# EDGAR Filing Document

**Accession Number:** 0000912036
**File Stem:** 0001193125-25-156618
**Filing Date:** 2025-7
**Character Count:** 571048
**Document Hash:** d41be348a035c8862c03d08b3981546e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-156618.hdr.sgml**: 20250708

**ACCESSION NUMBER**: 0001193125-25-156618

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 50

**CONFORMED PERIOD OF REPORT**: 20250430

**FILED AS OF DATE**: 20250708

**DATE AS OF CHANGE**: 20250708

**EFFECTIVENESS DATE**: 20250708

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08004
- **FILM NUMBER:** 251111374

**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 Montrusco Bolton Large 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 Beutel Goodman Core Plus Bond Fund (Series ID: S000033266)

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

### 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 IV Funds

#### 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 - April 30, 2025 (Semi-Annual Shareholder Report)
 **Item 1. Reports to Shareholders**

(a) ### AMG Beutel Goodman Core Plus Bond Fund

## Class N/ADBLX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG Beutel Goodman Core Plus Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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 Beutel Goodman Core Plus Bond Fund<br>(Class N/ADBLX) | $34 | 0.68% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$34979258 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$39020 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;42% |

---

#### Graphical Representation of Holdings (as of April 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.625%, 02/15/35 | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 2.140%, 10/01/29 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 1.500%, 12/01/50 | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 1.875%, 02/15/41 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.125%, 11/30/29 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 4.500%, 07/01/52 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.500%, 11/15/54 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC Gold, 3.000%, 08/01/45 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., Series NC5, 8.250%, 01/15/84 (Canada) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.376%, 04/27/28 | 2.0% |
| Top Ten as a Group | 43.7% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972882.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g928400chartimages_9972887.jpg)

#### Recent Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more information, you may review the Fund's prospectus at https://wealth.amg.com/literature. The Fund's prospectus is also available without charge by calling 800.548.4539 or by sending an e-mail request to shareholderservices@amg.com.

Effective June 11, 2025, the Board approved a plan to liquidate and terminate the Fund; the liquidation is expected to occur on or about September 11, 2025 (the "Liquidation Date"). On June 12, 2025, the Fund began selling its portfolio investments and investing the proceeds in cash and cash equivalents, in anticipation of the liquidation. Additionally, effective June 12, 2025, the Fund discontinued accruing 12b-1 distribution fees through the Liquidation Date and effective June 16, 2025, and through the Liquidation Date, AMG Funds LLC waived its management fee and waived the right to recoup any prior reimbursed expenses under the Fund's Expense Limitation Agreement.

#### 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.

043025 TSR002S

### AMG Beutel Goodman Core Plus Bond Fund

## Class I/ADLIX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG Beutel Goodman Core Plus Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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 Beutel Goodman Core Plus Bond Fund<br>(Class I/ADLIX) | $24 | 0.48% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$34979258 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$39020 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;42% |

---

#### Graphical Representation of Holdings (as of April 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.625%, 02/15/35 | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 2.140%, 10/01/29 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 1.500%, 12/01/50 | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 1.875%, 02/15/41 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.125%, 11/30/29 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 4.500%, 07/01/52 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.500%, 11/15/54 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC Gold, 3.000%, 08/01/45 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., Series NC5, 8.250%, 01/15/84 (Canada) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.376%, 04/27/28 | 2.0% |
| Top Ten as a Group | 43.7% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972845.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g928400chartimages_9972850.jpg)

#### Recent Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more information, you may review the Fund's prospectus at https://wealth.amg.com/literature. The Fund's prospectus is also available without charge by calling 800.548.4539 or by sending an e-mail request to shareholderservices@amg.com.

Effective June 11, 2025, the Board approved a plan to liquidate and terminate the Fund; the liquidation is expected to occur on or about September 11, 2025 (the "Liquidation Date"). On June 12, 2025, the Fund began selling its portfolio investments and investing the proceeds in cash and cash equivalents, in anticipation of the liquidation. Additionally, effective June 12, 2025, the Fund discontinued accruing 12b-1 distribution fees through the Liquidation Date and effective June 16, 2025, and through the Liquidation Date, AMG Funds LLC waived its management fee and waived the right to recoup any prior reimbursed expenses under the Fund's Expense Limitation Agreement.

#### 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.

043025 TSR001S

### AMG Beutel Goodman Core Plus Bond Fund

## Class Z/ADZIX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG Beutel Goodman Core Plus Bond Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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 Beutel Goodman Core Plus Bond Fund<br>(Class Z/ADZIX) | $22 | 0.43% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$34979258 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;81 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$39020 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;42% |

---

#### Graphical Representation of Holdings (as of April 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.625%, 02/15/35 | 11.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 2.140%, 10/01/29 | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 1.500%, 12/01/50 | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 1.875%, 02/15/41 | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.125%, 11/30/29 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 4.500%, 07/01/52 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, 4.500%, 11/15/54 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC Gold, 3.000%, 08/01/45 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Enbridge, Inc., Series NC5, 8.250%, 01/15/84 (Canada) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Corp., 4.376%, 04/27/28 | 2.0% |
| Top Ten as a Group | 43.7% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972919.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g928400chartimages_9972924.jpg)

#### Recent Fund Changes
This is a summary of certain changes to the Fund since November 1, 2024. For more information, you may review the Fund's prospectus at https://wealth.amg.com/literature. The Fund's prospectus is also available without charge by calling 800.548.4539 or by sending an e-mail request to shareholderservices@amg.com.

Effective June 11, 2025, the Board approved a plan to liquidate and terminate the Fund; the liquidation is expected to occur on or about September 11, 2025 (the "Liquidation Date"). On June 12, 2025, the Fund began selling its portfolio investments and investing the proceeds in cash and cash equivalents, in anticipation of the liquidation. Additionally, effective June 12, 2025, the Fund discontinued accruing 12b-1 distribution fees through the Liquidation Date and effective June 16, 2025, and through the Liquidation Date, AMG Funds LLC waived its management fee and waived the right to recoup any prior reimbursed expenses under the Fund's Expense Limitation Agreement.

#### 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.

043025 TSR003S

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

## Class N/ACWDX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-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 April 30, 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 six months?

(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) | $48 | 1.01% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$32386000 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$78336 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;12% |

---

#### Graphical Representation of Holdings (as of April 30, 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;Sterling Infrastructure, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corp. | 1.9% |
| Top Ten as a Group | 21.2% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972771.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.

043025 TSR040S

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

## Class I/ACWIX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-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 April 30, 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 six months?

(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) | $41 | 0.87% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$32386000 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$78336 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;12% |

---

#### Graphical Representation of Holdings (as of April 30, 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;Sterling Infrastructure, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corp. | 1.9% |
| Top Ten as a Group | 21.2% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972734.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.

043025 TSR039S

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

## Class Z/ACWZX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-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 April 30, 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 six months?

(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) | $39 | 0.82% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$32386000 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$78336 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;12% |

---

#### Graphical Representation of Holdings (as of April 30, 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;Sterling Infrastructure, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tyler Technologies, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paylocity Holding Corp. | 1.9% |
| Top Ten as a Group | 21.2% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972808.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.

043025 TSR041S

### AMG Montrusco Bolton Large Cap Growth Fund

## Class N/MCGFX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG Montrusco Bolton Large Cap Growth Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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 Montrusco Bolton Large Cap Growth Fund<br>(Class N/MCGFX) | $44 | 0.91% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$184227653 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$422191 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;50% |

---

#### Graphical Representation of Holdings (as of April 30, 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;NVIDIA Corp. | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 4.2% |
| Top Ten as a Group | 61.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972253.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.

043025 TSR043S

### AMG Montrusco Bolton Large Cap Growth Fund

## Class I/MCGIX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG Montrusco Bolton Large Cap Growth Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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 Montrusco Bolton Large Cap Growth Fund<br>(Class I/MCGIX) | $36 | 0.73% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$184227653 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;27 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$422191 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;50% |

---

#### Graphical Representation of Holdings (as of April 30, 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;NVIDIA Corp. | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 8.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Uber Technologies, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Synopsys, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Blackrock, Inc. | 4.2% |
| Top Ten as a Group | 61.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972216.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.

043025 TSR042S

### AMG River Road Dividend All Cap Value Fund

## Class N/ARDEX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-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 April 30, 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 six months?

(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) | $47 | 0.97% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$68554789 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$121749 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;14% |

---

#### Graphical Representation of Holdings (as of April 30, 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. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp., REIT | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Progressive Corp. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC, Sponsored ADR (United Kingdom) | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Kroger Co. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb, Ltd. (Switzerland) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. (Bermuda) | 2.7% |
| Top Ten as a Group | 33.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972549.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.

043025 TSR049S

### AMG River Road Dividend All Cap Value Fund

## Class I/ARIDX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-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 April 30, 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 six months?

(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) | $35 | 0.72% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$68554789 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$121749 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;14% |

---

#### Graphical Representation of Holdings (as of April 30, 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. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp., REIT | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Progressive Corp. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC, Sponsored ADR (United Kingdom) | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Kroger Co. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb, Ltd. (Switzerland) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. (Bermuda) | 2.7% |
| Top Ten as a Group | 33.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972512.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.

043025 TSR048S

### AMG River Road Dividend All Cap Value Fund

## Class Z/ARZDX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-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 April 30, 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 six months?

(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) | $33 | 0.68% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$68554789 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$121749 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;14% |

---

#### Graphical Representation of Holdings (as of April 30, 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. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oracle Corp. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;American Tower Corp., REIT | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Progressive Corp. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC, Sponsored ADR (United Kingdom) | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Kroger Co. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb, Ltd. (Switzerland) | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;The PNC Financial Services Group, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. (Bermuda) | 2.7% |
| Top Ten as a Group | 33.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972586.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.

043025 TSR050S

### AMG River Road Focused Absolute Value Fund

## Class N/ARRFX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG River Road Focused Absolute Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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) | $54 | 1.06% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$48877915 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$101328 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;46% |

---

#### Graphical Representation of Holdings (as of April 30, 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;Fairfax Financial Holdings, Ltd. (Canada) | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc., REIT | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC (United Kingdom) | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rentokil Initial PLC, Sponsored ADR (United Kingdom) | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew PLC, Sponsored ADR (United Kingdom) | 3.6% |
| Top Ten as a Group | 44.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972142.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.

043025 TSR052S

### AMG River Road Focused Absolute Value Fund

## Class I/AFAVX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG River Road Focused Absolute Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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) | $42 | 0.82% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$48877915 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$101328 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;46% |

---

#### Graphical Representation of Holdings (as of April 30, 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;Fairfax Financial Holdings, Ltd. (Canada) | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc., REIT | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC (United Kingdom) | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rentokil Initial PLC, Sponsored ADR (United Kingdom) | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew PLC, Sponsored ADR (United Kingdom) | 3.6% |
| Top Ten as a Group | 44.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972105.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.

043025 TSR051S

### AMG River Road Focused Absolute Value Fund

## Class Z/ARRZX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG River Road Focused Absolute Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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) | $40 | 0.78% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$48877915 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;32 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$101328 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;46% |

---

#### Graphical Representation of Holdings (as of April 30, 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;Fairfax Financial Holdings, Ltd. (Canada) | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B | 5.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;CRH PLC | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc., REIT | 4.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC (United Kingdom) | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rentokil Initial PLC, Sponsored ADR (United Kingdom) | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Smith & Nephew PLC, Sponsored ADR (United Kingdom) | 3.6% |
| Top Ten as a Group | 44.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972179.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.

043025 TSR053S

### AMG River Road Mid Cap Value Fund

## Class N/CHTTX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG River Road Mid Cap Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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) | $55 | 1.11% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$320280373 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$903578 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;43% |

---

#### Graphical Representation of Holdings (as of April 30, 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;Willis Towers Watson PLC (United Kingdom) | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings, Ltd. (Canada) | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 3.0% |
| Top Ten as a Group | 34.5% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972327.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.

043025 TSR057S

### AMG River Road Mid Cap Value Fund

## Class I/ABMIX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG River Road Mid Cap Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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) | $40 | 0.81% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$320280373 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$903578 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;43% |

---

#### Graphical Representation of Holdings (as of April 30, 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;Willis Towers Watson PLC (United Kingdom) | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings, Ltd. (Canada) | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 3.0% |
| Top Ten as a Group | 34.5% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972290.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.

043025 TSR056S

### AMG River Road Mid Cap Value Fund

## Class Z/ABIZX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG River Road Mid Cap Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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) | $37 | 0.76% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$320280373 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;50 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$903578 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;43% |

---

#### Graphical Representation of Holdings (as of April 30, 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;Willis Towers Watson PLC (United Kingdom) | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fairfax Financial Holdings, Ltd. (Canada) | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alamo Group, Inc. | 3.0% |
| Top Ten as a Group | 34.5% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972364.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.

043025 TSR058S

### AMG River Road Small Cap Value Fund

## Class N/ARSVX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG River Road Small Cap Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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) | $67 | 1.35% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$1006746332 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$4302113 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;24% |

---

#### Graphical Representation of Holdings (as of April 30, 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;CoreCivic, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;White Mountains Insurance Group, Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. (Bermuda) | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniFirst Corp. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc. | 2.2% |
| Top Ten as a Group | 30.4% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972438.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.

043025 TSR060S

### AMG River Road Small Cap Value Fund

## Class I/ARSIX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG River Road Small Cap Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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) | $54 | 1.09% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$1006746332 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$4302113 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;24% |

---

#### Graphical Representation of Holdings (as of April 30, 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;CoreCivic, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;White Mountains Insurance Group, Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. (Bermuda) | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniFirst Corp. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc. | 2.2% |
| Top Ten as a Group | 30.4% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972401.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.

043025 TSR059S

### AMG River Road Small Cap Value Fund

## Class Z/ARZMX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-annual shareholder report contains important information about AMG River Road Small Cap Value Fund (the "Fund") for the period of November 1, 2024 to April 30, 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 six months?

(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) | $49 | 1.00% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$1006746332 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$4302113 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;24% |

---

#### Graphical Representation of Holdings (as of April 30, 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;CoreCivic, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;White Mountains Insurance Group, Ltd. | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. (Bermuda) | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniFirst Corp. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ePlus, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Genworth Financial, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;GXO Logistics, Inc. | 2.2% |
| Top Ten as a Group | 30.4% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972475.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.

043025 TSR061S

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

## Class N/ARSMX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-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 April 30, 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 six months?

(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) | $62 | 1.26% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$308871823 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$1226531 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings (as of April 30, 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;BJ's Wholesale Club Holdings, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;White Mountains Insurance Group, Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. (Bermuda) | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniFirst Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 2.4% |
| Top Ten as a Group | 31.5% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972660.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g928400chartimages_9972665.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.

043025 TSR063S

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

## Class I/ARIMX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-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 April 30, 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 six months?

(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) | $50 | 1.01% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$308871823 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$1226531 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings (as of April 30, 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;BJ's Wholesale Club Holdings, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;White Mountains Insurance Group, Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. (Bermuda) | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniFirst Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 2.4% |
| Top Ten as a Group | 31.5% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972623.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g928400chartimages_9972628.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.

043025 TSR062S

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

## Class Z/ARSZX
SEMI-ANNUAL SHAREHOLDER REPORT \| April 30, 2025

This semi-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 April 30, 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 six months?

(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) | $47 | 0.96% |

---

Key Fund Statistics (as of April 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$308871823 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$1226531 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings (as of April 30, 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;BJ's Wholesale Club Holdings, Inc. | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;White Mountains Insurance Group, Ltd. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CoreCivic, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Murphy USA, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;McGrath RentCorp | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;WESCO International, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. (Bermuda) | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniFirst Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc., Class A | 2.4% |
| Top Ten as a Group | 31.5% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g928400chartimages_9972697.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g928400chartimages_9972702.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.

043025 TSR064S

------

(b) Not applicable.

#### Item 2. CODE OF ETHICS
Not required in this filing.

#### Item 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not required in this filing.

#### Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.

#### 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](g928400dsp1.jpg) | SEMI-ANNUAL FINANCIAL STATEMENTS |

---

---

| |
|:---|
| AMG Funds |
| <br> April 30, 2025 |
| ![LOGO](g928400dsp1a.jpg) |
| **AMG GW&K Core Bond ESG Fund** |
| <br> Class N: **MBGVX** \| Class I: **MBDFX** \| Class Z: **MBDLX**  |
| **AMG GW&K Small/Mid Cap Growth Fund** |
| <br> Class N: **ACWDX** \| Class I: **ACWIX** \| Class Z: **ACWZX**  |

---

 <br> wealth.amg.com 043025 SAR069

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Funds &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-Annual Financial Statements — April 30, 2025 *(unaudited)*

---

| | |
|:---|:---|
| **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 GW&K Core Bond ESG Fund](#fin1928400_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Small/Mid Cap Growth Fund](#fin1928400_2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Assets and Liabilities](#fin1928400_3)** | 9 |
| &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](#fin1928400_4)** | 11 |
| &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 period* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin1928400_5)** | 12 |
| &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 periods* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Highlights](#fin1928400_6)** | 13 |
| &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](#fin1928400_7)** | 19 |
| &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* |  |
| **[OTHER INFORMATION](#fin1928400_8)** | 27 |
| 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. |

---

------

AMG GW&K Core Bond ESG Fund Schedule of Portfolio Investments (unaudited) April 30, 2025

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
|  Corporate Bonds and Notes - 41.2% | Corporate Bonds and Notes - 41.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Basic Materials - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc.<br>4.800%, 03/03/33 | $780000 | $781760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc.<br>5.375%, 08/15/34 | 460000 | 461809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials | 1243569 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc.<br>1.650%, 02/01/28 | 331000 | 308946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/15/30 | 700000 | 694469 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp.<br>4.650%, 02/15/33 | 915000 | 898836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc.<br>3.875%, 02/08/29 | 1053000 | 1035833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communications | 2938084 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer, Cyclical - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.<br>3.850%, 03/01/32 | 720000 | 647182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp.<br>5.250%, 06/30/29 | 610000 | 611915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.<br>3.750%, 04/01/29<sup>1</sup>  | 975000 | 918143 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc.<br>6.375%, 05/15/33 | 573000 | 604706 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc. Pass-Through Trust<br>Series 2024-1, AA, 5.450%, 02/15/37 | 579909 | 576632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Cyclical | 3358578 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer, Non-cyclical - 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc.<br>5.600%, 03/02/43 | 576000 | 560406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Capital, Inc.<br>1.500%, 08/12/26<sup>1</sup>  | 986000 | 948963 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health<br>3.347%, 10/01/29<sup>2</sup>  | 1187000 | 1123742 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp.<br>5.400%, 06/01/29 | 550000 | 564215 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Ford Foundation<br>Series 2020, 2.415%, 06/01/50 | 2207000 | 1258037 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc.<br>4.125%, 06/15/29 | 950000 | 924148 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co.<br>3.875%, 05/15/27 | 318000 | 314967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom)<br>2.032%, 10/14/30 | 1010000 | 875955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp.<br>2.400%, 02/15/30 | 1209000 | 1095290 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Company<br>2.375%, 04/24/30 | $628000 | $564410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-cyclical | 8230133 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 16.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global<br>Aviation Trust (Ireland)<br>6.450%, 04/15/27 | 998000 | 1028886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., MTN<br>5.200%, 07/15/31 | 315000 | 317172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle, Ltd./Aircastle Ireland DAC (Bermuda)<br>5.750%, 10/01/31<sup>1</sup>  | 1025000 | 1035276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.543% to 01/17/30 then SOFR Index +<br>1.730%), 5.543%, 01/17/31<sup>3,4</sup>  | 565000 | 559726 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent LP<br>3.625%, 04/15/32 | 685000 | 622365 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp.<br>3.600%, 01/15/28 | 855000 | 836176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN, (4.330% to 03/15/49 then 3 month SOFR<br>+ 1.782%), 4.330%, 03/15/50<sup>3,4</sup>  | 1300000 | 1053165 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&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 | 961163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties LP<br>2.550%, 04/01/32 | 545000 | 448441 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&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 | 551095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&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 | 853538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc.<br>4.000%, 03/01/27 | 775000 | 766978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Discover Financial Services |  |  |
| &nbsp;&nbsp;&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>  | 510000 | 585011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc.<br>3.200%, 11/18/29 | 663000 | 623757 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&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 | 871600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&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>2,3,4</sup>  | 576000 | 577043 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&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 | 567082 |

---

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 Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 16.6%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, (3.850% to 09/15/25 then U.S. Treasury Yield Curve CMT 5 year + 3.576%), 3.850%, 09/15/25<sup>3,4,5</sup>  | $959000 | $947009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&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 | 842603 |
| &nbsp;&nbsp;&nbsp;&nbsp; The PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&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 | 1212420 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. |  |  |
| &nbsp;&nbsp;&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>3,4,5</sup>  | 545000 | 547257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.873% to 01/26/28 then SOFR + 1.435%), 4.873%, 01/26/29<sup>2,3,4</sup>  | 610000 | 614711 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp |  |  |
| &nbsp;&nbsp;&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 | 636183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&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>  | 1261000 | 1109285 |
| &nbsp;&nbsp;&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>2,3,4,5</sup>  | 576000 | 606364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 18774306 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Engineering Group, Inc.<br>5.900%, 03/01/33 | 1141000 | 1160406 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc.<br>5.050%, 06/01/29 | 1133000 | 1151140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Packaging Corp. of America<br>5.700%, 12/01/33 | 640000 | 659217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp.<br>3.250%, 06/14/29 | 573000 | 548965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 3519728 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Technology - 4.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc.<br>4.150%, 11/15/30 | 707000 | 689072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp.<br>6.200%, 07/15/30 | 1112000 | 1177904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.<br>3.150%, 10/15/31 | 691000 | 606301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp.<br>2.525%, 06/01/50 | 1890000 | 1170853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc.<br>4.750%, 02/15/32 | 612000 | 605704 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. (South Korea)<br>2.375%, 01/19/31<sup>1</sup>  | $800000 | $695309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Technology | 4945143 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc.<br>5.375%, 11/15/32 | 550000 | 556934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp.<br>2.550%, 06/15/31<sup>2</sup>  | 1392000 | 1221809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp.<br>5.300%, 03/15/33 | 550000 | 556386 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp.<br>1.350%, 03/15/31 | 1649000 | 1371507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | 3706636 |
|  Total Corporate Bonds and Notes<br>(Cost $49,965,842) | Total Corporate Bonds and Notes<br>(Cost $49,965,842) | 46716177 |
|  Asset-Backed Securities - 4.0% | Asset-Backed Securities - 4.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A<br> 4.950%, 10/15/27 | 630000 | 631181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1<br> 5.250%, 02/25/49<sup>1</sup>  | 950000 | 958360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A4<br>3.930%, 08/15/27 | 697000 | 694522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-D, Class A3<br>4.610%, 08/15/29 | 592000 | 597819 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A4<br> 2.490%, 01/16/29 | 650000 | 643424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO, Ltd.<br>Series 2018-2A, Class A1R<br>(3 month SOFR + 1.530%, Cap N/A, Floor 1.530%), 5.791%, 04/16/37<sup>1,4</sup>  | 310000 | 310703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class B<br> 5.950%, 01/17/28 | 556372 | 558333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A4<br> 0.530%, 10/15/26 | 140287 | 139374 |
|  Total Asset-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,514,315) |  | 4533716 |

---

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 Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
|  Mortgage-Backed Securities - 3.5% | Mortgage-Backed Securities - 3.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust Series Series 2024-1, Class A6<br>6.500%, 01/25/55<sup>1,4</sup>  | $313278 | $316722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class 1M1<br>(3 month SOFR + 1.050%), 5.404%, 01/25/44<sup>1,4</sup>  | 399189 | 397819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1<br>(3 month SOFR + 1.100%), 5.454%, 02/25/44<sup>1,4</sup>  | 300874 | 299939 |
| &nbsp;&nbsp;&nbsp;&nbsp; DATA Mortgage Trust<br>Series 2023-CNTR, Class A<br>5.919%, 08/12/43<sup>1,4</sup>  | 600000 | 612933 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust<br>Series 2016-K53, Class B<br>4.175%, 03/25/49<sup>1,4</sup>  | 700000 | 693422 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ4, Class A6<br>2.500%, 09/25/51<sup>1,4</sup>  | 758081 | 704512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class A8<br>2.500%, 02/26/52<sup>1,4</sup>  | 458722 | 409611 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust<br>Series 2021-7, Class A6<br>2.500%, 11/25/51<sup>1,4</sup>  | 543218 | 504465 |
|  Total Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,912,278) |  | 3939423 |
|  Municipal Bonds - 3.5% | Municipal Bonds - 3.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority 4.190%, 06/01/37 | 775000 | 706204 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State General Obligation, School Improvements, Build America Bonds<br>7.550%, 04/01/39 | 1460000 | 1762978 |
| &nbsp;&nbsp;&nbsp;&nbsp; JobsOhio Beverage System, Series B, Build America Bonds<br>4.532%, 01/01/35 | 1505000 | 1499668 |
|  Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,456,618) |  | 3968850 |
|  U.S. Government and Agency Obligations - 46.0% | U.S. Government and Agency Obligations - 46.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fannie Mae - 21.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA<br>2.000%, 02/01/36 | 572673 | 522842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/38 to 12/01/50 | 1097912 | 1028060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/30 to 07/01/50 | 6151570 | 5746350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/44 to 01/01/51 | 6455321 | 6133469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/39 to 08/01/52 | 6531148 | 6458116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/47 to 02/01/49 | 1513036 | 1523946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/53 | 1339210 | 1339745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/54 | 988742 | 1033480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fannie Mae | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fannie Mae | 23786008 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Freddie Mac - 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC<br>2.500%, 10/01/34 | $1917295 | $1800871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/50 | 802345 | 711344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/45 | 2956084 | 2737207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/48 to 09/01/50 | 1793462 | 1692294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/44 | 832039 | 839441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/53 | 2214894 | 2230432 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool<br>3.500%, 07/01/32 to 05/01/44 | 850179 | 821201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5106, Class KA<br>2.000%, 03/25/41 | 1188095 | 1116802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5297, Class DA<br>5.000%, 12/25/52 | 547615 | 545990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M1<br>(1 Month SOFR + 1.350%), 5.704%, 02/25/44<sup>1,4</sup>  | 456117 | 455835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac | 12951417 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ginnie Mae - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-111, Class FD<br>(1-Month SOFR + 1.000%, Cap 7.000%, Floor 1.000%), 5.350%, 08/20/53<sup>4</sup>  | 562786 | 560607 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 13.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 13.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds<br>1.875%, 02/15/51 | 2058000 | 1169040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/15/41 | 7147000 | 5233502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/48 | 5484000 | 4204471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/39 | 1310000 | 1188672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/53 | 2417000 | 2000445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 08/15/28 | 537000 | 569640 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes<br>4.000%, 02/28/30 | 456000 | 461914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations | 14827684 |
|  Total U.S. Government and Agency Obligations | Total U.S. Government and Agency Obligations |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $58,217,265) |  | 52125716 |
|  Short-Term Investments - 1.2% | Short-Term Investments - 1.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.1%<sup>6</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.1%<sup>6</sup>**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 04/30/25, due 05/01/25, 4.360% total to be received $109,953 (collateralized by various U.S. Treasuries, 0.000% - 5.500%, 06/03/25 -02/15/46, totaling $112,139) | 109940 | 109940 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 04/30/25, due 05/01/25, 4.100% total to be received $1,277,145 (collateralized by a U.S. Treasury Note, 4.500%, 02/15/44, totaling $1,302,568) | 1277000 | 1277000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,386,940) |  | 1386940 |

---

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 Schedule of Portfolio Investments (continued)

---

| | |
|:---|:---|
| | Value |
|  **Total Investments - 99.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $122,453,258) | $112670822 |
|  **Other Assets, less Liabilities - 0.6%** | 630479 |
|  Net Assets - 100.0% | $113301301 |

---

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

<sup>1</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 April 30, 2025, the value of these securities amounted to $9,262,012 or 8.2% of net assets. 

<sup>2</sup> Some of these securities, amounting to $3,318,261 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>3</sup> Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 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 April 30, 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> 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 |
| GNMA | Ginnie Mae |
| MTN | Medium-Term Note |
| REMICS | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STACR | Structured Agency Credit Risk |

---

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Corporate Bonds and Notes<sup>†</sup>**  |  | $46716177 |  | $46716177 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset-Backed Securities** |  | 4533716 |  | 4533716 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mortgage-Backed Securities** |  | 3939423 |  | 3939423 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds** |  | 3968850 |  | 3968850 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government and Agency Obligations<sup>†</sup>**  |  | 52125716 |  | 52125716 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 109940 |  | 109940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1277000 |  | 1277000 |
| &nbsp;&nbsp; **Total Investments in Securities** |  | $112670822 |  | $112670822 |

---

---

| | |
|:---|:---|
| <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 six months ended April 30, 2025, there were no transfers in or out of Level 3.

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

------

<br> AMG GW&K Small/Mid Cap Growth Fund<br> Schedule of Portfolio Investments *(unaudited)*<br> April 30, 2025<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 99.2% | Common Stocks - 99.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.<sup>\*</sup>  | 1590 | $346843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.<sup>\*</sup>  | 1740 | 218231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>\*</sup>  | 2711 | 610083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 5710 | 516241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.<sup>\*</sup>  | 4086 | 728820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krispy Kreme, Inc.<sup>1</sup>  | 19030 | 78023 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 8649 | 330478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 1117 | 327437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc.<sup>\*</sup>  | 11845 | 235479 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 4154 | 689398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 856 | 119155 |
| &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 | 4200188 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.<sup>\*</sup>  | 6293 | 507593 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 11476 | 453761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 7795 | 261756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 21180 | 249924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc., Class A<sup>1</sup>  | 15632 | 330461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | 1295902 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 8.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 2394 | 491464 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 4224 | 684626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 1030 | 448318 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 1296 | 287181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 4327 | 433738 |
| &nbsp;&nbsp;&nbsp;&nbsp; RLI Corp. | 4472 | 330973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 2676300 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 22.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.<sup>\*</sup>  | 8314 | 194548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.<sup>\*</sup>  | 10649 | 316169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.<sup>\*</sup>  | 10208 | 268879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A<sup>\*</sup>  | 908 | 221625 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemed Corp. | 730 | 424502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.<sup>\*,1</sup>  | 12380 | 413368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A<sup>\*</sup>  | 7352 | 527653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.<sup>\*</sup>  | 8533 | 524097 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.<sup>\*</sup>  | 4746 | 406827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.<sup>\*</sup>  | 7361 | 529992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.<sup>\*</sup>  | 11100 | 340881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.<sup>\*</sup>  | 1505 | 464127 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.<sup>\*</sup>  | 2921 | $440866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.<sup>\*</sup>  | 3674 | 395653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phathom Pharmaceuticals, Inc.<sup>\*</sup>  | 28568 | 122557 |
| &nbsp;&nbsp;&nbsp;&nbsp; SpringWorks Therapeutics, Inc.<sup>\*</sup>  | 8602 | 398273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.<sup>\*</sup>  | 12038 | 469241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.<sup>\*</sup>  | 11026 | 336293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verona Pharma PLC, ADR (United Kingdom)<sup>\*</sup>  | 8050 | 580163 |
| &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 | 7375714 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 24.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.<sup>\*</sup>  | 17016 | 643715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 1933 | 470260 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A<sup>\*,1</sup>  | 1233 | 564554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.<sup>\*</sup>  | 3497 | 472025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graco, Inc. | 4309 | 351657 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 2489 | 433011 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 26583 | 499760 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 4895 | 670713 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 5082 | 199062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 1304 | 247199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.<sup>\*</sup>  | 3165 | 607997 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.<sup>\*</sup>  | 2010 | 660426 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc.<sup>\*</sup>  | 4075 | 467851 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 3589 | 271328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.<sup>\*,1</sup>  | 5905 | 882384 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Toro Co. | 3970 | 271072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trex Co., Inc.<sup>\*,1</sup>  | 5374 | 310725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 8023739 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 18.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.<sup>\*</sup>  | 45835 | 424432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 14270 | 389571 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software, Ltd. (Israel)<sup>\*</sup>  | 1630 | 574021 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Descartes Systems Group, Inc. (Canada)<sup>\*</sup>  | 4399 | 463611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 6379 | 504707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant, S.A. (Luxembourg)<sup>\*</sup>  | 3167 | 372344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 2400 | 351744 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.<sup>\*</sup>  | 5636 | 584735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.<sup>\*</sup>  | 3080 | 546361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc.<sup>\*</sup>  | 7218 | 462602 |
| &nbsp;&nbsp;&nbsp;&nbsp; SailPoint, Inc.<sup>\*</sup>  | 16827 | 288751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.<sup>\*</sup>  | 1254 | 681298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A\* | 1325 | 331674 |
| &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 | 5975851 |

---

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

------

<br> AMG GW&K Small/Mid Cap Growth Fund<br> Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 2548 | $382073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 8122 | 270544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 1414 | 320115 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 3920 | 418460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | 1391192 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc., REIT | 2396 | 391554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc., REIT | 2409 | 299752 |
| &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 | 691306 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $31,447,192) |  | 32137785 |
|  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>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $0) | 1175 | 0 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount |  |
|  Short-Term Investments - 1.6% | Short-Term Investments - 1.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.3%**<sup>4</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.3%**<sup>4</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 04/30/25, due 05/01/25, 4.360% total to be received $80,948 (collateralized by various U.S. Treasuries, 0.000% - 5.500%, 06/03/25 -02/15/46, totaling $82,557) | $80938 | 80938 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &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 04/30/25, due 05/01/25, 4.100% total to be received $418,048 (collateralized by a U.S. Treasury Note, 4.500%, 02/15/44, totaling $426,401) | $418000 | $418000 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $498,938) |  | 498938 |
|  **Total Investments - 100.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $31,946,130) |  | 32636723 |
|  **Other Assets, less Liabilities - (0.8)%** | **Other Assets, less Liabilities - (0.8)%** | (250723) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $32386000 |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $1,730,048 or 5.3% 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.

ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

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

------

<br> AMG GW&K Small/Mid Cap Growth Fund<br> Schedule of Portfolio Investments*(continued)*<br>

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>**  | $32137785 |  |  | $32137785 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Rights** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care |  |  | $0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $80938 |  | 80938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 418000 |  | 418000 |
| &nbsp;&nbsp; **Total Investments in Securities** | $32137785 | $498938 | $0 | $32636723 |

---

<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 six months ended April 30, 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 April 30, 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; Statement of Assets and Liabilities *(unaudited)* April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **AMG GW&K<br>Core Bond<br>ESG Fund** | **AMG GW&K<br>Small/Mid Cap<br>Growth Fund** |
| &nbsp;&nbsp; **Assets:** |  |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan<br>valued at $3,318,261, and $1,730,048, respectively) | $112670822 | $32636723 |
| &nbsp;&nbsp; Cash | 579 | 959 |
| &nbsp;&nbsp; Dividend and interest receivables | 870860 | 2796 |
| &nbsp;&nbsp; Securities lending income receivable | 672 | 224 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 53681 | 305 |
| &nbsp;&nbsp; Receivable from affiliate | 13266 | 7618 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 15878 | 18614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 113625758 | 32667239 |
| &nbsp;&nbsp; **Liabilities:** |  |  |
| &nbsp;&nbsp; Payable upon return of securities loaned | 109940 | 80938 |
| &nbsp;&nbsp; Payable for investments purchased |  | 91515 |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 72181 | 33321 |
| &nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 27769 | 16006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 13885 | 3872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 436 | 3685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 7352 | 340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 92894 | 51562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 324457 | 281239 |
| &nbsp;&nbsp; **Commitments and Contingencies (Notes 2 & 7)** |  |  |
| &nbsp;&nbsp; **Net Assets** | $113301301 | $32386000 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $122453258 | $31946130 |

---

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 GW&K<br>Core Bond<br>ESG Fund** | **AMG GW&K<br>Small/Mid Cap<br>Growth Fund** |
| &nbsp;&nbsp; **Net Assets Represent:** |  |  |
| &nbsp;&nbsp; Paid-in capital | $136186389 | $30035870 |
| &nbsp;&nbsp; Total distributable earnings (loss) | (22885088) | 2350130 |
| &nbsp;&nbsp; **Net Assets** | $113301301 | $32386000 |
| &nbsp;&nbsp; **Class N:** |  |  |
| &nbsp;&nbsp; Net Assets | $2142994 | $23690100 |
| &nbsp;&nbsp; Shares outstanding | 238708 | 1548060 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $8.98 | $15.30 |
| &nbsp;&nbsp; **Class I:** |  |  |
| &nbsp;&nbsp; Net Assets | $109851685 | $8668380 |
| &nbsp;&nbsp; Shares outstanding | 12229003 | 541101 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $8.98 | $16.02 |
| &nbsp;&nbsp; **Class Z:** |  |  |
| &nbsp;&nbsp; Net Assets | $1306622 | $27520 |
| &nbsp;&nbsp; Shares outstanding | 145555 | 1714 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $8.98 | $16.06 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations (unaudited) For the six months ended April 30, 2025

---

| | | |
|:---|:---|:---|
|  | **AMG GW&K<br>Core Bond<br>ESG Fund** | **AMG GW&K**<br>**Small/Mid Cap<br>Growth Fund** |
| &nbsp;&nbsp; **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income |  | $116003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $2389636 | 9149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 4158 | 2217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (711) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2393083 | 127369 |
| &nbsp;&nbsp; **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 170790 | 121700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 85395 | 29444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 2640 | 28944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 1584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 42490 | 2347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 29826 | 14976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 19147 | 7166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 17223 | 13014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 14024 | 10646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 7563 | 3645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 4727 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  | 467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3773 | 2062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 399182 | 236081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (79204) | (43364) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 319978 | 192717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 2073105 | (65348) |
| &nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss):** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (1248735) | 1881618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 1657210 | (5200099) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 408475 | (3318481) |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $2481580 | $(3383829) |

---

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 six months ended April 30, 2025 (unaudited) and the fiscal year ended October 31, 2024

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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** |
|  | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets Resulting From Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $2073105 | $4210540 | $(65348) | $(114522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (1248735) | (2662819) | 1881618 | 545745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 1657210 | 11526621 | (5200099) | 9064856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2481580 | 13074342 | (3383829) | 9496079 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (35079) | (65847) | (236477) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (2011763) | (4094887) | (66840) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (24487) | (46940) | (216) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2071329) | (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 | (5888526) | (12493997) | (5760844) | (2366458) |
| &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** | (5478275) | (3627329) | (9448206) | 7129621 |
| &nbsp;&nbsp; **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 118779576 | 122406905 | 41834206 | 34704585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $113301301 | $118779576 | $32386000 | $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.

------

AMG GW&K Core Bond ESG Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$8.94** | **$8.33** | **$8.56** | **$10.75** | **$10.90** | **$10.53** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.15 | 0.28 | 0.23 | 0.14 | 0.12 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.04 | 0.61 | (0.23) | (1.93) | (0.15) | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.19 | 0.89 |  | (1.79) | (0.03) | 0.55 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.28) | (0.23) | (0.15) | (0.12) | (0.18) |
| &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 | (0.15) | (0.28) | (0.23) | (0.40) | (0.12) | (0.18) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$8.98** | **$8.94** | **$8.33** | **$8.56** | **$10.75** | **$10.90** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 2.12%<sup>4</sup> | 10.70% | (0.15)% | (17.18)% | (0.27)% | 5.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.88%<sup>5</sup> | 0.88%<sup>6</sup> | 0.88% | 0.88% | 0.88% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 1.02%<sup>5</sup> | 1.02% | 0.99% | 0.95% | 0.94% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 3.32%<sup>5</sup> | 3.08% | 2.55% | 1.49% | 1.12% | 1.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 12%<sup>4</sup> | 34% | 25% | 34% | 62% | 56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $2143 | $2229 | $1937 | $1716 | $2125 | $1905 |

---

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

------

AMG GW&K Core Bond ESG Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$8.95** | **$8.34** | **$8.56** | **$10.76** | **$10.90** | **$10.54** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.16 | 0.30 | 0.25 | 0.18 | 0.16 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.03 | 0.62 | (0.21) | (1.95) | (0.14) | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.19 | 0.92 | 0.04 | (1.77) | 0.02 | 0.58 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.31) | (0.26) | (0.18) | (0.16) | (0.22) |
| &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 | (0.16) | (0.31) | (0.26) | (0.43) | (0.16) | (0.22) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$8.98** | **$8.95** | **$8.34** | **$8.56** | **$10.76** | **$10.90** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 2.16%<sup>4</sup> | 11.06% | 0.30% | (16.99)% | 0.15% | 5.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.56%<sup>5</sup> | 0.55%<sup>6</sup> | 0.55% | 0.55% | 0.56% | 0.55% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.70%<sup>5</sup> | 0.69% | 0.66% | 0.62% | 0.62% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 3.64%<sup>5</sup> | 3.41% | 2.88% | 1.82% | 1.44% | 2.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 12%<sup>4</sup> | 34% | 25% | 34% | 62% | 56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $109852 | $115232 | $119191 | $137806 | $190306 | $202363 |

---

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

------

AMG GW&K Core Bond ESG Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six**<br> **months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six**<br> **months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$8.94** | **$8.33** | **$8.56** | **$10.75** | **$10.90** | **$10.53** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.16 | 0.31 | 0.26 | 0.18 | 0.16 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.05 | 0.61 | (0.23) | (1.94) | (0.15) | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.21 | 0.92 | 0.03 | (1.76) | 0.01 | 0.60 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.17) | (0.31) | (0.26) | (0.18) | (0.16) | (0.23) |
| &nbsp;&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;&nbsp;&nbsp; Total distributions to shareholders | (0.17) | (0.31) | (0.26) | (0.43) | (0.16) | (0.23) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$8.98** | **$8.94** | **$8.33** | **$8.56** | **$10.75** | **$10.90** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 2.32 | 11.15% | 0.25% | (16.85)% | 0.13% | 5.73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.48 | 0.48%<sup>6</sup> | 0.48% | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.62 | 0.62% | 0.59% | 0.55% | 0.54% | 0.56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 3.72 | 3.48% | 2.95% | 1.89% | 1.52% | 2.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 12 | 34% | 25% | 34% | 62% | 56% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $1307 | $1319 | $1279 | $2195 | $3724 | $3812 |

---

<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 period end. 

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

<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 GW&K Small/Mid Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six**<br> **months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six**<br> **months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$17.11** | **$13.33** | **$13.45** | **$17.67** | **$21.14** | **$17.02** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.03) | (0.05) | (0.04) | (0.08) | (0.17) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.65) | 3.83 | 0.19 | (4.14) | 7.74 | 4.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.68) | 3.78 | 0.15 | (4.22) | 7.57 | 4.12 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&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;&nbsp; Paid in capital |  |  |  |  | (0.49) |  |
| &nbsp;&nbsp;&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 Period** | **$15.30** | **$17.11** | **$13.33** | **$13.45** | **$17.67** | **$21.14** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | (9.95)%<sup>4</sup> | 28.36% | 1.12% | (23.88)%<sup>5</sup> | 46.66% | 24.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.01%6,<sup>7</sup> | 1.01%<sup>7,8</sup> | 1.00%<sup>8</sup> | 1.00%<sup>8</sup> | 1.17%<sup>8</sup> | 1.29%<sup>7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.24%<sup>6</sup> | 1.24% | 1.24% | 1.25% | 1.42% | 1.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.36)%<sup>6</sup> | (0.32)% | (0.28)% | (0.56)% | (0.91)% | (0.92)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 12%<sup>4</sup> | 19% | 25% | 23% | 158% | 126% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $23690 | $32463 | $27120 | $24994 | $37471 | $28908 |

---

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

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AMG GW&K Small/Mid Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six**<br> **months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six**<br> **months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $**17.89** | $**13.93** | $**14.01** | $**18.39** | $**21.60** | $**17.35** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.02) | (0.03) | (0.02) | (0.06) | (0.15) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.72) | 3.99 | 0.21 | (4.32) | 7.98 | 4.39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.74) | 3.96 | 0.19 | (4.38) | 7.83 | 4.25 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&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;&nbsp; Paid in capital |  |  |  |  | (0.49) |  |
| &nbsp;&nbsp;&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 Period** | $**16.02** | $**17.89** | $**13.93** | $**14.01** | $**18.39** | $**21.60** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | (9.85)%<sup>4</sup> | 28.43% | 1.36% | (23.82)%<sup>5</sup> | 46.94% | 24.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.87%<sup>6,7</sup> | 0.87%<sup>7,8</sup> | 0.86%<sup>8</sup> | 0.86%<sup>8</sup> | 1.02%<sup>8</sup> | 1.10%<sup>7,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.10%<sup>6</sup> | 1.10% | 1.10% | 1.11% | 1.27% | 1.41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.22)%<sup>6</sup> | (0.18)% | (0.14)% | (0.42)% | (0.76)% | (0.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 12%<sup>4</sup> | 19% | 25% | 23% | 158% | 126% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $8668 | $9341 | $7561 | $6540 | $6612 | $6483 |

---

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

------

AMG GW&K Small/Mid Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **For the six**<br> **months ended <br>April 30, 2025**<br> (unaudited) | **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** | **For the six**<br> **months ended <br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021**<sup>10</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;&nbsp; Net investment loss<sup>1,2</sup>  | (0.02) | (0.02) | (0.01) | (0.06) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.72) | 4.00 | 0.21 | (4.31) | 0.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.74) | 3.98 | 0.20 | (4.37) | 0.55 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.13) |  | (0.27) |  |  |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$16.06** | **$17.93** | **$13.95** | **$14.02** | **$18.39** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | (9.83)%<sup>4</sup> | 28.53% | 1.43% | (23.76)%<sup>5</sup> | 3.08%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.82%<sup>6,7</sup> | 0.82%<sup>7,11</sup> | 0.81%<sup>11</sup> | 0.81%<sup>11</sup> | 0.82%<sup>6,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.05%<sup>6</sup> | 1.05% | 1.05% | 1.06% | 1.13%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.17)%<sup>6</sup> | (0.13)% | (0.09)% | (0.37)% | (0.49)%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 12%<sup>4</sup> | 19% | 25% | 23% | 158% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $28 | $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 period end. 

<sup>4</sup> Not annualized.

<sup>5</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>6</sup> Annualized.

<sup>7</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>8</sup> Includes reduction from broker recapture amounting to less than 0.01%, 0.01%, 0.01%, less than 0.01% and 0.01% for the fiscal years ended 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>9</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>10</sup> Commencement of operations was on August 31, 2021.

<sup>11</sup> Includes reduction from broker recapture amounting to less than 0.01%, 0.01% and 0.01% for the fiscal years ended 2024, 2023 and 2022, respectively, and less than 0.01% for the fiscal period ended October 31, 2021. 

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

------

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements (unaudited)<br> April 30, 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 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 and certain foreign fixed income 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

------

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

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 may have 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 six months ended April 30, 2025, Small/Mid Cap Growth had no credits received from the brokerage recapture program.

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

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 net operating losses and tax equalization utilized for Small/Mid Cap Growth. Temporary differences for Small/Mid Cap Growth are due to qualified late-year ordinary loss deferrals and return of capital from REITs. In addition, temporary differences for each fund are due to wash sale loss deferrals.

At April 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate 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 | $122453258 | $576260 | $(10358696) | $(9782436) |
|  Small/Mid Cap Growth | 31946130 | 5792647 | (5102054) | 690593 |

---

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 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, 2024, the following Fund had capital loss carryovers for federal income tax purposes as shown in the following chart. These amounts may be used

------

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

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 | $2801748 | $9036090 | $11837838 |

---

As of October 31, 2024, 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, 2025, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

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 six months ended April 30, 2025 (unaudited) and the fiscal year ended October 31, 2024, the capital stock transactions by class for the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **Core Bond ESG** | **Core Bond ESG** | |
|  | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class N:** |  |  |  |  |
|  Shares sold | 5733 | $50841 | 71326 | $636906 |
|  Shares issued in reinvestment of distributions | 3925 | 35079 | 7393 | 65847 |
|  Shares redeemed | (20203) | (181585) | (61929) | (547022) |
|  Net increase (decrease) | (10545) | $(95665) | 16790 | $155731 |
|  **Class I:** |  |  |  |  |
|  Shares sold | 495293 | $4421078 | 1420819 | $12678644 |
|  Shares issued in reinvestment of distributions | 216442 | 1935159 | 442345 | 3939940 |
|  Shares redeemed | (1360224) | (12134676) | (3281551) | (29214653) |
|  Net decrease | (648489) | $(5778439) | (1418387) | $(12596069) |
|  **Class Z:** |  |  |  |  |
|  Shares sold | 17086 | $153674 | 4881 | $43769 |
|  Shares issued in reinvestment of distributions | 2740 | 24487 | 5273 | 46940 |
|  Shares redeemed | (21741) | (192583) | (16155) | (144368) |
|  Net decrease | (1915) | $(14422) | (6001) | $(53659) |
|  |  | **Small/Mid Cap Growth** | **Small/Mid Cap Growth** |  |
|  | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class N:** |  |  |  |  |
|  Shares sold | 25389 | $441960 | 123098 | $2059438 |
|  Shares issued in reinvestment of distributions | 12985 | 233467 |  |  |
|  Shares redeemed | (387461) | (6777998) | (259725) | (4175433) |
|  Net decrease | (349087) | $(6102571) | (136627) | $(2115995) |
|  **Class I:** |  |  |  |  |
|  Shares sold | 44863 | $780182 | 136909 | $2393314 |
|  Shares issued in reinvestment of distributions | 3526 | 66357 |  |  |
|  Shares redeemed | (29320) | (505028) | (157840) | (2643777) |
|  Net increase (decrease) | 19069 | $341511 | (20931) | $(250463) |

---

------

<br> &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 Growth** | **Small/Mid Cap Growth** | |
|  | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **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 April 30, 2025, the market value of Repurchase Agreements outstanding for Core Bond ESG and Small/Mid Cap Growth was $1,386,940 and $498,938, respectively.

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.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the six months ended April 30, 2025, the Funds' investment management fees were paid at the following annual rate of each Fund's respective average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Core Bond ESG | 0.30% |
| &nbsp;&nbsp; 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 six months ended April 30, 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 | $79204 |  |
| &nbsp;&nbsp; Small/Mid Cap Growth | 43364 |  |

---

------

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

At April 30, 2025, the Funds' expiration of reimbursements subject to recoupment was as follows:

---

| | | |
|:---|:---|:---|
| **Expiration**<br> **Period** | **Core Bond ESG** | **Small/Mid Cap Growth** |
| &nbsp;&nbsp; Less than 1 year | $122755 | $84987 |
| &nbsp;&nbsp; 1-2 years | 167331 | 86646 |
| &nbsp;&nbsp; 2-3 years | 177501 | 91004 |
| &nbsp;&nbsp; Total | $467587 | $262637 |

---

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 April 30, 2025, was 0.25% for Core Bond ESG and 0.19% 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 six months ended April 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| **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 April 30, 2025, the Funds had no interfund loans outstanding. The Funds did not lend during the six months ended April 30, 2025.

The following Funds utilized the interfund lending program during the six months ended April 30, 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 six months ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Long Term Securities** | **Long Term Securities** |
| **Fund** | **Purchases** | **Sales** |
|  Core Bond ESG | $11292692 | $11659666 |
|  Small/Mid Cap Growth | 4711999 | 9832623 |

---

Core Bond ESG purchases and sales of U.S. Government obligations for the six months ended April 30, 2025 were $2,182,438 and $8,565,621, respectively.

------

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

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 April 30, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Securities<br>Loaned** | **Cash<br>Collateral<br>Received** | **Securities<br>Collateral<br>Received** | **Total<br>Collateral<br>Received** |
|  Core Bond ESG | $3318261 | $109940 | $3294507 | $3404447 |
|  Small/Mid Cap Growth | 1730048 | 80938 | 1676201 | 1757139 |

---

The following table summarizes the securities received as collateral for securities lending at April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Collateral**<br> **Type** | **Coupon<br>Range** | **Coupon<br>Range** | **Maturity**<br> **Date Range** |
|  Core Bond ESG | U.S. Treasury Obligations | 0.125 | %-4.625% | 07/15/25-05/15/54 |
|  Small/Mid Cap Growth | U.S. Treasury Obligations | 0.000 | %-5.000% | 05/08/25-05/15/54 |

---

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 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.

------

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

**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 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.

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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<br> &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 table is a summary of the Funds' open Repurchase Agreements that are subject to a master netting agreement as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **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** |
|  **Core Bond ESG** |  |  |  |  |  |
|  Natwest Markets Securities, Inc. | $109940 |  | $109940 | $109940 |  |
|  Fixed Income Clearing Corp. | 1277000 |  | 1277000 | 1277000 |  |
|  Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1386940 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1386940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1386940 |  |
|  **Small/Mid Cap Growth** |  |  |  |  |  |
|  Natwest Markets Securities, Inc. | $80938 |  | $80938 | $80938 |  |
|  Fixed Income Clearing Corp. | 418000 |  | 418000 | 418000 |  |
|  Total | $498938 |  | $498938 | $498938 |  |

---

9. 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;

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Other Information (unaudited)<br>

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

During the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025.

---

| | |
|:---|:---|
|  | **Trustee fees and expenses** |
|  AMG GW&K Core Bond ESG Fund | $4727 |
|  AMG GW&K Small/Mid Cap Growth Fund | 1670 |

---

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

Not applicable.

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![LOGO](g928400dsp89a.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>GW&K Investment Management, LLC<br> 222 Berkeley St.<br> Boston, MA 02116<br>CUSTODIAN<br>The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | 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<br>TRUSTEES<br>Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | 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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wealth.amg.com

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![LOGO](g928400dsp89a.jpg)

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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 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 Montrusco Bolton Large Cap Growth**<br> Montrusco Bolton Investments, Inc.<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 |

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wealth.amg.com 043025 SAR069

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---

| | |
|:---|:---|
| ![LOGO](g928400dsp33a.jpg) | SEMI-ANNUAL FINANCIAL STATEMENTS |

---

---

| |
|:---|
| AMG Funds |
|  <br> April 30, 2025 |
| ![LOGO](g928400dsp33b.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** |
|  <br> Class N: **ARDEX** \| Class I: **ARIDX** \| Class Z: **ARZDX**  |
| **AMG River Road Small-Mid Cap Value Fund** |
|  <br> Class N: **ARSMX** \| Class I: **ARIMX** \| Class Z: **ARSZX**  |
| **AMG River Road Focused Absolute Value Fund** |
|  <br> Class N: **ARRFX** \| Class I: **AFAVX** \| Class Z: **ARRZX**  |

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wealth.amg.com 043025 SAR082

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Funds &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-Annual Financial Statements — April 30, 2025 *(unaudited)*

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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](#fin2928400_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG River Road Large Cap Value Select Fund](#fin2928400_2) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG River Road Small Cap Value Fund](#fin2928400_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG River Road Dividend All Cap Value Fund](#fin2928400_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG River Road Small-Mid Cap Value Fund](#fin2928400_5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG River Road Focused Absolute Value Fund](#fin2928400_6) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Assets and Liabilities](#fin2928400_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](#fin2928400_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 period* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin2928400_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 periods* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Highlights](#fin2928400_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](#fin2928400_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* |  |
|  **[OTHER INFORMATION](#fin2928400_12)** | 49 |
| 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. |  |

---

------

AMG River Road Mid Cap Value Fund Schedule of Portfolio Investments (unaudited) April 30, 2025

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  Common Stocks - 95.9% | Common Stocks - 95.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlanta Braves Holdings, Inc., Class C<sup>\*</sup>  | 116261 | $4634164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Music Group Corp., Class A | 219934 | 6696990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 11331154 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 14.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp.<sup>\*</sup>  | 190313 | 3490340 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expedia Group, Inc. | 39988 | 6275317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 40729 | 4423577 |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc.<sup>\*</sup>  | 40904 | 2233767 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 37766 | 11056374 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 149531 | 5713580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. (Canada)<sup>\*</sup>  | 31989 | 8661662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. (Canada) | 80323 | 5172801 |
| &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 | 47027418 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 11.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos., Inc., Class A | 253998 | 5582876 |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 66216 | 7784353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 17113 | 7916302 |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellation Brands, Inc., Class A | 33481 | 6279027 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Estee Lauder Cos., Inc., Class A | 62204 | 3729752 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Kroger Co. | 74052 | 5347295 |
| &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 | 36639605 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | 140092 | 1823998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tidewater, Inc.<sup>\*</sup>  | 54058 | 1956359 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valaris, Ltd.<sup>\*,1</sup>  | 71830 | 2320827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | 6101184 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings, Ltd. (Canada) | 7437 | 11586846 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 93305 | 5523656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC (United Kingdom) | 43691 | 13448090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 30558592 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 11.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.<sup>\*</sup>  | 99230 | 5938915 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 148044 | 10411935 |
| &nbsp;&nbsp;&nbsp;&nbsp; Humana, Inc. | 13329 | 3495397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 49615 | 11957711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC, Sponsored ADR (United Kingdom) | 136996 | 3838628 |
| &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 | 35642586 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 34.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings, N.V. (Ireland) | 46111 | 4887766 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 56587 | $9448897 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.<sup>\*</sup>  | 300360 | 11362619 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A<sup>\*</sup>  | 24437 | 11188969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 27373 | 10387506 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial, N.V. (United Kingdom) | 590934 | 6837106 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | 154869 | 6447197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expeditors International of Washington, Inc. | 86641 | 9522712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ferguson Enterprises, Inc. | 37941 | 6437070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 16291 | 3752469 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 70349 | 7504128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC,<br>Sponsored ADR (United Kingdom) | 129591 | 2972818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robert Half, Inc. | 67728 | 3000350 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 114780 | 8677368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valmont Industries, Inc. | 25893 | 7592346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 110019321 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 77014 | 3682809 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 6.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., REIT | 31236 | 2269608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.<sup>\*</sup>  | 86641 | 5764226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc., REIT | 54798 | 8748501 |
| &nbsp;&nbsp;&nbsp;&nbsp; The St. Joe Co. | 99230 | 4199413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 20981748 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp.<sup>\*</sup>  | 24550 | 5280214 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $289,684,662) |  | 307264631 |
|  | Principal<br> Amount |  |
|  Short-Term Investments - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.1%<sup>2</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.1%<sup>2</sup>**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 04/30/25, due 05/01/25, 4.360% total to be received $165,816 (collateralized by various U.S. Treasuries, 0.000% - 5.500%, 06/03/25 -02/15/46, totaling $169,112) | $165796 | 165796 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 04/30/25, due 05/01/25, 4.100% total to be received $11,682,330 (collateralized by a U.S. Treasury Note, 4.500%, 02/15/44, totaling $11,914,679) | 11681000 | 11681000 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,846,796) |  | 11846796 |
|  **Total Investments - 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $301,531,458) |  | 319111427 |

---

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

------

<br> AMG River Road Mid Cap Value Fund<br> Schedule of Portfolio Investments *(continued)*<br>

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

---

| | |
|:---|:---|
| | **Value** |
|  Other Assets, less Liabilities - 0.4% | $1168946 |
|  Net Assets - 100.0% | $320280373 |

---

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

\* Non-income producing security.

<sup>1</sup> Some of this security, amounting to $156,639 or less than 0.05% of net assets, was out on loan to various borrowers and is collateralized by cash. 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 <br> 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 April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>** | $307264631 |  |  | $307264631 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $165796 |  | 165796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 11681000 |  | 11681000 |
| &nbsp;&nbsp; **Total Investments in Securities** | $307264631 | $11846796 |  | $319111427 |

---

<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 six months ended April 30, 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 (unaudited) April 30, 2025

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
|  Common Stocks - 98.4% | Common Stocks - 98.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 17.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 11096 | $1205137 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 40492 | 1547199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lululemon Athletica, Inc. (Canada)<sup>\*</sup>  | 4964 | 1344102 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE, ADR (France) | 13822 | 1525534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. (Canada) | 23945 | 1542058 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 23945 | 1916797 |
| &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 | 9080827 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 7.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 15769 | 1853804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 4380 | 2026144 |
| &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 | 3879948 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 2.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc. (Canada) | 39616 | 1398049 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 20.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B<sup>\*</sup>  | 1947 | 1038238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings, Ltd. (Canada) | 1654 | 2576932 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Information Services, Inc. | 17326 | 1366675 |
| &nbsp;&nbsp;&nbsp;&nbsp; KKR & Co., Inc. | 21706 | 2480345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC (United Kingdom) | 9052 | 2786205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 10248395 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 19.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 11194 | 2318165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 3991 | 1678535 |
| &nbsp;&nbsp;&nbsp;&nbsp; GE HealthCare Technologies, Inc. | 33971 | 2389180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 10707 | 2580494 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 2336 | 961124 |
| &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 | 9927498 |

---

\* Non-income producing security.

ADR American Depositary Receipt

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 18.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AerCap Holdings, N.V. (Ireland) | 18591 | $1970646 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A<sup>\*</sup>  | 3309 | 1515092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc. | 6522 | 2474968 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 69109 | 1939890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deere & Co. | 3212 | 1488955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 9389551 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 38059 | 3631590 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 3.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc., REIT | 11680 | 1864712 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp.<sup>\*</sup>  | 5159 | 1109598 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $47,097,451) |  | 50530168 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 2.5% | Short-Term Investments - 2.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 2.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 2.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 04/30/25, due 05/01/25, 4.100% total to be received $1,259,143 (collateralized by a U.S. Treasury Note, 4.500%, 02/15/44, totaling $1,284,253) | $1259000 | 1259000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,259,000) |  | 1259000 |
|  **Total Investments - 100.9%** | **Total Investments - 100.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $48,356,451) |  | 51789168 |
|  **Other Assets, less Liabilities - (0.9)%** | **Other Assets, less Liabilities - (0.9)%** | (438376) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $51350792 |

---

REIT Real Estate Investment Trust

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

------

<br> AMG River Road Large Cap Value Select Fund<br> Schedule of Portfolio Investments*(continued)*<br>

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>** | $50530168 |  |  | $50530168 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | $1259000 |  | 1259000 |
| &nbsp;&nbsp; **Total Investments in Securities** | $50530168 | $1259000 |  | $51789168 |

---

<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 six months ended April 30, 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 (unaudited) April 30, 2025

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  Common Stocks - 94.0% | Common Stocks - 94.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TripAdvisor, Inc.<sup>\*</sup>  | 880243 | $10959025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc.<sup>\*</sup>  | 257119 | 9019735 |
| &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 | 19978760 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc.<sup>1</sup>  | 144402 | 4724834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.<sup>\*</sup>  | 109160 | 23812162 |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc.<sup>\*</sup>  | 190623 | 10409922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 67057 | 33432609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 360600 | 12451518 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.<sup>\*,1</sup>  | 433502 | 18922362 |
| &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 | 103753407 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 7.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dole PLC (Ireland) | 1347484 | 20468282 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 284356 | 17541922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods, Ltd. (United Kingdom) | 832158 | 16634838 |
| &nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 214735 | 21793455 |
| &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 | 76438497 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek US Holdings, Inc.<sup>1</sup>  | 723354 | 9418069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evolution Petroleum Corp.<sup>1</sup>  | 832335 | 3487484 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 461783 | 10524034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | 23429587 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 17.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty, Ltd. (Bermuda) | 198320 | 17398614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings, Ltd. (Bermuda) | 306804 | 29551361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 934391 | 16548065 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | 391424 | 13284930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.<sup>\*</sup>  | 3595808 | 24667243 |
| &nbsp;&nbsp;&nbsp;&nbsp; P10, Inc., Class A | 995549 | 11020727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 158121 | 5050385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repay Holdings Corp.<sup>\*</sup>  | 1615385 | 6461540 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.<sup>\*</sup>  | 112729 | 14696480 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group, Ltd. | 22099 | 39058877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 177738222 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 6.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 771225 | 9401233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.<sup>\*</sup>  | 390738 | 13515627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.<sup>\*</sup>  | 270201 | 17028067 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.<sup>\*</sup>  | 86597 | 11828284 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inmode, Ltd. (Israel)<sup>\*</sup>  | 348975 | 4920548 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.<sup>\*</sup>  | 482361 | $11017125 |
| &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 | 67710884 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 32.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc., Class A | 2041046 | 10429745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 42826 | 3429078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argan, Inc. | 95496 | 14623303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 89698 | 13008004 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 168832 | 10783300 |
| &nbsp;&nbsp;&nbsp;&nbsp; BlueLinx Holdings, Inc.<sup>\*</sup>  | 135637 | 8835394 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.<sup>\*</sup>  | 1927258 | 43633121 |
| &nbsp;&nbsp;&nbsp;&nbsp; The GEO Group, Inc.<sup>\*</sup>  | 652394 | 20406884 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMS, Inc.<sup>\*,1</sup>  | 212300 | 15553098 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.<sup>\*</sup>  | 620023 | 22469634 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Inc., Class A | 255754 | 8079269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 171829 | 11170603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.<sup>\*</sup>  | 1418268 | 9757684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kelly Services, Inc., Class A | 230019 | 2656720 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 336481 | 35892428 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSC Industrial Direct Co., Inc., Class A | 71084 | 5436504 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc.<sup>\*</sup>  | 884867 | 16378888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Park Aerospace Corp. | 756768 | 9890958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.<sup>\*</sup>  | 514434 | 15067772 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennant Co. | 66082 | 4768477 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 155473 | 27747266 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp.<sup>1</sup>  | 495594 | 12449321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 322467451 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACI Worldwide, Inc.<sup>\*</sup>  | 136896 | 7304771 |
| &nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc.<sup>\*</sup>  | 413621 | 25793405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ituran Location and Control, Ltd. (Israel) | 194271 | 6982100 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp.<sup>\*,1</sup>  | 505727 | 4334080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 595176 | 18932549 |
| &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 | 63346905 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TriMas Corp. | 313317 | 7535274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc.<sup>1</sup>  | 200991 | 9611390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | 17146664 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.<sup>\*</sup>  | 135355 | 9005168 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 356333 | 20749271 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 220988 | 15957543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp.<sup>\*,1</sup>  | 68727 | 14781803 |

---

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.<sup>1</sup>  | 258473 | $13750764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | 65239381 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $832,713,484) |  | 946254926 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 6.0% | Short-Term Investments - 6.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.6%<sup>2</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.6%<sup>2</sup>**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., dated 04/30/25, due 05/01/25, 4.370% total to be received $331,239 (collateralized by various U.S. Treasuries, 0.000%, 08/15/31 - 11/15/36, totaling $337,823) | $331199 | 331199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, dated 04/30/25, due 05/01/25, 4.370% total to be received $1,119,077 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 1.500% - 7.500%, 04/30/27 -05/01/55, totaling $1,141,320) | 1118941 | 1118941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mizuho Securities LLC, dated 04/30/25, due 05/01/25, 4.360% total to be received $1,450,316 (collateralized by various U.S. Treasuries, 0.750% - 3.500%, 11/15/25 -02/15/33, totaling $1,479,143) | 1450140 | 1450140 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., dated 04/30/25, due 05/01/25, 4.360% total to be received $1,450,316 (collateralized by various U.S. Treasuries, 0.000% - 4.250%, 04/15/26 - 08/15/46, totaling $1,479,143) | $1450140 | $1450140 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities LLC, dated 04/30/25, due 05/01/25, 4.380% total to be received $1,450,316 (collateralized by various U.S. Treasuries, 4.125% - 4.625%, 06/15/26 - 11/15/34, totaling $1,479,143) | 1450140 | 1450140 |
| &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 | 5800560 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 5.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 04/30/25, due 05/01/25, 4.100% total to be received $54,363,191 (collateralized by a U.S. Treasury Note, 4.500%, 02/15/44, totaling $55,444,226) | 54357000 | 54357000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $60,157,560) |  | 60157560 |
|  **Total Investments - 100.0%** | **Total Investments - 100.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $892,871,044) |  | 1006412486 |
|  **Other Assets, less Liabilities - 0.0%<sup>#</sup>**  | **Other Assets, less Liabilities - 0.0%<sup>#</sup>**  | 333846 |
|  Net Assets - 100.0% | Net Assets - 100.0% | $1006746332 |

---

\* Non-income producing security.

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%.  |

---

<sup>1</sup> Some of these securities, amounting to $27,606,987 or 2.7% 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 April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>**  | $946254926 |  |  | $946254926 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $5800560 |  | 5800560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 54357000 |  | 54357000 |
| &nbsp;&nbsp; **Total Investments in Securities** | $946254926 | $60157560 |  | $1006412486 |

---

<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 six months ended April 30, 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 (unaudited) April 30, 2025

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  Common Stocks - 97.0% | Common Stocks - 97.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Holdings, Inc. | 30387 | $1651534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 53617 | 1833701 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Interpublic Group of Cos., Inc. | 13028 | 327263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Music Group Corp., Class A | 19121 | 582235 |
| &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 | 4394733 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Genuine Parts Co. | 5454 | 641118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Restaurant Brands International, Inc. (Canada) | 16451 | 1059444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starbucks Corp. | 13194 | 1056180 |
| &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 | 2756742 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 11.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC, ADR (United Kingdom) | 6184 | 692732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kimberly-Clark Corp. | 10658 | 1404511 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Kroger Co. | 28619 | 2066578 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 6910 | 936858 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 5092 | 492396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC, Sponsored ADR (United Kingdom) | 33774 | 2146338 |
| &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 | 7739413 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 13.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Partners LP, MLP <sup>1</sup>  | 60188 | 1799621 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 8404 | 927213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expand Energy Corp. | 5810 | 603659 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 101032 | 2657141 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phillips 66 | 4561 | 474618 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Williams Cos., Inc. | 50568 | 2961768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | 9424020 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings, Ltd. (Bermuda) | 19487 | 1876988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb, Ltd. (Switzerland) | 7066 | 2021441 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp. | 11090 | 534094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fidelity National Financial, Inc. | 11725 | 750986 |
| &nbsp;&nbsp;&nbsp;&nbsp; The PNC Financial Services Group, Inc. | 12576 | 2020838 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Progressive Corp. | 7717 | 2174188 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp | 37124 | 1497582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 10876117 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 13.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 5392 | 1051979 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 4696 | 1366160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. | 7128 | 1476138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bristol-Myers Squibb Co. | 21169 | 1062684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 1306 | 549277 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 4890 | $764356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pfizer, Inc. | 31674 | 773162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royalty Pharma PLC, Class A | 56594 | 1857415 |
| &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 | 8901171 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CSG Systems International, Inc. | 12326 | 741162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paycom Software, Inc. | 6874 | 1556205 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc., Class B | 8704 | 829491 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | 684 | 314531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 3441389 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 14.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accenture PLC, Class A (Ireland) | 3557 | 1064077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 20255 | 951782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. | 14001 | 808278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corning, Inc. | 20277 | 899893 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. | 18294 | 1407723 |
| &nbsp;&nbsp;&nbsp;&nbsp; NetApp, Inc. | 4060 | 364385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. | 20738 | 2918251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 3988 | 1071616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Instruments, Inc. | 3796 | 607550 |
| &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 | 10093555 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alexandria Real Estate Equities, Inc., REIT | 4054 | 294564 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., REIT | 9714 | 2189633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc., REIT | 3581 | 378726 |
| &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 | 2862923 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 8.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The AES Corp. | 100285 | 1002850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. | 11298 | 1378582 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 13347 | 1576147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 16720 | 973606 |
| &nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 20316 | 1080811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | 6011996 |
|  Total Common Stocks | Total Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $47,562,768) |  | 66502059 |
|  Preferred Stock - 0.9% | Preferred Stock - 0.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 0.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hewlett Packard Enterprise Co., 7.625% | 11583 | 581467 |
|  Total Preferred Stock | Total Preferred Stock |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $725,138) |  | 581467 |

---

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 - 2.1% | Short-Term Investments - 2.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.0%<sup>#,2</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 04/30/25, due 05/01/25, 4.360% total to be received $1,549 (collateralized by various U.S. Treasuries, 0.000% - 5.500%, 06/03/25 -02/15/46, totaling $1,580) | $1549 | $1549 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 04/30/25, due 05/01/25, 4.100% total to be received $1,446,165 (collateralized by a U.S. Treasury Note, 4.500%, 02/15/44, totaling $1,474,930) | 1446000 | 1446000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,447,549) |  | 1447549 |

---

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Value |
|  **Total Investments - 100.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $49,735,455) | $68531075 |
|  **Other Assets, less Liabilities - 0.0%<sup>#</sup>**  | 23714 |
|  Net Assets - 100.0% | $68554789 |

---

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%.  |

---

<sup>1</sup> Some of this security, amounting to $1,781,621 or 2.6% of net assets, was out on loan to various borrowers and is 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 April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>**  | $66502059 |  |  | $66502059 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Preferred Stock<sup>†</sup>**  | 581467 |  |  | 581467 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $1549 |  | 1549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1446000 |  | 1446000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments in Securities** | $67083526 | $1447549 |  | $68531075 |

---

<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 six months ended April 30, 2025, there were no transfers in or out of Level 3.

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

------

<br> AMG River Road Small-Mid Cap Value Fund<br> Schedule of Portfolio Investments *(unaudited)*<br> April 30, 2025<br>

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  Common Stocks - 96.8% | Common Stocks - 96.8% |  |
| &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>\*</sup>  | 221449 | 2757040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yelp, Inc.<sup>\*</sup>  | 77534 | 2719893 |
| &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 | 5476933 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; LGI Homes, Inc.<sup>\*</sup>  | 52756 | 2881005 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc. | 29056 | 8506435 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 179533 | 6859956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 20490 | 10215699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Papa John's International, Inc. | 73463 | 2536677 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parks & Resorts, Inc.<sup>\*,3</sup>  | 103514 | 4518386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 30252 | 4211079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | 39729237 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 122725 | 14427551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dole PLC (Ireland) | 171377 | 2603217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingles Markets, Inc., Class A | 49976 | 3083019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 109354 | 6291135 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nomad Foods, Ltd. (United Kingdom) | 202535 | 4048675 |
| &nbsp;&nbsp;&nbsp;&nbsp; PriceSmart, Inc. | 39375 | 3996169 |
| &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 | 34449766 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek US Holdings, Inc.<sup>3</sup>  | 152023 | 1979339 |
| &nbsp;&nbsp;&nbsp;&nbsp; HF Sinclair Corp. | 61111 | 1837608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 23388 | 785369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 419483 | 4949899 |
| &nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 81811 | 1864473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | 11416688 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 16.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty, Ltd. (Bermuda) | 49595 | 4350969 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axis Capital Holdings, Ltd. (Bermuda) | 81684 | 7867803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cannae Holdings, Inc. | 251353 | 4451462 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNA Financial Corp. | 70106 | 3376305 |
| &nbsp;&nbsp;&nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | 91414 | 3102591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genworth Financial, Inc.<sup>\*</sup>  | 937834 | 6433541 |
| &nbsp;&nbsp;&nbsp;&nbsp; P10, Inc., Class A | 239153 | 2647424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Radian Group, Inc. | 49124 | 1569021 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.<sup>\*</sup>  | 45268 | 5901589 |
| &nbsp;&nbsp;&nbsp;&nbsp; White Mountains Insurance Group, Ltd. | 6403 | 11316982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 51017687 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bausch + Lomb Corp. (Canada)<sup>\*</sup>  | 139528 | $1612944 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 147054 | 1792588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enovis Corp.<sup>\*</sup>  | 78910 | 2729497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.<sup>\*</sup>  | 84504 | 5325442 |
| &nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.<sup>\*</sup>  | 11527 | 1574473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC,<br>Sponsored ADR (United Kingdom) | 177632 | 4977248 |
| &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 | 18012192 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 31.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alight, Inc., Class A | 522978 | 2672418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Argan, Inc. | 13009 | 1992068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 22712 | 3293694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc. | 47986 | 3064866 |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A<sup>\*,3</sup>  | 16406 | 7511815 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial, N.V. (United Kingdom) | 359693 | 4161648 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoreCivic, Inc.<sup>\*</sup>  | 482384 | 10921174 |
| &nbsp;&nbsp;&nbsp;&nbsp; GMS, Inc.<sup>\*</sup>  | 50866 | 3726443 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.<sup>\*</sup>  | 129192 | 4681918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hub Group, Inc., Class A | 45147 | 1426194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 25271 | 5820922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insperity, Inc. | 42921 | 2790294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Janus International Group, Inc.<sup>\*</sup>  | 291427 | 2005018 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 92990 | 9919243 |
| &nbsp;&nbsp;&nbsp;&nbsp; OPENLANE, Inc.<sup>\*</sup>  | 226862 | 4199216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.<sup>\*</sup>  | 125305 | 3670183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC, Sponsored ADR (United Kingdom) | 238696 | 5475686 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 43914 | 7837332 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 53671 | 8746226 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp. | 139723 | 3509842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 97426200 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ePlus, Inc.<sup>\*</sup>  | 87374 | 5448642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ituran Location and Control, Ltd. (Israel) | 20122 | 723185 |
| &nbsp;&nbsp;&nbsp;&nbsp; NCR Voyix Corp.<sup>\*,3</sup>  | 141412 | 1211901 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD SYNNEX Corp. | 62261 | 6898519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vontier Corp. | 173986 | 5534495 |
| &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 | 19816742 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Warrior Met Coal, Inc. | 44497 | 2127847 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Howard Hughes Holdings, Inc.<sup>\*</sup>  | 34432 | 2290761 |

---

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

------

<br> AMG River Road Small-Mid 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 - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 96896 | $5642254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 63094 | 4556018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp.<sup>\*,3</sup>  | 17058 | 3668835 |
| &nbsp;&nbsp;&nbsp;&nbsp; TXNM Energy, Inc. | 65628 | 3491409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | 17358516 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $262,443,565) |  | 299122569 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 3.7% | Short-Term Investments - 3.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.5%<sup>4</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 04/30/25, due 05/01/25, 4.460% total to be received $1,000,124 (collateralized by various U.S. Treasuries, 0.000% - 4.500%, 05/15/25 -02/15/55, totaling $1,020,126) | $1000000 | 1000000 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 04/30/25, due 05/01/25, 4.360% total to be received $527,188 (collateralized by various U.S. Treasuries, 0.000% - 5.500%, 06/03/25 -02/15/46, totaling $537,667) | $527124 | $527124 |
| &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 | 1527124 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 3.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 04/30/25, due 05/01/25, 4.100% total to be received $9,752,111 (collateralized by a U.S. Treasury Note, 4.500%, 02/15/44, totaling $9,946,027) | 9751000 | 9751000 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,278,124) |  | 11278124 |
|  **Total Investments - 100.5%** | **Total Investments - 100.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $273,721,689) |  | 310400693 |
|  **Other Assets, less Liabilities - (0.5)%** | **Other Assets, less Liabilities - (0.5)%** | (1528870) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $308871823 |

---

<sup>\*</sup> 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 April 30, 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 $13,807,106 or 4.5% 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>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.

------

<br> AMG River Road Small-Mid Cap Value Fund<br> Schedule of Portfolio Investments*(continued)*<br>

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of April 30, 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 | $97426200 |  |  | $97426200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 51017687 |  |  | 51017687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 39729237 |  |  | 39729237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 34449766 |  |  | 34449766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 19816742 |  |  | 19816742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 18012192 |  |  | 18012192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 17358516 |  |  | 17358516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 11416688 |  |  | 11416688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 5476933 |  | $0 | 5476933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 2290761 |  |  | 2290761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 2127847 |  |  | 2127847 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $1527124 |  | 1527124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 9751000 |  | 9751000 |
| &nbsp;&nbsp; **Total Investments in Securities** | $299122569 | $11278124 | $0 | $310400693 |

---

The Level 3 common stock held at April 30, 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 depreciation of $0.

For the six months ended April 30, 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.

------

<br> AMG River Road Focused Absolute Value Fund<br> Schedule of Portfolio Investments *(unaudited)*<br> April 30, 2025<br>

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  Common Stocks - 98.9% | Common Stocks - 98.9% |  |
| &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 - 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lennar Corp., Class A | 11022 | 1197099 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp. | 25519 | 975081 |
| &nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE, ADR (France) | 12310 | 1358655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy USA, Inc. | 3636 | 1812801 |
| &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 | 5343636 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 13553 | 1593291 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Kroger Co. | 17688 | 1277251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Molson Coors Beverage Co., Class B | 18327 | 1054352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Target Corp. | 12989 | 1256036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC, Sponsored ADR (United Kingdom) | 20240 | 1286252 |
| &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 | 6467182 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delek US Holdings, Inc. | 50669 | 659710 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 21.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assured Guaranty, Ltd. (Bermuda) | 17833 | 1564489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B<sup>\*</sup>  | 5304 | 2828358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fairfax Financial Holdings, Ltd. (Canada) | 2013 | 3136254 |
| &nbsp;&nbsp;&nbsp;&nbsp; WEX, Inc.<sup>\*</sup>  | 7260 | 946486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Willis Towers Watson PLC (United Kingdom) | 6201 | 1908668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 10384255 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 3636 | 1529229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Haemonetics Corp.<sup>\*</sup>  | 19493 | 1228449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Labcorp Holdings, Inc. | 6555 | 1579820 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC, Sponsored ADR (United Kingdom) | 62485 | 1750830 |
| &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 | 6088328 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 26.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CACI International, Inc., Class A<sup>\*,3</sup>  | 4214 | $1929464 |
| &nbsp;&nbsp;&nbsp;&nbsp; CNH Industrial, N.V. (United Kingdom) | 105941 | 1225737 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSX Corp. | 59402 | 1667414 |
| &nbsp;&nbsp;&nbsp;&nbsp; GXO Logistics, Inc.<sup>\*</sup>  | 36276 | 1314642 |
| &nbsp;&nbsp;&nbsp;&nbsp; McGrath RentCorp | 16130 | 1720587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rentokil Initial PLC,<br>Sponsored ADR (United Kingdom) | 79789 | 1830360 |
| &nbsp;&nbsp;&nbsp;&nbsp; SS&C Technologies Holdings, Inc. | 22251 | 1682176 |
| &nbsp;&nbsp;&nbsp;&nbsp; WESCO International, Inc. | 8721 | 1421174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 12791554 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC | 24311 | 2319756 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc., REIT | 14082 | 2248191 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 34539 | 2011206 |
|  Total Common Stocks | Total Common Stocks |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $41,958,674) |  | 48313818 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 1.1% | Short-Term Investments - 1.1% |  |
| &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 04/30/25, due 05/01/25, 4.100% total to be received $550,063 (collateralized by a U.S. Treasury Note, 4.500%, 02/15/44, totaling $561,044) | $550000 | 550000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $550,000) |  | 550000 |
|  **Total Investments - 100.0%** | **Total Investments - 100.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $42,508,674) |  | 48863818 |
|  **Other Assets, less Liabilities - 0.0%<sup>#</sup>**  | **Other Assets, less Liabilities - 0.0%<sup>#</sup>**  | 14097 |
|  Net Assets - 100.0% | Net Assets - 100.0% | $48877915 |

---

\* Non-income producing security.

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.05%.  |

---

<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 April 30, 2025, the cost and market value of the escrow shares is $0, which represents 0% of net assets. 

<sup>3</sup> Some of this security, amounting to $1,909,776 or 3.9% 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. 

ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

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

------

<br> AMG River Road Focused Absolute Value Fund<br> Schedule of Portfolio Investments*(continued)*<br>

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of April 30, 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 | $12791554 |  |  | $12791554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 10384255 |  |  | 10384255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 6467182 |  |  | 6467182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 6088328 |  |  | 6088328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 5343636 |  |  | 5343636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 2319756 |  |  | 2319756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 2248191 |  |  | 2248191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 2011206 |  |  | 2011206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 659710 |  |  | 659710 |
| &nbsp;&nbsp;&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;&nbsp;&nbsp; Repurchase Agreements |  | $550000 |  | 550000 |
| &nbsp;&nbsp; **Total Investments in Securities** | $48313818 | $550000 | $0 | $48863818 |

---

The Level 3 common stock held at April 30, 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 depreciation of $0.

For the six months ended April 30, 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 *(unaudited)* April 30, 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 $156,639, $0, and $27,606,987, respectively) | $319111427 | $51789168 | $1006412486 |
| &nbsp;&nbsp; Receivable for investments sold | 1205753 | 370295 | 6830486 |
| &nbsp;&nbsp; Dividend and interest receivables | 301247 | 39071 | 299486 |
| &nbsp;&nbsp; Securities lending income receivable | 13 | 16 | 4076 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 369340 | 332672 | 651920 |
| &nbsp;&nbsp; Receivable from affiliate | 7751 | 6102 |  |
| &nbsp;&nbsp; Prepaid expenses and other assets | 30112 | 17298 | 49066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 321025643 | 52554622 | 1014247520 |
| &nbsp;&nbsp; **Liabilities:** |  |  |  |
| &nbsp;&nbsp; Payable upon return of securities loaned | 165796 |  | 5800560 |
| &nbsp;&nbsp; Payable for investments purchased |  | 1116166 |  |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 244488 | 10589 | 694768 |
| &nbsp;&nbsp; Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 144343 | 14226 | 646724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 38663 | 6097 | 121261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 44953 | 1433 | 9346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 21663 | 1621 | 71261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 85364 | 53698 | 157268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 745270 | 1203830 | 7501188 |
| &nbsp;&nbsp; **Commitments and Contingencies (Notes 2 & 7)** |  |  |  |
| &nbsp;&nbsp; **Net Assets** | $320280373 | $51350792 | $1006746332 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $301531458 | $48356451 | $892871044 |

---

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 | $278937365 | $44559367 | $816693297 |
| &nbsp;&nbsp; Total distributable earnings | 41343008 | 6791425 | 190053035 |
| &nbsp;&nbsp; **Net Assets** | $320280373 | $51350792 | $1006746332 |
| &nbsp;&nbsp; **Class N:** |  |  |  |
| &nbsp;&nbsp; Net Assets | $224580570 | $7147921 | $49968526 |
| &nbsp;&nbsp; Shares outstanding | 11588400 | 354314 | 3458925 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $19.38 | $20.17 | $14.45 |
| &nbsp;&nbsp; **Class I:** |  |  |  |
| &nbsp;&nbsp; Net Assets | $87670247 | $44202871 | $948777602 |
| &nbsp;&nbsp; Shares outstanding | 4147002 | 2176459 | 62827277 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $21.14 | $20.31 | $15.10 |
| &nbsp;&nbsp; **Class Z:** |  |  |  |
| &nbsp;&nbsp; Net Assets | $8029556 |  | $8000204 |
| &nbsp;&nbsp; Shares outstanding | 382721 |  | 528464 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $20.98 |  | $15.14 |

---

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 $1,781,621, $13,807,106, and $1,909,776, respectively) | $68531075 | $310400693 | $48863818 |
| &nbsp;&nbsp; Dividend and interest receivables | 120961 | 218365 | 82394 |
| &nbsp;&nbsp; Securities lending income receivable | 142 | 1323 | 144 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 7011 | 73902 | 3181 |
| &nbsp;&nbsp; Receivable from affiliate | 10529 |  | 7798 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 15564 | 34107 | 15714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 68685282 | 310728390 | 48973049 |
| &nbsp;&nbsp; **Liabilities:** |  |  |  |
| &nbsp;&nbsp; Payable upon return of securities loaned | 1549 | 1527124 |  |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 1071 | 11195 | 12500 |
| &nbsp;&nbsp; Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 27785 | 187764 | 23646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 8335 | 37553 | 5912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 4514 | 3185 | 379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 2077 | 12157 | 1503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 85162 | 77589 | 51194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 130493 | 1856567 | 95134 |
| &nbsp;&nbsp; **Commitments and Contingencies (Notes 2 & 7)** |  |  |  |
| &nbsp;&nbsp; **Net Assets** | $68554789 | $308871823 | $48877915 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $49735455 | $273721689 | $42508674 |

---

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 | $45829939 | $265982685 | $37928457 |
| &nbsp;&nbsp; Total distributable earnings | 22724850 | 42889138 | 10949458 |
| &nbsp;&nbsp; **Net Assets** | $68554789 | $308871823 | $48877915 |
| &nbsp;&nbsp; **Class N:** |  |  |  |
| &nbsp;&nbsp; Net Assets | $22140485 | $16216809 | $1934122 |
| &nbsp;&nbsp; Shares outstanding | 3740344 | 1785672 | 143687 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $5.92 | $9.08 | $13.46 |
| &nbsp;&nbsp; **Class I:** |  |  |  |
| &nbsp;&nbsp; Net Assets | $41616823 | $259617756 | $44653811 |
| &nbsp;&nbsp; Shares outstanding | 7052313 | 27443233 | 3318451 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $5.90 | $9.46 | $13.46 |
| &nbsp;&nbsp; **Class Z:** |  |  |  |
| &nbsp;&nbsp; Net Assets | $4797481 | $33037258 | $2289982 |
| &nbsp;&nbsp; Shares outstanding | 812623 | 3487102 | 170237 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $5.90 | $9.47 | $13.45 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations *(unaudited)* For the six months ended April 30, 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 | $2153694 | $427353 | $5420510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 164858 | 26355 | 1707412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 3775 | 3126 | 39333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (39164) | (15390) | (45894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2283163 | 441444 | 7121361 |
| &nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 943749 | 85721 | 4302113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 252790 | 36738 | 806646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 297592 | 7911 | 59842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 120482 | 3165 | 24228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 21924 | 6398 | 450080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 26960 | 19974 | 53713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 25450 | 15910 | 34229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 19942 | 10573 | 39038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 18930 | 5793 | 45735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 13919 | 1991 | 44446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 11332 | 4281 | 19238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 7901 | 1644 | 21033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 1760971 | 200099 | 5900341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (40171) | (35675) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1720800 | 164424 | 5900341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 562363 | 277020 | 1221020 |
| &nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 23840852 | 3248423 | 76504714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on foreign currency transactions |  | (221) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (27804251) | (2488492) | (78735136) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (3963399) | 759710 | (2230422) |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $(3401036) | $1036730 | $(1009402) |

---

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 | $912024 | $2224261 | $546416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 26995 | 271891 | 14087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 3226 | 29062 | 2873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (5466) | (5115) | (8039) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 936779 | 2520099 | 555337 |
| &nbsp;&nbsp; **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 186403 | 1226531 | 147441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 55921 | 245306 | 36860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 30415 | 23846 | 2362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 4867 | 5912 | 390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 9238 | 73477 | 9006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 19008 | 25470 | 16963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 18062 | 18674 | 11413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 17316 | 20532 | 15167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 11101 | 12409 | 4706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 3143 | 13549 | 2018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 2342 | 5927 | 957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 964 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4865 | 7056 | 2261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 363645 | 1678689 | 249544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (64654) |  | (46113) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 298991 | 1678689 | 203431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 637788 | 841410 | 351906 |
| &nbsp;&nbsp; **Net Realized and Unrealized Gain (Loss):** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 8507270 | 6131273 | 4499670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (11139621) | (12023605) | (2027721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | (2632351) | (5892332) | 2471949 |
| &nbsp;&nbsp; **Net increase (decrease) in net assets resulting from operations** | $(1994563) | $(5050922) | $2823855 |

---

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 six months ended April 30, 2025 (unaudited) and the fiscal year ended October 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets Resulting From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $562363 | $1295285 | $277020 | $349411 | $1221020 | $4420564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 23840852 | 47038162 | 3248202 | 7665900 | 76504714 | 91033375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (27804251) | 36639022 | (2488492) | 3931192 | (78735136) | 72674060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (3401036) | 84972469 | 1036730 | 11946503 | (1009402) | 168127999 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (31102844) | (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 | (1008453) | (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 | 28387461 | (51305217) | 6238474 | 2299376 | 9886759 | 78139109 |
| &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** | (17660020) | 32044772 | 5239288 | 13908088 | (79034067) | 203374397 |
| &nbsp;&nbsp; **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 337940393 | 305895621 | 46111504 | 32203416 | 1085780399 | 882406002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $320280373 | $337940393 | $51350792 | $46111504 | $1006746332 | $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 six months ended April 30, 2025 (unaudited) and the fiscal year ended October 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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** |
|  | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** | **April 30, 2025** | **October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets Resulting From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $637788 | $2339474 | $841410 | $1412846 | $351906 | $552149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 8507270 | 58266342 | 6131273 | 28254972 | 4499670 | 7253837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (11139621) | (15944244) | (12023605) | 27922392 | (2027721) | 4637938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (1994563) | 44661572 | (5050922) | 57590210 | 2823855 | 12443924 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (11634215) | (1488716) | (1822369) | (765228) | (271347) | (51351) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (24623609) | (7827414) | (23312264) | (9009615) | (6199199) | (1205279) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (1758286) | (176926) | (3089951) | (1277335) | (293775) | (146167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (38016110) | (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 | 23261297 | (183444327) | 22311416 | 11163606 | 3764061 | (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** | (16749376) | (148275811) | (10964090) | 57701638 | (176405) | 489631 |
| &nbsp;&nbsp; **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 85304165 | 233579976 | 319835913 | 262134275 | 49054320 | 48564689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $68554789 | $85304165 | $308871823 | $319835913 | $48877915 | $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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$22.38** | **$17.43** | **$17.74** | **$19.43** | **$29.75** | **$34.95** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.03 | 0.06 | 0.02 | 0.17<sup>3</sup> | 0.02<sup>4</sup> | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.13) | 4.97 | 1.21 | (1.22) | 11.69 | (2.85) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.10) | 5.03 | 1.23 | (1.05) | 11.71 | (2.69) |
| &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) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.83) | (0.05) | (1.38) | (0.60) | (22.01) | (2.18) |
| &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) | (2.51) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$19.38** | **$22.38** | **$17.43** | **$17.74** | **$19.43** | **$29.75** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | (1.33)%<sup>6</sup> | 28.92% | 7.39% | (5.67)% | 50.65% | (8.62)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.11%<sup>7</sup> | 1.11<sup>8,9</sup> | 1.10%<sup>8</sup> | 1.09%<sup>8</sup> | 1.13%<sup>8</sup> | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 1.13%<sup>7</sup> | 1.14% | 1.13% | 1.11% | 1.18% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets2 | 0.24%<sup>7</sup> | 0.29% | 0.13% | 0.90% | 0.08% | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 43%<sup>6</sup> | 77% | 75% | 71% | 149% | 50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $224581 | $244184 | $220480 | $227513 | $287165 | $259561 |

---

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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$24.19** | **$18.84** | **$19.05** | **$20.82** | **$30.68** | **$35.96** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.06 | 0.13 | 0.08 | 0.24<sup>3</sup> | 0.09<sup>4</sup> | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.15) | 5.35 | 1.31 | (1.32) | 12.16 | (2.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.09) | 5.48 | 1.39 | (1.08) | 12.25 | (2.69) |
| &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) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.83) | (0.05) | (1.38) | (0.60) | (22.01) | (2.18) |
| &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) | (2.59) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$21.14** | **$24.19** | **$18.84** | **$19.05** | **$20.82** | **$30.68** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | (1.20)%<sup>6</sup> | 29.27% | 7.72 | (5.41)% | 51.11% | (8.38)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.81%<sup>7</sup> | 0.81%<sup>8,9</sup> | 0.80 | 0.80%<sup>8</sup> | 0.87%<sup>8</sup> | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 0.83%<sup>7</sup> | 0.84% | 0.83 | 0.82% | 0.92% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 0.54%<sup>7</sup> | 0.59% | 0.43 | 1.19% | 0.34% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 43%<sup>6</sup> | 77% | 75 | 71% | 149% | 50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $87670 | $85569 | $78562 | $74094 | $112741 | $176807 |

---

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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$24.04** | **$18.71** | **$18.94** | **$20.71** | **$30.63** | **$35.95** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.07 | 0.14 | 0.09 | 0.24<sup>3</sup> | 0.10<sup>4</sup> | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.15) | 5.33 | 1.29 | (1.29) | 12.13 | (2.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.08) | 5.47 | 1.38 | (1.05) | 12.23 | (2.66) |
| &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) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.83) | (0.05) | (1.38) | (0.60) | (22.01) | (2.18) |
| &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) | (2.66) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$20.98** | **$24.04** | **$18.71** | **$18.94** | **$20.71** | **$30.63** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | (1.16)%<sup>6</sup> | 29.37% | 7.73% | (5.34)% | 51.18% | (8.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.76%<sup>7</sup> | 0.76%<sup>8,9</sup> | 0.75%<sup>8</sup> | 0.75%<sup>8</sup> | 0.80%<sup>8</sup> | 0.82% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 0.78%<sup>7</sup> | 0.79% | 0.78% | 0.77% | 0.85% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 0.59%<sup>7</sup> | 0.64% | 0.48% | 1.24% | 0.41% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 43%<sup>6</sup> | 77% | 75% | 71% | 149% | 50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $8030 | $8187 | $6853 | $7221 | $8237 | $9786 |

---

<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 period end. 

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

<sup>8</sup> Includes reduction from broker recapture amounting to less than 0.01%, 0.01%, 0.01% and less than 0.01% for the fiscal years ended October 31, 2024, 2023, 2022 and 2021, respectively. 

<sup>9</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>10</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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$20.56** | **$15.15** | **$14.08** | **$15.45** | **$13.73** | **$16.22** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.09 | 0.11 | 0.10 | 0.22<sup>3</sup> | 0.01 | 0.04<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.37 | 5.41 | 1.22 | (1.59) | 4.27 | (1.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.46 | 5.52 | 1.32 | (1.37) | 4.28 | (1.80) |
| &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) |  |  |  |  | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.85) | (0.11) | (0.25) |  | (2.56) | (0.69) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$20.17** | **$20.56** | **$15.15** | **$14.08** | **$15.45** | **$13.73** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 2.16%<sup>6</sup> | 36.62% | 9.50% | (8.87)% | 33.53% | (11.66)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.95%<sup>7</sup> | 0.95%<sup>8,9</sup> | 0.95%<sup>8</sup> | 0.95%<sup>8</sup> | 1.00%<sup>8</sup> | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 1.10%<sup>7</sup> | 1.15% | 1.18% | 1.07% | 1.14% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 0.85%<sup>7</sup> | 0.60% | 0.64% | 1.51% | 0.08% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 51%<sup>6</sup> | 106% | 77% | 91% | 256% | 750% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $7148 | $5291 | $3373 | $3683 | $4623 | $4716 |

---

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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$20.71** | **$15.26** | **$14.19** | **$15.58** | **$13.80** | **$16.25** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.12 | 0.17 | 0.14 | 0.27<sup>3</sup> | 0.06 | 0.08<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.38 | 5.44 | 1.23 | (1.60) | 4.29 | (1.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.50 | 5.61 | 1.37 | (1.33) | 4.35 | (1.76) |
| &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) |  |  |  |  | (0.69) |
| &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) | (0.69) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$20.31** | **$20.71** | **$15.26** | **$14.19** | **$15.58** | **$13.80** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 2.30%<sup>6</sup> | 37.06% | 9.83% | (8.55)% | 33.93% | (11.38)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.63%<sup>7</sup> | 0.63%<sup>8,9</sup> | 0.63%<sup>8</sup> | 0.63%<sup>8</sup> | 0.69%<sup>8</sup> | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 0.78%<sup>7</sup> | 0.83% | 0.86% | 0.75% | 0.83% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.17%<sup>7</sup> | 0.92% | 0.96% | 1.83% | 0.39% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 51%<sup>6</sup> | 106% | 77% | 91% | 256% | 750% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $44203 | $40820 | $28831 | $30519 | $36900 | $38990 |

---

<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> Includes non-recurring dividends. Without these dividends, net investment income (loss) per share would have been $(0.01) and $0.03 for Class N and Class I, respectively. 

<sup>5</sup> The total return is calculated using the published Net Asset Value as of period end. 

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

<sup>8</sup> Includes reduction from broker recapture amounting to less than 0.01% for the each of the fiscal years ended October 31, 2024, 2023, 2022 and 2021. 

<sup>9</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>10</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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$15.78** | **$13.94** | **$14.26** | **$15.45** | **$10.76** | **$13.00** |
| &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>3</sup> | (0.09) | (0.09) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.02) | 2.51 | 0.20 | 0.06 | 4.78 | (1.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.02) | 2.54 | 0.20 | (0.03) | 4.69 | (1.45) |
| &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) |  | (0.79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.31) | (0.70) | (0.52) | (1.16) |  | (0.79) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$14.45** | **$15.78** | **$13.94** | **$14.26** | **$15.45** | **$10.76** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | (0.87)%<sup>5</sup> | 18.69% | 1.58% | (0.35)% | 43.59% | (12.09)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.35%<sup>6</sup> | 1.37%<sup>7</sup> | 1.35%<sup>7</sup> | 1.35%<sup>7</sup> | 1.33%<sup>7</sup> | 1.34%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.35%<sup>6</sup> | 1.37% | 1.35% | 1.35% | 1.35% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | (0.02)%<sup>6</sup> | 0.19% | (0.01)% | (0.60)% | (0.61)% | (0.19)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 24%<sup>5</sup> | 42% | 25% | 33% | 39% | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $49969 | $46396 | $41927 | $37265 | $34246 | $25920 |

---

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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$16.46** | **$14.48** | **$14.76** | **$15.91** | **$11.05** | **$13.30** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.02 | 0.07 | 0.04 | (0.05) | (0.05) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.03) | 2.62 | 0.20 | 0.06 | 4.91 | (1.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.01) | 2.69 | 0.24 | 0.01 | 4.86 | (1.45) |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.07) | (0.01) |  |  | (0.00)<sup>3</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.28) | (0.70) | (0.52) | (1.16) |  | (0.79) |
| &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>3</sup> | (0.80) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$15.10** | **$16.46** | **$14.48** | **$14.76** | **$15.91** | **$11.05** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | (0.79)%<sup>5</sup> | 19.02% | 1.81% | (0.07)% | 43.99% | (11.91)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.09%<sup>6</sup> | 1.11%<sup>7</sup> | 1.09%<sup>7</sup> | 1.09%<sup>7</sup> | 1.07%<sup>7</sup> | 1.07%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.09%<sup>6</sup> | 1.11% | 1.09% | 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>  | 0.24%<sup>6</sup> | 0.45% | 0.25% | (0.34)% | (0.35)% | 0.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 24%<sup>5</sup> | 42% | 25% | 33% | 39% | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $948778 | $1035498 | $830022 | $819940 | $835473 | $487637 |

---

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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$16.50** | **$14.52** | **$14.78** | **$15.92** | **$11.05** | **$13.30** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.03 | 0.08 | 0.05 | (0.04) | (0.04) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.02) | 2.62 | 0.21 | 0.06 | 4.92 | (1.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.01 | 2.70 | 0.26 | 0.02 | 4.88 | (1.44) |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.09) | (0.02) |  |  | (0.01) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.28) | (0.70) | (0.52) | (1.16) |  | (0.79) |
| &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) | (0.81) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$15.14** | **$16.50** | **$14.52** | **$14.78** | **$15.92** | **$11.05** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | (0.71)%<sup>5</sup> | 19.07% | 1.94% | (0.00)%<sup>9</sup> | 44.17% | (11.78)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.00%<sup>6</sup> | 1.02%<sup>7</sup> | 1.00%<sup>7</sup> | 1.00%<sup>7</sup> | 0.98%<sup>7</sup> | 0.99%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.00%<sup>6</sup> | 1.02% | 1.00% | 1.00% | 1.00% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.33%<sup>6</sup> | 0.54% | 0.34% | (0.25)% | (0.26)% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 24%<sup>5</sup> | 42% | 25% | 33% | 39% | 42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $8000 | $3886 | $10457 | $9792 | $7911 | $1025 |

---

<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 period end. 

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Includes reduction from broker recapture amounting to less than 0.01%, less than 0.01%, less than 0.01%, 0.02% and 0.02% for the fiscal years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<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.) 

<sup>9</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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$10.81** | **$8.63** | **$10.70** | **$13.28** | **$10.02** | **$12.34** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.05 | 0.14 | 0.20 | 0.18 | 0.19 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.19) | 2.55 | (0.88) | (0.29) | 3.27 | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.14) | 2.69 | (0.68) | (0.11) | 3.46 | (1.24) |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.17) | (0.26) | (0.23) | (0.27) | (0.20) | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (4.58) | (0.25) | (1.16) | (2.20) |  | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (4.75) | (0.51) | (1.39) | (2.47) | (0.20) | (1.08) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$5.92** | **$10.81** | **$8.63** | **$10.70** | **$13.28** | **$10.02** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | (3.17)%<sup>4</sup> | 31.94% | (7.50)% | (1.34)% | 34.74% | (10.96)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.97%<sup>5,6</sup> | 0.97%<sup>6,7</sup> | 0.97%<sup>7,8</sup> | 1.03%<sup>7</sup> | 1.06%<sup>7</sup> | 1.13%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.14%<sup>5</sup> | 1.12% | 1.02% | 1.07% | 1.09% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.54%<sup>5</sup> | 1.48% | 2.10% | 1.61% | 1.51% | 2.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 14%<sup>4</sup> | 26% | 25% | 30% | 20% | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $22140 | $26734 | $28325 | $36432 | $43430 | $41358 |

---

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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$10.79** | **$8.62** | **$10.68** | **$13.27** | **$10.01** | **$12.33** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.06 | 0.16 | 0.23 | 0.21 | 0.22 | 0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.19) | 2.54 | (0.88) | (0.30) | 3.27 | (1.49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.13) | 2.70 | (0.65) | (0.09) | 3.49 | (1.21) |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.28) | (0.25) | (0.30) | (0.23) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (4.58) | (0.25) | (1.16) | (2.20) |  | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (4.76) | (0.53) | (1.41) | (2.50) | (0.23) | (1.11) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$5.90** | **$10.79** | **$8.62** | **$10.68** | **$13.27** | **$10.01** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | (3.06)%<sup>4</sup> | 32.19% | (7.17)% | (1.18)% | 35.10% | (10.69)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.72%<sup>5,6</sup> | 0.72%<sup>6,7</sup> | 0.72%<sup>7,8</sup> | 0.78%<sup>7</sup> | 0.81%<sup>7</sup> | 0.86%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 0.89%<sup>5</sup> | 0.87% | 0.77% | 0.82% | 0.84% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.79%<sup>5</sup> | 1.73% | 2.35% | 1.86% | 1.76% | 2.65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 14%<sup>4</sup> | 26% | 25% | 30% | 20% | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $41617 | $54674 | $202039 | $290632 | $382571 | $408844 |

---

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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$10.80** | **$8.62** | **$10.69** | **$13.28** | **$10.01** | **$12.33** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.06 | 0.17 | 0.23 | 0.21 | 0.22 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.20) | 2.55 | (0.88) | (0.29) | 3.29 | (1.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.14) | 2.72 | (0.65) | (0.08) | 3.51 | (1.20) |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.29) | (0.26) | (0.31) | (0.24) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (4.58) | (0.25) | (1.16) | (2.20) |  | (0.74) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (4.76) | (0.54) | (1.42) | (2.51) | (0.24) | (1.12) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$5.90** | **$10.80** | **$8.62** | **$10.69** | **$13.28** | **$10.01** |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | (3.14)%<sup>4</sup> | 32.37% | (7.22)% | (1.12)% | 35.26% | (10.65)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.68%<sup>5,6</sup> | 0.68%<sup>6,7</sup> | 0.68%<sup>7,8</sup> | 0.74%<sup>7</sup> | 0.77%<sup>7</sup> | 0.81%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 0.85%<sup>5</sup> | 0.83% | 0.73% | 0.78% | 0.80% | 0.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.83%<sup>5</sup> | 1.77% | 2.39% | 1.90% | 1.80% | 2.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 14%<sup>4</sup> | 26% | 25% | 30% | 20% | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $4797 | $3897 | $3216 | $3199 | $2430 | $1901 |

---

<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 period end. 

<sup>4</sup> Not annualized.

<sup>5</sup> Annualized.

<sup>6</sup> Includes interest expense of less than 0.01% for the six months ended April 30, 2025 and 0.02% for the fiscal year ended October 31, 2024, related to participation in the interfund lending program. 

<sup>7</sup> Includes reduction from broker recapture amounting to 0.02%, 0.01%, 0.01%, 0.01% and less than 0.01% for the fiscal years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>8</sup> Includes interest expense totaling 0.01% related to utilization of the line of credit. 

<sup>9</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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$10.09** | **$8.61** | **$9.10** | **$9.81** | **$6.80** | **$7.84** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.01 | 0.02 | 0.01 | (0.03) | (0.04) | (0.01)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.13) | 1.82 | (0.09) | (0.11) | 3.05 | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.12) | 1.84 | (0.08) | (0.14) | 3.01 | (0.89) |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.02) | (0.01) | (0.00)<sup>4</sup> |  |  | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.87) | (0.35) | (0.41) | (0.57) |  | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.89) | (0.36) | (0.41) | (0.57) |  | (0.15) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$9.08** | **$10.09** | **$8.61** | **$9.10** | **$9.81** | **$6.80** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | (1.95)%<sup>6</sup> | 21.83% | (0.77)% | (1.64)% | 44.27% | (11.65)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.26%<sup>7</sup> | 1.29%<sup>8</sup> | 1.27%<sup>8</sup> | 1.28%<sup>8</sup> | 1.25%<sup>8</sup> | 1.31%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.26%<sup>7</sup> | 1.29% | 1.28% | 1.28% | 1.27% | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.28%<sup>7</sup> | 0.23% | 0.10% | (0.28)% | (0.38)% | (0.16)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 20%<sup>6</sup> | 42% | 30% | 32% | 44% | 47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $16217 | $21263 | $18655 | $18961 | $22702 | $21618 |

---

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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$10.48** | **$8.94** | **$9.41** | **$10.10** | **$6.98** | **$8.04** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.03 | 0.05 | 0.03 | (0.00)<sup>4</sup> | (0.01) | 0.01<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.13) | 1.87 | (0.09) | (0.12) | 3.13 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.10) | 1.92 | (0.06) | (0.12) | 3.12 | (0.90) |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.05) | (0.03) | (0.00)<sup>4</sup> |  | (0.00)<sup>4</sup> | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.87) | (0.35) | (0.41) | (0.57) |  | (0.14) |
| &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>4</sup> | (0.16) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$9.46** | **$10.48** | **$8.94** | **$9.41** | **$10.10** | **$6.98** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | (1.73)%<sup>6</sup> | 21.97% | (0.48)% | (1.38)% | 44.70% | (11.47)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.01%<sup>7</sup> | 1.03%<sup>8</sup> | 1.02%<sup>8</sup> | 1.02%<sup>8</sup> | 1.00%<sup>8</sup> | 1.05%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.01%<sup>7</sup> | 1.03% | 1.03% | 1.02% | 1.02% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.53%<sup>7</sup> | 0.49% | 0.35% | (0.02)% | (0.13)% | 0.09% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 20%<sup>6</sup> | 42% | 30% | 32% | 44% | 47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $259618 | $263399 | $214093 | $188163 | $218698 | $156350 |

---

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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$10.50** | **$8.95** | **$9.42** | **$10.10** | **$6.98** | **$8.04** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.03 | 0.05 | 0.04 | 0.00<sup>10</sup> | (0.01) | 0.01<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.13) | 1.89 | (0.10) | (0.11) | 3.13 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.10) | 1.94 | (0.06) | (0.11) | 3.12 | (0.90) |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.06) | (0.04) | (0.00)<sup>4</sup> | (0.00)<sup>4</sup> | (0.00)<sup>4</sup> | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.87) | (0.35) | (0.41) | (0.57) |  | (0.14) |
| &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>4</sup> | (0.16) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$9.47** | **$10.50** | **$8.95** | **$9.42** | **$10.10** | **$6.98** |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | (1.79)%<sup>6</sup> | 22.13% | (0.47)% | (1.26)% | 44.77% | (11.43)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.96%<sup>7</sup> | 0.98%<sup>8</sup> | 0.97%<sup>8</sup> | 0.97%<sup>8</sup> | 0.95%<sup>8</sup> | 1.00%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 0.96%<sup>7</sup> | 0.98% | 0.98% | 0.97% | 0.97% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.58%<sup>7</sup> | 0.54% | 0.40% | 0.03% | (0.08)% | 0.14% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 20%<sup>6</sup> | 42% | 30% | 32% | 44% | 47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $33037 | $35173 | $29387 | $34477 | $35766 | $553 |

---

<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> Includes non-recurring dividends. Without these dividends, net investment income (loss) per share would have been $(0.02), $(0.00) and $0.00 for Class N, Class I and Class Z, respectively. 

<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 period end. 

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

<sup>8</sup> Includes reduction from broker recapture amounting to less than 0.01%, 0.01%, 0.01%, 0.02% and 0.02% for the fiscal years ended October 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>9</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>10</sup> Less than $0.005 per share. 

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

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AMG River Road Focused Absolute Value Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$14.72** | **$11.73** | **$11.50** | **$14.44** | **$11.05** | **$12.65** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.08 | 0.12 | 0.11 | 0.04 | 0.01 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.72 | 3.19 | 0.21 | (2.03) | 3.38 | (1.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.80 | 3.31 | 0.32 | (1.99) | 3.39 | (1.35) |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.11) | (0.13) | (0.02) |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.95) | (0.19) | (0.07) | (0.95) |  | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.06) | (0.32) | (0.09) | (0.95) |  | (0.25) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$13.46** | **$14.72** | **$11.73** | **$11.50** | **$14.44** | **$11.05** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 5.55%<sup>5</sup> | 28.70% | 2.76% | (14.80)% | 30.68% | (11.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.06%<sup>6</sup> | 1.06%<sup>7,8</sup> | 1.05%<sup>7</sup> | 1.05%<sup>7</sup> | 1.06%<sup>7</sup> | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.25%<sup>6</sup> | 1.26% | 1.22% | 1.14% | 1.12% | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.20%<sup>6</sup> | 0.91% | 0.93% | 0.30% | 0.10% | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 46%<sup>5</sup> | 86% | 63% | 113% | 83% | 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $1934 | $1949 | $1910 | $2243 | $3666 | $12466 |

---

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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$14.73** | **$11.75** | **$11.51** | **$14.48** | **$11.12** | **$12.72** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.10 | 0.16 | 0.14 | 0.07 | 0.05 | 0.07<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.73 | 3.18 | 0.22 | (2.04) | 3.39 | (1.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.83 | 3.34 | 0.36 | (1.97) | 3.44 | (1.33) |
| &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) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.95) | (0.19) | (0.07) | (0.95) |  | (0.23) |
| &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) | (0.27) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$13.46** | **$14.73** | **$11.75** | **$11.51** | **$14.48** | **$11.12** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 5.77%<sup>5</sup> | 28.90% | 3.11% | (14.64)% | 30.98% | (10.81)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.82%<sup>6</sup> | 0.82%<sup>7,8</sup> | 0.81%<sup>7</sup> | 0.80%<sup>7</sup> | 0.81%<sup>7</sup> | 0.78%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.01%<sup>6</sup> | 1.02% | 0.98% | 0.89% | 0.87% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.44%<sup>6</sup> | 1.15% | 1.17% | 0.55% | 0.35% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 46%<sup>5</sup> | 86% | 63% | 113% | 83% | 103% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $44654 | $45022 | $40205 | $53620 | $176460 | $130758 |

---

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 period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$14.74** | **$11.75** | **$11.52** | **$14.49** | **$11.12** | **$12.73** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.10 | 0.16 | 0.15 | 0.08 | 0.06 | 0.07<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.72 | 3.19 | 0.21 | (2.04) | 3.39 | (1.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.82 | 3.35 | 0.36 | (1.96) | 3.45 | (1.34) |
| &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) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.95) | (0.19) | (0.07) | (0.95) |  | (0.23) |
| &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) | (0.27) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$13.45** | **$14.74** | **$11.75** | **$11.52** | **$14.49** | **$11.12** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 5.67%<sup>5</sup> | 29.04% | 3.10% | (14.59)% | 31.12% | (10.86)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.78%<sup>6</sup> | 0.78%<sup>7,8</sup> | 0.77%<sup>7</sup> | 0.76%<sup>7</sup> | 0.77%<sup>7</sup> | 0.74%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 0.97%<sup>6</sup> | 0.98% | 0.94% | 0.85% | 0.83% | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.48%<sup>6</sup> | 1.19% | 1.21% | 0.59% | 0.39% | 0.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 46%<sup>5</sup> | 86% | 63% | 113% | 83% | 103% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $2290 | $2083 | $6450 | $7677 | $13323 | $2462 |

---

<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 $0.02, $0.05 and $0.05 for Class N, Class I and Class Z, respectively. 

<sup>4</sup> The total return is calculated using the published Net Asset Value as of period end. 

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</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, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>8</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>9</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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements (unaudited)<br> April 30, 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 and certain foreign fixed income 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

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<br> &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 may have 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 six months ended April 30, 2025, the Funds had no credits received from the brokerage recapture program.

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, and investments in partnerships for Dividend All Cap Value.

At April 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate 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 | $301531458 | $35571651 | $(17991682) | $17579969 |
|  Large Cap Value Select | 48356451 | 5809375 | (2376658) | 3432717 |
|  Small Cap Value | 892871044 | 216743582 | (103202140) | 113541442 |
|  Dividend All Cap Value | 49735455 | 20419789 | (1624169) | 18795620 |
|  Small-Mid Cap Value | 273721689 | 61955056 | (25276052) | 36679004 |
|  Focused Absolute Value | 42508674 | 9181006 | (2825862) | 6355144 |

---

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 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.

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

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, 2024, 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, 2025, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

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 six months ended April 30, 2025 (unaudited) and the fiscal year ended 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** | |
|  | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class N:** |  |  |  |  |  |  |  |  |
|  Shares sold | 523268 | $10767602 | 794989 | $16506109 | 120979 | $2503835 | 88174 | $1696217 |
|  Shares issued in reinvestment of distributions | 1469175 | 30529447 | 49240 | 980863 | 9124 | 188058 | 1090 | 18011 |
|  Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1315822) | (27407473) | (2579753) | (53819568) | (33101) | (672117) | (54577) | (969498) |
|  Net increase (decrease) | 676621 | $13889576 | (1735524) | $(36332596) | 97002 | $2019776 | 34687 | $744730 |
|  **Class I:** |  |  |  |  |  |  |  |  |
|  Shares sold | 628389 | $14013597 | 635833 | $13909133 | 354675 | $7325025 | 408352 | $7383448 |
|  Shares issued in reinvestment of distributions | 462168 | 10468108 | 26111 | 560867 | 82433 | 1708831 | 17865 | 296371 |
|  Shares redeemed | (480359) | (10928562) | (1296168) | (28843362) | (231530) | (4815158) | (344558) | (6125173) |
|  Net increase (decrease) | 610198 | $13553143 | (634224) | $(14373362) | 205578 | $4218698 | 81659 | $1554646 |
|  **Class Z:** |  |  |  |  |  |  |  |  |
|  Shares sold | 8388 | $183438 | 25647 | $572080 |  |  |  |  |
|  Shares issued in reinvestment of distributions | 44873 | 1008300 | 2494 | 53192 |  |  |  |  |
|  Shares redeemed | (11113) | (246996) | (53789) | (1224531) |  |  |  |  |
|  Net increase (decrease) | 42148 | $944742 | (25648) | $(599259) |  |  |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | <br> **Small Cap Value** | <br> **Small Cap Value** | | | <br> **Dividend All Cap Value** | <br> **Dividend All Cap Value** | |
|  | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class N:** |  |  |  |  |  |  |  |  |
|  Shares sold | 570052 | $8572497 | 452751 | $6795883 | 82424 | $609188 | 26514 | $260617 |
|  Shares issued in reinvestment of distributions | 238065 | 3794755 | 138739 | 2008947 | 1831209 | 11494117 | 153303 | 1472882 |
|  Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(289473) | &nbsp;&nbsp;&nbsp;&nbsp;(4542015) | &nbsp;&nbsp;&nbsp;&nbsp;(658414) | (9822095) | (646351) | (4330708) | (988208) | (9611700) |
|  Net increase (decrease) | 518644 | $7825237 | (66924) | $(1017265) | 1267282 | $7772597 | (808391) | $(7878201) |

---

------

<br> &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 Cap Value** | **Small Cap Value** | | | **Dividend All Cap Value** | **Dividend All Cap Value** | |
|  | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class I:** |  |  |  |  |  |  |  |  |
|  Shares sold | 9113450 | $148325960 | 16351743 | $256882837 | 1744274 | $14891755 | 666381 | $6289704 |
|  Shares issued in reinvestment of distributions | 4422925 | 73641701 | 2410433 | 36325218 | 3780621 | 23655363 | 807218 | 7602496 |
|  Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13624403) | (224361883) | (13149676) | (206488350) | (3538431) | (25826712) | (19847712) | (189367166) |
|  Net increase (decrease) | (88028) | $(2394222) | 5612500 | $86719705 | 1986464 | $12720406 | (18374113) | $(175474966) |
|  **Class Z:** |  |  |  |  |  |  |  |  |
|  Shares sold | 285212 | $4324536 | 33809 | $527171 | 183166 | $1085074 | 144668 | $1537514 |
|  Shares issued in reinvestment of distributions | 19365 | 323201 | 34843 | 526134 | 281029 | 1758287 | 18481 | 176926 |
|  Shares redeemed | (11580) | (191993) | (553274) | (8616636) | (12476) | (75067) | (175284) | (1805600) |
|  Net increase (decrease) | 292997 | $4455744 | (484622) | $(7563331) | 451719 | $2768294 | (12135) | $(91160) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Small-Mid Cap Value** | **Small-Mid Cap Value** | | | **Focused Absolute Value** | **Focused Absolute Value** | |
|  | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class N:** |  |  |  |  |  |  |  |  |
|  Shares sold | 129255 | $1279995 | 281895 | $2672905 | 3237 | $48165 | 3938 | $52645 |
|  Shares issued in reinvestment of distributions | 168851 | 1680066 | 78401 | 717368 | 20326 | 271346 | 4056 | 51307 |
|  Shares redeemed | (620799) | (6052246) | (418232) | (3948636) | (12302) | (170069) | (38348) | (540479) |
|  Net increase (decrease) | (322693) | $(3092185) | (57936) | $(558363) | 11261 | $149442 | (30354) | $(436527) |
|  **Class I:** |  |  |  |  |  |  |  |  |
|  Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3928858 | &nbsp;&nbsp;&nbsp;&nbsp;$39020497 | &nbsp;&nbsp;&nbsp;&nbsp;5749023 | $56371157 | &nbsp;&nbsp;&nbsp;&nbsp;136100 | $1894316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117808 | &nbsp;&nbsp;&nbsp;&nbsp;$1618737 |
|  Shares issued in reinvestment of distributions | 2027509 | 20984718 | 866026 | 8218589 | 465056 | 6199198 | 95245 | 1202944 |
|  Shares redeemed | (3637248) | (36051528) | (5446610) | (53478130) | (338249) | (4855594) | (579333) | (7654640) |
|  Net increase (decrease) | 2319119 | $23953687 | 1168439 | $11111616 | 262907 | $3237920 | (366280) | $(4832959) |
|  **Class Z:** |  |  |  |  |  |  |  |  |
|  Shares sold | 6661 | $64077 | 41382 | $413912 | 11989 | $158309 | 9773 | $130782 |
|  Shares issued in reinvestment of distributions | 203547 | 2110780 | 89801 | 853113 | 22055 | 293775 | 6796 | 85836 |
|  Shares redeemed | (72419) | (724943) | (64802) | (656672) | (5189) | (75385) | (424107) | (5498628) |
|  Net increase (decrease) | 137789 | $1449914 | 66381 | $610353 | 28855 | $376699 | (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 April 30, 2025, the market value of Repurchase Agreements outstanding is as follows:

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

---

| | |
|:---|:---|
|  | **Market Value** |
| &nbsp;&nbsp; Mid Cap Value | $11846796 |
| &nbsp;&nbsp; Large Cap Value Select | 1259000 |
| &nbsp;&nbsp; Small Cap Value | 60157560 |
| &nbsp;&nbsp; Dividend All Cap Value | 1447549 |
| &nbsp;&nbsp; Small-Mid Cap Value | 11278124 |
| &nbsp;&nbsp; Focused Absolute Value | 550000 |

---

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.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the six months ended April 30, 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 six months ended April 30, 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** |
| &nbsp;&nbsp; Mid Cap Value | $40171 |  |
| &nbsp;&nbsp; Large Cap Value Select | 35675 |  |
| &nbsp;&nbsp; Dividend All Cap Value | 64654 |  |
| &nbsp;&nbsp; Focused Absolute Value | 46113 |  |

---

At April 30, 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 | $62844 | $55206 |
| &nbsp;&nbsp; 1-2 years | 89402 | 79280 |
| &nbsp;&nbsp; 2-3 years | 114963 | 77029 |
| &nbsp;&nbsp; Total | $267209 | $211515 |

---

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

---

| | | |
|:---|:---|:---|
| **Expiration**<br> **Period** | **Dividend All Cap Value** | **Focused Absolute Value** |
| &nbsp;&nbsp; Less than 1 year | $112365 | $100596 |
| &nbsp;&nbsp; 1-2 years | 148111 | 85223 |
| &nbsp;&nbsp; 2-3 years | 164010 | 97862 |
| &nbsp;&nbsp; Total | $424486 | $283681 |

---

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 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 six months ended April 30, 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 |  |

---

---

| | |
|:---|:---|
| **Fund** | **Actual Amount Incurred** |
| &nbsp;&nbsp; Class N | 0.24% |
| &nbsp;&nbsp; Focused Absolute Value |  |
| &nbsp;&nbsp; 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 six months ended April 30, 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% | 0.03% |
|  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.

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<br> &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 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 April 30, 2025, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund lending program during the six months ended April 30, 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Lent** | **Number<br>of Days** | **Interest<br>Earned** | **Average<br>Interest Rate** |
| Large Cap Value Select | $1117167 | 1 | $168 | 5.490% |
| Small Cap Value | 3923658 | 3 | 1760 | 5.459% |
| Small-Mid Cap Value | 3641994 | 2 | 1095 | 5.485% |
| **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 six months ended April 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Long Term Securities** | **Long Term Securities** |
| **Fund** | **Purchases** | **Sales** |
|  Mid Cap Value | $142324820 | $166125899 |
|  Large Cap Value Select | 29334410 | 24817170 |
|  Small Cap Value | 241830456 | 278961478 |
|  Dividend All Cap Value | 10546953 | 23756600 |
|  Small-Mid Cap Value | 61695580 | 64041762 |
|  Focused Absolute Value | 22473505 | 25276100 |

---

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 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 April 30, 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 | $156639 | $165796 |  | $165796 |
| Small Cap Value | 27606987 | 5800560 | $24638053 | 30438613 |
| Dividend All Cap Value | 1781621 | 1549 | 1871261 | 1872810 |
| Small-Mid Cap Value | 13807106 | 1527124 | 12447625 | 13974749 |
| Focused Absolute Value | 1909776 |  | 1912327 | 1912327 |

---

The following table summarizes the securities received as collateral for securities lending at April 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Collateral<br>Type** | **Coupon**<br> **Range** | **Maturity**<br> **Date Range** |
| &nbsp;&nbsp; Small Cap Value | U.S. Treasury Obligations | 0.125%-6.250% | 07/15/25-05/15/54 |
| &nbsp;&nbsp; Dividend All Cap Value | U.S. Treasury Obligations | 0.125%-4.625% | 07/15/25-05/15/54 |
| &nbsp;&nbsp; Small-Mid Cap Value | U.S. Treasury Obligations | 0.125%-6.250% | 07/15/25-05/15/54 |
| &nbsp;&nbsp; Focused Absolute Value | U.S. Treasury Obligations | 0.125%-4.625% | 07/15/25-05/15/54 |

---

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.

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

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 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 intends to qualify 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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<br> &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; Natwest Markets Securities, Inc. | $165796 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$165796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$165796 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 11681000 |  | 11681000 | 11681000 |  |
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$11846796 |  | $11846796 | $11846796 |  |
| &nbsp;&nbsp; **Large Cap Value Select** |  |  |  |  |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | $1259000 |  | $1259000 | $1259000 |  |
| &nbsp;&nbsp; **Small Cap Value** |  |  |  |  |  |
| &nbsp;&nbsp; Bank of America Securities, Inc. | $331199 |  | $331199 | $331199 |  |
| &nbsp;&nbsp; Daiwa Capital Markets America | 1118941 |  | 1118941 | 1118941 |  |
| &nbsp;&nbsp; Mizuho Securities LLC | 1450140 |  | 1450140 | 1450140 |  |
| &nbsp;&nbsp; RBC Dominion Securities, Inc. | 1450140 |  | 1450140 | 1450140 |  |
| &nbsp;&nbsp; TD Securities LLC | 1450140 |  | 1450140 | 1450140 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 54357000 |  | 54357000 | 54357000 |  |
| &nbsp;&nbsp; Total | $60157560 |  | $60157560 | $60157560 |  |
| &nbsp;&nbsp; **Dividend All Cap Value** |  |  |  |  |  |
| &nbsp;&nbsp; Natwest Markets Securities, Inc. | $1549 |  | $1549 | $1549 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 1446000 |  | 1446000 | 1446000 |  |
| &nbsp;&nbsp; Total | $1447549 |  | $1447549 | $1447549 |  |
| &nbsp;&nbsp; **Small-Mid Cap Value** |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $1000000 |  | $1000000 | $1000000 |  |
| &nbsp;&nbsp; Natwest Markets Securities, Inc. | 527124 |  | 527124 | 527124 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 9751000 |  | 9751000 | 9751000 |  |
| &nbsp;&nbsp; Total | $11278124 |  | $11278124 | $11278124 |  |
| &nbsp;&nbsp; **Focused Absolute Value** |  |  |  |  |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | $550000 |  | $550000 | $550000 |  |

---

9. 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;&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;<br> Other Information *(unaudited)*<br>

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

During the six months ended April 30, 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 six months ended April 30, 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 six months ended April 30, 2025.

---

| | |
|:---|:---|
|  | **Trustee fees and expenses** |
|  AMG River Road Mid Cap Value Fund | $13919 |
|  AMG River Road Large Cap Value Select Fund | 1991 |
|  AMG River Road Small Cap Value Fund | 44446 |
|  AMG River Road Dividend All Cap Value Fund | 3143 |
|  AMG River Road Small-Mid Cap Value Fund | 13549 |
|  AMG River Road Focused Absolute Value Fund | 2018 |

---

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

Not applicable.

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![LOGO](g928400dsp33a.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<br>CUSTODIAN<br>The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | 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<br>TRUSTEES<br>Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | 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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![LOGO](g928400dsp33a.jpg)

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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 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 Montrusco Bolton Large Cap Growth**<br> Montrusco Bolton Investments, Inc.<br>**AMG Renaissance Large Cap Growth**<br> The Renaissance Group LLC<br>| **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 |

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wealth.amg.com 043025 SAR082

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| | |
|:---|:---|
| ![LOGO](g928400dsp89a.jpg) | SEMI-ANNUAL FINANCIAL STATEMENTS |

---

---

| |
|:---|
| AMG Funds |
| <br> April 30, 2025 |
| ![LOGO](g928400dsp89.jpg) |
| **AMG Beutel Goodman Core Plus Bond Fund** |
| <br> Class N: **ADBLX** \| Class I: **ADLIX \|**Class Z: **ADZIX** |

---

wealth.amg.com 043025 SAR086

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Funds &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-Annual Financial Statements — April 30, 2025 *(unaudited)* 

---

| | |
|:---|:---|
|  **TABLE OF CONTENTS** | PAGE |
|  **FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Portfolio Investments](#fin3928400_1)** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Assets and Liabilities](#fin3928400_2)** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Operations](#fin3928400_3)** | 8 |
| &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 period* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin3928400_4)** | 9 |
| &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 periods |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Highlights](#fin3928400_5)** | 10 |
| &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](#fin3928400_5a)** | 13 |
| &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 |  |
|  **[OTHER INFORMATION](#fin3928400_6)** | 21 |
| 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. |  |

---

------

<br> AMG Beutel Goodman Core Plus Bond Fund<br> Schedule of Portfolio Investments *(unaudited)*<br> April 30, 2025<br>

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
|  **Corporate Bonds and Notes - 36.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communications - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bell Telephone Co. of Canada or Bell Canada<br>(Canada)<br>(6.875% to 09/15/30 then U.S. Treasury Yield<br>Curve CMT 5 year + 2.390%), 6.875%,<br>09/15/55<sup>1,2</sup>  | $148000 | $147827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter<br>Communications Operating Capital<br>6.150%, 11/10/26 | 350000 | 356761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (Canada)<br>5.300%, 02/15/34 | 350000 | 344974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Videotron, Ltd. (Canada)<br>3.625%, 06/15/29<sup>3,4</sup>  | 348000 | 329309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/15/27<sup>3</sup>  | 348000 | 347657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vodafone Group PLC (United Kingdom)<br>7.875%, 02/15/30 | 44000 | 50646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communications | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communications | 1577174 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer, Cyclical - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc/AAdvantage Loyalty IP, Ltd.<br>5.500%, 04/20/26<sup>3</sup>  | 293333 | 291378 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Airlines, Inc.<br>8.500%, 05/15/29<sup>3,4</sup>  | 173000 | 176321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc.<br>7.375%, 01/15/26 | 350000 | 354290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc./SkyMiles IP, Ltd.<br>4.750%, 10/20/28<sup>3</sup>  | 350000 | 347883 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Credit Co. LLC<br>5.303%, 09/06/29 | 175000 | 168725 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mileage Plus Holdings LLC/Mileage Plus<br>Intellectual Property Assets, Ltd.<br>6.500%, 06/20/27<sup>3</sup>  | 646500 | 648526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Cyclical | 1987123 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer, Non-cyclical - 3.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albertsons Cos. Inc./Safeway, Inc./New<br>Albertsons LP/Albertsons LLC<br>6.500%, 02/15/28<sup>3</sup>  | 350000 | 355572 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBS USA LUX, S.A./JBS USA Food Co./JBS<br>Luxembourg S.A.R.L. (Luxembourg)<br>6.750%, 03/15/34<sup>3</sup>  | 500000 | 542060 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Kroger Co.<br>5.000%, 09/15/34 | 350000 | 343042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-cyclical | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-cyclical | 1240674 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc.<br>5.650%, 04/15/34 | 500000 | 497982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Pipelines Holding Co. LLC<br>5.681%, 01/15/34<sup>3</sup>  | 350000 | 346462 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Pipelines Operating Co. LLC<br>6.544%, 11/15/53<sup>3</sup>  | 175000 | 178237 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada)<br>Series NC5<br>(8.250% to 01/15/29 then U.S. Treasury Yield<br>Curve CMT 5 year + 3.785%), 8.250%,<br>01/15/84<sup>1,2</sup>  | $750000 | $778108 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Bow Canadian Infrastructure Holdings, Ltd.<br>(Canada)<br>(7.625% to 03/01/30 then U.S. Treasury Yield<br>Curve CMT 5 year + 3.949%), 7.625%,<br>03/01/55<sup>1,2,3,4</sup>  | 370000 | 369631 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suncor Energy, Inc. (Canada)<br>7.150%, 02/01/32 | 400000 | 433459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy | 2603879 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp.<br>5.850%, 12/15/27 | 350000 | 360620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp.<br>(4.376% to 04/27/27 then SOFR + 1.580%),<br> 4.376%, 04/27/28<sup>1,2</sup>  | 700000 | 698845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.872% to 09/15/33 then SOFR + 1.840%),<br>5.872%, 09/15/34<sup>1,2</sup>  | 250000 | 260479 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bank of Nova Scotia (Canada)<br>(8.625% to 10/27/27 then U.S. Treasury Yield<br>Curve CMT 5 year + 4.389%),<br>8.625%, 10/27/82<sup>1,2</sup>  | 350000 | 361844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federation des Caisses Desjardins du Quebec<br>(Canada)<br>5.250%, 04/26/29<sup>3</sup>  | 175000 | 179311 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc.<br>(5.851% to 04/25/34 then SOFR + 1.552%),<br>5.851%, 04/25/35<sup>1,2</sup>  | 525000 | 541325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intact Financial Corp. (Canada)<br>5.459%, 09/22/32<sup>3</sup>  | 175000 | 176091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley<br>(6.296% to 10/18/27 then SOFR + 2.240%),<br>6.296%, 10/18/28<sup>1,2</sup>  | 525000 | 546699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synchrony Bank<br>5.400%, 08/22/25 | 350000 | 350112 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Toronto-Dominion Bank (Canada)<br>(8.125% to 10/31/27 then U.S. Treasury Yield<br>Curve CMT 5 year + 4.075%),<br>8.125%, 10/31/82<sup>1,2</sup>  | 350000 | 361755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 3837081 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Railway Co. (Canada)<br>7.125%, 10/15/31 | 200000 | 224166 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc. (Canada)<br>6.750%, 01/15/31<sup>3</sup>  | 350000 | 363825 |
| &nbsp;&nbsp;&nbsp;&nbsp; OAS Finance, Ltd. (Virgin Islands, British)<br>8.875%, 05/30/25<sup>2,5,6,7</sup>  | 600000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.875%, 05/31/25<sup>2,3,5,6,7</sup>  | 400000 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 587991 |

---

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

------

<br> AMG Beutel Goodman Core Plus Bond Fund<br> Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 3.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consolidated Edison Co. of New York, Inc.<br>6.150%, 11/15/52 | $350000 | $362855 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Progress LLC<br>5.350%, 03/15/53<sup>4</sup>  | 350000 | 326548 |
| &nbsp;&nbsp;&nbsp;&nbsp; TransAlta Corp. (Canada)<br>7.750%, 11/15/29 | 350000 | 364530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities | 1053933 |
|  Total Corporate Bonds and Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $13,609,358) |  | 12887855 |
|  Mortgage-Backed Securities - 0.2% | Mortgage-Backed Securities - 0.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GSCG Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-600C, Class D<br>3.764%, 09/06/34<br>(Cost $873,102)<sup>3</sup>  | 862000 | 52065 |
|  Total Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $873,102) |  | 52065 |
|  U.S. Government and Agency Obligations - 62.0% | U.S. Government and Agency Obligations - 62.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fannie Mae - 9.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA,<br>1.500%, 12/01/50 | 387277 | 291914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.140%, 10/01/29 | 2574612 | 2376715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.260%, 01/01/30 | 300000 | 275843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/45 to 06/01/52 | 42790 | 37496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/42 | 23684 | 22604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/01/52 | 246986 | 236629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/53 | 63238 | 62057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fannie Mae | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fannie Mae | 3303258 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Freddie Mac - 19.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC,<br>1.500%, 11/01/50 to 12/01/50 | 3114077 | 2349835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/47 | 722876 | 643749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/52 to 09/01/52 | 1682017 | 1610138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/53 | 574066 | 574124 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold,<br>3.000%, 07/01/45 to 08/01/45 | 1541177 | 1375983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/01/42 | 192877 | 177261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/41 | 16382 | 15455 |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC REMICS<br>Series 3792, Class SE<br>(9.631% minus 2 times 1 month SOFR, Cap<br>9.860%, Floor 0.000%),<br>0.942%, 01/15/41<sup>2</sup>  | 18652 | 12240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac | 6758785 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ginnie Mae - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA<br>Series 2004-35, Class SA<br>(31.756% minus 6.5 times 1 month SOFR, Cap<br>32.500%, Floor 0.000%),<br>3.685%, 03/20/34<sup>2</sup>  | 5659 | 5677 |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA II Pool,<br>6.500%, 12/20/53 | 348229 | 356294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ginnie Mae | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ginnie Mae | 361971 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 32.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 32.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes,<br>1.875%, 02/15/32 | $400 | $351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 02/15/28 to 05/31/29 | 693000 | 671031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/30/29 to 02/15/33 | 672000 | 660940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/28/30 | 385000 | 389993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/28/27 to 11/30/29 | 1291000 | 1314284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 11/15/34 | 460000 | 463522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/35 | 3863000 | 4007863 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds,<br>1.875%, 02/15/41 | 2380000 | 1649731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/15/52 | 665000 | 486177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/54 | 569000 | 526881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/15/54 | 1120000 | 1084125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations | 11254898 |
|  Total U.S. Government and Agency Obligations | Total U.S. Government and Agency Obligations |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $22,555,659) |  | 21678912 |
|  | Shares |  |
|  Common Stocks - 0.0% | Common Stocks - 0.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Foresight Energy, LLC<sup>\*,6</sup>(Cost $165,688) | 202 | 0 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 1.2% | Short-Term Investments - 1.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Commercial Paper - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Farm CR Corp., 4.331%, 05/16/25 | $85000 | 84847 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.7%<sup>8</sup>**  | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.7%<sup>8</sup>**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 04/30/25, due 05/01/25, 4.360% total to be received<br>$253,277 (collateralized by various<br>U.S. Treasuries, 0.000% - 5.500%, 06/03/25 - 02/15/46, totaling $258,311) | 253246 | 253246 |
|  | Shares |  |
| &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, 4.21%<sup>9</sup>  | 35008 | 35008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.28%<sup>9</sup>  | 52512 | 52512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Investment Companies | 87520 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $425,613) |  | 425613 |
|  **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $37,629,420) |  | 35044445 |
|  **Other Assets, less Liabilities - (0.2)%** | **Other Assets, less Liabilities - (0.2)%** | (65187) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $34979258 |

---

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

------

<br> AMG Beutel Goodman Core Plus Bond Fund<br> Schedule of Portfolio Investments *(continued)*<br>

\* Non-income producing security.

<sup>1</sup> Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at April 30, 2025. Rate will reset at a future date.

<sup>2</sup> Variable rate security. The rate shown is based on the latest available information as of April 30, 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>3</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 April 30, 2025, the value of these securities amounted to $4,704,328 or 13.4% of net assets. 

<sup>4</sup> Some of these securities, amounting to $678,547 or 1.9% 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>5</sup> Security is in default. Issuer has failed to make a timely payment of either principal or either interest or has failed to comply with some provision of the bond indenture.

<sup>6</sup> Security's value was determined by using significant unobservable inputs.

<sup>7</sup> Perpetuity Bond. The date shown represents the next call date.

<sup>8</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

<sup>9</sup> Yield shown represents the April 30, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

---

| | |
|:---|:---|
| CMT | Constant Maturity Treasury |
| FHLMC | Freddie Mac |
| FNMA | Fannie Mae |
| GNMA | Ginnie Mae |
| REMICS | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |

---

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Corporate Bonds and Notes** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials |  | $3837081 |  | $3837081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  | 2603879 |  | 2603879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical |  | 1987123 |  | 1987123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications |  | 1577174 |  | 1577174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-cyclical |  | 1240674 |  | 1240674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 1053933 |  | 1053933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials |  | 587991 | $0 | 587991 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Mortgage-Backed Securities** |  | 52065 |  | 52065 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government and Agency Obligations<sup>†</sup>**  |  | 21678912 |  | 21678912 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Paper |  | 84847 |  | 84847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 253246 |  | 253246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | $87520 |  |  | 87520 |
| &nbsp;&nbsp; **Total Investments in Securities** | $87520 | $34956925 | $0 | $35044445 |

---

<sup>†</sup> All U.S. government and agency obligations held in the Fund are Level 2 securities. For a detailed breakout of U.S. government and agency obligations by major industry or agency classification, please refer to the Fund's Schedule of Portfolio Investments.

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

------

<br> AMG Beutel Goodman Core Plus Bond Fund<br> Schedule of Portfolio Investments *(continued)*<br>

The following table below is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value at April 30, 2025:

---

| | | |
|:---|:---|:---|
|  | **Corporate<br>Bond** | **Common<br>Stock** |
|  **Balance as of October 31, 2024** | $0 | $2939 |
|  Accrued discounts (premiums) |  |  |
|  Realized gain (loss) |  |  |
|  Change in unrealized appreciation/depreciation |  | (2939) |
|  Purchases |  |  |
|  Sales |  |  |
|  Transfers in to Level 3 |  |  |
|  Transfers out of Level 3 |  |  |
|  **Balance as of April 30, 2025** | $0 | $0 |
|  Net change in unrealized appreciation/depreciation on investments still held at April 30, 2025 |  | $(2939) |

---

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 *(unaudited)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025

---

| | |
|:---|:---|
|  | **AMG<br>Beutel Goodman<br>Core Plus**<br>**Bond Fund** |
| &nbsp;&nbsp; **Assets:** |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan valued at $678,547) | $35044445 |
| &nbsp;&nbsp; Receivable for investments sold | 516718 |
| &nbsp;&nbsp; Dividend and interest receivables | 303840 |
| &nbsp;&nbsp; Securities lending income receivable | 148 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 3953 |
| &nbsp;&nbsp; Receivable from affiliate | 14149 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 12468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 35895721 |
| &nbsp;&nbsp; **Liabilities:** |  |
| &nbsp;&nbsp; Payable upon return of securities loaned | 253246 |
| &nbsp;&nbsp; Payable for investments purchased | 552509 |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 7090 |
| &nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 6639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 2314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 89425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 916463 |
| &nbsp;&nbsp; **Commitments and Contingencies (Notes 2 & 6)** |  |
| &nbsp;&nbsp; **Net Assets** | $34979258 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $37629420 |

---

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; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities *(continued)* 

---

| | |
|:---|:---|
|  | **AMG<br>Beutel Goodman<br>Core Plus**<br>**Bond Fund** |
| &nbsp;&nbsp; **Net Assets Represent:** |  |
| &nbsp;&nbsp; Paid-in capital | $83195026 |
| &nbsp;&nbsp; Total distributable loss | (48215768) |
| &nbsp;&nbsp; **Net Assets** | $34979258 |
| &nbsp;&nbsp; **Class N:** |  |
| &nbsp;&nbsp; Net Assets | $11245978 |
| &nbsp;&nbsp; Shares outstanding | 1277318 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $8.80 |
| &nbsp;&nbsp; **Class I:** |  |
| &nbsp;&nbsp; Net Assets | $22011546 |
| &nbsp;&nbsp; Shares outstanding | 2502779 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $8.79 |
| &nbsp;&nbsp; **Class Z:** |  |
| &nbsp;&nbsp; Net Assets | $1721734 |
| &nbsp;&nbsp; Shares outstanding | 195536 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $8.81 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations (unaudited) For the six months ended April 30, 2025

---

| | |
|:---|:---|
|  | **AMG<br>Beutel Goodman<br>Core Plus<br>Bond Fund** |
| &nbsp;&nbsp; **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 2244100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 4468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2250816 |
| &nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 107489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 70101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 14648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 20014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 37349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 15812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 15521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 11941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 4653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 2858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 2490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 306579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (68469) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 238110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 2012706 |
| &nbsp;&nbsp; **Net Realized and Unrealized Loss:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (2252093) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 1982787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (269306) |
| &nbsp;&nbsp; **Net increase in net assets resulting from operations** | $1743400 |

---

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 six months ended April 30, 2025 (unaudited) and the fiscal year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **AMG**<br>**Beutel Goodman**<br>**Core Plus Bond Fund** | **AMG**<br>**Beutel Goodman**<br>**Core Plus Bond Fund** |
|  | **April 30, 2025** | **October 31, 2024** |
| &nbsp;&nbsp; **Increase in Net Assets Resulting From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $2012706 | $5363731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (2252093) | (2643534) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 1982787 | 10449423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 1743400 | 13169620 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (251024) | (601552) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (1683726) | (4915819) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (38662) | (78971) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1973412) | (5596342) |
| &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 | (85829491) | (9428378) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total decrease in net assets** | (86059503) | (1855100) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 121038761 | 122893861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $34979258 | $121038761 |

---

<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 Beutel Goodman Core Plus Bond Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$8.81** | **$8.29** | **$8.69** | **$10.72** | **$10.76** | **$10.74** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.18 | 0.36 | 0.32 | 0.24 | 0.20 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.00<sup>3</sup> | 0.54 | (0.36) | (1.97) | 0.03 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.18 | 0.90 | (0.04) | (1.73) | 0.23 | 0.32 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.19) | (0.38) | (0.36) | (0.30) | (0.27) | (0.30) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$8.80** | **$8.81** | **$8.29** | **$8.69** | **$10.72** | **$10.76** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 2.04%<sup>5</sup> | 10.97% | (0.68)% | (16.41)% | 2.19% | 3.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.68%<sup>6,7</sup> | 0.68%<sup>7</sup> | 0.68% | 0.68% | 0.83% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 0.83%<sup>6</sup> | 0.80% | 0.77% | 0.72% | 0.90% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 4.13%<sup>6</sup> | 4.13% | 3.56% | 2.47% | 1.85% | 2.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 42%<sup>5</sup> | 83% | 114% | 76% | 174% | 96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $11246 | $12493 | $15787 | $22706 | $37301 | $56175 |

---

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

------

AMG Beutel Goodman Core Plus Bond Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$8.80** | **$8.28** | **$8.69** | **$10.71** | **$10.75** | **$10.74** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.19 | 0.38 | 0.33 | 0.26 | 0.22 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.00<sup>3</sup> | 0.54 | (0.36) | (1.96) | 0.04 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.19 | 0.92 | (0.03) | (1.70) | 0.26 | 0.33 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.20) | (0.40) | (0.38) | (0.32) | (0.30) | (0.32) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$8.79** | **$8.80** | **$8.28** | **$8.69** | **$10.71** | **$10.75** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 2.14%<sup>5</sup> | 11.21% | (0.60)% | (16.17)% | 2.44% | 3.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.48%<sup>6,7</sup> | 0.48%<sup>7</sup> | 0.48% | 0.48% | 0.60% | 0.69% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 0.63%<sup>6</sup> | 0.60% | 0.57% | 0.52% | 0.67% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 4.33%<sup>6</sup> | 4.33% | 3.76% | 2.67% | 2.08% | 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 42%<sup>5</sup> | 83% | 114% | 76% | 174% | 96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $22012 | $106826 | $105483 | $137592 | $218278 | $433881 |

---

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

------

AMG Beutel Goodman Core Plus Bond Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$8.81** | **$8.29** | **$8.69** | **$10.72** | **$10.76** | **$10.74** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.20 | 0.39 | 0.34 | 0.27 | 0.23 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.00<sup>3</sup> | 0.53 | (0.36) | (1.98) | 0.04 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.20 | 0.92 | (0.02) | (1.71) | 0.27 | 0.35 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.20) | (0.40) | (0.38) | (0.32) | (0.31) | (0.33) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$8.81** | **$8.81** | **$8.29** | **$8.69** | **$10.72** | **$10.76** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 2.29%<sup>5</sup> | 11.25% | (0.43)% | (16.20)% | 2.51% | 3.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.43%<sup>6,7</sup> | 0.43%<sup>7</sup> | 0.43% | 0.43% | 0.53% | 0.61% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 0.58%<sup>6</sup> | 0.55% | 0.52% | 0.47% | 0.60% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 4.38%<sup>6</sup> | 4.38% | 3.81% | 2.72% | 2.15% | 2.87% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 42%<sup>5</sup> | 83% | 114% | 76% | 174% | 96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $1722 | $1720 | $1624 | $10566 | $11864 | $10684 |

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<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> Less than $0.005 per share. 

<sup>4</sup> The total return is calculated using the published Net Asset Value as of period end. 

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<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.

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| |
|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(unaudited)* <br>|
| April 30, 2025<br>|

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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 Beutel Goodman Core Plus Bond Fund (the "Fund").

The Fund offers Class N, Class I and Class Z 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.

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

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. Investments in certain mortgage-backed and stripped mortgage-backed securities, convertible securities, derivatives and other debt securities not traded on an organized securities market are valued on the basis of valuations provided by dealers or by a pricing service which uses information with respect to transactions in such securities and various relationships between such securities and yield to maturity in determining value.

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 Fund's Board of Trustees (the "Board") designated AMG Funds LLC (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.

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 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

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

securities, forward foreign currency exchange contracts, 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. 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.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income will normally be declared and paid monthly. Realized net capital gains distribution, 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. The Fund had no permanent differences. Temporary differences are primarily due to wash sale loss deferrals and premium amortization on callable bonds.

At April 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Cost** | **Appreciation** | **Depreciation** | **Net Depreciation** |
| $37629420 | $417540 | $(3002515) | $(2584975) |

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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 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.

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, 2024, the 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.

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| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $11900224 | $31183848 | $43084072 |

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

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 six months ended April 30, 2025 (unaudited) and the fiscal year ended October 31, 2024, the capital stock transactions by class for the Fund were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class N:** |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 9971 | $87379 | 34898 | $307674 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 28545 | 250272 | 68182 | 598491 |
| &nbsp;&nbsp; Shares redeemed | (180034) | (1574102) | (588058) | (5155394) |
| &nbsp;&nbsp; Net decrease | (141518) | $(1236451) | (484978) | $(4249229) |
| &nbsp;&nbsp; **Class I:** |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 794456 | $6910311 | 1575665 | $13822569 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 55892 | 489394 | 142097 | 1245460 |
| &nbsp;&nbsp; Shares redeemed | (10493246) | (91994482) | (2306608) | (20242290) |
| &nbsp;&nbsp; Net decrease | (9642898) | $(84594777) | (588846) | $(5174261) |
| &nbsp;&nbsp; **Class Z:** |  |  |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 4045 | $35470 | 8625 | $75726 |
| &nbsp;&nbsp; Shares redeemed | (3823) | (33733) | (9167) | (80614) |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4888) |

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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 April 30, 2025, the market value of Repurchase Agreements outstanding was $253,246.

i. FOREIGN CURRENCY TRANSLATION

The books and records of the Fund are maintained in U.S. Dollars. The value of investments, assets and liabilities denominated in currencies other than

U.S. Dollars are translated into U.S. Dollars based upon current foreign exchange rates. Purchases and sales of foreign investments, income and expenses are converted into U.S. Dollars based on currency exchange rates prevailing on the respective dates of such transactions. Net realized and unrealized gain (loss) on foreign currency transactions represent: (1) foreign exchange gains and losses from the sale and holdings of foreign currencies; (2) gains and losses between trade date and settlement date on investment securities transactions and foreign currency exchange contracts; and (3) gains and losses from the difference between amounts of interest and dividends recorded and the amounts actually received.

The Fund does not isolate the net realized and unrealized gain or loss resulting from changes in exchange rates from the fluctuations in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments.

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. The Fund's investment portfolio is managed by Beutel, Goodman & Company Ltd.

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

("Beutel Goodman"), who serves pursuant to a subadvisory agreement with the Investment Manager.

Investment management fees are paid directly by the Fund to the Investment Manager based on average daily net assets. For the six months ended April 30, 2025, the Fund paid an investment management fee at the annual rate of 0.23% of the average daily net assets of the Fund. The fee paid to Beutel Goodman 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.

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) to 0.43% of the Fund's average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the "Expense Cap"), subject to later reimbursement by the Fund in certain circumstances.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from the Fund, provided that such repayment would not cause the Fund's total annual 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 six months ended April 30, 2025, the Investment Manager reimbursed the Fund $68,469, and did not recoup any previously reimbursed expenses. At April 30, 2025, the Fund's expiration of reimbursements subject to recoupment was as follows:

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| | |
|:---|:---|
| **Expiration**<br> **Period** | |
| &nbsp;&nbsp; Less than 1 year | $87982 |
| &nbsp;&nbsp; 1-2 years | 115585 |
| &nbsp;&nbsp; 2-3 years | 152323 |
| &nbsp;&nbsp; Total | $355890 |

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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.

For 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 I shares may reimburse the Investment Manager for the actual amount incurred up to a maximum annual rate of the Class's average daily net assets as shown in the table below.

The impact on the annualized expense ratios for the six months ended April 30, 2025, was as follows:

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| | | |
|:---|:---|:---|
|  | **Maximum Annual<br>Amount<br>Approved** | **Actual <br>Amount <br>Incurred** |
|  Class I | 0.05% | 0.05% |

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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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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

respectively. At April 30, 2025, the Fund had no interfund loans outstanding. The Fund did not lend during the six months ended April 30, 2025.

The Fund utilized the interfund lending program during the six months ended April 30, 2025 as follows:

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| | | | |
|:---|:---|:---|:---|
| **Average**<br> **Borrowed** | **Number<br>of Days** | **Interest<br>Paid** | **Average<br>Interest Rate** |
| $2174135 | 8 | $2490 | 5.225% |

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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 six months ended April 30, 2025, were $3,693,368 and $38,031,611, respectively.

The Fund's purchases and sales of U.S. Government Obligations for the six months ended April 30, 2025 were $33,620,579 and $80,407,588, respectively.

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 April 30, 2025, was as follows:

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| | | | |
|:---|:---|:---|:---|
| **Securities**<br> **Loaned** | **Cash<br>Collateral<br>Received** | **Securities<br>Collateral<br>Received** | **Total<br>Collateral<br>Received** |
| $678547 | $253246 | $454446 | $707692 |

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The following table summarizes the securities received as collateral for securities lending at April 30, 2025:

---

| | | |
|:---|:---|:---|
| **Collateral**<br> **Type** | **Coupon**<br> **Range** | **Maturity**<br> **Date Range** |
| U.S. Treasury Obligations | 0.000%-4.625% | 05/15/25-08/15/54 |

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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. 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.

7. MORTGAGE-BACKED SECURITIES

The Fund may invest in mortgage-backed securities ("MBS"). These securities represent interests in pools of mortgage loans and they provide holders with payments consisting of both principal and interest as the mortgages in the underlying mortgage pools are paid. The timely payment of principal and interest on MBS issued or guaranteed by Government National Mortgage Association ("Ginnie Mae") is backed by Ginnie Mae and the full faith and credit of the U.S. government. MBS issued by U.S. government agencies or instrumentalities other than Ginnie Mae are not full faith and credit obligations of the U.S. government. Certain obligations, such as those issued by the Federal Home Loan Banks, Federal National Mortgage Association ("Fannie Mae") and Federal Home Loan Mortgage Corporation ("Freddie Mac") are supported only by the credit of the issuer. MBS issued by private issuers are not government securities and are not guaranteed by any government agency. They are secured by the underlying collateral of the private issuer. Yields on privately issued MBS tend to be higher than those of government-backed issues. However, risk of loss due to default and sensitivity to interest rate fluctuations are also higher. The Fund invests in collateralized mortgage obligations ("CMOs"), collateralized loan obligations ("CLOs") and real estate mortgage investment conduits ("REMICs"). CMOs are obligations that are fully collateralized by a portfolio of mortgages or mortgage-related securities. REMIC Certificates represent beneficial ownership interests in a REMIC trust, which generally holds mortgages or mortgage-related securities. A CLO is a trust typically collateralized by a pool of loans. These MBS

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

pools are divided into classes with each class having its own characteristics. The different classes are retired in sequence as the underlying mortgages or loans are repaid.

At April 30, 2025, the Fund held $10,476,079 in Mortgage-Backed Securities, which is 29.9% of the net assets of the Fund.

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.

The following table is a summary of the Fund's open Repurchase Agreements that are subject to a master netting agreement as of April 30, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | **Gross Amount Not Offset in the<br> Statement of Assets and Liabilities** | **Gross Amount Not Offset in the<br> Statement of Assets and Liabilities** | | |
|  | **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** |
|  Natwest Markets Securities, Inc. | $253246 |  | $253246 | $253246 |  |

---

9. 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 as well as local, regional or global political and/or social instability; or (iii) currency and price fluctuations. Please refer to the Fund's current prospectus for additional information about the Fund's principal risks.

**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 Beutel Goodman's investment techniques and risk analysis will produce the desired result.

**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.

**Credit and Counterparty Risk:** The issuer of bonds or other debt securities or a counterparty to a derivatives contract (including over-the-counter counterparties

as well as brokers and clearinghouses in respect of exchange-traded and/or cleared products) may be unable or unwilling, or may be perceived as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations.

**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 municipal bonds.

**Interest Rate Risk:** Fixed coupon payments (cash flows) of bonds and debt securities may become less competitive with the market in periods of rising interest rates and cause bond prices to decline. During periods of increasing interest rates, the Fund may experience high levels of volatility and shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices, which could reduce the returns of the Fund.

**High Yield Risk:** Below investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, liquidity, and market risk than higher-rated securities. These securities are considered

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

predominately speculative with respect to the issuer's continuing ability to make principal and interest payments.

**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.

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

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

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

**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. 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 the Fund's portfolio.

**Foreign Investment Risk:** Investments in foreign issuers involve additional risks (such as risks arising from less frequent trading, changes in political or social conditions, and less publicly available information about non-U.S. issuers) that differ from those associated with investments in U.S. issuers and may result in greater price volatility.

**Emerging Markets Risk:** Investments in emerging markets are subject to the general risks of foreign investments, as well as additional risks which can result in greater price volatility. Such additional risks include the risk that markets in emerging market countries are typically less developed and less liquid than markets in developed countries and such markets are subjected to increased economic, political, or regulatory uncertainties.

**Currency Risk:** Fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars and exposure to non-U.S. currencies may subject the Fund to the risk that those currencies will decline in value relative to the U.S. dollar.

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

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

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

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

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

**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.

**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.

------

<br> &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 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 that, on June 11, 2025, the Board approved a plan to liquidate and terminate the Fund; the liquidation is expected to occur on or about September 11, 2025 (the "Liquidation Date"). On June 12, 2025, the Fund began selling its portfolio

investments and investing the proceeds in cash and cash equivalents, in anticipation of the liquidation. Additionally, effective June 12, 2025, the Fund discontinued accruing 12b-1 distribution fees through the Liquidation Date and effective June 16, 2025, and through the Liquidation Date, the Investment Manager waived its management fee and waived the right to recoup any prior reimbursed expenses under the Fund's Expense Limitation Agreement.

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Other Information *(unaudited)* <br>

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

During the six months ended April 30, 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 six months ended April 30, 2025, was $4,653, 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 six months ended April 30, 2025.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

Not applicable.

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![LOGO](g928400dsp89a.jpg)

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| | | |
|:---|:---|:---|
| 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> Beutel, Goodman & Company Ltd.<br> 20 Eglinton Ave. West, Suite 2000<br> Toronto, Ontario, M4R 1K8<br> Canada<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | 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. AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | 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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![LOGO](g928400dsp89a.jpg)

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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 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 AMG<br>**Montrusco Bolton Large Cap Growth**<br> Montrusco Bolton Investments, Inc.<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 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 |

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wealth.amg.com 043025 SAR086

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| | |
|:---|:---|
| ![LOGO](g928400dsp1.jpg) | SEMI-ANNUAL FINANCIAL STATEMENTS |

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| | |
|:---|:---|
| AMG Funds | AMG Funds |
| <br> April 30, 2025 | <br> April 30, 2025 |
| ![LOGO](g928400dsp_117b.jpg) | ![LOGO](g928400dsp_117b.jpg) |
| **AMG Montrusco Bolton Large Cap Growth Fund** | **AMG Montrusco Bolton Large Cap Growth Fund** |
| Class N: **MCGFX** | Class I: **MCGIX** |

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 <br> wealth.amg.com 043025 SAR087

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Funds &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-Annual Financial Statements — April 30, 2025 *(unaudited)*

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| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
| **FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Schedule of Portfolio Investments**](#fin4928400_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Statement of Assets and Liabilities**](#fin4928400_2) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Operations](#fin4928400_4)** | 6 |
| &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 period* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin4928400_5)** | 7 |
| &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 periods* |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Financial Highlights](#fin4928400_6)** | 8 |
| &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](#fin4928400_7)** | 10 |
| &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* |  |
| **[OTHER INFORMATION](#fin4928400_8)** | 16 |
| 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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<br> AMG Montrusco Bolton Large Cap Growth Fund<br> Schedule of Portfolio Investments *(unaudited)*<br> April 30, 2025<br>

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  Common Stocks - 99.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 14.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 68967 | $10951960 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 13673 | 7506477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>\*</sup>  | 7611 | 8613521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 27071958 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 12.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 12.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>\*</sup>  | 74078 | 13661465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chipotle Mexican Grill, Inc.<sup>\*</sup>  | 136236 | 6882643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 39035 | 1975951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 22520059 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Monster Beverage Corp.<sup>\*</sup>  | 121411 | 7299229 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Valero Energy Corp. | 17246 | 2002088 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 13.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Blackrock, Inc. | 8399 | 7678870 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | 9684 | 2368900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 16033 | 8787046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 79928 | 5236083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 24070899 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 6.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. | 28047 | 5590608 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.<sup>\*</sup>  | 14521 | 6282511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 11873119 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 8.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rollins, Inc. | 48206 | 2754009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<sup>\*</sup>  | 110611 | 8960597 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. (Canada) | 20622 | $4075526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 15790132 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 37.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.<sup>\*</sup>  | 20310 | 7615844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 63229 | 13436163 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 105617 | 7569570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 39573 | 15641624 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. | 153144 | 16680445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Synopsys, Inc.<sup>\*</sup>  | 17332 | 7955561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 68899207 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Sherwin-Williams Co. | 5465 | 1928708 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Storage, REIT | 7077 | 2126143 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $147,164,533) |  | 183581542 |
|  Short-Term Investments - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>1</sup>  | 355353 | 355353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.28%<sup>1</sup>  | 533030 | 533030 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $888,383) |  | 888383 |
|  **Total Investments - 100.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $148,052,916) |  | 184469925 |
|  **Other Assets, less Liabilities - (0.1)%** |  | (242272) |
|  Net Assets - 100.0% |  | $184227653 |

---

\* Non-income producing security.

<sup>1</sup> Yield shown represents the April 30, 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.

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<br> AMG Montrusco Bolton Large Cap Growth Fund<br> Schedule of Portfolio Investments*(continued)*<br>

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of April 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>**  | $183581542 |  |  | $183581542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 888383 |  |  | 888383 |
|  **Total Investments in Securities** | $184469925 |  |  | $184469925 |

---

<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 six months ended April 30, 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; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities *(unaudited)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 30, 2025

---

| | |
|:---|:---|
|  | **AMG<br>Montrusco Bolton<br>Large Cap<br>Growth Fund** |
| &nbsp;&nbsp; **Assets:** |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup>  | $184469925 |
| &nbsp;&nbsp; Dividend and interest receivables | 22557 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 6972 |
| &nbsp;&nbsp; Receivable from affiliate | 11003 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 20835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 184531292 |
| &nbsp;&nbsp; **Liabilities:** |  |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 100035 |
| &nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 70209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 21940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 14273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 9616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 87566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 303639 |
| &nbsp;&nbsp; **Commitments and Contingencies (Notes 2 & 7)** |  |
| &nbsp;&nbsp; **Net Assets** | $184227653 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $148052916 |

---

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)* &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | **AMG<br>Montrusco Bolton<br>Large Cap<br>Growth Fund** |
| &nbsp;&nbsp; **Net Assets Represent:** |  |
| &nbsp;&nbsp; Paid-in capital | $137940421 |
| &nbsp;&nbsp; Total distributable earnings | 46287232 |
| &nbsp;&nbsp; Net Assets | $184227653 |
| &nbsp;&nbsp; **Class N:** |  |
| &nbsp;&nbsp; Net Assets | $116082758 |
| &nbsp;&nbsp; Shares outstanding | 10013790 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $11.59 |
| &nbsp;&nbsp; **Class I:** |  |
| &nbsp;&nbsp; Net Assets | $68144895 |
| &nbsp;&nbsp; Shares outstanding | 5698467 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $11.96 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations *(unaudited)* For the six months ended April 30, 2025

---

| | |
|:---|:---|
|  | **AMG<br>Montrusco Bolton<br>Large Cap<br>Growth Fund** |
| &nbsp;&nbsp; **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $664725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 1235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (3438) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 662522 |
| &nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 481848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 150578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 97617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 47234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 18703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 28218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 19468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 16965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 15972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 15861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 8412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 905830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (59657) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 846173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (183651) |
| &nbsp;&nbsp; **Net Realized and Unrealized Loss:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 12239750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (18089863) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (5850113) |
| &nbsp;&nbsp; **Net decrease in net assets resulting from operations** | $(6033764) |

---

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 six months ended April 30, 2025 (unaudited) and the fiscal year ended October 31, 2024

---

| | | |
|:---|:---|:---|
|  | **AMG**<br>**Montrusco Bolton**<br>**Large Cap Growth Fund** | **AMG**<br>**Montrusco Bolton**<br>**Large Cap Growth Fund** |
|  | **April 30, 2025** | **October 31, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets Resulting From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(183651) | $32651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 12239750 | 22609128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (18089863) | 30720901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (6033764) | 53362680 |
| &nbsp;&nbsp; **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (12214310) | (4618783) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (7184691) | (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 increase (decrease) from capital share transactions | 1334848 | (26808107) |
| &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** | (24097917) | 18908600 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 208325570 | 189416970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $184227653 | $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.

------

AMG Montrusco Bolton Large Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six<br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$13.17** | **$10.58** | **$10.00** | **$17.05** | **$21.50** | **$19.34** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | (0.02) | (0.01) | 0.02 | (0.00)<sup>3</sup> | (0.07) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.30) | 3.03 | 1.55 | (3.26) | 6.17 | 3.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.32) | 3.02 | 1.57 | (3.26) | 6.10 | 3.86 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.02) | (0.00)<sup>3</sup> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.26) | (0.41) | (0.99) | (3.79) | (10.55) | (1.70) |
| &nbsp;&nbsp;&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) | (1.70) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$11.59** | **$13.17** | **$10.58** | **$10.00** | **$17.05** | **$21.50** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | (3.24)%<sup>5</sup> | 29.13% | 17.14% | (25.18)% | 39.50% | 21.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.91%<sup>6</sup> | 0.91% | 0.92%<sup>7</sup> | 0.91% | 1.07%<sup>8</sup> | 1.16%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 0.97%<sup>6</sup> | 0.97% | 0.98% | 0.94% | 1.09% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | (0.25)%<sup>6</sup> | (0.05)% | 0.18% | (0.02)% | (0.39)% | (0.30)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 50%<sup>5</sup> | 83% | 77% | 68% | 109% | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $116083 | $130108 | $115248 | $113790 | $175468 | $166051 |

---

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

------

AMG Montrusco Bolton Large Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six <br>months ended<br>April 30, 2025**<br> (unaudited) | **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** | **For the six <br>months ended<br>April 30, 2025**<br> (unaudited) | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$13.54** | **$10.86** | **$10.25** | **$17.36** | **$21.69** | **$19.46** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | (0.00)<sup>3</sup> | 0.02 | 0.04 | 0.02 | (0.04) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.32) | 3.11 | 1.59 | (3.34) | 6.26 | 3.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.32) | 3.13 | 1.63 | (3.32) | 6.22 | 3.93 |
| &nbsp;&nbsp; **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.04) | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.26) | (0.41) | (0.99) | (3.79) | (10.55) | (1.70) |
| &nbsp;&nbsp;&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) | (1.70) |
| &nbsp;&nbsp; **Net Asset Value, End of Period** | **$11.96** | **$13.54** | **$10.86** | **$10.25** | **$17.36** | **$21.69** |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | (3.14)%<sup>5</sup> | 29.43% | 17.27% | (25.05)% | 39.78% | 21.60% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.73%<sup>6</sup> | 0.73% | 0.74%<sup>7</sup> | 0.73% | 0.92%<sup>8</sup> | 0.99%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 0.79%<sup>6</sup> | 0.79% | 0.80% | 0.76% | 0.94% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | (0.07)%<sup>6</sup> | 0.13% | 0.36% | 0.16% | (0.24)% | (0.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 50%<sup>5</sup> | 83% | 77% | 68% | 109% | 30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $68145 | $78218 | $74169 | $88895 | $167415 | $309638 |

---

<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 period end. 

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>8</sup> Includes reduction from broker recapture amounting to less than 0.01% for the fiscal years ended 2021 and 2020. 

<sup>9</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> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Notes to Financial Statements *(unaudited)*<br> April 30, 2025<br>

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 Montrusco Bolton Large Cap Growth Fund (the "Fund").

The Fund offers 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.

The Fund is non-diversified.

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 Fund's Board of Trustees (the "Board") designated AMG Funds LLC (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 and certain foreign fixed income 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 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)

------

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Notes to Financial Statements *(continued)*<br>

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.

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.

At April 30, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Cost** | **Appreciation** | **Depreciation** | **Net Appreciation** |
| $148052916 | $41562938 | $(5145929) | $36417009 |

---

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 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.

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, 2024, 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, 2025, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

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.

------

<br> &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 six months ended April 30, 2025 (unaudited) and the fiscal year ended October 31, 2024, the capital stock transactions by class for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2025** | **October 31, 2024** | **October 31, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  **Class N:** |  |  |  |  |
|  Shares sold | 87479 | $1066337 | 152794 | $1936009 |
|  Shares issued in reinvestment of distributions | 954101 | 12050290 | 394193 | 4541102 |
|  Shares redeemed | (907361) | (10976982) | (1564082) | (19540710) |
|  Net increase (decrease) | 134219 | $2139645 | (1017095) | $(13063599) |
|  **Class I:** |  |  |  |  |
|  Shares sold | 119063 | $1478419 | 133056 | $1727460 |
|  Shares issued in reinvestment of distributions | 536968 | 6991323 | 247384 | 2924083 |
|  Shares redeemed | (735672) | (9274539) | (1431931) | (18396051) |
|  Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(79641) | $(804797) | (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 April 30, 2025, the Fund had no Repurchase Agreements outstanding.

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. The Fund's investment portfolio is managed by Montrusco Bolton Investments, Inc. ("Montrusco Bolton") who serves 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 six months ended April 30,

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 Montrusco Bolton 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.

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) 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 six months ended April 30, 2025, the Investment Manager reimbursed the Fund $59,657, and did not recoup any previously reimbursed expenses. At April 30,

------

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

2025, the Fund's expiration of reimbursements subject to recoupment was as follows:

---

| | |
|:---|:---|
| **Expiration**<br> **Period** | |
| &nbsp;&nbsp; Less than 1 year | $98268 |
| &nbsp;&nbsp; 1-2 years | 123774 |
| &nbsp;&nbsp; 2-3 years | 125741 |
| &nbsp;&nbsp; Total | $347783 |

---

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 six months ended April 30, 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 six months ended April 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Maximum Annual<br>Amount<br>Approved** | **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, respectively. At April 30, 2025, the Fund had no interfund loans outstanding.

The Fund did not utilize the interfund lending program during the six months ended April 30, 2025.

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended April 30, 2025, were $99,891,371 and $115,373,135, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 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

------

<br> &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 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 Fund did not have any securities on loan at April 30, 2025.

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.

**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 intends to qualify 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 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.

------

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(continued)*<br>

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. At April 30, 2025, the Fund had no securities on loan and no Repurchase Agreements outstanding.

9. 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.

------

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Other Information *(unaudited)*<br>

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

During the six months ended April 30, 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 six months ended April 30, 2025, was $8,412, 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 six months ended April 30, 2025.

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

Not applicable.

------

![LOGO](g928400dsp89a.jpg)

---

| | | |
|:---|:---|:---|
| 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>Montrusco Bolton Investments, Inc.<br> 1501 McGill College Avenue Suite 1200<br> Montreal, QC H3A 3M8<br> Canada<br>CUSTODIAN<br>The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | 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<br>TRUSTEES<br>Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | 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. |

---

wealth.amg.com

------

![LOGO](g928400dsp89a.jpg)

---

| | | |
|:---|:---|:---|
| 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 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 Montrusco Bolton Large Cap Growth**<br> Montrusco Bolton Investments, Inc.<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 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 |

---

wealth.amg.com 043025 SAR087

------

#### 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

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 - Filed herewith.](d928400dex99cert.htm) |
| (a)(3)(1) | Not applicable. |
| (a)(3)(2) | Not applicable. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 - Filed herewith.](d928400dex99906cert.htm) |

---

------

#### 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** | **AMG FUNDS IV** |
| By: | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne, Principal Executive Officer |
| Date: | July 8, 2025 |

---

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.

---

| | |
|:---|:---|
| By: | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne, Principal Executive Officer |
| Date: | July 8, 2025 |
| By: | /s/ Thomas Disbrow |
|  | Thomas Disbrow, Principal Financial Officer |
| Date: | July 8, 2025 |

---

## Ex-99.Cert

**<u>CERTIFICATION FILED AS EXHIBIT 19(a)(3) TO FORM N-CSR</u>**

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

------

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.

Date: July 8, 2025

---

| | |
|:---|:---|
| By: | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATION FILED AS EXHIBIT 19(a)(3) TO FORM N-CSR</u>**

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.

Date: July 8, 2025

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| |
|:---|
| /s/ Thomas Disbrow |
| Thomas Disbrow |
| Principal Financial Officer |

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## Exhibit 99.906

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

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| | |
|:---|:---|
| **Name of Issuer:** | **AMG FUNDS IV: AMG BEUTEL GOODMAN CORE PLUS BOND FUND, AMG GW&K SMALL/MID CAP GROWTH FUND, AMG MONTRUSCO BOLTON LARGE CAP GROWTH FUND, 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** |

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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: July 8, 2025 | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne |
|  | Principal Executive Officer |

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

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| | |
|:---|:---|
| **Name of Issuer:** | **AMG FUNDS IV: AMG BEUTEL GOODMAN CORE PLUS BOND FUND, AMG GW&K SMALL/MID CAP GROWTH FUND, AMG MONTRUSCO BOLTON LARGE CAP GROWTH FUND, 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** |

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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;3. 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;4. 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: July 8, 2025 | /s/ Thomas Disbrow |
|  | Thomas Disbrow |
|  | Principal Financial Officer |

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