# EDGAR Filing Document

**Accession Number:** 0000912036
**File Stem:** 0001193125-26-007803
**Filing Date:** 2026-1
**Character Count:** 684508
**Document Hash:** bd0008b144237ed5d49a75d8544509f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-007803.hdr.sgml**: 20260108

**ACCESSION NUMBER**: 0001193125-26-007803

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 67

**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 IV
- **CENTRAL INDEX KEY:** 0000912036

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08004
- **FILM NUMBER:** 26520367

**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 GW&K Small Cap Growth Fund (Series ID: S000001114)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000003009 | CLASS N SHARES | MCGFX           |
| C000003010 | CLASS I SHARES | MCGIX           |

### AMG River Road Mid Cap Value Fund (Series ID: S000001125)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000003029 | CLASS N SHARES | CHTTX           |
| C000003030 | CLASS I SHARES | ABMIX           |
| C000194566 | Class Z Shares | ABIZX           |

### AMG River Road Dividend All Cap Value Fund (Series ID: S000001129)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000003037 | CLASS N SHARES | ARDEX           |
| C000050291 | CLASS I SHARES | ARIDX           |
| C000194567 | Class Z Shares | ARZDX           |

### AMG River Road Small Cap Value Fund (Series ID: S000001130)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000003038 | CLASS N SHARES | ARSVX           |
| C000040086 | CLASS I SHARES | ARSIX           |
| C000194568 | CLASS Z Shares | ARZMX           |

### AMG River Road Small-Mid Cap Value Fund (Series ID: S000016733)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000046749 | CLASS N SHARES | ARSMX           |
| C000050292 | CLASS I SHARES | ARIMX           |
| C000194569 | CLASS Z Shares | ARSZX           |

### AMG GW&K Small/Mid Cap Growth Fund (Series ID: S000030192)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000092914 | CLASS N SHARES | ACWDX           |
| C000101741 | CLASS I SHARES | ACWIX           |
| C000230346 | CLASS Z SHARES | ACWZX           |

### AMG River Road Focused Absolute Value Fund (Series ID: S000051381)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000161967 | CLASS I SHARES | AFAVX           |
| C000161968 | CLASS N SHARES | ARRFX           |
| C000194575 | CLASS Z Shares | ARRZX           |

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

#### 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:

#### 811-08004

#### AMG Funds IV
(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 GW&K Small/Mid Cap Growth Fund

## Class N/ACWDX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG GW&K Small/Mid 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 GW&K Small/Mid Cap Growth Fund<br>(Class N/ACWDX) | $107 | 1.01% |

---

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

• The Fund's Class N shares returned 11.59% in the fiscal year ended October 31, 2025, underperforming the Russell 2500<sup>®</sup> Growth Index, which returned 15.78% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

• Over the past year, better-than-expected earnings, robust artificial intelligence (AI) demand, favorable economic backdrop, and the resumption of rate cuts by the U.S. Federal Reserve Board (Fed) enabled U.S. equities to post attractive returns during the fiscal year. Areas of concern included tariffs, softness in low- and middle-income spending, uneven job creation, and pockets of over-exuberance in thematic high-fliers.

Top Contributors and Detractors

• The health care sector was a leading contributor, led by biopharma holdings that announced favorable drug trials and strong sales results.

• Consumer staples saw the Fund's food distributor position deliver strong fundamentals throughout the period.

• In energy, the Fund's holding in a supplier of infrastructure equipment secured attractive long-term contracts.

• Detracting sectors included information technology, where mixed stock selection and an underweight allocation to the sharp rise in quantum computing and crypto names created underperformance.

• Industrials trailed as strength in the Fund's engineering and construction holdings were offset by a surge in drone, nuclear, and space highfliers. In materials, soft end market demand weighed on the Fund's positions.

• The outlook for U.S. Small/Mid Cap Growth stocks remains constructive based on anticipated strong 2026 earnings prospects, fiscal stimulus, healthy levels of U.S. economic growth, AI related demand, and additional rate cuts by the Fed. Potential challenges for the U.S. equity markets could come from a rise in unemployment, stubborn inflation, or a sharp price retracement in momentum-driven equities.

#### 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](g72891chartimages_10905962.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class N** | 11.59% | 10.09% | 8.98% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2500<sup>®</sup> Growth Index** | 15.78% | 8.05% | 10.65% |

---

*As of March 19, 2021, the Fund's Subadviser was changed to GW&K Investment Management, LLC. Prior to March 19, 2021, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before March 19, 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;$38962471 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$137956 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;33% |

---

#### 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;Insmed, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 1.9% |
| Top Ten as a Group | 21.3% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905967.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 TSR040A

### AMG GW&K Small/Mid Cap Growth Fund

## Class I/ACWIX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG GW&K Small/Mid 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 GW&K Small/Mid Cap Growth Fund<br>(Class I/ACWIX) | $91 | 0.86% |

---

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

• The Fund's Class I shares returned 11.76% in the fiscal year ended October 31, 2025, underperforming the Russell 2500<sup>®</sup> Growth Index, which returned 15.78% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

• Over the past year, better-than-expected earnings, robust artificial intelligence (AI) demand, favorable economic backdrop, and the resumption of rate cuts by the U.S. Federal Reserve Board (Fed) enabled U.S. equities to post attractive returns during the fiscal year. Areas of concern included tariffs, softness in low- and middle-income spending, uneven job creation, and pockets of over-exuberance in thematic high-fliers.

Top Contributors and Detractors

• The health care sector was a leading contributor, led by biopharma holdings that announced favorable drug trials and strong sales results.

• Consumer staples saw the Fund's food distributor position deliver strong fundamentals throughout the period.

• In energy, the Fund's holding in a supplier of infrastructure equipment secured attractive long-term contracts.

• Detracting sectors included information technology, where mixed stock selection and an underweight allocation to the sharp rise in quantum computing and crypto names created underperformance.

• Industrials trailed as strength in the Fund's engineering and construction holdings were offset by a surge in drone, nuclear, and space highfliers. In materials, soft end market demand weighed on the Fund's positions.

• The outlook for U.S. Small/Mid Cap Growth stocks remains constructive based on anticipated strong 2026 earnings prospects, fiscal stimulus, healthy levels of U.S. economic growth, AI related demand, and additional rate cuts by the Fed. Potential challenges for the U.S. equity markets could come from a rise in unemployment, stubborn inflation, or a sharp price retracement in momentum-driven equities.

#### 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](g72891chartimages_10905925.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class I** | 11.76% | 10.25% | 9.17% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2500<sup>®</sup> Growth Index** | 15.78% | 8.05% | 10.65% |

---

*As of March 19, 2021, the Fund's Subadviser was changed to GW&K Investment Management, LLC. Prior to March 19, 2021, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before March 19, 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;$38962471 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$137956 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;33% |

---

#### 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;Insmed, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 1.9% |
| Top Ten as a Group | 21.3% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905930.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 TSR039A

### AMG GW&K Small/Mid Cap Growth Fund

## Class Z/ACWZX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG GW&K Small/Mid 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 GW&K Small/Mid Cap Growth Fund<br>(Class Z/ACWZX) | $86 | 0.81% |

---

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

• The Fund's Class Z shares returned 11.79% in the fiscal year ended October 31, 2025, underperforming the Russell 2500<sup>®</sup> Growth Index, which returned 15.78% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

• Over the past year, better-than-expected earnings, robust artificial intelligence (AI) demand, favorable economic backdrop, and the resumption of rate cuts by the U.S. Federal Reserve Board (Fed) enabled U.S. equities to post attractive returns during the fiscal year. Areas of concern included tariffs, softness in low- and middle-income spending, uneven job creation, and pockets of over-exuberance in thematic high-fliers.

Top Contributors and Detractors

• The health care sector was a leading contributor, led by biopharma holdings that announced favorable drug trials and strong sales results.

• Consumer staples saw the Fund's food distributor position deliver strong fundamentals throughout the period.

• In energy, the Fund's holding in a supplier of infrastructure equipment secured attractive long-term contracts.

• Detracting sectors included information technology, where mixed stock selection and an underweight allocation to the sharp rise in quantum computing and crypto names created underperformance.

• Industrials trailed as strength in the Fund's engineering and construction holdings were offset by a surge in drone, nuclear, and space highfliers. In materials, soft end market demand weighed on the Fund's positions.

• The outlook for U.S. Small/Mid Cap Growth stocks remains constructive based on anticipated strong 2026 earnings prospects, fiscal stimulus, healthy levels of U.S. economic growth, AI related demand, and additional rate cuts by the Fed. Potential challenges for the U.S. equity markets could come from a rise in unemployment, stubborn inflation, or a sharp price retracement in momentum-driven equities.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted since the class's inception on August 31, 2021, 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-year period and the period from the class's inception through 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](g72891chartimages_10905999.jpg)

---

| | | |
|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **Since Inception** |
| **Class Z** | 11.79% | 3.31% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 12.08% |
| **Russell 2500<sup>®</sup> Growth Index** | 15.78% | 2.01% |

---

*As of March 19, 2021, the Fund's Subadviser was changed to GW&K Investment Management, LLC. Prior to March 19, 2021, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before March 19, 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;$38962471 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$137956 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;33% |

---

#### 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;Insmed, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 1.9% |
| Top Ten as a Group | 21.3% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10906004.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 TSR041A

### AMG GW&K Small Cap Growth Fund

### (formerly, AMG Montrusco Bolton Large Cap Growth Fund)

## Class N/MCGFX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG GW&K 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.

**This report describes changes to the Fund that occurred during the reporting period.**

#### 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 Small Cap Growth Fund<br>(Class N/MCGFX) | $100 | 0.91% |

---

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

• U.S. equities posted solid gains, supported by expectations of lower interest rates, resilient corporate earnings, and continued enthusiasm around technology and artificial intelligence (AI). Market leadership remained concentrated in large-cap growth stocks, and valuations moved higher, suggesting a strong but somewhat fragile backdrop as investors look ahead.

Performance review

• Over the last fiscal year, the Fund's Class N shares generated a return of 19.81%, compared to the S&P 500<sup>®</sup> Index which generated a return of 21.45%. The underperformance came predominantly from stock selection.

Top Contributors and Detractors

• Top contributing sectors to the Fund's relative performance included health care and consumer staples. Top detracting sectors included information technology and consumer discretionary.

• Top three contributors to the Fund's return were Lam Research Corp., Marsh & McLennan Companies, Inc., and Uber Technologies, Inc. Lam Research benefited significantly from surging demand for advanced AI chips and data-center capacity while Uber performed well over the period thanks to sustained growth in both its mobility and delivery segments, supported by rising trip volumes and strong cost discipline. Marsh & McLennan delivered solid growth through its risk and insurance services and consulting lines. The top three detractors were Adobe, Inc., Chipotle Mexican Grill, Inc., and not holding Broadcom Inc. in the Fund. Adobe faced growing investor skepticism despite solid financials, as its long-term growth story is being challenged by intensifying competition (e.g., Canva, Figma) and doubts over how quickly it can monetize its generative AI initiatives. Chipotle struggled with persistent margin pressure and weakening traffic as inflation pushes up its food and labor costs, while macroeconomic uncertainty prompts more cautious consumer spending. Not holding Broadcom in the Fund was detrimental as the stock performed well during the period because demand for its custom AI chips and networking solutions surged.

Positioning

• The Fund's top 10 holdings at the end of October 2025 are: Apple, Inc. (9.6%), Nvidia Corps. (9.5%), Microsoft Corp.<sup>®</sup> (9.5%), Amazon.com, Inc.<sup>®</sup> (7.9%), Alphabet, Inc Class A (7.5%), Uber Technologies, Inc. (4.7%), Synopsys, Inc. (4.7%), Meta Platforms, Inc Class A (4.6%), BlackRock, Inc. (3.8%) and Adobe, Inc. (3.8%).

#### 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 invested during the reported period. 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 invested during the reported period 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](g72891chartimages_10905444.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class N** | 19.81% | 13.60% | 13.07% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **S&P 500<sup>®</sup> Growth Index** | 31.99% | 18.39% | 16.95% |

---

*As of December 8, 2025, the Fund's Subadviser was changed to GW&K Investment Management, LLC. Prior to December 8, 2025, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before December 8, 2025 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.*

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;$209870824 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$853421 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;97% |

---

#### 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;Apple, Inc. | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 3.8% |
| Top Ten as a Group | 65.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905449.jpg)

#### Recent Fund Changes
On October 7, 2025, AMG Funds IV's Board of Trustees (the "Board") approved the appointment of GW&K Investment Management, LLC ("GW&K") as the subadviser to the Fund to replace Montrusco Bolton Investments, Inc. ("Montrusco Bolton"), effective December 8, 2025. The Board also approved a new subadvisory agreement between AMG Funds LLC (the "Investment Manager") and GW&K.

In connection with the hiring of GW&K, effective December 8, 2025, the Fund changed its name to AMG GW&K Small Cap Growth Fund, made changes to its principal investment strategies and principal risks, changed its sub-classification under Section 5(b) of the Investment Company Act of 1940, as amended, from "non-diversified" to "diversified," and replaced the S&P 500<sup>®</sup> Growth Index with the Russell 2000<sup>®</sup> Growth Index as one of the Fund's benchmark indices. Effective December 8, 2025, the Fund also established a new share class, Class Z.

In addition, the Board approved the following fee changes for the Fund, effective December 8, 2025: a reduction in management fee rate from 0.48% to 0.47%; an increase to the maximum annual shareholder servicing fee rate authorized to be paid by Class I shares of the Fund from 0.05% to 0.06%; and the reduction of the Fund's Expense Cap from 0.68% to 0.67% through at least March 1, 2027.

#### 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 TSR043A

### AMG GW&K Small Cap Growth Fund

### (formerly, AMG Montrusco Bolton Large Cap Growth Fund)

## Class I/MCGIX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG GW&K 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.

**This report describes changes to the Fund that occurred during the reporting period.**

#### 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 Small Cap Growth Fund<br>(Class I/MCGIX) | $80 | 0.73% |

---

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

• U.S. equities posted solid gains, supported by expectations of lower interest rates, resilient corporate earnings, and continued enthusiasm around technology and artificial intelligence (AI). Market leadership remained concentrated in large-cap growth stocks, and valuations moved higher, suggesting a strong but somewhat fragile backdrop as investors look ahead.

Performance review

• Over the last fiscal year, the Fund's Class I shares generated a return of 20.02%, compared to the S&P 500<sup>®</sup> Index which generated a return of 21.45%. The underperformance came predominantly from stock selection.

Top Contributors and Detractors

• Top contributing sectors to the Fund's relative performance included health care and consumer staples. Top detracting sectors included information technology and consumer discretionary.

• Top three contributors to the Fund's return were Lam Research Corp., Marsh & McLennan Companies, Inc., and Uber Technologies, Inc. Lam Research benefited significantly from surging demand for advanced AI chips and data-center capacity while Uber performed well over the period thanks to sustained growth in both its mobility and delivery segments, supported by rising trip volumes and strong cost discipline. Marsh & McLennan delivered solid growth through its risk and insurance services and consulting lines. The top three detractors were Adobe, Inc., Chipotle Mexican Grill, Inc., and not holding Broadcom Inc. in the Fund. Adobe faced growing investor skepticism despite solid financials, as its long-term growth story is being challenged by intensifying competition (e.g., Canva, Figma) and doubts over how quickly it can monetize its generative AI initiatives. Chipotle struggled with persistent margin pressure and weakening traffic as inflation pushes up its food and labor costs, while macroeconomic uncertainty prompts more cautious consumer spending. Not holding Broadcom in the Fund was detrimental as the stock performed well during the period because demand for its custom AI chips and networking solutions surged.

Positioning

• The Fund's top 10 holdings at the end of October 2025 are: Apple, Inc. (9.6%), Nvidia Corps. (9.5%), Microsoft Corp.<sup>®</sup> (9.5%), Amazon.com, Inc.<sup>®</sup> (7.9%), Alphabet, Inc Class A (7.5%), Uber Technologies, Inc. (4.7%), Synopsys, Inc. (4.7%), Meta Platforms, Inc Class A (4.6%), BlackRock, Inc. (3.8%) and Adobe, Inc. (3.8%).

#### 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 invested during the reported period. 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 invested during the reported period 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](g72891chartimages_10905407.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class I** | 20.02% | 13.80% | 13.29% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **S&P 500<sup>®</sup> Growth Index** | 31.99% | 18.39% | 16.95% |

---

*As of December 8, 2025, the Fund's Subadviser was changed to GW&K Investment Management, LLC. Prior to December 8, 2025, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before December 8, 2025 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.*

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;$209870824 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;28 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$853421 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;97% |

---

#### 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;Apple, Inc. | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 9.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 7.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adobe, Inc. | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 3.8% |
| Top Ten as a Group | 65.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905412.jpg)

#### Recent Fund Changes
On October 7, 2025, AMG Funds IV's Board of Trustees (the "Board") approved the appointment of GW&K Investment Management, LLC ("GW&K") as the subadviser to the Fund to replace Montrusco Bolton Investments, Inc. ("Montrusco Bolton"), effective December 8, 2025. The Board also approved a new subadvisory agreement between AMG Funds LLC (the "Investment Manager") and GW&K.

In connection with the hiring of GW&K, effective December 8, 2025, the Fund changed its name to AMG GW&K Small Cap Growth Fund, made changes to its principal investment strategies and principal risks, changed its sub-classification under Section 5(b) of the Investment Company Act of 1940, as amended, from "non-diversified" to "diversified," and replaced the S&P 500<sup>®</sup> Growth Index with the Russell 2000<sup>®</sup> Growth Index as one of the Fund's benchmark indices. Effective December 8, 2025, the Fund also established a new share class, Class Z.

In addition, the Board approved the following fee changes for the Fund, effective December 8, 2025: a reduction in management fee rate from 0.48% to 0.47%; an increase to the maximum annual shareholder servicing fee rate authorized to be paid by Class I shares of the Fund from 0.05% to 0.06%; and the reduction of the Fund's Expense Cap from 0.68% to 0.67% through at least March 1, 2027.

#### 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 TSR042A

### AMG River Road Dividend All Cap Value Fund

## Class N/ARDEX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Dividend All Cap Value 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 Dividend All Cap Value Fund<br>(Class N/ARDEX) | $97 | 0.96% |

---

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

• The Fund's Class N shares returned 1.63% for the fiscal year ended October 31, 2025, underperforming its benchmark the Russell 3000<sup>®</sup> Value Index, which returned 11.06% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

• As of October 31, 2025, the dividend yield of the Fund was 2.94%, which is more than double the 1.15% yield of the S&P 500<sup>®</sup> Index.

Relative Performance

• The Fund underperformed the S&P 500<sup>®</sup> Index, which returned 21.45% for the period, due to the Fund's focus on value and high yielding stocks. The benchmark is heavily weighted to growth stocks, which have outperformed value during the year.

Top Contributors and Detractors

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

• The sectors with the highest contribution to relative return were information technology (+178 bps) and health care (+75 bps). Information technology benefited from an overweight allocation and positive stock selection. Health care benefited mainly from positive stock selection.

• The holdings with the highest contribution to active return were Oracle Corp. (ORCL), Micron Technology, Inc. (MU), and Corning Inc. (GLW).

• The sectors with the lowest contribution to relative return were communication services (-463 bps) and financials (-246 bps). Communication services suffered from negative stock selection. Financials suffered from an underweight allocation and negative stock selection.

• The holdings with the lowest contribution to active return were Cogent Communications Holdings, Inc. (CCOI), Comcast Corp. (Cl A) (CMCSA), and American Tower Corp. (AMT). Cogent Communications was sold during the period.

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in two sectors and meaningfully underweight (>-5%) in two. The largest overweight allocations were energy and utilities. The largest underweight allocations were financials 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](g72891chartimages_10905740.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class N** | 1.63% | 10.52% | 7.41% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 3000<sup>®</sup> Value Index** | 11.06% | 14.26% | 9.89% |

---

*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;$66333620 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$259276 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;38% |

---

#### 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;The Williams Cos., Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC, Sponsored ADR (United Kingdom) | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb, Ltd. (Switzerland) | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp., REIT | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Progressive Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. (Bermuda) | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | 2.5% |
| Top Ten as a Group | 30.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905745.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 TSR049A

### AMG River Road Dividend All Cap Value Fund

## Class I/ARIDX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Dividend All Cap Value 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 Dividend All Cap Value Fund<br>(Class I/ARIDX) | $72 | 0.71% |

---

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

• The Fund's Class I shares returned 1.89% for the fiscal year ended October 31, 2025, underperforming its benchmark the Russell 3000<sup>®</sup> Value Index, which returned 11.06% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

• As of October 31, 2025, the dividend yield of the Fund was 2.94%, which is more than double the 1.15% yield of the S&P 500<sup>®</sup> Index.

Relative Performance

• The Fund underperformed the S&P 500<sup>®</sup> Index, which returned 21.45% for the period, due to the Fund's focus on value and high yielding stocks. The benchmark is heavily weighted to growth stocks, which have outperformed value during the year.

Top Contributors and Detractors

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

• The sectors with the highest contribution to relative return were information technology (+178 bps) and health care (+75 bps). Information technology benefited from an overweight allocation and positive stock selection. Health care benefited mainly from positive stock selection.

• The holdings with the highest contribution to active return were Oracle Corp. (ORCL), Micron Technology, Inc. (MU), and Corning Inc. (GLW).

• The sectors with the lowest contribution to relative return were communication services (-463 bps) and financials (-246 bps). Communication services suffered from negative stock selection. Financials suffered from an underweight allocation and negative stock selection.

• The holdings with the lowest contribution to active return were Cogent Communications Holdings, Inc. (CCOI), Comcast Corp. (Cl A) (CMCSA), and American Tower Corp. (AMT). Cogent Communications was sold during the period.

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in two sectors and meaningfully underweight (>-5%) in two. The largest overweight allocations were energy and utilities. The largest underweight allocations were financials 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](g72891chartimages_10905703.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class I** | 1.89% | 10.79% | 7.68% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 3000<sup>®</sup> Value Index** | 11.06% | 14.26% | 9.89% |

---

*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;$66333620 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$259276 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;38% |

---

#### 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;The Williams Cos., Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC, Sponsored ADR (United Kingdom) | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb, Ltd. (Switzerland) | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp., REIT | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Progressive Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. (Bermuda) | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | 2.5% |
| Top Ten as a Group | 30.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905708.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 TSR048A

### AMG River Road Dividend All Cap Value Fund

## Class Z/ARZDX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Dividend All Cap Value 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 Dividend All Cap Value Fund<br>(Class Z/ARZDX) | $68 | 0.67% |

---

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

• The Fund's Class Z shares returned 2.00% for the fiscal year ended October 31, 2025, underperforming its benchmark the Russell 3000<sup>®</sup> Value Index, which returned 11.06% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

• As of October 31, 2025, the dividend yield of the Fund was 2.94%, which is more than double the 1.15% yield of the S&P 500<sup>®</sup> Index.

Relative Performance

• The Fund underperformed the S&P 500<sup>®</sup> Index, which returned 21.45% for the period, due to the Fund's focus on value and high yielding stocks. The benchmark is heavily weighted to growth stocks, which have outperformed value during the year.

Top Contributors and Detractors

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

• The sectors with the highest contribution to relative return were information technology (+178 bps) and health care (+75 bps). Information technology benefited from an overweight allocation and positive stock selection. Health care benefited mainly from positive stock selection.

• The holdings with the highest contribution to active return were Oracle Corp. (ORCL), Micron Technology, Inc. (MU), and Corning Inc. (GLW).

• The sectors with the lowest contribution to relative return were communication services (-463 bps) and financials (-246 bps). Communication services suffered from negative stock selection. Financials suffered from an underweight allocation and negative stock selection.

• The holdings with the lowest contribution to active return were Cogent Communications Holdings, Inc. (CCOI), Comcast Corp. (Cl A) (CMCSA), and American Tower Corp. (AMT). Cogent Communications was sold during the period.

Positioning

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

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted since the class's inception on September 29, 2017, 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-year and five-year periods and the period from the class's inception through 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](g72891chartimages_10905777.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception** |
| **Class Z** | 2.00% | 10.87% | 6.80% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.04% |
| **Russell 3000<sup>®</sup> Value Index** | 11.06% | 14.26% | 9.29% |

---

*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;$66333620 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;59 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$259276 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;38% |

---

#### 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;The Williams Cos., Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC, Sponsored ADR (United Kingdom) | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb, Ltd. (Switzerland) | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp., REIT | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Progressive Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. (Bermuda) | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDACORP, Inc. | 2.5% |
| Top Ten as a Group | 30.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905782.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 TSR050A

### AMG River Road Focused Absolute Value Fund

## Class N/ARRFX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Focused Absolute Value 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 Focused Absolute Value Fund<br>(Class N/ARRFX) | $112 | 1.06% |

---

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

• The Fund's Class N shares returned 10.49% for the fiscal year ended October 31, 2025, compared to its benchmark the Russell 3000<sup>®</sup> Value Index, which returned 11.06% 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 energy (+305 bps) and industrials (+265 bps). Energy benefited from positive stock selection and an underweight allocation. Industrials benefited from positive stock selection along with an overweight allocation.

• The holdings with the highest contribution to active return were Delek US Holdings, Inc. (DK), CACI International Inc. (Cl A) (CACI), and Fairfax Financial Holdings Limited (FRFHF).

• The sectors with the lowest contribution to relative return were consumer discretionary (-324 bps) and financials (-292 bps). Financials suffered mainly from negative stock selection. Consumer discretionary suffered from negative stock selection, partially offset by an overweight allocation.

• The holdings with the lowest contribution to active return were Lennar Corp. (Cl A) (LEN), Mid-America Apartment Communities, Inc. (MAA), and Murphy USA Inc. (MUSA). Lennar Corporation 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 industrials and materials. The largest underweight allocations were information technology and communication services.

• From a market cap perspective, the Fund remains significantly underweight larger cap stocks (>$45B) and overweight smaller cap stocks (<$10B) and mid cap stocks ($10B-$45B).

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted since the class's inception on November 03, 2015, 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-year and five-year periods and the period from the class's inception through 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](g72891chartimages_10905333.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception** |
| **Class N** | 10.49% | 10.22% | 8.64% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.50% |
| **Russell 3000<sup>®</sup> Value Index** | 11.06% | 14.26% | 9.73% |

---

*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;$51156091 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$206788 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;92% |

---

#### 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 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC (Ireland) | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amrize, Ltd. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Progressive Corp. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Cooper Cos., Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC (United Kingdom) | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.9% |
| Top Ten as a Group | 41.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905338.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 TSR052A

### AMG River Road Focused Absolute Value Fund

## Class I/AFAVX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Focused Absolute Value 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 Focused Absolute Value Fund<br>(Class I/AFAVX) | $86 | 0.82% |

---

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

• The Fund's Class I shares returned 10.88% for the fiscal year ended October 31, 2025, compared to its benchmark the Russell 3000<sup>®</sup> Value Index, which returned 11.06% 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 energy (+305 bps) and industrials (+265 bps). Energy benefited from positive stock selection and an underweight allocation. Industrials benefited from positive stock selection along with an overweight allocation.

• The holdings with the highest contribution to active return were Delek US Holdings, Inc. (DK), CACI International Inc. (Cl A) (CACI), and Fairfax Financial Holdings Limited (FRFHF).

• The sectors with the lowest contribution to relative return were consumer discretionary (-324 bps) and financials (-292 bps). Financials suffered mainly from negative stock selection. Consumer discretionary suffered from negative stock selection, partially offset by an overweight allocation.

• The holdings with the lowest contribution to active return were Lennar Corp. (Cl A) (LEN), Mid-America Apartment Communities, Inc. (MAA), and Murphy USA Inc. (MUSA). Lennar Corporation 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 industrials and materials. The largest underweight allocations were information technology and communication services.

• From a market cap perspective, the Fund remains significantly underweight larger cap stocks (>$45B) and overweight smaller cap stocks (<$10B) and mid cap stocks ($10B-$45B).

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted since the class's inception on November 03, 2015, 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-year and five-year periods and the period from the class's inception through 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](g72891chartimages_10905296.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception** |
| **Class I** | 10.88% | 10.50% | 8.91% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.50% |
| **Russell 3000<sup>®</sup> Value Index** | 11.06% | 14.26% | 9.73% |

---

*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;$51156091 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$206788 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;92% |

---

#### 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 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC (Ireland) | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amrize, Ltd. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Progressive Corp. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Cooper Cos., Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC (United Kingdom) | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.9% |
| Top Ten as a Group | 41.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905301.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 TSR051A

### AMG River Road Focused Absolute Value Fund

## Class Z/ARRZX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Focused Absolute Value 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 Focused Absolute Value Fund<br>(Class Z/ARRZX) | $82 | 0.78% |

---

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

• The Fund's Class Z shares returned 10.86% for the fiscal year ended October 31, 2025, compared to its benchmark the Russell 3000<sup>®</sup> Value Index, which returned 11.06% 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 energy (+305 bps) and industrials (+265 bps). Energy benefited from positive stock selection and an underweight allocation. Industrials benefited from positive stock selection along with an overweight allocation.

• The holdings with the highest contribution to active return were Delek US Holdings, Inc. (DK), CACI International Inc. (Cl A) (CACI), and Fairfax Financial Holdings Limited (FRFHF).

• The sectors with the lowest contribution to relative return were consumer discretionary (-324 bps) and financials (-292 bps). Financials suffered mainly from negative stock selection. Consumer discretionary suffered from negative stock selection, partially offset by an overweight allocation.

• The holdings with the lowest contribution to active return were Lennar Corp. (Cl A) (LEN), Mid-America Apartment Communities, Inc. (MAA), and Murphy USA Inc. (MUSA). Lennar Corporation 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 industrials and materials. The largest underweight allocations were information technology and communication services.

• From a market cap perspective, the Fund remains significantly underweight larger cap stocks (>$45B) and overweight smaller cap stocks (<$10B) and mid cap stocks ($10B-$45B).

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted since the class's inception on September 29, 2017, 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-year and five-year periods and the period from the class's inception through 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](g72891chartimages_10905370.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception** |
| **Class Z** | 10.86% | 10.56% | 7.54% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.04% |
| **Russell 3000<sup>®</sup> Value Index** | 11.06% | 14.26% | 9.29% |

---

*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;$51156091 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;34 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$206788 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;92% |

---

#### 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 | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC (Ireland) | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amrize, Ltd. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Progressive Corp. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Cooper Cos., Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC (United Kingdom) | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.9% |
| Top Ten as a Group | 41.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905375.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 TSR053A

### AMG River Road Mid Cap Value Fund

## Class N/CHTTX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Mid Cap Value 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 Mid Cap Value Fund<br>(Class N/CHTTX) | $114 | 1.10% |

---

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

• The Fund's Class N shares returned 7.79% for the fiscal year that ended October 31, 2025, compared to its benchmark the Russell Midcap<sup>®</sup> Value Index, which returned 7.86% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

Top Contributors and Detractors

• Fund performance was slightly behind the benchmark. Stock selection was a positive contributor to relative performance, but was offset by negative impact from sector allocation.

• The sectors with the highest contribution to relative return were consumer staples (+365 bps) and industrials (+181 bps). The consumer staples sector benefited from positive stock selection. Industrials benefitted from positive stock selection and an overweight allocation.

• The holdings with the highest contribution to active return were Talen Energy Corp. (TLN), Fairfax Financial Holdings Ltd. (FRFHF), and APi Group Corp. (APG).

• The sectors with the lowest contribution to relative return were consumer discretionary (-299 bps) and information technology (-188 bps). Consumer discretionary suffered from negative stock selection, partially offset by an overweight allocation. Information technology suffered from lack of exposure.

• The holdings with the lowest contribution to active return were lululemon<sup>®</sup> (LULU), LGI Homes, Inc. (LGIH), and Robert Half Inc. (RHI). These stocks were sold during the period.

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in three sectors and meaningfully underweight (>-5%) in four. The largest overweight allocations were industrials, consumer discretionary, and consumer staples. The largest underweight allocations were information technology, energy, utilities, and real estate.

#### 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](g72891chartimages_10905518.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class N** | 7.79% | 16.22% | 8.78% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell Midcap<sup>®</sup> Value Index** | 7.86% | 13.23% | 9.20% |

---

*As of March 19, 2021, the Fund's Subadviser was changed to River Road Asset Management, LLC. Prior to March 19, 2021, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before March 19, 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;$340847534 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$1826692 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;93% |

---

#### 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;GE HealthCare Technologies, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Cooper Cos., Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 2.6% |
| Top Ten as a Group | 31.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905523.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 TSR057A

### AMG River Road Mid Cap Value Fund

## Class I/ABMIX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Mid Cap Value 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 Mid Cap Value Fund<br>(Class I/ABMIX) | $83 | 0.80% |

---

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

• The Fund's Class I shares returned 8.10% for the fiscal year that ended October 31, 2025, compared to its benchmark the Russell Midcap<sup>®</sup> Value Index, which returned 7.86% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

Top Contributors and Detractors

• The Fund's Class I shares outperformed the benchmark. Stock selection was a positive contributor to relative performance, but was offset by negative impact from sector allocation.

• The sectors with the highest contribution to relative return were consumer staples (+365 bps) and industrials (+181 bps). The consumer staples sector benefited from positive stock selection. Industrials benefitted from positive stock selection and an overweight allocation.

• The holdings with the highest contribution to active return were Talen Energy Corp. (TLN), Fairfax Financial Holdings Ltd. (FRFHF), and APi Group Corp. (APG).

• The sectors with the lowest contribution to relative return were consumer discretionary (-299 bps) and information technology (-188 bps). Consumer discretionary suffered from negative stock selection, partially offset by an overweight allocation. Information technology suffered from lack of exposure.

• The holdings with the lowest contribution to active return were lululemon<sup>®</sup> (LULU), LGI Homes, Inc. (LGIH), and Robert Half Inc. (RHI). These stocks were sold during the period.

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in three sectors and meaningfully underweight (>-5%) in four. The largest overweight allocations were industrials, consumer discretionary, and consumer staples. The largest underweight allocations were information technology, energy, utilities, and real estate.

#### 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](g72891chartimages_10905481.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class I** | 8.10% | 16.56% | 9.08% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell Midcap<sup>®</sup> Value Index** | 7.86% | 13.23% | 9.20% |

---

*As of March 19, 2021, the Fund's Subadviser was changed to River Road Asset Management, LLC. Prior to March 19, 2021, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before March 19, 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;$340847534 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$1826692 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;93% |

---

#### 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;GE HealthCare Technologies, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Cooper Cos., Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 2.6% |
| Top Ten as a Group | 31.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905486.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 TSR056A

### AMG River Road Mid Cap Value Fund

## Class Z/ABIZX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Mid Cap Value 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 Mid Cap Value Fund<br>(Class Z/ABIZX) | $78 | 0.75% |

---

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

• The Fund's Class Z shares returned 8.17% for the fiscal year that ended October 31, 2025, compared to its benchmark the Russell Midcap<sup>®</sup> Value Index, which returned 7.86% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

Top Contributors and Detractors

• The Fund's Class Z shares outperformed the benchmark. Stock selection was a positive contributor to relative performance, but was offset by negative impact from sector allocation.

• The sectors with the highest contribution to relative return were consumer staples (+365 bps) and industrials (+181 bps). The consumer staples sector benefited from positive stock selection. Industrials benefitted from positive stock selection and an overweight allocation.

• The holdings with the highest contribution to active return were Talen Energy Corp. (TLN), Fairfax Financial Holdings Ltd. (FRFHF), and APi Group Corp. (APG).

• The sectors with the lowest contribution to relative return were consumer discretionary (-299 bps) and information technology (-188 bps). Consumer discretionary suffered from negative stock selection, partially offset by an overweight allocation. Information technology suffered from lack of exposure.

• The holdings with the lowest contribution to active return were lululemon<sup>®</sup> (LULU), LGI Homes, Inc. (LGIH), and Robert Half Inc. (RHI). These stocks were sold during the period.

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in three sectors and meaningfully underweight (>-5%) in four. The largest overweight allocations were industrials, consumer discretionary, and consumer staples. The largest underweight allocations were information technology, energy, utilities, and real estate.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted since the class's inception on September 29, 2017, 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-year and five-year periods and the period from the class's inception through 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](g72891chartimages_10905555.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception** |
| **Class Z** | 8.17% | 16.63% | 8.04% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.04% |
| **Russell Midcap<sup>®</sup> Value Index** | 7.86% | 13.23% | 8.44% |

---

*As of March 19, 2021, the Fund's Subadviser was changed to River Road Asset Management, LLC. Prior to March 19, 2021, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before March 19, 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;$340847534 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;52 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$1826692 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;93% |

---

#### 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;GE HealthCare Technologies, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Cooper Cos., Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 2.6% |
| Top Ten as a Group | 31.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905560.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 TSR058A

### AMG River Road Small Cap Value Fund

## Class N/ARSVX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Small Cap Value 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 Small Cap Value Fund<br>(Class N/ARSVX) | $138 | 1.34% |

---

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

• The Fund's Class N shares returned 5.51% for the fiscal year ended October 31, 2025, compared to its benchmark the Russell 2000<sup>®</sup> Value Index, which returned 9.87% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

Top Contributors and Detractors

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

• The sectors with the highest contribution to relative return were utilities (+162 bps) and real estate (+176 bps). Utilities benefited from positive stock selection along with an overweight allocation. Real estate benefited from positive stock selection.

• The holdings with the highest contribution to active return were The GEO Group, Inc. (GEO), Delek US Holdings, Inc. (DK), and Talen Energy Corp. (TLN). Talen Energy was sold during the period.

• The sectors with the lowest contribution to relative return were information technology (-293 bps) and consumer discretionary (-302 bps). Information technology and consumer discretionary both suffered from negative stock selection.

• The holdings with the lowest contribution to active return were Murphy USA, Inc. (MUSA), LGI Homes, Inc. (LGIH), and SM Energy Co. (SM).

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in three sectors and meaningfully underweight (>-5%) in two. The largest overweight allocations were industrials, consumer staples, and utilities. The largest underweight allocations were financials and real estate.

#### 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](g72891chartimages_10905629.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class N** | 5.51% | 12.73% | 9.48% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Value Index** | 9.87% | 13.85% | 8.66% |

---

*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;$1093130756 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$8706894 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;42% |

---

#### 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;White Mountains Insurance Group, Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. (Bermuda) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp. | 2.4% |
| Top Ten as a Group | 29.7% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905634.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 TSR060A

### AMG River Road Small Cap Value Fund

## Class I/ARSIX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Small Cap Value 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 Small Cap Value Fund<br>(Class I/ARSIX) | $111 | 1.08% |

---

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

• The Fund's Class I shares returned 5.78% for the fiscal year ended October 31, 2025, compared to its benchmark the Russell 2000<sup>®</sup> Value Index, which returned 9.87% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

Top Contributors and Detractors

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

• The sectors with the highest contribution to relative return were utilities (+162 bps) and real estate (+176 bps). Utilities benefited from positive stock selection along with an overweight allocation. Real estate benefited from positive stock selection.

• The holdings with the highest contribution to active return were The GEO Group, Inc. (GEO), Delek US Holdings, Inc. (DK), and Talen Energy Corp. (TLN). Talen Energy was sold during the period.

• The sectors with the lowest contribution to relative return were information technology (-293 bps) and consumer discretionary (-302 bps). Information technology and consumer discretionary both suffered from negative stock selection.

• The holdings with the lowest contribution to active return were Murphy USA, Inc. (MUSA), LGI Homes, Inc. (LGIH), and SM Energy Co. (SM).

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in three sectors and meaningfully underweight (>-5%) in two. The largest overweight allocations were industrials, consumer staples, and utilities. The largest underweight allocations were financials and real estate.

#### 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](g72891chartimages_10905592.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class I** | 5.78% | 13.02% | 9.77% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2000<sup>®</sup> Value Index** | 9.87% | 13.85% | 8.66% |

---

*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;$1093130756 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$8706894 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;42% |

---

#### 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;White Mountains Insurance Group, Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. (Bermuda) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp. | 2.4% |
| Top Ten as a Group | 29.7% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905597.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 TSR059A

### AMG River Road Small Cap Value Fund

## Class Z/ARZMX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Small Cap Value 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 Small Cap Value Fund<br>(Class Z/ARZMX) | $102 | 0.99% |

---

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

• The Fund's Class Z shares returned 5.92% for the fiscal year ended October 31, 2025, compared to its benchmark the Russell 2000<sup>®</sup> Value Index, which returned 9.87% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

Top Contributors and Detractors

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

• The sectors with the highest contribution to relative return were utilities (+162 bps) and real estate (+176 bps). Utilities benefited from positive stock selection along with an overweight allocation. Real estate benefited from positive stock selection.

• The holdings with the highest contribution to active return were The GEO Group, Inc. (GEO), Delek US Holdings, Inc. (DK), and Talen Energy Corp. (TLN). Talen Energy was sold during the period.

• The sectors with the lowest contribution to relative return were information technology (-293 bps) and consumer discretionary (-302 bps). Information technology and consumer discretionary both suffered from negative stock selection.

• The holdings with the lowest contribution to active return were Murphy USA, Inc. (MUSA), LGI Homes, Inc. (LGIH), and SM Energy Co. (SM).

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in three sectors and meaningfully underweight (>-5%) in two. The largest overweight allocations were industrials, consumer staples, and utilities. The largest underweight allocations were financials and real estate.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted since the class's inception on September 29, 2017, 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-year and five-year periods and the period from the class's inception through 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](g72891chartimages_10905666.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception** |
| **Class Z** | 5.92% | 13.14% | 8.43% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.04% |
| **Russell 2000<sup>®</sup> Value Index** | 9.87% | 13.85% | 6.72% |

---

*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;$1093130756 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;68 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$8706894 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;42% |

---

#### 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;White Mountains Insurance Group, Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. (Bermuda) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vontier Corp. | 2.4% |
| Top Ten as a Group | 29.7% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905671.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 TSR061A

### AMG River Road Small-Mid Cap Value Fund

## Class N/ARSMX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Small-Mid Cap Value 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 Small-Mid Cap Value Fund<br>(Class N/ARSMX) | $131 | 1.28% |

---

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

• The Fund's Class N shares returned 5.07% for the fiscal year ended October 31, 2025, compared to its benchmark the Russell 2500<sup>®</sup> Value Index, which returned 10.11% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

Top Contributors and Detractors

• Stock selection was the primary driver of underperformance during the period. The sectors with the highest contribution to relative return were utilities (+146 bps) and real estate (+ 138 bps). Utilities benefited from positive stock selection, partially offset by an overweight allocation. Real estate benefitted from an underweight allocation.

• The holdings with the highest contribution to active return were Talen Energy Corp. (TLN), Delek US Holdings, Inc. (DK), and WESCO International, Inc. (WCC).

• The sectors with the lowest contribution to relative return were consumer discretionary (-413 bps) and information technology (-169 bps). Consumer discretionary suffered from negative stock selection. Information technology suffered from an underweight allocation and negative stock selection.

• The holdings with the lowest contribution to active return were Murphy USA, Inc. (MUSA), LGI Homes, Inc. (LGIH), and WEX, Inc. (WEX).

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in one sector and meaningfully underweight (>-5%) in two. The largest overweight allocations were industrials and consumer staples. The largest underweight allocations were information technology and real estate.

#### 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](g72891chartimages_10905851.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class N** | 5.07% | 12.51% | 10.08% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2500<sup>®</sup> Value Index** | 10.11% | 14.39% | 9.02% |

---

*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;$348031369 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$2528041 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;36% |

---

#### 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;White Mountains Insurance Group, Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. (Bermuda) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 2.3% |
| Top Ten as a Group | 28.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905856.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g72891chartimages_10905861.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 TSR063A

### AMG River Road Small-Mid Cap Value Fund

## Class I/ARIMX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Small-Mid Cap Value 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 Small-Mid Cap Value Fund<br>(Class I/ARIMX) | $105 | 1.02% |

---

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

• The Fund's Class I shares returned 5.43% for the fiscal year ended October 31, 2025, compared to its benchmark the Russell 2500<sup>®</sup> Value Index, which returned 10.11% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

Top Contributors and Detractors

• Stock selection was the primary driver of underperformance during the period. The sectors with the highest contribution to relative return were utilities (+146 bps) and real estate (+ 138 bps). Utilities benefited from positive stock selection, partially offset by an overweight allocation. Real estate benefitted from an underweight allocation.

• The holdings with the highest contribution to active return were Talen Energy Corp. (TLN), Delek US Holdings, Inc. (DK), and WESCO International, Inc. (WCC).

• The sectors with the lowest contribution to relative return were consumer discretionary (-413 bps) and information technology (-169 bps). Consumer discretionary suffered from negative stock selection. Information technology suffered from an underweight allocation and negative stock selection.

• The holdings with the lowest contribution to active return were Murphy USA, Inc. (MUSA), LGI Homes, Inc. (LGIH), and WEX, Inc. (WEX).

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in one sector and meaningfully underweight (>-5%) in two. The largest overweight allocations were industrials and consumer staples. The largest underweight allocations were information technology and real estate.

#### 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](g72891chartimages_10905814.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **10 Years** |
| **Class I** | 5.43% | 12.80% | 10.35% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 14.64% |
| **Russell 2500<sup>®</sup> Value Index** | 10.11% | 14.39% | 9.02% |

---

*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;$348031369 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$2528041 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;36% |

---

#### 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;White Mountains Insurance Group, Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. (Bermuda) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 2.3% |
| Top Ten as a Group | 28.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905819.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g72891chartimages_10905824.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 TSR062A

### AMG River Road Small-Mid Cap Value Fund

## Class Z/ARSZX
![AMG_New Logo](g72891images_29997.jpg)

ANNUAL SHAREHOLDER REPORT \| October 31, 2025

This annual shareholder report contains important information about AMG River Road Small-Mid Cap Value 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 Small-Mid Cap Value Fund<br>(Class Z/ARSZX) | $100 | 0.97% |

---

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

• The Fund's Class Z shares returned 5.47% for the fiscal year ended October 31, 2025, compared to its benchmark the Russell 2500<sup>®</sup> Value Index, which returned 10.11% for the period. The S&P 500<sup>®</sup> Index returned 21.45% for the period.

Top Contributors and Detractors

• Stock selection was the primary driver of underperformance during the period. The sectors with the highest contribution to relative return were utilities (+146 bps) and real estate (+ 138 bps). Utilities benefited from positive stock selection, partially offset by an overweight allocation. Real estate benefitted from an underweight allocation.

• The holdings with the highest contribution to active return were Talen Energy Corp. (TLN), Delek US Holdings, Inc. (DK), and WESCO International, Inc. (WCC).

• The sectors with the lowest contribution to relative return were consumer discretionary (-413 bps) and information technology (-169 bps). Consumer discretionary suffered from negative stock selection. Information technology suffered from an underweight allocation and negative stock selection.

• The holdings with the lowest contribution to active return were Murphy USA, Inc. (MUSA), LGI Homes, Inc. (LGIH), and WEX, Inc. (WEX).

Positioning

• As of October 31, 2025, the Fund was meaningfully overweight (>5%) in one sector and meaningfully underweight (>-5%) in two. The largest overweight allocations were industrials and consumer staples. The largest underweight allocations were information technology and real estate.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted since the class's inception on September 29, 2017, 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-year and five-year periods and the period from the class's inception through 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](g72891chartimages_10905888.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **1 Year** | **5 Years** | **Since Inception** |
| **Class Z** | 5.47% | 12.88% | 8.48% |
| **S&P 500<sup>®</sup> Index** | 21.45% | 17.64% | 15.04% |
| **Russell 2500<sup>®</sup> Value Index** | 10.11% | 14.39% | 7.87% |

---

*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;$348031369 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$2528041 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;36% |

---

#### 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;White Mountains Insurance Group, Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. (Bermuda) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 2.3% |
| Top Ten as a Group | 28.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g72891chartimages_10905893.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g72891chartimages_10905898.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 TSR064A

------

(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 $204,255 for fiscal 2025 and $248,073 for fiscal 2024.

(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 $43,220 for fiscal 2025 and $50,195 for fiscal 2024.

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 $83,220 and $90,195, 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 by, 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
Not applicable.

#### Item 6. INVESTMENTS
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](g72891dsp01.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ANNUAL FINANCIAL STATEMENTS |

---

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

---

| | |
|:---|:---|
| AMG Funds | AMG Funds |
| October 31, 2025 |  |
| ![LOGO](g72891dsp01a.jpg) | ![LOGO](g72891dsp01a.jpg) |
| **AMG GW&K Small Cap Growth Fund** | **AMG GW&K Small Cap Growth Fund** |
| *(formerly AMG Montrusco Bolton Large Cap Growth Fund)* | *(formerly AMG Montrusco Bolton Large Cap Growth Fund)* |
| Class N: **MCGFX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I: **MCGIX** |

---

---

| | | |
|:---|:---|:---|
| wealth.amg.com | 103125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AR087 |

---

------

**&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; **[Schedule of Portfolio Investments](#fin172891_2)** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Assets and Liabilities](#fin172891_3)** | 4 |
| &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; **[Statement of Operations](#fin172891_4)** | 6 |
| &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; **[Statements of Changes in Net Assets](#fin172891_5)** | 7 |
| &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; **[Financial Highlights](#fin172891_6)** | 8 |
| &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; **[Notes to Financial Statements](#fin172891_7)** | 10 |
| &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](#fin172891_8)** | 16 |
| **[OTHER INFORMATION](#fin172891_9)** | 17 |
| **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin172891_10)** | 18 |

---

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 Small Cap Growth 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;

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 99.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 15.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 15.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A<sup>\*</sup>  | 55800 | $15690402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 15026 | 9742107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>\*</sup>  | 6873 | 7689925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 33122434 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 12.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>\*</sup>  | 68020 | 16611844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.<sup>\*</sup>  | 202881 | 6429299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 38862 | 2102823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 25143966 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.<sup>\*</sup>  | 96879 | 6474423 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 13644 | 2313477 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 10.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 7369 | 7979226 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 11897 | 3701395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 11247 | 6208231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc.<sup>1</sup>  | 78336 | 4292813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 22181665 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. | 6784 | 5853642 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.<sup>\*</sup>  | 7456 | 4693627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 10547269 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 52480 | 3023373 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<sup>\*</sup>  | 101448 | 9789732 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. (Canada) | 26149 | $4384664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 17197769 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 43.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 43.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.<sup>\*</sup>  | 23690 | 8061944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 74348 | 20101469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fortinet, Inc.<sup>\*</sup>  | 47017 | 4063679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 36911 | 5812006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 38398 | 19882868 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 98380 | 19920966 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>\*</sup>  | 2773 | 2549163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.<sup>\*</sup>  | 21886 | 9932305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 90324400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage, REIT | 8019 | 2233773 |
|  Total Common Stocks<br>(Cost $182,527,747) |  | 209539176 |
|  Short-Term Investments - 0.3% | Short-Term Investments - 0.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 0.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 0.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.00%<sup>2</sup>  | 221678 | 221678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.08%<sup>2</sup>  | 332517 | 332517 |
|  Total Short-Term Investments<br>(Cost $554,195) |  | 554195 |
|  **Total Investments - 100.1%**<br>(Cost $183,081,942) |  | 210093371 |
|  **Other Assets, less Liabilities - (0.1)%** | **Other Assets, less Liabilities - (0.1)%** | (222547) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $209870824 |

---

\* Non-income producing security.

<sup>1</sup> Some of this security, amounting to $4,249,850 or 2.0% of net assets, was out on loan to various borrowers and is collateralized by various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<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. 

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 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>**  | $209539176 |  |  | $209539176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 554195 |  |  | 554195 |
|  **Total Investments in Securities** | $210093371 |  |  | $210093371 |

---

<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 GW&K Small Cap<br>Growth Fund** |
|  **Assets:** |  |
|  Investments at value<sup>1</sup> (including securities on loan valued at $4,249,850) | $210093371 |
|  Dividend and interest receivables | 18107 |
|  Securities lending income receivable | 470 |
|  Receivable for Fund shares sold | 16530 |
|  Receivable from Affiliate | 12750 |
|  Prepaid expenses and other assets | 16001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 210157229 |
|  **Liabilities:** |  |
|  Payable for Fund shares repurchased | 56703 |
|  Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 85838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 26824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 13174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 13366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 90500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 286405 |
|  **Commitments and Contingencies (Notes 2 & 7)** | **Commitments and Contingencies (Notes 2 & 7)** |
|  **Net Assets** | $209870824 |
|  <sup>1</sup> Investments at cost | $183081942 |

---

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

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

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

---

| | |
|:---|:---|
|  | **AMG GW&K Small Cap<br>Growth Fund** |
|  **Net Assets Represent:** |  |
|  Paid-in capital | $122961534 |
|  Total distributable earnings | 86909290 |
|  **Net Assets** | $209870824 |
|  **Class N:** |  |
|  Net Assets | $132162937 |
|  Shares outstanding | 9210197 |
|  Net asset value, offering and redemption price per share | $14.35 |
|  **Class I:** |  |
|  Net Assets | $77707887 |
|  Shares outstanding | 5244746 |
|  Net asset value, offering and redemption price per share | $14.82 |

---

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

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 GW&K Small Cap<br>Growth Fund** |
|  Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $1170343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 2056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (5673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 1166726 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 980803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 306501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 194646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 99917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 37955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 59359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 40898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 37404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 32890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 31915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 17784 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 1122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 9299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 1850493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (127382) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1723111 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (556385) |
|  **Net Realized and Unrealized Gain:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 64951610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (27495442) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 37456168 |
|  **Net increase in net assets resulting from operations** | $36899783 |

---

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 GW&K Small Cap**<br>**Growth Fund** | **AMG GW&K Small Cap**<br>**Growth Fund** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase in Net Assets Resulting From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(556385) | $32651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 64951610 | 22609128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (27495442) | 30720901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 36899783 | 53362680 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (12214309) | (4618783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (7184692) | (3027190) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (19399001) | (7645973) |
| &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 | (15955528) | (26808107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase in net assets** | 1545254 | 18908600 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 208325570 | 189416970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $209870824 | $208325570 |

---

<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 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** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$13.17** | **$10.58** | **$10.00** | **$17.05** | **$21.50** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | (0.04) | (0.01) | 0.02 | (0.00)<sup>3</sup> | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 2.48 | 3.03 | 1.55 | (3.26) | 6.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.44 | 3.02 | 1.57 | (3.26) | 6.10 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.02) | (0.00)<sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.26) | (0.41) | (0.99) | (3.79) | (10.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.26) | (0.43) | (0.99) | (3.79) | (10.55) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$14.35** | **$13.17** | **$10.58** | **$10.00** | **$17.05** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 19.81% | 29.13% | 17.14% | (25.18)% | 39.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.91%<sup>5</sup> | 0.91% | 0.92%<sup>5</sup> | 0.91% | 1.07%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.97% | 0.97% | 0.98% | 0.94% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | (0.34)% | (0.05)% | 0.18% | (0.02)% | (0.39)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 97% | 83% | 77% | 68% | 109% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $132163 | $130108 | $115248 | $113790 | $175468 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG GW&K 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** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Year** | **$13.54** | **$10.86** | **$10.25** | **$17.36** | **$21.69** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | (0.02) | 0.02 | 0.04 | 0.02 | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 2.56 | 3.11 | 1.59 | (3.34) | 6.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.54 | 3.13 | 1.63 | (3.32) | 6.22 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.04) | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.26) | (0.41) | (0.99) | (3.79) | (10.55) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.26) | (0.45) | (1.02) | (3.79) | (10.55) |
| &nbsp;&nbsp; **Net Asset Value, End of Year** | **$14.82** | **$13.54** | **$10.86** | **$10.25** | **$17.36** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 20.02% | 29.43% | 17.27% | (25.05)% | 39.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.73%<sup>5</sup> | 0.73% | 0.74%<sup>5</sup> | 0.73% | 0.92%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.79% | 0.79% | 0.80% | 0.76% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | (0.16)% | 0.13% | 0.36% | 0.16% | (0.24)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 97% | 83% | 77% | 68% | 109% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $77708 | $78218 | $74169 | $88895 | $167415 |

---

<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 interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>6</sup> Includes reduction from broker recapture amounting to less than 0.01%. 

<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.

------

**&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 IV (the "Trust") is an open-end management investment company, organized as a Delaware Statutory 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 GW&K Small Cap Growth Fund (formerly AMG Montrusco Bolton Large Cap Growth Fund) (the "Fund").

As of October 31, 2025, the Fund offered Class N and Class I 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.

On October 7, 2025, the Trust's Board of Trustees (the "Board") approved the appointment of GW&K Investment Management, LLC ("GW&K") as the subadviser to the Fund to replace Montrusco Bolton Investments, Inc. ("Montrusco Bolton"), effective December 8, 2025. The Board also approved a new subadvisory agreement between AMG Funds LLC (the "Investment Manager") and GW&K.

In connection with the hiring of GW&K, effective December 8, 2025, the Fund changed its name to AMG GW&K Small Cap Growth Fund, made changes to its principal investment strategies and principal risks, changed its sub-classification under Section 5(b) of the 1940 Act from "non-diversified" to "diversified," and replaced the S&P 500<sup>®</sup> Growth Index with the Russell 2000<sup>®</sup> Growth Index as one of the Fund's benchmark indices. Effective December 8, 2025, the Fund also established a new share class, Class Z.

In addition, the Board approved the following fee changes for the Fund, effective December 8, 2025: a reduction in management fee rate from 0.48% to 0.47%; an increase to the maximum annual shareholder servicing fee rate authorized to be paid by Class I shares of the Fund from 0.05% to 0.06%; and the reduction of the Fund's Expense Cap from 0.68% to 0.67% through at least March 1, 2027.

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 Board designated 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

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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;

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)

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.

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

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 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:

---

| | | |
|:---|:---|:---|
| **Distributions paid from:** | **2025** | **2024** |
|  Ordinary income \* | $4146681 | $2689042 |
|  Long-term capital gains | 15252320 | 4956931 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$19399001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7645973 |

---

\* 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 | $6808724 |
|  Undistributed long-term capital gains | 54615558 |

---

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** |
| $184608364 | $35188743 | $(9703736) | $25485007 |

---

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.

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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;

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.

g. CAPITAL STOCK

The Trust's Trust Instrument 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** |
|  **Class N:** |  |  |  |  |
|  Shares sold | 142404 | $1815671 | 152794 | $1936009 |
|  Shares issued in reinvestment of distributions | 954101 | 12050290 | 394193 | 4541102 |
|  Shares redeemed | (1765879) | (22676885) | (1564082) | (19540710) |
|  Net decrease | (669374) | $(8810924) | (1017095) | $(13063599) |
|  **Class I:** |  |  |  |  |
|  Shares sold | 244735 | $3278758 | 133056 | $1727460 |
|  Shares issued in reinvestment of distributions | 536968 | 6991323 | 247384 | 2924083 |
|  Shares redeemed | (1315065) | (17414685) | (1431931) | (18396051) |
|  Net decrease | (533362) | $(7144604) | (1051491) | $(13744508) |

---

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 Fund had no Repurchase Agreements outstanding.

&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. For the fiscal year ended October 31, 2025, the Fund's investment portfolio was managed by Montrusco Bolton, who served pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in Montrusco Bolton.

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 0.48% of the average daily net assets of the Fund. The fee paid to the Fund's subadviser 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.

------

**&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;

The Investment Manager contractually agreed, during the period covered by this report, 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) to 0.68% 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 $127,382, and did not recoup any previously reimbursed expenses. At October 31, 2025, the Fund's expiration of reimbursements subject to recoupment was as follows:

---

| | |
|:---|:---|
| **Expiration**<br> **Period** | |
|  Less than 1 year | $122005 |
|  1-2 years | 127346 |
|  2-3 years | 127382 |
|  Total | $376733 |

---

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 Trust 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. 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 0.15%.

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 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.

The impact on the annualized expense ratios for the fiscal year ended October 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Maximum Annual**<br> **Amount**<br> **Approved as of 10/31/25**  | **Actual** <br> **Amount** <br> **Incurred**  |
| Class N | 0.15% | 0.08% |
| Class I | 0.05% | 0.05% |

---

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,

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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;

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

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

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| | | | |
|:---|:---|:---|:---|
| **Average**<br> **Borrowed** | **Number**<br> **of Days** | **Interest**<br> **Paid** | **Average** <br> **Interest Rate**  |
| $2610362 | 3 | $1122 | 5.230% |

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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 $197,889,121 and $230,719,339, 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:

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| | | |
|:---|:---|:---|
| **Securities<br>Loaned** | **Cash<br>Collateral<br>Received** | **Total<br>Collateral<br>Received** |
| $4249850 | – $4029245 | $4029245 |

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

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| | | | |
|:---|:---|:---|:---|
| **Collateral<br>Type** | **Coupon<br>Range** | **Coupon<br>Range** | **Maturity<br>Date Range** |
| U.S. Treasury Obligations | 0.000 | %-6.250% | 12/31/25-08/15/53 |

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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. As discussed in Note 1 above, the Fund made changes to its principal strategies and risks as of December 8, 2025. During the fiscal year ended October 31, 2025, the Fund's principal risks were as follows:

**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.

**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 Montrusco Bolton's investment techniques and risk analysis will produce the desired result.

**Non-Diversified Fund Risk:** The Fund is non-diversified and therefore a greater percentage of holdings may be focused in a small number of issuers or a single issuer, which can place the Fund at greater risk. Notwithstanding the Fund's status as a "non-diversified" investment company under the 1940 Act, the 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. The Fund's

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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;

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

**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.

**Environmental, Social and Governance ("ESG") Investing Risk:** Montrusco Bolton 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 Montrusco Bolton or any judgment exercised by Montrusco Bolton 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 Montrusco Bolton's assessment of a company's ESG practices may change over time. Montrusco Bolton'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 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.

**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.

**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.

**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.

**Growth at a Reasonable Price ("GARP") Style Risk:** GARP investing involves buying stocks that have a reasonable price/earnings ratio in relationship to a company's earnings growth rate. The Fund's performance may be adversely

affected when stocks preferred by a GARP investing strategy underperform or are not favored by investors in prevailing market and economic conditions.

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 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. At October 31, 2025, the Fund 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 Fund's financial statements.

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, except for the changes in the Fund's subadviser and investment strategies and related changes that went effective December 8, 2025, as discussed in Note 1 above. In conjunction with those changes, the Fund sold all open investments on December 8 and 9, 2025, and recognized a realized gain of $25,919,590. The Fund used the proceeds of the sales to purchase investments which conform to the Fund's principal investment strategies.

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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 IV and Shareholders of AMG GW&K Small Cap Growth Fund

#### Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AMG GW&K Small Cap Growth Fund (one of the funds constituting AMG Funds IV, 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.

#### Basis for Opinion
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.

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 opinion.

/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;

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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 GW&K Small Cap Growth Fund (formerly AMG Montrusco Bolton Large 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 GW&K Small Cap Growth Fund (formerly AMG Montrusco Bolton Large Cap Growth Fund) hereby designates $17,307,569 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 $17,784, 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;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> 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 Montrusco Bolton Large Cap Growth Fund: Approval of Investment Advisory 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 IV (the "Trust") (the "Independent Trustees"), approved (i) the Investment Advisory 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 Montrusco Bolton Large Cap Growth Fund (the "Fund") and separately Amendment No. 1 thereto dated October 1, 2016 (collectively, the "Investment Advisory 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 Montrusco Bolton Investments, Inc., 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 Investment Advisory 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 Investment Advisory 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 Investment Advisory 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 Investment Advisory 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 Investment Advisory 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 Investment Advisory 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 |

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&nbsp;&nbsp;&nbsp; **&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>

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

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| | | |
|:---|:---|:---|
| 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 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 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 the median performance of the Peer Group and below the performance of the Fund Benchmark, the S&P 500 Growth Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's underperformance. The Trustees also noted that the Fund ranked in the top third relative to the Peer Group for the 2022 and 2021 calendar years. The Trustees also took into account the fact that the Fund's subadviser, investment strategy, and Fund 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. 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 Investment Advisory 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 Investment Advisory 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 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 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>\* \* \* \* \*<br>After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Advisory 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 Investment Advisory 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;&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>

&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 Investment Advisory 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 Investment Advisory Agreement and the Subadvisory Agreement for the Fund.<br>**AMG Montrusco Bolton Large Cap Growth Fund: Approval of Subadvisory Agreement on October 7, 2025**<br>At a meeting held via telephone and video conference on October 7, 2025,1 the Board of Trustees (the "Board" or the "Trustees"), and separately all of the Trustees who are not "interested persons" of AMG Funds IV (the "Trust") (the "Independent Trustees"), unanimously voted to terminate the subadvisory agreement between AMG Funds LLC (the "Investment Manager") and Montrusco Bolton Investments, Inc. ("Montrusco") with respect to AMG Montrusco Bolton Large Cap Growth Fund (the "Fund") (the "Former Subadvisory Agreement") and approve the new subadvisory agreement between the Investment Manager and GW&K Investment Management, LLC ("GW&K") with respect to the Fund (the "New Subadvisory Agreement" or the "Agreement"), which Agreement was proposed to take effect on or about December 8, 2025. The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of the Agreement.<br>In considering the Agreement, the Trustees considered the information relating to the Fund and GW&K provided to them in connection with the meeting on October 7, 2025 and other meetings of the Board throughout the last twelve months, as well as in prior years. In considering the Agreement, the Trustees also considered information relating to the twelve other funds that GW&K sub-advises in the AMG Funds Family of Funds, which, as of October 7, 2025, consisted of 39 funds (the "AMG Funds Complex"). Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel in a private session at which no representatives of management were present; and (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Agreement. | NATURE, EXTENT AND QUALITY OF SERVICES<br>In considering the nature, extent and quality of the services to be provided by GW&K, the Trustees reviewed information provided at the October 7, 2025 meeting and prior meetings relating to GW&K's financial condition, operations and personnel and the investment philosophy, strategies and techniques (the "Investment Strategy") that are intended to be used by GW&K in managing the Fund. The Trustees noted that the Fund would invest, under normal circumstances, at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in equity securities of small-capitalization companies. Among other things, at this meeting and/or prior meetings, the Trustees reviewed information on portfolio management and other professional staff, information regarding GW&K's organizational and management structure, and GW&K's compliance policies and procedures. The Trustees noted that GW&K was founded in 1974 and that its small-cap growth team has 12 members. The Trustees considered specific information provided regarding the experience of the individuals at GW&K that are expected to have portfolio management responsibility for the Fund. The Trustees noted that both proposed portfolio managers joined GW&K in 2008 and serve as portfolio managers of other funds subadvised by GW&K in the AMG Funds Complex. In the course of their deliberations, the Trustees evaluated, among other things: (a) the expected services to be rendered by GW&K to the Fund; (b) the qualifications and experience of GW&K's personnel; and (c) GW&K's compliance program. The Trustees additionally considered GW&K's risk management processes. At a prior meeting, the Trustees reviewed GW&K's compliance policies and procedures, code of ethics, and specific information related to how GW&K monitors, among other things, portfolio compliance and proxy voting and deemed all of them to be adequate. The Trustees also took into account the financial condition of GW&K with respect to its ability to provide the services required under the Agreements and noted that, as of July 31, 2025, GW&K managed approximately $51.3 billion in assets. The Trustees concluded that, given GW&K's financial condition, it would be able to meet any reasonably foreseeable obligations under the Agreement.<br>PERFORMANCE<br>Because GW&K had not yet commenced management of the Fund, the Trustees noted that they could not draw any conclusions regarding the performance of GW&K's management of the Fund to | date. The Trustees, however, considered the performance of GW&K's Small Cap Growth composite and the performance of the other funds in the AMG Funds Complex sub-advised by GW&K, including the funds with similar investment mandates such as small cap core and small/mid-cap growth.<br>SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE<br>The Trustees noted that the Investment Manager, and not the Fund, is responsible for paying the fees charged by GW&K. In considering the anticipated profitability of GW&K with respect to the provision of subadvisory services to the Fund, the Trustees considered information regarding GW&K's organization, management and financial stability. The Trustees noted that, because GW&K is an affiliate ("Affiliate") of the Investment Manager, a portion of GW&K's revenues or anticipated profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fee rate to be paid to GW&K under the Agreement was the same as the rate paid to Montrusco under the Former Subadvisory Agreement. The Trustees further noted that the Investment Manager proposed certain fee changes for the Fund, including a decrease to the Fund's advisory fee of one basis point, all of which would be implemented upon the effectiveness of the Agreement and would result in the overall reduction of the net expense ratio of Class N shares of the Fund, and no change to the net expense ratio of Class I shares of the Fund, as compared with the Fund's current fee structure. 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, which would decrease if the Agreement was approved.<br>The Trustees also noted payments made or to be made from GW&K to the Investment Manager, and other payments made or to be made from the Investment Manager to GW&K, including certain expense sharing arrangements related to, among other things, shareholder servicing and distribution. The Trustees concluded that these arrangements were reasonable. 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 would both be lower than the average for an appropriate peer group of similar mutual funds for the Fund once the new fee changes went into effect. |

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&nbsp;&nbsp;&nbsp; **&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>

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

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| | | |
|:---|:---|:---|
| The Board took into account management's discussion of the proposed subadvisory fee structure, and the services GW&K is expected to provide in performing its functions under the Agreement. The Trustees also were provided, in advance of their June 11, 2025 meeting, with the profitability of GW&K with respect to the other funds it sub-advises in the AMG Funds Complex. Based on the foregoing, the Trustees concluded that the profitability to GW&K is expected to be reasonable and that GW&K is not expected to realize 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 economies of scale with respect to certain fees and expenses, other than the Fund's management fee, to the extent the increase in assets is proportionally greater than the increase in such fees and expenses.<br>In addition, the Trustees considered other potential benefits of the subadvisory relationship to GW&K, including, among others, the potential broadening of GW&K's small cap growth investment capabilities, as well as the indirect benefits that GW&K may receive | from GW&K's relationship with the Fund, including any so-called "fallout benefits" to GW&K, such as reputational value derived from GW&K serving as subadviser to the Fund, which bears GW&K's name. Taking into account all of the foregoing, the Trustees concluded that, in light of the nature, extent and quality of the services to be provided by GW&K, and the other considerations noted above with respect to GW&K, the Fund's 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 Agreement: (a) GW&K has demonstrated that it possesses the capability and resources to perform the duties required of it under the Agreement; (b) GW&K's Investment Strategy is appropriate for pursuing the Fund's investment objectives; (c) GW&K is reasonably likely to execute its Investment Strategy consistently over time; and (d) GW&K maintains 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 the Agreement would be in the best interests of the Fund and its shareholders. Accordingly, on October 7, 2025, the Trustees, and separately a majority of the Independent Trustees, unanimously voted to approve the Agreement.<br><sup>1</sup> The Trustees determined that the conditions surrounding COVID-19 constituted unforeseen or emergency circumstances and that reliance on the Securities and Exchange Commission's ("SEC") exemptive order, which provides relief from the in-person voting requirements of the Investment Company Act of 1940, as amended (the "1940 Act"), in certain circumstances (the "In-Person Relief"), was necessary or appropriate due to the circumstances related to current or potential effects of COVID-19. The Trustees unanimously wished to rely on the In-Person Relief with respect to the approval of those matters on the agenda for the October 7, 2025 meeting that would otherwise require in-person votes under the 1940 Act. See Investment Company Release No. 33897 (June 19, 2020). This exemptive order supersedes, in part, a similar, earlier exemptive order issued by the SEC (Investment Company Release No. 33824 (March 25, 2020)). |

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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 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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wealth.amg.com

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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 AMG**<br> **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>| 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 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AR087 |

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

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|:---|:---|:---|
| 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** |

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

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**&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>

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| | |
|:---|:---|
| <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 |

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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 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

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| | | |
|:---|:---|:---|
|  | 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 |

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| | | |
|:---|:---|:---|
|  | 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 |

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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; &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;

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|:---|:---|:---|
|  | 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 |

---

------

**&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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| &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>

&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<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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------

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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 |

---

---

| | | |
|:---|:---|:---|
|  | &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 |

---

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

------

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

---

| | | |
|:---|:---|:---|
|  | 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 |

---

---

| | |
|:---|:---|
|  | &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 |

---

\* 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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 |

---

<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 Large Cap Value Select Fund Schedule of Portfolio Investments October 31, 2025

---

| | | |
|:---|:---|:---|
| | &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

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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>

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.

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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>

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.

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| | |
|:---|:---|
|  | **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>

---

| | | |
|:---|:---|:---|
| 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>

&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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|:---|:---|
| wealth.amg.com | 103125 AR082 |

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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.

#### Item 19. EXHIBITS

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| | |
|:---|:---|
| (a)(1) | [Any Code of Ethics or amendments hereto. Filed herewith.](d72891dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 - Filed herewith.](d72891dex99cert.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.](d72891dex99906cert.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.

#### AMG FUNDS IV

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|:---|:---|
| By: | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne, Principal Executive Officer |
| Date: January 8, 2026 | 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 | Date: January 8, 2026 |
| By: | /s/ Thomas Disbrow |
|  | Thomas Disbrow, Principal Financial Officer |
| Date: January 8, 2026 | Date: January 8, 2026 |

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## 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;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;2. "Adviser" shall mean the Funds' investment adviser and any entity that is a subadviser of any Fund.

&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;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;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;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—

Last Updated: September 2025

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&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;8. "Distributor's Code of Ethics" shall mean the code of ethics of the Distributor.

&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;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;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;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;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;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;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;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;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;a. Persons Subject to the Code. 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

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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;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;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;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

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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

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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;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;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;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

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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;

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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;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;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;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;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

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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;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;a. <u>Initial Public Offerings and Limited Offerings<sup>1</sup></u>.
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;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.

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&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.

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## Ex-99.Cert

**Certification Filed as Exhibit 19(a)(3) to Form N-CSR** 

I, Keitha L. Kinne, certify that:

1. I have reviewed this report on Form N-CSR of AMG Funds IV;

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;(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;(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;(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;(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;(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;(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.

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| | |
|:---|:---|
|  Date: <u>January 8, 2026</u> | <u>/s/ Keitha L. Kinne</u>  |
|  | Keitha L. Kinne, Principal Executive Officer |

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**Certification Filed as Exhibit 19(a)(3) to Form N-CSR** 

I, Thomas Disbrow, certify that:

1. I have reviewed this report on Form N-CSR of AMG Funds IV;

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;(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;(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;(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;(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;(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;(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.

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| | |
|:---|:---|
|  Date: <u>January 8, 2026</u>  | <u>/s/ Thomas Disbrow</u> |
|  | Thomas Disbrow, Principal Financial Officer |

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## Exhibit 99.906

**<u>CERTIFICATION FILED AS EXHIBIT 19(B) TO FORM N-CSR</u>**

**Name of Issuer: <u>AMG FUNDS IV</u>** 

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;&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;&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>**

**Name of Issuer: <u>AMG FUNDS IV</u>** 

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;&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;&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 |

---