# EDGAR Filing Document

**Accession Number:** 0000882443
**File Stem:** 0001193125-26-082538
**Filing Date:** 2026-2
**Character Count:** 19260
**Document Hash:** 2df0afea79ac7d8d0865831247d4164d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-082538.hdr.sgml**: 20260227

**ACCESSION NUMBER**: 0001193125-26-082538

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260227

**DATE AS OF CHANGE**: 20260227

**EFFECTIVENESS DATE**: 20260227

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-44909
- **FILM NUMBER:** 26699587

**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 Frontier Small Cap Growth Fund (Series ID: S000009910)

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

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| | | |
|:---|:---|:---|
| ![](g67562amg_logo23.jpg) | Summary Prospectus | March 1, 2026 |
| ![](g67562amg_logo23.jpg) | AMG Frontier Small Cap Growth Fund | AMG Frontier Small Cap Growth Fund |
| ![](g67562amg_logo23.jpg) |  |  |

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

Class N: MSSVX Class I: MSSCX Class Z: MSSYX

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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://wealth.amg.com/literature. 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, 2026, as revised or supplemented from time to time, are incorporated by reference into this summary prospectus.*

**Investment Objective**

AMG Frontier Small Cap Growth Fund's (the "Fund") investment objective is to achieve long-term 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;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>|
| Distribution and Service (12b-1) <br> Fees<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|  |  |
| Other Expenses | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Total Annual Fund Operating <br> Expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>|
| Fee Waiver and Expense <br> Reimbursements<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp; (0.20)% | &nbsp;&nbsp;&nbsp; (0.20)% | &nbsp;&nbsp;&nbsp; (0.20)% |
| Total Annual Fund Operating <br> Expenses After Fee Waiver and <br>Expense Reimbursements<sup>1</sup> <br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.00<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>|

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<sup>1</sup>AMG Funds LLC (the "Investment Manager") has contractually agreed, through at least March 1, 2027, 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 0.90% of the Fund's average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the "Expense Cap"), subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from the Fund, provided that such repayment would not cause the Fund's Total Annual 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 first year of each amount shown in the Example reflects the Fund's contractual expense limitation through March 1, 2027. 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 | &nbsp;&nbsp;&nbsp;&nbsp; $132<br>| &nbsp;&nbsp;&nbsp;&nbsp; $454<br>| &nbsp;&nbsp;&nbsp;&nbsp; $800<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1773<br>|
| Class I | &nbsp;&nbsp;&nbsp;&nbsp; $102<br>| &nbsp;&nbsp;&nbsp;&nbsp; $361<br>| &nbsp;&nbsp;&nbsp;&nbsp; $640<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1437<br>|
| Class Z | &nbsp;&nbsp;&nbsp;&nbsp; $92<br>| &nbsp;&nbsp;&nbsp;&nbsp; $330<br>| &nbsp;&nbsp;&nbsp;&nbsp; $587<br>| &nbsp;&nbsp;&nbsp;&nbsp; $1322 |

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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 290% of the average value of its portfolio.

**Principal Investment Strategies**

Under normal circumstances, the Fund invests at least 80% of its net assets, plus the amount of any borrowings for investment purposes, in stocks of U.S. small-capitalization companies. Small-capitalization companies are those with a market capitalization, at the time of purchase, within the range of capitalizations of companies in the Russell 2000<sup>®</sup> Index, the S&P SmallCap 600 Index, or the Dow Jones U.S. Small Cap Total Stock Market Index. As of April 30, 2025, the date of the latest reconstitution of the Russell 2000<sup>®</sup> Index (implemented by the Index June 27, 2025), the range of market capitalizations was $119.4 million to $7.4 billion. As of December 31, 2025, the range of market capitalizations of the Dow Jones U.S. Small-Cap Total Stock Market Index was $28.23 million to $34.789 billion. As of December 31, 2025, the range of market capitalizations of the S&P SmallCap 600 Index was $310.25 million to $9.219 billion. These capitalization ranges will change over time. The Fund may continue to hold securities of a portfolio company that

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SUM005-0326

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**AMG Frontier Small Cap Growth Fund SUMMARY PROSPECTUS**

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subsequently drops below or outgrows the capitalization range. Because of this, the Fund may have less than 80% of its net assets in stocks of U.S. small-capitalization companies at any given time.

Frontier Capital Management Co., LLC ("Frontier" or the "Subadviser") utilizes and draws support from a team of investment professionals to identify opportunities and conduct fundamental research. Through fundamental bottom-up research Frontier seeks long-term capital appreciation by investing in small-capitalization companies that it believes have above-average earnings growth potential and are available at reasonable valuations.

**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.

**Market Risk**—market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of factors, including economic or market conditions, or other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics, or in response to events that affect particular industries or companies. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

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

**Growth Stock Risk**—the prices of equity securities of companies that are expected to experience relatively rapid earnings growth, or "growth stocks," may be more sensitive to market movements because the prices tend to reflect future investor expectations rather than just current profits.

**Sector Risk**—issuers and companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. Stocks in the information

technology and industrials sectors may comprise a significant portion of the Fund's portfolio. The information technology sector may be affected by technological obsolescence, short product cycles, falling prices and profits, competitive pressures and general market conditions. The industrials sector may be affected by general economic trends, including employment, economic growth and interest rates, changes in consumer confidence and spending, government regulation, commodity prices and competitive pressures.

**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.

**High Portfolio Turnover Risk**—higher portfolio turnover may adversely affect Fund performance by increasing Fund transaction costs and may increase a shareholder's tax liability.

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

**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 (i) a broad-based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. As always, past performance of the Fund (before and after taxes) is not an indication of how the Fund will perform in the future.

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

*Calendar Year Total Returns as of 12/31/25 (Class N)*

![](g67562trustfrontier.jpg)

Best Quarter: 41.14% (2nd Quarter 2020) <br>Worst Quarter: -31.91% (1st Quarter 2020)

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**AMG Frontier Small Cap Growth Fund SUMMARY PROSPECTUS**

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| | | | |
|:---|:---|:---|:---|
| *Average Annual Total Returns as of 12/31/25* | *Average Annual Total Returns as of 12/31/25* | *Average Annual Total Returns as of 12/31/25* | *Average Annual Total Returns as of 12/31/25* |
| **AMG Frontier Small Cap Growth Fund** | *1 Year* | *5 Years* | *10 Years* |
| Class N<br> Return Before Taxes<br>| 11.92% | &nbsp;&nbsp; 6.49% | 12.55% |
| Class N<br> Return After Taxes on Distributions<br>| 10.41% | &nbsp;&nbsp; 3.22% | &nbsp;&nbsp; 8.35% |
| Class N<br> Return After Taxes on Distributions and <br> Sale of Fund Shares<br>| &nbsp;&nbsp; 7.57% | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp; 8.48% |
| Class I<br> Return Before Taxes<br>| 12.41% | &nbsp;&nbsp; 6.83% | 12.90% |
| Class Z<br> Return Before Taxes<br>| 12.44% | &nbsp;&nbsp; 6.90% | 13.00% |
| **S&P 500® Index**<br> (reflects no deduction for fees, <br> expenses, or taxes)<br>| 17.88% | 14.42% | 14.82% |
| **Russell 2000® Growth Index**<br> (reflects no deduction for fees, <br> expenses, or taxes)<br>| 13.01% | &nbsp;&nbsp; 3.18% | &nbsp;&nbsp; 9.57% |

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

**Portfolio Management**

**Investment Manager**

AMG Funds LLC

**Subadviser**

Frontier Capital Management Co., LLC

**Portfolio Managers**

James A. Colgan <br>Partner and Portfolio Manager, Frontier; Lead Portfolio Manager of the Fund; Portfolio Manager of the Fund since 09/09.

Nathan A. Hayman <br>Partner and Portfolio Manager, Frontier; Portfolio Manager of the Fund since 11/24.

**Buying and Selling Fund Shares**

**Initial Investment Minimum**

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

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

**Class Z**<sup>\*</sup> <br>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 mail at the address listed below, by phone at 800.548.4539, online at wealth.amg.com, or by bank wire (if bank wire instructions are on file for your account).

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

**Tax Information**

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

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

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