# EDGAR Filing Document

**Accession Number:** 0000882443
**File Stem:** 0001193125-26-007784
**Filing Date:** 2026-1
**Character Count:** 751761
**Document Hash:** 380afb132145bace3847b2cdc589d8c3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-007784.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001193125-26-007784

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 56

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260108

**DATE AS OF CHANGE**: 20260108

**EFFECTIVENESS DATE**: 20260108

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG Funds I
- **CENTRAL INDEX KEY:** 0000882443

**ORGANIZATION NAME:**
- **EIN:** 561773580
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06520
- **FILM NUMBER:** 26520102

**BUSINESS ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD, SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
- **BUSINESS PHONE:** 2032993500

**MAIL ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD, SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGERS TRUST I
- **DATE OF NAME CHANGE:** 20000801

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BREEDEN TRUST
- **DATE OF NAME CHANGE:** 19920929

## Series and Classes Contracts Data

### AMG Veritas Global Focus Fund (Series ID: S000009904)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027413 | Class N      | MFQAX           |
| C000027415 | Class I      | MFQTX           |

### AMG River Road Large Cap Value Select Fund (Series ID: S000009909)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027420 | Class N      | FQUAX           |
| C000027422 | Class I      | MEQFX           |

### AMG Frontier Small Cap Growth Fund (Series ID: S000009910)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027423 | Class I      | MSSCX           |
| C000081949 | Class N      | MSSVX           |
| C000081950 | Class Z      | MSSYX           |

### AMG Veritas China Fund (Series ID: S000009911)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027424 | Class N      | MMCFX           |
| C000105228 | Class I      | MIMFX           |

### AMG GW&K Core Bond ESG Fund (Series ID: S000009914)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027427 | Class I      | MBDFX           |
| C000158522 | Class Z      | MBDLX           |
| C000158523 | Class N      | MBGVX           |

?xml version='1.0' encoding='ASCII'? AMG Funds I

#### 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:
&nbsp;&nbsp;&nbsp;&nbsp;(203) 299-3500

#### Date of fiscal year end:

#### October 31

#### Date of reporting period:

#### November 01, 2024 - October 31, 2025 (Annual Shareholder Report)
 **Item 1. Reports to Shareholders**

(a) ### AMG Frontier Small Cap Growth Fund

## Class N/MSSVX
![AMG_New Logo](g99309images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG Frontier Small Cap Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMG Frontier Small Cap Growth Fund<br>(Class N/MSSVX) | $136 | 1.30% |

---

#### Management's Discussion of Fund Performance
PERFORMANCE OVERVIEW

• The Fund's Class N shares returned 8.64% for the fiscal year that ended October 31, 2025, underperforming the Russell 2000<sup>®</sup> Growth Index, which returned 18.81% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

• The first half of the period was heavily defined by the results of the 2024 presidential election and a sharp stock market sell-off due to the new administration's tariff policies and the confusion and uncertainty surrounding the tariff amounts and implementation. This impacted imported products and caused companies to defer material capital investment decisions, which negatively impacted the broader goods economy and stunted earnings growth.

• The second half of the period was characterized by a sharp rebound in stock prices led by higher risk companies and companies directly associated with the artificial intelligence (AI) capital buildout.

• While overall gross domestic product (GDP) growth was fairly strong during the period, there were quite large discrepancies between different sectors. Anything related to AI capital spending and government stimulus was strong. Meanwhile, the broader goods and consumer spending, particularly for items (like home and car purchases) that are dependent on interest rates, were weak.

TOP CONTRIBUTORS AND DETRACTORS

• The technology sector was a positive contributor with several strong stocks in the semiconductor and production technology equipment markets, including Credo Technology Group Holdings, Ltd. (+398%), Silicon Motion Technology Corp. ADR (+86%), Coherent Corp. (+43%), and MKS, Inc. (+18%).

• The industrials sector was the top detractor from performance. The sector contributed positively on an absolute basis, but our 19% return in the sector could not keep pace with the 45% return for the benchmark. The sector had several strong positive contributors, including ATI Inc. (+88%) and Carpenter Technology Corp. (+112%). Top detractors included RXO, Inc. (-37%) and Sun Country Airlines Holdings, Inc. (-22%).

• The consumer discretionary sector was also a top detractor as our -17% return underperformed the 7% return for the benchmark. Caesars Entertainment, Inc. (-50%) and Sweetgreen, Inc. (-83%) were our top detractors in the sector.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of October 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g99309chartimages_10906204.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class N** | 8.64% | 11.41% | 12.23% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Growth Index** | 18.81% | 8.94% | 9.65% |

---

*The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

*The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$78913234 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;125 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$436819 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;290% |

---

#### Graphical Representation of Holdings (as of October 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp., ADR (Taiwan) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;indie Semiconductor, Inc., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 2.0% |
| Top Ten as a Group | 27.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g99309chartimages_10906219.jpg)

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

103125 TSR009A

### AMG Frontier Small Cap Growth Fund

## Class I/MSSCX
![AMG_New Logo](g99309images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG Frontier Small Cap Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMG Frontier Small Cap Growth Fund<br>(Class I/MSSCX) | $105 | 1.00% |

---

#### Management's Discussion of Fund Performance
PERFORMANCE OVERVIEW

• The Fund's Class I shares returned 9.07% for the fiscal year that ended October 31, 2025, underperforming the Russell 2000<sup>®</sup> Growth Index, which returned 18.81% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

• The first half of the period was heavily defined by the results of the 2024 presidential election and a sharp stock market sell-off due to the new administration's tariff policies and the confusion and uncertainty surrounding the tariff amounts and implementation. This impacted imported products and caused companies to defer material capital investment decisions, which negatively impacted the broader goods economy and stunted earnings growth.

• The second half of the period was characterized by a sharp rebound in stock prices led by higher risk companies and companies directly associated with the artificial intelligence (AI) capital buildout.

• While overall gross domestic product (GDP) growth was fairly strong during the period, there were quite large discrepancies between different sectors. Anything related to AI capital spending and government stimulus was strong. Meanwhile, the broader goods and consumer spending, particularly for items (like home and car purchases) that are dependent on interest rates, were weak.

TOP CONTRIBUTORS AND DETRACTORS

• The technology sector was a positive contributor with several strong stocks in the semiconductor and production technology equipment markets, including Credo Technology Group Holdings, Ltd. (+398%), Silicon Motion Technology Corp. ADR (+86%), Coherent Corp. (+43%), and MKS, Inc. (+18%).

• The industrials sector was the top detractor from performance. The sector contributed positively on an absolute basis, but our 19% return in the sector could not keep pace with the 45% return for the benchmark. The sector had several strong positive contributors, including ATI Inc. (+88%) and Carpenter Technology Corp. (+112%). Top detractors included RXO, Inc. (-37%) and Sun Country Airlines Holdings, Inc. (-22%).

• The consumer discretionary sector was also a top detractor as our -17% return underperformed the 7% return for the benchmark. Caesars Entertainment, Inc. (-50%) and Sweetgreen, Inc. (-83%) were our top detractors in the sector.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of October 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g99309chartimages_10906167.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class I** | 9.07% | 11.78% | 12.59% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Growth Index** | 18.81% | 8.94% | 9.65% |

---

*The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

*The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$78913234 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;125 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$436819 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;290% |

---

#### Graphical Representation of Holdings (as of October 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp., ADR (Taiwan) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;indie Semiconductor, Inc., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 2.0% |
| Top Ten as a Group | 27.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g99309chartimages_10906182.jpg)

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

103125 TSR008A

### AMG Frontier Small Cap Growth Fund

## Class Z/MSSYX
![AMG_New Logo](g99309images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG Frontier Small Cap Growth Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMG Frontier Small Cap Growth Fund<br>(Class Z/MSSYX) | $94 | 0.90% |

---

#### Management's Discussion of Fund Performance
PERFORMANCE OVERVIEW

• The Fund's Class Z shares returned 9.08% for the fiscal year that ended October 31, 2025, underperforming the Russell 2000<sup>®</sup> Growth Index, which returned 18.81% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

• The first half of the period was heavily defined by the results of the 2024 presidential election and a sharp stock market sell-off due to the new administration's tariff policies and the confusion and uncertainty surrounding the tariff amounts and implementation. This impacted imported products and caused companies to defer material capital investment decisions, which negatively impacted the broader goods economy and stunted earnings growth.

• The second half of the period was characterized by a sharp rebound in stock prices led by higher risk companies and companies directly associated with the artificial intelligence (AI) capital buildout.

• While overall gross domestic product (GDP) growth was fairly strong during the period, there were quite large discrepancies between different sectors. Anything related to AI capital spending and government stimulus was strong. Meanwhile, the broader goods and consumer spending, particularly for items (like home and car purchases) that are dependent on interest rates, were weak.

TOP CONTRIBUTORS AND DETRACTORS

• The technology sector was a positive contributor with several strong stocks in the semiconductor and production technology equipment markets, including Credo Technology Group Holdings, Ltd. (+398%), Silicon Motion Technology Corp. ADR (+86%), Coherent Corp. (+43%), and MKS, Inc. (+18%).

• The industrials sector was the top detractor from performance. The sector contributed positively on an absolute basis, but our 19% return in the sector could not keep pace with the 45% return for the benchmark. The sector had several strong positive contributors, including ATI Inc. (+88%) and Carpenter Technology Corp. (+112%). Top detractors included RXO, Inc. (-37%) and Sun Country Airlines Holdings, Inc. (-22%).

• The consumer discretionary sector was also a top detractor as our -17% return underperformed the 7% return for the benchmark. Caesars Entertainment, Inc. (-50%) and Sweetgreen, Inc. (-83%) were our top detractors in the sector.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of October 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $5,000,000

![Fund Performance - Growth of 10K](g99309chartimages_10906241.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class Z** | 9.08% | 11.84% | 12.69% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Growth Index** | 18.81% | 8.94% | 9.65% |

---

*The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

*The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$78913234 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;125 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$436819 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;290% |

---

#### Graphical Representation of Holdings (as of October 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Entegris, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coherent Corp. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Silicon Motion Technology Corp., ADR (Taiwan) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;indie Semiconductor, Inc., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amentum Holdings, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alaska Air Group, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Granite Construction, Inc. | 2.0% |
| Top Ten as a Group | 27.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g99309chartimages_10906256.jpg)

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

103125 TSR010A

### AMG GW&K Core Bond ESG Fund

## Class N/MBGVX
![AMG_New Logo](g99309images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG GW&K Core Bond ESG Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMG GW&K Core Bond ESG Fund<br>(Class N/MBGVX) | $91 | 0.88% |

---

#### Management's Discussion of Fund Performance
PERFORMANCE OVERVIEW

• The Fund's Class N shares returned 5.96% for the fiscal year ended October 31, 2025, underperforming the Bloomberg U.S. Aggregate Bond Index, which returned 6.16% during the period.

• The fixed income market generated strong returns during the past fiscal year, as interest rates fell, and credit spreads narrowed modestly amidst the U.S. Federal Reserve Board (Fed) easing, solid company earnings, and a growing economy.

TOP CONTRIBUTORS AND DETRACTORS

• The Fund slightly lagged the Index during the period. Lack of exposure to sovereigns detracted from relative return during the period. While overall allocation to corporates was positive, the allocation decisions within communications and technology were a negative.

• The Fund's overweight position to spread product, especially to corporates, was positive.

• Additional positive contributions came from an overweight in the securitized sector and preference for higher-coupon mortgage-backed securities (MBS).

• The Fund also benefited modestly from its out-of-benchmark allocation to preferred.

• Yield-curve positioning added relative value, particularly overweight to intermediate rates and underweight to the long end.

POSITIONING UPDATE

• The Fund is generally neutral in duration and is focused on the intermediate part of the yield curve, where we find the best risk-adjusted value in the spread sectors.

• The Fund is overweight corporate bonds, and its allocation is expressed in higher-quality issuers with strong cash flows and solid balance sheets. Corporates continue to benefit from the strong fundamental environment supported by solid balance sheets and resilient earnings.

• Political efforts to influence or reshape the Fed have not succeeded so far, but market fears about potential policy interference remain valid and have promoted a steeper yield curve.

• Despite uncertainty over rate path, monetary and fiscal support remain in place.

• At the same time, productivity gains from technological advancements and solid consumer balance sheets provide additional tailwinds. Together, these factors create a constructive backdrop for spread products, particularly default-remote corporates and high-grade securitized products, and lead us to position ourselves accordingly.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of a broad based index. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of October 31, 2025. It also shows the average total returns of a broad based index over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g99309chartimages_10906537.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class N** | 5.96% | (0.66%) | 1.47% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24%) | 1.90% |

---

*"Bloomberg<sup>®</sup>" 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.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$110402563 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$196862 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings (as of October 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 2.250%, 05/15/41 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 3.125%, 05/15/48 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 3.500%, 10/01/45 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 5.500%, 02/01/55 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 3.625%, 02/15/53 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 4.500%, 06/01/41 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;California State General Obligation, School Improvements, Build America Bonds, 7.550%, 04/01/39 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 2.500%, 10/01/34 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;JobsOhio Beverage System, Series B, Build America Bonds, 4.532%, 01/01/35 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 1.350%, 03/15/31 | 1.3% |
| Top Ten as a Group | 21.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g99309chartimages_10906552.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g99309chartimages_10906553.jpg)

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

103125 TSR012A

### AMG GW&K Core Bond ESG Fund

## Class I/MBDFX
![AMG_New Logo](g99309images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG GW&K Core Bond ESG Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMG GW&K Core Bond ESG Fund<br>(Class I/MBDFX) | $58 | 0.56% |

---

#### Management's Discussion of Fund Performance
PERFORMANCE OVERVIEW

• The Fund's Class I shares returned 6.29% for the fiscal year ended October 31, 2025, outperforming the Bloomberg U.S. Aggregate Bond Index, which returned 6.16% during the period.

• The fixed income market generated strong returns during the past fiscal year, as interest rates fell, and credit spreads narrowed modestly amidst the U.S. Federal Reserve Board (Fed) easing, solid company earnings, and a growing economy.

TOP CONTRIBUTORS AND DETRACTORS

• The Fund's Class I shares slightly outperformed the Index during the period. Lack of exposure to sovereigns detracted from relative return during the period. While overall allocation to corporates was positive, the allocation decisions within communications and technology were a negative.

• The Fund's overweight position to spread product, especially to corporates, was positive.

• Additional positive contributions came from an overweight in the securitized sector and preference for higher-coupon mortgage-backed securities (MBS).

• The Fund also benefited modestly from its out-of-benchmark allocation to preferred.

• Yield-curve positioning added relative value, particularly overweight to intermediate rates and underweight to the long end.

POSITIONING UPDATE

• The Fund is generally neutral in duration and is focused on the intermediate part of the yield curve, where we find the best risk-adjusted value in the spread sectors.

• The Fund is overweight corporate bonds, and its allocation is expressed in higher-quality issuers with strong cash flows and solid balance sheets. Corporates continue to benefit from the strong fundamental environment supported by solid balance sheets and resilient earnings.

• Political efforts to influence or reshape the Fed have not succeeded so far, but market fears about potential policy interference remain valid and have promoted a steeper yield curve.

• Despite uncertainty over rate path, monetary and fiscal support remain in place.

• At the same time, productivity gains from technological advancements and solid consumer balance sheets provide additional tailwinds. Together, these factors create a constructive backdrop for spread products, particularly default-remote corporates and high-grade securitized products, and lead us to position ourselves accordingly.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of a broad based index. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of October 31, 2025. It also shows the average total returns of a broad based index over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g99309chartimages_10906500.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class I** | 6.29% | (0.32%) | 1.80% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24%) | 1.90% |

---

*"Bloomberg<sup>®</sup>" 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.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$110402563 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$196862 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings (as of October 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 2.250%, 05/15/41 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 3.125%, 05/15/48 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 3.500%, 10/01/45 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 5.500%, 02/01/55 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 3.625%, 02/15/53 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 4.500%, 06/01/41 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;California State General Obligation, School Improvements, Build America Bonds, 7.550%, 04/01/39 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 2.500%, 10/01/34 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;JobsOhio Beverage System, Series B, Build America Bonds, 4.532%, 01/01/35 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 1.350%, 03/15/31 | 1.3% |
| Top Ten as a Group | 21.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g99309chartimages_10906515.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g99309chartimages_10906516.jpg)

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

103125 TSR011A

### AMG GW&K Core Bond ESG Fund

## Class Z/MBDLX
![AMG_New Logo](g99309images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG GW&K Core Bond ESG Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMG GW&K Core Bond ESG Fund<br>(Class Z/MBDLX) | $50 | 0.48% |

---

#### Management's Discussion of Fund Performance
PERFORMANCE OVERVIEW

• The Fund's Class Z shares returned 6.39% for the fiscal year ended October 31, 2025, outperforming the Bloomberg U.S. Aggregate Bond Index, which returned 6.16% during the period.

• The fixed income market generated strong returns during the past fiscal year, as interest rates fell, and credit spreads narrowed modestly amidst the U.S. Federal Reserve Board (Fed) easing, solid company earnings, and a growing economy.

TOP CONTRIBUTORS AND DETRACTORS

• The Fund's Class Z shares slightly outperformed the Index during the period. Lack of exposure to sovereigns detracted from relative return during the period. While overall allocation to corporates was positive, the allocation decisions within communications and technology were a negative.

• The Fund's overweight position to spread product, especially to corporates, was positive.

• Additional positive contributions came from an overweight in the securitized sector and preference for higher-coupon mortgage-backed securities (MBS).

• The Fund also benefited modestly from its out-of-benchmark allocation to preferred.

• Yield-curve positioning added relative value, particularly overweight to intermediate rates and underweight to the long end.

POSITIONING UPDATE

• The Fund is generally neutral in duration and is focused on the intermediate part of the yield curve, where we find the best risk-adjusted value in the spread sectors.

• The Fund is overweight corporate bonds, and its allocation is expressed in higher-quality issuers with strong cash flows and solid balance sheets. Corporates continue to benefit from the strong fundamental environment supported by solid balance sheets and resilient earnings.

• Political efforts to influence or reshape the Fed have not succeeded so far, but market fears about potential policy interference remain valid and have promoted a steeper yield curve.

• Despite uncertainty over rate path, monetary and fiscal support remain in place.

• At the same time, productivity gains from technological advancements and solid consumer balance sheets provide additional tailwinds. Together, these factors create a constructive backdrop for spread products, particularly default-remote corporates and high-grade securitized products, and lead us to position ourselves accordingly.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted over a ten year period, as compared to the performance of a broad based index. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of October 31, 2025. It also shows the average total returns of a broad based index over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $5,000,000

![Fund Performance - Growth of 10K](g99309chartimages_10906574.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class Z** | 6.39% | (0.26%) | 1.88% |
| **Bloomberg U.S. Aggregate Bond Index** | 6.16% | (0.24%) | 1.90% |

---

*"Bloomberg<sup>®</sup>" 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.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$110402563 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;146 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$196862 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings (as of October 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 2.250%, 05/15/41 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 3.125%, 05/15/48 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 3.500%, 10/01/45 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 5.500%, 02/01/55 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 3.625%, 02/15/53 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 4.500%, 06/01/41 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;California State General Obligation, School Improvements, Build America Bonds, 7.550%, 04/01/39 | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 2.500%, 10/01/34 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;JobsOhio Beverage System, Series B, Build America Bonds, 4.532%, 01/01/35 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 1.350%, 03/15/31 | 1.3% |
| Top Ten as a Group | 21.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g99309chartimages_10906589.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g99309chartimages_10906590.jpg)

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

103125 TSR013A

### AMG River Road Large Cap Value Select Fund

## Class N/FQUAX
![AMG_New Logo](g99309images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Large Cap Value Select Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMG River Road Large Cap Value Select Fund<br>(Class N/FQUAX) | $97 | 0.95% |

---

#### Management's Discussion of Fund Performance
Performance Overview

• The Fund's Class N shares returned 4.09% for the fiscal year that ended October 31, 2025, compared to its benchmark the Russell 1000<sup>®</sup> Value Index, which returned 11.15% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

Top Contributors and Detractors

• Both sector allocation and stock selection had a negative impact on relative results.

• The sectors with the highest contribution to relative return were consumer staples (+366 bps) and materials (+177 bps). Consumer staples benefited from positive stock selection and an overweight allocation. Materials benefited from positive stock selection, partially offset by an overweight allocation.

• The holdings with the highest contribution to active return were Talen Energy Corp. (TLN), Fairfax Financial Holdings Ltd. (FRFHF), and The Kroger Co. (KR). Talen Energy was sold during the period.

• The sectors with the lowest contribution to relative return were consumer discretionary (-344 bps) and financials (-357bps). Consumer discretionary suffered from negative stock selection and an overweight allocation. Financials mainly suffered from negative stock selection.

• The holdings with the lowest contribution to active return were Fidelity National Information Services, Inc. (FIS), Becton Dickinson & Co. (BDX), and Lennar Corp. (Cl A) (LEN). Fidelity National was sold during the period.

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in four sectors and meaningfully underweight (>-5%) in two. The largest overweight allocations were financials and industrials. The largest underweight allocations were information technology and communication services.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of October 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g99309chartimages_10906463.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class N** | 4.09% | 13.64% | 9.38% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 1000<sup>®</sup> Value Index** | 11.15% | 14.28% | 9.97% |

---

*As of March 22, 2021, the Fund's Subadviser was changed to River Road Asset Management, LLC. Prior to March 22, 2021, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before March 22, 2021, might be less pertinent for investors considering whether to purchase shares of the Fund.*

*The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

*The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$46808717 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$99511 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;115% |

---

#### Graphical Representation of Holdings (as of October 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC (Ireland) | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amrize, Ltd. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corp. (Canada) | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 3.6% |
| Top Ten as a Group | 51.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g99309chartimages_10906478.jpg)

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

103125 TSR055A

### AMG River Road Large Cap Value Select Fund

## Class I/MEQFX
![AMG_New Logo](g99309images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Large Cap Value Select Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMG River Road Large Cap Value Select Fund<br>(Class I/MEQFX) | $65 | 0.64% |

---

#### Management's Discussion of Fund Performance
Performance Overview

• The Fund's Class I shares returned 4.41% for the fiscal year that ended October 31, 2025, compared to its benchmark the Russell 1000<sup>®</sup> Value Index, which returned 11.15% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

Top Contributors and Detractors

• Both sector allocation and stock selection had a negative impact on relative results.

• The sectors with the highest contribution to relative return were consumer staples (+366 bps) and materials (+177 bps). Consumer staples benefited from positive stock selection and an overweight allocation. Materials benefited from positive stock selection, partially offset by an overweight allocation.

• The holdings with the highest contribution to active return were Talen Energy Corp. (TLN), Fairfax Financial Holdings Ltd. (FRFHF), and The Kroger Co. (KR). Talen Energy was sold during the period.

• The sectors with the lowest contribution to relative return were consumer discretionary (-344 bps) and financials (-357bps). Consumer discretionary suffered from negative stock selection and an overweight allocation. Financials mainly suffered from negative stock selection.

• The holdings with the lowest contribution to active return were Fidelity National Information Services, Inc. (FIS), Becton Dickinson & Co. (BDX), and Lennar Corp. (Cl A) (LEN). Fidelity National was sold during the period.

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in four sectors and meaningfully underweight (>-5%) in two. The largest overweight allocations were financials and industrials. The largest underweight allocations were information technology and communication services.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of October 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g99309chartimages_10906426.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class I** | 4.41% | 14.00% | 9.71% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 1000<sup>®</sup> Value Index** | 11.15% | 14.28% | 9.97% |

---

*As of March 22, 2021, the Fund's Subadviser was changed to River Road Asset Management, LLC. Prior to March 22, 2021, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before March 22, 2021, might be less pertinent for investors considering whether to purchase shares of the Fund.*

*The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

*The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$46808717 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$99511 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;115% |

---

#### Graphical Representation of Holdings (as of October 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC (Ireland) | 7.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Union Pacific Corp. | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amrize, Ltd. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Deere & Co. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brookfield Corp. (Canada) | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 3.6% |
| Top Ten as a Group | 51.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g99309chartimages_10906441.jpg)

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

103125 TSR054A

### AMG Veritas China Fund

## Class N/MMCFX
![AMG_New Logo](g99309images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG Veritas China Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMG Veritas China Fund<br>(Class N/MMCFX) | $130 | 1.14% |

---

#### Management's Discussion of Fund Performance
• The Fund's Class N shares delivered a strong return of 28.94% for the fiscal year ended October 31, 2025, but underperformed the MSCI China Index, which returned 33.68% for the period.

• Despite the strong performance, international investor sentiment towards China has remained dampened largely due to geopolitical concerns. However, local buyers have been quite evident with many retail investors starting to look beyond property to accumulate and/or store wealth.

Relative Performance

• On a relative basis the information technology sector was largely responsible for the Fund's relative lag versus the Index despite making a good contribution to the absolute return. The leading detractors were VNET Group, Inc., Zhongji Innolight Co., Ltd and VeriSilicon Microelectronics Co. Ltd. VNET Group, Inc. is no longer held.

• On the positive side, the Fund's holdings in industrials (the global leader in electrical vehicle [EV] battery technology, Contemporary Amperex Technology Co., Ltd., and Sungrow Power Supply Co., Ltd., the leader in invertor technology, standing out), and materials (Zijin Mining Group Co., Ltd., the Fund's only holding in the sector) were the biggest relative contributors. On an absolute basis, the biggest contributors were health care and communication services with NetEase, Inc. standing out.

Positioning and Outlook

• A weakening/weaker U.S. Dollar is supportive to China risk assets and we believe the strong headwind blowing into the face of Chinese equities―a strong U.S. Dollar, which leads to higher debt servicing costs for central banks across Asia including China as local currencies depreciate (the main cause of the Asian Financial Crisis in 1997)—drives capital outflows, higher commodity costs, and domestic inflation. Most importantly, a strong U.S. Dollar causes severe pressure on local central bank balance sheets and resultant liquidity. When the U.S. Dollar appreciates, domestic central banks across Asia have little choice but to defend their currency from severe depreciation. They do this by selling U.S. Dollars and buying their own domestic currency. This course of action has the dual impact of falling foreign reserves on the asset side of the central bank balance sheet and a falling monetary base on the liability side of the central bank balance sheet. A falling monetary base dries up liquidity in the domestic banking system, causing pressure for higher interest rates and hence negative pressure on domestic equities. Conversely, a weaker U.S. Dollar has the opposite effect and is quite positive for domestic liquidity and therefore equity markets.

• Artificial intelligence (AI) has effectively become a race with only two entrants—China and the U.S. Only six large language models (LLMs) exist, four in the U.S. and two in China, creating opportunity in companies which develop and support this, such as Alibaba's cloud business, which is the largest private cloud business in China and a cornerstone of DeepSeek's ongoing development.

• China is now home to some companies which are global leaders in their area of expertise, areas such as EV and energy storage system (ESS) battery technology, humanoid robots, and certain areas of biotech, and these present significant opportunity for investment.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of a broad based index. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of October 31, 2025. It also shows the average total returns of a broad based index over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g99309chartimages_10906315.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class N** | 28.94% | 0.18% | 4.97% |
| **MSCI China Index** | 33.68% | (1.39%) | 5.43% |

---

*As of May 21, 2021, the Fund's Subadviser was changed to Veritas Asset Management LLP. Prior to May 21, 2021, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before May 21, 2021, might be less pertinent for investors considering whether to purchase shares of the 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.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$48284900 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$170906 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;84% |

---

#### Graphical Representation of Holdings (as of October 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. (China) | 20.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. (China) | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A (China) | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. (China) | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc., ADR (China) | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co., Ltd., Class H (China) | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. (Taiwan) | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd., Class H (China) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class H (China) | 2.7% |
| Top Ten as a Group | 65.3% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g99309chartimages_10906330.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g99309chartimages_10906331.jpg)

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

103125 TSR086A

### AMG Veritas China Fund

## Class I/MIMFX
![AMG_New Logo](g99309images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG Veritas China Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMG Veritas China Fund<br>(Class I/MIMFX) | $107 | 0.93% |

---

#### Management's Discussion of Fund Performance
• The Fund's Class I shares delivered a strong return of 29.28% for the fiscal year ended October 31, 2025, but underperformed the MSCI China Index, which returned 33.68% for the period.

• Despite the strong performance, international investor sentiment towards China has remained dampened largely due to geopolitical concerns. However, local buyers have been quite evident with many retail investors starting to look beyond property to accumulate and/or store wealth.

Relative Performance

• On a relative basis the information technology sector was largely responsible for the Fund's relative lag versus the Index despite making a good contribution to the absolute return. The leading detractors were VNET Group, Inc., Zhongji Innolight Co., Ltd and VeriSilicon Microelectronics Co. Ltd. VNET Group, Inc. is no longer held.

• On the positive side, the Fund's holdings in industrials (the global leader in electrical vehicle [EV] battery technology, Contemporary Amperex Technology Co., Ltd., and Sungrow Power Supply Co., Ltd., the leader in invertor technology, standing out), and materials (Zijin Mining Group Co., Ltd., the Fund's only holding in the sector) were the biggest relative contributors. On an absolute basis, the biggest contributors were health care and communication services with NetEase, Inc. standing out.

Positioning and Outlook

• A weakening/weaker U.S. Dollar is supportive to China risk assets and we believe the strong headwind blowing into the face of Chinese equities―a strong U.S. Dollar, which leads to higher debt servicing costs for central banks across Asia including China as local currencies depreciate (the main cause of the Asian Financial Crisis in 1997)—drives capital outflows, higher commodity costs, and domestic inflation. Most importantly, a strong U.S. Dollar causes severe pressure on local central bank balance sheets and resultant liquidity. When the U.S. Dollar appreciates, domestic central banks across Asia have little choice but to defend their currency from severe depreciation. They do this by selling U.S. Dollars and buying their own domestic currency. This course of action has the dual impact of falling foreign reserves on the asset side of the central bank balance sheet and a falling monetary base on the liability side of the central bank balance sheet. A falling monetary base dries up liquidity in the domestic banking system, causing pressure for higher interest rates and hence negative pressure on domestic equities. Conversely, a weaker U.S. Dollar has the opposite effect and is quite positive for domestic liquidity and therefore equity markets.

• Artificial intelligence (AI) has effectively become a race with only two entrants—China and the U.S. Only six large language models (LLMs) exist, four in the U.S. and two in China, creating opportunity in companies which develop and support this, such as Alibaba's cloud business, which is the largest private cloud business in China and a cornerstone of DeepSeek's ongoing development.

• China is now home to some companies which are global leaders in their area of expertise, areas such as EV and energy storage system (ESS) battery technology, humanoid robots, and certain areas of biotech, and these present significant opportunity for investment.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of a broad based index. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of October 31, 2025. It also shows the average total returns of a broad based index over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g99309chartimages_10906278.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class I** | 29.28% | 0.41% | 5.21% |
| **MSCI China Index** | 33.68% | (1.39%) | 5.43% |

---

*As of May 21, 2021, the Fund's Subadviser was changed to Veritas Asset Management LLP. Prior to May 21, 2021, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before May 21, 2021, might be less pertinent for investors considering whether to purchase shares of the 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.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$48284900 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;35 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$170906 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;84% |

---

#### Graphical Representation of Holdings (as of October 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. (China) | 20.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. (China) | 12.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A (China) | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. (China) | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;PDD Holdings, Inc., ADR (China) | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Zijin Mining Group Co., Ltd., Class H (China) | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hon Hai Precision Industry Co., Ltd. (Taiwan) | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd., Class H (China) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class H (China) | 2.7% |
| Top Ten as a Group | 65.3% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g99309chartimages_10906293.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g99309chartimages_10906294.jpg)

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

103125 TSR085A

### AMG Veritas Global Focus Fund

## Class N/MFQAX
![AMG_New Logo](g99309images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG Veritas Global Focus Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMG Veritas Global Focus Fund<br>(Class N/MFQAX) | $118 | 1.13% |

---

#### Management's Discussion of Fund Performance
Performance Overview

• The Fund's Class N shares delivered an absolute return of 9.01% for the fiscal year that ended October 31, 2025, and underperformed the MSCI World Index, which returned 22.02% for the period.

Relative Performance

• The Fund's holdings in the industrials and consumer discretionary sectors were top contributors, with Airbus SE (the French plane maker), Safran S.A. (the globally dominant aircraft engine manufacturer), and Siemens (the industrial software and technology conglomerate) contributing most. Within consumer discretionary, Amazon.com<sup>®</sup> and the luxury goods firm Richemont stood out. Siemens and Richemont were sold during the period.

• Outside of these two sectors, other significant contributors included Alphabet Inc. and the globally dominant Dutch extreme ultraviolet (EUV) equipment maker ASML Holdings N.V.

• Despite making a material contribution to absolute returns, the Fund's underweight to information technology was a significant detractor from relative performance; however, the Fund's holdings in U.S. health care (UnitedHealth Group Inc., Elevance Health, Inc., Becton Dickinson & Co., and Thermo Fisher Scientific, Inc.) were the most significant relative and absolute detractors. Consumer staples, thanks primarily to Diageo PLC, was also a significant relative and absolute detractor.

• The Fund continues to hold Amazon.com, Inc.<sup>®</sup>, Alphabet, Inc., and Microsoft Corp.<sup>®</sup>, but not NVIDIA or Broadcom Inc. with the increasing bifurcation of returns in the S&P and MSCI World indices comes a concentration risk to overall index returns should there be any missteps within this small group of mega cap stocks and returns broadening out away from the artificial intelligence (AI) narrative which has propelled the valuation of these businesses.

Positioning and Outlook

• The market continued to be led by a narrow cohort of companies within the IT sector focused on AI, while Veritas Asset Management LLP sees compelling opportunities in companies that are leveraging AI to enhance existing, well-established products and services, which may be outside the technology sector.

• These firms often present better valuations and lower risks compared to those committing huge capital expenditures (CapEx) in developing AI infrastructure. We are particularly focused on companies with proprietary data and software vendors that manage mission-critical systems of record—databases essential to business operations, such as transaction ledgers, airline booking systems, and product design databases.

• Over the last year the Fund initiated positions in ASML Holding, N.V. (the global leader in EUV machines used to manufacture semiconductors), London Stock Exchange Groupr PLC (trading platform and data provider), and Waters Corp. (manufacturer of mass spectrometry machines used in blood analysis).

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of a broad based index. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of October 31, 2025. It also shows the average total returns of a broad based index over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g99309chartimages_10906389.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class N** | 9.01% | 9.74% | 8.66% |
| **MSCI World Index** | 22.02% | 15.58% | 11.79% |

---

*As of May 21, 2021, the Fund's subadviser was changed to Veritas Asset Management LLP. Prior to May 21, 2021, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before May 21, 2021, might be less pertinent for investors considering whether to purchase shares of the 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.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$30402583 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$96558 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings (as of October 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. (United States) | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. (United States) | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC (United Kingdom) | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vinci, S.A. (France) | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. (United States) | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran, S.A. (France) | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. (United States) | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City, Ltd. (Canada) | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE (France) | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. (United States) | 4.0% |
| Top Ten as a Group | 50.2% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g99309chartimages_10906404.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g99309chartimages_10906405.jpg)

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

103125 TSR088A

### AMG Veritas Global Focus Fund

## Class I/MFQTX
![AMG_New Logo](g99309images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG Veritas Global Focus Fund (the "Fund") for the period of November 1, 2024 to October 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment** |
| AMG Veritas Global Focus Fund<br>(Class I/MFQTX) | $92 | 0.88% |

---

#### Management's Discussion of Fund Performance
Performance Overview

• The Fund's Class I shares delivered an absolute return of 9.36% for the fiscal year that ended October 31, 2025, and underperformed the MSCI World Index, which returned 22.02% for the period.

Relative Performance

• The Fund's holdings in the industrials and consumer discretionary sectors were top contributors, with Airbus SE (the French plane maker), Safran S.A. (the globally dominant aircraft engine manufacturer), and Siemens (the industrial software and technology conglomerate) contributing most. Within consumer discretionary, Amazon.com<sup>®</sup> and the luxury goods firm Richemont stood out. Siemens and Richemont were sold during the period.

• Outside of these two sectors, other significant contributors included Alphabet Inc. and the globally dominant Dutch extreme ultraviolet (EUV) equipment maker ASML Holdings N.V.

• Despite making a material contribution to absolute returns, the Fund's underweight to information technology was a significant detractor from relative performance; however, the Fund's holdings in U.S. health care (UnitedHealth Group Inc., Elevance Health, Inc., Becton Dickinson & Co., and Thermo Fisher Scientific, Inc.) were the most significant relative and absolute detractors. Consumer staples, thanks primarily to Diageo PLC, was also a significant relative and absolute detractor.

• The Fund continues to hold Amazon.com, Inc.<sup>®</sup>, Alphabet, Inc., and Microsoft Corp.<sup>®</sup>, but not NVIDIA or Broadcom Inc. with the increasing bifurcation of returns in the S&P and MSCI World indices comes a concentration risk to overall index returns should there be any missteps within this small group of mega cap stocks and returns broadening out away from the artificial intelligence (AI) narrative which has propelled the valuation of these businesses.

Positioning and Outlook

• The market continued to be led by a narrow cohort of companies within the IT sector focused on AI, while Veritas Asset Management LLP sees compelling opportunities in companies that are leveraging AI to enhance existing, well-established products and services, which may be outside the technology sector.

• These firms often present better valuations and lower risks compared to those committing huge capital expenditures (CapEx) in developing AI infrastructure. We are particularly focused on companies with proprietary data and software vendors that manage mission-critical systems of record—databases essential to business operations, such as transaction ledgers, airline booking systems, and product design databases.

• Over the last year the Fund initiated positions in ASML Holding, N.V. (the global leader in EUV machines used to manufacture semiconductors), London Stock Exchange Groupr PLC (trading platform and data provider), and Waters Corp. (manufacturer of mass spectrometry machines used in blood analysis).

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of a broad based index. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of October 31, 2025. It also shows the average total returns of a broad based index over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g99309chartimages_10906352.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class I** | 9.36% | 10.01% | 8.94% |
| **MSCI World Index** | 22.02% | 15.58% | 11.79% |

---

*As of May 21, 2021, the Fund's subadviser was changed to Veritas Asset Management LLP. Prior to May 21, 2021, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before May 21, 2021, might be less pertinent for investors considering whether to purchase shares of the 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.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of October 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$30402583 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;31 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$96558 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings (as of October 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. (United States) | 6.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. (United States) | 6.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC (United Kingdom) | 5.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vinci, S.A. (France) | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. (United States) | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran, S.A. (France) | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Salesforce, Inc. (United States) | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Pacific Kansas City, Ltd. (Canada) | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE (France) | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. (United States) | 4.0% |
| Top Ten as a Group | 50.2% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g99309chartimages_10906367.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g99309chartimages_10906368.jpg)

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

103125 TSR087A

------

(b) Not applicable.

#### Item 2. CODE OF ETHICS
Registrant has adopted a code of ethics (the "Code of Ethics") that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code of Ethics that relates to any element of the code of ethics definition enumerated in paragraph (c) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (d) of Item 2 of Form N-CSR. See attached Exhibit (a)(1).

#### Item 3. AUDIT COMMITTEE FINANCIAL EXPERT
Registrant's Board of Trustees (the "Board") has determined that the Registrant has at least one Audit Committee Financial Expert serving on its audit committee. The Board has determined that independent Trustee Mr. Kurt Keilhacker qualifies as the Audit Committee Financial Expert. Mr. Keilhacker is "independent" as such term is defined in paragraph (a)(2) of Item 3 of Form N-CSR.

#### Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a) **Audit Fees** 

The aggregate fees billed by the Funds' independent registered public accounting firm, PricewaterhouseCoopers LLP ("PwC"), to the Funds for the Funds' two most recent fiscal years for professional services rendered for audits of annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements ("Audit Fees") were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal**<br> **2025** | **Fiscal**<br> **2024** |
| &nbsp;&nbsp; AMG Frontier Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26231 |
| &nbsp;&nbsp; AMG GW&K Core Bond ESG Fund | $47549 | $45805 |
| &nbsp;&nbsp; AMG River Road Large Cap Value Select Fund | $31336 | $30207 |
| &nbsp;&nbsp; AMG Veritas China Fund | $25545 | $24404 |
| &nbsp;&nbsp; AMG Veritas Global Focus Fund | $28237 | $27250 |

---

(b) **Audit-Related Fees** 

There were no fees billed by PwC to the Funds in their two recent fiscal years for services rendered for assurance and related services that are reasonably related to the performance of the audit or review of the Funds' financial statements, but are not reported as Audit Fees ("Audit-Related Fees").

For the Funds' two most recent fiscal years, there were no Audit-Related Fees billed by PwC for engagements related directly to the operations and financial reporting of one or more Funds by a Fund Service Provider. A Fund Service Provider is (a) any investment adviser to a Fund (not including any Subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or (b) any entity that provides ongoing services to a Fund and is controlling, controlled by or under common control with a Fund investment adviser described in (a).

------

(c) **Tax Fees** 

The aggregate fees billed by PwC to the Funds for the two most recent fiscal years for professional services rendered for tax compliance, tax advice, and tax planning ("Tax Fees") were as follows:

---

| | | |
|:---|:---|:---|
|  | **Fiscal**<br> **2025** | **Fiscal**<br> **2024** |
| &nbsp;&nbsp; AMG Frontier Small Cap Growth Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5565 |
| &nbsp;&nbsp; AMG GW&K Core Bond ESG Fund | $5705 | $5565 |
| &nbsp;&nbsp; AMG River Road Large Cap Value Select Fund | $7110 | $6935 |
| &nbsp;&nbsp; AMG Veritas China Fund | $7110 | $6935 |
| &nbsp;&nbsp; AMG Veritas Global Focus Fund | $7110 | $6935 |

---

For the Funds' two most recent fiscal years, Tax Fees billed by PwC for engagements by Fund Service Providers that related directly to the operations and financial reporting of the Funds were $0 for fiscal 2025 and $0 for fiscal 2024, respectively.

The services for which Tax Fees were charged comprise all services performed by professional staff in PwC's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) **All Other Fees** 

There were no other fees billed by PwC to the Funds for all other non-audit services ("Other Fees") during the Funds' two most recent fiscal years. During the same period, there were no Other Fees billed by PwC for engagements by Fund Service Providers that related directly to the operations and financial reporting of the Funds.

(e)(1) According to policies adopted by the Audit Committee, services provided by PwC to the Funds must be pre-approved by the Audit Committee. On an annual basis, the Audit Committee reviews and pre-approves various types of services that PwC may perform for the Funds without specific approval of each engagement, subject to specified budget limitations. As contemplated by the Sarbanes-Oxley Act of 2002 and related SEC rules, the Audit Committee also pre-approves non-audit services provided by PwC to any Fund Service Provider for any engagement that relates directly to the operations and financial reporting of the Funds. Any engagement that is not already pre-approved or that will exceed a pre-approved budget must be submitted to the Audit Committee for pre-approval. The Chairman of the Audit Committee is authorized on behalf of the Board of Trustees and the Audit Committee to approve the engagement of PwC to perform non-audit services subject to certain conditions, including notification to the Audit Committee of such pre-approval not later than the next meeting of the Audit Committee following the date of such pre-approval.

(e)(2) None.

(f) Not applicable.

(g) The aggregate fees billed by PwC in 2025 and 2024 for non-audit services rendered to the Funds and Fund Service Providers were $72,740 and $71,935, respectively. For the fiscal year

------

ended October 31, 2025, this amount reflects the amounts disclosed above in Item 4(b),(c),(d), plus $40,000 in fees billed to the Fund Service Providers for non-audit services that did not relate directly to the operations and financial reporting of the Funds. For the fiscal year ended October 31, 2024, this amount reflects the amounts disclosed above in Item 4(b),(c),(d), plus $40,000 in fees billed to the Fund Service Providers for non-audit services that did not relate directly to the operations and financial reporting of the Funds.

(h) The Trust's Audit Committee has considered whether the provision of non-audit services by registrant's independent registered public accounting firm to the registrant's investment adviser, and any entity controlling, controlled, or under common control with the investment adviser that provided ongoing services to the registrant that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the registrant) was compatible with maintaining the independence of the independent registered public accounting firm.

(i) Not applicable.

(j) Not applicable.

**Item 5.** **AUDIT COMMITTEE OF LISTED REGISTRANTS** <br>

Not applicable.

**Item 6.** **INVESTMENTS** <br>

The schedule of investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under Item 7 hereof.

#### Item 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

---

| | |
|:---|:---|
| ![LOGO](g99309dsp01a.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL FINANCIAL STATEMENTS |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| AMG Funds | AMG Funds | AMG Funds |
|  October 31, 2025 | October 31, 2025 |  |
| ![LOGO](g99309dsp01b.jpg) | ![LOGO](g99309dsp01b.jpg) | ![LOGO](g99309dsp01b.jpg) |
| **AMG GW&K Core Bond ESG Fund** | **AMG GW&K Core Bond ESG Fund** | **AMG GW&K Core Bond ESG Fund** |
| Class N: **MBGVX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I: **MBDFX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z: **MBDLX** |
| **AMG GW&K Small/Mid Cap Growth Fund** | **AMG GW&K Small/Mid Cap Growth Fund** | **AMG GW&K Small/Mid Cap Growth Fund** |
| Class N: **ACWDX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I: **ACWIX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z: **ACWZX** |

---

---

| | | |
|:---|:---|:---|
| wealth.amg.com | 103125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AR069 |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Funds<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements — October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <br> **TABLE OF CONTENTS** | PAGE |
|  **FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Schedules of Portfolio Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Core Bond ESG Fund](#fin199309_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Small/Mid Cap Growth Fund](#fin199309_2) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Assets and Liabilities](#fin199309_3)** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Balance sheets, net asset value (NAV) per share computations*<br> *and cumulative distributable earnings (loss)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Operations](#fin199309_4)** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Detail of sources of income, expenses, and realized and*<br> *unrealized gains (losses) during the fiscal year* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin199309_5)** | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Detail of changes in assets for the past two fiscal years* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Highlights](#fin199309_6)** | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Historical net asset values per share, distributions, total returns, income*<br> *and expense ratios, turnover ratios and net assets* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#fin199309_7)** | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Accounting and distribution policies, details of agreements and*<br> *transactions with Fund management and affiliates, and descriptions of*<br> *certain investment risks* |  |
|  **[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#fin199309_8)** | 28 |
|  **[OTHER INFORMATION](#fin199309_9)** | 29 |
|  **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin199309_10)** | 30 |

---

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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG GW&K Core Bond ESG Fund &nbsp;&nbsp;&nbsp;&nbsp; Schedule of Portfolio Investments &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Corporate Bonds and Notes - 46.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials - 1.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials - 1.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc.<br>4.800%, 03/03/33 | $780000 | $793577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc.<br>5.375%, 08/15/34<sup>1</sup>  | 460000 | 477622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 1271199 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications - 3.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communications - 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc.<br>1.650%, 02/01/28 | 331000 | 313780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/15/30 | 700000 | 699799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital<br>4.400%, 04/01/33<sup>1</sup>  | 885000 | 830594 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp.<br>4.650%, 02/15/33 | 915000 | 915653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc.<br>3.875%, 02/08/29 | 853000 | 846759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 3606585 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer, Cyclical - 6.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer, Cyclical - 6.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.<br>3.850%, 03/01/32 | 720000 | 672053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc.<br>5.250%, 07/10/30 | 557000 | 569263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp.<br>5.250%, 06/30/29 | 610000 | 627334 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp.<br>6.250%, 06/15/33<sup>1</sup>  | 525000 | 560016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada)<br>5.875%, 06/01/35 | 830000 | 875793 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.<br>3.750%, 04/01/29<sup>2</sup>  | 975000 | 945965 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc.<br>6.375%, 05/15/33 | 573000 | 626030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises, Ltd.<br>5.375%, 01/15/36 | 1125000 | 1132625 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc. Pass-Through Trust<br>Series 2024-1, AA, 5.450%, 02/15/37 | 564830 | 582896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Cyclical |  | 6591975 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer, Non-cyclical - 7.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer, Non-cyclical - 7.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc.<br>5.600%, 03/02/43 | 576000 | 584727 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health<br>3.347%, 10/01/29 | 1187000 | 1145467 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp.<br>5.450%, 09/15/35 | 1110000 | 1133416 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Ford Foundation<br>Series 2020, 2.415%, 06/01/50<sup>1</sup>  | 1807000 | 1115659 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc.<br>4.125%, 06/15/29 | 950000 | 943305 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co.<br>4.625%, 10/01/39 | $615000 | $559865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom)<br>2.032%, 10/14/30 | 1010000 | 904630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp.<br>2.400%, 02/15/30<sup>1</sup>  | 1209000 | 1120845 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Company<br>2.375%, 04/24/30 | 628000 | 574992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-cyclical |  | 8082906 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle, Ltd./Aircastle Ireland DAC (Bermuda)<br>5.750%, 10/01/31<sup>2</sup>  | 1025000 | 1066677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.543% to 01/17/30 then SOFR Index + 1.730%), 5.543%, 01/17/31<sup>3,4</sup>  | 565000 | 574771 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent LP<br>3.625%, 04/15/32 | 685000 | 643245 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp.<br>3.600%, 01/15/28 | 855000 | 845066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp.<br>MTN, (4.330% to 03/15/49 then 3 month SOFR + 1.782%), 4.330%, 03/15/50<sup>3,4</sup>  | 1300000 | 1111994 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, (3.700% to 03/20/26 then<br>U.S. Treasury Yield Curve CMT 5 year + 3.352%), 3.700%, 03/20/26<sup>3,4,5</sup>  | 985000 | 976841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties LP<br>2.550%, 04/01/32 | 808000 | 699707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.964% to 11/02/33 then SOFR Index + 3.370%), 7.964%, 11/02/34<sup>3,4</sup>  | 733000 | 864674 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, (5.000% to 06/01/27 then<br>U.S. Treasury Yield Curve CMT 5 year + 3.256%), 5.000%, 06/01/27<sup>3,4,5</sup>  | 565000 | 565192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.980% to 03/20/29 then 3 month SOFR + 1.600%), 3.980%, 03/20/30<sup>3,4</sup>  | 877000 | 867777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc.<br>4.000%, 03/01/27 | 775000 | 772609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc.<br>3.200%, 11/18/29 | 663000 | 635675 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.561% to 10/24/33 then SOFR + 1.950%), 6.561%, 10/24/34<sup>3,4</sup>  | 800000 | 893767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.709% to 02/02/34 then SOFR Index + 1.870%), 5.709%, 02/02/35<sup>1,3,4</sup>  | 576000 | 598903 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.254% to 10/23/33 then SOFR + 1.810%), 6.254%, 10/23/34<sup>3,4</sup>  | 528000 | 581505 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG GW&K Core Bond ESG Fund &nbsp;&nbsp;&nbsp;&nbsp; Schedule of Portfolio Investments (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.8%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.8%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, (5.875% to 03/15/28 then 3 month SOFR + 3.221%), 5.875%, 03/15/28<sup>3,4,5</sup>  | $125000 | $128095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.431% to 01/23/29 then 3 month SOFR + 1.890%), 4.431%, 01/23/30<sup>3,4</sup>  | 849000 | 854025 |
| &nbsp;&nbsp;&nbsp;&nbsp; The PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.068% to 01/24/33 then SOFR + 1.933%), 5.068%, 01/24/34<sup>3,4</sup>  | 1226000 | 1250835 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series J, (6.700% to 09/15/29 then U.S. Treasury Yield Curve CMT 5 year + 2.628%), 6.700%, 09/15/29<sup>1,3,4,5</sup>  | 545000 | 572018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.873% to 01/26/28 then SOFR + 1.435%), 4.873%, 01/26/29<sup>3,4</sup>  | 300000 | 304101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series Q, (5.100% to 09/01/30 then U.S. Treasury Yield Curve CMT 10 year + 4.349%), 5.100%, 03/01/30<sup>3,4,5</sup>  | 300000 | 300843 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.775% to 06/12/28 then SOFR + 2.020%), 5.775%, 06/12/29<sup>3,4</sup>  | 615000 | 638753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN, (5.013% to 04/04/50 then 3 month SOFR + 4.502%), 5.013%, 04/04/51<sup>3,4</sup>  | 1186000 | 1106986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.625% to 09/15/28 then U.S. Treasury Yield Curve CMT 5 year + 3.606%), 7.625%, 09/15/28<sup>1,3,4,5</sup>  | 576000 | 614845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 17468904 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Engineering Group, Inc.<br>5.900%, 03/01/33<sup>1</sup>  | 1141000 | 1198567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning<br>7.000%, 12/01/36<sup>6</sup>  | 490000 | 562216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America<br>5.700%, 12/01/33 | 640000 | 677123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp.<br>6.300%, 02/15/30 | 535000 | 566263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 3004169 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc.<br>4.150%, 11/15/30<sup>1</sup>  | 707000 | 703414 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp.<br>5.550%, 08/22/34<sup>1</sup>  | 542000 | 556567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp.<br>6.200%, 07/15/30 | 1112000 | 1190349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.<br>3.150%, 10/15/31 | 691000 | 629701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp.<br>2.525%, 06/01/50 | 1740000 | 1092368 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.<br>4.750%, 02/15/32<sup>1</sup>  | $612000 | $617140 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. (South Korea)<br>2.375%, 01/19/31<sup>2</sup>  | 800000 | 724960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 5514499 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.<br>5.375%, 11/15/32 | 550000 | 572062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (7.000% to 06/01/34 then U.S. Treasury Yield Curve CMT 5 year + 2.511%), 7.000%, 06/01/54<sup>3,4</sup>  | 698000 | 762428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp.<br>2.550%, 06/15/31 | 632000 | 572778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.450% to 09/01/34 then U.S. Treasury Yield Curve CMT 5 year + 2.588%), 6.450%, 09/01/54<sup>1,3,4</sup>  | 726000 | 767581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp.<br>5.300%, 03/15/33 | 550000 | 571651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.500% to 03/15/35 then U.S. Treasury Yield Curve CMT 5 year + 1.975%), 6.500%, 03/15/55<sup>3,4</sup>  | 738000 | 775692 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp.<br>1.350%, 03/15/31 | 1649000 | 1417116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 5439308 |
|  Total Corporate Bonds and Notes<br>(Cost $52,793,607) |  | 50979545 |
|  Asset-Backed Securities - 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 39, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-39A, Class A1<br>(3 month SOFR + 1.130%, Cap N/A, Floor 1.130%), 5.014%, 04/20/38<sup>2,4</sup>  | 350000 | 349453 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL Core CLO, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38A, Class A1<br>(3 month SOFR + 1.240%, Cap N/A, Floor 1.240%), 5.097%, 01/22/38<sup>2,4</sup>  | 300000 | 300589 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5, Class A<br>4.510%, 07/15/32 | 196000 | 200344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1<br>5.250%, 02/25/49<sup>2</sup>  | 950000 | 957244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO II, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1RR<br>(3 month SOFR + 1.350%, Cap N/A, Floor 1.350%), 5.234%, 10/20/37<sup>2,4</sup>  | 535000 | 536604 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A4<br>3.930%, 08/15/27 | 559526 | 559378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A3<br>4.610%, 08/15/29 | 592000 | 597978 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A4<br>2.490%, 01/16/29 | 624629 | 624068 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG GW&K Core Bond ESG Fund &nbsp;&nbsp;&nbsp;&nbsp; Schedule of Portfolio Investments (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset-Backed Securities–5.3%**<br> (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Asset-Backed Securities–5.3%**<br> (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnetite XXXIV, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-34A, Class A1R<br>(3 month SOFR + 1.140%, Cap N/A, Floor 1.140%), 5.045%, 01/15/38<sup>2,4</sup>  | $275000 | $274692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnetite XXXVI, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-36A, Class AR<br>(3 month SOFR + 1.320%, Cap N/A, Floor 1.320%), 5.178%, 07/25/38<sup>2,4</sup>  | 285000 | 286333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A1R<br>(3 month SOFR + 1.530%, Cap N/A, Floor 1.530%), 5.424%, 04/16/37<sup>2,4</sup>  | 310000 | 310924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1AR<br>(3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 5.034%, 04/20/38<sup>2,4</sup>  | 178000 | 177904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class B<br>5.950%, 01/17/28 | 182660 | 182912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1R<br>(3 month SOFR + 1.170%, Cap N/A, Floor 1.170%), 5.054%, 04/20/38<sup>2,4</sup>  | 475000 | 475226 |
|  Total Asset-Backed Securities<br>(Cost $5,811,861) |  | 5833649 |
|  Mortgage-Backed Securities - 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A6<br>6.500%, 01/25/55<sup>2,4</sup>  | 251350 | 253839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-J1, Class A1<br>2.500%, 02/25/52<sup>2,4</sup>  | 298515 | 276399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class 1M1<br>(3 month SOFR + 1.050%), 5.233%, 01/25/44<sup>2,4</sup>  | 310353 | 310353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1<br>(3 month SOFR + 1.100%), 5.283%, 02/25/44<sup>2,4</sup>  | 211211 | 211349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1A1<br>(3 month SOFR + 1.150%), 5.333%, 09/25/44<sup>2,4</sup>  | 218681 | 219433 |
| &nbsp;&nbsp;&nbsp;&nbsp; DATA Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CNTR, Class A<br>5.728%, 08/12/43<sup>2,4</sup>  | 600000 | 618178 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K53, Class B<br>4.103%, 03/25/49<sup>2,4</sup>  | 700000 | 697454 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A5<br>2.377%, 05/12/53 | 300000 | 275482 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust |  |  |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ4, Class A6<br>2.500%, 09/25/51<sup>2,4</sup>  | $680228 | $637187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ5, Class A6<br>2.500%, 10/25/51<sup>2,4</sup>  | 252702 | 236693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ8, Class A2<br>2.500%, 01/25/52<sup>2,4</sup>  | 568769 | 478482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class A8<br>2.500%, 02/26/52<sup>2,4</sup>  | 432513 | 386787 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PJ3, Class A7<br>2.500%, 08/25/52<sup>2,4</sup>  | 180333 | 170544 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A3A<br>2.000%, 06/25/51<sup>2,4</sup>  | 160608 | 128796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A6<br>2.500%, 11/25/51<sup>2,4</sup>  | 495293 | 464293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A3<br>3.000%, 10/25/52<sup>2,4</sup>  | 241621 | 211406 |
|  Total Mortgage-Backed Securities<br>(Cost $5,503,177) |  | 5576675 |
|  Municipal Bonds - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority<br>4.190%, 06/01/37 | 775000 | 740886 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State General Obligation, School Improvements, Build America Bonds<br>7.550%, 04/01/39 | 1460000 | 1784191 |
| &nbsp;&nbsp;&nbsp;&nbsp; JobsOhio Beverage System, Series B, Build America Bonds<br>4.532%, 01/01/35 | 1505000 | 1518692 |
|  Total Municipal Bonds<br>(Cost $4,434,137) |  | 4043769 |
|  U.S. Government and Agency Obligations - 38.7% | U.S. Government and Agency Obligations - 38.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fannie Mae - 18.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA<br>2.000%, 02/01/36 | 519329 | 480216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/38 | 694265 | 670731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/30 to 07/01/50 | 5583800 | 5311525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/44 to 01/01/51 | 4159977 | 4039045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/39 to 06/01/41 | 5297981 | 5336317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/47 to 02/01/49 | 1407529 | 1438079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/55 | 2102588 | 2148787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/54 | 895326 | 943505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fannie Mae |  | 20368205 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Freddie Mac - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC<br>2.500%, 10/01/34 | 1737462 | 1654887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/50 | 745886 | 677910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/45 | 2788062 | 2642313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/50 | 494697 | 474022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/44 | 780862 | 802101 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool<br>3.500%, 07/01/32 to 05/01/44 | 769198 | 747739 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG GW&K Core Bond ESG Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Freddie Mac - 8.3%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Freddie Mac - 8.3%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5106, Class KA 2.000%, 03/25/41 | $1085836 | $1024596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5297, Class DA 5.000%, 12/25/52 | 497993 | 504045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA3, Class A1 5.133%, 09/25/45<sup>2,4</sup>  | 269500 | 269754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M1 5.533%, 02/25/44<sup>2,4</sup>  | 356424 | 357094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac |  | 9154461 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 12.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 12.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds<br>1.875%, 02/15/51 | 2058000 | 1189701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/15/41 | 6297000 | 4701842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/48 | 5484000 | 4273022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/39 | 1310000 | 1205507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/53 | 2267000 | 1892502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 13262574 |
|  Total U.S. Government and Agency Obligations<br>(Cost $47,449,477) | Total U.S. Government and Agency Obligations<br>(Cost $47,449,477) | 42785240 |
|  Short-Term Investments - 1.1% | Short-Term Investments - 1.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.7%<sup>7</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.7%<sup>7</sup>**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 10/31/25, due 11/03/25, 4.260% total to be received $686,244 (collateralized by various U.S. Treasuries, 0.000% - 4.875%, 11/04/25 - 08/15/55, totaling $699,968) | 686000 | 686000 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., dated 10/31/25, due 11/03/25, 4.140% total to be received $45,135 (collateralized by various U.S. Treasuries, 0.125% - 3.625%, 07/15/30 - 02/15/51, totaling $46,021) | $45119 | $45119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | 731119 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 10/31/25, due 11/03/25, 3.600% total to be received $466,140 (collateralized by a U.S. Treasury Note, 3.875%, 09/30/32, totaling $475,348) | 466000 | 466000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,197,119) |  | 1197119 |
|  **Total Investments - 100.0%**<br> (Cost $117,189,378) |  | 110415997 |
|  **Other Assets, less Liabilities - (0.0)%<sup>#</sup>** | **Other Assets, less Liabilities - (0.0)%<sup>#</sup>** | (13434) |
|  Net Assets - 100.0% |  | $110402563 |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than (0.05)%.  |

---

<sup>1</sup> Some of these securities, amounting to $8,204,087 or 7.4% 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. 

<sup>2</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2025, the value of these securities amounted to $12,334,612 or 11.2% of net assets. 

<sup>3</sup> Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at October 31, 2025. Rate will reset at a future date.

<sup>4</sup> Variable rate security. The rate shown is based on the latest available information as of October 31, 2025. 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. 

<sup>5</sup> Perpetuity Bond. The date shown represents the next call date.

<sup>6</sup> Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term. The rate shown in the table is the rate in effect as of October 31, 2025.

<sup>7</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

---

| | |
|:---|:---|
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| DAC | Designated Activity Co. |
| FHLMC | Freddie Mac |
| FNMA | Fannie Mae |
| MTN | Medium-Term Note |
| REMICS | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STACR | Structured Agency Credit Risk |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG GW&K Core Bond ESG Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Corporate Bonds and Notes<sup>†</sup>**  |  | $50979545 |  | $50979545 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset-Backed Securities** |  | 5833649 |  | 5833649 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mortgage-Backed Securities** |  | 5576675 |  | 5576675 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds** |  | 4043769 |  | 4043769 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government and Agency Obligations<sup>†</sup>**  |  | 42785240 |  | 42785240 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 731119 |  | 731119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 466000 |  | 466000 |
|  **Total Investments in Securities** |  | $110415997 |  | $110415997 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | All corporate bonds and notes and U.S. government and agency obligations held in the Fund are Level 2 securities. For a detailed breakout of corporate bonds and notes and U.S. government and agency obligations by major industry or agency classification, please refer to the Fund's Schedule of Portfolio Investments.  |

---

For the fiscal year ended October 31, 2025, there were no transfers in or out of Level 3.

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG GW&K Small/Mid Cap Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 99.0% | Common Stocks - 99.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 10.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 10.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.<sup>\*</sup>  | 1557 | $365272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.<sup>\*</sup>  | 1706 | 186346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>\*</sup>  | 2944 | 805449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 6648 | 659481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.<sup>\*</sup>  | 3989 | 751129 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 8425 | 269263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 1111 | 296704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc.<sup>\*</sup>  | 11481 | 253960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 3162 | 517240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc.<sup>1</sup>  | 851 | 126229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 4231073 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.<sup>\*</sup>  | 6133 | 593306 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 3.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 3.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 11162 | 440453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Range Resources Corp. | 8550 | 303952 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc., Class A<sup>1</sup>  | 9829 | 523198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 1267603 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 7.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 7.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 2307 | 679550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 4126 | 738884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc.<sup>1</sup>  | 978 | 390682 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 1252 | 200395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 3185 | 271394 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 4348 | 256358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 12625 | 382537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 2919800 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 22.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 22.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.<sup>\*</sup>  | 8195 | 176193 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.<sup>\*,1</sup>  | 10440 | 451426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.<sup>\*</sup>  | 9949 | 300460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A<sup>\*,1</sup>  | 891 | 284719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.<sup>\*,1</sup>  | 7407 | 463974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 712 | 307086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.<sup>\*,1</sup>  | 11418 | 496683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc.<sup>\*</sup>  | 7407 | 471011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A<sup>\*</sup>  | 9224 | 557037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.<sup>\*,1</sup>  | 6968 | 454244 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.<sup>\*</sup>  | 4645 | 439324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.<sup>\*</sup>  | 5083 | 963737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 7905 | 587342 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.<sup>\*</sup>  | 740 | $432833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.<sup>\*</sup>  | 2830 | 562972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.<sup>\*</sup>  | 3579 | 512549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc.<sup>\*,1</sup>  | 38268 | 518531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.<sup>\*</sup>  | 15154 | 524328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.<sup>\*,1</sup>  | 10618 | 383097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 8887546 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 24.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 24.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc.<sup>\*,1</sup>  | 1069 | 395434 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.<sup>\*</sup>  | 24930 | 917923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 1848 | 475102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 808 | 780189 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation, Ltd. | 2933 | 507116 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 2451 | 420248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 26034 | 648247 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 4793 | 887041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knigh-Swift Transportation Holdings, Inc. | 4929 | 222396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc., Class A | 2361 | 483651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 2030 | 470858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.<sup>\*</sup>  | 3073 | 434123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 1150 | 440898 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.<sup>\*</sup>  | 1978 | 847632 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc.<sup>\*</sup>  | 4002 | 519340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.<sup>\*,1</sup>  | 1969 | 744085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.<sup>\*</sup>  | 5245 | 253438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 9447721 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 23.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 23.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 2545 | 515948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc.<sup>\*</sup>  | 1094 | 204228 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.<sup>\*</sup>  | 44684 | 389644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 11802 | 488485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding, Ltd.<sup>\*</sup>  | 3828 | 718209 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Descartes Systems Group, Inc. (Canada)<sup>\*</sup>  | 4324 | 381420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc.<sup>1</sup>  | 6219 | 569474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant, S.A. (Luxembourg)<sup>\*</sup>  | 2280 | 140402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 3357 | 741528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lumentum Holdings, Inc.<sup>\*,1</sup>  | 2450 | 493822 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.<sup>\*</sup>  | 5927 | 877967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.<sup>\*</sup>  | 2989 | 544207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc.<sup>\*</sup>  | 9911 | 731630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigetti Computing, Inc.<sup>\*</sup>  | 12900 | 571083 |
| &nbsp;&nbsp;&nbsp;&nbsp; SailPoint, Inc.<sup>\*,1</sup>  | 22248 | 482337 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc., Class A<sup>\*</sup>  | 4225 | 398671 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG GW&K Small/Mid Cap Growth Fund <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 23.6%**<br> (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 23.6%**<br> (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.<sup>\*</sup>  | 1224 | $582942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A<sup>\*</sup>  | 1281 | 344909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 9176906 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 3.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 3.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 2460 | 285385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 10706 | 343341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 1406 | 298522 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 3824 | 417887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 1345135 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc., REIT | 2309 | 402990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc., REIT | 2345 | 296877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 699867 |
|  Total Common Stocks<br>(Cost $32,516,898) | Total Common Stocks<br>(Cost $32,516,898) | 38568957 |
|  Rights - 0.0% | Rights - 0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 0.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 0.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABIOMED, Inc.<sup>\*,2,3</sup>(Cost $0) | 1175 | 0 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 2.4% | Short-Term Investments - 2.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 1.3%<sup>4</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 1.3%<sup>4</sup>**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 10/31/25, due 11/03/25, 4.260% total to be received $457,162 (collateralized by various U.S. Treasuries, 0.000% - 4.875%, 11/04/25 - 08/15/55, totaling $466,305) | $457000 | 457000 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., dated 10/31/25, due 11/03/25, 4.140% total to be received $30,463 (collateralized by various U.S. Treasuries, 0.125% - 3.625%, 07/15/30 - 02/15/51, totaling $31,061) | $30452 | $30452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 487452 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 1.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 1.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 10/31/25, due 11/03/25, 3.600% total to be received $448,134 (collateralized by a U.S. Treasury Note, 3.875%, 09/30/32, totaling $457,008) | 448000 | 448000 |
|  **Total Short-Term Investments**<br> (Cost $935,452) | **Total Short-Term Investments**<br> (Cost $935,452) | 935452 |
|  **Total Investments - 101.4%**<br> (Cost $33,452,350) | **Total Investments - 101.4%**<br> (Cost $33,452,350) | 39504409 |
|  **Other Assets, less Liabilities - (1.4)%** | **Other Assets, less Liabilities - (1.4)%** | (541938) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $38962471 |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $6,147,637 or 15.8% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<sup>2</sup> Security's value was determined by using significant unobservable inputs.

<sup>3</sup> 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. 

<sup>4</sup> 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.

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG GW&K Small/Mid Cap Growth Fund <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>**  | $38568957 |  |  | $38568957 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Rights** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | $0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $487452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 487452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 448000 |  | 448000 |
|  **Total Investments in Securities** | $38568957 | $935452 |  | $39504409 |

---

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

For the fiscal year ended October 31, 2025, 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 October 31, 2025, the change in unrealized appreciation (depreciation) was $0.

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> Statement of Assets and Liabilities<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **AMG GW&K<br>Core Bond<br>ESG Fund** | **AMG GW&K<br>Small/Mid Cap<br>Growth Fund** |
|  **Assets:** |  |  |
|  Investments at value<sup>1</sup> (including securities on loan valued at $8,204,087, and $6,147,637, respectively) | $110415997 | $39504409 |
|  Cash | 3224 | 689 |
|  Dividend and interest receivables | 889927 | 1910 |
|  Securities lending income receivable | 1424 | 1383 |
|  Receivable for Fund shares sold | 31317 | 2270 |
|  Receivable from Affiliate |  | 11521 |
|  Prepaid expenses and other assets | 9734 | 11322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 111351623 | 39533504 |
|  **Liabilities:** |  |  |
|  Payable upon return of securities loaned | 731119 | 487452 |
|  Payable for Fund shares repurchased | 67584 |  |
|  Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 40142 | 20281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 14230 | 4907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 405 | 5121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 8811 | 444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 86769 | 52828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 949060 | 571033 |
|  **Commitments and Contingencies (Notes 2 & 7)** | **Commitments and Contingencies (Notes 2 & 7)** | **Commitments and Contingencies (Notes 2 & 7)** |
|  **Net Assets** | $110402563 | $38962471 |
|  <sup>1</sup> Investments at cost | $117189378 | $33452350 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> Statement of Assets and Liabilities (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **AMG GW&K<br>Core Bond<br>ESG Fund** | **AMG GW&K<br>Small/Mid Cap<br>Growth Fund** |
|  **Net Assets Represent:** |  |  |
|  Paid-in capital | $130984784 | $29261611 |
|  Total distributable earnings (loss) | (20582221) | 9700860 |
|  **Net Assets** | $110402563 | $38962471 |
|  **Class N:** |  |  |
|  Net Assets | $1898479 | $28388160 |
|  Shares outstanding | 207179 | 1497246 |
|  Net asset value, offering and redemption price per share | $9.16 | $18.96 |
|  **Class I:** |  |  |
|  Net Assets | $107161626 | $10540181 |
|  Shares outstanding | 11688199 | 530626 |
|  Net asset value, offering and redemption price per share | $9.17 | $19.86 |
|  **Class Z:** |  |  |
|  Net Assets | $1342458 | $34130 |
|  Shares outstanding | 146523 | 1714 |
|  Net asset value, offering and redemption price per share | $9.16 | $19.91 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> Statement of Operations<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **AMG GW&K<br>Core Bond<br>ESG Fund** | **AMG GW&K<br>Small/Mid Cap<br>Growth Fund** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income |  | $227066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $4788280 | 17253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 8705 | 8698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (1965) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 4795020 | 253017 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 340791 | 234951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 170395 | 56843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 5224 | 56068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 3134 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 91955 | 4815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 63974 | 31513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 32781 | 29293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 28426 | 26265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 20598 | 14190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 15537 | 7289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 9673 | 3306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6919 | 4087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 789407 | 469087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (143929) | (96995) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reductions |  | (3503) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 645478 | 368589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 4149542 | (115572) |
|  **Net Realized and Unrealized Gain:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (1935931) | 4203234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 4666265 | 161367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 2730334 | 4364601 |
|  **Net increase in net assets resulting from operations** | $6879876 | $4249029 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> Statements of Changes in Net Assets<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal years ended October 31,<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AMG GW&K**<br>**Core Bond ESG Fund** | **AMG GW&K**<br>**Core Bond ESG Fund** | **AMG GW&K**<br>**Small/Mid Cap**<br>**Growth Fund** | **AMG GW&K**<br>**Small/Mid Cap**<br>**Growth Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp; **Increase in Net Assets Resulting From Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $4149542 | $4210540 | $(115572) | $(114522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (1935931) | (2662819) | 4203234 | 545745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 4666265 | 11526621 | 161367 | 9064856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 6879876 | 13074342 | 4249029 | 9496079 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (69787) | (65847) | (236477) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (4047218) | (4094887) | (66840) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (49753) | (46940) | (216) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (4166758) | (4207674) | (303533) |  |
| &nbsp;&nbsp; **Capital Share Transactions:<sup>1</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (11090131) | (12493997) | (6817231) | (2366458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (8377013) | (3627329) | (2871735) | 7129621 |
| &nbsp;&nbsp; **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 118779576 | 122406905 | 41834206 | 34704585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $110402563 | $118779576 | $38962471 | $41834206 |

---

<sup>1</sup> See Note 1(g) of the Notes to Financial Statements.

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Core Bond ESG Fund Financial Highlights For a share outstanding throughout each fiscal year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class N** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$8.94** | **$8.33** | **$8.56** | **$10.75** | **$10.90** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.30 | 0.28 | 0.23 | 0.14 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.22 | 0.61 | (0.23) | (1.93) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.52 | 0.89 |  | (1.79) | (0.03) |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.30) | (0.28) | (0.23) | (0.15) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.30) | (0.28) | (0.23) | (0.40) | (0.12) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$9.16** | **$8.94** | **$8.33** | **$8.56** | **$10.75** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 5.96% | 10.70% | (0.15)% | (17.18)% | (0.27)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.88% | 0.88%<sup>4</sup> | 0.88% | 0.88% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup>  | 1.01% | 1.02% | 0.99% | 0.95% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 3.34% | 3.08% | 2.55% | 1.49% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28% | 34% | 25% | 34% | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $1898 | $2229 | $1937 | $1716 | $2125 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Core Bond ESG Fund Financial Highlights For a share outstanding throughout each fiscal year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$8.95** | **$8.34** | **$8.56** | **$10.76** | **$10.90** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.33 | 0.30 | 0.25 | 0.18 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.22 | 0.62 | (0.21) | (1.95) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.55 | 0.92 | 0.04 | (1.77) | 0.02 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.33) | (0.31) | (0.26) | (0.18) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.33) | (0.31) | (0.26) | (0.43) | (0.16) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$9.17** | **$8.95** | **$8.34** | **$8.56** | **$10.76** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 6.29% | 11.06% | 0.30% | (16.99)% | 0.15% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.56% | 0.55%<sup>4</sup> | 0.55% | 0.55% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup>  | 0.69% | 0.69% | 0.66% | 0.62% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 3.66% | 3.41% | 2.88% | 1.82% | 1.44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28% | 34% | 25% | 34% | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $107162 | $115232 | $119191 | $137806 | $190306 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Core Bond ESG Fund Financial Highlights For a share outstanding throughout each fiscal year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class Z** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$8.94** | **$8.33** | **$8.56** | **$10.75** | **$10.90** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.34 | 0.31 | 0.26 | 0.18 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.22 | 0.61 | (0.23) | (1.94) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.56 | 0.92 | 0.03 | (1.76) | 0.01 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.34) | (0.31) | (0.26) | (0.18) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.25) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.34) | (0.31) | (0.26) | (0.43) | (0.16) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$9.16** | **$8.94** | **$8.33** | **$8.56** | **$10.75** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 6.39% | 11.15% | 0.25% | (16.85)% | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.48% | 0.48<sup></sup>%<sup>4</sup> | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup>  | 0.61% | 0.62% | 0.59% | 0.55% | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 3.74% | 3.48% | 2.95% | 1.89% | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28% | 34% | 25% | 34% | 62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $1342 | $1319 | $1279 | $2195 | $3724 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

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

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>5</sup> 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.) 

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Small/Mid Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class N** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$17.11** | **$13.33** | **$13.45** | **$17.67** | **$21.14** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.06) | (0.05) | (0.04) | (0.08) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 2.04 | 3.83 | 0.19 | (4.14) | 7.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.98 | 3.78 | 0.15 | (4.22) | 7.57 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.13) |  | (0.27) |  | (10.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  |  |  |  | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.13) |  | (0.27) |  | (11.04) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$18.96** | **$17.11** | **$13.33** | **$13.45** | **$17.67** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 11.59% | 28.36% | 1.12% | (23.88<sup></sup>)%<sup>4</sup> | 46.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup>  | 1.01%<sup>6</sup> | 1.01%<sup>6</sup> | 1.00% | 1.00% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 1.28% | 1.24% | 1.24% | 1.25% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.35)% | (0.32)% | (0.28)% | (0.56)% | (0.91)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 33% | 19% | 25% | 23% | 158% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $28388 | $32463 | $27120 | $24994 | $37471 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Small/Mid Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$17.89** | **$13.93** | **$14.01** | **$18.39** | **$21.60** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.04) | (0.03) | (0.02) | (0.06) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 2.14 | 3.99 | 0.21 | (4.32) | 7.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.10 | 3.96 | 0.19 | (4.38) | 7.83 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.13) |  | (0.27) |  | (10.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  |  |  |  | (0.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.13) |  | (0.27) |  | (11.04) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$19.86** | **$17.89** | **$13.93** | **$14.01** | **$18.39** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 11.76% | 28.43% | 1.36% | (23.82)%<sup>4</sup> | 46.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup>  | 0.86%<sup>6</sup> | 0.87%<sup>6</sup> | 0.86% | 0.86% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 1.13% | 1.10% | 1.10% | 1.11% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.20)% | (0.18)% | (0.14)% | (0.42)% | (0.76)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 33% | 19% | 25% | 23% | 158% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $10540 | $9341 | $7561 | $6540 | $6612 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Small/Mid Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal<br>period ended<br>October 31,** |
| **Class Z** | **2025** | **2024** | **2023** | **2022** | **2021<sup>8</sup>** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$17.93** | **$13.95** | **$14.02** | **$18.39** | **$17.84** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.03) | (0.02) | (0.01) | (0.06) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 2.14 | 4.00 | 0.21 | (4.31) | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.11 | 3.98 | 0.20 | (4.37) | 0.55 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.13) |  | (0.27) |  |  |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$19.91** | **$17.93** | **$13.95** | **$14.02** | **$18.39** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 11.79% | 28.53% | 1.43% | (23.76)%<sup>4</sup> | 3.08<sup></sup>%<sup>9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>10</sup>  | 0.81%<sup>6</sup> | 0.82%<sup>6</sup> | 0.81% | 0.81% | 0.82%<sup>11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 1.08% | 1.05% | 1.05% | 1.06% | 1.13%<sup>11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.15)% | (0.13)% | (0.09)% | (0.37)% | (0.49)%<sup>11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 33% | 19% | 25% | 23% | 158% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $34 | $31 | $24 | $12 | $15 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment loss would have been lower had certain expenses not been offset. 

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> 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. 

<sup>5</sup> Includes reduction from broker recapture amounting to 0.01%, less than 0.01%, 0.01%, 0.01%, and less than 0.01% for the fiscal years ended 2025, 2024, 2023, 2022 and 2021, respectively 

<sup>6</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>7</sup> 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.) 

<sup>8</sup> Commencement of operations was on August 31, 2021.

<sup>9</sup> Not annualized.

<sup>10</sup> Includes reduction from broker recapture amounting to 0.01%, less than 0.01%, 0.01%, and 0.01% for the fiscal years ended 2025, 2024, 2023 and 2022, respectively, and less than 0.01% for the fiscal period ended October 31, 2021. 

<sup>11</sup> Annualized.

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> Notes to Financial Statements<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 GW&K Core Bond ESG Fund ("Core Bond ESG") 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.

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

a. VALUATION OF INVESTMENTS

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

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are considered comparable in credit rating, interest rate, due date and other features (generally referred to as "matrix pricing") or other similar pricing methodologies.

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

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, securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 securities utilizing international fair value pricing, fair valued securities with observable inputs)

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

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

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Upon notification from the issuer, distributions received from a real estate investment

trust (REIT) may be redesignated as a reduction of cost of investments and/or realized gain. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trusts and other trusts or funds within the AMG Funds Family of Funds (collectively, the "AMG Funds Family") based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

Small/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 fiscal year ended October 31, 2025, the impact on the expenses and expense ratios was $3,503 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 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 law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. There were no permanent differences during the year for Core Bond ESG. Permanent differences are primarily due to tax equalization utilized for Small/Mid Cap Growth. Temporary differences for each Fund are due to wash sale loss deferrals.

The tax character of distributions paid during the fiscal years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Bond ESG** | **Core Bond ESG** | **Small/Mid Cap Growth** | **Small/Mid Cap Growth** |
| **Distributions paid from:** | **2025** | **2024** | **2025** | **2024** |
|  Ordinary income \* | $4166758 | $4207674 |  |  |
|  Long-term capital gains |  |  | $303533 |  |
|  | $4166758 | $4207674 | $303533 |  |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of October 31, 2025, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | | |
|:---|:---|:---|
|  | **Core Bond ESG** | **Small/Mid Cap Growth** |
|  Capital loss carryforward | $13776542 |  |
|  Undistributed ordinary income | 24469 | $831879 |
|  Undistributed long-term capital gains |  | 2900904 |

---

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

At October 31, 2025, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Appreciation** | **Depreciation** | **Net Appreciation<br>(Depreciation)** |
|  Core Bond ESG | $117246145 | $1253031 | $(8083179) | $(6830148) |
|  Small/Mid Cap Growth | 33536332 | 9628243 | (3660166) | 5968077 |

---

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 (the "Code"), 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. The Investment Manager has analyzed the Funds' tax positions taken on federal income tax returns as of October 31, 2025, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of October 31, 2025, 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** |
|  Core Bond ESG | $2777964 | $10998578 | $13776542 |

---

As of October 31, 2025, 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, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

For the fiscal year ended October 31, 2025, the Funds did not utilize capital loss carryovers.

g. CAPITAL STOCK

Each Trust's Amended and Restated Agreement and 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 fiscal years ended October 31, 2025 and October 31, 2024, the capital stock transactions by class for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Bond ESG** | **Core Bond ESG** | **Core Bond ESG** | **Core Bond ESG** |
|  | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class N:** |  |  |  |  |
|  Shares sold | 6906 | $61497 | 71326 | $636906 |
|  Shares issued in reinvestment of distributions | 7767 | 69787 | 7393 | 65847 |
|  Shares redeemed | (56747) | (514895) | (61929) | (547022) |
|  Net increase (decrease) | (42074) | $(383611) | 16790 | $155731 |
|  **Class I:** |  |  |  |  |
|  Shares sold | 925431 | $8314841 | 1420819 | $12678644 |
|  Shares issued in reinvestment of distributions | 433148 | 3895483 | 442345 | 3939940 |
|  Shares redeemed | (2547872) | (22911208) | (3281551) | (29214653) |
|  Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1189293) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(10700884) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1418387) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(12596069) |

---

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Core Bond ESG** | **Core Bond ESG** | **Core Bond ESG** | **Core Bond ESG** |
|  | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class Z:** |  |  |  |  |
|  Shares sold | 19104 | $171959 | 4881 | $43769 |
|  Shares issued in reinvestment of distributions | 5536 | 49753 | 5273 | 46940 |
|  Shares redeemed | (25587) | (227348) | (16155) | (144368) |
|  Net decrease | (947) | $(5636) | (6001) | $(53659) |
|  | **Small/Mid Cap Growth** | **Small/Mid Cap Growth** | **Small/Mid Cap Growth** | **Small/Mid Cap Growth** |
|  | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class N:** |  |  |  |  |
|  Shares sold | 37256 | $655932 | 123098 | $2059438 |
|  Shares issued in reinvestment of distributions | 12985 | 233467 |  |  |
|  Shares redeemed | (450142) | (7857017) | (259725) | (4175433) |
|  Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(399901) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(6967618) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(136627) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(2115995) |
|  **Class I:** |  |  |  |  |
|  Shares sold | 67197 | $1185612 | 136909 | $2393314 |
|  Shares issued in reinvestment of distributions | 3526 | 66357 |  |  |
|  Shares redeemed | (62129) | (1101798) | (157840) | (2643777) |
|  Net increase (decrease) | 8594 | $150171 | (20931) | $(250463) |
|  **Class Z:** |  |  |  |  |
|  Shares issued in reinvestment of distributions | 11 | $216 |  |  |
|  Net increase | 11 | $216 |  |  |

---

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon ("BNYM") (the "Securities Lending 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 their share of the underlying collateral under such joint repurchase agreements and in their share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held 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 Securities Lending Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

At October 31, 2025, the market value of Repurchase Agreements outstanding for Core Bond ESG and Small/Mid Cap Growth was $1,197,119 and 935,452, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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. wealth platform 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 and recommends, subject to the approval of the Board and, in certain circumstances, shareholders, the subadviser for the Funds and monitors the 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.

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the fiscal year ended October 31, 2025, the Funds' investment management fees were paid at the following annual rate of each Fund's respective average daily net assets:

---

| | |
|:---|:---|
|  Core Bond ESG | 0.30% |
|  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 each Fund and does not increase the expenses of each Fund.

The Investment Manager has contractually agreed, through at least March 1, 2026, 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 and Small/Mid Cap Growth to 0.48% 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.

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

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

For the fiscal year ended October 31, 2025, the Investment Manager's expense reimbursements, and repayments of prior reimbursements by the Funds to the Investment Manager, if any, are as follows:

---

| | | |
|:---|:---|:---|
|  | **Expense<br>Reimbursements** | **Repayment of <br>Prior Reimbursements** |
|  Core Bond ESG | $143929 |  |
|  Small/Mid Cap Growth | 96995 |  |

---

At October 31, 2025, the Funds' expiration of reimbursements subject to recoupment is as follows:

---

| | | |
|:---|:---|:---|
| **Expiration**<br> **Period** | **Core Bond ESG** | **Small/Mid Cap Growth** |
|  Less than 1 year | $156088 | $82386 |
|  1-2 years | 175621 | 89289 |
|  2-3 years | 143929 | 96995 |
|  Total | $475638 | $268670 |

---

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 certain 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 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 fiscal year ended October 31, 2025, was 0.25% for Core Bond ESG and 0.20% for Small/Mid Cap Growth.

For Class N of Core Bond ESG 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 fiscal year ended October 31, 2025, was as follows:

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **Fund** | **Maximum Annual<br>Amount<br>Approved** | **Actual <br>Amount <br>Incurred**  |
|  Core Bond ESG |  |  |
|  Class N | 0.15% | 0.15% |
|  Class I | 0.10% | 0.08% |
|  Small/Mid Cap Growth |  |  |
|  Class I | 0.05% | 0.05% |

---

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. At October 31, 2025, the Funds had no interfund loans outstanding. The Funds did not lend during the fiscal year ended October 31, 2025.

The following Funds utilized the interfund lending program during the fiscal year ended October 31, 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Borrowed** | **Number<br>of Days** | **Interest<br>Paid** | **Average <br>Interest Rate**  |
|  Small/Mid Cap Growth | $815553 | 4 | $467 | 5.225% |

---

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Long Term Securities**  | **Long Term Securities**  |
| **Fund** | **Purchases**  | **Sales**  |
|  Core Bond ESG | $26596127 | $20855226 |
|  Small/Mid Cap Growth | 12525574 | 18874287 |

---

Core Bond ESG purchases and sales of U.S. Government obligations for the fiscal year ended October 31, 2025 were $4,334,634 and $21,167,605, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. PORTFOLIO SECURITIES LOANED

The Funds participate in the Securities Lending 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 Securities Lending 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 Securities Lending 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 October 31, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Securities<br>Loaned** | **Cash<br>Collateral<br>Received** | **Securities<br>Collateral<br>Received** | **Total <br>Collateral <br>Received**  |
| &nbsp;&nbsp; Core Bond ESG | $8204087 | $731119 | $7751139 | $8482258 |
| &nbsp;&nbsp; Small/Mid Cap Growth | 6147637 | 487452 | 5729766 | 6217218 |

---

The following table summarizes the securities received as collateral for securities lending at October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Collateral**<br> **Type** | **Coupon**<br> **Range** | **Maturity** <br> **Date Range**  |
| &nbsp;&nbsp; Core Bond ESG | U.S. Treasury Obligations | 0.125%-4.625% | 01/15/26-08/15/53 |
| &nbsp;&nbsp; Small/Mid Cap Growth | U.S. Treasury Obligations | 0.000%-5.375% | 11/20/25-08/15/53 |

---

5. SEGMENT REPORTING

Each Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in each Fund's prospectus. The Chief Operating Decision Makers ("CODM") are the Funds' president and chief financial officer. The CODM assesses the performance and makes operating decisions for each Fund primarily based on each Fund's changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes each Fund's net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of each Fund. As each Fund's operations comprise a single reporting segment, the segment assets are reflected

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

on the accompanying Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject the Funds to various risks. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Fund. Please refer to each Fund's prospectus for a description of the principal risks associated with investing in a particular Fund. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; or (iii) price fluctuations.

**Market Risk:** Market prices of investments held by the Funds may fall rapidly or unpredictably due to a variety of factors, including economic 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, or in response to events that affect particular industries or companies. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

**Management Risk:** Because the Funds are actively managed investment portfolios, security selection or focus on securities in a particular style, market sector or group of companies may cause the Funds to incur losses or underperform relative to their benchmarks or other funds with a similar investment objective. There can be no guarantee that GW&K's investment techniques and risk analysis will produce the desired result.

**Sector Risk:** Issuers and companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Funds have substantial holdings within a particular sector, the risks associated with that sector increase.

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

**Debt Securities Risk**: 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.

**Interest Rate Risk:** 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.

**Credit Risk:** 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.

**Extension Risk:** 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.

**Prepayment Risk:** 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.

**Inflation/Deflation Risk:** 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 a 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. As inflation rates increase, 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 may make issuer default more likely, which may result in a decline in the value of a Fund's portfolio.

**Reinvestment Risk:** A Fund may have difficulty reinvesting payments from debtors and may receive lower rates than from its original investments.

**U.S. Government Securities Risk:** 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.

**Asset-Backed and Mortgage-Backed Securities Risk:** 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.

**Municipal Market Risk:** Factors unique to the municipal bond market may negatively affect the value of a Fund's investment in municipal bonds. These factors include political or legislative changes, and uncertainties related to the tax status of the securities and the rights of investors in the securities. A Fund may invest in a group of municipal obligations that are related in such a way that an economic, business, or political development affecting one would also affect the others.

**Environmental, Social and Governance ("ESG") Investing Risk:** Because applying a Fund's ESG investment criteria may result in the selection or exclusion of securities of certain issuers for reasons other than financial performance, a 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 a Fund's investment exposure to certain companies, sectors, regions, countries or types of investments, which could negatively impact a 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 GW&K or any judgment exercised by GW&K will improve the financial performance of a 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 GW&K's assessment of a company's ESG practices may change over time. GW&K's evaluation of a company also may be dependent on the availability of timely, complete and accurate ESG data reported by issuers and/or third party data

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

providers. Different methodologies may be used by the various issuers and third party sources that provide ESG data, and such ESG data often lacks standardization, consistency and transparency.

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

**Growth Stock Risk:** 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. COMMITMENTS AND CONTINGENCIES

Under the Trusts' organizational documents, their 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.

8. MASTER NETTING AGREEMENTS

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

The following table is a summary of the Funds' open Repurchase Agreements that are subject to a master netting agreement as of October 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Gross Amount Not Offset in the<br> Statement of Assets and Liabilities**  | **Gross Amount Not Offset in the<br> Statement of Assets and Liabilities**  | | |
| **Fund** | **Gross Amounts of**<br> **Assets Presented in**<br> **the Statement of**<br> **Assets and Liabilities** | **Offset**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount**  | **Net**<br> **Asset**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance**  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral** <br> **Received** | **Net**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount**  |
| &nbsp;&nbsp; **Core Bond ESG** |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $686000 |  | $686000 | $686000 |  |
| &nbsp;&nbsp; HSBC Securities USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45119 |  | &nbsp;&nbsp;&nbsp;&nbsp;45119 | &nbsp;&nbsp;&nbsp;&nbsp;45119 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp;&nbsp;466000 |  | &nbsp;&nbsp;&nbsp;&nbsp;466000 | &nbsp;&nbsp;&nbsp;&nbsp;466000 |  |
| &nbsp;&nbsp; Total | $1197119 |  | $1197119 | $1197119 |  |
| &nbsp;&nbsp; **Small/Mid Cap Growth** |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $457000 |  | $457000 | $457000 |  |
| &nbsp;&nbsp; HSBC Securities USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;30452 |  | &nbsp;&nbsp;&nbsp;&nbsp;30452 | &nbsp;&nbsp;&nbsp;&nbsp;30452 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp;&nbsp;448000 |  | &nbsp;&nbsp;&nbsp;&nbsp;448000 | &nbsp;&nbsp;&nbsp;&nbsp;448000 |  |
| &nbsp;&nbsp; Total | $935452 |  | $935452 | $935452 |  |

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9. RECENT ACCOUNTING STANDARDS UPDATE

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management has evaluated the impact of the ASU and expects the ASU will have no material impact to the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10. SUBSEQUENT EVENTS

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

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Report of Independent Registered Public Accounting Firm<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

To the Board of Trustees of AMG Funds I and AMG Funds IV and Shareholders of AMG GW&K Core Bond ESG Fund and AMG GW&K Small/Mid Cap Growth Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AMG GW&K Core Bond ESG Fund (one of the funds constituting AMG Funds I) and AMG GW&K Small/Mid Cap Growth Fund (one of the funds constituting AMG Funds IV) (hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2025

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

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Other Information (unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TAX INFORMATION

AMG GW&K Core Bond ESG Fund and AMG GW&K Small/Mid Cap Growth Fund each hereby designates the maximum amount allowable of their net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2024/2025 Form 1099-DIV you receive for each Fund will show the tax status of all distributions paid to you during the year.

Pursuant to section 852 of the Internal Revenue Code of 1986, as amended, AMG GW&K Core Bond ESG Fund and AMG GW&K Small/Mid Cap Growth Fund, each hereby designates as a capital gain distribution with respect to the taxable period ended October 31, 2025, $0 and $522,795, respectively, or, if subsequently determined to be different, the net capital gains of such period.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

During the fiscal year ended October 31, 2025, there were no changes in and/or disagreements with accountants.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

The remuneration paid to the Trustees during the fiscal year ended October 31, 2025, is reflected as "Trustee fees and expenses" on the Statement of Operations and is set forth in the table below. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the fiscal year ended October 31, 2025.

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| | |
|:---|:---|
|  | **Trustee fees and expenses** |
| &nbsp;&nbsp;&nbsp; AMG GW&K Core Bond ESG Fund | $9673 |
| &nbsp;&nbsp;&nbsp; AMG GW&K Small/Mid Cap Growth Fund | 3306 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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|:---|:---|:---|
| AMG GW&K Core Bond ESG Fund and AMG GW&K Small/Mid Cap Growth Fund: Approval of Investment Management and Subadvisory Agreements on June 11, 2025<br>At an in-person meeting held on June 11, 2025, the Board of Trustees (the "Board" or the "Trustees") of each of AMG Funds I and AMG Funds IV (each, a "Trust" and collectively, the "Trusts"), and separately a majority of the Trustees who are not "interested persons" of the Trusts (the "Independent Trustees"), approved (i) the Fund Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the "Investment Manager") and AMG Funds I for AMG GW&K Core Bond ESG Fund, and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016; and the Investment Advisory Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with the Investment Manager and AMG Funds IV for AMG GW&K Small/Mid Cap Growth Fund, and separately Amendment No. 1 thereto dated October 1, 2016 (collectively, the "Investment Management Agreements"); and (ii) the Subadvisory Agreement with respect to each of AMG GW&K Core Bond ESG Fund and AMG GW&K Small/Mid Cap Growth Fund (each, a "Fund," and collectively, the "Funds"), as amended at any time prior to the date of the meeting (collectively, the "Subadvisory Agreements"), with GW&K Investment Management, LLC, the Funds' subadviser (the "Subadviser"). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreements and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to each Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a "Peer Group"), performance information for the relevant benchmark index for each Fund (each, a "Fund Benchmark"), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Funds, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to | their consideration of the Investment Management Agreements and the Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.<br>NATURE, EXTENT AND QUALITY OF SERVICES<br>In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager's operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees' knowledge of the Investment Manager's management and the quality of the performance of the Investment Manager's duties under the Investment Management Agreements and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager's oversight of the operation and management of the Funds; (b) the quality of the Investment Manager's oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager's ability to supervise the Funds' other service providers; and (d) the Investment Manager's compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreements and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser's investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser's obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of<br>| the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trusts in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreements and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreements and the Investment Manager's undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager's risk management processes.<br>The Trustees also reviewed information relating to the Subadviser's operations and personnel and the investment philosophy, strategies and techniques (its "Investment Strategy") used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser's organizational and management structure and the Subadviser's brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in the Fund's prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| experience of the Subadviser's personnel; and (c) the Subadviser's compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under each Subadvisory Agreement. The Trustees also considered the Subadviser's risk management processes.<br>PERFORMANCE<br>The Board considered each Fund's net performance during relevant time periods as compared to the Fund's Peer Group and Fund Benchmark, considered the gross performance of each Fund as compared to the Subadviser's relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both a Fund's performance results and portfolio composition, as well as the Subadviser's Investment Strategy. The Board was mindful of the Investment Manager's expertise, resources and attention to monitoring the Subadviser's performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds' subadviser during the period regarding the factors that contributed to the performance of the Funds.<br>With respect to AMG GW&K Core Bond ESG Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class I shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was below the median performance of the Peer Group and below, below, above, and below, respectively, the performance of the Fund Benchmark, the Bloomberg U.S. Aggregate Bond Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's underperformance relative to the Peer Group and the Fund Benchmark. The Trustees also took into account the fact that Class I shares of the Fund ranked in the top half relative to its Peer Group for the 2023 calendar year. The Trustees also noted the Subadviser's strong long-term track record of outperformance in its core bond strategy. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that | the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.<br>With respect to AMG GW&K Small/Mid Cap Growth Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year, and 10-year periods ended March 31, 2025, was below, above, above, and below, respectively, the median performance of the Peer Group and below, above, above, and below, respectively, the performance of the Fund Benchmark, the Russell 2500 Growth Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's more recent underperformance relative to the Peer Group and the Fund Benchmark. The Trustees noted that Class N shares of the Fund ranked in the top quartile relative to its Peer Group for the 5-year period and the Fund ranked in the top third relative to its Peer Group for the 3-year period. The Trustees also took into account the fact that the Fund's subadviser changed effective March 19, 2021, that the Fund's investment strategy changed effective March 19, 2021 and further on May 21, 2021, that the Fund Benchmark changed effective May 21, 2021, and that the performance information prior to those dates reflected that of the Fund's prior subadviser and investment strategy. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.<br>ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE<br>In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called "fallout benefits" such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the<br>| Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management's discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.<br>In considering the cost of services to be provided by the Investment Manager under each Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management's discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under each Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also, with respect to economies of scale, the Trustees noted that as each Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from these relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser's revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management's |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under each Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as a Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>With respect to AMG GW&K Core Bond ESG Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were both rated in the Above Average rating level of the Fund's Peer Group. The Trustees noted that the rating levels corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.48%. The Trustees also took into account management's discussion of the Fund's expenses and competitiveness with comparably | sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG GW&K Small/Mid Cap Growth Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were both rated in the Below Average rating level of the Fund's Peer Group. The Trustees noted that the rating levels corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.82%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>\* \* \* \* \*<br>After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under each Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.<br>Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of each Investment Management Agreement and each Subadvisory Agreement would be in the best interests of the applicable Fund and its shareholders. Accordingly, on June 11, 2025, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement and the Subadvisory Agreement for each Fund. |

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![LOGO](g99309dsp01a.jpg)

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| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND ADMINISTRATOR<br>AMG Funds LLC<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>DISTRIBUTOR<br>AMG Distributors, Inc.<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>SUBADVISER<br>GW&K Investment Management, LLC<br> 222 Berkeley St.<br> Boston, MA 02116 | CUSTODIAN<br>The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286<br>LEGAL COUNSEL<br>Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br>BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539 | This report is prepared for the Funds' shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for each Fund are available on the Funds' website at wealth.amg.com.<br>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.<br>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 wealth.amg.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 wealth.amg.com.<br>|

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wealth.amg.com

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<br> ![LOGO](g99309dsp037.jpg) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; EQUITY FUNDS<br>AMG Boston Common Global Impact<br>Boston Common Asset Management, LLC<br>AMG Frontier Small Cap Growth<br>Frontier Capital Management Co., LLC<br>AMG GW&K Small Cap Core<br> AMG GW&K Small Cap Growth<br> AMG GW&K Small Cap Value<br> AMG GW&K Small/Mid Cap Core<br> AMG GW&K Small/Mid Cap Growth<br> AMG GW&K International Small Cap<br>GW&K Investment Management, LLC<br>AMG Renaissance Large Cap Growth<br>The Renaissance Group LLC | AMG River Road Dividend All Cap Value<br> AMG River Road Focused Absolute Value<br> AMG River Road Large Cap Value Select<br> AMG River Road Mid Cap Value<br> AMG River Road Small-Mid Cap Value<br> AMG River Road Small Cap Value<br>River Road Asset Management, LLC<br>AMG TimesSquare International Small Cap<br> AMG TimesSquare Mid Cap Growth<br> AMG TimesSquare Small Cap Growth<br>TimesSquare Capital Management, LLC<br>AMG Veritas Asia Pacific<br> AMG Veritas China<br> AMG Veritas Global Focus<br> AMG Veritas Global Real Return<br>Veritas Asset Management LLP<br>AMG Yacktman<br> AMG Yacktman Focused<br> AMG Yacktman Global<br> AMG Yacktman Special Opportunities<br>Yacktman Asset Management LP<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | FIXED INCOME FUNDS<br>AMG GW&K Core Bond ESG<br> AMG GW&K ESG Bond<br> AMG GW&K Municipal Bond<br> AMG GW&K Municipal Enhanced Yield<br>GW&K Investment Management, LLC<br>ALTERNATIVE FUNDS<br>AMG Systematica Managed Futures Strategy<br> AMG Systematica Trend-Enhanced Markets<br>Systematica Investments Limited, acting as general partner of Systematica Investments LP<br>EXCHANGE-TRADED FUND<br>AMG GW&K Muni Income ETF<br>GW&K Investment Management, LLC |

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| wealth.amg.com | 103125 AR069 |

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|:---|:---|
| ![LOGO](g99309dsp037.jpg) | ANNUAL FINANCIAL STATEMENTS |

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| |
|:---|
| AMG Funds |
| <br> October 31, 2025 |
| ![LOGO](g99309dsp037a.jpg) |
| **AMG River Road Mid Cap Value Fund** |
| <br> Class N: **CHTTX \|** Class I: **ABMIX \|** Class Z: **ABIZX** |
| **AMG River Road Large Cap Value Select Fund** |
| <br> Class N: **FQUAX \|** Class I: **MEQFX** |
| **AMG River Road Small Cap Value Fund**<br>|
| 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 Focused Absolute Value Fund** |
| Class N: **ARRFX \|**Class I: **AFAVX \|**Class Z: **ARRZX** |

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 <br> wealth.amg.com 103125 AR082

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Annual Financial Statements — October 31, 2025

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| | |
|:---|:---|
|  **TABLE OF CONTENTS** | PAGE |
|  **FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Schedules of Portfolio Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG River Road Mid Cap Value Fund](#fin299309_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG River Road Large Cap Value Select Fund](#fin299309_2) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG River Road Small Cap Value Fund](#fin299309_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG River Road Dividend All Cap Value Fund](#fin299309_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG River Road Small-Mid Cap Value Fund](#fin299309_5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG River Road Focused Absolute Value Fund](#fin299309_6) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Assets and Liabilities](#fin299309_7)** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Balance sheets, net asset value (NAV) per share computations<br>and cumulative distributable earnings (loss)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Operations](#fin299309_8)** | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Detail of sources of income, expenses, and realized and<br>unrealized gains (losses) during the fiscal year* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin299309_9)** | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Detail of changes in assets for the past two fiscal years* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Highlights](#fin299309_10)** | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Historical net asset values per share, distributions, total returns, income<br>and expense ratios, turnover ratios and net assets* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#fin299309_11)** | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Accounting and distribution policies, details of agreements and<br>transactions with Fund management and affiliates, and descriptions of<br>certain investment risks* |  |
|  **[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#fin299309_12)** | 51 |
|  **[OTHER INFORMATION](#fin299309_13)** | 52 |
|  **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin299309_14)** | 53 |
| 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. | 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. |

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AMG River Road Mid Cap Value Fund Schedule of Portfolio Investments October 31, 2025

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 97.9% | Common Stocks - 97.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc., Class C<sup>\*</sup> | 114380 | $4657554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Music Group Corp., Class A | 158123 | 5053611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services | 9711165 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 14.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.<sup>\*</sup> | 239949 | 6917730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 23296 | 5125120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 59011 | 7303791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 37155 | 11669642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc.<sup>1</sup> | 24752 | 8866166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. (Canada) | 111924 | 7352288 |
| &nbsp;&nbsp;&nbsp;&nbsp; SharkNinja, Inc.<sup>\*</sup> | 31333 | 2678972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | 49913709 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 200198 | 3541502 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 112945 | 9968526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 6557 | 3364987 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 74984 | 9776414 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Estee Lauder Cos., Inc., Class A | 61197 | 5917138 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Kroger Co. | 106322 | 6765269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | 39333836 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Carlyle Group, Inc.<sup>1</sup> | 83136 | 4432812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corpay, Inc.<sup>\*</sup> | 26252 | 6834708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings, Ltd. (Canada) | 3607 | 5855964 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 5775 | 10538335 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG, Inc. | 127494 | 7017270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 67821 | 5049952 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group, Ltd. | 3607 | 6869748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC (United Kingdom) | 20934 | 6554435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 53153224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 10.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Cooper Cos., Inc.<sup>\*</sup> | 149399 | 10444484 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 166106 | 12449645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 25499 | 6475726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sponsored ADR (United Kingdom)<sup>1</sup> | 134779 | 4962563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | 34332418 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 33.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 24042 | 4296786 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.<sup>\*</sup> | 124311 | 4577131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 49629 | 4325664 |

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A<sup>\*</sup> | 10821 | $6084107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 31800 | 10336590 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial, N.V. (United Kingdom) | 581370 | 6098571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 151535 | 8695078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 85239 | 10390634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Landstar System, Inc. | 67809 | 8708710 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 69211 | 7436030 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oshkosh Corp. | 62652 | 7724365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 50592 | 8929488 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 130553 | 11086561 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 49540 | 4564120 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 31741 | 4899223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 10815 | 4471246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 112624304 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize, Ltd.<sup>\*</sup> | 169179 | 8770239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan America, S.A. (Belgium) | 381752 | 5634660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc.<sup>1</sup> | 75768 | 5140101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | 19545000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc., REIT | 53912 | 6913136 |
| &nbsp;&nbsp;&nbsp;&nbsp; The St. Joe Co. | 97624 | 5543091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate | 12456227 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp.<sup>\*</sup> | 6499 | 2598170 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $309,506,359) |  | 333668053 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Principal<br>Amount |  |
|  Short-Term Investments - 3.6% | Short-Term Investments - 3.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 2.3**%<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 10/31/25, due 11/03/25, 4.260% total to be received $7,475,653 (collateralized by various U.S. Treasuries, 0.000% - 4.875%, 11/04/25 - 08/15/55, totaling $7,625,166) | $7473000 | 7473000 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., dated 10/31/25, due 11/03/25, 4.140% total to be received $478,199 (collateralized by various U.S. Treasuries, 0.125% - 3.625%, 07/15/30 - 02/15/51, totaling $487,595) | 478034 | 478034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | 7951034 |

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG River Road Mid Cap Value Fund Schedule of Portfolio Investments (continued)

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| | | |
|:---|:---|:---|
|  | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 10/31/25, due 11/03/25, 3.600% total to be received $4,407,322 (collateralized by a U.S. Treasury Note, 3.875%, 09/30/32, totaling $4,494,211) | $4406000 | $4406000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,357,034) |  | 12357034 |

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| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  **Total Investments - 101.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $321,863,393) | $346025087 |
|  **Other Assets, less Liabilities - (1.5)%** | (5177553) |
|  Net Assets - 100.0% | $340847534 |

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\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $9,947,432 or 2.9% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

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

ADR American Depositary Receipt

REIT Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of October 31, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>** | $333668053 |  |  | $333668053 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $7951034 |  | 7951034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 4406000 |  | 4406000 |
|  **Total Investments in Securities** | $333668053 | $12357034 |  | $346025087 |

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

For the fiscal year ended October 31, 2025, there were no transfers in or out of Level 3.

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

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AMG River Road Large Cap Value Select Fund Schedule of Portfolio Investments October 31, 2025

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
|  Common Stocks - 95.9% | Common Stocks - 95.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 7621 | $943251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 5080 | 1595527 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE,<br>ADR (France) | 10686 | 1511107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. (Canada) | 21373 | 1403992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 11300 | 913831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | 6367708 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 30132 | 2659450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 1577 | 809301 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Kroger Co. | 21373 | 1359964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 4828715 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 24.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B<sup>\*</sup> | 7971 | 3806471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brookfield Corp. (Canada) | 37140 | 1710297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings, Ltd. (Canada) | 613 | 995206 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Citizens BancShares, Inc., Class A | 701 | 1279199 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 11562 | 1368131 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Progressive Corp. | 4993 | 1028558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC (United Kingdom) | 4730 | 1480963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 11668825 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 8234 | 1471498 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 30570 | &nbsp;&nbsp;&nbsp;&nbsp;2291222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 6657 | 1690612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | 5453332 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 19.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings, N.V. (Ireland) | 4818 | 627496 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A<sup>\*</sup> | 1839 | $1033978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 5869 | 1907718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 3942 | 1819746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 24001 | 1377177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 10599 | 2335702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 9101817 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 12.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize, Ltd.<sup>\*</sup> | 43184 | 2238659 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (Ireland) | 30833 | 3672210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | 5910869 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc., REIT | 12175 | 1561200 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $42,618,042) |  | 44892466 |
|  | Principal<br> Amount |  |
|  Short-Term Investments - 2.2% | Short-Term Investments - 2.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 2.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 10/31/25, due 11/03/25, 3.600% total to be received $1,015,305 (collateralized by a U.S. Treasury Note, 3.875%, 09/30/32, totaling $1,035,383) | $1015000 | 1015000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,015,000) |  | 1015000 |
|  **Total Investments - 98.1%** | **Total Investments - 98.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $43,633,042) |  | 45907466 |
|  **Other Assets, less Liabilities - 1.9%** | **Other Assets, less Liabilities - 1.9%** | 901251 |
|  Net Assets - 100.0% | Net Assets - 100.0% | $46808717 |

---

\* Non-income producing security.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>** | $44892466 |  |  | $44892466 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | $1015000 |  | 1015000 |
|  **Total Investments in Securities** | $44892466 | $1015000 |  | $45907466 |

---

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

For the fiscal year ended October 31, 2025, 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 Schedule of Portfolio Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
|  Common Stocks - 90.5% | Common Stocks - 90.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.<sup>\*</sup> | 669669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10754884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc.<sup>\*</sup> | 248066 | 8181217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services | 18936101 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 9.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.<sup>\*</sup> | 129133 | 30294602 |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc.<sup>\*,1</sup> | 191958 | 7833806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc.<sup>1</sup> | 81615 | 29234493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.<sup>\*</sup> | 524393 | 18605463 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.<sup>\*,1</sup> | 443287 | 21455091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | 107423455 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc.<sup>\*</sup> | 175798 | 5296794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dole PLC (Ireland) | 1376695 | 17539094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 286900 | 19824790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods, Ltd. (United Kingdom) | 652803 | 7376674 |
| &nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 214735 | 24681641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | 74718993 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek US Holdings, Inc.<sup>1</sup> | 591999 | 22353882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Petroleum Corp.<sup>1</sup> | 602351 | 2638297 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 317976 | 6642519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | 31634698 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 18.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aspen Insurance Holdings, Ltd.,<br>Class A (Bermuda)<sup>\*,1</sup> | 371789 | 13663246 |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty, Ltd. (Bermuda) | 332580 | 26799296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings, Ltd. (Bermuda) | 252869 | 23683711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 865340 | 15472279 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | 329505 | 9381007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.<sup>\*</sup> | 3538835 | 29867767 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Inc.<sup>\*</sup> | 75562 | 2752724 |
| &nbsp;&nbsp;&nbsp;&nbsp; P10, Inc., Class A<sup>1</sup> | 1274537 | 12949296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 149161 | 5062524 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings Corp.<sup>\*,1</sup> | 555474 | 2382984 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.<sup>\*</sup> | 153052 | 22327226 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group, Ltd. | 22303 | 42477402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 206819462 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 820637 | 10947298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.<sup>\*</sup> | 391671 | 12235802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.<sup>\*</sup> | 277429 | 13874224 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.<sup>\*,1</sup> | 132348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15893671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.<sup>\*</sup> | 581835 | 10886133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | 63837128 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 25.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc., Class A | 1482869 | 4270663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 55095 | 10491741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 116823 | 8089993 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.<sup>\*</sup> | 146277 | 9572367 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.<sup>\*</sup> | 1996286 | 36991179 |
| &nbsp;&nbsp;&nbsp;&nbsp; The GEO Group, Inc.<sup>\*</sup> | 367798 | 6241532 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.<sup>\*</sup> | 639889 | 35968161 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Inc., Class A | 289007 | 10644128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 145867 | 6435652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.<sup>\*</sup> | 1123268 | 10783373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximus, Inc. | 156264 | 12988664 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 338019 | 36316761 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc.<sup>\*</sup> | 191892 | 5069787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 431989 | 8276909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 85554 | 8017265 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennant Co. | 159113 | 12729040 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 156481 | 24152842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.<sup>\*</sup> | 581894 | 13505760 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 761730 | 16567627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 277113444 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.<sup>\*</sup> | 162946 | 7761118 |
| &nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc. | 421844 | 30862107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingram Micro Holding Corp.<sup>1</sup> | 670349 | 15391213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ituran Location and Control, Ltd. (Israel) | 194271 | 7481376 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp.<sup>\*,1</sup> | 505727 | 5770345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 677977 | 26102115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | 93368274 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan America, S.A. (Belgium)<sup>1</sup> | 1349807 | 19923151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 200991 | 13635230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | 33558381 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.<sup>\*</sup> | 135355 | 10730944 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 1056391 | 20261579 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 357609 | 21338529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 220234 | 17508603 |

---

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

------

<br> AMG River Road Small Cap Value Fund<br> Schedule of Portfolio Investments*(continued)*<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 6.5%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 214945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12208876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 71317587 |
|  Total Common Stocks | Total Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $849,650,159) |  | 989458467 |
|  | Principal<br> Amount |  |
|  Short-Term Investments - 10.6% | Short-Term Investments - 10.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 1.1%**<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 1.1%**<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 10/31/25, due 11/03/25, 4.260% total to be received $9,976,540 (collateralized by various U.S. Treasuries, 0.000% - 4.875%, 11/04/25 - 08/15/55, totaling $10,176,071) | $9973000 | 9973000 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., dated 10/31/25, due 11/03/25, 4.140% total to be received $711,682 (collateralized by various U.S. Treasuries, 0.125% - 3.625%, 07/15/30 - 02/15/51, totaling $725,666) | 711437 | 711437 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirae Asset Securities USA, Inc., dated 10/31/25, due 11/03/25, 4.260% total to be received $1,152,145 (collateralized by various U.S. Government Agency Obligations, 1.953% - 6.640%, 05/09/28 - 06/25/55, totaling $1,219,280) | $1151736 | $1151736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | 11836173 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 9.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 9.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 10/31/25, due 11/03/25, 3.600% total to be received $104,417,316 (collateralized by a U.S. Treasury Note, 3.875%, 09/30/32, totaling $106,473,803) | 104386000 | 104386000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $116,222,173) |  | 116222173 |
|  **Total Investments - 101.1%** | **Total Investments - 101.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $965,872,332) |  | 1105680640 |
|  **Other Assets, less Liabilities - (1.1)%** | **Other Assets, less Liabilities - (1.1)%** | (12549884) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $1093130756 |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $58,920,966 or 5.4% 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. 

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

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>** | $989458467 |  |  | $989458467 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $11836173 |  | 11836173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 104386000 |  | 104386000 |
|  **Total Investments in Securities** | $989458467 | $116222173 |  | $1105680640 |

---

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

For the fiscal year ended October 31, 2025, 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 Schedule of Portfolio Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
|  Common Stocks - 98.3% | Common Stocks - 98.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 21891 | $609336 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Music Group Corp., Class A | 18595 | 594296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services | 1203632 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 10482 | 1334463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. (Canada) | 21105 | 1386388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 19239 | 1555858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | 4276709 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 9.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC, ADR (United Kingdom) | 7458 | 686807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 8290 | 992396 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Kroger Co. | 24614 | 1566189 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 6832 | 998087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC, Sponsored ADR (United Kingdom)<sup>1</sup> | 33516 | 2017328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | 6260807 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP, MLP | 20381 | 343012 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Partners LP, MLP <sup>1</sup> | 48166 | 1483031 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 9133 | 966637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 3659 | 378011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 74362 | 1947541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 6999 | 952844 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Williams Cos., Inc. | 44504 | 2575446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | 8646522 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings, Ltd. (Bermuda) | 18953 | 1775138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb, Ltd. (Switzerland) | 6971 | 1930549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 13824 | 763638 |
| &nbsp;&nbsp;&nbsp;&nbsp; The PNC Financial Services Group, Inc. | 12231 | 2232769 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Progressive Corp. | 8825 | 1817950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. | 17034 | 1481447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 10001491 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 4128 | 900069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 4567 | 1362930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 7082 | 1265624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 11997 | 552702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 4755 | 898077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medtronic PLC (Ireland) | 11432 | 1036882 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 65900 | 2473886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | 8490170 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 14121 | $1105251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 9129 | 1112825 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 11394 | 1224171 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 8667 | 1621509 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 2139 | 330155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 5847 | 1288503 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc.<sup>1</sup> | 1477 | 543551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 7225965 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A (Ireland) | 4416 | 1104442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 19695 | 954223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 7630 | 557829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 4058 | 361487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 6136 | 1373053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 5125 | 1345876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 6167 | 1605948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 7233 | 1167840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | 8470698 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. | 2551 | 618847 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Flavors & Fragrances, Inc.<sup>\*</sup> | 10859 | 683791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | 1302638 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., REIT | 10181 | 1822195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., REIT | 3544 | 319740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc., REIT | 8525 | 1093161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate | 3235096 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The AES Corp. | 75191 | 1042899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 10988 | 1365808 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc.<sup>1</sup> | 12979 | 1674551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 21665 | 1292751 |
| &nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 13189 | 749135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | 6125144 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $50,730,693) |  | 65238872 |
|  Preferred Stock - 1.4% | Preferred Stock - 1.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., 7.625% | 13488 | 911519 |
|  Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $855,029) |  | 911519 |

---

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

------

<br> AMG River Road Dividend All Cap Value Fund<br> Schedule of Portfolio Investments*(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br> Amount | Value |
|  Short-Term Investments - 4.8% | Short-Term Investments - 4.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 4.5**%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 4.5**%<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 10/31/25, due 11/03/25, 4.260% total to be received $2,776,985 (collateralized by various U.S. Treasuries, 0.000% - 4.875%, 11/04/25 - 08/15/55, totaling $2,832,525) | $2776000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2776000 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., dated 10/31/25, due 11/03/25, 4.140% total to be received $178,378 (collateralized by various U.S. Treasuries, 0.125% - 3.625%, 07/15/30 - 02/15/51, totaling $181,882) | 178316 | 178316 |
|  Total Joint Repurchase Agreements | Total Joint Repurchase Agreements | 2954316 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br> Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 10/31/25, due 11/03/25, 3.600% total to be received $211,063 (collateralized by a U.S. Treasury Note, 3.875%, 09/30/32, totaling $215,275) | $211000 | $211000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,165,316) |  | 3165316 |
|  **Total Investments - 104.5%** | **Total Investments - 104.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $54,751,038) |  | 69315707 |
|  **Other Assets, less Liabilities - (4.5)%** | **Other Assets, less Liabilities - (4.5)%** | (2982087) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $66333620 |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $4,278,469 or 6.5% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

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

---

| | |
|:---|:---|
| 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 October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>** | $65238872 |  |  | $65238872 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Preferred Stock<sup>†</sup>** | 911519 |  |  | 911519 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $2954316 |  | 2954316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 211000 |  | 211000 |
|  **Total Investments in Securities** | $66150391 | $3165316 |  | $69315707 |

---

<sup>†</sup> All common stocks and preferred stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks and preferred stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

For the fiscal year ended October 31, 2025, 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 Schedule of Portfolio Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 96.1% | Common Stocks - 96.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. Escrow Share<sup>\*,1,2</sup> | 79662 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.<sup>\*,3</sup> | 221449 | 3556471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc.<sup>\*</sup> | 77534 | 2557071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services | 6113542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 11.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc.<sup>\*</sup> | 56965 | 2324742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 30637 | 9622469 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 135587 | 4333360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc.<sup>3</sup> | 25463 | 9120846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.<sup>\*</sup> | 135287 | 4799983 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.<sup>\*,3</sup> | 113357 | 5486479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc.<sup>3</sup> | 33567 | 4978993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | 40666872 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 7.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BellRing Brands, Inc.<sup>\*</sup> | 56392 | 1699091 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 132422 | 11687566 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dole PLC (Ireland) | 179848 | 2291264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 50939 | 3519885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 32084 | 1402712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods, Ltd. (United Kingdom) | 201238 | 2273989 |
| &nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 35736 | 4107496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | 26982003 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek US Holdings, Inc.<sup>3</sup> | 152023 | 5740389 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 61111 | 3153328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 23388 | 877284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 419483 | 5268706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | 15039707 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 16.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty, Ltd. (Bermuda) | 101217 | 8156066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings, Ltd. (Bermuda) | 77402 | 7249471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 259302 | 4636320 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp. | 70106 | 3123222 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | 61508 | 1751133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.<sup>\*</sup> | 980594 | 8276213 |
| &nbsp;&nbsp;&nbsp;&nbsp; P10, Inc., Class A<sup>3</sup> | 279187 | 2836540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 49124 | 1667269 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.<sup>\*</sup> | 47110 | 6872407 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group, Ltd.<sup>3</sup> | 6677 | 12716747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 57285388 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 10.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BioMarin Pharmaceutical, Inc.<sup>\*</sup> | 81975 | $4391401 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Cooper Cos., Inc.<sup>\*</sup> | 81468 | 5695428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 147054 | 1961700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.<sup>\*,3</sup> | 87016 | 2718380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.<sup>\*</sup> | 85868 | 4294259 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICON PLC (Ireland)<sup>\*</sup> | 34130 | 5864216 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.<sup>\*,3</sup> | 39489 | 4742234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sponsored ADR (United Kingdom)<sup>3</sup> | 177632 | 6540410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | 36208028 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 27.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc., Class A | 519622 | 1496511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 18213 | 3468302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 30945 | 2142941 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A<sup>\*</sup> | 14407 | 8100336 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial, N.V. (United Kingdom) | 315704 | 3311735 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.<sup>\*</sup> | 512119 | 9489565 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.<sup>\*</sup> | 133572 | 7508082 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Inc., Class A | 57490 | 2117357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 17467 | 5624723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 37378 | 1649117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.<sup>\*,3</sup> | 233613 | 2242685 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 98874 | 10623023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning | 32146 | 4092507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sponsored ADR (United Kingdom)<sup>3</sup> | 238696 | 6640523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Science Applications International Corp. | 30731 | 2879802 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 36904 | 3399965 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 45259 | 6985727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verra Mobility Corp.<sup>\*</sup> | 110823 | 2572202 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 36784 | 9546551 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp.<sup>3</sup> | 149533 | 3252343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 97143997 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc. | 89200 | 6525872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ituran Location and Control, Ltd. (Israel) | 20122 | 774898 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp.<sup>\*,3</sup> | 136253 | 1554647 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 27037 | 4231020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 178498 | 6872173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | 19958610 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 12243 | 1420311 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG River Road Small-Mid Cap Value Fund Schedule of Portfolio Investments *(continued)* 

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 2.1%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Titan America, S.A. (Belgium) | 196507 | $2900443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc.<sup>3</sup> | 46542 | 3157409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | 7478163 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.<sup>\*</sup> | 34432 | 2729769 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc.<sup>3</sup> | 332520 | 6377734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 103628 | 6183483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 65294 | 5190873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp.<sup>\*</sup> | 8868 | 3545249 |
| &nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 65628 | 3727670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | 25025009 |
|  Total Common Stocks | Total Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $286,666,552) |  | 334631088 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 6.4% | Short-Term Investments - 6.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 1.9**%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 1.9**%<sup>4</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 10/31/25, due 11/03/25, 4.260% total to be received $6,312,240 (collateralized by various U.S. Treasuries, 0.000% - 4.875%, 11/04/25 - 08/15/55, totaling $6,438,485) | $6310000 | 6310000 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., dated 10/31/25, due 11/03/25, 4.140% total to be received $404,363 (collateralized by various U.S. Treasuries, 0.125% - 3.625%, 07/15/30 - 02/15/51, totaling $412,309) | $404224 | $404224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | 6714224 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 4.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 10/31/25, due 11/03/25, 3.600% total to be received $15,430,628 (collateralized by a U.S. Treasury Note, 3.875%, 09/30/32, totaling $15,734,599) | 15426000 | 15426000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $22,140,224) |  | 22140224 |
|  **Total Investments - 102.5%** | **Total Investments - 102.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $308,806,776) |  | 356771312 |
|  **Other Assets, less Liabilities - (2.5)%** | **Other Assets, less Liabilities - (2.5)%** | (8739943) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $348031369 |

---

\* Non-income producing security.

<sup>1</sup> Security's value was determined by using significant unobservable inputs.

<sup>2</sup> This security is restricted and not available for re-sale. Liberty Broadband Corp. ("Liberty") acquired GCI Liberty, Inc. on December 21, 2020. On May 24, 2023, Liberty shareholders received GCI Liberty, Inc. Escrow Shares for potential proceeds from a pending class action lawsuit. The market value of the escrow shares was $0 on the date of the distribution. At October 31, 2025, the cost and market value of the escrow shares is $0, which represents 0% of net assets. 

<sup>3</sup> Some of these securities, amounting to $51,342,579 or 14.8% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<sup>4</sup> 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG River Road Small-Mid Cap Value Fund Schedule of Portfolio Investments *(continued)* 

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $97143997 |  |  | $97143997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 57285388 |  |  | 57285388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 40666872 |  |  | 40666872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 36208028 |  |  | 36208028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 26982003 |  |  | 26982003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 25025009 |  |  | 25025009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 19958610 |  |  | 19958610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 15039707 |  |  | 15039707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 7478163 |  |  | 7478163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 6113542 |  | $0 | 6113542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 2729769 |  |  | 2729769 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $6714224 |  | 6714224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 15426000 |  | 15426000 |
|  **Total Investments in Securities** | $334631088 | $22140224 | $0 | $356771312 |

---

The Level 3 common stock held at October 31, 2025, was received as a result of a corporate action. The security's value of $0 was determined by using significant unobservable inputs, which generated a change in unrealized appreciation/depreciation of $0.

For the fiscal year ended October 31, 2025, 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 accompanying notes are an integral part of these financial statements.

------

AMG River Road Focused Absolute Value Fund Schedule of Portfolio Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
|  Common Stocks - 96.5% | Common Stocks - 96.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GCI Liberty, Inc. Escrow Share<sup>\*,1,2</sup> | 108700 | $0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 5489 | 1723985 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADR (France) | 13519 | 1911722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc.<sup>3</sup> | 3932 | 1408442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | 5044149 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 23895 | 2108973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC, ADR (United Kingdom) | 14975 | 1379048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC, Sponsored ADR (United Kingdom)<sup>3</sup> | 20364 | 1225709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | 4713730 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | 37058 | 1399310 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 19.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty, Ltd. (Bermuda) | 18988 | 1530053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B<sup>\*</sup> | 5874 | 2805070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings, Ltd. (Canada) | 984 | 1597524 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Progressive Corp. | 10110 | 2082660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC (United Kingdom) | 6374 | 1995699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 10011006 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 15.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Cooper Cos., Inc.<sup>\*</sup> | 28863 | 2017813 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 26677 | 1999441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.<sup>\*</sup> | 19289 | 964643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 3793 | 963270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sponsored ADR (United Kingdom)<sup>3</sup> | 49382 | 1818245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | 7763412 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 23.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 14339 | 1249787 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A<sup>\*</sup> | 3078 | 1730606 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial, N.V. (United Kingdom) | 122884 | 1289053 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 19947 | 718491 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.<sup>\*</sup> | 33292 | 1871343 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 18468 | 1984202 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 24182 | 2053535 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 4939 | 1281819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 12178836 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 8.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amrize, Ltd.<sup>\*</sup> | 41689 | $2161158 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (Ireland) | 18425 | 2194417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | 4355575 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc., REIT | 15182 | 1946788 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 32825 | 1958668 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $42,349,856) |  | 49371474 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 7.6% | Short-Term Investments - 7.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 4.1%**<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 4.1%**<sup>4</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 10/31/25, due 11/03/25, 4.260% total to be received $1,989,706 (collateralized by various U.S. Treasuries, 0.000% - 4.875%, 11/04/25 - 08/15/55, totaling $2,029,500) | $1989000 | 1989000 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., dated 10/31/25, due 11/03/25, 4.140% total to be received $128,090 (collateralized by various U.S. Treasuries, 0.125% - 3.625%, 07/15/30 - 02/15/51, totaling $130,607) | 128046 | 128046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | 2117046 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 10/31/25, due 11/03/25, 3.600% total to be received $1,499,450 (collateralized by a U.S. Treasury Note, 3.875%, 09/30/32, totaling $1,529,072) | 1499000 | 1499000 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.08%<sup>5</sup> | 279257 | 279257 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,895,303) |  | 3895303 |
|  **Total Investments - 104.1%** | **Total Investments - 104.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $46,245,159) |  | 53266777 |
|  **Other Assets, less Liabilities - (4.1)%** | **Other Assets, less Liabilities - (4.1)%** | (2110686) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $51156091 |

---

\* Non-income producing security.

<sup>1</sup> Security's value was determined by using significant unobservable inputs.

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> AMG River Road Focused Absolute Value Fund<br> Schedule of Portfolio Investments*(continued)*<br>

<sup>2</sup> This security is restricted and not available for re-sale. Liberty Broadband Corp. ("Liberty") acquired GCI Liberty, Inc. on December 21, 2020. On May 24, 2023, Liberty shareholders received GCI Liberty, Inc. Escrow Shares for potential proceeds from a pending class action lawsuit. The market value of the escrow shares was $0 on the date of the distribution. At October 31, 2025, the cost and market value of the escrow shares is $0, which represents 0% of net assets. 

<sup>3</sup> Some of these securities, amounting to $4,395,389 or 8.6% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

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

<sup>5</sup> Yield shown represents the October 31, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $12178836 |  |  | $12178836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 10011006 |  |  | 10011006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 7763412 |  |  | 7763412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 5044149 |  |  | 5044149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 4713730 |  |  | 4713730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 4355575 |  |  | 4355575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 1958668 |  |  | 1958668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 1946788 |  |  | 1946788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1399310 |  |  | 1399310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services |  |  | $0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $2117046 |  | 2117046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1499000 |  | 1499000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 279257 |  |  | 279257 |
| &nbsp;&nbsp; **Total Investments in Securities** | $49650731 | $3616046 | $0 | $53266777 |

---

The Level 3 common stock held at October 31, 2025, was received as a result of a corporate action. The security's value of $0 was determined by using significant unobservable inputs, which generated a change in unrealized appreciation/depreciation of $0.

For the fiscal year ended October 31, 2025, 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 accompanying notes are an integral part of these financial statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **AMG**<br>**River Road<br>Mid Cap<br>Value Fund** | **AMG**<br>**River Road Large**<br>**Cap Value**<br>**Select Fund** | **AMG**<br>**River Road**<br>**Small Cap**<br>**Value Fund** |
| &nbsp;&nbsp; **Assets:** |  |  |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan valued at $9,947,432, $0, and $58,920,966, respectively) | $346025087 | $45907466 | $1105680640 |
| &nbsp;&nbsp; Cash | 406 | 170 | 2543 |
| &nbsp;&nbsp; Receivable for investments sold |  | 933238 | 432941 |
| &nbsp;&nbsp; Dividend and interest receivables | 199981 | 20092 | 238608 |
| &nbsp;&nbsp; Securities lending income receivable | 4206 | 297 | 17818 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 3070918 | 27954 | 1339190 |
| &nbsp;&nbsp; Receivable from Affiliate | 10549 | 2007 |  |
| &nbsp;&nbsp; Prepaid expenses and other assets | 18713 | 9699 | 32083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 349329860 | 46900923 | 1107743823 |
| &nbsp;&nbsp; **Liabilities:** |  |  |  |
| &nbsp;&nbsp; Payable upon return of securities loaned | 7951034 |  | 11836173 |
| &nbsp;&nbsp; Payable for investments purchased |  |  | 1191475 |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 173117 | 8748 | 415061 |
| &nbsp;&nbsp; Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 163727 | 14416 | 754078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 43856 | 6178 | 141390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 45378 | 1264 | 11234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 21357 | 5284 | 94749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 83857 | 56316 | 168907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 8482326 | 92206 | 14613067 |
| &nbsp;&nbsp; **Commitments and Contingencies (Notes 2 & 7)** |  |  |  |
| &nbsp;&nbsp; **Net Assets** | $340847534 | $46808717 | $1093130756 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $321863393 | $43633042 | $965872332 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **AMG**<br>**River Road<br>Mid Cap<br>Value Fund** | **AMG<br>River Road Large<br>Cap Value**<br>**Select Fund** | **AMG**<br>**River Road<br>Small Cap<br>Value Fund** |
| &nbsp;&nbsp; **Net Assets Represent:** |  |  |  |
| &nbsp;&nbsp; Paid-in capital | $274404398 | $40059810 | $855404789 |
| &nbsp;&nbsp; Total distributable earnings | 66443136 | 6748907 | 237725967 |
| &nbsp;&nbsp; **Net Assets** | $340847534 | $46808717 | $1093130756 |
| &nbsp;&nbsp; **Class N:** |  |  |  |
| &nbsp;&nbsp; Net Assets | $195144361 | $5802753 | $46883708 |
| &nbsp;&nbsp; Shares outstanding | 9218347 | 282433 | 3047453 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $21.17 | $20.55 | $15.38 |
| &nbsp;&nbsp; **Class I:** |  |  |  |
| &nbsp;&nbsp; Net Assets | $106416555 | $41005964 | $1035718328 |
| &nbsp;&nbsp; Shares outstanding | 4601336 | 1979426 | 64316262 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $23.13 | $20.72 | $16.10 |
| &nbsp;&nbsp; **Class Z:** |  |  |  |
| &nbsp;&nbsp; Net Assets | $39286618 |  | $10528720 |
| &nbsp;&nbsp; Shares outstanding | 1711008 |  | 651910 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $22.96 |  | $16.15 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **AMG**<br>**River Road<br>Dividend All Cap<br>Value Fund** | **AMG<br>River Road<br>Small-Mid Cap<br>Value Fund** | **AMG**<br>**River Road<br>Focused Absolute<br>Value Fund** |
| &nbsp;&nbsp; **Assets:** |  |  |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan valued at $4,278,469, $51,342,579, and $4,395,389, respectively) | $69315707 | $356771312 | $53266777 |
| &nbsp;&nbsp; Cash | 255 | 347 | 1000 |
| &nbsp;&nbsp; Receivable for investments sold |  | 299794 |  |
| &nbsp;&nbsp; Dividend and interest receivables | 116134 | 121170 | 58723 |
| &nbsp;&nbsp; Securities lending income receivable | 705 | 11355 | 2446 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 4338 | 12426 | 3296 |
| &nbsp;&nbsp; Receivable from Affiliate |  |  | 7169 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 14950 | 15883 | 17674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 69452089 | 357232287 | 53357085 |
| &nbsp;&nbsp; **Liabilities:** |  |  |  |
| &nbsp;&nbsp; Payable upon return of securities loaned | 2954316 | 6714224 | 2117046 |
| &nbsp;&nbsp; Payable for investments purchased |  | 1441735 |  |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 47475 | 683043 |  |
| &nbsp;&nbsp; Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 38943 | 224215 | 26418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 8725 | 44843 | 6605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 4557 | 4747 | 424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 2176 | 14563 | 1677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 62277 | 73548 | 48824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3118469 | 9200918 | 2200994 |
| &nbsp;&nbsp; **Commitments and Contingencies (Notes 2 & 7)** |  |  |  |
| &nbsp;&nbsp; **Net Assets** | $66333620 | $348031369 | $51156091 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $54751038 | $308806776 | $46245159 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **AMG**<br>**River Road<br>Dividend All Cap<br>Value Fund** | **AMG**<br>**River Road**<br>**Small-Mid Cap<br>Value Fund** | **AMG**<br>**River Road<br>Focused Absolute<br>Value Fund** |
| &nbsp;&nbsp; **Net Assets Represent:** |  |  |  |
| &nbsp;&nbsp; Paid-in capital | $44344452 | $283665617 | $38182530 |
| &nbsp;&nbsp; Total distributable earnings | 21989168 | 64365752 | 12973561 |
| &nbsp;&nbsp; **Net Assets** | $66333620 | $348031369 | $51156091 |
| &nbsp;&nbsp; **Class N:** |  |  |  |
| &nbsp;&nbsp; Net Assets | $21469827 | $17864867 | $1960649 |
| &nbsp;&nbsp; Shares outstanding | 3564057 | 1835435 | 139105 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $6.02 | $9.73 | $14.09 |
| &nbsp;&nbsp; **Class I:** |  |  |  |
| &nbsp;&nbsp; Net Assets | $40518281 | $294548889 | $46751898 |
| &nbsp;&nbsp; Shares outstanding | 6747793 | 29012617 | 3313985 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $6.00 | $10.15 | $14.11 |
| &nbsp;&nbsp; **Class Z:** |  |  |  |
| &nbsp;&nbsp; Net Assets | $4345512 | $35617613 | $2443544 |
| &nbsp;&nbsp; Shares outstanding | 723373 | 3502206 | 173232 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $6.01 | $10.17 | $14.11 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations For the fiscal year ended October 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **AMG**<br>**River Road**<br>**Mid Cap**<br>**Value Fund** | **AMG<br>River Road Large<br>Cap Value**<br>**Select Fund** | **AMG**<br>**River Road<br>Small Cap<br>Value Fund** |
| &nbsp;&nbsp; **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $4228409 | $733216 | $11202925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 328780 | 52206 | 3710847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 16972 | 6310 | 84563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (53963) | (27202) | (94462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 4520198 | 764530 | 14903873 |
| &nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 1921007 | 174285 | 8706894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 514555 | 74694 | 1632543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 583979 | 16194 | 124354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 233553 | 6477 | 49812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 46950 | 18032 | 921982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 57071 | 41716 | 110326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 50357 | 32650 | 77624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 45859 | 10873 | 108874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 42810 | 22481 | 96334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 29670 | 4321 | 93962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 25076 | 9065 | 48727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 14992 | 3464 | 41703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 3565879 | 414252 | 12013135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (94315) | (74774) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reductions | (20411) | (1834) | (61842) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 3451153 | 337644 | 11951293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1069045 | 426886 | 2952580 |
| &nbsp;&nbsp; **Net Realized and Unrealized Gain:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 46658062 | 5304934 | 115326663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (21222526) | (3646785) | (52468270) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 25435536 | 1658149 | 62858393 |
| &nbsp;&nbsp; **Net increase in net assets resulting from operations** | $26504581 | $2085035 | $65810973 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations (continued)

---

| | | | |
|:---|:---|:---|:---|
|  | **AMG**<br>**River Road<br>Dividend All Cap<br>Value Fund** | **AMG**<br>**River Road<br>Small-Mid Cap<br>Value Fund** | **AMG**<br>**River Road<br>Focused Absolute<br>Value Fund** |
| &nbsp;&nbsp; **Investment Income:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1909565 | $4509224 | $902168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 50097 | 599665 | 30024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 6967 | 60691 | 9378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (9476) | (10146) | (10923) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1957153 | 5159434 | 930647 |
| &nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 362236 | 2528041 | 301850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 108671 | 505608 | 75462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 58837 | 47203 | 4816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 9440 | 11364 | 791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 17803 | 152395 | 18413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 40603 | 54677 | 37108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 36819 | 44548 | 32032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 18688 | 43028 | 21977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 11198 | 25919 | 7905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 6047 | 29355 | 4329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 4669 | 15406 | 2411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 964 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6670 | 14284 | 4392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 682645 | 3471828 | 511486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (102960) |  | (95062) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reductions | (4958) | (11479) | (913) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 574727 | 3460349 | 415511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1382426 | 1699085 | 515136 |
| &nbsp;&nbsp; **Net Realized and Unrealized Gain:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 15573511 | 17066666 | 6043923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (15370572) | (738073) | (1361247) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 202939 | 16328593 | 4682676 |
| &nbsp;&nbsp; **Net increase in net assets resulting from operations** | $1585365 | $18027678 | $5197812 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets For the fiscal years ended October 31,

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMG**<br>**River Road**<br>**Mid Cap Value Fund** | **AMG**<br>**River Road**<br>**Mid Cap Value Fund** | **AMG**<br>**River Road Large**<br>**Cap Value Select Fund** | **AMG**<br>**River Road Large**<br>**Cap Value Select Fund** | **AMG**<br>**River Road**<br>**Small Cap Value Fund** | **AMG**<br>**River Road**<br>**Small Cap Value Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp; **Increase in Net Assets Resulting From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1069045 | $1295285 | $426886 | $349411 | $2952580 | $4420564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 46658062 | 47038162 | 5304934 | 7665900 | 115326663 | 91033375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (21222526) | 36639022 | (3646785) | 3931192 | (52468270) | 72674060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 26504581 | 84972469 | 2085035 | 11946503 | 65810973 | 168127999 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (31102845) | (998862) | (234625) | (23168) | (3859661) | (2038957) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (10535148) | (570426) | (1801291) | (314623) | (83728561) | (40327619) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (1008452) | (53192) |  |  | (323202) | (526135) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (42646445) | (1622480) | (2035916) | (337791) | (87911424) | (42892711) |
| &nbsp;&nbsp; **Capital Share Transactions:<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | 19049005 | (51305217) | 648094 | 2299376 | 29450808 | 78139109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets** | 2907141 | 32044772 | 697213 | 13908088 | 7350357 | 203374397 |
| &nbsp;&nbsp; **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 337940393 | 305895621 | 46111504 | 32203416 | 1085780399 | 882406002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $340847534 | $337940393 | $46808717 | $46111504 | $1093130756 | $1085780399 |

---

<sup>1</sup> See Note 1(g) of the Notes to Financial Statements.

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets (continued) For the fiscal years ended October 31,

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMG**<br>**River Road**<br>**Dividend All Cap**<br>**Value Fund** | **AMG**<br>**River Road**<br>**Dividend All Cap**<br>**Value Fund** | **AMG**<br>**River Road**<br>**Small-Mid Cap**<br>**Value Fund** | **AMG**<br>**River Road**<br>**Small-Mid Cap**<br>**Value Fund** | **AMG**<br>**River Road**<br>**Focused Absolute**<br>**Value Fund** | **AMG**<br>**River Road**<br>**Focused Absolute**<br>**Value Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp; **Increase in Net Assets Resulting From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1382426 | $2339474 | $1699085 | $1412846 | $515136 | $552149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 15573511 | 58266342 | 17066666 | 28254972 | 6043923 | 7253837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (15370572) | (15944244) | (738073) | 27922392 | (1361247) | 4637938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 1585365 | 44661572 | 18027678 | 57590210 | 5197812 | 12443924 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (12351089) | (1488716) | (1822369) | (765228) | (271346) | (51351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (26021271) | (7827414) | (23312264) | (9009615) | (6199199) | (1205279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (1918519) | (176926) | (3089951) | (1277335) | (293776) | (146167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (40290879) | (9493056) | (28224584) | (11052178) | (6764321) | (1402797) |
| &nbsp;&nbsp; **Capital Share Transactions:<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | 19734969 | (183444327) | 38392362 | 11163606 | 3668280 | (10551496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (18970545) | (148275811) | 28195456 | 57701638 | 2101771 | 489631 |
| &nbsp;&nbsp; **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 85304165 | 233579976 | 319835913 | 262134275 | 49054320 | 48564689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $66333620 | $85304165 | $348031369 | $319835913 | $51156091 | $49054320 |

---

<sup>1</sup> 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 year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class N** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$22.38** | **$17.43** | **$17.74** | **$19.43** | **$29.75** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.05 | 0.06 | 0.02 | 0.17<sup>3</sup> | 0.02<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.64 | 4.97 | 1.21 | (1.22) | 11.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.69 | 5.03 | 1.23 | (1.05) | 11.71 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.07) | (0.03) | (0.16) | (0.04) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.83) | (0.05) | (1.38) | (0.60) | (22.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.90) | (0.08) | (1.54) | (0.64) | (22.03) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$21.17** | **$22.38** | **$17.43** | **$17.74** | **$19.43** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 7.79% | 28.92% | 7.39% | (5.67)% | 50.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 1.10% | 1.11%<sup>7</sup> | 1.10% | 1.09% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.14% | 1.14% | 1.13% | 1.11% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 0.21% | 0.29% | 0.13% | 0.90% | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 93% | 77% | 75% | 71% | 149% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$195144 | $244184 | $220480 | $227513 | $287165 |

---

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 year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$24.19** | **$18.84** | **$19.05** | **$20.82** | **$30.68** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.12 | 0.13 | 0.08 | 0.24<sup>3</sup> | 0.09<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.78 | 5.35 | 1.31 | (1.32) | 12.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.90 | 5.48 | 1.39 | (1.08) | 12.25 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.13) | (0.08) | (0.22) | (0.09) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.83) | (0.05) | (1.38) | (0.60) | (22.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.96) | (0.13) | (1.60) | (0.69) | (22.11) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$23.13** | **$24.19** | **$18.84** | **$19.05** | **$20.82** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 8.10% | 29.27% | 7.72% | (5.41)% | 51.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 0.80% | 0.81%<sup>7</sup> | 0.80% | 0.80% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 0.84% | 0.84% | 0.83% | 0.82% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 0.51% | 0.59% | 0.43% | 1.19% | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 93% | 77% | 75% | 71% | 149% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$106417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$85569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$78562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$74094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$112741 |

---

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 year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class Z** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$24.04** | **$18.71** | **$18.94** | **$20.71** | **$30.63** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.13 | 0.14 | 0.09 | 0.24<sup>3</sup> | 0.10<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.77 | 5.33 | 1.29 | (1.29) | 12.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.90 | 5.47 | 1.38 | (1.05) | 12.23 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.09) | (0.23) | (0.12) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.83) | (0.05) | (1.38) | (0.60) | (22.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.98) | (0.14) | (1.61) | (0.72) | (22.15) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$22.96** | **$24.04** | **$18.71** | **$18.94** | **$20.71** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 8.17% | 29.37% | 7.73% | (5.34)% | 51.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 0.75% | 0.76%<sup>7</sup> | 0.75% | 0.75% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 0.79% | 0.79% | 0.78% | 0.77% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 0.56% | 0.64% | 0.48% | 1.24% | 0.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 93% | 77% | 75% | 71% | 149% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$39287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8237 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

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

<sup>3</sup> 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. 

<sup>4</sup> 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. 

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

<sup>6</sup> Includes reduction from broker recapture amounting to 0.01%, less than 0.01%, 0.01%, 0.01% and less than 0.01% for the fiscal years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

<sup>7</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>8</sup> 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.) 

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

------

AMG River Road Large Cap Value Select Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class N** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$20.56** | **$15.15** | **$14.08** | **$15.45** | **$13.73** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.12 | 0.11 | 0.10 | 0.22<sup>3</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.72 | 5.41 | 1.22 | (1.59) | 4.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.84 | 5.52 | 1.32 | (1.37) | 4.28 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.11) | (0.11) | (0.25) |  | (2.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.74) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.85) | (0.11) | (0.25) |  | (2.56) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$20.55** | **$20.56** | **$15.15** | **$14.08** | **$15.45** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 4.09% | 36.62% | 9.50% | (8.87)% | 33.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup>  | 0.95% | 0.95%<sup>6</sup> | 0.95% | 0.95% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 1.10% | 1.15% | 1.18% | 1.07% | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 0.59% | 0.60% | 0.64% | 1.51% | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 115% | 106% | 77% | 91% | 256% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4623 |

---

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

------

AMG River Road Large Cap Value Select Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$20.71** | **$15.26** | **$14.19** | **$15.58** | **$13.80** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.19 | 0.17 | 0.14 | 0.27<sup>3</sup> | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.72 | 5.44 | 1.23 | (1.60) | 4.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.91 | 5.61 | 1.37 | (1.33) | 4.35 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.16) | (0.30) | (0.06) | (2.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.74) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.90) | (0.16) | (0.30) | (0.06) | (2.57) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$20.72** | **$20.71** | **$15.26** | **$14.19** | **$15.58** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 4.41% | 37.06% | 9.83% | (8.55)% | 33.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup>  | 0.64% | 0.63%<sup>6</sup> | 0.63% | 0.63% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.79% | 0.83% | 0.86% | 0.75% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 0.90% | 0.92% | 0.96% | 1.83% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 115% | 106% | 77% | 91% | 256% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36900 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

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

<sup>3</sup> 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. 

<sup>4</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>5</sup> Includes reduction from broker recapture amounting to less than 0.01% for the each of the fiscal years ended October 31, 2025, 2024, 2023, 2022 and 2021. 

<sup>6</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>7</sup> 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.) 

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

------

AMG River Road Small Cap Value Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class N** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$15.78** | **$13.94** | **$14.26** | **$15.45** | **$10.76** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.00<sup>3</sup> | 0.03 | (0.00)<sup>4</sup> | (0.09) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | 0.91 | 2.51 | 0.20 | 0.06 | 4.78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.91 | 2.54 | 0.20 | (0.03) | 4.69 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.03) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.28) | (0.70) | (0.52) | (1.16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.31) | (0.70) | (0.52) | (1.16) |  |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$15.38** | **$15.78** | **$13.94** | **$14.26** | **$15.45** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 5.51% | 18.69% | 1.58% | (0.35)% | 43.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 1.34% | 1.37% | 1.35% | 1.35% | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 1.35% | 1.37% | 1.35% | 1.35% | 1.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.02% | 0.19% | (0.01)% | (0.60)% | (0.61)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 42% | 42% | 25% | 33% | 39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$41927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$37265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34246 |

---

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

------

AMG River Road Small Cap Value Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$16.46** | **$14.48** | **$14.76** | **$15.91** | **$11.05** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.05 | 0.07 | 0.04 | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | 0.94 | 2.62 | 0.20 | 0.06 | 4.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.99 | 2.69 | 0.24 | 0.01 | 4.86 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.07) | (0.01) |  |  | (0.00)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.28) | (0.70) | (0.52) | (1.16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.35) | (0.71) | (0.52) | (1.16) | (0.00)<sup>4</sup> |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$16.10** | **$16.46** | **$14.48** | **$14.76** | **$15.91** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 5.78% | 19.02% | 1.81% | (0.07)% | 43.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 1.08% | 1.11% | 1.09% | 1.09% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 1.09% | 1.11% | 1.09% | 1.09% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.28% | 0.45% | 0.25% | (0.34)% | (0.35)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 42% | 42% | 25% | 33% | 39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $1035718 | $1035498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$830022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$819940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$835473 |

---

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

------

AMG River Road Small Cap Value Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class Z** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$16.50** | **$14.52** | **$14.78** | **$15.92** | **$11.05** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.06 | 0.08 | 0.05 | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | 0.96 | 2.62 | 0.21 | 0.06 | 4.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 1.02 | 2.70 | 0.26 | 0.02 | 4.88 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.09) | (0.02) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.28) | (0.70) | (0.52) | (1.16) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.37) | (0.72) | (0.52) | (1.16) | (0.01) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$16.15** | **$16.50** | **$14.52** | **$14.78** | **$15.92** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 5.92% | 19.07% | 1.94% | (0.00)%<sup>8</sup> | 44.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 0.99% | 1.02% | 1.00% | 1.00% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 1.00% | 1.02% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.37% | 0.54% | 0.34% | (0.25)% | (0.26)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 42% | 42% | 25% | 33% | 39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7911 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

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

<sup>3</sup> Less than $0.005 per share. 

<sup>4</sup> Less than $(0.005) per share. 

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

<sup>6</sup> Includes reduction from broker recapture amounting to 0.01%, less than 0.01%, less than 0.01%, less than 0.01%, and 0.02% for the fiscal years ended October 31, 2025, 2024, 2023, 2022, and 2021, respectively. 

<sup>7</sup> 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.) 

<sup>8</sup> Less than (0.005)%. 

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

------

AMG River Road Dividend All Cap Value Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class N** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$10.81** | **$8.63** | **$10.70** | **$13.28** | **$10.02** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.11 | 0.14 | 0.20 | 0.18 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.04 | 2.55 | (0.88) | (0.29) | 3.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.15 | 2.69 | (0.68) | (0.11) | 3.46 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.36) | (0.26) | (0.23) | (0.27) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (4.58) | (0.25) | (1.16) | (2.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (4.94) | (0.51) | (1.39) | (2.47) | (0.20) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$6.02** | **$10.81** | **$8.63** | **$10.70** | **$13.28** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 1.63% | 31.94% | (7.50)% | (1.34)% | 34.74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup>  | 0.96%<sup>5</sup> | 0.97%<sup>5</sup> | 0.97%<sup>6</sup> | 1.03% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 1.11% | 1.12% | 1.02% | 1.07% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.74% | 1.48% | 2.10% | 1.61% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 38% | 26% | 25% | 30% | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21470 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$36432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$43430 |

---

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

------

AMG River Road Dividend All Cap Value Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$10.79** | **$8.62** | **$10.68** | **$13.27** | **$10.01** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.13 | 0.16 | 0.23 | 0.21 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.04 | 2.54 | (0.88) | (0.30) | 3.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.17 | 2.70 | (0.65) | (0.09) | 3.49 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.38) | (0.28) | (0.25) | (0.30) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (4.58) | (0.25) | (1.16) | (2.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (4.96) | (0.53) | (1.41) | (2.50) | (0.23) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$6.00** | **$10.79** | **$8.62** | **$10.68** | **$13.27** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 1.89% | 32.19% | (7.17)% | (1.18)% | 35.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup>  | 0.71%<sup>5</sup> | 0.72%<sup>5</sup> | 0.72%<sup>6</sup> | 0.78% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.86% | 0.87% | 0.77% | 0.82% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.99% | 1.73% | 2.35% | 1.86% | 1.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 38% | 26% | 25% | 30% | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$54674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$202039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$290632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$382571 |

---

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

------

AMG River Road Dividend All Cap Value Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class Z** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$10.80** | **$8.62** | **$10.69** | **$13.28** | **$10.01** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.13 | 0.17 | 0.23 | 0.21 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.05 | 2.55 | (0.88) | (0.29) | 3.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.18 | 2.72 | (0.65) | (0.08) | 3.51 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.39) | (0.29) | (0.26) | (0.31) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (4.58) | (0.25) | (1.16) | (2.20) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (4.97) | (0.54) | (1.42) | (2.51) | (0.24) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$6.01** | **$10.80** | **$8.62** | **$10.69** | **$13.28** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 2.00% | 32.37% | (7.22)% | (1.12)% | 35.26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup>  | 0.67%<sup>5</sup> | 0.68%<sup>5</sup> | 0.68%<sup>6</sup> | 0.74% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.82% | 0.83% | 0.73% | 0.78% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 2.03% | 1.77% | 2.39% | 1.90% | 1.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 38% | 26% | 25% | 30% | 20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2430 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

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

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Includes reduction from broker recapture amounting to 0.01%, 0.02%, 0.01%, 0.01% and 0.01% for the fiscal years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

<sup>5</sup> Includes interest expense of less than 0.01% and 0.02% for the years ended October 31, 2025 and 2024, respectively, related to participation in the interfund lending program. 

<sup>6</sup> Includes interest expense totaling 0.01% related to utilization of the line of credit. 

<sup>7</sup> 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.) 

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

------

AMG River Road Small-Mid Cap Value Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class N** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$10.09** | **$8.61** | **$9.10** | **$9.81** | **$6.80** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.03 | 0.02 | 0.01 | (0.03) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.50 | 1.82 | (0.09) | (0.11) | 3.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.53 | 1.84 | (0.08) | (0.14) | 3.01 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.02) | (0.01) | (0.00)<sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.87) | (0.35) | (0.41) | (0.57) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.89) | (0.36) | (0.41) | (0.57) |  |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$9.73** | **$10.09** | **$8.61** | **$9.10** | **$9.81** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 5.07% | 21.83% | (0.77)% | (1.64)% | 44.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup>  | 1.28% | 1.29% | 1.27% | 1.28% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 1.28% | 1.29% | 1.28% | 1.28% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.26% | 0.23% | 0.10% | (0.28)% | (0.38)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 36% | 42% | 30% | 32% | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$18961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$22702 |

---

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

------

AMG River Road Small-Mid Cap Value Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$10.48** | **$8.94** | **$9.41** | **$10.10** | **$6.98** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.05 | 0.05 | 0.03 | (0.00)<sup>3</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.54 | 1.87 | (0.09) | (0.12) | 3.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.59 | 1.92 | (0.06) | (0.12) | 3.12 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.05) | (0.03) | (0.00)<sup>3</sup> |  | (0.00)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.87) | (0.35) | (0.41) | (0.57) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.92) | (0.38) | (0.41) | (0.57) | (0.00)<sup>3</sup> |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$10.15** | **$10.48** | **$8.94** | **$9.41** | **$10.10** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 5.43% | 21.97% | (0.48)% | (1.38)% | 44.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup>  | 1.02% | 1.03% | 1.02% | 1.02% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 1.02% | 1.03% | 1.03% | 1.02% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.52% | 0.49% | 0.35% | (0.02)% | (0.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 36% | 42% | 30% | 32% | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$294549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$263399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$214093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$188163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$218698 |

---

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

------

AMG River Road Small-Mid Cap Value Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class Z** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$10.50** | **$8.95** | **$9.42** | **$10.10** | **$6.98** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.06 | 0.05 | 0.04 | 0.00<sup>7</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.54 | 1.89 | (0.10) | (0.11) | 3.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.60 | 1.94 | (0.06) | (0.11) | 3.12 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.06) | (0.04) | (0.00)<sup>3</sup> | (0.00)<sup>3</sup> | (0.00)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.87) | (0.35) | (0.41) | (0.57) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.93) | (0.39) | (0.41) | (0.57) | (0.00)<sup>3</sup> |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$10.17** | **$10.50** | **$8.95** | **$9.42** | **$10.10** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 5.47% | 22.13% | (0.47)% | (1.26)% | 44.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup>  | 0.97% | 0.98% | 0.97% | 0.97% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 0.97% | 0.98% | 0.98% | 0.97% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.57% | 0.54% | 0.40% | 0.03% | (0.08)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 36% | 42% | 30% | 32% | 44% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$29387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$35766 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

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

<sup>3</sup> Less than $(0.005) per share. 

<sup>4</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>5</sup> Includes reduction from broker recapture amounting to less than 0.01%, less than 0.01%, 0.01%, 0.01% and 0.02% for the fiscal years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

<sup>6</sup> 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.) 

<sup>7</sup> Less than $0.005 per share. 

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

------

AMG River Road Focused Absolute Value Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class N** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$14.72** | **$11.73** | **$11.50** | **$14.44** | **$11.05** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.11 | 0.12 | 0.11 | 0.04 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.32 | 3.19 | 0.21 | (2.03) | 3.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.43 | 3.31 | 0.32 | (1.99) | 3.39 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.11) | (0.13) | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.95) | (0.19) | (0.07) | (0.95) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.06) | (0.32) | (0.09) | (0.95) |  |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$14.09** | **$14.72** | **$11.73** | **$11.50** | **$14.44** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 10.49% | 28.70% | 2.76% | (14.80)% | 30.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup>  | 1.06% | 1.06%<sup>5</sup> | 1.05% | 1.05% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 1.25% | 1.26% | 1.22% | 1.14% | 1.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 0.79% | 0.91% | 0.93% | 0.30% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 92% | 86% | 63% | 113% | 83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3666 |

---

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

------

AMG River Road Focused Absolute Value Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$14.73** | **$11.75** | **$11.51** | **$14.48** | **$11.12** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.14 | 0.16 | 0.14 | 0.07 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.34 | 3.18 | 0.22 | (2.04) | 3.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.48 | 3.34 | 0.36 | (1.97) | 3.44 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.17) | (0.05) | (0.05) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.95) | (0.19) | (0.07) | (0.95) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.10) | (0.36) | (0.12) | (1.00) | (0.08) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$14.11** | **$14.73** | **$11.75** | **$11.51** | **$14.48** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 10.88% | 28.90% | 3.11% | (14.64)% | 30.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup>  | 0.82% | 0.82%<sup>5</sup> | 0.81% | 0.80% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 1.01% | 1.02% | 0.98% | 0.89% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.03% | 1.15% | 1.17% | 0.55% | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 92% | 86% | 63% | 113% | 83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$46752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$53620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$176460 |

---

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

------

AMG River Road Focused Absolute Value Fund Financial Highlights For a share outstanding throughout each fiscal year

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class Z** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$14.74** | **$11.75** | **$11.52** | **$14.49** | **$11.12** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.15 | 0.16 | 0.15 | 0.08 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.33 | 3.19 | 0.21 | (2.04) | 3.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.48 | 3.35 | 0.36 | (1.96) | 3.45 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.17) | (0.06) | (0.06) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.95) | (0.19) | (0.07) | (0.95) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.11) | (0.36) | (0.13) | (1.01) | (0.08) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$14.11** | **$14.74** | **$11.75** | **$11.52** | **$14.49** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 10.86% | 29.04% | 3.10% | (14.59)% | 31.12% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup>  | 0.78% | 0.78%<sup>5</sup> | 0.77% | 0.76% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 0.97% | 0.98% | 0.94% | 0.85% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.07% | 1.19% | 1.21% | 0.59% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 92% | 86% | 63% | 113% | 83% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13323 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

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

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Includes reduction from broker recapture amounting to less than 0.01%, 0.01%, 0.02%, 0.01% and 0.01%, for the fiscal years ended October 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

<sup>5</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>6</sup> 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.) 

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

------

<br> Notes to Financial Statements<br> October 31, 2025<br>

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 Funds 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"), 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.

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

a. VALUATION OF INVESTMENTS

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

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

amortized cost. Investments in other open-end registered investment companies are valued at their end of day net asset value per share.

The Funds' portfolio investments are generally valued based on independent market quotations or prices or, if none, "evaluative" or other market based valuations provided by third party pricing services. 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, securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

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 securities utilizing international fair value pricing, fair valued securities with observable inputs)

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

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

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. 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 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 fiscal year ended October 31, 2025, the impact on the expenses and expense ratios was as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount** | **Percentage**<br> **Reduction** |
|  Mid Cap Value | $20411 | 0.01% |
|  Large Cap Value Select | 1834 | 0.00%<sup>1</sup> |
|  Small Cap Value | 61842 | 0.01% |
|  Dividend All Cap Value | 4958 | 0.01% |
|  Small-Mid Cap Value | 11479 | 0.00%<sup>1</sup> |
|  Focused Absolute Value | 913 | 0.00%<sup>1</sup> |

---

<sup>1</sup> Less than 0.005%

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions, except those of 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 tax equalization utilized for all of the Funds. Temporary differences are primarily due to wash sale loss deferrals for all of the Funds, investments in partnerships for Dividend All Cap Value and corporate return of capital distributions for Mid Cap Value.

The tax character of distributions paid during the fiscal years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value** | **Mid Cap Value** | **Large Cap Value Select** | **Large Cap Value Select** | **Small Cap Value** | **Small Cap Value** |
|  **Distributions paid from:** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  Ordinary income \* | $4911242 | $1622480 | $355763 | $337791 | $5083419 | $2863576 |
|  Long-term capital gains | 37735203 |  | 1680153 |  | 82828005 | 40029135 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42646445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1622480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2035916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$337791 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$87911424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$42892711 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Dividend All Cap Value** | **Dividend All Cap Value** | **Small-Mid Cap Value** | **Small-Mid Cap Value** | **Focused Absolute Value** | **Focused Absolute Value** |
|  **Distributions paid from:** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
|  Ordinary income \* | $3956805 | $3413275 | $2765164 | $3895589 | $3716796 | $900127 |
|  Long-term capital gains | 36334074 | 6079781 | 25459420 | 7156589 | 3047525 | 502670 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$40290879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9493056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28224584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11052178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6764321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1402797 |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of October 31, 2025, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap Value** | **Large Cap**<br> **Value Select** | **Small Cap**<br> **Value** | **Dividend All**<br> **Cap Value** | **Small-Mid**<br> **Cap Value** | **Focused**<br> **Absolute**<br> **Value** |
|  Undistributed ordinary income | $12650452 | $692882 | $20967432 | $1085672 | $7646377 | $2139028 |
|  Undistributed long-term capital gains | 29755179 | 4035841 | 78244847 | 11875092 | 9061385 | 3842189 |

---

At October 31, 2025, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Appreciation** | **Depreciation** | **Net Appreciation** |
|  Mid Cap Value | $321987582 | $32543855 | $(8506350) | $24037505 |
|  Large Cap Value Select | 43887282 | 3938523 | (1918339) | 2020184 |
|  Small Cap Value | 967166952 | 210936453 | (72422765) | 138513688 |
|  Dividend All Cap Value | 60286261 | 16166678 | (7137232) | 9029446 |
|  Small-Mid Cap Value | 309113322 | 70822209 | (23164219) | 47657990 |
|  Focused Absolute Value | 46273489 | 8661581 | (1668293) | 6993288 |

---

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 (the "Code"), 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. The Investment Manager has analyzed the Funds' tax positions taken on federal income tax returns as of October 31, 2025, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, 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.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of October 31, 2025, the Funds had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended October 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

For the fiscal year ended October 31, 2025, the Funds did not utilize capital loss carryovers.

g. CAPITAL STOCK

Each Trust's Amended and Restated Agreement and 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

For the fiscal years ended October 31, 2025 and October 31, 2024, the capital stock transactions by class for the Funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Mid Cap Value** | **Mid Cap Value** | | | **Large Cap Value Select** | **Large Cap Value Select** | |
|  | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2024** | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class N:** |  |  |  |  |  |  |  |  |
|  Shares sold | 843203 | $17548266 | 794989 | $16506109 | 139908 | $2892799 | 88174 | $1696217 |
|  Shares issued in reinvestment of distributions | 1469175 | 30529447 | 49240 | 980863 | 9124 | 188058 | 1090 | 18011 |
|  Shares redeemed | (4005810) | (85040023) | (2579753) | (53819568) | (123911) | (2558674) | (54577) | (969498) |
|  Net increase (decrease) | (1693432) | $(36962310) | (1735524) | $(36332596) | 25121 | $522183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34687 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$744730 |
|  **Class I:** |  |  |  |  |  |  |  |  |
|  Shares sold | 1667038 | $38183024 | 635833 | $13909133 | 640408 | $13357460 | 408352 | $7383448 |
|  Shares issued in reinvestment of distributions | 462168 | &nbsp;&nbsp;&nbsp;&nbsp;10468108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26111 | 560867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82433 | 1708831 | 17865 | 296371 |
|  Shares redeemed | (1064674) | (24607411) | (1296168) | (28843362) | (714296) | (14940380) | (344558) | (6125173) |
|  Net increase (decrease) | 1064532 | $24043721 | (634224) | $(14373362) | 8545 | $125911 | 81659 | $1554646 |
|  **Class Z:** |  |  |  |  |  |  |  |  |
|  Shares sold | 1406577 | $32842271 | 25647 | $572080 |  |  |  |  |
|  Shares issued in reinvestment of distributions | 44873 | 1008300 | 2494 | 53192 |  |  |  |  |
|  Shares redeemed | (81015) | (1882977) | (53789) | (1224531) |  |  |  |  |
|  Net increase (decrease) | 1370435 | $31967594 | (25648) | $(599259) |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Small Cap Value** | **Small Cap Value** | | | **Dividend All Cap Value** | **Dividend All Cap Value** | |
|  | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2024** | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class N:** |  |  |  |  |  |  |  |  |
|  Shares sold | 825032 | $12486452 | 452751 | $6795883 | 122374 | $856274 | 26514 | $260617 |
|  Shares issued in reinvestment of distributions | 238065 | 3794755 | 138739 | 2008947 | 1946132 | 12200300 | 153303 | 1472882 |
|  Shares redeemed | (955925) | (15031854) | (658414) | (9822095) | (977511) | (6374820) | (988208) | (9611700) |
|  Net increase (decrease) | 107172 | $1249353 | (66924) | $(1017265) | 1090995 | $6681754 | (808391) | $(7878201) |
|  **Class I:** |  |  |  |  |  |  |  |  |
|  Shares sold | 17949342 | $291531653 | 16351743 | $256882837 | 1884277 | $15737930 | 666381 | $6289704 |
|  Shares issued in reinvestment of distributions | 4422925 | 73641701 | 2410433 | 36325218 | 4006995 | 25040750 | 807218 | 7602496 |
|  Shares redeemed | (20971310) | (343422552) | (13149676) | (206488350) | (4209328) | (29940943) | (19847712) | (189367166) |
|  Net increase (decrease) | 1400957 | $21750802 | 5612500 | $86719705 | 1681944 | $10837737 | (18374113) | $(175474966) |
|  **Class Z:** |  |  |  |  |  |  |  |  |
|  Shares sold | 577849 | $9117191 | 33809 | $527171 | 255358 | $1533982 | 144668 | $1537514 |
|  Shares issued in reinvestment of distributions | 19365 | 323201 | 34843 | 526134 | 307195 | 1918519 | 18481 | 176926 |
|  Shares redeemed | (180771) | (2989739) | (553274) | (8616636) | (200084) | (1237023) | (175284) | (1805600) |
|  Net increase (decrease) | 416443 | $6450653 | (484622) | $(7563331) | 362469 | $2215478 | (12135) | $(91160) |

---

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Small-Mid Cap Value** | **Small-Mid Cap Value** | | | **Focused Absolute Value** | **Focused Absolute Value** | |
|  | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2024** | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class N:** |  |  |  |  |  |  |  |  |
|  Shares sold | 334244 | $3215585 | 281895 | $2672905 | 4065 | $59481 | 3938 | $52645 |
|  Shares issued in reinvestment of distributions | 168851 | 1680066 | 78401 | 717368 | 20326 | 271346 | 4056 | 51307 |
|  Shares redeemed | (776025) | (7558129) | (418232) | (3948636) | (17712) | (246446) | (38348) | (540479) |
|  Net increase (decrease) | (272930) | $(2662478) | (57936) | $(558363) | 6679 | $84381 | (30354) | $(436527) |
|  **Class I:** |  |  |  |  |  |  |  |  |
|  Shares sold | 7768707 | $77518636 | 5749023 | $56371157 | 205867 | $2882210 | 117808 | $1618737 |
|  Shares issued in reinvestment of distributions | 2027509 | 20984718 | 866026 | 8218589 | 465056 | 6199199 | 95245 | 1202944 |
|  Shares redeemed | (5907713) | (58983770) | (5446610) | (53478130) | (412482) | (5916107) | (579333) | (7654640) |
|  Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3888503 | &nbsp;&nbsp;&nbsp;&nbsp;$39519584 | &nbsp;&nbsp;&nbsp;&nbsp;1168439 | &nbsp;&nbsp;&nbsp;&nbsp;$11111616 | &nbsp;&nbsp;&nbsp;&nbsp;258441 | &nbsp;&nbsp;&nbsp;&nbsp;$3165302 | (366280) | $(4832959) |
|  **Class Z:** |  |  |  |  |  |  |  |  |
|  Shares sold | 204909 | $1972075 | 41382 | $413912 | 15072 | $201440 | 9773 | $130782 |
|  Shares issued in reinvestment of distributions | 203547 | 2110780 | 89801 | 853113 | 22055 | 293775 | 6796 | 85836 |
|  Shares redeemed | (255563) | (2547599) | (64802) | (656672) | (5277) | (76618) | (424107) | (5498628) |
|  Net increase (decrease) | 152893 | $1535256 | 66381 | $610353 | 31850 | $418597 | (407538) | $(5282010) |

---

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon ("BNYM") (the "Securities Lending 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 their share of the underlying collateral under such joint repurchase agreements and in their share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held 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 Securities Lending Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

At October 31, 2025, the market value of Repurchase Agreements outstanding is as follows:

---

| | |
|:---|:---|
|  | **Market Value** |
| &nbsp;&nbsp; Mid Cap Value | $12357034 |
| &nbsp;&nbsp; Large Cap Value Select | 1015000 |
| &nbsp;&nbsp; Small Cap Value | 116222173 |
| &nbsp;&nbsp; Dividend All Cap Value | 3165316 |
| &nbsp;&nbsp; Small-Mid Cap Value | 22140224 |
| &nbsp;&nbsp; Focused Absolute Value | 3616046 |

---

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. wealth platform 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 and recommends, subject to the approval of the Board and, in certain circumstances, shareholders, the Funds' subadviser and monitors the 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the fiscal year ended October 31, 2025, the Funds' investment management fees were paid at the following annual rate of each Fund's respective average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Mid Cap Value | 0.56% |
| &nbsp;&nbsp; Large Cap Value Select | 0.35% |
| &nbsp;&nbsp; Small Cap Value | 0.80% |
| &nbsp;&nbsp; Dividend All Cap Value | 0.50% |
| &nbsp;&nbsp; Small-Mid Cap Value | 0.75% |
| &nbsp;&nbsp; Focused Absolute Value | 0.60% |

---

The fee paid to River Road 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, 2026, 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) of the Funds other than Small Cap Value to the below percentages of each such 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 such Funds in certain circumstances.

---

| | |
|:---|:---|
| &nbsp;&nbsp; Mid Cap Value | 0.76% |
| &nbsp;&nbsp; Large Cap Value Select | 0.60% |
| &nbsp;&nbsp; Small Cap Value | N/A |
| &nbsp;&nbsp; Dividend All Cap Value | 0.68% |
| &nbsp;&nbsp; Small-Mid Cap Value | 1.04% |
| &nbsp;&nbsp; Focused Absolute Value | 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 fiscal year ended October 31, 2025, the Investment Manager's expense reimbursements, and repayments of prior reimbursements by the Funds to the Investment Manager, if any, are as follows:

---

| | | |
|:---|:---|:---|
|  | **Expense**<br> **Reimbursements** | **Repayment of**<br> **Prior Reimbursements** |
|  Mid Cap Value | $94315 |  |
| &nbsp;&nbsp; Large Cap Value Select | 74774 |  |
|  Dividend All Cap Value | 102960 |  |
| &nbsp;&nbsp; Focused Absolute Value | 95062 |  |

---

At October 31, 2025, the Funds' expiration of reimbursements subject to recoupment, if any, is as follows:

---

| | | |
|:---|:---|:---|
| **Expiration**<br> **Period** | **Mid Cap Value** | **Large Cap Value Select** |
| &nbsp;&nbsp; Less than 1 year | $79604 | $77427 |
| &nbsp;&nbsp; 1-2 years | 120397 | 78508 |
| &nbsp;&nbsp; 2-3 years | 94315 | 74774 |
| &nbsp;&nbsp; Total | $294316 | $230709 |

---

---

| | | |
|:---|:---|:---|
| **Expiration**<br> **Period** | **Dividend All Cap Value** | **Focused Absolute Value** |
| &nbsp;&nbsp; Less than 1 year | $132074 | $89807 |
| &nbsp;&nbsp; 1-2 years | 177037 | 97960 |
| &nbsp;&nbsp; 2-3 years | 102960 | 95062 |
| &nbsp;&nbsp; Total | $412071 | $282829 |

---

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 certain 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

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 fiscal year ended October 31, 2025, was 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 | 0.25% |
|  Focused Absolute Value |  |
|  Class N | 0.24% |

---

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 fiscal year ended October 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Maximum Annual<br>Amount<br>Approved** | **Actual <br>Amount <br>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% | 0.04% |
|  Small Cap Value |  |  |
|  Class N | 0.15% | 0.10% |
|  Class I | 0.15% | 0.09% |
|  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% |
|  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. At October 31, 2025, the Funds had no interfund loans outstanding.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

The following Funds utilized the interfund lending program during the fiscal year ended October 31, 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Lent** | **Number<br>of Days** | **Interest<br>Earned** | **Average <br>Interest Rate** |
|  Mid Cap Value | $5128737 | 2 | $1469 | 5.228% |
|  Large Cap Value Select | 1117167 | 1 | 168 | 5.490% |
|  Small Cap Value | 8168088 | 5 | 5925 | 5.295% |
|  Small-Mid Cap Value | 2166302 | 7 | 2220 | 5.344% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Borrowed** | **Number<br>of Days** | **Interest<br>Paid** | **Average<br>Interest Rate** |
|  Dividend All Cap Value | $3191704 | 2 | $964 | 5.510% |

---

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Long Term Securities** | **Long Term Securities** |
| **Fund** | **Purchases** | **Sales** |
|  Mid Cap Value | $312958827 | $339672232 |
|  Large Cap Value Select | 55529297 | 57547870 |
|  Small Cap Value | 414808740 | 473666413 |
|  Dividend All Cap Value | 27525798 | 44381523 |
|  Small-Mid Cap Value | 126018130 | 115064217 |
|  Focused Absolute Value | 45687126 | 49638183 |

---

The Funds had no purchases or sales of U.S. Government Obligations during the fiscal year ended October 31, 2025.

4. PORTFOLIO SECURITIES LOANED

The Funds participate in the Securities Lending 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 Securities Lending 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 Securities Lending 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 October 31, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Securities<br>Loaned** | **Cash<br>Collateral<br>Received** | **Securities<br>Collateral<br>Received** | **Total<br>Collateral<br>Received** |
|  Mid Cap Value | $9947432 | $7951034 | $2118958 | $10069992 |
|  Small Cap Value | 58920966 | 11836173 | 48239609 | 60075782 |
|  Dividend All Cap Value | 4278469 | 2954316 | 1479340 | 4433656 |
|  Small-Mid Cap Value | 51342579 | 6714224 | 45539671 | 52253895 |
|  Focused Absolute Value | 4395389 | 2117046 | 2363456 | 4480502 |

---

The following table summarizes the securities received as collateral for securities lending at October 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Collateral**<br> **Type** | **Coupon**<br> **Range** | **Maturity**<br> **Date Range** |
|  Mid Cap Value | U.S. Treasury Obligations | 0.000%-5.375% | 11/15/25-02/15/55 |
|  Small Cap Value | U.S. Treasury Obligations | 0.000%-7.000% | 11/20/25-08/01/55 |
|  Dividend All Cap Value | U.S. Treasury Obligations | 0.000%-5.375% | 11/20/25-08/15/53 |
|  Small-Mid Cap Value | U.S. Treasury Obligations | 0.000%-7.000% | 11/15/25-08/01/55 |
|  Focused Absolute Value | U.S. Treasury Obligations | 0.125%-6.250% | 12/31/25-08/15/53 |

---

5. SEGMENT REPORTING

Each Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in each Fund's prospectus. The Chief Operating Decision Makers ("CODM") are the Funds' president and chief financial officer. The CODM assesses the performance and makes operating decisions for each Fund primarily based on each Fund's changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes each Fund's net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of each Fund. As each Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject the Funds to various risks. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Fund. Please refer to each Fund's prospectus for a description of the principal risks associated with investing in a particular Fund. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

economy; (ii) the overall market as well as local, regional or global political and/or social instability; or (iii) price fluctuations.

**Market Risk:** Market prices of investments held by the Funds may fall rapidly or unpredictably due to a variety of factors, including economic 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, or in response to events that affect particular industries or companies. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

**Management Risk:** Because the Funds are actively managed investment portfolios, security selection or focus on securities in a particular style, market sector or group of companies may cause the Funds to incur losses or underperform relative to their benchmarks or other funds with a similar investment objective. There can be no guarantee that River Road's investment techniques and risk analysis will produce the desired result.

**Non-Diversified Fund Risk:** Large Cap Value Select and Focused Absolute Value are 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 Large Cap Value Select and Focused Absolute Value at greater risk. Notwithstanding each Fund's status as a "non-diversified" investment company under the 1940 Act, each Fund qualifies as a regulated investment company accorded favorable tax treatment under the Code, which imposes its own diversification requirements that are less restrictive than the requirements applicable to "diversified" investment companies under the 1940 Act. Each 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.

**Focused Investment Risk:** To the extent a 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 a Fund would be more susceptible to any single economic, market, political or regulatory occurrence affecting, for example, that particular market, industry, region or sector.

**Sector Risk:** Issuers and companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Funds have substantial holdings within a particular sector, the risks associated with that sector increase.

**Large-Capitalization Stock Risk:** 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.

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

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

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

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

**High Portfolio Turnover Risk:** Higher portfolio turnover may adversely affect Fund performance by increasing Fund transaction costs and may increase a shareholder's tax liability.

7. COMMITMENTS AND CONTINGENCIES

Under the Trusts' organizational documents, their 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.

8. MASTER NETTING AGREEMENTS

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Gross Amount Not Offset in the**<br>**Statement of Assets and Liabilities** | **Gross Amount Not Offset in the**<br>**Statement of Assets and Liabilities** | |  |
| **Fund** | **Gross Amounts of<br>Assets Presented in<br>the Statement of<br>Assets and Liabilities** | **Offset**<br> **Amount** | **Net**<br> **Asset**<br> **Balance** | **Collateral**<br> **Received** | **Net** <br> **Amount**  |
| &nbsp;&nbsp; **Mid Cap Value** |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $7473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $7473000 | $7473000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; HSBC Securities USA, Inc. | 478034 |  | 478034 | 478034 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 4406000 |  | 4406000 | 4406000 |  |
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12357034 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12357034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12357034 |  |
| &nbsp;&nbsp; **Large Cap Value Select** |  |  |  |  |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | $1015000 |  | $1015000 | $1015000 |  |
| &nbsp;&nbsp; **Small Cap Value** |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $9973000 |  | $9973000 | $9973000 |  |
| &nbsp;&nbsp; HSBC Securities USA, Inc. | 711437 |  | 711437 | 711437 |  |
| &nbsp;&nbsp; Mirae Asset Securities USA, Inc. | 1151736 |  | 1151736 | 1151736 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 104386000 |  | 104386000 | 104386000 |  |
| &nbsp;&nbsp; Total | $116222173 |  | $116222173 | $116222173 |  |
| &nbsp;&nbsp; **Dividend All Cap Value** |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $2776000 |  | $2776000 | $2776000 |  |
| &nbsp;&nbsp; HSBC Securities USA, Inc. | 178316 |  | 178316 | 178316 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 211000 |  | 211000 | 211000 |  |
| &nbsp;&nbsp; Total | $3165316 |  | $3165316 | $3165316 |  |
| &nbsp;&nbsp; **Small-Mid Cap Value** |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $6310000 |  | $6310000 | $6310000 |  |
| &nbsp;&nbsp; HSBC Securities USA, Inc. | 404224 |  | 404224 | 404224 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 15426000 |  | 15426000 | 15426000 |  |
| &nbsp;&nbsp; Total | $22140224 |  | $22140224 | $22140224 |  |
| &nbsp;&nbsp; **Focused Absolute Value** |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $1989000 |  | $1989000 | $1989000 |  |
| &nbsp;&nbsp; HSBC Securities USA, Inc. | 128046 |  | 128046 | 128046 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 1499000 |  | 1499000 | 1499000 |  |
| &nbsp;&nbsp; Total | $3616046 |  | $3616046 | $3616046 |  |

---

9. RECENT ACCOUNTING STANDARDS UPDATE

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be

applied on a prospective basis. Management has evaluated the impact of the ASU and expects the ASU will have no material impact to the Funds' financial statements.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

10. SUBSEQUENT EVENTS

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Report of Independent Registered Public Accounting Firm<br>

To the Board of Trustees of AMG Funds I and AMG Funds IV and Shareholders of AMG River Road Large Cap Value Select Fund, AMG River Road Mid Cap Value Fund, AMG River Road Small Cap Value Fund, AMG River Road Dividend All Cap Value Fund, AMG River Road Small-Mid Cap Value Fund and AMG River Road Focused Absolute Value Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments of AMG River Road Large Cap Value Select Fund (one of the funds constituting AMG Funds I), AMG River Road Mid Cap Value Fund, AMG River Road Small Cap Value Fund, AMG River Road Dividend All Cap Value Fund, AMG River Road Small-Mid Cap Value Fund and AMG River Road Focused Absolute Value Fund (five of the funds constituting AMG Funds IV) (hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2025

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Other Information *(unaudited)* <br>

TAX INFORMATION

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, AMG River Road Small-Mid Cap Value Fund and AMG River Road Focused Absolute Value Fund each hereby designates the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2024/2025 Form 1099-DIV you receive for each Fund will show the tax status of all distributions paid to you during the year.

Pursuant to section 852 of the Internal Revenue Code, the Funds each hereby designate the amounts in the below table as a capital gain distribution with respect to the taxable period ended October 31, 2025, or if subsequently determined to be different, the net capital gains of such period.

---

| | |
|:---|:---|
| **Fund** | **Amount** |
|  AMG River Road Mid Cap Value Fund | $42151607 |
|  AMG River Road Large Cap Value Select Fund | 2684356 |
|  AMG River Road Small Cap Value Fund | 98283661 |
|  AMG River Road Dividend All Cap Value Fund | 38374393 |
|  AMG River Road Small-Mid Cap Value Fund | 26404731 |
|  AMG River Road Focused Absolute Value Fund | 3290767 |

---

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

During the fiscal year ended October 31, 2025, there were no changes in and/or disagreements with accountants.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

The remuneration paid to the Trustees during the fiscal year ended October 31, 2025, is reflected as "Trustee fees and expenses" on the Statement of Operations and is set forth in the table below. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the fiscal year ended October 31, 2025.

---

| | |
|:---|:---|
|  | **Trustee fees and expenses** |
|  AMG River Road Mid Cap Value Fund | $29670 |
|  AMG River Road Large Cap Value Select Fund | 4321 |
|  AMG River Road Small Cap Value Fund | 93962 |
|  AMG River Road Dividend All Cap Value Fund | 6047 |
|  AMG River Road Small-Mid Cap Value Fund | 29355 |
|  AMG River Road Focused Absolute Value Fund | 4329 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT<br>

---

| | | |
|:---|:---|:---|
| **AMG River Road Dividend All Cap Value Fund, AMG River Road Focused Absolute Value Fund, AMG River Road Large Cap Value Select Fund, AMG River Road Mid Cap Value Fund, AMG River Road Small-Mid Cap Value Fund, and AMG River Road Small Cap Value Fund: Approval of Investment Management and Subadvisory Agreements on June 11, 2025**<br>At an in-person meeting held on June 11, 2025, the Board of Trustees (the "Board" or the "Trustees") of each of AMG Funds I and AMG Funds IV (each, a "Trust" and collectively, the "Trusts"), and separately a majority of the Trustees who are not "interested persons" of the Trusts (the "Independent Trustees"), approved (i) the Fund Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the "Investment Manager") and AMG Funds I for AMG River Road Large Cap Value Select Fund and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016; and the Investment Advisory Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with the Investment Manager and AMG Funds IV for each of AMG River Road Dividend All Cap Value Fund, AMG River Road Focused Absolute Value Fund, AMG River Road Mid Cap Value Fund, AMG River Road Small-Mid Cap Value Fund, and AMG River Road Small Cap Value Fund, and separately Amendment No. 1 thereto dated October 1, 2016 (collectively, the "Investment Management Agreements"); and (ii) the Sub-Investment Advisory Agreement (or, in the case of AMG River Road Large Cap Value Select Fund and AMG River Road Mid Cap Value Fund, the Subadvisory Agreement) with respect to each of AMG River Road Dividend All Cap Value Fund, AMG River Road Focused Absolute Value Fund, AMG River Road Large Cap Value Select Fund, AMG River Road Mid Cap Value Fund, AMG River Road Small-Mid Cap Value Fund, and AMG River Road Small Cap Value Fund (each, a "Fund," and collectively, the "Funds"), as amended at any time prior to the date of the meeting (collectively, the "Subadvisory Agreements"), with River Road Asset Management, LLC, the Funds' subadviser (the "Subadviser"). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreements and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to each Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, | comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a "Peer Group"), performance information for the relevant benchmark index for each Fund (each, a "Fund Benchmark"), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Funds, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreements and the Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.<br>NATURE, EXTENT AND QUALITY OF SERVICES<br>In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager's operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees' knowledge of the Investment Manager's management and the quality of the performance of the Investment Manager's duties under the Investment Management Agreements and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager's oversight of the operation and management of the Funds; (b) the quality of the Investment Manager's oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager's ability to supervise the Funds' other service providers; and (d) the Investment Manager's compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreements and supervising the Subadviser, the Investment<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; | Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser's investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser's obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trusts in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreements and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreements and the Investment Manager's undertaking to maintain contractual expense limitations for each Fund other than AMG River Road Small Cap Value Fund, as described below. The Trustees also considered the Investment Manager's risk management processes.<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT** *(continued)*<br>

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|:---|:---|:---|
| The Trustees also reviewed information relating to the Subadviser's operations and personnel and the investment philosophy, strategies and techniques (its "Investment Strategy") used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser's organizational and management structure and the Subadviser's brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in each Fund's prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser's personnel; and (c) the Subadviser's compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under each Subadvisory Agreement. The Trustees also considered the Subadviser's risk management processes.<br>PERFORMANCE<br>The Board considered each Fund's net performance during relevant time periods as compared to the Fund's Peer Group and Fund Benchmark, considered the gross performance of each Fund as compared to the Subadviser's relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both a Fund's performance results and portfolio composition, as well as the Subadviser's Investment Strategy. The Board was mindful of the Investment Manager's expertise, resources and attention to monitoring the Subadviser's performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds' subadviser during the period regarding the factors that contributed to the performance of the Funds.<br>With respect to AMG River Road Dividend All Cap Value Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class N shares (which share class has the earliest inception date of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, below, below, and below, respectively, the median performance of the Peer Group and above, below, below, and below, respectively, the performance of | the Fund Benchmark, the Russell 3000 Value Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's more recent outperformance and longer-term underperformance relative to the Fund Benchmark and the Peer Group. The Trustees also took into account the fact that the Fund ranked in top decile relative to its Peer Group for the 1-year period. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies and policies, as well as overall market conditions.<br>With respect to AMG River Road Focused Absolute Value Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class I shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, and 5-year periods ended March 31, 2025 and for the period from the Fund's inception on November 3, 2015 through March 31, 2025, was above, above, below, and above, respectively, the median performance of the Peer Group and above, above, below, and below, respectively, the performance of the Fund Benchmark, the Russell 3000 Value Index. The Trustees also took into account management's discussion of the Fund's performance, including the reasons for the Fund's more recent outperformance and longer-term underperformance, and the fact that Class I shares of the Fund ranked in the top decile relative to its Peer Group for the 1-year period and in the top quintile relative to its Peer Group for the 3-year period. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory.<br>With respect to AMG River Road Large Cap Value Select Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class I shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the<br>| Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, above, below, and below, respectively, the median performance of the Peer Group and above, above, below, and above, respectively, the performance of the Fund Benchmark, the Russell 1000 Value Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's recent outperformance and longer-term underperformance and the fact that Class I shares of the Fund ranked in the top percentile relative to the Peer Group for the 1-year period and in the top decile relative to the Peer Group for the 3-year period. The Trustees also took into account the fact that the Fund's subadviser, investment strategy, and Fund Benchmark changed effective March 22, 2021, and that the performance information prior to that date reflected that of the Fund's prior subadviser and investment strategy. The Trustees considered management's discussion that the Fund's performance has been in line with management's expectations since the current Subadviser assumed subadvisory responsibilities. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory.<br>With respect to AMG River Road Mid Cap Value Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, above, above, and below, respectively, the median performance of the Peer Group and above, above, above, and below, respectively, the performance of the Fund Benchmark, the Russell Midcap Value Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's recent outperformance relative to the Peer Group and the Fund Benchmark. The Trustees also noted that the Fund ranked in the top decile relative to the Peer Group for the 3-year period, in the top quartile relative to the Peer Group for the 5-year period, and in the top third relative to the Peer Group for the 1-year period. The Trustees also took into account the fact that the Fund's subadviser, investment strategy, and Fund |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT** *(continued)*<br>

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|:---|:---|:---|
| Benchmark changed effective March 19, 2021, and that the performance information prior to that date reflected that of the Fund's prior subadviser and investment strategy. The Trustees considered management's discussion that the Fund's performance has been in line with management's expectations since the current Subadviser assumed subadvisory responsibilities. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory.<br>With respect to AMG River Road Small-Mid Cap Value Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class N shares (which share class has the earliest inception date of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, above, below, and above, respectively, the median performance of the Peer Group and above the performance of the Fund Benchmark, the Russell 2500 Value Index. The Trustees also took into account management's discussion of the Fund's performance, noting that Class N shares of the Fund ranked in the top quartile relative to its Peer Group for the 1-year period, in the top quintile relative to its Peer Group for the 3-year period, and in the top decile relative to its Peer Group for the 10-year period. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory.<br>With respect to AMG River Road Small Cap Value Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class N shares (which share class has the earliest inception date of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, above, below, and above, respectively, the median performance of the Peer Group and above the performance of the Fund Benchmark, the Russell 2000 Value Index. The Trustees also took into account management's discussion of the Fund's performance, including the fact that the Fund ranked | in the top decile relative to its Peer Group for the 3-year period and Class N shares ranked in the top decile relative to its peer group for the 10-year period. The Trustees also considered that the Fund ranked in the top quintile relative to its Peer Group for the 1-year period. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory.<br>ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE<br>In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called "fallout benefits" such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management's discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.<br>In considering the cost of services to be provided by the Investment Manager under each Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for each Fund other than AMG River Road Small Cap Value Fund. The Board also | took into account management's discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under each Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also, with respect to economies of scale, the Trustees noted that as each Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from these relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser's revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management's discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under each Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as a Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>With respect to AMG River Road Dividend All Cap Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were both rated in the Average rating level of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2026, to limit the Fund's net annual<br>|

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT** *(continued)*<br>

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|:---|:---|:---|
| operating expenses (subject to certain excluded expenses) to 0.68%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG River Road Focused Absolute Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were both rated in the Average rating level of Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.78%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG River Road Large Cap Value Select Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were both rated in the Below Average rating level of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.60%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment | Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG River Road Mid Cap Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the Below Average and the Average rating level, respectively, of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.76%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG River Road Small-Mid Cap Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were both rated in the Above Average rating level of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 1.04%. The Trustees also took into account management's discussion of the Fund's expenses, including fees and expenses relative to comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and<br>| the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG River Road Small Cap Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the Above Average and the High rating level, respectively, of the Fund's Peer Group. The Trustees noted that the rating levels corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account management's discussion of the Fund's expenses, including fees and expenses relative to comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager) and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>\* \* \* \* \* <br>After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreements and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreements and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.<br>Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of each Investment Management Agreement and each Subadvisory Agreement would be in the best interests of the applicable Fund and its shareholders. Accordingly, on June 11, 2025, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement and the Subadvisory Agreement for each Fund. |

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![LOGO](g99309dsp037.jpg)

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| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND ADMINISTRATOR<br>AMG Funds LLC<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>DISTRIBUTOR<br>AMG Distributors, Inc.<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>SUBADVISER<br>River Road Asset Management, LLC<br> Meidinger Tower<br> 462 South Fourth Street, Suite 2000<br> Louisville, KY 40202 | CUSTODIAN<br>The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286<br>LEGAL COUNSEL<br>Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br>BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539 | This report is prepared for the Funds' shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for each Fund are available on the Funds' website at wealth.amg.com.<br>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.<br>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 wealth.amg.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 wealth.amg.com. |

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 <br> wealth.amg.com

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<br> ![LOGO](g99309dsp037.jpg) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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| &nbsp;&nbsp;&nbsp; EQUITY FUNDS<br>AMG Boston Common Global Impact<br>Boston Common Asset Management, LLC<br>AMG Frontier Small Cap Growth<br>Frontier Capital Management Co., LLC<br>AMG GW&K Small Cap Core<br> AMG GW&K Small Cap Growth<br> AMG GW&K Small Cap Value<br> AMG GW&K Small/Mid Cap Core<br> AMG GW&K Small/Mid Cap Growth<br> AMG GW&K International Small Cap<br>GW&K Investment Management, LLC<br>AMG Renaissance Large Cap Growth<br>The Renaissance Group LLC | AMG River Road Dividend All Cap Value<br> AMG River Road Focused Absolute Value<br> AMG River Road Large Cap Value Select<br> AMG River Road Mid Cap Value<br> AMG River Road Small-Mid Cap Value<br> AMG River Road Small Cap Value<br>River Road Asset Management, LLC<br>AMG TimesSquare International Small Cap<br> AMG TimesSquare Mid Cap Growth<br> AMG TimesSquare Small Cap Growth<br>TimesSquare Capital Management, LLC<br>AMG Veritas Asia Pacific<br> AMG Veritas China<br> AMG Veritas Global Focus<br> AMG Veritas Global Real Return<br>Veritas Asset Management LLP<br>AMG Yacktman<br> AMG Yacktman Focused<br> AMG Yacktman Global<br> AMG Yacktman Special Opportunities<br>Yacktman Asset Management LP | FIXED INCOME FUNDS<br>AMG GW&K Core Bond ESG<br> AMG GW&K ESG Bond<br> AMG GW&K Municipal Bond<br> AMG GW&K Municipal Enhanced Yield<br>GW&K Investment Management, LLC<br>ALTERNATIVE FUNDS<br>AMG Systematica Managed Futures Strategy<br> AMG Systematica Trend-Enhanced Markets<br>Systematica Investments Limited, acting as general partner of Systematica Investments LP<br>EXCHANGE-TRADED FUND<br>AMG GW&K Muni Income ETF<br>GW&K Investment Management, LLC |

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| wealth.amg.com | 103125 AR082 |

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| <br> ![LOGO](g99309dsp01a.jpg) <br>| ANNUAL FINANCIAL STATEMENTS<br>|

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|:---|:---|
| AMG Funds | AMG Funds |
| October 31, 2025 |  |
| ![LOGO](g99309dsp089.jpg) | ![LOGO](g99309dsp089.jpg) |
| **AMG Veritas China Fund** | **AMG Veritas China Fund** |
| Class N: **MMCFX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I: **MIMFX** |
| **AMG Veritas Global Focus Fund** | **AMG Veritas Global Focus Fund** |
| Class N: **MFQAX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I: **MFQTX** |

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<br> wealth.amg.com 103125 AR084

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AMG Funds<br> Annual Financial Statements — October 31, 2025 <br>

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|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
|  **FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Schedules of Portfolio Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG Veritas China Fund](#fin399309_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG Veritas Global Focus Fund](#fin399309_2) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Assets and Liabilities](#fin399309_3)** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Balance sheets, net asset value (NAV) per share computations<br>and cumulative distributable earnings (loss)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Operations](#fin399309_4)** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Detail of sources of income, expenses, and realized and<br>unrealized gains (losses) during the fiscal year* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin399309_5)** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Detail of changes in assets for the past two fiscal years* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Highlights](#fin399309_6)** | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Historical net asset values per share, distributions, total returns, income<br>and expense ratios, turnover ratios and net assets* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#fin399309_7)** | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Accounting and distribution policies, details of agreements and<br>transactions with Fund management and affiliates, and descriptions of<br>certain investment risks* |  |
|  **[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#fin399309_8)** | 21 |
|  **[OTHER INFORMATION](#fin399309_9)** | 22 |
|  **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin399309_10)** | 23 |

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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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Veritas China Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 98.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 27.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kuaishou Technology (China)<sup>1</sup>  | 43200 | $401083 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase Cloud Music, Inc. (Hong Kong)<sup>\*,1</sup>  | 20400 | 633443 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetEase, Inc. (China) | 77100 | 2163483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings, Ltd. (China) | 124400 | 10104734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 13302743 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 19.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding, Ltd. (China) | 272100 | 5789947 |
| &nbsp;&nbsp;&nbsp;&nbsp; ANTA Sports Products, Ltd. (China) | 21400 | 223376 |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co., Ltd., Class A (China) | 42900 | 608357 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meituan, Class B (China)<sup>\*,1</sup>  | 73600 | 968779 |
| &nbsp;&nbsp;&nbsp;&nbsp; PDD Holdings, Inc., ADR (China)<sup>\*</sup>  | 14487 | 1953862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 9544321 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eastroc Beverage Group Co., Ltd., Class A (China) | 23100 | 909082 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; China Merchants Bank Co., Ltd., Class H (China) | 153500 | 962220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hong Kong Exchanges & Clearing, Ltd. (Hong Kong) | 14200 | 773941 |
| &nbsp;&nbsp;&nbsp;&nbsp; PICC Property & Casualty Co., Ltd., Class H (China) | 614000 | 1450590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 3186751 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Akeso, Inc. (China)<sup>\*,1</sup>  | 22000 | 320340 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSPC Pharmaceutical Group, Ltd. (China) | 420000 | 413697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jiangsu Hengrui Pharmaceuticals Co., Ltd., Class H (China)<sup>\*</sup>  | 132000 | 1279313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shanghai MicroPort MedBot Group Co., Ltd., Class H (China)<sup>\*</sup>  | 252900 | 891415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 2904765 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 16.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Contemporary Amperex Technology Co., Ltd., Class A (China) | 45080 | 2464752 |
| &nbsp;&nbsp;&nbsp;&nbsp; DiDi Global, Inc., ADR (China)<sup>\*</sup>  | 198464 | 1278108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Full Truck Alliance Co., Ltd., Sponsored ADR (China) | 72741 | 945633 |

---

\* Non-income producing security.

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At October 31, 2025, the value of these securities amounted to $2,323,645 or 4.8% of net assets. 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; NARI Technology Co., Ltd., Class A (China) | 235871 | $803693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sieyuan Electric Co., Ltd., Class A (China) | 37900 | 699671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sungrow Power Supply Co., Ltd., Class A (China) | 42400 | 1131254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yutong Bus Co., Ltd., Class A (China) | 176300 | 801273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 8124384 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 14.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 14.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hon Hai Precision Industry Co., Ltd. (Taiwan) | 185000 | 1538716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Luxshare Precision Industry Co., Ltd., Class A (China) | 65500 | 580295 |
| &nbsp;&nbsp;&nbsp;&nbsp; NAURA Technology Group Co., Ltd., Class A (China) | 13230 | 756949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sunny Optical Technology Group Co., Ltd. (China) | 47900 | 462892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 59000 | 2853222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisilicon Microelectronics Shanghai Co., Ltd., Class A (China)<sup>\*</sup>  | 20645 | 462149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zhongji Innolight Co., Ltd., Class A (China) | 7700 | 508482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 7162705 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 4.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Zijin Gold International Co., Ltd. (Hong Kong)<sup>\*</sup>  | 13560 | 229300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zijin Mining Group Co., Ltd., Class H (China) | 468000 | 1936123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 2165423 |
|  Total Common Stocks<br>(Cost $34,274,729) | Total Common Stocks<br>(Cost $34,274,729) | 47300174 |
|  Short-Term Investments - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>2</sup>  | 124707 | 124707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.08%<sup>2</sup>  | 187060 | 187060 |
|  **Total Short-Term Investments**<br> (Cost $311,767) |  | 311767 |
|  **Total Investments - 98.6%<br>(**Cost $34,586,496) |  | 47611941 |
|  **Other Assets, less Liabilities - 1.4%** |  | 672959 |
|  Net Assets - 100.0% |  | $48284900 |

---

<sup>2</sup> Yield shown represents the October 31, 2025, 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.

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Veritas China Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments *(continued)*<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2<sup>1</sup>** | **Level 3** | **Total** |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services |  | $13302743 |  | $13302743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $1953862 | 7590459 |  | 9544321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 3025014 | 5099370 |  | 8124384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology |  | 7162705 |  | 7162705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials |  | 3186751 |  | 3186751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care |  | 2904765 |  | 2904765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 229300 | 1936123 |  | 2165423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples |  | 909082 |  | 909082 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 311767 |  |  | 311767 |
|  **Total Investments in Securities** | $5519943 | $42091998 |  | $47611941 |

---

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

For the fiscal year ended October 31, 2025, there were no transfers in or out of Level 3.

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Veritas Global Focus Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments &nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 97.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A (United States)<sup>\*</sup>  | 3622 | $1018470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A (United States)<sup>\*</sup>  | 2978 | 696376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 1714846 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 12.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 12.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group, S.A. (Spain) | 15802 | 1207916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (United States)<sup>\*</sup>  | 8517 | 2080022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Group PLC (United Kingdom) | 1336 | 44221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp., Class A (United States) | 4312 | 592512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 3924671 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 9.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 9.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 48848 | 1123590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) | 27205 | 1647439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 2771029 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 13.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 13.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC, Class A (United Kingdom) | 3571 | 1216568 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. (United States) | 3316 | 313428 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. (United States) | 4865 | 711701 |
| &nbsp;&nbsp;&nbsp;&nbsp; London Stock Exchange Group PLC (United Kingdom) | 9280 | 1156533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A (United States) | 1177 | 649692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 4047922 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 21.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 21.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. (United States) | 6386 | 1141242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A (United States)<sup>\*</sup>  | 1776 | 567521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. (United States) | 1965 | 623298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. (United States) | 2160 | 1225562 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. (United States) | 4426 | 1511745 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Waters Corp. (United States)<sup>\*</sup>  | 2155 | $753388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. (United States) | 4098 | 590481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 6413237 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 20.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 20.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 5102 | 1258006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City, Ltd. (Canada) | 17542 | 1262147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran, S.A. (France) | 4193 | 1489850 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. (United States) | 466 | 609766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci, S.A. (France) | 11340 | 1516343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 6136112 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 14.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 14.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding, N.V. (Netherlands) | 464 | 490592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (France) | 25821 | 734807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. (United States) | 3848 | 1992533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. (United States) | 4937 | 1285644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 4503576 |
|  **Total Common Stocks**<br> (Cost $26,947,042) | **Total Common Stocks**<br> (Cost $26,947,042) | 29511393 |
|  Short-Term Investments - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 2.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 2.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>1</sup>  | 352672 | 352672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.08%<sup>1</sup>  | 529008 | 529008 |
|  Total Short-Term Investments<br>(Cost $881,680) | Total Short-Term Investments<br>(Cost $881,680) | 881680 |
|  **Total Investments - 100.0%**<br> (Cost $27,828,722) | **Total Investments - 100.0%**<br> (Cost $27,828,722) | 30393073 |
|  **Other Assets, less Liabilities - 0.0%<sup>#</sup>**  | **Other Assets, less Liabilities - 0.0%<sup>#</sup>**  | 9510 |
|  Net Assets - 100.0% | Net Assets - 100.0% | $30402583 |

---

\* Non-income producing security.

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%.  |

---

<sup>1</sup> Yield shown represents the October 31, 2025, 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.

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Veritas Global Focus Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2<sup>1</sup>** | **Level 3** | **Total** |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | $6413237 |  |  | $6413237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1871913 | $4264199 |  | 6136112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 3278177 | 1225399 |  | 4503576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 2891389 | 1156533 |  | 4047922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 2672534 | 1252137 |  | 3924671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples |  | 2771029 |  | 2771029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 1714846 |  |  | 1714846 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 881680 |  |  | 881680 |
|  **Total Investments in Securities** | $19723776 | $10669297 |  | $30393073 |

---

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

For the fiscal year ended October 31, 2025, there were no transfers in or out of Level 3.

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **AMG Veritas<br>China Fund** | **AMG Veritas<br>Global<br>Focus Fund** |
|  **Assets:** |  |  |
|  Investments at value<sup>1</sup>  | $47611941 | $30393073 |
|  Foreign currency<sup>2</sup>  | 886195 |  |
|  Receivable for investments sold | 772167 |  |
|  Dividend and interest receivables | 15499 | 63004 |
|  Receivable for Fund shares sold | 2000 |  |
|  Receivable from Affiliate | 4551 | 17939 |
|  Prepaid expenses and other assets | 10334 | 10758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 49302687 | 30484774 |
|  **Liabilities:** |  |  |
|  Payable for investments purchased | 886194 |  |
|  Payable for Fund shares repurchased | 2017 |  |
|  Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 29980 | 17504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 6334 | 3919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees |  | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 6680 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 86582 | 60424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1017787 | 82191 |
|  **Commitments and Contingencies (Notes 2 & 7)** |  |  |
|  **Net Assets** | $48284900 | $30402583 |
|  <sup>1</sup> Investments at cost | $34586496 | $27828722 |
|  <sup>2</sup> Foreign currency at cost | $887378 |  |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **AMG Veritas**<br> **China Fund** | **AMG Veritas<br>Global**<br> **Focus Fund** |
|  **Net Assets Represent:** |  |  |
|  Paid-in capital | $90067268 | $25143443 |
|  Total distributable earnings (loss) | (41782368) | 5259140 |
|  **Net Assets** | $48284900 | $30402583 |
|  **Class N:** |  |  |
|  Net Assets | $43756145 | $1597075 |
|  Shares outstanding | 2394444 | 86513 |
|  Net asset value, offering and redemption price per share | $18.27 | $18.46 |
|  **Class I:** |  |  |
|  Net Assets | $4528755 | $28805508 |
|  Shares outstanding | 234570 | 1559099 |
|  Net asset value, offering and redemption price per share | $19.31 | $18.48 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **AMG Veritas<br>China Fund** | **AMG Veritas<br>Global**<br>**Focus Fund** |
|  **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $682528 | $555276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 467 | 179 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (32766) | (39471) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 650229 | 515984 |
|  **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 306504 | 211314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 64754 | 47309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N |  | 4334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 81889 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 54107 | 44087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 43032 | 39051 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 30725 | 25776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 17132 | 6159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 13766 | 12956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 3698 | 2706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 1192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3357 | 2945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 620156 | 396637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (135598) | (114756) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 484558 | 281881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 165671 | 234103 |
|  **Net Realized and Unrealized Gain:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (911476) | 2851881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on foreign currency transactions | (13925) | (3621) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 11865660 | (253277) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;translations | (118) | 1305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 10940141 | 2596288 |
|  **Net increase in net assets resulting from operations** | $11105812 | $2830391 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal years ended October 31,<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AMG Veritas China Fund** | **AMG Veritas China Fund** | **AMG Veritas<br>Global Focus Fund** | **AMG Veritas<br>Global Focus Fund** |
|  | **2025** | **2024** | **2025** | **2024** |
|  **Increase (Decrease) in Net Assets Resulting From Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $165671 | $555605 | $234103 | $167710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (925401) | (14730524) | 2848260 | 2721468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 11865542 | 13790188 | (251972) | 4082338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 11105812 | (384731) | 2830391 | 6971516 |
|  **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | (471348) | (369167) | (154506) | (43904) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (60597) | (52071) | (2716665) | (699797) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (531945) | (421238) | (2871171) | (743701) |
|  **Capital Share Transactions:<sup>1</sup>**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (5485409) | (13946192) | (1976886) | (2199500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | 5088458 | (14752161) | (2017666) | 4028315 |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 43196442 | 57948603 | 32420249 | 28391934 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $48284900 | $43196442 | $30402583 | $32420249 |
|  <sup>1</sup> See Note 1(g) of the Notes to Financial Statements. |  |  |  |  |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Veritas China Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;For a share outstanding throughout each fiscal year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class N** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$14.36** | **$14.43** | **$14.29** | **$24.13** | **$37.61** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.06 | 0.16 | 0.07<sup>3</sup> | (0.05)<sup>4</sup> | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 4.03 | (0.12) | 0.07 | (9.79) | 15.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 4.09 | 0.04 | 0.14 | (9.84) | 15.09 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.11) |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  |  | (24.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  |  |  |  | (4.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.18) | (0.11) |  |  | (28.57) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$18.27** | **$14.36** | **$14.43** | **$14.29** | **$24.13** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 28.94% | 0.36% | 0.98% | (40.78)% | 30.40% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.14%<sup>6</sup> | 1.15%<sup>6</sup> | 1.14% | 1.14% | 1.16%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.46% | 1.49% | 1.33% | 1.32% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.36% | 1.20% | 0.43% | (0.23)% | (0.05)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 84% | 100% | 83% | 82% | 184% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $43756 | $38482 | $47618 | $54250 | $111537 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Veritas China Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;For a share outstanding throughout each fiscal year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$15.16** | **$15.24** | **$15.06** | **$25.38** | **$38.58** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.09 | 0.20 | 0.11<sup>3</sup> | (0.00)<sup>4,9</sup> | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 4.27 | (0.13) | 0.07 | (10.32) | 15.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 4.36 | 0.07 | 0.18 | (10.32) | 15.47 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.21) | (0.15) |  |  | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  |  | (24.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  |  |  |  | (4.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.21) | (0.15) |  |  | (28.67) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$19.31** | **$15.16** | **$15.24** | **$15.06** | **$25.38** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 29.28% | 0.53% | 1.20% | (40.66)% | 30.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.93%<sup>6</sup> | 0.94%<sup>6</sup> | 0.93% | 0.93% | 0.93%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.25% | 1.28% | 1.12% | 1.11% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.57% | 1.41% | 0.64% | (0.02)% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 84% | 100% | 83% | 82% | 184% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $4529 | $4714 | $10331 | $7263 | $19354 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

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

<sup>3</sup> Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.04 and $0.08 for Class N and Class I shares, respectively. 

<sup>4</sup> 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. 

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

<sup>6</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>7</sup> Includes reduction from broker recapture amounting to less than 0.01%. 

<sup>8</sup> 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.) 

<sup>9</sup> Less than $(0.005) per share. 

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Veritas Global Focus Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;For a share outstanding throughout each fiscal year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class N** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$18.48** | **$15.08** | **$14.33** | **$19.85** | **$34.02** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.09 | 0.05 | 0.02 | (0.03) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.49 | 3.72 | 1.49 | (4.16) | 10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.58 | 3.77 | 1.51 | (4.19) | 10.86 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.05) | (0.02) |  |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.55) | (0.35) | (0.76) | (1.33) | (24.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.60) | (0.37) | (0.76) | (1.33) | (25.03) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$18.46** | **$18.48** | **$15.08** | **$14.33** | **$19.85** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 9.01% | 25.27% | 10.95% | (22.51)% | 35.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.13% | 1.13%<sup>4</sup> | 1.13% | 1.13% | 1.13%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 1.49% | 1.45% | 1.47% | 1.35% | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.51% | 0.31% | 0.10% | (0.16)% | (0.17)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28% | 42% | 27% | 21% | 109% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $1597 | $1836 | $1921 | $2164 | $4230 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Veritas Global Focus Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp; For a share outstanding throughout each fiscal year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$18.49** | **$15.09** | **$14.32** | **$19.80** | **$34.00** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.14 | 0.10 | 0.05 | 0.02 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.50 | 3.71 | 1.50 | (4.17) | 10.91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.64 | 3.81 | 1.55 | (4.15) | 10.93 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.10) | (0.06) | (0.02) |  | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.55) | (0.35) | (0.76) | (1.33) | (24.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.65) | (0.41) | (0.78) | (1.33) | (25.13) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$18.48** | **$18.49** | **$15.09** | **$14.32** | **$19.80** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 9.36% | 25.58% | 11.24% | (22.35)% | 35.85% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.88% | 0.88%<sup>4</sup> | 0.88% | 0.88% | 0.88%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 1.24% | 1.20% | 1.22% | 1.10% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 0.76% | 0.56% | 0.35% | 0.09% | 0.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28% | 42% | 27% | 21% | 109% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $28806 | $30584 | $26471 | $27613 | $44598 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

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

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>5</sup> Includes reduction from broker recapture amounting to less than 0.01%. 

<sup>6</sup> 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.) 

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

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

a. VALUATION OF INVESTMENTS

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

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

The Funds' portfolio investments are generally valued based on independent market quotations or prices or, if none, "evaluative" or other market based valuations provided by third party pricing services. 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.

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, securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

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

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

The three-tier hierarchy of inputs is summarized below:

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 securities utilizing international fair value pricing, fair valued securities with observable inputs)

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

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

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are

reported at the fair market value of the securities received. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trust and other trusts or funds within the AMG Funds Family of Funds (collectively, the "AMG Funds Family") based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, 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. For China Fund there are no permanent differences. Permanent differences for Global Focus are primarily due to tax equalization utilized. Temporary differences for China Fund and Global Focus are primarily due to wash sale loss deferrals.

The tax character of distributions paid during the fiscal years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **China Fund** | **China Fund** | **Global Focus** | **Global Focus** |
| **Distributions paid from:** | **2025** | **2024** | **2025** | **2024** |
|  Ordinary income \* | $531945 | $421238 | $309759 | $101942 |
|  Long-term capital gains | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2561412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;641759 |
|  | $531945 | $421238 | $2871171 | $743701 |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of October 31, 2025, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | | |
|:---|:---|:---|
|  | **China Fund** | **Global Focus** |
|  Capital loss carryforward | $54825021 |  |
|  Undistributed ordinary income | 151665 | $686704 |
|  Undistributed long-term capital gains |  | 2140203 |

---

At October 31, 2025, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Appreciation** | **Depreciation** | **Net Appreciation** |
| &nbsp;&nbsp;&nbsp; China Fund | $34721046 | $14388352 | $(1497457) | $12890895 |
| &nbsp;&nbsp;&nbsp; Global Focus | 27962125 | 5755429 | (3324481) | 2430948 |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 (the "Code"), 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. The Investment Manager has analyzed the Funds' tax positions taken on federal income tax returns as of October 31, 2025, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of October 31, 2025, 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** |
| &nbsp;&nbsp;&nbsp; China Fund | $31884786 | $22940235 | $54825021 |

---

As of October 31, 2025, Global Focus had no capital loss carryovers for federal income tax purposes. Should Global Focus incur net capital losses for the fiscal year ended October 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as either short-term and/or long-term.

For the fiscal year ended October 31, 2025, the Funds did not utilize capital loss carryovers.

g. CAPITAL STOCK

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

For the fiscal years ended October 31, 2025 and October 31, 2024, the capital stock transactions by class for the Funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **China Fund**  | **China Fund**  | **China Fund**  | **China Fund**  | **Global Focus**  | **Global Focus**  | **Global Focus**  | **Global Focus**  |
|  | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2024** | **October 31, 2025** | **October 31, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class N:** |  |  |  |  |  |  |  |  |
|  Shares sold | 83185 | $1264128 | 36921 | $508896 | 2487 | $45307 | 2405 | $40991 |
|  Shares issued in reinvestment of distributions | 34563 | 464531 | 27022 | 364260 | 8274 | 145129 | 2457 | 40152 |
|  Shares redeemed | (404039) | (6032435) | (682936) | (9195659) | (23608) | (422859) | (32893) | (555304) |
|  Net decrease | (286291) | $(4303776) | (618993) | $(8322503) | (12847) | $(232423) | (28031) | $(474161) |
|  **Class I:** |  |  |  |  |  |  |  |  |
|  Shares sold | 641548 | $10300356 | 217060 | $3288229 | 16741 | $301457 | 178307 | $3135894 |
|  Shares issued in reinvestment of distributions | 3802 | 53918 | 3600 | 51149 | 136126 | 2384922 | 42198 | 688669 |
|  Shares redeemed | (721757) | (11535907) | (587596) | (8963067) | (247489) | (4430842) | (320467) | (5549902) |
|  Net decrease | (76407) | $(1181633) | (366936) | $(5623689) | (94622) | $(1744463) | (99962) | $(1725339) |

---

---

| | |
|:---|:---|
| h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS<br>The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon ("BNYM") (the "Securities Lending 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 their share of the underlying collateral under such joint repurchase agreements and in their share of proceeds from any repurchase or other disposition of the underlying | collateral. The underlying collateral for all Repurchase Agreements is held 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 Securities Lending Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.<br>At October 31, 2025, the Funds had no Repurchase Agreements outstanding. |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

i. FOREIGN CURRENCY TRANSLATION

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

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

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. wealth platform 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 and recommends, subject to the approval of the Board and, in certain circumstances, shareholders, the subadviser for the Funds and monitors the 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.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the fiscal year ended October 31, 2025, the Funds' investment management fees were paid at the following annual rate of each Fund's respective average daily net assets:

---

| | |
|:---|:---|
|  China Fund | 0.71% |
|  Global Focus | 0.67% |

---

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, 2026, 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.

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

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

For the fiscal year ended October 31, 2025, the Investment Manager's expense reimbursements, and repayments of prior reimbursements by the Funds to the Investment Manager, if any, are as follows:

---

| | | |
|:---|:---|:---|
|  | **Expense<br>Reimbursements** | **Repayment of<br>Prior Reimbursements** |
|  China Fund | $135598 |  |
|  Global Focus | 114756 |  |

---

At October 31, 2025, the Funds' expiration of reimbursements subject to recoupment is as follows:

---

| | | |
|:---|:---|:---|
| **Expiration**<br> **Period** | **China Fund** | **Global Focus** |
|  Less than 1 year | $121271 | $103085 |
|  1-2 years | 154182 | 97416 |
|  2-3 years | 135598 | 114756 |
|  Total | $411051 | $315257 |

---

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 certain 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.

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 Class N's average daily net assets as shown in the table below.

The impact on the annualized expense ratios for the fiscal year ended October 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Maximum Annual<br>Amount<br>Approved** | **Actual <br>Amount <br>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.

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 October 31, 2025, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund lending program during the fiscal year ended October 31, 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Lent** | **Number<br>of Days** | **Interest<br>Earned** | **Average <br>Interest Rate** |
|  China Fund | $815553 | 4 | $467 | 5.225% |
|  Global Focus | 1201805 | 1 | 179 | 5.440% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Borrowed** | **Number<br>of Days** | **Interest<br>Paid** | **Average <br>Interest Rate** |
|  China Fund | $2776441 | 3 | $1192 | 5.225% |

---

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended October 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Long Term Securities** | **Long Term Securities** |
| **Fund** | **Purchases** | **Sales** |
|  China Fund | $35322600 | $42091715 |
|  Global Focus | 8376063 | 12978910 |

---

The Funds had no purchases or sales of U.S. Government Obligations during the fiscal year ended October 31, 2025.

4. PORTFOLIO SECURITIES LOANED

The Funds participate in the Securities Lending 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 Securities Lending 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 Securities Lending 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 Funds did not have any securities on loan at October 31, 2025.

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. SEGMENT REPORTING

Each Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in each Fund's prospectus. The Chief Operating Decision Makers ("CODM") are the Funds' president and chief financial officer. The CODM assesses the performance and makes operating decisions for each Fund primarily based on each Fund's changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes each Fund's net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of each Fund. As each Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject the Funds to various risks. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; or (iii) currency and price fluctuations. Each risk described below does not necessarily apply to each Fund. Please refer to each Fund's prospectus for a description of the principal risks associated with investing in a particular Fund.

**Market Risk:** Market prices of investments held by the Funds may fall rapidly or unpredictably due to a variety of factors, including economic 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, or in response to events that affect particular industries or companies. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

**Management Risk:** Because the Funds are actively managed investment portfolios, security selection or focus on securities in a particular style, market sector or group of companies may cause the Funds to incur losses or underperform relative to its benchmarks or other funds with a similar investment objective. There can be no guarantee that Veritas' investment techniques and risk analysis will produce the desired result.

**Non-Diversified Fund Risk:** The Funds are 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 Funds at greater risk. Notwithstanding the Funds' status as "non-diversified" investment companies under the 1940 Act, each Fund currently qualifies, and intends to qualify each year, as a regulated investment company accorded favorable tax treatment under the Code, which imposes its own diversification requirements that are less restrictive than the requirements applicable to "diversified" investment companies under the 1940 Act. Each 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.

**Focused Investment Risk:** To the extent a 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 a Fund would be more susceptible to any single economic, market, political or regulatory occurrence affecting, for example, that particular market, industry, region or sector.

**Sector Risk:** Issuers and companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Funds have substantial holdings within a particular sector, the risks associated with that sector increase.

**Foreign Investment Risk:** 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.

**Emerging Markets Risk:** 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.

**Currency Risk:** 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 Funds to the risk that those currencies will decline in value relative to the U.S. dollar.

**High Portfolio Turnover Risk:** Higher portfolio turnover may adversely affect Fund performance by increasing Fund transaction costs and may increase a shareholder's tax liability.

**Political Risk:** Changes in the general political and social environment of a country can have substantial effects on the value of investments exposed to that country.

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

The China Fund is particularly susceptible to risks in the Greater China region, which consists of Hong Kong, The People's Republic of China ("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 China Fund's investment strategies, for example by precluding China Fund from making certain investments or causing China Fund to sell investments at disadvantageous times. China has yet to develop comprehensive securities, corporate, or

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

commercial laws, its market is relatively new and less developed, and its economy may be adversely impacted by a slowdown in export growth.

**Stock Connect Risk:** 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.

**PRC Tax Risk:** The application of the tax laws and regulations of the PRC to income, including capital gains, derived from certain investments of China Fund remains unclear, and may well continue to evolve, possibly with retroactive effect. Any taxes imposed on the investments of China Fund pursuant to such laws and regulations will reduce China Fund's overall returns.

**Variable Interest Entity Risk:** The China Fund may gain investment exposure to certain Chinese companies through variable interest entity ("VIE") structures. A VIE structure enables foreign investors, such as China 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 China Fund's associated portfolio holdings would likely suffer significant, detrimental, and possibly permanent consequences, which could result in substantial investment losses.

**Large-Capitalization Stock Risk:** 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.

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

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

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

**High Cash Balance Risk:** When the Funds have a significant cash balance for a sustained period, the benefit to the Funds of any market upswing may likely be reduced, and the Funds' performance may be adversely affected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. COMMITMENTS AND CONTINGENCIES

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

8. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the Securities Lending Program and Repurchase Agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4. At October 31, 2025, the Funds had no Repurchase Agreements outstanding.

9. RECENT ACCOUNTING STANDARDS UPDATE

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management has evaluated the impact of the ASU and expects the ASU will have no material impact to the Funds' financial statements.

10. SUBSEQUENT EVENTS

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

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

To the Board of Trustees of AMG Funds I and Shareholders of AMG Veritas China Fund and AMG Veritas Global Focus Fund

#### Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AMG Veritas China Fund and AMG Veritas Global Focus Fund (two of the funds constituting AMG Funds I, hereafter collectively referred to as the "Funds") as of October 31, 2025, the related statements of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of October 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended October 31, 2025 and each of the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian and broker; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

December 22, 2025

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

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Information (unaudited) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TAX INFORMATION

AMG Veritas China Fund and AMG Veritas Global Focus Fund each hereby designates the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2024/2025 Form 1099-DIV you receive for each Fund will show the tax status of all distributions paid to you during the year.

uIn accordance with federal tax law, AMG Veritas China Fund elects to provide foreign taxes paid and the income sourced from foreign countries in the amounts of $29,452 and $0, respectively, for its taxable period ended October 31, 2025.

Pursuant to section 852 of the Internal Revenue Code of 1986, as amended, AMG Veritas China Fund and AMG Veritas Global Focus Fund hereby designate $0 and $2,735,960, respectively, as a capital gain distribution with respect to the taxable year ended October 31, 2025, or if subsequently determined to be different, the net capital gains of such fiscal year.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

During the fiscal year ended October 31, 2025, there were no changes in and/or disagreements with accountants.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

The remuneration paid to the Trustees during the fiscal year ended October 31, 2025, is reflected as "Trustee fees and expenses" on the Statement of Operations and is set forth in the table below. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the fiscal year ended October 31, 2025.

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|:---|:---|
|  | **Trustee fees and expenses** |
|  AMG Veritas China Fund | $3698 |
|  AMG Veritas Global Focus Fund | 2706 |

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 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT<br>

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|:---|:---|:---|
| **AMG Veritas China Fund and AMG Veritas Global Focus Fund: Approval of Investment Management Agreements and Subadvisory Agreements on June 11, 2025**<br>At an in-person meeting held on June 11, 2025, the Board of Trustees (the "Board" or the "Trustees"), and separately a majority of the Trustees who are not "interested persons" of AMG Funds I (the "Trust") (the "Independent Trustees"), approved (i) the Fund Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the "Investment Manager") for AMG Veritas China Fund and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016; and the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with the Investment Manager for AMG Veritas Global Focus Fund and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the "Investment Management Agreements"); and (ii) the Subadvisory Agreement with respect to each of AMG Veritas China Fund and AMG Veritas Global Focus Fund (each, a "Fund," and collectively, the "Funds"), as amended at any time prior to the date of the meeting (collectively, the "Subadvisory Agreements"), with Veritas Asset Management LLP, the Funds' subadviser (the "Subadviser"). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreements and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to each Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a "Peer Group"), performance information for the relevant benchmark index for each Fund (each, a "Fund Benchmark"), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Funds, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management | Agreements and the Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.<br>NATURE, EXTENT AND QUALITY OF SERVICES<br>In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager's operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees' knowledge of the Investment Manager's management and the quality of the performance of the Investment Manager's duties under the Investment Management Agreements and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager's oversight of the operation and management of the Funds; (b) the quality of the Investment Manager's oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager's ability to supervise the Funds' other service providers; and (d) the Investment Manager's compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreements and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser's investment performance with respect to a Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser's obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the | Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreements and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreements and the Investment Manager's undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager's risk management processes.<br>The Trustees also reviewed information relating to the Subadviser's operations and personnel and the investment philosophy, strategies and techniques (its "Investment Strategy") used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser's organizational and management structure and the Subadviser's brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in the Fund's prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser's personnel; and (c) the<br>|

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 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued)<br>

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|:---|:---|:---|
| Subadviser's compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under the Subadvisory Agreements. The Trustees also considered the Subadviser's risk management processes.<br>PERFORMANCE<br>The Board considered each Fund's net performance during relevant time periods as compared to the Fund's Peer Group and Fund Benchmark, considered the gross performance of each Fund as compared to the Subadviser's relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both the Fund's performance results and portfolio composition, as well as the Subadviser's Investment Strategy. The Board was mindful of the Investment Manager's expertise, resources and attention to monitoring the Subadviser's performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds' subadviser during the period regarding the factors that contributed to the performance of the Funds.<br>With respect to AMG Veritas China Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year,<br> 5-year and 10-year periods ended March 31, 2025, was below, below, above, and below, respectively, the median performance of the Peer Group and below, below, above, and below, respectively, the performance of the Fund Benchmark, the MSCI China Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's more recent underperformance and the fact that the Fund ranked in the top third relative to its Peer Group for the<br> 5-year period. The Trustees also took into account the fact that the Fund's subadviser, investment strategy, and Fund Benchmark changed effective May 21, 2021, and that the performance information prior to that date reflected that of the Fund's prior subadvisers and investment strategy. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that | the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.<br>With respect to AMG Veritas Global Focus Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class I shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, below, below, and below, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the MSCI World Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's more recent outperformance relative to its Peer Group and its longer-term underperformance. The Trustees noted that Class I shares of the Fund ranked in the top quintile relative to its Peer Group for the 2023 calendar year. The Trustees also took into account the fact that the Fund's subadviser, investment strategy, and Fund Benchmark changed effective May 21, 2021, and that the performance information prior to that date reflected that of the Fund's prior subadviser and investment strategy. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.<br>ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE<br>In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called "fallout benefits" such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, | including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management's discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.<br>In considering the cost of services to be provided by the Investment Manager under each Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management's discussion of the advisory fee structure and the services the Investment Manager provides in performing its functions under each Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also, with respect to economies of scale, the Trustees noted that as a Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from the relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser's revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management's discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under the Subadvisory Agreements. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that |

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 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued) <br>

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|:---|:---|:---|
| the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as a Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>With respect to AMG Veritas China Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were both rated in the Below Average rating level of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.93%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense | <br> limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG Veritas Global Focus Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the Above Average and Average rating level, respectively, of the Fund's Peer Group. The Trustees noted that the rating levels corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.88%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable. | <br> **\* \* \* \* \***<br>After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreements and the Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under each Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.<br>Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of each Investment Management Agreement and each Subadvisory Agreement would be in the best interests of the applicable Fund and its shareholders. Accordingly, on June 11, 2025, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement and the Subadvisory Agreement for each Fund. |

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| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND ADMINISTRATOR<br> AMG Funds LLC<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>DISTRIBUTOR<br> AMG Distributors, Inc.<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>SUBADVISER<br> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>| 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.<br>Current net asset values per share for each Fund are available on the Funds' website at wealth.amg.com.<br>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.<br>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 wealth.amg.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 wealth.amg.com. |

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<br> wealth.amg.com

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![LOGO](g99309dsp01a.jpg)

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| &nbsp;&nbsp;&nbsp; EQUITY FUNDS<br> **AMG Boston Common Global Impact**<br> Boston Common Asset Management, LLC<br>**AMG Frontier Small Cap Growth**<br> Frontier Capital Management Co., LLC<br>**AMG GW&K Small Cap Core**<br> **AMG GW&K Small Cap Growth**<br> **AMG GW&K Small Cap Value**<br> **AMG GW&K Small/Mid Cap Core**<br> **AMG GW&K Small/Mid Cap Growth**<br> **AMG GW&K International Small Cap**<br> GW&K Investment Management, LLC<br>**AMG Renaissance Large Cap Growth**<br> The Renaissance Group LLC | **AMG River Road Dividend All Cap Value**<br> **AMG River Road Focused Absolute Value**<br> **AMG River Road Large Cap Value Select**<br> **AMG River Road Mid Cap Value**<br> **AMG River Road Small-Mid Cap Value**<br> **AMG River Road Small Cap Value**<br> River Road Asset Management, LLC<br>**AMG TimesSquare International Small Cap**<br> **AMG TimesSquare Mid Cap Growth**<br> **AMG TimesSquare Small Cap Growth**<br> TimesSquare Capital Management, LLC<br>**AMG Veritas Asia Pacific**<br> **AMG Veritas China**<br> **AMG Veritas Global Focus**<br> **AMG Veritas Global Real Return**<br> Veritas Asset Management LLP<br>**AMG Yacktman**<br> **AMG Yacktman Focused**<br> **AMG Yacktman Global**<br> **AMG Yacktman Special Opportunities**<br> Yacktman Asset Management LP | FIXED INCOME FUNDS<br> **AMG GW&K Core Bond ESG**<br> **AMG GW&K ESG Bond**<br> **AMG GW&K Municipal Bond**<br> **AMG GW&K Municipal Enhanced Yield**<br> GW&K Investment Management, LLC<br>ALTERNATIVE FUNDS<br> **AMG Systematica Managed Futures Strategy**<br> **AMG Systematica Trend-Enhanced Markets**<br> Systematica Investments Limited, acting as general partner of Systematica Investments LP<br>EXCHANGE-TRADED FUND<br> **AMG GW&K Muni Income ETF**<br> GW&K Investment Management, LLC |

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<br> wealth.amg.com 103125 AR084

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![LOGO](g99309g69y50.jpg) ANNUAL FINANCIAL STATEMENTS

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| AMG Funds | AMG Funds | AMG Funds |
| October 31, 2025 | October 31, 2025 |  |
| ![LOGO](g99309g77n16.jpg)  | ![LOGO](g99309g77n16.jpg)  | ![LOGO](g99309g77n16.jpg)  |
| AMG Frontier Small Cap Growth Fund | AMG Frontier Small Cap Growth Fund | AMG Frontier Small Cap Growth Fund |
| Class N: **MSSVX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I: **MSSCX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z: **MSSYX** |

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<br> wealth.amg.com 103125 AR085

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual Financial Statements — October 31, 2025

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| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
|  **FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Portfolio Investments](#fin499309_1)** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Assets and Liabilities](#fin499309_2)** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Balance sheet, net asset value (NAV) per share computations*<br> *and cumulative distributable earnings (loss)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Operations](#fin499309_3)** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Detail of sources of income, expenses, and realized and*<br> *unrealized gains (losses) during the fiscal year* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin499309_4)** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Detail of changes in assets for the past two fiscal years* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Highlights](#fin499309_5)** | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Historical net asset values per share, distributions, total returns, income*<br> *and expense ratios, turnover ratios and net assets* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#fin499309_6)** | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Accounting and distribution policies, details of agreements and*<br> *transactions with Fund management and affiliates, and descriptions of*<br> *certain investment risks* |  |
|  **[REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#fin499309_7)** | 18 |
|  **[OTHER INFORMATION](#fin499309_8)** | 19 |
|  **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin499309_9)** | 20 |

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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.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Frontier Small Cap Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025

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---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 99.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnite, Inc.<sup>\*</sup> | 16142 | $288619 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>\*</sup> | 1107 | 302864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc.<sup>\*,1</sup> | 5275 | 106028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Garrett Motion, Inc. (Switzerland) | 56830 | 962700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genius Sports, Ltd. (United Kingdom)<sup>\*</sup> | 69731 | 785171 |
| &nbsp;&nbsp;&nbsp;&nbsp; LCI Industries | 6262 | 648054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Time Group Holdings, Inc.<sup>\*</sup> | 20797 | 514310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 2614 | 821005 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.<sup>\*</sup> | 2343 | 293320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.<sup>\*</sup> | 37746 | 693772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Modine Manufacturing Co.<sup>\*</sup> | 4843 | 741996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Planet Fitness, Inc., Class A<sup>\*</sup> | 2409 | 218472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rush Street Interactive, Inc.<sup>\*</sup> | 16740 | 283911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stride, Inc.<sup>\*,1</sup> | 1462 | 99475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sweetgreen, Inc., Class A<sup>\*</sup> | 11497 | 72316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc. | 537 | 116330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 6659724 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 158 | 13945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.<sup>\*</sup> | 34604 | 1109058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oddity Tech, Ltd., Class A (Israel)<sup>\*</sup> | 2984 | 135026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 1258029 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Seaways, Inc. | 8114 | 415680 |
| &nbsp;&nbsp;&nbsp;&nbsp; TETRA Technologies, Inc.<sup>\*</sup> | 47279 | 333790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc.<sup>\*,1</sup> | 9409 | 476001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 1225471 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Better Home & Finance Holding Co.<sup>\*,1</sup> | 11996 | 878227 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Carlyle Group, Inc. | 13837 | 737789 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalBridge Group, Inc. | 109816 | 1299123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp.<sup>\*</sup> | 27240 | 362837 |
| &nbsp;&nbsp;&nbsp;&nbsp; NMI Holdings, Inc.<sup>\*</sup> | 2550 | 92897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Popular, Inc. (Puerto Rico) | 7573 | 844162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Renasant Corp. | 22484 | 756137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 16193 | 490648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 4826 | 363591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toast, Inc., Class A<sup>\*</sup> | 223 | 8059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triumph Financial, Inc.<sup>\*</sup> | 11955 | 651069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 6484539 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apogee Therapeutics, Inc.<sup>\*,1</sup> | 11360 | $642863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.<sup>\*</sup> | 52350 | 618777 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axsome Therapeutics, Inc.<sup>\*</sup> | 4994 | 674140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.<sup>\*,1</sup> | 15908 | 996477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dyne Therapeutics, Inc.<sup>\*</sup> | 24021 | 542394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.<sup>\*</sup> | 1043 | 75180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insulet Corp.<sup>\*</sup> | 29 | 9077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc.<sup>\*,1</sup> | 13662 | 844858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.<sup>\*</sup> | 5384 | 1071039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novocure, Ltd. (Jersey)<sup>\*</sup> | 7593 | 97266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nuvalent, Inc., Class A<sup>\*,1</sup> | 4052 | 402445 |
| &nbsp;&nbsp;&nbsp;&nbsp; PROCEPT BioRobotics Corp.<sup>\*,1</sup> | 4430 | 150753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolution Medicines, Inc.<sup>\*</sup> | 6862 | 403760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc.<sup>\*</sup> | 4133 | 277572 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransMedics Group, Inc.<sup>\*,1</sup> | 5073 | 667303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.<sup>\*</sup> | 21672 | 749851 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Therapeutics Corp.<sup>\*</sup> | 884 | 393760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.<sup>\*</sup> | 4351 | 152546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 8770061 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 26.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 26.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACV Auctions, Inc., Class A<sup>\*</sup> | 5765 | 52288 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGCO Corp. | 6269 | 646710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska Air Group, Inc.<sup>\*</sup> | 40282 | 1680968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co.<sup>\*,1</sup> | 12881 | 800941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amentum Holdings, Inc.<sup>\*</sup> | 79125 | 1773191 |
| &nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc.<sup>\*</sup> | 5267 | 521275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atmus Filtration Technologies, Inc. | 10450 | 475266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Builders FirstSource, Inc.<sup>\*</sup> | 8539 | 991976 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc. | 3092 | 660482 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A<sup>\*</sup> | 41 | 23052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovix Corp.<sup>\*,1</sup> | 22290 | 267257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flowserve Corp. | 8153 | 556442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fluor Corp.<sup>\*</sup> | 12374 | 603480 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation, Ltd. | 11566 | 1999761 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Infrastructure, Inc. | 114947 | 613817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Granite Construction, Inc. | 15272 | 1571642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 9871 | 704789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Innodata, Inc.<sup>\*,1</sup> | 2825 | 210773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuitive Machines, Inc.<sup>\*,1</sup> | 43278 | 516307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 10484 | 473038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parsons Corp.<sup>\*</sup> | 12325 | 1024701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 12138 | 1710123 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Frontier Small Cap Growth Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 26.2%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; RXO, Inc.<sup>\*</sup> | 23270 | $412577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.<sup>\*</sup> | 2954 | 864045 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc., Class A<sup>\*</sup> | 5968 | 62724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.<sup>\*,1</sup> | 838 | 316680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Country Airlines Holdings, Inc.<sup>\*</sup> | 66628 | 818192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Symbotic, Inc.<sup>\*,1</sup> | 312 | 25256 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Timken Co. | 3730 | 292842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 20670595 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 34.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 34.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Astera Labs, Inc.<sup>\*</sup> | 42 | 7841 |
| &nbsp;&nbsp;&nbsp;&nbsp; BILL Holdings, Inc.<sup>\*</sup> | 14541 | 722106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 13420 | 555454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.<sup>\*</sup> | 24275 | 3203329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Confluent, Inc., Class A<sup>\*</sup> | 4076 | 95256 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding, Ltd.<sup>\*</sup> | 4389 | 823464 |
| &nbsp;&nbsp;&nbsp;&nbsp; DigitalOcean Holdings, Inc.<sup>\*,1</sup> | 25854 | 1051224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dolby Laboratories, Inc., Class A | 5771 | 382733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 37437 | 3428106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guidewire Software, Inc.<sup>\*</sup> | 798 | 186445 |
| &nbsp;&nbsp;&nbsp;&nbsp; indie Semiconductor, Inc., Class A<sup>\*,1</sup> | 351490 | 1891016 |
| &nbsp;&nbsp;&nbsp;&nbsp; IonQ, Inc.<sup>\*,1</sup> | 14716 | 917984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.<sup>\*</sup> | 2778 | 80340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.<sup>\*</sup> | 9569 | 698154 |
| &nbsp;&nbsp;&nbsp;&nbsp; MaxLinear, Inc.<sup>\*</sup> | 5195 | 78704 |
| &nbsp;&nbsp;&nbsp;&nbsp; MKS, Inc. | 10809 | 1553361 |
| &nbsp;&nbsp;&nbsp;&nbsp; MongoDB, Inc.<sup>\*</sup> | 3951 | 1421649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 319 | 320595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pagaya Technologies, Ltd., Class A<sup>\*</sup> | 22115 | 594672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc.<sup>\*</sup> | 5865 | 432954 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pure Storage, Inc., Class A<sup>\*</sup> | 9972 | 984236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sanmina Corp.<sup>\*</sup> | 10650 | 1459583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silicon Motion Technology Corp., ADR (Taiwan) | 24456 | 2399378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teradyne, Inc. | 6569 | 1193982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultra Clean Holdings, Inc.<sup>\*</sup> | 30015 | 822711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unity Software, Inc.<sup>\*</sup> | 17196 | 651728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Weave Communications, Inc.<sup>\*</sup> | 69788 | 517129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zeta Global Holdings Corp., Class A<sup>\*,1</sup> | 21418 | 385310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 26859444 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 4.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 4.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashland, Inc. | 13772 | 673451 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 747 | 235977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 10631 | 2257174 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; ERO Copper Corp. (Canada)<sup>\*</sup> | 21612 | $461416 |
| &nbsp;&nbsp;&nbsp;&nbsp; MP Materials Corp.<sup>\*,1</sup> | 467 | 29463 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryerson Holding Corp. | 2664 | 58768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 3716249 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp., REIT <sup>1</sup> | 4947 | 361181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cushman & Wakefield PLC<sup>\*</sup> | 57546 | 903472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc., REIT | 9033 | 269906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc., REIT | 14583 | 232307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sila Realty Trust, Inc., REIT | 20294 | 480968 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc., REIT | 5408 | 206964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 2454798 |
|  **Total Common Stocks**<br> (Cost $65,068,888) |  | 78387529 |
|  | Principal <br>Amount |  |
|  Short-Term Investments - 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 4.2%**<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 4.2%**<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 10/31/25, due 11/03/25, 4.260% total to be received $64,023 (collateralized by various U.S. Treasuries, 0.000% - 4.875%, 11/04/25 - 08/15/55, totaling $65,303) | $64000 | 64000 |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., dated 10/31/25, due 11/03/25, 4.140% total to be received $198,467 (collateralized by various U.S. Treasuries, 0.125% - 3.625%, 07/15/30 - 02/15/51, totaling $202,367) | 198399 | 198399 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin Investment Board, dated 10/31/25, due 11/03/25, 4.300% total to be received $3,021,082 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 04/15/28 - 02/15/54, totaling $3,077,703) | 3020000 | 3020000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | 3282399 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 0.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>3</sup> | 255032 | 255032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.08%<sup>3</sup> | 382547 | 382547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Investment Companies | 637579 |
|  **Total Short-Term Investments**<br> (Cost $3,919,978) | **Total Short-Term Investments**<br> (Cost $3,919,978) | 3919978 |
|  **Total Investments - 104.3%**<br> (Cost $68,988,866) |  | 82307507 |
|  **Other Assets, less Liabilities - (4.3)%** |  | (3394273) |
|  Net Assets - 100.0% |  | $78913234 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Frontier Small Cap Growth Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $10,305,657 or 13.1% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

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

<sup>3</sup> Yield shown represents the October 31, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

ADR American Depositary Receipt

REIT Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of October 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>** | $78387529 |  |  | $78387529 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $3282399 |  | 3282399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 637579 |  |  | 637579 |
|  **Total Investments in Securities** | $79025108 | $3282399 |  | $82307507 |

---

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

For the fiscal year ended October 31, 2025, there were no transfers in or out of Level 3.

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **AMG Frontier<br>Small Cap<br>Growth Fund** |
|  **Assets:** |  |
|  Investments at value<sup>1</sup> (including securities on loan valued at $10,305,657) | $82307507 |
|  Receivable for investments sold | 47113 |
|  Dividend and interest receivables | 9687 |
|  Securities lending income receivable | 2784 |
|  Receivable for Fund shares sold | 2726 |
|  Receivable from Affiliate | 31837 |
|  Prepaid expenses and other assets | 12235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 82413889 |
|  **Liabilities:** |  |
|  Payable upon return of securities loaned | 3282399 |
|  Payable for Fund shares repurchased | 58262 |
|  Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 46965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 10064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 3887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 98593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3500655 |
|  **Commitments and Contingencies (Notes 2 & 7)** |  |
|  **Net Assets** | $78913234 |
|  <sup>1</sup> Investments at cost | $68988866 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **AMG Frontier<br>Small Cap<br>Growth Fund** |
|  **Net Assets Represent:** |  |
|  Paid-in capital | $69586216 |
|  Total distributable earnings | 9327018 |
|  **Net Assets** | $78913234 |
|  **Class N:** |  |
|  Net Assets | $2206830 |
|  Shares outstanding | 257300 |
|  Net asset value, offering and redemption price per share | $8.58 |
|  **Class I:** |  |
|  Net Assets | $31296797 |
|  Shares outstanding | 3271533 |
|  Net asset value, offering and redemption price per share | $9.57 |
|  **Class Z:** |  |
|  Net Assets | $45409607 |
|  Shares outstanding | 4423668 |
|  Net asset value, offering and redemption price per share | $10.27 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal year ended October 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **AMG Frontier<br>Small Cap<br>Growth Fund** |
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $552747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 81008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (4727) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 629689 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 609011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 130502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 7059 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 4235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 45986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 91701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 40611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 36807 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 24218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 8770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 7733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 1555 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 5853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 1014041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (172192) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 841849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (212160) |
|  **Net Realized and Unrealized Gain:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 919126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 5330378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 6249504 |
|  **Net increase in net assets resulting from operations** | $6037344 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal years ended October 31,<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **AMG Frontier**<br>**Small Cap Growth Fund** | **AMG Frontier**<br>**Small Cap Growth Fund** |
|  | **2025** | **2024** |
|  **Increase in Net Assets Resulting From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(212160) | $(75637) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 919126 | 10696410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 5330378 | 9090215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 6037344 | 19710988 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | (320288) | (34128) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (5196018) | (650752) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (1983001) | (84864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (7499307) | (769744) |
|  **Capital Share Transactions:<sup>1</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from capital share transactions | 1662537 | 4037621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets** | 200574 | 22978865 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 78712660 | 55733795 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $78913234 | $78712660 |

---

<sup>1</sup> See Note 1(g) of the Notes to Financial Statements.

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Frontier Small Cap Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a share outstanding throughout each fiscal year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class N** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Net Asset Value, Beginning of Year** | **$8.64** | **$6.54** | **$6.58** | **$12.60** | **$8.55** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | (0.05) | (0.03)<sup>3</sup> | (0.02)<sup>4</sup> | (0.06)<sup>5</sup> | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.78 | 2.21 | (0.02) | (2.05) | 4.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.73 | 2.18 | (0.04) | (2.11) | 4.44 |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.41) | (0.08) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.38) |  |  | (3.91) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.79) | (0.08) |  | (3.91) | (0.39) |
|  **Net Asset Value, End of Year** | **$8.58** | **$8.64** | **$6.54** | **$6.58** | **$12.60** |
|  Total Return<sup>2,6</sup> | 8.64% | 33.53% | (0.61)% | (22.17)% | 52.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.30%<sup>7</sup> | 1.30% | 1.30% | 1.30% | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 1.50% | 1.54% | 1.70% | 1.74% | 1.72% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup> | (0.58)% | (0.41)% | (0.30)% | (0.86)% | (0.98)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 290% | 234% | 227% | 231% | 217% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $2207 | $3547 | $2701 | $1179 | $834 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Frontier Small Cap Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a share outstanding throughout each fiscal year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class I** | **2025** | **2024** | **2023** | **2022** | **2021** |
|  **Net Asset Value, Beginning of Year** | **$9.54** | **$7.21** | **$7.23** | **$13.40** | **$9.04** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup> | (0.02) | (0.01)<sup>3</sup> | 0.00<sup>4,9</sup> | (0.04)<sup>5</sup> | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.86 | 2.44 | (0.02) | (2.22) | 4.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.84 | 2.43 | (0.02) | (2.26) | 4.75 |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.43) | (0.10) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.38) |  |  | (3.91) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.81) | (0.10) |  | (3.91) | (0.39) |
|  **Net Asset Value, End of Year** | **$9.57** | **$9.54** | **$7.21** | **$7.23** | **$13.40** |
|  Total Return<sup>2,6</sup> | 9.07% | 33.86% | (0.28)% | (21.92)% | 53.49% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.00%<sup>7</sup> | 0.99% | 0.97% | 0.94% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 1.20% | 1.23% | 1.37% | 1.38% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | (0.28)% | (0.10)% | 0.03% | (0.50)% | (0.62)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 290% | 234% | 227% | 231% | 217% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $31297 | $61814 | $46657 | $17023 | $17230 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Frontier Small Cap Growth Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a share outstanding throughout each fiscal year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** | **For the fiscal years ended October 31,** |
| **Class Z** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$10.19** | **$7.69** | **$7.71** | **$14.01** | **$9.43** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | (0.02) | (0.00)<sup>3,10</sup> | 0.01<sup>4</sup> | (0.04)<sup>5</sup> | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.92 | 2.60 | (0.03) | (2.35) | 5.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.90 | 2.60 | (0.02) | (2.39) | 4.97 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.44) | (0.10) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.38) |  |  | (3.91) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.82) | (0.10) |  | (3.91) | (0.39) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$10.27** | **$10.19** | **$7.69** | **$7.71** | **$14.01** |
| &nbsp;&nbsp; Total Return<sup>2,6</sup> | 9.08% | 34.01% | (0.26)% | (21.87)% | 53.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.90%<sup>7</sup> | 0.90% | 0.90% | 0.90% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 1.10% | 1.14% | 1.30% | 1.34% | 1.32% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | (0.18)% | (0.01)% | 0.10% | (0.46)% | (0.58)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 290% | 234% | 227% | 231% | 217% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $45410 | $13352 | $6376 | $6027 | $8672 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

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

<sup>3</sup> Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.05), $(0.03) and $(0.02) for Class N, Class I and Class Z shares, respectively. 

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

<sup>5</sup> 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. 

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

<sup>7</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>8</sup> 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.) 

<sup>9</sup> Less than $0.005 per share. 

<sup>10</sup> Less than $(0.005) per share. 

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;October 31, 2025<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

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

a. VALUATION OF INVESTMENTS

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

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

The Fund's portfolio investments are generally valued based on independent market quotations or prices or, if none, "evaluative" or other market based valuations provided by third party pricing services. 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, 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:

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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 securities utilizing international fair value pricing, fair valued securities with observable inputs)

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

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

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

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

Temporary differences are primarily due to mark to market on passive foreign investment companies and wash sales loss deferrals.

The tax character of distributions paid during the fiscal years ended October 31, 2025 and October 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  **Distributions paid from:** | 2025 | 2024 |
|  Ordinary income \* | $480379 | $769744 |
|  Long-term capital gains | 7018928 |  |
|  | $7499307 | $769744 |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of October 31, 2025, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $1438178 |
|  Undistributed long-term capital gains | 1868826 |

---

At October 31, 2025, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Cost | Appreciation | Depreciation | Net Appreciation |
| $76287494 | $14876233 | $(8856220) | $6020013 |

---

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 (the "Code"), 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. The Investment Manager has analyzed the Fund's tax positions taken on federal income tax returns as of October 31, 2025, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Fund's financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, 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.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of October 31, 2025, the Fund had no capital loss carryovers for federal income tax purposes. Should the Fund incur net capital losses for the fiscal year ended October 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

For the fiscal year ended October 31, 2025, the Fund did not utilize capital loss carryovers.

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

g. CAPITAL STOCK

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

For the fiscal years ended October 31, 2025 and October 31, 2024, the capital stock transactions by class for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | October 31, 2025 | October 31, 2025 | October 31, 2024 | October 31, 2024 |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class N:** |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 30124 | $236662 | 133861 | $1063563 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 38358 | 320289 | 4455 | 34128 |
| &nbsp;&nbsp; Shares redeemed | (221872) | (1628167) | (140648) | (1138522) |
| &nbsp;&nbsp; Net decrease | (153390) | $(1071216) | (2332) | $(40831) |
| &nbsp;&nbsp; **Class I:** |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 672531 | $6006602 | 1411571 | $12372222 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 558318 | 5186769 | 76935 | 649337 |
| &nbsp;&nbsp; Shares redeemed | (4436819) | (37432902) | (1482676) | (13477013) |
| &nbsp;&nbsp; Net increase (decrease) | (3205970) | $(26239531) | 5830 | $(455454) |
| &nbsp;&nbsp; **Class Z:** |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 4536446 | $41820360 | 577839 | $5473667 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 198469 | 1976755 | 9419 | 84864 |
| &nbsp;&nbsp; Shares redeemed | (1622122) | (14823831) | (105953) | (1024625) |
| &nbsp;&nbsp; Net increase | 3112793 | $28973284 | 481305 | $4533906 |

---

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Fund may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon ("BNYM") (the "Securities Lending 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 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 Securities Lending Program, the Fund is indemnified for such losses by BNYM on joint repurchase agreements.

At October 31, 2025, the market value of Repurchase Agreements outstanding was $3,282,399.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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. wealth platform 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 and recommends, subject to the approval of the Board and, in certain circumstances, shareholders, the subadviser for the Fund and monitors the 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 fiscal year ended October 31, 2025, 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.

The Investment Manager has contractually agreed, through at least March 1, 2026, 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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of the Fund to the annual rate of 0.90% 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.

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 fiscal year ended October 31, 2025, the Investment Manager reimbursed the Fund $172,192, and did not recoup any previously reimbursed expenses. At October 31, 2025, the Fund's expiration of reimbursements subject to recoupment was as follows:

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| | |
|:---|:---|
| **Expiration**<br> **Period** | |
|  Less than 1 year | $156669 |
|  1-2 years | 178452 |
|  2-3 years | 172192 |
|  Total | $507313 |

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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 certain 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 fiscal year ended October 31, 2025, was as follows:

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| | | |
|:---|:---|:---|
|  | Maximum Annual<br>Amount<br>Approved | Actual<br>Amount<br>Incurred |
|  Class N | 0.15% | 0.15% |
|  Class I | 0.15% | 0.10% |

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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 October 31, 2025, the Fund had no interfund loans outstanding.

The Fund utilized the interfund lending program during the fiscal year ended October 31, 2025 as follows:

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| | | | |
|:---|:---|:---|:---|
| **Average**<br> **Lent** | **Number**<br> **of Days** | **Interest**<br> **Earned** | **Average** <br> **Interest Rate**  |
| $11534264 |  | $661 | 5.230% |
| **Average**<br> **Borrowed** | **Number**<br> **of Days** | **Interest**<br> **Paid** | **Average** <br> **Interest Rate**  |
| $27167174 |  | $1555 | 5.224% |

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements (continued)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended October 31, 2025, were $243,852,447 and $248,163,163, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the fiscal year ended October 31, 2025.

4. PORTFOLIO SECURITIES LOANED

The Fund participates in the Securities Lending 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 Securities Lending 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 Securities Lending 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 October 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities**<br> **Loaned** | **Cash**<br> **Collateral**<br> **Received** | **Securities**<br> **Collateral**<br> **Received** | **Total** <br> **Collateral** <br> **Received**  |
| $10305657 | $3282399 | $7109518 | $10391917 |

---

The following table summarizes the securities received as collateral for securities lending at October 31, 2025:

---

| | | |
|:---|:---|:---|
| **Collateral**<br> **Type** | **Coupon**<br> **Range** | **Maturity** <br> **Date Range**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | 0.000%-6.250% | 11/15/25-08/15/55 |

---

5. SEGMENT REPORTING

The Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in the Fund's prospectus. The Chief Operating Decision Makers ("CODM") are the Fund's president and chief financial officer. The CODM assesses the performance and makes operating decisions for the Fund primarily based on the Fund's changes in net assets resulting from operations. In

addition to other factors and metrics, the CODM utilizes the Fund's net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of the Fund. As the Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; ii) the overall market; or (iii) price fluctuations. Please refer to the Fund's current prospectus for additional information about the Fund's principal risks.

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

**Market Risk:** Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of factors, including economic 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, or in response to events that affect particular industries or companies. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

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

**Growth Stock Risk:** 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.

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

**High Portfolio Turnover Risk:** Higher portfolio turnover may adversely affect Fund performance by increasing Fund transaction costs and may increase a shareholder's tax liability.

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

7. 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

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements (continued) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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.

8. MASTER NETTING AGREEMENTS

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

The following table is a summary of the Fund's open Repurchase Agreements that are subject to a master netting agreement as of October 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amount Not Offset in the <br>Statement of Assets and Liabilities | Gross Amount Not Offset in the <br>Statement of Assets and Liabilities | |  |
|  | Gross Amounts of<br>Assets Presented in<br>the Statement of<br>Assets and Liabilities | **Offset**<br> **Amount**  | **Net** <br> **Asset** <br> **Balance**  | Collateral <br> Received | Net <br> Amount |
|  Citadel Securities LLC | $64000 |  | $64000 | $64000 |  |
|  HSBC Securities USA, Inc. | 198399 |  | 198399 | 198399 |  |
|  State of Wisconsin Investment Board | 3020000 |  | 3020000 | 3020000 |  |
|  Total | $3282399 |  | $3282399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3282399 |  |

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9. RECENT ACCOUNTING STANDARDS UPDATE

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management has evaluated the impact of the ASU and expects the ASU will have no material impact to the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10. 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.

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br> To the Board of Trustees of AMG Funds I and Shareholders of AMG Frontier Small Cap Growth Fund<br>***Opinion on the Financial Statements***<br>We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AMG Frontier Small Cap Growth Fund (one of the funds constituting AMG Funds I, referred to hereafter as the "Fund") as of October 31, 2025, the related statement of operations for the year ended October 31, 2025, the statements of changes in net assets for each of the two years in the period ended October 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended October 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of October 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended October 31, 2025 and the financial highlights for each of the five years in the period ended October 31, 2025 in conformity with accounting principles generally accepted in the United States of America.<br>***Basis for Opinion***<br>These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.<br>We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.<br>Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of October 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.<br>/s/PricewaterhouseCoopers LLP<br> Boston, Massachusetts<br> December 22, 2025<br>We have served as the auditor of one or more investment companies in the AMG Funds Family since 1993.<br>

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**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Information (unaudited)<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

TAX INFORMATION

AMG Frontier Small Cap Growth Fund hereby designates the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2024/2025 Form 1099-DIV you receive for the Fund will show the tax status of all distributions paid to you during the year.

Pursuant to section 852 of the Internal Revenue Code of 1986, as amended, AMG Frontier Small Cap Growth Fund hereby designates $7,339,586 as a capital gain distribution with respect to the taxable year ended October 31, 2025, or if subsequently determined to be different, the net capital gains of such fiscal year.

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

During the fiscal year ended October 31, 2025, there were no changes in and/or disagreements with accountants.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

The remuneration paid to the Trustees during the fiscal year ended October 31, 2025, was $7,733, which is reflected as "Trustee fees and expenses" on the Statement of Operations. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the fiscal year ended October 31, 2025.

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 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **AMG Frontier Small Cap Growth Fund: Approval of Fund Management Agreement and Subadvisory Agreement on June 11, 2025**<br>At an in-person meeting held on June 11, 2025, the Board of Trustees (the "Board" or the "Trustees"), and separately a majority of the Trustees who are not "interested persons" of AMG Funds I (the "Trust") (the "Independent Trustees"), approved (i) the Fund Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the "Investment Manager") for AMG Frontier Small Cap Growth Fund (the "Fund") and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the "Fund Management Agreement"); and (ii) the Subadvisory Agreement with respect to the Fund, as amended at any time prior to the date of the meeting (the "Subadvisory Agreement"), with Frontier Capital Management Co., LLC, the Fund's subadviser (the "Subadviser"). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Fund Management Agreement and Subadvisory Agreement, the Trustees reviewed a variety of materials relating to the Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for the Fund (the "Peer Group"), performance information for the relevant benchmark index for the Fund (the "Fund Benchmark"), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Fund, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Fund Management Agreement and the Subadvisory Agreement; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.<br>NATURE, EXTENT AND QUALITY OF SERVICES<br>In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment | Manager's operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Fund and the Trustees' knowledge of the Investment Manager's management and the quality of the performance of the Investment Manager's duties under the Fund Management Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager's oversight of the operation and management of the Fund; (b) the quality of the Investment Manager's oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager's ability to supervise the Fund's other service providers; and (d) the Investment Manager's compliance program. The Trustees also took into account that, in performing its functions under the Fund Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to the Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser's investment performance with respect to the Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser's obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of the Subadvisory Agreement and annual consideration of the Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the | Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Fund Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Fund Management Agreement and the Investment Manager's undertaking to maintain a contractual expense limitation for the Fund. The Trustees also considered the Investment Manager's risk management processes.<br>The Trustees also reviewed information relating to the Subadviser's operations and personnel and the investment philosophy, strategies and techniques (its "Investment Strategy") used in managing the Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser's organizational and management structure and the Subadviser's brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for the Fund, including the information set forth in the Fund's prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser's personnel; and (c) the Subadviser's compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under the Subadvisory Agreement. The Trustees also considered the Subadviser's risk management processes.<br>PERFORMANCE<br>The Board considered the Fund's net performance during relevant time periods as compared to the Fund's Peer Group and Fund Benchmark, considered the gross performance of the Fund as compared to the Subadviser's relevant performance composite |

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 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both the Fund's performance results and portfolio composition, as well as the Subadviser's Investment Strategy. The Board was mindful of the Investment Manager's expertise, resources and attention to monitoring the Subadviser's performance, investment style and risk-adjusted performance with respect to the Fund and its discussions with the management of the Fund's subadviser during the period regarding the factors that contributed to the performance of the Fund.<br>Among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class I shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was below, below, above, and above, respectively, the median performance of the Peer Group and below, below, above, and above, respectively, the performance of the Fund Benchmark, the Russell 2000 Growth Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's more recent underperformance and the fact that the Class I shares of the Fund ranked in the top quintile relative to its Peer Group for the 5-year period and the top third relative to its Peer Group for the 10-year period. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.<br>ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE<br>In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called "fallout benefits" such as reputational value derived from the Investment Manager serving as Investment Manager to the Fund), received by the Investment Manager and its affiliates attributable to | managing the Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Fund, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to the Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management's discussion of the current asset level of the Fund, and the impact on profitability of both the current asset level and any future growth of assets of the Fund.<br>In considering the cost of services to be provided by the Investment Manager under the Fund Management Agreement and the profitability to the Investment Manager of its relationship with the Fund, the Trustees noted the undertaking by the Investment Manager to maintain a contractual expense limitation for the Fund. The Board also took into account management's discussion of the advisory fee structure and the services the Investment Manager provides in performing its functions under the Fund Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also, with respect to economies of scale, the Trustees noted that as the Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>In considering the reasonableness of the subadvisory fee payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to the Fund and the resulting profitability from the relationship. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser's revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The | Board also took into account management's discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under the Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as the Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>The Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the Average and Above Average rating level, respectively, of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through March 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.90%. The Trustees took into account management's discussion of the Fund's expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>\* \* \* \* \*<br>After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Fund Management Agreement and the Subadvisory Agreement: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Fund Management Agreement and the Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs. |

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 **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT (continued) <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight | to each factor, the Trustees concluded that approval of the Fund Management Agreement and the Subadvisory Agreement would be in the best interests of the Fund and its shareholders. | Accordingly, on June 11, 2025, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Fund Management Agreement and the Subadvisory Agreement for the Fund. |

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![LOGO](g99309g69y50.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND ADMINISTRATOR<br> AMG Funds LLC<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>DISTRIBUTOR<br> AMG Distributors, Inc.<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>SUBADVISER<br> Frontier Capital Management Co., LLC<br> 99 Summer Street<br> Boston, MA 02110 | CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286<br>LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539 | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>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.<br>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 its 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 wealth.amg.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 wealth.amg.com. |

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<br> wealth.amg.com

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![LOGO](g99309g69y50.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; EQUITY FUNDS<br> **AMG Boston Common Global Impact**<br> Boston Common Asset Management, LLC<br>**AMG Frontier Small Cap Growth**<br> Frontier Capital Management Co., LLC<br>**AMG GW&K Small Cap Core**<br> **AMG GW&K Small Cap Growth**<br> **AMG GW&K Small Cap Value**<br> **AMG GW&K Small/Mid Cap Core**<br> **AMG GW&K Small/Mid Cap Growth**<br> **AMG GW&K International Small Cap**<br> GW&K Investment Management, LLC<br>**AMG Renaissance Large Cap Growth**<br> The Renaissance Group LLC | **AMG River Road Dividend All Cap Value**<br> **AMG River Road Focused Absolute Value**<br> **AMG River Road Large Cap Value Select**<br> **AMG River Road Mid Cap Value**<br> **AMG River Road Small-Mid Cap Value**<br> **AMG River Road Small Cap Value**<br> River Road Asset Management, LLC<br>**AMG TimesSquare International Small Cap**<br> **AMG TimesSquare Mid Cap Growth**<br> **AMG TimesSquare Small Cap Growth**<br> TimesSquare Capital Management, LLC<br>**AMG Veritas Asia Pacific**<br> **AMG Veritas China**<br> **AMG Veritas Global Focus**<br> **AMG Veritas Global Real Return**<br> Veritas Asset Management LLP<br>**AMG Yacktman**<br> **AMG Yacktman Focused**<br> **AMG Yacktman Global**<br> **AMG Yacktman Special Opportunities**<br> Yacktman Asset Management LP | FIXED INCOME FUNDS<br> **AMG GW&K Core Bond ESG**<br> **AMG GW&K ESG Bond**<br> **AMG GW&K Municipal Bond**<br> **AMG GW&K Municipal Enhanced Yield**<br> GW&K Investment Management, LLC<br>ALTERNATIVE FUNDS<br> **AMG Systematica Managed Futures Strategy**<br> **AMG Systematica Trend-Enhanced Markets**<br> Systematica Investments Limited, acting as general partner of Systematica Investments LP<br>EXCHANGE-TRADED FUND<br> **AMG GW&K Muni Income ETF**<br> GW&K Investment Management, LLC |

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<br> wealth.amg.com 103125 AR085

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#### Item 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### Item 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### Item 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.
Not applicable.

#### Item 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.

#### Item 16. CONTROLS AND PROCEDURES.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required

------

time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (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 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.

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| | |
|:---|:---|
|  **Item 19. EXHIBITS** | **Item 19. EXHIBITS** |
| (a)(1) | [Any Code of Ethics or amendments hereto. Filed herewith.](d99309dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 - Filed herewith.](d99309dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 - Filed herewith.](d99309dex99906cert.htm) |

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#### 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.

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| | |
|:---|:---|
| **AMG FUNDS I** | **AMG FUNDS I** |
| By: | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne, Principal Executive Officer |
| Date: | January 8, 2026 |

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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.

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| | |
|:---|:---|
| By: | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne, Principal Executive Officer |
| Date: | January 8, 2026 |
| By: | /s/ Thomas Disbrow |
|  | Thomas Disbrow, Principal Financial Officer |
| Date: | January 8, 2026 |

---

## Ex-99.Code

**AMG FUNDS, AMG FUNDS I, AMG FUNDS III, AMG FUNDS IV AND AMG ETF TRUST** 

**Rule 17j-1 Code of Ethics** 

AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV and AMG ETF Trust (each a "Trust" and collectively the "Trusts," and each series thereof, a "Fund") each adopt this Code of Ethics (the "Code"), pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), with respect to certain types of personal securities transactions and to establish reporting requirements and enforcement procedures with respect to such transactions.

I. <u>DEFINITIONS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Access Person" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Adviser" shall mean the Funds' investment adviser and any entity that is a subadviser of any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Adviser's Code of Ethics" shall mean the code of ethics of any Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "Beneficial ownership" shall be interpreted in the same manner as it would be in determining whether a
person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.
Generally, it means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. "Covered Security" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act. Generally, it means a "security" as defined in Section 2(a)(36) of the 1940 Act except that it shall not include (i) direct obligations of the government of the
United States, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements and (iii) shares issued by registered open-end investment companies, other than Reportable Funds (defined below).

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "Distributor" shall mean the "principal underwriter" for the Funds, as such term is defined in
Section 2(a)(29) of the 1940 Act that is an "affiliated person" (as defined in the 1940 Act) of a Fund or an Adviser, or which has an officer, director or general partner who is also an officer, director or general partner of a Fund
or an Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "Distributor's Code of Ethics" shall mean the code of ethics of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "Initial Public Offering" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "Independent Trustee" shall be any trustee of a Trust who is not an Interested Person of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "Interested Person" shall have the same meaning as that set forth in Section 2(a)(19) of the 1940
Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. "Investment Personnel" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. "Limited Offering" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. "Purchase" or "Sale" of a security includes, without limitation, the writing of an option to
purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. "Reportable Fund" shall mean any fund for which AMG Funds LLC acts as investment adviser or for which an
investment adviser that controls, is controlled by or is under common control with AMG Funds LLC serves as the investment adviser or subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. "Security Held or to be Acquired" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "Special Access Person" shall mean an Access Person who is neither an Independent Trustee nor an officer,
director or employee of any Adviser or the Distributor.

II. <u>STATEMENT OF GENERAL PRINCIPLES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Persons Subject to the Code</u>. This Code applies to all Access Persons of a Trust, provided, however, that any
Access Person of a Trust who is subject to a code of ethics pursuant to Rule 17j-1 under the 1940 Act adopted by an Adviser or the Distributor shall not be subject to this Code except that any

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

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such Access Person's violation of the code of ethics pursuant to Rule 17j-1 to which they are subject shall also constitute a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Fiduciary Obligations</u>. Every person subject to this Code should keep the following general fiduciary principles
in mind in discharging their obligations under the Code. Each such person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. at all times, place the interests of the Trust(s) for which they are an Access Person before their personal interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. conduct all personal securities transactions in a manner consistent with this Code, so as to avoid any actual or
potential conflicts of interest, or an abuse of position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. not take any inappropriate advantage of their position with or on behalf of any Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. comply at all times with all applicable policies, procedures and laws with respect to the use of material, non-public information and insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Prohibited Practices</u>. No person subject to this Code may, in connection with the purchase or sale, directly or
indirectly, by such person of a Security Held or to be Acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. employ any device, scheme or artifice to defraud a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. make any untrue statement of a material fact to a Trust or omit to state a material fact necessary in order to make the
statements made to a Trust, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. engage in any manipulative practice with respect to a Trust.

III. <u>CODE PROVISIONS APPLICABLE ONLY TO INDEPENDENT TRUSTEES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Each Independent Trustee of a Trust shall file with the Secretary of the Trust a written report containing the
information described in

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

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Section III(a)(ii) of this Code with respect to each transaction in any Covered Security in which such Independent Trustee has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such Independent Trustee knew, or in the ordinary course of fulfilling their official duties as a trustee of the Trust, should have known that during the 15-day period immediately before or after the Independent Trustee's transaction: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a Fund purchased or sold such Covered Security, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a Fund or its Adviser considered purchasing or selling such Covered Security for a Fund;

provided, however, that such Independent Trustee shall not be required to make a report with respect to any transaction effected for any account over which they do not have any direct or indirect influence or control, such as automatic dividend reinvestment accounts, automatic employer-sponsored savings and stock programs, blind trust accounts, or other accounts managed by a third-party manager with discretionary investment authority, which the Independent Trustee cannot control or influence.

Each such report may contain a statement that the report shall not be construed as an admission by the Independent Trustee that he has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Such report shall be made not later than 30 days after the end of each calendar quarter and shall contain the
following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the date of each transaction, the title of and the number of shares and the principal amount of each Covered Security
involved, and the interest rate and maturity date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the nature of each transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the price of the Covered Security at which each transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the name of the broker, dealer or bank with or through whom each transaction was effected; and

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the date such report is submitted by the Independent Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Review</u>. The Funds' Chief Compliance Officer (the "Fund CCO") shall review or supervise the
review of the personal securities transactions reported pursuant to Section III(a). If the Fund CCO determines that a violation of this Code may have occurred, the Fund CCO shall submit the pertinent information regarding the transaction to counsel
for the Trust. Such counsel shall evaluate whether a material violation of this Code has occurred. Before making any determination that a violation has occurred, such counsel shall give the person involved an opportunity to supply additional
information regarding the transaction in question and shall consult with counsel for the Independent Trustee whose transaction is in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Sanctions</u>. If, after having reviewed pertinent information provided by the Fund CCO or otherwise, Trust counsel
determines that a material violation of this Code has occurred, such counsel shall so advise the Fund CCO. The Fund CCO shall provide a written report of counsel's determination to the applicable Trust's Board of Trustees (other than the
Trustee whose actions are at issue) for such further action and sanctions as the Board of Trustees deems appropriate.

IV. <u>CODE PROVISIONS APPLICABLE ONLY TO SPECIAL ACCESS PERSONS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Initial Report</u>.

Each Special Access Person of a Trust shall file with the Fund CCO or any person or persons designated by the Fund CCO, not later than 10 days after the person becomes a Special Access Person, a written report containing the following information, current as of a date no more than 45 days before the date the person became a Special Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the title of and the number of shares and the principal amount of each Covered Security in which the Special Access
Person had any direct or indirect beneficial ownership when the person became a Special Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the name of any broker, dealer or bank with whom the Special Access Person maintained an account in which *any securities* were held for the direct or indirect benefit of the Special Access Person as of the date that person became a

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

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Special Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the date such report is submitted by the Special Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Annual Report</u>.

Annually, each Special Access Person of a Trust shall file with the Fund CCO a written report containing the following information, current as of a date no more than 45 days before the report is submitted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the title of and the number of shares and the principal amount of each Covered Security in which the Special Access
Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the name of any broker, dealer or bank with whom the Special Access Person maintained an account in which *any securities* were held for the direct or indirect benefit of the Special Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the date such report is submitted by the Special Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Quarterly Reports</u>.

Each Special Access Person of a Trust shall file with the Fund CCO, no later than 30 days after the end of each calendar quarter, a written report containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to any transaction during the quarter in a Covered Security in which the Special Access Person had any
direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the date of each transaction, the title of and the number of shares and the principal amount of each Covered Security
involved, and the interest rate and maturity date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the nature of each transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the price of the Covered Security at which each transaction was effected;

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the name of the broker, dealer or bank with or through whom each transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the date such report is submitted by the Special Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to any account established by the Special Access Person in which a Covered Security was held during the
quarter for the direct or indirect benefit of the Special Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the name of the broker, dealer or bank with whom the Special Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date such report is submitted by the Special Access Person.

In lieu of such a report the Special Access Person may provide broker trade confirmations or monthly account statements, if such trade confirmations or account statements were received by the Trust within the time period, and contain the information required by Section IV(a)(iii) of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Exceptions and Disclaimers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A Special Access Person need not make a report under Section IV(a) with respect to transactions effected for, and
Covered Securities held in, any account over which the person has no direct or indirect influence or control such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. automatic dividend reinvestment accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. automatic employer-sponsored savings and stock programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. blind trust accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. other accounts managed by a third-party manager with discretionary investment authority, which the Special Access
Person cannot control or influence.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any report under Section IV(a) will contain a representation by the Special Access Person that they have not
exercised, directly or indirectly, any control or influence with respect to transactions in accounts subject to the reporting exception set forth in Section IV(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any report under Section IV(a) may contain a statement that the report shall not be construed as an admission by the
Special Access Person that he has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Review</u>. The Fund CCO shall review or supervise the review of the personal securities transactions reported to
the Fund CCO pursuant to Section IV(a). If the Fund CCO determines that a Special Access Person of a Trust may have violated this Code, the Fund CCO shall submit the pertinent information regarding the transaction to counsel for the Trust. Such
counsel shall evaluate whether a material violation of this Code has occurred. Before making any determination that a violation has occurred, such counsel shall give the Special Access Person involved an opportunity to supply additional information
regarding the transaction in question and shall consult with counsel for the Special Access Person whose transaction is in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Sanctions</u>. If, after having reviewed pertinent information provided by the Fund CCO or otherwise Trust counsel
determines that a material violation of this Code has occurred, such counsel shall so advise the Fund CCO. The Fund CCO shall provide a written report of counsel's determination to the applicable Trust's Board of Trustees (other than any
Trustee whose actions are at issue) for such further action and sanctions as the Board of Trustees deems appropriate.

V. <u>NOTICE TO ACCESS PERSONS</u> 

The Fund CCO shall notify each Access Person who may be required to make reports pursuant to this Code that such person is subject to this reporting requirement and shall deliver a copy of this Code to each such person.

VI. <u>REVIEW BY THE BOARD OF TRUSTEES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Approval of Codes of Ethics and material amendments or revisions thereto</u>. The Boards of Trustees, including a
majority of the Independent Trustees, of the Trusts must approve a material change to this Code, and the Board of

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

Last Updated: September 2025

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Trustees, including a majority of the Independent Trustees, of the applicable Trust(s) must approve a material change to an Adviser's Code of Ethics or the Distributor's Code of Ethics, in each case, no later than six (6) months after adoption of such material change. In addition, no Adviser or Distributor may be appointed unless and until the code of ethics of that entity has been approved by the Board(s) of Trustees, including a majority of the Independent Trustees, of the applicable Trust(s). Before approving a code of ethics or any material amendment to such code of ethics pursuant to this Section VI(a), the Board of Trustees of the applicable Trust(s) must receive a certification from the entity that adopted the code of ethics or amendment that it has adopted procedures reasonably necessary to prevent its personnel who are Access Persons from violating its code of ethics. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Annual Written Reports</u>. No less frequently than annually, the Fund CCO shall provide a written report to the
Boards of Trustees of the Trusts with respect to this Code, and shall request from each Adviser and the Distributor a written report regarding their respective Codes addressed to the applicable Board(s) of Trustees of the Trust(s). Each report
shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. describe any issues arising under the applicable code of ethics or procedures since the last report to the Board(s) of
Trustees, including, but not limited to, information about material violations of the applicable code of ethics and sanctions imposed in response to such material violation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. certify that the reporting entity or entities have adopted procedures reasonably necessary to prevent their personnel
who are Access Persons from violating their code of ethics.

VII. <u>MISCELLANEOUS PROVISIONS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Initial Public Offerings and Limited Offerings</u> <sup>1</sup>.
Investment Personnel of a Fund or its Adviser may not directly or indirectly acquire beneficial ownership in any securities in an Initial Public Offering. Investment Personnel may not acquire or sell securities in a Limited Offering without prior
approval from AMG Funds LLC Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Records</u>. The Trusts shall maintain this Code and all related records and reports in the manner and to the
extent required by Rule 17j-1 under the 1940 Act. The Trusts have adopted a Books and Records Retention Policy and Procedures that sets forth the manner in which such records will be kept.

<sup>1</sup> **Limited offering** means a securities offering that is exempt from registration under the Securities Act of 1933, pursuant to Section 4(a)(2) or Section 4(a)(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.

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

Last Updated: September 2025

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Interpretation of Provisions</u>. This Code shall be maintained and interpreted in accordance with Rule 17j-1 under the 1940 Act.

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

Last Updated: September 2025

## Ex-99.Cert

**<u>CERTIFICATION FILED AS EXHIBIT 19(a)(3) TO FORM N-CSR</u>**

I, Keitha L. Kinne, certify that:

1. I have reviewed this report on Form N-CSR of AMG Funds I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>January</u> <u>8, 2026</u>

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| |
|:---|
| /s/ Keitha L. Kinne |
| Keitha L. Kinne |
| Principal Executive Officer |

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**<u>CERTIFICATION FILED AS EXHIBIT 19(a)(3) TO FORM N-CSR</u>**

I, Thomas Disbrow, certify that:

1. I have reviewed this report on Form N-CSR of AMG Funds I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: <u>January 8, 2026</u>

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| |
|:---|
| /s/ Thomas Disbrow |
| Thomas Disbrow |
| Principal Financial Officer |

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## Exhibit 99.906

**<u>CERTIFICATION FILED AS EXHIBIT 19(B) TO FORM N-CSR</u>**

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| | |
|:---|:---|
| **Name of Issuer:** | **AMG FUNDS I: AMG FRONTIER SMALL CAP GROWTH FUND, AMG GW&K CORE BOND ESG FUND, AMG RIVER ROAD LARGE CAP VALUE SELECT FUND, AMG VERITAS CHINA FUND, AND AMG VERITAS GLOBAL FOCUS FUND** |

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In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to her knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the issuer.

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| | |
|:---|:---|
| Dated: <u>January 8, 2026</u> | <u>/s/ Keitha L. Kinne</u> |
|  | Keitha L. Kinne |
|  | Principal Executive Officer |

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**<u>CERTIFICATION FILED AS EXHIBIT 19(B) TO FORM N-CSR</u>**

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| | |
|:---|:---|
| **Name of Issuer:** | **AMG FUNDS I: AMG FRONTIER SMALL CAP GROWTH FUND, AMG GW&K CORE BOND ESG FUND, AMG RIVER ROAD LARGE CAP VALUE SELECT FUND, AMG VERITAS CHINA FUND, AND AMG VERITAS GLOBAL FOCUS FUND** |

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In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the issuer.

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| | |
|:---|:---|
| Dated: <u>January 8, 2026</u> | <u>/s/ Thomas Disbrow</u> |
|  | Thomas Disbrow |
|  | Principal Financial Officer |

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