366		63,866		4,103,773		676,111

Commitments and Contingencies (Notes 2 & 6)		—		—		—		—

Net Assets		$316,335,765		$34,090,883		$854,251,671		$316,415,493

¹Investments at cost		$306,801,495		$32,331,810		$734,433,040		$240,934,715

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

Statement of Assets and Liabilities (continued)


	AMG River Road Mid Cap Value Fund		AMG River Road Large Cap Value Select Fund			AMG River Road Small Cap Value Fund		AMG River Road Dividend All Cap Value Fund

Net Assets Represent:

Paid-in capital		$306,373,853		$38,353,322			$714,061,703		$240,716,167

Total distributable earnings (loss)		9,961,912		(4,262,439	)		140,189,968		75,699,326

Net Assets		$316,335,765		$34,090,883			$854,251,671		$316,415,493

Class N:

Net Assets		$233,561,662		$3,647,537			$42,588,816		$34,120,581

Shares outstanding		13,375,395		243,670			3,139,473		3,564,051

Net asset value, offering and redemption price per share		$17.46		$14.97			$13.57		$9.57

Class I:

Net Assets		$75,247,985		$30,443,346			$801,673,935		$278,737,599

Shares outstanding		3,994,474		2,022,195			56,957,108		29,153,343

Net asset value, offering and redemption price per share		$18.84		$15.05			$14.08		$9.56

Class Z:

Net Assets		$7,526,118		—			$9,988,920		$3,557,313

Shares outstanding		402,207		—			708,220		372,047

Net asset value, offering and redemption price per share		$18.71		—			$14.10		$9.56

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

Statement of Assets and Liabilities (continued)


	AMG River Road Small-Mid Cap Value Fund		AMG River Road International Value Equity Fund		AMG River Road Focused Absolute Value Fund

Assets:

Investments at value¹(including securities on loan valued at $7,816,851, $421,499, and $1,924,725, respectively)		$266,733,484		$10,017,101		$54,063,079

Cash		817,628		500		325

Foreign currency²		—		2,447		—

Receivable for investments sold		357,078		94,440		1,340,229

Dividend and interest receivables		46,404		54,899		44,500

Securities lending income receivable		885		290		153

Receivable for Fund shares sold		22,623		1,141		5,867

Receivable from affiliate		—		10,062		9,001

Prepaid expenses and other assets		33,870		12,331		15,387

Total assets		268,011,972		10,193,211		55,478,541

Liabilities:

Payable upon return of securities loaned		—		455,601		—

Payable for investments purchased		—		157,483		1,142,912

Payable for Fund shares repurchased		67,201		7,031		63,181

Accrued expenses:

Investment advisory and management fees		165,465		4,092		27,296

Administrative fees		33,093		1,158		6,824

Distribution fees		3,774		262		454

Shareholder service fees		10,580		336		1,599

Other		55,048		33,241		47,158

Total liabilities		335,161		659,204		1,289,424

Commitments and Contingencies (Notes 2 & 6)		—		—		—

Net Assets		$267,676,811		$9,534,007		$54,189,117

¹Investments at cost		$247,040,289		$9,490,086		$49,133,496

²Foreign currency at cost		—		$2,424		—

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

Statement of Assets and Liabilities (continued)


	AMG River Road Small-Mid Cap Value Fund		AMG River Road International Value Equity Fund		AMG River Road Focused Absolute Value Fund

Net Assets Represent:

Paid-in capital		$239,514,199		$9,415,930		$49,033,761

Total distributable earnings		28,162,612		118,077		5,155,356

Net Assets		$267,676,811		$9,534,007		$54,189,117

Class N:

Net Assets		$18,845,040		$1,395,640		$2,233,930

Shares outstanding		2,219,049		141,310		187,653

Net asset value, offering and redemption price per share		$8.49		$9.88		$11.90

Class I:

Net Assets		$216,896,453		$6,905,847		$45,215,264

Shares outstanding		24,639,061		673,832		3,797,721

Net asset value, offering and redemption price per share		$8.80		$10.25		$11.91

Class Z:

Net Assets		$31,935,318		$1,232,520		$6,739,923

Shares outstanding		3,623,029		119,716		566,177

Net asset value, offering and redemption price per share		$8.81		$10.30		$11.90

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

Statement of Operations (unaudited)

For the six months ended April 30, 2023


	AMG River Road Mid Cap Value Fund			AMG River Road Large Cap Value Select Fund			AMG River Road Small Cap Value Fund			AMG River Road Dividend All Cap Value Fund

Investment Income:

Dividend income		$1,897,820			$328,322			$5,381,635	¹		$4,573,820

Interest income		14,536			3,251			362,833			30,721

Securities lending income		1,320			870			11,703			7,553

Foreign withholding tax		(31,691	)		(13,747	)		(22,224	)		—

Total investment income		1,881,985			318,696			5,733,947			4,612,094

Expenses:

Investment advisory and management fees		883,576			59,483			3,432,700			815,432

Administrative fees		236,672			25,493			643,631			244,630

Distribution fees - Class N		286,147			4,665			48,880			44,274

Shareholder servicing fees - Class N		116,315			1,866			19,790			7,084

Shareholder servicing fees - Class I		18,862			4,539			355,850			57,465

Registration fees		25,819			13,706			38,019			21,778

Custodian fees		21,170			10,766			36,505			21,041

Professional fees		20,990			17,800			39,291			24,780

Reports to shareholders		17,086			2,826			26,364			8,143

Trustee fees and expenses		12,010			1,314			32,729			12,618

Transfer agent fees		10,378			4,426			12,085			5,420

Interest expense		141			—			—			2,463

Miscellaneous		7,244			1,459			40,451			16,790

Total expenses before offsets		1,656,410			148,343			4,726,295			1,281,918

Expense reimbursements		(35,807	)		(35,302	)		—			(61,644	)

Expense reductions		(22,751	)		(1,068	)		(22,180	)		(7,666	)

Net expenses		1,597,852			111,973			4,704,115			1,212,608


Net investment income		284,133			206,723			1,029,832			3,399,486

Net Realized and Unrealized Gain (Loss):

Net realized gain on investments		849,208			1,021,250			24,462,452			7,813,679

Net change in unrealized appreciation/depreciation on investments		21,989,622			1,522,968			(34,571,744	)		(5,666,198	)

Net realized and unrealized gain (loss)		22,838,830			2,544,218			(10,109,292	)		2,147,481


Net increase (decrease) in net assets resulting from operations		$23,122,963			$2,750,941			$(9,079,460	)		$5,546,967

¹Includes non-recurring dividends of $702,411.

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

Statement of Operations (continued)


	AMG River Road Small-Mid Cap Value Fund			AMG River Road International Value Equity Fund			AMG River Road Focused Absolute Value Fund

Investment Income:

Dividend income		$1,741,405			$145,206			$644,428

Interest income		43,722			2,106			988

Securities lending income		8,031			695			1,156

Foreign withholding tax		(2,614	)		(20,737	)		(13,915	)

Total investment income		1,790,544			127,270			632,657
Expenses:

Investment advisory and management fees		955,742			21,948			179,279

Administrative fees		191,148			6,211			44,820

Distribution fees - Class N		22,570			1,451			2,758

Shareholder servicing fees - Class N		5,596			303			450

Shareholder servicing fees - Class I		54,827			1,510			10,110

Registration fees		20,245			12,656			16,680

Professional fees		20,000			15,371			16,074

Custodian fees		18,390			19,206			14,928

Trustee fees and expenses		9,360			293			2,268

Reports to shareholders		7,561			1,278			3,526

Transfer agent fees		3,952			249			1,223

Interest expense		—			—			1,615

Miscellaneous		12,604			1,373			5,058

Total expenses before offsets		1,321,995			81,849			298,789

Expense reimbursements		—			(48,355	)		(50,795	)

Expense reductions		(9,205	)		(1,282	)		(3,637	)

Net expenses		1,312,790			32,212			244,357


Net investment income		477,754			95,058			388,300

Net Realized and Unrealized Gain (Loss):

Net realized gain (loss) on investments		8,663,549			(19,802	)		1,067,125

Net realized gain on foreign currency transactions		—			589			—

Net change in unrealized appreciation/depreciation on investments		(15,578,686	)		1,590,024			1,223,114

Net change in unrealized appreciation/depreciation on foreign currency translations		—			1,025			—

Net realized and unrealized gain (loss)		(6,915,137	)		1,571,836			2,290,239


Net increase (decrease) in net assets resulting from operations		$(6,437,383	)		$1,666,894			$2,678,539

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

Statements of Changes in Net Assets

For the six months ended April 30, 2023 (unaudited) and the fiscal year ended October 31, 2022


	AMG River Road Mid Cap Value Fund						AMG River Road Large Cap Value Select Fund						AMG River Road Small Cap Value Fund

	April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022

Increase (Decrease) in Net Assets Resulting From Operations:

Net investment income (loss)		$284,133			$3,450,135			$206,723			$671,385			$1,029,832			$(2,967,724	)

Net realized gain (loss) on investments		849,208			26,043,244			1,021,250			(991,432	)		24,462,452			32,053,565

Net change in unrealized appreciation/depreciation on investments		21,989,622			(49,642,188	)		1,522,968			(3,078,280	)		(34,571,744	)		(29,813,692	)

Net increase (decrease) in net assets resulting from operations		23,122,963			(20,148,809	)		2,750,941			(3,398,327	)		(9,079,460	)		(727,851	)

Distributions to Shareholders:

Class N		(19,489,451	)		(9,096,124	)		(65,123	)		—			(1,388,209	)		(2,525,400	)

Class I		(5,976,906	)		(3,627,499	)		(618,612	)		(148,346	)		(28,767,483	)		(60,899,554	)

Class Z		(608,991	)		(308,106	)		—			—			(343,645	)		(572,964	)

Total distributions to shareholders		(26,075,348	)		(13,031,729	)		(683,735	)		(148,346	)		(30,499,337	)		(63,997,918	)

Capital Share Transactions:¹

Net increase (decrease) from capital share transactions		10,459,730			(66,134,751	)		(2,177,955	)		(3,775,114	)		26,833,126			54,093,356


Total increase (decrease) in net assets		7,507,345			(99,315,289	)		(110,749	)		(7,321,787	)		(12,745,671	)		(10,632,413	)

Net Assets:

Beginning of period		308,828,420			408,143,709			34,201,632			41,523,419			866,997,342			877,629,755

End of period		$316,335,765			$308,828,420			$34,090,883			$34,201,632			$854,251,671			$866,997,342

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

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

Statements of Changes in Net Assets (continued)

For the six months ended April 30, 2023 (unaudited) and the fiscal year ended October 31, 2022


	AMG River Road Dividend All Cap Value Fund						AMG River Road Small-Mid Cap Value Fund						AMG River Road International Value Equity Fund

	April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022

Increase (Decrease) in Net Assets Resulting From Operations:

Net investment income (loss)		$3,399,486			$6,444,266			$477,754			$(94,938	)		$95,058			$278,429

Net realized gain (loss) on investments		7,813,679			43,952,790			8,663,549			11,600,764			(19,213	)		(449,151	)

Net change in unrealized appreciation/depreciation on investments		(5,666,198	)		(51,226,403	)		(15,578,686	)		(15,124,084	)		1,591,049			(781,700	)

Net increase (decrease) in net assets resulting from operations		5,546,967			(829,347	)		(6,437,383	)		(3,618,258	)		1,666,894			(952,422	)

Distributions to Shareholders:

Class N		(4,348,708	)		(7,853,246	)		(841,013	)		(1,300,180	)		(41,449	)		(8,584	)

Class I		(34,784,185	)		(67,471,975	)		(8,300,606	)		(11,974,114	)		(211,394	)		(52,305	)

Class Z		(408,893	)		(467,570	)		(1,508,182	)		(2,022,835	)		(35,865	)		(4,607	)

Total distributions to shareholders		(39,541,786	)		(75,792,791	)		(10,649,801	)		(15,297,129	)		(288,708	)		(65,496	)

Capital Share Transactions:¹

Net increase (decrease) from capital share transactions		20,147,942			(21,546,543	)		43,163,166			(16,650,233	)		1,047,339			(1,091,145	)


Total increase (decrease) in net assets		(13,846,877	)		(98,168,681	)		26,075,982			(35,565,620	)		2,425,525			(2,109,063	)

Net Assets:

Beginning of period		330,262,370			428,431,051			241,600,829			277,166,449			7,108,482			9,217,545

End of period		$316,415,493			$330,262,370			$267,676,811			$241,600,829			$9,534,007			$7,108,482

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

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

Statements of Changes in Net Assets (continued)

For the six months ended April 30, 2023 (unaudited) and the fiscal year ended October 31, 2022


	AMG River Road Focused Absolute Value Fund

	April 30, 2023			October 31, 2022

Increase (Decrease) in Net Assets Resulting From Operations:

Net investment income		$388,300			$716,791

Net realized gain on investments		1,067,125			2,657,573

Net change in unrealized appreciation/depreciation on investments		1,223,114			(21,462,247	)

Net increase (decrease) in net assets resulting from operations		2,678,539			(18,087,883	)

Distributions to Shareholders:

Class N		(16,781	)		(221,233	)

Class I		(521,709	)		(12,072,508	)

Class Z		(81,036	)		(930,537	)

Total distributions to shareholders		(619,526	)		(13,224,278	)

Capital Share Transactions:¹

Net decrease from capital share transactions		(11,409,540	)		(98,597,273	)


Total decrease in net assets		(9,350,527	)		(129,909,434	)

Net Assets:

Beginning of period		63,539,644			193,449,078

End of period		$54,189,117			$63,539,644

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

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

AMG River Road Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class N	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$17.74			$19.43			$29.75			$34.95			$38.27			$41.95

Income (loss) from Investment Operations:

Net investment income^1,2		0.01			0.17	³		0.02	⁴		0.16			0.34	⁵		0.08

Net realized and unrealized gain (loss) on investments		1.25			(1.22	)		11.69			(2.85	)		(0.85	)		(0.95	)

Total income (loss) from investment operations		1.26			(1.05	)		11.71			(2.69	)		(0.51	)		(0.87	)

Less Distributions to Shareholders from:

Net investment income		(0.16	)		(0.04	)		(0.02	)		(0.33	)		(0.15	)		—

Net realized gain on investments		(1.38	)		(0.60	)		(22.01	)		(2.18	)		(2.66	)		(2.81	)

Total distributions to shareholders		(1.54	)		(0.64	)		(22.03	)		(2.51	)		(2.81	)		(2.81	)

Net Asset Value, End of Period		$17.46			$17.74			$19.43			$29.75			$34.95			$38.27

Total Return^2,6		7.57	%⁷		(5.67	)%		50.65	%		(8.62	)%		(0.55	)%		(2.82	)%

Ratio of net expenses to average net assets		1.10	%^8,9		1.09	%⁹		1.13	%⁹		1.14	%		1.15	%		1.12	%

Ratio of gross expenses to average net assets¹⁰		1.13	%⁸		1.11	%		1.18	%		1.16	%		1.15	%		1.13	%

Ratio of net investment income to average net assets²		0.09	%⁸		0.90	%		0.08	%		0.52	%		0.95	%		0.19	%

Portfolio turnover		38	%⁷		71	%		149	%		50	%		21	%		18	%

Net assets end of period (000’s) omitted		$233,562			$227,513			$287,165			$259,561			$518,354			$893,685

AMG River Road Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class I	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$19.05			$20.82			$30.68			$35.96			$39.33			$42.97

Income (loss) from Investment Operations:

Net investment income^1,2		0.04			0.24	³		0.09	⁴		0.25			0.45	⁵		0.19

Net realized and unrealized gain (loss) on investments		1.35			(1.32	)		12.16			(2.94	)		(0.89	)		(0.99	)

Total income (loss) from investment operations		1.39			(1.08	)		12.25			(2.69	)		(0.44	)		(0.80	)

Less Distributions to Shareholders from:

Net investment income		(0.22	)		(0.09	)		(0.10	)		(0.41	)		(0.27	)		(0.03	)

Net realized gain on investments		(1.38	)		(0.60	)		(22.01	)		(2.18	)		(2.66	)		(2.81	)

Total distributions to shareholders		(1.60	)		(0.69	)		(22.11	)		(2.59	)		(2.93	)		(2.84	)

Net Asset Value, End of Period		$18.84			$19.05			$20.82			$30.68			$35.96			$39.33

Total Return^2,6		7.72	%⁷		(5.41	)%		51.11	%		(8.38	)%		(0.33	)%		(2.56	)%

Ratio of net expenses to average net assets		0.80	%^8,9		0.80	%⁹		0.87	%⁹		0.90	%		0.90	%		0.87	%

Ratio of gross expenses to average net assets¹⁰		0.83	%⁸		0.82	%		0.92	%		0.92	%		0.90	%		0.88	%

Ratio of net investment income to average net assets²		0.39	%⁸		1.19	%		0.34	%		0.76	%		1.20	%		0.44	%

Portfolio turnover		38	%⁷		71	%		149	%		50	%		21	%		18	%

Net assets end of period (000’s) omitted		$75,248			$74,094			$112,741			$176,807			$1,102,479			$1,754,203

AMG River Road Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class Z	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$18.94			$20.71			$30.63			$35.95			$39.34			$42.98

Income (loss) from Investment Operations:

Net investment income^1,2		0.04			0.24	³		0.10	⁴		0.28			0.48	⁵		0.22

Net realized and unrealized gain (loss) on investments		1.34			(1.29	)		12.13			(2.94	)		(0.89	)		(0.98	)

Total income (loss) from investment operations		1.38			(1.05	)		12.23			(2.66	)		(0.41	)		(0.76	)

Less Distributions to Shareholders from:

Net investment income		(0.23	)		(0.12	)		(0.14	)		(0.48	)		(0.32	)		(0.07	)

Net realized gain on investments		(1.38	)		(0.60	)		(22.01	)		(2.18	)		(2.66	)		(2.81	)

Total distributions to shareholders		(1.61	)		(0.72	)		(22.15	)		(2.66	)		(2.98	)		(2.88	)

Net Asset Value, End of Period		$18.71			$18.94			$20.71			$30.63			$35.95			$39.34

Total Return^2,6		7.73	%⁷		(5.34	)%		51.18	%		(8.32	)%		(0.25	)%		(2.48	)%

Ratio of net expenses to average net assets		0.75	%^8,9		0.75	%⁹		0.80	%⁹		0.82	%		0.82	%		0.79	%

Ratio of gross expenses to average net assets¹⁰		0.78	%⁸		0.77	%		0.85	%		0.84	%		0.82	%		0.80	%

Ratio of net investment income to average net assets²		0.44	%⁸		1.24	%		0.41	%		0.84	%		1.28	%		0.52	%

Portfolio turnover		38	%⁷		71	%		149	%		50	%		21	%		18	%

Net assets end of period (000’s) omitted		$7,526			$7,221			$8,237			$9,786			$47,907			$205,203

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 $0.05, $0.11 and $0.11 for Class N, Class I and Class Z, respectively.

⁴	Includes non-recurring dividends. Without these dividends, net investment income (loss) per share would have been $(0.02), $0.05 and $0.06 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 $0.23, $0.33 and $0.36 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 reduction from brokerage recapture amounting to 0.01% for the six months ended April 30, 2023, 0.01% and less than 0.01% for the fiscal years ended October 31, 2022 and 2021, respectively.

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

AMG River Road Large Cap Value Select Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class N	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$14.08			$15.45			$13.73			$16.22			$15.68			$17.97

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.07			0.22	³		0.01			0.04	⁴		0.12	⁵		(0.07	)

Net realized and unrealized gain (loss) on investments		1.07			(1.59	)		4.27			(1.84	)		0.95			1.94

Total income (loss) from investment operations		1.14			(1.37	)		4.28			(1.80	)		1.07			1.87

Less Distributions to Shareholders from:

Net investment income		(0.25	)		—			(2.56	)		—			(0.02	)		—

Net realized gain on investments		—			—			—			(0.69	)		(0.51	)		(4.16	)

Total distributions to shareholders		(0.25	)		—			(2.56	)		(0.69	)		(0.53	)		(4.16	)

Net Asset Value, End of Period		$14.97			$14.08			$15.45			$13.73			$16.22			$15.68

Total Return^2,6		8.20	%⁷		(8.87	)%		33.53	%		(11.66	)%		7.15	%		12.54	%

Ratio of net expenses to average net assets		0.94	%^8,9		0.95	%⁹		1.00	%⁹		1.04	%		1.28	%^9,10		2.24	%^9,10

Ratio of gross expenses to average net assets¹¹		1.15	%⁸		1.07	%		1.14	%		1.08	%		1.30	%		2.36	%

Ratio of net investment income (loss) to average net assets²		0.93	%⁸		1.51	%		0.08	%		0.25	%		0.74	%		(0.43	)%

Portfolio turnover		46	%⁷		91	%		256	%		750	%		330	%		240	%

Net assets end of period (000’s) omitted		$3,648			$3,683			$4,623			$4,716			$14,301			$24,536

AMG River Road Large Cap Value Select Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class I	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$14.19			$15.58			$13.80			$16.25			$15.71			$17.97

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.09			0.27	³		0.06			0.08	⁴		0.16	⁵		(0.02	)

Net realized and unrealized gain (loss) on investments		1.07			(1.60	)		4.29			(1.84	)		0.95			1.92

Total income (loss) from investment operations		1.16			(1.33	)		4.35			(1.76	)		1.11			1.90

Less Distributions to Shareholders from:

Net investment income		(0.30	)		(0.06	)		(2.57	)		—			(0.06	)		—

Net realized gain on investments		—			—			—			(0.69	)		(0.51	)		(4.16	)

Total distributions to shareholders		(0.30	)		(0.06	)		(2.57	)		(0.69	)		(0.57	)		(4.16	)

Net Asset Value, End of Period		$15.05			$14.19			$15.58			$13.80			$16.25			$15.71

Total Return^2,6		8.32	%⁷		(8.55	)%		33.93	%		(11.38	)%		7.43	%		12.82	%

Ratio of net expenses to average net assets		0.62	%^8,9		0.63	%⁹		0.69	%⁹		0.76	%		0.99	%^9,10		1.92	%^9,10

Ratio of gross expenses to average net assets¹¹		0.83	%⁸		0.75	%		0.83	%		0.80	%		1.01	%		2.04	%

Ratio of net investment income (loss) to average net assets²		1.25	%⁸		1.83	%		0.39	%		0.53	%		1.03	%		(0.11	)%

Portfolio turnover		46	%⁷		91	%		256	%		750	%		330	%		240	%

Net assets end of period (000’s) omitted		$30,443			$30,519			$36,900			$38,990			$83,323			$55,590

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 $0.08 and $0.13 for Class N and Class I, respectively.

⁴	Includes non-recurring dividends. Without these dividends, net investment income (loss) per share would have been $(0.01) and $0.03 for Class N and Class I, respectively.

⁵	Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.07 and $0.12 for Class N and Class I, respectively.

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

⁷	Not annualized.

⁸	Annualized.

⁹	Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 30, 2023, and less than 0.01%, less than 0.01%, less than 0.01% and 0.01% for the fiscal years ended October 31, 2022, 2021, 2019 and 2018, respectively.

¹⁰

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.)

AMG River Road Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class N	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$14.26			$15.45			$10.76			$13.00			$13.26			$14.46

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.00	)^3,4		(0.09	)		(0.09	)		(0.02	)		(0.04	)		(0.05	)

Net realized and unrealized gain (loss) on investments		(0.17	)		0.06			4.78			(1.43	)		1.17			0.79

Total income (loss) from investment operations		(0.17	)		(0.03	)		4.69			(1.45	)		1.13			0.74

Less Distributions to Shareholders from:

Net realized gain on investments		(0.52	)		(1.16	)		—			(0.79	)		(1.39	)		(1.94	)

Net Asset Value, End of Period		$13.57			$14.26			$15.45			$10.76			$13.00			$13.26

Total Return^2,5		(1.12	)%⁶		(0.35	)%		43.59	%		(12.09	)%		10.86	%		5.41	%

Ratio of net expenses to average net assets⁷		1.35	%⁸		1.35	%		1.33	%		1.34	%		1.36	%		1.35	%

Ratio of gross expenses to average net assets⁹		1.35	%⁸		1.35	%		1.35	%		1.36	%		1.37	%		1.36	%

Ratio of net investment loss to average net assets²		(0.01	)%⁸		(0.60	)%		(0.61	)%		(0.19	)%		(0.33	)%		(0.34	)%

Portfolio turnover		10	%⁶		33	%		39	%		42	%		47	%		41	%

Net assets end of period (000’s) omitted		$42,589			$37,265			$34,246			$25,920			$29,963			$28,444

AMG River Road Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class I	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$14.76			$15.91			$11.05			$13.30			$13.51			$14.68

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.02	⁴		(0.05	)		(0.05	)		0.01			(0.01	)		(0.01	)

Net realized and unrealized gain (loss) on investments		(0.18	)		0.06			4.91			(1.46	)		1.20			0.79

Total income (loss) from investment operations		(0.16	)		0.01			4.86			(1.45	)		1.19			0.78

Less Distributions to Shareholders from:

Net investment income		—			—			(0.00	)³		(0.01	)		(0.01	)		(0.01	)

Net realized gain on investments		(0.52	)		(1.16	)		—			(0.79	)		(1.39	)		(1.94	)

Total distributions to shareholders		(0.52	)		(1.16	)		(0.00	)³		(0.80	)		(1.40	)		(1.95	)

Net Asset Value, End of Period		$14.08			$14.76			$15.91			$11.05			$13.30			$13.51

Total Return^2,5		(1.07	)%⁶		(0.07	)%		43.99	%		(11.91	)%		11.23	%		5.60	%

Ratio of net expenses to average net assets⁷		1.09	%⁸		1.09	%		1.07	%		1.07	%		1.09	%		1.10	%

Ratio of gross expenses to average net assets⁹		1.09	%⁸		1.09	%		1.09	%		1.09	%		1.10	%		1.11	%

Ratio of net investment income (loss) to average net assets²		0.25	%⁸		(0.34	)%		(0.35	)%		0.07	%		(0.06	)%		(0.09	)%

Portfolio turnover		10	%⁶		33	%		39	%		42	%		47	%		41	%

Net assets end of period (000’s) omitted		$801,674			$819,940			$835,473			$487,637			$374,344			$330,245

AMG River Road Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class Z	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$14.78			$15.92			$11.05			$13.30			$13.51			$14.68

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.02	⁴		(0.04	)		(0.04	)		0.02			0.00	¹⁰		0.00	¹⁰

Net realized and unrealized gain (loss) on investments		(0.18	)		0.06			4.92			(1.46	)		1.20			0.79

Total income (loss) from investment operations		(0.16	)		0.02			4.88			(1.44	)		1.20			0.79

Less Distributions to Shareholders from:

Net investment income		—			—			(0.01	)		(0.02	)		(0.02	)		(0.02	)

Net realized gain on investments		(0.52	)		(1.16	)		—			(0.79	)		(1.39	)		(1.94	)

Total distributions to shareholders		(0.52	)		(1.16	)		(0.01	)		(0.81	)		(1.41	)		(1.96	)

Net Asset Value, End of Period		$14.10			$14.78			$15.92			$11.05			$13.30			$13.51

Total Return^2,5		(1.01	)%⁶		(0.00	)%¹¹		44.17	%		(11.78	)%		11.29	%		5.71	%

Ratio of net expenses to average net assets⁷		1.00	%⁸		1.00	%		0.98	%		0.99	%		1.01	%		1.00	%

Ratio of gross expenses to average net assets⁹		1.00	%⁸		1.00	%		1.00	%		1.01	%		1.02	%		1.01	%

Ratio of net investment income (loss) to average net assets²		0.34	%⁸		(0.25	)%		(0.26	)%		0.16	%		0.02	%		0.01	%

Portfolio turnover		10	%⁶		33	%		39	%		42	%		47	%		41	%

Net assets end of period (000’s) omitted		$9,989			$9,792			$7,911			$1,025			$186			$163

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	Includes non-recurring dividends. Without these dividends, net investment income (loss) per share would have been $(0.01), $0.01 and $0.01 for Class N, Class I and Class Z shares, 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 April 30, 2023, less than 0.01%, 0.02%, 0.02%, 0.01%, and 0.01% for the fiscal years ended October 31, 2022, 2021, 2020, 2019, and 2018, respectively.

⁸	Annualized.

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	Less than $0.005 per share.

¹¹	Less than (0.005)%.

AMG River Road Dividend All Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class N	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$10.70			$13.28			$10.02			$12.34			$12.29			$12.87

Income (loss) from Investment Operations:

Net investment income^1,2		0.09			0.18			0.19			0.25			0.27			0.22

Net realized and unrealized gain (loss) on investments		0.07			(0.29	)		3.27			(1.49	)		0.80			0.06

Total income (loss) from investment operations		0.16			(0.11	)		3.46			(1.24	)		1.07			0.28

Less Distributions to Shareholders from:

Net investment income		(0.13	)		(0.27	)		(0.20	)		(0.34	)		(0.30	)		(0.28	)

Net realized gain on investments		(1.16	)		(2.20	)		—			(0.74	)		(0.72	)		(0.58	)

Total distributions to shareholders		(1.29	)		(2.47	)		(0.20	)		(1.08	)		(1.02	)		(0.86	)

Net Asset Value, End of Period		$9.57			$10.70			$13.28			$10.02			$12.34			$12.29

Total Return^2,3		1.47	%⁴		(1.34	)%		34.74	%		(10.96	)%		10.11	%		2.06	%

Ratio of net expenses to average net assets⁵		0.97	%⁶		1.03	%		1.06	%		1.13	%		1.11	%		1.10	%

Ratio of gross expenses to average net assets⁷		1.01	%⁶		1.07	%		1.09	%		1.13	%		1.12	%		1.11	%

Ratio of net investment income to average net assets²		1.86	%⁶		1.61	%		1.51	%		2.38	%		2.32	%		1.78	%

Portfolio turnover		12	%⁴		30	%		20	%		35	%		29	%		27	%

Net assets end of period (000’s) omitted		$34,121			$36,432			$43,430			$41,358			$79,811			$100,420

AMG River Road Dividend All Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class I	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$10.68			$13.27			$10.01			$12.33			$12.29			$12.86

Income (loss) from Investment Operations:

Net investment income^1,2		0.10			0.21			0.22			0.28			0.31			0.26

Net realized and unrealized gain (loss) on investments		0.08			(0.30	)		3.27			(1.49	)		0.78			0.06

Total income (loss) from investment operations		0.18			(0.09	)		3.49			(1.21	)		1.09			0.32

Less Distributions to Shareholders from:

Net investment income		(0.14	)		(0.30	)		(0.23	)		(0.37	)		(0.33	)		(0.31	)

Net realized gain on investments		(1.16	)		(2.20	)		—			(0.74	)		(0.72	)		(0.58	)

Total distributions to shareholders		(1.30	)		(2.50	)		(0.23	)		(1.11	)		(1.05	)		(0.89	)

Net Asset Value, End of Period		$9.56			$10.68			$13.27			$10.01			$12.33			$12.29

Total Return^2,3		1.71	%⁴		(1.18	)%		35.10	%		(10.69	)%		10.32	%		2.38	%

Ratio of net expenses to average net assets⁵		0.72	%⁶		0.78	%		0.81	%		0.86	%		0.84	%		0.84	%

Ratio of gross expenses to average net assets⁷		0.76	%⁶		0.82	%		0.84	%		0.86	%		0.85	%		0.85	%

Ratio of net investment income to average net assets²		2.11	%⁶		1.86	%		1.76	%		2.65	%		2.59	%		2.04	%

Portfolio turnover		12	%⁴		30	%		20	%		35	%		29	%		27	%

Net assets end of period (000’s) omitted		$278,738			$290,632			$382,571			$408,844			$533,106			$743,984

AMG River Road Dividend All Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class Z	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$10.69			$13.28			$10.01			$12.33			$12.29			$12.86

Income (loss) from Investment Operations:

Net investment income^1,2		0.11			0.21			0.22			0.27			0.32			0.26

Net realized and unrealized gain (loss) on investments		0.06			(0.29	)		3.29			(1.47	)		0.77			0.06

Total income (loss) from investment operations		0.17			(0.08	)		3.51			(1.20	)		1.09			0.32

Less Distributions to Shareholders from:

Net investment income		(0.14	)		(0.31	)		(0.24	)		(0.38	)		(0.33	)		(0.31	)

Net realized gain on investments		(1.16	)		(2.20	)		—			(0.74	)		(0.72	)		(0.58	)

Total distributions to shareholders		(1.30	)		(2.51	)		(0.24	)		(1.12	)		(1.05	)		(0.89	)

Net Asset Value, End of Period		$9.56			$10.69			$13.28			$10.01			$12.33			$12.29

Total Return^2,3		1.64	%⁴		(1.12	)%		35.26	%		(10.65	)%		10.37	%		2.42	%

Ratio of net expenses to average net assets⁵		0.68	%⁶		0.74	%		0.77	%		0.81	%		0.79	%		0.78	%

Ratio of gross expenses to average net assets⁷		0.72	%⁶		0.78	%		0.80	%		0.81	%		0.80	%		0.79	%

Ratio of net investment income to average net assets²		2.15	%⁶		1.90	%		1.80	%		2.69	%		2.64	%		2.10	%

Portfolio turnover		12	%⁴		30	%		20	%		35	%		29	%		27	%

Net assets end of period (000’s) omitted		$3,557			$3,199			$2,430			$1,901			$63			$619

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

⁴	Not annualized.

⁵	Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 30, 2023, 0.01%, 0.01%, less than 0.01%, 0.01%, and less than 0.01%, for the fiscal years ended October 31, 2022, 2021, 2020, 2019 and 2018, respectively.

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.)

AMG River Road Small-Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class N	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$9.10			$9.81			$6.80			$7.84			$7.62			$8.23

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.01			(0.03	)		(0.04	)		(0.01	)³		(0.02	)		(0.03	)

Net realized and unrealized gain (loss) on investments		(0.21	)		(0.11	)		3.05			(0.88	)		0.78			0.57

Total income (loss) from investment operations		(0.20	)		(0.14	)		3.01			(0.89	)		0.76			0.54

Less Distributions to Shareholders from:

Net investment income		(0.00	)⁴		—			—			(0.01	)		—			(0.02	)

Net realized gain on investments		(0.41	)		(0.57	)		—			(0.14	)		(0.54	)		(1.13	)

Total distributions to shareholders		(0.41	)		(0.57	)		—			(0.15	)		(0.54	)		(1.15	)

Net Asset Value, End of Period		$8.49			$9.10			$9.81			$6.80			$7.84			$7.62

Total Return^2,5		(2.15	)%⁶		(1.64	)%		44.27	%		(11.65	)%		11.82	%		7.09	%

Ratio of net expenses to average net assets⁷		1.27	%⁸		1.28	%		1.25	%		1.31	%		1.31	%		1.32	%

Ratio of gross expenses to average net assets⁹		1.27	%⁸		1.28	%		1.27	%		1.33	%		1.37	%		1.36	%

Ratio of net investment income (loss) to average net assets²		0.13	%⁸		(0.28	)%		(0.38	)%		(0.16	)%		(0.27	)%		(0.35	)%

Portfolio turnover		12	%⁶		32	%		44	%		47	%		38	%		46	%

Net assets end of period (000’s) omitted		$18,845			$18,961			$22,702			$21,618			$24,669			$17,840

AMG River Road Small-Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class I	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$9.41			$10.10			$6.98			$8.04			$7.78			$8.38

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.02			(0.00	)		(0.01	)		0.01	³		(0.00	)		(0.01	)

Net realized and unrealized gain (loss) on investments		(0.22	)		(0.12	)		3.13			(0.91	)		0.80			0.57

Total income (loss) from investment operations		(0.20	)		(0.12	)		3.12			(0.90	)		0.80			0.56

Less Distributions to Shareholders from:

Net investment income		(0.00	)⁴		—			(0.00	)⁴		(0.02	)		—			(0.03	)

Net realized gain on investments		(0.41	)		(0.57	)		—			(0.14	)		(0.54	)		(1.13	)

Total distributions to shareholders		(0.41	)		(0.57	)		(0.00	)⁴		(0.16	)		(0.54	)		(1.16	)

Net Asset Value, End of Period		$8.80			$9.41			$10.10			$6.98			$8.04			$7.78

Total Return^2,5		(2.03	)%⁶		(1.38	)%		44.70	%		(11.47	)%		12.12	%		7.32	%

Ratio of net expenses to average net assets⁷		1.02	%⁸		1.02	%		1.00	%		1.05	%		1.06	%		1.08	%

Ratio of gross expenses to average net assets⁹		1.02	%⁸		1.02	%		1.02	%		1.07	%		1.12	%		1.12	%

Ratio of net investment income (loss) to average net assets²		0.38	%⁸		(0.02	)%		(0.13	)%		0.09	%		(0.02	)%		(0.11	)%

Portfolio turnover		12	%⁶		32	%		44	%		47	%		38	%		46	%

Net assets end of period (000’s) omitted		$216,896			$188,163			$218,698			$156,350			$145,620			$51,400

AMG River Road Small-Mid Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class Z	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$9.42			$10.10			$6.98			$8.04			$7.77			$8.37

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.02			0.00	¹⁰		(0.01	)		0.01	³		0.00	¹⁰		(0.01	)

Net realized and unrealized gain (loss) on investments		(0.22	)		(0.11	)		3.13			(0.91	)		0.81			0.58

Total income (loss) from investment operations		(0.20	)		(0.11	)		3.12			(0.90	)		0.81			0.57

Less Distributions to Shareholders from:

Net investment income		(0.00	)⁴		(0.00	)⁴		(0.00	)⁴		(0.02	)		—			(0.04	)

Net realized gain on investments		(0.41	)		(0.57	)		—			(0.14	)		(0.54	)		(1.13	)

Total distributions to shareholders		(0.41	)		(0.57	)		(0.00	)⁴		(0.16	)		(0.54	)		(1.17	)

Net Asset Value, End of Period		$8.81			$9.42			$10.10			$6.98			$8.04			$7.77

Total Return^2,5		(2.02	)%⁶		(1.26	)%		44.77	%		(11.43	)%		12.26	%		7.37	%

Ratio of net expenses to average net assets⁷		0.97	%⁸		0.97	%		0.95	%		1.00	%		1.01	%		1.03	%

Ratio of gross expenses to average net assets⁹		0.97	%⁸		0.97	%		0.97	%		1.02	%		1.07	%		1.07	%

Ratio of net investment income (loss) to average net assets²		0.43	%⁸		0.03	%		(0.08	)%		0.14	%		0.03	%		(0.06	)%

Portfolio turnover		12	%⁶		32	%		44	%		47	%		38	%		46	%

Net assets end of period (000’s) omitted		$31,935			$34,477			$35,766			$553			$183			$136

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 (loss) income per share would have been $(0.02), $(0.00), and $0.00 for Class N, Class I, and Class Z shares, respectively.

⁴	Less than $(0.005) per share.

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 April 30, 2023, 0.01%, 0.02%, 0.02%, 0.03%, and 0.01% for the fiscal years ended October 31, 2022, 2021, 2020, 2019, and 2018, respectively.

⁸	Annualized.

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	Less than $0.005 per share.

AMG River Road International Value Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class N	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$8.35			$9.51			$11.40			$13.06			$12.19			$12.33

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.10			0.29	³		(0.09	)		(0.16	)		(0.05	)		(0.03	)⁴

Net realized and unrealized gain (loss) on investments		1.75			(1.39	)		2.71			(0.42	)		1.63			(0.11	)

Total income (loss) from investment operations		1.85			(1.10	)		2.62			(0.58	)		1.58			(0.14	)

Less Distributions to Shareholders from:

Net investment income		(0.32	)		—			—			—			—			—

Net realized gain on investments		—			(0.06	)		(4.51	)		(1.08	)		(0.71	)		—

Total distributions to shareholders		(0.32	)		(0.06	)		(4.51	)		(1.08	)		(0.71	)		—

Net Asset Value, End of Period		$9.88			$8.35			$9.51			$11.40			$13.06			$12.19

Total Return^2,5		22.69	%⁶		(11.67	)%		22.06	%		(5.17	)%		13.98	%		(1.14	)%

Ratio of net expenses to average net assets⁷		1.00	%⁸		1.02	%		2.08	%⁹		2.71	%⁹		2.41	%⁹		3.12	%⁹

Ratio of gross expenses to average net assets¹⁰		2.19	%⁸		2.11	%		2.69	%		3.23	%		2.83	%		3.41	%

Ratio of net investment income (loss) to average net assets²		2.07	%⁸		3.23	%		(0.70	)%		(1.35	)%		(0.43	)%		(0.25	)%

Portfolio turnover		35	%⁶		51	%		159	%		257	%		264	%		189	%

Net assets end of period (000’s) omitted		$1,396			$1,012			$1,561			$1,584			$2,654			$3,749

AMG River Road International Value Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class I	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$8.67			$9.86			$11.65			$13.30			$12.37			$12.48

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.11			0.33	³		(0.06	)		(0.14	)		(0.02	)		0.00	^4,11

Net realized and unrealized gain (loss) on investments		1.82			(1.44	)		2.78			(0.43	)		1.66			(0.11	)

Total income (loss) from investment operations		1.93			(1.11	)		2.72			(0.57	)		1.64			(0.11	)

Less Distributions to Shareholders from:

Net investment income		(0.35	)		(0.02	)		—			—			—			—

Net realized gain on investments		—			(0.06	)		(4.51	)		(1.08	)		(0.71	)		—

Total distributions to shareholders		(0.35	)		(0.08	)		(4.51	)		(1.08	)		(0.71	)		—

Net Asset Value, End of Period		$10.25			$8.67			$9.86			$11.65			$13.30			$12.37

Total Return^2,5		22.72	%⁶		(11.41	)%		22.48	%		(4.98	)%		14.28	%		(0.88	)%

Ratio of net expenses to average net assets⁷		0.76	%⁸		0.77	%		1.84	%⁹		2.46	%⁹		2.16	%⁹		2.87	%⁹

Ratio of gross expenses to average net assets¹⁰		1.95	%⁸		1.86	%		2.45	%		2.98	%		2.58	%		3.16	%

Ratio of net investment income (loss) to average net assets²		2.31	%⁸		3.48	%		(0.46	)%		(1.10	)%		(0.18	)%		0.00	%¹²

Portfolio turnover		35	%⁶		51	%		159	%		257	%		264	%		189	%

Net assets end of period (000’s) omitted		$6,906			$5,263			$7,105			$14,041			$22,856			$24,925

AMG River Road International Value Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class Z	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$8.71			$9.92			$11.69			$13.32			$12.38			$12.49

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.11			0.33	³		(0.05	)		(0.12	)		(0.01	)		0.01	⁴

Net realized and unrealized gain (loss) on investments		1.83			(1.45	)		2.79			(0.43	)		1.66			(0.12	)

Total income (loss) from investment operations		1.94			(1.12	)		2.74			(0.55	)		1.65			(0.11	)

Less Distributions to Shareholders from:

Net investment income		(0.35	)		(0.03	)		—			—			—			—

Net realized gain on investments		—			(0.06	)		(4.51	)		(1.08	)		(0.71	)		—

Total distributions to shareholders		(0.35	)		(0.09	)		(4.51	)		(1.08	)		(0.71	)		—

Net Asset Value, End of Period		$10.30			$8.71			$9.92			$11.69			$13.32			$12.38

Total Return^2,5		22.80	%⁶		(11.41	)%		22.58	%		(4.82	)%		14.35	%		(0.88	)%

Ratio of net expenses to average net assets⁷		0.71	%⁸		0.72	%		1.76	%⁹		2.38	%⁹		2.08	%⁹		2.79	%⁹

Ratio of gross expenses to average net assets¹⁰		1.90	%⁸		1.81	%		2.37	%		2.90	%		2.50	%		3.08	%

Ratio of net investment income (loss) to average net assets²		2.36	%⁸		3.53	%		(0.38	)%		(1.02	)%		(0.10	)%		0.09	%

Portfolio turnover		35	%⁶		51	%		159	%		257	%		264	%		189	%

Net assets end of period (000’s) omitted		$1,233			$833			$552			$660			$84			$73

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 $0.15, $0.18, and $0.18 for Class N, Class I and Class Z shares, respectively.

⁴	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.17), $(0.14), and $(0.13) for Class N, Class I and Class Z shares, respectively.

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

⁶	Not annualized.

⁷	Includes reduction from brokerage recapture amounting to 0.02% for the six months ended April 30, 2023, 0.01%, 0.04%, 0.11%, 0.01% and 0.02% for the fiscal years ended October 31, 2022, 2021, 2020, 2019 and 2018, respectively.

⁸	Annualized.

⁹

Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of net expenses to average net assets would be 1.32%, 1.11%, and 1.01% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2021, 1.34%, 1.09% and 1.01% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2020, 1.44%, 1.19% and 1.11% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2019, 1.45%, 1.20% and 1.12% for Class N, Class I and Class Z, respectively, for the fiscal year ended October 31, 2018.

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.

¹²	Less than 0.005%.

AMG River Road Focused Absolute Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class N	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$11.50			$14.44			$11.05			$12.65			$11.91			$11.87

Income (loss) from Investment Operations:

Net investment income^1,2		0.06			0.04			0.01			0.04	³		0.04			0.05

Net realized and unrealized gain (loss) on investments		0.43			(2.03	)		3.38			(1.39	)		1.45			0.93

Total income (loss) from investment operations		0.49			(1.99	)		3.39			(1.35	)		1.49			0.98

Less Distributions to Shareholders from:

Net investment income		(0.02	)		—			—			(0.02	)		(0.05	)		(0.07	)

Net realized gain on investments		(0.07	)		(0.95	)		—			(0.23	)		(0.70	)		(0.87	)

Total distributions to shareholders		(0.09	)		(0.95	)		—			(0.25	)		(0.75	)		(0.94	)

Net Asset Value, End of Period		$11.90			$11.50			$14.44			$11.05			$12.65			$11.91

Total Return^2,4		4.34	%⁵		(14.80	)%		30.68	%		(11.03	)%		14.29	%		8.69	%

Ratio of net expenses to average net assets⁶		1.06	%⁷		1.05	%		1.06	%		1.03	%		0.98	%		0.99	%

Ratio of gross expenses to average net assets⁸		1.24	%⁷		1.14	%		1.12	%		1.15	%		1.21	%		1.32	%

Ratio of net investment income to average net assets²		1.05	%⁷		0.30	%		0.10	%		0.34	%		0.34	%		0.43	%

Portfolio turnover		31	%⁵		113	%		83	%		103	%		59	%		88	%

Net assets end of period (000’s) omitted		$2,234			$2,243			$3,666			$12,466			$15,284			$9,184

AMG River Road Focused Absolute Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class I	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$11.51			$14.48			$11.12			$12.72			$11.98			$11.92

Income (loss) from Investment Operations:

Net investment income^1,2		0.08			0.07			0.05			0.07	³		0.07			0.08

Net realized and unrealized gain (loss) on investments		0.44			(2.04	)		3.39			(1.40	)		1.46			0.93

Total income (loss) from investment operations		0.52			(1.97	)		3.44			(1.33	)		1.53			1.01

Less Distributions to Shareholders from:

Net investment income		(0.05	)		(0.05	)		(0.08	)		(0.04	)		(0.09	)		(0.08	)

Net realized gain on investments		(0.07	)		(0.95	)		—			(0.23	)		(0.70	)		(0.87	)

Total distributions to shareholders		(0.12	)		(1.00	)		(0.08	)		(0.27	)		(0.79	)		(0.95	)

Net Asset Value, End of Period		$11.91			$11.51			$14.48			$11.12			$12.72			$11.98

Total Return^2,4		4.52	%⁵		(14.64	)%		30.98	%		(10.81	)%		14.55	%		8.91	%

Ratio of net expenses to average net assets⁶		0.81	%⁷		0.80	%		0.81	%		0.78	%		0.73	%		0.74	%

Ratio of gross expenses to average net assets⁸		0.99	%⁷		0.89	%		0.87	%		0.90	%		0.96	%		1.07	%

Ratio of net investment income to average net assets²		1.30	%⁷		0.55	%		0.35	%		0.59	%		0.59	%		0.68	%

Portfolio turnover		31	%⁵		113	%		83	%		103	%		59	%		88	%

Net assets end of period (000’s) omitted		$45,215			$53,620			$176,460			$130,758			$130,928			$20,928

AMG River Road Focused Absolute Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class Z	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$11.52			$14.49			$11.12			$12.73			$11.98			$11.92

Income (loss) from Investment Operations:

Net investment income^1,2		0.08			0.08			0.06			0.07	³		0.07			0.08

Net realized and unrealized gain (loss) on investments		0.43			(2.04	)		3.39			(1.41	)		1.47			0.93

Total income (loss) from investment operations		0.51			(1.96	)		3.45			(1.34	)		1.54			1.01

Less Distributions to Shareholders from:

Net investment income		(0.06	)		(0.06	)		(0.08	)		(0.04	)		(0.09	)		(0.08	)

Net realized gain on investments		(0.07	)		(0.95	)		—			(0.23	)		(0.70	)		(0.87	)

Total distributions to shareholders		(0.13	)		(1.01	)		(0.08	)		(0.27	)		(0.79	)		(0.95	)

Net Asset Value, End of Period		$11.90			$11.52			$14.49			$11.12			$12.73			$11.98

Total Return^2,4		4.42	%⁵		(14.59	)%		31.12	%		(10.86	)%		14.69	%		8.96	%

Ratio of net expenses to average net assets⁶		0.77	%⁷		0.76	%		0.77	%		0.74	%		0.69	%		0.70	%

Ratio of gross expenses to average net assets⁸		0.95	%⁷		0.85	%		0.83	%		0.86	%		0.92	%		1.03	%

Ratio of net investment income to average net assets²		1.34	%⁷		0.59	%		0.39	%		0.63	%		0.63	%		0.72	%

Portfolio turnover		31	%⁵		113	%		83	%		103	%		59	%		88	%

Net assets end of period (000’s) omitted		$6,740			$7,677			$13,323			$2,462			$157			$66

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 $0.02, $0.05, and $0.05 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 0.01% for the six months ended April 30, 2023, 0.02%, 0.01%, 0.01%, 0.02%, and 0.01% for the fiscal years ended October 31, 2022, 2021, 2020, 2019, and 2018, respectively.

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.)

Notes to Financial Statements (unaudited)

April 30, 2023

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I and AMG Funds IV (the “Trusts”) are open-end management investment companies. AMG Funds I is organized as a Massachusetts business trust, while AMG Funds IV is organized as a Delaware Statutory Trust. The Trusts are 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 I: AMG River Road Large Cap Value Select Fund (“Large Cap Value Select”), and AMG Trust IV: AMG River Road Mid Cap Value Fund (“Mid Cap Value”), AMG River Road Small Cap Value Fund (“Small Cap Value”), AMG River Road Dividend All Cap Value Fund (“Dividend All Cap Value”), AMG River Road Small-Mid Cap Value Fund (“Small-Mid Cap Value”), AMG River Road International Value Equity Fund (“International Value Equity “), and AMG River Road Focused Absolute Value Fund (“Focused Absolute Value”), each a “Fund” and collectively, the “Funds”.

Each Fund is authorized to issue Class N and Class I shares. The Funds, except for Large Cap Value Select, are also authorized to issue 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.

Large Cap Value Select and Focused Absolute Value are non-diversified funds. 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 prices of investments held by the Funds 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.

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

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. Pursuant to Rule 2a-5 under the 1940 Act, the Funds’ Boards of Trustees (the “Board”) designated AMG Funds LLC (the “Investment Manager”) as the Funds’ Valuation Designee to perform the Funds’ fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager’s fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Funds 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 Funds’ valuation procedures, if the Investment Manager 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 Investment Manager seeks to determine the price that the Funds 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 quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Funds. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager’s process for determining the fair value of the Funds’ investments.

With respect to foreign equity securities and certain foreign fixed income securities, 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.

Notes to Financial Statements (continued)

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. 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.

The following Funds 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 April 30, 2023, the impact on the expenses and expense ratios were as follows:


	Amount		Percentage Reduction

Mid Cap Value	$	22,751		0.01%

Large Cap Value Select		1,068		0.00%	¹

Small Cap Value		22,180		0.00%	¹

Dividend All Cap Value		7,666		0.00%	¹

Small-Mid Cap Value		9,205		0.00%	¹

International Value Equity		1,282		0.02%

Focused Absolute Value		3,637		0.01%

¹Less than 0.005%

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions, except Dividend All Cap Value, resulting from net investment income will normally be declared and paid at least annually. Dividend All Cap Value will declare and pay net investment income distributions quarterly. Each Fund will normally declare and pay realized net capital gains, if any, 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 reclassification 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 (i) tax equalization utilized for Mid Cap Value, Small Cap Value, Dividend All Cap Value, Small/Mid Cap Value, and Focused Absolute Value, and (ii) the write-off of net operating losses for Small Cap Value and Small/Mid Cap Value. Temporary differences are primarily due to wash sale loss deferrals for all of the Funds, the deferral of qualified late year ordinary losses for Small Cap Value and Small/Mid Cap Value, and investments in partnerships for Dividend All Cap Value.

Notes to Financial Statements (continued)

At April 30, 2023, 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

Mid Cap Value		$306,801,495		$35,962,530		$(26,375,027)		$9,587,503

Large Cap Value Select		32,331,810		2,846,978		(1,288,783)		1,558,195

Small Cap Value		734,433,040		157,492,992		(39,175,182)		118,317,810

Dividend All Cap Value		240,934,715		78,786,400		(3,491,618)		75,294,782

Small-Mid Cap Value		247,040,289		38,843,225		(19,150,030)		19,693,195

International Value Equity		9,490,086		872,974		(345,959)		527,015

Focused Absolute Value		49,133,496		7,388,654		(2,459,071)		4,929,583

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 October 31, 2022, 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

Large Cap Value Select		$5,651,785		$1,323,135		$6,974,920

International Value Equity		241,090		108,351		349,441

As of October 31, 2022, all the Funds except for Large Cap Value Select and International Value Equity had no capital loss carryovers for federal income tax purposes. Should those Funds incur net capital losses for the fiscal year ended October 31, 2023, 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

Each Trust’s Declaration of Trust or Trust Instrument, as applicable, 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 April 30, 2023 (unaudited) and the fiscal year ended October 31, 2022, the capital stock transactions by class for the Funds were as follows:


		Mid Cap Value						Large Cap Value Select
	April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022

		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount

Class N:

Shares sold		537,757	$9,419,690		785,781	$14,450,856		4,303	$63,090		92,383	$1,426,811

Shares issued in reinvestment of distributions		1,150,594	19,157,394		466,296	8,920,248		3,501	49,510		—	—

Shares redeemed		(1,135,433)	(19,956,476)		(3,205,760)	(59,136,700)		(25,643)	(375,046)		(130,056)	(1,921,760)


Net increase (decrease)		552,918	$8,620,608		(1,953,683)	$(35,765,596)		(17,839)	$(262,446)		(37,673)	$(494,949)

Notes to Financial Statements (continued)


		Mid Cap Value						Large Cap Value Select
	April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022

		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount

Class I:

Shares sold		602,289	$11,400,750		389,997	$7,669,264		30,985	$448,577		170,101	$2,524,908

Shares issued in reinvestment of distributions		323,884	5,813,710		172,599	3,534,820		41,467	589,249		9,155	144,014

Shares redeemed		(821,461)	(15,734,264)		(2,089,133)	(41,293,790)		(201,119)	(2,953,335)		(396,293)	(5,949,087)


Net increase (decrease)		104,712	$1,480,196		(1,526,537)	$(30,089,706)		(128,667)	$(1,915,509)		(217,037)	$(3,280,165)


Class Z:

Shares sold		7,973	$147,491		57,150	$1,177,954		—	—		—	—

Shares issued in reinvestment of distributions		34,175	608,992		15,140	308,105		—	—		—	—

Shares redeemed		(21,229)	(397,557)		(88,736)	(1,765,508)		—	—		—	—


Net increase (decrease)		20,919	$358,926		(16,446)	$(279,449)		—	—		—	—


		Small Cap Value						Dividend All Cap Value
	April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022

		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount

Class N:

Shares sold		640,388	$8,999,529		561,747	$7,864,823		33,484	$326,030		125,545	$1,388,577

Shares issued in reinvestment of distributions		102,870	1,367,145		171,350	2,484,577		447,857	4,304,591		696,500	7,755,566

Shares redeemed		(216,937)	(2,995,271)		(336,442)	(4,782,181)		(323,633)	(3,168,650)		(685,187)	(7,832,849)


Net increase		526,321	$7,371,403		396,655	$5,567,219		157,708	$1,461,971		136,858	$1,311,294


Class I:

Shares sold		6,799,389	$98,248,986		12,369,812	$181,304,160		3,016,460	$30,109,020		5,504,938	$60,820,542

Shares issued in reinvestment of distributions		1,896,971	26,121,284		3,784,850	56,659,209		3,559,047	34,131,163		5,979,282	66,508,504

Shares redeemed		(7,301,259)	(105,545,181)		(13,103,828)	(191,877,365)		(4,623,130)	(46,266,594)		(13,105,957)	(151,468,515)


Net increase (decrease)		1,395,101	$18,825,089		3,050,834	$46,086,004		1,952,377	$17,973,589		(1,621,737)	$(24,139,469)


Class Z:

Shares sold		30,452	$434,337		133,388	$1,956,634		33,018	$333,020		97,425	$1,079,174

Shares issued in reinvestment of distributions		24,902	343,645		38,249	572,964		42,640	408,893		42,101	467,571

Shares redeemed		(9,660)	(141,348)		(5,997)	(89,465)		(2,970)	(29,531)		(23,221)	(265,113)


Net increase		45,694	$636,634		165,640	$2,440,133		72,688	$712,382		116,305	$1,281,632


		Small-Mid Cap Value						International Value Equity
	April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022

		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount

Class N:

Shares sold		247,739	$2,225,822		215,704	$1,962,918		20,586	$192,453		6,816	$64,007

Shares issued in reinvestment of distributions		98,767	829,638		136,634	1,285,724		4,694	41,308		905	8,466

Shares redeemed		(211,472)	(1,842,046)		(583,472)	(5,314,555)		(5,176)	(47,163)		(50,611)	(465,849)


Net increase (decrease)		135,034	$1,213,414		(231,134)	$(2,065,913)		20,104	$186,598		(42,890)	$(393,376)

Notes to Financial Statements (continued)


		Small-Mid Cap Value						International Value Equity
	April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022

		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount

Class I:

Shares sold		6,636,579	$60,856,953		3,071,053	$28,932,722		89,554	$857,538		47,924	$450,397

Shares issued in reinvestment of distributions		881,405	7,668,227		1,136,001	11,030,565		23,179	211,394		5,357	51,853

Shares redeemed		(2,880,005)	(26,231,944)		(5,867,377)	(55,678,643)		(46,132)	(433,591)		(166,456)	(1,563,395)


Net increase (decrease)		4,637,979	$42,293,236		(1,660,323)	$(15,715,356)		66,601	$635,341		(113,175)	$(1,061,145)


Class Z:

Shares sold		117,717	$1,051,848		163,072	$1,535,426		20,166	$189,742		46,267	$424,613

Shares issued in reinvestment of distributions		114,008	993,011		130,979	1,271,813		3,916	35,865		474	4,607

Shares redeemed		(269,367)	(2,388,343)		(173,599)	(1,676,203)		(21)	(207)		(6,708)	(65,844)


Net increase (decrease)		(37,642)	$(343,484)		120,452	$1,131,036		24,061	$225,400		40,033	$363,376


		Focused Absolute Value
	April 30, 2023			October 31, 2022

		Shares	Amount		Shares	Amount

Class N:

Shares sold		1,739	$20,968		3,037	$38,754

Shares issued in reinvestment of distributions		1,435	16,781		16,196	221,232

Shares redeemed		(10,597)	(126,760)		(78,016)	(1,025,492)


Net decrease		(7,423)	$(89,011)		(58,783)	$(765,506)


Class I:

Shares sold		609,140	$7,344,493		868,513	$11,393,428

Shares issued in reinvestment of distributions		44,601	520,939		883,850	12,064,555

Shares redeemed		(1,512,890)	(18,006,569)		(9,282,307)	(118,273,825)


Net decrease		(859,149)	$(10,141,137)		(7,529,944)	$(94,815,842)


Class Z:

Shares sold		10,781	$126,233		56,888	$729,942

Shares issued in reinvestment of distributions		2,706	31,583		25,080	342,347

Shares redeemed		(113,803)	(1,337,208)		(335,109)	(4,088,214)


Net decrease		(100,316)	$(1,179,392)		(253,141)	$(3,015,925)

At April 30, 2023, certain affiliated and unaffiliated shareholders of record individually or collectively held greater than 5% of the net assets of the Funds as follows: Small-Mid Cap Value - one owns 7%. Transactions by this shareholder may have a material impact on the Fund.

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

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

Notes to Financial Statements (continued)

the Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

At April 30, 2023, the market value of Repurchase Agreements outstanding is as follows:


	Market Value

Mid Cap Value		$3,226,000

Large Cap Value Select		678,000

Small Cap Value		76,482,000

Dividend All Cap Value		2,673,000

Small-Mid Cap Value		11,020,000

International Value Equity		862,601

Focused Absolute Value		176,000

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 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 River Road Asset Management, LLC (“River Road”) who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in River Road.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the six months ended April 30, 2023, the Funds’ investment management fees were paid at the following annual rate of each Fund’s respective average daily net assets:



Mid Cap Value			0.56%

Large Cap Value Select			0.35%



Small Cap Value	0.80%

Dividend All Cap Value	0.50%	¹

Small-Mid Cap Value	0.75%

International Value Equity	0.53%

Focused Absolute Value	0.60%

¹ Prior to July 1, 2022, the annual rate was 0.60%.

The fee paid to River Road for its services as Subadviser is paid out of the fee the Investment Manager receives from the Fund and does not increase the expenses of the Fund.

The Investment Manager has contractually agreed, through at least March 1, 2024, to waive management fees and/or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service 12b-1 fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses). The annual rate of the Funds’ average daily net assets subject to later reimbursement by the Funds in certain circumstances (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”) are as follows:



Mid Cap Value	0.76%

Large Cap Value Select	0.60%

Small Cap Value	N/A

Dividend All Cap Value	0.68%	¹

Small-Mid Cap Value	1.04%

International Value Equity	0.73%

Focused Absolute Value	0.78%

¹ Prior to July 1, 2022, the limitation was 0.78%.

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

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of 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.

For the six months ended April 30, 2023, the Investment Manager’s expense reimbursements, and repayments of prior reimbursements by the Funds to the Investment Manager, if any, are as follows:

Notes to Financial Statements (continued)


	Expense Reimbursements	Repayment of Prior Reimbursements

Mid Cap Value	$35,807	—

Large Cap Value Select	35,302	—

Dividend All Cap Value	61,644	—

International Value Equity	48,355	—

Focused Absolute Value	50,795	—

At April 30, 2023, the Funds’ expiration of reimbursements subject to recoupment, if any, is as follows:


Expiration Period	Mid Cap Value		Large Cap Value Select		Dividend All Cap Value

Less than 1 year		$329,833		$52,069		$42,560

1-2 years		65,336		58,207		122,310

2-3 years		62,844		55,206		112,364


Total		$458,013		$165,482		$277,234


Expiration Period			International Value Equity		Focused Absolute Value

Less than 1 year				$78,344		$113,700

1-2 years				87,173		94,513

2-3 years				94,114		100,597


Total				$259,631		$308,810

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 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 authorizes payments to the Distributor of up to 0.25% annually of each Fund’s average daily net assets attributable to the Class N shares. For all Funds, except Large Cap Value Select, the Plan is characterized as a reimbursement plan and is directly tied to expenses incurred by the Distributor; the payments the Distributor receives during any year may not exceed its actual expenses.

The impact on the annualized expense ratios for the six months ended April 30, 2023, were as follows:


Fund	Actual Amount Incurred

Mid Cap Value

Class N		0.25%

Large Cap Value Select

Class N		0.25%

Small Cap Value

Class N		0.25%

Dividend All Cap Value

Class N		0.25%

Small-Mid Cap Value

Class N		0.24%

International Value Equity

Class N		0.24%

Focused Absolute Value

Class N		0.25%

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 record keeping, 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 April 30, 2023, were as follows:


Fund	Maximum Annual Amount Approved		Actual Amount Incurred

Mid Cap Value

Class N		0.10%		0.10%

Class I		0.05%		0.05%

Large Cap Value Select

Class N		0.10%		0.10%

Class I		0.05%		0.03%

Small Cap Value

Class N		0.15%		0.10%

Class I		0.15%		0.09%

Notes to Financial Statements (continued)


Fund	Maximum Annual Amount Approved		Actual Amount Incurred

Dividend All Cap Value

Class N		0.04%		0.04%

Class I		0.04%		0.04%

Small-Mid Cap Value

Class N		0.15%		0.06%

Class I		0.15%		0.05%

International Value Equity

Class N		0.05%		0.05%

Class I		0.05%		0.05%

Focused Absolute Value

Class N		0.15%		0.04%

Class I		0.15%		0.04%

The Board provides 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 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. Mid Cap Value, Large Cap Value Select, and International Value Equity may participate as borrowing and lending funds; Focused Absolute Value may participate as a lending fund. Dividend All Cap Value, Small-Mid Cap Value, and Small Cap Value are not eligible to participate in the interfund lending program. At April 30, 2023, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund loan program during the six months ended April 30, 2023 as follows:


Fund	Average Lent		Number of Days		Interest Earned		Average Interest Rate

Mid Cap Value		$1,827,637		5		$1,179		4.710%

Large Cap Value Select		707,027		1		108		5.585%

International Value Equity		104,350		7		94		4.700%


Fund	Average Borrowed		Number of Days		Interest Paid		Average Interest Rate

Mid Cap Value		$1,091,438		1		$141		4.700%

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 April 30, 2023, were as follows:


	Long Term Securities

Fund	Purchases		Sales

Mid Cap Value		$119,456,040		$130,071,197

Large Cap Value Select		15,197,011		18,305,001

Small Cap Value		84,221,247		114,309,053

Dividend All Cap Value		37,323,327		43,481,515

Small-Mid Cap Value		58,557,361		31,242,299

International Value Equity		3,497,023		2,776,881

Focused Absolute Value		18,441,732		29,463,205

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 2023.

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 April 30, 2023, were as follows:

Notes to Financial Statements (continued)


Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received

Mid Cap Value		$2,312,634		—		$2,371,413		$2,371,413

Large Cap Value Select		1,078,471		—		1,082,506		1,082,506

Small Cap Value		22,430,724		—		22,577,442		22,577,442

Dividend All Cap Value		9,254,474		—		9,447,291		9,447,291

Small-Mid Cap Value		7,816,851		—		7,887,845		7,887,845

International Value Equity		421,499		$455,601		—		455,601

Focused Absolute Value		1,924,725		—		1,966,555		1,966,555

The following table summarizes the securities received as collateral for securities lending at April 30, 2023:


Fund	Collateral Type	Coupon Range	Maturity Date Range

Mid Cap Value	U.S. Treasury Obligations	0.000%-5.080%		05/31/23-11/15/51

Large Cap Value Select	U.S. Treasury Obligations	0.000%-7.500%		05/31/23-11/15/51

Small Cap Value	U.S. Treasury Obligations	0.125%-5.172%		06/30/23-11/15/51

Dividend All Cap Value	U.S. Treasury Obligations	0.125%-5.172%		06/30/23-11/15/51

Small-Mid Cap Value	U.S. Treasury Obligations	0.125%-5.172%		06/30/23-11/15/51

Focused Absolute Value	U.S. Treasury Obligations	0.125%-5.172%		06/30/23-11/15/51

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 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. CREDIT AGREEMENT

Effective July 6, 2010 and last amended on April 12, 2023, certain Funds in AMG Funds II, AMG Funds III, and AMG Funds IV (the “Participating Trusts”) entered into a Credit Agreement with BNYM (the “Credit Agreement”) which provides Small Cap Value, Dividend All Cap Value, Small-Mid Cap Value, Focused Absolute Value, and certain other funds in AMG Funds II and AMG Funds III (the “Participating Funds”) with a revolving line of credit of up to $50 million. The Credit Agreement runs for 364-day terms and can be renewed at the mutual agreement of the Participating Trusts and BNYM. The facility is shared by the Participating Funds, and is available for temporary, emergency purposes including liquidity needs in meeting redemptions. The interest rate on outstanding Alternate Base Rate Loans is equal to the greater of the Prime Rate plus 1.25%, or 0.50% plus the Federal Funds Effective Rate plus 1.25%. The interest rate on outstanding Overnight Loans is equal to the greater of the Federal Funds Effective Rate plus 1.25%, or the Adjusted Daily Simple SOFR plus 1.25%. The aforementioned Adjusted Daily Simple SOFR is the sum of Daily Simple SOFR plus 0.10% plus a floor rate of 0.00%. The Participating Trusts pay a commitment fee on the unutilized commitment amount of 0.175% per annum, which is allocated to the Participating Funds based on average daily net assets and included in miscellaneous expense on the Statement of Operations. Interest incurred on loans utilized is included in the Statement of Operations as interest expense. At April 30, 2023, the Funds had no loans outstanding.

The following Funds utilized the line of credit during the six months ended April 30, 2023:


Fund	Weighted Average Borrowed		Number of Days		Interest Paid		Average Interest Rate

Dividend All Cap Value		$2,666,311		6		$2,463		5.543%

Focused Absolute Value		1,600,428		6		1,615		6.054%

8. 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.

Notes to Financial Statements (continued)


			Gross Amount Not Offset in the Statement of Assets and Liabilities
Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Offset Amount		Net Asset Balance		Collateral Received		Net Amount

Mid Cap Value

Fixed Income Clearing Corp.		$3,226,000		—		$3,226,000		$3,226,000		—

Large Cap Value Select

Fixed Income Clearing Corp.		$678,000		—		$678,000		$678,000		—

Small Cap Value

Fixed Income Clearing Corp.		$76,482,000		—		$76,482,000		$76,482,000		—

Dividend All Cap Value

Fixed Income Clearing Corp.		$2,673,000		—		$2,673,000		$2,673,000		—

Small-Mid Cap Value

Fixed Income Clearing Corporation		$11,020,000		—		$11,020,000		$11,020,000		—

International Value Equity

Bank of America Securities, Inc.		$455,601		—		$455,601		$455,601		—

Fixed Income Clearing Corp.		407,000		—		407,000		407,000		—


Total		$862,601		—		$862,601		$862,601		—


Focused Absolute Value

Fixed Income Clearing Corp.		$176,000		—		$176,000		$176,000		—

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.

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, Product 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 22, 2023, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period January 1, 2022 through December 31, 2022 (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.

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

River Road Asset Management, LLC

Meidinger Tower

462 South Fourth Street, Suite 2000

Louisville, KY 40202

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.

AMG Funds

Attn: 534426

AIM 154-0520

500 Ross Street

Pittsburgh, PA 15262

800.548.4539

TRUSTEES

Bruce B. Bingham

Kurt A. Keilhacker

Steven J. Paggioli

Eric Rakowski

Victoria L. Sassine

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 semi-annual report or annual report, please visit 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 Core

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


		SEMI-ANNUAL REPORT


AMG Funds

April 30, 2023



AMG GW&K Core Bond ESG Fund

Class N: MBGVX	Class I: MBDFX	Class Z: MBDLX

AMG GW&K Emerging Markets Equity Fund

Class N: TLEVX	Class I: TLESX	Class Z: TLEIX

AMG GW&K Emerging Wealth Equity Fund

Class N: TYWVX	Class I: TYWSX	Class Z: TYWIX

AMG GW&K Small/Mid Cap Growth Fund

Class N: ACWDX	Class I: ACWIX	Class Z: ACWZX

AMG Funds

Semi-Annual Report — April 30, 2023 (unaudited)


TABLE OF CONTENTS	PAGE


ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		3

FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS

AMG GW&K Core Bond ESG Fund		6

AMG GW&K Emerging Markets Equity Fund		10

AMG GW&K Emerging Wealth Equity Fund		14

AMG GW&K Small/Mid Cap Growth Fund		18

FINANCIAL STATEMENTS

Statement of Assets and Liabilities		22
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)

Statement of Operations		24
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period

Statements of Changes in Net Assets		25
Detail of changes in assets for the past two fiscal periods

Financial Highlights		27
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

FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM		47

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 the 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 April 30, 2023	Expense Ratio for the Period			Beginning Account Value 11/01/22		Ending Account Value 04/30/23		Expenses Paid During the Period*
AMG GW&K Core Bond ESG Fund
Based on Actual Fund Return
Class N		0.88	%		$1,000		$1,074		$4.52
Class I		0.55	%		$1,000		$1,075		$2.83
Class Z		0.48	%		$1,000		$1,076		$2.47
Based on Hypothetical 5% Annual Return
Class N		0.88	%		$1,000		$1,020		$4.41
Class I		0.55	%		$1,000		$1,022		$2.76
Class Z		0.48	%		$1,000		$1,022		$2.41

AMG GW&K Emerging Markets Equity Fund
Based on Actual Fund Return
Class N		1.27	%		$1,000		$1,244		$7.07
Class I		0.97	%		$1,000		$1,247		$5.40
Class Z		0.87	%		$1,000		$1,247		$4.85
Based on Hypothetical 5% Annual Return
Class N		1.27	%		$1,000		$1,019		$6.36
Class I		0.97	%		$1,000		$1,020		$4.86
Class Z		0.87	%		$1,000		$1,020		$4.36

AMG GW&K Emerging Wealth Equity Fund
Based on Actual Fund Return
Class N		1.30	%		$1,000		$1,311		$7.45
Class I		1.00	%		$1,000		$1,312		$5.73
Class Z		0.90	%		$1,000		$1,313		$5.16
Based on Hypothetical 5% Annual Return
Class N		1.30	%		$1,000		$1,018		$6.51
Class I		1.00	%		$1,000		$1,020		$5.01
Class Z		0.90	%		$1,000		$1,020		$4.51


Six Months Ended April 30, 2023	Expense Ratio for the Period			Beginning Account Value 11/01/22		Ending Account Value 04/30/23		Expenses Paid During the Period*
AMG GW&K Small/Mid Cap Growth Fund
Based on Actual Fund Return
Class N		1.01	%		$1,000		$1,045		$5.12
Class I		0.87	%		$1,000		$1,046		$4.41
Class Z		0.82	%		$1,000		$1,046		$4.16
Based on Hypothetical 5% Annual Return
Class N		1.01	%		$1,000		$1,020		$5.06
Class I		0.87	%		$1,000		$1,020		$4.36
Class Z		0.82	%		$1,000		$1,021		$4.11

*	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.

Fund Performance (unaudited)

Periods ended April 30, 2023

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 April 30, 2023.


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

AMG GW&K Core Bond ESG Fund^{2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16}

Class N		7.36%		(1.05%)		0.67%		—		0.64%		05/08/15

Class I		7.54%		(0.74%)		1.00%		1.01%		4.95%		04/30/93

Class Z		7.57%		(0.56%)		1.08%		—		1.05%		05/08/15

Bloomberg U.S. Aggregate Bond Index³²		6.91%		(0.43%)		1.18%		1.32%		4.51%		04/30/93	^†

AMG GW&K Emerging Markets Equity Fund^{2, 10, 11, 12, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30}

Class N		24.41%		3.20%		(1.01%)		1.30%		0.65%		03/01/12

Class I		24.70%		3.77%		(0.68%)		1.66%		0.35%		03/01/11

Class Z		24.74%		3.69%		(0.61%)		1.76%		0.45%		03/01/11

MSCI Emerging Markets Index³³		16.36%		(6.51%)		(1.05%)		1.80%		1.38%		03/01/11	^†

AMG GW&K Emerging Wealth Equity Fund^{2, 10, 11, 12, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30}

Class N		31.05%		9.75%		(0.47%)		—		3.61%		03/19/15

Class I		31.19%		10.01%		(0.20%)		—		3.88%		03/19/15

Class Z		31.34%		10.11%		(0.09%)		—		3.99%		03/19/15

MSCI Emerging Markets Index³³		16.36%		(6.51%)		(1.05%)		1.80%		2.58%		03/19/15	^†

AMG GW&K Small/Mid Cap Growth Fund^{2, 10, 11, 12, 23, 29, 30, 31}

Class N		4.46%		1.07%		8.62%		8.93%		9.69%		11/03/10

Class I		4.56%		1.24%		8.80%		9.15%		8.44%		06/01/11

Class Z		4.56%		1.24%		—		—		(11.14%)		08/31/21

Russell 2500^® Growth Index³⁴		1.88%		(0.07%)		6.69%		9.87%		10.90%		11/03/10	^†

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 Funds are net of expenses and based on the published NAV as of April 30, 2023. All returns are in U.S. Dollars ($). ² From time to time, the Fund’s adviser has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

³ Investments in asset-backed and mortgage-backed securities involve risk of severe credit downgrades, loss due to prepayments that occur earlier or later than expected, illiquidity and default.

⁴ The issuer of bonds or other debt securities may be unable or unwilling, or may be perceived as unable or unwilling, to make timely interest or principal payments or otherwise honor its obligations.

⁵ The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. Investments in debt securities are subject to, among other risks, credit risk, interest rate risk, extension risk, prepayment risk and liquidity risk.

⁶ Because applying the Fund’s environmental, social, and governance (“ESG”) investment criteria may result in the selection or exclusion of securities of certain issuers for reasons other than financial performance, the Fund’s investment returns may underperform funds that do not incorporate ESG factors into their investment process. The incorporation of ESG criteria into the investment process may affect the Fund’s investment exposure to certain companies, sectors, regions, countries or types of investments, which could negatively impact the Fund’s performance depending on whether such investments are in or out of favor. Applying ESG criteria to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by the Subadviser or any judgment exercised by the Subadviser will improve the financial performance of the Fund or reflect the beliefs or values of any particular investor. ESG standards differ by region and industry, and a company’s ESG practices or the Subadviser’s assessment of a company’s ESG practices may change over time.

⁷ During periods of rising interest rates, a debtor may pay back a bond or other fixed income security slower than expected or required, and the value of such security may fall.

⁸ Inflation risk is the risk that the value of assets or income from investments will be worth less in the future. Inflation rates may change frequently and drastically as a result of various factors and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of shareholders’ investments in the Fund. Recently, inflation levels have been at their highest point in nearly 40 years, and the Federal Reserve has begun an aggressive campaign to raise certain benchmark interest rates in an effort to combat inflation. As such, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. Deflation risk is the risk that the prices throughout the economy decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and

Fund Performance

Periods ended April 30, 2023 (continued)

may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.

⁹ Fixed coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline.

¹⁰ 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.

¹¹ 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.

¹²Market 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 other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics such as the COVID-19 pandemic, or in response to events that affect particular industries or companies.

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

¹⁴ A debtor may exercise its right to pay back a bond or other debt security earlier than expected or required during periods of decreasing interest rates.

¹⁵ The Fund may have difficulty reinvesting payments from debtors and may receive lower rates than from its original investments.

¹⁶ Obligations issued by some U.S. Government agencies, authorities, instrumentalities, or sponsored enterprises such as Government National Mortgage Association (“GNMA”) are backed by the full faith and credit of the U.S. Government, while obligations issued by others, such as Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”), and Federal Home Loan Banks (“FHLBs”), are not backed by the full faith and credit of the U.S. Government and are backed solely by the entity’s own resources or by the ability of the entity to borrow from the U.S. Treasury. If one of these agencies defaults on a loan, there is no guarantee that the U.S. Government will provide financial support.

¹⁷ The counterparty to a derivatives contract may be unable or unwilling, or may be perceived as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations.

¹⁸ Fluctuations in exchange rates may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars and exposure to

non-U.S. currencies may subject the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar.

¹⁹ The use of derivatives involves costs, the risk that the value of derivatives may not correlate perfectly with their underlying assets, rates or indices, liquidity risk, and the risk of mispricing or improper valuation. The use of derivatives may not succeed for various reasons, and the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

²⁰ Investments in emerging markets are subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility. Such additional risks include the risk that markets in emerging market countries are typically less developed and less liquid than markets in developed countries and such markets are subjected to increased economic, political, or regulatory uncertainties.

²¹ Investments in foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investments in U.S. issuers and may result in greater price volatility.

²² To the extent the Fund focuses its investments in a particular country, group of countries or geographic region, the Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting such countries or region, and the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund and may result in losses.

Greater China. The Fund is particularly susceptible to risks in the Greater China region, which consists of Hong Kong, The People’s Republic of China and Taiwan, among other countries. Economies in the Greater China region are dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from other emerging economies in Asia with lower costs. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. Markets in the Greater China region can experience significant volatility due to social, economic, regulatory and political uncertainties. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. U.S. or foreign government restrictions or intervention could negatively affect the implementation of the Fund’s investment strategies, for example by precluding the Fund from making certain investments or causing the Fund to sell investments at disadvantageous times. China has yet to develop comprehensive securities, corporate, or commercial

laws, its market is relatively new and less developed, and its economy may be adversely impacted by a slowdown in export growth. The Fund may gain investment exposure to certain Chinese companies through variable interest entity (“VIE”) structures. A VIE structure enables foreign investors, such as the Fund, to obtain investment exposure to a Chinese company in situations in which the Chinese government has limited or prohibited non-Chinese ownership of such company. A VIE does not have equity ownership in its corresponding China-based company but has claims to the China-based company’s profits and control of its assets through contractual arrangements. VIEs are a common industry practice and well known to officials and regulators in China; however, VIEs are not formally recognized under Chinese law. If the Chinese government takes action adversely affecting VIEs, the market value of the Fund’s associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent consequences, which could result in substantial investment losses.

²³ The prices of equity securities of companies that are expected to experience relatively rapid earnings growth, or “growth stocks,” may be more sensitive to market movements because the prices tend to reflect future investor expectations rather than just current profits.

²⁴ The prices of stocks purchased in initial public offerings (“IPOs”) can be very volatile and tend to fluctuate more widely than stocks of companies that have been publicly traded for a longer period of time. The effect of IPOs on the Fund’s performance depends on a variety of factors.

²⁵ The stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.

²⁶ Borrowing and some derivative investments such as futures, forward commitment transactions and swaps may magnify smaller adverse market movements into relatively larger losses.

²⁷ An investment in participatory notes is subject to market risk. The performance results of participatory notes may not exactly replicate the performance of the underlying securities. An investment in participatory notes is also subject to counterparty risk, relating to the non-U.S. bank or broker-dealer that issues the participatory notes, and may be subject to liquidity risk.

²⁸ Changes in the general political and social environment of a country can have substantial effects on the value of investments exposed to that country.

²⁹ 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.

Fund Performance

Periods ended April 30, 2023 (continued)

³⁰ 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.

³¹ 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 LMCG Small Cap Growth Fund and had different principal investment strategies and corresponding risks. Effective March 19, 2021, the Fund changed its name to AMG GW&K Small Cap Fund II. Effective May 21, 2021, the Fund changed its name to AMG GW&K Small/Mid Cap Growth Fund and made changes to its principal investment strategies. Performance shown for periods prior to March 19, 2021, reflects the performance and investment strategies of the Fund’s previous Subadvisor, LMCG Investments, 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.

³² The Bloomberg U.S. Aggregate Bond Index is an index

of the U.S. investment-grade fixed-rate bond market, including both government and corporate bonds. Unlike the Fund, the Bloomberg U.S. Aggregate Bond Index is unmanaged, is not available for investment and does not incur expenses.

³³ The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Please go to msci.com for the most current list of countries represented by the index. Unlike the Fund, the MSCI Emerging Markets Index is unmanaged, is not available for investment and does not incur expenses.

³⁴ The Russell 2500^® Growth Index measures the performance of the small- to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. Unlike the Fund, the Russell 2500^® Growth 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.

All MSCI data is provided “as is”. The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.

The Russell Indices are a trademark of London Stock Exchange Group companies.

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

AMG GW&K Core Bond ESG Fund

Fund Snapshots (unaudited)

April 30, 2023

PORTFOLIO BREAKDOWN


Category		% of Net Assets

U.S. Government and Agency Obligations		50.1

Corporate Bonds and Notes		39.1

Municipal Bonds		7.9

Foreign Government Obligations		0.9

Short-Term Investments		2.5

Other Assets, less Liabilities		(0.5)

Rating		% of Market Value¹

U.S. Government and Agency Obligations		51.1

Aaa/AAA		4.0

Aa/AA		11.7

A		11.9

Baa/BBB		21.3

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		3.9

U.S. Treasury Bonds, 3.500%, 02/15/39		2.6

FHLMC, 3.500%, 10/01/45		2.4

Verizon Communications, Inc., 3.875%, 02/08/29		2.1

California State General Obligation, School Improvements, 7.550% , 04/01/39		2.1

FNMA, 3.500%, 02/01/47		2.0

FHLMC, 3.000%, 11/01/49		2.0

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

FNMA, 4.500%, 06/01/41		1.7

FHLMC, 2.500%, 10/01/34		1.6


Top Ten as a Group		22.3

Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”). These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB- or higher. Below investment grade ratings are credit ratings of BB+ or lower. Investments designated N/R are not rated by any of the rating agencies. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

AMG GW&K Core Bond ESG Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Principal Amount		Value
Corporate Bonds and Notes - 39.1%

Financials - 13.9%

AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) 1.650%, 10/29/24		$1,650,000		$1,542,831

Aircastle, Ltd. (Bermuda)
4.250%, 06/15/26		1,562,000		1,484,633

American Express Co.
(3.550% to 09/15/26 then U.S. Treasury Yield Curve CMT 5 year + 2.854%), 3.550%, 09/15/26^1,2,3		973,000		817,494

American Tower Corp.
3.600%, 01/15/28		1,680,000		1,591,408

Bank of America Corp. MTN,
(4.330% to 03/15/49 then 3 month LIBOR + 1.520%), 4.330%, 03/15/50^1,3		1,600,000		1,375,726

The Bank of New York Mellon Corp. MTN, 2.450%, 08/17/26		937,000		876,751
Series G, (4.700% to 09/20/25 then U.S. Treasury Yield Curve CMT 5 year + 4.358%), 4.700%, 09/20/25^1,2,3		460,000		447,925

Citigroup, Inc.
(3.980% to 03/20/29 then 3 month SOFR + 1.600%), 3.980%, 03/20/30^1,3		1,677,000		1,573,332

Crown Castle, Inc.
4.000%, 03/01/27		1,800,000		1,755,115

The Goldman Sachs Group, Inc. 3.500%, 11/16/26		2,526,000		2,409,536

JPMorgan Chase & Co.
(1.470% to 09/22/26 then SOFR + 0.765%), 1.470%, 09/22/27^1,3		2,452,000		2,183,394

MetLife, Inc.
Series G, (3.850% to 09/15/25 then U.S. Treasury Yield Curve CMT 5 year + 3.576%), 3.850%, 09/15/25^1,2,3		1,409,000		1,310,370

Morgan Stanley
(4.431% to 01/23/29 then 3 month LIBOR + 1.628%), 4.431%, 01/23/30^1,3		1,624,000		1,569,047

Wells Fargo & Co.
MTN, (5.013% to 04/04/50 then SOFR + 4.502%), 5.013%, 04/04/51^1,3		1,411,000		1,335,217

Total Financials				20,272,779

Industrials - 23.6%

Air Products and Chemicals, Inc. 4.800%, 03/03/33		1,030,000		1,073,821

Alcoa Nederland Holding, B.V. (Netherlands) 4.125%, 03/31/29^4,5		1,275,000		1,157,808

Amazon.com, Inc. 4.600%, 12/01/25		1,455,000		1,470,085

Ashtead Capital, Inc. 1.500%, 08/12/26⁴		1,786,000		1,578,754


	Principal Amount		Value

AT&T, Inc. 4.300%, 12/15/42	$	1,710,000	$	1,477,570

Charter Communications Operating LLC/Charter Communications Operating Capital 2.250%, 01/15/29		2,000,000		1,678,219

Comcast Corp. 4.650%, 02/15/33⁵		1,115,000		1,128,707

CommonSpirit Health 3.347%, 10/01/29		1,737,000		1,570,206

Dell International LLC/EMC Corp. 6.200%, 07/15/30		1,512,000		1,597,556

Discovery Communications LLC 3.950%, 03/20/28		1,616,000		1,513,709

Eastman Chemical Co. 5.750%, 03/08/33		1,436,000		1,468,066

The Ford Foundation Series 2020, 2.415%, 06/01/50		2,207,000		1,474,320

HCA, Inc.
4.125%, 06/15/29		842,000		798,296
4.500%, 02/15/27		874,000		858,149

Jacobs Engineering Group, Inc. 5.900%, 03/01/33		1,291,000		1,310,707

Kraft Heinz Foods Co. 3.875%, 05/15/27		1,518,000		1,482,013

Merck & Co., Inc. 1.900%, 12/10/28		1,797,000		1,603,083

Microsoft Corp. 2.525%, 06/01/50		2,090,000		1,482,861

Parker-Hannifin Corp. 3.250%, 06/14/29		1,573,000		1,466,568

PulteGroup, Inc. 5.000%, 01/15/27		761,000		761,726

Smith & Nephew PLC (United Kingdom) 2.032%, 10/14/30		1,010,000		823,490

Sonoco Products Co. 2.850%, 02/01/32⁵		1,852,000		1,572,218

Sysco Corp. 2.400%, 02/15/30		2,209,000		1,924,975

Verizon Communications, Inc. 3.875%, 02/08/29		3,203,000		3,092,757

Total Industrials				34,365,664

Utilities - 1.6%

National Rural Utilities Cooperative Finance Corp. 1.350%, 03/15/31		1,974,000		1,547,359

Northern States Power Co. 2.900%, 03/01/50		1,000,000		716,045

Total Utilities				2,263,404

Total Corporate Bonds and Notes (Cost $63,404,191)				56,901,847

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

AMG GW&K Core Bond ESG Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value

Municipal Bonds - 7.9%

California Health Facilities Financing Authority 4.190%, 06/01/37		$775,000		$735,168

California State General Obligation, School Improvements Build America Bonds, 7.550%, 04/01/39		2,310,000		3,031,838

Commonwealth of Massachusetts, Series B 4.110%, 07/15/31		1,040,000		1,031,791

JobsOhio Beverage System, Series B Build America Bonds, 4.532%, 01/01/35		1,705,000		1,703,102

Los Angeles Unified School District, School Improvements 5.750%, 07/01/34		1,775,000		1,937,525

Massachusetts School Building Authority Series B, 1.753%, 08/15/30		2,017,000		1,720,294

University of California, University & College Improvements Series BD, 3.349%, 07/01/29		1,310,000		1,248,213

Total Municipal Bonds (Cost $12,382,777)				11,407,931

U.S. Government and Agency Obligations - 50.1%

Fannie Mae - 22.2%

FNMA
2.000%, 02/01/36 to 10/01/50		1,889,099		1,643,505
3.000%, 06/01/38 to 12/01/50		1,482,203		1,384,699
3.500%, 03/01/30 to 07/01/50		11,626,331		11,077,231
4.000%, 03/01/44 to 01/01/51		8,016,228		7,805,803
4.500%, 04/01/39 to 08/01/52		8,352,815		8,369,770
5.000%, 07/01/47 to 02/01/49		1,930,518		1,957,459

Total Fannie Mae				32,238,467

Freddie Mac - 10.6%

FHLMC
2.500%, 10/01/34 to 08/01/50		3,906,879		3,569,980
3.000%, 11/01/49 to 03/01/50		4,132,667		3,780,978
3.500%, 10/01/45		3,665,637		3,470,016
4.000%, 07/01/48 to 09/01/50		1,907,236		1,857,278
4.500%, 05/01/48		285,324		286,341
5.000%, 07/01/44		1,256,307		1,279,398

FHLMC Gold Pool
3.500%, 07/01/32 to 05/01/44		1,209,362		1,170,609

Total Freddie Mac				15,414,600

U.S. Treasury Obligations - 17.3%

U.S. Treasury Bonds
1.875%, 02/15/51		3,958,000		2,708,602
2.250%, 05/15/41		7,080,000		5,645,470
3.125%, 05/15/48		1,998,000		1,785,088
3.500%, 02/15/39		3,777,000		3,753,099

¹	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2023. Rate will reset at a future date.

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


	Principal Amount		Value

U.S. Treasury Bonds
5.000%, 05/15/37		$978,000		$1,145,635
6.250%, 08/15/23		2,018,000		2,025,252
6.750%, 08/15/26		1,339,000		1,463,694

U.S. Treasury Notes
2.000%, 06/30/24		1,492,000		1,447,123
2.375%, 05/15/27		1,641,000		1,566,386
3.500%, 02/15/33		2,166,000		2,178,861
3.625%, 03/31/28		1,440,000		1,447,763

Total U.S. Treasury Obligations				25,166,973

Total U.S. Government and Agency Obligations (Cost $80,357,945)				72,820,040

Foreign Government Obligation - 0.9%

The Korea Development Bank (South Korea) 0.500%, 10/27/23
(Cost $1,384,427)		1,385,000		1,356,743

Short-Term Investments - 2.5%

Joint Repurchase Agreements - 1.5%⁶

Bank of America Securities, Inc., dated 04/28/23, due 05/01/23, 4.820% total to be received $1,000,402 (collateralized by various U.S. Government Agency Obligations, 1.500% - 4.000%, 09/20/46 - 06/20/52, totaling $1,020,000)		1,000,000		1,000,000

Jefferies LLC, dated 04/28/23, due 05/01/23, 4.870% total to be received $1,000,406 (collateralized by various U.S. Government Agency Obligations, 0.000% - 5.500%, 05/04/23 - 03/11/33, totaling $1,020,002)		1,000,000		1,000,000

RBC Dominion Securities, Inc., dated 04/28/23, due 05/01/23, 4.810% total to be received $286,352 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.000%, 05/04/23 - 04/20/53, totaling $291,962)		286,237		286,237

Total Joint Repurchase Agreements				2,286,237

Repurchase Agreements - 1.0%

Fixed Income Clearing Corp. dated 04/28/23, due 05/01/23, 4.650% total to be received $1,443,559 (collateralized by a U.S. Treasury, 5.160%, 07/31/23, totaling $1,471,949)		1,443,000		1,443,000

Total Short-Term Investments (Cost $3,729,237)				3,729,237

Total Investments - 100.5% (Cost $161,258,577)				146,215,798

Other Assets, less Liabilities - (0.5)%				(781,253	)

Net Assets - 100.0%				$145,434,545

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

AMG GW&K Core Bond ESG Fund

Schedule of Portfolio Investments (continued)

Variable rate security. The rate shown is based on the latest available information as of April 30, 2023. 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	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 April 30, 2023, the value of these securities amounted to $2,736,562 or 1.9% of net assets.

⁵	Some of this security, amounting to $3,683,247 or 2.5% of net assets, was out on loan to various borrowers and is collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

⁶	Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

CMT Constant Maturity Treasury

FHLMC Freddie Mac

FNMA Fannie Mae

LIBOR London Interbank Offered Rate

MTN Medium-Term Note

SOFR Secured Overnight Financing Rate

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2023:


	Level 1		Level 2		Level 3		Total
Investments in Securities

Corporate Bonds and Notes^†		—		$56,901,847		—		$56,901,847

Municipal Bonds^†		—		11,407,931		—		11,407,931

U.S. Government and Agency Obligations^†		—		72,820,040		—		72,820,040

Foreign Government Obligation^†		—		1,356,743		—		1,356,743

Short-Term Investments

Joint Repurchase Agreements		—		2,286,237		—		2,286,237

Repurchase Agreements		—		1,443,000		—		1,443,000


Total Investments in Securities		—		$146,215,798		—		$146,215,798

^†

All corporate bonds and notes, municipal bonds, U.S. government and 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 and 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 April 30, 2023, there were no transfers in or out of Level 3.

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

AMG GW&K Emerging Markets Equity Fund

Fund Snapshots (unaudited)

April 30, 2023

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Financials		26.3

Consumer Discretionary		20.0

Information Technology		19.7

Communication Services		10.9

Consumer Staples		8.7

Industrials		4.7

Energy		4.1

Health Care		2.9

Short-Term Investments		3.3

Other Assets, less Liabilities		(0.6)

TOP TEN HOLDINGS


Security Name		% of Net Assets

Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		7.9

Samsung Electronics Co., Ltd. (South Korea)		5.0

HDFC Bank, Ltd. (India)		4.3

Housing Development Finance Corp., Ltd. (India)		3.5

Alibaba Group Holding, Ltd. (China)		3.2

Tencent Holdings, Ltd. (China)		3.1

Yum China Holdings, Inc. (China)		2.9

Baidu, Inc., Class A (China)		2.9

Reliance Industries, Ltd. (India)		2.9

Trip.com Group, Ltd., ADR (China)		2.9


Top Ten as a Group		38.6

AMG GW&K Emerging Markets Equity Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value

Common Stocks - 97.3%

Communication Services - 10.9%

Baidu, Inc., Class A (China)^*		41,916		$630,916

Kanzhun, Ltd., ADR (China)^*		7,400		136,826

Kingsoft Corp., Ltd. (China)		56,000		246,160

Kuaishou Technology (China)^*,1		22,300		147,629

MultiChoice Group (South Africa)		26,958		168,726

NetEase, Inc. (China)		13,625		242,558

Tencent Holdings, Ltd. (China)		14,906		662,067

Tencent Music Entertainment Group, ADR (China)^*		14,772		109,460

Total Communication Services				2,344,342

Consumer Discretionary - 20.0%

Alibaba Group Holding, Ltd. (China)^*		64,228		679,123

Americana Restaurants International PLC (United Arab Emirates)		91,300		97,981

Feng TAY Enterprise Co., Ltd. (Taiwan)		40,355		251,061

H World Group Ltd., ADR (China)^*		6,300		295,470

Haidilao International Holding, Ltd. (China)^*,1		47,000		114,910

JD.com, Inc., Class A (China)		4,202		74,997

Li Ning Co., Ltd. (China)		56,500		404,066

MakeMyTrip, Ltd. (India)^*,2		11,748		275,373

Midea Group Co., Ltd., Class A (China)		11,185		91,804

Pepco Group, N.V. (United Kingdom)^*,2		22,030		211,256

Prosus, N.V. (Netherlands)		1,662		124,373

Sands China, Ltd. (Macau)^*		107,550		385,182

Shenzhou International Group Holdings, Ltd. (China)²		4,560		43,800

Trip.com Group, Ltd., ADR (China)^*		17,277		613,506

Yum China Holdings, Inc. (China)		10,367		634,253

Total Consumer Discretionary				4,297,155

Consumer Staples - 8.7%

Angel Yeast Co., Ltd., Class A (China)		14,100		81,550

Bid Corp., Ltd. (South Africa)		16,493		375,347

By-health Co., Ltd., Class A (China)		33,400		115,153

CP All PCL (Thailand)		48,168		91,535

CP All PCL, Foreign Shares (Thailand)		2,400		4,540

Dino Polska, S.A. (Poland)^*,1		2,151		219,366

Fomento Economico Mexicano, S.A.B de CV (Mexico)		36,296		353,038

Orion Corp. (South Korea)		2,185		236,888

Vietnam Dairy Products JSC (Vietnam)		23,700		70,849

Wal-Mart de Mexico, S.A.B. de CV (Mexico)		63,173		254,632


	Shares		Value

Wuliangye Yibin Co., Ltd., Class A (China)		3,100		$75,739

Total Consumer Staples				1,878,637

Energy - 4.1%

ADNOC Drilling Co. PJSC (United Arab Emirates)		117,400		137,147

Arabian Drilling Co. (Saudi Arabia)^*		2,800		110,337

Reliance Industries, Ltd. (India)		20,988		623,284

Total Energy				870,768

Financials - 26.3%

AIA Group, Ltd. (Hong Kong)		46,968		511,344

Al Rajhi Bank (Saudi Arabia)		4,350		89,784

B3, S.A. - Brasil Bolsa Balcao (Brazil)		35,100		81,983

Banco Bradesco, S.A., ADR (Brazil)		34,583		96,832

Bank Mandiri Persero Tbk PT (Indonesia)		1,496,832		529,130

Bank Rakyat Indonesia Persero Tbk PT (Indonesia)		905,336		315,491

BDO Unibank, Inc. (Philippines)		152,688		397,988

China International Capital Corp., Ltd., Class H (China)¹		203,200		426,977

Cholamandalam Investment and Finance Co., Ltd. (India)		9,450		101,009

East Money Information Co., Ltd., Class A (China)		58,320		135,909

Grupo Financiero Banorte, S.A.B de CV, Class O (Mexico)		43,142		373,892

HDFC Asset Management Co., Ltd. (India)¹		4,009		86,658

HDFC Bank, Ltd. (India)		45,040		931,211

HDFC Life Insurance Co., Ltd. (India)¹		20,200		131,139

Hong Kong Exchanges & Clearing, Ltd. (Hong Kong)		4,900		203,433

Housing Development Finance Corp., Ltd. (India)		21,869		745,117

Pagseguro Digital, Ltd., Class A (Brazil)^*		4,288		42,194

Ping An Insurance Group Co. of China, Ltd., Class H (China)		32,000		233,457

XP, Inc., Class A (Brazil)^*,2		15,606		223,010

Total Financials				5,656,558

Health Care - 2.9%

China Resources Sanjiu Medical &

Pharmaceutical Co., Ltd., Class A (China)		23,400		199,364

CSPC Pharmaceutical Group, Ltd. (China)		113,408		115,483

Fleury, S.A. (Brazil)		44,632		128,676

Jinxin Fertility Group, Ltd. (China)¹		44,500		29,372

Lepu Medical Technology Beijing Co., Ltd., Class A (China)		24,700		85,308

Syngene International, Ltd. (India)¹		6,710		55,671

Total Health Care				613,874

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

AMG GW&K Emerging Markets Equity Fund

Schedule of Portfolio Investments (continued)


	Shares		Value

Industrials - 4.7%

Contemporary Amperex Technology Co., Ltd., Class A (China)		5,760		$192,745

Copa Holdings, S.A., Class A (Panama)		3,400		307,088

Grupo Aeroportuario del Pacifico, S.A.B de CV, Class B (Mexico)		18,555		329,923

International Container Terminal Services, Inc. (Philippines)		32,900		129,023

Shenzhen Inovance Technology Co., Ltd., Class A (China)		6,100		54,510

Total Industrials				1,013,289

Information Technology - 19.7%

Advantech Co., Ltd. (Taiwan)		11,727		141,989

Delta Electronics, Inc. (Taiwan)		29,100		285,063

FPT Corp. (Vietnam)		20,000		66,218

Globant SA (Uruguay)^*		1,300		203,931

Infosys, Ltd., Sponsored ADR (India)		6,226		96,752

Samsung Electronics Co., Ltd. (South Korea)		21,767		1,071,026

SK Hynix, Inc. (South Korea)		5,834		392,532

Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		103,632		1,697,035

Tata Consultancy Services, Ltd. (India)		2,384		94,255

TOTVS, S.A. (Brazil)		37,300		191,144

Total Information Technology				4,239,945

Total Common Stocks
(Cost $16,193,733)				20,914,568


	Principal Amount		Value

Short-Term Investments - 3.3%

Joint Repurchase Agreements - 0.8%³

Bank of America Securities, Inc., dated 04/28/23, due 05/01/23, 4.820% total to be received $175,987 (collateralized by various U.S. Government Agency Obligations, 1.500% - 4.000%, 09/20/46 - 06/20/52, totaling $179,434)		$175,916		$175,916

Repurchase Agreements - 2.5%

Fixed Income Clearing Corp. dated 04/28/23, due 05/01/23, 4.650% total to be received $537,208 (collateralized by a U.S. Treasury, 5.160%, 07/31/24, totaling $547,746)		537,000		537,000

Total Short-Term Investments
(Cost $712,916)				712,916

Total Investments - 100.6%
(Cost $16,906,649)				21,627,484

Other Assets, less Liabilities - (0.6)%				(131,470	)

Net Assets - 100.0%				$21,496,014

^*	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 April 30, 2023, the value of these securities amounted to $1,211,722 or 5.6% of net assets.

²	Some of these securities, amounting to $646,514 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.

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

ADR American Depositary Receipt

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

AMG GW&K Emerging Markets Equity 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 April 30, 2023:


	Level 1		Level 2¹		Level 3		Total
Investments in Securities

Common Stocks

Financials		$817,911		$4,838,647		—		$5,656,558

Consumer Discretionary		1,818,602		2,478,553		—		4,297,155

Information Technology		491,827		3,748,118		—		4,239,945

Communication Services		415,012		1,929,330		—		2,344,342

Consumer Staples		983,017		895,620		—		1,878,637

Industrials		637,011		376,278		—		1,013,289

Energy		247,484		623,284		—		870,768

Health Care		128,676		485,198		—		613,874

Short-Term Investments

Joint Repurchase Agreements		—		175,916		—		175,916

Repurchase Agreements		537,000		—		—		537,000


Total Investments in Securities		$6,076,540		$15,550,944		—		$21,627,484

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 April 30, 2023, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at April 30, 2023, was as follows:


Country		% of Long-Term Investments

Brazil		3.6

China		32.9

Hong Kong		3.4

India		15.0

Indonesia		4.0

Macau		1.8

Mexico		6.3

Netherlands		0.6

Panama		1.5

Philippines		2.5

Poland		1.0


Country		% of Long-Term Investments

Saudi Arabia		1.0

South Africa		2.6

South Korea		8.1

Taiwan		11.4

Thailand		0.5

United Arab Emirates		1.1

United Kingdom		1.0

Uruguay		1.0

Vietnam		0.7


		100.0

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

AMG GW&K Emerging Wealth Equity Fund

Fund Snapshots (unaudited)

April 30, 2023

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Consumer Discretionary		32.6

Financials		24.0

Information Technology		13.3

Consumer Staples		10.0

Communication Services		8.9

Health Care		4.3

Industrials		2.4

Materials		1.8

Short-Term Investments		2.5

Other Assets, less Liabilities		0.2

TOP TEN HOLDINGS


Security Name		% of Net Assets

Sands China, Ltd. (Macau)		6.4

Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		4.9

AIA Group, Ltd. (Hong Kong)		4.6

HDFC Bank, Ltd., ADR (India)		4.3

Tencent Holdings, Ltd. (China)		4.3

Kotak Mahindra Bank, Ltd. (India)		4.2

Infineon Technologies AG (Germany)		4.2

Trip.com Group, Ltd. (China)		4.1

Yum China Holdings, Inc. (China)		3.9

China International Capital Corp., Ltd., Class H (China)		3.9


Top Ten as a Group		44.8

AMG GW&K Emerging Wealth Equity Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value

Common Stocks - 97.3%

Communication Services - 8.9%

Baidu, Inc., Class A (China)^*		187,800		$2,826,749

Tencent Holdings, Ltd. (China)		82,040		3,643,898

The Walt Disney Co. (United States)^*		11,203		1,148,308

Total Communication Services				7,618,955

Consumer Discretionary - 32.6%

Alibaba Group Holding, Ltd. (China)^*		283,748		3,000,245

Eicher Motors, Ltd. (India)		6,210		251,470

H World Group Ltd., ADR (China)^*		65,359		3,065,337

Haidilao International Holding, Ltd. (China)^*,1		626,000		1,530,509

Hermes International (France)		330		716,455

Jubilant Foodworks, Ltd. (India)		183,010		1,003,683

Li Ning Co., Ltd. (China)		296,500		2,120,455

LVMH Moet Hennessy Louis Vuitton SE (France)		625		601,176

MakeMyTrip, Ltd. (India)^*,2		48,709		1,141,739

Moncler SpA (Italy)		11,053		819,925

Sands China, Ltd. (Macau)^*		1,518,490		5,438,350

Titan Co., Ltd. (India)		23,860		773,047

Trip.com Group, Ltd. (China)^*		98,342		3,496,544

Tube Investments of India, Ltd. (India)		14,100		447,346

Yum China Holdings, Inc. (China)		55,278		3,381,908

Total Consumer Discretionary				27,788,189

Consumer Staples - 10.0%

Angel Yeast Co., Ltd., Class A (China)		181,650		1,050,608

By-health Co., Ltd., Class A (China)		219,361		756,291

The Estee Lauder Cos., Inc., Class A (United States)		4,940		1,218,797

Foshan Haitian Flavouring & Food Co., Ltd., Class A (China)		107,710		1,100,071

Kweichow Moutai Co., Ltd., Class A (China)		3,500		890,965

Wal-Mart de Mexico, S.A.B. de CV (Mexico)		191,070		770,146

Wuliangye Yibin Co., Ltd., Class A (China)		111,053		2,713,237

Total Consumer Staples				8,500,115

Financials - 24.0%

AIA Group, Ltd. (Hong Kong)		363,530		3,957,779

Banco Bradesco, S.A., ADR (Brazil)		232,200		650,160

Bank Central Asia Tbk PT (Indonesia)		676,800		418,839

China International Capital Corp., Ltd., Class H (China)¹		1,583,700		3,327,771

Cholamandalam Investment and Finance Co., Ltd. (India)		43,000		459,618

East Money Information Co., Ltd., Class A (China)		107,729		251,050

HDFC Asset Management Co., Ltd. (India)¹		20,117		434,844


	Shares		Value

HDFC Bank, Ltd., ADR (India)		52,573		$3,669,595

HDFC Life Insurance Co., Ltd. (India)¹		172,320		1,118,705

Hong Kong Exchanges & Clearing, Ltd. (Hong Kong)		34,550		1,434,409

Kotak Mahindra Bank, Ltd. (India)		150,226		3,575,389

Mastercard, Inc., Class A (United States)		3,170		1,204,695

Total Financials				20,502,854

Health Care - 4.3%

China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A (China)		106,412		906,612

CSPC Pharmaceutical Group, Ltd. (China)		1,541,600		1,569,807

Novo Nordisk A/S, Class B (Denmark)		7,364		1,225,035

Total Health Care				3,701,454

Industrials - 2.4%

Contemporary Amperex Technology Co., Ltd., Class A (China)		20,880		698,699

Copa Holdings, S.A., Class A (Panama)		8,045		726,624

Shenzhen Inovance Technology Co., Ltd., Class A (China)		73,000		652,335

Total Industrials				2,077,658

Information Technology - 13.3%

Beijing Kingsoft Office Software, Inc., Class A (China)		5,875		374,301

Infineon Technologies AG (Germany)		97,695		3,557,737

QUALCOMM, Inc. (United States)		27,724		3,238,163

Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		254,500		4,167,589

Total Information Technology				11,337,790

Materials - 1.8%

Asian Paints, Ltd. (India)		21,928		780,382

Skshu Paint Co., Ltd., Class A (China)^*		51,313		760,551

Total Materials				1,540,933

Total Common Stocks
(Cost $69,662,088)				83,067,948

	Principal Amount

Short-Term Investments - 2.5%

Joint Repurchase Agreements - 0.0%³

Bank of America Securities, Inc., dated 04/28/23, due 05/01/23, 4.820% total to be received $1,357 (collateralized by various U.S. Government Agency Obligations, 1.500% - 4.000%, 09/20/46 - 06/20/52, totaling $1,383)		$1,356		1,356

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

AMG GW&K Emerging Wealth Equity Fund

Schedule of Portfolio Investments (continued)


	Principal Amount	Value

Repurchase Agreements - 2.5%

Fixed Income Clearing Corp. dated 04/28/23, due 05/01/23, 4.650% total to be received $2,117,820 (collateralized by a U.S. Treasury, 5.160%, 07/31/23, totaling $2,159,438)	$2,117,000	$2,117,000

Total Short-Term Investments (Cost $2,118,356)		2,118,356


							Value

Total Investments - 99.8% (Cost $71,780,444)							$85,186,304

Other Assets, less Liabilities - 0.2%							190,160

Net Assets - 100.0%							$85,376,464

Non-income producing security.

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 April 30, 2023, the value of these securities amounted to $6,411,829 or 7.5% of net assets.

Some of this security, amounting to $1,130,300 or 1.3% of net assets, was 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.

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

ADR American Depositary Receipt

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2023:


	Level 1		Level 2¹		Level 3		Total
Investments in Securities

Common Stocks

Consumer Discretionary		$7,588,984		$20,199,205		—		$27,788,189

Financials		5,524,450		14,978,404		—		20,502,854

Information Technology		3,238,163		8,099,627		—		11,337,790

Consumer Staples		1,988,943		6,511,172		—		8,500,115

Communication Services		1,148,308		6,470,647		—		7,618,955

Health Care		—		3,701,454		—		3,701,454

Industrials		726,624		1,351,034		—		2,077,658

Materials		—		1,540,933		—		1,540,933

Short-Term Investments

Joint Repurchase Agreements		—		1,356		—		1,356

Repurchase Agreements		—		2,117,000		—		2,117,000


Total Investments in Securities		$20,215,472		$64,970,832		—		$85,186,304

For the six months ended April 30, 2023, there were no transfers in or out of Level 3.

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

AMG GW&K Emerging Wealth Equity Fund

Schedule of Portfolio Investments (continued)

The country allocation in the Schedule of Portfolio Investments at April 30, 2023, was as follows:


Country		% of Long-Term Investments

Brazil		0.8

China		45.9

Denmark		1.5

France		1.6

Germany		4.3

Hong Kong		6.5

India		16.4

Indonesia		0.5

Italy		1.0

Macau		6.5

Mexico		0.9

Panama		0.9

Taiwan		5.0

United States		8.2


		100.0

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

AMG GW&K Small/Mid Cap Growth Fund

Fund Snapshots (unaudited)

April 30, 2023

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Industrials		22.2

Health Care		20.6

Information Technology		19.8

Consumer Discretionary		17.2

Financials		4.5

Energy		4.4

Materials		4.1

Real Estate		2.5

Consumer Staples		1.0

Short-Term Investments		4.2

Other Assets, less Liabilities		(0.5)

TOP TEN HOLDINGS


Security Name		% of Net Assets

HubSpot, Inc.		3.1

Manhattan Associates, Inc.		2.9

Atkore, Inc.		2.6

Five Below, Inc.		2.5

Texas Roadhouse, Inc.		2.2

Paylocity Holding Corp.		2.1

SiteOne Landscape Supply, Inc.		2.1

RBC Bearings, Inc.		2.1

Churchill Downs, Inc.		2.0

IDEX Corp.		1.9


Top Ten as a Group		23.5

AMG GW&K Small/Mid Cap Growth Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value

Common Stocks - 96.3%

Consumer Discretionary - 17.2%

Bright Horizons Family Solutions, Inc.^*		2,268		$172,640

Burlington Stores, Inc.^*		3,598		693,730

Churchill Downs, Inc.		2,644		773,449

Five Below, Inc.^*		4,779		943,184

Grand Canyon Education, Inc.^*		5,348		634,808

Krispy Kreme, Inc.¹		24,770		380,963

Lithia Motors, Inc.		1,376		303,945

LKQ Corp.		11,359		655,755

Pool Corp.		1,498		526,277

Revolve Group, Inc.^*		15,540		320,901

Texas Roadhouse, Inc.		7,343		812,283

Vail Resorts, Inc.		1,120		269,382

Total Consumer Discretionary				6,487,317

Consumer Staples - 1.0%

Performance Food Group Co.^*		6,259		392,377

Energy - 4.4%

ChampionX Corp.		19,105		517,363

Matador Resources Co.		12,015		589,096

Ovintiv, Inc.		7,540		272,043

SM Energy Co.		9,550		268,164

Total Energy				1,646,666

Financials - 4.5%

Evercore, Inc., Class A		3,165		361,032

Houlihan Lokey, Inc.		5,580		509,900

MarketAxess Holdings, Inc.		1,680		534,862

Pinnacle Financial Partners, Inc.		5,675		307,755

Total Financials				1,713,549

Health Care - 20.6%

Acadia Healthcare Co., Inc.^*		8,910		644,104

Azenta, Inc.^*		13,402		582,853

Bio-Rad Laboratories, Inc., Class A^*		686		309,242

Catalent, Inc.^*		11,756		589,211

Chemed Corp.		729		401,861

Crinetics Pharmaceuticals, Inc.^*		19,105		373,312

CryoPort, Inc.^*		7,978		167,857

Globus Medical, Inc., Class A^*		9,680		562,795

Halozyme Therapeutics, Inc.^*		12,969		416,694

HealthEquity, Inc.^*		7,847		419,422

ICU Medical, Inc.^*		968		183,087

Insmed, Inc.^*		19,305		376,447

Integra LifeSciences Holdings Corp.^*		7,524		416,228


	Shares		Value

Intra-Cellular Therapies, Inc.^*		9,037		$561,650

Medpace Holdings, Inc.^*		2,858		572,000

Neurocrine Biosciences, Inc.^*		4,892		494,288

Phathom Pharmaceuticals, Inc.^*,1		22,548		241,264

West Pharmaceutical Services, Inc.		1,256		453,717

Total Health Care				7,766,032

Industrials - 22.2%

Atkore, Inc.^*		7,675		969,583

Booz Allen Hamilton Holding Corp.		4,122		394,558

CACI International, Inc., Class A^*		1,627		509,772

Gibraltar Industries, Inc.^*		7,259		363,240

Graco, Inc.		5,769		457,424

IDEX Corp.		3,416		704,789

Ingersoll Rand, Inc.		10,842		618,211

ITT, Inc.		4,524		382,006

Knight-Swift Transportation Holdings, Inc.		6,657		374,922

Paycor HCM, Inc.^*		15,620		367,070

Paylocity Holding Corp.^*		4,198		811,431

RBC Bearings, Inc.^*,1		3,469		787,498

SiteOne Landscape Supply, Inc.^*,1		5,413		799,717

SS&C Technologies Holdings, Inc.		4,715		276,016

The Toro Co.		5,188		540,901

Total Industrials				8,357,138

Information Technology - 19.8%

Cognex Corp.		13,896		662,700

CyberArk Software, Ltd. (Israel)^*		4,177		520,454

The Descartes Systems Group, Inc. (Canada)^*		6,547		518,391

Entegris, Inc.		8,450		633,074

Globant SA (Uruguay)^*		4,186		656,658

HubSpot, Inc.^*		2,799		1,178,239

MACOM Technology Solutions Holdings, Inc.^*		6,200		361,708

Manhattan Associates, Inc.^*		6,557		1,086,364

Power Integrations, Inc.		4,791		348,689

Rapid7, Inc.^*		5,613		272,848

Silicon Laboratories, Inc.^*		2,445		340,589

Tyler Technologies, Inc.^*		981		371,828

Zebra Technologies Corp., Class A^*		1,753		504,917

Total Information Technology				7,456,459

Materials - 4.1%

AptarGroup, Inc.		3,327		394,283

Avient Corp.		13,957		537,484

Eagle Materials, Inc.		1,331		197,267

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

AMG GW&K Small/Mid Cap Growth Fund

Schedule of Portfolio Investments (continued)


	Shares		Value

Materials - 4.1% (continued)

RPM International, Inc.		5,135		$421,224

Total Materials				1,550,258

Real Estate - 2.5%

EastGroup Properties, Inc., REIT		3,117		519,168

Sun Communities, Inc., REIT		3,193		443,603

Total Real Estate				962,771

Total Common Stocks
(Cost $38,109,279)				36,332,567

Rights - 0.0%

Health Care - 0.0%

Abiomed, Inc.^*,2,3(Cost $0)		1,175		0

	Principal Amount

Short-Term Investments - 4.2%

Joint Repurchase Agreements - 0.1%⁴

Bank of America Securities, Inc., dated 04/28/23, due 05/01/23, 4.820% total to be received $30,092 (collateralized by various U.S. Government Agency Obligations, 1.500% - 4.000%, 09/20/46 - 06/20/52, totaling $30,682)		$30,080		30,080


	Principal Amount		Value

Repurchase Agreements - 4.1%

Fixed Income Clearing Corp., dated 04/28/23, due 05/01/23, 4.650% total to be received $1,541,597 (collateralized by a U.S. Treasury, 5.160%, 07/31/23, totaling $1,571,851)	$	1,541,000		$1,541,000

Total Short-Term Investments (Cost $1,571,080)				1,571,080

Total Investments - 100.5% (Cost $39,680,359)				37,903,647

Other Assets, less Liabilities - (0.5)%				(190,929	)

Net Assets - 100.0%				$37,712,718

*	Non-income producing security.

¹	Some of these securities, amounting to $971,067 or 2.6% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

²	Security’s value was determined by using significant unobservable inputs.

This security is restricted and not available for re-sale. The Fund received Contingent Value Rights (“CVRs”) of Abiomed Inc (“ABIOMED”) from a corporate action where Johnson & Johnson acquired ABIOMED on December 23, 2022. The total value of this restricted security held is $0 which represents 0% of net assets.

⁴	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.

AMG GW&K Small/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 April 30, 2023:


	Level 1		Level 2		Level 3		Total
Investments in Securities

Common Stocks^†		$36,332,567		—		—		$36,332,567

Rights

Health Care		—		—		$0		—

Short-Term Investments

Joint Repurchase Agreements		—		$30,080		—		30,080

Repurchase Agreements		—		1,541,000		—		1,541,000


Total Investments in Securities		$36,332,567		$1,571,080		$0		$37,903,647

^†	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 April 30, 2023, there were no transfers in or out of Level 3. The Fund did not have any purchases and sales of Level 3 securities for the same period. The Level 3 rights were received as a result of a corporate action. The security’s value was determined by using significant unobservable inputs. For the current period ended April 30, 2023, the change in unrealized appreciation (depreciation) was $0.

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

Statement of Assets and Liabilities (unaudited)

April 30, 2023


	AMG GW&K Core Bond ESG Fund		AMG GW&K Emerging Markets Equity Fund		AMG GW&K Emerging Wealth Equity Fund		AMG GW&K Small/Mid Cap Growth Fund

Assets:

Investments at value¹(including securities on loan valued at $3,683,247, $646,514, $1,130,300, and $971,067, respectively)		$146,215,798		$21,627,484		$85,186,304		$37,903,647

Cash		792,023		546		289		7,082

Foreign currency²		—		90,792		188,581		—

Receivable for investments sold		—		—		—		80,641

Dividend and interest receivables		1,069,898		6,805		97,544		6,637

Securities lending income receivable		736		163		174		217

Receivable for Fund shares sold		12,143		—		73,400		13,294

Receivable from affiliate		12,295		8,033		3,315		7,395

Prepaid expenses and other assets		15,588		6,985		19,016		17,354

Total assets		148,118,481		21,740,808		85,568,623		38,036,267

Liabilities:

Payable upon return of securities loaned		2,286,237		175,916		1,356		30,080

Payable for investments purchased		—		—		—		215,773

Payable for Fund shares repurchased		282,596		—		2,239		16,317

Payable for foreign capital gains tax		—		—		31,932		—

Accrued expenses:

Investment advisory and management fees		35,941		9,793		39,298		19,270

Administrative fees		17,970		2,671		10,718		4,662

Distribution fees		419		54		132		4,467

Shareholder service fees		8,095		1,039		4,251		305

Other		52,678		55,321		102,233		32,675

Total liabilities		2,683,936		244,794		192,159		323,549

Commitments and Contingencies (Notes 2 & 7)		—		—		—		—

Net Assets		$145,434,545		$21,496,014		$85,376,464		$37,712,718

¹Investments at cost		$161,258,577		$16,906,649		$71,780,444		$39,680,359

²Foreign currency at cost		—		$90,519		$192,089		—

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

Statement of Assets and Liabilities (continued)


	AMG GW&K Core Bond ESG Fund			AMG GW&K Emerging Markets Equity Fund			AMG GW&K Emerging Wealth Equity Fund			AMG GW&K Small/Mid Cap Growth Fund

Net Assets Represent:

Paid-in capital		$166,198,424			$22,911,781			$99,261,804			$40,344,791

Total distributable loss		(20,763,879	)		(1,415,767	)		(13,885,340	)		(2,632,073	)

Net Assets		$145,434,545			$21,496,014			$85,376,464			$37,712,718

Class N:

Net Assets		$2,060,314			$258,950			$635,642			$30,302,819

Shares outstanding		226,958			31,413			55,376			2,200,961

Net asset value, offering and redemption price per share		$9.08			$8.24			$11.48			$13.77

Class I:

Net Assets		$142,083,671			$12,699,585			$54,310,578			$7,385,411

Shares outstanding		15,643,495			1,560,820			4,662,059			514,051

Net asset value, offering and redemption price per share		$9.08			$8.14			$11.65			$14.37

Class Z:

Net Assets		$1,290,560			$8,537,479			$30,430,244			$24,488

Shares outstanding		142,186			1,056,539			2,612,700			1,703

Net asset value, offering and redemption price per share		$9.08			$8.08			$11.65			$14.38

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

Statement of Operations (unaudited)

For the six months ended April 30, 2023


	AMG GW&K Core Bond ESG Fund			AMG GW&K Emerging Markets Equity Fund			AMG GW&K Emerging Wealth Equity Fund			AMG GW&K Small/Mid Cap Growth Fund

Investment Income:

Dividend income		—			$206,577			$514,807			$92,536

Interest income		$2,386,905			12,468			28,339			27,867

Securities lending income		3,121			1,356			738			1,479

Foreign withholding tax		—			(25,080	)		(26,270	)		—

Total investment income		2,390,026			195,321			517,614			121,882

Expenses:

Investment advisory and management fees		218,301			56,131			232,959			106,245

Administrative fees		109,151			15,308			63,534			25,704

Distribution fees - Class N		2,409			296			726			25,431

Shareholder servicing fees - Class N		1,446			178			436			—

Shareholder servicing fees - Class I		46,626			5,293			24,368			1,770

Professional fees		26,906			20,003			21,201			13,309

Registration fees		15,517			6,302			16,861			10,546

Custodian fees		15,119			31,120			57,395			11,282

Reports to shareholders		11,902			3,665			10,367			3,900

Transfer agent fees		8,631			915			2,182			3,735

Trustee fees and expenses		5,625			695			3,255			1,235

Interest expense		—			108			—			—

Miscellaneous		4,212			1,853			3,543			1,951

Total expenses before offsets		465,845			141,867			436,827			205,108

Expense reimbursements		(66,082	)		(47,202	)		(30,090	)		(37,389	)

Expense reductions		—			—			—			(1,785	)

Net expenses		399,763			94,665			406,737			165,934



Net investment income (loss)		1,990,263			100,656			110,877			(44,052	)

Net Realized and Unrealized Gain:

Net realized gain (loss) on investments		(2,086,619	)		64,202			28,290			(605,235	)

Net realized loss on foreign currency transactions		—			(1,449	)		(18,064	)		—

Net change in unrealized appreciation/depreciation on investments		10,687,351			3,770,614			21,094,745			1,834,270

Net change in unrealized appreciation/depreciation on foreign currency translations		—			1,474			43,524			—

Net realized and unrealized gain		8,600,732			3,834,841			21,148,495			1,229,035



Net increase in net assets resulting from operations		$10,590,995			$3,935,497			$21,259,372			$1,184,983

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

Statements of Changes in Net Assets

For the six months ended April 30, 2023 (unaudited) and the fiscal year ended October 31, 2022


	AMG GW&K Core Bond ESG Fund						AMG GW&K Emerging Markets Equity Fund

	April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022

Increase (Decrease) in Net Assets Resulting From Operations:

Net investment income		$1,990,263			$3,058,570			$100,656			$373,577

Net realized gain (loss) on investments		(2,086,619	)		(3,645,263	)		62,753			(4,979,831	)

Net change in unrealized appreciation/depreciation on investments		10,687,351			(30,052,410	)		3,772,088			(11,629,398	)

Net increase (decrease) in net assets resulting from operations		10,590,995			(30,639,103	)		3,935,497			(16,235,652	)

Distributions to Shareholders:

Class N		(23,681	)		(76,235	)		(8,907	)		(2,402	)

Class I		(1,959,211	)		(7,327,695	)		(449,111	)		(249,212	)

Class Z		(27,146	)		(112,920	)		(413,188	)		(382,214	)

Total distributions to shareholders		(2,010,038	)		(7,516,850	)		(871,206	)		(633,828	)

Capital Share Transactions:¹

Net increase (decrease) from capital share transactions		(4,862,989	)		(16,283,055	)		2,321,533			(25,653,747	)



Total increase (decrease) in net assets		3,717,968			(54,439,008	)		5,385,824			(42,523,227	)

Net Assets:

Beginning of period		141,716,577			196,155,585			16,110,190			58,633,417

End of period		$145,434,545			$141,716,577			$21,496,014			$16,110,190

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

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

Statements of Changes in Net Assets (continued)

For the six months ended April 30, 2023 (unaudited) and the fiscal year ended October 31, 2022


	AMG GW&K Emerging Wealth Equity Fund						AMG GW&K Small/Mid Cap Growth Fund

	April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022

Increase (Decrease) in Net Assets Resulting From Operations:

Net investment income (loss)		$110,877			$(99,452	)		$(44,052	)		$(187,651	)

Net realized gain (loss) on investments		10,226			(25,435,619	)		(605,235	)		687,666

Net change in unrealized appreciation/depreciation on investments		21,138,269			(37,885,410	)		1,834,270			(10,773,348	)

Net increase (decrease) in net assets resulting from operations		21,259,372			(63,420,481	)		1,184,983			(10,273,333	)

Distributions to Shareholders:

Class N		—			(10,519	)		(496,550	)		—

Class I		—			(417,335	)		(126,577	)		—

Class Z		—			(1,915,232	)		(448	)		—

Total distributions to shareholders		—			(2,343,086	)		(623,575	)		—

Capital Share Transactions:¹

Net increase (decrease) from capital share transactions		(8,006,573	)		(87,822,351	)		5,606,154			(2,280,329	)



Total increase (decrease) in net assets		13,252,799			(153,585,918	)		6,167,562			(12,553,662	)

Net Assets:

Beginning of period		72,123,665			225,709,583			31,545,156			44,098,818

End of period		$85,376,464			$72,123,665			$37,712,718			$31,545,156

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

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

AMG GW&K Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2023
Class N	(unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$8.56			$10.75			$10.90			$10.53			$9.67			$10.14

Income (loss) from Investment Operations:

Net investment income^1,2		0.11			0.14			0.12			0.18			0.21			0.18

Net realized and unrealized gain (loss) on investments		0.52			(1.93	)		(0.15	)		0.37			0.86			(0.46	)

Total income (loss) from investment operations		0.63			(1.79	)		(0.03	)		0.55			1.07			(0.28	)

Less Distributions to Shareholders from:

Net investment income		(0.11	)		(0.15	)		(0.12	)		(0.18	)		(0.21	)		(0.19	)

Net realized gain on investments		—			(0.25	)		—			—			—			—

Total distributions to shareholders		(0.11	)		(0.40	)		(0.12	)		(0.18	)		(0.21	)		(0.19	)

Net Asset Value, End of Period		$9.08			$8.56			$10.75			$10.90			$10.53			$9.67

Total Return^2,3		7.36	%⁴		(17.18	)%		(0.27	)%		5.31	%		11.20	%		(2.79	)%

Ratio of net expenses to average net assets		0.88	%⁵		0.88	%		0.88	%		0.88	%		0.88	%		0.88	%

Ratio of gross expenses to average net assets⁶		0.97	%⁵		0.95	%		0.94	%		0.96	%		0.95	%		0.93	%

Ratio of net investment income to average net assets²		2.41	%⁵		1.49	%		1.12	%		1.69	%		2.10	%		1.88	%

Portfolio turnover		12	%⁴		34	%		62	%		56	%		48	%		17	%

Net assets end of period (000’s) omitted		$2,060			$1,716			$2,125			$1,905			$1,255			$502

AMG GW&K Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2023
Class I	(unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$8.56			$10.76			$10.90			$10.54			$9.67			$10.15

Income (loss) from Investment Operations:

Net investment income^1,2		0.12			0.18			0.16			0.22			0.24			0.22

Net realized and unrealized gain (loss) on investments		0.52			(1.95	)		(0.14	)		0.36			0.88			(0.48	)

Total income (loss) from investment operations		0.64			(1.77	)		0.02			0.58			1.12			(0.26	)

Less Distributions to Shareholders from:

Net investment income		(0.12	)		(0.18	)		(0.16	)		(0.22	)		(0.25	)		(0.22	)

Net realized gain on investments		—			(0.25	)		—			—			—			—

Total distributions to shareholders		(0.12	)		(0.43	)		(0.16	)		(0.22	)		(0.25	)		(0.22	)

Net Asset Value, End of Period		$9.08			$8.56			$10.76			$10.90			$10.54			$9.67

Total Return^2,3		7.54	%⁴		(16.99	)%		0.15	%		5.55	%		11.70	%		(2.59	)%

Ratio of net expenses to average net assets		0.55	%⁵		0.55	%		0.56	%		0.55	%		0.55	%		0.56	%

Ratio of gross expenses to average net assets⁶		0.64	%⁵		0.62	%		0.62	%		0.63	%		0.62	%		0.61	%

Ratio of net investment income to average net assets²		2.74	%⁵		1.82	%		1.44	%		2.01	%		2.42	%		2.20	%

Portfolio turnover		12	%⁴		34	%		62	%		56	%		48	%		17	%

Net assets end of period (000’s) omitted		$142,084			$137,806			$190,306			$202,363			$212,801			$264,795

AMG GW&K Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2023
Class Z	(unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$8.56			$10.75			$10.90			$10.53			$9.67			$10.14

Income (loss) from Investment Operations:

Net investment income^1,2		0.12			0.18			0.16			0.22			0.25			0.23

Net realized and unrealized gain (loss) on investments		0.53			(1.94	)		(0.15	)		0.38			0.87			(0.47	)

Total income (loss) from investment operations		0.65			(1.76	)		0.01			0.60			1.12			(0.24	)

Less Distributions to Shareholders from:

Net investment income		(0.13	)		(0.18	)		(0.16	)		(0.23	)		(0.26	)		(0.23	)

Net realized gain on investments		—			(0.25	)		—			—			—			—

Total distributions to shareholders		(0.13	)		(0.43	)		(0.16	)		(0.23	)		(0.26	)		(0.23	)

Net Asset Value, End of Period		$9.08			$8.56			$10.75			$10.90			$10.53			$9.67

Total Return^2,3		7.57	%⁴		(16.85	)%		0.13	%		5.73	%		11.71	%		(2.42	)%

Ratio of net expenses to average net assets		0.48	%⁵		0.48	%		0.48	%		0.48	%		0.48	%		0.48	%

Ratio of gross expenses to average net assets⁶		0.57	%⁵		0.55	%		0.54	%		0.56	%		0.55	%		0.53	%

Ratio of net investment income to average net assets²		2.81	%⁵		1.89	%		1.52	%		2.09	%		2.50	%		2.28	%

Portfolio turnover		12	%⁴		34	%		62	%		56	%		48	%		17	%

Net assets end of period (000’s) omitted		$1,291			$2,195			$3,724			$3,812			$3,208			$5,005

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.)

AMG GW&K Emerging Markets Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2023
Class N	(unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$6.91			$10.30			$9.73			$9.52			$8.61			$10.11

Income (loss) from Investment Operations:

Net investment income^1,2		0.03			0.04			0.02			0.01			0.14			0.11

Net realized and unrealized gain (loss) on investments		1.64			(3.37	)		0.96			0.70			1.04			(1.54	)

Total income (loss) from investment operations		1.67			(3.33	)		0.98			0.71			1.18			(1.43	)

Less Distributions to Shareholders from:

Net investment income		(0.34	)		(0.02	)		(0.07	)		(0.06	)		(0.17	)		(0.07	)

Net realized gain on investments		—			(0.04	)		(0.34	)		(0.44	)		(0.10	)		—

Total distributions to shareholders		(0.34	)		(0.06	)		(0.41	)		(0.50	)		(0.27	)		(0.07	)

Net Asset Value, End of Period		$8.24			$6.91			$10.30			$9.73			$9.52			$8.61

Total Return^2,3		24.41	%⁴		(32.50	)%		9.85	%		7.55	%		13.94	%		(14.24	)%

Ratio of net expenses to average net assets		1.27	%⁵		1.29	%⁶		1.27	%⁷		1.34	%		1.30	%		1.27	%

Ratio of gross expenses to average net assets⁸		1.73	%⁵		1.46	%		1.37	%⁷		1.52	%		1.30	%		1.27	%

Ratio of net investment income to average net assets²		0.64	%⁵		0.47	%		0.20	%		0.13	%		1.52	%		1.12	%

Portfolio turnover		19	%⁴		46	%		36	%		40	%		123	%		24	%

Net assets end of period (000’s) omitted		$259			$180			$414			$412			$520			$289

AMG GW&K Emerging Markets Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2023
Class I	(unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$6.84			$10.21			$9.69			$9.48			$8.60			$10.11

Income (loss) from Investment Operations:

Net investment income^1,2		0.04			0.07			0.06			0.04			0.17			0.13

Net realized and unrealized gain (loss) on investments		1.63			(3.33	)		0.95			0.69			1.04			(1.53	)

Total income (loss) from investment operations		1.67			(3.26	)		1.01			0.73			1.21			(1.40	)

Less Distributions to Shareholders from:

Net investment income		(0.37	)		(0.07	)		(0.15	)		(0.08	)		(0.23	)		(0.11	)

Net realized gain on investments		—			(0.04	)		(0.34	)		(0.44	)		(0.10	)		—

Total distributions to shareholders		(0.37	)		(0.11	)		(0.49	)		(0.52	)		(0.33	)		(0.11	)

Net Asset Value, End of Period		$8.14			$6.84			$10.21			$9.69			$9.48			$8.60

Total Return^2,3		24.70	%⁴		(32.28	)%		10.13	%		7.91	%		14.34	%		(13.94	)%

Ratio of net expenses to average net assets		0.97	%⁵		0.99	%⁶		0.95	%⁷		1.01	%		0.97	%		0.99	%

Ratio of gross expenses to average net assets⁸		1.43	%⁵		1.16	%		1.05	%⁷		1.19	%		0.97	%		0.99	%

Ratio of net investment income to average net assets²		0.94	%⁵		0.77	%		0.52	%		0.47	%		1.85	%		1.40	%

Portfolio turnover		19	%⁴		46	%		36	%		40	%		123	%		24	%

Net assets end of period (000’s) omitted		$12,700			$8,520			$24,571			$19,251			$24,100			$11,210

AMG GW&K Emerging Markets Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2023
Class Z	(unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$6.80			$10.15			$9.64			$9.43			$8.56			$10.06

Income (loss) from Investment Operations:

Net investment income^1,2		0.04			0.08			0.07			0.05			0.18			0.15

Net realized and unrealized gain (loss) on investments		1.62			(3.31	)		0.93			0.69			1.02			(1.53	)

Total income (loss) from investment operations		1.66			(3.23	)		1.00			0.74			1.20			(1.38	)

Less Distributions to Shareholders from:

Net investment income		(0.38	)		(0.08	)		(0.15	)		(0.09	)		(0.23	)		(0.12	)

Net realized gain on investments		—			(0.04	)		(0.34	)		(0.44	)		(0.10	)		—

Total distributions to shareholders		(0.38	)		(0.12	)		(0.49	)		(0.53	)		(0.33	)		(0.12	)

Net Asset Value, End of Period		$8.08			$6.80			$10.15			$9.64			$9.43			$8.56

Total Return^2,3		24.74	%⁴		(32.20	)%		10.15	%		8.01	%		14.39	%		(13.88	)%

Ratio of net expenses to average net assets		0.87	%⁵		0.89	%⁶		0.87	%⁷		0.94	%		0.90	%		0.87	%

Ratio of gross expenses to average net assets⁸		1.33	%⁵		1.06	%		0.97	%⁷		1.12	%		0.90	%		0.87	%

Ratio of net investment income to average net assets²		1.04	%⁵		0.87	%		0.60	%		0.53	%		1.92	%		1.52	%

Portfolio turnover		19	%⁴		46	%		36	%		40	%		123	%		24	%

Net assets end of period (000’s) omitted		$8,537			$7,410			$33,648			$24,191			$31,727			$133,688

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	Includes interest expense of 0.02% related to participation in the interfund lending program.

⁷	Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.01% for the fiscal year ended October 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.)

AMG GW&K Emerging Wealth Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2023
Class N	(unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$8.76			$13.41			$13.28			$11.93			$10.38			$12.94

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		(0.00	)³		(0.05	)		(0.09	)		(0.04	)		0.10			0.06

Net realized and unrealized gain (loss) on investments		2.72			(4.45	)		0.22			1.72			1.95			(1.88	)

Total income (loss) from investment operations		2.72			(4.50	)		0.13			1.68			2.05			(1.82	)

Less Distributions to Shareholders from:

Net investment income		—			—			—			(0.06	)		(0.06	)		(0.05	)

Net realized gain on investments		—			(0.15	)		—			(0.27	)		(0.44	)		(0.69	)

Total distributions to shareholders		—			(0.15	)		—			(0.33	)		(0.50	)		(0.74	)

Net Asset Value, End of Period		$11.48			$8.76			$13.41			$13.28			$11.93			$10.38

Total Return^2,4		31.05	%⁵		(33.89	)%		0.98	%		14.37	%		20.82	%		(15.16	)%

Ratio of net expenses to average net assets		1.30	%⁶		1.30	%⁷		1.22	%		1.26	%		1.37	%⁸		1.45	%^8,9

Ratio of gross expenses to average net assets¹⁰		1.37	%⁶		1.31	%		1.22	%		1.26	%		1.37	%⁸		1.45	%⁸

Ratio of net investment income (loss) to average net assets²		(0.08	)%⁶		(0.43	)%		(0.59	)%		(0.35	)%		0.93	%		0.49	%

Portfolio turnover		18	%⁵		63	%		57	%		37	%		40	%		37	%

Net assets end of period (000’s) omitted		$636			$330			$967			$1,716			$2,007			$1,940

AMG GW&K Emerging Wealth Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2023
Class I	(unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$8.88			$13.55			$13.38			$12.03			$10.44			$12.96

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.01			(0.01	)		(0.05	)		(0.01	)		0.14			0.09

Net realized and unrealized gain (loss) on investments		2.76			(4.51	)		0.22			1.73			1.96			(1.88	)

Total income (loss) from investment operations		2.77			(4.52	)		0.17			1.72			2.10			(1.79	)

Less Distributions to Shareholders from:

Net investment income		—			—			—			(0.10	)		(0.07	)		(0.04	)

Net realized gain on investments		—			(0.15	)		—			(0.27	)		(0.44	)		(0.69	)

Total distributions to shareholders		—			(0.15	)		—			(0.37	)		(0.51	)		(0.73	)

Net Asset Value, End of Period		$11.65			$8.88			$13.55			$13.38			$12.03			$10.44

Total Return^2,4		31.19	%⁵		(33.68	)%		1.27	%		14.63	%		21.15	%		(14.89	)%

Ratio of net expenses to average net assets		1.00	%⁶		1.00	%⁷		0.93	%		0.97	%		1.08	%⁸		1.19	%^8,9

Ratio of gross expenses to average net assets¹⁰		1.07	%⁶		1.01	%		0.93	%		0.97	%		1.08	%⁸		1.19	%⁸

Ratio of net investment income (loss) to average net assets²		0.22	%⁶		(0.13	)%		(0.30	)%		(0.06	)%		1.22	%		0.75	%

Portfolio turnover		18	%⁵		63	%		57	%		37	%		40	%		37	%

Net assets end of period (000’s) omitted		$54,311			$39,367			$41,453			$22,813			$6,328			$2,539

AMG GW&K Emerging Wealth Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2023
Class Z	(unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$8.87			$13.52			$13.34			$11.99			$10.41			$12.97

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.02			(0.00	)³		(0.03	)		0.01			0.15			0.11

Net realized and unrealized gain (loss) on investments		2.76			(4.50	)		0.21			1.72			1.96			(1.89	)

Total income (loss) from investment operations		2.78			(4.50	)		0.18			1.73			2.11			(1.78	)

Less Distributions to Shareholders from:

Net investment income		—			—			(0.00	)³		(0.11	)		(0.09	)		(0.09	)

Net realized gain on investments		—			(0.15	)		—			(0.27	)		(0.44	)		(0.69	)

Total distributions to shareholders		—			(0.15	)		(0.00	)³		(0.38	)		(0.53	)		(0.78	)

Net Asset Value, End of Period		$11.65			$8.87			$13.52			$13.34			$11.99			$10.41

Total Return^2,4		31.34	%⁵		(33.61	)%		1.37	%		14.75	%		21.34	%		(14.87	)%

Ratio of net expenses to average net assets		0.90	%⁶		0.90	%⁷		0.82	%		0.86	%		0.97	%⁸		1.05	%^8,9

Ratio of gross expenses to average net assets¹⁰		0.97	%⁶		0.91	%		0.82	%		0.86	%		0.97	%⁸		1.05	%⁸

Ratio of net investment income (loss) to average net assets²		0.32	%⁶		(0.03	)%		(0.19	)%		0.05	%		1.33	%		0.89	%

Portfolio turnover		18	%⁵		63	%		57	%		37	%		40	%		37	%

Net assets end of period (000’s) omitted		$30,430			$32,427			$183,290			$185,755			$105,069			$60,443

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	Annualized.

⁷	Includes interest expense of less than 0.01% related to participation in the interfund lending program.

⁸	Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.02% and 0.07% for the fiscal years ended October 31, 2019 and 2018, respectively.

⁹	Includes reduction from broker recapture amounting to less than 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.)

AMG GW&K Small/Mid Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2023
Class N	(unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$13.45			$17.67			$21.14			$17.02			$16.90			$15.30

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.02	)		(0.08	)		(0.17	)		(0.17	)		(0.08	)		(0.12	)

Net realized and unrealized gain (loss) on investments		0.61			(4.14	)		7.74			4.29			0.20			1.72

Total income (loss) from investment operations		0.59			(4.22	)		7.57			4.12			0.12			1.60

Less Distributions to Shareholders from:

Net realized gain on investments		(0.27	)		—			(10.55	)		—			—			—

Paid in capital		—			—			(0.49	)		—			—			—

Total distributions to shareholders		(0.27	)		—			(11.04	)		—			—			—

Net Asset Value, End of Period		$13.77			$13.45			$17.67			$21.14			$17.02			$16.90

Total Return^2,3		4.46	%⁴		(23.88	)%⁵		46.66	%		24.27	%		0.71	%		10.46	%

Ratio of net expenses to average net assets⁶		1.00	%⁷		1.00	%		1.17	%		1.29	%⁸		1.30	%		1.31	%

Ratio of gross expenses to average net assets⁹		1.23	%⁷		1.25	%		1.42	%		1.60	%		1.47	%		1.43	%

Ratio of net investment loss to average net assets²		(0.29	)%⁷		(0.56	)%		(0.91	)%		(0.92	)%		(0.48	)%		(0.73	)%

Portfolio turnover		11	%⁴		23	%		158	%		126	%		138	%		161	%

Net assets end of period (000’s) omitted		$30,303			$24,994			$37,471			$28,908			$30,717			$37,232

AMG GW&K Small/Mid Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
	April 30, 2023
Class I	(unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$14.01			$18.39			$21.60			$17.35			$17.20			$15.54

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.01	)		(0.06	)		(0.15	)		(0.14	)		(0.05	)		(0.09	)

Net realized and unrealized gain (loss) on investments		0.64			(4.32	)		7.98			4.39			0.20			1.75

Total income (loss) from investment operations		0.63			(4.38	)		7.83			4.25			0.15			1.66

Less Distributions to Shareholders from:

Net realized gain on investments		(0.27	)		—			(10.55	)		—			—			—

Paid in capital		—			—			(0.49	)		—			—			—

Total distributions to shareholders		(0.27	)		—			(11.04	)		—			—			—

Net Asset Value, End of Period		$14.37			$14.01			$18.39			$21.60			$17.35			$17.20

Total Return^2,3		4.56	%⁴		(23.82	)%⁵		46.94	%		24.48	%		0.93	%		10.68	%

Ratio of net expenses to average net assets⁶		0.86	%⁷		0.86	%		1.02	%		1.10	%⁸		1.10	%		1.10	%

Ratio of gross expenses to average net assets⁹		1.09	%⁷		1.11	%		1.27	%		1.41	%		1.27	%		1.22	%

Ratio of net investment loss to average net assets²		(0.15	)%⁷		(0.42	)%		(0.76	)%		(0.73	)%		(0.28	)%		(0.52	)%

Portfolio turnover		11	%⁴		23	%		158	%		126	%		138	%		161	%

Net assets end of period (000’s) omitted		$7,385			$6,540			$6,612			$6,483			$14,608			$65,802

AMG GW&K Small/Mid Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six months ended			For the fiscal years ended October 31,			For the fiscal period ended October 31,
Class Z	April 30, 2023 (unaudited)			2022			2021¹⁰

Net Asset Value, Beginning of Period		$14.02			$18.39			$17.84

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.01	)		(0.06	)		(0.01	)

Net realized and unrealized gain (loss) on investments		0.64			(4.31	)		0.56

Total income (loss) from investment operations		0.63			(4.37	)		0.55

Net realized gain on investments		(0.27	)		—			—

Net Asset Value, End of Period		$14.38			$14.02			$18.39

Total Return^2,3		4.56	%⁴		(23.76	)%⁵		3.08	%⁴

Ratio of net expenses to average net assets¹¹		0.81	%⁷		0.81	%		0.82	%⁷

Ratio of gross expenses to average net assets⁹		1.04	%⁷		1.06	%		1.13	%⁷

Ratio of net investment loss to average net assets²		(0.10	)%⁷		(0.37	)%		(0.49	)%⁷

Portfolio turnover		11	%⁴		23	%		158	%

Net assets end of period (000’s) omitted		$24			$12			$15

¹	Per share numbers have been calculated using average shares.

²	Total returns and net investment loss 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	Includes a non-recurring securities litigation gain. Had the Fund not received the payment total return would have been (24.68%), (24.53%) and (24.53%) for Class N, Class I and Class Z respectively.

⁶	Includes reduction from broker recapture amounting to 0.01% for the six months ended April 30, 2023, less than 0.01%, 0.01%, less than 0.01% and 0.01% for the fiscal years ended 2022, 2021, 2020 and 2019, respectively.

⁷	Annualized.

⁸	Includes interest expense of 0.01%.

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

¹⁰	Commencement of operations was on August 31, 2021.

¹¹	Includes reduction from broker recapture amounting to 0.01% for the six months ended April 30, 2023, 0.01% for the fiscal year ended 2022 and less than 0.01% for the fiscal period ended October 31, 2021.

Notes to Financial Statements (unaudited)

April 30, 2023

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds, AMG Funds I and AMG Funds IV (the “Trusts”) are open-end management investment companies. AMG Funds and AMG Funds I are organized as Massachusetts business trusts, while AMG Funds IV is organized as a Delaware Statutory Trust. The Trusts are 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 I: AMG GW&K Core Bond ESG Fund (“Core Bond ESG”), AMG Funds: AMG GW&K Emerging Markets Equity Fund (“Emerging Markets Equity”) and AMG GW&K Emerging Wealth Equity Fund (“Emerging Wealth Equity”) and AMG Funds IV: AMG GW&K Small/Mid Cap Growth Fund (“Small/Mid Cap Growth”), 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.

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.

Notes to Financial Statements (continued)

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

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Small/Mid Cap Growth 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 April 30, 2023, the impact on the expenses and expense ratios was $1,785 or 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income will normally be declared and paid monthly for Core Bond ESG and annually for Emerging Markets Equity, Emerging Wealth Equity and Small/Mid Cap Growth. Realized net capital gains distributions, 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 for Emerging Wealth Equity and Small/Mid Cap Growth. Temporary differences are primarily due to wash sale loss deferrals for all Funds, the deferral of qualified late year ordinary losses for Small/Mid Cap Growth, and mark to market on passive foreign investment companies for Emerging Markets Equity.


Fund	Cost		Appreciation		Depreciation			Net Appreciation (Depreciation)

Core Bond ESG		$161,258,577		$275,503		$(15,318,282	)		$(15,042,779	)

Emerging Markets Equity		16,906,649		5,465,310		(744,475	)		4,720,835

Emerging Wealth Equity		71,780,444		19,091,616		(5,685,756	)		13,405,860

Small/Mid Cap Growth		39,680,359		2,761,332		(4,538,044	)		(1,776,712	)

e. FEDERAL TAXES

Notes to Financial Statements (continued)

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of October 31, 2022, 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

Core Bond ESG		$2,158,393		$1,330,012		$3,488,405

Emerging Markets Equity		5,063,289		469,966		5,533,255

Emerging Wealth Equity		25,084,682		—		25,084,682

As of October 31, 2022, Small/Mid Cap Growth had no capital loss carryovers for federal income tax purposes. Should the Fund incur net capital losses for the fiscal year ended October 31, 2023, 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

For the six months ended April 30, 2023 (unaudited) and the fiscal year ended October 31, 2022, the capital stock transactions by class for the Funds were as follows:


	Core Bond ESG								Emerging Markets Equity

	April 30, 2023				October 31, 2022				April 30, 2023				October 31, 2022

	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount

Class N:

Shares sold		25,940		$230,631		22,776		$217,694		4,426		$37,724		4,865		$42,095

Shares issued in reinvestment of distributions		2,635		23,681		7,601		76,235		1,148		8,907		247		2,401

Shares redeemed		(2,107)		(18,732)		(27,512)		(279,182)		(235)		(1,844)		(19,283)		(154,135)


Net increase (decrease)		26,468		$235,580		2,865		$14,747		5,339		$44,787		(14,171)		$(109,639)


Class I:

Shares sold		775,761		$6,874,632		1,103,881		$10,593,164		388,122		$3,113,018		1,148,293		$10,979,868

Shares issued in reinvestment of distributions		209,116		1,880,804		700,717		7,022,680		55,983		428,270		9,086		87,225

Shares redeemed		(1,436,144)		(12,827,121)		(3,401,399)		(32,959,317)		(129,526)		(1,014,478)		(2,318,478)		(18,580,334)


Net increase (decrease)		(451,267)		$(4,071,685)		(1,596,801)		$(15,343,473)		314,579		$2,526,810		(1,161,099)		$(7,513,241)


Class Z:

Shares sold		5,496		$49,235		14,006		$139,190		172,617		$1,415,425		52,545		$454,281

Shares issued in reinvestment of distributions		3,021		27,146		11,298		112,920		54,430		413,125		40,063		382,197

Shares redeemed		(122,905)		(1,103,265)		(115,151)		(1,206,439)		(260,498)		(2,078,614)		(2,316,286)		(18,867,345)


Net decrease		(114,388)		$(1,026,884)		(89,847)		$(954,329)		(33,451)		$(250,064)		(2,223,678)		$(18,030,867)

Notes to Financial Statements (continued)


	Emerging Wealth Equity								Small/Mid Cap Growth

	April 30, 2023				October 31, 2022				April 30, 2023				October 31, 2022

	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount

Class N:

Shares sold		21,471		$241,122		3,331		$38,813		386,851		$5,534,356		50,329		$758,167

Shares issued in reinvestment of distributions		—		—		832		10,519		36,604		484,632		—		—

Shares redeemed		(3,708)		(44,435)		(38,704)		(443,345)		(80,977)		(1,114,121)		(311,956)		(4,746,914)


Net increase (decrease)		17,763		$196,687		(34,541)		$(394,013)		342,478		$4,904,867		(261,627)		$(3,988,747)


Class I:

Shares sold		987,375		$11,581,927		4,020,886		$51,172,610		66,882		$978,149		168,904		$2,592,371

Shares issued in reinvestment of distributions		—		—		32,510		415,801		8,963		123,780		—		—

Shares redeemed		(758,824)		(8,003,160)		(2,679,906)		(30,270,347)		(28,506)		(412,841)		(61,724)		(883,953)


Net increase		228,551		$3,578,767		1,373,490		$21,318,064		47,339		$689,088		107,180		$1,708,418


Class Z:

Shares sold		22,145		$260,988		574,616		$7,156,896		829		$11,751		—		—

Shares issued in reinvestment of distributions		—		—		8,097		103,399		33		448		—		—

Shares redeemed		(1,063,998)		(12,043,015)		(10,481,116)		(116,006,697)		—		—		—		—


Net increase (decrease)		(1,041,853)		$(11,782,027)		(9,898,403)		$(108,746,402)		862		$12,199		—		—

At April 30, 2023, certain affiliated and unaffiliated shareholders of record individually or collectively held greater than 5% of the net assets of the Funds as follows: Emerging Markets Equity - two own 18%. Transactions by these shareholders may have a material impact on the Fund.

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party 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 April 30, 2023, the market value of Repurchase Agreements outstanding for Core Bond ESG, Emerging Markets Equity, Emerging Wealth Equity and Small/Mid Cap Growth were $3,729,237, $712,916, $2,118,356 and $1,571,080, respectively.

i. FOREIGN CURRENCY TRANSLATION

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

Notes to Financial Statements (continued)

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.



Core Bond ESG			0.30%

Emerging Markets Equity			0.55%

Emerging Wealth Equity			0.55%

Small/Mid Cap Growth			0.62%

The fee paid to GW&K for its services as Subadviser is paid out of the fee the Investment Manager receives from the Fund and does not increase the expenses of the Fund.

The Investment Manager has contractually agreed, through at least March 1, 2024 for Core Bond ESG, Emerging Markets Equity, Emerging Wealth Equity, and Small/Mid Cap Growth, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of Core Bond ESG, Emerging Markets Equity, Emerging Wealth Equity, and Small/Mid Cap Growth to 0.48%, 0.87%, 0.90%, and 0.82%, 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.

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.

For the six months ended April 30, 2023, the Investment Manager’s expense reimbursements, and repayments of prior reimbursements by the Funds to the Investment Manager, if any, are as follows:


	Expense Reimbursements	Repayment of Prior Reimbursements

Core Bond ESG	$66,082	—

Emerging Markets Equity	47,202	—

Emerging Wealth Equity	30,090	—

Small/Mid Cap Growth	37,389	—

At April 30, 2023, the Funds’ expiration of reimbursements subject to recoupment is as follows:


Expiration Period	Core Bond ESG		Emerging Markets Equity		Emerging Wealth Equity

Less than 1 year		$150,321		$73,722		—

1-2 years		124,657		45,851		—

2-3 years		122,756		109,744		$41,446


Total		$397,734		$229,317		$41,446


Expiration Period					Small/Mid Cap Growth

Less than 1 year						$105,267

1-2 years						88,755

2-3 years						84,987


Total						$279,009

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 may

Notes to Financial Statements (continued)

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 authorizes payments to the Distributor up to 0.25% annually of each Fund’s average daily net assets attributable to the Class N shares. For Small/Mid Cap Growth, the Plan is characterized as a reimbursement plan and is directly tied to expenses incurred by the Distributor; the payments the Distributor receives during any year may not exceed its actual expenses. The impact on the Class N annualized expense ratios for the six months ended April 30, 2023, were 0.25% for Core Bond ESG, Emerging Markets Equity, and Emerging Wealth Equity and 0.19% for Small/Mid Cap Growth.

For Class N of Core Bond ESG, Emerging Markets Equity and Emerging Wealth Equity and for each of the 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 April 30, 2023, were as follows:


Fund	Maximum Annual Amount Approved			Actual Amount Incurred

Core Bond ESG

Class N		0.15	%		0.15	%

Class I		0.10	%		0.07	%

Emerging Markets Equity

Class N		0.15	%		0.15	%

Class I		0.15	%		0.10	%

Emerging Wealth Equity

Class N		0.15	%		0.15	%

Class I		0.15	%		0.10	%

Small/Mid Cap Growth

Class I		0.05	%		0.05	%

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 April 30, 2023, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund loan program during the six months ended April 30, 2023 as follows:


Fund	Average Lent	Number of Days	Interest Earned	Average Interest Rate

Core Bond ESG	$2,092,995	7	$1,887	4.702	%

Emerging Markets Equity	379,215	1	54	5.200	%

Fund	Average Borrowed	Number of Days	Interest Paid	Average Interest Rate

Emerging Markets Equity	$707,027	1	$108	5.585	%

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 April 30, 2023, were as follows:


	Long Term Securities

Fund	Purchases		Sales
Core Bond ESG		$11,125,428		$9,009,086

Emerging Markets Equity		4,787,990		3,722,240

Emerging Wealth Equity		14,494,767		23,700,105

Small/Mid Cap Growth		8,206,922		3,685,299

Core Bond ESG purchases and sales of U.S. Government obligations during the six months ended April 30, 2023 were $6,154,017 and $10,533,274, respectively.

4. PORTFOLIO SECURITIES LOANED

Notes to Financial Statements (continued)

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 April 30, 2023, were as follows:


Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received

Core Bond ESG		$3,683,247		$2,286,237		$1,509,964		$3,796,201

Emerging Markets Equity		646,514		175,916		480,796		656,712

Emerging Wealth Equity		1,130,300		1,356		1,123,156		1,124,512

Small/Mid Cap Growth		971,067		30,080		956,325		986,405

The following table summarizes the securities received as collateral for securities lending at April 30, 2023:


Fund	Collateral Type	Coupon Range	Maturity Date Range

Core Bond ESG	U.S. Treasury Obligations	0.125%-5.172%		06/30/23-11/15/51

Emerging Markets Equity	U.S. Treasury Obligations	0.125%-5.172%		06/30/23-11/15/51

Emerging Wealth Equity	U.S. Treasury Obligations	0.125%-5.172%		06/30/23-11/15/51

Small/Mid Cap Growth	U.S. Treasury Obligations	0.125%-5.172%		06/30/23-11/15/51

5. FOREIGN SECURITIES

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. RISKS ASSOCIATED WITH INVESTMENT IN GREATER CHINA REGION

Emerging Markets Equity and Emerging Wealth Equity are particularly susceptible to risks in the Greater China region, and Taiwan, among other countries. Economies in the Greater China region are dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from other emerging economies in Asia with lower costs. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. Markets in the Greater China region can experience significant volatility due to social, economic, regulatory and political uncertainties. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. U.S. or foreign government restrictions or intervention could negatively affect the implementation of each Fund’s investment strategies, for example by precluding the Funds from making certain investments or causing the Funds to sell investments at disadvantageous times. China has yet to develop comprehensive securities, corporate, or commercial laws, its market is relatively new and less developed, and its economy may be adversely impacted by a slowdown in export growth. Each Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund and may result in losses.

7. COMMITMENTS AND CONTINGENCIES

8. MASTER NETTING AGREEMENTS

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 April 30, 2023:


			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

Core Bond ESG

Bank of America Securities, Inc.		$1,000,000		—		$1,000,000		$1,000,000		—

Jefferies LLC		1,000,000		—		1,000,000		1,000,000		—

RBC Dominion Securities, Inc.		286,237		—		286,237		286,237		—

Fixed Income Clearing Corp.		1,443,000		—		1,443,000		1,443,000		—


Total		$3,729,237		—		$3,729,237		$3,729,237		—


Emerging Markets Equity

Bank of America Securities, Inc.		$175,916		—		$175,916		$175,916		—

Fixed Income Clearing Corp.		537,000		—		537,000		537,000		—


Total		$712,916		—		$712,916		$712,916		—


Emerging Wealth Equity

Bank of America Securities, Inc.		$1,356		—		$1,356		$1,356		—

Fixed Income Clearing Corp.		2,117,000		—		2,117,000		2,117,000		—


Total		$2,118,356		—		$2,118,356		$2,118,356		—


Small/Mid Cap Growth

Bank of America Securities, Inc.		$30,080		—		$30,080		$30,080		—

Fixed Income Clearing Corp.		1,541,000		—		1,541,000		1,541,000		—


Total		$1,571,080		—		$1,571,080		$1,571,080		—

9. SUBSEQUENT EVENTS

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, Product 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 22, 2023, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period January 1, 2022 through December 31, 2022 (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.

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INVESTMENT MANAGER AND ADMINISTRATOR

AMG Funds LLC

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

DISTRIBUTOR

AMG Distributors, Inc.

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

SUBADVISER

GW&K Investment Management, LLC

222 Berkeley St.

Boston, MA 02116

CUSTODIAN

The Bank of New York Mellon

Mutual Funds Custody

6023 Airport Road

Oriskany, NY 13424

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

AMG Funds

Attn: 534426

AIM 154-0520

500 Ross Street

Pittsburgh, PA 15262

800.548.4539

TRUSTEES

Bruce B. Bingham

Kurt A. Keilhacker

Steven J. Paggioli

Eric Rakowski

Victoria L. Sassine

Garret W. Weston

Current net asset values per share for each Fund are available on the Funds’ website at 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 Core

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


		SEMI-ANNUAL REPORT


AMG Funds

April 30, 2023



AMG Frontier Small Cap Growth Fund
Class N: MSSVX	Class I: MSSCX	Class Z: MSSYX

amgfunds.com

043023

SAR085



		AMG Funds
		Semi-Annual Report — April 30, 2023 (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		8
Balance sheet, net asset value (NAV) per share computations and cumulative distributable earnings (loss)

Statement of Operations		10
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period

Statements of Changes in Net Assets		11
Detail of changes in assets for the past two fiscal periods

Financial Highlights		12
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets

Notes to Financial Statements		15
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks

FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM		20




		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 the 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 April 30, 2023	Expense Ratio for the Period		Beginning Account Value 11/01/22		Ending Account Value 04/30/23		Expenses Paid During the Period*

AMG Frontier Small Cap Growth Fund

Based on Actual Fund Return

Class N		1.30%		$1,000		$1,038		$6.57

Class I		0.96%		$1,000		$1,040		$4.86

Class Z		0.90%		$1,000		$1,040		$4.55

Based on Hypothetical 5% Annual Return

Class N		1.30%		$1,000		$1,018		$6.51

Class I		0.96%		$1,000		$1,020		$4.81

Class Z		0.90%		$1,000		$1,020		$4.51

* 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.

Fund Performance (unaudited)

Periods ended April 30, 2023

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 April 30, 2023.


Average Annual Total Returns¹	Six Months*			One Year			Five Years			Ten Years

AMG Frontier Small Cap Growth Fund^2,^{3, 4, 5, 6, 7, 8, 9}

Class N		3.80	%		1.94	%		10.70	%		11.07	%

Class I		4.01	%		2.31	%		11.08	%		11.40	%

Class Z		4.02	%		2.43	%		11.15	%		11.56	%

Russell 2000^® Growth Index¹⁰		(0.29	%)		0.72	%		4.00	%		8.44	%

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.

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 April 30, 2023. All returns are in U.S. Dollars($).

²	From time to time, the Fund's adviser has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

³	The prices of equity securities of companies that are expected to experience relatively rapid earnings growth, or “growth stocks,” may be more sensitive to market movements because the prices tend to reflect future investor expectations rather than just current profits.

⁴	Higher portfolio turnover may adversely affect Fund performance by increasing Fund transaction costs and may increase a shareholder's tax liability.

⁵	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.

⁶ 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.

⁷ 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 other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics such as the COVID-19 pandemic, or in response to events that affect particular industries or companies.

⁸ 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.

⁹ 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.

¹⁰ The Russell 2000^® Growth Index measures the performance of the Russell 2000^® companies with higher price-to-book ratios and higher forecasted growth values. Unlike the Fund, the Russell 2000^® Growth Index is unmanaged, is not available for investment, and does not incur expenses.

The Russell Indices are trademarks of the London Stock Exchange Group companies.

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

AMG Frontier Small Cap Growth Fund

Fund Snapshots (unaudited)

April 30, 2023

PORTFOLIO BREAKDOWN


Sector	% of Net Assets

Industrials		33.6

Health Care		16.8

Materials		14.8

Consumer Discretionary		12.9

Energy		8.8

Information Technology		5.2

Financials		1.6

Communication Services		1.5

Real Estate		0.2

Short-Term Investments		8.4

Other Assets, less Liabilities		(3.8)

TOP TEN HOLDINGS


Security Name		% of Net Assets

KBR, Inc.		4.8

Inspire Medical Systems, Inc.		3.5

Beacon Roofing Supply, Inc.		3.2

FTAI Aviation, Ltd.		3.2

Carpenter Technology Corp.		2.8

Genpact, Ltd.		2.7

Builders FirstSource, Inc.		2.6

Eagle Materials, Inc.		2.5

Permian Resources Corp.		2.4

ATI, Inc.		2.4


Top Ten as a Group		30.1

AMG Frontier Small Cap Growth Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value

Common Stocks - 95.4%

Communication Services - 1.5%

Magnite, Inc.^*		34,251		$321,960

Radius Global Infrastructure, Inc., Class A^*		10,851		159,401

Total Communication Services				481,361

Consumer Discretionary - 12.9%

Adtalem Global Education, Inc.^*		85		3,448

BorgWarner, Inc.		131		6,305

Boyd Gaming Corp.		7,243		502,664

Bright Horizons Family Solutions, Inc.^*		2,647		201,490

Caesars Entertainment, Inc.^*		3,450		156,251

Dana, Inc.		5,371		79,437

Five Below, Inc.^*		26		5,131

Floor & Decor Holdings, Inc., Class A^*		36		3,576

LCI Industries		3,678		415,467

Leslie’s, Inc.^*		3,110		33,744

LGI Homes, Inc.^*,1		4,103		487,436

Lithia Motors, Inc.		2,951		651,846

Mattel, Inc.^*		30,642		551,556

Modine Manufacturing Co.^*		17,901		374,310

Stoneridge, Inc.^*		2,225		41,897

The Cheesecake Factory, Inc.		8,547		287,948

Under Armour, Inc., Class C^*		3,250		26,130

Victoria’s Secret & Co.^*		3,372		104,566

Xponential Fitness, Inc., Class A^*		11,556		382,273

Total Consumer Discretionary				4,315,475

Energy - 8.8%

Chord Energy Corp		2,829		402,651

International Seaways, Inc.		9,601		382,312

PDC Energy, Inc.		11,160		725,958

Permian Resources Corp.		75,778		791,880

SM Energy Co.		22,661		636,321

Total Energy				2,939,122

Financials - 1.6%

LPL Financial Holdings, Inc.		22		4,595

NMI Holdings, Inc., Class A^*		19,757		462,314

Paymentus Holdings, Inc., Class A^*		5,617		46,228

Toast, Inc., Class A^*		1,332		24,242

Total Financials				537,379

Health Care - 16.8%

ACADIA Pharmaceuticals, Inc.^*		7,687		163,964

Axonics, Inc.^*		2,247		129,113

Axsome Therapeutics, Inc.^*		546		39,055


	Shares		Value

BioMarin Pharmaceutical, Inc.^*		3,620		$347,665

CRISPR Therapeutics AG (Switzerland)^*		3,524		172,465

Cytokinetics Inc.^*,1		76		2,842

Exact Sciences Corp.^*		4,486		287,418

Inspire Medical Systems, Inc.^*		4,438		1,187,742

Insulet Corp.^*		146		46,434

Jazz Pharmaceuticals PLC (Ireland)^*		1,375		193,146

Lantheus Holdings, Inc.^*		7,391		631,561

Natera, Inc.^*		15,127		767,241

Novocure, Ltd. (Jersey)^*,1		42		2,768

Pacira BioSciences, Inc.^*		15,300		693,243

Prometheus Biosciences, Inc.^*		1,843		357,450

Quanterix Corp.^*		18,905		238,959

Sarepta Therapeutics, Inc.^*		52		6,384

Shockwave Medical, Inc.^*		799		231,838

Supernus Pharmaceuticals, Inc.^*		1,879		69,260

United Therapeutics Corp.^*		224		51,549

Total Health Care				5,620,097

Industrials - 33.6%

American Woodmark Corp.^*		2,009		101,495

Array Technologies, Inc.^*		24,309		497,119

Azul, S.A., ADR (Brazil)^*,1		80,084		521,347

Beacon Roofing Supply, Inc.^*		17,802		1,071,324

Bloom Energy Corp., Class A^*		5,968		99,367

Builders FirstSource, Inc.^*		9,351		886,194

BWX Technologies, Inc.		2,911		187,992

Controladora Vuela Cia de Aviacion, S.A.B de CV,

ADR (Mexico)^*		6,472		76,111

EnerSys		6,156		510,763

Fiverr International, Ltd. (Israel)^*		3,580		130,742

FTAI Aviation, Ltd.		37,162		1,057,259

Genpact, Ltd.		20,185		899,242

Granite Construction, Inc.		6,626		252,649

KBR, Inc.		28,389		1,610,508

Knight-Swift Transportation Holdings, Inc.		7,551		425,272

Kratos Defense & Security Solutions, Inc.^*		8,848		114,139

Masonite International Corp.^*		4,438		405,678

MasTec, Inc.^*		5,354		475,489

Quanta Services, Inc.		641		108,739

RXO, Inc.^*		9,359		169,304

Sensata Technologies Holding PLC		225		9,776

Shoals Technologies Group, Inc., Class A^*		7,040		147,066

Symbotic, Inc.^*,1		19,721		523,790

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

AMG Frontier Small Cap Growth Fund

Schedule of Portfolio Investments (continued)


	Shares		Value

Industrials - 33.6% (continued)

Upwork, Inc.^*		15,457		$147,923

Vertiv Holdings Co.		9,282		138,487

WESCO International, Inc.		608		87,552

Willdan Group, Inc.^*		4,887		71,595

XPO, Inc.^*		10,948		483,683

Total Industrials				11,210,605

Information Technology - 5.2%

Ambarella, Inc.^*		44		2,727

Belden, Inc.		3,803		300,019

BigCommerce Holdings, Inc., Series 1^*		3,186		23,544

Bill.com Holdings, Inc.^*		2,609		200,397

C3.ai, Inc., Class A^*,1		10,095		179,893

Coherent Corp.^*		72		2,458

Couchbase, Inc.^*		5,416		83,190

DocuSign, Inc.^*		133		6,575

Elastic, N.V.^*		176		10,076

Fair Isaac Corp.^*		5		3,640

Grid Dynamics Holdings, Inc.^*		6,325		68,753

Guidewire Software, Inc.^*		3,228		245,941

MACOM Technology Solutions Holdings, Inc.^*		103		6,009

MaxLinear, Inc.^*		568		13,706

MongoDB, Inc.^*		11		2,639

Monolithic Power Systems, Inc.		5		2,310

Rogers Corp.^*		690		111,055

SiTime Corp.^*		1,608		174,420

UiPath, Inc., Class A^*		10,197		143,574

Ultra Clean Holdings, Inc.^*		3,727		106,369

Wolfspeed, Inc.^*,1		296		13,779

Workiva, Inc.^*		76		7,100

Zuora, Inc., Class A^*		2,194		17,091

Total Information Technology				1,725,265

Materials - 14.8%

Alcoa Corp.		891		33,093

ATI, Inc.^*		20,463		790,281

Carpenter Technology Corp.		17,556		925,903

Eagle Materials, Inc.		5,551		822,714

ERO Copper Corp. (Canada)^*		15,894		312,953

FMC Corp.		563		69,576


	Shares		Value

Hecla Mining Co.¹		115,024		$695,895

MP Materials Corp.^*		21,457		464,973

Ranpak Holdings Corp.^*		14,103		57,540

Sigma Lithium Corp. (Brazil)^*		21,942		763,801

Total Materials				4,936,729

Real Estate - 0.2%

Independence Realty Trust, Inc., REIT		1,991		33,150

STAG Industrial, Inc., REIT		778		26,351

Total Real Estate				59,501

Total Common Stocks (Cost $28,564,879)				31,825,534

	Principal Amount

Short-Term Investments - 8.4%

Joint Repurchase Agreements - 3.7%²

Bank of America Securities, Inc., dated 04/28/23, due 05/01/23, 4.820% total to be received $1,000,402 (collateralized by various U.S. Government Agency Obligations, 1.500% - 4.000%, 09/20/46 - 06/20/52, totaling $1,020,000)		$1,000,000		1,000,000

RBC Dominion Securities, Inc., dated 04/28/23, due 05/01/23, 4.810% total to be received $238,415 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.000%, 05/04/23 - 04/20/53, totaling $243,085)		238,319		238,319

Total Joint Repurchase Agreements				1,238,319

	Shares

Other Investment Companies - 4.7%

Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%³		634,301		634,301

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.82%³		951,452		951,452

Total Other Investment Companies				1,585,753

Total Short-Term Investments (Cost $2,824,072)				2,824,072

Total Investments - 103.8% (Cost $31,388,951)				34,649,606

Other Assets, less Liabilities - (3.8)%				(1,280,944	)

Net Assets - 100.0%				$33,368,662

*	Non-income producing security.

¹	Some of these securities, amounting to $1,466,877 or 4.4% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

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

³	Yield shown represents the April 30, 2023, 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.

AMG Frontier Small Cap Growth Fund

Schedule of Portfolio Investments (continued)


ADR American Depositary Receipt		REIT Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2023:


	Level 1			Level 2			Level 3		Total

Investments in Securities

Common Stocks^†		$	31,825,534			—		—		$	31,825,534

Short-Term Investments

Joint Repurchase Agreements			—		$	1,238,319		—			1,238,319

Other Investment Companies			1,585,753			—		—			1,585,753


Total Investments in Securities		$	33,411,287		$	1,238,319		—		$	34,649,606

^†

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 April 30, 2023, there were no transfers in or out of Level 3.

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

Statement of Assets and Liabilities (unaudited)

April 30, 2023


	AMG Frontier Small Cap Growth Fund

Assets:

Investments at value¹(including securities on loan valued at $1,466,877)		$34,649,606

Receivable for investments sold		119,456

Dividend and interest receivables		9,026

Securities lending income receivable		8,277

Receivable for Fund shares sold		35,929

Receivable from affiliate		12,890

Prepaid expenses and other assets		13,828

Total assets		34,849,012

Liabilities:

Payable upon return of securities loaned		1,238,319

Payable for investments purchased		157,358

Payable for Fund shares repurchased		3,977

Accrued expenses:

Investment advisory and management fees		18,820

Administrative fees		4,033

Distribution fees		284

Shareholder service fees		1,564

Other		55,995

Total liabilities		1,480,350

Commitments and Contingencies (Notes 2 & 5)		—

Net Assets		$33,368,662

¹Investments at cost		$31,388,951

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

Statement of Assets and Liabilities (continued)


	AMG Frontier Small Cap Growth Fund

Net Assets Represent:

Paid-in capital		$34,582,008

Total distributable loss		(1,213,346	)

Net Assets		$33,368,662

Class N:

Net Assets		$1,439,133

Shares outstanding		210,659

Net asset value, offering and redemption price per share		$6.83

Class I:

Net Assets		$25,472,855

Shares outstanding		3,385,472

Net asset value, offering and redemption price per share		$7.52

Class Z:

Net Assets		$6,456,674

Shares outstanding		805,185

Net asset value, offering and redemption price per share		$8.02

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

Statement of Operations (unaudited)

For the six months ended April 30, 2023


	AMG Frontier Small Cap Growth Fund

Investment Income:

Dividend income		$130,532

Securities lending income		16,724

Total investment income		147,256

Expenses:

Investment advisory and management fees		100,832

Administrative fees		21,607

Distribution fees - Class N		1,567

Shareholder servicing fees - Class N		940

Shareholder servicing fees - Class I		5,949

Custodian fees		29,963

Professional fees		15,044

Registration fees		10,400

Reports to shareholders		6,175

Transfer agent fees		2,993

Trustee fees and expenses		1,004

Miscellaneous		1,652

Total expenses before offsets		198,126

Expense reimbursements		(60,028	)

Net expenses		138,098


Net investment income		9,158

Net Realized and Unrealized Gain:

Net realized loss on investments		(1,111,159	)

Net change in unrealized appreciation/depreciation on investments		2,181,536

Net realized and unrealized gain		1,070,377


Net increase in net assets resulting from operations		$1,079,535

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

Statements of Changes in Net Assets

For the six months ended April 30, 2023 (unaudited) and the fiscal year ended October 31, 2022


	AMG Frontier Small Cap Growth Fund

	April 30, 2023			October 31, 2022

Increase (Decrease) in Net Assets Resulting From Operations:

Net investment income (loss)		$9,158			$(118,581)

Net realized loss on investments		(1,111,159	)		(2,700,611)

Net change in unrealized appreciation/depreciation on investments		2,181,536			(3,254,477)

Net increase (decrease) in net assets resulting from operations		1,079,535			(6,073,669)

Distributions to Shareholders:

Class N		—			(665,222)

Class I		—			(5,073,890)

Class Z		—			(2,412,197)

Total distributions to shareholders		—			(8,151,309)

Capital Share Transactions:¹

Net increase from capital share transactions		8,059,928			11,718,101


Total increase (decrease) in net assets		9,139,463			(2,506,877	)

Net Assets:

Beginning of period		24,229,199			26,736,076

End of period		$33,368,662			$24,229,199

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

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

AMG Frontier Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class N	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$6.58			$12.60			$8.55			$8.03			$11.69			$13.20

Income (loss) from Investment Operations:

Net investment loss^1,2		(0.01	)		(0.06	)³		(0.12	)		(0.06	)		(0.06	)		(0.09	)

Net realized and unrealized gain (loss) on investments		0.26			(2.05	)		4.56			1.30			0.45			1.58

Total income (loss) from investment operations		0.25			(2.11	)		4.44			1.24			0.39			1.49

Less Distributions to Shareholders from:

Net realized gain on investments		—			(3.91	)		(0.39	)		(0.72	)		(4.05	)		(3.00	)

Net Asset Value, End of Period		$6.83			$6.58			$12.60			$8.55			$8.03			$11.69

Total Return^2,4		3.80	%⁵		(22.17	)%		52.92	%		16.22	%		11.83	%		13.81	%

Ratio of net expenses to average net assets		1.30	%⁶		1.30	%		1.30	%		1.30	%		1.30	%		1.30	%

Ratio of gross expenses to average net assets⁷		1.72	%⁶		1.74	%		1.72	%		1.90	%		1.94	%		1.81	%

Ratio of net investment loss to average net assets²		(0.28	)%⁶		(0.86	)%		(0.98	)%		(0.73	)%		(0.79	)%		(0.76	)%

Portfolio turnover		107	%⁵		231	%		217	%		206	%		226	%		233	%

Net assets end of period (000’s) omitted		$1,439			$1,179			$834			$306			$324			$553

AMG Frontier Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class I	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$7.23			$13.40			$9.04			$8.43			$12.02			$13.46

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.00	⁸		(0.04	)³		(0.08	)		(0.03	)		(0.04	)		(0.06	)

Net realized and unrealized gain (loss) on investments		0.29			(2.22	)		4.83			1.36			0.50			1.62

Total income (loss) from investment operations		0.29			(2.26	)		4.75			1.33			0.46			1.56

Less Distributions to Shareholders from:

Net realized gain on investments		—			(3.91	)		(0.39	)		(0.72	)		(4.05	)		(3.00	)

Net Asset Value, End of Period		$7.52			$7.23			$13.40			$9.04			$8.43			$12.02

Total Return^2,4		4.01	%⁵		(21.92	)%		53.49	%		16.69	%		12.08	%		14.12	%

Ratio of net expenses to average net assets		0.96	%⁶		0.94	%		0.94	%		0.95	%		0.96	%		1.01	%

Ratio of gross expenses to average net assets⁷		1.38	%⁶		1.38	%		1.36	%		1.55	%		1.60	%		1.52	%

Ratio of net investment income (loss) to average net assets²		0.06	%⁶		(0.50	)%		(0.62	)%		(0.38	)%		(0.45	)%		(0.46	)%

Portfolio turnover		107	%⁵		231	%		217	%		206	%		226	%		233	%

Net assets end of period (000’s) omitted		$25,473			$17,023			$17,230			$11,547			$10,873			$11,549

AMG Frontier Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class Z	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$7.71			$14.01			$9.43			$8.75			$12.31			$13.70

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.00	⁸		(0.04	)³		(0.07	)		(0.03	)		(0.03	)		(0.05	)

Net realized and unrealized gain (loss) on investments		0.31			(2.35	)		5.04			1.43			0.52			1.66

Total income (loss) from investment operations		0.31			(2.39	)		4.97			1.40			0.49			1.61

Less Distributions to Shareholders from:

Net realized gain on investments		—			(3.91	)		(0.39	)		(0.72	)		(4.05	)		(3.00	)

Net Asset Value, End of Period		$8.02			$7.71			$14.01			$9.43			$8.75			$12.31

Total Return^2,4		4.02	%⁵		(21.87	)%		53.62	%		16.74	%		12.15	%		14.26	%

Ratio of net expenses to average net assets		0.90	%⁶		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%

Ratio of gross expenses to average net assets⁷		1.32	%⁶		1.34	%		1.32	%		1.50	%		1.54	%		1.41	%

Ratio of net investment income (loss) to average net assets²		0.12	%⁶		(0.46	)%		(0.58	)%		(0.33	)%		(0.39	)%		(0.36	)%

Portfolio turnover		107	%⁵		231	%		217	%		206	%		226	%		233	%

Net assets end of period (000’s) omitted		$6,457			$6,027			$8,672			$7,850			$7,196			$6,418

¹	Per share numbers have been calculated using average shares.

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

³	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.07), $(0.04) and $(0.04) 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	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	Less than $0.005 per share.

Notes to Financial Statements (unaudited)

April 30, 2023

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I (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 Frontier Small Cap Growth Fund (the “Fund”).

The Fund offers Class N, I and 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.

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.

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.

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. Pursuant to Rule 2a-5 under the 1940 Act, the Fund’s Board of Trustees (the “Board”) designated AMG Funds LLC

(the “Investment Manager”) as the Fund’s Valuation Designee to perform the Fund’s fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager’s fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. 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 Fund’s valuation procedures, if the Investment Manager 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 Investment Manager 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 quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Fund. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager’s process for determining the fair value of the Fund’s investments.

With respect to foreign equity securities and certain foreign fixed income securities, 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:

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

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. 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 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.

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 due to a net operating loss. Temporary differences are primarily due to the deferral of qualified late year ordinary losses, mark to market on passive foreign investment companies and wash sales loss deferrals.

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 October 31, 2022, the Fund 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.


Short-Term	Long-Term		Total

$1,166,108		—		$1,166,108

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 April 30, 2023 (unaudited) and the fiscal year ended October 31, 2022, the capital stock transactions by class for the Fund were as follows:



	April 30, 2023						October 31, 2022

	Shares			Amount			Shares			Amount

Class N:

Shares sold		41,091			$280,848			341,404			$2,957,901

Shares issued in reinvestment of distributions		—			—			83,362			665,222

Shares redeemed		(9,702	)		(63,243	)		(311,714	)		(2,395,289	)


Net increase		31,389			$217,605			113,052			$1,227,834


Class I:

Shares sold		1,154,271			$8,566,499			960,193			$7,368,010

Shares issued in reinvestment of distributions		—			—			576,352			5,043,079

Shares redeemed		(122,598	)		(907,850	)		(468,126	)		(3,536,068	)


Net increase		1,031,673			$7,658,649			1,068,419			$8,875,021


Class Z:

Shares sold		33,709			$267,620			2,306			$19,147

Shares issued in reinvestment of distributions		—			—			258,819			2,412,197

Shares redeemed		(10,665	)		(83,946	)		(98,105	)		(816,098	)


Net increase		23,044			$183,674			163,020			$1,615,246

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 April 30, 2023, the market value of Repurchase Agreements outstanding was $1,238,319.

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 Frontier Capital Management Co., LLC (“Frontier”) who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in Frontier.

Investment management fees are paid directly by the Fund to the Investment Manager based on average daily net assets. For the six months ended April 30, 2023, the Fund paid an investment management fee at the annual rate of 0.70% of the average daily net assets of the Fund. The fee paid to Frontier for its services as subadviser is paid out of the fee the Investment Manager receives from the Fund and does not increase the expenses of the Fund.

‘

Notes to Financial Statements (continued)

sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) to the annual rate of 0.90% of the Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Fund in certain circumstances.

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

For the six months ended April 30, 2023, the Investment Manager reimbursed the Fund $60,028, and did not recoup any previously reimbursed expenses. At April 30, 2023, the Fund’s expiration of reimbursements subject to recoupment is as follows:



Expiration Period

Less than 1 year			$93,482

1-2 years			117,751

2-3 years			110,070


Total			$321,303

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

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

The Fund has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to

the Plan, the Fund may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of the Fund’s Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments to the Distributor up to 0.25% annually of the Fund’s average daily net assets attributable to the Class N shares.

For 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 April 30, 2023, were as follows:



	Maximum Annual Amount Approved		Actual Amount Incurred

Class N		0.15%		0.15%

Class I		0.15%		0.06%

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 April 30, 2023, the Fund had no interfund loans outstanding.

The Fund did not utilize the interfund loan program during the six months ended April 30, 2023.

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 April 30, 2023, were $37,700,544 and $30,372,096, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 2023.

Notes to Financial Statements (continued)

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 April 30, 2023, were as follows:


Securities Loaned	Cash Collateral Received	Securities Collateral Received	Total Collateral Received

$1,466,877	$1,238,319	$280,074	$1,518,393

The following table summarizes the securities received as collateral for securities lending at April 30, 2023:


Collateral Type	Coupon Range	Maturity Date Range

U.S. Treasury Obligations	0.125%-5.071%	06/30/23-08/15/51

5. COMMITMENTS AND CONTINGENCIES

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

6. MASTER NETTING AGREEMENTS

The Fund may enter into master netting agreements with its counterparties for the 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.

The following table is a summary of the Fund’s open Repurchase Agreements that are subject to a master netting agreement as of April 30, 2023:


			Gross Amount Not Offset in the Statement of Assets and Liabilities

	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Offset Amount	Net Asset Balance		Collateral Received		Net Amount



Bank of America Securities, Inc.		$1,000,000	—		$1,000,000		$1,000,000	—

RBC Dominion Securities, Inc.		238,319	—		238,319		238,319	—


Total		$1,238,319	—		$1,238,319		$1,238,319	—

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.

Funds Liquidity Risk Management Program

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

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:

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

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.


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 Frontier Capital Management Co., LLC 99 Summer Street Boston, MA 02110 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. AMG Funds Attn: 534426 AIM 154-0520 500 Ross Street Pittsburgh, PA 15262 800.548.4539 TRUSTEES Bruce B. Bingham Kurt A. Keilhacker Steven J. Paggioli Eric Rakowski Victoria L. Sassine 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 semi-annual 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 Core

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

043023 SAR085

SEMI-ANNUAL REPORT


		AMG Funds

		April 30, 2023



		AMG Veritas China Fund
		Class N: MMCFX		Class I: MIMFX

		AMG Veritas Global Focus Fund
		Class N: MFQAX		Class I: MFQTX

amgfunds.com

043023

SAR084

AMG Funds

Semi-Annual Report — April 30, 2023 (unaudited)


TABLE OF CONTENTS	PAGE


ABOUT YOUR FUND’S EXPENSES		2

FUND PERFORMANCE		3

FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS

AMG Veritas China Fund		5

AMG Veritas Global Focus Fund		8

FINANCIAL STATEMENTS

Statement of Assets and Liabilities		11

Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)

Statement of Operations		13

Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period

Statements of Changes in Net Assets		14

Detail of changes in assets for the past two fiscal periods

Financial Highlights		15

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

Notes to Financial Statements		19

Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks

FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM		25


		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)

ACTUAL EXPENSES

The first line of the following table provides information about the actual account values and

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES


Six Months Ended April 30, 2023	Expense Ratio for the Period			Beginning Account Value 11/01/22		Ending Account Value 04/30/23		Expenses Paid During the Period*

AMG Veritas China Fund

Based on Actual Fund Return

Class N		1.14	%		$1,000		$1,158		$6.10

Class I		0.93	%		$1,000		$1,159		$4.98
Based on Hypothetical 5% Annual Return

Class N		1.14	%		$1,000		$1,019		$5.71

Class I		0.93	%		$1,000		$1,020		$4.66

AMG Veritas Global Focus Fund

Based on Actual Fund Return

Class N		1.13	%		$1,000		$1,169		$6.08

Class I		0.88	%		$1,000		$1,171		$4.74
Based on Hypothetical 5% Annual Return

Class N		1.13	%		$1,000		$1,019		$5.66

Class I		0.88	%		$1,000		$1,020		$4.41

^*	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.

Fund Performance (unaudited)

Periods ended April 30, 2023

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 April 30, 2023.


Average Annual Total Returns¹	Six Months*		One Year		Five Years		Ten Years
AMG Veritas China Fund^{2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21}

Class N		15.82%		(3.27%)		(0.51%)		6.50%

Class I		15.87%		(3.16%)		(0.29%)		6.75%

MSCI China Index²³		35.51%		(5.80%)		(5.01%)		2.71%

AMG Veritas Global Focus Fund^{2, 4, 5, 6, 7, 9, 10, 11, 12, 13, 14, 16, 18, 20, 22}

Class N		16.91%		4.25%		6.77%		9.48%

Class I		17.14%		4.51%		7.04%		9.76%

MSCI World Index²⁴		12.26%		3.18%		8.14%		8.71%

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

* Not annualized.

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

³ As of May 21, 2021, the Fund’s Subadviser was changed to Veritas Asset Management LLP. Prior to May 21, 2021, the Fund was known as the AMG Managers Emerging Opportunities Fund and had different principal investment strategies and corresponding risks. Performance shown for periods prior to May 21, 2021, reflects the performance and investment strategies of the Fund’s previous Subadvisers, Next Century Growth Investors LLC, WEDGE Capital Management L.L.P. and RBC Global Asset Management (U.S.) Inc. The Fund’s past performance would have been different if the Fund were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.

⁴ Fluctuations in exchange rates may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars and exposure to non-U.S. currencies may subject the Fund to the risk that those currencies will decline in value relative to the U.S. Dollar.

⁵ Investments in emerging markets are subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility. Such additional risks include the risk that markets in emerging market countries are typically less developed and less liquid than markets in developed countries and such markets are subjected to increased economic, political, or regulatory uncertainties.

⁶ To the extent the Fund invests a substantial portion of its assets in a relatively small number of securities or a particular market, industry, group of industries, country, region, group of countries, asset class or sector, it generally will be subject to greater risk than a fund that invests in a more diverse investment portfolio. In addition, the value of the Fund would be more susceptible to any single economic, market, political or regulatory occurrence affecting, for example, that particular market, industry, region or sector.

⁷ Investments in foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in

political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investments in U.S. issuers and may result in greater price volatility.

⁸To the extent the Fund focuses its investments in a particular country, group of countries or geographic region, the Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting such countries or region, and the Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund and may result in losses.

Greater China. The Fund is particularly susceptible to risks in the Greater China region, which consists of Hong Kong, The People’s Republic of China (the “PRC”) and Taiwan, among other countries. Economies in the Greater China region are dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from other emerging economies in Asia with lower costs. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. Markets in the Greater China region can experience significant volatility due to social, economic, regulatory and political uncertainties. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities, and have shown a willingness to exercise that option in response to market volatility and other events. U.S. or foreign government restrictions or intervention could negatively affect the implementation of the Fund’s investment strategies, for example by precluding the Fund from making certain investments or causing the Fund to sell investments at disadvantageous times. China has yet to develop comprehensive securities, corporate, or commercial laws, its market is relatively new and less developed, and its economy may be adversely impacted by a slowdown in export growth.

⁹ When the Fund has a significant cash balance for a sustained period, the benefit to the Fund of any market upswing may likely be reduced, and the Fund’s performance may be adversely affected.

¹⁰ The stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.

¹¹ 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.

¹² 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

Fund Performance

Periods ended April 30, 2023 (continued)

the Subadviser’s investment techniques and risk analysis will produce the desired result.

¹³ 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 other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics such as the COVID-19 pandemic, or in response to events that affect particular industries or companies.

¹⁴ The Fund is non-diversified and therefore a greater percentage of holdings may be focused in a small number of issuers or a single issuer, which can place the Fund at greater risk. Notwithstanding the Fund’s status as a “non-diversified” investment company under the Investment Company Act of 1940 (the “1940 Act”), the Fund intends to qualify as a regulated investment company accorded favorable tax treatment under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which imposes its own diversification requirements that are less restrictive than the requirements applicable to “diversified” investment companies under the 1940 Act. The Fund’s intention to qualify as a regulated investment company may limit its pursuit of its investment strategy and its investment strategy could limit its ability to so qualify.

¹⁵ An investment in participatory notes is subject to market risk. The performance results of participatory notes may not exactly replicate the performance of the underlying securities. An investment in participatory notes is also subject to counterparty risk, relating to the non-U.S. bank or broker-dealer that issues the participatory notes, and may be subject to liquidity risk.

¹⁶ Changes in the general political and social environment of a country can have substantial effects on the value of investments exposed to that country.

¹⁷ The application of the tax laws and regulations of the PRC to income, including capital gains, derived from certain investments of the Fund remains unclear, and may well continue to evolve, possibly with retroactive effect. Any taxes imposed on the investments of the Fund pursuant to such laws and regulations will reduce the Fund’s overall returns.

¹⁸ 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.

¹⁹ Trading in China A-Shares through Stock Connect is subject to sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk and regulatory and taxation risk.

²⁰ Value stocks may perform differently from the market as a whole and may be undervalued by the market for a long period of time.

²¹ The Fund may gain investment exposure to certain Chinese companies through variable interest entity (“VIE”) structures. A VIE structure enables foreign investors, such as the Fund, to obtain investment exposure to a Chinese company in situations in which the Chinese government has limited or prohibited non-Chinese ownership of such company. A VIE does not have equity ownership in its corresponding China-based company but has claims to the China-based company’s profits and control of its assets through contractual arrangements. VIEs are a common industry practice and well known to officials and regulators in China; however, VIEs are not formally recognized under Chinese law. If the Chinese government takes action adversely affecting VIEs, the market value of the Fund’s associated portfolio holdings would likely suffer significant, detrimental,

and possibly permanent consequences, which could result in substantial investment losses.

²² As of May 21, 2021, the Fund’s Subadviser was changed to Veritas Asset Management LLP. Prior to May 21, 2021, the Fund was known as the AMG FQ Tax-Managed U.S. Equity Fund and had different principal investment strategies and corresponding risks. Performance shown for periods prior to May 21, 2021, reflects the performance and investment strategies of the Fund’s previous Subadviser, First Quadrant, LLC. The Fund’s past performance would have been different if the Fund were managed by the current Subadviser and strategy, and the Fund’s prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.

²³ The MSCI China Index captures large- and mid-cap representation across China A-Shares, H-Shares, B-Shares, Red chips, P chips and foreign listings (e.g. ADRs). Unlike the Fund, the MSCI China Index is unmanaged, is not available for investment and does not incur expenses.

²⁴ 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.

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

AMG Veritas China Fund

Fund Snapshots (unaudited)

April 30, 2023

PORTFOLIO BREAKDOWN


Sector		% of Net Assets

Consumer Discretionary		39.2

Financials		16.0

Consumer Staples		14.9

Industrials		11.4

Communication Services		10.5

Health Care		4.4

Utilities		2.1

Information Technology		1.5

Short-Term Investments		2.3

Other Assets, less Liabilities		(2.3)

TOP TEN HOLDINGS


Security Name		% of Net Assets

Hong Kong Exchanges & Clearing, Ltd. (Hong Kong)		9.8

Kweichow Moutai Co., Ltd., Class A (China)		9.0

Tencent Holdings, Ltd. (China)		8.2

PDD Holdings, Inc., ADR (China)		6.1

H World Group Ltd., ADR (China)		4.9

Yum China Holdings, Inc. (China)		4.8

Alibaba Group Holding, Ltd. (China)		4.8

Sands China, Ltd. (Macau)		4.6

Techtronic Industries Co., Ltd. (Hong Kong)		4.6

Meituan, Class B (China)		4.5


Top Ten as a Group		61.3

AMG Veritas China Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value

Common Stocks - 100.0%

Communication Services - 10.5%

NetEase, Inc. (China)		86,000		$1,531,006

Tencent Holdings, Ltd. (China)		122,600		5,445,416

Total Communication Services				6,976,422

Consumer Discretionary - 39.2%

Alibaba Group Holding, Ltd. (China)^*		300,000		3,172,088

Chow Tai Fook Jewellery Group, Ltd. (Hong Kong)		1,200,000		2,409,855

H World Group Ltd., ADR (China)^*		69,600		3,264,240

JD.com, Inc., Class A (China)		66,533		1,187,471

Meituan, Class B (China)^*,1		174,380		2,980,234

MGM China Holdings, Ltd. (Macau)^*		2,000,000		2,731,740

PDD Holdings, Inc., ADR (China)^*		59,400		4,048,110

Sands China, Ltd. (Macau)^*		850,000		3,044,207

Yum China Holdings, Inc. (China)		52,000		3,182,322

Total Consumer Discretionary				26,020,267

Consumer Staples - 14.9%

Kweichow Moutai Co., Ltd., Class A (China)		23,400		5,956,741

Luzhou Laojiao Co., Ltd., Class A (China)		48,035		1,569,603

Wuliangye Yibin Co., Ltd., Class A (China)		96,800		2,365,009

Total Consumer Staples				9,891,353

Financials - 16.0%

AIA Group, Ltd. (Hong Kong)		253,900		2,764,228

China Pacific Insurance Group Co., Ltd. (China)		450,000		1,344,165

Hong Kong Exchanges & Clearing, Ltd. (Hong Kong)		157,500		6,538,912

Total Financials				10,647,305

Health Care - 4.4%

Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A (China)		65,100		2,936,313


	Shares		Value

Industrials - 11.4%

Centre Testing International Group Co., Ltd., Class A (China)		240,700		$670,013

GRG Metrology & Test Group Co., Ltd., Class A (China)		504,968		1,652,531

NARI Technology Co., Ltd., Class A (China)		582,643		2,202,395

Techtronic Industries Co., Ltd. (Hong Kong)		280,000		3,029,177

Total Industrials				7,554,116

Information Technology - 1.5%

LONGi Green Energy Technology Co., Ltd., Class A (China)		199,980		1,010,182

Utilities - 2.1%

ENN Energy Holdings, Ltd. (China)		99,400		1,362,934

Total Common Stocks
(Cost $73,759,248)				66,398,892

Short-Term Investments - 2.3%

Other Investment Companies - 2.3%

Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%²		594,538		594,538

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.82%²		890,701		890,701

Total Short-Term Investments
(Cost $1,485,239)				1,485,239

Total Investments - 102.3%
(Cost $75,244,487)				67,884,131

Other Assets, less Liabilities - (2.3)%				(1,503,617	)

Net Assets - 100.0%				$66,380,514

*	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 April 30, 2023, the value of this security amounted to $2,980,234 or 4.5% of net assets.

²	Yield shown represents the April 30, 2023, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR	American Depositary Receipt

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

AMG Veritas China 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 April 30, 2023:


	Level 1		Level 2¹		Level 3		Total

Investments in Securities

Common Stocks

Consumer Discretionary	$	7,312,350	$	18,707,917		—	$	26,020,267

Financials		—		10,647,305		—		10,647,305

Consumer Staples		—		9,891,353		—		9,891,353

Industrials		—		7,554,116		—		7,554,116

Communication Services		—		6,976,422		—		6,976,422

Health Care		—		2,936,313		—		2,936,313

Utilities		—		1,362,934		—		1,362,934

Information Technology		—		1,010,182		—		1,010,182

Short-Term Investments

Other Investment Companies		1,485,239		—		—		1,485,239


Total Investments in Securities	$	8,797,589	$	59,086,542		—	$	67,884,131

For the six months ended April 30, 2023, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at April 30, 2023, was as follows:



Country	% of Long-Term Investments

China		69.1

Hong Kong		22.2

Macau		8.7

		100.0

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

AMG Veritas Global Focus Fund

Fund Snapshots (unaudited)

April 30, 2023


PORTFOLIO BREAKDOWN

Sector		% of Net Assets

Industrials		27.2

Health Care		25.1

Financials		14.9

Communication Services		13.4

Consumer Staples		7.3

Information Technology		4.4

Consumer Discretionary		4.1

Short-Term Investments		3.8

Other Assets, less Liabilities		(0.2)


TOP TEN HOLDINGS

Security Name		% of Net Assets

Alphabet, Inc., Class A (United States)		6.0

Vinci, S.A. (France)		5.6

Canadian Pacific Kansas City, Ltd. (Canada)		5.2

Charter Communications, Inc., Class A (United States)		5.1

Airbus SE (France)		5.1

Fiserv, Inc. (United States)		4.6

Microsoft Corp. (United States)		4.4

Unilever PLC (United Kingdom)		4.3

Intercontinental Exchange, Inc. (United States)		4.1

Amazon.com, Inc. (United States)		4.1


Top Ten as a Group		48.5

AMG Veritas Global Focus Fund

Schedule of Portfolio Investments (unaudited)

April 30, 2023


	Shares		Value

Common Stocks - 96.4%

Communication Services - 13.4%

Alphabet, Inc., Class A (United States)^*		17,772		$1,907,647

Charter Communications, Inc., Class A (United States)^*		4,370		1,611,219

Meta Platforms, Inc., Class A (United States)^*		2,950		708,944

Total Communication Services				4,227,810

Consumer Discretionary - 4.1%

Amazon.com, Inc. (United States)^*		12,253		1,292,079

Consumer Staples - 7.3%

Diageo PLC (United Kingdom)		20,563		938,004

Unilever PLC (United Kingdom)		24,364		1,357,008

Total Consumer Staples				2,295,012

Financials - 14.9%

Fiserv, Inc. (United States)^*		11,923		1,456,037

Intercontinental Exchange, Inc. (United States)		11,983		1,305,308

Mastercard, Inc., Class A (United States)		3,117		1,184,553

Moody’s Corp. (United States)		2,450		767,144

Total Financials				4,713,042

Health Care - 25.1%

Becton Dickinson & Co. (United States)		3,565		942,265

Bio-Rad Laboratories, Inc., Class A (United States)^*		2,150		969,199

Catalent, Inc. (United States)^*		12,210		611,965

The Cooper Cos, Inc. (United States)		3,010		1,148,164

CVS Health Corp. (United States)		5,523		404,891

Elevance Health, Inc. (United States)		671		314,464

Illumina, Inc. (United States)^*		2,746		564,468


	Shares		Value

Sonic Healthcare, Ltd. (Australia)		39,315		$926,771

Thermo Fisher Scientific, Inc. (United States)		1,780		987,722

UnitedHealth Group, Inc. (United States)		2,143		1,054,549

Total Health Care				7,924,458

Industrials - 27.2%

Aena SME SA (Spain)^*,1		7,270		1,224,391

Airbus SE (France)		11,487		1,608,578

BAE Systems PLC (United Kingdom)		86,173		1,097,842

Canadian Pacific Kansas City, Ltd. (Canada)		20,708		1,632,619

Safran SA (France)		8,090		1,258,155

Vinci, S.A. (France)		14,199		1,756,291

Total Industrials				8,577,876

Information Technology - 4.4%

Microsoft Corp. (United States)		4,496		1,381,441

Total Common Stocks
(Cost $29,857,227)				30,411,718

Short-Term Investments - 3.8%

Other Investment Companies - 3.8%

Dreyfus Government Cash Management Fund, Institutional Shares, 4.76%²		476,608		476,608

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.82%²		714,912		714,912

Total Short-Term Investments
(Cost $1,191,520)				1,191,520

Total Investments - 100.2%
(Cost $31,048,747)				31,603,238

Other Assets, less Liabilities - (0.2)%				(63,333	)

Net Assets - 100.0%				$31,539,905

Non-income producing security.

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 April 30, 2023, the value of this security amounted to $1,224,391 or 3.9% of net assets.

Yield shown represents the April 30, 2023, 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.

AMG Veritas Global Focus 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 April 30, 2023:


	Level 1		Level 2¹		Level 3		Total

Investments in Securities

Common Stocks

Industrials		$1,632,619		$6,945,257		—		$8,577,876

Health Care		6,997,687		926,771		—		7,924,458

Financials		4,713,042		—		—		4,713,042

Communication Services		4,227,810		—		—		4,227,810

Consumer Staples		—		2,295,012		—		2,295,012

Information Technology		1,381,441		—		—		1,381,441

Consumer Discretionary		1,292,079		—		—		1,292,079

Short-Term Investments

Other Investment Companies		1,191,520		—		—		1,191,520


Total Investments in Securities	$	21,436,198	$	10,167,040		—	$	31,603,238

For the six months ended April 30, 2023, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at April 30, 2023, was as follows:


Country		% of Long-Term Investments

Australia		3.0

Canada		5.4

France		15.2

Spain		4.0

United Kingdom		11.2

United States		61.2


		100.0

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

Statement of Assets and Liabilities (unaudited)

April 30, 2023


	AMG Veritas China Fund		AMG Veritas Global Focus Fund

Assets:

Investments at value¹		$67,884,131		$31,603,238

Receivable for investments sold		—		105,896

Dividend and interest receivables		10,804		34,189

Receivable for Fund shares sold		2,288		42

Receivable from affiliate		10,872		8,982

Prepaid expenses and other assets		14,733		11,506

Total assets		67,922,828		31,763,853

Liabilities:

Payable for investments purchased		1,378,135		159,928

Payable for Fund shares repurchased		19,205		500

Accrued expenses:

Investment advisory and management fees		39,783		17,111

Administrative fees		8,405		3,831

Distribution fees		—		442

Shareholder service fees		10,621		—

Other		86,165		42,136

Total liabilities		1,542,314		223,948

Commitments and Contingencies (Notes 2 & 8)		—		—

Net Assets		$66,380,514		$31,539,905

¹Investments at cost		$75,244,487		$31,048,747

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

Statement of Assets and Liabilities (continued)


	AMG Veritas China Fund			AMG Veritas Global Focus Fund

Net Assets Represent:

Paid-in capital		$109,729,649			$30,602,174

Total distributable earnings (loss)		(43,349,135	)		937,731

Net Assets		$66,380,514			$31,539,905

Class N:

Net Assets		$58,945,177			$2,175,729

Shares outstanding		3,562,406			136,934

Net asset value, offering and redemption price per share		$16.55			$15.89

Class I:

Net Assets		$7,435,337			$29,364,176

Shares outstanding		426,005			1,848,410

Net asset value, offering and redemption price per share		$17.45			$15.89

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

Statement of Operations (unaudited)

For the six months ended April 30, 2023


	AMG Veritas China Fund			AMG Veritas Global Focus Fund

Investment Income:

Dividend income		$446,611	¹		$214,864

Interest income		855			652

Foreign withholding tax		(12,235	)		(18,680	)

Total investment income		435,231			196,836

Expenses:

Investment advisory and management fees		251,336			100,885

Administrative fees		53,099			22,586

Distribution fees - Class N		—			2,622

Shareholder servicing fees - Class N		67,411			—

Custodian fees		32,421			13,974

Professional fees		16,147			16,360

Registration fees		15,911			12,015

Transfer agent fees		10,851			4,397

Reports to shareholders		10,829			5,105

Trustee fees and expenses		2,762			1,149

Miscellaneous		2,477			1,470

Total expenses before offsets		463,244			180,563

Expense reimbursements		(66,619	)		(45,435	)

Net expenses		396,625			135,128


Net investment income		38,606			61,708

Net Realized and Unrealized Gain:

Net realized gain (loss) on investments		(12,699,621	)		369,727

Net realized loss on foreign currency transactions		(11,007	)		(506	)

Net change in unrealized appreciation/depreciation on investments		22,671,362			4,343,563

Net change in unrealized appreciation/depreciation on foreign currency translations		209			712

Net realized and unrealized gain		9,960,943			4,713,496


Net increase in net assets resulting from operations		$9,999,549			$4,775,204

¹Includes non-recurring dividends of $73,374.

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

Statements of Changes in Net Assets

For the six months ended April 30, 2023 (unaudited) and the fiscal year ended October 31, 2022


	AMG Veritas China Fund						AMG Veritas Global Focus Fund

	April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022

Increase (Decrease) in Net Assets Resulting From Operations:

Net investment income (loss)		$38,606			$(188,185	)		$61,708			$27,807

Net realized gain (loss) on investments		(12,710,628	)		(23,160,740	)		369,221			1,832,968

Net change in unrealized appreciation/depreciation on investments		22,671,571			(22,739,038	)		4,344,275			(11,220,072	)

Net increase (decrease) in net assets resulting from operations		9,999,549			(46,087,963	)		4,775,204			(9,359,297	)

Distributions to Shareholders:

Class N		—			—			(105,159	)		(261,410	)

Class I		—			—			(1,469,160	)		(2,887,625	)

Total distributions to shareholders		—			—			(1,574,319	)		(3,149,035	)

Capital Share Transactions:¹

Net decrease from capital share transactions		(5,132,425	)		(23,289,196	)		(1,437,991	)		(6,542,893	)


Total increase (decrease) in net assets		4,867,124			(69,377,159	)		1,762,894			(19,051,225	)

Net Assets:

Beginning of period		61,513,390			130,890,549			29,777,011			48,828,236

End of period		$66,380,514			$61,513,390			$31,539,905			$29,777,011

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

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

AMG Veritas China Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class N	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$14.29			$24.13			$37.61			$41.44			$48.48			$50.06

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.01	³		(0.05	)⁴		(0.02	)		0.09			(0.09	)		(0.32	)

Net realized and unrealized gain (loss) on investments		2.25			(9.79	)		15.11			(0.23	)		1.70			4.45

Total income (loss) from investment operations		2.26			(9.84	)		15.09			(0.14	)		1.61			4.13

Less Distributions to Shareholders from:

Net investment income		—			—			(0.01	)		—			—			—

Net realized gain on investments		—			—			(24.49	)		(3.69	)		(8.65	)		(5.71	)

Paid in capital		—			—			(4.07	)		—			—			—

Total distributions to shareholders		—			—			(28.57	)		(3.69	)		(8.65	)		(5.71	)

Net Asset Value, End of Period		$16.55			$14.29			$24.13			$37.61			$41.44			$48.48

Total Return^2,5		15.82	%⁶		(40.78	)%		30.40	%		(0.86	)%		7.46	%		8.82	%

Ratio of net expenses to average net assets		1.14	%⁷		1.14	%		1.16	%⁸		1.18	%⁸		1.24	%⁸		1.41	%⁸

Ratio of gross expenses to average net assets⁹		1.33	%⁷		1.32	%		1.24	%		1.26	%		1.34	%		1.50	%

Ratio of net investment income (loss) to average net assets²		0.09	%⁷		(0.23	)%		(0.05	)%		0.24	%		(0.23	)%		(0.63	)%

Portfolio turnover		62	%⁶		82	%		184	%		75	%		79	%		55	%

Net assets end of period (000's) omitted		$58,945			$54,250			$111,537			$114,122			$138,695			$148,419

AMG Veritas China Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class I	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$15.06			$25.38			$38.58			$42.31			$49.19			$50.60

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.03	³		(0.00	)^4,10		0.07			0.18			0.01			(0.20	)

Net realized and unrealized gain (loss) on investments		2.36			(10.32	)		15.40			(0.22	)		1.76			4.50

Total income (loss) from investment operations		2.39			(10.32	)		15.47			(0.04	)		1.77			4.30

Less Distributions to Shareholders from:

Net investment income		—			—			(0.11	)		—			—			—

Net realized gain on investments		—			—			(24.47	)		(3.69	)		(8.65	)		(5.71	)

Paid in capital		—			—			(4.09	)		—			—			—

Total distributions to shareholders		—			—			(28.67	)		(3.69	)		(8.65	)		(5.71	)

Net Asset Value, End of Period		$17.45			$15.06			$25.38			$38.58			$42.31			$49.19

Total Return^2,5		15.87	%⁶		(40.66	)%		30.75	%		(0.62	)%		7.72	%		9.09	%

Ratio of net expenses to average net assets		0.93	%⁷		0.93	%		0.93	%⁸		0.93	%⁸		0.99	%⁸		1.16	%⁸

Ratio of gross expenses to average net assets⁹		1.12	%⁷		1.11	%		1.00	%		1.01	%		1.09	%		1.25	%

Ratio of net investment income (loss) to average net assets²		0.30	%⁷		(0.02	)%		0.19	%		0.49	%		0.02	%		(0.38	)%

Portfolio turnover		62	%⁶		82	%		184	%		75	%		79	%		55	%

Net assets end of period (000’s) omitted		$7,435			$7,263			$19,354			$26,957			$30,248			$28,485

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 $(0.01) and $0.01 for Class N and Class I shares, respectively.

⁴	Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.08) and $(0.04) for Class N and Class I shares, respectively.

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

⁶	Not annualized.

⁷	Annualized.

⁸	Includes reduction from broker recapture amounting to 0.01%, 0.01%, 0.02% and 0.02% for the fiscal years ended 2021, 2020, 2019 and 2018, respectively.

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	Less than $(0.005) per share.

AMG Veritas Global Focus Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class N	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$14.33			$19.85			$34.02			$34.33			$31.68			$29.69

Income (loss) from Investment Operations:

Net investment income (loss)^1,2		0.01			(0.03	)		(0.05	)		0.07			0.09	³		0.03

Net realized and unrealized gain (loss) on investments		2.31			(4.16	)		10.91			(0.25	)		3.02			2.00

Total income (loss) from investment operations		2.32			(4.19	)		10.86			(0.18	)		3.11			2.03

Less Distributions to Shareholders from:

Net investment income		—			—			(0.05	)		(0.08	)		(0.05	)		—

Net realized gain on investments		(0.76	)		(1.33	)		(24.98	)		(0.05	)		(0.41	)		(0.04	)

Total distributions to shareholders		(0.76	)		(1.33	)		(25.03	)		(0.13	)		(0.46	)		(0.04	)

Net Asset Value, End of Period		$15.89			$14.33			$19.85			$34.02			$34.33			$31.68

Total Return^2,4		16.91	%⁵		(22.51	)%		35.54	%		(0.54	)%		10.15	%		6.84	%

Ratio of net expenses to average net assets		1.13	%⁶		1.13	%		1.13	%⁷		1.13	%⁷		1.13	%⁷		1.14	%⁷

Ratio of gross expenses to average net assets⁸		1.43	%⁶		1.35	%		1.29	%		1.29	%		1.28	%		1.26	%

Ratio of net investment income (loss) to average net assets²		0.18	%⁶		(0.16	)%		(0.17	)%		0.22	%		0.28	%		0.09	%

Portfolio turnover		15	%⁵		21	%		109	%		45	%		34	%		31	%

Net assets end of period (000’s) omitted		$2,176			$2,164			$4,230			$6,922			$8,188			$9,622

AMG Veritas Global Focus Fund

Financial Highlights

For a share outstanding throughout each fiscal period


	For the six
	months ended			For the fiscal years ended October 31,
Class I	April 30, 2023 (unaudited)			2022			2021			2020			2019			2018

Net Asset Value, Beginning of Period		$14.32			$19.80			$34.00			$34.31			$31.69			$29.72

Income (loss) from Investment Operations:

Net investment income^1,2		0.03			0.02			0.02			0.16			0.17	³		0.11

Net realized and unrealized gain (loss) on investments		2.32			(4.17	)		10.91			(0.25	)		3.00			2.00

Total income (loss) from investment operations		2.35			(4.15	)		10.93			(0.09	)		3.17			2.11

Less Distributions to Shareholders from:

Net investment income		(0.02	)		—			(0.15	)		(0.17	)		(0.14	)		(0.10	)

Net realized gain on investments		(0.76	)		(1.33	)		(24.98	)		(0.05	)		(0.41	)		(0.04	)

Total distributions to shareholders		(0.78	)		(1.33	)		(25.13	)		(0.22	)		(0.55	)		(0.14	)

Net Asset Value, End of Period		$15.89			$14.32			$19.80			$34.00			$34.31			$31.69

Total Return^2,4		17.14	%⁵		(22.35	)%		35.85	%		(0.27	)%		10.40	%		7.13	%

Ratio of net expenses to average net assets		0.88	%⁶		0.88	%		0.88	%⁷		0.88	%⁷		0.88	%⁷		0.89	%⁷

Ratio of gross expenses to average net assets⁸		1.18	%⁶		1.10	%		1.04	%		1.04	%		1.03	%		1.01	%

Ratio of net investment income to average net assets²		0.43	%⁶		0.09	%		0.08	%		0.47	%		0.53	%		0.34	%

Portfolio turnover		15	%⁵		21	%		109	%		45	%		34	%		31	%

Net assets end of period (000’s) omitted		$29,364			$27,613			$44,598			$55,746			$61,767			$63,440

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 $0.06 and $0.14 for Class N and Class I, respectively.

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 less than 0.01%, 0.01%, 0.01% and less than 0.01% for the fiscal years ended 2021, 2020, 2019 and 2018, respectively.

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.)

Notes to Financial Statements (unaudited)

April 30, 2023

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I (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 Veritas China Fund (“China Fund”) and AMG Veritas Global Focus Fund (“Global Focus”), each a “Fund” and collectively, the “Funds”.

Each Fund offers 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.

The Funds 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.

a. VALUATION OF INVESTMENTS

Participation notes (“P-Notes”) are valued using the underlying equity security’s 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.

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. Pursuant to Rule 2a-5 under the 1940 Act, the Funds’ Board of Trustees (the “Board”) designated AMG Funds LLC (the “Investment Manager”) as the Funds’ Valuation Designee to perform the Funds’ fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager’s fair value determinations.

Notes to Financial Statements (continued)

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

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

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

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 a net operating loss for China Fund and tax equalization utilized for Global Focus. Temporary differences for both Funds are primarily due to wash sale loss deferrals.


Fund	Cost		Appreciation		Depreciation		Net Appreciation (Depreciation)

China Fund		$75,244,487		$1,514,561		$(8,874,917)		$(7,360,356	)

Global Focus		31,048,747		3,964,409		(3,409,918)		554,491

e. FEDERAL TAXES

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of October 31, 2022, the following Fund 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

China Fund	$	20,447,943	$	2,869,012	$	23,316,955

As of October 31, 2022, Global Focus had no capital loss carryovers for federal income tax purposes. Should the Fund incur net capital losses for the fiscal year ended October 31, 2023, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as either short-term and/or long-term.

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 April 30, 2023 (unaudited) and the fiscal year ended October 31, 2022, the capital stock transactions by class for the Funds were as follows:


		China Fund						Global Focus
	April 30, 2023			October 31, 2022			April 30, 2023			October 31, 2022

		Shares	Amount		Shares	Amount		Shares	Amount		Shares	Amount

Class N:

Shares sold		32,512	$592,608		68,880	$1,376,176		2,456	$35,878		4,874	$81,055

Shares issued in reinvestment of distributions		—	—		—	—		6,655	92,505		13,284	240,965

Shares redeemed		(266,961)	(4,636,438)		(894,337)	(18,620,802)		(23,253)	(343,517)		(80,199)	(1,339,471)


Net decrease		(234,449)	$(4,043,830)		(825,457)	$(17,244,626)		(14,142)	$(215,134)		(62,041)	$(1,017,451)


Class I:

Shares sold		83,574	$1,537,008		93,231	$2,102,084		5,986	$87,645		34,101	$588,109

Shares issued in reinvestment of distributions		—	—		—	—		104,088	1,445,776		156,775	2,837,633

Shares redeemed		(139,926)	(2,625,603)		(373,546)	(8,146,654)		(189,491)	(2,756,278)		(515,629)	(8,951,184)


Net decrease		(56,352)	$(1,088,595)		(280,315)	$(6,044,570)		(79,417)	$(1,222,857)		(324,753)	$(5,525,442)
									��

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

At April 30, 2023, the Funds had no Repurchase Agreements outstanding.

i. FOREIGN CURRENCY TRANSLATION

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.

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 Veritas Asset Management LLP (“Veritas”) who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in Veritas.


China Fund	0.71	%

Global Focus	0.67	%

Notes to Financial Statements (continued)

The fee paid to Veritas for its services as Subadviser is paid out of the fee the Investment Manager receives from each Fund and does not increase the expenses of each Fund.

The Investment Manager has contractually agreed, through at least March 1, 2024, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of China Fund and Global Focus to 0.93% and 0.88%, 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.

For the six months ended April 30, 2023, the Investment Manager’s expense reimbursements, and repayments of prior reimbursements by the Funds to the Investment Manager, if any, are as follows:

At April 30, 2023, the Funds’ expiration of reimbursements subject to recoupment is as follows:


Expiration Period	China Fund		Global Focus

Less than 1 year		$89,093		$89,539

1-2 years		136,607		102,468

2-3 years		169,721		86,168


Total		$395,421		$278,175

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.

Global Focus 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, Global Focus 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 authorizes payments to the Distributor up to 0.25% annually of the Fund’s average daily net assets attributable to the Class N shares.

For Class N shares of China Fund, the Board has approved reimbursement payments to the Investment Manager for shareholder servicing expenses (“shareholder servicing fees”) incurred. Shareholder servicing fees include payments to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder recordkeeping, account servicing and other services. The Class N shares of China Fund 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 April 30, 2023, were as follows:


Fund	Maximum Annual Amount Approved		Actual Amount Incurred

China Fund

Class N		0.25%		0.21%

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.

Notes to Financial Statements (continued)

The following Funds utilized the interfund loan program during the six months ended April 30, 2023 as follows:


Fund	Average Lent		Number of Days		Interest Earned		Average Interest Rate

China Fund		$1,609,491		4		$855		4.850%

Global Focus		809,453		7		652		4.198%

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 April 30, 2023, were as follows:


	Long Term Securities

Fund	Purchases		Sales

China Fund		$45,283,580		$41,014,260

Global Focus		4,308,519		6,620,682

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 2023.

4. PORTFOLIO SECURITIES LOANED

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 Funds did not have any securities on loan at April 30, 2023.

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. RISKS ASSOCIATED WITH INVESTMENT IN GREATER CHINA REGION

China Fund invests a significant portion of its net assets in the Greater China region, which consists of the People’s Republic of China (“PRC”), Hong Kong, and Taiwan, among other countries. China Fund is particularly susceptible to economic, political, regulatory or other events or conditions of those countries. Therefore, China Fund’s NAV may be more volatile than the NAV of a more geographically diversified fund and may result in losses.

Economies in the Greater China region are dependent on the economies of other countries and can be significantly affected by currency fluctuations and increasing competition from other emerging economies in Asia with lower costs. Adverse events in any one country within the region may impact the other countries in the region or Asia as a whole. Markets in the Greater China region can experience significant volatility due to social, economic, regulatory and political uncertainties. Significant portions of the Chinese securities markets may become rapidly illiquid, as Chinese issuers have the ability to suspend the trading of their equity securities and have shown a willingness to exercise that option in response to market volatility and other events. U.S. or foreign government restrictions or intervention could negatively affect the implementation of China Fund’s investment strategies, for example by precluding the China Fund from making certain investments or causing the China Fund to sell investments at disadvantageous times. China has yet to develop comprehensive securities, corporate, or commercial laws, its market is relatively new and less developed, and its economy may be adversely impacted by a slowdown in export growth. Additionally, China Fund invests in China A-Shares through Stock Connect and is subject to sudden changes in quota limitations, application of trading suspensions, differences in trading days between the PRC and Stock Connect, operational risk, clearing and settlement risk, and regulatory and taxation risk.

7. PARTICIPATION NOTES

China Fund may invest in P-Notes to gain exposure to issuers in China. P-Notes are a type of equity-linked derivative that are traded in the over-the-counter market and constitute general unsecured contractual obligations of the banks or broker-dealers that issue them. Generally, banks and broker-dealers associated

Notes to Financial Statements (continued)

with non-U.S.-based brokerage firms buy securities listed on certain foreign exchanges and then issue P-Notes which are designed to replicate the performance of those underlying foreign securities. The performance results of P-Notes will not replicate exactly the performance of the issuers or markets that the P-Notes seek to replicate due to dividends paid in connection with the underlying security, transaction costs and other expenses. China Fund’s investment in P-Notes is susceptible to similar risks of the underlying security, but typically China Fund does not receive voting or other rights as it would if China Fund directly owned the underlying security. Additionally, an investment by China Fund in P-Notes incurs the risks that the counterparties or issuers of the P-Notes may not be able to fulfill their obligations, that China Fund and counterparties or issuers may disagree as to the meaning or application of contractual terms, and that the P-Notes may not perform as expected. Although P-Notes may be listed on an exchange, there is no guarantee that a liquid market will exist or that the counterparties or issuers of P-Notes will be willing to repurchase such instrument when China Fund wishes to sell it. At April 30, 2023, China Fund did not invest in P-Notes.

8. COMMITMENTS AND CONTINGENCIES

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.

9. MASTER NETTING AGREEMENTS

10. SUBSEQUENT EVENTS

Funds Liquidity Risk Management Program

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

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:

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

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.

THIS PAGE INTENTIONALLY LEFT BLANK

LOGO

INVESTMENT MANAGER AND

ADMINISTRATOR

AMG Funds LLC

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

DISTRIBUTOR

AMG Distributors, Inc.

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

SUBADVISER

Veritas Asset Management LLP

1 Smart’s Place

London, WC2B 5LW

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.

AMG Funds

Attn: 534426

AIM 154-0520

500 Ross Street

Pittsburgh, PA 15262

800.548.4539

TRUSTEES

Bruce B. Bingham

Kurt Keilhacker

Steven J. Paggioli

Eric Rakowski

Victoria Sassine

Garret W. Weston

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.

LOGO

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 Core

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

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 I


By:		/s/ Keitha L. Kinne
		Keitha L. Kinne, Principal Executive Officer

Date:		July 6, 2023

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:		July 6, 2023

By:		/s/ Thomas Disbrow
		Thomas Disbrow, Principal Financial Officer

Date:		July 6, 2023

amgfunds.com