# EDGAR Filing Document

**Accession Number:** 0000867971
**File Stem:** 0000867971-23-000003
**Filing Date:** 2023-2
**Character Count:** 16602
**Document Hash:** 9ad565f7d3542bf111ab68d2b8d74454
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000867971-23-000003.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0000867971-23-000003

**CONFORMED SUBMISSION TYPE**: X-17A-5

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**EFFECTIVENESS DATE**: 20230223

**PERIOD START**: 20220101

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG Distributors, Inc.
- **CENTRAL INDEX KEY:** 0000867971
- **IRS NUMBER:** 061603133
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** X-17A-5
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 008-43057
- **FILM NUMBER:** 23657257

**BUSINESS ADDRESS:**
- **STREET 1:** 680 WASHINGTON BLVD
- **STREET 2:** SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
- **BUSINESS PHONE:** 203-299-3582

**MAIL ADDRESS:**
- **STREET 1:** 680 WASHINGTON BLVD
- **STREET 2:** SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** AMG DISTRIBUTORS, INC.
- **DATE OF NAME CHANGE:** 20140428

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGERS DISTRIBUTORS, INC.
- **DATE OF NAME CHANGE:** 20020329

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGERS DISTRIBUTORS INC /CT                           /BD
- **DATE OF NAME CHANGE:** 20020329

### Attached PDF Documents

**Attachment 1:** `AMGDistributors2022FINAL.pdf`

# AMG Distributors, Inc.

(A wholly owned subsidiary of AMG Funds LLC)

Financial Statements and Supplemental Information

December 31, 2022

# UNITED STATES

# SECURITIES AND EXCHANGE COMMISSION

# Washington, D.C. 20549

# OMB APPROVAL

OMB Number: 3235-0123

Expires: Oct. 31, 2023

Estimated average burden

hours per response: 12

# ANNUAL REPORTS

# FORM X-17A-5

# PART III

# SEC FILE NUMBER

8-43057

# FACING PAGE

Information Required Pursuant to Rules 17a-5, 17a-12, and 18a-7 under the Securities Exchange Act of 1934

FILING FOR THE PERIOD BEGINNING

01/01/2022

AND ENDING

12/31/2022

MM/DD/YY

MM/DD/YY

# A. REGISTRANT IDENTIFICATION

NAME OF FIRM: AMG Distributors, Inc.

TYPE OF REGISTRANT (check all applicable boxes):

☑ Broker-dealer

☐ Security-based swap dealer

☐ Major security-based swap participant

☐ Check here if respondent is also an OTC derivatives dealer

ADDRESS OF PRINCIPAL PLACE OF BUSINESS: (Do not use a P.O. box no.)

680 Washington Blvd., Suite 500

| (No. and Street) |  |  |
| --- | --- | --- |
| Stamford | CT | 06901 |
| (City) | (State) | (Zip Code) |
| PERSON TO CONTACT WITH REGARD TO THIS FILING |  |  |
| Andrew Reid | 203-642-7452 | andrew.reid@amg.com |
| (Name) | (Area Code - Telephone No.) | (Email Address) |

# B. ACCOUNTANT IDENTIFICATION

INDEPENDENT PUBLIC ACCOUNTANT whose reports are contained in this filing*

PricewaterhouseCoopers LLP

| (Name - if individual, state last, first, middle name) |  |  |  |
| --- | --- | --- | --- |
| 101 Seaport Blvd., Suite 500 | Boston | MA | 02210 |
| (Address) | (City) | (State) | (Zip Code) |
| 10/20/2003 | 238 |  |  |

(Date of Registration with PCAOB)(if applicable)

(PCAOB Registration Number, if applicable)

# FOR OFFICIAL USE ONLY

* Claims for exemption from the requirement that the annual reports be covered by the reports of an independent public accountant must be supported by a statement of facts and circumstances relied on as the basis of the exemption. See 17 CFR 240.17a-5(e)(1)(ii), if applicable.

Persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.

# OATH OR AFFIRMATION

I, Andrew Reid, swear (or affirm) that, to the best of my knowledge and belief, the financial report pertaining to the firm of AMG Distributors, Inc., as of December 31, 2022, is true and correct. I further swear (or affirm) that neither the company nor any partner, officer, director, or equivalent person, as the case may be, has any proprietary interest in any account classified solely as that of a customer.

Subscribed and Sworn to before me, a Notary Public, in and for County of New Haven and State of Connecticut, this 23rd day of February, 2023 Sarah A. Bennett NOTARY PUBLIC My Commission Expires May 31, 2027

Signature: [Signature]
Title: FINANCIAL + OPERATIONS PRINCIPAL

Notary Public

This filing** contains (check all applicable boxes):

☑ (a) Statement of financial condition.
☑ (b) Notes to consolidated statement of financial condition.
☑ (c) Statement of income (loss) or, if there is other comprehensive income in the period(s) presented, a statement of comprehensive income (as defined in § 210.1-02 of Regulation S-X).
☑ (d) Statement of cash flows.
☑ (e) Statement of changes in stockholders' or partners' or sole proprietor's equity.
☐ (f) Statement of changes in liabilities subordinated to claims of creditors.
☑ (g) Notes to consolidated financial statements.
☑ (h) Computation of net capital under 17 CFR 240.15c3-1 or 17 CFR 240.18a-1, as applicable.
☐ (i) Computation of tangible net worth under 17 CFR 240.18a-2.
☐ (j) Computation for determination of customer reserve requirements pursuant to Exhibit A to 17 CFR 240.15c3-3.
☐ (k) Computation for determination of security-based swap reserve requirements pursuant to Exhibit B to 17 CFR 240.15c3-3 or Exhibit A to 17 CFR 240.18a-4, as applicable.
☐ (l) Computation for Determination of PAB Requirements under Exhibit A to § 240.15c3-3.
☑ (m) Information relating to possession or control requirements for customers under 17 CFR 240.15c3-3.
☐ (n) Information relating to possession or control requirements for security-based swap customers under 17 CFR 240.15c3-3(p)(2) or 17 CFR 240.18a-4, as applicable.
☑ (o) Reconciliations, including appropriate explanations, of the FOCUS Report with computation of net capital or tangible net worth under 17 CFR 240.15c3-1, 17 CFR 240.18a-1, or 17 CFR 240.18a-2, as applicable, and the reserve requirements under 17 CFR 240.15c3-3 or 17 CFR 240.18a-4, as applicable, if material differences exist, or a statement that no material differences exist.
☐ (p) Summary of financial data for subsidiaries not consolidated in the statement of financial condition.
☑ (q) Oath or affirmation in accordance with 17 CFR 240.17a-5, 17 CFR 240.17a-12, or 17 CFR 240.18a-7, as applicable.
☐ (r) Compliance report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
☐ (s) Exemption report in accordance with 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
☐ (t) Independent public accountant's report based on an examination of the statement of financial condition.
☑ (u) Independent public accountant's report based on an examination of the financial report or financial statements under 17 CFR 240.17a-5, 17 CFR 240.18a-7, or 17 CFR 240.17a-12, as applicable.
☐ (v) Independent public accountant's report based on an examination of certain statements in the compliance report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
☐ (w) Independent public accountant's report based on a review of the exemption report under 17 CFR 240.17a-5 or 17 CFR 240.18a-7, as applicable.
☑ (x) Supplemental reports on applying agreed-upon procedures, in accordance with 17 CFR 240.15c3-1e or 17 CFR 240.17a-12, as applicable.
☐ (y) Report describing any material inadequacies found to exist or found to have existed since the date of the previous audit, or a statement that no material inadequacies exist, under 17 CFR 240.17a-12(k).
☐ (z) Other:

**To request confidential treatment of certain portions of this filing, see 17 CFR 240.17a-5(e)(3) or 17 CFR 240.18a-7(d)(2), as applicable.

# **AMG Distributors, Inc.**

(A wholly owned subsidiary of AMG Funds LLC)

# **Index**

**December 31, 2022**

|  | Page(s) |
| --- | --- |
| Report of Independent Registered Public Accounting Firm | 1 - 2 |
| Financial Statements |  |
| Balance Sheet | 3 |
| Statement of Operations | 4 |
| Statement of Changes in Shareholder's Equity | 5 |
| Statement of Cash Flows | 6 |
| Notes to Financial Statements | 7 - 11 |
| Supplemental Information |  |
| Schedule I - Computation of Net Capital Under Rule 15c3-1 of the Securities and Exchange Commission | 12 |
| Schedule II - Statement Regarding Rule 15c3-3 of the Securities and Exchange Commission | 13 |

![img-0.jpeg](img-0.jpeg)

## Report of Independent Registered Public Accounting Firm

To the Shareholder of AMG Distributors, Inc.

### *Opinion on the Financial Statements*

We have audited the accompanying balance sheet of AMG Distributors, Inc. (the “Company”) as of December 31, 2022 and the related statements of operations, changes in shareholder’s equity and cash flows for the year then ended, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2022, and the results of its operations and its cash flows for the year then ended in conformity with accounting principles generally accepted in the United States of America.

### *Basis for Opinion*

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s financial statements based on our audit. 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 Company 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 audit 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 audit 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 audit also included evaluating the accounting principles used and significant estimates made by management, as well as, evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

### *Supplemental Information*

The accompanying Computation of Net Capital under Rule 15c3-1 of the Securities and Exchange Commission and Statement Regarding Rule 15c3-3 of the Securities and Exchange Commission as of December 31, 2022 (collectively, the “supplemental information”) has been subjected to audit procedures performed in conjunction with the audit of the Company’s financial statements. The supplemental information is the responsibility of the Company’s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the

PricewaterhouseCoopers LLP, 101 Seaport Boulevard, Suite 500, Boston, MA 02210  
T: (617) 530 5000, www.pwc.com/us

![img-1.jpeg](img-1.jpeg)

supplemental information, including its form and content, is presented in conformity with Rule 17a-5 under the Securities Exchange Act of 1934. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.

*PricewaterhouseCoopers LLP*

February 22, 2023

We have served as the Company's auditor since 2006.

2

# **AMG Distributors, Inc.**

(A wholly owned subsidiary of AMG Funds LLC)

# **Balance Sheet**

**December 31, 2022**

# **Assets**

| Cash & cash equivalents | $5,185,628 |
| --- | --- |
| Due from related parties (Note 6) | 1,192,575 |
| Prepaid expenses and other current assets | 170,128 |
| Total assets | $6,548,331 |

# **Liabilities and Shareholder's Equity**

| Liabilities |  |
| --- | --- |
| Distribution fee payable | 1,335,215 |
| Due to related parties (Note 6) | 2,876,813 |
| Total liabilities | 4,212,028 |

# **Shareholder's Equity**

| Common stock (50,000 shares authorized, 1,000 shares issued and outstanding; par value $.01 per share in 2022) | 10 |
| --- | --- |
| Paid-in capital | 1,129,990 |
| Retained earnings | 1,206,303 |
| Total shareholder's equity | 2,336,303 |
| Total liabilities and shareholder's equity | $6,548,331 |

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

3

# **AMG Distributors, Inc.**

(A wholly owned subsidiary of AMG Funds LLC)

# **Statement of Operations**

**Year Ended December 31, 2022**

# **Revenues (Note 2)**

| 12b-1 fee revenue | $7,233,032 |
| --- | --- |
| Service revenue (Note 6) | 1,624,394 |
| Commission reimbursement (Note 6) | 992,482 |
| Placement fees and other income (Note 6) | 397,084 |
| Total revenues | 10,246,992 |

# **Expenses**

| Distribution expenses (Note 6) | 7,232,665 |
| --- | --- |
| Allocable cost from parent (Note 6) | 3,326,674 |
| Commission expense (Note 6) | 992,482 |
| FINRA fees | 169,419 |
| Professional fees | 136,926 |
| Office, general and administrative | 47,858 |
| Total expenses | 11,906,024 |
| Loss from operations | (1,659,032) |
| Income tax benefit | 395,895 |
| Net loss | $(1,263,137) |

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

4

# **AMG Distributors, Inc.**

(A wholly owned subsidiary of AMG Funds LLC)

# **Statement of Changes in Shareholder's Equity**

**Year Ended December 31, 2022**

|  | Common Stock | Paid-in Capital | Retained Earnings | Total |
| --- | --- | --- | --- | --- |
| Balance, December 31, 2021 | $10 | $1,129,990 | $2,469,440 | $3,599,440 |
| Net loss | - | - | (1,263,137) | $(1,263,137) |
| Balance, December 31, 2022 | $10 | $1,129,990 | $1,206,303 | $2,336,303 |

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

5

# **AMG Distributors, Inc.**

(A wholly owned subsidiary of AMG Funds LLC)

# **Statement of Cash Flows**

**Year Ended December 31, 2022**

# **Cash flows provided by (used in) operating activities**

| Net loss | $(1,263,137) |
| --- | --- |
| Adjustments to reconcile net income to net cash provided by operating activities |  |
| Increase in due from related parties | (382,376) |
| Increase in prepaid expenses and other current assets | (35,688) |
| Increase in distribution fee payable | 574,773 |
| Increase in due to related parties | 2,187,613 |
| Net cash provided by operating activities | 1,081,185 |
| Net increase in cash and cash equivalents | 1,081,185 |

# **Cash and cash equivalents**

| Beginning of year | 4,104,443 |
| --- | --- |
| End of year | $5,185,628 |

# **Supplemental disclosure of cash flow information:**

| Income taxes paid to parent | $7,023 |
| --- | --- |

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

6

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## FORM X-17A-5

### ANNUAL AUDITED REPORT

### Filer Information

**Filer CIK:** 0000867971

**Filer CCC:** XXXXXXXX

**Is this a LIVE or TEST filing?:** LIVE

**Would you like a Return Copy?:** No

### Submission Information

**Report Period Begin Date:** 01-01-2022

**Report Period End Date:** 12-31-2022

**Type of Registrant:** Broker-dealer

**Any material weaknesses identified?:** No

### Registrant Identification

**Name of Broker-Dealer:** AMG Distributors, Inc.

**Business Address:** 680 WASHINGTON BLVD, SUITE 500, STAMFORD, CT, 06901

**Contact Person:** Andrew Reid

**Contact Phone:** 203-642-7452

### Independent Public Accountant Identification

**Accountant Name:** PriceWaterhouseCoopers LLP

**Accountant Address:** 101 Seaport Blvd., Suite 500, Boston, MA, 02210

**Accountant Type:** Certified Public Accountant

### OATH OR AFFIRMATION

I, **Andrew Reid**, swear (or affirm) that, to the best of my knowledge and belief, the accompanying financial statements and supporting schedules pertaining to the firm of **AMG Distributors, Inc.**, as of **12-31-2022**, are true and correct.

**Signature:** Andrew Reid

**Title:** Financial & Operations Principal

**Notarized:** Yes