# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0001193125-25-197311
**Filing Date:** 2025-9
**Character Count:** 1050504
**Document Hash:** 434477485b6c6fee13b13887a65e9e81
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-197311.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001193125-25-197311

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG FUNDS
- **CENTRAL INDEX KEY:** 0001089951

**ORGANIZATION NAME:**
- **EIN:** 061555943
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09521
- **FILM NUMBER:** 251297426

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGERS AMG FUNDS
- **DATE OF NAME CHANGE:** 19990706

## Series and Classes Contracts Data

### AMG TimesSquare Mid Cap Growth Fund (Series ID: S000009876)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027322 | Class Z      | TMDIX           |
| C000027323 | Class N      | TMDPX           |
| C000180065 | Class I      | TQMIX           |

### AMG TimesSquare Small Cap Growth Fund (Series ID: S000009877)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027324 | Class Z      | TSCIX           |
| C000027325 | Class N      | TSCPX           |
| C000180066 | Class I      | TSQIX           |

### AMG GW&K Small Cap Value Fund (Series ID: S000020207)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000056573 | Class N      | SKSEX           |
| C000180067 | Class I      | SKSIX           |
| C000180068 | Class Z      | SKSZX           |

### AMG GW&K Municipal Enhanced Yield Fund (Series ID: S000023781)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000069909 | Class I      | GWMEX           |
| C000078885 | Class N      | GWMNX           |
| C000180069 | Class Z      | GWMZX           |

### AMG GW&K Small Cap Core Fund (Series ID: S000023782)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000069910 | Class N      | GWETX           |
| C000069911 | Class I      | GWEIX           |
| C000180070 | Class Z      | GWEZX           |

### AMG GW&K Municipal Bond Fund (Series ID: S000025838)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077267 | Class I      | GWMIX           |
| C000077269 | Class N      | GWMTX           |

### AMG Renaissance Large Cap Growth Fund (Series ID: S000025839)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077270 | Class Z      | MRLIX           |
| C000077271 | Class I      | MRLSX           |
| C000077272 | Class N      | MRLTX           |

### AMG Yacktman Focused Fund (Series ID: S000037565)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115978 | Class N      | YAFFX           |
| C000115979 | Class I      | YAFIX           |

### AMG Yacktman Fund (Series ID: S000037566)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000115981 | Class I      | YACKX           |

### AMG TimesSquare International Small Cap Fund (Series ID: S000039569)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000122075 | Class Z      | TCMIX           |
| C000122076 | Class N      | TCMPX           |
| C000180071 | Class I      | TQTIX           |

### AMG Yacktman Special Opportunities Fund (Series ID: S000045879)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000142968 | Class Z      | YASLX           |
| C000142969 | Class I      | YASSX           |

### AMG GW&K SMALL/MID CAP CORE FUND (Series ID: S000049941)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000157694 | CLASS I      | GWGIX           |
| C000157696 | CLASS N      | GWGVX           |
| C000180072 | Class Z      | GWGZX           |

### AMG Yacktman Global Fund (Series ID: S000056045)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000176471 | Class N      | YFSNX           |
| C000176472 | Class I      | YFSIX           |

### AMG GW&K Municipal Enhanced SMA Shares (Series ID: S000079761)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000241081 | AMG GW&K Municipal Enhanced SMA Shares | MESHX           |

### AMG GW&K Securitized Bond SMA Shares (Series ID: S000093069)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000261130 | AMG GW&K Securitized Bond SMA Shares | GWSBX           |

?xml version='1.0' encoding='ASCII'? AMG FUNDS

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

FORM N-CSRS

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number:

#### 811-09521

#### AMG Funds
(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:

#### December 31

#### Date of reporting period:

#### January 01, 2025 - June 30, 2025 (Semi-Annual Shareholder Report)
 **Item 1. Reports to Shareholders**

(a) ### AMG GW&K Municipal Bond Fund

## Class N/GWMTX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to June 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 Municipal Bond Fund<br>(Class N/GWMTX) | $36 | 0.72% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$927463116 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$674088 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings (as of June 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;Louisiana Stadium & Exposition District, Series A, 5.000%, 07/01/42 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Water Authority Sewage Disposal System Revenue, Series B, 5.000%, 07/01/34 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series B, 5.000%, 05/01/34 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, State Revolving Fund Green Bond, 5.000%, 08/01/30 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 5.000%, 12/01/36 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Board of Administration Finance Corp., Series A, 5.526%, 07/01/34 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Senior Lien, Series A, Revenue, 5.000%, 01/01/36 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Revenue, 4.000%, 11/15/33 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series A, 5.000%, 03/15/41 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Senior Revenue, Series A, Revenue, 5.000%, 12/01/31 | 1.1% |
| Top Ten as a Group | 11.3% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325087.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10325086.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.

063025 TSR025S

### AMG GW&K Municipal Bond Fund

## Class I/GWMIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to June 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 Municipal Bond Fund<br>(Class I/GWMIX) | $19 | 0.39% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$927463116 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;216 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$674088 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings (as of June 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;Louisiana Stadium & Exposition District, Series A, 5.000%, 07/01/42 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Great Lakes Water Authority Sewage Disposal System Revenue, Series B, 5.000%, 07/01/34 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series B, 5.000%, 05/01/34 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Iowa Finance Authority, State Revolving Fund Green Bond, 5.000%, 08/01/30 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 5.000%, 12/01/36 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Board of Administration Finance Corp., Series A, 5.526%, 07/01/34 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Senior Lien, Series A, Revenue, 5.000%, 01/01/36 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Florida Development Finance Corp., Revenue, 4.000%, 11/15/33 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series A, 5.000%, 03/15/41 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Senior Revenue, Series A, Revenue, 5.000%, 12/01/31 | 1.1% |
| Top Ten as a Group | 11.3% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325050.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10325049.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.

063025 TSR024S

### AMG GW&K Municipal Enhanced SMA Shares

## MESHX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Municipal Enhanced SMA Shares (the "Fund") for the period of January 1, 2025 to June 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 Municipal Enhanced SMA Shares<br>(MESHX) | $0 | 0.00% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$206665050 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;140 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;21% |

---

#### Graphical Representation of Holdings (as of June 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;Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Jefferson Sewer Revenue, 5.500%, 10/01/53 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Series B2, 5.000%, 11/01/54 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, 5.000%, 12/31/57 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, 5.250%, 07/01/52 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, 5.250%, 07/01/55 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orange County Health Facilities Authority,<br>Series A, 5.250%, 10/01/56 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series 1, 4.750%, 11/15/45 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority, Series A, 5.500%, 01/01/55 | 1.5% |
| Top Ten as a Group | 19.1% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325716.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10325715.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.

063025 TSR026S

### AMG GW&K Municipal Enhanced Yield Fund

## Class N/GWMNX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Municipal Enhanced Yield Fund (the "Fund") for the period of January 1, 2025 to June 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 Municipal Enhanced Yield Fund<br>(Class N/GWMNX) | $48 | 0.99% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$166728603 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$302794 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings (as of June 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;Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Richland County School District No 2, Series A, 1.875%, 03/01/38 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Chattanooga Electric, 2.000%, 09/01/40 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 4.000%, 04/30/53 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Escambia County Health Facilities Authority, 4.000%, 08/15/50 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 5.625%, 04/01/40 | 2.5% |
| Top Ten as a Group | 30.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324976.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10324975.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.

063025 TSR028S

### AMG GW&K Municipal Enhanced Yield Fund

## Class I/GWMEX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Municipal Enhanced Yield Fund (the "Fund") for the period of January 1, 2025 to June 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 Municipal Enhanced Yield Fund<br>(Class I/GWMEX) | $31 | 0.64% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$166728603 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$302794 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings (as of June 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;Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Richland County School District No 2, Series A, 1.875%, 03/01/38 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Chattanooga Electric, 2.000%, 09/01/40 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 4.000%, 04/30/53 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Escambia County Health Facilities Authority, 4.000%, 08/15/50 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 5.625%, 04/01/40 | 2.5% |
| Top Ten as a Group | 30.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324939.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10324938.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.

063025 TSR027S

### AMG GW&K Municipal Enhanced Yield Fund

## Class Z/GWMZX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Municipal Enhanced Yield Fund (the "Fund") for the period of January 1, 2025 to June 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 Municipal Enhanced Yield Fund<br>(Class Z/GWMZX) | $29 | 0.59% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$166728603 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$302794 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings (as of June 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;Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Richland County School District No 2, Series A, 1.875%, 03/01/38 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;City of Chattanooga Electric, 2.000%, 09/01/40 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 4.000%, 04/30/53 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Escambia County Health Facilities Authority, 4.000%, 08/15/50 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 5.625%, 04/01/40 | 2.5% |
| Top Ten as a Group | 30.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325013.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10325012.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.

063025 TSR029S

### AMG GW&K Securitized Bond SMA Shares

## GWSBX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Securitized Bond SMA Shares (the "Fund") for the period of June 12, 2025 (commencement of operations) to June 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 Securitized Bond SMA Shares<br>(GWSBX) | $0 | 0.00% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$111086743 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;65 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;5% |

---

#### Graphical Representation of Holdings (as of June 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;FHLMC, 5.500%, 02/01/54 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 5.000%, 01/01/53 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 3.500%, 06/01/49 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Class A2, 1.658%, 12/25/30 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 2.500%, 11/01/51 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 4.000%, 06/01/53 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 6.000%, 10/01/53 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 5.500%, 07/01/53 | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, Class A2, 4.500%, 07/25/33 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Notes, 4.250%, 11/15/34 | 3.5% |
| Top Ten as a Group | 38.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10367986.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10367991.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.

063025 TSR101S

### AMG GW&K Small Cap Core Fund

## Class N/GWETX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Small Cap Core Fund (the "Fund") for the period of January 1, 2025 to June 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 Cap Core Fund<br>(Class N/GWETX) | $63 | 1.29% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$586249416 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;92 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$2111207 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;8% |

---

#### Graphical Representation of Holdings (as of June 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;MACOM Technology Solutions Holdings, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intapp, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial, Inc., REIT | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;CBIZ, Inc. | 1.6% |
| Top Ten as a Group | 18.9% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324865.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.

063025 TSR031S

### AMG GW&K Small Cap Core Fund

## Class I/GWEIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Small Cap Core Fund (the "Fund") for the period of January 1, 2025 to June 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 Cap Core Fund<br>(Class I/GWEIX) | $46 | 0.94% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$586249416 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;92 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$2111207 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;8% |

---

#### Graphical Representation of Holdings (as of June 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;MACOM Technology Solutions Holdings, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intapp, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial, Inc., REIT | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;CBIZ, Inc. | 1.6% |
| Top Ten as a Group | 18.9% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324828.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.

063025 TSR030S

### AMG GW&K Small Cap Core Fund

## Class Z/GWEZX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Small Cap Core Fund (the "Fund") for the period of January 1, 2025 to June 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 Cap Core Fund<br>(Class Z/GWEZX) | $43 | 0.89% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$586249416 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;92 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$2111207 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;8% |

---

#### Graphical Representation of Holdings (as of June 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;MACOM Technology Solutions Holdings, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intapp, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;STAG Industrial, Inc., REIT | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;CBIZ, Inc. | 1.6% |
| Top Ten as a Group | 18.9% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324902.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.

063025 TSR032S

### AMG GW&K Small Cap Value Fund

## Class N/SKSEX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 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 Cap Value Fund<br>(Class N/SKSEX) | $55 | 1.14% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$199455079 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$665668 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;15% |

---

#### Graphical Representation of Holdings (as of June 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;TTM Technologies, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc., REIT | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Bancshares Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp. (Canada) | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 1.8% |
| Top Ten as a Group | 20.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325383.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.

063025 TSR034S

### AMG GW&K Small Cap Value Fund

## Class I/SKSIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 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 Cap Value Fund<br>(Class I/SKSIX) | $45 | 0.94% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$199455079 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$665668 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;15% |

---

#### Graphical Representation of Holdings (as of June 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;TTM Technologies, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc., REIT | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Bancshares Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp. (Canada) | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 1.8% |
| Top Ten as a Group | 20.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325346.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.

063025 TSR033S

### AMG GW&K Small Cap Value Fund

## Class Z/SKSZX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to June 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 Cap Value Fund<br>(Class Z/SKSZX) | $43 | 0.89% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$199455079 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$665668 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;15% |

---

#### Graphical Representation of Holdings (as of June 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;TTM Technologies, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Integer Holdings Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc., REIT | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;International Bancshares Corp. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp. (Canada) | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | 1.8% |
| Top Ten as a Group | 20.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325420.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.

063025 TSR035S

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

## Class N/GWGVX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Small/Mid Cap Core Fund (the "Fund") for the period of January 1, 2025 to June 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 Core Fund<br>(Class N/GWGVX) | $52 | 1.07% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$758986647 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$2341049 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;12% |

---

#### Graphical Representation of Holdings (as of June 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;API Group Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software, Ltd. (Israel) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Co. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 1.8% |
| Top Ten as a Group | 19.9% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325161.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.

063025 TSR037S

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

## Class I/GWGIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Small/Mid Cap Core Fund (the "Fund") for the period of January 1, 2025 to June 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 Core Fund<br>(Class I/GWGIX) | $42 | 0.87% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$758986647 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$2341049 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;12% |

---

#### Graphical Representation of Holdings (as of June 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;API Group Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software, Ltd. (Israel) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Co. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 1.8% |
| Top Ten as a Group | 19.9% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325124.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.

063025 TSR036S

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

## Class Z/GWGZX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG GW&K Small/Mid Cap Core Fund (the "Fund") for the period of January 1, 2025 to June 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 Core Fund<br>(Class Z/GWGZX) | $40 | 0.82% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$758986647 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;91 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$2341049 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;12% |

---

#### Graphical Representation of Holdings (as of June 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;API Group Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software, Ltd. (Israel) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Performance Food Group Co. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Signal Corp. | 1.8% |
| Top Ten as a Group | 19.9% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325198.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.

063025 TSR038S

### AMG Renaissance Large Cap Growth Fund

## Class N/MRLTX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 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 Renaissance Large Cap Growth Fund<br>(Class N/MRLTX) | $51 | 1.00% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$138379377 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$246165 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings (as of June 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;Microsoft Corp. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | 2.0% |
| Top Ten as a Group | 25.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325642.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.

063025 TSR046S

### AMG Renaissance Large Cap Growth Fund

## Class I/MRLSX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 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 Renaissance Large Cap Growth Fund<br>(Class I/MRLSX) | $37 | 0.73% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$138379377 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$246165 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings (as of June 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;Microsoft Corp. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | 2.0% |
| Top Ten as a Group | 25.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325605.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.

063025 TSR045S

### AMG Renaissance Large Cap Growth Fund

## Class Z/MRLIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 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 Renaissance Large Cap Growth Fund<br>(Class Z/MRLIX) | $34 | 0.66% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$138379377 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$246165 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings (as of June 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;Microsoft Corp. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jabil, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | 2.0% |
| Top Ten as a Group | 25.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325679.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.

063025 TSR047S

### AMG TimesSquare International Small Cap Fund

## Class N/TCMPX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the "Fund") for the period of January 1, 2025 to June 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 TimesSquare International Small Cap Fund<br>(Class N/TCMPX) | $73 | 1.30% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$127476525 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$383040 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings (as of June 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;Azbil Corp. (Japan) | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sopra Steria Group (France) | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;KDX Realty Investment Corp., REIT (Japan) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Daiei Kankyo Co., Ltd. (Japan) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Organo Corp. (Japan) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alm Brand A/S (Denmark) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Greencore Group PLC (Ireland) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siegfried Holding AG (Switzerland) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ABC-Mart, Inc. (Japan) | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings, S.A. (Greece) | 2.0% |
| Top Ten as a Group | 23.2% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324754.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10324753.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.

063025 TSR075S

### AMG TimesSquare International Small Cap Fund

## Class I/TQTIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the "Fund") for the period of January 1, 2025 to June 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 TimesSquare International Small Cap Fund<br> (Class I/TQTIX) | $62 | 1.10% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$127476525 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$383040 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings (as of June 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;Azbil Corp. (Japan) | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sopra Steria Group (France) | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;KDX Realty Investment Corp., REIT (Japan) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Daiei Kankyo Co., Ltd. (Japan) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Organo Corp. (Japan) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alm Brand A/S (Denmark) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Greencore Group PLC (Ireland) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siegfried Holding AG (Switzerland) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ABC-Mart, Inc. (Japan) | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings, S.A. (Greece) | 2.0% |
| Top Ten as a Group | 23.2% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324717.jpg)

 **Country Allocation**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10324716.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.

063025 TSR074S

### AMG TimesSquare International Small Cap Fund

## Class Z/TCMIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the "Fund") for the period of January 1, 2025 to June 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 TimesSquare International Small Cap Fund<br>(Class Z/TCMIX) | $59 | 1.05% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$127476525 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$383040 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;30% |

---

#### Graphical Representation of Holdings (as of June 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;Azbil Corp. (Japan) | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sopra Steria Group (France) | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;KDX Realty Investment Corp., REIT (Japan) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Daiei Kankyo Co., Ltd. (Japan) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Organo Corp. (Japan) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alm Brand A/S (Denmark) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Greencore Group PLC (Ireland) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Siegfried Holding AG (Switzerland) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;ABC-Mart, Inc. (Japan) | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piraeus Financial Holdings, S.A. (Greece) | 2.0% |
| Top Ten as a Group | 23.2% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324791.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10324790.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.

063025 TSR076S

### AMG TimesSquare Mid Cap Growth Fund

## Class N/TMDPX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 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 TimesSquare Mid Cap Growth Fund<br>(Class N/TMDPX) | $54 | 1.05% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$1596496981 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$4754683 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;22% |

---

#### Graphical Representation of Holdings (as of June 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;EMCOR Group, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;HubSpot, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software, Ltd. (Israel) | 2.1% |
| Top Ten as a Group | 24.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324532.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.

063025 TSR078S

### AMG TimesSquare Mid Cap Growth Fund

## Class I/TQMIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 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 TimesSquare Mid Cap Growth Fund<br>(Class I/TQMIX) | $47 | 0.90% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$1596496981 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$4754683 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;22% |

---

#### Graphical Representation of Holdings (as of June 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;EMCOR Group, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;HubSpot, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software, Ltd. (Israel) | 2.1% |
| Top Ten as a Group | 24.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324495.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.

063025 TSR077S

### AMG TimesSquare Mid Cap Growth Fund

## Class Z/TMDIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 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 TimesSquare Mid Cap Growth Fund<br>(Class Z/TMDIX) | $44 | 0.85% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$1596496981 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;80 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$4754683 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;22% |

---

#### Graphical Representation of Holdings (as of June 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;EMCOR Group, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;HubSpot, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software, Ltd. (Israel) | 2.1% |
| Top Ten as a Group | 24.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324569.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.

063025 TSR079S

### AMG TimesSquare Small Cap Growth Fund

## Class N/TSCPX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 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 TimesSquare Small Cap Growth Fund<br>(Class N/TSCPX) | $56 | 1.13% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$114013965 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$365638 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;35% |

---

#### Graphical Representation of Holdings (as of June 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;BJ's Wholesale Club Holdings, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;JFrog, Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 Growth ETF | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | 1.9% |
| Top Ten as a Group | 22.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324643.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.

063025 TSR081S

### AMG TimesSquare Small Cap Growth Fund

## Class I/TSQIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 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 TimesSquare Small Cap Growth Fund<br>(Class I/TSQIX) | $49 | 0.99% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$114013965 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$365638 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;35% |

---

#### Graphical Representation of Holdings (as of June 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;BJ's Wholesale Club Holdings, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;JFrog, Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 Growth ETF | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | 1.9% |
| Top Ten as a Group | 22.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324606.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.

063025 TSR080S

### AMG TimesSquare Small Cap Growth Fund

## Class Z/TSCIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to June 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 TimesSquare Small Cap Growth Fund<br>(Class Z/TSCIX) | $46 | 0.93% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$114013965 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;86 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$365638 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;35% |

---

#### Graphical Representation of Holdings (as of June 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;BJ's Wholesale Club Holdings, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;JFrog, Ltd. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;iShares Russell 2000 Growth ETF | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Insmed, Inc. | 1.9% |
| Top Ten as a Group | 22.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10324680.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.

063025 TSR082S

### AMG Yacktman Focused Fund

## Class N/YAFFX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG Yacktman Focused Fund (the "Fund") for the period of January 1, 2025 to June 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 Yacktman Focused Fund<br>(Class N/YAFFX) | $65 | 1.26% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$2615782769 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$11429770 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings (as of June 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;Samsung Electronics Co., Ltd., 2.870% (South Korea) | 12.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolloré SE (France) | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. (Canada) | 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co., Non-Voting Shares | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;KT&G Corp. (South Korea) | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp., Class B | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co., 7.940% (South Korea) | 2.8% |
| Top Ten as a Group | 54.4% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325272.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10325271.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.

063025 TSR091S

### AMG Yacktman Focused Fund

## Class I/YAFIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG Yacktman Focused Fund (the "Fund") for the period of January 1, 2025 to June 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 Yacktman Focused Fund<br>(Class I/YAFIX) | $56 | 1.08% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$2615782769 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;49 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$11429770 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings (as of June 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;Samsung Electronics Co., Ltd., 2.870% (South Korea) | 12.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolloré SE (France) | 9.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. (Canada) | 8.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co., Non-Voting Shares | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;KT&G Corp. (South Korea) | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp., Class B | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co., 7.940% (South Korea) | 2.8% |
| Top Ten as a Group | 54.4% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325235.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10325234.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.

063025 TSR090S

### AMG Yacktman Fund

## Class I/YACKX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG Yacktman Fund (the "Fund") for the period of January 1, 2025 to June 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 Yacktman Fund<br>(Class I/YACKX) | $36 | 0.71% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$6719854242 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;62 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$14532595 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings (as of June 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;Bolloré SE (France) | 8.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd., 2.870% (South Korea) | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. (Canada) | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Procter & Gamble Co. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co., Non-Voting Shares | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Reliance, Inc. | 2.4% |
| Top Ten as a Group | 41.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325309.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10325308.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.

063025 TSR092S

### AMG Yacktman Global Fund

## Class N/YFSNX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG Yacktman Global Fund (the "Fund") for the period of January 1, 2025 to June 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 Yacktman Global Fund<br>(Class N/YFSNX) | $61 | 1.13% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$168285049 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$484729 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;4% |

---

#### Graphical Representation of Holdings (as of June 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;Bolloré SE (France) | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd., 2.870% (South Korea) | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;HI-LEX Corp. (Japan) | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. (Canada) | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie de L'Odet SE (France) | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Energy Services, Inc. (Canada) | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG H&H Co., Ltd., 2.720% (South Korea) | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung C&T Corp. (South Korea) | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co., 7.940% (South Korea) | 3.1% |
| Top Ten as a Group | 54.1% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325568.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10325567.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.

063025 TSR094S

### AMG Yacktman Global Fund

## Class I/YFSIX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG Yacktman Global Fund (the "Fund") for the period of January 1, 2025 to June 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 Yacktman Global Fund<br>(Class I/YFSIX) | $50 | 0.93% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$168285049 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$484729 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;4% |

---

#### Graphical Representation of Holdings (as of June 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;Bolloré SE (France) | 9.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd., 2.870% (South Korea) | 9.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;HI-LEX Corp. (Japan) | 5.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. (Canada) | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie de L'Odet SE (France) | 4.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Energy Services, Inc. (Canada) | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG H&H Co., Ltd., 2.720% (South Korea) | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samsung C&T Corp. (South Korea) | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co., 7.940% (South Korea) | 3.1% |
| Top Ten as a Group | 54.1% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325531.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10325530.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.

063025 TSR093S

### AMG Yacktman Special Opportunities Fund

## Class I/YASSX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG Yacktman Special Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 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 Yacktman Special Opportunities Fund<br>(Class I/YASSX) | $52 | 1.00% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$28221957 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$47931 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;2% |

---

#### Graphical Representation of Holdings (as of June 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;Omni Bridgeway, Ltd. (Australia) | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Exploration Corp. (Canada) | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Energy Services, Inc. (Canada) | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Wine Brands S.p.A. (Italy) | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macfarlane Group PLC (United Kingdom) | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legacy Housing Corp. (United States) | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fila S.p.A. (Italy) | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brickability Group PLC (United Kingdom) | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texhong International Group, Ltd. (Hong Kong) | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co., Non-Voting Shares (United States) | 3.9% |
| Top Ten as a Group | 51.3% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325457.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10325456.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.

063025 TSR095S

### AMG Yacktman Special Opportunities Fund

## Class Z/YASLX
![AMG_New Logo](g847495images_28596.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025

This semi-annual shareholder report contains important information about AMG Yacktman Special Opportunities Fund (the "Fund") for the period of January 1, 2025 to June 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 Yacktman Special Opportunities Fund<br>(Class Z/YASLX) | $47 | 0.90% |

---

Key Fund Statistics (as of June 30, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$28221957 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;46 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$47931 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;2% |

---

#### Graphical Representation of Holdings (as of June 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;Omni Bridgeway, Ltd. (Australia) | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Exploration Corp. (Canada) | 6.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Energy Services, Inc. (Canada) | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Wine Brands S.p.A. (Italy) | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Macfarlane Group PLC (United Kingdom) | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legacy Housing Corp. (United States) | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fila S.p.A. (Italy) | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brickability Group PLC (United Kingdom) | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texhong International Group, Ltd. (Hong Kong) | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co., Non-Voting Shares (United States) | 3.9% |
| Top Ten as a Group | 51.3% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g847495chartimages_10325494.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g847495chartimages_10325493.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.

063025 TSR096S

------

(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](g847495dsp004.jpg) | SEMI-ANNUAL FINANCIAL STATEMENTS<br>|

---

---

| |
|:---|
| AMG Funds |
| June 30, 2025 |
| ![LOGO](g847495dsp004a.jpg) |
| AMG GW&K Small Cap Core Fund |
|  Class N: **GWETX \|** Class I: **GWEIX \|** Class Z: **GWEZX**  |
| AMG GW&K Small Cap Value Fund |
|  Class N: **SKSEX \|** Class I: **SKSIX \|** Class Z: **SKSZX**  |
| AMG GW&K Small/Mid Cap Core Fund |
|  Class N: **GWGVX \|** Class I: **GWGIX \|** Class Z: **GWGZX**  |

---

 <br> wealth.amg.com 063025 SAR089

------

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

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
|  FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Portfolio Investments](#fin1847495_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Small Cap Core Fund](#fin1847495_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Small Cap Value Fund](#fin1847495_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Small/Mid Cap Core Fund](#fin1847495_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin1847495_5) | 10 |
| &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](#fin1847495_6) | 12 |
| &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](#fin1847495_7) | 13 |
| &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](#fin1847495_8) | 15 |
| &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](#fin1847495_9) | 24 |
| &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](#fin1847495_10) | 31 |
|  [STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin1847495_11) | 32 |

---

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 Small Cap Core Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  Common Stocks - 97.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 11.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.<sup>\*</sup>  | 25642 | $6116643 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.<sup>\*</sup>  | 36341 | 5523832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion Homes, Inc.<sup>\*</sup>  | 124614 | 7802082 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Watch Restaurant Group, Inc.<sup>\*</sup>  | 422916 | 6783573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.<sup>\*</sup>  | 46949 | 8873361 |
| &nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 97570 | 3626677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc.<sup>1</sup>  | 64237 | 2585539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc.<sup>1</sup>  | 82630 | 7624270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc.<sup>\*</sup>  | 103131 | 2067776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 50724 | 9506185 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.<sup>\*</sup>  | 184243 | 5886564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 66396502 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A<sup>\*</sup>  | 251655 | 7874285 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 391030 | 4907427 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Vita Coco Co., Inc.<sup>\*</sup>  | 172603 | 6230968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 19012680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | 52007 | 5036878 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp.<sup>\*</sup>  | 21800 | 4385506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 269364 | 6055303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 156694 | 7477438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc., Class A<sup>1</sup>  | 123184 | 3484875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 26440000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 16.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 143445 | 9280892 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Baldwin Insurance Group, Inc.<sup>\*,1</sup>  | 140732 | 6024737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 138036 | 6284779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers, Inc. | 69134 | 5209247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 81604 | 3515500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 191903 | 8246072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 55925 | 10063704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 77812 | 4893208 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 295445 | 5202786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 173411 | 3657238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perella Weinberg Partners | 205724 | 3995160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 277197 | 7656181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 87363 | 9066532 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.<sup>\*</sup>  | 58425 | 4638945 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 68615 | 7215553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 94950534 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 17.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.<sup>\*</sup>  | 138063 | $4591975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.<sup>\*</sup>  | 270356 | 3790391 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.<sup>\*</sup>  | 195918 | 6093050 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc.<sup>\*</sup>  | 200941 | 6584837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.<sup>\*</sup>  | 76334 | 2349561 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.<sup>\*</sup>  | 504117 | 4516888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.<sup>\*</sup>  | 127350 | 3662586 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A<sup>\*</sup>  | 123538 | 7291213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.<sup>\*</sup>  | 101722 | 5291578 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.<sup>\*</sup>  | 76857 | 8051539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.<sup>\*</sup>  | 84683 | 8522497 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.<sup>\*</sup>  | 22236 | 6978991 |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.<sup>\*</sup>  | 384992 | 2814292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc.<sup>\*</sup>  | 243886 | 6940996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.<sup>\*</sup>  | 231668 | 7302175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.<sup>\*</sup>  | 254650 | 4746676 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Physical Therapy, Inc. | 80600 | 6302920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.<sup>\*</sup>  | 242681 | 6559667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 102391832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 18.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadre Holdings, Inc. | 176525 | 5622321 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc.<sup>\*,1</sup>  | 130951 | 9390496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.<sup>\*</sup>  | 26389 | 4344949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc.<sup>\*</sup>  | 73509 | 6074049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 136351 | 5530397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC<sup>\*</sup>  | 230600 | 5310718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.<sup>\*</sup>  | 616381 | 4400960 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 48415 | 7592924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 118854 | 9263481 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.<sup>\*</sup>  | 31848 | 12255110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc., Class B<sup>1</sup>  | 120245 | 2903917 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.<sup>\*</sup>  | 75033 | 12581533 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.<sup>\*</sup>  | 59723 | 13779888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.<sup>\*</sup>  | 134119 | 3766062 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 79122 | 7861562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 110678367 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 13.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 52429 | 6946843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc.<sup>\*,1</sup>  | 208763 | 6292117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.<sup>\*,1</sup>  | 179063 | 6122164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appfolio, Inc., Class A<sup>\*,1</sup>  | 33701 | 7760666 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Descartes Systems Group, Inc. (Canada)<sup>\*</sup>  | 88346 | 8979929 |

---

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

------

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

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 13.5%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc.<sup>\*</sup>  | 193602 | $9993735 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.<sup>\*</sup>  | 100038 | 14334445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.<sup>\*</sup>  | 59003 | 7607257 |
| &nbsp;&nbsp;&nbsp;&nbsp; PAR Technology Corp.<sup>\*,1</sup>  | 70165 | 4867346 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.<sup>\*</sup>  | 603034 | 6072552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 78977054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 195021 | 6301128 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 47959 | 7635073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 106595 | 5870187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 174003 | 9427483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 29233871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp., REIT <sup>1</sup>  | 84692 | 6187598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc., REIT | 289244 | 5116726 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc., REIT | 71823 | 5036229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc., REIT <sup>1</sup>  | 65252 | 6438415 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc., REIT | 259622 | 9419086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 32198054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 55494 | 6406782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 142423 | 7306300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 13713082 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $405,082,230) |  | 573991976 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
|  Short-Term Investments - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.4%<sup>2</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BNP Paribas S.A., dated 06/30/25, due 07/01/25, 4.380% total to be received $59,725 (collateralized by various U.S. Treasuries, 0.000% - 3.875%, 07/10/25 - 05/15/42, totaling $60,912) | $59718 | $59718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald Securities, Inc., dated 06/30/25, due 07/01/25, 4.390% total to be received $1,000,122 (collateralized by various U.S. Government Agency Obligations, 2.000% -6.500%, 06/01/30 - 02/01/57, totaling $1,020,000) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $1,000,124 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 -05/15/55, totaling $1,020,127) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 2059718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $10,824,233 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $11,039,469) | 10823000 | 10823000 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,882,718) |  | 12882718 |
|  Total Investments - 100.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $417,964,948) |  | 586874694 |
|  Other Assets, less Liabilities - (0.1)% |  | (625278) |
|  Net Assets - 100.0% |  | $586249416 |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $43,459,943 or 7.4% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<sup>2</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

REIT Real Estate Investment Trust

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

------

<br> AMG GW&K Small Cap Core 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1  | Level 2  | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>†</sup>  | $573991976 |  |  | $573991976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $2059718 |  | 2059718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 10823000 |  | 10823000 |
|  Total Investments in Securities | $573991976 | $12882718 |  | $586874694 |

---

<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 June 30, 2025, there were no transfers in or out of Level 3.

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

------

AMG GW&K Small Cap Value Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 98.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bandwidth, Inc., Class A<sup>\*</sup>  | 111047 | $1765648 |
| &nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp. (Canada)<sup>\*,1</sup>  | 130420 | 3646543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.<sup>\*</sup>  | 35700 | 1080639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 6492830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 8.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arhaus, Inc.<sup>\*,1</sup>  | 175695 | 1523276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.<sup>\*</sup>  | 13328 | 2025856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Inc., Class A | 139250 | 2393707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genius Sports, Ltd. (United Kingdom)<sup>\*</sup>  | 317500 | 3302000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 8032 | 3507655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc.<sup>1</sup>  | 23049 | 2126731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.<sup>\*</sup>  | 59525 | 1901824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 16781049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co.<sup>\*</sup>  | 78195 | 2750900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A<sup>\*</sup>  | 18851 | 589848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 3340748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 6.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 30235 | 1380833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | 17860 | 1729741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A<sup>1</sup>  | 104505 | 2349272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 44706 | 2133370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 116028 | 1580301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc., Class A<sup>1</sup>  | 150140 | 4247461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 13420978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 29.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 61728 | 3993802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp.<sup>1</sup>  | 90029 | 2816107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, Inc.<sup>\*</sup>  | 70791 | 2656786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 57872 | 2634912 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Holding Co.<sup>1</sup>  | 25734 | 3150356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Community Financial System, Inc. | 41869 | 2381090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 39900 | 2198490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., Class C | 23679 | 4600356 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 94204 | 2285389 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 43180 | 1860194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 40700 | 2336180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 43000 | 1847710 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 57750 | 3843840 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 99313 | 1748902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 10312 | 2866117 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; PJT Partners, Inc., Class A<sup>1</sup>  | 17702 | $2921007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 61397 | 1695785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 45110 | 3908782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 30269 | 3141317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | 81920 | 2138112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 37603 | 2650260 |
| &nbsp;&nbsp;&nbsp;&nbsp; WesBanco, Inc. | 48503 | 1534150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 59209644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.<sup>\*</sup>  | 49610 | 1650029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.<sup>\*,1</sup>  | 177525 | 1761048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.<sup>\*</sup>  | 35596 | 4377240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.<sup>\*</sup>  | 29417 | 3344125 |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.<sup>\*</sup>  | 257314 | 1880965 |
| &nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.<sup>\*,2,3</sup>  | 10502 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.<sup>\*,2,3</sup>  | 10502 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.<sup>\*</sup>  | 100381 | 3164009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.<sup>\*</sup>  | 52789 | 1919408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 18096824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 12.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc.<sup>\*,1</sup>  | 27766 | 1991100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc.<sup>\*</sup>  | 24100 | 1991383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everus Construction Group, Inc.<sup>\*</sup>  | 19898 | 1264120 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC<sup>\*</sup>  | 112735 | 2596287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.<sup>\*</sup>  | 430464 | 3073513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 111510 | 2333904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc.<sup>1</sup>  | 10400 | 2188680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 30015 | 2339369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.<sup>\*</sup>  | 64002 | 1797176 |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 28720 | 2853619 |
| &nbsp;&nbsp;&nbsp;&nbsp; WNS Holdings, Ltd. (India)<sup>\*</sup>  | 53845 | 3405158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 25834309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avnet, Inc. | 43080 | 2286686 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.<sup>\*</sup>  | 134450 | 5488249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.<sup>\*</sup>  | 235230 | 2368766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 10143701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 29946 | 1649126 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orion, S.A. | 84351 | 884842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 58965 | 3194724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 62568 | 1866403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 7595095 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Small Cap Value Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
|  | <br>Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 13.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust, REIT | 115080 | $2137035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp., REIT | 41874 | 3059314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc., REIT | 265350 | 1822955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass, Inc., Class A<sup>\*</sup>  | 219500 | 1378460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc., REIT | 86500 | 2760215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc., REIT <sup>1</sup>  | 104218 | 2804506 |
| &nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp., REIT <sup>1</sup>  | 86037 | 2378063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc., REIT | 223152 | 3947559 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp., REIT | 118900 | 2012977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc., REIT | 301525 | 2198117 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc., REIT | 65710 | 2383959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 26883160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 25839 | 2983113 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc. | 140775 | 2346719 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 36728 | 1884146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 28235 | 2100402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 9314380 |
|  Total Common Stocks<br>(Cost $158,714,864) |  | 197112718 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 3.3% | Short-Term Investments - 3.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 2.1%<sup>4</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 2.1%<sup>4</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald Securities, Inc., dated 06/30/25, due 07/01/25, 4.390% total to be received $1,065,543 (collateralized by various U.S. Government Agency Obligations, 2.000% -6.500%, 06/01/30 - 02/01/57, totaling $1,086,721) | $1065413 | 1065413 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Secured, LLC, dated 06/30/25, due 07/01/25, 4.390% total to be received $1,065,543 (collateralized by various U.S. Government Agency Obligations, 3.000% - 6.500%, 05/23/28 - 12/01/63, totaling $1,086,966) | $1065413 | $1065413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $1,065,545 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 -05/15/55, totaling $1,086,856) | 1065413 | 1065413 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., dated 06/30/25, due 07/01/25, 4.380% total to be received $65,793 (collateralized by various U.S. Treasuries, 1.875% - 4.250%, 11/15/40 -02/15/51, totaling $67,101) | 65785 | 65785 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin Investment Board, dated 06/30/25, due 07/01/25, 4.480% total to be received $1,000,124 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/26 -02/15/54, totaling $1,016,993) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 4262024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 1.2% | &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 1.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $2,299,262 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $2,345,029) | 2299000 | 2299000 |
|  **Total Short-Term Investments**<br> (Cost $6,561,024) |  | 6561024 |
|  **Total Investments - 102.1%**<br> (Cost $165,275,888) |  | 203673742 |
|  Other Assets, less Liabilities - (2.1)% |  | (4218663) |
|  Net Assets - 100.0% |  | $199455079 |

---

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $26,419,975 or 13.2% 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> These securities are restricted and are not available for re-sale. Ligand Pharmaceuticals, Inc. ("Ligand") completed a spin-off of OmniAb, Inc on November 2, 2022. Ligand shareholders received new holdings of OmniAb earn-out shares. The market value of earn-out shares was $0 on the date of the spin-off. At June 30, 2025, for each holding of OmniAb earn-out shares the cost was $19,190 and the market value of each was $0, which represents 0% of net assets.. 

<sup>4</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

REIT Real Estate Investment Trust

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

------

<br> AMG GW&K Small 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 June 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; Financials | $59209644 |  |  | $59209644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 26883160 |  |  | 26883160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 25834309 |  |  | 25834309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 18096824 |  | $0 | 18096824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 16781049 |  |  | 16781049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 13420978 |  |  | 13420978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 10143701 |  |  | 10143701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 9314380 |  |  | 9314380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 7595095 |  |  | 7595095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 6492830 |  |  | 6492830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 3340748 |  |  | 3340748 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $4262024 |  | 4262024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2299000 |  | 2299000 |
|  Total Investments in Securities | $197112718 | $6561024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0 | $203673742 |

---

The Level 3 common stocks 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 June 30, 2025, the change in unrealized depreciation was $0.

For the six months ended June 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.

------

AMG GW&K Small/Mid Cap Core Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| | Shares | Value |
|  Common Stocks - 99.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 13.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.<sup>\*</sup>  | 88970 | $10995802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>\*</sup>  | 40114 | 9332121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries, Inc.<sup>\*</sup>  | 27937 | 12136671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 79352 | 8014552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.<sup>\*</sup>  | 94897 | 11641015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc.<sup>\*</sup>  | 160382 | 4537207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.<sup>\*</sup>  | 42509 | 8034201 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 26897 | 11746189 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp.<sup>1</sup>  | 22007 | 6414600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 78169 | 14649652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.<sup>\*</sup>  | 198062 | 6328081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 103830091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 120575 | 13001602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.<sup>\*</sup>  | 42620 | 2896455 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Marzetti Company | 57051 | 9856701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.<sup>\*</sup>  | 168244 | 14716303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 40471061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.<sup>\*</sup>  | 139500 | 5619060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 272326 | 6121889 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 115443 | 5508940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 137159 | 5218900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 381565 | 5196915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 27665704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 14.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 37162 | 7339123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 246933 | 7724064 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 60229 | 7741836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 131385 | 5660066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 24555 | 11882164 |
| &nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 19418 | 4336816 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 102892 | 11360306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 52858 | 14691353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 98587 | 10231359 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 58088 | 6108534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 173246 | 12300466 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 87880 | 10895362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 110271449 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 13.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.<sup>\*</sup>  | 225045 | 5106271 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.<sup>\*</sup>  | 95642 | $2943861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A<sup>\*</sup>  | 22487 | 5426563 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A<sup>\*</sup>  | 185318 | 10937468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.<sup>\*</sup>  | 118260 | 6151885 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.<sup>\*</sup>  | 93405 | 6086270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.<sup>\*</sup>  | 109214 | 10991297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.<sup>\*</sup>  | 66708 | 8203083 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC (Ireland)<sup>\*</sup>  | 80887 | 8583728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.<sup>\*</sup>  | 18538 | 5818337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.<sup>\*</sup>  | 61354 | 10365145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.<sup>\*</sup>  | 89853 | 11293623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.<sup>\*</sup>  | 316301 | 5895851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.<sup>\*</sup>  | 156386 | 6654224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 104457606 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 23.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC (Ireland) | 40900 | 5894508 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.<sup>\*</sup>  | 345716 | 17648802 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc.<sup>1</sup>  | 21315 | 4954672 |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 45620 | 4750411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.<sup>\*</sup>  | 42557 | 7007010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 29828 | 15994072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 57761 | 4315324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 125640 | 13370609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC<sup>\*</sup>  | 593467 | 13667545 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEX Corp. | 54135 | 9504482 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 76946 | 12067441 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 37871 | 7851416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 55512 | 11900107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.<sup>\*</sup>  | 52408 | 9495805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 28859 | 6073377 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.<sup>\*</sup>  | 37096 | 14274541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc., Class B | 218699 | 5281581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 41092 | 6381998 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc.<sup>\*</sup>  | 71399 | 8634995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 179068696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 14.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 28700 | 3802750 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCC Intelligent Solutions Holdings, Inc.<sup>\*,1</sup>  | 989286 | 9309181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 228129 | 7236252 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software, Ltd. (Israel)<sup>\*</sup>  | 42445 | 17270022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 76924 | 6203921 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globant, S.A. (Luxembourg)<sup>\*</sup>  | 39438 | 3582548 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 38068 | 8302631 |

---

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

------

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

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 14.1%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 14.1%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.<sup>\*</sup>  | 100387 | $14384453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.<sup>\*</sup>  | 38171 | 7537627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc.<sup>\*</sup>  | 113326 | 7753765 |
| &nbsp;&nbsp;&nbsp;&nbsp; SailPoint, Inc.<sup>\*</sup>  | 351796 | 8042056 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc., Class A<sup>\*</sup>  | 46800 | 5016024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp., Class A<sup>\*</sup>  | 27099 | 8356248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 106797478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 39693 | 6209176 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 49343 | 9972714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 438827 | 9939431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp. | 49066 | 5492448 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 87827 | 9646918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 41260687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp., REIT | 105093 | 7678095 |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc., REIT | 42062 | 7029402 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc., REIT | 299787 | 5249270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc., REIT | 63488 | 8030597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 27987364 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 74957 | 8653786 |

---

---

| | | |
|:---|:---|:---|
| | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 155707 | $6326375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 14980161 |
|  **Total Common Stocks**<br> (Cost $624,188,622) |  | 756790297 |
|  | Principal <br>Amount |  |
|  Short-Term Investments - 0.6% | Short-Term Investments - 0.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.0%<sup>#,2</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $11,978 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $12,218) | $11977 | 11977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $4,479,510 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $4,568,656) | 4479000 | 4479000 |
|  **Total Short-Term Investments**<br>(Cost $4,490,977) |  | 4490977 |
|  **Total Investments - 100.3%**<br> (Cost $628,679,599) |  | 761281274 |
|  Other Assets, less Liabilities - (0.3)% |  | (2294627) |
|  Net Assets - 100.0% |  | $758986647 |

---

<sup>\*</sup> Non-income producing security.

---

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

---

<sup>1</sup> Some of these securities, amounting to $17,361,690 or 2.3% 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> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>†</sup>  | $756790297 |  |  | $756790297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $11977 |  | 11977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 4479000 |  | 4479000 |
|  Total Investments in Securities | $756790297 | $4490977 |  | $761281274 |

---

<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 June 30, 2025, there were no transfers in or out of Level 3.

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

------

<br> Statement of Assets and Liabilities *(unaudited)*<br> June 30, 2025<br>

---

| | | | |
|:---|:---|:---|:---|
|  | AMG<br>GW&K Small Cap<br>Core Fund | AMG<br>GW&K Small Cap<br>Value Fund | AMG<br>GW&K Small/Mid<br>Cap<br>Core Fund |
| &nbsp;&nbsp; Assets: |  |  |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan valued at $43,459,943, $26,419,975, and $17,361,690, respectively) | $586874694 | $203673742 | $761281274 |
| &nbsp;&nbsp; Cash | 27 | 683 | 855 |
| &nbsp;&nbsp; Receivable for investments sold | 1723034 |  | 2855009 |
| &nbsp;&nbsp; Dividend and interest receivables | 477979 | 293157 | 448352 |
| &nbsp;&nbsp; Securities lending income receivable | 4050 | 1756 | 2890 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 78099 | 31069 | 165406 |
| &nbsp;&nbsp; Receivable from affiliate | 5385 | 10085 | 3595 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 32843 | 22637 | 38510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 589196111 | 204033129 | 764795891 |
| &nbsp;&nbsp; Liabilities: |  |  |  |
| &nbsp;&nbsp; Payable upon return of securities loaned | 2059718 | 4262024 | 11977 |
| &nbsp;&nbsp; Payable for investments purchased |  |  | 4941612 |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 299240 | 54076 | 181888 |
| &nbsp;&nbsp; Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 333276 | 113106 | 379791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 71416 | 24237 | 91885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 1258 |  | 9518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 16498 | 28881 | 14321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 165289 | 95726 | 178252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2946695 | 4578050 | 5809244 |
| &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 7) |  |  |  |
| &nbsp;&nbsp; Net Assets | $586249416 | $199455079 | $758986647 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $417964948 | $165275888 | $628679599 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | AMG<br>GW&K Small Cap<br>Core Fund | AMG<br>GW&K Small Cap<br>Value Fund | AMG<br>GW&K Small/Mid<br>Cap<br>Core Fund |
|  Net Assets Represent: |  |  |  |
|  Paid-in capital | $396287661 | $150823941 | $621014886 |
|  Total distributable earnings | 189961755 | 48631138 | 137971761 |
|  Net Assets | $586249416 | $199455079 | $758986647 |
|  Class N: |  |  |  |
|  Net Assets | $6178478 | $129122774 | $46931254 |
|  Shares outstanding | 198242 | 4548952 | 2586690 |
|  Net asset value, offering and redemption price per share | $31.17 | $28.39 | $18.14 |
|  Class I: |  |  |  |
|  Net Assets | $387486817 | $68156458 | $355654595 |
|  Shares outstanding | 12018328 | 2401874 | 19490531 |
|  Net asset value, offering and redemption price per share | $32.24 | $28.38 | $18.25 |
|  Class Z: |  |  |  |
|  Net Assets | $192584121 | $2175847 | $356400798 |
|  Shares outstanding | 5966890 | 76998 | 19491809 |
|  Net asset value, offering and redemption price per share | $32.28 | $28.26 | $18.28 |

---

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

------

<br> Statement of Operations *(unaudited)*<br> For the six months ended June 30, 2025<br>

---

| | | | |
|:---|:---|:---|:---|
|  | AMG<br>GW&K Small Cap<br>Core Fund | AMG<br>GW&K Small Cap<br>Value Fund | AMG<br>GW&K Small/Mid<br>Cap<br>Core Fund |
| &nbsp;&nbsp; Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $3096144 | $1895009 | $4134725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 181450 | 57048 | 230655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 25472 | 14156 | 16454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax |  | (532) | (392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 3303066 | 1965681 | 4381442 |
| &nbsp;&nbsp; Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 2133828 | 725164 | 2355334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 457249 | 155392 | 569839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 7716 |  | 59810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 4629 | 166301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 101304 | 17388 | 88744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 40618 | 27841 | 47951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 31178 | 18353 | 33115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 27415 | 9395 | 34138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 27067 | 22874 | 26326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 23998 | 16494 | 28685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 11154 | 10625 | 16113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 13607 | 5712 | 15432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of prior reimbursements |  |  | 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 2879763 | 1175539 | 3277958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (22621) | (59496) | (14285) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reductions | (37047) | (17387) | (8256) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2820095 | 1098656 | 3255417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 482971 | 867025 | 1126025 |
| &nbsp;&nbsp; Net Realized and Unrealized Loss: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 19322674 | 4084879 | 3033770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (40951976) | (20678241) | (35178429) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (21629302) | (16593362) | (32144659) |
| &nbsp;&nbsp; Net decrease in net assets resulting from operations | $(21146331) | $(15726337) | $(31018634) |

---

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

------

<br> Statements of Changes in Net Assets<br> For the six months ended June 30, 2025 (unaudited) and the fiscal year ended December 31, 2024<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AMG<br>GW&K Small Cap<br>Core Fund | AMG<br>GW&K Small Cap<br>Core Fund | AMG<br>GW&K Small Cap<br>Value Fund | AMG<br>GW&K Small Cap<br>Value Fund |
|  | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 |
| &nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $482971 | $1421940 | $867025 | $1821392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 19322674 | 32729359 | 4084879 | 23122484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (40951976) | 50631743 | (20678241) | (653748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (21146331) | 84783042 | (15726337) | 24290128 |
| &nbsp;&nbsp; Distributions to Shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N |  | (292459) |  | (11984284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (18017616) |  | (6371997) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z |  | (8625956) |  | (550626) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (26936031) |  | (18906907) |
| &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 | (57416445) | (33750093) | (16489965) | (31310604) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (78562776) | 24096918 | (32216302) | (25927383) |
| &nbsp;&nbsp; Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 664812192 | 640715274 | 231671381 | 257598764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $586249416 | $664812192 | $199455079 | $231671381 |

---

<sup>1</sup> See Note 1(g) of the Notes to Financial Statements.

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

------

<br> Statements of Changes in Net Assets *(continued)*<br> For the six months ended June 30, 2025 (unaudited) and the fiscal year ended December 31, 2024<br>

---

| | | |
|:---|:---|:---|
|  | AMG<br>GW&K Small/Mid<br>Cap Core Fund | AMG<br>GW&K Small/Mid<br>Cap Core Fund |
|  | June 30, 2025 | December 31, 2024 |
| &nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1126025 | $657038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 3033770 | 21191929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (35178429) | 49691605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (31018634) | 71540572 |
| &nbsp;&nbsp; Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N |  | (448980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (3463193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z |  | (3803117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (7715290) |
| &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 | (22492378) | 51759329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (53511012) | 115584611 |
| &nbsp;&nbsp; Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 812497659 | 696913048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $758986647 | $812497659 |

---

<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 Small Cap Core Fund<br> Financial Highlights<br> For a share outstanding throughout each fiscal period<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $32.18 | $29.42 | $27.43 | $33.13 | $29.97 | $26.09 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | (0.03) | (0.04) | 0.00<sup>3</sup> | (0.06) | (0.15) | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.98) | 4.10 | 2.19 | (5.43) | 6.34 | 4.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.01) | 4.06 | 2.19 | (5.49) | 6.19 | 4.61 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (1.30) | (0.17) | (0.21) | (3.03) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (1.30) | (0.20) | (0.21) | (3.03) | (0.73) |
|  Net Asset Value, End of Period | $31.17 | $32.18 | $29.42 | $27.43 | $33.13 | $29.97 |
|  Total Return<sup>2,4</sup>  | (3.14)%<sup>5</sup> | 13.57% | 8.02% | (16.58)% | 21.01% | 17.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 1.29%<sup>7</sup> | 1.30%<sup>8</sup> | 1.30%<sup>9</sup> | 1.29%<sup>9</sup> | 1.30%<sup>9</sup> | 1.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 1.31%<sup>7</sup> | 1.30% | 1.31%<sup>9</sup> | 1.30%<sup>9</sup> | 1.30%<sup>9</sup> | 1.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | (0.21)%<sup>7</sup> | (0.14)% | 0.02% | (0.22)% | (0.45)% | (0.14)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 8%<sup>5</sup> | 22% | 20% | 25% | 33% | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $6178 | $6517 | $8336 | $8533 | $11278 | $8667 |

---

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br> months ended<br> June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | For the six<br> months ended<br> June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $33.24 | $30.30 | $28.24 | $34.02 | $30.61 | $26.57 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.02 | 0.07 | 0.11 | 0.04 | (0.03) | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.02) | 4.24 | 2.25 | (5.57) | 6.47 | 4.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.00) | 4.31 | 2.36 | (5.53) | 6.44 | 4.81 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.07) | (0.13) | (0.04) |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (1.30) | (0.17) | (0.21) | (3.03) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (1.37) | (0.30) | (0.25) | (3.03) | (0.77) |
|  Net Asset Value, End of Period | $32.24 | $33.24 | $30.30 | $28.24 | $34.02 | $30.61 |
|  Total Return<sup>2,4</sup>  | (3.01)%<sup>5</sup> | 13.99% | 8.39% | (16.27)% | 21.38% | 18.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 0.94%<sup>7</sup> | 0.95%<sup>8</sup> | 0.95%<sup>9</sup> | 0.94%<sup>9</sup> | 0.95%<sup>9</sup> | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 0.96%<sup>7</sup> | 0.95% | 0.96%<sup>9</sup> | 0.95%<sup>9</sup> | 0.95%<sup>9</sup> | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.14%<sup>7</sup> | 0.21% | 0.37% | 0.13% | (0.10)% | 0.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 8%<sup>5</sup> | 22% | 20% | 25% | 33% | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $387487 | $443633 | $421136 | $433066 | $546326 | $470373 |

---

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class Z | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $33.26 | $30.32 | $28.26 | $34.05 | $30.61 | $26.57 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.03 | 0.08 | 0.12 | 0.05 | (0.02) | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.01) | 4.25 | 2.26 | (5.58) | 6.49 | 4.75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.98) | 4.33 | 2.38 | (5.53) | 6.47 | 4.82 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.09) | (0.15) | (0.05) |  | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (1.30) | (0.17) | (0.21) | (3.03) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (1.39) | (0.32) | (0.26) | (3.03) | (0.78) |
|  Net Asset Value, End of Period | $32.28 | $33.26 | $30.32 | $28.26 | $34.05 | $30.61 |
|  Total Return<sup>2,4</sup>  | (2.95)%<sup>5</sup> | 14.04% | 8.44% | (16.25)% | 21.48% | 18.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 0.89%<sup>7</sup> | 0.90%<sup>8</sup> | 0.90%<sup>9</sup> | 0.89%<sup>9</sup> | 0.90%<sup>9</sup> | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 0.91%<sup>7</sup> | 0.90% | 0.91%<sup>9</sup> | 0.90%<sup>9</sup> | 0.90%<sup>9</sup> | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.19%<sup>7</sup> | 0.26% | 0.42% | 0.18% | (0.05)% | 0.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 8%<sup>5</sup> | 22% | 20% | 25% | 33% | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $192584 | $214662 | $211244 | $218941 | $199851 | $125848 |

---

<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> Includes reduction from broker recapture amounting to 0.01% for the six months ended June 30, 2025 and less than 0.01%, less than 0.01%, 0.01%, less than 0.01% and 0.01% for the fiscal years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>7</sup> Annualized.

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

<sup>9</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%, less than 0.01% and 0.01% for the fiscal years ended December 31, 2023, 2022 and 2021, respectively. 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $30.42 | $29.76 | $25.73 | $30.90 | $26.71 | $37.16 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.11 | 0.21 | 0.17 | 0.13 | 0.09 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.14) | 3.07 | 4.31 | (4.87) | 8.41 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.03) | 3.28 | 4.48 | (4.74) | 8.50 | 1.08 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.25) | (0.20) | (0.15) | (0.08) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (2.37) | (0.25) | (0.28) | (4.23) | (11.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (2.62) | (0.45) | (0.43) | (4.31) | (11.53) |
|  Net Asset Value, End of Period | $28.39 | $30.42 | $29.76 | $25.73 | $30.90 | $26.71 |
|  Total Return<sup>2,3</sup>  | (6.67)%<sup>4</sup> | 10.57% | 17.43% | (15.33)% | 32.93% | 3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.14%<sup>5,6</sup> | 1.14%<sup>6,7</sup> | 1.14%<sup>6</sup> | 1.13%<sup>6</sup> | 1.13%<sup>6</sup> | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.21%<sup>5</sup> | 1.19% | 1.19% | 1.18% | 1.17% | 1.21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 0.76%<sup>5</sup> | 0.67% | 0.64% | 0.47% | 0.28% | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 15%<sup>4</sup> | 24% | 14% | 19% | 41% | 115% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $129123 | $148917 | $165040 | $162011 | $223586 | $243655 |

---

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $30.38 | $29.73 | $25.69 | $30.87 | $26.79 | $37.23 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.14 | 0.27 | 0.23 | 0.18 | 0.15 | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.14) | 3.07 | 4.31 | (4.87) | 8.42 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (2.00) | 3.34 | 4.54 | (4.69) | 8.57 | 1.16 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.32) | (0.25) | (0.21) | (0.26) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (2.37) | (0.25) | (0.28) | (4.23) | (11.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (2.69) | (0.50) | (0.49) | (4.49) | (11.60) |
|  Net Asset Value, End of Period | $28.38 | $30.38 | $29.73 | $25.69 | $30.87 | $26.79 |
|  Total Return<sup>2,3</sup>  | (6.58)%<sup>4</sup> | 10.77% | 17.73% | (15.19)% | 33.17% | 3.50% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.94%<sup>5,6</sup> | 0.94%<sup>6,7</sup> | 0.94%<sup>6</sup> | 0.93%<sup>6</sup> | 0.93%<sup>6</sup> | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.01%<sup>5</sup> | 0.99% | 0.99% | 0.98% | 0.97% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 0.96%<sup>5</sup> | 0.87% | 0.84% | 0.67% | 0.48% | 0.46% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 15%<sup>4</sup> | 24% | 14% | 19% | 41% | 115% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $68156 | $76171 | $86357 | $81319 | $115837 | $83003 |

---

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

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class Z | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $30.25 | $29.61 | $25.59 | $30.76 | $26.72 | $37.16 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.14 | 0.28 | 0.24 | 0.20 | 0.16 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.13) | 3.06 | 4.30 | (4.87) | 8.41 | 1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.99) | 3.34 | 4.54 | (4.67) | 8.57 | 1.18 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.33) | (0.27) | (0.22) | (0.30) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (2.37) | (0.25) | (0.28) | (4.23) | (11.45) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (2.70) | (0.52) | (0.50) | (4.53) | (11.62) |
|  Net Asset Value, End of Period | $28.26 | $30.25 | $29.61 | $25.59 | $30.76 | $26.72 |
|  Total Return<sup>2,3</sup>  | (6.58)%<sup>4</sup> | 10.84% | 17.77% | (15.16)% | 33.27% | 3.57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.89%<sup>5,6</sup> | 0.89%<sup>6,7</sup> | 0.89%<sup>6</sup> | 0.88%<sup>6</sup> | 0.88%<sup>6</sup> | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 0.96%<sup>5</sup> | 0.94% | 0.94% | 0.93% | 0.92% | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.01%<sup>5</sup> | 0.92% | 0.89% | 0.72% | 0.53% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 15%<sup>4</sup> | 24% | 14% | 19% | 41% | 115% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $2176 | $6584 | $6202 | $8582 | $32710 | $10481 |

---

<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 reduction from broker recapture amounting to 0.01% for the six months ended June 30, 2025 and 0.01%, 0.01%, 0.01% and 0.02% for the fiscal years ended December 31, 2024, 2023, 2022 and 2021, respectively. 

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

<sup>8</sup> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $18.87 | $17.20 | $15.02 | $19.08 | $16.04 | $13.03 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.01 | (0.02) | (0.00)<sup>3</sup> | 0.01 | (0.06) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.74) | 1.85 | 2.18 | (3.47) | 4.14 | 3.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.73) | 1.83 | 2.18 | (3.46) | 4.08 | 3.01 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  | (0.00)<sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.16) |  | (0.60) | (1.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (0.16) |  | (0.60) | (1.04) |  |
|  Net Asset Value, End of Period | $18.14 | $18.87 | $17.20 | $15.02 | $19.08 | $16.04 |
|  Total Return<sup>2,4</sup>  | (3.87)%<sup>5</sup> | 10.62% | 14.51% | (18.15)% | 25.63% | 23.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 1.07%<sup>7,8</sup> | 1.07%<sup>9</sup> | 1.07%<sup>8</sup> | 1.06%<sup>8</sup> | 1.06%<sup>8</sup> | 1.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 1.07%<sup>7,8</sup> | 1.07% | 1.08%<sup>8</sup> | 1.08%<sup>8</sup> | 1.08%<sup>8</sup> | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.08%<sup>7</sup> | (0.12)% | (0.01)% | 0.04% | (0.32)% | (0.07)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 12%<sup>5</sup> | 21% | 19% | 25% | 19% | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $46931 | $52250 | $53076 | $51333 | $70736 | $224 |

---

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

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $18.96 | $17.26 | $15.07 | $19.15 | $16.06 | $13.04 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.03 | 0.01 | 0.03 | 0.04 | (0.02) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.74) | 1.87 | 2.19 | (3.48) | 4.15 | 3.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.71) | 1.88 | 2.22 | (3.44) | 4.13 | 3.04 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.02) | (0.03) | (0.04) |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.16) |  | (0.60) | (1.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (0.18) | (0.03) | (0.64) | (1.04) | (0.02) |
|  Net Asset Value, End of Period | $18.25 | $18.96 | $17.26 | $15.07 | $19.15 | $16.06 |
|  Total Return<sup>2,4</sup>  | (3.74)%<sup>5</sup> | 10.84% | 14.76% | (18.01)% | 25.91% | 23.31% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 0.87%<sup>7,8</sup> | 0.87%<sup>9</sup> | 0.87%<sup>8</sup> | 0.86%<sup>8</sup> | 0.86%<sup>8</sup> | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 0.87%<sup>7,8</sup> | 0.87% | 0.88%<sup>8</sup> | 0.88%<sup>8</sup> | 0.88%<sup>8</sup> | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.28%<sup>7</sup> | 0.08% | 0.19% | 0.24% | (0.12)% | 0.11% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 12%<sup>5</sup> | 21% | 19% | 25% | 19% | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $355655 | $371964 | $296659 | $250024 | $293614 | $165840 |

---

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class Z | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $18.99 | $17.29 | $15.10 | $19.18 | $16.07 | $13.05 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.03 | 0.02 | 0.04 | 0.05 | (0.01) | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.74) | 1.87 | 2.19 | (3.48) | 4.16 | 3.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.71) | 1.89 | 2.23 | (3.43) | 4.15 | 3.05 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.03) | (0.04) | (0.05) |  | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.16) |  | (0.60) | (1.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (0.19) | (0.04) | (0.65) | (1.04) | (0.03) |
|  Net Asset Value, End of Period | $18.28 | $18.99 | $17.29 | $15.10 | $19.18 | $16.07 |
|  Total Return<sup>2,4</sup>  | (3.74)%<sup>5</sup> | 10.87% | 14.78% | (17.94)% | 26.02% | 23.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 0.82%<sup>7,8</sup> | 0.82%<sup>9</sup> | 0.82%<sup>8</sup> | 0.81%<sup>8</sup> | 0.81%<sup>8</sup> | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 0.82%<sup>7,8</sup> | 0.82% | 0.83%<sup>8</sup> | 0.83%<sup>8</sup> | 0.83%<sup>8</sup> | 0.86% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | 0.33%<sup>7</sup> | 0.13% | 0.24% | 0.29% | (0.07)% | 0.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 12%<sup>5</sup> | 21% | 19% | 25% | 19% | 29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $356401 | $388283 | $347178 | $262798 | $198961 | $104705 |

---

<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> Includes reduction from broker recapture amounting to less than 0.01% for the six months ended June 30, 2025 and less than 0.01%, less than 0.01%, less than 0.01%, 0.01% and 0.01% for the fiscal years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>7</sup> Annualized.

<sup>8</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%. 

<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.

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(unaudited)* <br> June 30, 2025<br>

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the "Trust") is an open-end management investment company, organized as a Massachusetts business 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 are: AMG GW&K Small Cap Core Fund ("Small Cap Core"), AMG GW&K Small Cap Value Fund ("Small Cap Value") and AMG GW&K Small/Mid Cap Core Fund ("Small/Mid Cap Core"), each a "Fund" and collectively, the "Funds".

Each Fund offers Class N shares, Class I shares 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 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' Board 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 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. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of 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 Trust and other funds within the AMG Funds Family of Funds (collectively, the "AMG Funds Family") based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

The Funds had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Fund's overall expense ratio. For the six months ended June 30, 2025, the impact on the expenses and expense ratios were as follows: Small Cap Core $37,047 or 0.01%, Small Cap Value $17,387 or 0.01% and Small/Mid Cap Core $8,256 or less than 0.01%.

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 for the Funds are primarily due to tax equalization utilized. Temporary differences for the Funds are primarily due to wash sale loss deferrals.

At June 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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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Cost | Appreciation | Depreciation | Net Appreciation |
| &nbsp;&nbsp;&nbsp; Small Cap<br> Core | $417964948 | $194652311 | $(25742565) | $168909746 |
| &nbsp;&nbsp;&nbsp; Small Cap<br> Value | 165275888 | 47508259 | (9110405) | 38397854 |
| &nbsp;&nbsp;&nbsp; Small/Mid Cap Core | 628679599 | 186919990 | (54318315) | 132601675 |

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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 December 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 December 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.

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

g. CAPITAL STOCK

The Trust's Amended and Restated Agreement and Declaration of Trust authorizes for each applicable 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 June 30, 2025 (unaudited) and the fiscal year ended December 31, 2024, the capital stock transactions by class for the Funds were as follows:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Small Cap Core | Small Cap Core | Small Cap Core | Small Cap Core | Small Cap Value | Small Cap Value | Small Cap Value | Small Cap Value |
|  | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Amount |
| &nbsp;&nbsp;&nbsp; Class N: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 9178 | $292012 | 16638 | $524608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76873 | $2117804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207496 | $6388178 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 8619 | 292459 |  |  | 368628 | 11818227 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (13422) | (417694) | (106117) | (3377875) | (422623) | (12087098) | (1226513) | (37506926) |
| &nbsp;&nbsp;&nbsp; Net decrease | (4244) | $(125682) | (80860) | $(2560808) | (345750) | $(9969294) | (650389) | $(19300521) |
| &nbsp;&nbsp;&nbsp; Class I: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 617908 | $19880426 | 1991905 | $63599546 | 33686 | $957137 | 116110 | $3530881 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 476984 | 16713534 |  |  | 192660 | 6167031 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1947674) | (61424291) | (3020597) | (96388827) | (138722) | (3915851) | (706983) | (22004980) |
| &nbsp;&nbsp;&nbsp; Net decrease | (1329766) | $(41543865) | (551708) | $(16075747) | (105036) | $(2958714) | (398213) | $(12307068) |
| &nbsp;&nbsp;&nbsp; Class Z: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 413759 | $12733947 | 1243350 | $41111763 | 3911 | $107795 | 14308 | $446714 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 239251 | 8388123 |  |  | 17277 | 550626 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (900385) | (28480845) | (1996131) | (64613424) | (144558) | (3669752) | (23435) | (700355) |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (486626) | $(15746898) | (513530) | $(15113538) | (140647) | $(3561957) | 8150 | $296985 |
|  | Small/Mid Cap Core | Small/Mid Cap Core | Small/Mid Cap Core | Small/Mid Cap Core |  |  |  |  |
|  | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Amount |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class N: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 16203 | $285161 | 88817 | $1610150 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 21766 | 428557 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (199094) | (3551154) | (426281) | (7820367) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net decrease | (182891) | $(3265993) | (315698) | $(5781660) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 2351980 | $41876574 | 6769243 | $128805335 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 166239 | 3288206 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (2484823) | (43620241) | (4495902) | (85071337) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (132843) | $(1743667) | 2439580 | $47022204 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class Z: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 746866 | $13441445 | 4324974 | $81842931 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 191525 | 3796035 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1702953) | (30924163) | (4144594) | (75120181) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net increase (decrease) | (956087) | $(17482718) | 371905 | $10518785 |  |  |  |  |

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

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 June 30, 2025, the market value of Repurchase Agreements outstanding for Small Cap Core, Small Cap Value and Small/Mid Cap Core was $12,882,718, $6,561,024 and $4,490,977, respectively.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, 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 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 as subadviser 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 June 30, 2025, the Funds' investment management fees were paid at the following annual rates of each Fund's respective average daily net assets:

---

| | |
|:---|:---|
|  Small Cap Core | 0.70% |
|  Small Cap Value | 0.70% |
|  Small/Mid Cap Core | 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 May 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 Small Cap Core, Small Cap Value and Small/Mid Cap Core to the annual rate of 0.90%, 0.90% 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 June 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 | Repayment of |
|  | Reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior Reimbursements |
| Small Cap Core | $22621 |  |
| Small Cap Value | 59496 |  |
| Small/Mid Cap Core | 14285 | $2471 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Expiration<br> Period | Small Cap Core | Small Cap Value | Small/Mid Cap Core |
| Less than 1 year | $6079 | $101247 | $43655 |
| 1-2 years | 60185 | 100560 | 62375 |
| 2-3 years | 31032 | 117980 | 39168 |
| Total | $97296 | $319787 | $145198 |

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The Trust, on behalf of the Funds, has 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

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

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 of each Fund, except Small Cap Value, 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, except Small Cap Value, 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, except Small Cap Value's, average daily net assets attributable to the Class N shares. The portion of payments made under the plan by Class N shares of each Fund, except Small Cap Value, for shareholder servicing may not exceed an annual rate of 0.25% of the average daily net asset value of each Fund's shares of that class owned by clients of such broker, dealer or financial intermediary.

For each of Class N and Class I shares of Small Cap Core and Small Cap Value, and for Small/Mid Cap Core 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 June 30, 2025, was as follows:

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| | | |
|:---|:---|:---|
|  | Maximum Annual | Actual |
|  | Amount | Amount |
| Fund | Approved | Incurred |
|  Small Cap Core |  |  |
|  Class N | 0.15% | 0.15% |
|  Class I | 0.05% | 0.05% |
|  Small Cap Value |  |  |
|  Class N | 0.25% | 0.25% |
|  Class I | 0.05% | 0.05% |
|  Small/Mid Cap Core |  |  |
|  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 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 June 30, 2025, the Funds had no interfund loans outstanding. The Funds did not borrow during the six months ended June 30, 2025.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Average<br>Lent | Number<br>of Days | Interest<br>Earned | Average <br> Interest Rate  |
| &nbsp;&nbsp; Small Cap Core | $1225291 | 1 | $176 | 5.240% |

---

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 June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | Long Term Securities | Long Term Securities |
| Fund | Purchases | Sales |
|  Small Cap Core | $48107161 | $109990417 |
|  Small Cap Value | 30655070 | 46338127 |
|  Small/Mid Cap Core | 93154095 | 96326234 |

---

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended June 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

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<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 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 by a Fund 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 June 30, 2025, was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Securities<br>Loaned | Cash<br>Collateral<br>Received | Securities<br>Collateral<br>Received | Total <br> Collateral <br> Received  |
| &nbsp;&nbsp; Small Cap Core | $43459943 | $2059718 | $42231496 | $44291214 |
| &nbsp;&nbsp; Small Cap Value | 26419975 | 4262024 | 23001982 | 27264006 |
| &nbsp;&nbsp; Small/Mid Cap Core | 17361690 | 11977 | 17765263 | 17777240 |

---

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

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| | | | |
|:---|:---|:---|:---|
| Fund | Collateral<br> Type | Coupon<br> Range | Maturity <br> Date Range  |
| &nbsp;&nbsp; Small Cap Core | U.S. Treasury Obligations | 0.125%-5.000% | 08/31/25-11/15/54 |
| &nbsp;&nbsp; Small Cap Value | U.S. Treasury Obligations | 0.125%-6.250% | 08/31/25-11/15/54 |
| &nbsp;&nbsp; Small/Mid Cap Core | U.S. Treasury Obligations | 0.125%-5.000% | 08/31/25-11/15/54 |

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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; 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 each 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 Funds to incur losses or underperform relative to its 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.

**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.

**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.

**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.

**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 the 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.

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 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.

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

8. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the Securities Lending Program and Repurchase Agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4.

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross Amount Not Offset in the | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross Amount Not Offset in the | | |
|  | | &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;Statement of Assets and Liabilities | &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;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 |
|  Small Cap Core |  |  |  |  |  |
|  BNP Paribas S.A. | $59718 |  | $59718 | $59718 |  |
|  Cantor Fitzgerald Securities, Inc. | 1000000 |  | 1000000 | 1000000 |  |
|  Citadel Securities LLC | 1000000 |  | 1000000 | 1000000 |  |
|  Fixed Income Clearing Corp. | 10823000 |  | 10823000 | 10823000 |  |
|  Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12882718 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12882718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12882718 |  |
|  Small Cap Value |  |  |  |  |  |
|  Cantor Fitzgerald Securities, Inc. | $1065413 |  | $1065413 | $1065413 |  |
|  CF Secured, LLC | 1065413 |  | 1065413 | 1065413 |  |
|  Citadel Securities LLC | 1065413 |  | 1065413 | 1065413 |  |
|  Deutsche Bank Securities, Inc. | 65785 |  | 65785 | 65785 |  |
|  State of Wisconsin Investment Board | 1000000 |  | 1000000 | 1000000 |  |
|  Fixed Income Clearing Corp. | 2299000 |  | 2299000 | 2299000 |  |
|  Total | $6561024 |  | $6561024 | $6561024 |  |
|  Small/Mid Cap Core |  |  |  |  |  |
|  Citadel Securities LLC | $11977 |  | $11977 | $11977 |  |
|  Fixed Income Clearing Corp. | 4479000 |  | 4479000 | 4479000 |  |
|  Total | $4490977 |  | $4490977 | $4490977 |  |

---

9. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU.

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

10. SUBSEQUENT EVENTS

The Funds have determined that no material events or transactions occurred through the issuance date of the Funds' financial statements which require an additional disclosure in or adjustment of the Funds' financial statements.

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<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 June 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 June 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 June 30, 2025.

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| | |
|:---|:---|
|  | Trustee fees and expenses |
|  AMG GW&K Small Cap Core Fund | $27415 |
|  AMG GW&K Small Cap Value Fund | 9395 |
|  AMG GW&K Small/Mid Cap Core Fund | 34138 |

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

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| AMG GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund, and AMG GW&K Small/Mid Cap Core Fund: Approval of Investment Management and Subadvisory Agreements on June 11, 2025<br>At an in-person meeting held on June 11, 2025, the Board of Trustees (the "Board" or the "Trustees") of AMG Funds (the "Trust"), and separately a majority of the Trustees who are not "interested persons" of the Trust (the "Independent Trustees"), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the "Investment Manager") for each of AMG GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund, and AMG GW&K Small/Mid Cap Core Fund (each, a "Fund," and collectively, the "Funds"), and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the "Investment Management Agreement"); and (ii) the Subadvisory Agreement with respect to each Fund, as amended at any time prior to the date of the meeting (collectively, the "Subadvisory Agreements"), with GW&K Investment Management, LLC, the Funds' subadviser (the "Subadviser"). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreement and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to each Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a "Peer Group"), performance information for the relevant benchmark index for each Fund (each, a "Fund Benchmark"), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Funds, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present. | NATURE, EXTENT AND QUALITY OF SERVICES<br>In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager's operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees' knowledge of the Investment Manager's management and the quality of the performance of the Investment Manager's duties under the Investment Management Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager's oversight of the operation and management of the Funds; (b) the quality of the Investment Manager's oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager's ability to supervise the Funds' other service providers; and (d) the Investment Manager's compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser's investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser's obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in | developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager's undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager's risk management processes.<br>The Trustees also reviewed information relating to the Subadviser's operations and personnel and the investment philosophy, strategies and techniques (its "Investment Strategy") used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser's organizational and management structure and the Subadviser's brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in each Fund's prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser's personnel; and (c) the Subadviser's compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the |

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<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT (continued)<br>

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|:---|:---|:---|
| services required under each Subadvisory Agreement. The Trustees also considered the Subadviser's risk management processes.<br>PERFORMANCE<br>The Board considered each Fund's net performance during relevant time periods as compared to the Fund's Peer Group and Fund Benchmark, considered the gross performance of each Fund as compared to the Subadviser's relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both a Fund's performance results and portfolio composition, as well as the Subadviser's Investment Strategy. The Board was mindful of the Investment Manager's expertise, resources, and attention to monitoring the Subadviser's performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds' subadviser during the period regarding the factors that contributed to the performance of the Funds.<br>With respect to AMG GW&K Small Cap Core Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class N shares (which share class has the earliest inception date of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, below, below, and above, respectively, the median performance of the Peer Group and above the performance of the Fund Benchmark, the Russell 2000 Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's outperformance relative to the Fund Benchmark and more recent outperformance relative to the Peer Group. The Trustees also took into account the fact that the Fund ranked in the top quintile relative to its Peer Group for the 1-year period and the Fund's Class N shares ranked in the top third relative to its Peer Group for the 10-year period. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory.<br>With respect to AMG GW&K Small Cap Value Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's | performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, above, above, and below, respectively, the median performance of the Peer Group and above, above, above, and below, respectively, the performance of the Fund Benchmark, the Russell 2000 Value Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's outperformance relative to the Peer Group and the Fund Benchmark and the fact that the Fund ranked in the top quintile relative to its Peer Group for the 5-year period. The Trustees also took into account the fact that the Fund's subadviser and investment strategy changed effective December 4, 2020, and that the performance information prior to that date reflected that of the Fund's prior subadviser and investment strategy. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory.<br>With respect to AMG GW&K Small/Mid Cap Core Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class I shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, and 5-year periods ended March 31, 2025 and for the period from the Fund's inception on June 30, 2015 through March 31, 2025 was below the median performance of the Peer Group and below the performance of the Fund Benchmark, the Russell 2500 Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's underperformance relative to its Peer Group and Fund Benchmark and the fact that Class I shares of the Fund ranked in the top quintile relative to its Peer Group for the 2020 calendar year and in the top third relative to its Peer Group for the 2021 calendar year. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees | concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.<br>ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE<br>In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called "fallout benefits" such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management's discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.<br>In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management's discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also, with respect to economies of scale, the Trustees |

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<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT (continued)<br>

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|:---|:---|:---|
| noted that as each Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from these relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser's revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management's discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under each Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as a Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>With respect to AMG GW&K Small Cap Core Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were both rated in the Average rating level of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net | annual operating expenses (subject to certain excluded expenses) to 0.90%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG GW&K Small Cap Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were both rated in the Average rating level of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.90%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG GW&K Small/Mid Cap Core Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the Average and Above Average rating level, respectively, of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the | Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.82%. The Trustees took into account management's discussion of the Fund's expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>\* \* \* \* <br>After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.<br>Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of the Investment Management Agreement and each Subadvisory Agreement would be in the best interests of the applicable Fund and its shareholders. Accordingly, on June 11, 2025, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement and the Subadvisory Agreement for each Fund. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g847495dsp004.jpg) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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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> 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<br>LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600 | 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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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g847495dsp004.jpg) <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

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|  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<br>| FIXED INCOME FUNDS<br> AMG GW&K Core Bond ESG<br> AMG GW&K ESG Bond<br> AMG GW&K Municipal Bond<br> AMG GW&K Municipal Enhanced Yield<br> GW&K Investment Management, LLC<br>ALTERNATIVE FUNDS<br>AMG Systematica Managed Futures Strategy<br> AMG Systematica Trend-Enhanced Markets<br> Systematica Investments Limited, acting as general partner of Systematica Investments LP |

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wealth.amg.com 063025 SAR089

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| ![LOGO](g847495dsp004.jpg) | SEMI-ANNUAL FINANCIAL STATEMENTS<br>|

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| AMG Funds |
| June 30, 2025 |
| ![LOGO](g847495dsp004a.jpg) |
| AMG GW&K ESG Bond Fund |
|  Class N: **MGFIX** \| Class I: **MGBIX**  |
| AMG GW&K Municipal Bond Fund |
|  Class N: **GWMTX** \| Class I: **GWMIX**  |
| AMG GW&K Municipal Enhanced Yield Fund |
|  Class N: **GWMNX** \| Class I: **GWMEX** \| Class Z: **GWMZX**  |

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 <br> wealth.amg.com 063025 SAR088

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Semi-Annual Financial Statements — June 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](#fin2847495_1a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K ESG Bond Fund](#fin2847495_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Municipal Bond Fund](#fin2847495_2) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Municipal Enhanced Yield Fund](#fin2847495_3) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin2847495_4) | 16 |
| &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](#fin2847495_5) | 18 |
| &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](#fin2847495_6) | 19 |
| &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](#fin2847495_7) | 20 |
| &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](#fin2847495_8) | 27 |
| &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](#fin2847495_9) | 35 |
| [STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin2847495_10) | 36 |

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Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

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

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| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Corporate Bonds and Notes - 49.2% | Corporate Bonds and Notes - 49.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials - 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc.<br>2.700%, 05/15/40 | $1900000 | $1382270 |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp.<br>6.250%, 11/01/31<sup>1</sup>  | 1575000 | 1589723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings LLC<br>7.050%, 11/15/30<sup>2</sup>  | 2049000 | 2156483 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.<br>7.000%, 03/15/32<sup>1,3</sup>  | 2000000 | 1885323 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.450% to 08/01/30 then U.S. Treasury Yield Curve CMT 5 year + 4.366%), 8.450%, 11/01/55<sup>4,5</sup>  | 1718000 | 1758156 |
| &nbsp;&nbsp;&nbsp;&nbsp; FMG Resources August 2006 Pty, Ltd. (Australia)<br>4.500%, 09/15/27<sup>1</sup>  | 2000000 | 1975962 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methanex Corp. (Canada)<br>5.125%, 10/15/27 | 1205000 | 1200896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 11948813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.500%, 05/01/32 | 2500000 | 2328107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc.<br>5.500%, 01/15/40 | 1400000 | 1446099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp.<br>4.650%, 02/15/33<sup>3</sup>  | 867000 | 861611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Media Corp.<br>4.875%, 01/15/29 | 1800000 | 1779333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc.<br>5.500%, 02/23/54<sup>3</sup>  | 1625000 | 1570432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 7985582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical - 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc.<br>1.750%, 10/01/27 | 850000 | 793513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust (Canada)<br>Series 20-1, C, 10.500%, 07/15/26<sup>1</sup> | 1000000 | 1051370 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aramark Services, Inc.<br>5.000%, 02/01/28<sup>1</sup>  | 1785000 | 1777817 |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.<br>3.850%, 03/01/32 | 1600000 | 1473949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.<br>6.875%, 11/01/35<sup>3</sup>  | 940000 | 974904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp. (Panama)<br>6.650%, 01/15/28 | 850000 | 875778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc.<br>5.250%, 07/10/30 | 1750000 | 1761233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp.<br>5.750%, 03/30/32<sup>3</sup>  | 1425000 | 1462929 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home<br>4.800%, 11/15/29<sup>3</sup>  | 1222000 | 1190064 |

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|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.<br>3.950%, 02/15/30 | $335000 | $313356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 02/01/28 | 1000000 | 993657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada)<br>5.875%, 06/01/35<sup>3</sup>  | 1752000 | 1798068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc.<br>4.750%, 01/15/28<sup>3</sup>  | 1600000 | 1564730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.<br>3.750%, 04/01/29<sup>1</sup>  | 1075000 | 1030042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 10/01/40 | 911000 | 917014 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International<br>6.125%, 09/15/29<sup>3</sup>  | 1000000 | 1017146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc.<br>4.750%, 09/15/29 | 1050000 | 1031718 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc.<br>3.750%, 06/15/29 | 1500000 | 1422871 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc.<br>6.000%, 02/15/35 | 2050000 | 2146949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises, Ltd. (Liberia)<br>6.000%, 02/01/33<sup>1</sup>  | 875000 | 891867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc.<br>6.750%, 03/01/32<sup>3</sup>  | 1303000 | 1337670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp.<br>4.875%, 03/15/27 | 750000 | 752465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co.<br>4.625%, 03/01/30<sup>1</sup>  | 575000 | 551280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/27<sup>2</sup>  | 475000 | 479216 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc. Pass-Through Trust<br>Series 2024-1, AA, 5.450%, 02/15/37 | 1898334 | 1915837 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc.<br>4.050%, 06/29/48 | 1850000 | 1531438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Whirlpool Corp.<br>4.750%, 02/26/29<sup>3</sup>  | 1800000 | 1769841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc.<br>3.625%, 03/15/31<sup>3</sup>  | 1110000 | 1024526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Cyclical |  | 33851248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-cyclical - 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advocate Health & Hospitals Corp.<br>4.272%, 08/15/48 | 1670000 | 1379922 |
| &nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc.<br>4.375%, 04/15/38 | 1900000 | 1772831 |
| &nbsp;&nbsp;&nbsp;&nbsp; APi Group DE, Inc.<br>4.125%, 07/15/29<sup>1</sup>  | 1255000 | 1196529 |
| &nbsp;&nbsp;&nbsp;&nbsp; Centene Corp.<br>3.375%, 02/15/30 | 2670000 | 2459160 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health<br>3.347%, 10/01/29 | 600000 | 573727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.<br>6.650%, 08/28/28<sup>2</sup>  | 950000 | 988207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp.<br>4.750%, 02/01/30<sup>3</sup>  | 1050000 | 1036673 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K ESG Bond Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer, Non-cyclical - 6.9%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer, Non-cyclical - 6.9%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Ford Foundation<br>Series 2020, 2.415%, 06/01/50 | $2690000 | $1565889 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc.<br>3.500%, 09/01/30 | 1550000 | 1465731 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc.<br>7.000%, 06/15/30<sup>1</sup> | 2000000 | 2088715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co.<br>4.625%, 10/01/39 | 2480000 | 2224560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime Finance, Inc.<br>5.750%, 04/15/26<sup>1</sup>  | 882000 | 886574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp.<br>2.400%, 02/15/30 | 1000000 | 914695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc.<br>4.250%, 06/01/28<sup>1</sup>  | 2045000 | 1997948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.<br>4.625%, 06/15/28 | 1735000 | 1713245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III, B.V. (Netherlands)<br>5.125%, 05/09/29<sup>3</sup>  | 2300000 | 2313250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-cyclical |  | 24577656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 13.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp., MTN<br>5.200%, 07/15/31 | 825000 | 842905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle, Ltd./Aircastle Ireland DAC (Bermuda)<br>5.750%, 10/01/31<sup>1</sup>  | 1975000 | 2029291 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.543% to 01/17/30 then<br>SOFR Index + 1.730%),<br>5.543%, 01/17/31<sup>4,5</sup>  | 1443000 | 1463276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN, (4.330% to 03/15/49 then<br>3 month SOFR + 1.782%),<br>4.330%, 03/15/50<sup>4,5</sup>  | 2775000 | 2304598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.872% to 09/15/33 then SOFR + 1.840%), 5.872%, 09/15/34<sup>4,5</sup> | 3050000 | 3218543 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, (3.700% to 03/20/26 then U.S. Treasury Yield Curve CMT 5 year + 3.352%), 3.700%, 03/20/26<sup>3,4,5,6</sup>  | 2000000 | 1981158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties LP<br>2.550%, 04/01/32 | 1730000 | 1459456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. |  |  |
| &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>4,5</sup>  | 1950000 | 2266658 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, (5.000% to 06/01/27 then U.S. Treasury Yield Curve CMT 5 year + 3.256%), 5.000%, 06/01/27<sup>4,5,6</sup>  | 1773000 | 1766752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, (6.250% to 08/15/26 then 3 month SOFR + 4.779%), 6.250%, 08/15/26<sup>3,4,5,6</sup>  | 825000 | 833061 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, (7.625% to 11/15/28 then U.S. Treasury Yield Curve CMT 5 year + 3.211%), 7.625%, 11/15/28<sup>4,5,6</sup>  | $1278000 | $1344957 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.561% to 10/24/33 then SOFR + 1.950%), 6.561%, 10/24/34<sup>4,5</sup> | 1650000 | 1824449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.850% to 02/10/30 then U.S. Treasury Yield Curve CMT 5 year + 2.461%), 6.850%, 02/10/30<sup>4,5,6</sup>  | 1795000 | 1852419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.443% to 08/04/27 then SOFR + 1.970%), 4.443%, 08/04/28<sup>4,5</sup> | 1080000 | 1079402 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.157% to 04/22/41 then SOFR + 1.460%), 3.157%, 04/22/42<sup>4,5</sup> | 2710000 | 2043441 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp, MTN<br>4.100%, 04/30/28 | 1095000 | 1088097 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.413% to 10/30/28 then SOFR + 2.800%), 7.413%, 10/30/29<sup>3,4,5</sup>  | 1837000 | 1992330 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. |  |  |
| &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>4,5,6</sup>  | 2880000 | 2865121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.431% to 01/23/29 then<br>3 month SOFR + 1.890%),<br>4.431%, 01/23/30<sup>4,5</sup>  | 1548000 | 1545824 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp.<br>6.625%, 01/15/28 | 950000 | 981045 |
| &nbsp;&nbsp;&nbsp;&nbsp; The PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.068% to 01/24/33 then SOFR + 1.933%), 5.068%, 01/24/34<sup>4,5</sup> | 2386000 | 2397874 |
| &nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp.<br>3.875%, 02/15/27 | 1015000 | 999370 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp.<br>6.500%, 01/31/30<sup>3</sup>  | 1400000 | 1469489 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.<br>4.375%, 01/15/27<sup>1</sup>  | 1775000 | 1758362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.867% to 06/08/33 then SOFR + 2.361%), 5.867%, 06/08/34<sup>4,5</sup> | 2213000 | 2311899 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.775% to 06/12/28 then SOFR + 2.020%), 5.775%, 06/12/29<sup>4,5</sup>  | 1400000 | 1453773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.350% to 03/02/32 then SOFR + 1.500%), 3.350%, 03/02/33<sup>4,5</sup> | 2025000 | 1849331 |
| &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>3,4,5,6</sup>  | 1462000 | 1570257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 48593138 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K ESG Bond Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp.<br>2.875%, 08/15/30 | $3625000 | $3267882 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc.<br>4.125%, 06/30/28<sup>1</sup>  | 1210000 | 1180439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clean Harbors, Inc.<br>4.875%, 07/15/27<sup>1</sup>  | 1270000 | 1263770 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.<br>5.000%, 12/15/29<sup>1,3</sup>  | 2000000 | 1964264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC<br>3.500%, 03/01/29<sup>1</sup>  | 2600000 | 2452251 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Engineering Group, Inc.<br>5.900%, 03/01/33 | 3168000 | 3296611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc.<br>4.000%, 06/15/29<sup>1</sup>  | 2650000 | 2544102 |
| &nbsp;&nbsp;&nbsp;&nbsp; OI European Group, B.V. (Netherlands)<br>4.750%, 02/15/30<sup>1,3</sup>  | 1500000 | 1442916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning<br>7.000%, 12/01/36<sup>2</sup>  | 1800000 | 2019311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co.<br>2.850%, 02/01/32<sup>3</sup>  | 1822000 | 1600346 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc.<br>6.200%, 01/15/38 | 1500000 | 1637246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 22669138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology - 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp.<br>8.100%, 07/15/36 | 972000 | 1171540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.<br>3.150%, 10/15/31 | 2375000 | 2144875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc.<br>5.875%, 02/09/33 | 1400000 | 1459980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp.<br>2.525%, 06/01/50 | 2450000 | 1514024 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc.<br>3.250%, 08/15/33<sup>1</sup>  | 2015000 | 1765803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Holdings, Inc.<br>4.125%, 02/15/30<sup>1</sup>  | 1125000 | 1063254 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. (South Korea)<br>2.375%, 01/19/31<sup>1</sup>  | 2800000 | 2475156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc.<br>3.625%, 03/15/29 | 600000 | 571226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/31<sup>3</sup>  | 2194000 | 2051984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 14217842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (7.000% to 03/03/34 then U.S. Treasury Yield Curve CMT 5 year + 2.511%), 7.000%, 06/01/54<sup>4,5</sup> | 2189000 | 2348648 |
| &nbsp;&nbsp;&nbsp;&nbsp; DPL, Inc.<br>4.350%, 04/15/29 | 1000000 | 967686 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp.<br>2.550%, 06/15/31<sup>3</sup>  | $1995000 | $1777619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.450% to 06/01/34 then U.S. Treasury Yield Curve CMT 5 year + 2.588%), 6.450%, 09/01/54<sup>3,4,5</sup>  | 2290000 | 2353691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.500% to 12/15/34 then U.S. Treasury Yield Curve CMT 5 year + 1.975%), 6.500%, 03/15/55<sup>3,4,5</sup>  | 2315000 | 2354739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 9802383 |
|  Total Corporate Bonds and Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $178,001,262) |  | 173645800 |
|  Asset-Backed Securities - 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A2A<br>4.630%, 03/15/28 | 1547000 | 1548490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1<br>5.250%, 02/25/49<sup>1</sup>  | 3050000 | 3066280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO II, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2A, Class A1RR<br>(3 month SOFR + 1.350%, Cap N/A, Floor 1.350%), 5.619%, 10/20/37<sup>1,5</sup>  | 1715000 | 1720574 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-B, Class A4<br>3.930%, 08/15/27 | 1603000 | 1598117 |
| &nbsp;&nbsp;&nbsp;&nbsp; John Deere Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A, Class A4<br>2.490%, 01/16/29 | 2206000 | 2195950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A1R<br>(3 month SOFR + 1.530%, Cap N/A, Floor 1.530%), 5.791%, 04/16/37<sup>1,5</sup>  | 990000 | 995486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-7, Class B<br>5.950%, 01/17/28 | 1436548 | 1440755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Toyota Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B, Class A4<br>0.530%, 10/15/26 | 238906 | 238501 |
|  Total Asset-Backed Securities<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,766,392) |  | 12804153 |
|  Mortgage-Backed Securities - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1, Class A6<br>6.500%, 01/25/55<sup>1,5</sup>  | 990398 | 999984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class 1M1<br>5.355%, 01/25/44<sup>1,5</sup>  | 1150187 | 1149474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1<br>5.405%, 02/25/44<sup>1,5</sup>  | 897559 | 897273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1A1<br>5.455%, 09/25/44<sup>1,5</sup>  | 738274 | 740794 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K ESG Bond Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; DATA Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-CNTR, Class A<br>5.919%, 08/12/43<sup>1,5</sup>  | $1900000 | $1921509 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-K53, Class B<br>4.187%, 03/25/49<sup>1,5</sup>  | 2300000 | 2282696 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ4, Class A6<br>2.500%, 09/25/51<sup>1,5</sup>  | 2511552 | 2338482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class A8<br>2.500%, 02/26/52<sup>1,5</sup>  | 1471105 | 1302608 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A6<br>2.500%, 11/25/51<sup>1,5</sup>  | 1720154 | 1603120 |
|  Total Mortgage-Backed Securities<br>(Cost $13,162,342) |  | 13235940 |
| Municipal Bonds - 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority<br>4.190%, 06/01/37 | 3395000 | 3177787 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State General Obligation, School Improvements, Build America Bonds<br>7.550%, 04/01/39 | 2030000 | 2432918 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport,<br>Series A<br>4.507%, 11/01/51 | 1000000 | 862348 |
| &nbsp;&nbsp;&nbsp;&nbsp; JobsOhio Beverage System, Series A 2.833%, 01/01/38 | 3700000 | 3045124 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Pension Funding, Series A<br>(National Insured)<br>7.425%, 02/15/29 | 3300000 | 3485234 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey 6.040%, 12/01/29 | 550000 | 589800 |
|  Total Municipal Bonds<br>(Cost $15,708,786) |  | 13593211 |
| U.S. Government and Agency Obligations - 38.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae - 16.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/35 to 08/01/49 | 23494437 | 22105578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/44 to 06/01/49 | 17290692 | 16446004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/48 to 11/01/52 | 6887318 | 6733773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/50 | 2268558 | 2265100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/52 | 5113283 | 5153911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/54 | 4688458 | 4892417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fannie Mae |  | 57596783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac - 11.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/36 | 6227646 | 5705500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/51 | 10700953 | 9357747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/50 | 4187095 | 3807802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/48 to 12/01/48 | 7645574 | 7432591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/53 | 5695333 | 5764800 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5106, Class KA<br>2.000%, 03/25/41 | $3815288 | $3583965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5297, Class DA<br>5.000%, 12/25/52 | 1751095 | 1744584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M1<br>5.655%, 02/25/44<sup>1,5</sup>  | 1354535 | 1357139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac |  | 38754128 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations - 10.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds<br>1.250%, 05/15/50 | 5625000 | 2701758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/51 | 9097000 | 5109955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/15/41 | 15359000 | 11154474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/46 | 1796000 | 1244572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/48 | 10968000 | 8321541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/53 | 6760000 | 5518378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/43 | 4324000 | 3870656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 37921334 |
|  Total U.S. Government and Agency Obligations<br>(Cost $156,250,938) |  | 134272245 |
|  Short-Term Investments - 7.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 6.5%<sup>7</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bethesda Securities LLC, dated 06/30/25, due 07/01/25, 4.480% total to be received $5,448,300 (collateralized by various U.S. Government Agency Obligations, 2.500% -6.000%, 10/01/27 - 02/01/57, totaling $5,556,574) | 5447622 | 5447622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $5,735,051 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 -05/15/55, totaling $5,849,752) | 5734339 | 5734339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marex Capital Markets, Inc., dated 06/30/25, due 07/01/25, 4.480% total to be received $5,448,300 (collateralized by various U.S. Government Agency Obligations, 2.000% -7.000%, 12/01/29 - 06/20/55, totaling $5,556,574) | 5447622 | 5447622 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin Investment Board, dated 06/30/25, due 07/01/25, 4.480% total to be received $5,448,300 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/26 -02/15/54, totaling $5,540,195) | 5447622 | 5447622 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities LLC, dated 06/30/25, due 07/01/25, 4.400% total to be received $862,094 (collateralized by a U.S. Treasury, 4.750%, 05/15/55, totaling $879,229) | 861989 | 861989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 22939194 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K ESG Bond Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $2,846,324 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $2,903,021) | $2846000 | $2846000 |
|  Total Short-Term Investments<br>(Cost $25,785,194) |  | 25785194 |

---

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **Total Investments - 105.7%**<br> (Cost $401,674,914) | $373336543 |
|  Other Assets, less Liabilities - (5.7)% | (20180364) |
|  Net Assets - 100.0% | $353156179 |

---

<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 June 30, 2025, the value of these securities amounted to $57,238,177 or 16.2% of net assets. 

<sup>2</sup> Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

<sup>3</sup> Some of these securities, amounting to $34,389,276 or 9.7% 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>4</sup> Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date.

<sup>5</sup> Variable rate security. The rate shown is based on the latest available information as of June 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>6</sup> Perpetuity Bond. The date shown represents the next call date.

<sup>7</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

---

| | |
|:---|:---|
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| DAC | Designated Activity Co. |
| FHLMC | Freddie Mac |
| FNMA | Fannie Mae |
| MTN | Medium-Term Note |
| National Insured | National Public Finance Guarantee Corp. |
| 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds and Notes<sup>†</sup>  |  | $173645800 |  | $173645800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 12804153 |  | 12804153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 13235940 |  | 13235940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 13593211 |  | 13593211 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations<sup>†</sup>  |  | 134272245 |  | 134272245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 22939194 |  | 22939194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2846000 |  | 2846000 |
|  Total Investments in Securities |  | $373336543 |  | $373336543 |

---

---

| | |
|:---|:---|
| <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 June 30, 2025, there were no transfers in or out of Level 3.

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

------

AMG GW&K Municipal Bond Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Municipal Bonds - 100.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Public School and College Authority, Series A<br>5.000%, 11/01/34 | $5000000 | $5399568 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson Sewer Revenue<br>5.250%, 10/01/49 | 5810000 | 5874408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Alabama |  | 11273976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Series D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/40 | 2150000 | 2240085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/41 | 1000000 | 1031059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Arizona |  | 3271144 |
| &nbsp;&nbsp;&nbsp;&nbsp; California - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Medical Centers, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/31 | 900000 | 914355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Series A, (BAM)<br>5.000%, 07/01/43 | 1250000 | 1301592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Series B,<br>5.000%, 07/01/31 | 2955000 | 3211071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/32 | 4230000 | 4618340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/33 | 3550000 | 3896757 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Commission, San Francisco International Airport, Series A,<br>5.000%, 05/01/32 | 3000000 | 3198697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/34 | 5010000 | 5197011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/35 | 5800000 | 5990314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total California |  | 28328137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority,<br>Series A<br>5.000%, 08/01/33 | 4260000 | 4468847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority,<br>5.000%, 07/01/31 | 6205000 | 6668330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/33 | 2750000 | 2951506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/34 | 3100000 | 3305284 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Obligation, Transportation Infrastructure, Series B<br>5.000%, 10/01/35 | 7500000 | 7830078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Connecticut |  | 20755198 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Series B<br>5.000%, 06/01/31 | 5080000 | 5371054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida - 5.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Aviation Revenue, Series A<br>5.000%, 10/01/35 | 5000000 | 5331933 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority<br>5.000%, 08/15/37 | $6000000 | $6174619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp.<br>4.000%, 11/15/33 | 10000000 | 10038450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Series 3, (GNMA FNMA FHLMC)<br>4.500%, 07/01/44 | 4995000 | 4789505 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, Series 1<br>5.000%, 04/01/34 | 3145000 | 3276432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Educational Facilities Authority, Series B<br>5.250%, 04/01/36 | 5000000 | 5604653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Series A<br>5.000%, 10/01/31 | 4525000 | 4593037 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Board of Administration Finance Corp., Series A<br>5.526%, 07/01/34 | 10000000 | 10260415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Florida |  | 50069044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Series A,<br>5.000%, 09/01/32 | 6500000 | 7250410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/33 | 5000000 | 5618699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Georgia |  | 12869109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois - 11.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien, Series A,<br>5.000%, 01/01/36 | 10050000 | 10214303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/38 | 5500000 | 5543556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Series A<br>5.250%, 01/01/41 | 2000000 | 2085874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, Series A,<br>5.000%, 12/01/43 | 3000000 | 3064244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/44 | 5000000 | 5084739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Series A,<br>4.000%, 08/15/37 | 5910000 | 5635038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/34 | 4640000 | 5165552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Series B<br>5.000%, 04/01/35 | 2970000 | 3289910 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Senior Revenue, Series A,<br>5.000%, 01/01/30 | 5000000 | 5352640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/31 | 9735000 | 9810294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/36 | 3000000 | 3303217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Water Reclamation District of Greater Chicago, Series A,<br>5.000%, 12/01/39 | 5000000 | 5378809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/40 | 5000000 | 5357064 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois<br>5.000%, 02/01/33 | 7255000 | 7884197 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Municipal Bond Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
| | Principal <br> Amount  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois - 11.6%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois Sales Tax Revenue, Series B<br>5.000%, 06/15/37 | $6000000 | $6503224 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series A<br>5.250%, 03/01/37 | 8500000 | 9019279 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series B,<br>5.000%, 05/01/34 | 10000000 | 10696883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/42 | 2000000 | 2067048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/45 | 2000000 | 2032876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Illinois |  | 107488747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Series A<br>5.000%, 02/01/32 | 5000000 | 5499233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, State Revolving Fund Green Bond<br>5.000%, 08/01/30 | 10025000 | 10423169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky - 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, Series A,<br>5.000%, 10/01/32 | 2000000 | 2237273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/37 | 5650000 | 6164074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/40 | 7750000 | 8237762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/41 | 8500000 | 8947703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, Series B,<br>5.000%, 04/01/34 | 6310000 | 7114944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/35 | 5595000 | 6296470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Kentucky |  | 38998226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority<br>5.500%, 09/01/54 | 2500000 | 2544890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District, Series A,<br>5.000%, 07/01/40 | 2750000 | 2879707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/42 | 11500000 | 11809144 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Louisiana, Series A<br>5.000%, 09/01/30 | 2000000 | 2121490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Louisiana |  | 19355231 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Stadium Authority<br>5.000%, 06/01/40 | 2500000 | 2666998 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Stadium Authority Sports Entertainment Facilities Revenue<br>5.000%, 06/15/37 | 3320000 | 3629843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland State Transportation Authority<br>5.000%, 07/01/33 | 5000000 | 5435216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Maryland |  | 11732057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency,<br>5.250%, 07/01/48 | 4250000 | 4208275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/45 | 1490000 | 1509280 |

---

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Series 1,<br>5.000%, 07/01/40 | $1870000 | $1943097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/41 | 2095000 | 2155555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Massachusetts |  | 9816207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan - 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue, Series B,<br>5.000%, 07/01/34 | 10000000 | 11339833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/35 | 8000000 | 8936757 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, Series A<br>5.000%, 07/01/35 | 2500000 | 2809913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford<br>Health System<br>5.000%, 11/15/29 | 3500000 | 3578117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority, Series I<br>5.000%, 04/15/33<sup>1</sup>  | 3175000 | 3571981 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Series A<br>4.850%, 12/01/45 | 3000000 | 2981353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Michigan |  | 33217954 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Series A<br>5.000%, 12/01/35 | 3000000 | 3242827 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey - 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Series A<br>5.250%, 11/01/40 | 7000000 | 7342661 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Series SSS,<br>5.250%, 06/15/36 | 3000000 | 3302268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/37 | 2000000 | 2180347 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority, Series D<br>5.000%, 01/01/28 | 4500000 | 4631177 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Series A,<br>5.250%, 06/15/41 | 2700000 | 2843174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/42 | 2500000 | 2615274 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Series B,<br>5.000%, 06/15/30 | 6255000 | 6814629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/31 | 7615000 | 8378427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/32 | 5750000 | 6279078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/33 | 6000000 | 6499896 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Series BB<br>4.000%, 06/15/37 | 3000000 | 2905671 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Series CC<br>5.000%, 06/15/40 | 2000000 | 2094229 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Municipal Bond Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - 6.9%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, Series B,<br>5.000%, 01/01/33 | $2890000 | $3245848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/34 | 1000000 | 1127271 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority,<br>5.000%, 11/01/39 | 1150000 | 1184924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/41 | 2615000 | 2672911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New Jersey |  | 64117785 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York - 21.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York<br>5.000%, 08/01/34 | 5000000 | 5562272 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series 1<br>5.000%, 09/01/40 | 5000000 | 5334536 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series C,<br>5.000%, 08/01/33 | 1500000 | 1621751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/34 | 3250000 | 3492835 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series D<br>5.000%, 04/01/32 | 5000000 | 5586368 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series F,<br>5.000%, 08/01/32 | 4000000 | 4480965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/36 | 5000000 | 5532467 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series L-5<br>5.000%, 04/01/33 | 6500000 | 7103158 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority<br>5.000%, 09/01/35 | 5030000 | 5271055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority,<br>Green Bond, Series B<br>5.000%, 11/15/27 | 7475000 | 7830612 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority,<br>Series A<br>5.000%, 11/15/37 | 7460000 | 8048646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority,<br>Series F<br>5.000%, 11/15/28 | 4760000 | 4788164 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance<br>Authority Building Aid Revenue,<br>Series S-3, (State Aid Withholding)<br>5.000%, 07/15/31 | 5080000 | 5350862 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance<br>Authority, Future Tax Secured Subordinate, Series A-1,<br>5.000%, 05/01/40 | 2500000 | 2641170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/41 | 3000000 | 3142189 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance<br>Authority, Future Tax Secured Subordinate, Series E-1<br>5.000%, 02/01/37 | 7000000 | 7409795 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance<br>Authority, Future Tax Secured Subordinate, Series F-1<br>5.000%, 02/01/39 | 4000000 | 4231928 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance<br>Authority, Series 1,<br>5.000%, 11/01/37 | 2000000 | 2187878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/39 | 4000000 | 4285434 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority<br>4.000%, 05/01/39 | 2000000 | 1919121 |

---

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Series A,<br>5.000%, 03/15/31 | $7670000 | $8131096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/33 | 2000000 | 2222240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/36 | 5000000 | 5574130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/37 | 5000000 | 5523878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/38 | 5000000 | 5458612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/40 | 5250000 | 5586511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/41 | 9340000 | 9843928 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Series E<br>5.000%, 03/15/32 | 8410000 | 8432961 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp.<br>5.000%, 03/15/32 | 5000000 | 5446243 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp.,<br>4.000%, 10/31/41 | 1250000 | 1101227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/46 | 1500000 | 1264059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/30 | 1000000 | 1083048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/31 | 1100000 | 1186803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/32 | 1450000 | 1556928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/33 | 1000000 | 1068252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/36 | 10000000 | 10335444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/30/49 | 5000000 | 4976716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/30/54 | 3000000 | 3098978 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (AG)<br>5.000%, 06/30/49 | 2010000 | 1978404 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Series A<br>5.500%, 12/31/54 | 4500000 | 4533233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Series 221<br>5.000%, 07/15/32 | 5000000 | 5281057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority,<br>Series A,<br>5.000%, 12/01/41 | 1200000 | 1271729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/42 | 2000000 | 2097415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/43 | 1500000 | 1564432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New York |  | 194438530 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Union Enterprise System Revenue,<br>1.750%, 06/01/34 | 3300000 | 2671883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 06/01/35 | 4225000 | 3317344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 06/01/36 | 4315000 | 3320716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 06/01/40 | 3350000 | 2381410 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority,<br>Series A, (AG)<br>5.000%, 01/01/58 | 9000000 | 9011970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total North Carolina |  | 20703323 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Series A<br>4.940%, 07/01/45 | 3000000 | 2984216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority,<br>Series A,<br>5.000%, 01/01/34 | 1300000 | 1395547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/35 | 1200000 | 1285025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/36 | 2500000 | 2651322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Series A, (GNMA FNMA FHLMC)<br>4.350%, 09/01/44 | 2960000 | 2835377 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Municipal Bond Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio - 1.4%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio State General Obligation, Series T<br>5.000%, 05/01/30 | $5000000 | $5191644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ohio |  | 13358915 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, Series B,<br>5.000%, 01/01/39<sup>1</sup>  | 2650000 | 2859044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/40<sup>1</sup>  | 2115000 | 2251603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/41<sup>1</sup>  | 1750000 | 1832547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/42<sup>1</sup>  | 2000000 | 2075593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Oklahoma |  | 9018787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania - 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, Series A,<br>5.000%, 01/01/31 | 1350000 | 1442898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/32 | 2215000 | 2352282 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia, Series C,<br>5.000%, 08/01/33 | 1190000 | 1337303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/34 | 1605000 | 1802969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/35 | 2000000 | 2240815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Pennsylvania Tobacco<br>5.000%, 06/01/32 | 7910000 | 8210720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia, (AG)<br>4.000%, 07/01/38 | 2500000 | 2405919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/39 | 2000000 | 1898149 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority,<br>5.250%, 06/30/35 | 3000000 | 3221833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/30/48 | 6000000 | 6183395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Series B<br>5.000%, 03/15/39 | 1020000 | 1065710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Series 146A<br>4.500%, 10/01/44 | 6500000 | 6236249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Pennsylvania |  | 38398242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp.<br>5.250%, 05/15/49 | 5175000 | 5168092 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Richland County School District No 2, Series A, (South Carolina School District)<br>2.000%, 03/01/38 | 6190000 | 4612990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/39 | 10080000 | 7259397 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Series B,<br>5.000%, 12/01/41 | 2250000 | 2333646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/43 | 3725000 | 3808624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total South Carolina |  | 18014657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chattanooga Electric System Revenue<br>2.000%, 09/01/39 | 8925000 | 6349549 |

---

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas - 13.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Turnpike System, Series C,<br>5.000%, 08/15/39 | $2500000 | $2649672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/40 | 1500000 | 1578627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/41 | 1500000 | 1564187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/42 | 1000000 | 1034266 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin Electric Utility Revenue<br>5.000%, 11/15/35 | 5000000 | 5522724 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Corpus Christi Utility System, Junior Lien Revenue Improvement<br>5.000%, 07/15/29 | 3125000 | 3309702 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System, Series A,<br>4.000%, 07/01/35 | 1100000 | 1087773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/36 | 1100000 | 1066327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/34 | 2835000 | 2991342 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Series A,<br>5.000%, 03/01/40 | 2000000 | 2109172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/41 | 2500000 | 2611122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/42 | 2245000 | 2325126 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems, Series A,<br>5.000%, 02/01/31 | 8715000 | 9644275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/34 | 5460000 | 6112463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/35 | 3000000 | 3324578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/37 | 3010000 | 3187275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/38 | 2985000 | 3133666 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems, Series D<br>5.000%, 02/01/39 | 6455000 | 6947194 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Harris Toll Road First Lien, Series A<br>5.000%, 08/15/34 | 5000000 | 5576410 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Harris Toll Road Revenue, Series A<br>5.000%, 08/15/36 | 4000000 | 4406000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County-Houston Sports Authority, Series B, (AG)<br>5.000%, 11/15/44 | 2115000 | 2159264 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District<br>5.000%, 02/15/34 | 7965000 | 8850967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority<br>5.000%, 05/15/31 | 6000000 | 6602073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority, Series A,<br>5.000%, 05/15/31 | 2300000 | 2530795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/32 | 2000000 | 2217793 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, 2nd Tier, Series B<br>5.000%, 01/01/32 | 3010000 | 3080784 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Series A<br>5.250%, 01/01/38 | 4500000 | 4842427 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Series B<br>5.000%, 01/01/33 | 7735000 | 8599443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosper Independent School District,<br>Series A, (PSF-GTD)<br>1.750%, 02/15/34 | 3565000 | 2889333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 02/15/35 | 5155000 | 4056094 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Municipal Bond Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas - 13.7%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp.,<br>5.500%, 06/30/41 | $1000000 | $1031870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/30/42 | 1000000 | 1026003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/30/43 | 1000000 | 1021911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Series A,<br>4.000%, 12/31/37 | 5000000 | 4827862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/31/38 | 3735000 | 3554763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Texas |  | 127473283 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, Series A, (AG)<br>5.000%, 06/01/36 | 1620000 | 1691588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/37 | 1700000 | 1765535 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermountain Power Agency,<br>5.000%, 07/01/33 | 3500000 | 3835502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/34 | 3500000 | 3789913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermountain Power Agency,<br>Series A<br>5.000%, 07/01/34 | 5250000 | 5629277 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City Corp. Airport Revenue,<br>Series A<br>5.000%, 07/01/30 | 6585000 | 6821125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utah |  | 23532940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority,<br>4.000%, 01/01/37 | 3000000 | 2850049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/38 | 3000000 | 2816739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Virginia |  | 5666788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, Series C<br>5.000%, 08/01/31 | 5000000 | 5364555 |

---

<sup>1</sup> All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at June 30, 2025, amounted to $12,590,768 or 1.4% of net assets. 

---

| | |
|:---|:---|
| AG | Assured Guaranty |
| BAM | Build America Mutual Assurance Co. |
| FHLMC | Freddie Mac |

---

---

| | | |
|:---|:---|:---|
| | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Series A<br>5.000%, 08/01/38 | $3270000 | $3330940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Washington |  | 8695495 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Series B<br>6.000%, 09/01/48 | 5250000 | 5621081 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Parkways Authority,<br>5.000%, 06/01/37 | 1750000 | 1867458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/38 | 2000000 | 2116900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/39 | 5150000 | 5413901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total West Virginia |  | 15019340 |
|  Total Municipal Bonds | Total Municipal Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $963,467,304) |  | 929120102 |
|  Short-Term Investments - 0.1% | Short-Term Investments - 0.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $1,545,176 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $1,575,949) | 1545000 | 1545000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,545,000) |  | 1545000 |
|  Total Investments - 100.3% | Total Investments - 100.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $965,012,304) |  | 930665102 |
|  Other Assets, less Liabilities - (0.3)% | Other Assets, less Liabilities - (0.3)% | (3201986) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $927463116 |

---

---

| | |
|:---|:---|
| FNMA | Fannie Mae |
| GNMA | Ginnie Mae |
| PSF-GTD | Permanent School Fund Guaranteed |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Municipal Bond Fund Schedule of Portfolio Investments (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds<sup>†</sup>  |  | $929120102 |  | $929120102 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1545000 |  | 1545000 |
|  Total Investments in Securities |  | $930665102 |  | $930665102 |

---

<sup>†</sup> All municipal bonds held in the Fund are Level 2 securities. For a detailed breakout of municipal bonds by major classification, please refer to the Fund's Schedule of Portfolio Investments.

For the six months ended June 30, 2025, there were no transfers in or out of Level 3.

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

------

AMG GW&K Municipal Enhanced Yield Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Municipal Bonds - 98.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson Sewer Revenue<br>5.500%, 10/01/53 | $1000000 | $1025102 |
| &nbsp;&nbsp;&nbsp;&nbsp; California - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority<br>5.000%, 05/15/48 | 1005000 | 967607 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Series A<br>4.000%, 02/01/51 | 1000000 | 815384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Series A<br>5.000%, 07/01/50 | 1000000 | 1007550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total California |  | 2790541 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado - 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority,<br>Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/44 | 1000000 | 984859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/45 | 1000000 | 1003084 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy Natural Gas Purchase Revenue<br>6.500%, 11/15/38 | 5395000 | 6341189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Colorado |  | 8329132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority<br>4.000%, 07/01/42 | 1000000 | 898510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida - 11.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/54<sup>1</sup>  | 1000000 | 884846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/64<sup>1</sup>  | 1000000 | 859232 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Seaport Department, Series A<br>5.250%, 10/01/52 | 1000000 | 986833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority<br>4.000%, 08/15/50 | 5065000 | 4118728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/52 | 2515000 | 2003963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/52 | 1675000 | 1539646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority<br>4.000%, 08/01/50 | 4185000 | 3520740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Health Facilities Authority<br>4.000%, 11/15/46 | 4185000 | 3564861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Series B<br>5.000%, 11/15/55 | 1500000 | 1415668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No 15<br>4.800%, 05/01/55<sup>1</sup>  | 1000000 | 910143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Florida |  | 19804660 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fayette County Development Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/01/49 | $1500000 | $1523554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/01/54 | 1500000 | 1510847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Georgia |  | 3034401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/52 | 2515000 | 2043746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/50 | 2835000 | 2771288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Illinois |  | 4815034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/54 | 1000000 | 955870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/59 | 1250000 | 1181693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 03/01/50 | 1500000 | 1453991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/64 | 1250000 | 1213570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Indiana |  | 4805124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/01/59 | 2500000 | 2537437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 09/01/64 | 2500000 | 2573215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Louisiana |  | 5110652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts - 7.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/51 | 4340000 | 3415809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/50 | 1250000 | 1236986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/52 | 2245000 | 2192191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/55 | 1000000 | 954980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/55 | 1000000 | 978236 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/54 | 1000000 | 895425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/50 | 1000000 | 1009761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Series A<br>5.000%, 07/01/54<sup>1</sup>  | 1200000 | 1105102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Massachusetts |  | 11788490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Series A<br>5.000%, 02/15/48 | 1890000 | 1887398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Plains Energy Project #3, Series A<br>5.000%, 09/01/42 | 4655000 | 4777339 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Series A<br>5.500%, 06/01/55 | 1000000 | 1022183 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Municipal Enhanced Yield Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp.,<br>Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/46 | $2095000 | $2081208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/46 | 2755000 | 2773281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp.,<br>Series B<br>5.000%, 06/01/46 | 1415000 | 1363215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New Jersey |  | 6217704 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York - 13.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority,<br>Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/47 | 1675000 | 1417489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/52 | 1775000 | 1452024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/01/50 | 1000000 | 876978 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/30/53 | 5790000 | 4610509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/41 | 1000000 | 996568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/30/54 | 1500000 | 1509673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/01/40 | 4000000 | 4110990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/35 | 1500000 | 1631630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/30/54 | 1750000 | 1807737 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Series A<br>5.500%, 12/31/60 | 3500000 | 3499474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Co.<br>5.750%, 12/01/44 | 1000000 | 1022252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New York |  | 22935324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton, Series A<br>5.500%, 08/01/51 | 1000000 | 986114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/49 | 1250000 | 1241457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/54 | 1750000 | 1714963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ohio |  | 3942534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Series B<br>5.000%, 05/01/52 | 2180000 | 2116332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority<br>5.250%, 06/30/53 | 5025000 | 5026042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Pennsylvania |  | 7142374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island - 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/15/49 | 1000000 | 998665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/15/54 | 4500000 | 4458445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp.,<br>Series A<br>5.000%, 06/01/40 | 2755000 | 2754951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Rhode Island |  | 8212061 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina - 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Richland County School District No 2, Series A, (South Carolina School District)<br>1.875%, 03/01/38 | 7290000 | 5276394 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority<br>5.750%, 11/15/54 | $750000 | $757269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total South Carolina |  | 6033663 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee - 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chattanooga Electric<br>2.000%, 09/01/40 | 6710000 | 4630471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health & Educational Facilities Board, Series A1<br>5.250%, 06/01/56<sup>1</sup>  | 1000000 | 922283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Tennessee |  | 5552754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas - 8.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/37 | 1500000 | 1557919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/38 | 1000000 | 1028543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/39 | 1870000 | 1912501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/30/58 | 6900000 | 6588629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/31/58 | 1120000 | 1148213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Series A<br>4.000%, 12/31/39 | 2055000 | 1914973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Texas |  | 14150778 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia - 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lynchburg Economic Development Authority<br>4.000%, 01/01/55 | 1260000 | 1008486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/39 | 2515000 | 2333284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/40 | 2515000 | 2283073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/47 | 2145000 | 2145284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/49 | 2095000 | 2002570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/52 | 2655000 | 2505950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Virginia |  | 12278647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission<br>5.500%, 07/01/49 | 1000000 | 1022963 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Series B<br>6.000%, 09/01/53 | 2625000 | 2791510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/50 | 1005000 | 1013307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/61 | 1000000 | 995545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Series A<br>5.000%, 06/01/41<sup>1</sup>  | 1500000 | 1486266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Wisconsin |  | 3495118 |
|  Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $180,357,257) |  | 163863996 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Municipal Enhanced Yield Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Short-Term Investments - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $1,054,120 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $1,075,105) | $1054000 | $1054000 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,054,000) |  | 1054000 |

---

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Total Investments - 98.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $181,411,257) | $164917996 |
|  Other Assets, less Liabilities - 1.1% | 1810607 |
|  Net Assets - 100.0% | $166728603 |

---

<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 June 30, 2025, the value of these securities amounted to $6,167,871 or 3.7% of net assets. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds<sup>†</sup>  |  | $163863996 |  | $163863996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1054000 |  | 1054000 |
|  Total Investments in Securities |  | $164917996 |  | $164917996 |

---

<sup>†</sup> All municipal bonds held in the Fund are Level 2 securities. For a detailed breakout of municipal bonds by major classification, please refer to the Fund's Schedule of Portfolio Investments.

For the six months ended June 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; Statement of Assets and Liabilities (unaudited) June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | AMG GW&K<br>ESG<br>Bond Fund | AMG<br>GW&K Municipal<br>Bond Fund | AMG<br>GW&K Municipal<br>Enhanced<br>Yield Fund |
| &nbsp;&nbsp; Assets: |  |  |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan valued at $34,389,276, $0, and $0, respectively) | $373336543 | $930665102 | $164917996 |
| &nbsp;&nbsp; Cash | 982 | 300 | 470 |
| &nbsp;&nbsp; Interest receivables | 3391449 | 10745534 | 1815576 |
| &nbsp;&nbsp; Securities lending income receivable | 8377 |  |  |
| &nbsp;&nbsp; Receivable for Fund shares sold | 158933 | 381008 | 186126 |
| &nbsp;&nbsp; Receivable from affiliate | 12752 | 54430 | 15598 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 29881 | 49650 | 24367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 376938917 | 941896024 | 166960133 |
| &nbsp;&nbsp; Liabilities: |  |  |  |
| &nbsp;&nbsp; Payable upon return of securities loaned | 22939194 |  |  |
| &nbsp;&nbsp; Payable for delayed delivery investments purchased |  | 12821871 |  |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 535638 | 1062521 | 58107 |
| &nbsp;&nbsp; Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 66509 | 159064 | 62123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 43375 | 113904 | 20708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees |  | 1814 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 49200 | 38527 | 7056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 148822 | 235207 | 83134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 23782738 | 14432908 | 231530 |
| &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 7) |  |  |  |
| &nbsp;&nbsp; Net Assets | $353156179 | $927463116 | $166728603 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $401674914 | $965012304 | $181411257 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | AMG GW&K<br>ESG<br>Bond Fund | AMG<br>GW&K Municipal<br>Bond Fund | AMG<br>GW&K Municipal<br>Enhanced<br>Yield Fund |
| &nbsp;&nbsp; Net Assets Represent: |  |  |  |
| &nbsp;&nbsp; Paid-in capital | $437131959 | $1000587737 | $203031121 |
| &nbsp;&nbsp; Total distributable loss | (83975780) | (73124621) | (36302518) |
| &nbsp;&nbsp; Net Assets | $353156179 | $927463116 | $166728603 |
| &nbsp;&nbsp; Class N: |  |  |  |
| &nbsp;&nbsp; Net Assets | $211942683 | $8723500 | $1928375 |
| &nbsp;&nbsp; Shares outstanding | 9687849 | 786064 | 220627 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $21.88 | $11.10 | $8.74 |
| &nbsp;&nbsp; Class I: |  |  |  |
| &nbsp;&nbsp; Net Assets | $141213496 | $918739616 | $164610340 |
| &nbsp;&nbsp; Shares outstanding | 6454155 | 82292442 | 19467623 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $21.88 | $11.16 | $8.46 |
| &nbsp;&nbsp; Class Z: |  |  |  |
| &nbsp;&nbsp; Net Assets |  |  | $189888 |
| &nbsp;&nbsp; Shares outstanding |  |  | 22462 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share |  |  | $8.45 |

---

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 June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | AMG GW&K<br>ESG<br>Bond Fund | AMG<br>GW&K Municipal<br>Bond Fund | AMG<br>GW&K Municipal<br>Enhanced<br>Yield Fund |
|  Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $7889536 | $15719588 | $3782658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 49519 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (9621) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 7929434 | 15719588 | 3782658 |
|  Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 411314 | 1005295 | 398725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 268248 | 721429 | 132908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N |  | 11392 | 2987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 267181 | 5787 | 1792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 35980 | 238198 | 43658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 43090 | 59573 | 26723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 33092 | 30476 | 9125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 28061 | 31021 | 19400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 25873 | 41049 | 15882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 15737 | 42761 | 7893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 8910 | 14777 | 2944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 840 | 661 | 176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 9273 | 20064 | 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 1147599 | 2222483 | 667316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (74619) | (331207) | (95931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1072980 | 1891276 | 571385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 6856454 | 13828312 | 3211273 |
|  Net Realized and Unrealized Gain (Loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (6005203) | (5149451) | (1360513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 13722751 | (8084213) | (6676786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 7717548 | (13233664) | (8037299) |
|  Net increase (decrease) in net assets resulting from operations | $14574002 | $594648 | $(4826026) |

---

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 June 30, 2025 (unaudited) and the fiscal year ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AMG GW&K<br>ESG Bond Fund | AMG GW&K<br>ESG Bond Fund | AMG<br>GW&K Municipal<br>Bond Fund | AMG<br>GW&K Municipal<br>Bond Fund | AMG<br>GW&K Municipal<br>Enhanced Yield Fund | AMG<br>GW&K Municipal<br>Enhanced Yield Fund |
|  | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 |
| &nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $6856454 | $14402677 | $13828312 | $26390239 | $3211273 | $6867624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (6005203) | (9324714) | (5149451) | (6960382) | (1360513) | (2286414) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 13722751 | 1303143 | (8084213) | (19308387) | (6676786) | 748881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 14574002 | 6381106 | 594648 | 121470 | (4826026) | 5330091 |
| &nbsp;&nbsp; Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (4053110) | (8565094) | (117942) | (236843) | (50032) | (100918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (2872321) | (5856009) | (13684614) | (26143251) | (3154913) | (6775784) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z |  |  |  |  | (3520) | (4671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (6925431) | (14421103) | (13802556) | (26380094) | (3208465) | (6881373) |
| &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 | (25569326) | (56304525) | (65737491) | 3978583 | (9358427) | (25735463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total decrease in net assets | (17920755) | (64344522) | (78945399) | (22280041) | (17392918) | (27286745) |
| &nbsp;&nbsp; Net Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 371076934 | 435421456 | 1006408515 | 1028688556 | 184121521 | 211408266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $353156179 | $371076934 | $927463116 | $1006408515 | $166728603 | $184121521 |

---

<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 ESG Bond Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $21.41 | $21.85 | $21.11 | $24.88 | $28.12 | $27.14 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.40 | 0.76 | 0.63 | 0.44 | 0.44 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.48 | (0.44) | 0.75 | (3.70) | (0.83) | 1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.88 | 0.32 | 1.38 | (3.26) | (0.39) | 1.93 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.41) | (0.76) | (0.64) | (0.47) | (0.47) | (0.88) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.04) | (2.38) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.41) | (0.76) | (0.64) | (0.51) | (2.85) | (0.95) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $21.88 | $21.41 | $21.85 | $21.11 | $24.88 | $28.12 |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 4.14%<sup>4</sup> | 1.49% | 6.69% | (13.17)% | (1.29)% | 7.34% |
| &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</sup> | 0.68% | 0.68% | 0.69%<sup>7</sup> | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 0.72%<sup>5</sup> | 0.73% | 0.70% | 0.69% | 0.69%<sup>7</sup> | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 3.75%<sup>5</sup> | 3.49% | 2.94% | 1.98% | 1.71% | 3.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 17%<sup>4</sup> | 37% | 27% | 23% | 186% | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $211943 | $222537 | $269529 | $301028 | $427818 | $555124 |

---

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $21.42 | $21.85 | $21.12 | $24.89 | $28.13 | $27.14 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.42 | 0.80 | 0.67 | 0.49 | 0.50 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.47 | (0.42) | 0.75 | (3.71) | (0.83) | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.89 | 0.38 | 1.42 | (3.22) | (0.33) | 2.00 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.43) | (0.81) | (0.69) | (0.51) | (0.53) | (0.94) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.04) | (2.38) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.43) | (0.81) | (0.69) | (0.55) | (2.91) | (1.01) |
|  Net Asset Value, End of Period | $21.88 | $21.42 | $21.85 | $21.12 | $24.89 | $28.13 |
|  Total Return<sup>2,3</sup>  | 4.20%<sup>4</sup> | 1.75% | 6.85% | (12.99)% | (1.05)% | 7.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.48%<sup>5,6</sup> | 0.48%<sup>6</sup> | 0.48% | 0.48% | 0.49%<sup>7</sup> | 0.50% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 0.52%<sup>5</sup> | 0.53% | 0.50% | 0.49% | 0.49%<sup>7</sup> | 0.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 3.95%<sup>5</sup> | 3.69% | 3.14% | 2.18% | 1.91% | 3.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 17%<sup>4</sup> | 37% | 27% | 23% | 186% | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $141213 | $148540 | $165892 | $191979 | $327121 | $546698 |

---

<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> Ratio includes recapture of reimbursed fees from prior years amounting to less than 0.01% for the fiscal year ended December 31, 2021. 

<sup>8</sup> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $11.24 | $11.53 | $11.11 | $12.24 | $12.45 | $12.12 |
|  Income (loss) from Investment Operations: | Income (loss) from Investment Operations: | Income (loss) from Investment Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.14 | 0.25 | 0.21 | 0.15 | 0.13 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.14) | (0.28) | 0.42 | (1.10) | (0.11) | 0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations |  | (0.03) | 0.63 | (0.95) | 0.02 | 0.48 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.14) | (0.26) | (0.21) | (0.16) | (0.13) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.02) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.14) | (0.26) | (0.21) | (0.18) | (0.23) | (0.15) |
|  Net Asset Value, End of Period | $11.10 | $11.24 | $11.53 | $11.11 | $12.24 | $12.45 |
|  Total Return<sup>2,3</sup>  | 0.03%<sup>4</sup> | (0.29)% | 5.72% | (7.80)% | 0.10% | 4.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.72%<sup>5,6</sup> | 0.71% | 0.72% | 0.72% | 0.71% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.79%<sup>5</sup> | 0.78% | 0.79% | 0.78% | 0.76% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 2.55%<sup>5</sup> | 2.24% | 1.85% | 1.35% | 1.01% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28%<sup>4</sup> | 36% | 29% | 20% | 24% | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $8724 | $8893 | $12081 | $12972 | $17112 | $18153 |

---

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $11.31 | $11.60 | $11.18 | $12.31 | $12.52 | $12.18 |
|  Income (loss) from Investment Operations: | Income (loss) from Investment Operations: | Income (loss) from Investment Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.16 | 0.29 | 0.25 | 0.19 | 0.17 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.15) | (0.29) | 0.41 | (1.11) | (0.11) | 0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.01 |  | 0.66 | (0.92) | 0.06 | 0.53 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.29) | (0.24) | (0.19) | (0.17) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.02) | (0.10) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.16) | (0.29) | (0.24) | (0.21) | (0.27) | (0.19) |
|  Net Asset Value, End of Period | $11.16 | $11.31 | $11.60 | $11.18 | $12.31 | $12.52 |
|  Total Return<sup>2,3</sup>  | 0.10%<sup>4</sup> | 0.04% | 6.04% | (7.45)% | 0.43% | 4.70% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.39%<sup>5,6</sup> | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.46%<sup>5</sup> | 0.46% | 0.46% | 0.45% | 0.44% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 2.88%<sup>5</sup> | 2.56% | 2.18% | 1.68% | 1.33% | 1.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28%<sup>4</sup> | 36% | 29% | 20% | 24% | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $918740 | $997516 | $1016607 | $1068290 | $1331958 | $1287667 |

---

<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 Municipal Enhanced Yield Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $9.13 | $9.20 | $8.56 | $10.74 | $10.69 | $10.42 |
|  Income (loss) from Investment Operations: | Income (loss) from Investment Operations: | Income (loss) from Investment Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.15 | 0.27 | 0.25 | 0.22 | 0.20 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.40) | (0.07) | 0.64 | (2.17) | 0.18 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.25) | 0.20 | 0.89 | (1.95) | 0.38 | 0.60 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.14) | (0.27) | (0.25) | (0.20) | (0.19) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.03) | (0.14) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.14) | (0.27) | (0.25) | (0.23) | (0.33) | (0.33) |
|  Net Asset Value, End of Period | $8.74 | $9.13 | $9.20 | $8.56 | $10.74 | $10.69 |
|  Total Return<sup>2,3</sup>  | (2.73)%<sup>4</sup> | 2.15% | 10.53% | (18.19)% | 3.59% | 5.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.99%<sup>5,6</sup> | 0.99%<sup>6</sup> | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 1.10%<sup>5</sup> | 1.09% | 1.08% | 1.07% | 1.05% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 3.28%<sup>5</sup> | 2.99% | 2.87% | 2.39% | 1.85% | 2.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 20%<sup>4</sup> | 32% | 24% | 45% | 61% | 81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $1928 | $3764 | $5964 | $2955 | $14923 | $5015 |

---

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

------

AMG GW&K Municipal Enhanced Yield Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $8.84 | $8.91 | $8.30 | $10.43 | $10.40 | $10.15 |
|  Income (loss) from Investment Operations: | Income (loss) from Investment Operations: | Income (loss) from Investment Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.16 | 0.30 | 0.27 | 0.24 | 0.23 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.38) | (0.07) | 0.62 | (2.09) | 0.17 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.22) | 0.23 | 0.89 | (1.85) | 0.40 | 0.62 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.30) | (0.28) | (0.25) | (0.23) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.03) | (0.14) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.16) | (0.30) | (0.28) | (0.28) | (0.37) | (0.37) |
|  Net Asset Value, End of Period | $8.46 | $8.84 | $8.91 | $8.30 | $10.43 | $10.40 |
|  Total Return<sup>2,3</sup>  | (2.55)%<sup>4</sup> | 2.61% | 10.89% | (17.86)% | 3.94% | 6.31% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.64%<sup>5,6</sup> | 0.64%<sup>6</sup> | 0.64% | 0.64% | 0.64% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.75%<sup>5</sup> | 0.74% | 0.73% | 0.72% | 0.70% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 3.63%<sup>5</sup> | 3.34% | 3.22% | 2.74% | 2.20% | 2.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 20%<sup>4</sup> | 32% | 24% | 45% | 61% | 81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $164610 | $180162 | $205322 | $255928 | $369473 | $323439 |

---

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

------

AMG GW&K Municipal Enhanced Yield Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class Z | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $8.84 | $8.91 | $8.30 | $10.43 | $10.40 | $10.15 |
|  Income (loss) from Investment Operations: | Income (loss) from Investment Operations: | Income (loss) from Investment Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.16 | 0.30 | 0.28 | 0.25 | 0.24 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.39) | (0.07) | 0.61 | (2.10) | 0.17 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.23) | 0.23 | 0.89 | (1.85) | 0.41 | 0.63 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.30) | (0.28) | (0.25) | (0.24) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.03) | (0.14) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.16) | (0.30) | (0.28) | (0.28) | (0.38) | (0.38) |
|  Net Asset Value, End of Period | $8.45 | $8.84 | $8.91 | $8.30 | $10.43 | $10.40 |
|  Total Return<sup>2,3</sup>  | (2.65)%<sup>4</sup> | 2.66% | 10.95% | (17.82)% | 3.99% | 6.37% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.59%<sup>5,6</sup> | 0.59%<sup>6</sup> | 0.59% | 0.59% | 0.59% | 0.59% |
| &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% | 0.68% | 0.67% | 0.65% | 0.67% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 3.68%<sup>5</sup> | 3.39% | 3.27% | 2.79% | 2.25% | 2.57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 20%<sup>4</sup> | 32% | 24% | 45% | 61% | 81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $190 | $196 | $123 | $111 | $135 | $130 |

---

<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.

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements *(unaudited)* <br> June 30, 2025<br>

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds and AMG Funds III ("Trust III") (the "Trusts") are open-end management investment companies, organized as Massachusetts business trusts, and 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: AMG GW&K Municipal Bond Fund ("Municipal Bond") and AMG GW&K Municipal Enhanced Yield Fund ("Municipal Enhanced"), and Trust III: AMG GW&K ESG Bond Fund ("ESG Bond"), each a "Fund" and collectively, the "Funds".

Each Fund offers different classes of shares. All Funds offer Class N shares and Class I shares; and Municipal Enhanced offers 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

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 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.

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 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

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

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

Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Interest income on foreign securities is recorded gross of any withholding tax. 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.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income, if any, will normally be declared and paid monthly by the Funds. Fund distributions resulting from 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. There were no permanent differences on the Funds. Temporary differences are primarily due to wash sale loss deferrals for ESG Bond and Municipal Enhanced and premium amortization on callable bonds for ESG Bond. Municipal Bond had no temporary differences.

At June 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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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Cost | Appreciation | Depreciation | Net Depreciation |
| &nbsp;&nbsp; ESG Bond | $401674914 | $4298551 | $(32636922) | $(28338371) |
| &nbsp;&nbsp; Municipal Bond | 965012304 | 2334011 | (36681213) | (34347202) |
| &nbsp;&nbsp; Municipal Enhanced | 181411257 | 521019 | (17014280) | (16493261) |

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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 December 31, 2024, the Funds 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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| | | | |
|:---|:---|:---|:---|
| Fund | Short-Term | Long-Term | Total |
| &nbsp;&nbsp; ESG Bond | $8208427 | $41358051 | $49566478 |
| &nbsp;&nbsp; Municipal Bond | 120765 | 33792394 | 33913159 |
| &nbsp;&nbsp; Municipal Enhanced | 4224746 | 14277028 | 18501774 |

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g. CAPITAL STOCK

Each of AMG Funds' Amended and Restated Agreement and Declaration of Trust and Trust III's Declaration of Trust authorizes for each applicable 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.

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

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

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ESG Bond | ESG Bond | ESG Bond | ESG Bond | Municipal Bond | Municipal Bond | Municipal Bond | Municipal Bond |
|  | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
| &nbsp;&nbsp; Class N: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 119349 | $2575589 | 500214 | $10862973 | 160606 | $1798375 | 669182 | $7598411 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 185070 | 4005711 | 391528 | 8455850 | 9499 | 105681 | 18239 | 206510 |
| &nbsp;&nbsp; Shares redeemed | (1009111) | (21777458) | (2836260) | (61437696) | (174941) | (1946034) | (944242) | (10758607) |
| &nbsp;&nbsp; Net decrease | (704692) | $(15196158) | (1944518) | $(42118873) | (4836) | $(41978) | (256821) | $(2953686) |
| &nbsp;&nbsp; Class I: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 472722 | $10218680 | 1285389 | $27862718 | 11366712 | $127556242 | 24764345 | $283196344 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 128763 | 2786983 | 259160 | 5598697 | 942377 | 10552063 | 1748253 | 19910129 |
| &nbsp;&nbsp; Shares redeemed | (1083416) | (23378831) | (2200770) | (47647067) | (18215626) | (203803818) | (25956449) | (296174204) |
| &nbsp;&nbsp; Net increase (decrease) | (481931) | $(10373168) | (656221) | $(14185652) | (5906537) | $(65695513) | 556149 | $6932269 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Municipal Enhanced | Municipal Enhanced | Municipal Enhanced | Municipal Enhanced |
|  | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
| &nbsp;&nbsp; Class N: |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 751115 | $6735467 | 2046371 | $18792524 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 3264 | 29127 | 6151 | 56386 |
| &nbsp;&nbsp; Shares redeemed | (945869) | (8497655) | (2288800) | (21089506) |
| &nbsp;&nbsp; Net decrease | (191490) | $(1733061) | (236278) | $(2240596) |
| &nbsp;&nbsp; Class I: |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 2318447 | $20153517 | 5611380 | $49877903 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 124834 | 1074439 | 276122 | 2447288 |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3361598) | (28855593) | (8546755) | (75894201) |
| &nbsp;&nbsp; Net decrease | (918317) | $(7627637) | (2659253) | $(23569010) |
| &nbsp;&nbsp; Class Z: |  |  |  |  |
| &nbsp;&nbsp; Shares sold |  |  | 7915 | $69888 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 409 | $3520 | 526 | 4671 |
| &nbsp;&nbsp; Shares redeemed | (145) | (1249) | (46) | (416) |
| &nbsp;&nbsp; Net increase | 264 | $2271 | 8395 | $74143 |

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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.

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

At June 30, 2025, the market value of Repurchase Agreements outstanding for ESG Bond, Municipal Bond and Municipal Enhanced was $25,785,194, $1,545,000 and $1,054,000, respectively.

i. DELAYED DELIVERY TRANSACTIONS AND WHEN-ISSUED SECURITIES

The Funds may enter into securities transactions on a delayed delivery or when issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked to market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in each Fund's Schedule of Portfolio Investments. With respect to purchase commitments, the Funds identify securities as segregated in their records with a value at least equal to the amount of the commitment. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as an investment in securities and a forward sale commitment in the Fund's Statement of Assets and Liabilities. For financial reporting purposes, the Fund does offset the receivable and payable for delayed delivery investments purchased and sold. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.

During the six months ended June 30, 2025, Municipal Bond entered into securities transactions on a delayed delivery or when issued basis. At June 30, 2025, the market value of delayed delivery securities held in the Fund amounted to $12,590,768.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trusts have entered into investment advisory agreements 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 Boards 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 as subadviser 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 June 30, 2025, the Funds' investment management fees were paid at the following annual rates of each Fund's respective average daily net assets:

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| | |
|:---|:---|
| &nbsp;&nbsp; ESG Bond | 0.23% |
| &nbsp;&nbsp; Municipal Bond | 0.21%<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on first $25 million | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on next $25 million | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on next $50 million | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on balance over $100 million | 0.20% |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Municipal Enhanced | 0.45 | % |

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<sup>1</sup> The rate shown is the effective rate as of June 30, 2025.

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 May 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 ESG Bond, Municipal Bond and Municipal Enhanced to the annual rate of 0.43%, 0.34% and 0.59%, 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 June 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:

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| | | |
|:---|:---|:---|
|  | Expense | Repayment of |
|  | Reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior Reimbursements |
| &nbsp;&nbsp; ESG Bond | $74619 |  |
| &nbsp;&nbsp; Municipal Bond | 331207 |  |
| &nbsp;&nbsp; Municipal Enhanced | 95931 |  |

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

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

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| | | | |
|:---|:---|:---|:---|
| Expiration<br> Period | ESG Bond | Municipal Bond | Municipal Enhanced |
| &nbsp;&nbsp; Less than 1 year | $86383 | $748215 | $217440 |
| &nbsp;&nbsp; 1-2 years | 107310 | 717836 | 217681 |
| &nbsp;&nbsp; 2-3 years | 193628 | 660871 | 193051 |
| &nbsp;&nbsp; Total | $387321 | $2126922 | $628172 |

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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.

AMG Funds 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, Municipal Bond and Municipal Enhanced 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 Municipal Bond and Municipal Enhanced average daily net assets attributable to the Class N shares. The portion of payments made under the plan by Class N shares of Municipal Bond and Municipal Enhanced for shareholder servicing may not exceed an annual rate of 0.25% of the average daily net asset value of each Fund's shares of that class owned by clients of such broker, dealer or financial intermediary.

For each of Class N and Class I shares of ESG Bond, Municipal Bond and Municipal Enhanced, 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 June 30, 2025, was as follows:

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| | | |
|:---|:---|:---|
| Fund | Maximum Annual<br> Amount<br> Approved | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incurred  |
| &nbsp;&nbsp; ESG Bond |  |  |
| &nbsp;&nbsp; Class N | 0.25% | 0.25% |
| &nbsp;&nbsp; Class I | 0.05% | 0.05% |
| &nbsp;&nbsp; Municipal Bond |  |  |
| &nbsp;&nbsp; Class N | 0.15% | 0.13% |
| &nbsp;&nbsp; Class I | 0.05% | 0.05% |
| &nbsp;&nbsp; Municipal Enhanced |  |  |
| &nbsp;&nbsp; Class N | 0.15% | 0.15% |
| &nbsp;&nbsp; Class I | 0.05% | 0.05% |

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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 June 30, 2025, the Funds had no interfund loans outstanding.

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

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Average<br> Lent | Number<br> of Days | Interest<br> Earned | Average<br> Interest Rate |
| &nbsp;&nbsp; Municipal Bond | $1455158 | 1 | $208 | 5.225% |
| Fund | Average<br>Borrowed | Number<br>of Days | Interest<br>Paid | Average<br>Interest Rate |
| &nbsp;&nbsp; ESG Bond | $1163102 | 5 | $840 | 5.273% |
| &nbsp;&nbsp; Municipal Bond | 4615375 | 1 | 661 | 5.225% |
| &nbsp;&nbsp; Municipal Enhanced | 1225291 | 1 | 176 | 5.240% |

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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 June 30, 2025, were as follows:

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

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| | | |
|:---|:---|:---|
|  | Long Term Securities | Long Term Securities |
| Fund | Purchases | Sales |
| &nbsp;&nbsp; ESG Bond | $53078493 | $54573284 |
| &nbsp;&nbsp; Municipal Bond | 268835891 | 328971435 |
| &nbsp;&nbsp; Municipal Enhanced | 34508018 | 43312390 |

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Purchases and sales of U.S. Government Obligations for the six months ended June 30, 2025 were as follows:

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| | | |
|:---|:---|:---|
|  | U.S. Government Obligations | U.S. Government Obligations |
| Fund | Purchases | Sales |
| &nbsp;&nbsp; ESG Bond | $7102077 | $33465441 |

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4. PORTFOLIO SECURITIES LOANED

ESG Bond 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 June 30, 2025, was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Securities<br> Loaned | Cash<br> Collateral<br> Received | Securities<br> Collateral<br> Received | Total<br> Collateral<br> Received |
| &nbsp;&nbsp; ESG Bond | $34389276 | $22939194 | $12619932 | $35559126 |

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

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| | | | |
|:---|:---|:---|:---|
| Fund | Collateral<br> Type | Coupon<br> Range | Maturity<br>Date Range |
| &nbsp;&nbsp; ESG Bond | U.S. Treasury Obligations | 0.125%-5.000% | 08/31/25-11/15/54 |

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

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 its 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.

**Municipal Market Risk:** Factors unique to the municipal bond market may negatively affect the value of the Funds' 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. The Funds 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.

**Sector Risk:** Issuers and companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent certain Funds have substantial holdings within a particular sector, the risks associated with that sector increase. A portion of certain Funds' assets may be invested in fixed income securities that would tend to respond similarly to particular economic or political developments or the interest on which is based on revenues or otherwise related to similar types of projects. An example would be securities of

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

issuers whose revenues are paid from similar types of projects, such as health care (including hospitals), utilities, or transportation.

**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. During periods of increasing interest rates, the Funds may experience high levels of volatility and shareholder redemptions, and may have to sell securities at times when they would otherwise not do so, and at unfavorable prices, which could reduce the returns of the Funds.

**Credit and Counterparty 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, principal or settlement payments or otherwise honor its obligations. Changes in an issuer's financial strength, credit rating or the market's perception of an issuer's creditworthiness may also affect the value of a Fund's investment in that issuer.

**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.

**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.

**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.

**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.

**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 Funds' investments may not keep pace with inflation, which may result in losses to the Funds' investors or adversely affect the real value of shareholders' investments in the Funds. 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 Funds' portfolios.

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

**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.

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

**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.

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> 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 June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amount Not Offset in the<br> Statement of Assets and Liabilities | Gross Amount Not Offset in the<br> Statement of Assets and Liabilities | | |
| Fund | Gross Amounts of<br> Assets Presented in<br> the Statement of<br> Assets and Liabilities | Offset<br> Amount | Net<br> Asset<br> Balance | Collateral<br> Received | Net<br> Amount |
| &nbsp;&nbsp; ESG Bond |  |  |  |  |  |
| &nbsp;&nbsp; Bethesda Securities LLC | $5447622 |  | $5447622 | $5447622 |  |
| &nbsp;&nbsp; Citadel Securities LLC | 5734339 |  | 5734339 | 5734339 |  |
| &nbsp;&nbsp; Marex Capital Markets, Inc. | 5447622 |  | 5447622 | 5447622 |  |
| &nbsp;&nbsp; State of Wisconsin Investment Board | 5447622 |  | 5447622 | 5447622 |  |
| &nbsp;&nbsp; TD Securities LLC | 861989 |  | 861989 | 861989 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 2846000 |  | 2846000 | 2846000 |  |
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25785194 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25785194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25785194 |  |
| &nbsp;&nbsp; Municipal Bond |  |  |  |  |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | $1545000 |  | $1545000 | $1545000 |  |
| &nbsp;&nbsp; Municipal Enhanced |  |  |  |  |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | $1054000 |  | $1054000 | $1054000 |  |

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9. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU.

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

10. SUBSEQUENT EVENTS

The Funds have determined that no material events or transactions occurred through the issuance date of the Funds' financial statements which require an additional disclosure in or adjustment of the Funds' financial statements.

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<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 June 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 June 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 June 30, 2025.

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| | |
|:---|:---|
|  | Trustee fees and expenses |
| &nbsp;&nbsp; AMG GW&K ESG Bond Fund | $15737 |
| &nbsp;&nbsp; AMG GW&K Municipal Bond Fund | 42761 |
| &nbsp;&nbsp; AMG GW&K Municipal Enhanced Yield Fund | 7893 |

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT<br>

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| | | |
|:---|:---|:---|
| AMG GW&K Municipal Enhanced Yield Fund, AMG GW&K Municipal Bond Fund, and AMG GW&K ESG Bond Fund: Approval of Investment Management and Subadvisory Agreements on June 11, 2025<br>At an in-person meeting held on June 11, 2025, the Board of Trustees (the "Board" or the "Trustees") of each of AMG Funds and AMG Funds III (each, a "Trust" and collectively, the "Trusts"), and separately a majority of the Trustees who are not "interested persons" of the Trusts (the "Independent Trustees"), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the "Investment Manager") and AMG Funds for each of AMG GW&K Municipal Enhanced Yield Fund and AMG GW&K Municipal Bond Fund, and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016; and the Fund Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with the Investment Manager and AMG Funds III for AMG GW&K ESG Bond Fund, and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the "Investment Management Agreements"); and (ii) the Subadvisory Agreement with respect to each of AMG GW&K Municipal Enhanced Yield Fund, AMG GW&K Municipal Bond Fund, and AMG GW&K ESG Bond Fund (each, a "Fund," and collectively, the "Funds"), as amended at any time prior to the date of the meeting (collectively, the "Subadvisory Agreements"), with GW&K Investment Management, LLC, the Funds' subadviser (the "Subadviser"). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreements and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to each Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a "Peer Group"), performance information for the relevant benchmark index for each Fund (each, a "Fund Benchmark"), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Funds, and other information provided to them on a periodic basis | throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreements and Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.<br>NATURE, EXTENT AND QUALITY OF SERVICES<br>In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager's operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees' knowledge of the Investment Manager's management and the quality of the performance of the Investment Manager's duties under the Investment Management Agreements and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager's oversight of the operation and management of the Funds; (b) the quality of the Investment Manager's oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager's ability to supervise the Funds' other service providers; and (d) the Investment Manager's compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreements and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser's investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and | considers any changes in the personnel of the Subadviser responsible for performing the Subadviser's obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trusts in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreements and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreements and the Investment Manager's undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager's risk management processes.<br>The Trustees also reviewed information relating to the Subadviser's operations and personnel and the investment philosophy, strategies and techniques (its "Investment Strategy") used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser's organizational and management structure and the Subadviser's brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including |

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT (continued) <br>

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| | | |
|:---|:---|:---|
| the information set forth in each Fund's prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser's personnel; and (c) the Subadviser's compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under each Subadvisory Agreement. The Trustees also considered the Subadviser's risk management processes.<br>PERFORMANCE<br>The Board considered each Fund's net performance during relevant time periods as compared to the Fund's Peer Group and Fund Benchmark, considered the gross performance of each Fund as compared to the Subadviser's relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both a Fund's performance results and portfolio composition, as well as the Subadviser's Investment Strategy. The Board was mindful of the Investment Manager's expertise, resources, and attention to monitoring the Subadviser's performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds' subadviser during the period regarding the factors that contributed to the performance of the Funds.<br>With respect to AMG GW&K Municipal Enhanced Yield Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class I shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was below the median performance of the Peer Group and below the performance of the Fund Benchmark, the Bloomberg U.S. Municipal Bond BAA Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's underperformance relative to the Fund Benchmark and the Peer Group. The Trustees also took into account the fact that Class I shares of the Fund ranked in the top percentile relative to the Peer Group for the 2023 calendar year and in the top decile relative to the Peer Group for the 2020 calendar year. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected | and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.<br>With respect to AMG GW&K Municipal Bond Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class I shares (which share class has the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year, and 10-year periods ended March 31, 2025, was below, above, below, and below, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the Bloomberg 10-Year Municipal Bond Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's underperformance relative to the Fund Benchmark and the Peer Group. The Trustees also took into account the fact that Class I shares of the Fund ranked in the top third relative to its Peer Group for the 2023 calendar year and in the top half of its Peer Group for 3-year period and the 2020 and 2022 calendar years. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.<br>With respect to AMG GW&K ESG Bond Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was below, below, above, and above, respectively, the median performance of the Peer Group and below, above, above, and above, respectively, the performance of the Fund Benchmark, the Bloomberg U.S. Aggregate Bond Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's longer-term outperformance and more recent underperformance relative to the Fund Benchmark and the Peer Group. The Trustees also took into account the fact that Class N shares of the Fund | ranked in the top quartile of its Peer Group for the 5-year period. The Trustees also took into account the fact that the Fund's subadviser, investment strategy, and Fund Benchmark changed effective March 19, 2021, and that the performance information prior to that date reflected that of the Fund's prior subadviser and investment strategy. The Trustees considered management's discussion that the Fund's performance has been in line with management's expectations since the current Subadviser assumed subadvisory responsibilities. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory.<br>ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE<br>In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called "fallout benefits" such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management's discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds. |

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT (continued)<br>

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| | | |
|:---|:---|:---|
| In considering the cost of services to be provided by the Investment Manager under each Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management's discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under each Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also with respect to economies of scale, the Trustees noted that as each Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from these relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser's revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management's discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under each Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also with respect to economies of scale, the Trustees noted that as a Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>With respect to AMG GW&K Municipal Enhanced Yield Fund, the Trustees noted that the management | fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the High and the Above Average rating level, respectively, of the Fund's Peer Group. The Trustees noted that the rating levels corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.59%. The Board also took into account management's discussion of the Fund's expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG GW&K Municipal Bond Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the Below Average and the Low rating level, respectively, of the Fund's Peer Group. The Trustees noted that the rating levels corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.34%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG GW&K ESG Bond Fund, the Trustees noted that the management fees (which | include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the Below Average and the Average rating level, respectively, of the Peer Group. The Trustees noted that the rating levels corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.43%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>\* \* \* \*<br>After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under each Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.<br>Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of each Investment Management Agreement and each Subadvisory Agreement would be in the best interests of the applicable Fund and its shareholders. Accordingly, on June 11, 2025, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement and the Subadvisory Agreement for each Fund. |

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![LOGO](g847495dsp004.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<br>LEGAL COUNSEL<br>Ropes & Gray LLP<br>Prudential Tower, 800 Boylston Street<br>Boston, MA 02199-3600 | 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<br>| 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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&nbsp;&nbsp;&nbsp; wealth.amg.com

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![LOGO](g847495dsp004.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 AMG GW&K Small/Mid Cap Growth 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 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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|:---|:---|
| &nbsp;&nbsp;&nbsp; wealth.amg.com | 063025 SAR088 |

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|:---|:---|
| ![LOGO](g847495dsp004.jpg) | SEMI-ANNUAL FINANCIAL STATEMENTS<br>|

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AMG Funds<br>June 30, 2025<br>![LOGO](g847495page88.jpg) <br>AMG Renaissance Large Cap Growth Fund<br> Class N: **MRLTX** \| Class I: **MRLSX** \| Class Z: **MRLIX**<br>

 <br> wealth.amg.com 063025 SAR024

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Semi-Annual Financial Statements — June 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](#fin3847495_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin3847495_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](#fin3847495_3) | 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](#fin3847495_4) | 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](#fin3847495_5) | 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](#fin3847495_6) | 11 |
| &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](#fin3847495_7) | 17 |
| [STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin3847495_8) | 18 |

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Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

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AMG Renaissance Large Cap Growth Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

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| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 98.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 17002 | $2996262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 5351 | 3949520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>\*</sup>  | 2455 | 3287564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A<sup>\*</sup>  | 61965 | 2222065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 12455411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 7.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>\*</sup>  | 17155 | 3763635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 8864 | 1966656 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.<sup>\*</sup>  | 26703 | 2406741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises, Ltd. | 9077 | 2842372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 10979404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 19656 | 2119507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 16.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 14897 | 2113437 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arch Capital Group, Ltd. (Bermuda) | 20314 | 1849590 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 18257 | 2024154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc.<sup>\*</sup>  | 13748 | 2370293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 13291 | 2391715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 4087 | 2296649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 4773 | 2394089 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc.<sup>\*</sup>  | 27720 | 2060150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 15117 | 2213129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 6973 | 2475764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 22188970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 10558 | 1959776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 7203 | 2011150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 14788 | 2484384 |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA Healthcare, Inc. | 5738 | 2198228 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 3335 | 2443821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.<sup>\*</sup>  | 16027 | 2014433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 13111792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 13.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 13829 | 1440014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 11009 | 2453576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 4898 | 2626356 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.<sup>\*</sup>  | 38067 | 1867948 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 5247 | 2806568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<sup>\*</sup>  | 26620 | 2483646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Management, Inc. | 10069 | 2303988 |

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| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 2258 | $2348862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 18330958 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 38.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.<sup>\*</sup>  | 4842 | 1873273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 30784 | 3039920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 19318 | 3963474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 14646 | 2681243 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A<sup>\*</sup>  | 6888 | 2411351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.<sup>\*</sup>  | 24514 | 2508027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 12528 | 3453343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.<sup>\*</sup>  | 7097 | 2186940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.<sup>\*</sup>  | 44415 | 2452152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.<sup>\*</sup>  | 4489 | 1814544 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 3528 | 2778759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc.<sup>1</sup>  | 13307 | 2902257 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 2709 | 2426560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 8890 | 4421975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 5779 | 2429838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A<sup>\*</sup>  | 33269 | 2543082 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.<sup>\*</sup>  | 13200 | 2274888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Roper Technologies, Inc. | 3746 | 2123383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 6972 | 1901195 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>\*</sup>  | 2576 | 2648334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 52834538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 9047 | 2437624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.<sup>\*</sup>  | 8805 | 2252143 |
|  **Total Common Stocks**<br> (Cost $83,909,256) |  | 136710347 |
|  Short-Term Investments - 1.3% | Short-Term Investments - 1.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>2</sup>  | 701872 | 701872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%<sup>2</sup>  | 1052808 | 1052808 |
|  **Total Short-Term Investments**<br> (Cost $1,754,680) |  | 1754680 |
|  Total Investments - 100.1%<br>(Cost $85,663,936) |  | 138465027 |
|  Other Assets, less Liabilities - (0.1)% |  | (85650) |
|  Net Assets - 100.0% |  | $138379377 |

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

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

\* Non-income producing security.

<sup>1</sup> Some of this security, amounting to $2,832,247 or 2.0% of net assets, was out on loan to various borrowers and is collateralized by various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<sup>2</sup> Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>†</sup>  | $136710347 |  |  | $136710347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 1754680 |  |  | 1754680 |
|  Total Investments in Securities | $138465027 |  |  | $138465027 |

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<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 June 30, 2025, there were no transfers in or out of Level 3.

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

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<br> Statement of Assets and Liabilities (unaudited)<br> June 30, 2025<br>

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| | |
|:---|:---|
|  | AMG Renaissance<br>Large Cap<br>Growth Fund |
| &nbsp;&nbsp; Assets: |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan valued at $2,832,247) | $138465027 |
| &nbsp;&nbsp; Dividend and interest receivables | 38557 |
| &nbsp;&nbsp; Securities lending income receivable | 305 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 12004 |
| &nbsp;&nbsp; Receivable from affiliate | 12253 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 32171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 138560317 |
| &nbsp;&nbsp; Liabilities: |  |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 9686 |
| &nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 53147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 16463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 13535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 6928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 81181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 180940 |
| &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 7) | &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 7) |
| &nbsp;&nbsp; Net Assets | $138379377 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $85663936 |

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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> Statement of Assets and Liabilities *(continued)*<br>

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| | |
|:---|:---|
|  | AMG Renaissance<br>Large Cap<br>Growth Fund |
| &nbsp;&nbsp; Net Assets Represent: |  |
| &nbsp;&nbsp; Paid-in capital | $76366179 |
| &nbsp;&nbsp; Total distributable earnings | 62013198 |
| &nbsp;&nbsp; Net Assets | $138379377 |
| &nbsp;&nbsp; Class N: |  |
| &nbsp;&nbsp; Net Assets | $67472808 |
| &nbsp;&nbsp; Shares outstanding | 3570932 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $18.90 |
| &nbsp;&nbsp; Class I: |  |
| &nbsp;&nbsp; Net Assets | $41049039 |
| &nbsp;&nbsp; Shares outstanding | 2130329 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $19.27 |
| &nbsp;&nbsp; Class Z: |  |
| &nbsp;&nbsp; Net Assets | $29857530 |
| &nbsp;&nbsp; Shares outstanding | 1583549 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $18.85 |

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

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<br> Statement of Operations (unaudited) <br> For the six months ended June 30, 2025<br>

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| | |
|:---|:---|
|  | AMG Renaissance<br>Large Cap<br>Growth Fund |
| &nbsp;&nbsp; Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $412833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 1540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 414373 |
| &nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 320029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 99091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 80960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 27850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 14350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 23883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 22085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 14929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 13044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 7142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 5863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 633226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (73864) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reductions | (5681) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 553681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (139308) |
| &nbsp;&nbsp; Net Realized and Unrealized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 4925270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 2459975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 7385245 |
| &nbsp;&nbsp; Net increase in net assets resulting from operations | $7245937 |

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

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<br> Statements of Changes in Net Assets<br> For the six months ended June 30, 2025 (unaudited) and the fiscal year ended December 31, 2024<br>

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| | | |
|:---|:---|:---|
|  | AMG Renaissance<br>Large Cap<br>Growth Fund | AMG Renaissance<br>Large Cap<br>Growth Fund |
|  | June 30, 2025 | December 31, 2024 |
| &nbsp;&nbsp; Increase in Net Assets Resulting From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(139308) | $(110851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 4925270 | 21726603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 2459975 | 4534531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 7245937 | 26150283 |
| &nbsp;&nbsp; Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N |  | (7945713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (5124738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z |  | (3123778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (16194229) |
| &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 | (8171625) | (4986263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (925688) | 4969791 |
| &nbsp;&nbsp; Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 139305065 | 134335274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $138379377 | $139305065 |

---

<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 Renaissance Large Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six | | | | | |
|  | months ended | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
|  | June 30, 2025 | | | | | |
| Class N | (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $17.86 | $16.61 | $14.28 | $18.41 | $15.31 | $13.01 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | (0.03) | (0.04)<sup>3</sup> | 0.01 | 0.03 | 0.00<sup>4,5</sup> | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.07 | 3.59 | 3.55 | (3.16) | 4.57 | 3.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.04 | 3.55 | 3.56 | (3.13) | 4.57 | 3.05 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.01) | (0.02) | (0.00)<sup>4</sup> | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (2.30) | (1.22) | (0.98) | (1.47) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (2.30) | (1.23) | (1.00) | (1.47) | (0.75) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $18.90 | $17.86 | $16.61 | $14.28 | $18.41 | $15.31 |
| &nbsp;&nbsp; Total Return<sup>2,6</sup>  | 5.82%<sup>7</sup> | 20.81% | 25.04% | (17.05)% | 30.02% | 23.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>8</sup>  | 1.00%<sup>9,10</sup> | 1.00%<sup>10</sup> | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>11</sup>  | 1.11%<sup>9</sup> | 1.11% | 1.12% | 1.15% | 1.13% | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | (0.37<sup></sup>)%<sup>9</sup> | (0.23)% | 0.05% | 0.22% | 0.00%<sup>12</sup> | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 23%<sup>7</sup> | 47% | 35% | 28% | 18% | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $67473 | $67566 | $65422 | $56264 | $79490 | $67688 |

---

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six | | | | | |
|  | months ended | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
|  | June 30, 2025 | | | | | |
| Class I | (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $18.19 | $16.84 | $14.46 | $18.63 | $15.48 | $13.14 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | (0.01) | 0.01<sup>3</sup> | 0.05 | 0.07 | 0.04<sup>5</sup> | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.09 | 3.64 | 3.60 | (3.19) | 4.62 | 3.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.08 | 3.65 | 3.65 | (3.12) | 4.66 | 3.12 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.05) | (0.07) | (0.04) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (2.30) | (1.22) | (0.98) | (1.47) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (2.30) | (1.27) | (1.05) | (1.51) | (0.78) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $19.27 | $18.19 | $16.84 | $14.46 | $18.63 | $15.48 |
| &nbsp;&nbsp; Total Return<sup>2,6</sup>  | 5.94%<sup>7</sup> | 21.12% | 25.47% | (16.87)% | 30.30% | 23.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>8</sup>  | 0.73%<sup>9,10</sup> | 0.73%<sup>10</sup> | 0.73% | 0.73% | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>11</sup>  | 0.84%<sup>9</sup> | 0.84% | 0.85% | 0.88% | 0.88% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | (0.10)%<sup>9</sup> | 0.04% | 0.32% | 0.48% | 0.25% | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 23%<sup>7</sup> | 47% | 35% | 28% | 18% | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $41049 | $45046 | $44970 | $25585 | $12599 | $9414 |

---

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

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six | | | | | |
|  | months ended | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
|  | June 30, 2025 | | | | | |
| Class Z | (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $17.79 | $16.50 | $14.18 | $18.31 | $15.22 | $12.94 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | (0.00)<sup>4</sup> | 0.02<sup>3</sup> | 0.06 | 0.09 | 0.06<sup>5</sup> | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.06 | 3.57 | 3.54 | (3.16) | 4.56 | 3.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.06 | 3.59 | 3.60 | (3.07) | 4.62 | 3.07 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.06) | (0.08) | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (2.30) | (1.22) | (0.98) | (1.47) | (0.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (2.30) | (1.28) | (1.06) | (1.53) | (0.79) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $18.85 | $17.79 | $16.50 | $14.18 | $18.31 | $15.22 |
| &nbsp;&nbsp; Total Return<sup>2,6</sup>  | 5.96%<sup>7</sup> | 21.18% | 25.54% | (16.83)% | 30.54% | 23.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>8</sup>  | 0.66%<sup>9,10</sup> | 0.66%<sup>10</sup> | 0.66% | 0.66% | 0.66% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>11</sup>  | 0.77%<sup>9</sup> | 0.77% | 0.78% | 0.81% | 0.79% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | (0.03)%<sup>9</sup> | 0.11% | 0.39% | 0.55% | 0.34% | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 23%<sup>7</sup> | 47% | 35% | 28% | 18% | 28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $29858 | $26693 | $23943 | $21386 | $20721 | $17068 |

---

<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 $(0.05), $0.00 and $0.01 for Class N, Class I and Class Z, respectively. 

<sup>4</sup> Less than $0.005 or $(0.005) per share. 

<sup>5</sup> Includes non-recurring dividends. Without these dividends, net investment income (loss) per share would have been $(0.02), $0.02, and $0.04 for Class N, Class I and Class Z, respectively. 

<sup>6</sup> The total return is calculated using the published Net Asset Value as of period end. 

<sup>7</sup> Not annualized.

<sup>8</sup> Includes reduction from broker recapture amounting to less than 0.01% for the six months ended June 30, 2025 and less than 0.01% for fiscal years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>9</sup> Annualized.

<sup>10</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>11</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>12</sup> Less than 0.005%. 

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> June 30, 2025<br>

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the "Trust") is an open-end management investment company, organized as a Massachusetts business 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 Renaissance Large Cap Growth 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

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. 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.

The Fund had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Fund's overall expense ratio. For the six months ended June 30, 2025, the impact on the expenses and expense ratios was $5,681 and less than 0.01%, respectively.

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 primarily due to wash sale loss deferrals.

At June 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 |
| $85663936 | $55105477 | $(2304386) | $52801091 |

---

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 December 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 December 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 Amended and Restated Agreement and Declaration of Trust 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> Notes to Financial Statements *(continued)*<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2025  | June 30, 2025  | December 31, 2024  | December 31, 2024  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
|  Class N: |  |  |  |  |
|  Shares sold | 29176 | $499341 | 117424 | $2149239 |
|  Shares issued in reinvestment of distributions |  |  | 372999 | 6960171 |
|  Shares redeemed | (241333) | (4286337) | (646540) | (11931797) |
|  Net decrease | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212157) | $(3786996) | (156117) | $(2822387) |
|  Class I: |  |  |  |  |
|  Shares sold | 235367 | $4235866 | 673549 | $12493034 |
|  Shares issued in reinvestment of distributions |  |  | 268481 | 5101144 |
|  Shares redeemed | (581616) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10140853) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1136595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20753906) |
|  Net decrease | (346249) | $(5904987) | (194565) | $(3159728) |
|  Class Z: |  |  |  |  |
|  Shares sold | 152237 | $2728879 | 75845 | $1390819 |
|  Shares issued in reinvestment of distributions |  |  | 163444 | 3038414 |
|  Shares redeemed | (68952) | (1208521) | (190443) | (3433381) |
|  Net increase | 83285 | $1520358 | 48846 | $995852 |

---

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 June 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 The Renaissance Group LLC ("Renaissance") who serves as subadviser pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in Renaissance.

Investment management fees are paid directly by the Fund to the Investment Manager based on average daily net assets. For the six months ended June 30, 2025, the Fund paid an investment management fee at the following annual rates of the Fund's average daily net assets:

---

| | |
|:---|:---|
|  on the first $50 million | 0.55% |
|  on the next $25 million | 0.50% |
|  on the next $25 million | 0.45% |
|  on balance over $100 million | 0.40% |

---

The fee paid to Renaissance 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 May 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

------

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

respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) to the annual rate of 0.66% 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 June 30, 2025, the Investment Manager reimbursed the Fund $73,864, and did not recoup any previously reimbursed expenses. At June 30, 2025, the Fund's expiration of reimbursements subject to recoupment was as follows:

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| | |
|:---|:---|
| Expiration<br> Period |  |
|  Less than 1 year | $145484 |
|  1-2 years | 148478 |
|  2-3 years | 151884 |
|  Total | $445846 |

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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 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 below. From December 31, 2022 through December 31, 2025, the Investment Manager has agreed to waive a portion of shareholder servicing fees paid by Class I as necessary to ensure the fees are limited to 0.07%.

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

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| | | |
|:---|:---|:---|
|  | Maximum Annual | Actual |
|  | Amount | Amount |
|  | Approved | Incurred |
|  Class N | 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09% |
|  Class I | 0.15% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07% |

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

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

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average<br> Borrowed | Number<br>of Days | Interest<br>Paid | Average <br> Interest Rate  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1415752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | $203 | 5.230% |

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

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 June 30, 2025, were $31,098,362 and $40,296,181, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the six months ended June 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 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 June 30, 2025, was as follows:

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| | | |
|:---|:---|:---|
| Securities<br> Loaned | Securities<br> Collateral<br> Received | Total<br> Collateral<br> Received |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2832247<br> – | $2879724 | $2879724 |

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

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| | | |
|:---|:---|:---|
| Collateral<br> Type | Coupon<br>Range | Maturity<br> Date Range |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | 0.000%-5.375% | 07/15/25-05/15/54 |

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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. 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 Renaissance's investment techniques and risk analysis will produce the desired result.

**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.

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

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

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

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

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

that may be made against the Fund that have not yet occurred. However, based on experience, the Fund had no prior claims or losses and expects the risks of loss to be remote.

8. MASTER NETTING AGREEMENTS

The Fund may enter into master netting agreements with its counterparties for the Securities Lending Program and Repurchase Agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4. At June 30, 2025, the Fund had no Repurchase Agreements outstanding.

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

9. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU.

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.

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

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

During the six months ended June 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 June 30, 2025, was $5,863, 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 June 30, 2025.

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; AMG Renaissance Large Cap Growth Fund: Approval of Investment Management Agreement and Subadvisory Agreement on June 11, 2025<br>At an in-person meeting held on June 11, 2025, the Board of Trustees (the "Board" or the "Trustees"), and separately a majority of the Trustees who are not "interested persons" of AMG Funds (the "Trust") (the "Independent Trustees"), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the "Investment Manager") for AMG Renaissance Large Cap Growth Fund (the "Fund") and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the "Investment Management Agreement"); and (ii) the Subadvisory Agreement with respect to the Fund, as amended at any time prior to the date of the meeting (the "Subadvisory Agreement"), with The Renaissance Group LLC, the Fund's subadviser (the "Subadviser"). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreement and Subadvisory Agreement, the Trustees reviewed a variety of materials relating to the Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for the Fund (the "Peer Group"), performance information for the relevant benchmark index for the Fund (the "Fund Benchmark"), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Fund, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and the Subadvisory Agreement; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.<br>NATURE, EXTENT AND QUALITY OF SERVICES<br>In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the | &nbsp;&nbsp; Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager's operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Fund and the Trustees' knowledge of the Investment Manager's management and the quality of the performance of the Investment Manager's duties under the Investment Management Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager's oversight of the operation and management of the Fund; (b) the quality of the Investment Manager's oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager's ability to supervise the Fund's other service providers; and (d) the Investment Manager's compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to the Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser's investment performance with respect to the Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser's obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of the Subadvisory Agreement and annual consideration of the Subadvisory | &nbsp;&nbsp; Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager's undertaking to maintain a contractual expense limitation for the Fund. The Trustees also considered the Investment Manager's risk management processes.<br>The Trustees also reviewed information relating to the Subadviser's operations and personnel and the investment philosophy, strategies and techniques (its "Investment Strategy") used in managing the Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser's organizational and management structure and the Subadviser's brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for the Fund, including the information set forth in the Fund's prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser's personnel; and (c) the Subadviser's compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under the Subadvisory Agreement. The Trustees also considered the Subadviser's risk management processes. |

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<br> **ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT** *(continued)*<br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; PERFORMANCE<br>The Board considered the Fund's net performance during relevant time periods as compared to the Fund's Peer Group and Fund Benchmark, considered the gross performance of the Fund as compared to the Subadviser's relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both the Fund's performance results and portfolio composition, as well as the Subadviser's Investment Strategy. The Board was mindful of the Investment Manager's expertise, resources and attention to monitoring the Subadviser's performance, investment style and risk-adjusted performance with respect to the Fund and its discussions with the management of the Fund's subadviser during the period regarding the factors that contributed to the performance of the Fund.<br>Among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class N shares (which share class has the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was below, above, above, and below, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the Russell 1000 Growth Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's recent underperformance relative to the Peer Group and underperformance relative to the Fund Benchmark. The Trustees also noted that the Fund ranked in the top third relative to its Peer Group for the 3-year and 5-year periods and in the top decile relative to its Peer Group for the 2021 and 2022 calendar years. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.<br>ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE<br>In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment | &nbsp;&nbsp; Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called "fallout benefits" such as reputational value derived from the Investment Manager serving as Investment Manager to the Fund), received by the Investment Manager and its affiliates attributable to managing the Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Fund, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to the Fund. The Trustees also considered management's discussion of the current asset level of the Fund, and the impact on profitability of both the current asset level and any future growth of assets of the Fund.<br>In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with the Fund, the Trustees noted the undertaking by the Investment Manager to maintain a contractual expense limitation for the Fund. The Board also took into account management's discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also, with respect to economies of scale, the Trustees noted that as the Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>In considering the reasonableness of the subadvisory fee payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to the Fund and the resulting profitability from the relationship. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser's revenues or profits might be shared directly or indirectly with the Investment Manager. The | &nbsp;&nbsp; Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management's discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under the Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as the Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>The Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were both rated in the Average rating level of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.66%. The Trustees also considered that the Investment Manager was voluntarily waiving a portion of shareholder servicing fees for Class I shares of the Fund. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>\* \* \* \*<br>After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreement and the Subadvisory Agreement: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and the Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs. |

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<br> **ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT** *(continued)*<br>

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| | | |
|:---|:---|:---|
| Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval | of the Investment Management Agreement and the Subadvisory Agreement would be in the best interests of the Fund and its shareholders. Accordingly, on June 11, 2025, the Trustees, and | separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement and the Subadvisory Agreement for the Fund. |

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![LOGO](g847495dsp004.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>The Renaissance Group LLC<br>50 East RiverCenter Boulevard<br>Suite 1200<br>Covington, KY 41011<br>CUSTODIAN<br>The Bank of New York Mellon<br>Mutual Funds Custody<br>240 Greenwich Street<br>New York, NY 10286<br>LEGAL COUNSEL<br>Ropes & Gray LLP<br>Prudential Tower, 800 Boylston Street<br>Boston, MA 02199-3600 | TRANSFER AGENT<br>BNY Mellon Investment Servicing (US) Inc.<br>AMG Funds<br>Attn: 534426 AIM 154-0520 500<br>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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&nbsp;&nbsp;&nbsp; wealth.amg.com

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![LOGO](g847495dsp004.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 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; wealth.amg.com | 063025 SAR024 |

---

------

---

| | |
|:---|:---|
| ![LOGO](g847495dsp004.jpg) | SEMI-ANNUAL FINANCIAL STATEMENTS<br>|

---

---

| |
|:---|
| AMG Funds<br>June 30, 2025<br>![LOGO](g847495dsp112.jpg) <br>AMG TimesSquare Small Cap Growth Fund |
| Class N: **TSCPX** \| Class I: **TSQIX** \| Class Z: **TSCIX** |
| AMG TimesSquare Mid Cap Growth Fund |
| Class N: **TMDPX** \| Class I: **TQMIX** \| Class Z: **TMDIX** |
| AMG TimesSquare International Small Cap Fund |
| Class N: **TCMPX** \| Class I: **TQTIX** \| Class Z: **TCMIX** |

---

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;wealth.amg.com &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 063025 SAR012

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Semi-Annual Financial Statements — June 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 TimesSquare Small Cap Growth Fund](#fin4847495_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG TimesSquare Mid Cap Growth Fund](#fin4847495_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG TimesSquare International Small Cap Fund](#fin4847495_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin4847495_5) | 11 |
| &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](#fin4847495_6) | 13 |
| &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](#fin4847495_7) | 14 |
| &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](#fin4847495_8) | 15 |
| &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](#fin4847495_9) | 24 |
| &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](#fin4847495_10) | 33 |
| [STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin4847495_11) | 34 |

---

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 TimesSquare Small Cap Growth Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 95.4% | Common Stocks - 95.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 8.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.<sup>\*</sup>  | 8800 | $1337600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.<sup>\*</sup>  | 9000 | 1112310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global-e Online, Ltd. (Israel)<sup>\*</sup>  | 29000 | 972660 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.<sup>\*,1</sup>  | 9300 | 1225554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.<sup>\*</sup>  | 22430 | 646657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc.<sup>\*,1</sup>  | 45000 | 1704150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc., Class A<sup>\*</sup>  | 55500 | 1217115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 18000 | 1461780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 9677826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 30500 | 3288815 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Chefs' Warehouse, Inc.<sup>\*,1</sup>  | 23000 | 1467630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freshpet, Inc.<sup>\*,1</sup>  | 9500 | 645620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, Inc., Class A<sup>\*</sup>  | 42300 | 901413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 6303478 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc., Class A | 13500 | 590220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Excelerate Energy, Inc., Class A | 36000 | 1055520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Infinity Natural Resources, Inc., Class A<sup>\*</sup>  | 45838 | 839294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A<sup>1</sup>  | 36300 | 816024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 20000 | 954400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 4255458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 8.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane, Inc., Class A | 14800 | 2103376 |
| &nbsp;&nbsp;&nbsp;&nbsp; MVB Financial Corp. | 31000 | 698430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc., Class A<sup>\*</sup>  | 40700 | 1332925 |
| &nbsp;&nbsp;&nbsp;&nbsp; PJT Partners, Inc., Class A<sup>1</sup>  | 7200 | 1188072 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safety Insurance Group, Inc. | 28500 | 2262615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc., Class A | 40000 | 2546800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 10132218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 15.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.<sup>\*</sup>  | 19800 | 2280762 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceribell, Inc.<sup>\*,1</sup>  | 41000 | 767930 |
| &nbsp;&nbsp;&nbsp;&nbsp; CG Oncology, Inc.<sup>\*,1</sup>  | 26000 | 676000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.<sup>\*</sup>  | 22000 | 2214080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.<sup>\*</sup>  | 12600 | 1635102 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.<sup>\*</sup>  | 3700 | 569652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.<sup>\*</sup>  | 6000 | 824760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merus, N.V. (Netherlands)<sup>\*</sup>  | 12600 | 662760 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newamsterdam Pharma Co., N.V. (Netherlands)<sup>\*</sup>  | 45000 | 814950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Soleno Therapeutics, Inc.<sup>\*</sup>  | 12502 | 1047417 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Stevanato Group S.p.A. (Italy) | 68000 | $1661240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.<sup>\*,1</sup>  | 38500 | 1638175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verona Pharma PLC, ADR (United Kingdom)<sup>\*</sup>  | 18700 | 1768646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenon Pharmaceuticals, Inc. (Canada)<sup>\*,1</sup>  | 30007 | 939219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 17500693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 31.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ACV Auctions, Inc., Class A<sup>\*</sup>  | 120000 | 1946400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc.<sup>1</sup>  | 4459 | 1036495 |
| &nbsp;&nbsp;&nbsp;&nbsp; The AZEK Co., Inc.<sup>\*</sup>  | 37500 | 2038125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc., Class A<sup>\*</sup>  | 25200 | 2907576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chart Industries, Inc.<sup>\*</sup>  | 7000 | 1152550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 3150 | 1689061 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc., Class A<sup>\*</sup>  | 13000 | 1381640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer, S.A., Sponsored ADR (Brazil) | 21500 | 1223565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 19000 | 2290450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 15000 | 1120650 |
| &nbsp;&nbsp;&nbsp;&nbsp; FTAI Aviation, Ltd. | 9500 | 1092880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 19000 | 1073310 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 11400 | 1787862 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp. | 17042 | 2049471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.<sup>\*,1</sup>  | 17500 | 881475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc.<sup>\*,1</sup>  | 36000 | 1672200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.<sup>\*,1</sup>  | 13500 | 1163295 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.<sup>\*</sup>  | 8000 | 1451600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parsons Corp.<sup>\*,1</sup>  | 16200 | 1162674 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.<sup>\*</sup>  | 3600 | 1385280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 19000 | 2754240 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tetra Tech, Inc. | 52500 | 1887900 |
| &nbsp;&nbsp;&nbsp;&nbsp; WillScot Holdings Corp.<sup>1</sup>  | 40000 | 1096000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 36244699 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 20.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ASGN, Inc.<sup>\*</sup>  | 10850 | 541741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Braze, Inc., Class A<sup>\*</sup>  | 26200 | 736220 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc., Class A<sup>\*</sup>  | 70500 | 1546065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding, Ltd.<sup>\*</sup>  | 18400 | 1703656 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software, Ltd. (Israel)<sup>\*</sup>  | 2200 | 895136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc.<sup>\*</sup>  | 26492 | 1367517 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFrog, Ltd. <sup>\*</sup>  | 72000 | 3159360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.<sup>\*</sup>  | 28500 | 1396215 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.<sup>\*</sup>  | 9000 | 1289610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onestream, Inc.<sup>\*</sup>  | 46000 | 1301800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.<sup>\*</sup>  | 5907 | 596194 |
| &nbsp;&nbsp;&nbsp;&nbsp; PAR Technology Corp.<sup>\*,1</sup>  | 24000 | 1664880 |

---

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

------

AMG TimesSquare Small Cap Growth Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 20.5%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 20.5%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.<sup>\*</sup>  | 19000 | $1778210 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc., Class A<sup>\*</sup>  | 14500 | 1554110 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.<sup>\*</sup>  | 1205 | 256761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc., Class A<sup>\*,1</sup>  | 55500 | 1961092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc.<sup>\*</sup>  | 23000 | 1574350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 23322917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust, REIT | 39000 | 1247610 |
|  Total Common Stocks<br>(Cost $91,301,527) | Total Common Stocks<br>(Cost $91,301,527) | 108684899 |
|  Exchange Traded Funds - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Russell 2000 Growth ETF<sup>1</sup>(Cost $2,015,867) | 8000 | 2286880 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 3.7%<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 3.7%<sup>2</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald Securities, Inc., dated 06/30/25, due 07/01/25, 4.390% total to be received $1,065,148 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.500%, 06/01/30 - 02/01/57, totaling $1,086,318) | $1065018 | 1065018 |
| &nbsp;&nbsp;&nbsp;&nbsp; CF Secured, LLC, dated 06/30/25, due 07/01/25, 4.390% total to be received $1,065,148 (collateralized by various U.S. Government Agency Obligations, 3.000% - 6.500%, 05/23/28 - 12/01/63, totaling $1,086,563) | 1065018 | 1065018 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $1,065,150 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $1,086,453) | $1065018 | $1065018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., dated 06/30/25, due 07/01/25, 4.380% total to be received $65,398 (collateralized by various U.S. Treasuries, 1.875% - 4.250%, 11/15/40 - 02/15/51, totaling $66,698) | 65390 | 65390 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin Investment Board, dated 06/30/25, due 07/01/25, 4.480% total to be received $1,000,124 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/26 - 02/15/54, totaling $1,016,993) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 4260444 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 3.2% | &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 3.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>3</sup>  | 1456841 | 1456841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%<sup>3</sup>  | 2185261 | 2185261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Investment Companies |  | 3642102 |
|  Total Short-Term Investments<br>(Cost $7,902,546) |  | 7902546 |
|  Total Investments - 104.3%<br>(Cost $101,219,940) |  | 118874325 |
|  Other Assets, less Liabilities - (4.3)% | Other Assets, less Liabilities - (4.3)% | (4860360) |
|  Net Assets - 100.0% |  | $114013965 |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $19,404,781 or 17.0% 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.

<sup>3</sup> Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

ADR American Depositary Receipt

ETF Exchange Traded Fund

REIT Real Estate Investment Trust

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

------

AMG TimesSquare Small Cap Growth Fund Schedule of Portfolio Investments (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>†</sup>  | $108684899 |  |  | $108684899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | 2286880 |  |  | 2286880 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $4260444 |  | 4260444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 3642102 |  |  | 3642102 |
|  Total Investments in Securities | $114613881 | $4260444 |  | $118874325 |

---

<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 June 30, 2025, there were no transfers in or out of Level 3.

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

------

AMG TimesSquare Mid Cap Growth Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 96.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 2.6% | &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 2.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A<sup>\*</sup>  | 714700 | $25629142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.<sup>\*</sup>  | 62300 | 15129555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 40758697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A<sup>\*</sup>  | 119490 | 29455480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A<sup>\*</sup>  | 166400 | 12639744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment PLC<sup>\*,1</sup>  | 31900 | 9115744 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.<sup>\*</sup>  | 327900 | 29553627 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp.<sup>1</sup>  | 59580 | 17366378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 170740 | 21783009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 445600 | 23514312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 171200 | 13903152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 157331446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 181552 | 19576752 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.<sup>\*</sup>  | 217500 | 19024725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 38601477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 162700 | 39620704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 1078500 | 14689170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 103200 | 17965056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 72274930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Allstate Corp. | 116693 | 23491468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Block, Inc.<sup>\*</sup>  | 86000 | 5841980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 148073 | 16416854 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 34259 | 9250615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 511256 | 28328695 |
| &nbsp;&nbsp;&nbsp;&nbsp; RenaissanceRe Holdings, Ltd. (Bermuda) | 55210 | 13410509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A<sup>\*</sup>  | 336910 | 31544883 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG, Inc. | 594420 | 31177329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 159462333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 13.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE, ADR (Netherlands)<sup>\*</sup>  | 43750 | 24115875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 149000 | 44677650 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 105980 | 12996327 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.<sup>\*</sup>  | 64800 | 34754832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.<sup>\*</sup>  | 146600 | 14753824 |
| &nbsp;&nbsp;&nbsp;&nbsp; Inspire Medical Systems, Inc.<sup>\*</sup>  | 81093 | 10523439 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.<sup>\*</sup>  | 78510 | 9765074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stevanato Group S.p.A. (Italy)<sup>1</sup>  | 648617 | 15845713 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A<sup>\*</sup>  | 144285 | $41551194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 208983928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 22.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 85000 | 15381600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.<sup>\*</sup>  | 42100 | 34856274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carlisle Cos., Inc.<sup>1</sup>  | 40300 | 15048020 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 129836 | 28936549 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 58804 | 28728694 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 88530 | 47353812 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 40489 | 10501632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 118670 | 14305669 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc. (Canada) | 338136 | 17062343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 254255 | 14362865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.<sup>\*,1</sup>  | 164838 | 14204090 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.<sup>\*</sup>  | 63700 | 11541803 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 152994 | 22178010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Saia, Inc.<sup>\*</sup>  | 38520 | 10554095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 121693 | 37907369 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. (Canada) | 96175 | 17957796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Watsco, Inc. | 24250 | 10709285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 351589906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 27.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 130540 | 12890825 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A<sup>\*</sup>  | 84845 | 29702538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B | 345629 | 18653597 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A<sup>\*</sup>  | 25101 | 12784190 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software, Ltd. (Israel)<sup>\*</sup>  | 83695 | 34053822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.<sup>\*</sup>  | 448545 | 24764169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic, N.V.<sup>\*</sup>  | 209295 | 17649847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.<sup>\*</sup>  | 7710 | 14093572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.<sup>\*</sup>  | 70725 | 28588459 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc.<sup>\*</sup>  | 76405 | 42529315 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFrog, Ltd. <sup>\*</sup>  | 645377 | 28319143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.<sup>\*</sup>  | 332800 | 16303872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 203460 | 15747804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 47400 | 34667412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice, Ltd., Sponsored ADR (Israel)<sup>\*</sup>  | 102037 | 17235070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onestream, Inc.<sup>\*,1</sup>  | 571315 | 16168215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsara, Inc., Class A<sup>\*</sup>  | 470200 | 18704556 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc., Class A<sup>\*</sup>  | 184801 | 19806971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.<sup>\*</sup>  | 249100 | 18926618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.<sup>\*</sup>  | 35800 | 21223672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 442813667 |

---

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

------

AMG TimesSquare Mid Cap Growth Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Value |
|  Materials - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 19505 | $5390792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 34100 | 18719536 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 148300 | 16289272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 40399600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.<sup>\*</sup>  | 264039 | 21228736 |
|  Total Common Stocks<br>(Cost $1,070,813,302) |  | 1533444720 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 1.1%<sup>2</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald Securities, Inc., dated 06/30/25, due 07/01/25, 4.390% total to be received $3,279,441 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.500%, 06/01/30 - 02/01/57, totaling $3,344,622) | $3279041 | 3279041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $4,326,232 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $4,412,757) | 4325695 | 4325695 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, dated 06/30/25, due 07/01/25, 4.390% total to be received $3,586,834 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 1.500% - 7.500%, 08/15/34 - 06/01/55, totaling $3,658,125) | 3586397 | 3586397 |

---

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $63,253,063 or 4.0% 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.

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; HSBC Securities USA, Inc., dated 06/30/25, due 07/01/25, 4.390% total to be received $2,004,064 (collateralized by various U.S. Government Agency Obligations, 2.000% - 7.000%, 03/01/34 - 05/01/55, totaling $2,043,896) | $2003820 | $2003820 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin Investment Board, dated 06/30/25, due 07/01/25, 4.480% total to be received $4,109,922 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/26 - 02/15/54, totaling $4,179,244) | 4109411 | 4109411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 17304364 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>3</sup>  | 20312323 | 20312323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%<sup>3</sup>  | 30468484 | 30468484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Investment Companies |  | 50780807 |
|  **Total Short-Term Investments**<br> (Cost $68,085,171) | **Total Short-Term Investments**<br> (Cost $68,085,171) | 68085171 |
|  **Total Investments - 100.3%**<br> (Cost $1,138,898,473) | **Total Investments - 100.3%**<br> (Cost $1,138,898,473) | 1601529891 |
|  Other Assets, less Liabilities - (0.3)% | Other Assets, less Liabilities - (0.3)% | (5032910) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $1596496981 |

---

<sup>3</sup> Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

ADR American Depositary Receipt

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

------

AMG TimesSquare Mid Cap Growth Fund Schedule of Portfolio Investments (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>†</sup>  | $1533444720 |  |  | $1533444720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $17304364 |  | 17304364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 50780807 |  |  | 50780807 |
|  Total Investments in Securities | $1584225527 | $17304364 |  | $1601529891 |

---

<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 June 30, 2025, there were no transfers in or out of Level 3.

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

------

AMG TimesSquare International Small Cap Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 98.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 3.9% | &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 3.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC (United Kingdom)<sup>1</sup>  | 71920 | $814623 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. (Australia) | 24424 | 601498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hemnet Group AB (Sweden) | 37860 | 1111600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet Initiative Japan, Inc. (Japan) | 60930 | 1202988 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPSOS, S.A. (France) | 24050 | 1291801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 5022510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 14.1% | &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 14.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ABC-Mart, Inc. (Japan) | 123940 | 2546202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados Holdings, Inc., Class A (Uruguay) | 165650 | 1306978 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIE Automotive, S.A. (Spain)<sup>2</sup>  | 31427 | 905071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coats Group PLC (United Kingdom) | 1033160 | 1127795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dalata Hotel Group PLC (Ireland) | 245616 | 1866136 |
| &nbsp;&nbsp;&nbsp;&nbsp; De' Longhi S.p.A. (Italy) | 39720 | 1333476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Life Cos., Ltd. (Japan) | 29750 | 1446664 |
| &nbsp;&nbsp;&nbsp;&nbsp; Games Workshop Group PLC (United Kingdom) | 5610 | 1248690 |
| &nbsp;&nbsp;&nbsp;&nbsp; JUMBO, S.A. (Greece) | 60210 | 2078084 |
| &nbsp;&nbsp;&nbsp;&nbsp; KOMEDA Holdings Co., Ltd. (Japan) | 78580 | 1620972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rinnai Corp. (Japan) | 99200 | 2460206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 17940274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 5.5% | &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 5.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Greencore Group PLC (Ireland) | 847170 | 2715297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sugi Holdings Co., Ltd. (Japan) | 96401 | 2203745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viscofan, S.A. (Spain) | 29565 | 2103037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 7022079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 2.3% | &nbsp;&nbsp;&nbsp;&nbsp; Energy - 2.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pason Systems, Inc. (Canada) | 69420 | 626016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technip Energies, N.V. (France) | 55270 | 2325350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 2951366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 13.2% | &nbsp;&nbsp;&nbsp;&nbsp; Financials - 13.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alm Brand A/S (Denmark) | 1136090 | 3034955 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco S.p.A. (Italy) | 54413 | 1207073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integral Corp. (Japan)<sup>2</sup>  | 94070 | 2080975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordnet AB publ (Sweden) | 33057 | 898551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piraeus Financial Holdings, S.A. (Greece) | 363272 | 2516669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakuten Bank, Ltd. (Japan)<sup>\*</sup>  | 44750 | 2051471 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ringkjoebing Landbobank A/S (Denmark) | 9830 | 2151086 |
| &nbsp;&nbsp;&nbsp;&nbsp; St James's Place PLC (United Kingdom) | 94180 | 1534666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steadfast Group, Ltd. (Australia) | 341833 | 1353883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 16829329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 5.0% | &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 5.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambu A/S, Class B (Denmark) | 65370 | 1028142 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Craneware PLC (United Kingdom) | 48130 | $1400592 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siegfried Holding AG (Switzerland) | 24000 | 2704047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verona Pharma PLC, ADR (United Kingdom)<sup>\*</sup>  | 13200 | 1248456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 6381237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 28.5% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 28.5% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aalberts, N.V. (Netherlands) | 27400 | 995149 |
| &nbsp;&nbsp;&nbsp;&nbsp; ALS, Ltd. (Australia) | 200590 | 2259547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcadis, N.V. (Netherlands) | 15520 | 753651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bodycote PLC (United Kingdom) | 130579 | 1047653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemring Group PLC (United Kingdom) | 186900 | 1450335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiei Kankyo Co., Ltd. (Japan) | 140300 | 3076648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danieli & C Officine Meccaniche S.p.A. (Italy)<sup>2</sup>  | 20000 | 786070 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diploma PLC (United Kingdom) | 20420 | 1370792 |
| &nbsp;&nbsp;&nbsp;&nbsp; DMG Mori Co., Ltd. (Japan) | 33570 | 772455 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co., Ltd. (South Korea) | 11020 | 1670742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howden Joinery Group PLC (United Kingdom) | 147203 | 1731036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpump Group S.p.A. (Italy)<sup>2</sup>  | 30767 | 1280287 |
| &nbsp;&nbsp;&nbsp;&nbsp; KION Group AG (Germany) | 12730 | 711069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konecranes Oyj (Finland) | 11230 | 892355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyudenko Corp. (Japan) | 30100 | 1245320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maire S.p.A. (Italy) | 156000 | 2055651 |
| &nbsp;&nbsp;&nbsp;&nbsp; MEITEC Group Holdings, Inc. (Japan) | 55530 | 1223746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexans, S.A. (France) | 9310 | 1218298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organo Corp. (Japan) | 48960 | 3048133 |
| &nbsp;&nbsp;&nbsp;&nbsp; RENK Group AG (Germany) | 21180 | 1694202 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rotork PLC (United Kingdom) | 319400 | 1409144 |
| &nbsp;&nbsp;&nbsp;&nbsp; SWCC Corp. (Japan) | 39100 | 2038662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Timee, Inc. (Japan)<sup>\*,2</sup>  | 78220 | 1114887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tokyo Metro Co., Ltd. (Japan) | 80820 | 940476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventia Services Group Pty, Ltd. (Australia) | 433010 | 1476837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 36263145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 14.1% | &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 14.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. (Taiwan) | 58000 | 1449638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alten, S.A. (France) | 9110 | 801129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appier Group, Inc. (Japan) | 118090 | 1334621 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azbil Corp. (Japan) | 365930 | 3469980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexerials Corp. (Japan) | 95600 | 1477465 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finatext Holdings, Ltd. (Japan)<sup>\*</sup>  | 110320 | 888763 |
| &nbsp;&nbsp;&nbsp;&nbsp; IONOS Group SE (Germany)<sup>\*</sup>  | 26800 | 1260826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melexis, N.V. (Belgium) | 4710 | 401480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova, Ltd. (Israel)<sup>\*</sup>  | 5100 | 1403520 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigaku Holdings Corp. (Japan) | 195710 | 1043771 |

---

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

------

AMG TimesSquare International Small Cap Fund Schedule of Portfolio Investments (continued)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Value |
|  **Information Technology - 14.1%** (continued) | **Information Technology - 14.1%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Simplex Holdings, Inc. (Japan) | 46040 | $1245673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sopra Steria Group (France) | 13253 | 3231273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 18008139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acerinox, S.A. (Spain) | 101890 | 1300881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imdex, Ltd. (Australia) | 674990 | 1208477 |
| &nbsp;&nbsp;&nbsp;&nbsp; LANXESS AG (Germany) | 43200 | 1288023 |
| &nbsp;&nbsp;&nbsp;&nbsp; OR Royalties, Inc. (Canada)<sup>2</sup>  | 64990 | 1670387 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Bakelite Co., Ltd. (Japan) | 22330 | 644161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 6111929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KDX Realty Investment Corp., REIT (Japan) | 2930 | 3179303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi, S.A., REIT (Spain) | 139200 | 1835176 |
| &nbsp;&nbsp;&nbsp;&nbsp; The UNITE Group PLC, REIT (United Kingdom) | 135380 | 1577819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 6592298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Gas Co., Ltd. (Japan) | 123250 | 2269768 |
|  Total Common Stocks<br>(Cost $91,990,771) |  | 125392074 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.9%<sup>3</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $152,683 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $155,737) | $152664 | 152664 |

---

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the value of this security amounted to $814,623 or 0.6% of net assets. 

<sup>2</sup> Some of these securities, amounting to $5,524,637 or 4.3% 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. 

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin Investment Board, dated 06/30/25, due 07/01/25, 4.480% total to be received $1,000,124 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/26 - 02/15/54, totaling $1,016,993) | $1000000 | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 1152664 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%<sup>4</sup>  | 1592568 | 1592568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%<sup>4</sup>  | 2388852 | 2388852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Investment Companies |  | 3981420 |
|  **Total Short-Term Investments**<br> (Cost $5,134,084) | **Total Short-Term Investments**<br> (Cost $5,134,084) | 5134084 |
|  **Total Investments - 102.4%**<br> (Cost $97,124,855) | **Total Investments - 102.4%**<br> (Cost $97,124,855) | 130526158 |
|  Other Assets, less Liabilities - (2.4)% | Other Assets, less Liabilities - (2.4)% | (3049633) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $127476525 |

---

<sup>3</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

<sup>4</sup> Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

ADR American Depositary Receipt

REIT Real Estate Investment Trust

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

------

AMG TimesSquare International Small Cap Fund Schedule of Portfolio Investments (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2<sup>1</sup> | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials | $1047653 | $35215492 |  | $36263145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 1403520 | 16604619 |  | 18008139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 5251198 | 12689076 |  | 17940274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials | 3034955 | 13794374 |  | 16829329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2715297 | 4306782 |  | 7022079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 6592298 |  | 6592298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care | 2649048 | 3732189 |  | 6381237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials | 1670387 | 4441542 |  | 6111929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services |  | 5022510 |  | 5022510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy | 626016 | 2325350 |  | 2951366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 2269768 |  | 2269768 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 1152664 |  | 1152664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 3981420 |  |  | 3981420 |
|  Total Investment in Securities | $22379494 | $108146664 |  | $130526158 |

---

<sup>1</sup> An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

For the six months ended June 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; Statement of Assets and Liabilities (unaudited) June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | AMG<br>TimesSquare<br>Small Cap<br>Growth Fund | AMG<br>TimesSquare<br>Mid Cap<br>Growth Fund | AMG<br>TimesSquare<br>International Small<br>Cap Fund |
| &nbsp;&nbsp; Assets: |  |  |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan valued at $19,404,781, $63,253,063, and $5,524,637, respectively) | $118874325 | $1601529891 | $130526158 |
| &nbsp;&nbsp; Foreign currency<sup>2</sup>  |  |  | 1292594 |
| &nbsp;&nbsp; Receivable for investments sold | 142941 | 13169338 | 226954 |
| &nbsp;&nbsp; Dividend and interest receivables | 33538 | 560150 | 627401 |
| &nbsp;&nbsp; Securities lending income receivable | 3341 | 21030 | 4974 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 8265 | 1747234 | 19018 |
| &nbsp;&nbsp; Receivable from affiliate | 8914 |  | 5554 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 22795 | 61225 | 24120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 119094119 | 1617088868 | 132726773 |
| &nbsp;&nbsp; Liabilities: |  |  |  |
| &nbsp;&nbsp; Payable upon return of securities loaned | 4260444 | 17304364 | 1152664 |
| &nbsp;&nbsp; Payable for investments purchased | 653965 | 563807 | 928854 |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 2208 | 1302242 | 2896734 |
| &nbsp;&nbsp; Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 69943 | 852286 | 78142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 13805 | 193701 | 15628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 2926 | 76551 | 5067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 76863 | 298936 | 173159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5080154 | 20591887 | 5250248 |
| &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 7) |  |  |  |
| &nbsp;&nbsp; Net Assets | $114013965 | $1596496981 | $127476525 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $101219940 | $1138898473 | $97124855 |
| &nbsp;&nbsp; <sup>2</sup> Foreign currency at cost |  |  | $1277114 |

---

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

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | AMG<br>TimesSquare<br>Small Cap<br>Growth Fund | AMG<br>TimesSquare<br>Mid Cap<br>Growth Fund | AMG<br>TimesSquare<br>International Small<br>Cap Fund |
| &nbsp;&nbsp; Net Assets Represent: |  |  |  |
| &nbsp;&nbsp; Paid-in capital | $93656791 | $1006160395 | $287379829 |
| &nbsp;&nbsp; Total distributable earnings (loss) | 20357174 | 590336586 | (159903304) |
| &nbsp;&nbsp; Net Assets | $114013965 | $1596496981 | $127476525 |
| &nbsp;&nbsp; Class N: |  |  |  |
| &nbsp;&nbsp; Net Assets | $15161646 | $343918630 | $9274087 |
| &nbsp;&nbsp; Shares outstanding | 1248723 | 20106823 | 516125 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $12.14 | $17.10 | $17.97 |
| &nbsp;&nbsp; Class I: |  |  |  |
| &nbsp;&nbsp; Net Assets | $9549227 | $530953333 | $73835102 |
| &nbsp;&nbsp; Shares outstanding | 730746 | 28761218 | 4096284 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $13.07 | $18.46 | $18.02 |
| &nbsp;&nbsp; Class Z: |  |  |  |
| &nbsp;&nbsp; Net Assets | $89303092 | $721625018 | $44367336 |
| &nbsp;&nbsp; Shares outstanding | 6775724 | 38810150 | 2463387 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $13.18 | $18.59 | $18.01 |

---

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 June 30, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | AMG<br>TimesSquare<br>Small Cap<br>Growth Fund | AMG<br>TimesSquare<br>Mid Cap<br>Growth Fund | AMG<br>TimesSquare<br>International Small<br>Cap Fund |
| &nbsp;&nbsp; Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $358287 | $4848126 | $1945454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income |  | 203 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 18088 | 175960 | 54044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (648) | (16444) | (215968) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 375727 | 5007845 | 1784754 |
| &nbsp;&nbsp; Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 420039 | 4754683 | 439155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 82903 | 1080610 | 87831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 14641 | 335847 | 9794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 2834 | 116845 | 18495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 24366 | 71152 | 27323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 22034 | 47479 | 25033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 18024 | 59664 | 49968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 6916 | 61630 | 21976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 4581 | 61449 | 4989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 2187 | 21215 | 10042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3927 | 26373 | 4615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 602452 | 6636947 | 699221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (54401) |  | (56115) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reductions | (29897) | (123296) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 518154 | 6513651 | 643106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (142427) | (1505806) | 1141648 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 4533344 | 80348196 | 7174520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on foreign currency transactions |  |  | 26053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (3714170) | 49607506 | 20948323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency translations |  |  | 81061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 819174 | 129955702 | 28229957 |
| &nbsp;&nbsp; Net increase in net assets resulting from operations | $676747 | $128449896 | $29371605 |

---

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 June 30, 2025 (unaudited) and the fiscal year ended December 31, 2024

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AMG<br>TimesSquare<br>Small Cap<br>Growth Fund | AMG<br>TimesSquare<br>Small Cap<br>Growth Fund | AMG<br>TimesSquare<br>Mid Cap<br>Growth Fund | AMG<br>TimesSquare<br>Mid Cap<br>Growth Fund | AMG<br>TimesSquare<br>International Small<br>Cap Fund | AMG<br>TimesSquare<br>International Small<br>Cap Fund |
|  | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 |
| &nbsp;&nbsp; Increase in Net Assets Resulting From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(142427) | $(538583) | $(1505806) | $(3520238) | $1141648 | $2020057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 4533344 | 26055722 | 80348196 | 163628139 | 7200573 | 22935874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (3714170) | (3758410) | 49607506 | (23589003) | 21029384 | (19548662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 676747 | 21758729 | 128449896 | 136518898 | 29371605 | 5407269 |
| &nbsp;&nbsp; Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N |  | (1162704) |  | (29843559) |  | (208214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (675141) |  | (34579261) |  | (2024097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z |  | (6572397) |  | (41300749) |  | (1208701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (8410242) |  | (105723569) |  | (3441012) |
| &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 | (5857625) | (59506211) | 104027171 | 37957598 | (13535988) | (80805346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (5180878) | (46157724) | 232477067 | 68752927 | 15835617 | (78839089) |
| &nbsp;&nbsp; Net Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 119194843 | 165352567 | 1364019914 | 1295266987 | 111640908 | 190479997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $114013965 | $119194843 | $1596496981 | $1364019914 | $127476525 | $111640908 |

---

<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 TimesSquare Small Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class N | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $12.08 | $11.28 | $9.69 | $14.09 | $16.45 | $13.96 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.02) | (0.06) | (0.06) | (0.09) | (0.17) | (0.11)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.08 | 1.83 | 1.65 | (3.62) | 1.18 | 4.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.06 | 1.77 | 1.59 | (3.71) | 1.01 | 4.81 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.97) |  | (0.69) | (3.37) | (2.32) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $12.14 | $12.08 | $11.28 | $9.69 | $14.09 | $16.45 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 0.58%<sup>5</sup> | 15.30% | 16.41% | (26.41)% | 6.72% | 34.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 1.13%<sup>7</sup> | 1.17% | 1.17% | 1.17% | 1.17%<sup>8</sup> | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.26%<sup>7</sup> | 1.23% | 1.23% | 1.20% | 1.19%<sup>8</sup> | 1.20% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.45)%<sup>7</sup> | (0.52)% | (0.53)% | (0.79)% | (0.97)% | (0.79)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 35%<sup>5</sup> | 74% | 63% | 50% | 65% | 71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $15162 | $15285 | $12717 | $38225 | $86941 | $112740 |

---

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

------

AMG TimesSquare Small Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class I | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $12.99 | $12.06 | $10.34 | $14.96 | $17.25 | $14.53 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.02) | (0.05) | (0.05) | (0.08) | (0.15) | (0.10)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.10 | 1.95 | 1.77 | (3.85) | 1.23 | 5.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.08 | 1.90 | 1.72 | (3.93) | 1.08 | 5.04 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.97) |  | (0.69) | (3.37) | (2.32) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $13.07 | $12.99 | $12.06 | $10.34 | $14.96 | $17.25 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 0.62%<sup>5</sup> | 15.48% | 16.64% | (26.34)% | 6.81% | 35.19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 0.99%<sup>7</sup> | 1.03% | 1.05% | 1.05% | 1.05%<sup>8</sup> | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.12%<sup>7</sup> | 1.09% | 1.11% | 1.08% | 1.07%<sup>8</sup> | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.31)%<sup>7</sup> | (0.38)% | (0.41)% | (0.67)% | (0.85)% | (0.66)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 35%<sup>5</sup> | 74% | 63% | 50% | 65% | 71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $9549 | $9645 | $9564 | $9185 | $12380 | $12062 |

---

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

------

AMG TimesSquare Small Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class Z | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $13.09 | $12.14 | $10.40 | $15.03 | $17.30 | $14.55 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.01) | (0.04) | (0.04) | (0.07) | (0.14) | (0.09)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.10 | 1.96 | 1.78 | (3.87) | 1.24 | 5.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.09 | 1.92 | 1.74 | (3.94) | 1.10 | 5.07 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.97) |  | (0.69) | (3.37) | (2.32) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $13.18 | $13.09 | $12.14 | $10.40 | $15.03 | $17.30 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 0.69%<sup>5</sup> | 15.53% | 16.73% | (26.29)% | 6.91% | 35.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup>  | 0.93%<sup>7</sup> | 0.97% | 0.97% | 0.97% | 0.97%<sup>8</sup> | 0.96% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.06%<sup>7</sup> | 1.03% | 1.03% | 1.00% | 0.99%<sup>8</sup> | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.25)%<sup>7</sup> | (0.32)% | (0.33)% | (0.59)% | (0.77)% | (0.59)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 35%<sup>5</sup> | 74% | 63% | 50% | 65% | 71% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $89303 | $94265 | $143072 | $181238 | $312604 | $320535 |

---

<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> Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.12), $(0.10) and $(0.09) 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> Includes reduction from broker recapture amounting to 0.03% for the six months ended June 30, 2025, 0.01%, 0.02%, 0.02%, 0.02% and 0.03% for the fiscal years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively. 

<sup>7</sup> Annualized.

<sup>8</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.01%. 

<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 TimesSquare Mid Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $15.73 | $15.41 | $12.88 | $17.24 | $19.66 | $17.69 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.03) | (0.06) | (0.06) | (0.06) | (0.10)<sup>3</sup> | (0.09)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.40 | 1.76 | 3.25 | (3.79) | 3.11 | 5.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.37 | 1.70 | 3.19 | (3.85) | 3.01 | 5.75 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (1.38) | (0.66) | (0.51) | (5.43) | (3.78) |
|  Net Asset Value, End of Period | $17.10 | $15.73 | $15.41 | $12.88 | $17.24 | $19.66 |
|  Total Return<sup>2,5</sup>  | 8.77%<sup>6</sup> | 10.57% | 24.82% | (22.39)% | 15.92% | 33.03% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>7</sup>  | 1.05%<sup>8</sup> | 1.11%<sup>9</sup> | 1.18% | 1.17% | 1.17% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup> | 1.06%<sup>8</sup> | 1.12% | 1.19% | 1.18% | 1.18% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.35)%<sup>8</sup> | (0.38)% | (0.39)% | (0.45)% | (0.46)% | (0.48)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 22%<sup>6</sup> | 48% | 39% | 44% | 53% | 74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $343919 | $362298 | $411238 | $368938 | $535289 | $613501 |

---

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

------

AMG TimesSquare Mid Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $16.96 | $16.50 | $13.73 | $18.31 | $20.58 | $18.35 |
|  Income (loss) from Investment Operations: | Income (loss) from Investment Operations: | Income (loss) from Investment Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.02) | (0.04) | (0.04) | (0.04) | (0.07)<sup>3</sup> | (0.07)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.52 | 1.88 | 3.47 | (4.03) | 3.25 | 6.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.50 | 1.84 | 3.43 | (4.07) | 3.18 | 6.01 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  | (0.02) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (1.38) | (0.66) | (0.51) | (5.43) | (3.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (1.38) | (0.66) | (0.51) | (5.45) | (3.78) |
|  Net Asset Value, End of Period | $18.46 | $16.96 | $16.50 | $13.73 | $18.31 | $20.58 |
|  Total Return<sup>2,5</sup>  | 8.84%<sup>6</sup> | 10.72% | 24.94% | (22.23)% | 16.04% | 33.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>7</sup>  | 0.90%<sup>8</sup> | 0.96%<sup>9</sup> | 1.03% | 1.02% | 1.02% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 0.91%<sup>8</sup> | 0.97% | 1.04% | 1.03% | 1.03% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.20)%<sup>8</sup> | (0.23)% | (0.24)% | (0.30)% | (0.31)% | (0.35)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 22%<sup>6</sup> | 48% | 39% | 44% | 53% | 74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $530953 | $452566 | $401601 | $339100 | $431797 | $526800 |

---

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

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AMG TimesSquare Mid Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal period

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class Z | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $17.08 | $16.60 | $13.81 | $18.39 | $20.65 | $18.39 |
|  Income (loss) from Investment Operations: | Income (loss) from Investment Operations: | Income (loss) from Investment Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.01) | (0.03) | (0.03) | (0.04) | (0.06)<sup>3</sup> | (0.05)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.52 | 1.89 | 3.48 | (4.03) | 3.27 | 6.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.51 | 1.86 | 3.45 | (4.07) | 3.21 | 6.04 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (1.38) | (0.66) | (0.51) | (5.43) | (3.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (1.38) | (0.66) | (0.51) | (5.47) | (3.78) |
|  Net Asset Value, End of Period | $18.59 | $17.08 | $16.60 | $13.81 | $18.39 | $20.65 |
|  Total Return<sup>2,5</sup>  | 8.84%<sup>6</sup> | 10.78% | 25.03% | (22.18)% | 16.10% | 33.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>7</sup> | 0.85%<sup>8</sup> | 0.91%<sup>9</sup> | 0.98% | 0.97% | 0.97% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup>  | 0.86%<sup>8</sup> | 0.92% | 0.99% | 0.98% | 0.98% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.15)%<sup>8</sup> | (0.18)% | (0.19)% | (0.25)% | (0.26)% | (0.28)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 22%<sup>6</sup> | 48% | 39% | 44% | 53% | 74% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $721625 | $549156 | $482428 | $414298 | $810210 | $896929 |

---

<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> Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.16), $(0.13) and $(0.12) for Class N, Class I and Class Z, respectively. 

<sup>4</sup> Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.11), $(0.08) and $(0.07) 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> Includes reduction from broker recapture amounting to 0.01% for the six months ended June 30, 2025, 0.01% for each fiscal year ended December 31, 2024, 2023, 2022, 2021 and 2020. 

<sup>8</sup> Annualized.

<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 TimesSquare International Small Cap Fund Financial Highlights For a share outstanding throughout each fiscal period

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $14.09 | $14.27 | $13.21 | $18.49 | $18.44 | $16.24 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.13 | 0.17 | 0.14 | 0.19<sup>3</sup> | 0.09 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 3.75 | 0.05 | 1.16 | (5.36) | 0.14 | 2.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 3.88 | 0.22 | 1.30 | (5.17) | 0.23 | 2.20 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.40) | (0.24) | (0.11) | (0.18) |  |
|  Net Asset Value, End of Period | $17.97 | $14.09 | $14.27 | $13.21 | $18.49 | $18.44 |
|  Total Return<sup>2,4</sup>  | 27.54%<sup>5</sup> | 1.45% | 9.92% | (27.97)% | 1.25% | 13.55% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.30%<sup>6</sup> | 1.31%<sup>7</sup> | 1.27%<sup>7</sup> | 1.25% | 1.22% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.40%<sup>6</sup> | 1.37% | 1.27% | 1.25% | 1.22% | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.75%<sup>6</sup> | 1.13% | 1.04% | 1.33% | 0.47% | 0.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 30%<sup>5</sup> | 71% | 69% | 71% | 73% | 57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $9274 | $7428 | $9101 | $10977 | $21202 | $45389 |

---

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

------

AMG TimesSquare International Small Cap Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
|  Net Asset Value, Beginning of Period | $14.12 | $14.30 | $13.23 | $18.52 | $18.49 | $16.26 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.15 | 0.20 | 0.17 | 0.21<sup>3</sup> | 0.12 | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 3.75 | 0.05 | 1.16 | (5.37) | 0.13 | 2.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 3.90 | 0.25 | 1.33 | (5.16) | 0.25 | 2.24 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.43) | (0.26) | (0.13) | (0.22) | (0.01) |
|  Net Asset Value, End of Period | $18.02 | $14.12 | $14.30 | $13.23 | $18.52 | $18.49 |
|  Total Return<sup>2,4</sup>  | 27.69%<sup>5</sup> | 1.65% | 10.11% | (27.84)% | 1.36% | 13.75% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.10%<sup>6</sup> | 1.12%<sup>7</sup> | 1.11%<sup>7</sup> | 1.10% | 1.07% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.20%<sup>6</sup> | 1.18% | 1.11% | 1.10% | 1.07% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.95%<sup>6</sup> | 1.32% | 1.20% | 1.48% | 0.62% | 0.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 30%<sup>5</sup> | 71% | 69% | 71% | 73% | 57% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $73835 | $67680 | $96333 | $260896 | $614652 | $629502 |

---

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

------

AMG TimesSquare International Small Cap Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025 | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class Z | (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $14.10 | $14.29 | $13.23 | $18.53 | $18.50 | $16.26 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.15 | 0.21 | 0.18 | 0.22<sup>3</sup> | 0.14 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 3.76 | 0.04 | 1.16 | (5.37) | 0.12 | 2.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 3.91 | 0.25 | 1.34 | (5.15) | 0.26 | 2.26 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.44) | (0.28) | (0.15) | (0.23) | (0.02) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $18.01 | $14.10 | $14.29 | $13.23 | $18.53 | $18.50 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 27.73%<sup>5</sup> | 1.65% | 10.22% | (27.78)% | 1.47% | 13.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.05%<sup>6</sup> | 1.06%<sup>7</sup> | 1.02%<sup>7</sup> | 1.00% | 0.97% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.15%<sup>6</sup> | 1.12% | 1.02% | 1.00% | 0.97% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 2.00%<sup>6</sup> | 1.38% | 1.29% | 1.58% | 0.72% | 0.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 30%<sup>5</sup> | 71% | 69% | 71% | 73% | 57% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $44367 | $36533 | $85045 | $166307 | $396236 | $397976 |

---

<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 $0.15, $0.17 and $0.18 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 interest expense of 0.01% and 0.02% for the fiscal years ended December 31, 2024 and 2023, respectively, 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.

------

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements (unaudited)<br> June 30, 2025<br>

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the "Trust") is an open-end management investment company, organized as a Massachusetts business 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 are AMG TimesSquare Small Cap Growth Fund ("Small Cap"), AMG TimesSquare Mid Cap Growth Fund ("Mid Cap") and AMG TimesSquare International Small Cap Fund ("International Small Cap"), 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 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' Board 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 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> 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. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date, except for Korean securities where dividends are recorded on confirmation 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 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 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 Cap and Mid Cap had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Funds' overall expense ratio. For the six months ended June 30, 2025, the impact on the expenses and expense ratios, if any, was as follows: Small Cap $29,897 or 0.03% and Mid Cap $123,296 or 0.01%.

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

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are primarily due to tax equalization utilized for Small Cap and Mid Cap. Permanent differences for Small Cap are due to a redemption in-kind. In addition, permanent differences for Mid Cap are due to net operating losses. There were no permanent differences for International Small Cap. Temporary differences are primarily due to mark-to-market on passive foreign investment companies for Small Cap and International Small Cap. In addition, each Fund had temporary differences due to wash sale loss deferrals.

At June 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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| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Cost | Appreciation | Depreciation | Net Appreciation |
|  Small Cap | $101219940 | $23194806 | $(5540421) | $17654385 |
|  Mid Cap | 1138898473 | 495685059 | (33053641) | 462631418 |
| International Small Cap | 97124855 | 33992864 | (591561) | 33401303 |

---

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.

------

<br> Notes to Financial Statements *(continued)*<br>

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2024, the following Fund had capital loss carryovers for federal income tax purposes. Should the Fund incur net capital losses for the fiscal year ended December 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.

As of December 31, 2024, Small Cap and Mid Cap had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended December 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.

---

| | | | |
|:---|:---|:---|:---|
| Fund | Short-Term | Long-Term | Total |
|  International Small Cap | $149868837 | $46969139 | $196837976 |

---

g. CAPITAL STOCK

The Trust's Amended and Restated Agreement and Declaration of Trust authorizes for each Fund the issuance of an unlimited number of shares of beneficial interest, without par value. Each Fund records sales and repurchases of its capital stock on the trade date. For the fiscal year ended December 31, 2024, Small Cap transferred securities and cash to certain shareholders in connection with redemption in-kind transactions in the amount of $34,467,957. For the purposes of U.S.GAAP, the transactions were treated as sales of securities and the resulting gain or loss was recognized based on the market value of the securities on the date of the transfer. For tax purposes, no gains or losses were recognized.

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Small Cap | Small Cap | | | Mid Cap | Mid Cap | |
|  | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  Class N: |  |  |  |  |  |  |  |  |
|  Shares sold | 40983 | $487473 | 241369 | $2825853 | 989965 | $16347179 | 1341057 | $21866294 |
|  Shares issued in reinvestment of distributions |  |  | 92627 | 1162472 |  |  | 1797200 | 29815553 |
|  Shares redeemed | (58070) | (652833) | (195399) | (2337410) | (3919763) | (63979730) | (6789004) | (112406645) |
|  Net increase (decrease) | (17087) | $(165360) | 138597 | $1650915 | (2929798) | $(47632551) | (3650747) | $(60724798) |
|  Class I: |  |  |  |  |  |  |  |  |
|  Shares sold | 12221 | $156670 | 60366 | $796716 | 5609051 | $94411782 | 5148231 | $90866781 |
|  Shares issued in reinvestment of distributions |  |  | 50048 | 675141 |  |  | 1869218 | 33440315 |
|  Shares redeemed | (24119) | (307151) | (161036) | (2021363) | (3530125) | (61419826) | (4672713) | (82737646) |
|  Net increase (decrease) | (11898) | $(150481) | (50622) | $(549506) | 2078926 | $32991956 | 2344736 | $41569450 |
|  Class Z: |  |  |  |  |  |  |  |  |
|  Shares sold | 231602 | $2807136 | 731157 | $9534917 | 11735125 | $207568824 | 6396669 | $116111903 |
|  Shares issued in reinvestment of distributions |  |  | 482119 | 6561643 |  |  | 2202025 | 39658473 |
|  Shares redeemed | (654794) | (8348920) | (5798481) | (76704180)<sup>1</sup> | (5078279) | (88901058) | (5507425) | (98657430) |
|  Net increase (decrease) | (423192) | $(5541784) | (4585205) | $(60607620) | 6656846 | $118667766 | 3091269 | $57112946 |

---

<sup>1</sup> Includes redemption in-kind in the amount of $34,467,957.

------

<br> Notes to Financial Statements *(continued)*<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | International Small Cap | International Small Cap | |
|  | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
|  Class N: |  |  |  |  |
|  Shares sold | 84799 | $1409715 | 23255 | $346984 |
|  Shares issued in reinvestment of distributions |  |  | 14399 | 208214 |
|  Shares redeemed | (95899) | (1505089) | (148297) | (2188013) |
|  Net decrease | (11100) | $(95374) | (110643) | $(1632815) |
|  Class I: |  |  |  |  |
|  Shares sold | 218428 | $3270227 | 472966 | $7034604 |
|  Shares issued in reinvestment of distributions |  |  | 136367 | 1975959 |
|  Shares redeemed | (915544) | (14799443) | (2552720) | (38540469) |
|  Net decrease | (697116) | $(11529216) | (1943387) | $(29529906) |
|  Class Z: |  |  |  |  |
|  Shares sold | 54957 | $821665 | 378578 | $5587460 |
|  Shares issued in reinvestment of distributions |  |  | 83474 | 1208695 |
|  Shares redeemed | (181722) | (2733063) | (3823666) | (56438780) |
|  Net decrease | (126765) | $(1911398) | (3361614) | $(49642625) |

---

At June 30, 2025, certain shareholders of record individually or collectively held greater than 5% of the net assets of the Funds as follows: Small Cap - one owns 6%. Transactions by this shareholder may have a material impact on Small Cap.

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 June 30, 2025, the market value of Repurchase Agreements outstanding for Small Cap, Mid Cap and International Small Cap was $4,260,444, $17,304,364 and $1,152,664, respectively.

i. FOREIGN CURRENCY TRANSLATION

The books and records of the Funds 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 Funds do 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

For each of the Funds, 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 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 TimesSquare Capital Management, LLC ("TimesSquare") who serves as

------

<br> Notes to Financial Statements *(continued)*<br>

subadviser pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in TimesSquare.

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

---

| | |
|:---|:---|
|  Small Cap | 0.76% |
|  Mid Cap | 0.66% |
|  International Small Cap | 0.75% |

---

The fee paid to TimesSquare 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 May 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 Small Cap, Mid Cap and International Small Cap to the annual rate of 0.96%, 1.13% and 1.05%, 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 June 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 |
|  Small Cap | $54401 |  |
|  Mid Cap |  |  |
|  International Small Cap | 56115 |  |

---

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

---

| | | |
|:---|:---|:---|
| Expiration<br> Period | Small Cap | International Small Cap |
|  Less than 1 year | $50246 |  |
|  1-2 years | 83840 | $45044 |
|  2-3 years | 96503 | 100677 |
|  Total | $230589 | $145721 |

---

The Trust, on behalf of the Funds, has 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.

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 below.

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

------

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

---

| | | |
|:---|:---|:---|
|  | Maximum Annual | Actual |
|  | Amount | Amount |
| Fund | Approved | Incurred |
|  Small Cap |  |  |
|  Class N | 0.20% | 0.20% |
|  Class I | 0.10% | 0.06% |
|  Mid Cap |  |  |
|  Class N | 0.20% | 0.20% |
|  Class I | 0.05% | 0.05% |
|  International Small Cap |  |  |
|  Class N | 0.25% | 0.25% |
|  Class I | 0.10% | 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 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 June 30, 2025, the Funds had no interfund loans outstanding. The Funds did not borrow during the six months ended June 30, 2025.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Average<br>Lent | Number<br>of Days | Interest<br>Earned | Average <br>Interest Rate |
| &nbsp;&nbsp; Mid Cap | $1415752 | 1 | $203 | 5.230% |
| &nbsp;&nbsp; International Small Cap | 2138285 | 4 | 1224 | 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 June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | Long Term Securities | Long Term Securities |
| Fund | Purchases | Sales |
|  Small Cap | $38229473 | $41684428 |

---

---

| | | |
|:---|:---|:---|
|  | Long Term Securities | Long Term Securities |
| Fund | Purchases | Sales |
|  Mid Cap | $370941095 | $312056983 |
|  International Small Cap | 34632393 | 44113089 |

---

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended June 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 June 30, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Securities<br>Loaned | Cash<br>Collateral<br>Received | Securities<br>Collateral<br>Received | Total <br> Collateral <br> Received  |
| &nbsp;&nbsp; Small Cap | $19404781 | $4260444 | $15602938 | $19863382 |
| &nbsp;&nbsp; Mid Cap | 63253063 | 17304364 | 47708714 | 65013078 |
| &nbsp;&nbsp; International Small Cap | 5524637 | 1152664 | 4575311 | 5727975 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | Collateral<br> Type | Coupon<br>Range | Maturity <br>Date Range |
| &nbsp;&nbsp; Small Cap | U.S. Treasury Obligations | 0.125%-6.250% | 08/31/25-11/15/54 |
| &nbsp;&nbsp; Mid Cap | U.S. Treasury Obligations | 0.125%-6.250% | 08/31/25-11/15/54 |

---

------

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | Collateral<br> Type | Coupon<br>Range | Maturity <br>Date Range |
| &nbsp;&nbsp; International<br>Small Cap | U.S. Treasury Obligations | 0.000%-5.375% | 07/10/25-08/15/54 |

---

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) currency and 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 TimesSquare's investment techniques and risk analysis will produce the desired result.

**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.

**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.

**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.

**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 Funds to the risk that those currencies will decline in value relative to the U.S. dollar. The values of foreign currencies relative to the U.S. dollar may fluctuate in response to, among other factors, interest rate changes, intervention (or failure to intervene) by national governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls, and other political or regulatory developments.

**Geographic Focus Risk:** To the extent a Fund focuses its investments in a particular country, group of countries or geographic region, the Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting such countries or region, and the Fund's NAV may be more volatile than the NAV of a more geographically diversified fund and may result in losses.

**Risks Associated with Investment in Japan:** Certain Funds are highly susceptible to the social, political, economic, regulatory and other conditions or events that may affect Japan's economy. The Japanese economy is heavily dependent upon international trade, and, therefore, is particularly exposed to the risks of currency fluctuation, foreign trade policy and regional and global economic disruption, including the risk of increased tariffs, embargoes, and other trade limitations or factors. The Japanese economy, at times, has been impacted by government regulation, intervention, and protectionism; cross-ownership among major corporations; an aging demographic; and a declining population. The potential for natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis, could also have significant negative effects on Japan's economy.

**Political Risk:** Changes in the general political and social environment of a country can have substantial effects on the value of investments exposed to that country.

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

------

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

to the Trust. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims

that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.

8. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the Securities Lending Program and Repurchase Agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amount Not Offset in the | Gross Amount Not Offset in the | | |
|  | | Statement of Assets and Liabilities | 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 |
|  Small Cap |  |  |  |  |  |
|  Cantor Fitzgerald Securities, Inc. | $1065018 |  | $1065018 | $1065018 |  |
|  CF Secured, LLC | 1065018 |  | 1065018 | 1065018 |  |
|  Citadel Securities LLC | 1065018 |  | 1065018 | 1065018 |  |
|  Deutsche Bank Securities, Inc. | 65390 |  | 65390 | 65390 |  |
|  State of Wisconsin Investment Board | 1000000 |  | 1000000 | 1000000 |  |
|  Total | $4260444 |  | $4260444 | $4260444 |  |
|  Mid Cap |  |  |  |  |  |
|  Cantor Fitzgerald Securities, Inc. | $3279041 |  | $3279041 | $3279041 |  |
|  Citadel Securities LLC | 4325695 |  | 4325695 | 4325695 |  |
|  Daiwa Capital Markets America | 3586397 |  | 3586397 | 3586397 |  |
|  HSBC Securities USA, Inc. | 2003820 |  | 2003820 | 2003820 |  |
|  State of Wisconsin Investment Board | 4109411 |  | 4109411 | 4109411 |  |
|  Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17304364 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17304364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17304364 |  |
|  International Small Cap |  |  |  |  |  |
|  Citadel Securities LLC | $152664 |  | $152664 | $152664 |  |
|  State of Wisconsin Investment Board | 1000000 |  | 1000000 | 1000000 |  |
|  Total | $1152664 |  | $1152664 | $1152664 |  |

---

9. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to

income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU.

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

10. SUBSEQUENT EVENTS

The Funds have determined that no material events or transactions occurred through the issuance date of the Funds' financial statements which require an additional disclosure in or adjustment of the Funds' financial statements.

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

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Other Information *(unaudited)* <br>

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

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

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| | |
|:---|:---|
|  | Trustee fees and expenses |
|  AMG TimesSquare Small Cap Growth Fund | $4581 |
|  AMG TimesSquare Mid Cap Growth Fund | 61449 |
|  AMG TimesSquare International Small Cap Fund | 4989 |

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT** <br>

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| | | |
|:---|:---|:---|
| AMG TimesSquare Mid Cap Growth Fund, AMG TimesSquare Small Cap Growth Fund, and AMG TimesSquare International Small Cap Fund: Approval of Investment Management Agreement and Subadvisory Agreements on June 11, 2025<br>At an in-person meeting held on June 11, 2025, the Board of Trustees (the "Board" or the "Trustees"), and separately a majority of the Trustees who are not "interested persons" of AMG Funds (the "Trust") (the "Independent Trustees"), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the "Investment Manager") for each of AMG TimesSquare Mid Cap Growth Fund, AMG TimesSquare Small Cap Growth Fund, and AMG TimesSquare International Small Cap Fund (each, a "Fund," and collectively, the "Funds") and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the "Investment Management Agreement"); and (ii) the Subadvisory Agreement with respect to each Fund, as amended at any time prior to the date of the meeting (collectively, the "Subadvisory Agreements"), with TimesSquare Capital Management, LLC, the Funds' subadviser (the "Subadviser"). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreement and Subadvisory Agreements, the Trustees reviewed a variety of materials relating to each Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a "Peer Group"), performance information for the relevant benchmark index for each Fund (each, a "Fund Benchmark"), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Funds, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and the Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present. | NATURE, EXTENT AND QUALITY OF SERVICES<br>In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager's operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees' knowledge of the Investment Manager's management and the quality of the performance of the Investment Manager's duties under the Investment Management Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager's oversight of the operation and management of the Funds; (b) the quality of the Investment Manager's oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager's ability to supervise the Funds' other service providers; and (d) the Investment Manager's compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser's investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser's obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect | to the initial approval of the Subadvisory Agreements and annual consideration of the Subadvisory Agreements thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager's undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager's risk management processes.<br>The Trustees also reviewed information relating to the Subadviser's operations and personnel and the investment philosophy, strategies and techniques (its "Investment Strategy") used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser's organizational and management structure and the Subadviser's brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in the Fund's prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser's personnel; and (c) the Subadviser's compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under the Subadvisory Agreements. The Trustees also considered the Subadviser's risk management processes. |

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT** *(continued)* <br>

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| | | |
|:---|:---|:---|
| PERFORMANCE<br>The Board considered each Fund's net performance during relevant time periods as compared to the Fund's Peer Group and Fund Benchmark, considered the gross performance of the Fund as compared to the Subadviser's relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both the Fund's performance results and portfolio composition, as well as the Subadviser's Investment Strategy. The Board was mindful of the Investment Manager's expertise, resources and attention to monitoring the Subadviser's performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds' subadviser during the period regarding the factors that contributed to the performance of the Funds.<br>With respect to AMG TimesSquare Mid Cap Growth Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class Z shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above the median performance of the Peer Group and below, below, below, and above, respectively, the performance of the Fund Benchmark, the Russell Midcap Growth Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's outperformance relative to the Peer Group and more recent underperformance relative to the Fund Benchmark. The Trustees also noted that Class Z shares of the Fund ranked in the top quintile relative to its Peer Group for the 3-year, 5-year, and 10-year periods. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory.<br>With respect to AMG TimesSquare Small Cap Growth Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class Z shares (which share class | has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, above, below, and below, respectively, the median performance of the Peer Group and above the performance of the Fund Benchmark, the Russell 2000 Growth Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's outperformance relative to the Fund Benchmark and recent outperformance relative to the Peer Group. The Trustees also noted that Class Z shares of the Fund ranked in the top quartile relative to its Peer Group for the 1-year period. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory.<br>With respect to AMG TimesSquare International Small Cap Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class Z shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund with that inception date) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, above, below, and below, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the MSCI EAFE Small Cap Index. The Trustees took into account the reasons for the Fund's recent outperformance relative to its Peer Group and underperformance relative to the Fund Benchmark and noted the impact of the Fund's underperformance during certain calendar years on its longer-term performance. The Trustees also noted that Class Z shares of the Fund ranked in the top quartile relative to its Peer Group for the 3-year period and the top third relative to its Peer Group for the 1-year period. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's | overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.<br>ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE<br>In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called "fallout benefits" such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management's discussion of the current asset level of each Fund, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.<br>In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management's discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would |

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT** *(continued)* <br>

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| | | |
|:---|:---|:---|
| warrant adjustments to the advisory fee at this time. Also, with respect to economies of scale, the Trustees noted that as each Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from the relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser's revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management's discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under the Subadvisory Agreements. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as a Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>With respect to AMG TimesSquare Mid Cap Growth Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class Z shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the Above Average and the Average rating level, respectively, of the Fund's Peer Group. The Trustees noted that the rating levels corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net annual operating expenses (subject to certain | excluded expenses) to 1.13%. The Trustees also took into account the fact that, effective July 1, 2024, the Fund's management fee rate was reduced. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG TimesSquare Small Cap Growth Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class Z shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the Above Average and the Average rating level, respectively, of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.96%. The Trustees also took into account the fact that, effective July 1, 2024, the Fund's management fee rate and expense cap were reduced. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>With respect to AMG TimesSquare International Small Cap Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the Below Average and the Above Average rating level, respectively, of the Fund's Peer Group. The Trustees | noted that the rating levels corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 1.05%. The Trustees also took into account management's discussion of the Fund's expenses, including fees and expenses relative to comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>\* \* \* \*<br>After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreement and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.<br>Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of the Investment Management Agreement and the Subadvisory Agreements would be in the best interests of the applicable Fund and its shareholders. Accordingly, on June 11, 2025, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management and the Subadvisory Agreements for each Fund. |

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![LOGO](g847495dsp004.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> TimesSquare Capital Management, LLC<br> 75 Rockefeller Plaza<br> 30th Floor<br> New York, NY 10019<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 the Funds' 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](g847495dsp004.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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 <br> wealth.amg.com 063025 SAR012

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| | |
|:---|:---|
| ![LOGO](g847495dsp004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEMI-ANNUAL FINANCIAL STATEMENTS<br>|

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|:---|
| AMG Funds<br>June 30, 2025<br>![LOGO](g847495dsp_152.jpg) <br>AMG Yacktman Fund |
| Class I: **YACKX** |
| AMG Yacktman Focused Fund |
| Class N: **YAFFX** \| Class I: **YAFIX** |
| AMG Yacktman Global Fund |
| Class N: **YFSNX** \| Class I: **YFSIX** |
| AMG Yacktman Special Opportunities Fund |
| Class I: **YASSX** \| Class Z: **YASLX** |

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 <br> wealth.amg.com 063025 SAR071

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Semi-Annual Financial Statements — June 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](#fin5847495_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG Yacktman Fund](#fin5847495_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG Yacktman Focused Fund](#fin5847495_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG Yacktman Global Fund](#fin5847495_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG Yacktman Special Opportunities Fund](#fin5847495_5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin5847495_6) | 12 |
| &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](#fin5847495_7a) | 14 |
| &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](#fin5847495_8a) | 15 |
| &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](#fin5847495_9) | 17 |
| &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](#fin5847495_10) | 24 |
| &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](#fin5847495_11) | 33 |
| [STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin5847495_12) | 34 |

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Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

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AMG Yacktman Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

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| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 83.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 19.0% | &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 19.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 740000 | $131268600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bolloré SE (France) | 88500000 | 556257678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 1100000 | 39259000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A | 1500000 | 84060000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 3100000 | 160053000 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 4900000 | 145628000 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Walt Disney Co. | 900000 | 111609000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.<sup>\*</sup>  | 4400000 | 50424000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 1278559278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 4.4% | &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 4.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 1150000 | 85629000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co., Ltd. (South Korea) | 1000000 | 212148205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 297777205 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 14.8% | &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 14.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Coca-Cola Co. | 1300000 | 91975000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 700000 | 63630000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.<sup>\*</sup>  | 1005000 | 38129700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 950000 | 128839000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 5000000 | 104650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT&G Corp. (South Korea) | 650000 | 61351237 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 1200000 | 158448000 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Procter & Gamble Co. | 1230000 | 195963600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 920000 | 69680800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 1400000 | 78316000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 990983337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources, Ltd. (Canada) | 11400000 | 357960000 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 1050000 | 94227000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 710000 | 97554000 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 800000 | 95688000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 645429000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 7.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon Corp. | 300000 | 27333000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B<sup>\*</sup>  | 220000 | 106869400 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. | 2750000 | 250910000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 900000 | 95706000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 480818400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 290000 | 112798400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 1600000 | 15504000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 767682 | 117263426 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 120000 | $37436400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 283002226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 10.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 650000 | 105586000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE (Germany) | 1500000 | 99374956 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech International, Ltd.<sup>\*</sup>  | 7000000 | 6808200 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 320000 | 80268800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 140000 | 64839600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 130000 | 64997400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung C&T Corp. (South Korea) | 1000000 | 119183017 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co.<sup>\*,1</sup>  | 300000 | 18168000 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Non-Voting Shares | 2950000 | 160391500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 719617473 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 8.3% | &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 8.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 2100000 | 163863000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 650000 | 323316500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd. (South Korea) | 1600000 | 70754594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 557934094 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 2205000 | 44298450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 510000 | 160089000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 204387450 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp.<sup>\*,1</sup>  | 400000 | 116308000 |
|  Total Common Stocks<br>(Cost $3,358,099,269) |  | 5574816463 |
|  | Principal<br>Amount |  |
|  Corporate Bonds and Notes - 0.0%<sup>#</sup>  | Corporate Bonds and Notes - 0.0%<sup>#</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 0.0%<sup>#</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 0.0%<sup>#</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Finance, Inc.<br>4.625%, 12/23/29<sup>2</sup>(Cost $631,061) | $800000 | 548000 |
|  | Shares |  |
|  Preferred Stocks - 8.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 1.6% | &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 1.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., 7.810%<br>(South Korea) | 400000 | 46973487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., 7.940%<br>(South Korea) | 523882 | 59824343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 106797830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 6.4% | &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 6.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd., 2.870%<br>(South Korea) | 11800000 | 432881980 |
|  Total Preferred Stocks<br>(Cost $329,053,931) |  | 539679810 |

---

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

------

<br> AMG Yacktman Fund<br> Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
|  | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Short-Term Investments - 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.1%**<sup>3</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.1%**<sup>3</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald Securities, Inc., dated 06/30/25, due 07/01/25, 4.390% total to be received $2,006,436 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.500%, 06/01/30 - 02/01/57, totaling $2,046,315) | $2006191 | $2006191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $2,006,440 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $2,046,569) | 2006191 | 2006191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiwa Capital Markets America, dated 06/30/25, due 07/01/25, 4.390% total to be received $1,669,496 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 1.500% - 7.500%, 08/15/34 - 06/01/55, totaling $1,702,678) | 1669292 | 1669292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Bank Securities, Inc., dated 06/30/25, due 07/01/25, 4.380% total to be received $452,776 (collateralized by various U.S. Treasuries, 1.875% - 4.250%, 11/15/40 - 02/15/51, totaling $461,775) | 452721 | 452721 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin Investment Board, dated 06/30/25, due 07/01/25, 4.480% total to be received $1,891,154 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/26 - 02/15/54, totaling $1,923,052) | 1890919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 8025314 |

---

---

| | | |
|:---|:---|:---|
|  | Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations - 4.2% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations - 4.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 3.935%, 10/02/25<sup>4</sup>  | $82000000 | $81104342 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.014%, 03/19/26<sup>4</sup>  | 68000000 | 66077300 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.037%, 06/11/26<sup>4</sup>  | 67000000 | 64557354 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.158%, 01/22/26<sup>4</sup>  | 74000000 | 72308650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Obligations |  | 284047646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 2.4% | &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 2.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $158,189,014 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $161,334,445) | 158171000 | 158171000 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 2.3% | &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 2.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund, IM Shares, 4.26%<sup>5</sup>  | 151733307 | 151733307 |
|  **Total Short-Term Investments**<br> (Cost $602,054,176) |  | 601977267 |
|  **Total Investments - 100.0%**<br> (Cost $4,289,838,437) |  | 6717021540 |
|  Other Assets, less Liabilities - 0.0%<sup>#</sup>  |  | 2832702 |
|  Net Assets - 100.0% |  | $6719854242 |

---

\* Non-income producing security.

---

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

---

<sup>1</sup> Some of these securities, amounting to $15,250,260 or 0.2% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<sup>2</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the value of this security amounted to $548,000 or less than 0.05% of net assets. 

<sup>3</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

<sup>4</sup> Represents yield to maturity at June 30, 2025.

<sup>5</sup> Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

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

------

<br> AMG Yacktman 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2<sup>1</sup>  | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $722301600 | $556257678 |  | $1278559278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 929632100 | 61351237 |  | 990983337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 501059500 | 218557973 |  | 719617473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 645429000 |  |  | 645429000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 487179500 | 70754594 |  | 557934094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 480818400 |  |  | 480818400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 85629000 | 212148205 |  | 297777205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 283002226 |  |  | 283002226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 204387450 |  |  | 204387450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 116308000 |  |  | 116308000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds and Notes<sup>†</sup>  |  | 548000 |  | 548000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks<sup>†</sup>  |  | 539679810 |  | 539679810 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 8025314 |  | 8025314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations |  | 284047646 |  | 284047646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 158171000 |  | 158171000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 151733307 |  |  | 151733307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $4607480083 | $2109541457 |  | $6717021540 |

---

<sup>†</sup> All corporate bonds and notes and preferred stocks held in the Fund are level 2 securities. For a detailed breakout of corporate bonds and notes and preferred stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

<sup>1</sup> An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

For the six months ended June 30, 2025, there were no transfers in or out of Level 3.

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

------

AMG Yacktman Focused Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 72.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 17.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 170000 | $30156300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bolloré SE (France) | 41000000 | 257701296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 1550000 | 80026500 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 1500000 | 44580000 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Walt Disney Co. | 260000 | 32242600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.<sup>\*</sup>  | 1900000 | 21774000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 466480696 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 5.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 450000 | 33507000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Home Shopping Network Corp. (South Korea) | 439418 | 18395492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co., Ltd. (South Korea) | 450000 | 95466692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 147369184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 13.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Coca-Cola Co. | 390000 | 27592500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 330000 | 44754600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 1850000 | 38720500 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT&G Corp. (South Korea) | 900000 | 84947866 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 460000 | 60738400 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Procter & Gamble Co. | 380000 | 60541600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 590000 | 33004600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 350300066 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 10.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources, Ltd. (Canada) | 7000000 | 219800000 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 230000 | 20640200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 150000 | 20610000 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 180000 | 21529800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 282580000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. | 900000 | 82116000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 300000 | 45825000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 11.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE (Germany) | 600000 | 39749983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de L'Odet SE (France) | 12846 | 22584566 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 100000 | 25084000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 45000 | 20841300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 45000 | 22499100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung C&T Corp. (South Korea) | 460000 | 54824188 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Non-Voting Shares | 1640000 | 89166800 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuasa Trading Co., Ltd. (Japan) | 800000 | $24979708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 299729645 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 600000 | 46818000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 230000 | 114404300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 161222300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon Parkerizing Co., Ltd. (Japan) | 1868100 | 16470307 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 995000 | 19989550 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 100000 | 31390000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 67849857 |
|  Total Common Stocks<br>(Cost $1,220,001,577) |  | 1903472748 |
|  | Principal<br>Amount |  |
|  Corporate Bonds and Notes - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 0.9% | &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 0.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Finance, Inc.<br>4.625%, 12/23/29<sup>1</sup>  | $17800000 | 12193000 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc. 9.875%, 12/23/29<sup>1</sup>  | 15200000 | 12008000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 24201000 |
|  Total Corporate Bonds and Notes<br>(Cost $29,741,593) |  | 24201000 |
|  | Shares |  |
|  Preferred Stocks - 17.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 4.7% | &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 4.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., 7.810% (South Korea) | 428620 | 50334440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., 7.940% (South Korea) | 640000 | 73084358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 123418798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amorepacific Corp., 2.590% (South Korea) | 250000 | 8241463 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG H&H Co., Ltd., 2.720% (South Korea) | 118000 | 11490636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 19732099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 12.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd., 2.870% (South Korea) | 8900000 | 326495731 |
|  Total Preferred Stocks<br>(Cost $337,859,226) |  | 469646628 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations - 4.3% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations - 4.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 3.935%, 10/02/25<sup>2</sup>  | $35000000 | 34617707 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.014%, 03/19/26<sup>2</sup>  | 26000000 | 25264850 |

---

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

------

<br> AMG Yacktman Focused Fund<br> Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Obligations - 4.3%**<br> (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Obligations - 4.3%**<br> (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.037%, 06/11/26<sup>2</sup>  | $26000000 | $25052107 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.158%, 01/22/26<sup>2</sup>  | 29000000 | 28337174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Obligations |  | 113271838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 2.0% | &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 2.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $50,884,795 (collateralized by a U.S. Treasury |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Note, 4.500%, 05/31/29, totaling $51,896,654) | 50879000 | 50879000 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 1.9% | &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 1.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund, IM Shares, 4.26%<sup>3</sup>  | 49048843 | 49048843 |
|  Total Short-Term Investments<br>(Cost $213,233,086) |  | 213199681 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>Value |
|  **Total Investments - 99.8%**<br> (Cost $1,800,835,482) | $2610520057 |
|  Derivatives - (0.1)%<sup>4</sup>  | (1190000) |
|  Other Assets, less Liabilities - 0.3% | 6452712 |
|  Net Assets - 100.0% | $2615782769 |

---

\* Non-income producing security.

<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 June 30, 2025, the value of these securities amounted to $24,201,000 or 0.9% of net assets. 

<sup>2</sup> Represents yield to maturity at June 30, 2025.

<sup>3</sup> Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

<sup>4</sup> Includes Exchange Traded Written Options. Please refer to the Open Exchange Traded Written Options table for the details.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| Open Exchange Traded Written Options | Open Exchange Traded Written Options | Open Exchange Traded Written Options | Open Exchange Traded Written Options | Open Exchange Traded Written Options | Open Exchange Traded Written Options | Open Exchange Traded Written Options |
| Description<br>| Strike Price | Expiration Date | Number of<br>Contracts | Notional<br>Amount | Premium | Value |
|  Warner Bros Discovery, Inc. (Call) | $12.00 | 12/19/25 | 10000 | $11460000 | $1155000 | $(1190000) |

---

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

------

<br> AMG Yacktman Focused 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 June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2<sup>1</sup>  | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $208779400 | $257701296 |  | $466480696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 265352200 | 84947866 |  | 350300066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 157591200 | 142138445 |  | 299729645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 282580000 |  |  | 282580000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 161222300 |  |  | 161222300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 33507000 | 113862184 |  | 147369184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 82116000 |  |  | 82116000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 51379550 | 16470307 |  | 67849857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 45825000 |  |  | 45825000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds and Notes<sup>†</sup>  |  | 24201000 |  | 24201000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks<sup>†</sup>  |  | 469646628 |  | 469646628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations |  | 113271838 |  | 113271838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 50879000 |  | 50879000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 49048843 |  |  | 49048843 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $1337401493 | $1273118564 |  | $2610520057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Derivative Instruments - Liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Written Options | $(1190000) |  |  | $(1190000) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Financial Derivative Instruments | $(1190000) |  |  | $(1190000) |

---

<sup>†</sup> All corporate bonds and notes and preferred stocks held in the Fund are level 2 securities. For a detailed breakout of corporate bonds and notes and preferred stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

<sup>1</sup> An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

For the six months ended June 30, 2025, there were no transfers in or out of Level 3.

The following schedule shows the value of derivative instruments at June 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| <br> Derivatives not accounted<br> for as hedging instruments<br>| <br> Statement of Assets and<br>Liabilities Location<br>| <br> Fair Value<br>| <br> Statement of Assets and<br> Liabilities Location<br>| <br> Fair Value |
|  Equity contracts |  |  | Written options | $1190000 |

---

For the six months ended June 30, 2025, the effect of derivative instruments on the Statement of Operations for the Fund and the amount of realized gain/loss and unrealized appreciation/depreciation on derivatives recognized in income were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Realized Gain/(Loss) | Realized Gain/(Loss) | Change in Unrealized Appreciation/Depreciation | Change in Unrealized Appreciation/Depreciation |
| Derivatives not accounted<br> for as hedging instruments<br>| Statement of Operations<br>Location<br>| Realized<br>Gain/(Loss) | Statement of Operations<br>Location<br>| Change in<br>Unrealized<br>Appreciation/<br>Depreciation |
|  Equity contracts | Net realized gain on written options | $1148768 | Net change in unrealized appreciation/ depreciation on written options | $(783768) |

---

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

------

AMG Yacktman Global Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 76.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 12.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bolloré SE (France) | 2600000 | $16342033 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B (United States) | 70000 | 3614100 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A (United States) | 25000 | 743000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reading International, Inc., Class A (United States)<sup>\*</sup>  | 230000 | 308200 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Walt Disney Co. (United States) | 5000 | 620050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 21627383 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 14.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Car Mate Manufacturing Co., Ltd. (Japan) | 51900 | 308411 |
| &nbsp;&nbsp;&nbsp;&nbsp; Continental AG (Germany) | 8000 | 698222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daewon San Up Co., Ltd. (South Korea) | 160000 | 1283609 |
| &nbsp;&nbsp;&nbsp;&nbsp; HI-LEX Corp. (Japan)<sup>1</sup>  | 680000 | 9634015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Home Shopping Network Corp. (South Korea) | 93236 | 3903168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co., Ltd. (South Korea) | 35000 | 7425187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rinnai Corp. (Japan) | 24000 | 595211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 23847823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. (United States) | 14924 | 312359 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT&G Corp. (South Korea) | 35000 | 3303528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naked Wines PLC (United Kingdom)<sup>\*</sup>  | 745000 | 801738 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. (United States) | 3500 | 462140 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Procter & Gamble Co. (United States) | 3500 | 557620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 5437385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 13.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplify Energy Corp. (United States)<sup>\*,1</sup>  | 165000 | 528000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources, Ltd. (Canada) | 280000 | 8792000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mi Chang Oil Industrial Co., Ltd. (South Korea) | 17976 | 1465145 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy Services, Inc. (Canada) | 920000 | 7296494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unit Corp. (United States) | 170000 | 4438700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 22520339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. (United States) | 8000 | 729920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BML, Inc. (Japan) | 120000 | 2754791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson (United States) | 4000 | 611000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medipal Holdings Corp. (Japan) | 70000 | 1135257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 4501048 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 21.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajis Co., Ltd. (Japan) | 60000 | 1227275 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE (Germany) | 15000 | 993749 |
| &nbsp;&nbsp;&nbsp;&nbsp; CB Industrial Product Holding Bhd (Malaysia) | 10384000 | 2515540 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de L'Odet SE (France) | 4500 | $7911455 |
| &nbsp;&nbsp;&nbsp;&nbsp; KFC, Ltd. (Japan) | 50000 | 523254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komelon Corp. (South Korea) | 120000 | 896926 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ocean Wilsons Holdings, Ltd. (Bermuda)<sup>1</sup>  | 130000 | 2678610 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker Corp. (Japan) | 172500 | 1068554 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sam Yung Trading Co., Ltd. (South Korea) | 180000 | 2113155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung C&T Corp. (South Korea) | 50000 | 5959151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Jushi Corp. (Japan) | 140000 | 1912608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinwa Co., Ltd./Nagoya (Japan) | 80000 | 1710578 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. (United States)<sup>\*</sup>  | 4000 | 242240 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Non-Voting Shares (United States) | 50000 | 2718500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuasa Trading Co., Ltd. (Japan) | 130000 | 4059202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 36530797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CAC Holdings Corp. (Japan) | 240000 | 3306653 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hochiki Corp. (Japan) | 90000 | 1945629 |
| &nbsp;&nbsp;&nbsp;&nbsp; INFOvine Co., Ltd. (South Korea) | 20000 | 629335 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. (United States) | 1300 | 646633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tachibana Eletech Co., Ltd. (Japan) | 28300 | 519910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 7048160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KISCO Holdings Co., Ltd. (South Korea) | 70000 | 1325063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohsoku Corp. (Japan) | 67900 | 1272866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon Parkerizing Co., Ltd. (Japan) | 250000 | 2204152 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Pack Corp. (Japan) | 210000 | 1603959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 6406040 |
|  **Total Common Stocks**<br> (Cost $94,883,860) |  | 128648895 |
|  Preferred Stocks - 18.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., 7.940% (South Korea) | 45000 | 5138744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amorepacific Corp., 2.590% (South Korea) | 60000 | 1977951 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG H&H Co., Ltd., 2.720% (South Korea) | 65000 | 6329588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 8307539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sebang Co., Ltd., 2.830% (South Korea) | 160000 | 1195021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 9.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd., 2.870% (South Korea) | 440000 | 16141362 |
|  **Total Preferred Stocks**<br> (Cost $30,991,245) |  | 30782666 |

---

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

------

<br> AMG Yacktman Global Fund<br> Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | Value |
|  Short-Term Investments - 5.6% | Short-Term Investments - 5.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.8%**<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.8%**<sup>2</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $1,000,124 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $1,020,127) | $1000000 | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp; TD Securities LLC, dated 06/30/25, due 07/01/25, 4.400% total to be received $359,821 (collateralized by a U.S. Treasury, 4.750%, 05/15/55, totaling $366,973) | 359777 | 359777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 1359777 |

---

---

| | | |
|:---|:---|:---|
|  | <br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 4.8% | &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 4.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%<sup>3</sup>  | 7984420 | $7984420 |
|  **Total Short-Term Investments**<br>(Cost $9,344,197) |  | 9344197 |
|  **Total Investments - 100.3%**<br> (Cost $135,219,302) |  | 168775758 |
|  Other Assets, less Liabilities - (0.3)% |  | (490709) |
|  Net Assets - 100.0% |  | $168285049 |

---

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $2,188,242 or 1.3% 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> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

<sup>3</sup> Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2<sup>1</sup>  | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $5476280 | $31054517 |  | $36530797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary |  | 23847823 |  | 23847823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 22520339 |  |  | 22520339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 5285350 | 16342033 |  | 21627383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 646633 | 6401527 |  | 7048160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials |  | 6406040 |  | 6406040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2133857 | 3303528 |  | 5437385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 611000 | 3890048 |  | 4501048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 729920 |  |  | 729920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology |  | 16141362 |  | 16141362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples |  | 8307539 |  | 8307539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary |  | 5138744 |  | 5138744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1195021 |  |  | 1195021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 1359777 |  | 1359777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 7984420 |  |  | 7984420 |
|  Total Investments in Securities | $46582820 | $122192938 |  | $168775758 |

---

<sup>1</sup> An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

For the six months ended June 30, 2025, there were no transfers in or out of Level 3.

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

------

AMG Yacktman Special Opportunities Fund Schedule of Portfolio Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 94.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AlphaPolis Co., Ltd. (Japan) | 60000 | $625243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reading International, Inc., Class A (United States)<sup>\*</sup>  | 95000 | 127300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 752543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 12.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; A-Mark Precious Metals, Inc. (United States) | 9000 | 199620 |
| &nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc. (United States)<sup>\*</sup> | 11000 | 616440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Housing Corp. (United States)<sup>\*</sup>  | 60000 | 1359600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon Trim Co., Ltd. (Japan) | 6000 | 180831 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texhong International Group, Ltd. (Hong Kong) | 2300000 | 1136822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 3493313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 10.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delfi, Ltd. (Singapore) | 1500000 | 890947 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italian Wine Brands S.p.A. (Italy) | 61500 | 1493323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naked Wines PLC (United Kingdom)<sup>\*</sup>  | 300000 | 322847 |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoPharm Co., Ltd. (South Korea) | 27000 | 286453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 2993570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 24.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplify Energy Corp. (United States)<sup>\*,1</sup>  | 75000 | 240000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Exploration Corp. (Canada)<sup>\*</sup>  | 7000000 | 1801603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hargreaves Services PLC (United Kingdom) | 100000 | 1026656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hemisphere Energy Corp. (Canada) | 320000 | 432385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Oil, Ltd. (Australia) | 5750000 | 739635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mi Chang Oil Industrial Co., Ltd. (South Korea) | 5000 | 407528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noram Drilling A.S. (Norway) | 60000 | 135722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pardee Resources Co. (United States) | 800 | 239200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy Services, Inc. (Canada) | 200000 | 1586194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unit Corp. (United States) | 9000 | 234990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 6843913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 7.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Omni Bridgeway, Ltd. (Australia)<sup>\*</sup>  | 2378075 | 2097274 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ion Beam Applications (Belgium)<sup>1</sup>  | 45000 | 606751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koa Shoji Holdings Co., Ltd. (Japan) | 90000 | 432426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Facilities Corp. (Canada) | 25000 | 290068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 1329245 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 27.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boustead Singapore, Ltd. (Singapore) | 175000 | 196815 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brickability Group PLC (United Kingdom) | 1375000 | 1208855 |
| &nbsp;&nbsp;&nbsp;&nbsp; CB Industrial Product Holding Bhd (Malaysia) | 550000 | 133238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de L'Odet SE (France) | 600 | 1054861 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Fila S.p.A. (Italy) | 110000 | $1253448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komelon Corp. (South Korea) | 18000 | 134539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macfarlane Group PLC (United Kingdom) | 900000 | 1458668 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maezawa Industries, Inc. (Japan) | 27000 | 302332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitani Corp. (Japan) | 15000 | 223928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sam Yung Trading Co., Ltd. (South Korea) | 58000 | 680905 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Non-Voting Shares (United States) | 20000 | 1087400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 7734989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bixolon Co., Ltd. (South Korea) | 32000 | 144646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amerigo Resources, Ltd. (Canada) | 95000 | 151386 |
| &nbsp;&nbsp;&nbsp;&nbsp; KISCO Holdings Co., Ltd. (South Korea) | 7500 | 141971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Drilling Group, Ltd. (South Africa) | 200000 | 180301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okamoto Industries, Inc. (Japan) | 12000 | 400893 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Kaken Co., Ltd. (Japan) | 3000 | 178119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 1052670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxim Power Corp. (Canada) | 51700 | 168948 |
|  **Total Common Stocks**<br> (Cost $21,043,864) |  | 26611111 |
|  Preferred Stock - 2.6% | Preferred Stock - 2.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd., 2.870% (South Korea) | 20000 | 733698 |
|  **Total Preferred Stock**<br> (Cost $320,545) |  | 733698 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 2.9% | Short-Term Investments - 2.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.4%**<sup>2</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $130,030 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $132,631) | $130014 | 130014 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%<sup>3</sup>  | 700937 | 700937 |
|  **Total Short-Term Investments**<br>(Cost $830,951) |  | 830951 |
|  **Total Investments - 99.8%**<br> (Cost $22,195,360) |  | 28175760 |

---

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

------

<br> AMG Yacktman Special Opportunities Fund<br> Schedule of Portfolio Investments *(continued)*<br>

---

| | |
|:---|:---|
|  | Value |
|  Other Assets, less Liabilities - 0.2% | $46197 |
|  Net Assets - 100.0% | $28221957 |

---

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $647,157 or 2.3% 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> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

<sup>3</sup> Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2<sup>1</sup>  | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $1417453 | $6317536 |  | $7734989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 5077622 | 1766291 |  | 6843913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 3312482 | 180831 |  | 3493313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 322847 | 2670723 |  | 2993570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 2097274 |  |  | 2097274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 290068 | 1039177 |  | 1329245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 331687 | 720983 |  | 1052670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 127300 | 625243 |  | 752543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 168948 |  |  | 168948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology |  | 144646 |  | 144646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock<sup>†</sup>  |  | 733698 |  | 733698 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 130014 |  | 130014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 700937 |  |  | 700937 |
|  Total Investments in Securities | $13846618 | $14329142 |  | $28175760 |

---

<sup>†</sup> All preferred stocks held in the Fund are level 2 securities. For a detailed breakout of preferred stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

<sup>1</sup> An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

For the six months ended June 30, 2025, there were no transfers in or out of Level 3.

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

------

<br> Statement of Assets and Liabilities *(unaudited)*<br> June 30, 2025<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AMG Yacktman<br>Fund | AMG Yacktman<br>Focused Fund | AMG Yacktman<br>Global Fund | AMG Yacktman<br>Special<br>Opportunities Fund |
|  Assets: |  |  |  |  |
|  Investments at value<sup>1</sup> (including securities on loan valued at $15,250,260, $0, $2,188,242, and $647,157, respectively) | $6717021540 | $2610520057 | $168775758 | $28175760 |
|  Foreign currency<sup>2</sup>  |  | 274646 | 90731 |  |
|  Receivable for investments sold | 4560882 | 1155000 |  | 222235 |
|  Dividend and interest receivables | 16424205 | 9489775 | 895382 | 179166 |
|  Securities lending income receivable | 27679 | 16072 | 13013 | 918 |
|  Receivable for Fund shares sold | 527807 | 428247 | 5038 |  |
|  Receivable from affiliate |  |  | 12568 | 7931 |
|  Prepaid expenses and other assets | 126329 | 71660 | 24257 | 14223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets<br>| 6738688442  | 2621955457  | 169816747  | 28600233  |
|  Liabilities: |  |  |  |  |
|  Payable upon return of securities loaned | 8025314 |  | 1359777 | 130014 |
|  Payable for investments purchased | 523817 | 165603 |  |  |
|  Payable for Fund shares repurchased | 5001490 | 1587576 | 12693 |  |
|  Written options<sup>3</sup>  |  | 1190000 |  |  |
|  Due to custodian |  |  |  | 155899 |
|  Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 2367108 | 1859188 | 96742 | 23965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 823380 | 320550 | 20438 | 3482 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 464386 | 213114 | 225 | 628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 1628705 | 836657 | 41823 | 64288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 18834200 | 6172688 | 1531698 | 378276 |
|  Commitments and Contingencies (Notes 2 & 7)<br>|  |  |  |  |
|  Net Assets | $6719854242 | $2615782769 | $168285049 | $28221957 |
|  <sup>1</sup> Investments at cost | $4289838437 | $1800835482 | $135219302 | $22195360 |
|  <sup>2</sup> Foreign currency at cost |  | $271423 | $90480 |  |
|  <sup>3</sup> Premiums received |  | $1155000 |  |  |

---

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

------

<br> Statement of Assets and Liabilities *(continued)*<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AMG Yacktman<br>Fund | AMG Yacktman<br>Focused Fund | AMG Yacktman<br>Global Fund | AMG Yacktman<br>Special<br>Opportunities Fund |
|  Net Assets Represent: |  |  |  |  |
|  Paid-in capital | $3550419851 | $1503130231 | $134847686 | $23676368 |
|  Total distributable earnings | 3169434391 | 1112652538 | 33437363 | 4545589 |
|  Net Assets | $6719854242 | $2615782769 | $168285049 | $28221957 |
|  Class N: |  |  |  |  |
|  Net Assets |  | $1415877085 | $1391394 |  |
|  Shares outstanding |  | 70450731 | 84696 |  |
|  Net asset value, offering and redemption price per share |  | $20.10 | $16.43 |  |
|  Class I: |  |  |  |  |
|  Net Assets | $6719854242 | $1199905684 | $166893655 | $7538689 |
|  Shares outstanding | 279927295 | 59942217 | 10128077 | 682187 |
|  Net asset value, offering and redemption price per share | $24.01 | $20.02 | $16.48 | $11.05 |
|  Class Z: |  |  |  |  |
|  Net Assets |  |  |  | $20683268 |
|  Shares outstanding |  |  |  | 1866978 |
|  Net asset value, offering and redemption price per share |  |  |  | $11.08 |

---

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

------

<br> Statement of Operations *(unaudited)*<br> For the six months ended June 30, 2025<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AMG Yacktman<br>Fund | AMG Yacktman<br>Focused Fund | AMG Yacktman<br>Global Fund | AMG Yacktman<br>Special<br>Opportunities Fund |
|  Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $83781821 | $41984906 | $2762058 | $353442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 10396580 | 5235759 | 1192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 69031 | 61584 | 15334 | 1897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (7656473) | (4693905) | (360882) | (43328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 86590959 | 42588344 | 2417702 | 312011 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 14576351 | 11441757 | 537697 | 92010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 5073012 | 1972717 | 113598 | 21904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N |  | 1279642 | 1375 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 2883402 |  |  | 4358 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 396573 | 213099 | 32396 | 20537 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 298432 | 115688 | 6447 | 1247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 289814 | 127316 | 44515 | 21279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 194589 | 93018 | 5551 | 5397 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 174145 | 81260 | 2586 | 787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 45481 | 46441 | 10525 | 10118 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 149834 | 63450 | 3960 | 2238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 24081633 | 15434388 | 758650 | 179875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements |  |  | (52968) | (44079) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee waivers | (43756) | (11987) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 24037877 | 15422401 | 705682 | 135796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 62553082 | 27165943 | 1712020 | 176215 |
|  Net Realized and Unrealized Gain: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 418137689 | 174199585 | 3310751 | (202360) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on written options |  | 1148768 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions | 272055 | 335503 | 59132 | (2357) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (6114697) | 16294368 | 19571747 | 2183805 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on written options |  | (783768) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency translations | 629408 | 289627 | 21231 | 6194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 412924455 | 191484083 | 22962861 | 1985282 |
|  Net increase in net assets resulting from operations | $475477537 | $218650026 | $24674881 | $2161497 |

---

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

------

<br> Statements of Changes in Net Assets<br> For the six months ended June 30, 2025 (unaudited) and the fiscal year ended December 31, 2024<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AMG Yacktman<br>Fund | AMG Yacktman<br>Fund | AMG Yacktman<br>Focused Fund | AMG Yacktman<br>Focused Fund |
|  | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 |
|  Increase in Net Assets Resulting From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $62553082 | $142048868 | $27165943 | $51539394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 418409744 | 844157553 | 175683856 | 338151799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (5485289) | (555589000) | 15800227 | (332437925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 475477537 | 430617421 | 218650026 | 57253268 |
|  Distributions to Shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N |  |  |  | (141063984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (676959491) |  | (146298843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (676959491) |  | (287362827) |
|  Capital Share Transactions:<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (1156830600) | (826483280) | (532208930) | (540881360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total decrease in net assets | (681353063) | (1072825350) | (313558904) | (770990919) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 7401207305 | 8474032655 | 2929341673 | 3700332592 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period<br>| $6719854242 | $7401207305 | $2615782769 | $2929341673 |

---

<sup>1</sup> See Note 1(g) of the Notes to Financial Statements.

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

------

<br> Statements of Changes in Net Assets *(continued)*<br> For the six months ended June 30, 2025 (unaudited) and the fiscal year ended December 31, 2024<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AMG Yacktman<br>Global Fund | AMG Yacktman<br>Global Fund | AMG Yacktman<br>Special<br>Opportunities Fund | AMG Yacktman<br>Special<br>Opportunities Fund |
|  | June 30, 2025 | December 31, 2024 | June 30, 2025 | December 31, 2024 |
|  Increase (Decrease) in Net Assets Resulting From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1712020 | $3637493 | $176215 | $1458267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 3369883 | 4625891 | (204717) | 2668250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 19592978 | (12529703) | 2189999 | (1052271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 24674881 | (4266319) | 2161497 | 3074246 |
|  Distributions to Shareholders: |  |  |  |  |
|  From net investment income and/or realized gain on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N |  | (79841) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (7891206) |  | (1216864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z |  |  |  | (2106872) |
|  From paid-in capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N |  | (6648) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  | (657056) |  | (66930) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z |  |  |  | (115883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (8634751) |  | (3506549) |
|  Capital Share Transactions:<sup>1</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (6955376) | (26599373) | (7747569) | (38889748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 17719505 | (39500443) | (5586072) | (39322051) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 150565544 | 190065987 | 33808029 | 73130080 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $168285049 | $150565544 | $28221957 | $33808029 |

---

<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 Yacktman Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $22.37 | $23.34 | $21.13 | $24.50 | $21.26 | $20.48 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.21 | 0.42 | 0.38 | 0.35 | 0.26<sup>3</sup> | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.43 | 0.78 | 2.86 | (2.17) | 3.89 | 2.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.64 | 1.20 | 3.24 | (1.82) | 4.15 | 3.08 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.47) | (0.42) | (0.33) | (0.27) | (0.28) |
| &nbsp;&nbsp; Net realized gain on investments |  | (1.70) | (0.61) | (1.22) | (0.64) | (2.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (2.17) | (1.03) | (1.55) | (0.91) | (2.30) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $24.01 | $22.37 | $23.34 | $21.13 | $24.50 | $21.26 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 7.33%<sup>5</sup> | 4.91% | 15.39% | (7.37)% | 19.63% | 15.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.71%<sup>6</sup> | 0.71% | 0.70% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.71%<sup>6</sup> | 0.71% | 0.70% | 0.70% | 0.70% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.85%<sup>6</sup> | 1.71% | 1.68% | 1.54% | 1.09% | 1.38% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 1%<sup>5</sup> | 6% | 5% | 11% | 15% | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $6719854 | $7401207 | $8474033 | $7973041 | $9475623 | $7636139 |

---

<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 $0.21. 

<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> 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 Yacktman Focused Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $18.49 | $20.18 | $18.11 | $21.21 | $19.09 | $18.25 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.19 | 0.29 | 0.20 | 0.22 | 0.14<sup>3</sup> | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.42 | (0.10) | 2.76 | (1.94) | 2.98 | 2.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.61 | 0.19 | 2.96 | (1.72) | 3.12 | 3.10 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.36) | (0.25) | (0.21) | (0.16) | (0.15) |
| &nbsp;&nbsp; Net realized gain on investments |  | (1.52) | (0.64) | (1.17) | (0.84) | (2.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (1.88) | (0.89) | (1.38) | (1.00) | (2.26) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $20.10 | $18.49 | $20.18 | $18.11 | $21.21 | $19.09 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 8.71%<sup>5</sup> | 0.72% | 16.45% | (8.06)% | 16.45% | 17.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.26%<sup>6</sup> | 1.25% | 1.25%<sup>7</sup> | 1.25%<sup>7</sup> | 1.25%<sup>7</sup> | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.26%<sup>6</sup> | 1.25% | 1.25%<sup>7</sup> | 1.25%<sup>7</sup> | 1.25%<sup>7</sup> | 1.26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.98%<sup>6</sup> | 1.37% | 1.02% | 1.14% | 0.68% | 0.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 1%<sup>5</sup> | 5% | 4% | 13% | 19% | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $1415877 | $1475548 | $1798471 | $1730316 | $2158777 | $1943998 |

---

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

------

AMG Yacktman Focused Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $18.40 | $20.10 | $18.04 | $21.13 | $19.03 | $18.19 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.20 | 0.32 | 0.23 | 0.26 | 0.18<sup>3</sup> | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.42 | (0.10) | 2.76 | (1.93) | 2.96 | 2.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.62 | 0.22 | 2.99 | (1.67) | 3.14 | 3.14 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.40) | (0.29) | (0.25) | (0.20) | (0.19) |
| &nbsp;&nbsp; Net realized gain on investments |  | (1.52) | (0.64) | (1.17) | (0.84) | (2.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (1.92) | (0.93) | (1.42) | (1.04) | (2.30) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $20.02 | $18.40 | $20.10 | $18.04 | $21.13 | $19.03 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 8.81%<sup>5</sup> | 0.88% | 16.67% | (7.85)% | 16.62% | 17.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.08%<sup>6</sup> | 1.07% | 1.06% | 1.06% | 1.06% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup>  | 1.08%<sup>6</sup> | 1.07% | 1.06% | 1.06% | 1.06% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 2.16%<sup>6</sup> | 1.55% | 1.21% | 1.33% | 0.87% | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 1%<sup>5</sup> | 5% | 4% | 13% | 19% | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $1199906 | $1453794 | $1901862 | $1806085 | $2309078 | $1695239 |

---

<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 $0.09 and $0.13 for Class N and Class I, respectively. 

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

<sup>5</sup> Not annualized.

<sup>6</sup> Annualized.

<sup>7</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%, less than 0.01% and 0.01% for the fiscal years ended 2023, 2022 and 2021, 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.) 

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

------

AMG Yacktman Global Fund Financial Highlights For a share outstanding throughout each fiscal period

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $14.05 | $15.30 | $14.21 | $16.36 | $15.69 | $13.90 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.15 | 0.29 | 0.29<sup>3</sup> | 0.21 | 0.19<sup>4</sup> | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 2.23 | (0.76) | 2.00 | (1.74) | 1.80 | 2.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.38 | (0.47) | 2.29 | (1.53) | 1.99 | 2.53 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.32) | (0.68) |  | (0.55) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.40) | (0.52) | (0.62) | (0.77) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  | (0.06) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (0.78) | (1.20) | (0.62) | (1.32) | (0.74) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $16.43 | $14.05 | $15.30 | $14.21 | $16.36 | $15.69 |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 16.86%<sup>6</sup> | (3.14)% | 16.30% | (9.31)% | 12.96% | 18.32% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.13%<sup>7</sup> | 1.13% | 1.13% | 1.13% | 1.16%<sup>8</sup> | 1.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.20%<sup>7</sup> | 1.17% | 1.16% | 1.17% | 1.18%<sup>8</sup> | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 2.06%<sup>7</sup> | 1.87% | 1.92% | 1.47% | 1.12% | 1.40% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 4%<sup>6</sup> | 8% | 11% | 11% | 17% | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$775 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$431 |

---

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

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AMG Yacktman Global Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $14.08 | $15.34 | $14.25 | $16.36 | $15.69 | $13.89 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.16 | 0.33 | 0.32<sup>3</sup> | 0.25 | 0.22<sup>4</sup> | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 2.24 | (0.77) | 2.00 | (1.74) | 1.79 | 2.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.40 | (0.44) | 2.32 | (1.49) | 2.01 | 2.55 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.36) | (0.71) |  | (0.57) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.40) | (0.52) | (0.62) | (0.77) | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  | (0.06) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (0.82) | (1.23) | (0.62) | (1.34) | (0.75) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $16.48 | $14.08 | $15.34 | $14.25 | $16.36 | $15.69 |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 17.05%<sup>6</sup> | (3.01)% | 16.46% | (9.06)% | 13.08% | 18.47% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.93%<sup>7</sup> | 0.93% | 0.93% | 0.93% | 1.00%<sup>8</sup> | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.00%<sup>7</sup> | 0.97% | 0.96% | 0.97% | 1.02%<sup>8</sup> | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 2.26%<sup>7</sup> | 2.07% | 2.12% | 1.67% | 1.28% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 4%<sup>6</sup> | 8% | 11% | 11% | 17% | 27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $166894 | $149018 | $187741 | $149491 | $170316 | $132758 |

---

<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 $0.23 and $0.26 for Class N and Class I, respectively. 

<sup>4</sup> Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.15 and $0.17 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> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%. 

<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 Yacktman Special Opportunities Fund Financial Highlights For a share outstanding throughout each fiscal period

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $10.20 | $10.68 | $11.27 | $13.16 | $11.02 | $10.04 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | 0.06 | 0.27 | 0.32<sup>3</sup> | 0.08 | (0.01) | 0.20<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.79 | 0.35 | 0.04 | (1.87) | 2.65 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.85 | 0.62 | 0.36 | (1.79) | 2.64 | 1.26 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.55) | (0.68) |  | (0.15) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.49) | (0.27) | (0.10) | (0.35) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  | (0.06) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (1.10) | (0.95) | (0.10) | (0.50) | (0.28) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $11.05 | $10.20 | $10.68 | $11.27 | $13.16 | $11.02 |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 8.44%<sup>6</sup> | 5.95% | 3.24% | (13.59)% | 24.30% | 12.66% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>7</sup>  | 1.00%<sup>8</sup> | 0.81%<sup>9</sup> | 1.13% | 1.96%<sup>10</sup> | 2.29%<sup>10</sup> | 1.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7,11</sup>  | 1.30%<sup>8</sup> | 0.91% | 1.19% | 2.00%<sup>10</sup> | 2.29%<sup>10</sup> | 1.23% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2,7</sup> | 1.14%<sup>8</sup> | 2.53% | 2.81% | 0.69% | (0.09)% | 2.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 2%<sup>6</sup> | 10% | 24% | 40% | 21% | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $7539 | $12085 | $38793 | $47024 | $33912 | $13881 |

---

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

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AMG Yacktman Special Opportunities Fund Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class Z | For the six<br>months ended<br>June 30, 2025<br> (unaudited) | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $10.22 | $10.71 | $11.31 | $13.20 | $11.04 | $10.06 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.06 | 0.29 | 0.33<sup>3</sup> | 0.10 | 0.00<sup>12</sup> | 0.21<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.80 | 0.34 | 0.03 | (1.88) | 2.67 | 1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.86 | 0.63 | 0.36 | (1.78) | 2.67 | 1.27 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  | (0.57) | (0.69) | (0.01) | (0.16) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.49) | (0.27) | (0.10) | (0.35) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  | (0.06) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders |  | (1.12) | (0.96) | (0.11) | (0.51) | (0.29) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $11.08 | $10.22 | $10.71 | $11.31 | $13.20 | $11.04 |
| &nbsp;&nbsp; Total Return<sup>2,5</sup>  | 8.52%<sup>6</sup> | 5.95% | 3.44% | (13.57)% | 24.42% | 12.83% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>7</sup>  | 0.90%<sup>8</sup> | 0.71%<sup>9</sup> | 1.03% | 1.86%<sup>10</sup> | 2.19%<sup>10</sup> | 1.04% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7,11</sup>  | 1.20%<sup>8</sup> | 0.81% | 1.09% | 1.90%<sup>10</sup> | 2.19%<sup>10</sup> | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2,7</sup>  | 1.24%<sup>8</sup> | 2.63% | 2.91% | 0.79% | 0.01% | 2.37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 2%<sup>6</sup> | 10% | 24% | 40% | 21% | 37% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $20683 | $21723 | $34337 | $36782 | $78197 | $64908 |

---

<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 per share would have been $0.27 and $0.28 for Class I and Class Z, respectively. 

<sup>4</sup> Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.17 and $0.18 for 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> Includes a performance adjustment amounting to (0.74%) for the six months ended June 30, 2025, which is annualized, and (0.93)%, (0.61)%, 0.22%, 0.55% and (0.60)% for the fiscal years ended 2024, 2023, 2022, 2021 and 2020, respectively. (See Note 2 in the Notes to Financial Statements.) 

<sup>8</sup> Annualized.

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

<sup>10</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.01%. 

<sup>11</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>12</sup> Less than $0.005 per share. 

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> Notes to Financial Statements (unaudited)<br> June 30, 2025<br>

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the "Trust") is an open-end management investment company, organized as a Massachusetts business 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 are AMG Yacktman Fund ("Yacktman Fund"), AMG Yacktman Focused Fund ("Yacktman Focused"), AMG Yacktman Global Fund ("Yacktman Global") and AMG Yacktman Special Opportunities Fund ("Yacktman Special Opportunities"), each a "Fund" and collectively, the "Funds".

Each Fund offers different classes of shares. Yacktman Fund and Yacktman Special Opportunities have established Class N, Class I and Class Z shares. Currently, Yacktman Fund offers only Class I shares and Yacktman Special Opportunities offers only Class I and Class Z shares. Yacktman Focused and Yacktman Global have established and offer Class N and Class I 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.

Yacktman Focused, Yacktman Global and Yacktman Special Opportunities 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, including options, 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. 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' Board 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

------

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

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 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, option contracts, 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, forward foreign currency exchange contracts, 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. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date, except for Korean securities where dividends are recorded on confirmation 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 a 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 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.

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

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences for Yacktman Global and Yacktman Special Opportunities are primarily due to return of capital distributions. Permanent differences for Yacktman Focused and Yacktman Fund are primarily due to equalization utilized. Temporary differences for Yacktman Global and Yacktman Special Opportunities are due to qualified late year loss deferrals and mark-to-market on passive foreign investment companies. In addition, temporary differences for each Fund are due to wash sale loss deferrals.

At June 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<br>| Cost | Appreciation | Depreciation | Net Appreciation |
| &nbsp;&nbsp;&nbsp; Yacktman Fund | $4289838437 | $2609658077 | $(182474974) | $2427183103 |
| &nbsp;&nbsp;&nbsp; Yacktman Focused | 1800835482 | 918893822 | (109209247) | 809684575 |
| &nbsp;&nbsp;&nbsp; Yacktman Global | 135219302 | 39212614 | (5656158) | 33556456 |
| &nbsp;&nbsp;&nbsp; Yacktman Special Opportunities | 22195360 | 8446931 | (2466531) | 5980400 |

---

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.

------

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

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 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 December 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 Amended and Restated Agreement and Declaration of Trust 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 June 30, 2025 (unaudited) and the fiscal year ended December 31, 2024, the capital stock transactions by class for the Funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Yacktman Fund | Yacktman Fund | Yacktman Fund | Yacktman Fund | Yacktman Focused | Yacktman Focused | Yacktman Focused | Yacktman Focused |
|  | June 30, 2025  | June 30, 2025  | December 31, 2024  | December 31, 2024  | June 30, 2025  | June 30, 2025  | December 31, 2024  | December 31, 2024  |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
| &nbsp;&nbsp;&nbsp; Class N: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  |  |  | 1668513 | $31414382 | 4442237 | $92994310 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  |  |  |  |  | 7321735 | 139039755 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  |  | (11029524) | (207220390) | (21058182) | (438572748) |
| &nbsp;&nbsp;&nbsp; Net decrease |  |  |  |  | (9361011) | $(175806008) | (9294210) | $(206538683) |
| &nbsp;&nbsp;&nbsp; Class I: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 11617420 | $262385918 | 23738852 | $577682119 | 2238151 | $41953866 | 10612130 | $220881442 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 26871965 | 616711586 |  |  | 7165985 | 135437126 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (62521741) | (1419216518) | (82872561) | (2020876985) | (21315866) | (398356788) | (33385726) | (690661245) |
| &nbsp;&nbsp;&nbsp; Net decrease | (50904321) | $(1156830600) | (32261744) | $(826483280) | (19077715) | $(356402922) | (15607611) | $(334342677) |
|  | Yacktman Global | Yacktman Global | Yacktman Global | Yacktman Global | Yacktman Special Opportunities | Yacktman Special Opportunities | Yacktman Special Opportunities | Yacktman Special Opportunities |
|  | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
| &nbsp;&nbsp;&nbsp; Class N: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 11150 | $159290 | 45378 | $707208 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 5857 | 84569 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (36538) | (530440) | (93080) | (1433185) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net decrease | (25388) | $(371150) | (41845) | $(641408) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Class I: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 434438 | $6332117 | 1490563 | $23182382 | 21971 | $223927 | 189122 | $2031530 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  | 300594 | 4349598 |  |  | 126273 | 1269047 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (887274) | (12916343) | (3445978) | (53489945) | (524796) | (5312064) | (2762181) | (30138679) |
| &nbsp;&nbsp;&nbsp; Net decrease | (452836) | $(6584226) | (1654821) | $(25957965) | (502825) | $(5088137) | (2446786) | $(26838102) |
| &nbsp;&nbsp;&nbsp; Class Z: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold |  |  |  |  | 1545 | $15614 | 84785 | $940080 |
| &nbsp;&nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  |  |  |  |  | 153474 | 1545490 |
| &nbsp;&nbsp;&nbsp; Shares redeemed |  |  |  |  | (260360) | (2675046) | (1317330) | (14537216) |
| &nbsp;&nbsp;&nbsp; Net decrease |  |  |  |  | (258815) | $(2659432) | (1079071) | $(12051646) |

---

------

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

Transactions by shareholders of record that individually or collectively hold greater than 5% of a Fund's net assets may have a material impact on a Fund. At June 30, 2025, one affiliated investor, Yacktman Asset Management LP, owned 33%, and two shareholders each owned 7% of the net assets in Yacktman Special Opportunities.

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 June 30, 2025, the market value of Repurchase Agreements outstanding for Yacktman Fund, Yacktman Focused, Yacktman Global and Yacktman Special Opportunities was $166,196,314, $50,879,000, $1,359,777 and $130,014, respectively.

i. FOREIGN CURRENCY TRANSLATION

The books and records of the Funds 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 Funds do 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

For each of the Funds, 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 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 Yacktman Asset Management LP ("Yacktman") who serves as subadviser

pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in Yacktman.

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

---

| | |
|:---|:---|
|  Yacktman Fund |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on first $500 million | 0.52% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; next $500 million | 0.47% |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; over $1 billion | 0.42% |
|  Yacktman Focused | 0.87% |
|  Yacktman Global | 0.71% |
|  Yacktman Special Opportunities | 1.37% |

---

The fee paid to Yacktman 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.

Yacktman Special Opportunities has a performance-based fee structure that consists of an investment management fee and a performance adjustment ("Performance Adjustment"). The monthly investment management fee is increased or reduced by the Performance Adjustment, based on the Fund's performance relative to the MSCI ACWI All Cap Index over the then preceding twelve months. The Performance Adjustment for the Fund may not exceed an annual rate of plus or minus 0.75% of the Fund's average daily net assets over the then preceding twelve months. For the six months ended June 30, 2025, the Performance Adjustment decreased the investment management fee by a net amount of $108,051 or an annualized rate of 0.74% of the Fund's average daily net assets, resulting in an effective annualized investment management fee rate of 0.63% of the Fund's average daily net assets.

The Investment Manager has contractually agreed, through at least May 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), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses, as well as shareholder servicing fees and distribution and service (12b-1) fees and, with respect to Yacktman Special Opportunities, investment management fees and administrative fees) of Yacktman Global and Yacktman Special Opportunities to the annual rate of 0.93% and 0.12%, respectively, of each Fund's average daily net assets (this annual rate or such other annual rate that may be in effect for the applicable Fund or share class from time to time, the "Expense Cap"), subject to later reimbursement by the applicable 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 a Fund, provided that such repayment would not cause the Fund's total annual operating expenses after fee waiver and expense

------

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

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 June 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 | Repayment of |
|  | Reimbursements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior Reimbursements |
| &nbsp;&nbsp;&nbsp; Yacktman Global | $52968 |  |
| &nbsp;&nbsp;&nbsp; Yacktman Special Opportunities | 44079 |  |

---

At June 30, 2025, the Funds' expiration of reimbursements subject to recoupment, if any, is as follows:

---

| | | |
|:---|:---|:---|
| Expiration<br> Period | Yacktman Global | Yacktman Special Opportunities |
| Less than 1 year | $58793 | $53283 |
|  1-2 years | 71631 | 47557 |
| 2-3 years | 91296 | 72023 |
| Total | $221720 | $172863 |

---

The Investment Manager has agreed to waive a portion of its investment management fee in consideration of a shareholder servicing rebate that it has received from JPMorgan Distribution Services, Inc., with respect to direct investments in the JPMorgan U.S. Government Money Market Fund, IM Shares by Yacktman Fund and Yacktman Focused. For the six months ended June 30, 2025, the investment management fees for Yacktman Fund and Yacktman Focused were reduced by $43,756 and $11,987, respectively, or less than 0.01% of each Fund's average daily net assets.

The Trust, on behalf of the Funds, has 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.

For Class N of Yacktman Focused and Yacktman Global and for Class I of Yacktman Fund and Yacktman Special Opportunities, 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 shares of Yacktman Focused and Yacktman Global and Class I shares of Yacktman Fund and Yacktman Special Opportunities 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 June 30, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | Maximum Annual | Actual |
|  | Amount | Amount |
| Fund | Approved | Incurred |
|  Yacktman Fund |  |  |
|  Class I | 0.20% | 0.09% |
|  Yacktman Focused |  |  |
|  Class N | 0.20% | 0.18% |
|  Yacktman Global |  |  |
|  Class N | 0.20% | 0.20% |
|  Yacktman Special Opportunities |  |  |
|  Class I | 0.10% | 0.10% |

---

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 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 June 30, 2025, the Funds had no interfund loans outstanding. The Funds did not borrow during the six months ended June 30, 2025.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Average<br>Lent | Number<br>of Days | Interest<br>Earned | Average<br>Interest Rate |
| &nbsp;&nbsp;&nbsp; Yacktman Fund | $1053492 | 5 | $754 | 5.225% |
| &nbsp;&nbsp;&nbsp; Yacktman Global | 2776441 | 3 | 1192 | 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 June 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | Long Term Securities | Long Term Securities |
| Fund | Purchases | Sales |
|  Yacktman Fund | $32648700 | $998243599 |
|  Yacktman Focused | 21326151 | 511784178 |
|  Yacktman Global | 6519087 | 14251108 |
|  Yacktman Special Opportunities | 552609 | 8036304 |

---

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended June 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 June 30, 2025, was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Securities<br>Loaned | Cash<br>Collateral<br>Received | Securities<br>Collateral<br>Received | Total <br>Collateral <br>Received |
|  Yacktman Fund | $15250260 | $8025314 | $8075383 | $16100697 |
|  Yacktman Global | 2188242 | 1359777 | 951633 | 2311410 |
|  Yacktman Special Opportunities | 647157 | 130014 | 687408 | 817422 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | Collateral<br> Type | Coupon<br> Range | Maturity<br> Date Range  |
| &nbsp;&nbsp; Yacktman Fund | U.S. Treasury Obligations | 0.125%-5.000% | 08/31/25-11/15/54 |
|  Yacktman Global | U.S. Treasury Obligations | 0.125%-5.000% | 08/15/25-11/15/54 |
| &nbsp;&nbsp; Yacktman Special Opportunities | U.S. Treasury Obligations | 0.125%-5.000% | 08/15/25-11/15/54 |

---

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) currency and 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

------

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

underperform relative to their benchmarks or other funds with a similar investment objective. There can be no guarantee that Yacktman's investment techniques and risk analysis will produce the desired result.

**Non-Diversified Fund Risk:** Certain Funds 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 the Funds at greater risk. Notwithstanding the Funds' status as "non-diversified" investment companies under the 1940 Act, the Funds intend to qualify as regulated investment companies 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 Funds' intention to qualify as regulated investment companies may limit their pursuit of their investment strategy and their investment strategy could limit their 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 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 Funds have substantial holdings within a particular sector, the risks associated with that sector increase.

**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 certain Funds to the risk that those currencies will decline in value relative to the U.S. dollar.

**Political Risk:** Changes in the general political and social environment of a country can have substantial effects on the value of investments exposed to that country.

**Geographic Focus Risk:** To the extent a Fund focuses its investments in a particular country, group of countries or geographic region, the Fund is particularly susceptible to economic, political, regulatory or other events or conditions affecting such countries or region, and the Fund's NAV may be more volatile than the NAV of a more geographically diversified fund and may result in losses.

**Risks Associated with Investment in South Korea:** Investments in South Korean issuers will subject a Fund to legal, regulatory, political, currency, security, and economic risks that are specific to South Korea. In addition, economic and

political developments of South Korea's neighbors, including escalated tensions involving North Korea and any outbreak of hostilities involving North Korea, or the threat of an outbreak of such hostilities, may have a severe adverse effect on the South Korean economy. The South Korean economy is reliant on trading exports, and disruptions or decreases in trade activity could lead to declines in South Korea's economic growth potential.

**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-, mid-, or micro-capitalization companies.

**Small-, Mid- and Micro- Capitalization Stock Risk:** The stocks of small-,mid-, and micro- 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.

**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.

**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. Changes in an issuer's financial strength, credit rating or the market's perception of an issuer's creditworthiness may also affect the value of a Fund's investment in that issuer.

**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 Funds may experience high levels of volatility and shareholder redemptions, and may have to sell securities at times when they would otherwise not do so, and at unfavorable prices, which could reduce the returns of the Funds.

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

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

**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.

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 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. DERIVATIVE INSTRUMENTS

The following disclosures contain information on how and why certain Funds use derivative instruments and how derivative instruments affect a Fund's financial position, and results of operations. The location and fair value amounts of these instruments on the Statement of Assets and Liabilities, and the realized gains and losses and changes in unrealized appreciation and depreciation on the Statement of Operations, each categorized by type of derivative contract, are included in a table at the end of the applicable Fund's Schedule of Portfolio Investments.

For the six months ended June 30, 2025, the average monthly balances of derivative financial instruments outstanding were as follows:

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| | |
|:---|:---|
|  | Yacktman Focused |
|  Options |  |
|  Average value of option contracts written | $288571 |

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

9. OPTIONS

The Funds may purchase and write call options and put options on a variety of underlying securities and instruments, including, but not limited to, specific securities, securities indices, futures contracts and foreign currencies. The Funds purchase or write call and put options to generate income and hedge against losses or lock in gains of underlying portfolio security positions. A call option gives the purchaser the right to buy, and obligates the writer to sell, the underlying security or instrument at the agreed-upon price during the option period. A put option gives the purchaser the right to sell, and obligates the writer to buy, the underlying security or instrument at the agreed-upon price during the option period. Options purchased are recorded as an asset, while options written (sold) are recorded as liabilities. When a Fund writes options it bears the risk of an unfavorable change in the market value of the instrument underlying the written option. When an option expires, the premium (original option value) is realized as a gain if the option was written or as a loss if the option was purchased. When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is recognized as realized gain or loss. When securities are acquired or delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, the difference between the premium and the cost to close the position is realized as a gain or loss. During the six months ended June 30, 2025, Yacktman Focused wrote call options and received a premium of $1,155,000 and as of June 30, 2025, the written call options were valued at $(1,190,000).

10. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the Securities Lending Program, Repurchase Agreements and derivatives, 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 and derivatives transactions, see Note 4 and Note 9, respectively.

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<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 June 30, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amount Not Offset in the | Gross Amount Not Offset in the | | |
|  | | Statement of Assets and Liabilities  | 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 |
|  Yacktman Fund |  |  |  |  |  |
|  Cantor Fitzgerald Securities, Inc. | $2006191 |  | $2006191 | $2006191 |  |
|  Citadel Securities LLC | 2006191 |  | 2006191 | 2006191 |  |
|  Daiwa Capital Markets America | 1669292 |  | 1669292 | 1669292 |  |
|  Deutsche Bank Securities, Inc. | 452721 |  | 452721 | 452721 |  |
|  State of Wisconsin Investment Board | 1890919 |  | 1890919 | 1890919 |  |
|  Fixed Income Clearing Corp. | 158171000 |  | 158171000 | 158171000 |  |
|  Total | $166196314 |  | $166196314 | $166196314 |  |
|  Yacktman Focused |  |  |  |  |  |
|  Fixed Income Clearing Corp. | $50879000 |  | $50879000 | $50879000 |  |
|  Yacktman Global |  |  |  |  |  |
|  Citadel Securities LLC | $1000000 |  | $1000000 | $1000000 |  |
|  TD Securities LLC | 359777 |  | 359777 | 359777 |  |
|  Total | $1359777 |  | $1359777 | $1359777 |  |
|  Yacktman Special Opportunities |  |  |  |  |  |
|  Citadel Securities LLC | $130014 |  | $130014 | $130014 |  |

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11. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU.

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

12. SUBSEQUENT EVENTS

The Funds have determined that no material events or transactions occurred through the issuance date of the Funds' financial statements which require an additional disclosure in or adjustment of the Funds' financial statements.

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<br> Other Information *(unaudited)*<br>

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

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

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| | |
|:---|:---|
|  | Trustee fees and expenses |
|  AMG Yacktman Fund | $298432 |
|  AMG Yacktman Focused Fund | 115688 |
|  AMG Yacktman Global Fund | 6447 |
|  AMG Yacktman Special Opportunities Fund | 1247 |

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

AMG Yacktman Focused Fund, AMG Yacktman Fund, AMG Yacktman Global Fund, and AMG Yacktman Special Opportunities Fund: Approval of Investment Management Agreement and Subadvisory Agreements on June 11, 2025

At an in-person meeting held on June 11, 2025, the Board of Trustees (the "Board" or the "Trustees"), and separately a majority of the Trustees who are not "interested persons" of AMG Funds (the "Trust") (the "Independent Trustees"), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the "Investment Manager") for each of AMG Yacktman Focused Fund, AMG Yacktman Fund, AMG Yacktman Global Fund, and AMG Yacktman Special Opportunities Fund (each, a "Fund," and collectively, the "Funds") and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the "Investment Management Agreement"); and (ii) the Subadvisory Agreement with respect to each Fund, as amended at any time prior to the date of the meeting (collectively, the "Subadvisory Agreements"), with Yacktman Asset Management LP, the Funds' subadviser (the "Subadviser"). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreement and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to the Funds, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a "Peer Group"), performance information for the relevant benchmark index for each Fund (each, a "Fund Benchmark"), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Funds, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

NATURE, EXTENT AND QUALITY OF SERVICES

In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager's operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees' knowledge of the Investment Manager's management and the quality of the performance of the Investment Manager's duties under the Investment Management Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager's oversight of the operation and management of the Funds; (b) the quality of the Investment Manager's oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager's ability to supervise the Funds' other service providers; and (d) the Investment Manager's compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser's investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser's obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser;

assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager's undertaking to maintain contractual expense limitations for AMG Yacktman Special Opportunities Fund and AMG Yacktman Global Fund. The Trustees also considered the Investment Manager's risk management processes.

The Trustees also reviewed information relating to the Subadviser's operations and personnel and the investment philosophy, strategies and techniques (its "Investment Strategy") used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser's organizational and management structure and the Subadviser's brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in the Fund's prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser's personnel; and (c) the

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<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT (continued)<br>

Subadviser's compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under each Subadvisory Agreement. The Trustees also considered the Subadviser's risk management processes.

PERFORMANCE

The Board considered each Fund's net performance during relevant time periods as compared to the Fund's Peer Group and Fund Benchmark and noted that the Board reviews on a quarterly basis detailed information about both the Fund's performance results and portfolio composition, as well as the Subadviser's Investment Strategy. The Board was mindful of the Investment Manager's expertise, resources and attention to monitoring the Subadviser's performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds' subadviser during the period regarding the factors that contributed to the performance of the Funds.

With respect to AMG Yacktman Focused Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was below, below, below, and above, respectively, the median performance of the Peer Group and below, below, below, and above, respectively, the performance of the Fund Benchmark, the Russell 1000 Value Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's more recent underperformance and longer-term outperformance and the fact that the Fund ranked in the top quartile relative to its Peer Group for the 2023 calendar year and in the top decile relative to its Peer Group for the 2020 calendar year. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.

With respect to AMG Yacktman Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class I shares (the Fund's sole share class) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025 was below, below, below, and above, respectively, the median performance of the Peer Group and below, below, below, and above, respectively, the performance of the Fund Benchmark, the Russell 1000 Value Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's more recent underperformance and longer-term outperformance and the fact that the Fund ranked in the top decile relative to its Peer Group for the 2020 calendar year and in the top third relative to its Peer Group for the 2023 calendar year. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.

With respect to AMG Yacktman Global Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for

Class I shares (which share class has the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, and 5-year periods ended March 31, 2025 and for the period from the Fund's inception on January 30, 2017 through March 31, 2025 was below, above, above, and above, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the MSCI World Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's more recent underperformance and longer-term outperformance relative to its Peer Group and the Fund's underperformance relative to the Fund Benchmark. The Trustees noted that Class I shares of the Fund ranked in the top quartile relative to its Peer Group for the 3-year and 5-year periods and in the top quintile relative to its Peer Group for the period from the Fund's inception through March 31, 2025. The Trustees also took into account the fact that the Fund's investment strategy and Fund Benchmark changed effective July 1, 2021, and that the performance information prior to that date reflected that of the Fund's prior investment strategy. It was noted that while the Trustees found the Peer

Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.

With respect to AMG Yacktman Special Opportunities Fund, among other information relating to the Fund's performance, the Trustees noted that the Fund's performance for Class Z shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was below, below, below, and above, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the MSCI ACWI All Cap Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's more recent underperformance and longer-term outperformance relative to the Peer Group and the Fund's underperformance relative to the Fund Benchmark. The Trustees noted that Class Z shares of the Fund ranked in the top quintile relative to its Peer Group for the 10-year period and in the top percentile relative to its Peer Group for the 2021 calendar year. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.

ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE

In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called "fallout benefits" such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the

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<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT (continued)<br>

AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management's discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.

In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for AMG Yacktman Special Opportunities Fund and AMG Yacktman Global Fund. The Board also took into account management's discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also with respect to economies of scale, the Trustees noted that as each Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from the relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser's revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management's

discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under each Subadvisory Agreement and the differences in, among other things, portfolio composition, cash holdings, security holdings, strategy and diversification among the Funds. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as a Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

With respect to AMG Yacktman Focused Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were both rated in the High rating level of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees also took into account management's discussion of the Fund's expenses and competitiveness with comparably sized funds and select competitors, as well as the Fund's flexible investment approach. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager) and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.

With respect to AMG Yacktman Fund, the Trustees noted that the Fund's management fees (which include both the advisory and administration fees) and total expenses as of March 31, 2025, were both rated in the Average rating level of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.

With respect to AMG Yacktman Global Fund, the Trustees noted that the management fees (which include both the advisory and administration fees)

and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the Average and the Below Average rating level, respectively, of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.93%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.

With respect to AMG Yacktman Special Opportunities Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund's distribution) of the Fund as of March 31, 2025, were rated in the Below Average and the Above Average rating level, respectively, of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.12%. The Trustees also took into account management's discussion of the Fund's expenses relative to comparably sized funds and select competitors, as well as the performance adjustment component of the Fund's management fee. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.

\* \* \* \*

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreement and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated

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<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT (continued)<br>

that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.

Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of the Investment Management Agreement and each Subadvisory Agreement would be in the best

interests of the applicable Fund and its shareholders. Accordingly, on June 11, 2025, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management and the Subadvisory Agreements for each Fund.

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| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND ADMINISTRATOR<br>AMG Funds LLC<br>680 Washington Blvd., Suite 500<br>Stamford, CT 06901<br>800.548.4539<br>DISTRIBUTOR<br>AMG Distributors, Inc.<br>680 Washington Blvd., Suite 500<br>Stamford, CT 06901<br>800.548.4539<br>SUBADVISER<br>Yacktman Asset Management LP<br>6300 Bridge Point Parkway<br>Building One, Suite 500<br>Austin, TX 78730<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<br>| 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 the Funds' 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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&nbsp;&nbsp;&nbsp; wealth.amg.com

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![LOGO](g847495dsp004.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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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; wealth.amg.com | 063025 SAR071 |

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| | |
|:---|:---|
| ![LOGO](g847495dsp004.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SEMI-ANNUAL FINANCIAL STATEMENTS<br>|

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| |
|:---|
| AMG Funds<br>June 30, 2025<br>![LOGO](g847495dsp_196.jpg) <br>AMG GW&K Securitized Bond SMA Shares |
| Ticker: **GWSBX** |

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 <br> wealth.amg.com 063025 SAR095

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

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
|  FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Portfolio Investments](#fin6847495_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin6847495_3) | 5 |
| &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](#fin6847495_5) | 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; [Statement of Changes in Net Assets](#fin6847495_7) | 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 fiscal period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#fin6847495_9) | 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](#fin6847495_11) | 9 |
| &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](#fin6847495_13) | 14 |
| [STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin6847495_14) | 15 |

---

Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

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AMG GW&K Securitized Bond SMA Shares Schedule of Portfolio Investments (unaudited) June 30, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Asset-Backed Securities - 4.9% | Asset-Backed Securities - 4.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 23, Ltd.<br>Series 2022-23A, Class A1R<br>(3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 5.419%, 04/20/38<sup>1,2</sup>  | $500000 | $497877 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFC Funding, Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5A, Class A1R<br>(3 month SOFR + 1.260%, Cap N/A, Floor 1.260%), 5.516%, 01/15/38<sup>1,2</sup>  | 500000 | 501050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A<br>(3 month SOFR + 1.320%, Cap N/A, Floor 1.320%), 5.600%, 04/17/35<sup>1,2</sup>  | 500000 | 499380 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC<br>Series 2024-1A, Class A1<br>5.250%, 02/25/49<sup>1</sup>  | 500000 | 502669 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 22 Ltd.<br>Series 2023-1A, Class AR<br>(3 month SOFR + 1.200%, Cap N/A, Floor 1.200%), 5.484%, 04/17/38<sup>1,2</sup>  | 448000 | 447957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 38, Ltd.<br>Series 2025-1A, Class A<br>(3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 5.426%, 04/22/38<sup>1,2</sup>  | 500000 | 498304 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO 23, Ltd.<br>Series 2024-23A, Class A<br>(3 month SOFR + 1.270%, Cap N/A, Floor 1.270%), 5.549%, 01/20/39<sup>1,2</sup>  | 305000 | 305316 |
| &nbsp;&nbsp;&nbsp;&nbsp; HalseyPoint CLO 3, Ltd.<br>Series 2020-3A, Class A1R<br>(3 month SOFR + 1.480%, Cap N/A, Floor 1.480%), 5.760%, 07/30/37<sup>1,2</sup>  | 330000 | 331558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Park Funding XXIX LTD<br>Series 2018-29A, Class A1R2<br>(3 month SOFR + 1.180%, Cap N/A, Floor 1.180%), 5.495%, 03/25/38<sup>1,2</sup>  | 500000 | 497508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO 8, Ltd.<br>Series 2024-8A, Class A1<br>(3 month SOFR + 1.390%, Cap N/A, Floor 1.390%), 5.704%, 01/30/38<sup>1,2</sup>  | 300000 | 301708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-4, Class A1A<br>5.160%, 06/20/29 | 300000 | 302545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5, Class A1A<br>5.610%, 09/08/28 | 200000 | 200459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO, Ltd.<br>Series 2024-7A, Class A1<br>(3 month SOFR + 1.310%, Cap N/A, Floor 1.310%), 5.596%, 01/20/38<sup>1,2</sup>  | 550000 | 550165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Asset-Backed Securities<br>(Cost $5,438,395) |  | 5436496 |

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| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Mortgage-Backed Securities - 7.4% | Mortgage-Backed Securities - 7.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BANK<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class A5<br>5.716%, 06/15/57 | $750000 | $788720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BNK49, Class A5<br>5.623%, 03/15/58<sup>2</sup>  | 750000 | 783748 |
| &nbsp;&nbsp;&nbsp;&nbsp; BANK5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR4, Class A3<br>6.500%, 12/15/56 | 497728 | 524699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class A3<br>5.884%, 08/15/57 | 500000 | 521678 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust<br>Series 2024-C30, Class A5<br>5.532%, 11/15/57 | 750000 | 776947 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust<br>Series 2024-NQM4, Class A1A<br>4.350%, 01/25/60<sup>1,3</sup>  | 469402 | 461735 |
| &nbsp;&nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust<br>Series 2022-3, Class A2<br>4.156%, 02/25/67<sup>1,2</sup>  | 487190 | 465151 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust<br>Series 2024-R06, Class 1A1<br>(3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 5.455%, 09/25/44<sup>1,2</sup>  | 501352 | 503063 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PJ3, Class A7<br>2.500%, 08/25/52<sup>1,2</sup>  | 546399 | 513167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PJ6, Class A3<br>2.500%, 01/25/53<sup>1,2</sup>  | 716774 | 583898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-PJ2, Class A4<br>5.500%, 05/25/53<sup>1,2</sup>  | 324291 | 322274 |
| &nbsp;&nbsp;&nbsp;&nbsp; J.P. Morgan Mortgage Trust<br>Series 2022-1, Class A3<br>2.500%, 07/25/52<sup>1,2</sup>  | 1188879 | 968008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust<br>Series 2025-S1, Class A4<br>2.500%, 09/25/54<sup>1,2</sup>  | 591333 | 522379 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust<br>Series 2024-C63, Class A5<br>5.309%, 08/15/57 | 450000 | 459501 |
|  Total Mortgage-Backed Securities<br>(Cost $8,141,614) |  | 8194968 |
| U.S. Government and Agency Obligations - 86.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae - 33.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA<br>1.500%, 01/01/51<br>| 1946820 | 1465581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 10/01/51 to 04/01/52 | 6333739 | 5037262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/51 | 4905318 | 4117797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/50 to 07/01/52 | 8617987 | 7584092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/53 | 4387339 | 4085691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/53 | 4858362 | 4783724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/53 | 4068867 | 4074347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/01/54 | 2956919 | 3053995 |

---

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

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<br> AMG GW&K Securitized Bond SMA Shares<br> Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fannie Mae - 33.1%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Fannie Mae - 33.1%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA<br>6.500%, 07/01/54 | $2504954 | $2626257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fannie Mae |  | 36828746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac - 35.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC<br>3.000%, 08/01/52 | 4111787 | 3619188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/49 | 5097691 | 4728842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/52 to 06/01/54 | 6496180 | 6250886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/53 | 3918162 | 3847334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/54 | 4856767 | 4916006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/53 to 12/01/54 | 5871154 | 6053249 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K124, Class A2<br>1.658%, 12/25/30 | 4950000 | 4337821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-159, Class A2<br>4.500%, 07/25/33<sup>2</sup>  | 4026000 | 4031945 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4435, Class ZB<br>3.500%, 02/15/45 | 422215 | 321544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4753, Class LZ<br>3.500%, 02/15/48<br>| 226783 | 202853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4863, Class EZ<br>4.500%, 03/15/49 | 560300 | 534748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac |  | 38844416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ginnie Mae - 12.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA<br>2.000%, 03/20/51 | 1109529 | 887282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/20/50 | 2417973 | 2057732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/20/53 | 1266601 | 1131744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-18, Class KM 3.000%, 02/20/46 | 165213 | 146513 |

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| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 13-169, Class Z<br>3.250%, 11/16/43 | $313120 | $276550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/46 | 2717486 | 2522824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 18-38, Class AZ<br>3.500%, 03/20/48 | 291173 | 203900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/20/49 | 2882285 | 2881564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/20/55 | 3817230 | 3850361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ginnie Mae |  | 13958470 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations - 5.7% | &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations - 5.7% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds<br>4.625%, 02/15/55 | 650000 | 632734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/45 | 1765000 | 1812986 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes<br>4.250%, 11/15/34 | 3904000 | 3916810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 6362530 |
|  Total U.S. Government and Agency Obligations<br>(Cost $95,164,464) |  | 95994162 |
|  | Shares |  |
|  Short-Term Investments - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 1.0% | &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 1.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%<sup>4</sup>  | 1155399 | 1155399 |
|  Total Short-Term Investments<br>(Cost $1,155,399) |  | 1155399 |
|  **Total Investments - 99.7%**<br> (Cost $109,899,872) | **Total Investments - 99.7%**<br> (Cost $109,899,872) | 110781025 |
|  Other Assets, less Liabilities - 0.3% | Other Assets, less Liabilities - 0.3% | 305718 |
|  Net Assets - 100.0% | Net Assets - 100.0% | $111086743 |

---

<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 June 30, 2025, the value of these securities amounted to $9,273,167 or 8.3% of net assets. 

<sup>2</sup> Variable rate security. The rate shown is based on the latest available information as of June 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> Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

<sup>4</sup> Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

---

| | |
|:---|:---|
|  CLO | Collateralized Loan Obligation |
|  FHLMC | Freddie Mac |
|  FNMA | Fannie Mae |
|  GNMA | Ginnie Mae |
|  REMICS | Real Estate Mortgage Investment Conduit |
|  SOFR | Secured Overnight Financing Rate |

---

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

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<br> AMG GW&K Securitized Bond SMA Shares<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 June 30, 2025:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2  | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | $5436496 |  | $5436496 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 8194968 |  | 8194968 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations<sup>†</sup>  |  | 95994162 |  | 95994162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | $1155399 |  |  | 1155399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $1155399 | $109625626 |  | $110781025 |

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<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.

For the period ended June 30, 2025, there were no transfers in or out of Level 3.

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

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<br> Statement of Assets and Liabilities *(unaudited)*<br> June 30, 2025<br>

---

| | |
|:---|:---|
|  | AMG<br>GW&K Securitized Bond<br>SMA Shares |
| &nbsp;&nbsp; Assets: |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup>  | $110781025 |
| &nbsp;&nbsp; Cash | 2270 |
| &nbsp;&nbsp; Receivable for investments sold | 4496584 |
| &nbsp;&nbsp; Dividend and interest receivables | 471084 |
| &nbsp;&nbsp; Receivable from affiliate | 204203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 115955166 |
| &nbsp;&nbsp; Liabilities: |  |
| &nbsp;&nbsp; Payable for investments purchased | 4859360 |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 108 |
| &nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 8955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4868423 |
| &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 7) | &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 7) |
| &nbsp;&nbsp; Net Assets | $111086743 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $109899872 |
| &nbsp;&nbsp; Net Assets Represent: |  |
| &nbsp;&nbsp; Paid-in capital | $109973709 |
| &nbsp;&nbsp; Total distributable earnings | 1113034 |
| &nbsp;&nbsp; Net Assets | $111086743 |
| &nbsp;&nbsp; Net assets | $111086743 |
| &nbsp;&nbsp; Shares outstanding | 11043481 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $10.06 |

---

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

------

<br> Statement of Operations (unaudited)<br> For the period ended June 30, 2025<br>

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| | |
|:---|:---|
|  | AMG<br>GW&K Securitized Bond<br>SMA Shares<sup>1</sup> |
| &nbsp;&nbsp; Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $8748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 197813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 206561 |
| &nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 5305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 1049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 8955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (8955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 206561 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 229220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 881153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 1110373 |
| &nbsp;&nbsp; Net increase in net assets resulting from operations | $1316934 |

---

<sup>1</sup> Commencement of operations was June 12, 2025.

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

------

<br> Statement of Changes in Net Assets<br> For the period ended June 30, 2025 (unaudited)<br>

---

| | |
|:---|:---|
|  | AMG<br>GW&K Securitized Bond<br>SMA Shares |
|  | June 30, 2025<sup>1</sup> |
| &nbsp;&nbsp; Increase in Net Assets Resulting From Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $206561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 229220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 881153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 1316934 |
| &nbsp;&nbsp; Distributions to Shareholders: | (203900) |
| &nbsp;&nbsp; Capital Share Transactions:<sup>2</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from capital share transactions | 109973709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 111086743 |
| &nbsp;&nbsp; Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $111086743 |

---

<sup>1</sup> Commencement of operations was June 12, 2025.

<sup>2</sup> See Note 1(f) of the Notes to Financial Statements.

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

------

AMG GW&K Securitized Bond SMA Shares Financial Highlights For a share outstanding throughout the fiscal period

---

| | |
|:---|:---|
|  | For the fiscal<br>period ended<br>June 30, 2025<sup>1</sup>(unaudited) |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $10.00 |
| &nbsp;&nbsp; Income from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2,3</sup>  | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | 0.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.08 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.02) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $10.06 |
| &nbsp;&nbsp; Total Return<sup>3,4</sup>  | 0.79%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.00%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.16%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>3</sup>  | 5.07%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 5%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $111087 |

---

<sup>1</sup> Commencement of operations was on June 12, 2025.

<sup>2</sup> Per share numbers have been calculated using average shares.

<sup>3</sup> Total returns and net investment income would have been lower had certain expenses not been offset. 

<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> 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> June 30, 2025<br>

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the "Trust") is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report is AMG GW&K Securitized Bond SMA Shares (the "Fund"). The Fund commenced operations on June 12, 2025 and commenced investment operations on June 13, 2025.

The Fund offers a single class of shares for purchase. Shares of the Fund may be purchased only by or on behalf of separately managed account clients where GW&K Investment Management, LLC ("GW&K"), the Fund's subadviser, has an agreement with sponsors of separately managed account programs ("Program Sponsors"), or directly with the client, to provide management or advisory services to the managed account or to the Program Sponsor for its use in managing such account.

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

------

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

rates) or other market corroborated inputs) (e.g., debt securities, government securities, 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 income is recorded on the ex-dividend date and 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.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income, if any, will normally be declared and paid monthly. Fund distributions resulting from net realized 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. There were no permanent or temporary differences during the period.

At June 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<br>| Appreciation  | Depreciation  | Net Appreciation  |
| $109899872 | $920629 | $(39476) | $881153 |

---

e. FEDERAL TAXES

The Fund intends to elect to be treated as a regulated 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. Since the Fund commenced operations on June 12, 2025, the Investment Manager has also analyzed the Fund's tax positions through June 30, 2025, 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 STOCK

The Trust's Amended and Restated Agreement and Declaration of Trust 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 period ended June 30, 2025 (unaudited), the capital stock transactions for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | June 30, 2025<sup>1</sup> | June 30, 2025<sup>1</sup> |
|  | Shares | Amount |
|  Shares sold | 11044518 | $109982812 |
|  Shares issued in reinvestment of distributions | 19833 | 199520 |
|  Shares redeemed | (20870) | (208623) |
|  Net increase | 11043481 | $109973709 |

---

<sup>1</sup> Commencement of operations was June 12, 2025.

------

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

g. 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 June 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 Fund's subadviser and monitors the subadviser's investment performance, security holdings and investment strategies. The Fund's investment portfolio is managed by GW&K, who serves as subadviser pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in GW&K.

The Fund does not pay advisory fees to the Investment Manager or GW&K. Shareholders should be aware, however, that the Fund is an integral part of separately managed account programs, and the Investment Manager or GW&K will be compensated directly or indirectly by Program Sponsors or program participants for managed account advisory services.

The Investment Manager has contractually agreed, through at least May 1, 2027, to waive fees and/or pay or reimburse the Fund's expenses in order to limit total annual operating expenses (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the Fund to the annual rate of 0.00% of the average daily net assets attributable to 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 period ended June 30, 2025, the Investment Manager reimbursed the Fund $8,955.

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 does not pay administrative fees to the Investment Manager for these services.

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 may be purchased only by or on behalf of separately managed account clients where GW&K has an agreement with the Program Sponsor (typically, a registered investment adviser or broker-dealer), or directly with the client, to provide management or advisory services to the managed account. 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 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 June 30, 2025, the Fund had no interfund loans outstanding. The Fund did not lend or borrow during the period ended June 30, 2025.

During the period ended June 30, 2025, the Fund incurred a loss of $195,248 due to a trade error. GW&K reimbursed the Fund on July 21, 2025, for the loss, and the reimbursement payment is reflected as "Net realized gain on investments" in the Statement of Operations. As of June 30, 2025, the reimbursement receivable is reflected as "Receivable from affiliate" in the Statement of Assets and Liabilities.

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the period ended June 30, 2025, were $13,586,588 and $7,072, respectively.

Purchases and sales of U.S. Government Obligations for the period ended June 30, 2025 were $100,341,023 and $5,233,276, respectively.

------

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

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 Fund did not have any securities on loan at June 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 GW&K'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.

**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.

**Floating Rate Instrument Risk:** Changes in interest rates may affect the yield on the Fund's investments in floating rate investments. Floating rate investments may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, a decline in interest rates may result in a reduction in income received from floating rate investments held by the Fund and may adversely affect the value of the Fund's shares.

**Credit and Counterparty 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, principal or settlement payments or otherwise honor its obligations. Changes in an issuer's financial strength, credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer.

**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.

**Collateralized Loan Obligations ("CLO") and Other Collateralized Obligations Risk:** The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.

**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.

------

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

**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.

**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.

**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.

**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.

**New Fund Risk:** The Fund is a new fund, which may result in additional risk. There can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time. In addition, until the Fund achieves sufficient scale, a Fund shareholder may experience proportionally higher Fund expenses than would be experienced by shareholders of a fund with a larger asset base.

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

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 repurchase agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4. At June 30, 2025, the Fund had no Repurchase Agreements outstanding.

9. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU.

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.

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<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 period ended June 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 period ended June 30, 2025, was $397, 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 period ended June 30, 2025.

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT<br>

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| | | |
|:---|:---|:---|
| Approval of Amendment to Investment Management Agreement and Subadvisory Agreement with GW&K Investment Management, LLC with Respect to AMG GW&K Securitized Bond SMA Shares<br>At an in-person meeting held on March 19, 2025, the Board of Trustees (the "Board" or the "Trustees") of AMG Funds (the "Trust"), and separately a majority of the Trustees who are not "interested persons" of the Trust (the "Independent Trustees") within the meaning of the Investment Company Act of 1940, as amended (the "1940 Act"), unanimously voted to approve an amendment to the Investment Management Agreement (the "Investment Management Agreement") between AMG Funds LLC (the "Investment Manager") and the Trust relating to AMG GW&K Securitized Bond SMA Shares, a new series of the Trust (the "New Fund"), and a Subadvisory Agreement between the Investment Manager and GW&K Investment Management, LLC ("GW&K") relating to the New Fund (the "Subadvisory Agreement" and, together with the Investment Management Agreement, the "New Fund Agreements"). The Independent Trustees were separately represented by independent legal counsel in their consideration of the New Fund Agreements and met with their independent legal counsel in a private session at which no representatives of management were present to consider the New Fund and the New Fund Agreements.<br>In considering the New Fund Agreements, the Trustees reviewed a variety of materials relating to the New Fund, the Investment Manager and GW&K provided in connection with meetings of the Board held on March 19, 2025, including information regarding the nature, extent and quality of services to be provided by the Investment Manager and GW&K under their respective agreements. Because the New Fund is a newly created series of the Trust and has not yet begun operations, no comparative performance information for the New Fund was provided. The Trustees, however, considered the performance of other funds in the AMG Funds Family of Funds (the "AMG Fund Complex") subadvised by GW&K for various time periods, including other taxable bond funds such as AMG GW&K Core Bond ESG Fund and AMG GW&K ESG Bond Fund. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel and (b) discussed with legal counsel the legal standards applicable to their consideration of the New Fund Agreements. | NATURE, EXTENT AND QUALITY OF SERVICES<br>In considering the nature, extent and quality of the services to be provided by the Investment Manager under the Investment Management Agreement, the Trustees took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the Investment Manager's financial information, operations and personnel, the performance of its duties with respect to other funds in the AMG Fund Complex, which, as of March 19, 2025, consisted of 37 funds, the quality of the performance of the Investment Manager's duties under the Investment Management Agreement and the Administration Agreement between the Investment Manager and the Trust and the Trustees' knowledge of the Investment Manager's management team.<br>In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the quality of the monitoring services intended to be performed by the Investment Manager in overseeing the portfolio management responsibilities of GW&K; (b) the Investment Manager's ability to supervise the New Fund's other service providers; and (c) the Investment Manager's compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising GW&K, the Investment Manager will: perform periodic detailed analyses and reviews of the performance by GW&K of its obligations to the New Fund, including without limitation analysis and review of portfolio and other compliance matters and review of GW&K's investment performance with respect to the New Fund; prepare and present periodic reports to the Trustees regarding the investment performance of GW&K and other information regarding GW&K, at such times and in such forms as the Trustees may reasonably request; review and consider any changes in the personnel of GW&K responsible for performing GW&K's obligations and make appropriate reports to the Trustees; review and consider any changes in the ownership or senior management of GW&K and make appropriate reports to the Trustees; perform periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of GW&K; assist the Trustees and management of the Trust in developing and reviewing information with respect to the initial approval of the Subadvisory Agreement and annual consideration of the Subadvisory Agreement thereafter; prepare recommendations | with respect to the continued retention of GW&K or the replacement of GW&K, including at the request of the Board; identify potential successors to, or replacements of, GW&K or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Trustees a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designate and compensate from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and perform such other review and reporting functions as the Trustees shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of GW&K with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and noted that, as of February 28, 2025, the Investment Manager had approximately $18 billion in mutual fund assets under management. The Trustees also considered the Investment Manager's risk management processes.<br>In the course of their deliberations regarding the nature, extent and quality of services to be provided by GW&K under the Subadvisory Agreement, the Trustees evaluated, among other things: (a) the expected services to be rendered by GW&K to the New Fund; (b) the qualifications and experience of GW&K personnel; and (c) the GW&K compliance program. The Trustees also took into account the financial condition of GW&K with respect to its ability to provide the services required under the Subadvisory Agreement and noted that, as of December 31, 2024, GW&K managed approximately $52.9 billion in assets. The Trustees also considered GW&K's risk management processes. The Trustees took into account their knowledge of GW&K and noted that GW&K subadvised 10 other funds in the AMG Fund Complex, and that the Trustees had overseen funds sub-advised by GW&K since 2008.<br>The Trustees also considered information regarding the nature, extent and quality of services provided by the Investment Manager and GW&K, as applicable, to funds in the AMG Fund Complex in connection with the Trustees' annual consideration of the existing funds' contractual arrangements. The Trustees considered the investment philosophy, strategies and techniques that are intended to be used in |

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT** *(continued)*<br>

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| | | |
|:---|:---|:---|
| managing the New Fund. Among other things, the Trustees reviewed information about portfolio management and other professional staff and information regarding GW&K's organizational and management structure. The Trustees considered specific information provided regarding the experience of the individuals at GW&K that are expected to have portfolio management responsibility for the New Fund, including the information set forth in the New Fund's prospectus and statement of additional information to be filed with the Securities and Exchange Commission. The Trustees noted that the New Fund's portfolio managers have extensive industry experience in taxable bond and securitized bond products. The Trustees also took into account a presentation made at the March 19, 2025 Board meeting by representatives from GW&K regarding the New Fund, its proposed investment strategy and GW&K's separately managed account business. In addition, the Trustees observed that, in managing the New Fund's portfolio, GW&K would use top-down research that focuses on managing duration, yield curve, credit quality, volatility and liquidity, as well as bottom-up research that focuses on fundamental analysis, valuation analysis, and technical analysis.<br>PERFORMANCE<br>Because the New Fund has not yet commenced operations, the Trustees noted that they could not draw any conclusions regarding the performance of the New Fund. The Trustees, however, considered the performance of the other funds in the AMG Fund Complex subadvised by GW&K.<br>ADVISORY FEES, FUND EXPENSES, PROFITABILITY AND ECONOMIES OF SCALE<br>The Trustees noted that the New Fund is proposed to pay no advisory fee to the Investment Manager for the services to be provided under the Investment Management Agreement and that the Investment Manager is proposed to pay no subadvisory fee to GW&K in exchange for the services to be provided by GW&K under the Subadvisory Agreement. The Trustees noted that the New Fund is an integral part of separately managed account programs, and the Investment Manager or GW&K will be compensated directly or indirectly by program sponsors or program participants. The Trustees noted that the Investment Manager would indirectly benefit from compensation received by GW&K because the Investment Manager and GW&K are affiliated. The Trustees also noted payments to be made from the Subadviser to the Investment Manager. The Trustees also took into account the fact that the Investment Manager has contractually agreed, through at least | May 1, 2027, to limit the total annual operating expenses (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the New Fund to the annual rate of 0.00% of the New Fund's average daily net assets. The Trustees concluded that, in light of the nature, extent and quality of the services to be provided by the Investment Manager and GW&K and the considerations noted above with respect to the Investment Manager and GW&K, the New Fund's advisory fees and subadvisory fees are reasonable.<br>In considering the anticipated profitability of the Investment Manager with respect to the provision of investment advisory services to the New Fund, the Trustees considered all revenues and other benefits, both direct and indirect (including any so-called "fallout benefits" such as reputational value derived from the Investment Manager serving as investment manager to the New Fund), received by the Investment Manager and its affiliates attributable to managing the New Fund; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the New Fund, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered that the Investment Manager would receive no advisory fee from the New Fund. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is expected to be reasonable and that, since the New Fund does not currently have any assets, the Investment Manager is not realizing any material benefits from economies of scale. With respect to economies of scale, the Trustees also noted that as the New Fund's assets increase over time, the Investment Manager may realize economies of scale to the extent that the increase in assets is proportionally greater than the increase in certain other expenses, but noted the existence of the proposed expense limitation agreement and the expense cap described above.<br>In considering the anticipated profitability of GW&K with respect to the provision of subadvisory services to the New Fund, although recognizing that profitability with respect to the New Fund is speculative, the Trustees considered information regarding GW&K's organization, management and financial stability. The Trustees noted that, because GW&K is an affiliate of the Investment Manager, a | portion of GW&K's revenues or anticipated profitability might be shared directly or indirectly with the Investment Manager. The Trustees also noted that GW&K would receive no subadvisory fee from the Investment Manager with respect to the New Fund, but that it would be separately compensated by program sponsors and program participants. The Trustees also took into account management's discussion of the services GW&K is expected to provide in performing its functions under the Subadvisory Agreement. The Trustees also considered the anticipated net assets of the New Fund for its first year of operations. The Trustees also were provided, at their June 12, 2024 meeting, with the profitability of GW&K with respect to the other funds it subadvises in the AMG Fund Complex. Based on the foregoing, the Trustees concluded that the profitability to GW&K is expected to be reasonable and that, since the New Fund does not currently have any assets, GW&K is not realizing material benefits from economies of scale. Also with respect to economies of scale, the Trustees noted that as the New Fund's assets increase over time, GW&K may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses, but noted the existence of the proposed expense limitation agreement and the expense cap described above.<br>\* \* \* \*<br>After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the New Fund Agreements: (a) the Investment Manager and GW&K have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and the Subadvisory Agreement; (b) GW&K's investment strategy is appropriate for pursuing the New Fund's investment objectives; (c) GW&K is reasonably likely to execute its investment strategy consistently over time; and (d) the Investment Manager and GW&K maintain appropriate compliance programs.<br>Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of the New Fund Agreements would be in the best interests of the New Fund and its shareholders. Accordingly, on March 19, 2025, the Trustees, and separately a majority of the Independent Trustees, unanimously voted to approve the New Fund Agreements. |

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g847495dsp004.jpg) <br>

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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<br>LEGAL COUNSEL<br>Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600 | 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. |
|  | 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. |

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 <br> wealth.amg.com

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![LOGO](g847495dsp004.jpg) SEMI-ANNUAL FINANCIAL STATEMENTS

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| AMG Funds<br>June 30, 2025<br>![LOGO](g847495dsp004a.jpg) <br>AMG GW&K Municipal Enhanced SMA Shares |
| Ticker: **MESHX** |

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 <br> wealth.amg.com 063025 SAR090

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Semi-Annual Financial Statements — June 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](#fin7847495_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin7847495_3) | 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 and cumulative distributable earnings (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#fin7847495_5) | 7 |
| &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 unrealized gains (losses) during the fiscal period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fin7847495_7) | 8 |
| &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](#fin7847495_9) | 9 |
| &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 and expense ratios, turnover ratios and net assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin7847495_11) | 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 transactions with Fund management and affiliates, and descriptions of certain investment risks |  |
|  [OTHER INFORMATION](#fin7847495_13) | 15 |
| [STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin7847495_14) | 16 |

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Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

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AMG GW&K Municipal Enhanced SMA Shares Schedule of Portfolio Investments (unaudited) June 30, 2025

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| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
|  Municipal Bonds - 98.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama - 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson Sewer Revenue,<br>5.250%, 10/01/49 | $1600000 | $1617737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/53 | 4550000 | 4664216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Alabama |  | 6281953 |
| &nbsp;&nbsp;&nbsp;&nbsp; California - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority,<br>5.000%, 05/15/43 | 485000 | 483175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/48 | 795000 | 765421 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Series A<br>4.000%, 02/01/51 | 240000 | 195692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Series A,<br>5.000%, 07/01/50 | 1500000 | 1511326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/55 | 1000000 | 1010539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total California |  | 3966153 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Series A,<br>5.000%, 08/01/44 | 930000 | 915919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/55 | 1315000 | 1283358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/01/54 | 1000000 | 1009198 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy Natural Gas Purchase Revenue<br>6.500%, 11/15/38 | 1300000 | 1527997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Colorado |  | 4736472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority,<br>4.000%, 07/01/39 | 485000 | 457645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/40 | 555000 | 509660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/42 | 285000 | 256076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Connecticut |  | 1223381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida - 11.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Series A<br>5.000%, 04/01/47 | 1185000 | 1163929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Authority, Series A,<br>5.000%, 06/01/54<sup>1</sup>  | 1000000 | 884846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/64<sup>1</sup>  | 1765000 | 1516544 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Seaport Department, Series 1, (AG)<br>4.000%, 10/01/45 | 2265000 | 2054030 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Seaport Department, Series A<br>5.250%, 10/01/52 | 365000 | 360194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority<br>4.000%, 08/15/50 | 1055000 | 857899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp.,<br>4.000%, 02/01/52 | 485000 | 386450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/52 | 325000 | 298737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 08/01/55 | 1750000 | 1752795 |

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| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Series 3, (GNMA FNMA FHLMC)<br>4.750%, 07/01/54 | $3045000 | $2937331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority<br>4.000%, 08/01/50 | 815000 | 685640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Health Facilities Authority,<br>4.000%, 11/15/46 | 2370000 | 2018810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/51 | 1250000 | 1023539 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Series A<br>5.250%, 10/01/56 | 3500000 | 3555741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Series B<br>5.000%, 11/15/55 | 2000000 | 1887558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No 15,<br>4.550%, 05/01/44<sup>1</sup>  | 1000000 | 931754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 05/01/55<sup>1</sup>  | 1000000 | 910143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Florida |  | 23225940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fayette County Development Authority,<br>5.250%, 10/01/49 | 1500000 | 1523554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/01/54 | 1500000 | 1510847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Georgia |  | 3034401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Series A<br>4.375%, 03/01/53 | 2250000 | 1979568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois - 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien, Series A<br>5.000%, 01/01/48 | 1100000 | 1081875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority,<br>4.000%, 12/15/42 | 325000 | 290773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/52 | 485000 | 394122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/50 | 815000 | 796684 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series A<br>4.000%, 03/01/40 | 1240000 | 1121390 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series B,<br>5.250%, 05/01/48 | 1000000 | 1007261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/49 | 1000000 | 1005623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Illinois |  | 5697728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Series A,<br>5.000%, 07/01/54 | 1000000 | 955870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/59 | 1250000 | 1181693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/64 | 1500000 | 1456284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/55 | 1500000 | 1461130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Indiana |  | 5054977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana - 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Public Facilities Authority,<br>5.500%, 09/01/59 | 2500000 | 2537436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 09/01/64 | 2500000 | 2573215 |

---

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

------

<br> AMG GW&K Municipal Enhanced SMA Shares<br> Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Louisiana - 3.4%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District, Series A<br>5.250%, 07/01/53 | $1965000 | $1993680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Louisiana |  | 7104331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts - 7.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency,<br>4.000%, 07/01/51 | 1080000 | 850017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/50 | 1750000 | 1731781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/52 | 3705000 | 3617848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/55 | 3750000 | 3581175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/55 | 1500000 | 1467354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Series 1,<br>4.500%, 07/01/54 | 2750000 | 2462417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/50 | 1000000 | 1009761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Series A<br>5.000%, 07/01/60<sup>1</sup>  | 1000000 | 906556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Massachusetts |  | 15626909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Series A,<br>4.950%, 12/01/50 | 1000000 | 990869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/55 | 1520000 | 1500560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Michigan |  | 2491429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Series A<br>5.000%, 02/15/48 | 410000 | 409435 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Agricultural & Economic Development Board, Series 2024<br>5.250%, 01/01/54 | 1000000 | 1011778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Minnesota |  | 1421213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority of the State of Missouri<br>4.000%, 06/01/53 | 2500000 | 2104032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Plains Energy Project #3, Series A<br>5.000%, 09/01/42 | 1125000 | 1154566 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Series A<br>5.500%, 06/01/55 | 2500000 | 2555458 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Series BB<br>5.250%, 06/15/50 | 1000000 | 1028879 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Turnpike Authority, Series A<br>5.250%, 01/01/55 | 2230000 | 2317914 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority<br>4.625%, 11/01/47 | $2070000 | $1978035 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Series A,<br>5.000%, 06/01/46 | 405000 | 402334 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/46 | 530000 | 533517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Series B<br>5.000%, 06/01/46 | 275000 | 264936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New Jersey |  | 6525615 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York - 10.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series E<br>5.000%, 08/01/54 | 1000000 | 1012177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Series 1,<br>4.750%, 11/15/45 | 3625000 | 3531798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/50 | 1000000 | 989779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Series A<br>5.250%, 11/15/55 | 1000000 | 1019219 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Series E<br>5.000%, 11/01/53 | 1000000 | 1015127 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Series A,<br>4.000%, 07/01/47 | 550000 | 465444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/52 | 340000 | 278134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/01/50 | 1530000 | 1341776 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp.,<br>4.000%, 04/30/53 | 1125000 | 895824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/40 | 845000 | 849872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/41 | 815000 | 812203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/30/54 | 1000000 | 1006449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/01/40 | 1000000 | 1027747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/35 | 500000 | 543877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/30/54 | 2500000 | 2582481 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp. (AG)<br>5.000%, 06/30/49 | 1220000 | 1200822 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Series A<br>5.500%, 12/31/60 | 2500000 | 2499624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Corp.<br>6.000%, 12/01/53 | 1000000 | 1021170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New York |  | 22093523 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Series A, (AG)<br>5.000%, 01/01/58 | 3000000 | 3003990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio - 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Series A<br>5.500%, 01/01/55 | 3000000 | 3096271 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton, Series A<br>5.500%, 08/01/51 | 1000000 | 986114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission,<br>5.250%, 05/01/49 | 2500000 | 2482914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/54 | 3000000 | 2939937 |

---

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

------

<br> AMG GW&K Municipal Enhanced SMA Shares<br> Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio - 5.1%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Series A, (GNMA FNMA FHLMC)<br>4.550%, 09/01/49 | $1085000 | $1024286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ohio |  | 10529522 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania - 9.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, Series A<br>5.000%, 01/01/51 | 815000 | 801365 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority<br>4.000%, 04/01/50 | 1340000 | 1129833 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Series B<br>5.000%, 05/01/52 | 900000 | 873715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority<br>5.250%, 06/30/53 | 2185000 | 2185453 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, (AG)<br>5.000%, 12/31/57 | 4075000 | 3972385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Series B2<br>5.000%, 11/01/54 | 4780000 | 4622988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Series 146A<br>4.750%, 04/01/53 | 2050000 | 1983649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Series A<br>4.000%, 12/01/50 | 2435000 | 2105665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development<br>5.250%, 11/01/52 | 1000000 | 984087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Pennsylvania |  | 18659140 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp.<br>5.250%, 05/15/54 | 5100000 | 5052904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Series A<br>5.000%, 06/01/40 | 530000 | 529991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Rhode Island |  | 5582895 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Richland County School District No 2, Series A, (South Carolina School District)<br>1.875%, 03/01/38 | 1600000 | 1158056 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority<br>5.750%, 11/15/54 | 1000000 | 1009691 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Series A<br>5.500%, 11/01/54 | 2000000 | 2072075 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Series A<br>5.000%, 12/01/55 | 1335000 | 1330674 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Series B<br>5.250%, 12/01/54 | $1000000 | $1016326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total South Carolina |  | 6586822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee - 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board<br>5.250%, 12/01/54 | 2000000 | 2004387 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chattanooga Electric<br>2.000%, 09/01/40 | 1400000 | 966119 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knox County Health Educational & Housing Facility Board, Series 1, (BAM)<br>5.125%, 07/01/59 | 1000000 | 994319 |
| &nbsp;&nbsp;&nbsp;&nbsp; Knox County Health Educational & Housing Facility Board, Series A1, (BAM)<br>5.500%, 07/01/59 | 1000000 | 1020702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Government Nashville & Davidson County Health & Educational Facilities<br>5.250%, 05/01/53 | 520000 | 517896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health & Educational Facilities Board, Series A1<br>5.250%, 06/01/56<sup>1</sup>  | 2500000 | 2305707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Tennessee |  | 7809130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas - 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Series B<br>4.000%, 01/01/51 | 2000000 | 1739902 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Corpus Christi Utility System Revenue, (AG)<br>5.000%, 07/15/55<sup>2</sup>  | 2000000 | 2001526 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, Series B,<br>5.500%, 07/15/37 | 1500000 | 1557919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/38 | 1000000 | 1028543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/39 | 1630000 | 1667047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority<br>5.000%, 05/15/51 | 1000000 | 1000657 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwest Independent School District, (PSF-GTD)<br>5.250%, 02/15/55<sup>2</sup>  | 2150000 | 2236774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp.,<br>5.000%, 06/30/58 | 4050000 | 3867239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/31/58 | 650000 | 666374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Series A<br>4.000%, 12/31/39 | 1180000 | 1099595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Texas |  | 16865576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, Series A, (AG)<br>5.500%, 06/01/55 | 1875000 | 1966940 |

---

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

------

<br> AMG GW&K Municipal Enhanced SMA Shares<br> Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lynchburg Economic Development Authority<br>4.000%, 01/01/55 | $240000 | $192093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority,<br>4.000%, 01/01/39 | 485000 | 449957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/40 | 485000 | 440274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/47 | 1755000 | 1755232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/49 | 1905000 | 1820953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/52 | 1895000 | 1788616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Virginia |  | 6447125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission,<br>5.000%, 07/01/54 | 1500000 | 1439575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/49 | 1000000 | 1022963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Washington |  | 2462538 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Series A<br>5.500%, 06/01/50<sup>2</sup>  | 1000000 | 1037905 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Series B<br>6.000%, 09/01/53 | 1000000 | 1063432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total West Virginia |  | 2101337 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority,<br>5.250%, 11/15/55 | $1100000 | $1102572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/61 | 1555000 | 1548073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Series A<br>5.000%, 06/01/41<sup>1</sup> | 2000000 | 1981687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Wisconsin |  | 4632332 |
|  Total Municipal Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $211,234,640) |  | 202924996 |
|  Short-Term Investments - 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $7,033,801 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $7,173,683) | 7033000 | 7033000 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,033,000) |  | 7033000 |
|  Total Investments - 101.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $218,267,640) |  | 209957996 |
|  Other Assets, less Liabilities - (1.6)% |  | (3292946) |
|  Net Assets - 100.0% |  | $206665050 |

---

<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 June 30, 2025, the value of these securities amounted to $9,437,237 or 4.6% of net assets. 

<sup>2</sup> All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at June 30, 2025, amounted to $5,276,205, or 2.6% of net assets. 

AG Assured Guaranty

---

| | |
|:---|:---|
| BAM | Build America Mutual Assurance Co. |
| FHLMC | Freddie Mac |
| FNMA | Fannie Mae |
| GNMA | Ginnie Mae |
| PSF-GTD | Permanent School Fund Guaranteed |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | $202924996 |  | $202924996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 7033000 |  | 7033000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities |  | $209957996 |  | $209957996 |

---

For the six months ended June 30, 2025, there were no transfers in or out of Level 3.

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

------

<br> Statement of Assets and Liabilities *(unaudited)*<br> June 30, 2025<br>

---

| | |
|:---|:---|
|  | AMG<br>GW&K Municipal<br>Enhanced SMA Shares |
| &nbsp;&nbsp; Assets: |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup>  | $209957996 |
| &nbsp;&nbsp; Cash | 193 |
| &nbsp;&nbsp; Interest receivables | 2209675 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 155735 |
| &nbsp;&nbsp; Receivable from affiliate | 12489 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 11886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 212347974 |
| &nbsp;&nbsp; Liabilities: |  |
| &nbsp;&nbsp; Payable for delayed delivery investments purchased | 5236502 |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 380899 |
| &nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 65523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 5682924 |
| &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 6) | &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 6) |
| &nbsp;&nbsp; Net Assets | $206665050 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $218267640 |
| &nbsp;&nbsp; Net Assets Represent: | &nbsp;&nbsp; Net Assets Represent: |
| &nbsp;&nbsp; Paid-in capital | $214868878 |
| &nbsp;&nbsp; Total distributable loss | (8203828) |
| &nbsp;&nbsp; Net Assets | $206665050 |
| &nbsp;&nbsp; Net assets | $206665050 |
| &nbsp;&nbsp; Shares outstanding | 21005955 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $9.84 |

---

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

------

<br> Statement of Operations *(unaudited)*<br> For the six months ended June 30, 2025<br>

---

| | |
|:---|:---|
|  | AMG<br>GW&K Municipal<br>Enhanced SMA Shares |
| &nbsp;&nbsp; Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $4473336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 4473336 |
| &nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 26982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 12201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 9311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 8164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 7143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 2379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 69105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (69105) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 4473336 |
| &nbsp;&nbsp; Net Realized and Unrealized Loss: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (15024) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (9469767) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (9484791) |
| &nbsp;&nbsp; Net decrease in net assets resulting from operations | $(5011455) |

---

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

------

<br> Statements of Changes in Net Assets<br> For the six months ended June 30, 2025 (unaudited) and the fiscal year ended December 31, 2024<br>

---

| | | |
|:---|:---|:---|
|  | AMG<br>GW&K Municipal<br>Enhanced SMA Shares | AMG<br>GW&K Municipal<br>Enhanced SMA Shares |
|  | June 30, 2025 | December 31, 2024 |
| &nbsp;&nbsp; Increase (Decrease) in Net Assets Resulting From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $4473336 | $6515795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (15024) | 877195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (9469767) | (2820862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (5011455) | 4572128 |
| &nbsp;&nbsp; Distributions to Shareholders: | (4455944) | (7223059) |
| &nbsp;&nbsp; Capital Share Transactions:<sup>1</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from capital share transactions | 34180793 | 86672277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 24713394 | 84021346 |
| &nbsp;&nbsp; Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 181951656 | 97930310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $206665050 | $181951656 |

---

<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 Municipal Enhanced SMA Shares Financial Highlights For a share outstanding throughout each fiscal period

---

| | | | |
|:---|:---|:---|:---|
|  | For the six<br>months ended<br> June 30, 2025<br> (unaudited) | For the fiscal<br>year ended<br>December 31, | For the fiscal<br>period ended<br>December 31, |
|  | For the six<br>months ended<br> June 30, 2025<br> (unaudited) | 2024 | 2023<sup>1</sup> |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $10.33 | $10.51 | $10.00 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2,3</sup>  | 0.24 | 0.47 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.50) | (0.15) | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.26) | 0.32 | 0.86 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.23) | (0.46) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.23) | (0.50) | (0.35) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $9.84 | $10.33 | $10.51 |
| &nbsp;&nbsp; Total Return<sup>3,4</sup>  | (2.52)%<sup>5</sup> | 3.14% | 8.81%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.00%<sup>6</sup> | 0.00% | 0.00%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.07%<sup>6</sup> | 0.09% | 0.20%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>3</sup>  | 4.72%<sup>6</sup> | 4.51% | 4.55%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 21%<sup>5</sup> | 17% | 12%<sup>5,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $206665 | $181952 | $97930 |

---

<sup>1</sup> Commencement of operations was February 28, 2023.

<sup>2</sup> Per share numbers have been calculated using average shares.

<sup>3</sup> Total returns and net investment income would have been lower had certain expenses not been offset.

<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> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

<sup>8</sup> Portfolio turnover rate excludes securities received from processing a subscription in-kind.

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> June 30, 2025<br>

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the "Trust") is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report is AMG GW&K Municipal Enhanced SMA Shares (the "Fund").

The Fund offers a single class of shares for purchase. Shares of the Fund may be purchased only by or on behalf of separately managed account clients where GW&K Investment Management, LLC ("GW&K"), the Fund's subadviser, has an agreement with sponsors of separately managed account programs ("Program Sponsors"), or directly with the client, to provide management or advisory services to the managed account or to the Program Sponsor for its use in managing such account.

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.

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 securities, 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

------

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

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

Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend income is recorded on the ex-dividend date and 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.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income, if any, will normally be declared and paid monthly. Fund distributions resulting from net realized 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. There were no temporary differences during the period.

At June 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 Depreciation |
| $218267640 | $282868 | $(8592512) | $(8309644) |

---

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.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 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 December 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 Amended and Restated Agreement and Declaration of Trust 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 June 30, 2025 (unaudited) and the fiscal year ended December 31, 2024, the capital stock transactions for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2025  | June 30, 2025  | December 31, 2024  | December 31, 2024  |
|  | Shares | Amount | Shares | Amount |
|  Shares sold | 5231791 | $52705683 | 9581383 | $100277537 |
|  Shares issued in reinvestment of distributions | 201890 | 2024895 | 366860 | 3822607 |
|  Shares redeemed | (2033724) | (20549785) | (1663379) | (17427867) |
|  Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3399957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$34180793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8284864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86672277 |

---

------

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

h. REPURCHASE AGREEMENTS

The Fund may enter into third-party and bilateral repurchase agreements for temporary cash management purposes. 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. 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.

At June 30, 2025, the market value of repurchase agreements outstanding was $7,033,000.

i. DELAYED DELIVERY TRANSACTIONS AND WHEN-ISSUED SECURITIES

The Fund may enter into securities transactions on a delayed delivery or when issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked to market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Portfolio Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as an investment in securities and a forward sale commitment in the Fund's Statement of Assets and Liabilities. For financial reporting purposes, the Fund does offset the receivable and payable for delayed delivery investments purchased and sold. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.

During the six months ended June 30, 2025, the Fund entered into securities transactions on a delayed delivery or when issued basis. At June 30, 2025, the market value of delayed delivery securities held in the Fund amounted to $5,276,205.

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 Fund's subadviser and monitors the subadviser's investment performance, security holdings and investment strategies. The Fund's investment portfolio is managed by GW&K, who serves as subadviser pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in GW&K.

The Fund does not pay advisory fees to the Investment Manager or GW&K. Shareholders should be aware, however, that the Fund is an integral part of separately managed account programs, and the Investment Manager or GW&K will be compensated directly or indirectly by Program Sponsors or program participants for managed account advisory services.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive fees and/or pay or reimburse the Fund's expenses in order to limit total annual operating expenses (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the Fund to the annual rate of 0.00% of the average daily net assets attributable to 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 June 30, 2025, the Investment Manager reimbursed the Fund $69,105.

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 does not pay administrative fees to the Investment Manager for these services.

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 may be purchased only by or on behalf of separately managed account clients where GW&K has an agreement with the Program Sponsor (typically, a registered investment adviser or broker-dealer), or directly with the client, to provide management or advisory services to the managed account. 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 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,

------

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

respectively. At June 30, 2025, the Fund had no interfund loans outstanding. The Fund did not lend or borrow during the six months ended June 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 June 30, 2025, were $76,222,508 and $38,233,147, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the six months ended June 30, 2025.

4. 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.

5. 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 GW&K's investment techniques and risk analysis will produce the desired result.

**Municipal Market Risk:** Factors unique to the municipal bond market may negatively affect the value of the 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. The 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.

**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. A portion of the Fund's assets may be invested in fixed income securities that would tend to respond similarly to particular economic or political developments or the interest on which is based on revenues or otherwise related to similar types of projects. An example would be securities of issuers whose revenues are paid from similar types of projects, such as health care (including hospitals) or transportation.

**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. 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.

**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.

**Credit and Counterparty 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, principal or settlement payments or otherwise honor its obligations. Changes in an issuer's financial strength, credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer.

**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.

**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.

**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 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

------

<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.

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. MASTER NETTING AGREEMENTS

The Fund may enter into master netting agreements with its counterparties for 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.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | Gross Amount Not Offset in the | Gross Amount Not Offset in the |  |  |
|  |  | &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 | &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 |  |  |
|  | 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; Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7033000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7033000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7033000 |  |

---

8. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU.

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

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> Other Information *(unaudited)*<br>

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

During the six months ended June 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 June 30, 2025, was $8,164, 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 June 30, 2025.

------

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

AMG GW&K Municipal Enhanced SMA Shares: Approval of Investment Management Agreement and Subadvisory Agreement on June 11, 2025

At an in-person meeting held on June 11, 2025, the Board of Trustees (the "Board" or the "Trustees"), and separately a majority of the Trustees who are not "interested persons", of AMG Funds (the "Trust") (the "Independent Trustees"), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the "Investment Manager") for AMG GW&K Municipal Enhanced SMA Shares (the "Fund") (the "Investment Management Agreement"); and (ii) the Subadvisory Agreement, as amended at any time prior to the date of the meeting (the "Subadvisory Agreement"), with GW&K

Investment Management, LLC, the Fund's subadviser (the "Subadviser"). The Independent Trustees were separately represented by independent legal counsel in their consideration of the approval of these agreements. In considering the Investment Management Agreement and Subadvisory Agreement, the Trustees reviewed a variety of materials relating to the Fund, the Investment Manager and the Subadviser, including information regarding the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for the Fund (the "Peer Group"), performance information for the relevant benchmark index for the Fund (the "Fund Benchmark"), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Fund, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and the Subadvisory Agreement; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

NATURE, EXTENT AND QUALITY OF SERVICES

In considering the nature, extent and quality of the services to be provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager's operations and personnel. Among other

things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Fund and the Trustees' knowledge of the Investment Manager's management and the quality of the performance of the Investment Manager's duties under the Investment Management Agreement and the Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager's oversight of the operation and management of the Fund; (b) the quality of the Investment Manager's oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager's ability to supervise the Fund's other service providers; and (d) the Investment Manager's compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to the Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser's investment performance with respect to the Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser's obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of the Subadvisory Agreement and annual consideration of the Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers,

including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager's undertaking to maintain a contractual expense limitation for the Fund. The Trustees also considered the Investment Manager's risk management processes.

The Trustees also reviewed information relating to the Subadviser's operations and personnel and the investment philosophy, strategies and techniques (its "Investment Strategy") used in managing the Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser's organizational and management structure and the Subadviser's brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for the Fund, including the information set forth in the Fund's prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser's personnel; and (c) the Subadviser's compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under the Subadvisory Agreement. The Trustees also considered the Subadviser's risk management processes.

PERFORMANCE

The Board considered the Fund's net performance during relevant time periods as compared to the Fund's Peer Group and Fund Benchmark, considered the gross performance of the Fund as compared to the Subadviser's relevant performance composite that utilizes a similar investment strategy and

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT (continued)<br>

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| | | |
|:---|:---|:---|
| approach, and noted that the Board reviews on a quarterly basis detailed information about both the Fund's performance results and portfolio composition, as well as the Subadviser's Investment Strategy. The Board was mindful of the Investment Manager's expertise, resources and attention to monitoring the Subadviser's performance, investment style and risk-adjusted performance with respect to the Fund and its discussions with the management of the Fund's subadviser during the period regarding the factors that contributed to the performance of the Fund.<br>Among other information relating to the Fund's performance, the Trustees noted that the performance of the Fund's sole share class for the 1-year period and the period from the Fund's inception on February 28, 2023 through March 31, 2025, was below and above, respectively, the median performance of the Peer Group and below and above, respectively, the performance of the Fund Benchmark, the Bloomberg U.S. Municipal Bond BAA Index. The Trustees took into account management's discussion of the Fund's performance, including the reasons for the Fund's more recent underperformance and longer-term outperformance relative to the Peer Group and the Fund Benchmark and the fact that the Fund ranked in the top half relative to the Peer Group for the period from the Fund's inception through March 31, 2025. The Trustees also considered that the Fund recently commenced operations and has a relatively limited performance history. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund's overall performance has been satisfactory in light of the Fund's investment objective, strategies, and policies, as well as overall market conditions.<br>ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE<br>The Trustees noted that the Fund pays no advisory fee to the Investment Manager for the services provided under the Investment Management Agreement and that the Investment Manager pays no subadvisory fee to the Subadviser in exchange for the services provided under the Subadvisory Agreement. The Trustees noted that the Fund is an integral part of separately managed account programs, and the Investment Manager or the | Subadviser is compensated directly or indirectly by program sponsors or program participants. The Trustees noted that the Investment Manager indirectly benefits from compensation received by the Subadviser because the Investment Manager and the Subadviser are affiliated. The Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called "fallout benefits" such as reputational value derived from the Investment Manager serving as Investment Manager to the Fund), received by the Investment Manager and its affiliates attributable to managing the Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Fund, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also noted payments made from the Subadviser to the Investment Manager. The Trustees also considered management's discussion of the current asset level of the Fund, and the impact on profitability of both the current asset level and any future growth of assets of the Fund.<br>In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with the Fund, the Trustees noted the undertaking by the Investment Manager to maintain a contractual expense limitation for the Fund. The Board also took into account the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time.<br>The Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to the Fund and the resulting profitability from the relationship. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser's revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the Subadviser would receive no subadvisory fee from the Investment Manager with | respect to the Fund, but that it would be separately compensated by program sponsors and program participants. The Trustees also took into account management's discussion of the services the Subadviser provides in performing its functions under the Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as the Fund's assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.<br>The Trustees noted that the Fund's management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) as of March 31, 2025, were both rated in the Low rating level of the Fund's Peer Group. The Trustees noted that the rating level corresponded to the Fund's quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund's net annual operating expenses (subject to certain excluded expenses) to 0.00%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund's advisory and subadvisory fees are reasonable.<br>\* \* \* \*<br>After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreement and the Subadvisory Agreement: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and the Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.<br>Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight |

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT<br>ADVISORY CONTRACT (continued)<br>

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| | | |
|:---|:---|:---|
| to each factor, the Trustees concluded that approval of the Investment Management Agreement and the Subadvisory Agreement would be in the best | interests of the Fund and its shareholders. Accordingly, on June 11, 2025, the Trustees, and separately a majority of the Independent Trustees, | voted to approve the Investment Management Agreement and the Subadvisory Agreement for the Fund. |

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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g847495dsp004.jpg) <br>

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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<br>LEGAL COUNSEL<br>Ropes & Gray LLP<br>Prudential Tower, 800 Boylston Street<br>Boston, MA 02199-3600 | 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. 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. 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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 <br> wealth.amg.com

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#### Item 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### Item 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### Item 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.
Not applicable.

#### Item 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
Not applicable.

#### Item 16. CONTROLS AND PROCEDURES.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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&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.

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| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 - Filed herewith.](d847495dex99cert.htm)  |

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(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.](d847495dex99906cert.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

#### AMG FUNDS

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| | |
|:---|:---|
| By: | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne, Principal Executive Officer |
| Date: | September 5, 2025 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
| By: | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne, Principal Executive Officer |
| Date: | September 5, 2025 |
| By: | /s/ Thomas Disbrow |
|  | Thomas Disbrow, Principal Financial Officer |
| Date: | September 5, 2025 |

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## 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;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: September 5, 2025 |  |
|  | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne |
|  | Principal Executive Officer |

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**<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;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | |
|:---|:---|
| Date: September 5, 2025 | /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: AMG GW&K MUNICIPAL ENHANCED YIELD FUND, AMG GW&K MUNICIPAL BOND FUND, AMG GW&K MUNICIPAL ENHANCED SMA SHARES, AMG GW&K SECURITIZED BOND SMA SHARES, AMG GW&K SMALL CAP CORE FUND, AMG GW&K SMALL CAP VALUE FUND, AMG GW&K SMALL/MID CAP CORE FUND, AMG RENAISSANCE LARGE CAP GROWTH FUND, AMG TIMESSQUARE SMALL CAP GROWTH FUND, AMG TIMESSQUARE MID CAP GROWTH FUND, AMG TIMESSQUARE INTERNATIONAL SMALL CAP FUND, AMG YACKTMAN FUND, AMG YACKTMAN SPECIAL OPPORTUNITIES FUND, AMG YACKTMAN FOCUSED FUND AND AMG YACKTMAN GLOBAL 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: September 5, 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>**

---

| | |
|:---|:---|
| **Name of Issuer:** | **AMG FUNDS: AMG GW&K MUNICIPAL ENHANCED YIELD FUND, AMG GW&K MUNICIPAL BOND FUND, AMG GW&K MUNICIPAL ENHANCED SMA SHARES, AMG GW&K SECURITIZED BOND SMA SHARES, AMG GW&K SMALL CAP CORE FUND, AMG GW&K SMALL CAP VALUE FUND, AMG GW&K SMALL/MID CAP CORE FUND, AMG RENAISSANCE LARGE CAP GROWTH FUND, AMG TIMESSQUARE SMALL CAP GROWTH FUND, AMG TIMESSQUARE MID CAP GROWTH FUND, AMG TIMESSQUARE INTERNATIONAL SMALL CAP FUND, AMG YACKTMAN FUND, AMG YACKTMAN SPECIAL OPPORTUNITIES FUND, AMG YACKTMAN FOCUSED FUND AND AMG YACKTMAN GLOBAL 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;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: September 5, 2025 | /s/ Thomas Disbrow |
|  | Thomas Disbrow |
|  | Principal Financial Officer |

---