# EDGAR Filing Document

**Accession Number:** 0000912036
**File Stem:** 0001193125-23-054378
**Filing Date:** 2023-3
**Character Count:** 32413
**Document Hash:** bc99ac73fe375330f32a13e2a7555d42
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-054378.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001193125-23-054378

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG Funds IV
- **CENTRAL INDEX KEY:** 0000912036
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-68666
- **FILM NUMBER:** 23688030

**BUSINESS ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD, SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
- **BUSINESS PHONE:** 203-299-3500

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ASTON FUNDS
- **DATE OF NAME CHANGE:** 20061201

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ABN AMRO FUNDS
- **DATE OF NAME CHANGE:** 20021227

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ALLEGHANY FUNDS
- **DATE OF NAME CHANGE:** 19980406

## Series and Classes Contracts Data

### AMG Beutel Goodman Core Plus Bond Fund (Series ID: S000033266)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000102286 | CLASS N SHARES | ADBLX           |
| C000102287 | CLASS I SHARES | ADLIX           |
| C000194571 | Class Z Shares | ADZIX           |

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| | | |
|:---|:---|:---|
| ![](g445648amg_sum19.jpg) | Summary Prospectus | March 1, 2023 |
| ![](g445648amg_sum19.jpg) | AMG Beutel Goodman Core Plus Bond Fund | AMG Beutel Goodman Core Plus Bond Fund |
| ![](g445648amg_sum19.jpg) |  |  |

---

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Class N: ADBLX Class I: ADLIX Class Z: ADZIX

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*Before you invest, you may want to review the Fund's prospectus and statement of additional information, which contain more information about the Fund and its risks. You can find the Fund's prospectus, statement of additional information, reports to shareholders and other information about the Fund online at* <br> *https://www.amgfunds.com/resources/order_literature.html. You can also get this information at no cost by calling 1-800-548-4539 or by sending an e-mail request to shareholderservices@amg.com. The current prospectus and statement of additional information, dated March 1, 2023, as revised or supplemented from time to time, are incorporated by reference into this summary prospectus.*

**Investment Objective**

The Fund seeks to maximize total return.

**Fees and Expenses of the Fund**

The table below describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

*Annual Fund Operating Expenses* <br>*(expenses that you pay each year as a percentage of the value of your investment)*

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| | | | |
|:---|:---|:---|:---|
|  | *Class N* | *Class I* | *Class Z* |
| Management Fee | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% | &nbsp;&nbsp; 0.23% |
| Distribution and Service (12b-1) <br> Fees<br>| &nbsp;&nbsp; 0.25% |  |  |
| Other Expenses | &nbsp;&nbsp; 0.25% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.25% |
| Total Annual Fund Operating <br> Expenses<sup>1</sup> <br>| &nbsp;&nbsp; 0.73% | &nbsp;&nbsp; 0.53% | &nbsp;&nbsp; 0.48% |
| Fee Waiver and Expense <br> Reimbursements<sup>2</sup> <br>| (0.04)% | (0.04)% | (0.04)% |
| Total Annual Fund Operating <br> Expenses After Fee Waiver and <br>Expense Reimbursements<sup>1,2</sup> <br>| &nbsp;&nbsp; 0.69% | &nbsp;&nbsp; 0.49% | &nbsp;&nbsp; 0.44% |

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<sup>1</sup>The Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements do not correlate to the ratios of expenses to average net assets in the Financial Highlights section of this Prospectus, which reflect only the operating expenses of the Fund and do not include fees and expenses of any acquired fund, which are reflected in "Other Expenses" above.

<sup>2</sup>AMG Funds LLC (the "Investment Manager") has contractually agreed, through at least March 1, 2024, to waive management fees and/or pay or reimburse the Fund's expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the Fund to the annual rate of 0.43% of the Fund's average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the "Expense Cap"), subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from the Fund, provided that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund. The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the

Investment Manager and the AMG Funds IV Board of Trustees or in the event of the Fund's liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of the Fund.

**Expense Example**

This Example will help you compare the cost of investing in the Fund to the cost of investing in other mutual funds. The Example makes certain assumptions. It assumes that you invest $10,000 as an initial investment in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. It also assumes that your investment has a 5% total return each year and the Fund's operating expenses remain the same. The Example includes the Fund's contractual expense limitation through March 1, 2024. Although your actual costs may be higher or lower, based on the above assumptions, your costs would be:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| Class N | $70 | $229 | $402 | $903 |
| Class I | $50 | $166 | $292 | $661 |
| Class Z | $45 | $150 | $265 | $600 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 76% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its assets in fixed income securities. Fixed income securities (also referred to as debt securities) include, but are not limited to, securities issued or guaranteed by the U.S. government or its agencies, instrumentalities or sponsored corporations; agency mortgage-backed securities; non-agency mortgage-backed securities; commercial mortgage-backed securities; asset-backed securities; foreign and domestic corporate bonds; fixed income securities issued by corporations, governments, government agencies, authorities or instrumentalities and supra-national organizations in foreign countries including emerging markets; restricted securities, including Rule 144A securities (securities that may be sold pursuant to Rule 144A under the Securities Act

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**AMG Beutel Goodman Core Plus Bond Fund SUMMARY PROSPECTUS**

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of 1933); preferred securities; securities issued by municipalities; and other securities bearing fixed or variable interest rates of any maturity. Up to 20% of the Fund's assets may be invested in non-U.S. dollar-denominated instruments. The Fund may hedge against currency risk or interest rate risk by using forward foreign currency contracts and futures, respectively, or by using other techniques, but it is not required to do so.

The Fund may invest up to 30% of its assets in below investment grade securities (common known as "junk bonds" or "high yield securities"). Below investment grade securities are rated below Baa3 by Moody's Investors Service, Inc. ("Moody's") or below BBB- by S&P Global Ratings ("S&P") or similarly rated by another nationally recognized statistical rating organization, or unrated but determined by Beutel, Goodman & Company Ltd., the subadviser to the Fund ("Beutel Goodman" or the "Subadviser"), to be of comparable credit quality. In cases where the credit ratings agencies have assigned different credit ratings to the same security, the security will be considered to have the higher credit rating. The Fund may continue to hold securities that are downgraded in credit rating subsequent to their purchase if Beutel Goodman believes it would be advantageous to do so.

The Fund intends to invest primarily in bonds with a rating of B or higher by any NRSRO at the time of purchase. The Fund expects that the average credit rating of the Fund's portfolio will be BBB or above. While the Fund may purchase fixed income securities of any duration, the Fund currently intends to primarily invest in fixed income securities so that the overall duration of the Fund's portfolio will remain +/- 2 years of the duration of the Fund's benchmark (the Bloomberg U.S. Aggregate Bond Index), which was 6.17 years as of December 31, 2022. The average duration of fixed income securities in the Fund's portfolio may, however, be shorter or longer depending on market conditions.

The Subadviser actively manages the Fund's portfolio using top-down macroeconomic analysis and bottom-up fundamental credit research to determine relative value and build what it views as a high conviction portfolio. A variety of qualitative and quantitative tools are used in the research process. The Subadviser's data-driven top-down analysis assesses interest rate anticipation (duration), yield curve positioning and sector positioning. Inflation, the political climate, monetary policy and economic activity are among the variables used to determine the overall duration target for the Fund, and the Fund's maturity structure will be adjusted to reflect the Subadviser's forecast for interest rates. The Fund's overall corporate credit positioning and sector selection are determined based on the Subadviser's economic and interest rate anticipation analysis. In selecting individual securities for the Fund, the Subadviser conducts fundamental credit research that employs, among other things, financial modeling, industry analysis, analysis of regulatory filings, management meetings and credit rating reports. The Subadviser evaluates potential investments based on the following elements: liquidity, transparency, non-cyclicality, financial models, and environmental, social and governance ("ESG") criteria. The Subadviser uses proprietary risk

management tools to manage the Fund's interest rate risk, yield curve risk, credit risk and liquidity risk.

The Subadviser integrates the analysis of ESG factors as part of the fundamental credit research process used to identify risks and opportunities for potential corporate bond positions as well as its existing holdings for the Fund. Environmental factors include, but are not limited to, greenhouse gas intensity, reclamation, power generation, carbon offsets and land usage. Governance factors include, but are not limited to, executive compensation, structural complexity, board independence, board compensation and bondholder rights. Social factors include, but are not limited to, diversity, health and safety, human rights, indigenous nations, engagement and community outreach. Consideration of ESG factors is one element of the Subadviser's investment process. The Subadviser views ESG issues not only as potential sources of risk, but also as opportunities for improvement. ESG-related risk exposure will not therefore preclude an investment, although the Subadviser does not generally expect to make investments where ESG factors make it difficult to accurately assess the value of a business. Beutel Goodman prepares and maintains credit reports for the Fund's investments and the ESG analysis included in each corporate credit report includes: an overall ESG risk assessment; granular ESG metrics; ESG score peer group benchmarking (using third party data providers such as Sustainalytics and MSCI); listing of ESG strengths and weakness; ESG-related engagement themes; and an ESG scorecard by individual topic. In performing ESG analysis, the Subadviser obtains information from company financial statements and other reports, interviews with company management, investment dealer reports, and data from other third parties. From time to time, the Subadviser may also engage with management regarding ESG matters relevant to the company.

**Principal Risks**

There is the risk that you may lose money on your investment. All investments carry a certain amount of risk, and the Fund cannot guarantee that it will achieve its investment objective. An investment in the Fund is not a deposit or obligation of any bank, is not endorsed or guaranteed by any bank, and is not insured by the Federal Deposit Insurance Corporation ("FDIC") or any other government agency.

Below are some of the risks of investing in the Fund. The risks are presented in an order intended to facilitate readability and their order does not imply that the realization of one risk is more likely to occur than another risk or likely to have a greater adverse impact than another risk. The significance of any specific risk to an investment in the Fund will vary over time, depending on the composition of the Fund's portfolio, market conditions, and other factors. You should read all of the risk information presented below carefully, because any one or more of these risks may result in losses to the Fund.

**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

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risks, credit risk, interest rate risk, extension risk, prepayment risk and liquidity risk.

**Market Risk**—market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of factors, including economic, political, or market conditions, or other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics such as the COVID-19 pandemic, or in response to events that affect particular industries or companies.

**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. During periods of increasing interest rates, the Fund may experience high levels of volatility and shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices, which could reduce the returns of the Fund.

**Credit and Counterparty Risk**—the issuer of bonds or other debt securities or a counterparty to a derivatives contract may be unable or unwilling, or may be perceived as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations.

**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.

**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.

**Call Risk**— call risk is the possibility that an issuer may redeem a fixed income security before maturity (a call). The increased likelihood of a call may reduce the security's price and may result in the Fund reinvesting at lower interest rates in securities with greater credit risk.

**Changing Distribution Level Risk**—the Fund will normally receive income which may include interest, dividends and/or capital gains, depending upon its investments. The distribution amount paid by the Fund will vary and generally depends on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in the Fund's income or net capital gains arising from its investments may reduce its distribution level.

**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 Fund to the risk that those currencies will decline in value relative to the U.S. dollar.

**Derivatives Risk**—the use of derivatives involves costs, the risk that the value of derivatives may not correlate perfectly with their underlying assets, rates or indices, liquidity risk, and the risk of mispricing or improper valuation. The use of derivatives may not succeed for various reasons, and the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.

**ESG Investing Risk**—the Subadviser incorporates ESG criteria into its investment process, which may result in the selection or exclusion of securities of certain issuers for reasons other than financial performance, and carries the risk that the Fund's investment returns may underperform funds that do not incorporate ESG factors into their investment process. The incorporation of ESG criteria into the investment process may affect the Fund's investment exposure to certain companies, sectors, regions, countries or types of investments, which could negatively impact the Fund's performance depending on whether such investments are in or out of favor. Applying ESG criteria to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by the Subadviser or any judgment exercised by the Subadviser will improve the financial performance of the Fund or reflect the beliefs or values of any particular investor. ESG standards differ by region and industry, and a company's ESG practices or the Subadviser's assessment of a company's ESG practices may change over time.

**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.

**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.

**Hedging Risk**—there is no guarantee that hedging strategies will be successful. For example, changes in the value of a hedging transaction may not completely offset changes in the value of the assets and liabilities being hedged. Hedging transactions involve costs and may result in losses.

**High Yield Risk**—below investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, liquidity, and market risk than higher-rated securities. These securities are considered predominately speculative with respect to the issuer's continuing ability to make principal and interest payments.

**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 the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of shareholders' investments in the Fund. Recently, inflation levels have been at their highest point in nearly 40 years, and the Federal Reserve has begun an aggressive campaign to raise certain benchmark

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**AMG Beutel Goodman Core Plus Bond Fund SUMMARY PROSPECTUS**

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interest rates in an effort to combat inflation. As such, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. Deflation risk is the risk that the prices throughout the economy decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio.

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

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

**Model and Data Risk**—when a quantitative model ("Model") or information or data ("Data") used in managing the Fund contains an error, or is incorrect or incomplete, any investment decision made in reliance on the Model or Data may not produce the desired results and the Fund may realize losses. In addition, any hedging based on a faulty Model or Data may prove to be unsuccessful. Furthermore, the success of a Model that is predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors or errors in design, which may cause the resulting output to be faulty.

**Municipal Market Risk**—factors unique to the municipal bond market may negatively affect the value of municipal bonds.

**Policy Risk**— the withdrawal of U.S. and other government support to stabilize and support financial markets, including an increase in interest rates in the U.S. or elsewhere, or investor perceptions that this support may be withdrawn, could cause an increase in volatility in certain financial markets or constrict the availability of credit and liquidity, which could adversely affect the value and liquidity of certain securities.

**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.

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

**Restricted Securities Risk**—investing in restricted securities (including, without limitation, Rule 144A securities) may reduce the liquidity of the Fund's investments in the event that an adequate trading market does not exist for these securities. Limitations on the resale of restricted securities could adversely affect the marketability of the securities, and the Fund may be unable to sell the security at the desired time or price, if at all. The purchase price and subsequent valuation of restricted securities normally reflect a discount, which may be significant,

from the market price of comparable unrestricted securities for which a liquid trading market exists.

**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.

**Performance**

The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.

As of March 24, 2021, Beutel Goodman was appointed as subadviser to the Fund and the Fund changed its name to "AMG Beutel Goodman Core Plus Bond Fund" and adopted its current investment strategies. The Fund's performance information for periods prior to March 24, 2021 reflects the Fund's investment strategy that was in effect at that time and would have been different had the Fund's current investment strategy been in effect.

To obtain updated performance information please visit www.amgfunds.com or call 800.548.4539.

*Calendar Year Total Returns as of 12/31/22 (Class N)*

![](g445648doublelinecoreplus.jpg)

Best Quarter: 6.88% (2nd Quarter 2020) <br>Worst Quarter: -6.24% (1st Quarter 2022)

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| | | | | |
|:---|:---|:---|:---|:---|
| *Average Annual Total Returns as of 12/31/22* | *Average Annual Total Returns as of 12/31/22* | *Average Annual Total Returns as of 12/31/22* | *Average Annual Total Returns as of 12/31/22* | *Average Annual Total Returns as of 12/31/22* |
| **AMG Beutel Goodman Core** <br> **Plus Bond Fund**<br>| *1 Year* | *5 Years* | *10 Years* | *Since*<br> *Inception*<sup>1</sup> <br>|
| Class N<br> Return Before Taxes<br>| -14.29% | -0.69% | 0.99% |  |
| Class N<br> Return After Taxes on <br> Distributions<br>| -15.50% | -1.92% | -0.35% |  |
| Class N<br> Return After Taxes on <br> Distributions and Sale of <br> Fund Shares<br>| &nbsp;&nbsp; -8.43% | -0.99% | 0.20% |  |
| Class I<br> Return Before Taxes<br>| -14.12% | -0.48% | 1.23% |  |
| Class Z<br> Return Before Taxes<br>| -14.07% | -0.40% |  | -0.30% |
| **Bloomberg US Aggregate** <br> **Bond Index**<br> (reflects no deduction for <br> fees, expenses, or taxes)<br>| -13.01% | 0.02% | 1.06% | 0.10% |

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<sup>1</sup>Class Z and Index performance shown reflects performance since the inception date of the Fund's Class Z shares on September 29, 2017.

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

**Portfolio Management**

**Investment Manager**

AMG Funds LLC

**Subadviser**

Beutel, Goodman & Company Ltd. <br>

**Portfolio Managers** <br>David Gregoris, CFA <br> Managing Director, Fixed Income, Beutel Goodman; <br> Portfolio Manager of the Fund since March 2021.

Effective June 30, 2023, Mr. Gregoris will retire from Beutel Goodman and no longer serve as a portfolio manager of the Fund.

Derek Brown, CFA <br> Senior Vice President, Co-Head Fixed Income, Beutel Goodman; <br> Portfolio Manager of the Fund since March 2021.

Sue McNamara, CFA <br>Senior Vice President, Fixed Income, Beutel Goodman; <br> Portfolio Manager of the Fund since March 2021.

Neil McCabe, CFA <br> Vice President, Fixed Income, Beutel Goodman; <br> Portfolio Manager of the Fund since March 2021.

**Buying and Selling Fund Shares**

**Initial Investment Minimum**

**Class N**

Regular Account: $2,000 <br>Individual Retirement Account: $1,000

**Class I**

Regular Account: $100,000 <br>Individual Retirement Account: $25,000

**Class Z**<sup>\*</sup>

Regular Account: $5,000,000 <br>Individual Retirement Account: $50,000

**Additional Investment Minimum**

Class N and Class I (all accounts): $100 <br> Class Z (all accounts): $1,000

<sup>\*</sup> Individual retirement accounts may only invest in Class Z shares by purchasing shares directly from the Fund.

**TRANSACTION POLICIES**

You may purchase or sell your shares of the Fund any day that the New York Stock Exchange is open for business, either through your registered investment professional or directly from or to the Fund. Shares may be purchased, sold or exchanged by phone at 800.548.4539, online at www.amgfunds.com, by bank wire (if bank wire instructions are on file for your account) or, through March 8, 2023, by mail to:

AMG Funds <br>c/o BNY Mellon Investment Servicing (US) Inc. <br>P.O. Box 9769 <br>Providence, RI 02940-9769

Beginning March 9, 2023, the above mailing address will change to the following:

AMG Funds <br>c/o BNY Mellon Investment Servicing (US) Inc. <br>P.O. Box 534426 <br>Pittsburgh, PA 15253-4426

**Tax Information**

The Fund intends to make distributions that are taxable to you as ordinary income, qualified dividend income or capital gains, except when your investment is in an IRA, 401(k), or other tax-advantaged investment plan. By investing in the Fund through such a plan, you will not be subject to tax on distributions from the Fund so long as the amounts distributed remain in the plan, but you will generally be taxed upon withdrawal of monies from the plan.

**Payments to Broker-Dealers and Other Financial Intermediaries**

If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies, including the Investment Manager, AMG Distributors, Inc. (the "Distributor") and the Subadviser, may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by

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influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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