# EDGAR Filing Document

**Accession Number:** 0000882443
**File Stem:** 0001193125-25-137922
**Filing Date:** 2025-6
**Character Count:** 506221
**Document Hash:** 32f7c28bf3d4dece3425efafd7cf6c23
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-137922.hdr.sgml**: 20250609

**ACCESSION NUMBER**: 0001193125-25-137922

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 30

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250609

**DATE AS OF CHANGE**: 20250609

**EFFECTIVENESS DATE**: 20250609

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06520
- **FILM NUMBER:** 251035041

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

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

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

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

## Series and Classes Contracts Data

### AMG Boston Common Global Impact Fund (Series ID: S000041917)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000130199 | Class I      | BRWIX           |

### AMG Veritas Global Real Return Fund (Series ID: S000041918)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000130200 | Class I      | BLUEX           |

### AMG Systematica Managed Futures Strategy Fund (Series ID: S000084098)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248365 | Class Z      | SMFZX           |
| C000248366 | Class N      | SMFNX           |
| C000248367 | Class I      | SMFIX           |

### AMG Systematica Trend-Enhanced Markets Fund (Series ID: S000090511)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000257774 | Class Z      | STMZX           |
| C000257775 | Class N      | STMBX           |
| C000257776 | Class I      | STMIX           |

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

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

#### Investment Company Act file number

#### 811-06520

#### AMG Funds I
(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:

#### September 30

#### Date of reporting period:

#### October 01, 2024 - March 31, 2025 (Semi-Annual Shareholder Report)
 **Item 1. Reports to Shareholders**

(a) ### AMG Boston Common Global Impact Fund

## Class I/BRWIX
![AMG_New Logo](g930104images_27646.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about AMG Boston Common Global Impact Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last 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 Boston Common Global Impact Fund<br>(Class I/BRWIX) | $44 | 0.93% |

---

Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$488979342 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;71 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$1911161 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings (as of March 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. (United States) | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. (United States) | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A (United States) | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. (United States) | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;BYD Co., Ltd., Class H (China) | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Netflix, Inc. (United States) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Visa, Inc., Class A (United States) | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Taiwan) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Smurfit WestRock PLC (Ireland) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chubb, Ltd. (Switzerland) | 2.3% |
| Top Ten as a Group | 27.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g930104chartimages_9824014.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g930104chartimages_9824019.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.

033125 TSR007S

### AMG Systematica Managed Futures Strategy Fund

## Class N/SMFNX
![AMG_New Logo](g930104images_27646.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about AMG Systematica Managed Futures Strategy Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last 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 Systematica Managed Futures Strategy Fund<br>(Class N/SMFNX) | $58 | 1.21% |

---

Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$5596734 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;240 |
| &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;0% |

---

#### Graphical Representation of Holdings (as of March 31, 2025)
The portfolio breakdown is shown as a percentage of net assets of the Fund and notional allocation is shown as a percentage of total notional value of the Fund's derivatives holdings. The portfolio breakdown and notional allocation are inclusive of the Fund's wholly-owned subsidiary.

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g930104chartimages_9824088.jpg)

**NOTIONAL ALLOCATION**

![Graphical Representation - Allocation 2 Chart](g930104chartimages_9824093.jpg)

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

Effective December 6, 2024, AMG Funds LLC has contractually agreed, through February 1, 2026, to waive the management fee payable by the Fund by 0.30%, from 1.20% to 0.90%.

#### 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.

033125 TSR066S

### AMG Systematica Managed Futures Strategy Fund

## Class I/SMFIX
![AMG_New Logo](g930104images_27646.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about AMG Systematica Managed Futures Strategy Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last 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 Systematica Managed Futures Strategy Fund<br>(Class I/SMFIX) | $58 | 1.21% |

---

Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$5596734 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;240 |
| &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;0% |

---

#### Graphical Representation of Holdings (as of March 31, 2025)
The portfolio breakdown is shown as a percentage of net assets of the Fund and notional allocation is shown as a percentage of total notional value of the Fund's derivatives holdings. The portfolio breakdown and notional allocation are inclusive of the Fund's wholly-owned subsidiary.

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g930104chartimages_9824125.jpg)

**NOTIONAL ALLOCATION**

![Graphical Representation - Allocation 2 Chart](g930104chartimages_9824130.jpg)

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

Effective December 6, 2024, AMG Funds LLC has contractually agreed, through February 1, 2026, to waive the management fee payable by the Fund by 0.30%, from 1.20% to 0.90%.

#### 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.

033125 TSR065S

### AMG Systematica Managed Futures Strategy Fund

## Class Z/SMFZX
![AMG_New Logo](g930104images_27646.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about AMG Systematica Managed Futures Strategy Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last 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 Systematica Managed Futures Strategy Fund<br>(Class Z/SMFZX) | $58 | 1.21% |

---

Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$5596734 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;240 |
| &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;0% |

---

#### Graphical Representation of Holdings (as of March 31, 2025)
The portfolio breakdown is shown as a percentage of net assets of the Fund and notional allocation is shown as a percentage of total notional value of the Fund's derivatives holdings. The portfolio breakdown and notional allocation are inclusive of the Fund's wholly-owned subsidiary.

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g930104chartimages_9824162.jpg)

**NOTIONAL ALLOCATION**

![Graphical Representation - Allocation 2 Chart](g930104chartimages_9824167.jpg)

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

Effective December 6, 2024, AMG Funds LLC has contractually agreed, through February 1, 2026, to waive the management fee payable by the Fund by 0.30%, from 1.20% to 0.90%.

#### 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.

033125 TSR067S

### AMG Systematica Trend-Enhanced Markets Fund

## Class N/STMBX
![AMG_New Logo](g930104images_27646.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about AMG Systematica Trend-Enhanced Markets Fund (the "Fund") for March 31, 2025 (inception date). 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 Systematica Trend-Enhanced Markets Fund<br> (Class N/STMBX) | $0 | 0.00% |

---

Costs of a $10,000 investment would have been higher for a full reporting period.

Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$6000000 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;0 |
| &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;0% |

---

#### Graphical Representation of Holdings (as of March 31, 2025)
The Fund's inception date was March 31, 2025, and the Fund held a 100% cash position only.

#### 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.

033125 TSR100S

### AMG Systematica Trend-Enhanced Markets Fund

## Class I/STMIX
![AMG_New Logo](g930104images_27646.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about AMG Systematica Trend-Enhanced Markets Fund (the "Fund") for March 31, 2025 (inception date). 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 Systematica Trend-Enhanced Markets Fund<br> (Class I/STMIX) | $0 | 0.00% |

---

Costs of a $10,000 investment would have been higher for a full reporting period.

Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$6000000 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;0 |
| &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;0% |

---

#### Graphical Representation of Holdings (as of March 31, 2025)
The Fund's inception date was March 31, 2025, and the Fund held a 100% cash position only.

#### 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.

033125 TSR099S

### AMG Systematica Trend-Enhanced Markets Fund

## Class Z/STMZX
![AMG_New Logo](g930104images_27646.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about AMG Systematica Trend-Enhanced Markets Fund (the "Fund") for March 31, 2025 (inception date). 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 Systematica Trend-Enhanced Markets Fund<br> (Class Z/STMZX) | $0 | 0.00% |

---

Costs of a $10,000 investment would have been higher for a full reporting period.

Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$6000000 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;0 |
| &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;0% |

---

#### Graphical Representation of Holdings (as of March 31, 2025)
The Fund's inception date was March 31, 2025, and the Fund held a 100% cash position only.

#### 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.

033125 TSR098S

### AMG Veritas Global Real Return Fund

## Class I/BLUEX
![AMG_New Logo](g930104images_27646.jpg)

SEMI-ANNUAL SHAREHOLDER REPORT \| March 31, 2025

This semi-annual shareholder report contains important information about AMG Veritas Global Real Return Fund (the "Fund") for the period of October 1, 2024 to March 31, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Fund Expenses
What were the Fund costs for the last 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 Veritas Global Real Return Fund<br>(Class I/BLUEX) | $58 | 1.16% |

---

Key Fund Statistics (as of March 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;$99204866 |
| &nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;33 |
| &nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;$392523 |
| &nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;11% |

---

#### Graphical Representation of Holdings (as of March 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. (United States) | 5.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Unilever PLC (United Kingdom) | 5.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Safran, S.A. (France) | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. (United States) | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Airbus SE (France) | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Vinci, S.A. (France) | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. (United States) | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A (United States) | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amadeus IT Group, S.A. (Spain) | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diageo PLC (United Kingdom) | 3.9% |
| Top Ten as a Group | 46.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g930104chartimages_9824051.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g930104chartimages_9824056.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.

033125 TSR089S

------

(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](g930104dsp01a.jpg) | SEMI-ANNUAL FINANCIAL STATEMENTS |

---

---

| |
|:---|
| AMG Funds |
| March 31, 2025 |
| ![LOGO](g930104dsp01b.jpg) |
| **AMG Boston Common Global Impact Fund** |
| Class I: **BRWIX** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;wealth.amg.com | 033125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAR074 |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Funds<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-Annual Financial Statements — March 31, 2025 *(unaudited)*<br>

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **TABLE OF CONTENTS** | PAGE |
|  **FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Portfolio Investments](#fin1930104_1)** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Assets and Liabilities](#fin1930104_2)** | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Balance sheet, net asset value (NAV) per share computations*<br> *and cumulative distributable earnings (loss)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Operations](#fin1930104_3)** | 5 |
| &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; **[Statements of Changes in Net Assets](#fin1930104_4)** | 6 |
| &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; **[Financial Highlights](#fin1930104_5)** | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Historical net asset values per share, distributions, total returns, income*<br> *and expense ratios, turnover ratios and net assets* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#fin1930104_6)** | 8 |
| &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](#fin1930104_7)** | 14 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Boston Common Global Impact Fund**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments *(unaudited)*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025<br>

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 98.9% | Common Stocks - 98.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 8.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 8.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A (United States) | 91536 | $14155127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Deutsche Telekom AG (Germany) | 271500 | 10023776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc. (United States)<sup>\*</sup>  | 13085 | 12202155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Singapore Telecommunications, Ltd. (Singapore) | 1718500 | 4358724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services | 40739782 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 5.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 5.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Booking Holdings, Inc. (United States) | 1055 | 4860290 |
| &nbsp;&nbsp;&nbsp;&nbsp; BYD Co., Ltd., Class H (China) | 254090 | 12866235 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home (United States) | 83167 | 4833666 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sony Group Corp. (Japan) | 168200 | 4255966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | 26816157 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 4.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 4.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. (United States) | 71075 | 6659727 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kerry Group PLC, Class A (Ireland) | 53060 | 5556167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sprouts Farmers Market, Inc. (United States)<sup>\*</sup>  | 51138 | 7805704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | 20021598 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 20.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 20.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameriprise Financial, Inc. (United States) | 9760 | 4724914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank Rakyat Indonesia Persero Tbk PT, ADR (Indonesia) | 665899 | 8064037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chubb, Ltd. (Switzerland) | 37670 | 11375963 |
| &nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. (United States)<sup>1</sup>  | 187056 | 5469517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hannover Rueck SE (Germany) | 19893 | 5929264 |
| &nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank, Ltd., ADR (India) | 93667 | 6223235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intesa Sanpaolo S.p.A. (Italy) | 1361405 | 7016233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macquarie Group, Ltd. (Australia) | 46497 | 5786396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley (United States) | 52095 | 6077924 |
| &nbsp;&nbsp;&nbsp;&nbsp; ORIX Corp. (Japan) | 532750 | 11123237 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oversea-Chinese Banking Corp., Ltd. (Singapore) | 408400 | 5234067 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. (United States)<sup>\*</sup>  | 69070 | 4506818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ping An Insurance Group Co. of China, Ltd., Class H (China) | 1019000 | 6082363 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A (United States) | 34635 | 12138182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 99752150 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 12.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 12.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Danaher Corp. (United States) | 31974 | 6554670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Edwards Lifesciences Corp. (United States)<sup>\*</sup>  | 69993 | 5073093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Eli Lilly & Co. (United States) | 11160 | 9217156 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gilead Sciences, Inc. (United States) | 60315 | 6758296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc. (United States)<sup>\*</sup>  | 66703 | 4120244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. (United States) | 108795 | 9765439 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Novo Nordisk A/S, Class B (Denmark) | 85100 | $5818996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regeneron Pharmaceuticals, Inc. (United States) | 7030 | 4458637 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex Pharmaceuticals, Inc. (United States)<sup>\*</sup>  | 14039 | 6806388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | 58572919 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 15.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 15.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Group PLC (United Kingdom) | 60400 | 3265633 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carrier Global Corp. (United States) | 78122 | 4952935 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Electric Co., Ltd. (South Korea) | 16565 | 3380577 |
| &nbsp;&nbsp;&nbsp;&nbsp; Keisei Electric Railway Co., Ltd. (Japan) | 570000 | 5149950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kurita Water Industries, Ltd. (Japan) | 134400 | 4156898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitsubishi Electric Corp. (Japan) | 314200 | 5794565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prysmian S.p.A. (Italy) | 128798 | 7089944 |
| &nbsp;&nbsp;&nbsp;&nbsp; RELX PLC (United Kingdom) | 146027 | 7335037 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rexel, S.A. (France) | 137146 | 3696214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider Electric SE (France) | 38955 | 8992582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertiv Holdings Co., Class A (United States) | 86409 | 6238730 |
| &nbsp;&nbsp;&nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. (United States) | 38859 | 7047080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xylem, Inc. (United States) | 56804 | 6785806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 73885951 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 22.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 22.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc. (United States)<sup>\*</sup>  | 12159 | 4663341 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. (United States) | 67525 | 14999328 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. (United States) | 15746 | 2285060 |
| &nbsp;&nbsp;&nbsp;&nbsp; ASML Holding, N.V. (Netherlands) | 8710 | 5764049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. (United States) | 51325 | 8593345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enphase Energy, Inc. (United States)<sup>\*</sup>  | 36776 | 2281951 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Solar, Inc. (United States)<sup>\*</sup>  | 24283 | 3070100 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. (United States) | 11790 | 7238942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc. (United States) | 43057 | 3741223 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. (United States) | 46960 | 17628314 |
| &nbsp;&nbsp;&nbsp;&nbsp; NVIDIA Corp. (United States) | 121305 | 13147036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. (United States) | 28357 | 7609884 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. (South Korea) | 45700 | 6092086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Taiwan) | 71332 | 11841112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | 108955771 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 8.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 8.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. (United States) | 101015 | 5259851 |
| &nbsp;&nbsp;&nbsp;&nbsp; CRH PLC (United States) | 124221 | 10927722 |
| &nbsp;&nbsp;&nbsp;&nbsp; DSM-Firmenich AG (Switzerland) | 45689 | 4523125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. (United States) | 22860 | 5795467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Smurfit WestRock PLC (Ireland) | 257835 | 11618045 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Boston Common Global Impact Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments (continued)<br>

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 8.6%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 8.6%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Steel Dynamics, Inc. (United States) | 33445 | $4183301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials | 42307511 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co., REIT (United States) | 197928 | 5795332 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; American Water Works Co., Inc. (United States) | 46640 | 6880333 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $475,447,963) |  | 483727504 |
|  Short-Term Investments - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>2</sup>  | 3086487 | 3086487 |

---

\* Non-income producing security.

<sup>1</sup> Some of this security, amounting to $5,414,809 or 1.1% 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 March 31, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%<sup>2</sup>  | 4629731 | $4629731 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,716,218) |  | 7716218 |
|  **Total Investments - 100.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $483,164,181) |  | 491443722 |
|  **Other Assets, less Liabilities - (0.5)%** |  | (2464380) |
|  Net Assets - 100.0% |  | $488979342 |

---

ADR American Depositary Receipt

REIT Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of March 31, 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; Information Technology | $97099636 | $11856135 |  | $108955771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 58580590 | 41171560 |  | 99752150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 25024551 | 48861400 |  | 73885951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 52753923 | 5818996 |  | 58572919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 37784386 | 4523125 |  | 42307511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 26357282 | 14382500 |  | 40739782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 9693956 | 17122201 |  | 26816157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 14465431 | 5556167 |  | 20021598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 6880333 |  |  | 6880333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 5795332 |  |  | 5795332 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 7716218 |  |  | 7716218 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments in Securities** | $342151638 | $149292084 |  | $491443722 |

---

<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 March 31, 2025, there were no transfers in or out of Level 3.

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

------

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities (unaudited) March 31, 2025

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

---

| | |
|:---|:---|
|  | **AMG** |
|  | **Boston Common** |
|  | **Global Impact** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund**  |
| &nbsp;&nbsp; **Assets:** |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan valued at $5,414,809) | $491443722 |
| &nbsp;&nbsp; Receivable for investments sold | 1043153 |
| &nbsp;&nbsp; Dividend and interest receivables | 953003 |
| &nbsp;&nbsp; Securities lending income receivable | 970 |
| &nbsp;&nbsp; Receivable from affiliate | 12248 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 26089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 493479185 |
| &nbsp;&nbsp; **Liabilities:** |  |
| &nbsp;&nbsp; Payable for investments purchased | 3396491 |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 534162 |
| &nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 311986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 64107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 193097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 4499843 |
| &nbsp;&nbsp; **Commitments and Contingencies (Notes 2 & 7)** |  |
|  **Net Assets** | $488979342 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $483164181 |
| &nbsp;&nbsp; **Net Assets Represent:** |  |
| &nbsp;&nbsp; Paid-in capital | $566652676 |
| &nbsp;&nbsp; Total distributable loss | (77673334) |
| &nbsp;&nbsp; **Net Assets** | $488979342 |
| &nbsp;&nbsp; **Class I:** |  |
| &nbsp;&nbsp; Net Assets | $488979342 |
| &nbsp;&nbsp; Shares outstanding | 13198997 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $37.05 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations *(unaudited)*<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended March 31, 2025<br>

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

---

| | |
|:---|:---|
|  | **AMG**<br> **Boston Common**<br> **Global Impact**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund**  |
|  **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $2390541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 19876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (140507) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 2269910 |
|  **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 1971505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 405104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 52722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 38006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 33091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 21916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 20568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 16960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 12115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 2572195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (60344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 2511851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (241941) |
|  **Net Realized and Unrealized Loss:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 15834371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on foreign currency transactions | (84083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (74834007) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency translations | (11514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (59095233) |
|  **Net decrease in net assets resulting from operations** | $(59337174) |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended March 31, 2025 (unaudited) and the fiscal year ended September 30, 2024<br>

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

---

| | | |
|:---|:---|:---|
|  | **AMG**<br>**Boston Common**<br>**Global Impact**<br>**Fund** | **AMG**<br>**Boston Common**<br>**Global Impact**<br>**Fund** |
|  | **March 31, 2025** | **September 30, 2024** |
|  **Increase (Decrease) in Net Assets Resulting From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(241941) | $2620368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | 15750288 | (28490230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (74845521) | 152965636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (59337174) | 127095774 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (6153567) | (3726011) |
|  **Capital Share Transactions:<sup>1</sup>**  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (34336261) | (73554780) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (99827002) | 49814983 |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 588806344 | 538991361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $488979342 | $588806344 |

---

<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 Boston Common Global Impact Fund |
| Financial Highlights |
| For a share outstanding throughout each fiscal period |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six**<br> **months ended**<br> **March 31, 2025**<br> (unaudited) | | |  |  |  |
|  | **For the six**<br> **months ended**<br> **March 31, 2025**<br> (unaudited) | | | | | |
|  | **For the six**<br> **months ended**<br> **March 31, 2025**<br> (unaudited) | **For the fiscal years ended September 30,** | **For the fiscal years ended September 30,** | **For the fiscal years ended September 30,** | **For the fiscal years ended September 30,** | **For the fiscal years ended September 30,** |
| **Class I** | **For the six**<br> **months ended**<br> **March 31, 2025**<br> (unaudited) | <br> **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Net Asset Value, Beginning of Period** | **$41.87** | **$33.65** | **$30.31** | **$43.52** | **$56.96** | **$52.89** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup>  | (0.02)<sup>2</sup> | 0.17<sup>2</sup> | 0.17<sup>2</sup> | 0.28<sup>2,3</sup> | 0.02<sup>2</sup> | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (4.35) | 8.29 | 3.33 | (13.19) | 15.47 | 9.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (4.37) | 8.46 | 3.50 | (12.91) | 15.49 | 9.43 |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.45) | (0.24) | (0.16) | (0.10) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.20) | (28.93) | (5.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.45) | (0.24) | (0.16) | (0.30) | (28.93) | (5.36) |
|  **Net Asset Value, End of Period** | **$37.05** | **$41.87** | **$33.65** | **$30.31** | **$43.52** | **$56.96** |
| Total Return<sup>4</sup> | (10.54)%<sup>2,5</sup> | 25.26%<sup>2</sup> | 11.54%<sup>2</sup> | (29.90)%<sup>2</sup> | 31.75%<sup>2</sup> | 18.95% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.93%<sup>6,7</sup> | 0.93%<sup>7</sup> | 0.93% | 0.93% | 1.03% | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets | 0.95%<sup>6,8</sup> | 0.95%<sup>8</sup> | 0.95%<sup>8</sup> | 0.95%<sup>8</sup> | 1.03%<sup>8</sup> | 1.11% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | (0.09)%<sup>2,6</sup> | 0.46%<sup>2</sup> | 0.47%<sup>2</sup> | 0.72%<sup>2</sup> | 0.04%<sup>2</sup> | (0.51)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 40%<sup>5</sup> | 37% | 25% | 25% | 202% | 221% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $488979 | $588806 | $538991 | $542323 | $904295 | $835057 |

---

<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 $0.16. 

<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 totaling 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.

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> Notes to Financial Statements (unaudited)<br> March 31, 2025<br>

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

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

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I (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 Boston Common Global Impact Fund (the "Fund").

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)

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)

------

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements (continued)

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

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

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 Fund becomes 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. 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 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. There were no permanent differences. Temporary differences are primarily due to mark to market on passive foreign investment companies and wash sale loss deferrals.

At March 31, 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** |
| $483164181 | $53538718 | $(45259177) | $8279541 |

---

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 September 30, 2024, the Fund had capital loss carryovers for federal income tax purposes as shown in the following chart. These amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $8340630 | $89725042 | $98065672 |

---

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.

------

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements (continued)

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **September 30, 2024** | **September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class I:** |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 18845 | $739940 | 28921 | $1069375 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 141705 | 5692299 | 92716 | 3429571 |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1023301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(40768500) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2075256) | (78053726) |
| &nbsp;&nbsp; Net decrease | (862751) | $(34336261) | (1953619) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(73554780) |

---

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 March 31, 2025, the Fund had no Repurchase Agreements outstanding.

i. FOREIGN CURRENCY TRANSLATION

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

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

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

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

The Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. wealth platform of Affiliated Managers Group, Inc. ("AMG"), serves as investment manager to the Fund and is responsible for the Fund's overall administration and operations. The Investment Manager selects and recommends, subject to the approval of the Board and, in certain circumstances, shareholders, the subadviser for the Fund and monitors the subadviser's investment performance, security holdings and investment strategies. The Fund's investment portfolio is managed by Boston Common Asset Management, LLC ("Boston Common") who serves as subadviser pursuant to a subadvisory agreement with the Investment Manager. AMG owns a minority equity interest in Boston Common.

Investment management fees are paid directly by the Fund to the Investment Manager based on average daily net assets. For the six months ended March 31, 2025, the Fund paid an investment management fee at the annual rate of 0.73% of the average daily net assets of the Fund. The fee paid to Boston Common 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 February 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 the Fund to the annual rate of 0.93% 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.

------

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements (continued)

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

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

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 March 31, 2025, the Investment Manager reimbursed the Fund $60,344, and did not recoup any previously reimbursed expenses. At March 31, 2025, the Fund's expiration of reimbursements subject to recoupment is as follows:

---

| | |
|:---|:---|
| **Expiration**<br> **Period** | |
|  Less than 1 year | $160254 |
|  1-2 years | 101419 |
|  2-3 years | 125943 |
|  Total | $387616 |

---

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 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 March 31, 2025, the Fund had no interfund loans outstanding. The Fund did not lend during the six months ended March 31, 2025.

The Fund utilized the interfund lending program during the six months ended March 31, 2025 as follows:

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowed**  | **Number**<br> **of Days** | **Interest**<br> **Paid** | **Average**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest Rate**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1455158 | 1 | $208 | 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 March 31, 2025, were $215,030,786 and $256,593,867, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the six months ended March 31, 2025.

4. PORTFOLIO SECURITIES LOANED

The Fund participates in the Securities Lending Program providing for the lending of securities to qualified borrowers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Securities Lending Program, and the Fund, according to agreed-upon rates. Collateral on all securities loaned is accepted in cash, U.S. Treasury Obligations or U.S. Government Agency Obligations. Collateral is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Securities Lending Program, the Fund is indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements for that cash collateral. Securities collateral is held in separate omnibus accounts managed by BNYM and cannot be sold or pledged. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities as soon as practical, which is normally within three business days.

The value of securities loaned on positions held, cash collateral and securities collateral received at March 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities** <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loaned**  | **Cash**<br> **Collateral**<br> **Received** | **Securities**<br> **Collateral**<br> **Received** | **Total**<br> **Collateral**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Received**  |
| $5414809 | – | $5590986 | $5590986 |

---

------

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements (continued)

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

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

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

---

| | | |
|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Type** | **Coupon**<br> **Range** | **Maturity**<br> **Date Range** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | 0.125%-4.875% | 04/30/25-05/15/54 |

---

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

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

**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 Boston Common's investment techniques and risk analysis will produce the desired result.

**Sector Risk:** Issuers and companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has 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.

**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.

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

**ESG Investing Risk:** Because applying the Fund's ESG investment criteria may result in the selection or exclusion of securities of certain issuers for reasons other than financial performance, the Fund's investment returns may underperform funds that do not incorporate ESG factors into their investment process. The incorporation of ESG criteria into the investment process may affect the Fund's investment exposure to certain companies, sectors, regions, countries or types of investments, which could negatively impact the Fund's performance depending on whether such investments are in or out of favor. Applying ESG criteria to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by Boston Common or any judgment exercised by Boston Common will improve the financial performance of the Fund or reflect the beliefs or values of any particular investor. ESG standards differ by region and industry, and a company's ESG practices or Boston Common's assessment of a company's ESG practices may change over time. Boston Common's evaluation of a company also may be dependent on the availability of timely, complete and accurate ESG data reported by issuers and/or third party data providers. Different methodologies may be used by the various issuers and third party sources that provide ESG data, and such ESG data often lacks standardization, consistency and transparency.

**Large-Capitalization Stock Risk:** The stocks of large-capitalization companies are generally more mature and may not be able to reach the same levels of growth as the stocks of small- or mid-capitalization companies.

**Mid-Capitalization Stock Risk:** Although the Fund may invest in securities in any capitalization range, securities of mid-capitalization companies may pose additional risks. 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.

**Small-Capitalization Stock Risk:** Although the Fund may invest in securities in any capitalization range, securities of small-capitalization companies may pose additional risks. The stocks of small-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.

**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 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.

------

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements (continued)

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

&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 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 March 31, 2025, the Fund had no Repurchase Agreements outstanding.

9. SUBSEQUENT EVENTS

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Information *(unaudited)*

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

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

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

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

During the six months ended March 31, 2025, there were no changes in and/or disagreements with accountants.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

The remuneration paid to the Trustees during the six months ended March 31, 2025, was $21,916, 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 March 31, 2025.

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

Not applicable.

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![LOGO](g930104dsp019.jpg)

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

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

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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> Boston Common Asset Management, LLC<br> 200 State Street<br> 7th Floor<br> Boston, MA 02109<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;wealth.amg.com

------

![LOGO](g930104dsp019.jpg)

## &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| &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 Beutel Goodman Core Plus Bond**<br> Beutel, Goodman & Company Ltd.<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;wealth.amg.com 033125 SAR074

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---

| | |
|:---|:---|
| ![LOGO](g930104dsp01a.jpg) <br>| <br> SEMI-ANNUAL FINANCIAL STATEMENTS |

---

---

| |
|:---|
| AMG Funds |
| March 31, 2025 |
| ![LOGO](g930104dsp21.jpg) |
| **AMG Veritas Global Real Return Fund** |
| Class I: **BLUEX** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;wealth.amg.com | 033125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAR073 |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Funds<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-Annual Financial Statements — March 31, 2025 *(unaudited)*<br>

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **TABLE OF CONTENTS** | PAGE |
|  **FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Schedule of Portfolio Investments](#fin2930104_1)** | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Assets and Liabilities](#fin2930104_2)** | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Balance sheet, net asset value (NAV) per share computations*<br> *and cumulative distributable earnings (loss)* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Statement of Operations](#fin2930104_3)** | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Detail of sources of income, expenses, and realized and*<br> *unrealized gains (losses) during the fiscal period* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Statements of Changes in Net Assets](#fin2930104_4)** | 7 |
| &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; **[Financial Highlights](#fin2930104_5)** | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Historical net asset values per share, distributions, total returns, income*<br> *and expense ratios, turnover ratios and net assets* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#fin2930104_6)** | 9 |
| &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](#fin2930104_7)** | 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.

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Veritas Global Real Return Fund**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments (unaudited)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025<br>

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

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 91.0% | Common Stocks - 91.0% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 7.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 7.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A (United States) | 25802 | $3990021 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications, Inc., Class A (United States)<sup>\*,1</sup> | 7854 | 2894435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services | 6884456 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 10.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 10.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amadeus IT Group, S.A. (Spain) | 51505 | 3944407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. (United States)<sup>\*</sup> | 26070 | 4960078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie Financiere Richemont, S.A. (Switzerland) | 10301 | 1798204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary | 10702689 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 9.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 9.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diageo PLC (United Kingdom) | 148056 | 3869095 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unilever PLC (United Kingdom) | 87064 | 5187441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples | 9056536 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 9.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 9.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aon PLC, Class A (United Kingdom) | 9531 | 3803727 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. (United States) | 14820 | 1160110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intercontinental Exchange, Inc. (United States) | 12643 | 2180917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A (United States) | 3619 | 1983646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials | 9128400 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 18.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 18.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Becton Dickinson & Co. (United States) | 12279 | 2812628 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A<br>(United States)<sup>\*</sup> | 6096 | 1484742 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Cooper Cos., Inc. (United States)<sup>\*</sup> | 17529 | 1478571 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. (United States) | 5907 | 2569309 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonic Healthcare, Ltd. (Australia) | 85250 | 1384194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermo Fisher Scientific, Inc. (United States) | 6867 | 3417019 |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. (United States) | 7847 | 4109866 |
| &nbsp;&nbsp;&nbsp;&nbsp; Zoetis, Inc. (United States) | 7378 | 1214787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care | 18471116 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 23.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 23.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aena SME, S.A. (Spain)<sup>2</sup> | 9600 | $2252200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Airbus SE (France) | 27070 | 4766640 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Pacific Kansas City, Ltd. (Canada) | 53623 | 3764871 |
| &nbsp;&nbsp;&nbsp;&nbsp; Safran, S.A. (France) | 19253 | 5068996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siemens AG (Germany) | 12032 | 2778746 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vinci, S.A. (France) | 34082 | 4296382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials | 22927835 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 10.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 10.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dassault Systemes SE (France) | 56930 | 2167481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. (United States) | 14625 | 5490079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. (United States) | 10706 | 2873062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology | 10530622 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 2.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Franco-Nevada Corp. (Canada) | 16437 | 2589814 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $81,810,025) |  | 90291468 |
|  Short-Term Investments - 7.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 7.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 7.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 4.23%<sup>3</sup> | 3086494 | 3086494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%<sup>3</sup> | 4629742 | 4629742 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $7,716,236) |  | 7716236 |
|  **Total Investments - 98.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $89,526,261) |  | 98007704 |
|  **Derivatives - 0.5%<sup>4</sup>** |  | 507482 |
|  **Other Assets, less Liabilities - 0.7%** |  | 689680 |
|  Net Assets - 100.0% |  | $99204866 |

---

\* Non-income producing security.

<sup>1</sup> Some of this security, amounting to $2,865,321 or 2.9% of net assets, was out on loan to various borrowers and is collateralized by various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<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 March 31, 2025, the value of this security amounted to $2,252,200 or 2.3% of net assets. 

<sup>3</sup> Yield shown represents the March 31, 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 Futures Contracts. Please refer to the Open Futures Contracts table for the details.

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Veritas Global Real Return Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments (continued)<br>

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

#### Open Futures Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description**<br>| **Currency**<br>| **Number of<br>Contracts**<br>| **Position**<br>| **Expiration<br>Date**<br>| **Current**<br> **Notional**<br> **Amount** | **Value and**<br> **Unrealized**<br> **Gain/(Loss)** |
|  EURO STOXX 50 | EUR | 178 | Short | 06/20/25 | $(9987341) | $375606 |
|  S&P 500 E-Mini Index | USD | 68 | Short | 06/20/25 | (19221050) | 131876 |
|  |  |  |  |  | **Total** | $507482 |

---

CURRENCY ABBREVIATIONS:

EUR Euro Dollar

USD U.S. Dollar

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of March 31, 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; Industrials | $3764871 | $19162964 |  | $22927835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 17086922 | 1384194 |  | 18471116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 4960078 | 5742611 |  | 10702689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 8363141 | 2167481 |  | 10530622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 9128400 |  |  | 9128400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples |  | 9056536 |  | 9056536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 6884456 |  |  | 6884456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 2589814 |  |  | 2589814 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 7716236 |  |  | 7716236 |
|  **Total Investments in Securities** | $60493918 | $37513786 |  | $98007704 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial Derivative Instruments - Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Futures Contracts | $507482 |  |  | $507482 |
|  **Total Financial Derivative Instruments** | $507482 |  |  | $507482 |

---

<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 March 31, 2025, there were no transfers in or out of Level 3.

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Veritas Global Real Return Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Portfolio Investments (continued)<br>

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

The following schedule shows the value of derivative instruments at March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted** |  | **Statement of Assets and** |  |
| **for as hedging instruments**<br>| **Fair Value**<br>| **Liabilities Location**<br>| **Fair Value** <br>|
| &nbsp;&nbsp;&nbsp; Equity contracts<br> Unrealized appreciation on futures contracts<sup>1</sup> | $507482 |  |  |

---

For the six months ended March 31, 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** |
|  |  |  |  | **Change in** |
|  |  |  |  | **Unrealized** |
| **Derivatives not accounted** | **Statement of Operations** | **Realized** | **Statement of Operations** | **Appreciation/** |
| **for as hedging instruments**<br>| **Location**<br>| **Gain/(Loss)**<br>| **Location**<br>| **Depreciation**<br>|
|  |  |  | Net change in unrealized appreciation/ |  |
| &nbsp;&nbsp;&nbsp; Equity contracts | Net realized loss on futures contracts | $(862899) | depreciation on futures contracts | $1458231 |

---

<sup>1</sup> The Fund had cash deposits with the futures broker of $1,328,780.

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities (unaudited)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025<br>

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

---

| | |
|:---|:---|
|  | **AMG**<br>**Veritas Global**<br>**Real Return**<br>**Fund** |
| &nbsp;&nbsp; **Assets:** |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan valued at $2,865,321) | $98007704 |
| &nbsp;&nbsp; Cash deposits for futures contracts | 1328780 |
| &nbsp;&nbsp; Unrealized appreciation on futures contracts | 507482 |
| &nbsp;&nbsp; Receivable for investments sold | 252400 |
| &nbsp;&nbsp; Dividend and interest receivables | 168201 |
| &nbsp;&nbsp; Securities lending income receivable | 447 |
| &nbsp;&nbsp; Receivable from affiliate | 7014 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 10754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 100282782 |
| &nbsp;&nbsp; **Liabilities:** |  |
| &nbsp;&nbsp; Payable for investments purchased | 879199 |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 1968 |
| &nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 74875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 12763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 4339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 104772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 1077916 |
| &nbsp;&nbsp; **Commitments and Contingencies (Notes 2 & 7)** |  |
| &nbsp;&nbsp; **Net Assets** | $99204866 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $89526261 |
| &nbsp;&nbsp; **Net Assets Represent:** |  |
| &nbsp;&nbsp; Paid-in capital | $96900488 |
| &nbsp;&nbsp; Total distributable earnings | 2304378 |
| &nbsp;&nbsp; **Net Assets** | $99204866 |
| &nbsp;&nbsp; **Class I:** |  |
| &nbsp;&nbsp; Net Assets | $99204866 |
| &nbsp;&nbsp; Shares outstanding | 2504268 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $39.61 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations (unaudited)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended March 31, 2025<br>

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

---

| | |
|:---|:---|
|  | **AMG**<br>**Veritas Global**<br>**Real Return**<br>**Fund** |
| &nbsp;&nbsp; **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $635530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 1341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (31154) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 606329 |
| &nbsp;&nbsp; **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 435086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 74162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 25215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 21843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 21838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 14004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 13566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 4193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 4013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 2659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 616579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (42563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 574016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 32313 |
| &nbsp;&nbsp; **Net Realized and Unrealized Gain:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 4397497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on futures contracts | (862899) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on foreign currency transactions | 3497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (4762238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on futures contracts | 1458231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency translations | (2443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 231645 |
| &nbsp;&nbsp; **Net increase in net assets resulting from operations** | $263958 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended March 31, 2025 (unaudited) and the fiscal year ended September 30, 2024<br>

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

---

| | | |
|:---|:---|:---|
|  | **AMG** | **AMG** |
|  | **Veritas Global** | **Veritas Global** |
|  | **Real Return** | **Real Return** |
|  | **Fund** | **Fund** |
|  | **March 31, 2025** | **September 30, 2024** |
|  **Increase in Net Assets Resulting From Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $32313 | $300645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 3538095 | 3071067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (3306450) | 13351673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 263958 | 16723385 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (279223) | (33698) |
|  **Capital Share Transactions:<sup>1</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (5508671) | (21563228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total decrease in net assets** | (5523936) | (4873541) |
|  **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 104728802 | 109602343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $99204866 | $104728802 |

---

<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 Veritas Global Real Return Fund |
| Financial Highlights |
| For a share outstanding throughout each fiscal period |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the six**<br> **months ended**<br> **March 31, 2025**<br> (unaudited) | | |  |  |  |
|  | **For the six**<br> **months ended**<br> **March 31, 2025**<br> (unaudited) | | | | | |
|  | **For the six**<br> **months ended**<br> **March 31, 2025**<br> (unaudited) | **For the fiscal years ended September 30,** | **For the fiscal years ended September 30,** | **For the fiscal years ended September 30,** | **For the fiscal years ended September 30,** | **For the fiscal years ended September 30,** |
| **Class I** | **For the six**<br> **months ended**<br> **March 31, 2025**<br> (unaudited) | <br> **2024** | **2023** | **2022** | **2021** | **2020** |
|  **Net Asset Value, Beginning of Period** | **$39.60** | **$33.99** | **$34.19** | **$41.54** | **$55.88** | **$49.78** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1</sup> | 0.01<sup>2</sup> | 0.10<sup>2</sup> | 0.03<sup>2</sup> | (0.07)<sup>2</sup> | (0.20)<sup>2</sup> | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.11 | 5.52 | 3.51 | (7.28) | 9.99 | 12.84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.12 | 5.62 | 3.54 | (7.35) | 9.79 | 12.62 |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.11) | (0.01) | (0.60) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  | (3.14) |  | (24.01) | (6.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  |  |  |  | (0.12) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.11) | (0.01) | (3.74) |  | (24.13) | (6.52) |
|  **Net Asset Value, End of Period** | **$39.61** | **$39.60** | **$33.99** | **$34.19** | **$41.54** | **$55.88** |
| Total Return<sup>3</sup> | 0.31%<sup>2,4</sup> | 16.54%<sup>2</sup> | 11.19%<sup>2</sup> | (17.69)%<sup>2</sup> | 19.79%<sup>2,5</sup> | 27.84% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets | 1.16%<sup>6</sup> | 1.16%<sup>7</sup> | 1.16%<sup>7</sup> | 1.15% | 1.15% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets | 1.25%<sup>6,8</sup> | 1.24%<sup>8</sup> | 1.22%<sup>8</sup> | 1.18%<sup>8</sup> | 1.16%<sup>8</sup> | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets | 0.07%<sup>2,6</sup> | 0.27%<sup>2</sup> | 0.09%<sup>2</sup> | (0.17)%<sup>2</sup> | (0.42)%<sup>2</sup> | (0.46)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 11%<sup>4</sup> | 33% | 34% | 22% | 235% | 215% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $99205 | $104729 | $109602 | $111677 | $164206 | $194647 |

---

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

<sup>4</sup> Not annualized.

<sup>5</sup> Includes a non-recurring securities litigation gain. Had the Fund not received the payment total return would have been 19.18%. 

<sup>6</sup> Annualized.

<sup>7</sup> Includes interest expense totaling less than 0.01% for the fiscal year ended September 30, 2024 and 0.01% for the fiscal year ended September 30, 2023 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.

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> Notes to Financial Statements (unaudited)<br> March 31, 2025<br>

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

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I (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 Veritas Global Real Return Fund (the "Fund").

The Fund is non-diversified.

The Fund's financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"), including accounting and reporting guidance pursuant to Accounting Standards Codification Topic 946 applicable to investment companies. U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material. The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:

a. VALUATION OF INVESTMENTS

Equity securities traded on a national securities exchange or reported on the NASDAQ national market system ("NMS") are valued at the last quoted sales price on the primary exchange or, if applicable, the NASDAQ official closing price or the official closing price of the relevant exchange or, lacking any sales, at the last quoted bid price. Equity securities held by the Fund that are traded in the over-the-counter market (other than NMS securities) are valued at the bid price. Foreign equity securities (securities principally traded in markets other than U.S. markets) held by the Fund are valued at the official closing price on the primary exchange or, for markets that either do not offer an official closing price or where the official closing price may not be representative of the overall market, the last quoted sale price.

Fixed income securities purchased with a remaining maturity of 60 days or less are valued at amortized cost, provided that the amortized cost value is approximately the same as the fair value of the security valued without the use of amortized cost. Investments in other open-end registered investment companies are valued at their end of day net asset value per share.

Futures contracts for which market quotations are readily available are valued at the settlement price as of the close of the futures exchange.

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, futures 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

------

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements (continued)

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

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 Fund becomes 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. 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 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. There were no permanent differences. Temporary differences are primarily due to wash sale loss deferrals and mark to market of open futures contracts.

At March 31, 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** |
| $89526261 | $14915775 | $(6434332) | $8481443 |

---

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 September 30, 2024, the Fund had capital loss carryovers for federal income tax purposes as shown in the following chart. These amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

---

| | | |
|:---|:---|:---|
| **Short-Term** | **Long-Term** | **Total** |
| $6685020 | $4353172 | $11038192 |

---

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.

------

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements (continued)

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **March 31, 2025** | **March 31, 2025** | **September 30, 2024** | **September 30, 2024** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class I:** |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 68781 | $2725005 | 117961 | $4236645 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 6874 | 269449 | 903 | 32114 |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(216382) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8503125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(697991) | (25831987) |
| &nbsp;&nbsp; Net decrease | (140727) | $(5508671) | (579127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(21563228) |

---

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 March 31, 2025, the Fund had no Repurchase Agreements outstanding.

i. FOREIGN CURRENCY TRANSLATION

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

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

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

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

The Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. wealth platform of Affiliated Managers Group, Inc. ("AMG"), serves as investment manager to the Fund and is responsible for the Fund's overall administration and operations. The Investment Manager selects and recommends, subject to the approval of the Board and, in certain circumstances, shareholders, the subadviser for the Fund and monitors the subadviser's investment performance, security holdings and investment strategies. The Fund's investment portfolio is managed by Veritas Asset Management LLP ("Veritas") who serves as subadviser pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in Veritas.

Investment management fees are paid directly by the Fund to the Investment Manager based on average daily net assets. For the six months ended March 31, 2025, the Fund paid an investment management fee at the annual rate of 0.88% of the average daily net assets of the Fund. The fee paid to Veritas 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 February 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 the Fund to the annual rate of 1.11% 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.

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&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements (continued)

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

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 March 31, 2025, the Investment Manager reimbursed the Fund $42,563, and did not recoup any previously reimbursed expenses. At March 31, 2025, the Fund's expiration of reimbursements subject to recoupment is as follows:

---

| | |
|:---|:---|
| **Expiration**<br> **Period** | |
|  Less than 1 year | $57579 |
|  1-2 years | 78808 |
|  2-3 years | 92515 |
|  Total | $228902 |

---

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.

For Class I shares, the Board has approved reimbursement payments to the Investment Manager for shareholder servicing expenses ("shareholder servicing fees") incurred. Shareholder servicing fees include payments to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder recordkeeping, account servicing and other services. The Class I shares may reimburse the Investment Manager for the actual amount incurred up to a maximum annual rate of the Class's average daily net assets as shown in the table below.

The impact on the annualized expense ratios for the six months ended March 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | **Maximum Annual** | **Actual** |
|  | **Amount** | **Amount** |
|  | **Approved** | **Incurred** |
|  Class I | 0.15% | 0.05% |

---

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular,

special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Fund are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the "SEC") granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At March 31, 2025, the Fund had no interfund loans outstanding. The Fund did not borrow during the six months ended March 31, 2025.

The Fund utilized the interfund lending program during the six months ended March 31, 2025 as follows:

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average** <br> **Lent** | **Number<br>of Days** | **Interest<br>Earned** | **Average<br> Interest Rate** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1352259 | 3 | $612 | 5.510% |

---

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended March 31, 2025, were $10,418,724 and $21,552,627, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the six months ended March 31, 2025.

4. PORTFOLIO SECURITIES LOANED

The Fund participates in the Securities Lending Program providing for the lending of securities to qualified borrowers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Securities Lending Program, and the Fund, according to agreed-upon rates. Collateral on all securities loaned is accepted in cash, U.S. Treasury Obligations or U.S. Government Agency Obligations. Collateral is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Fund's policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Fund if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Securities Lending Program, the Fund is indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements for that cash collateral. Securities collateral is held in separate omnibus accounts managed by BNYM and

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&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements *(continued)*

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

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 March 31, 2025, was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities** <br> **Loaned** | **Cash**<br> **Collateral**<br> **Received** | **Securities**<br> **Collateral**<br> **Received** | **Total**<br> **Collateral**<br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Received**  |
| $2865321 | – | $2940628 | $2940628 |

---

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

---

| | | |
|:---|:---|:---|
| **Collateral** | **Coupon** | **Maturity** |
| **Type** | **Range** | **Date Range** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | 0.000%-4.875% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/30/25-05/15/54 |

---

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 as well as local, regional or global political and/or social instability; or (iii) currency and price fluctuations. Please refer to the Fund's 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, political, or market conditions, or other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics, or in response to events that affect particular industries or companies.

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

**Non-Diversified Fund Risk:** The Fund is non-diversified and therefore a greater percentage of holdings may be focused in a small number of issuers or a single

issuer, which can place the Fund at greater risk. Notwithstanding the Fund's status as a "non-diversified" investment company under the 1940 Act, the Fund intends to qualify as a regulated investment company accorded favorable tax treatment under the Code, which imposes its own diversification requirements that are less restrictive than the requirements applicable to "diversified" investment companies under the 1940 Act. The Fund's intention to qualify as a regulated investment company may limit its pursuit of its investment strategy and its investment strategy could limit its ability to so qualify.

**Focused Investment Risk:** A significant portion of the Fund's holdings may be focused in a relatively small number of securities, which may make the Fund more volatile and subject to greater risk than a more diversified fund.

**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.

**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.

**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.

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

**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.

**Leverage Risk:** Borrowing and some derivative investments such as futures, forward commitment transactions and swaps may increase volatility and magnify smaller adverse market movements into relatively larger losses.

**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.

------

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements *(continued)*

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

**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.

**Small-Capitalization Stock Risk:** Although the Fund may invest in securities in any capitalization range, securities of small-capitalization companies may pose additional risks. The stocks of small-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.

**High Cash Balance Risk:** When the Fund has a significant cash balance for a sustained period, the benefit to the Fund of any market upswing may likely be reduced, and the Fund's performance may be adversely affected.

**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.

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. DERIVATIVE INSTRUMENTS

The following disclosures contain information on how and why the Fund uses derivative instruments, the credit risk and how derivative instruments affect the 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 Fund's Schedule of Portfolio Investments.

For the six months ended March 31, 2025, the average monthly balances of derivative financial instruments outstanding were as follows:

---

| | |
|:---|:---|
| **Financial Futures Contracts** | |
|  Average number of contracts sold | 334 |
|  Average notional value of contracts sold | $39888315 |

---

9. FUTURES CONTRACTS

The Fund generally expects to take short positions in index futures as an alternative to selling short individual stocks in order to adjust the Fund's exposure to a particular market and seek to preserve capital.

On entering into a futures contract, either cash or securities in an amount equal to a certain percentage of the contract value (initial margin) must be deposited with the futures broker. Subsequent variation margin payments are made or received by the Fund depending on the fluctuations in the value of the futures contracts and the value of cash or securities on deposit with the futures broker. The Fund must have total value at the futures broker consisting of either net unrealized gains, cash or securities collateral to meet the initial margin requirement, and any value over the initial margin requirement may be transferred to the Fund. The Fund pays or receives variation margin periodically. As of March 31, 2025, the Fund had total equity in the futures account of $1,836,262 which consists of cash deposited with the futures broker of $1,328,780 and unrealized appreciation on open futures contracts of $507,482.

Variation margin on futures contracts is recorded as unrealized appreciation or depreciation until the futures contract is closed or expired. The Fund recognizes a realized gain or loss when the contract is closed or expires equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Fluctuations in the value of the contracts are recorded in the Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as net change in unrealized appreciation (depreciation) on futures contracts until the contracts are closed, when they are recorded as net realized gain (loss) on futures contracts.

10. MASTER NETTING AGREEMENTS

The Fund may enter into master netting agreements with its 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 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 and for futures transactions, see Note 9. At March 31, 2025, the Fund had no Repurchase Agreements outstanding.

11. 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.

------

&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Information *(unaudited)*

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

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

During the six months ended March 31, 2025, there were no changes in and/or disagreements with accountants.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

The remuneration paid to the Trustees during the six months ended March 31, 2025, was $4,013, 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 March 31, 2025.

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

Not applicable.

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND<br> 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> Veritas Asset Management LLP<br> 1 Smart's Place<br> London, WC2B 5LW<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539<br>TRUSTEES<br> Jill R. Cuniff<br> Kurt A. Keilhacker<br> Peter W. MacEwen<br> Steven J. Paggioli<br> Eric Rakowski<br> Victoria L. Sassine<br> Garret W. Weston | This report is prepared for the Fund's shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for the Fund are available on the Fund's website at wealth.amg.com.<br>A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Fund's website at wealth.amg.com. To review a complete list of the Fund's portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; wealth.amg.com

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| &nbsp;&nbsp;&nbsp; EQUITY FUNDS<br> **AMG Boston Common Global Impact**<br>Boston Common Asset Management, LLC<br>**AMG Frontier Small Cap Growth**<br>Frontier Capital Management Co., LLC<br>**AMG GW&K Small Cap Core**<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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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; 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; wealth.amg.com 033125 SAR073

------

---

| | |
|:---|:---|
| ![LOGO](g930104dsp01a.jpg) | SEMI-ANNUAL FINANCIAL STATEMENTS |

---

---

| | | |
|:---|:---|:---|
| AMG Funds | AMG Funds | AMG Funds |
| March 31, 2025 |  |  |
| ![LOGO](g930104dsp41.jpg) | ![LOGO](g930104dsp41.jpg) | ![LOGO](g930104dsp41.jpg) |
| **AMG Systematica Managed Futures Strategy Fund** | **AMG Systematica Managed Futures Strategy Fund** | **AMG Systematica Managed Futures Strategy Fund** |
| Class N: **SMFNX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I: **SMFIX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z: **SMFZX**  |
| **AMG Systematica Trend-Enhanced Markets Fund** | **AMG Systematica Trend-Enhanced Markets Fund** | **AMG Systematica Trend-Enhanced Markets Fund** |
| Class N: **STMBX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I: **STMIX** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class Z: **STMZX**  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;wealth.amg.com | 033125 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAR092 |

---

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Funds<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Semi-Annual Financial Statements — March 31, 2025 *(unaudited)*<br>

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> **TABLE OF CONTENTS** | PAGE |
|  **CONSOLIDATED FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Consolidated Schedule of Portfolio Investments](#fin3930104_1)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [AMG Systematica Managed Futures Strategy Fund](#fin3930104_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Consolidated Statement of Assets and Liabilities](#fin3930104_3)** | 11 |
| &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; **[Consolidated Statement of Operations](#fin3930104_4)** | 13 |
| &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; **[Consolidated Statements of Changes in Net Assets](#fin3930104_5)** | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Detail of changes in assets for the past fiscal periods* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Consolidated Financial Highlights](#fin3930104_6)** | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; *Historical net asset values per share, distributions, total returns, income*<br> *and expense ratios, turnover ratios and net assets* |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Consolidated Financial Statements](#fin3930104_7)** | 18 |
| &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](#fin3930104_8)** | 27 |
|  **[STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT](#fin3930104_9)** | 28 |

---

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Systematica Managed Futures Strategy Fund &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Schedule of Portfolio Investments (unaudited) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025

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

---

| | | |
|:---|:---|:---|
|  | Principal<br>Amount | Value |
|  Short-Term Investments - 86.9% | Short-Term Investments - 86.9% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 86.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 86.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 03/31/25, due 04/01/25, 4.100% total to be received $4,866,554 (collateralized by a U.S. Treasury Note, 4.125%, 11/30/29, totaling $4,963,373) | $4866000 | $4866000 |
|  Total Short-Term Investments<br>(Cost $4,866,000) | Total Short-Term Investments<br>(Cost $4,866,000) | 4866000 |

---

<sup>1</sup> Includes Futures Contracts, Forward Foreign Currency Exchange Contracts and Forward Commodity Exchange Contracts. Please refer to the Open Futures Contracts table, Open Forward Foreign Currency Exchange Contracts table and Open Forward Commodity Exchange Contracts table for the details. 

<sup>2</sup> Includes cash deposits for futures contracts and forward commodity exchange contracts of $701,991, and cash deposits for forward foreign currency exchange contracts of $50,000, which equates to 13.4% of net assets. 

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Value |
|  **Total Investments - 86.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $4,866,000) | $4866000 |
|  **Derivatives - 0.7%<sup>1</sup>**  | 37930 |
|  **Other Assets, less Liabilities - 12.4%**<sup>2</sup>  | 692804 |
|  Net Assets - 100.0% | $5596734 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | | **Current** | **Value and** |
|  |  | **Number of** |  | **Expiration** | **Notional** | **Unrealized** |
| **Description** | **Currency** | **Contracts** | **Position** | **Date** | **Amount** | **Gain/(Loss)** |
| &nbsp;&nbsp; 3 Month CORRA | CAD | 5 | Long | 12/16/25 | $848694 | $1186 |
| &nbsp;&nbsp; 90 Day Bank Accepted Bill | AUD | 5 | Long | 06/12/25 | 3094643 | (487) |
| &nbsp;&nbsp; CAC 40 | EUR | 3 | Long | 04/17/25 | 253138 | (11105) |
| &nbsp;&nbsp; Canadian 10 Year Government Bond | CAD | 10 | Long | 06/19/25 | 862722 | 3382 |
| &nbsp;&nbsp; Copper<sup>1</sup>  | USD | 2 | Long | 05/28/25 | 251700 | 14496 |
| &nbsp;&nbsp; EURO STOXX 50 | EUR | 4 | Long | 06/20/25 | 224435 | (8225) |
| &nbsp;&nbsp; FTSE 100 Index | GBP | 4 | Long | 06/20/25 | 443949 | (3349) |
| &nbsp;&nbsp; FTSE China A50 Index | USD | 24 | Long | 04/29/25 | 320016 | (3304) |
| &nbsp;&nbsp; Gold<sup>1</sup>  | USD | 2 | Long | 06/26/25 | 630060 | 23326 |
| &nbsp;&nbsp; Hang Seng China Enterprises Index | HKD | 2 | Long | 04/29/25 | 109478 | (2271) |
| &nbsp;&nbsp; Hang Seng Index | HKD | 1 | Long | 04/29/25 | 148828 | (3055) |
| &nbsp;&nbsp; Korea 10-Year Government Bond | KRW | 8 | Long | 06/17/25 | 648149 | 2438 |
| &nbsp;&nbsp; Korea 3-Year Government Bond | KRW | 23 | Long | 06/17/25 | 1670839 | 1468 |
| &nbsp;&nbsp; Live Cattle<sup>1</sup>  | USD | 2 | Long | 06/30/25 | 162920 | 1705 |
| &nbsp;&nbsp; MSCI Singapore Index | SGD | 1 | Long | 04/29/25 | 29009 | 207 |
| &nbsp;&nbsp; Natural Gas<sup>1</sup>  | USD | 1 | Long | 04/28/25 | 41190 | 4838 |
| &nbsp;&nbsp; Natural Gas<sup>1</sup>  | USD | 1 | Long | 05/28/25 | 42570 | 4528 |
| &nbsp;&nbsp; Natural Gas<sup>1</sup>  | USD | 1 | Long | 06/26/25 | 44740 | 6698 |
| &nbsp;&nbsp; Natural Gas<sup>1</sup>  | USD | 1 | Long | 07/29/25 | 45450 | (2822) |
| &nbsp;&nbsp; OMX Stockholm 30 | SEK | 1 | Long | 04/16/25 | 24627 | (1848) |
| &nbsp;&nbsp; S&P/TSX 60 Index Standard | CAD | 1 | Long | 06/19/25 | 208137 | 3069 |
| &nbsp;&nbsp; Short-Term Euro-BTP | EUR | 7 | Long | 06/06/25 | 813603 | 73 |
| &nbsp;&nbsp; Silver<sup>1</sup>  | USD | 2 | Long | 05/28/25 | 346110 | 10206 |
| &nbsp;&nbsp; Sugar #11<sup>1</sup>  | USD | 1 | Long | 06/30/25 | 20888 | (495) |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Systematica Managed Futures Strategy Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Schedule of Portfolio Investments (continued)<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | | **Current** | **Value and** |
|  |  | **Number of** |  | **Expiration** | **Notional** | **Unrealized** |
| **Description** | **Currency** | **Contracts** | **Position** | **Date** | **Amount** | **Gain/(Loss)** |
| &nbsp;&nbsp; Topix Index | JPY | 1 | Long | 06/12/25 | $177479 | $(7901) |
| &nbsp;&nbsp; U.S. Treasury 10 Year Note | USD | 1 | Long | 06/18/25 | 111219 | (423) |
| &nbsp;&nbsp; U.S. Treasury 2 Year Note | USD | 2 | Long | 06/30/25 | 414344 | (189) |
| &nbsp;&nbsp; U.S. Treasury 5 Year Note | USD | 1 | Long | 06/30/25 | 108156 | (71) |
| &nbsp;&nbsp; 3 Month Euribor | EUR | 1 | Short | 09/13/27 | (264040) | (419) |
| &nbsp;&nbsp; Australian 10 Year Treasury Bond | AUD | 4 | Short | 06/16/25 | (281581) | (1292) |
| &nbsp;&nbsp; Australian 3 Year Treasury Bond | AUD | 7 | Short | 06/16/25 | (465842) | (1054) |
| &nbsp;&nbsp; Canola<sup>1</sup>  | CAD | 5 | Short | 05/14/25 | (42563) | (2681) |
| &nbsp;&nbsp; Corn<sup>1</sup>  | USD | 7 | Short | 05/14/25 | (160038) | (604) |
| &nbsp;&nbsp; E-mini Russell 2000 Index | USD | 1 | Short | 06/20/25 | (101355) | 1689 |
| &nbsp;&nbsp; Euro-Bobl | EUR | 2 | Short | 06/06/25 | (254733) | 551 |
| &nbsp;&nbsp; Euro-BTP | EUR | 2 | Short | 06/06/25 | (254149) | (1731) |
| &nbsp;&nbsp; Euro-Bund | EUR | 1 | Short | 06/06/25 | (139304) | 3200 |
| &nbsp;&nbsp; Euro-Buxl | EUR | 1 | Short | 06/06/25 | (128956) | 21 |
| &nbsp;&nbsp; Euro-OAT | EUR | 6 | Short | 06/06/25 | (795988) | 1739 |
| &nbsp;&nbsp; Euro-Schatz | EUR | 2 | Short | 06/06/25 | (231301) | (601) |
| &nbsp;&nbsp; FTSE Taiwan Index | USD | 1 | Short | 04/29/25 | (69510) | 5193 |
| &nbsp;&nbsp; ICE Low Sulphur Gasoil<sup>1</sup>  | USD | 1 | Short | 06/12/25 | (67675) | (3476) |
| &nbsp;&nbsp; ICE Low Sulphur Gasoil<sup>1</sup>  | USD | 1 | Short | 07/10/25 | (67275) | (2576) |
| &nbsp;&nbsp; Japan 10 Year Government Bond | JPY | 2 | Short | 06/13/25 | (1845456) | (7771) |
| &nbsp;&nbsp; Lean Hogs<sup>1</sup>  | USD | 1 | Short | 06/13/25 | (38110) | 1308 |
| &nbsp;&nbsp; Long Gilt | GBP | 6 | Short | 06/26/25 | (710643) | 461 |
| &nbsp;&nbsp; NIFTY 50 Index | USD | 5 | Short | 04/24/25 | (233685) | 5265 |
| &nbsp;&nbsp; SET50 Index | THB | 38 | Short | 06/27/25 | (163649) | 3935 |
| &nbsp;&nbsp; SFE SPI 200 Index | AUD | 3 | Short | 06/19/25 | (369146) | 2620 |
| &nbsp;&nbsp; SGX Nikkei 225 Index | JPY | 1 | Short | 06/12/25 | (118991) | 6484 |
| &nbsp;&nbsp; Soybean<sup>1</sup>  | USD | 5 | Short | 05/14/25 | (253688) | (824) |
| &nbsp;&nbsp; Soybean Meal<sup>1</sup>  | USD | 7 | Short | 05/14/25 | (204890) | 7571 |
| &nbsp;&nbsp; Soybean Oil<sup>1</sup>  | USD | 7 | Short | 05/14/25 | (188538) | (12810) |
| &nbsp;&nbsp; Wheat<sup>1</sup>  | USD | 8 | Short | 05/14/25 | (214800) | 8402 |
|  |  |  |  |  | **Total** | $44675 |

---

<sup>1</sup> Investment is held by AMG Systematica Subsidiary Fund I, a wholly-owned subsidiary of AMG Systematica Managed Futures Strategy Fund.

---

| | |
|:---|:---|
|  CURRENCY ABBREVIATIONS: | CURRENCY ABBREVIATIONS: |
|  AUD | Australian Dollar |
|  CAD | Canadian Dollar |
|  EUR | Euro Dollar |
|  GBP | British Pound |
|  HKD | Hong Kong Dollar |
|  JPY | Japanese Yen |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Systematica Managed Futures Strategy Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Schedule of Portfolio Investments (continued)<br>

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

---

| | |
|:---|:---|
|  KRW | South Korean Won |
|  SEK | Sweden Krona |
|  SGD | Singapore Dollar |
|  THB | Thai Baht |
|  USD | U.S. Dollar |

---

#### Open Forward Foreign Currency Exchange Contracts

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | |  | |  |  | **Unrealized** |
| **Currency** | |  | |  |  | **Appreciation/** |
| **Purchased** | **Amount** | **Currency Sold** | **Amount** | **Expiration** | **Counterparty** | **Depreciation** |
| &nbsp;&nbsp; Australian Dollar | 100000 | U.S. Dollar | 63882 | 04/16/25 | UBS AG | $(1389) |
| &nbsp;&nbsp; Australian Dollar | 100000 | U.S. Dollar | 63172 | 04/16/25 | UBS AG | (679) |
| &nbsp;&nbsp; Australian Dollar | 100000 | U.S. Dollar | 63376 | 04/16/25 | UBS AG | (883) |
| &nbsp;&nbsp; Canadian Dollar | 738 | U.S. Dollar | 515 | 04/01/25 | UBS AG | (2) |
| &nbsp;&nbsp; Canadian Dollar | 12113 | U.S. Dollar | 8409 | 04/16/25 | UBS AG | 15 |
| &nbsp;&nbsp; Canadian Dollar | 738 | U.S. Dollar | 514 | 04/16/25 | UBS AG | (1) |
| &nbsp;&nbsp; Canadian Dollar | 12113 | U.S. Dollar | 8435 | 04/16/25 | UBS AG | (11) |
| &nbsp;&nbsp; Canadian Dollar | 143484 | U.S. Dollar | 100680 | 04/16/25 | UBS AG | (895) |
| &nbsp;&nbsp; Canadian Dollar | 7424 | U.S. Dollar | 5156 | 04/16/25 | UBS AG | 8 |
| &nbsp;&nbsp; Canadian Dollar | 5067 | U.S. Dollar | 3552 | 04/16/25 | UBS AG | (28) |
| &nbsp;&nbsp; Canadian Dollar | 655 | U.S. Dollar | 457 | 04/16/25 | UBS AG | (2) |
| &nbsp;&nbsp; Canadian Dollar | 6229 | U.S. Dollar | 4360 | 04/16/25 | UBS AG | (28) |
| &nbsp;&nbsp; Canadian Dollar | 141853 | U.S. Dollar | 98806 | 04/16/25 | UBS AG | (155) |
| &nbsp;&nbsp; Canadian Dollar | 1729 | U.S. Dollar | 1211 | 04/16/25 | UBS AG | (8) |
| &nbsp;&nbsp; Swiss Franc | 480 | U.S. Dollar | 545 | 04/01/25 | UBS AG | (2) |
| &nbsp;&nbsp; Swiss Franc | 1 | U.S. Dollar | 1 | 04/01/25 | UBS AG | (0)<sup>1</sup> |
| &nbsp;&nbsp; Swiss Franc | 89403 | U.S. Dollar | 101866 | 04/16/25 | UBS AG | (618) |
| &nbsp;&nbsp; Swiss Franc | 421 | U.S. Dollar | 477 | 04/16/25 | UBS AG | (0)<sup>1</sup> |
| &nbsp;&nbsp; Swiss Franc | 481 | U.S. Dollar | 548 | 04/16/25 | UBS AG | (3) |
| &nbsp;&nbsp; Swiss Franc | 89165 | U.S. Dollar | 101683 | 04/16/25 | UBS AG | (704) |
| &nbsp;&nbsp; Swiss Franc | 1370 | U.S. Dollar | 1566 | 04/16/25 | UBS AG | (14) |
| &nbsp;&nbsp; Swiss Franc | 925 | U.S. Dollar | 1059 | 04/16/25 | UBS AG | (11) |
| &nbsp;&nbsp; Euro | 100000 | U.S. Dollar | 108307 | 04/01/25 | UBS AG | (171) |
| &nbsp;&nbsp; Euro | 100000 | U.S. Dollar | 108119 | 04/02/25 | UBS AG | 23 |
| &nbsp;&nbsp; Euro | 100000 | U.S. Dollar | 108981 | 04/16/25 | UBS AG | (758) |
| &nbsp;&nbsp; Euro | 100000 | U.S. Dollar | 108191 | 04/16/25 | UBS AG | 32 |
| &nbsp;&nbsp; Euro | 100000 | U.S. Dollar | 109268 | 04/16/25 | UBS AG | (1045) |
| &nbsp;&nbsp; Euro | 200000 | U.S. Dollar | 217092 | 04/16/25 | UBS AG | (645) |
| &nbsp;&nbsp; Euro | 200000 | U.S. Dollar | 213847 | 04/16/25 | UBS AG | 2599 |
| &nbsp;&nbsp; Euro | 100000 | U.S. Dollar | 108402 | 04/16/25 | UBS AG | (179) |
| &nbsp;&nbsp; British Pound | 100000 | U.S. Dollar | 129701 | 04/16/25 | UBS AG | (531) |
| &nbsp;&nbsp; British Pound | 100000 | U.S. Dollar | 128918 | 04/16/25 | UBS AG | 252 |
| &nbsp;&nbsp; British Pound | 50000 | U.S. Dollar | 64438 | 04/16/25 | UBS AG | 147 |
| &nbsp;&nbsp; British Pound | 100000 | U.S. Dollar | 129339 | 04/16/25 | UBS AG | (169) |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Systematica Managed Futures Strategy Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Schedule of Portfolio Investments (continued)<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | |  | |  |  | **Unrealized** |
| **Currency** | |  | |  |  | **Appreciation/** |
| **Purchased** | **Amount** | **Currency Sold** | **Amount** | **Expiration** | **Counterparty** | **Depreciation** |
| &nbsp;&nbsp; British Pound | 100000 | U.S. Dollar | 129318 | 04/16/25 | UBS AG | $(148) |
| &nbsp;&nbsp; British Pound | 100000 | U.S. Dollar | 128228 | 04/16/25 | UBS AG | 942 |
| &nbsp;&nbsp; Japanese Yen | 101870 | U.S. Dollar | 674 | 04/01/25 | UBS AG | 5 |
| &nbsp;&nbsp; Japanese Yen | 189835 | U.S. Dollar | 1274 | 04/16/25 | UBS AG | (6) |
| &nbsp;&nbsp; Japanese Yen | 14745252 | U.S. Dollar | 100540 | 04/16/25 | UBS AG | (2056) |
| &nbsp;&nbsp; Japanese Yen | 14209 | U.S. Dollar | 96 | 04/16/25 | UBS AG | (1) |
| &nbsp;&nbsp; Japanese Yen | 14789834 | U.S. Dollar | 99684 | 04/16/25 | UBS AG | (902) |
| &nbsp;&nbsp; Japanese Yen | 30248 | U.S. Dollar | 204 | 04/16/25 | UBS AG | (2) |
| &nbsp;&nbsp; Japanese Yen | 151538 | U.S. Dollar | 1009 | 04/16/25 | UBS AG | 3 |
| &nbsp;&nbsp; Japanese Yen | 43412 | U.S. Dollar | 291 | 04/16/25 | UBS AG | (1) |
| &nbsp;&nbsp; Japanese Yen | 597 | U.S. Dollar | 4 | 04/16/25 | UBS AG | (0)<sup>1</sup> |
| &nbsp;&nbsp; Japanese Yen | 28279 | U.S. Dollar | 189 | 04/16/25 | UBS AG | (0)<sup>1</sup> |
| &nbsp;&nbsp; Japanese Yen | 116086 | U.S. Dollar | 779 | 04/16/25 | UBS AG | (3) |
| &nbsp;&nbsp; Japanese Yen | 101569 | U.S. Dollar | 684 | 04/16/25 | UBS AG | (5) |
| &nbsp;&nbsp; Japanese Yen | 34359 | U.S. Dollar | 231 | 04/16/25 | UBS AG | (2) |
| &nbsp;&nbsp; Japanese Yen | 67503 | U.S. Dollar | 458 | 04/16/25 | UBS AG | (7) |
| &nbsp;&nbsp; Japanese Yen | 15289685 | U.S. Dollar | 101998 | 04/16/25 | UBS AG | 123 |
| &nbsp;&nbsp; Japanese Yen | 15062865 | U.S. Dollar | 101906 | 05/21/25 | UBS AG | (905) |
| &nbsp;&nbsp; Norwegian Krone | 10718 | U.S. Dollar | 1021 | 04/01/25 | UBS AG | (2) |
| &nbsp;&nbsp; Norwegian Krone | 210751 | U.S. Dollar | 20000 | 04/02/25 | UBS AG | 32 |
| &nbsp;&nbsp; Norwegian Krone | 843221 | U.S. Dollar | 80000 | 04/02/25 | UBS AG | 149 |
| &nbsp;&nbsp; Norwegian Krone | 1884 | U.S. Dollar | 177 | 04/16/25 | UBS AG | 2 |
| &nbsp;&nbsp; Norwegian Krone | 15486 | U.S. Dollar | 1438 | 04/16/25 | UBS AG | 35 |
| &nbsp;&nbsp; Norwegian Krone | 2275215 | U.S. Dollar | 210065 | 04/16/25 | UBS AG | 6198 |
| &nbsp;&nbsp; Norwegian Krone | 1076271 | U.S. Dollar | 101018 | 04/16/25 | UBS AG | 1283 |
| &nbsp;&nbsp; Norwegian Krone | 1048001 | U.S. Dollar | 98911 | 04/16/25 | UBS AG | 704 |
| &nbsp;&nbsp; Norwegian Krone | 11545 | U.S. Dollar | 1099 | 04/16/25 | UBS AG | (2) |
| &nbsp;&nbsp; Norwegian Krone | 30899 | U.S. Dollar | 2788 | 04/16/25 | UBS AG | 149 |
| &nbsp;&nbsp; Norwegian Krone | 12286 | U.S. Dollar | 1167 | 04/16/25 | UBS AG | 1 |
| &nbsp;&nbsp; Norwegian Krone | 7129 | U.S. Dollar | 674 | 04/16/25 | UBS AG | 4 |
| &nbsp;&nbsp; Norwegian Krone | 1093291 | U.S. Dollar | 100514 | 04/16/25 | UBS AG | 3405 |
| &nbsp;&nbsp; New Zealand Dollar | 300000 | U.S. Dollar | 174940 | 04/16/25 | UBS AG | (4544) |
| &nbsp;&nbsp; Sweden Krona | 21379 | U.S. Dollar | 2114 | 04/16/25 | UBS AG | 15 |
| &nbsp;&nbsp; Sweden Krona | 10776 | U.S. Dollar | 1076 | 04/16/25 | UBS AG | (3) |
| &nbsp;&nbsp; Sweden Krona | 2441 | U.S. Dollar | 242 | 04/16/25 | UBS AG | 1 |
| &nbsp;&nbsp; Sweden Krona | 27750 | U.S. Dollar | 2749 | 04/16/25 | UBS AG | 14 |
| &nbsp;&nbsp; Sweden Krona | 1007093 | U.S. Dollar | 99869 | 04/16/25 | UBS AG | 419 |
| &nbsp;&nbsp; Sweden Krona | 2013151 | U.S. Dollar | 197925 | 04/16/25 | UBS AG | 2547 |
| &nbsp;&nbsp; U.S. Dollar | 21828 | Australian Dollar | 35093 | 04/02/25 | UBS AG | (100) |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Systematica Managed Futures Strategy Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Schedule of Portfolio Investments (continued)<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | |  | |  |  | **Unrealized** |
| **Currency** | |  | |  |  | **Appreciation/** |
| **Purchased** | **Amount** | **Currency Sold** | **Amount** | **Expiration** | **Counterparty** | **Depreciation** |
| &nbsp;&nbsp; U.S. Dollar | 5820 | Australian Dollar | 9346 | 04/02/25 | UBS AG | $(20) |
| &nbsp;&nbsp; U.S. Dollar | 20348 | Australian Dollar | 32710 | 04/02/25 | UBS AG | (91) |
| &nbsp;&nbsp; U.S. Dollar | 14227 | Australian Dollar | 22851 | 04/02/25 | UBS AG | (51) |
| &nbsp;&nbsp; U.S. Dollar | 62913 | Australian Dollar | 100000 | 04/16/25 | UBS AG | 420 |
| &nbsp;&nbsp; U.S. Dollar | 220036 | Australian Dollar | 350000 | 04/16/25 | UBS AG | 1310 |
| &nbsp;&nbsp; U.S. Dollar | 62972 | Australian Dollar | 100000 | 04/16/25 | UBS AG | 479 |
| &nbsp;&nbsp; U.S. Dollar | 31471 | Australian Dollar | 50000 | 04/16/25 | UBS AG | 224 |
| &nbsp;&nbsp; U.S. Dollar | 62137 | Australian Dollar | 100000 | 04/16/25 | UBS AG | (356) |
| &nbsp;&nbsp; U.S. Dollar | 62927 | Australian Dollar | 100000 | 04/16/25 | UBS AG | 434 |
| &nbsp;&nbsp; U.S. Dollar | 62978 | Australian Dollar | 100000 | 04/16/25 | UBS AG | 485 |
| &nbsp;&nbsp; U.S. Dollar | 62749 | Australian Dollar | 100000 | 04/16/25 | UBS AG | 256 |
| &nbsp;&nbsp; U.S. Dollar | 513 | Canadian Dollar | 738 | 04/01/25 | UBS AG | 1 |
| &nbsp;&nbsp; U.S. Dollar | 3176 | Canadian Dollar | 4558 | 04/16/25 | UBS AG | 6 |
| &nbsp;&nbsp; U.S. Dollar | 146497 | Canadian Dollar | 211032 | 04/16/25 | UBS AG | (265) |
| &nbsp;&nbsp; U.S. Dollar | 675 | Canadian Dollar | 965 | 04/16/25 | UBS AG | 4 |
| &nbsp;&nbsp; U.S. Dollar | 1624 | Canadian Dollar | 2325 | 04/16/25 | UBS AG | 7 |
| &nbsp;&nbsp; U.S. Dollar | 146947 | Canadian Dollar | 211032 | 04/16/25 | UBS AG | 185 |
| &nbsp;&nbsp; U.S. Dollar | 949 | Canadian Dollar | 1358 | 04/16/25 | UBS AG | 5 |
| &nbsp;&nbsp; U.S. Dollar | 103408 | Canadian Dollar | 148921 | 04/16/25 | UBS AG | (159) |
| &nbsp;&nbsp; U.S. Dollar | 102734 | Canadian Dollar | 148560 | 04/16/25 | UBS AG | (581) |
| &nbsp;&nbsp; U.S. Dollar | 1215 | Canadian Dollar | 1735 | 04/16/25 | UBS AG | 9 |
| &nbsp;&nbsp; U.S. Dollar | 552 | Canadian Dollar | 794 | 04/16/25 | UBS AG | 0<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 191558 | Canadian Dollar | 274312 | 04/16/25 | UBS AG | 789 |
| &nbsp;&nbsp; U.S. Dollar | 13337 | Canadian Dollar | 19155 | 04/16/25 | UBS AG | 16 |
| &nbsp;&nbsp; U.S. Dollar | 114909 | Canadian Dollar | 165037 | 04/16/25 | UBS AG | 134 |
| &nbsp;&nbsp; U.S. Dollar | 1 | Canadian Dollar | 1 | 04/16/25 | UBS AG | 0<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 99327 | Canadian Dollar | 142028 | 04/16/25 | UBS AG | 554 |
| &nbsp;&nbsp; U.S. Dollar | 547 | Swiss Franc | 481 | 04/01/25 | UBS AG | 3 |
| &nbsp;&nbsp; U.S. Dollar | 1 | Swiss Franc | 1 | 04/02/25 | UBS AG | 0<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 1 | Swiss Franc | 1 | 04/02/25 | UBS AG | 0<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 220 | Swiss Franc | 194 | 04/16/25 | UBS AG | 0<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 3898 | Swiss Franc | 3497 | 04/16/25 | UBS AG | (62) |
| &nbsp;&nbsp; U.S. Dollar | 482 | Swiss Franc | 424 | 04/16/25 | UBS AG | 2 |
| &nbsp;&nbsp; U.S. Dollar | 778 | Swiss Franc | 685 | 04/16/25 | UBS AG | 2 |
| &nbsp;&nbsp; U.S. Dollar | 1784 | Swiss Franc | 1572 | 04/16/25 | UBS AG | 4 |
| &nbsp;&nbsp; U.S. Dollar | 138753 | Swiss Franc | 121160 | 04/16/25 | UBS AG | 1541 |
| &nbsp;&nbsp; U.S. Dollar | 180 | Swiss Franc | 159 | 04/16/25 | UBS AG | 0<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 1 | Swiss Franc | 1 | 04/16/25 | UBS AG | 0<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 124708 | Swiss Franc | 108954 | 04/16/25 | UBS AG | 1319 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Systematica Managed Futures Strategy Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Schedule of Portfolio Investments (continued)<br>

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | |  | |  |  | **Unrealized** |
| **Currency** | |  | |  |  | **Appreciation/** |
| **Purchased** | **Amount** | **Currency Sold** | **Amount** | **Expiration** | **Counterparty** | **Depreciation** |
| &nbsp;&nbsp; U.S. Dollar | 138168 | Swiss Franc | 121159 | 04/16/25 | UBS AG | $957 |
| &nbsp;&nbsp; U.S. Dollar | 6106 | Euro | 5634 | 04/01/25 | UBS AG | 14 |
| &nbsp;&nbsp; U.S. Dollar | 7537 | Euro | 6952 | 04/01/25 | UBS AG | 19 |
| &nbsp;&nbsp; U.S. Dollar | 15258 | Euro | 14085 | 04/01/25 | UBS AG | 27 |
| &nbsp;&nbsp; U.S. Dollar | 29181 | Euro | 26916 | 04/01/25 | UBS AG | 75 |
| &nbsp;&nbsp; U.S. Dollar | 18251 | Euro | 16835 | 04/01/25 | UBS AG | 46 |
| &nbsp;&nbsp; U.S. Dollar | 16787 | Euro | 15493 | 04/01/25 | UBS AG | 33 |
| &nbsp;&nbsp; U.S. Dollar | 15261 | Euro | 14085 | 04/01/25 | UBS AG | 30 |
| &nbsp;&nbsp; U.S. Dollar | 3216 | Euro | 2981 | 04/02/25 | UBS AG | (8) |
| &nbsp;&nbsp; U.S. Dollar | 17632 | Euro | 16345 | 04/02/25 | UBS AG | (44) |
| &nbsp;&nbsp; U.S. Dollar | 5490 | Euro | 5089 | 04/02/25 | UBS AG | (14) |
| &nbsp;&nbsp; U.S. Dollar | 28557 | Euro | 26475 | 04/02/25 | UBS AG | (73) |
| &nbsp;&nbsp; U.S. Dollar | 25557 | Euro | 23665 | 04/02/25 | UBS AG | (35) |
| &nbsp;&nbsp; U.S. Dollar | 27452 | Euro | 25445 | 04/02/25 | UBS AG | (65) |
| &nbsp;&nbsp; U.S. Dollar | 108392 | Euro | 100000 | 04/16/25 | UBS AG | 169 |
| &nbsp;&nbsp; U.S. Dollar | 104150 | Euro | 100000 | 04/16/25 | UBS AG | (4074) |
| &nbsp;&nbsp; U.S. Dollar | 107336 | Euro | 100000 | 04/16/25 | UBS AG | (887) |
| &nbsp;&nbsp; U.S. Dollar | 429346 | Euro | 400000 | 04/16/25 | UBS AG | (3547) |
| &nbsp;&nbsp; U.S. Dollar | 64438 | British Pound | 50000 | 04/16/25 | UBS AG | (147) |
| &nbsp;&nbsp; U.S. Dollar | 64179 | British Pound | 50000 | 04/16/25 | UBS AG | (406) |
| &nbsp;&nbsp; U.S. Dollar | 64179 | British Pound | 50000 | 04/16/25 | UBS AG | (406) |
| &nbsp;&nbsp; U.S. Dollar | 2 | Japanese Yen | 301 | 04/01/25 | UBS AG | (0)<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 683 | Japanese Yen | 101569 | 04/01/25 | UBS AG | 5 |
| &nbsp;&nbsp; U.S. Dollar | 706 | Japanese Yen | 105451 | 04/02/25 | UBS AG | 3 |
| &nbsp;&nbsp; U.S. Dollar | 1 | Japanese Yen | 149 | 04/02/25 | UBS AG | 0<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 16 | Japanese Yen | 2397 | 04/16/25 | UBS AG | 0<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 390 | Japanese Yen | 57128 | 04/16/25 | UBS AG | 9 |
| &nbsp;&nbsp; U.S. Dollar | 164 | Japanese Yen | 24284 | 04/16/25 | UBS AG | 1 |
| &nbsp;&nbsp; U.S. Dollar | 99554 | Japanese Yen | 14961111 | 04/16/25 | UBS AG | (373) |
| &nbsp;&nbsp; U.S. Dollar | 536 | Japanese Yen | 80031 | 04/16/25 | UBS AG | 1 |
| &nbsp;&nbsp; U.S. Dollar | 1577 | Japanese Yen | 235572 | 04/16/25 | UBS AG | 4 |
| &nbsp;&nbsp; U.S. Dollar | 99809 | Japanese Yen | 14909727 | 04/16/25 | UBS AG | 225 |
| &nbsp;&nbsp; U.S. Dollar | 100923 | Japanese Yen | 15164780 | 04/16/25 | UBS AG | (364) |
| &nbsp;&nbsp; U.S. Dollar | 164 | Japanese Yen | 24284 | 04/16/25 | UBS AG | 1 |
| &nbsp;&nbsp; U.S. Dollar | 1069 | Japanese Yen | 159160 | 04/16/25 | UBS AG | 6 |
| &nbsp;&nbsp; U.S. Dollar | 200 | Japanese Yen | 29644 | 04/16/25 | UBS AG | 2 |
| &nbsp;&nbsp; U.S. Dollar | 1021 | Norwegian Krone | 10718 | 04/01/25 | UBS AG | 2 |
| &nbsp;&nbsp; U.S. Dollar | 73 | Norwegian Krone | 770 | 04/02/25 | UBS AG | (0)<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 21 | Norwegian Krone | 220 | 04/16/25 | UBS AG | 0<sup>1</sup> |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Systematica Managed Futures Strategy Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Schedule of Portfolio Investments (continued)<br>

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | |  | |  | | | **Unrealized** |
| **Currency** | |  | |  | | | **Appreciation/** |
| **Purchased** | **Amount** | **Currency Sold** | **Amount** | **Expiration** | **Counterparty** | | **Depreciation** |
| &nbsp;&nbsp; U.S. Dollar | 668 | Norwegian Krone | 7058 | 04/16/25 | UBS AG |  | $(3) |
| &nbsp;&nbsp; U.S. Dollar | 1402 | Norwegian Krone | 14907 | 04/16/25 | UBS AG |  | (15) |
| &nbsp;&nbsp; U.S. Dollar | 510 | Norwegian Krone | 5364 | 04/16/25 | UBS AG |  | 0<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 641 | Norwegian Krone | 6748 | 04/16/25 | UBS AG |  | (0)<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 271 | Norwegian Krone | 2871 | 04/16/25 | UBS AG |  | (1) |
| &nbsp;&nbsp; U.S. Dollar | 201427 | Norwegian Krone | 2186018 | 04/16/25 | UBS AG |  | (6357) |
| &nbsp;&nbsp; U.S. Dollar | 1021 | Norwegian Krone | 10718 | 04/16/25 | UBS AG |  | 2 |
| &nbsp;&nbsp; U.S. Dollar | 109579 | Norwegian Krone | 1189224 | 04/16/25 | UBS AG |  | (3459) |
| &nbsp;&nbsp; U.S. Dollar | 3528 | Norwegian Krone | 39660 | 04/16/25 | UBS AG |  | (242) |
| &nbsp;&nbsp; U.S. Dollar | 879 | Norwegian Krone | 9217 | 04/16/25 | UBS AG |  | 3 |
| &nbsp;&nbsp; U.S. Dollar | 107 | Norwegian Krone | 1149 | 04/16/25 | UBS AG |  | (2) |
| &nbsp;&nbsp; U.S. Dollar | 36653 | New Zealand Dollar | 64846 | 04/02/25 | UBS AG |  | (165) |
| &nbsp;&nbsp; U.S. Dollar | 3861 | New Zealand Dollar | 6826 | 04/02/25 | UBS AG |  | (15) |
| &nbsp;&nbsp; U.S. Dollar | 12168 | New Zealand Dollar | 21502 | 04/02/25 | UBS AG |  | (40) |
| &nbsp;&nbsp; U.S. Dollar | 3859 | New Zealand Dollar | 6826 | 04/02/25 | UBS AG |  | (16) |
| &nbsp;&nbsp; U.S. Dollar | 57230 | New Zealand Dollar | 100000 | 04/16/25 | UBS AG |  | 431 |
| &nbsp;&nbsp; U.S. Dollar | 147440 | New Zealand Dollar | 257692 | 04/16/25 | UBS AG |  | 1075 |
| &nbsp;&nbsp; U.S. Dollar | 61553 | New Zealand Dollar | 107747 | 04/16/25 | UBS AG |  | 354 |
| &nbsp;&nbsp; U.S. Dollar | 133445 | New Zealand Dollar | 234561 | 04/16/25 | UBS AG |  | 218 |
| &nbsp;&nbsp; U.S. Dollar | 56168 | New Zealand Dollar | 100000 | 04/16/25 | UBS AG |  | (631) |
| &nbsp;&nbsp; U.S. Dollar | 1600 | Sweden Krona | 16036 | 04/02/25 | UBS AG |  | 4 |
| &nbsp;&nbsp; U.S. Dollar | 875 | Sweden Krona | 8824 | 04/16/25 | UBS AG |  | (4) |
| &nbsp;&nbsp; U.S. Dollar | 383 | Sweden Krona | 3840 | 04/16/25 | UBS AG |  | 1 |
| &nbsp;&nbsp; U.S. Dollar | 2790 | Sweden Krona | 28050 | 04/16/25 | UBS AG |  | (3) |
| &nbsp;&nbsp; U.S. Dollar | 1683 | Sweden Krona | 16894 | 04/16/25 | UBS AG |  | 0<sup>1</sup> |
| &nbsp;&nbsp; U.S. Dollar | 1363 | Sweden Krona | 13787 | 04/16/25 | UBS AG |  | (10) |
|  |  |  |  |  |  | **Total** | $(9598) |

---

<sup>1</sup> Dollar figures shown as $0 and ($0) are less than $0.50 and ($0.50), respectively. 

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Systematica Managed Futures Strategy Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Schedule of Portfolio Investments (continued)<br>

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

#### Open Forward Commodity Exchange Contracts <sup>1</sup>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  |  | | **Unrealized** |
|  |  |  |  | | **Appreciation** |
| **Settlement Date** | **Deliver** | **In Exchange For** | **Counterparty** | | **(Depreciation)** |
| &nbsp;&nbsp; 04/14/25 | LME Copper 25 tonnes Grade A copper | United States Dollar $228,419 | JPMorgan Chase |  | $13635 |
| &nbsp;&nbsp; 04/14/25 | United States Dollar $228,346 | LME Copper 25 tonnes Grade A copper | JPMorgan Chase |  | (13562) |
| &nbsp;&nbsp; 05/19/25 | LME Copper 25 tonnes Grade A copper | United States Dollar $246,998 | JPMorgan Chase |  | 4586 |
| &nbsp;&nbsp; 05/19/25 | LME Primary Aluminum 60 tonnes | United States Dollar $202,448 | JPMorgan Chase |  | 12742 |
| &nbsp;&nbsp; 05/19/25 | United States Dollar $196,840 | LME Primary Aluminum 60 tonnes | JPMorgan Chase |  | (7133) |
| &nbsp;&nbsp; 05/19/25 | United States Dollar $245,352 | LME Copper 25 tonnes Grade A copper | JPMorgan Chase |  | (2941) |
| &nbsp;&nbsp; 06/16/25 | United States Dollar $247,156 | LME Copper 25 tonnes Grade A copper | JPMorgan Chase |  | (4474) |
|  |  |  |  | **Total** | $2853 |

---

<sup>1</sup> Investments are held by AMG Systematica Subsidiary Fund I and are non-deliverable contracts that are settled with the counterparty in cash.

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | $4866000 |  | $4866000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Investments in Securities** |  | $4866000 |  | $4866000 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial Derivative Instruments - Assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Futures Contracts | $83078 |  |  | $83078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Futures Contracts | 28462 |  |  | 28462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Commodity Exchange Contracts | 30963 |  |  | 30963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts |  | $31013 |  | 31013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Futures Contracts | 14519 |  |  | 14519 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financial Derivative Instruments - Liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commodity Futures Contracts | (26288) |  |  | (26288) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Futures Contracts | (41058) |  |  | (41058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Commodity Exchange Contracts | (28110) |  |  | (28110) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts |  | (40611) |  | (40611) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest Rate Futures Contracts | (14038) |  |  | (14038) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Financial Derivative Instruments** | $47528 | $(9598) |  | $37930 |

---

For the fiscal period ended March 31, 2025, there were no transfers in or out of Level 3.

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Systematica Managed Futures Strategy Fund<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Schedule of Portfolio Investments (continued)<br>

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

The following schedule shows the value of derivative instruments at March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted**<br> **for as hedging instruments** | **Consolidated Statement of Assets and**<br> **Liabilities Location** | **Fair Value** | **Consolidated Statement of Assets and**<br> **Liabilities Location** | **Fair Value** |
| &nbsp;&nbsp; Commodity Contracts | Unrealized appreciation on futures contracts<sup>1</sup> | $83078 | Unrealized depreciation on futures contracts<sup>1</sup> | $26288 |
| &nbsp;&nbsp; Equity contracts | Unrealized appreciation on futures contracts<sup>1</sup> | 28462 | Unrealized depreciation on futures contracts<sup>1</sup> | 41058 |
| &nbsp;&nbsp; Forward commodity exchange contracts | Unrealized appreciation on forward commodity exchange contracts<sup>1</sup> | 30963 | Unrealized depreciation on forward commodity exchange contracts<sup>1</sup> | 28110 |
| &nbsp;&nbsp; Forward foreign currency exchange contracts | Unrealized appreciation on forward foreign currency exchange contracts | 31013 | Unrealized depreciation on forward foreign currency exchange contracts | 40611 |
| &nbsp;&nbsp; Interest rate contracts | Unrealized appreciation on futures contracts<sup>1</sup> | 14519 | Unrealized depreciation on futures contracts<sup>1</sup> | 14038 |
|  | **Totals** | $188035 |  | $150105 |

---

For the six months ended March 31, 2025, the effect of derivative instruments on the Consolidated Statement of Operations 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** | **Consolidated Statement of Operations**<br> **Location** | **Realized** <br> **Gain/(Loss)**  | **Consolidated Statement of Operations**<br> **Location** | **Change in** <br> **Unrealized** <br> **Appreciation/** <br> **Depreciation**  |
| &nbsp;&nbsp; Commodity contracts | Net realized loss on futures contracts | $(169693) | Net change in unrealized appreciation/ depreciation on futures contracts | $11401 |
| &nbsp;&nbsp; Equity contracts | Net realized loss on futures contracts | (82459) | Net change in unrealized appreciation/ depreciation on futures contracts | (18403) |
| &nbsp;&nbsp; Forward commodity exchange contracts | Net realized loss on forward commodity exchange contracts | (26830) | Net change in unrealized appreciation/ depreciation on forward commodity exchange contracts | 18230 |
| &nbsp;&nbsp; Forward foreign currency exchange contracts | Net realized loss on forward foreign currency exchange contracts | (4766) | Net change in unrealized appreciation/ depreciation on forward foreign currency exchange contracts | (59451) |
| &nbsp;&nbsp; Interest rate contracts | Net realized loss on futures contracts | (159954) | Net change in unrealized appreciation/ depreciation on futures contracts | (29080) |
|  | **Totals** | $(443702) |  | $(77303) |

---

<sup>1</sup>The AMG Systematica Managed Futures Strategy Fund had cash deposits with the futures and forward commodity exchange broker of $701,991, and cash deposits for forward foreign currency exchange contracts of $50,000.

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statement of Assets and Liabilities (unaudited)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025<br>

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

---

| | | |
|:---|:---|:---|
|  | **AMG** | **AMG** |
|  | **Systematica Managed** | **Systematica** |
|  | **Futures** | **Trend-Enhanced** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy Fund**  | **Markets Fund**  |
| &nbsp;&nbsp; **Assets:** |  |  |
| &nbsp;&nbsp; Repurchase Agreements at value<sup>1</sup>  | $4866000 |  |
| &nbsp;&nbsp; Cash | 744 | $6000000 |
| &nbsp;&nbsp; Cash deposits for futures and forward commodity exchange contracts | 701991 |  |
| &nbsp;&nbsp; Cash deposits for forward foreign currency exchange contracts | 50000 |  |
| &nbsp;&nbsp; Unrealized appreciation on futures contracts | 126059 |  |
| &nbsp;&nbsp; Unrealized appreciation on forward foreign currency exchange contracts | 31013 |  |
| &nbsp;&nbsp; Unrealized appreciation on forward commodity exchange contracts | 30963 |  |
| &nbsp;&nbsp; Interest receivables | 554 |  |
| &nbsp;&nbsp; Receivable from affiliate | 24375 | 14734 |
| &nbsp;&nbsp; Deferred offering costs | 11820 | 121793 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 1395 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 5844914 | 6136527 |
| &nbsp;&nbsp; **Liabilities:** |  |  |
| &nbsp;&nbsp; Unrealized depreciation on futures contracts | 81384 |  |
| &nbsp;&nbsp; Unrealized depreciation on forward foreign currency exchange contracts | 40611 |  |
| &nbsp;&nbsp; Unrealized depreciation on forward commodity exchange contracts | 28110 |  |
| &nbsp;&nbsp; Payable to Affiliate | 23639 | 136527 |
| &nbsp;&nbsp; Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 5732 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 717 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 67987 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 248180 | 136527 |
| &nbsp;&nbsp; **Commitments and Contingencies (Notes 2 & 6)** |  |  |
| &nbsp;&nbsp; **Net Assets** | $5596734 | $6000000 |
| &nbsp;&nbsp; <sup>1</sup> Repurchase Agreements at cost | $4866000 |  |

---

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

------

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

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

---

| | | |
|:---|:---|:---|
|  | **AMG** | **AMG** |
|  | **Systematica Managed** | **Systematica** |
|  | **Futures** | **Trend-Enhanced** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy Fund**  | **Markets Fund**  |
| &nbsp;&nbsp; **Net Assets Represent:** |  |  |
| &nbsp;&nbsp; Paid-in capital | $6224707 | $6000000 |
| &nbsp;&nbsp; Total distributable loss | (627973) |  |
|  **Net Assets** | $5596734 | $6000000 |
| &nbsp;&nbsp; **Class N:** |  |  |
| &nbsp;&nbsp; Net Assets | $44354 | $50000 |
| &nbsp;&nbsp; Shares outstanding | 5000 | 5000 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $8.87 | $10.00 |
| &nbsp;&nbsp; **Class I:** |  |  |
| &nbsp;&nbsp; Net Assets | $44354 | $50000 |
| &nbsp;&nbsp; Shares outstanding | 5000 | 5000 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $8.87 | $10.00 |
| &nbsp;&nbsp; **Class Z:** |  |  |
| &nbsp;&nbsp; Net Assets | $5508026 | $5900000 |
| &nbsp;&nbsp; Shares outstanding | 620954 | 590000 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $8.87 | $10.00 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statement of Operations (unaudited)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period ended March 31, 2025<br>

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

---

| | | |
|:---|:---|:---|
|  | **AMG** | **AMG** |
|  | **Systematica Managed** | **Systematica** |
|  | **Futures** | **Trend-Enhanced** |
|  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Strategy Fund**  | **Markets Fund<sup>1</sup>**  |
| &nbsp;&nbsp; **Investment Income:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $124095 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 124095 |  |
| &nbsp;&nbsp; **Expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 36342 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 4543 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 57 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of offering costs | 69387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 32190 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 18548 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 10077 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 2617 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 186 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational costs |  | 14734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1985 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 176161 | 14734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (133633) | (14734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee waivers | (7325) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees waiver | (231) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees waiver - Class N | (57) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 34915 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 89180 |  |
| &nbsp;&nbsp; **Net Realized and Unrealized Loss:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on forward foreign currency exchange contracts | (4766) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on futures contracts | (412106) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on foreign currency transactions | (1289) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on forward commodity exchange contracts | (26830) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on futures contracts | (36082) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on forward foreign currency exchange contracts | (59451) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation forward commodity exchange contracts | 18230 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency translations | (32) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (522326) |  |
|  **Net decrease in net assets resulting from operations** | $(433146) |  |
| &nbsp;&nbsp; <sup>1</sup> Commencement of operations was March 31, 2025. |  |  |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Statements of Changes in Net Assets<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period ended March 31, 2025 (unaudited) and the period ended September 30, 2024<br>

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

---

| | | | |
|:---|:---|:---|:---|
|  | **AMG**<br>**Systematica Managed**<br>**Futures Strategy Fund** | **AMG**<br>**Systematica Managed**<br>**Futures Strategy Fund** | **AMG**<br>**Systematica**<br>**Trend-Enhanced**<br>**Markets Fund** |
|  | **March 31, 2025** | **September 30, 2024<sup>1</sup>** | **March 31, 2025<sup>2</sup>** |
|  **Decrease in Net Assets Resulting From Operations:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $89180 | $89886 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (444991) | (474285) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (77335) | 118242 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease in net assets resulting from operations | (433146) | (266157) |  |
|  **Capital Share Transactions:<sup>3</sup>**  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | (3963) | 6300000 | $6000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (437109) | 6033843 | 6000000 |
|  **Net Assets:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 6033843 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $5596734 | $6033843 | $6000000 |

---

<sup>1</sup> Commencement of operations was May 1, 2024.

<sup>2</sup> Commencement of operations was March 31, 2025.

<sup>3</sup> See Note 1(h) of the Consolidated Notes to Financial Statements.

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Systematica Managed Futures Strategy Fund**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Financial Highlights<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a share outstanding throughout each fiscal period<br>

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

---

| | | |
|:---|:---|:---|
|  | **For the six** | |
|  | **months ended** | **For the fiscal**<br>**period ended**<br> **September 30,** |
|  | **March 31, 2025** | |
| **Class N** | (unaudited) | **2024<sup>1</sup>** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$9.56** | **$10.00** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2,3</sup>  | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments | (0.83) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loss from investment operations | (0.69) | (0.44) |
|  **Net Asset Value, End of Period** | **$8.87** | **$9.56** |
| &nbsp;&nbsp; Total Return<sup>3,4</sup>  | (7.22<sup></sup>)%<sup>5</sup> | (4.40<sup></sup>)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.21<sup></sup>%<sup>6</sup> | 1.40<sup></sup>%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 6.37<sup></sup>%<sup>6</sup> | 10.96<sup></sup>%<sup>6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>3</sup>  | 3.10<sup></sup>%<sup>6</sup> | 3.61<sup></sup>%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover<sup>9</sup>  | 0%<sup>5</sup> | 0%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $44 | $48 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Systematica Managed Futures Strategy Fund**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Financial Highlights<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a share outstanding throughout each fiscal period<br>

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

---

| | | |
|:---|:---|:---|
|  | **For the six** | |
|  | **months ended** | **For the fiscal**<br>**period ended**<br> **September 30,** |
|  | **March 31, 2025** | |
| **Class I** | (unaudited) | **2024<sup>1</sup>** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$9.56** | **$10.00** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2,3</sup>  | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments | (0.83) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loss from investment operations | (0.69) | (0.44) |
|  **Net Asset Value, End of Period** | **$8.87** | **$9.56** |
| &nbsp;&nbsp; Total Return<sup>3,4</sup>  | (7.22<sup></sup>)%<sup>5</sup> | (4.40<sup></sup>)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.21<sup></sup>%<sup>6</sup> | 1.40<sup></sup>%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 6.12<sup></sup>%<sup>6</sup> | 10.71<sup></sup>%<sup>6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>3</sup>  | 3.10<sup></sup>%<sup>6</sup> | 3.61<sup></sup>%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover<sup>9</sup>  | 0%<sup>5</sup> | 0%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $44 | $48 |

---

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AMG Systematica Managed Futures Strategy Fund**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Financial Highlights<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a share outstanding throughout each fiscal period<br>

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

---

| | | |
|:---|:---|:---|
|  | **For the six** | |
|  | **months ended** | **For the fiscal**<br>**period ended**<br> **September 30,** |
|  | **March 31, 2025** | |
| **Class Z** | (unaudited) | **2024<sup>1</sup>** |
| &nbsp;&nbsp; **Net Asset Value, Beginning of Period** | **$9.56** | **$10.00** |
| &nbsp;&nbsp; **Income (loss) from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2,3</sup>  | 0.14 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss on investments | (0.83) | (0.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total loss from investment operations | (0.69) | (0.44) |
|  **Net Asset Value, End of Period** | **$8.87** | **$9.56** |
| &nbsp;&nbsp; Total Return<sup>3,4</sup>  | (7.22<sup></sup>)%<sup>5</sup> | (4.40<sup></sup>)%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.21<sup></sup>%<sup>6</sup> | 1.40<sup></sup>%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 6.12<sup></sup>%<sup>6</sup> | 10.71<sup></sup>%<sup>6,8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>3</sup>  | 3.10<sup></sup>%<sup>6</sup> | 3.61<sup></sup>%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover<sup>9</sup>  | 0%<sup>5</sup> | 0%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $5508 | $5938 |

---

<sup>1</sup> Commencement of operations was May 1, 2024.

<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 Consolidated Notes to Financial Statements.) 

<sup>8</sup> Ratio does not reflect the annualization of audit fees and organizational costs.

<sup>9</sup> There were no long-term transactions.

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

------

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Consolidated Financial Statements (unaudited)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2025<br>

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

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

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I (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 Systematica Managed Futures Strategy Fund ("Managed Futures Strategy") and AMG Systematica Trend-Enhanced Markets Fund ("Trend-Enhanced Markets"), each a "Fund" and collectively, the "Funds". Trend-Enhanced Markets commenced operations on March 31, 2025 and commenced investment operations on April 1, 2025. The Fund began investing in securities and incurring operating expenses on April 1, 2025.

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 are non-diversified.

The Funds' consolidated 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 consolidated 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 consolidated financial statements:

a. BASIS OF CONSOLIDATION

The accompanying consolidated financial statements of Managed Futures Strategy include the accounts of AMG Systematica Subsidiary Fund I (the "Managed Futures Strategy Subsidiary"), which is a wholly-owned subsidiary of Managed Futures Strategy and organized under the laws of the Cayman Islands. The accompanying consolidated financial statements of Trend-Enhanced Markets include the accounts of AMG Systematica Subsidiary Fund II (the "Trend-Enhanced Subsidiary"), which is a wholly-owned subsidiary of Trend-Enhanced Markets and organized under the laws of the Cayman Islands. The Managed Futures Strategy Subsidiary and the Trend-Enhanced Subsidiary are each referred to as a "Subsidiary " and collectively as the "Subsidiaries".

Managed Futures Strategy may invest up to 25% of its total assets in the Managed Futures Strategy Subsidiary and the Managed Futures Strategy Subsidiary acts as an investment vehicle for Managed Futures Strategy to invest in certain types of commodity-linked derivative instruments. Trend-Enhanced Markets may invest up to 25% of its total assets in the Trend-Enhanced Subsidiary and the Trend-Enhanced Subsidiary acts as an investment vehicle for Trend-Enhanced Markets to invest in certain types of commodity-linked derivative instruments.

Intercompany accounts and transactions have been eliminated.

At March 31, 2025, the Managed Futures Strategy Subsidiary's net assets were $263,370 or 4.7% of the Managed Futures Strategy's net assets. The Trend-Enhanced Subsidiary's net assets were $0 or 0.0% of the Trend-Enhanced Markets' net assets.

b. VALUATION OF INVESTMENTS

Futures contracts for which market quotations are readily available are valued at the settlement price as of the close of the futures exchange.

Forward commodity exchange contracts traded on the London Mercantile Exchange, which do not have significant trading volume, may be valued using a commodity futures contract price if the commodity forward exchange contract and commodity futures contract have similar terms (i.e., same maturity date, strike price and underlying commodity asset).

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

------

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

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

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

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, futures 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., forward foreign currency exchange contracts, forward commodity exchange contracts, 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.

c. 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.

d. 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. 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.

e. 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 consolidated 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 the write-off of net operating losses for Managed Futures Strategy. Temporary differences are primarily due to mark to market of open forward and futures contracts for Managed Futures Strategy. As of March 31, 2025, Trend-Enhanced Markets had no permanent or temporary differences.

At March 31, 2025, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate cost of investments and the aggregate gross unrealized\* appreciation and depreciation for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost** | **Appreciation** | **Depreciation** | **Net Appreciation** |
| Managed<br> Futures<br> Strategy | $4866000 | – |  |  |
| Trend<br> - Enhanced<br> Markets |  | – |  |  |

---

\*The unrealized appreciation and depreciation for federal income tax purposes for futures and forward contracts approximates book net unrealized appreciation of $37,930.

f. 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' consolidated 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.

Each Subsidiary is classified as a "controlled foreign corporation" under Subchapter N of the Code. Therefore, each Fund is required to increase its taxable income by its share of the respective Subsidiary's income. Net investment losses of a Subsidiary cannot be deducted by the applicable Fund in the current period nor carried forward by the Subsidiary to offset taxable income in future periods.

------

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

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

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

Furthermore, based on each Funds' 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.

g. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of September 30, 2024, Managed Futures Strategy had capital loss carryovers for federal income tax purposes as shown in the following chart. These amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Short-Term** | **Long-Term** | **Total** |
| Managed Futures Strategy | $117419 | $70059 | $187478 |

---

As Trend-Enhanced Markets commenced operations on March 31, 2025, it had no capital loss carryovers for federal income tax purposes as of September 30, 2024. Should Trend-Enhanced Markets incur net capital losses for the fiscal year ended September 30, 2025, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as either short-term and/or long-term.

h. 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 period ended March 31, 2025 (unaudited) and the fiscal year ended September 30, 2024, the capital stock transactions by class for the Funds were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Managed Futures Strategy** | **Managed Futures Strategy** | **Managed Futures Strategy** | **Managed Futures Strategy** | **Trend-Enhanced Markets** | **Trend-Enhanced Markets** |
|  | **March 31, 2025** | **March 31, 2025** | **September 30, 2024<sup>1</sup>** | **September 30, 2024<sup>1</sup>** | **March 31, 2025<sup>2</sup>** | **March 31, 2025<sup>2</sup>** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class N:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold |  |  | 5000 | $50000 | 5000 | $50000 |
| &nbsp;&nbsp; **Class I:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold |  |  | 5000 | $50000 | 5000 | $50000 |
| &nbsp;&nbsp; **Class Z:** |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold |  |  | 621381 | $6200000 | 590000 | $5900000 |
| &nbsp;&nbsp; Shares redeemed | (427) | $(3963) |  |  |  |  |
| &nbsp;&nbsp; Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(427) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(3963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5900000 |

---

<sup>1</sup> Commencement of operations was May 1, 2024.

<sup>2</sup> Commencement of operations was March 31, 2025.

At March 31, 2025, certain affiliated or unaffiliated shareholders of record individually or collectively held greater than 5% of the net assets of the Funds as follows: Managed Futures Strategy - two own 100% and Trend-Enhanced Markets - one owns 100%. Transactions by these shareholders may have a material impact on the Funds.

i. REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements ("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 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.

At March 31, 2025, the market value of Repurchase Agreements outstanding for Managed Futures Strategy and Trend-Enhanced Markets was $4,866,000 and $0, respectively.

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

j. 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.

------

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

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

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

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.

k. ORGANIZATIONAL AND OFFERING COSTS

All of Managed Futures Strategy's offering costs were deferred and are being amortized on the straight-line method over a period of one year from the commencement of operations. For the six months ended March 31, 2025, Managed Futures Strategy expensed $69,388 of offering costs.

The Investment Manager paid organizational costs of $14,734 and offering costs of $121,793 on behalf of Trend-Enhanced Markets amounting to $136,527, which will be repaid by Trend-Enhanced Markets for the full amount thereof. Organizational costs were expensed in full during the period ended March 31, 2025. All offering costs were deferred and will be amortized on the straight-line method over a period of one year from the commencement of investment operations.

The amount of organizational and offering costs owed by the Funds to the Investment Manager is reflected as Payable to Affiliate on the Consolidated Statement of Assets and Liabilities.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trust, on behalf of such Fund, its Subsidiary and the Investment Manager 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 such Fund and Subsidiary and is responsible for such Fund's and Subsidiary'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 Funds and the Subsidiaries and monitors the subadviser's investment performance, security holdings and investment strategies. Systematica Investments Limited, acting as general partner of Systematica Investments LP ("Systematica"), serves as subadviser to the Funds and the Subsidiaries pursuant to subadvisory agreements with the Investment Manager. Each of Systematica Investments GP Limited, Systematica Investments Singapore Pte. Ltd, and Systematica Investments UK LLP (together with Systematica, the "Systematica Group") serves as sub-subadviser to the Funds and the Subsidiaries pursuant to sub-subadvisory agreements with Systematica. The Funds' investment portfolios are managed by the Systematica Group.

Investment management fees are paid directly by the Funds and the Subsidiaries to the Investment Manager based on average daily net assets of the Funds and the Subsidiaries. For the six months ended March 31, 2025, Managed Futures Strategy and Managed Futures Strategy Subsidiary paid an investment management fee at the annual rate of 1.20% of the average daily net assets of Managed Futures Strategy and Managed Futures Strategy Subsidiary. During the period ended March 31, 2025, Trend-Enhanced Markets and Trend-Enhanced Subsidiary had yet to commence investment operations and did not pay an investment management fee. Effective December 6, 2024, the Investment Manager has contractually agreed, through February 1, 2026, to waive the management fee payable by Managed Futures Strategy and Managed Futures Strategy Subsidiary by 0.30%, from 1.20% to 0.90%. The Investment Manager has contractually agreed, through February 19, 2026, to waive the management fee payable by Trend-Enhanced Markets and Trend-Enhanced Subsidiary by 0.30%, from 1.20% to 0.90%.

The Investment Manager has agreed to waive the portion of the management fee that the Investment Manager otherwise would have been entitled to receive from each Fund in an amount equal to the investment management fee paid to the Investment Manager by such Fund's Subsidiary. For the six months ended March 31, 2025 for Managed Futures Strategy, and for the one-day period consisting of March 31, 2025 for Trend-Enhanced Markets, the Investment Manager waived investment management fees payable by Managed Futures Strategy and Trend-Enhanced Markets in the amount of $7,325 and $0, respectively. The fee paid to Systematica for its services as subadviser is paid out of the fee the Investment Manager receives from the Funds and the Subsidiaries, and the fee paid to each sub-subadviser is paid out of the fee that Systematica receives from the Investment Manager. These fees do not increase the expenses of the Funds or the Subsidiaries.

The Investment Manager has contractually agreed, through at least February 1, 2026 for Managed Futures Strategy and February 1, 2027 for Trend-Enhanced Markets, to waive management fees and/or pay or reimburse the Funds' and/or the Subsidiaries' expenses in order to limit the aggregate of the Funds' total annual operating expenses and the Subsidiaries' 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), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) to the annual rate of 1.40% of the aggregate average daily net assets attributable to the Funds and the Subsidiaries (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 and the Subsidiaries 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 Funds or the Subsidiaries, provided that such repayment would not cause the aggregate of the Funds' total annual operating expenses and the Subsidiaries' total annual operating expenses (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 Funds or the Subsidiaries.

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 March 31, 2025, the Investment Manager's expense reimbursements, and repayments of prior reimbursements by the Funds to the Investment Manager, if any, are as follows:

---

| | | |
|:---|:---|:---|
|  | **Expense** | **Repayment of** |
|  | **Reimbursements** | **Prior Reimbursements** |
|  Managed Futures Strategy | $133633 |  |
|  Trend-Enhanced Markets | 14734 |  |

---

------

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

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

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

At March 31, 2025, the Funds' expiration of reimbursements subject to recoupment is as follows:

---

| | | |
|:---|:---|:---|
| **Expiration**<br> **Period** | **Managed Futures Strategy** | **Trend-Enhanced Markets** |
| &nbsp;&nbsp; 2-3 years | $558382 | 14734 |
| &nbsp;&nbsp; Total | $558382 | $14734 |

---

The Trust, on behalf of the Funds, and the Subsidiaries have entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Funds' and the Subsidiaries' administrator (the "Administrator") and is responsible for certain aspects of managing the Funds' and the Subsidiaries' operations, including administration and shareholder services to the Funds and the Subsidiaries. The Funds and the Subsidiaries each pay a fee to the Administrator at the rate of 0.15% per annum of the Funds' and the Subsidiaries' average daily net assets for this service. The Administrator has agreed to waive the portion of the administrative fee that the Administrator otherwise would have been entitled to receive from each Fund in an amount equal to the administrative fee paid to the Administrator by such Fund's Subsidiary. For the six months ended March 31, 2025, the Administrator waived administrative fees payable by the Managed Futures Strategy and Trend-Enhanced Markets in the amount of $231 and $0, respectively.

The Funds are distributed by AMG Distributors, Inc. (the "Distributor"), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and underwriter for each Fund and is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Shares of each Fund will be continuously offered and will be sold directly to prospective purchasers and through brokers, dealers or other financial intermediaries who have executed selling agreements with the Distributor. Generally, the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

The Trust has adopted a distribution and service plan (the "Plan") with respect to the Class N shares of each Fund, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, 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. Effective May 1, 2024 for Managed Futures Strategy and April 1, 2025 for Trend-Enhanced Markets, the Distributor has agreed to voluntarily waive the 12b-1 fees attributable to Class N shares of each Fund for so long as the only investors in such class are entities affiliated with the Distributor.

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 March 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Maximum Annual**<br> **Amount**<br> **Approved** | **Actual**<br> **Amount**<br> **Incurred** |
| &nbsp;&nbsp; Managed Futures Strategy |  |  |
| &nbsp;&nbsp; Class N | 0.15% | 0.00% |
| &nbsp;&nbsp; Class I | 0.10% | 0.00% |
| &nbsp;&nbsp; Trend-Enhanced Markets |  |  |
| &nbsp;&nbsp; Class N | 0.15% | 0.00% |
| &nbsp;&nbsp; Class I | 0.10% | 0.00% |

---

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 Consolidated Statement of Operations as interest income and interest expense, respectively. At March 31, 2025, the Funds had no interfund loans outstanding. The Funds did not lend or borrow during the six months ended March 31, 2025.

3. PURCHASES AND SALES OF SECURITIES

There were no purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended March 31, 2025.

The Funds had no purchases or sales of U.S. Government Obligations during the fiscal period ended March 31, 2025.

------

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

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

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

4. 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.

5. 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. 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. By investing in a Subsidiary, each Fund is exposed to the risks associated with such Subsidiary's investments. References to investments of the Funds and risks of investing in the Funds include underlying investments of the Subsidiaries and risks associated therewith. Please refer to the Funds' current prospectuses for additional information about the Funds' principal risks.

**Management Risk:** The Systematica Group's investment process, techniques and analyses may not achieve their desired results and the securities or other financial instruments selected for the Funds may result in returns that are inconsistent with the Funds' investment objective. In addition, in the event of the death, incapacity, departure, insolvency or withdrawal of any key individuals, the performance of the Funds may be adversely affected.

**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.

**Non-Diversified Fund Risk:** The 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 each Fund's' status as a "non-diversified" investment company under the 1940 Act, each Fund intends to qualify as a regulated investment company accorded favorable tax treatment under the Code, which imposes its own diversification requirements that are less restrictive than the requirements applicable to "diversified" investment companies under the 1940 Act. Each Fund's intention to qualify as a regulated investment company may limit its pursuit of its investment strategy and its investment strategy could limit its ability to so qualify.

**Analytical Model Risk:** Each Fund's investment strategy depends upon the reliability, accuracy and analyses on systematic trading models, which are

analytical models. Investments selected using these models may perform differently than as forecasted due to the factors incorporated into the models and the weighting of each factor, changes from historical trends, and errors or issues in the construction and implementation of the models (including, but not limited to, input or design issues, software issues and other technological issues). There is no guarantee that the Systematica Group's use of these models will result in effective investment decisions for a Fund. To the extent that such models (or the assumptions underlying them) contain an error, are input or designed incorrectly, or are incorrect or incomplete, a Fund may not perform as anticipated, which could result in substantial losses. All models ultimately depend upon the assumptions embedded in the models with oversight from the investment team. To the extent that the judgment or assumptions are incorrect with respect to any investment, a Fund can suffer substantial losses. From time to time the Systematica Group may exercise discretion over trading orders. Such discretion may cause a Fund to incur losses or cause the Fund to forego profits which it may have otherwise earned had such discretion not been used.

The model's computerized trading systems rely on the ability of the Systematica Group's personnel to accurately process such systems' outputs and to use the proper trading orders to execute the transactions called for by the systems. In addition, the model is highly dependent on the proper functioning of its internal computer systems. The Systematica Group systems are accordingly subject to human errors and any defects, failures, inaccuracies or interruptions of such systems could disrupt trading or make trading impossible until such failure is remedied. Any such failure, and consequential inability to trade, could cause a Fund to experience significant trading losses or to miss opportunities for profitable trading.

**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.

**Leverage Risk:** Borrowing and some derivative investments such as futures and forward commitment transactions may increase volatility and magnify smaller adverse market movements into relatively larger losses.

**Short Position Risk:** The Funds will incur a loss from a short position if the value of the reference instrument increases after the time the Funds entered into the short position. Short positions generally involve a form of leverage, which can exaggerate the Funds' losses. A fund that enters into a short position may lose more money than the actual cost of the short position and its potential losses may be unlimited if the fund does not own the reference instrument and it is unable to close out of the short position. Any gain from a short position will be offset in whole or in part by the transaction costs associated with the short position.

**Forward and Futures Contract Risk:** The successful use of forward and futures contracts will depend upon the Systematica Group's skill and experience with respect to such instruments and are subject to special risk considerations. Entering into forward or futures contracts involves all of the risks generally associated with entering into derivatives. However, the primary risks associated with the use of forward and futures contracts include (i) the imperfect correlation between the change in market value of the instruments held by the Funds and the price of the forward or futures contract; (ii) possible lack of a liquid market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired; (iii) losses caused by unanticipated market movements,

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

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

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

which are potentially unlimited; (iv) the Systematica Group's inability to predict correctly the direction of commodity and/or securities prices, interest rates, currency exchange rates and other economic factors; (v) the possibility that the counterparty will default in the performance of its obligations; (vi) if a Fund has insufficient cash, it may have to sell assets to meet daily variation margin requirements, and it may have to sell at a time when it is disadvantageous to do so; (vii) the possibility that the Funds may be delayed or prevented from recovering margin or other amounts deposited with a counterparty (including a futures commission merchant or clearinghouse); (viii) the possibility that position or trading limits will preclude the Systematica Group from taking positions in certain futures contracts on behalf of the Funds; and (ix) the risks typically associated with foreign investments to the extent the Funds invest in derivatives traded on markets outside the United States.

**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.

**Subsidiary Risk:** By investing in a Subsidiary, a Fund is indirectly exposed to the commodities risks associated with the Subsidiary's investments in commodity-related instruments. There can be no assurance that a Subsidiary's investments will contribute favorably to the applicable Fund's returns. The Subsidiaries are not registered under the 1940 Act, and are not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Funds and/or the Subsidiaries to operate as described in the Funds' prospectuses and could adversely affect the Funds, such as by reducing the Funds' investment returns. A Fund's ability to invest in a Subsidiary will potentially be limited by such Fund's intention to qualify as a regulated investment company, and might adversely affect such Fund's ability to so qualify.

**Commodities Exposure Risk:** Exposure to the commodities markets may subject the Funds to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. The Funds' ability to invest in commodity-linked derivative instruments may be limited by the Funds' intention to qualify as regulated investment companies, and could adversely affect the Funds' ability to so qualify.

**Tax Risk:** Each Fund intends to elect to be treated and intends to qualify and to be eligible to be treated each taxable year as a "regulated investment company" accorded favorable tax treatment under the Code. The Funds' investments in commodities or commodity-related investments can be limited by the Funds' intention to qualify as regulated investment companies, and can limit the Funds' ability to so qualify.

**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.

**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, a 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 such Fund.

**High Portfolio Turnover Risk:** The Funds' portfolio turnover excludes transactions related to forward and futures contracts in accordance with regulatory requirements. If such transactions were included, the Funds' portfolio turnover may be higher. Higher portfolio turnover may adversely affect Fund performance by increasing Fund transaction costs and may increase a shareholder's tax liability.

**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.

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 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.

7. DERIVATIVE INSTRUMENTS

The following disclosures contain information on how and why certain Funds use derivative instruments, the credit risk and how derivative instruments affect the Funds' financial position, and results of operations. The location and fair value amounts of these instruments on the Consolidated Statement of Assets and Liabilities, and the realized gains and losses and changes in unrealized appreciation and depreciation on the Consolidated Statement of Operations, each categorized by type of derivative contract, are included in a table at the end of the applicable Fund's Consolidated Schedule of Portfolio Investments.

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

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

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

For the six months ended March 31, 2025, the average monthly balances of derivative financial instruments outstanding were as follows:

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| | |
|:---|:---|
|  | **Managed Futures Strategy** |
| &nbsp;&nbsp; **Forward Foreign Currency Exchange Contracts** | &nbsp;&nbsp; **Forward Foreign Currency Exchange Contracts** |
| &nbsp;&nbsp; Average U.S. Dollar notional value | $10577382 |
| &nbsp;&nbsp; **Financial Futures Contracts** |  |
| &nbsp;&nbsp; Average number of contracts bought | 159 |
| &nbsp;&nbsp; Average number of contracts sold | 114 |
| &nbsp;&nbsp; Average notional value of contracts bought | $13886463 |
| &nbsp;&nbsp; Average notional value of contracts sold | $10523065 |

---

During the period ended March 31, 2025, Trend-Enhanced Markets had yet to commence investment operations and did not hold derivative financial instruments.

8. FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS

The Funds may enter into forward foreign currency exchange contracts for any purpose, including to attempt to hedge currency exposure or to enhance return. A forward foreign currency exchange contract is an agreement between a fund and another party to buy or sell a currency at a set price at a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily, and the change in market value is recorded as an unrealized appreciation or depreciation. Risks may arise upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. Dollar.

As of March 31, 2025, Managed Futures Strategy had unrealized appreciation on open forward foreign currency exchange contracts of $31,013 and unrealized depreciation on open forward foreign currency exchange contracts of $40,611.

During the period ended March 31, 2025, Trend-Enhanced Markets had yet to commence investment operations and did not hold forward foreign currency exchange contracts.

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

9. FUTURES CONTRACTS AND FORWARD COMMODITY EXCHANGE CONTRACTS

The Funds may utilize futures contracts, including futures contracts in global equity and fixed-income securities, commodities, interest rate futures contracts, foreign currency futures contracts on security, forward commodity exchange contracts and commodities indices (including broad-based security indices), for any purpose, including for investment purposes and for hedging purposes. There are certain risks associated with futures contracts and forward commodity exchange contracts including that prices may not move as expected and/or a Fund may not be able to close out the contract when it desires to do so, resulting in losses.

On entering into a futures contract or forward commodity exchange contract, either cash or securities in an amount equal to a certain percentage of the contract value (initial margin) must be deposited with the futures broker. Subsequent variation margin payments are made or received by a Fund depending on the fluctuations in the value of the futures contracts or forward commodity exchange contracts and the value of cash or securities on deposit with the futures broker. A Fund must have total value at the futures broker consisting of either net unrealized gains, cash or securities collateral to meet the initial margin requirement, and any value over the initial margin requirement may be transferred to the such Fund. A Fund pays or receives variation margin periodically. As of March 31, 2025, Managed Futures Strategy had total equity in the futures account of $749,519, which consists of cash deposited with the futures broker of $701,991, and net unrealized appreciation on open futures and forward commodity exchange contracts of $47,528. During the period ended March 31, 2025, Trend-Enhanced Markets had yet to commence investment operations and did not hold futures contracts or forward commodity exchange contracts.

Variation margin on futures contracts and forward commodity exchange contracts is recorded as unrealized appreciation or depreciation until the futures contract or forward commodity exchange contract is closed or expired. A Fund recognizes a realized gain or loss when the contract is closed or expires equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Fluctuations in the value of the contracts are recorded in the Consolidated Statement of Assets and Liabilities as an asset (liability) and in the Consolidated Statement of Operations as unrealized appreciation (depreciation) on futures contracts or forward commodity exchange contracts until the contracts are closed, when they are recorded as realized gains (losses) on futures contracts or forward commodity exchange contracts.

10. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for repurchase agreements and derivatives contracts, 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 Consolidated Statement of Assets and Liabilities. For derivative transactions see Notes 7, 8 and 9.

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

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

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

The following table is a summary of the Funds' open Repurchase Agreements, forward foreign currency exchange contracts and forward commodity exchange contracts that are subject to a master netting agreement as of March 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Gross Amount Not Offset in the<br>Consolidated Statement of Assets and<br>Liabilities** | **Gross Amount Not Offset in the<br>Consolidated Statement of Assets and<br>Liabilities** |  |  |
| **Fund** | **Gross Amounts of**<br> **Assets Presented in**<br> **the Consolidated**<br> **Statement of Assets**<br> **and Liabilities** | **Offset**<br> **Amount** | **Net**<br> **Asset**<br> **Balance** | **Collateral**<br> **Received** | **Net**<br> **Amount** |
| &nbsp;&nbsp; **Managed Futures Strategy** |  |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Chase | $30963 | $(28110) | $2853 |  | $2853 |
| &nbsp;&nbsp; UBS AG | 31013 | (31013) |  |  |  |
| &nbsp;&nbsp; Fixed income clearing corp. | 4866000 |  | $4866000 | $(4866000) |  |
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4927976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(59123) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4868853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(4866000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$2853 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | **Gross Amount Not Offset in the<br>Consolidated**<br> **Statement of Assets and Liabilities** | **Gross Amount Not Offset in the<br>Consolidated**<br> **Statement of Assets and Liabilities** |  |  |
| **Fund** | **Gross Amounts of**<br> (Liabilities)<br> **Presented in the**<br> **Consolidated**<br> **Statement of Assets**<br> **and Liabilities** | **Offset**<br> **Amount** | **Net**<br> (Liability)<br> **Balance** | **Collateral**<br> **Received** | **Net**<br> **Amount** |
| &nbsp;&nbsp; **Managed Futures Strategy** |  |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Chase | $(28110) | $28110 |  |  |  |
| &nbsp;&nbsp; UBS AG | (40611) | 31013 | $(9598) |  | $(9598) |
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(68721) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$59123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(9598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(9598) |

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11. SUBSEQUENT EVENTS

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

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&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Information *(unaudited)*

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

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

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

During the six months ended March 31, 2025, there were no changes in and/or disagreements with accountants.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES

The remuneration paid to the Trustees during the six months ended March 31, 2025, is reflected as "Trustee fees and expenses" on the Consolidated 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 March 31, 2025.

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| | |
|:---|:---|
|  | **Trustee fees and expenses** |
| &nbsp;&nbsp; AMG Systematica Managed Futures Strategy Fund | $229 |
| &nbsp;&nbsp; AMG Systematica Trend-Enhanced Markets Fund | 0 |

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

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

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| | | |
|:---|:---|:---|
| **Approval of Amendment to Fund Management Agreement, Subadvisory Agreements, and Sub-Subadvisory Agreements with Respect to AMG Systematica Trend-Enhanced Markets Fund and AMG Systematica Subsidiary Fund II**<br>At an in-person meeting held on December 5, 2024, the Board of Trustees (the "Board" or the "Trustees") of AMG Funds I (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 Fund Management Agreement (the "Fund Management Agreement") between AMG Funds LLC (the "Investment Manager") and the Trust relating to AMG Systematica Trend-Enhanced Markets Fund, a new series of the Trust (the "New Fund"), and AMG Systematica Subsidiary Fund II, a wholly owned subsidiary of the New Fund (the "Subsidiary"); a Subadvisory Agreement between the Investment Manager and Systematica Investments Limited, acting as general partner of Systematica Investments LP (the "Subadviser") relating to the New Fund (the "New Fund Subadvisory Agreement"); a Subadvisory Agreement between the Investment Manager and the Subadviser relating to the Subsidiary (together with the New Fund Subadvisory Agreement, the "Subadvisory Agreements"); Sub-Subadvisory Agreements between the Subadviser and each of Systematica Investments GP Limited, Systematica Investments Singapore Pte. Ltd, and Systematica Investments UK LLP (each a "Sub-Subadviser") with respect to the New Fund (each a "New Fund Sub-Subadvisory Agreement"); and Sub-Subadvisory Agreements between the Subadviser and each Sub-Subadviser with respect to the Subsidiary (together with the New Fund Sub-Subadvisory Agreements, the "Sub-Subadvisory Agreements"). (The Subadviser and the Sub-Subadvisers are collectively referred to as the "Systematica Group," the Fund Management Agreement, the Subadvisory Agreements, and the Sub-Subadvisory Agreements are collectively referred to as the "New Fund Agreements", and for the remainder of this appendix, "New Fund" includes the Subsidiary except where otherwise noted.) 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. | In considering the New Fund Agreements, the Trustees reviewed a variety of materials relating to the New Fund, the Investment Manager, and the Systematica Group provided in connection with meetings of the Board held on September 12, 2024 and December 5, 2024, including fee and expense information for an appropriate peer group of similar mutual funds for the New Fund (the "Peer Group") and other information regarding the nature, extent and quality of services to be provided by the Investment Manager and the Systematica Group 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 AMG Systematica Managed Futures Strategy Fund (the "Managed Futures Strategy Fund"), which has the same investment adviser, subadviser, sub-subadvisers, and investment team as the New Fund, as well as other products managed by the Systematica Group. 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.<br>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 Fund 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 December 5, 2024, consisted of 36 funds, the quality of the performance of the Investment Manager's duties under the Fund 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 the Systematica Group; (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 Fund Management Agreement and supervising the Systematica Group, the Investment Manager will: perform periodic detailed analyses and reviews of the performance by the Systematica Group of its obligations to the New Fund, including without limitation analysis and review of portfolio and other compliance matters and review of the Systematica Group's investment performance with respect to the New Fund; prepare and present periodic reports to the Trustees regarding the investment performance of the Systematica Group and other information regarding the Systematica Group, at such times and in such forms as the Trustees may reasonably request; review and consider any changes in the personnel of the Systematica Group responsible for performing the Systematica Group's obligations and make appropriate reports to the Trustees; review and consider any changes in the ownership or senior management of the Systematica Group 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 the Systematica Group; assist the Trustees and management of the Trust in developing and reviewing information with respect to the initial approval of the Subadvisory Agreements and Sub-Subadvisory Agreements and, after an initial two-year period, annual consideration of such agreements; prepare recommendations with respect to the continued retention of the Systematica Group or the replacement of the Systematica Group, including at the request of the Board; identify potential successors to, or replacements of, the Systematica Group 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 Fund Management Agreement and applicable law. The Trustees noted the affiliation of the Systematica Group 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 Fund Management Agreement and noted that, as of October 31, 2024, the Investment Manager had approximately $19.8 billion in mutual fund assets<br>|

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

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

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| | | |
|:---|:---|:---|
| 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 the Subadviser under the Subadvisory Agreements and each Sub-Subadviser under the Sub-Subadvisory Agreements, the Trustees evaluated, among other things: (a) the expected services to be rendered by the Subadviser and each Sub-Subadviser to the New Fund; (b) the qualifications and experience of the Systematica Group personnel; and (c) the Systematica Group compliance program. The Trustees also took into account the financial condition of the Systematica Group with respect to its ability to provide the services required under the Subadvisory Agreements and Sub-Subadvisory Agreements and noted that, as of September 30, 2024, the Systematica Group managed approximately $14 billion in assets. The Trustees also considered the Systematica Group's risk management processes.<br>The Trustees also considered information regarding the nature, extent and quality of services provided by the Investment Manager 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 managing the New Fund. Among other things, the Trustees reviewed information about portfolio management and other professional staff and information regarding the Systematica Group's organizational and management structure. The Trustees considered specific information provided regarding the experience of the individuals at the Systematica Group 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 is proposed to be managed by the same team that manages the Managed Futures Strategy Fund, which includes the Systematica Group's Founder and Chief Executive Officer, its Co-Chief Investment Officers, and four of its Product Managers. The Trustees also took into account presentations made at the September 12, 2024 and December 5, 2024 Board meetings by representatives from the Systematica Group regarding its trend-following and long-only strategies. | 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 Managed Futures Strategy Fund and other products managed by the Systematica Group.<br>ADVISORY FEES, FUND EXPENSES, PROFITABILITY AND ECONOMIES OF SCALE<br>In considering the reasonableness of the advisory fee to be charged by the Investment Manager for managing the New Fund, the Trustees noted that the Investment Manager, and not the New Fund, will be responsible for paying the fees charged by the Subadviser, and, in turn, the Subadviser will be responsible for paying the fees charged by each Sub-Subadviser, and, therefore, that the fees paid to the Investment Manager cover the cost of providing portfolio management services as well as the cost of providing search, selection and monitoring services in operating a "manager-of-managers" complex of mutual funds. The Trustees also noted that the Investment Manager would indirectly benefit from compensation received by the Systematica Group because the Investment Manager and the Systematica Group are affiliated. The Trustees also noted that the Subadviser and certain affiliates of both the Subadviser and the Investment Manager intend to enter into a revenue and expense sharing agreement that includes terms related to the revenue and expenses of the New Fund. The Trustees noted that the New Fund's proposed combined advisory and administration fees were higher than the mean for the New Fund's Peer Group and that the anticipated total gross expenses for the New Fund's first fiscal year were higher than the Peer Group mean, measured as of September 30, 2024. The Trustees also took into account the fact that the Investment Manager has contractually agreed, through at least February 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), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the New Fund to the annual rate of 1.40% of the New Fund's average daily net assets, noting that the anticipated net expenses of the New Fund were lower than the mean for the New Fund's<br>| Peer Group with respect to Class I and Class Z of the New Fund and higher than the mean with respect to Class N. The Trustees noted that these expense comparison figures did not reflect the Investment Manager's agreement to also waive 0.30% of the New Fund's management fee for at least the first year of the New Fund's operations, which would further reduce the New Fund's net expense ratios. The Trustees concluded that, in light of the nature, extent and quality of the services to be provided by the Investment Manager and the Systematica Group and the considerations noted above with respect to the Investment Manager and the Systematica Group, the New Fund's advisory fees, subadvisory fees, and sub-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 the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to 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 the Systematica Group with respect to the provision of subadvisory and sub-subadvisory services to the New Fund, although recognizing that profitability with respect to the New Fund is speculative, the Trustees considered information regarding the |

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

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| Systematica Group's organization, management and financial stability. The Trustees noted that, because the Systematica Group is an affiliate of the Investment Manager, a portion of the Systematica Group's revenues or anticipated profitability might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are to be paid by the Investment Manager out of its advisory fee and that the sub-subadvisory fees are to be paid by the Subadviser out of its subadvisory fee. The Trustees also took into account management's discussion of the services the Subadviser and each Sub-Subadviser is expected to provide in performing its functions under the Subadvisory Agreements and the Sub-Subadvisory Agreements, respectively. The Trustees also considered the anticipated net assets of the New Fund for its first year of operations. Based on the foregoing, the Trustees concluded that the profitability to the Systematica Group is expected to be reasonable and that, since the New Fund does | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; not currently have any assets, the Systematica Group 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, the Systematica Group may realize 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 the Systematica Group have demonstrated that they possess the capability and resources to perform the duties required of them under the Fund Management Agreement, the Subadvisory Agreements, and the<br>| Sub-Subadvisory Agreements; (b) the Systematica Group's investment strategy is appropriate for pursuing the New Fund's investment objectives; (c) the Systematica Group is reasonably likely to execute its investment strategy consistently over time; and (d) the Investment Manager and the Systematica Group 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 December 5, 2024, the Trustees, and separately a majority of the Independent Trustees, unanimously voted to approve the New Fund Agreements. |

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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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |
| &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>Systematica Investments Limited,<br> acting as general partner of Systematica<br> Investments LP.<br> First Floor, 29 Esplanade<br> St Helier, Jersey, JE2 3QA<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. |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; wealth.amg.com** <br>

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![LOGO](g930104dsp019.jpg)

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

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; EQUITY FUNDS<br> **AMG Boston Common Global Impact**<br>Boston Common Asset Management, LLC<br>**AMG Frontier Small Cap Growth**<br>Frontier Capital Management Co., LLC<br>**AMG GW&K Small Cap Core**<br> **AMG GW&K Small Cap 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 Beutel Goodman Core Plus Bond**<br>Beutel, Goodman & Company Ltd.<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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;general partner of Systematica<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments LP |

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; wealth.amg.com** <br>| 033125 SAR092 |

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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.
(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

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management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the Registrant's internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

#### Item 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.

#### Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.
Not applicable.

#### Item 19. EXHIBITS

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| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 - Filed herewith.](d930104dex99cert.htm) |
| (a)(3)(1) | Not applicable. |
| (a)(3)(2) | Not applicable. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 - Filed herewith.](d930104dex99906cert.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.

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| | |
|:---|:---|
| **AMG FUNDS I** | **AMG FUNDS I** |
| By: | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne, Principal Executive Officer |

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Date: June 9, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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

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Date: June 9, 2025

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

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Date: June 9, 2025

## Ex-99.Cert

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

I, Keitha L. Kinne, certify that:

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

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 9, 2025

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| |
|:---|
| /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 I;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: June 9, 2025

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

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## Exhibit 99.906

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

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| | |
|:---|:---|
| **Name of Issuer:** | **AMG FUNDS I: AMG BOSTON COMMON GLOBAL IMPACT FUND, AMG VERITAS GLOBAL REAL RETURN FUND, AMG SYSTEMATICA MANAGED FUTURES STRATEGY FUND AND AMG SYSTEMATICA TREND-ENHANCED MARKETS 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: June 9, 2025 | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne |
|  | Principal Executive Officer |

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

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| | |
|:---|:---|
| **Name of Issuer:** | **AMG FUNDS I: AMG BOSTON COMMON GLOBAL IMPACT FUND, AMG VERITAS GLOBAL REAL RETURN FUND, AMG SYSTEMATICA MANAGED FUTURES STRATEGY FUND AND AMG SYSTEMATICA TREND-ENHANCED MARKETS FUND** |

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In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the issuer.

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| | |
|:---|:---|
| Dated: June 9, 2025 | /s/ Thomas Disbrow |
|  | Thomas Disbrow |
|  | Principal Financial Officer |

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