# EDGAR Filing Document

**Accession Number:** 0000882443
**File Stem:** 0001193125-23-054363
**Filing Date:** 2023-3
**Character Count:** 25395
**Document Hash:** 9ce836a3eea26d375378069b47a911be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-054363.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001193125-23-054363

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG Funds I
- **CENTRAL INDEX KEY:** 0000882443
- **IRS NUMBER:** 561773580
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-44909
- **FILM NUMBER:** 23687998

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

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

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

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

## Series and Classes Contracts Data

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

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

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| | | |
|:---|:---|:---|
| ![](g272355amg_sum19.jpg) | Summary Prospectus | March 1, 2023 |
| ![](g272355amg_sum19.jpg) | AMG GW&K Core Bond ESG Fund | AMG GW&K Core Bond ESG Fund |
| ![](g272355amg_sum19.jpg) |  |  |

---

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Class N: MBGVX Class I: MBDFX Class Z: MBDLX

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

**Investment Objective**

The AMG GW&K Core Bond ESG Fund's (the "Fund") investment objective is to generate income and capital appreciation.

**Fees and Expenses of the Fund**

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

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

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| | | | |
|:---|:---|:---|:---|
|  | *Class N* | *Class I* | *Class Z* |
| Management Fee | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% | &nbsp;&nbsp; 0.30% |
| Distribution and Service (12b-1) <br> Fees<br>| &nbsp;&nbsp; 0.25% |  |  |
| Other Expenses | &nbsp;&nbsp; 0.40% | &nbsp;&nbsp; 0.32% | &nbsp;&nbsp; 0.25% |
| Total Annual Fund Operating <br> Expenses<br>| &nbsp;&nbsp; 0.95% | &nbsp;&nbsp; 0.62% | &nbsp;&nbsp; 0.55% |
| Fee Waiver and Expense <br> Reimbursements<sup>1</sup> <br>| (0.07)% | (0.07)% | (0.07)% |
| Total Annual Fund Operating <br> Expenses After Fee Waiver and <br>Expense Reimbursements<sup>1</sup> <br>| &nbsp;&nbsp; 0.88% | &nbsp;&nbsp; 0.55% | &nbsp;&nbsp; 0.48% |

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<sup>1</sup>AMG Funds LLC (the "Investment Manager") has contractually agreed, through at least March 1, 2024, to waive management fees and/or pay or reimburse the Fund's expenses in order to limit Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the Fund to the annual rate of 0.48% of the Fund's average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the "Expense Cap"), subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from the Fund, provided that such repayment would not cause the Fund's Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund. The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the Investment Manager and the AMG Funds I Board of Trustees or in the event of the Fund's liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of the Fund.

**Expense Example**

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *1 Year* | *3 Years* | *5 Years* | *10 Years* |
| Class N  | $90 | $296 | $519 | $1160 |
| Class I  | $56 | $191 | $339 | $768 |
| Class Z | $49 | $169 | $300 | $683 |

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**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 34% of the average value of its portfolio.

**Principal Investment Strategies**

The Fund seeks to achieve its objective by investing in a diversified portfolio of fixed income securities.

Under normal circumstances, the Fund will invest at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in bonds. The term "bond" includes any debt or fixed income security. The Fund normally invests in bonds that are rated "investment grade" by a nationally recognized statistical rating organization ("NRSRO"), such as Moody's Investors Service, Inc. ("Moody's") or S&P Global Ratings ("S&P"), at the time of purchase. Investment grade securities are rated at least in the BBB/Baa major ratings categories by an NRSRO. From time to time, the Fund may invest in unrated bonds, which are considered by GW&K Investment Management, LLC ("GW&K" or the "Subadviser") to be of comparable quality and creditworthiness as investment grade rated securities. In cases where the credit ratings agencies have

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SUM009-0323

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**AMG GW&K Core Bond ESG Fund SUMMARY PROSPECTUS**

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assigned different credit ratings to the same security, the security will be considered to have the higher credit rating. The Fund may continue to hold securities that are downgraded in credit rating subsequent to their purchase if GW&K believes it would be advantageous to do so. While the Fund may purchase debt securities of any duration, the Fund currently intends to primarily invest in debt securities so that the overall duration of the Fund's portfolio will remain +/- 20% of the duration of its benchmark, the Bloomberg U.S. Aggregate Bond Index. As of December 31, 2022, the duration of the benchmark was 6.17 years. The average duration of debt securities in the Fund's portfolio may, however, be shorter or longer depending on market conditions.

The Fund may invest in debt securities issued by any of the following: public and private U.S. companies; the U.S. government and its agencies, such as the Federal Home Loan Bank; and state and local governments issuing taxable municipal securities. The Fund may also invest in asset-backed and mortgage-backed debt securities. The Fund may also invest in bonds whose proceeds are reserved for financing the implementation of the United Nations' Sustainable Development Goals or other sustainable projects. GW&K's investment process involves fundamental credit research and GW&K's analysis of how the Fund's potential investments are affected by material environmental, social and governance ("ESG") factors. In selecting potential investments for the Fund, GW&K uses top-down research that focuses on managing duration, yield curve, credit quality, volatility and liquidity, as well as bottom-up research that focuses on fundamental analysis, valuation analysis, technical analysis, and ESG factor analysis. GW&K may adjust its assessment of an investment based on a number of considerations.

GW&K applies its ESG factor analysis when selecting debt securities issued by public and private U.S. companies and state and local governments issuing taxable municipal securities, but not when selecting debt securities issued by other types of issuers, including but not limited to U.S. Treasuries and agency mortgage-backed securities. GW&K has created its own proprietary ESG Scoring System, which takes into consideration a range of factors, including independent analysis from third parties, such as MSCI Inc. and Sustainalytics, as well as GW&K's own analysis of material ESG factors. Each of GW&K's sector specialists generally assesses the materiality of relevant ESG metrics to bond issues during the fundamental research process, depending on the sector and, for corporate issuers, the nature of the company's business. GW&K uses standards developed by the Sustainable Accounting Standards Board to inform these assessments. Environmental assessment may take into account issues such as carbon emissions, natural resource usage, hazardous waste, chemical safety, water stress and sustainable technology. Social assessment may take into account issues such as human rights, labor relations, employee safety, product safety, data security and community relations. Governance assessment may take into account issues such as business ethics, board quality, board composition, compensation practices, financial reporting and stakeholder governance.

GW&K recognizes that the relative impact of ESG factors on investment performance may vary across market sector, industries and regions, but the firm believes that responsible corporate behavior with respect to ESG factors can contribute to positive and sustainable long-term financial performance. GW&K seeks to identify issuers that GW&K believes are leaders in their industries in effectively addressing exposure to ESG risks through business practices, policies and programs, or issuers within an industry that have more limited exposure to ESG risks. The goal of the ESG factor analysis is to seek investments with lesser exposure to, or better management of, ESG risks.

**Principal Risks**

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

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

**Debt Securities Risk**—the value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. Investments in debt securities are subject to, among other risks, credit risk, interest rate risk, extension risk, prepayment risk and liquidity risk.

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

**Interest Rate Risk**—fixed coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline.

**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.

**ESG Investing Risk**—because applying the Fund's ESG investment criteria may result in the selection or exclusion of securities of certain issuers for reasons other than financial performance, the Fund's investment returns may underperform

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2 AMG Funds

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**AMG GW&K Core Bond ESG Fund SUMMARY PROSPECTUS**

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

**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.

**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.

**Inflation/Deflation Risk**—inflation risk is the risk that the value of assets or income from investments will be worth less in the future. Inflation rates may change frequently and drastically as a result of various factors and the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of shareholders' investments in the Fund. Recently, inflation levels have been at their highest point in nearly 40 years, and the Federal Reserve has begun an aggressive campaign to raise certain benchmark interest rates in an effort to combat inflation. As such, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. Deflation risk is the risk that the prices throughout the economy decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio.

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

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

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

**Prepayment Risk**— a debtor may exercise its right to pay back a bond or other debt security earlier than expected or required during periods of decreasing interest rates.

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

**U.S. Government Securities Risk**—obligations issued by some U.S. Government agencies, authorities, instrumentalities, or sponsored enterprises such as Government National Mortgage Association ("GNMA") are backed by the full faith and credit of the U.S. Government, while obligations issued by others, such as Federal National Mortgage Association ("FNMA"), Federal Home Loan Mortgage Corporation ("FHLMC"), and Federal Home Loan Banks ("FHLBs"), are not backed by the full faith and credit of the U.S. Government and are backed solely by the entity's own resources or by the ability of the entity to borrow from the U.S. Treasury. If one of these agencies defaults on a loan, there is no guarantee that the U.S. Government will provide financial support.

**Performance**

The following performance information illustrates the risks of investing in the Fund by showing changes in the Fund's performance from year to year and by showing how the Fund's performance compares to that of a broad-based securities market index. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future. The performance information shown for the Fund includes historical performance of the Fund for the periods prior to February 28, 2015. As of February 28, 2015, GW&K Investment Management, LLC was appointed as the subadviser to the Fund and the Fund adopted changes to its investment strategies. As of May 1, 2019, the Fund changed its name from "AMG GW&K Core Bond Fund" to "AMG GW&K Core Bond ESG Fund" and adopted the Fund's current investment strategies, including beginning to use ESG factor analysis as part of the Fund's investment selection process. The Fund's past performance would have been different if the Fund were managed using the current investment strategies.

Effective October 1, 2016, outstanding Investor Class, Service Class and Institutional Class shares of the Fund were renamed Class N, Class I and Class Z shares, respectively. To obtain updated performance information please visit www.amgfunds.com or call 800.548.4539.

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**AMG GW&K Core Bond ESG Fund SUMMARY PROSPECTUS**

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

![](g272355gwkcorebond.jpg)

Best Quarter: 4.99% (2nd Quarter 2020) <br>Worst Quarter: -5.84% (1st Quarter 2022)

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| | | | | |
|:---|:---|:---|:---|:---|
| *Average Annual Total Returns as of 12/31/22* | *Average Annual Total Returns as of 12/31/22* | *Average Annual Total Returns as of 12/31/22* | *Average Annual Total Returns as of 12/31/22* | *Average Annual Total Returns as of 12/31/22* |
| **AMG GW&K Core Bond** <br> **ESG Fund**<br>| *1 Year* | *5 Years* | *10 Years* | *Since*<br> *Inception*<sup>1</sup> <br>|
| Class I<br> Return Before Taxes<br>| -13.85% | -0.31% | 0.74% |  |
| Class I<br> Return After Taxes on <br> Distributions<br>| -14.58% | -1.25% | -0.35% |  |
| Class I<br> Return After Taxes on <br> Distributions and Sale of <br> Fund Shares<br>| &nbsp;&nbsp; -8.19% | -0.55% | 0.17% |  |
| Class N<br> Return Before Taxes<br>| -14.05% | -0.62% |  | 0.17% |
| Class Z<br> Return Before Taxes<br>| -13.70% | -0.21% |  | 0.57% |
| **Bloomberg US Aggregate** <br> **Bond Index**<br> (reflects no deduction for <br> fees, expenses, or taxes)<br>| -13.01% | 0.02% | 1.06% | 0.78% |

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<sup>1</sup>Class N, Class Z and Index performance shown reflects performance since the inception date of the Fund's Class N and Class Z shares on May 8, 2015.

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

**Portfolio Management**

**Investment Manager**

AMG Funds LLC

**Subadviser**

GW&K Investment Management, LLC

**Portfolio Managers**

Mary F. Kane, CFA <br>Partner and Portfolio Manager of GW&K; <br> Portfolio Manager of the Fund since 2/15.

Stephen J. Repoff, CFA <br>Principal and Portfolio Manager of GW&K; <br> Portfolio Manager of the Fund since 12/20.

**Buying and Selling Fund Shares**

**Initial Investment Minimum**

**Class N**

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

**Class I**

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

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

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

**Additional Investment Minimum**

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

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

**TRANSACTION POLICIES**

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

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

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

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

**Tax Information**

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

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4 AMG Funds

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**AMG GW&K Core Bond ESG Fund SUMMARY PROSPECTUS**

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

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

services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediary's website for more information.

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5 AMG Funds

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