# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0001193125-26-096255
**Filing Date:** 2026-3
**Character Count:** 1153175
**Document Hash:** 532235739032f90db41d33ee9fa27426
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-096255.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001193125-26-096255

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 110

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260306

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09521
- **FILM NUMBER:** 26730413

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

FORM N-CSR

------

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

#### Investment Company Act file number:

#### 811-09521

#### AMG Funds
(Exact name of registrant as specified in charter)

------

680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901

(Address of principal executive offices) (Zip code)

AMG Funds LLC

680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(203) 299-3500

#### Date of fiscal year end:

#### December 31

#### Date of reporting period:

#### January 01, 2025 - December 31, 2025 (Annual Shareholder Report)

#### Item 1. Reports to Shareholders
(a) ### AMG GW&K Municipal Bond Fund

## Class N/GWMTX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Municipal Bond Fund<br>(Class N/GWMTX) | $75 | 0.73% |

---

#### Management's Discussion of Fund Performance
For the year that ended December 31, 2025, the Fund's Class N shares returned 5.21%, compared to the 5.92% return for its benchmark, the Bloomberg 10-Year Municipal Bond Index (the "Index"). The Bloomberg U.S. Municipal Bond Index returned 4.25% over the same period.

OVERVIEW

• Municipal bonds delivered solid returns in Q4 and for the year. Municipals underperformed their taxable counterparts largely due to record new supply and concerns earlier in the year regarding tax exemption and tariffs. However, the market rallied to end Q3 and continued into Q4 driven by the Federal Open Market Committee (FOMC) cutting the Federal Funds rate by 25 basis points, strong reinvestment demand, and tax-equivalent yields that had become too cheap to ignore.

• Returns varied for the year as the yield curve meaningfully steepened. Shorter maturity yields declined by 40-45 basis points, while the long end actually rose 30 basis points. This drove returns along the intermediate part of the yield curve higher for the year.

PERFORMANCE/CONTRIBUTORS/DETRACTORS

• On a relative performance basis, the Fund underperformed the Index for the fiscal year. An allocation to bonds longer than the Index was the biggest negative as the curve steepened. Overall longer duration, security selection, and an allocation to shorter maturities than the Index benefited performance.

OUTLOOK

• The municipal bond market enters 2026 with many of the same crosscurrents that defined the second half of 2025. Supply is expected to remain elevated as issuers continue to address deferred capital needs and higher project costs, while broader rate direction remains in flux. That said, municipal rates north of their trailing 10- and 20-year averages and a steep muni curve beyond 10 years, support a more constructive outlook for municipal investors, particularly in intermediate and longer maturities.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g108244chartimages_11222247.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class N** | 5.21% | 0.47% | 1.77% |
| **Bloomberg U.S. Municipal Bond Index** | 4.25% | 0.80% | 2.34% |
| **Bloomberg 10-Year Municipal Bond Index** | 5.92% | 1.05% | 2.54% |

---

*"Bloomberg<sup>®</sup>" and any Bloomberg index described herein are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the fund described herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to such fund.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$973687376 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1381487 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series B, 5.000%, 11/15/31 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority, Series 2, 5.000%, 12/15/37 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District, Series E, 5.000%, 10/01/30 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana Stadium & Exposition District, Series A, 5.000%, 07/01/42 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of California, Series CD, 5.000%, 05/15/36 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series B, 5.000%, 05/01/34 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power, Series C, 5.000%, 07/01/30 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 5.000%, 12/01/36 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Board of Administration Finance Corp., Series A, 5.526%, 07/01/34 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority, Series 2, 5.000%, 06/15/37 | 1.1% |
| Top Ten as a Group | 12.5% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222232.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222231.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.

123125 TSR025A

### AMG GW&K Municipal Bond Fund

## Class I/GWMIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Municipal Bond Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Municipal Bond Fund<br>(Class I/GWMIX) | $40 | 0.39% |

---

#### Management's Discussion of Fund Performance
For the year that ended December 31, 2025, the Fund's Class I shares returned 5.52%, compared to the 5.92% return for its benchmark, the Bloomberg 10-Year Municipal Bond Index (the "Index"). The Bloomberg U.S. Municipal Bond Index returned 4.25% over the same period.

OVERVIEW

• Municipal bonds delivered solid returns in Q4 and for the year. Municipals underperformed their taxable counterparts largely due to record new supply and concerns earlier in the year regarding tax exemption and tariffs. However, the market rallied to end Q3 and continued into Q4 driven by the Federal Open Market Committee (FOMC) cutting the Federal Funds rate by 25 basis points, strong reinvestment demand, and tax-equivalent yields that had become too cheap to ignore.

• Returns varied for the year as the yield curve meaningfully steepened. Shorter maturity yields declined by 40-45 basis points, while the long end actually rose 30 basis points. This drove returns along the intermediate part of the yield curve higher for the year.

PERFORMANCE/CONTRIBUTORS/DETRACTORS

• On a relative performance basis, the Fund underperformed the Index for the fiscal year. An allocation to bonds longer than the Index was the biggest negative as the curve steepened. Overall longer duration, security selection, and an allocation to shorter maturities than the Index benefited performance.

OUTLOOK

• The municipal bond market enters 2026 with many of the same crosscurrents that defined the second half of 2025. Supply is expected to remain elevated as issuers continue to address deferred capital needs and higher project costs, while broader rate direction remains in flux. That said, municipal rates north of their trailing 10- and 20-year averages and a steep muni curve beyond 10 years, support a more constructive outlook for municipal investors, particularly in intermediate and longer maturities.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11222210.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class I** | 5.52% | 0.79% | 2.10% |
| **Bloomberg U.S. Municipal Bond Index** | 4.25% | 0.80% | 2.34% |
| **Bloomberg 10-Year Municipal Bond Index** | 5.92% | 1.05% | 2.54% |

---

*"Bloomberg<sup>®</sup>" and any Bloomberg index described herein are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the fund described herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to such fund.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$973687376 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;233 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1381487 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;61% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series B, 5.000%, 11/15/31 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority, Series 2, 5.000%, 12/15/37 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District, Series E, 5.000%, 10/01/30 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Louisiana Stadium & Exposition District, Series A, 5.000%, 07/01/42 | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;University of California, Series CD, 5.000%, 05/15/36 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;State of Illinois, Series B, 5.000%, 05/01/34 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power, Series C, 5.000%, 07/01/30 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 5.000%, 12/01/36 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Board of Administration Finance Corp., Series A, 5.526%, 07/01/34 | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority, Series 2, 5.000%, 06/15/37 | 1.1% |
| Top Ten as a Group | 12.5% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222195.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222194.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.

123125 TSR024A

### AMG GW&K Municipal Enhanced SMA Shares

## MESHX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Municipal Enhanced SMA Shares (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Municipal Enhanced SMA Shares<br>(MESHX) | $0 | 0.00% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund returned 2.84%, compared to the Bloomberg U.S. Municipal Bond BAA Index, which returned 4.13%. The Bloomberg U.S. Municipal Bond Index returned 4.25% over the same period.

OVERVIEW

• Municipal bonds delivered solid returns in Q4 and for the year. Municipals underperformed their taxable counterparts largely due to record new supply and concerns earlier in the year regarding tax exemption and tariffs. However, the market rallied to end Q3 and continued into Q4 driven by the Federal Open Market Committee (FOMC) cutting the Federal Funds rate by 25 basis points, strong reinvestment demand, and tax-equivalent yields that had become too cheap to ignore.

• Returns varied for the year as the yield curve meaningfully steepened. Shorter maturity yields declined by 40-45 basis points, while the long end actually rose 30 basis points. This drove returns along the intermediate part of the yield curve higher for the year.

PERFORMANCE/CONTRIBUTORS/DETRACTORS

• On a relative performance basis, the Fund underperformed both indices for the fiscal year ended December 31, 2025. The Fund's longer duration was a positive, as well as an overweight to the 10-year area of the curve, which was the best performer. The Fund's underweight to short callable bonds and overweight to longer maturities were negatives as the curve steepened, with short-term rates falling and longer-term rates rising. Overall security selection was a positive for the year, particularly in BBB rated securities. However, high yield underperformed for the year, and the Fund's small allocation to BBs was a negative.

OUTLOOK

• The municipal bond market enters 2026 with many of the same crosscurrents that defined the second half of 2025. Supply is expected to remain elevated as issuers continue to address deferred capital needs and higher project costs, while broader rate direction remains in flux. That said, municipal rates north of their trailing 10- and 20-year averages and a steep muni curve beyond 10 years, support a more constructive outlook for municipal investors, particularly in intermediate and longer maturities.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the Fund since the Fund's inception on February 28, 2023, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the Fund for the past one-year period and the period from the Fund's inception through December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g108244chartimages_11222876.jpg)

---

| | | |
|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | Since Inception |
| **AMG GW&K Municipal Enhanced SMA Shares** | 2.84% | 5.18% |
| **Bloomberg U.S. Municipal Bond Index** | 4.25% | 3.90% |
| **Bloomberg U.S. Municipal Bond BAA Index** | 4.13% | 5.14% |

---

*"Bloomberg<sup>®</sup>" and any Bloomberg index described herein are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the fund described herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to such fund.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$217449823 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;135 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;41% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, 5.750%, 12/31/65 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;County of Jefferson Sewer Revenue, 5.500%, 10/01/53 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Higher Educational Facilities Authority, Series B2, 5.000%, 11/01/54 | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, 5.250%, 07/01/55 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, 5.000%, 12/31/57 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, 5.250%, 07/01/52 | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Orange County Health Facilities Authority,<br>Series A, 5.250%, 10/01/56 | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series 1, 4.750%, 11/15/45 | 1.7% |
| Top Ten as a Group | 21.6% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222861.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222860.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.

123125 TSR026A

### AMG GW&K Municipal Enhanced Yield Fund

## Class N/GWMNX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Municipal Enhanced Yield Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Municipal Enhanced Yield Fund<br>(Class N/GWMNX) | $100 | 0.99% |

---

#### Management's Discussion of Fund Performance
For the year that ended December 31, 2025, the Fund's Class N shares returned 2.23%, compared to the Bloomberg U.S. Municipal Bond BAA Index, which returned 4.13%. The Bloomberg U.S. Municipal Bond Index returned 4.25% over the same period.

OVERVIEW

• Municipal bonds delivered solid returns in Q4 and for the year. Municipals underperformed their taxable counterparts largely due to record new supply and concerns earlier in the year regarding tax exemption and tariffs. However, the market rallied to end Q3 and continued into Q4 driven by the Federal Open Markets Committee (FOMC) cutting the Federal Funds rate by 25 basis points, strong reinvestment demand, and tax-equivalent yields that had become too cheap to ignore.

• Returns varied for the year as the yield curve meaningfully steepened. Shorter maturity yields declined by 40-45 basis points, while the long end actually rose 30 basis points. This drove returns along the intermediate part of the yield curve higher for the year.

PERFORMANCE/CONTRIBUTORS/DETRACTORS

• On a relative performance basis, the Fund underperformed the indices for the fiscal year ended December 31, 2025. The Fund's longer duration was a positive as well as an overweight to the 10-year area of the curve, which was the best performer. The Fund's underweight to short callable bonds and overweight to longer maturities were negatives as the curve steepened, with short-term rates falling and longer-term rates rising. Overall security selection was a positive for the year, particularly in BBB rated securities. However, high yield underperformed for the year, and the Fund's small allocation to BBs was a negative.

OUTLOOK

• The municipal bond market enters 2026 with many of the same crosscurrents that defined the second half of 2025. Supply is expected to remain elevated as issuers continue to address deferred capital needs and higher project costs, while broader rate direction remains in flux. That said, municipal rates north of their trailing 10- and 20-year averages and a steep muni curve beyond 10 years, support a more constructive outlook for municipal investors, particularly in intermediate and longer maturities.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g108244chartimages_11222136.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class N** | 2.23% | (0.44%) | 2.28% |
| **Bloomberg U.S. Municipal Bond Index** | 4.25% | 0.80% | 2.34% |
| **Bloomberg U.S. Municipal Bond BAA Index** | 4.13% | 1.57% | 3.29% |

---

*"Bloomberg<sup>®</sup>" and any Bloomberg index described herein are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the fund described herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to such fund.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$158461526 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$585057 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Richland County School District No 2, Series A, 1.875%, 03/01/38 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 4.000%, 04/30/53 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Escambia County Health Facilities Authority, 4.000%, 08/15/50 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 5.625%, 04/01/40 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, 5.750%, 12/31/65 | 2.6% |
| Top Ten as a Group | 31.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222121.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222120.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.

123125 TSR028A

### AMG GW&K Municipal Enhanced Yield Fund

## Class I/GWMEX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Municipal Enhanced Yield Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Municipal Enhanced Yield Fund<br>(Class I/GWMEX) | $65 | 0.64% |

---

#### Management's Discussion of Fund Performance
For the year that ended December 31, 2025, the Fund's Class I shares returned 2.51%, compared to the Bloomberg U.S. Municipal Bond BAA Index, which returned 4.13%. The Bloomberg U.S. Municipal Bond Index returned 4.25% over the same period.

OVERVIEW

• Municipal bonds delivered solid returns in Q4 and for the year. Municipals underperformed their taxable counterparts largely due to record new supply and concerns earlier in the year regarding tax exemption and tariffs. However, the market rallied to end Q3 and continued into Q4 driven by the Federal Open Markets Committee (FOMC) cutting the Federal Funds rate by 25 basis points, strong reinvestment demand, and tax-equivalent yields that had become too cheap to ignore.

• Returns varied for the year as the yield curve meaningfully steepened. Shorter maturity yields declined by 40-45 basis points, while the long end actually rose 30 basis points. This drove returns along the intermediate part of the yield curve higher for the year.

PERFORMANCE/CONTRIBUTORS/DETRACTORS

• On a relative performance basis, the Fund underperformed the indices for the fiscal year ended December 31, 2025. The Fund's longer duration was a positive as well as an overweight to the 10-year area of the curve, which was the best performer. The Fund's underweight to short callable bonds and overweight to longer maturities were negatives as the curve steepened, with short-term rates falling and longer-term rates rising. Overall security selection was a positive for the year, particularly in BBB rated securities. However, high yield underperformed for the year, and the Fund's small allocation to BBs was a negative.

OUTLOOK

• The municipal bond market enters 2026 with many of the same crosscurrents that defined the second half of 2025. Supply is expected to remain elevated as issuers continue to address deferred capital needs and higher project costs, while broader rate direction remains in flux. That said, municipal rates north of their trailing 10- and 20-year averages and a steep muni curve beyond 10 years, support a more constructive outlook for municipal investors, particularly in intermediate and longer maturities.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11222099.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class I** | 2.51% | (0.09%) | 2.67% |
| **Bloomberg U.S. Municipal Bond Index** | 4.25% | 0.80% | 2.34% |
| **Bloomberg U.S. Municipal Bond BAA Index** | 4.13% | 1.57% | 3.29% |

---

*"Bloomberg<sup>®</sup>" and any Bloomberg index described herein are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the fund described herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to such fund.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$158461526 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$585057 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Richland County School District No 2, Series A, 1.875%, 03/01/38 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 4.000%, 04/30/53 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Escambia County Health Facilities Authority, 4.000%, 08/15/50 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 5.625%, 04/01/40 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, 5.750%, 12/31/65 | 2.6% |
| Top Ten as a Group | 31.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222084.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222083.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.

123125 TSR027A

### AMG GW&K Municipal Enhanced Yield Fund

## Class Z/GWMZX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Municipal Enhanced Yield Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Municipal Enhanced Yield Fund<br>(Class Z/GWMZX) | $60 | 0.59% |

---

#### Management's Discussion of Fund Performance
For the year that ended December 31, 2025, the Fund's Class Z shares returned 2.56%, compared to the Bloomberg U.S. Municipal Bond BAA Index, which returned 4.13%. The Bloomberg U.S. Municipal Bond Index returned 4.25% over the same period.

OVERVIEW

• Municipal bonds delivered solid returns in Q4 and for the year. Municipals underperformed their taxable counterparts largely due to record new supply and concerns earlier in the year regarding tax exemption and tariffs. However, the market rallied to end Q3 and continued into Q4 driven by the Federal Open Markets Committee (FOMC) cutting the Federal Funds rate by 25 basis points, strong reinvestment demand, and tax-equivalent yields that had become too cheap to ignore.

• Returns varied for the year as the yield curve meaningfully steepened. Shorter maturity yields declined by 40-45 basis points, while the long end actually rose 30 basis points. This drove returns along the intermediate part of the yield curve higher for the year.

PERFORMANCE/CONTRIBUTORS/DETRACTORS

• On a relative performance basis, the Fund underperformed the indices for the fiscal year ended December 31, 2025. The Fund's longer duration was a positive as well as an overweight to the 10-year area of the curve, which was the best performer. The Fund's underweight to short callable bonds and overweight to longer maturities were negatives as the curve steepened, with short-term rates falling and longer-term rates rising. Overall security selection was a positive for the year, particularly in BBB rated securities. However, high yield underperformed for the year, and the Fund's small allocation to BBs was a negative.

OUTLOOK

• The municipal bond market enters 2026 with many of the same crosscurrents that defined the second half of 2025. Supply is expected to remain elevated as issuers continue to address deferred capital needs and higher project costs, while broader rate direction remains in flux. That said, municipal rates north of their trailing 10- and 20-year averages and a steep muni curve beyond 10 years, support a more constructive outlook for municipal investors, particularly in intermediate and longer maturities.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted since the class's inception on February 24, 2017, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-year and five-year periods and the period from the class's inception through December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $5,000,000

![Fund Performance - Growth of 10K](g108244chartimages_11222173.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | Since Inception |
| **Class Z** | 2.56% | (0.03%) | 2.83% |
| **Bloomberg U.S. Municipal Bond Index** | 4.25% | 0.80% | 2.48% |
| **Bloomberg U.S. Municipal Bond BAA Index** | 4.13% | 1.57% | 3.49% |

---

*"Bloomberg<sup>®</sup>" and any Bloomberg index described herein are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the fund described herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to such fund.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$158461526 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$585057 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Richland County School District No 2, Series A, 1.875%, 03/01/38 | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 4.000%, 04/30/53 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Escambia County Health Facilities Authority, 4.000%, 08/15/50 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;New York Transportation Development Corp., 5.625%, 04/01/40 | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Public Finance Authority, 5.750%, 12/31/65 | 2.6% |
| Top Ten as a Group | 31.8% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222158.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222157.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.

123125 TSR029A

### AMG GW&K Securitized Bond SMA Shares

## GWSBX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Securitized Bond SMA Shares (the "Fund") for the period of June 12, 2025 (commencement of operations) to December 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 since the commencement of operations?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Securitized Bond SMA Shares<br>(GWSBX) | $0 | 0.00% |

---

Usually the expenses for a full reporting period would be higher for a fund; however, in this case, the Fund has an expense cap arrangement that reduces the Fund's expenses to 0.00% (excluding taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the Fund's average daily net assets.

#### Management's Discussion of Fund Performance
AMG GW&K Securitized Bond SMA Shares (the "Fund") returned 4.87% for the period June 12, 2025 (commencement of operations) to December 31, 2025, compared with the 5.10% return for its current benchmark, the Bloomberg U.S. Securitized Index (the "Index"). The Bloomberg U.S. Aggregate Bond Index returned 4.10% over the same period.

#### MARKET OVERVIEW
• The broad U.S. bond market, represented by the Bloomberg U.S. Aggregate Bond Index, posted its best annual performance since 2020, led by strong performance in securitized assets as Agency mortgage-backed securities (MBS) benefited from reduced rate volatility, while investment grade corporates generated positive excess returns through carry despite modest spread widening.

• The Treasury curve steepened further, driven by declines at the front end of the curve (2- and 5-year yields down 13 and 2 basis points, respectively) and modest increases at the long end of the curve (10- and 30-year up 2 and 11 bps, respectively), leaving the spread between the 2-year and 30-year maturities along the curve at its steepest level amid accommodative U.S. Federal Reserve (the Fed) policy and ongoing inflation, fiscal supply, and dollar-demand concerns.

PERFORMANCE REVIEW

• On a relative basis, the Fund underperformed its benchmarks from its June inception through December 31, 2025. Relative performance was negatively impacted by an overweight to CMBS (Commercial Mortgage-backed Securities) and allocations to out-of-benchmark Treasuries and CLOs (Collateralized Loan Obligations). Although CMBS and CLO credit spreads tightened over the period, they lagged the tightening in Agency MBS, which were the primary driver of index returns. Positive allocation and security selection within Agency MBS partially mitigated the relative underperformance.

OUTLOOK

• Entering 2026, government support across monetary, fiscal, and capital markets has helped stabilize volatility, extending the traditional "don't fight the Fed" framework and creating a supportive backdrop for securitized markets.

• Despite fears of global conflicts, an explosion of artificial intelligence (AI)-driven debt supply, and markets that have priced much of the good news in, stable and reasonable fixed-income yields look to make this another year where thoughtful active management can find attractive opportunities within high grade securitized products.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the Fund since the Fund's inception on June 12, 2025, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the Fund from the Fund's inception through December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same period.

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

**GROWTH OF $10,000**

![Fund Performance - Growth of 10K](g108244chartimages_11222913.jpg)

---

| | |
|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | Since Inception |
| **AMG GW&K Securitized Bond SMA Shares** | 4.87% |
| **Bloomberg U.S. Aggregate Bond Index** | 4.10% |
| **Bloomberg U.S. Securitized Index** | 5.10% |

---

*"Bloomberg<sup>®</sup>" and any Bloomberg index described herein are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited ("BISL"), the administrator of the index (collectively, "Bloomberg") and have been licensed for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend the fund described herein. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to such fund.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$120140568 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;128 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

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

**Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;GNMA, 5.500%, 04/20/55 | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 3.500%, 06/01/49 | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 5.000%, 01/01/53 | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 2.500%, 11/01/51 | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;FNMA, 4.000%, 06/01/53 | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;GNMA, 2.500%, 09/20/50 | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 3.000%, 08/01/52 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 6.000%, 10/01/53 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 5.500%, 02/01/54 | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;FHLMC, 4.500%, 09/01/52 | 2.8% |
| Top Ten as a Group | 33.9% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222898.jpg)

**Ratings**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222897.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.

123125 TSR101A

### AMG GW&K Small Cap Core Fund

## Class N/GWETX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Small Cap Core Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Small Cap Core Fund<br> (Class N/GWETX) | $134 | 1.29% |

---

#### Management's Discussion of Fund Performance
For the year that ended December 31, 2025, the Fund's Class N shares returned 7.24%, compared with the Fund's benchmark, the Russell 2000<sup>®</sup> Index, which returned 12.81%. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

OVERVIEW

• The Russell 2000<sup>®</sup> Index finished the year up strongly after a volatile path, falling 23% amid tariff uncertainty before rebounding more than 40% to reach new all-time highs by mid-December.

• Leadership broadened beyond growth, with value nearly matching growth performance and industrials and health care leading returns, while consumer staples and discretionary were the only sectors to finish negative relative to the Russell 2000<sup>®</sup> Index.

PERFORMANCE REVIEW

• The Fund underperformed the Russell 2000<sup>®</sup> Index on a relative basis for the fiscal year.

• While some of the Fund's holdings had fundamental setbacks, the low quality, narrow environment was a huge factor in the benchmark's superior results. Our investment style deliberately avoids higher beta stocks, commodity industries like metals and mining, and speculative companies without earnings valuation support. Unfortunately, these were the exact traits favored by investors during the year and caused the Fund's underperformance.

TOP CONTRIBUTORS AND DETRACTORS

• Stock selection within industrials was a leading contributor to relative performance.

• Notable top contributors in industrials included: Sterling Infrastructure, Inc. (+82%), Primoris Services Corp. (+63%), and RBC Bearings, Inc. (+50%).

• Materials, information technology, and financials were the most challenging sectors to relative performance due to weak stock selection.

• Notable top detractors from performance included: Intapp, Inc. (-29%), Avient Corp (-21%), and Flywire Corp. (-85%). Flywire was sold during the year.

OUTLOOK

• Fundamentals are improving, with accelerating small-cap earnings growth, a broadening economic backdrop, normalization of post-Covid distortions, clearer global trade rules, and greater consumer confidence as policy uncertainty eases.

• A widening opportunity set favors disciplined investors, as a broadening economy could support broader market performance, while risk-aware strategies focused on sustainable earnings growth should fare better than chasing narrow market themes.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g108244chartimages_11222025.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class N** | 7.24% | 5.84% | 9.51% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell 2000<sup>®</sup> Index** | 12.81% | 6.09% | 9.62% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$697869168 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4372594 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Champion Homes, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 1.5% |
| Top Ten as a Group | 17.4% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222010.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.

123125 TSR031A

### AMG GW&K Small Cap Core Fund

## Class I/GWEIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Small Cap Core Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Small Cap Core Fund<br> (Class I/GWEIX) | $98 | 0.94% |

---

#### Management's Discussion of Fund Performance
For the year that ended December 31, 2025, the Fund's Class I shares returned 7.57%, compared with the Fund's benchmark, the Russell 2000<sup>®</sup> Index, which returned 12.81%. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

OVERVIEW

• The Russell 2000<sup>®</sup> Index finished the year up strongly after a volatile path, falling 23% amid tariff uncertainty before rebounding more than 40% to reach new all-time highs by mid-December.

• Leadership broadened beyond growth, with value nearly matching growth performance and industrials and health care leading returns, while consumer staples and discretionary were the only sectors to finish negative relative to the Russell 2000<sup>®</sup> Index.

PERFORMANCE REVIEW

• The Fund underperformed the Russell 2000<sup>®</sup> Index on a relative basis for the fiscal year.

• While some of the Fund's holdings had fundamental setbacks, the low quality, narrow environment was a huge factor in the benchmark's superior results. Our investment style deliberately avoids higher beta stocks, commodity industries like metals and mining, and speculative companies without earnings valuation support. Unfortunately, these were the exact traits favored by investors during the year and caused the Fund's underperformance.

TOP CONTRIBUTORS AND DETRACTORS

• Stock selection within industrials was a leading contributor to relative performance.

• Notable top contributors in industrials included: Sterling Infrastructure, Inc. (+82%), Primoris Services Corp. (+63%), and RBC Bearings, Inc. (+50%).

• Materials, information technology, and financials were the most challenging sectors to relative performance due to weak stock selection.

• Notable top detractors from performance included: Intapp, Inc. (-29%), Avient Corp (-21%), and Flywire Corp. (-85%). Flywire was sold during the year.

OUTLOOK

• Fundamentals are improving, with accelerating small-cap earnings growth, a broadening economic backdrop, normalization of post-Covid distortions, clearer global trade rules, and greater consumer confidence as policy uncertainty eases.

• A widening opportunity set favors disciplined investors, as a broadening economy could support broader market performance, while risk-aware strategies focused on sustainable earnings growth should fare better than chasing narrow market themes.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11221988.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class I** | 7.57% | 6.20% | 9.89% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell 2000<sup>®</sup> Index** | 12.81% | 6.09% | 9.62% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$697869168 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4372594 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Champion Homes, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 1.5% |
| Top Ten as a Group | 17.4% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11221973.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.

123125 TSR030A

### AMG GW&K Small Cap Core Fund

## Class Z/GWEZX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Small Cap Core Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Small Cap Core Fund<br> (Class Z/GWEZX) | $92 | 0.89% |

---

#### Management's Discussion of Fund Performance
For the year that ended December 31, 2025, the Fund's Class Z shares returned 7.67%, compared with the Fund's benchmark, the Russell 2000<sup>®</sup> Index, which returned 12.81%. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

OVERVIEW

• The Russell 2000<sup>®</sup> Index finished the year up strongly after a volatile path, falling 23% amid tariff uncertainty before rebounding more than 40% to reach new all-time highs by mid-December.

• Leadership broadened beyond growth, with value nearly matching growth performance and industrials and health care leading returns, while consumer staples and discretionary were the only sectors to finish negative relative to the Russell 2000<sup>®</sup> Index.

PERFORMANCE REVIEW

• The Fund underperformed the Russell 2000<sup>®</sup> Index on a relative basis for the fiscal year.

• While some of the Fund's holdings had fundamental setbacks, the low quality, narrow environment was a huge factor in the benchmark's superior results. Our investment style deliberately avoids higher beta stocks, commodity industries like metals and mining, and speculative companies without earnings valuation support. Unfortunately, these were the exact traits favored by investors during the year and caused the Fund's underperformance.

TOP CONTRIBUTORS AND DETRACTORS

• Stock selection within industrials was a leading contributor to relative performance.

• Notable top contributors in industrials included: Sterling Infrastructure, Inc. (+82%), Primoris Services Corp. (+63%), and RBC Bearings, Inc. (+50%).

• Materials, information technology, and financials were the most challenging sectors to relative performance due to weak stock selection.

• Notable top detractors from performance included: Intapp, Inc. (-29%), Avient Corp (-21%), and Flywire Corp. (-85%). Flywire was sold during the year.

OUTLOOK

• Fundamentals are improving, with accelerating small-cap earnings growth, a broadening economic backdrop, normalization of post-Covid distortions, clearer global trade rules, and greater consumer confidence as policy uncertainty eases.

• A widening opportunity set favors disciplined investors, as a broadening economy could support broader market performance, while risk-aware strategies focused on sustainable earnings growth should fare better than chasing narrow market themes.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted since the class's inception on February 24, 2017, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-year and five-year periods and the period from the class's inception through December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $5,000,000

![Fund Performance - Growth of 10K](g108244chartimages_11222062.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | Since Inception |
| **Class Z** | 7.67% | 6.26% | 8.63% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.66% |
| **Russell 2000<sup>®</sup> Index** | 12.81% | 6.09% | 8.19% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$697869168 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;101 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4372594 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SPX Technologies, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Champion Homes, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Stifel Financial Corp. | 1.5% |
| Top Ten as a Group | 17.4% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222047.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.

123125 TSR032A

### AMG GW&K Small Cap Value Fund

## Class N/SKSEX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Small Cap Value Fund<br> (Class N/SKSEX) | $115 | 1.13% |

---

#### Management's Discussion of Fund Performance
For the fiscal year ended December 31, 2025, the Fund's Class N shares returned 3.00%, compared to a 12.59% return for the Russell 2000<sup>®</sup> Value Index, the Fund's benchmark. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

MARKET OVERVIEW

• The Russell 2000<sup>®</sup> Value Index finished the year up 12.59% after a volatile path, falling 22% amid tariff uncertainty before rebounding more than 40% to reach new all-time highs by mid-December.

• Leadership broadened beyond growth, with value nearly matching growth performance and materials and consumer discretionary leading returns, while consumer staples and energy were the laggards within the Russell 2000<sup>®</sup> Value Index.

PERFORMANCE REVIEW

• While some of the Fund's holdings had fundamental setbacks, the low quality, narrow environment was a huge factor in the benchmark's superior results. Our investment style deliberately avoids higher beta stocks, commodity industries like metals and mining, and speculative companies without earnings valuation support. Unfortunately, these were the exact traits favored by investors during the year.

TOP CONTRIBUTORS AND DETRACTORS

• Stock selections within information technology and energy were leading contributors to relative performance.

• Notable top contributors in those sectors included: TTM Technologies, Inc. (+189%), Viavi Solutions, Inc. (+76%), and Solaris Energy Infrastructure, Inc. Class A (+62%).

• Financials and materials were the main sectors detracting from performance due to weak stock selection.

• Notable top detractors from performance included: Walker & Dunlop, Inc. (-36%), Selective Insurance Group, Inc. (-17%), and Orion S.A. (-45%). Selective Insurance Group Inc. and Orion S.A. were sold during the year.

OUTLOOK

• Fundamentals are improving, with accelerating small-cap earnings growth, a broadening economic backdrop, normalization of post-Covid distortions, clearer global trade rules, and greater consumer confidence as policy uncertainty eases.

• A widening opportunity set favors disciplined investors, as a broadening economy could support broader market performance, while risk-aware strategies focused on sustainable earnings growth should fare better than chasing narrow market themes.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g108244chartimages_11222543.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class N** | 3.00% | 8.52% | 7.86% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell 2000<sup>®</sup> Value Index** | 12.59% | 8.88% | 9.27% |

---

 *As of December 4, 2020, the Fund's Subadviser was changed to GW&K Investment Management, LLC. Prior to December 4, 2020, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before December 4, 2020, might be less pertinent for investors considering whether to purchase shares of the Fund.*

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$203243873 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1360013 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellium SE (France) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp. (Canada) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc. | 1.8% |
| Top Ten as a Group | 22.0% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222528.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.

123125 TSR034A

### AMG GW&K Small Cap Value Fund

## Class I/SKSIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Small Cap Value Fund<br> (Class I/SKSIX) | $94 | 0.93% |

---

#### Management's Discussion of Fund Performance
For the fiscal year ended December 31, 2025, the Fund's Class I shares returned 3.18%, compared to a 12.59% return for the Russell 2000<sup>®</sup> Value Index, the Fund's benchmark. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

MARKET OVERVIEW

• The Russell 2000<sup>®</sup> Value Index finished the year up 12.59% after a volatile path, falling 22% amid tariff uncertainty before rebounding more than 40% to reach new all-time highs by mid-December.

• Leadership broadened beyond growth, with value nearly matching growth performance and materials and consumer discretionary leading returns, while consumer staples and energy were the laggards within the Russell 2000<sup>®</sup> Value Index.

PERFORMANCE REVIEW

• While some of the Fund's holdings had fundamental setbacks, the low quality, narrow environment was a huge factor in the benchmark's superior results. Our investment style deliberately avoids higher beta stocks, commodity industries like metals and mining, and speculative companies without earnings valuation support. Unfortunately, these were the exact traits favored by investors during the year.

TOP CONTRIBUTORS AND DETRACTORS

• Stock selections within information technology and energy were leading contributors to relative performance.

• Notable top contributors in those sectors included: TTM Technologies, Inc. (+189%), Viavi Solutions, Inc. (+76%), and Solaris Energy Infrastructure, Inc. Class A (+62%).

• Financials and materials were the main sectors detracting from performance due to weak stock selection.

• Notable top detractors from performance included: Walker & Dunlop, Inc. (-36%), Selective Insurance Group, Inc. (-17%), and Orion S.A. (-45%). Selective Insurance Group Inc. and Orion S.A. were sold during the year.

OUTLOOK

• Fundamentals are improving, with accelerating small-cap earnings growth, a broadening economic backdrop, normalization of post-Covid distortions, clearer global trade rules, and greater consumer confidence as policy uncertainty eases.

• A widening opportunity set favors disciplined investors, as a broadening economy could support broader market performance, while risk-aware strategies focused on sustainable earnings growth should fare better than chasing narrow market themes.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted since the class's inception on February 24, 2017, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-year and five-year periods and the period from the class's inception through December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11222506.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | Since Inception |
| **Class I** | 3.18% | 8.73% | 6.67% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.66% |
| **Russell 2000<sup>®</sup> Value Index** | 12.59% | 8.88% | 6.97% |

---

 *As of December 4, 2020, the Fund's Subadviser was changed to GW&K Investment Management, LLC. Prior to December 4, 2020, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before December 4, 2020, might be less pertinent for investors considering whether to purchase shares of the Fund.*

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$203243873 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1360013 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellium SE (France) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp. (Canada) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc. | 1.8% |
| Top Ten as a Group | 22.0% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222491.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.

123125 TSR033A

### AMG GW&K Small Cap Value Fund

## Class Z/SKSZX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Small Cap Value Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Small Cap Value Fund<br> (Class Z/SKSZX) | $89 | 0.88% |

---

#### Management's Discussion of Fund Performance
For the fiscal year ended December 31, 2025, the Fund's Class Z shares returned 3.25%, compared to a 12.59% return for the Russell 2000<sup>®</sup> Value Index, the Fund's benchmark. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

MARKET OVERVIEW

• The Russell 2000<sup>®</sup> Value Index finished the year up 12.59% after a volatile path, falling 22% amid tariff uncertainty before rebounding more than 40% to reach new all-time highs by mid-December.

• Leadership broadened beyond growth, with value nearly matching growth performance and materials and consumer discretionary leading returns, while consumer staples and energy were the laggards within the Russell 2000<sup>®</sup> Value Index.

PERFORMANCE REVIEW

• While some of the Fund's holdings had fundamental setbacks, the low quality, narrow environment was a huge factor in the benchmark's superior results. Our investment style deliberately avoids higher beta stocks, commodity industries like metals and mining, and speculative companies without earnings valuation support. Unfortunately, these were the exact traits favored by investors during the year.

TOP CONTRIBUTORS AND DETRACTORS

• Stock selections within information technology and energy were leading contributors to relative performance.

• Notable top contributors in those sectors included: TTM Technologies, Inc. (+189%), Viavi Solutions, Inc. (+76%), and Solaris Energy Infrastructure, Inc. Class A (+62%).

• Financials and materials were the main sectors detracting from performance due to weak stock selection.

• Notable top detractors from performance included: Walker & Dunlop, Inc. (-36%), Selective Insurance Group, Inc. (-17%), and Orion S.A. (-45%). Selective Insurance Group Inc. and Orion S.A. were sold during the year.

OUTLOOK

• Fundamentals are improving, with accelerating small-cap earnings growth, a broadening economic backdrop, normalization of post-Covid distortions, clearer global trade rules, and greater consumer confidence as policy uncertainty eases.

• A widening opportunity set favors disciplined investors, as a broadening economy could support broader market performance, while risk-aware strategies focused on sustainable earnings growth should fare better than chasing narrow market themes.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted since the class's inception on February 24, 2017, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-year and five-year periods and the period from the class's inception through December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $5,000,000

![Fund Performance - Growth of 10K](g108244chartimages_11222580.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | Since Inception |
| **Class Z** | 3.25% | 8.79% | 6.74% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.66% |
| **Russell 2000<sup>®</sup> Value Index** | 12.59% | 8.88% | 6.97% |

---

 *As of December 4, 2020, the Fund's Subadviser was changed to GW&K Investment Management, LLC. Prior to December 4, 2020, the Fund had different principal investment strategies and corresponding risks. The Fund's performance before December 4, 2020, might be less pertinent for investors considering whether to purchase shares of the Fund.*

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$203243873 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1360013 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;TTM Technologies, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., Class A | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Constellium SE (France) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;IMAX Corp. (Canada) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Viavi Solutions, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc. | 1.8% |
| Top Ten as a Group | 22.0% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222565.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.

123125 TSR035A

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

## Class N/GWGVX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Small/Mid Cap Core Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Small/Mid Cap Core Fund<br> (Class N/GWGVX) | $109 | 1.07% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund's Class N shares returned 4.39%, compared to the Fund's benchmark, the Russell 2500<sup>®</sup> Index (the "Index"), which returned 11.91%. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

MARKET OVERVIEW

• The Index finished the year up strong after a volatile path, falling 23% amid tariff uncertainty before rebounding more than 40% to reach new all-time highs by mid-December.

• To add an unexpected twist to this wild story, the value side of the Index outperformed for the year, despite all the talk of artificial intelligence (AI) and technology. Utilities and health care sectors led returns within the Index, while consumer staples was far and away the worst performer and only negative group. Consumer discretionary and real estate were also well below average.

PERFORMANCE REVIEW

• The Fund underperformed the Index for the fiscal year ended December 31, 2025.

• While some of the Fund's holdings had fundamental setbacks, the low quality, narrow environment was a huge factor in the benchmark's superior results. Our investment style deliberately avoids higher beta stocks, commodity industries like metals and mining, and speculative companies without earnings valuation support. Unfortunately, these were the exact traits favored by investors during the year.

TOP CONTRIBUTORS AND DETRACTORS

• Stock selection within consumer staples and industrials was a leading contributor to relative performance.

• Notable top contributors in those sectors included Performance Food Group Co (+22%), Comfort Systems USA, Inc. (+121%), and API Group Corporation (+60%).

• Information technology, materials and financials were the most challenging sectors to performance due primarily to weak stock selection.

• Notable top detractors from performance included Globant SA (-69%), Eagle Materials Inc. (-16%), and Steel Newco Inc. (-16%). Globant SA and Steel Newco Inc. were sold during the year.

OUTLOOK

• Fundamentals are improving, with accelerating small-cap earnings growth, a broadening economic backdrop, normalization of post-Covid distortions, clearer global trade rules, and greater consumer confidence as policy uncertainty eases.

• A widening opportunity set favors disciplined investors, as a broadening economy could support broader market performance, while risk-aware strategies focused on sustainable earnings growth should fare better than chasing narrow market themes.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted since the class's inception on February 24, 2017, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-year and five-year periods and the period from the class's inception through December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g108244chartimages_11222321.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | Since Inception |
| **Class N** | 4.39% | 6.34% | 9.27% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.66% |
| **Russell 2500<sup>®</sup> Index** | 11.91% | 7.26% | 9.31% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$716960006 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4681272 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cavco Industries, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC (Ireland) | 1.7% |
| Top Ten as a Group | 20.0% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222306.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.

123125 TSR037A

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

## Class I/GWGIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Small/Mid Cap Core Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Small/Mid Cap Core Fund<br> (Class I/GWGIX) | $89 | 0.87% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund's Class I shares returned 4.58%, compared to the Fund's benchmark, the Russell 2500<sup>®</sup> Index (the "Index"), which returned 11.91%. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

MARKET OVERVIEW

• The Index finished the year up strong after a volatile path, falling 23% amid tariff uncertainty before rebounding more than 40% to reach new all-time highs by mid-December.

• To add an unexpected twist to this wild story, the value side of the Index outperformed for the year, despite all the talk of artificial intelligence (AI) and technology. Utilities and health care sectors led returns within the Index, while consumer staples was far and away the worst performer and only negative group. Consumer discretionary and real estate were also well below average.

PERFORMANCE REVIEW

• The Fund underperformed the Index for the fiscal year ended December 31, 2025.

• While some of the Fund's holdings had fundamental setbacks, the low quality, narrow environment was a huge factor in the benchmark's superior results. Our investment style deliberately avoids higher beta stocks, commodity industries like metals and mining, and speculative companies without earnings valuation support. Unfortunately, these were the exact traits favored by investors during the year.

TOP CONTRIBUTORS AND DETRACTORS

• Stock selection within consumer staples and industrials was a leading contributor to relative performance.

• Notable top contributors in those sectors included Performance Food Group Co (+22%), Comfort Systems USA, Inc. (+121%), and API Group Corporation (+60%).

• Information technology, materials and financials were the most challenging sectors to performance due primarily to weak stock selection.

• Notable top detractors from performance included Globant SA (-69%), Eagle Materials Inc. (-16%), and Steel Newco Inc. (-16%). Globant SA and Steel Newco Inc. were sold during the year.

OUTLOOK

• Fundamentals are improving, with accelerating small-cap earnings growth, a broadening economic backdrop, normalization of post-Covid distortions, clearer global trade rules, and greater consumer confidence as policy uncertainty eases.

• A widening opportunity set favors disciplined investors, as a broadening economy could support broader market performance, while risk-aware strategies focused on sustainable earnings growth should fare better than chasing narrow market themes.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11222284.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class I** | 4.58% | 6.55% | 9.93% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell 2500<sup>®</sup> Index** | 11.91% | 7.26% | 10.40% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$716960006 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4681272 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cavco Industries, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC (Ireland) | 1.7% |
| Top Ten as a Group | 20.0% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222269.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.

123125 TSR036A

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

## Class Z/GWGZX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG GW&K Small/Mid Cap Core Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG GW&K Small/Mid Cap Core Fund<br> (Class Z/GWGZX) | $84 | 0.82% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund's Class Z shares returned 4.68%, compared to the Fund's benchmark, the Russell 2500<sup>®</sup> Index (the "Index"), which returned 11.91%. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

MARKET OVERVIEW

• The Index finished the year up strong after a volatile path, falling 23% amid tariff uncertainty before rebounding more than 40% to reach new all-time highs by mid-December.

• To add an unexpected twist to this wild story, the value side of the Index outperformed for the year, despite all the talk of artificial intelligence (AI) and technology. Utilities and health care sectors led returns within the Index, while consumer staples was far and away the worst performer and only negative group. Consumer discretionary and real estate were also well below average.

PERFORMANCE REVIEW

• The Fund underperformed the Index for the fiscal year ended December 31, 2025.

• While some of the Fund's holdings had fundamental setbacks, the low quality, narrow environment was a huge factor in the benchmark's superior results. Our investment style deliberately avoids higher beta stocks, commodity industries like metals and mining, and speculative companies without earnings valuation support. Unfortunately, these were the exact traits favored by investors during the year.

TOP CONTRIBUTORS AND DETRACTORS

• Stock selection within consumer staples and industrials was a leading contributor to relative performance.

• Notable top contributors in those sectors included Performance Food Group Co (+22%), Comfort Systems USA, Inc. (+121%), and API Group Corporation (+60%).

• Information technology, materials and financials were the most challenging sectors to performance due primarily to weak stock selection.

• Notable top detractors from performance included Globant SA (-69%), Eagle Materials Inc. (-16%), and Steel Newco Inc. (-16%). Globant SA and Steel Newco Inc. were sold during the year.

OUTLOOK

• Fundamentals are improving, with accelerating small-cap earnings growth, a broadening economic backdrop, normalization of post-Covid distortions, clearer global trade rules, and greater consumer confidence as policy uncertainty eases.

• A widening opportunity set favors disciplined investors, as a broadening economy could support broader market performance, while risk-aware strategies focused on sustainable earnings growth should fare better than chasing narrow market themes.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted since the class's inception on February 24, 2017, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-year and five-year periods and the period from the class's inception through December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $5,000,000

![Fund Performance - Growth of 10K](g108244chartimages_11222358.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | Since Inception |
| **Class Z** | 4.68% | 6.62% | 9.54% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.66% |
| **Russell 2500<sup>®</sup> Index** | 11.91% | 7.26% | 9.31% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$716960006 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;88 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$4681272 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;28% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;API Group Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Piper Sandler Cos. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cavco Industries, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Burlington Stores, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC (Ireland) | 1.7% |
| Top Ten as a Group | 20.0% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222343.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.

123125 TSR038A

### AMG Renaissance Large Cap Growth Fund

## Class N/MRLTX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG Renaissance Large Cap Growth Fund<br> (Class N/MRLTX) | $104 | 0.99% |

---

#### Management's Discussion of Fund Performance
PERFORMANCE OVERVIEW

• The Fund's Class N shares advanced 10.11% for the calendar year that ended December 31, 2025, led by strong absolute returns in the Fund's consumer discretionary, consumer staples, and real estate holdings.

• The Fund's holdings in financials and information technology were negative contributors to performance for the year.

RELATIVE PERFORMANCE

• The Fund underperformed the Russell 1000<sup>®</sup> Growth Index (the "Russell Index"), which returned 18.56%. The Fund also underperformed the S&P 500<sup>®</sup> Index (the "S&P Index"), which gained 17.88%. While we were encouraged to see the market start to broaden in November and December, the market in 2025 remained narrow overall, with returns largely driven by a handful of mega-cap technology stocks with direct exposure to Artificial Intelligence (AI). The narrow market environment was further exacerbated by the Index remaining heavily weighted in mega-cap stocks, as the weight of the 10 largest stocks in the Russell Index accounted for more than 40% of the Russell Index. In this environment where the mega-cap stocks contributed significantly to the overall Russell Index return, the Fund's equal-weight portfolio strategy was a drag on performance as a result of having relative underweight position size in many of these stocks.

• The narrowness of the market in 2025 is evident in the fact that only 26% of the stocks in the broader S&P Index outperformed the overall S&P Index in 2025. On an equal-weighted basis, the S&P Index posted a return of 11.43% for 2025, far below the cap-weighted return of 17.88%.

TOP CONTRIBUTORS AND DETRACTORS

• Stock selection in the consumer discretionary and consumer staples sectors was the largest contributor to relative performance compared to the Russell Index.

• Stock selection in the financials and information technology sectors was the largest detractor from relative performance. Our sector allocation also had a negative impact driven primarily by an overweight in financials and utilities and an overweight in information technology.

POSITIONING UPDATE

• The Fund's largest sectors are information technology, health care, and financials. The Fund has no positions in the consumer staples or energy sectors.

• The Fund's relatively equal-weight position sizes mean that it remains underweighted in mega-cap stocks, despite owning many of these stocks, resulting in the average market capitalization of the portfolio holdings below that of the Russell Index. While information technology stocks remain the largest sector allocation in the Fund, we continue to find good investment opportunities in other areas of the market as well.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g108244chartimages_11222802.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class N** | 10.11% | 12.40% | 13.95% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 15.32% | 18.13% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$133747801 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$510118 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.1% |
| Top Ten as a Group | 26.1% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222787.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.

123125 TSR046A

### AMG Renaissance Large Cap Growth Fund

## Class I/MRLSX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG Renaissance Large Cap Growth Fund<br> (Class I/MRLSX) | $76 | 0.72% |

---

#### Management's Discussion of Fund Performance
PERFORMANCE OVERVIEW

• The Fund's Class I shares advanced 10.36% for the calendar year that ended December 31, 2025, led by strong absolute returns in the Fund's consumer discretionary, consumer staples, and real estate holdings.

• The Fund's holdings in financials and information technology were negative contributors to performance for the year.

RELATIVE PERFORMANCE

• The Fund underperformed the Russell 1000<sup>®</sup> Growth Index (the "Russell Index"), which returned 18.56%. The Fund also underperformed the S&P 500<sup>®</sup> Index (the "S&P Index"), which gained 17.88%. While we were encouraged to see the market start to broaden in November and December, the market in 2025 remained narrow overall, with returns largely driven by a handful of mega-cap technology stocks with direct exposure to Artificial Intelligence (AI). The narrow market environment was further exacerbated by the Index remaining heavily weighted in mega-cap stocks, as the weight of the 10 largest stocks in the Russell Index accounted for more than 40% of the Russell Index. In this environment where the mega-cap stocks contributed significantly to the overall Russell Index return, the Fund's equal-weight portfolio strategy was a drag on performance as a result of having relative underweight position size in many of these stocks.

• The narrowness of the market in 2025 is evident in the fact that only 26% of the stocks in the broader S&P Index outperformed the overall S&P Index in 2025. On an equal-weighted basis, the S&P Index posted a return of 11.43% for 2025, far below the cap-weighted return of 17.88%.

TOP CONTRIBUTORS AND DETRACTORS

• Stock selection in the consumer discretionary and consumer staples sectors was the largest contributor to relative performance compared to the Russell Index.

• Stock selection in the financials and information technology sectors was the largest detractor from relative performance. Our sector allocation also had a negative impact driven primarily by an overweight in financials and utilities and an overweight in information technology.

POSITIONING UPDATE

• The Fund's largest sectors are information technology, health care, and financials. The Fund has no positions in the consumer staples or energy sectors.

• The Fund's relatively equal-weight position sizes mean that it remains underweighted in mega-cap stocks, despite owning many of these stocks, resulting in the average market capitalization of the portfolio holdings below that of the Russell Index. While information technology stocks remain the largest sector allocation in the Fund, we continue to find good investment opportunities in other areas of the market as well.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11222765.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class I** | 10.36% | 12.68% | 14.25% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 15.32% | 18.13% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$133747801 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$510118 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.1% |
| Top Ten as a Group | 26.1% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222750.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.

123125 TSR045A

### AMG Renaissance Large Cap Growth Fund

## Class Z/MRLIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG Renaissance Large Cap Growth Fund<br> (Class Z/MRLIX) | $68 | 0.65% |

---

#### Management's Discussion of Fund Performance
PERFORMANCE OVERVIEW

• The Fund's Class Z shares advanced 10.48% for the calendar year that ended December 31, 2025, led by strong absolute returns in the Fund's consumer discretionary, consumer staples, and real estate holdings.

• The Fund's holdings in financials and information technology were negative contributors to performance for the year.

RELATIVE PERFORMANCE

• The Fund underperformed the Russell 1000<sup>®</sup> Growth Index (the "Russell Index"), which returned 18.56%. The Fund also underperformed the S&P 500<sup>®</sup> Index (the "S&P Index"), which gained 17.88%. While we were encouraged to see the market start to broaden in November and December, the market in 2025 remained narrow overall, with returns largely driven by a handful of mega-cap technology stocks with direct exposure to Artificial Intelligence (AI). The narrow market environment was further exacerbated by the Index remaining heavily weighted in mega-cap stocks, as the weight of the 10 largest stocks in the Russell Index accounted for more than 40% of the Russell Index. In this environment where the mega-cap stocks contributed significantly to the overall Russell Index return, the Fund's equal-weight portfolio strategy was a drag on performance as a result of having relative underweight position size in many of these stocks.

• The narrowness of the market in 2025 is evident in the fact that only 26% of the stocks in the broader S&P Index outperformed the overall S&P Index in 2025. On an equal-weighted basis, the S&P Index posted a return of 11.43% for 2025, far below the cap-weighted return of 17.88%.

TOP CONTRIBUTORS AND DETRACTORS

• Stock selection in the consumer discretionary and consumer staples sectors was the largest contributor to relative performance compared to the Russell Index.

• Stock selection in the financials and information technology sectors was the largest detractor from relative performance. Our sector allocation also had a negative impact driven primarily by an overweight in financials and utilities and an overweight in information technology.

POSITIONING UPDATE

• The Fund's largest sectors are information technology, health care, and financials. The Fund has no positions in the consumer staples or energy sectors.

• The Fund's relatively equal-weight position sizes mean that it remains underweighted in mega-cap stocks, despite owning many of these stocks, resulting in the average market capitalization of the portfolio holdings below that of the Russell Index. While information technology stocks remain the largest sector allocation in the Fund, we continue to find good investment opportunities in other areas of the market as well.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $5,000,000

![Fund Performance - Growth of 10K](g108244chartimages_11222839.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class Z** | 10.48% | 12.78% | 14.36% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell 1000<sup>®</sup> Growth Index** | 18.56% | 15.32% | 18.13% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$133747801 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;57 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$510118 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;43% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;KLA Corp. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arista Networks, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tapestry, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | 2.1% |
| Top Ten as a Group | 26.1% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222824.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.

123125 TSR047A

### AMG TimesSquare International Small Cap Fund

## Class N/TCMPX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG TimesSquare International Small Cap Fund<br>(Class N/TCMPX) | $150 | 1.30% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund's Class N shares returned 30.35%, while its benchmark, the MSCI EAFE Small Cap Index, returned 31.83%. The MSCI EAFE Index returned 31.22% over the same period.

PERFORMANCE OVERVIEW

• Markets navigated a complex backdrop of geopolitical tensions and domestic policy shifts in 2025. After years of U.S. equity outperformance, international markets led the way in both the fourth quarter and for the full year 2025. Regional performance within the Fund varied: Emerging Markets, Japan, and Asia/Pacific ex Japan showed relative strength, while there was relative weakness in Europe.

REGIONAL PERFORMANCE REVIEW - JAPAN

• Within Japan, the Fund started the year with a tilt toward consumer-related sectors, capitalizing on record inbound tourism and robust domestic spending. However, following the election of Prime Minister Takaichi and a subsequent rise in geopolitical friction with China, there was a measurable contraction in inbound tourist volumes. On the other hand, the administration's vocal support for energy independence and technological advancement has provided a strong tailwind for our holdings in these sectors. The Fund views these areas as structural growth engines that are resilient to shifts in political leadership and broader macro volatility.

• **Integral**, Japan's only listed independent private equity firm, declined -23%. We believe this weakness stems from a lack of local market appreciation for the private equity business model, a sentiment exacerbated by limited sell-side analyst coverage.

REGIONAL PERFORMANCE REVIEW - EUROPE

• In Europe, strong performance in the first half of the year gave way to heightened volatility as headlines surrounding the conflict in Ukraine disrupted sentiment across the defense sector. **RENK,** a global leader in mission-critical drive technologies for land and naval platforms, rose 230%. The Fund expects ongoing benefits from Europe's multiyear defense rearmament cycle.

• By contrast, **Siegfried Holding** fell -14% due to inflationary cost pressures and unfavorable currency movements.

• Emerging Markets benefited from strong stock selection, highlighted by **Piraeus Bank**, whose shares gained 111% on robust loan growth and steady asset management results.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g108244chartimages_11221914.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class N** | 30.35% | 1.17% | 4.96% |
| **MSCI EAFE Index** | 31.22% | 8.92% | 8.18% |
| **MSCI EAFE Small Cap Index** | 31.83% | 5.62% | 7.49% |

---

*All MSCI data is provided "as is". The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$119752682 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$851980 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

#### Graphical Representation of Holdings (as of December 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;Azbil Corp. (Japan) | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;KDX Realty Investment Corp., REIT (Japan) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technip Energies, N.V. (France) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;ALS, Ltd. (Australia) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Bakelite Co., Ltd. (Japan) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Greencore Group PLC (Ireland) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interpump Group S.p.A. (Italy) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ringkjoebing Landbobank A/S (Denmark) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sopra Steria Group (France) | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rigaku Holdings Corp. (Japan) | 2.0% |
| Top Ten as a Group | 22.5% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11221899.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11221898.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.

123125 TSR075A

### AMG TimesSquare International Small Cap Fund

## Class I/TQTIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG TimesSquare International Small Cap Fund<br>(Class I/TQTIX) | $127 | 1.10% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund's Class I shares returned 30.60%, while its benchmark, the MSCI EAFE Small Cap Index, returned 31.83%. The MSCI EAFE Index returned 31.22% over the same period.

PERFORMANCE OVERVIEW

• Markets navigated a complex backdrop of geopolitical tensions and domestic policy shifts in 2025. After years of U.S. equity outperformance, international markets led the way in both the fourth quarter and for the full year 2025. Regional performance within the Fund varied: Emerging Markets, Japan, and Asia/Pacific ex Japan showed relative strength, while there was relative weakness in Europe.

REGIONAL PERFORMANCE REVIEW - JAPAN

• Within Japan, the Fund started the year with a tilt toward consumer-related sectors, capitalizing on record inbound tourism and robust domestic spending. However, following the election of Prime Minister Takaichi and a subsequent rise in geopolitical friction with China, there was a measurable contraction in inbound tourist volumes. On the other hand, the administration's vocal support for energy independence and technological advancement has provided a strong tailwind for our holdings in these sectors. The Fund views these areas as structural growth engines that are resilient to shifts in political leadership and broader macro volatility.

• **Integral**, Japan's only listed independent private equity firm, declined -23%. We believe this weakness stems from a lack of local market appreciation for the private equity business model, a sentiment exacerbated by limited sell-side analyst coverage.

REGIONAL PERFORMANCE REVIEW - EUROPE

• In Europe, strong performance in the first half of the year gave way to heightened volatility as headlines surrounding the conflict in Ukraine disrupted sentiment across the defense sector. **RENK,** a global leader in mission-critical drive technologies for land and naval platforms, rose 230%. The Fund expects ongoing benefits from Europe's multiyear defense rearmament cycle.

• By contrast, **Siegfried Holding** fell -14% due to inflationary cost pressures and unfavorable currency movements.

• Emerging Markets benefited from strong stock selection, highlighted by **Piraeus Bank**, whose shares gained 111% on robust loan growth and steady asset management results.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted since the class's inception on February 24, 2017, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-year and five-year periods and the period from the class's inception through December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11221877.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | Since Inception |
| **Class I** | 30.60% | 1.35% | 5.15% |
| **MSCI EAFE Index** | 31.22% | 8.92% | 8.67% |
| **MSCI EAFE Small Cap Index** | 31.83% | 5.62% | 7.62% |

---

*All MSCI data is provided "as is". The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$119752682 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$851980 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

#### Graphical Representation of Holdings (as of December 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;Azbil Corp. (Japan) | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;KDX Realty Investment Corp., REIT (Japan) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technip Energies, N.V. (France) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;ALS, Ltd. (Australia) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Bakelite Co., Ltd. (Japan) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Greencore Group PLC (Ireland) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interpump Group S.p.A. (Italy) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ringkjoebing Landbobank A/S (Denmark) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sopra Steria Group (France) | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rigaku Holdings Corp. (Japan) | 2.0% |
| Top Ten as a Group | 22.5% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11221862.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11221861.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.

123125 TSR074A

### AMG TimesSquare International Small Cap Fund

## Class Z/TCMIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG TimesSquare International Small Cap Fund<br>(Class Z/TCMIX) | $121 | 1.05% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund's Class Z shares returned 30.71%, while its benchmark, the MSCI EAFE Small Cap Index, returned 31.83%. The MSCI EAFE Index returned 31.22% over the same period.

PERFORMANCE OVERVIEW

• Markets navigated a complex backdrop of geopolitical tensions and domestic policy shifts in 2025. After years of U.S. equity outperformance, international markets led the way in both the fourth quarter and for the full year 2025. Regional performance within the Fund varied: Emerging Markets, Japan, and Asia/Pacific ex Japan showed relative strength, while there was relative weakness in Europe.

REGIONAL PERFORMANCE REVIEW - JAPAN

• Within Japan, the Fund started the year with a tilt toward consumer-related sectors, capitalizing on record inbound tourism and robust domestic spending. However, following the election of Prime Minister Takaichi and a subsequent rise in geopolitical friction with China, there was a measurable contraction in inbound tourist volumes. On the other hand, the administration's vocal support for energy independence and technological advancement has provided a strong tailwind for our holdings in these sectors. The Fund views these areas as structural growth engines that are resilient to shifts in political leadership and broader macro volatility.

• **Integral**, Japan's only listed independent private equity firm, declined -23%. We believe this weakness stems from a lack of local market appreciation for the private equity business model, a sentiment exacerbated by limited sell-side analyst coverage.

REGIONAL PERFORMANCE REVIEW - EUROPE

• In Europe, strong performance in the first half of the year gave way to heightened volatility as headlines surrounding the conflict in Ukraine disrupted sentiment across the defense sector. **RENK,** a global leader in mission-critical drive technologies for land and naval platforms, rose 230%. The Fund expects ongoing benefits from Europe's multiyear defense rearmament cycle.

• By contrast, **Siegfried Holding** fell -14% due to inflationary cost pressures and unfavorable currency movements.

• Emerging Markets benefited from strong stock selection, highlighted by **Piraeus Bank**, whose shares gained 111% on robust loan growth and steady asset management results.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $5,000,000

![Fund Performance - Growth of 10K](g108244chartimages_11221951.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class Z** | 30.71% | 1.42% | 5.22% |
| **MSCI EAFE Index** | 31.22% | 8.92% | 8.18% |
| **MSCI EAFE Small Cap Index** | 31.83% | 5.62% | 7.49% |

---

*All MSCI data is provided "as is". The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$119752682 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;84 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$851980 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;60% |

---

#### Graphical Representation of Holdings (as of December 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;Azbil Corp. (Japan) | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;KDX Realty Investment Corp., REIT (Japan) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Technip Energies, N.V. (France) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;ALS, Ltd. (Australia) | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sumitomo Bakelite Co., Ltd. (Japan) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Greencore Group PLC (Ireland) | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interpump Group S.p.A. (Italy) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ringkjoebing Landbobank A/S (Denmark) | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sopra Steria Group (France) | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rigaku Holdings Corp. (Japan) | 2.0% |
| Top Ten as a Group | 22.5% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11221936.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11221935.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.

123125 TSR076A

### AMG TimesSquare Mid Cap Growth Fund

## Class N/TMDPX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 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.

 **This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG TimesSquare Mid Cap Growth Fund<br> (Class N/TMDPX) | $110 | 1.05% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund's Class N shares returned 8.77%, while its benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 8.66%. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

MARKET OVERVIEW

• Global trade and tariffs were at the top of President Trump's first-year agenda. These actions reshaped relations with foreign governments worldwide. Another important focus in 2025 was artificial intelligence (AI), with a massive infrastructure buildout.

PERFORMANCE REVIEW

• In 2025, the Fund outperformed its category benchmark (Russell Midcap<sup>®</sup> Growth Index).

• The Fund outperformed despite the market's preference for lower quality, non-earners, and higher risk.

• The benchmark further concentrated, with less than 300 names.

• Compared with the benchmark, there was strength found in Financials, Health Care, Communication Services, and Consumer Staples. That was partially offset by weakness in Information Technology, Industrials, and Consumer Discretionary.

TOP CONTRIBUTORS AND DETRACTORS

• **Robinhood Markets (+204%)** supplies a financial services platform. Robinhood achieved impressive account growth and benefited from high trading volumes.

• **AppLovin (+127%)** offers a software-based platform for advertisers to enhance the marketing and monetization of their content. Advertising revenues climbed throughout the year. We exited the position on the strength of its performance.

• **Curtiss-Wright Corp. (+56%)** provides engineered products and solutions to the aerospace and defense industries. The company benefited from increased defense spending.

• **HubSpot (-42%)** offers a cloud-based customer relationship management platform. Its shares were punished by not meeting elevated market expectations.

• **Inspire Medical Systems (-53%)** develops medical devices to treat obstructive sleep apnea. We sold out of the position due to the poorly managed rollout of a new model.

OUTLOOK

• Entering 2026, the global landscape continues evolving, shaped by trends toward national economic resilience and shifting trade dynamics. Implementation of the "One Big Beautiful Bill" may drive higher consumer tax refunds and catalyze corporate spending. Furthermore, we anticipate a significant acceleration in AI adoption as the year unfolds. Through this complexity, we remain focused on the fundamentals, seeking those steady management teams capable of creating economic growth at their companies, which we believe will be rewarded over time by the markets.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g108244chartimages_11221692.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class N** | 8.77% | 6.19% | 11.93% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell Midcap<sup>®</sup> Growth Index** | 8.66% | 6.65% | 12.49% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1596069077 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10300588 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software, Ltd. (Israel) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;JFrog, Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argenx SE, ADR (Netherlands) | 2.0% |
| Top Ten as a Group | 24.9% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11221677.jpg)

#### Recent Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. 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.

TimesSquare Capital Management, LLC, the Fund's subadviser ("TimesSquare") has agreed to waive a portion of the subadvisory fee payable by AMG Funds LLC (the "Investment Manager") in an amount equal to the aggregate management fee earned by TimesSquare from the TimesSquare Quality Mid Cap Growth ETF (the "ETF") that is attributable to the Fund's assets invested in the ETF (the "Fee Waiver Amount") and the Investment Manager has agreed to waive a portion of its management fee payable by the Fund equal to the Fee Waiver Amount. The Fee Waiver Amount shall reduce the management fee after the calculation of any necessary fee waiver or expense reimbursement in connection with the Fund's expense limitation agreement and shall not be eligible for recoupment by the Investment Manager under the terms of such agreement.

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

123125 TSR078A

### AMG TimesSquare Mid Cap Growth Fund

## Class I/TQMIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 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.

 **This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG TimesSquare Mid Cap Growth Fund<br> (Class I/TQMIX) | $94 | 0.90% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund's Class I shares returned 8.96%, while its benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 8.66%. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

MARKET OVERVIEW

• Global trade and tariffs were at the top of President Trump's first-year agenda. These actions reshaped relations with foreign governments worldwide. Another important focus in 2025 was artificial intelligence (AI), with a massive infrastructure buildout.

PERFORMANCE REVIEW

• In 2025, the Fund outperformed its category benchmark (Russell Midcap<sup>®</sup> Growth Index).

• The Fund outperformed despite the market's preference for lower quality, non-earners, and higher risk.

• The benchmark further concentrated, with less than 300 names.

• Compared with the benchmark, there was strength found in Financials, Health Care, Communication Services, and Consumer Staples. That was partially offset by weakness in Information Technology, Industrials, and Consumer Discretionary.

TOP CONTRIBUTORS AND DETRACTORS

• **Robinhood Markets (+204%)** supplies a financial services platform. Robinhood achieved impressive account growth and benefited from high trading volumes.

• **AppLovin (+127%)** offers a software-based platform for advertisers to enhance the marketing and monetization of their content. Advertising revenues climbed throughout the year. We exited the position on the strength of its performance.

• **Curtiss-Wright Corp. (+56%)** provides engineered products and solutions to the aerospace and defense industries. The company benefited from increased defense spending.

• **HubSpot (-42%)** offers a cloud-based customer relationship management platform. Its shares were punished by not meeting elevated market expectations.

• **Inspire Medical Systems (-53%)** develops medical devices to treat obstructive sleep apnea. We sold out of the position due to the poorly managed rollout of a new model.

OUTLOOK

• Entering 2026, the global landscape continues evolving, shaped by trends toward national economic resilience and shifting trade dynamics. Implementation of the "One Big Beautiful Bill" may drive higher consumer tax refunds and catalyze corporate spending. Furthermore, we anticipate a significant acceleration in AI adoption as the year unfolds. Through this complexity, we remain focused on the fundamentals, seeking those steady management teams capable of creating economic growth at their companies, which we believe will be rewarded over time by the markets.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted since the class's inception on February 24, 2017, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-year and five-year periods and the period from the class's inception through December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11221655.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | Since Inception |
| **Class I** | 8.96% | 6.35% | 12.07% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.66% |
| **Russell Midcap<sup>®</sup> Growth Index** | 8.66% | 6.65% | 12.49% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1596069077 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10300588 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software, Ltd. (Israel) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;JFrog, Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argenx SE, ADR (Netherlands) | 2.0% |
| Top Ten as a Group | 24.9% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11221640.jpg)

#### Recent Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. 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.

TimesSquare Capital Management, LLC, the Fund's subadviser ("TimesSquare") has agreed to waive a portion of the subadvisory fee payable by AMG Funds LLC (the "Investment Manager") in an amount equal to the aggregate management fee earned by TimesSquare from the TimesSquare Quality Mid Cap Growth ETF (the "ETF") that is attributable to the Fund's assets invested in the ETF (the "Fee Waiver Amount") and the Investment Manager has agreed to waive a portion of its management fee payable by the Fund equal to the Fee Waiver Amount. The Fee Waiver Amount shall reduce the management fee after the calculation of any necessary fee waiver or expense reimbursement in connection with the Fund's expense limitation agreement and shall not be eligible for recoupment by the Investment Manager under the terms of such agreement.

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

123125 TSR077A

### AMG TimesSquare Mid Cap Growth Fund

## Class Z/TMDIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 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.

 **This report describes changes to the Fund that occurred during the reporting period.**

#### Fund Expenses
What were the Fund costs for the last year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG TimesSquare Mid Cap Growth Fund<br> (Class Z/TMDIX) | $89 | 0.85% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund's Class Z shares returned 9.01%, while its benchmark, the Russell Midcap<sup>®</sup> Growth Index, returned 8.66%. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

MARKET OVERVIEW

• Global trade and tariffs were at the top of President Trump's first-year agenda. These actions reshaped relations with foreign governments worldwide. Another important focus in 2025 was artificial intelligence (AI), with a massive infrastructure buildout.

PERFORMANCE REVIEW

• In 2025, the Fund outperformed its category benchmark (Russell Midcap<sup>®</sup> Growth Index).

• The Fund outperformed despite the market's preference for lower quality, non-earners, and higher risk.

• The benchmark further concentrated, with less than 300 names.

• Compared with the benchmark, there was strength found in Financials, Health Care, Communication Services, and Consumer Staples. That was partially offset by weakness in Information Technology, Industrials, and Consumer Discretionary.

TOP CONTRIBUTORS AND DETRACTORS

• **Robinhood Markets (+204%)** supplies a financial services platform. Robinhood achieved impressive account growth and benefited from high trading volumes.

• **AppLovin (+127%)** offers a software-based platform for advertisers to enhance the marketing and monetization of their content. Advertising revenues climbed throughout the year. We exited the position on the strength of its performance.

• **Curtiss-Wright Corp. (+56%)** provides engineered products and solutions to the aerospace and defense industries. The company benefited from increased defense spending.

• **HubSpot (-42%)** offers a cloud-based customer relationship management platform. Its shares were punished by not meeting elevated market expectations.

• **Inspire Medical Systems (-53%)** develops medical devices to treat obstructive sleep apnea. We sold out of the position due to the poorly managed rollout of a new model.

OUTLOOK

• Entering 2026, the global landscape continues evolving, shaped by trends toward national economic resilience and shifting trade dynamics. Implementation of the "One Big Beautiful Bill" may drive higher consumer tax refunds and catalyze corporate spending. Furthermore, we anticipate a significant acceleration in AI adoption as the year unfolds. Through this complexity, we remain focused on the fundamentals, seeking those steady management teams capable of creating economic growth at their companies, which we believe will be rewarded over time by the markets.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $5,000,000

![Fund Performance - Growth of 10K](g108244chartimages_11221729.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class Z** | 9.01% | 6.41% | 12.16% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell Midcap<sup>®</sup> Growth Index** | 8.66% | 6.65% | 12.49% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$1596069077 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;76 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$10300588 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;50% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cencora, Inc. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | 2.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;TPG, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;CyberArk Software, Ltd. (Israel) | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;JFrog, Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argenx SE, ADR (Netherlands) | 2.0% |
| Top Ten as a Group | 24.9% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11221714.jpg)

#### Recent Fund Changes
This is a summary of certain changes to the Fund since January 1, 2025. 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.

TimesSquare Capital Management, LLC, the Fund's subadviser ("TimesSquare") has agreed to waive a portion of the subadvisory fee payable by AMG Funds LLC (the "Investment Manager") in an amount equal to the aggregate management fee earned by TimesSquare from the TimesSquare Quality Mid Cap Growth ETF (the "ETF") that is attributable to the Fund's assets invested in the ETF (the "Fee Waiver Amount") and the Investment Manager has agreed to waive a portion of its management fee payable by the Fund equal to the Fee Waiver Amount. The Fee Waiver Amount shall reduce the management fee after the calculation of any necessary fee waiver or expense reimbursement in connection with the Fund's expense limitation agreement and shall not be eligible for recoupment by the Investment Manager under the terms of such agreement.

#### Availability of Additional Information
You can ﬁnd additional information about the Fund such as the prospectus, ﬁnancial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, ﬁnancial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notiﬁed otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

For additional information, please navigate to the additional material at https://wealth.amg.com/literature.

123125 TSR079A

### AMG TimesSquare Small Cap Growth Fund

## Class N/TSCPX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG TimesSquare Small Cap Growth Fund<br> (Class N/TSCPX) | $116 | 1.12% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund's Class N shares returned 6.66%, while the benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.01%. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

MARKET OVERVIEW

• Global trade and tariffs were at the top of President Trump's first-year agenda. These actions reshaped relations with foreign governments worldwide. Another important focus in 2025 was artificial intelligence (AI), with a massive infrastructure buildout.

FUND PERFORMANCE

• In 2025, the Fund underperformed its category benchmark (Russell 2000<sup>®</sup> Growth Index).

• The Fund initially led its benchmark until a challenging period through the late summer and early fall and then rebounded at the end of the year.

• Throughout the year, there were better returns from lower quality, non-earners, and higher risk stocks that hurt relative performance.

• From a sector perspective, the Fund's underperformance was primarily due to stock selection while sector allocation was modestly positive. The Fund had negative stock selection across most sectors, with energy and industrials as the top detractors. An overweight to industrials and an underweight to communication services were the top contributors.

TOP CONTRIBUTORS AND DETRACTORS

• JFrog Ltd. (+112% for the year) provides systems that manage and accelerate the release of software updates from developers to users in a secure environment. Throughout the year, demand for JFrog's product suite steadily grew.

• Kratos Defense & Security (+188%) produces unmanned systems and satellite communications. The company won many new contracts from both U.S. and non-U.S. defense services.

• Vertex, Inc. (-63%) provides end-to-end tax compliance software for large businesses. Some of its enterprise contracts took longer to complete because clients delayed signing amid concerns about the macroeconomic environment.

• Inspire Medical Systems (-53% while held) develops medical devices to treat obstructive sleep apnea. We sold the position because management poorly handled the rollout of a new model.

OUTLOOK

• Entering 2026, the global landscape continues evolving, shaped by trends toward national economic resilience and shifting trade dynamics. Implementation of the "One Big Beautiful Bill" may drive higher consumer tax refunds and catalyze corporate spending. Furthermore, we anticipate a significant acceleration in AI adoption as the year unfolds. Through this complexity, we remain focused on the fundamentals, seeking those steady management teams capable of creating economic growth at their companies, which we believe will be rewarded over time by the markets.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g108244chartimages_11221803.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class N** | 6.66% | 2.37% | 9.28% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell 2000<sup>®</sup> Growth Index** | 13.01% | 3.18% | 9.57% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$106345220 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$743267 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;JFrog, Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Workiva, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | 1.8% |
| Top Ten as a Group | 20.7% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11221788.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.

123125 TSR081A

### AMG TimesSquare Small Cap Growth Fund

## Class I/TSQIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG TimesSquare Small Cap Growth Fund<br> (Class I/TSQIX) | $101 | 0.98% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund's Class I shares returned 6.73%, while the benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.01%. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

MARKET OVERVIEW

• Global trade and tariffs were at the top of President Trump's first-year agenda. These actions reshaped relations with foreign governments worldwide. Another important focus in 2025 was artificial intelligence (AI), with a massive infrastructure buildout.

FUND PERFORMANCE

• In 2025, the Fund underperformed its category benchmark (Russell 2000<sup>®</sup> Growth Index).

• The Fund initially led its benchmark until a challenging period through the late summer and early fall and then rebounded at the end of the year.

• Throughout the year, there were better returns from lower quality, non-earners, and higher risk stocks that hurt relative performance.

• From a sector perspective, the Fund's underperformance was primarily due to stock selection while sector allocation was modestly positive. The Fund had negative stock selection across most sectors, with energy and industrials as the top detractors. An overweight to industrials and an underweight to communication services were the top contributors.

TOP CONTRIBUTORS AND DETRACTORS

• JFrog Ltd. (+112% for the year) provides systems that manage and accelerate the release of software updates from developers to users in a secure environment. Throughout the year, demand for JFrog's product suite steadily grew.

• Kratos Defense & Security (+188%) produces unmanned systems and satellite communications. The company won many new contracts from both U.S. and non-U.S. defense services.

• Vertex, Inc. (-63%) provides end-to-end tax compliance software for large businesses. Some of its enterprise contracts took longer to complete because clients delayed signing amid concerns about the macroeconomic environment.

• Inspire Medical Systems (-53% while held) develops medical devices to treat obstructive sleep apnea. We sold the position because management poorly handled the rollout of a new model.

OUTLOOK

• Entering 2026, the global landscape continues evolving, shaped by trends toward national economic resilience and shifting trade dynamics. Implementation of the "One Big Beautiful Bill" may drive higher consumer tax refunds and catalyze corporate spending. Furthermore, we anticipate a significant acceleration in AI adoption as the year unfolds. Through this complexity, we remain focused on the fundamentals, seeking those steady management teams capable of creating economic growth at their companies, which we believe will be rewarded over time by the markets.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted since the class's inception on February 24, 2017, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-year and five-year periods and the period from the class's inception through December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11221766.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | Since Inception |
| **Class I** | 6.73% | 2.49% | 9.20% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.66% |
| **Russell 2000<sup>®</sup> Growth Index** | 13.01% | 3.18% | 9.01% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$106345220 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$743267 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;JFrog, Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Workiva, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | 1.8% |
| Top Ten as a Group | 20.7% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11221751.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.

123125 TSR080A

### AMG TimesSquare Small Cap Growth Fund

## Class Z/TSCIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG TimesSquare Small Cap Growth Fund<br> (Class Z/TSCIX) | $95 | 0.92% |

---

#### Management's Discussion of Fund Performance
For the year ended December 31, 2025, the Fund's Class Z shares returned 6.91%, while the benchmark, the Russell 2000<sup>®</sup> Growth Index, returned 13.01%. The S&P 500<sup>®</sup> Index returned 17.88% over the same period.

MARKET OVERVIEW

• Global trade and tariffs were at the top of President Trump's first-year agenda. These actions reshaped relations with foreign governments worldwide. Another important focus in 2025 was artificial intelligence (AI), with a massive infrastructure buildout.

FUND PERFORMANCE

• In 2025, the Fund underperformed its category benchmark (Russell 2000<sup>®</sup> Growth Index).

• The Fund initially led its benchmark until a challenging period through the late summer and early fall and then rebounded at the end of the year.

• Throughout the year, there were better returns from lower quality, non-earners, and higher risk stocks that hurt relative performance.

• From a sector perspective, the Fund's underperformance was primarily due to stock selection while sector allocation was modestly positive. The Fund had negative stock selection across most sectors, with energy and industrials as the top detractors. An overweight to industrials and an underweight to communication services were the top contributors.

TOP CONTRIBUTORS AND DETRACTORS

• JFrog Ltd. (+112% for the year) provides systems that manage and accelerate the release of software updates from developers to users in a secure environment. Throughout the year, demand for JFrog's product suite steadily grew.

• Kratos Defense & Security (+188%) produces unmanned systems and satellite communications. The company won many new contracts from both U.S. and non-U.S. defense services.

• Vertex, Inc. (-63%) provides end-to-end tax compliance software for large businesses. Some of its enterprise contracts took longer to complete because clients delayed signing amid concerns about the macroeconomic environment.

• Inspire Medical Systems (-53% while held) develops medical devices to treat obstructive sleep apnea. We sold the position because management poorly handled the rollout of a new model.

OUTLOOK

• Entering 2026, the global landscape continues evolving, shaped by trends toward national economic resilience and shifting trade dynamics. Implementation of the "One Big Beautiful Bill" may drive higher consumer tax refunds and catalyze corporate spending. Furthermore, we anticipate a significant acceleration in AI adoption as the year unfolds. Through this complexity, we remain focused on the fundamentals, seeking those steady management teams capable of creating economic growth at their companies, which we believe will be rewarded over time by the markets.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

 **Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $5,000,000

![Fund Performance - Growth of 10K](g108244chartimages_11221840.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class Z** | 6.91% | 2.59% | 9.51% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell 2000<sup>®</sup> Growth Index** | 13.01% | 3.18% | 9.57% |

---

 *The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

 *The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$106345220 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$743267 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;96% |

---

#### Graphical Representation of Holdings (as of December 31, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.

 **Top Ten Holdings**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc., Class A | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;JFrog, Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Esab Corp. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Workiva, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;RBC Bearings, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;ITT, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Addus HomeCare Corp. | 1.8% |
| Top Ten as a Group | 20.7% |

---

 **Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11221825.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.

123125 TSR082A

### AMG Yacktman Focused Fund

## Class N/YAFFX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG Yacktman Focused Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG Yacktman Focused Fund<br>(Class N/YAFFX) | $140 | 1.25% |

---

#### Management's Discussion of Fund Performance
For the 12 months ending December 31, 2025, the Fund's Class N shares returned 23.94%, outperforming the 15.91% return of the Russell 1000<sup>®</sup> Value Index and the 17.88% return of the S&P 500<sup>®</sup> Index.

Following a sharp but swift pullback triggered by the April tariff announcements, 2025 was yet another strong year for market returns. Passive indices remain extremely concentrated and momentum-driven, reaching record highs for three consecutive years. Yacktman Asset Management LP, the Fund's subadviser, remains focused on producing strong risk-adjusted returns with truly active management.

TOP CONTRIBUTORS

• Samsung Electronics (Preferred Shares) – Finally recognized by the market as an AI beneficiary, with memory constraints intensifying and Samsung regaining technology parity to peers on high bandwidth memory. Korean governance reforms add a further tailwind.

• Hyundai Mobis – Beneficiary of market share growth by Hyundai and Kia as key parts supplier. Strong capital allocation discipline.

• Samsung C&T – Participant in Samsung Electronics' performance. Demonstrated discipline in capital allocation. Holding company discount contracted.

TOP DETRACTORS

• U-Haul – Suffered through a more difficult market for self-storage. Earnings depressed due to heavy reinvestment in the business. We believe higher earnings should follow.

• Bolloré – Share buybacks interrupted due to legal actions related to Vivendi ownership, which have since been resolved, with buybacks returning. Operating businesses performing well.

• Olin – Leading chlor-alkali industrial chemicals producer in the U.S. with replacement cost vastly exceeding market cap.

FUND POSITIONING

• The Fund remains focused on investing with a keen eye toward risk and the price we pay for any given investment. We maintain a concentrated portfolio with 57% of the Fund invested in our top ten positions, and we invest for the long-term, willing to hold positions through time periods when the market does not yet recognize the underlying business fundamentals and value that we see.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g108244chartimages_11222432.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class N** | 23.94% | 9.25% | 11.57% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |

---

*The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

*The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2665276426 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$22913906 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings (as of December 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;Samsung Electronics Co., Ltd., 1.42% (South Korea) | 16.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolloré SE (France) | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. (Canada) | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp., Class B | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co., 5.92% (South Korea) | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co., Non-Voting Shares | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 2.5% |
| Top Ten as a Group | 56.7% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222417.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222416.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.

123125 TSR091A

### AMG Yacktman Focused Fund

## Class I/YAFIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG Yacktman Focused Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG Yacktman Focused Fund<br>(Class I/YAFIX) | $119 | 1.06% |

---

#### Management's Discussion of Fund Performance
For the 12 months ending December 31, 2025, the Fund's Class I shares returned 24.14%, outperforming the 15.91% return of the Russell 1000<sup>®</sup> Value Index and the 17.88% return of the S&P 500<sup>®</sup> Index.

Following a sharp but swift pullback triggered by the April tariff announcements, 2025 was yet another strong year for market returns. Passive indices remain extremely concentrated and momentum-driven, reaching record highs for three consecutive years. Yacktman Asset Management LP, the Fund's subadviser, remains focused on producing strong risk-adjusted returns with truly active management.

TOP CONTRIBUTORS

• Samsung Electronics (Preferred Shares) – Finally recognized by the market as an AI beneficiary, with memory constraints intensifying and Samsung regaining technology parity to peers on high bandwidth memory. Korean governance reforms add a further tailwind.

• Hyundai Mobis – Beneficiary of market share growth by Hyundai and Kia as key parts supplier. Strong capital allocation discipline.

• Samsung C&T – Participant in Samsung Electronics' performance. Demonstrated discipline in capital allocation. Holding company discount contracted.

TOP DETRACTORS

• U-Haul – Suffered through a more difficult market for self-storage. Earnings depressed due to heavy reinvestment in the business. We believe higher earnings should follow.

• Bolloré – Share buybacks interrupted due to legal actions related to Vivendi ownership, which have since been resolved, with buybacks returning. Operating businesses performing well.

• Olin – Leading chlor-alkali industrial chemicals producer in the U.S. with replacement cost vastly exceeding market cap.

FUND POSITIONING

• The Fund remains focused on investing with a keen eye toward risk and the price we pay for any given investment. We maintain a concentrated portfolio with 57% of the Fund invested in our top ten positions, and we invest for the long-term, willing to hold positions through time periods when the market does not yet recognize the underlying business fundamentals and value that we see.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11222395.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class I** | 24.14% | 9.44% | 11.77% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |

---

*The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

*The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$2665276426 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$22913906 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings (as of December 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;Samsung Electronics Co., Ltd., 1.42% (South Korea) | 16.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolloré SE (France) | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. (Canada) | 8.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp., Class B | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co., 5.92% (South Korea) | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co., Non-Voting Shares | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 2.5% |
| Top Ten as a Group | 56.7% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222380.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222379.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.

123125 TSR090A

### AMG Yacktman Fund

## Class I/YACKX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG Yacktman Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG Yacktman Fund<br>(Class I/YACKX) | $77 | 0.70% |

---

#### Management's Discussion of Fund Performance
For the 12 months ending December 31, 2025, the Fund's Class I shares returned 19.82%, outperforming the 15.91% return of the Russell 1000<sup>®</sup> Value Index and the 17.88% return of the S&P 500<sup>®</sup> Index.

Following a sharp but swift pullback triggered by the April tariff announcements, 2025 was yet another strong year for market returns. Passive indices remain extremely concentrated and momentum-driven, reaching record highs for three consecutive years. Yacktman Asset Management LP, the Fund's subadviser, remains focused on producing strong risk-adjusted returns with truly active management.

TOP CONTRIBUTORS

• Samsung Electronics (Preferred Shares) – Finally recognized by the market as an AI beneficiary, with memory constraints intensifying and Samsung regaining technology parity to peers on high bandwidth memory. Korean governance reforms add a further tailwind.

• Hyundai Mobis – Beneficiary of market share growth by Hyundai and Kia as key parts supplier. Strong capital allocation discipline.

• Samsung C&T – Participant in Samsung Electronics' performance. Demonstrated discipline in capital allocation. Holding company discount contracted.

TOP DETRACTORS

• U-Haul – Suffered through a more difficult market for self-storage. Earnings depressed due to heavy reinvestment in the business. We believe higher earnings should follow.

• Bolloré – Share buybacks interrupted due to legal actions related to Vivendi ownership, which have since been resolved, with buybacks returning. Operating businesses performing well.

• Olin – Leading chlor-alkali industrial chemicals producer in the U.S. with replacement cost vastly exceeding market cap.

FUND POSITIONING

• The Fund remains focused on investing with a keen eye toward risk and the price we pay for any given investment. We maintain a concentrated portfolio with 45% of the Fund invested in our top ten positions, and we invest for the long-term, willing to hold positions through time periods when the market does not yet recognize the underlying business fundamentals and value that we see.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of (i) a broad based index and (ii) an additional index reflecting the market segment(s) in which the Fund invests over the same periods.

**The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11222469.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class I** | 19.82% | 9.96% | 11.40% |
| **S&P 500<sup>®</sup> Index** | 17.88% | 14.42% | 14.82% |
| **Russell 1000<sup>®</sup> Value Index** | 15.91% | 11.33% | 10.53% |

---

*The S&P Index is proprietary data of Standard & Poor's, a division of McGraw-Hill Companies, Inc. All rights reserved.*

*The Russell Index is a trademark of the London Stock Exchange Group companies.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$6750826255 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$29205042 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;1% |

---

#### Graphical Representation of Holdings (as of December 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;Samsung Electronics Co., Ltd., 1.42% (South Korea) | 9.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolloré SE (France) | 7.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. (Canada) | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Charles Schwab Corp. | 3.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fox Corp., Class B | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;The Procter & Gamble Co. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 2.5% |
| Top Ten as a Group | 44.5% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222454.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222453.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.

123125 TSR092A

### AMG Yacktman Global Fund

## Class N/YFSNX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG Yacktman Global Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG Yacktman Global Fund<br>(Class N/YFSNX) | $131 | 1.13% |

---

#### Management's Discussion of Fund Performance
For the 12 months ending December 31, 2025, the Fund's Class N shares returned 32.37%, outperforming the 21.09% return of the MSCI World Index.

Following a sharp but swift pullback triggered by the April tariff announcements, 2025 was yet another strong year for market returns. Passive indices remain extremely concentrated and momentum-driven, reaching record highs. Yacktman Asset Management LP, the Fund's subadviser, remains focused on producing strong risk-adjusted returns with truly active management.

TOP CONTRIBUTORS

• Samsung Electronics (Preferred Shares) – Finally recognized by the market as an AI beneficiary, with memory constraints intensifying and Samsung regaining technology parity to peers on high bandwidth memory. Korean governance reforms add a further tailwind.

• HI-LEX – Strong profitability improvements for this supplier to global automakers through a variety of cost optimization initiatives and product mix shifts.

• Samsung C&T – Participant in Samsung Electronics' performance. Demonstrated discipline in capital allocation. Holding company discount contracted.

TOP DETRACTORS

• U-Haul – Suffered through a more difficult market for self-storage. Earnings depressed due to heavy reinvestment in the business. We believe higher earnings should follow.

• Bolloré – Share buybacks interrupted due to legal actions related to Vivendi ownership, which have since been resolved, with buybacks returning. Operating businesses performing well.

• LG H&H – Sentiment headwinds due to exposure to the Chinese consumer but company's underlying operating improvements continue. Tailwinds from Korean regulatory reforms.

FUND POSITIONING

• The Fund remains focused on investing with a keen eye toward risk and the price we pay for any given investment. We maintain a concentrated portfolio with 53% of the Fund invested in our top ten positions, and we invest for the long-term, willing to hold positions through time periods when the market does not yet recognize the underlying business fundamentals and value that we see.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $10,000 investment in the class of shares noted since the class's inception on January 30, 2017, as compared to the performance of a broad based index. The performance table below shows the average annual total returns of the class of shares noted for the past one-year and five-year periods and the period from the class's inception through December 31, 2025. It also shows the average total returns of a broad based index over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $10,000

![Fund Performance - Growth of 10K](g108244chartimages_11222728.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | Since Inception |
| **Class N** | 32.37% | 8.84% | 11.82% |
| **MSCI World Index** | 21.09% | 12.15% | 12.52% |

---

*All MSCI data is provided "as is". The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$182057433 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$979240 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### Graphical Representation of Holdings (as of December 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;Samsung Electronics Co., Ltd., 1.42% (South Korea) | 13.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolloré SE (France) | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. (Canada) | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nihon Parkerizing Co., Ltd. (Japan) | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie de L'Odet SE (France) | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Energy Services, Inc. (Canada) | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG H&H Co., Ltd., 4.08% (South Korea) | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co., 5.92% (South Korea) | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;HI-LEX Corp. (Japan) | 2.7% |
| Top Ten as a Group | 53.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222713.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222712.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.

123125 TSR094A

### AMG Yacktman Global Fund

## Class I/YFSIX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG Yacktman Global Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG Yacktman Global Fund<br>(Class I/YFSIX) | $108 | 0.93% |

---

#### Management's Discussion of Fund Performance
For the 12 months ending December 31, 2025, the Fund's Class I shares returned 32.71%, outperforming the 21.09% return of the MSCI World Index.

Following a sharp but swift pullback triggered by the April tariff announcements, 2025 was yet another strong year for market returns. Passive indices remain extremely concentrated and momentum-driven, reaching record highs. Yacktman Asset Management LP, the Fund's subadviser, remains focused on producing strong risk-adjusted returns with truly active management.

TOP CONTRIBUTORS

• Samsung Electronics (Preferred Shares) – Finally recognized by the market as an AI beneficiary, with memory constraints intensifying and Samsung regaining technology parity to peers on high bandwidth memory. Korean governance reforms add a further tailwind.

• HI-LEX – Strong profitability improvements for this supplier to global automakers through a variety of cost optimization initiatives and product mix shifts.

• Samsung C&T – Participant in Samsung Electronics' performance. Demonstrated discipline in capital allocation. Holding company discount contracted.

TOP DETRACTORS

• U-Haul – Suffered through a more difficult market for self-storage. Earnings depressed due to heavy reinvestment in the business. We believe higher earnings should follow.

• Bolloré – Share buybacks interrupted due to legal actions related to Vivendi ownership, which have since been resolved, with buybacks returning. Operating businesses performing well.

• LG H&H – Sentiment headwinds due to exposure to the Chinese consumer but company's underlying operating improvements continue. Tailwinds from Korean regulatory reforms.

FUND POSITIONING

• The Fund remains focused on investing with a keen eye toward risk and the price we pay for any given investment. We maintain a concentrated portfolio with 53% of the Fund invested in our top ten positions, and we invest for the long-term, willing to hold positions through time periods when the market does not yet recognize the underlying business fundamentals and value that we see.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted since the class's inception on January 30, 2017, as compared to the performance of a broad based index. The performance table below shows the average annual total returns of the class of shares noted for the past one-year and five-year periods and the period from the class's inception through December 31, 2025. It also shows the average total returns of a broad based index over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11222691.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | Since Inception |
| **Class I** | 32.71% | 9.04% | 11.94% |
| **MSCI World Index** | 21.09% | 12.15% | 12.52% |

---

*All MSCI data is provided "as is". The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$182057433 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;60 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$979240 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;16% |

---

#### Graphical Representation of Holdings (as of December 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;Samsung Electronics Co., Ltd., 1.42% (South Korea) | 13.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bolloré SE (France) | 8.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Mobis Co., Ltd. (South Korea) | 5.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. (Canada) | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nihon Parkerizing Co., Ltd. (Japan) | 4.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cie de L'Odet SE (France) | 3.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Energy Services, Inc. (Canada) | 3.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;LG H&H Co., Ltd., 4.08% (South Korea) | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyundai Motor Co., 5.92% (South Korea) | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;HI-LEX Corp. (Japan) | 2.7% |
| Top Ten as a Group | 53.0% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222676.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222675.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.

123125 TSR093A

### AMG Yacktman Special Opportunities Fund

## Class I/YASSX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG Yacktman Special Opportunities Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG Yacktman Special Opportunities Fund<br>(Class I/YASSX) | $101 | 0.96% |

---

#### Management's Discussion of Fund Performance
For the twelve months ending December 31, 2025, the Fund's Class I shares returned 10.22%, behind the 22.13% increase of the MSCI ACWI All Cap Index (the "Index").

Following a sharp but swift pullback triggered by the April tariff announcements, 2025 was yet another strong year for market returns. International equities outperformed U.S. markets, yet the valuation gap versus the U.S. remains wide, implying further catch-up potential. U.S. markets, by contrast, offer little margin of error amid momentum-driven behavior.

TOP CONTRIBUTORS

• Samsung Electronics (Preferred Shares) – Finally recognized by the market as an AI beneficiary, with memory constraints intensifying and Samsung regaining technology parity to peers on high bandwidth memory. Korean governance reforms add a further tailwind.

• Total Energy Services – Delivered strong counter-cyclical results via exposure to areas like gas compression and a more robust Australian services sector. Excellent management and strong shareholder return program.

• Omni Bridgeway – Eliminated balance sheet risks after transformational deal with Ares closed in the second quarter of 2025. Focus now shifts to free cash flow inflection from its portfolio of uncorrelated legal cases.

TOP DETRACTORS

• Arrow Exploration – Limited production growth after some operational issues in 2025. We believe net cash balance sheet mitigates risk, with further exploration upside even in muted oil price environment.

• U-Haul – Suffered through a more difficult market for self-storage. Earnings depressed due to heavy reinvestment in the business. We believe higher earnings should follow.

• America's Car-Mart – Faced continued industry headwinds in auto loans to deep subprime customers. New refinancing packaging allows cost-cutting efforts to right-size the business.

FUND POSITIONING

The Fund remains concentrated in small-cap value stocks largely outside of the U.S. We hold 41 equity positions with a median market cap of $242 million, with 50% of the Fund invested in our top ten positions. A concentration in small, seemingly undiscovered companies stands out versus the Index and peers.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $100,000 investment in the class of shares noted over a ten year period, as compared to the performance of a broad based index. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of a broad based index over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $100,000

![Fund Performance - Growth of 10K](g108244chartimages_11222617.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class I** | 10.22% | 5.30% | 9.28% |
| **MSCI ACWI All Cap Index** | 22.13% | 10.71% | 11.42% |

---

*All MSCI data is provided "as is". The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$25075737 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$72536 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

#### Graphical Representation of Holdings (as of December 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;Omni Bridgeway, Ltd. (Australia) | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Energy Services, Inc. (Canada) | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Wine Brands S.p.A. (Italy) | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Exploration Corp. (Canada) | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fila S.p.A. (Italy) | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medical Facilities Corp. (Canada) | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legacy Housing Corp. (United States) | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brickability Group PLC (United Kingdom) | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texhong International Group, Ltd. (Hong Kong) | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co., Non-Voting Shares (United States) | 3.7% |
| Top Ten as a Group | 49.9% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222602.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222601.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.

123125 TSR095A

### AMG Yacktman Special Opportunities Fund

## Class Z/YASLX
![AMG_New Logo](g108244images_30342.jpg)

ANNUAL SHAREHOLDER REPORT \| December 31, 2025

This annual shareholder report contains important information about AMG Yacktman Special Opportunities Fund (the "Fund") for the period of January 1, 2025 to December 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 year?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
| AMG Yacktman Special Opportunities Fund<br>(Class Z/YASLX) | $90 | 0.86% |

---

#### Management's Discussion of Fund Performance
For the twelve months ending December 31, 2025, the Fund's Class Z shares returned 10.33%, behind the 22.13% increase of the MSCI ACWI All Cap Index (the "Index").

Following a sharp but swift pullback triggered by the April tariff announcements, 2025 was yet another strong year for market returns. International equities outperformed U.S. markets, yet the valuation gap versus the U.S. remains wide, implying further catch-up potential. U.S. markets, by contrast, offer little margin of error amid momentum-driven behavior.

TOP CONTRIBUTORS

• Samsung Electronics (Preferred Shares) – Finally recognized by the market as an AI beneficiary, with memory constraints intensifying and Samsung regaining technology parity to peers on high bandwidth memory. Korean governance reforms add a further tailwind.

• Total Energy Services – Delivered strong counter-cyclical results via exposure to areas like gas compression and a more robust Australian services sector. Excellent management and strong shareholder return program.

• Omni Bridgeway – Eliminated balance sheet risks after transformational deal with Ares closed in the second quarter of 2025. Focus now shifts to free cash flow inflection from its portfolio of uncorrelated legal cases.

TOP DETRACTORS

• Arrow Exploration – Limited production growth after some operational issues in 2025. We believe net cash balance sheet mitigates risk, with further exploration upside even in muted oil price environment.

• U-Haul – Suffered through a more difficult market for self-storage. Earnings depressed due to heavy reinvestment in the business. We believe higher earnings should follow.

• America's Car-Mart – Faced continued industry headwinds in auto loans to deep subprime customers. New refinancing packaging allows cost-cutting efforts to right-size the business.

FUND POSITIONING

The Fund remains concentrated in small-cap value stocks largely outside of the U.S. We hold 41 equity positions with a median market cap of $242 million, with 50% of the Fund invested in our top ten positions. A concentration in small, seemingly undiscovered companies stands out versus the Index and peers.

#### Fund Performance
The performance line graph below shows the performance of a hypothetical $5,000,000 investment in the class of shares noted over a ten year period, as compared to the performance of a broad based index. The performance table below shows the average annual total returns of the class of shares noted for the past one-, five-, and ten-year periods ended as of December 31, 2025. It also shows the average total returns of a broad based index over the same periods.

**Performance for other share classes will vary. The Fund's past performance is not a good predictor of the Fund's future performance.**

The graph and table do not reflect the deduction of taxes that a shareholder would pay on fund distributions or redemption of fund shares.

GROWTH OF $5,000,000

![Fund Performance - Growth of 10K](g108244chartimages_11222654.jpg)

---

| | | | |
|:---|:---|:---|:---|
| AVERAGE ANNUAL TOTAL RETURNS | 1 Year | 5 Years | 10 Years |
| **Class Z** | 10.33% | 5.39% | 9.38% |
| **MSCI ACWI All Cap Index** | 22.13% | 10.71% | 11.42% |

---

*All MSCI data is provided "as is". The products described herein are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.*

For updated Fund performance information, please visit: https://wealth.amg.com/.

Key Fund Statistics (as of December 31, 2025)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Fund net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$25075737 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net advisory fees paid** | &nbsp;&nbsp;&nbsp;&nbsp;$72536 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate as of the end of the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;7% |

---

#### Graphical Representation of Holdings (as of December 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;Omni Bridgeway, Ltd. (Australia) | 7.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Total Energy Services, Inc. (Canada) | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Italian Wine Brands S.p.A. (Italy) | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Arrow Exploration Corp. (Canada) | 5.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fila S.p.A. (Italy) | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Medical Facilities Corp. (Canada) | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Legacy Housing Corp. (United States) | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brickability Group PLC (United Kingdom) | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texhong International Group, Ltd. (Hong Kong) | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;U-Haul Holding Co., Non-Voting Shares (United States) | 3.7% |
| Top Ten as a Group | 49.9% |

---

**Portfolio Breakdown**

![Graphical Representation - Allocation 1 Chart](g108244chartimages_11222639.jpg)

**Country Allocation**

![Graphical Representation - Allocation 2 Chart](g108244chartimages_11222638.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.

123125 TSR096A

------

(b) Not applicable.

#### Item 2. CODE OF ETHICS
Registrant has adopted a code of ethics (the "Code of Ethics") that applies to the Registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. During the period covered by this report, there were not any amendments to a provision of the Code of Ethics that relates to any element of the code of ethics definition enumerated in paragraph (c) of Item 2 of Form N-CSR. During the period covered by this report, there were no waivers, including any implicit waivers, from a provision of the Code that relates to one or more of the items set forth in paragraph (d) of Item 2 of Form N-CSR. See attached Exhibit (a)(1).

#### Item 3. AUDIT COMMITTEE FINANCIAL EXPERT
Registrant's Board of Trustees (the "Board") has determined that the Registrant has at least one Audit Committee Financial Expert serving on its audit committee. The Board has determined that independent Trustee Mr. Kurt Keilhacker qualifies as the Audit Committee Financial Expert. Mr. Keilhacker is "independent" as such term is defined in paragraph (a)(2) of Item 3 of Form N-CSR.

#### Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a) **Audit Fees** 

The aggregate fees billed by the Funds' independent registered public accounting firm, PricewaterhouseCoopers LLP ("PwC"), to the Funds for the Funds' two most recent fiscal years for professional services rendered for audits of annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements ("Audit Fees") were as follows:

---

| | | |
|:---|:---|:---|
| **Fund - AMG Funds** | **Fiscal 2025** | **Fiscal<br>2024** |
|  AMG GW&K Municipal Enhanced Yield Fund | $35816 | $35325 |
|  AMG GW&K Small Cap Core Fund | $34814 | $33780 |
|  AMG GW&K Municipal Bond Fund | $50772 | $49680 |
|  AMG GW&K Small/Mid Cap Core Fund | $40261 | $38472 |
|  AMG GW&K Small Cap Value Fund | $36074 | $35394 |
|  AMG TimesSquare Mid Cap Growth Fund | $48760 | $42724 |
|  AMG TimesSquare Small Cap Growth Fund | $35525 | $35085 |
|  AMG TimesSquare International Small Cap Fund | $33386 | $31770 |
|  AMG Renaissance Large Cap Growth Fund | $29766 | $28924 |
|  AMG Yacktman Focused Fund | $64358 | $68846 |
|  AMG Yacktman Fund | $108614 | $112752 |
|  AMG Yacktman Special Opportunities Fund | $32704 | 31289 |
|  AMG Yacktman Global Fund | $33347 | $31457 |
|  AMG GW&K Municipal Enhanced SMA Shares | $37284 | $35795 |
|  AMG GW&K Securitized Bond SMA Shares | $48164 | $0 |

---

.

(b) **Audit-Related Fees** 

------

There were no fees billed by PwC to the Funds in their two recent fiscal years for services rendered for assurance and related services that are reasonably related to the performance of the audit or review of the Funds' financial statements, but are not reported as Audit Fees ("Audit-Related Fees").

For the Funds' two most recent fiscal years, there were no Audit-Related Fees billed by PwC for engagements related directly to the operations and financial reporting of one or more Funds by a Fund Service Provider. A Fund Service Provider is (a) any investment adviser to a Fund (not including any Subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) or (b) any entity that provides ongoing services to a Fund and is controlling, controlled by or under common control with a Fund investment adviser described in (a).

(c) **Tax Fees** 

The aggregate fees billed by PwC to the Funds for the two most recent fiscal years for professional services rendered for tax compliance, tax advice, and tax planning ("Tax Fees") were as follows:

---

| | | |
|:---|:---|:---|
| **Fund - AMG Funds** | **Fiscal 2025** | **Fiscal<br>2024** |
|  AMG GW&K Municipal Enhanced Yield Fund | $7355 | $7175 |
|  AMG GW&K Small Cap Core Fund | $7355 | $7175 |
|  AMG GW&K Municipal Bond Fund | $7355 | $7175 |
|  AMG GW&K Small/Mid Cap Core Fund | $7355 | $7175 |
|  AMG GW&K Small Cap Value Fund | $7355 | $7175 |
|  AMG TimesSquare Mid Cap Growth Fund | $7355 | $7175 |
|  AMG TimesSquare Small Cap Growth Fund | $7355 | $7175 |
|  AMG TimesSquare International Small Cap Fund | $8750 | $8535 |
|  AMG Renaissance Large Cap Growth Fund | $7355 | $7175 |
|  AMG Yacktman Focused Fund | $7355 | $7175 |
|  AMG Yacktman Fund | $7355 | $7175 |
|  AMG Yacktman Special Opportunities Fund | $7355 | $7175 |
|  AMG Yacktman Global Fund | $8750 | $8535 |
|  AMG GW&K Municipal Enhanced SMA Shares | $7355 | $7175 |
|  AMG GW&K Securitized Bond SMA Shares | $5520 | $0 |

---

For the Funds' two most recent fiscal years, Tax Fees billed by PwC for engagements by Fund Service Providers that related directly to the operations and financial reporting of the Funds were $0 for fiscal 2025 and $0 for fiscal 2024, respectively.

The services for which Tax Fees were charged comprise all services performed by professional staff in PwC's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.

(d) **All Other Fees** 

------

There were no other fees billed by PwC to the Funds for all other non-audit services ("Other Fees") during the Funds' two most recent fiscal years. During the same period, there were no Other Fees billed by PwC for engagements by Fund Service Providers that related directly to the operations and financial reporting of the Funds.

(e)(1) According to policies adopted by the Audit Committee, services provided by PwC to the Funds must be pre-approved by the Audit Committee. On an annual basis, the Audit Committee reviews and pre-approves various types of services that PwC may perform for the Funds without specific approval of each engagement, subject to specified budget limitations. As contemplated by the Sarbanes-Oxley Act of 2002 and related SEC rules, the Audit Committee also pre-approves non-audit services provided by PwC to any Fund Service Provider for any engagement that relates directly to the operations and financial reporting of the Funds. Any engagement that is not already pre-approved or that will exceed a pre-approved budget must be submitted to the Audit Committee for pre-approval. The Chairman of the Audit Committee is authorized on behalf of the Board of Trustees and the Audit Committee to approve the engagement of PwC to perform non-audit services subject to certain conditions, including notification to the Audit Committee of such pre-approval not later than the next meeting of the Audit Committee following the date of such pre-approval.

(e)(2) None.

(f) Not applicable.

(g) The aggregate fees billed by PwC in 2025 and 2024 for non-audit services rendered to the Funds and Fund Service Providers were $153,380 and $143,170, respectively. For the fiscal year ended December 31, 2025, this amount reflects the amounts disclosed above in Item 4(b),(c),(d), plus $42,100 in fees billed to the Fund Service Providers for non-audit services that did not relate directly to the operations and financial reporting of the Funds. For the fiscal year ended December 31, 2024, this amount reflects the amounts disclosed above in Item 4(b),(c),(d), plus $40,000 in fees billed to the Fund Service Providers for non-audit services that did not relate directly to the operations and financial reporting of the Funds.

(h) The Trust's Audit Committee has considered whether the provision of non-audit services by registrant's independent registered public accounting firm to the registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provided ongoing services to the registrant that were not pre-approved by the Committee (because such services did not relate directly to the operations and financial reporting of the registrant) was compatible with maintaining the independence of the independent registered public accounting firm.

(i) Not applicable.

(j) Not applicable.

#### 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](g108244dsp001a.jpg) | ANNUAL FINANCIAL STATEMENTS |

---

  

---

| |
|:---|
| AMG Funds<br>December 31, 2025<br>|
| ![LOGO](g108244dsp001b.jpg) |
| AMG GW&K ESG Bond Fund |
| Class N: **MGFIX \|**Class I: **MGBIX** |
| AMG GW&K Municipal Bond Fund |
| Class N: **GWMTX \|**Class I: **GWMIX** |
| AMG GW&K Municipal Enhanced Yield Fund |
| Class N: **GWMNX \|**Class I: **GWMEX \|**Class Z: **GWMZX** |

---

 <br> wealth.amg.com 123125 AR088

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Annual Financial Statements — December 31, 2025

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

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
|  FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Portfolio Investments](#fin1108244_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K ESG Bond Fund](#fin1108244_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Municipal Bond Fund](#fin1108244_3) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Municipal Enhanced Yield Fund](#fin1108244_4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin1108244_5) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance sheets, net asset value (NAV) per share computations<br> and cumulative distributable earnings (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#fin1108244_6) | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of sources of income, expenses, and realized and<br> unrealized gains (losses) during the fiscal year |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fin1108244_7) | 20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of changes in assets for the past two fiscal years |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#fin1108244_8) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Historical net asset values per share, distributions, total returns, income<br> and expense ratios, turnover ratios and net assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin1108244_9) | 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and distribution policies, details of agreements and<br> transactions with Fund management and affiliates, and descriptions of<br> certain investment risks |  |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#fin1108244_10) | 37 |
| [OTHER INFORMATION](#fin1108244_11) | 38 |
| Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information. | Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information. |

---

------

 <br> AMG GW&K ESG Bond Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Corporate Bonds and Notes - 53.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Basic Materials - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp.<br>6.250%, 11/01/31<sup>1,2</sup> | $1575000 | $1618875 |
| &nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings LLC<br>7.050%, 11/15/30<sup>3</sup> | 2049000 | 2158983 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.<br>7.000%, 03/15/32<sup>1,2</sup> | 2000000 | 2050001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Methanex Corp. (Canada)<br>5.125%, 10/15/27 | 1205000 | 1211818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Basic Materials |  | 7039677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc.<br>4.300%, 12/15/42 | 1985000 | 1674626 |
| &nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.<br>4.500%, 05/01/32<sup>2</sup> | 1900000 | 1705321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital<br>4.400%, 04/01/33 | 1815000 | 1709853 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp.<br>4.650%, 02/15/33<sup>2</sup> | 867000 | 870197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Media Corp.<br>4.875%, 01/15/29 | 1300000 | 1297743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc.<br>5.500%, 02/23/54<sup>2</sup> | 1625000 | 1560081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Versant Media Group, Inc.<br>7.250%, 01/30/31<sup>1</sup> | 1675000 | 1728080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communications |  | 10545901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer, Cyclical - 10.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AutoNation, Inc.<br>3.850%, 03/01/32 | 1600000 | 1504009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc.<br>6.875%, 11/01/35<sup>2</sup> | 940000 | 950968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carnival Corp. (Panama)<br>6.650%, 01/15/28 | 850000 | 883689 |
| &nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc.<br>5.250%, 07/10/30 | 1750000 | 1798241 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Goodyear Tire & Rubber Co.<br>5.000%, 07/15/29<sup>2</sup> | 1439000 | 1421811 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyatt Hotels Corp.<br>5.750%, 03/30/32 | 1975000 | 2069182 |
| &nbsp;&nbsp;&nbsp;&nbsp; KB Home<br>4.800%, 11/15/29<sup>2</sup> | 1222000 | 1217131 |
| &nbsp;&nbsp;&nbsp;&nbsp; Las Vegas Sands Corp.<br>6.200%, 08/15/34 | 1375000 | 1445137 |
| &nbsp;&nbsp;&nbsp;&nbsp; LKQ Corp.<br>6.250%, 06/15/33<sup>2</sup> | 1940000 | 2077518 |
| &nbsp;&nbsp;&nbsp;&nbsp; M/I Homes, Inc.<br>3.950%, 02/15/30 | 335000 | 322519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.950%, 02/01/28 | 500000 | 499220  |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Magna International, Inc. (Canada)<br>5.875%, 06/01/35<sup>2</sup> | $1752000 | $1857368 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott International, Inc.<br>5.500%, 04/15/37 | 1360000 | 1392209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marriott Ownership Resorts, Inc.<br>4.750%, 01/15/28<sup>2</sup> | 1600000 | 1576046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc.<br>3.750%, 04/01/29<sup>1</sup> | 1075000 | 1047767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 10/01/40 | 911000 | 918409 |
| &nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International<br>6.125%, 09/15/29 | 1000000 | 1027670 |
| &nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc.<br>4.750%, 09/15/29 | 1050000 | 1043786 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc.<br>6.375%, 05/15/30<sup>2</sup> | 850000 | 830077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc.<br>3.750%, 06/15/29<sup>2</sup> | 1500000 | 1453606 |
| &nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc.<br>6.000%, 02/15/35 | 2050000 | 2203780 |
| &nbsp;&nbsp;&nbsp;&nbsp; Royal Caribbean Cruises, Ltd. (Liberia)<br>5.375%, 01/15/36<sup>2</sup> | 1725000 | 1732224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/01/33<sup>1</sup> | 875000 | 899016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co.<br>4.625%, 03/01/30<sup>1</sup> | 575000 | 560658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/27<sup>3</sup> | 350000 | 355292 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc. Pass-Through Trust<br>Series 2024-1, AA, 5.450%, 02/15/37 | 1848973 | 1900848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc.<br>4.050%, 06/29/48<sup>2</sup> | 1850000 | 1543177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc.<br>3.625%, 03/15/31 | 1110000 | 1049995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Cyclical |  | 35581353 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer, Non-cyclical - 7.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advocate Health & Hospitals Corp.<br>4.272%, 08/15/48 | 1670000 | 1398089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc.<br>5.600%, 03/02/43 | 1385000 | 1392691 |
| &nbsp;&nbsp;&nbsp;&nbsp; APi Group DE, Inc.<br>4.125%, 07/15/29<sup>1,2</sup> | 1255000 | 1220190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. (United Kingdom)<br>5.500%, 08/11/32<sup>1</sup> | 2000000 | 2065088 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Campbell's Company<br>5.400%, 03/21/34 | 2530000 | 2576859 |
| &nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health<br>3.347%, 10/01/29 | 600000 | 579821 |
| &nbsp;&nbsp;&nbsp;&nbsp; CVS Health Corp.<br>5.250%, 02/21/33<sup>2</sup> | 2568000 | 2643964 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc.<br>6.650%, 08/28/28<sup>3</sup> | 950000 | 992785 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Ford Foundation<br>Series 2020, 2.415%, 06/01/50<sup>2</sup> | 2690000 | 1600722  |

---

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

------

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

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer, Non-cyclical - 7.3%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer, Non-cyclical - 7.3%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc.<br>3.500%, 09/01/30 | $1550000 | $1490570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc.<br>7.000%, 06/15/30<sup>1</sup> | 2000000 | 2104857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co.<br>4.625%, 10/01/39 | 2480000 | 2264913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc.<br>4.250%, 06/01/28<sup>1</sup> | 2045000 | 2013561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Co. LLC<br>6.150%, 02/01/36 | 1985000 | 2084049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer, Non-cyclical |  | 24428159 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 15.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aircastle, Ltd./Aircastle Ireland DAC (Bermuda)<br>5.750%, 10/01/31<sup>1</sup> | 2375000 | 2475475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.543% to 01/17/30 then SOFR Index + 1.730%), 5.543%, 01/17/31<sup>2,4,5</sup> | 2093000 | 2141526 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Homes 4 Rent LP<br>5.500%, 07/15/34 | 1675000 | 1730331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN, (4.330% to 03/15/49 then 3 month SOFR + 1.782%), 4.330%, 03/15/50<sup>4,5</sup> | 2775000 | 2331226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.872% to 09/15/33 then SOFR + 1.840%), 5.872%, 09/15/34<sup>4,5</sup> | 3050000 | 3254819 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H, (3.700% to 03/20/26 then U.S. Treasury Yield Curve CMT 5 year + 3.352%), 3.700%, 03/20/26<sup>2,4,5,6</sup> | 2585000 | 2577027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Properties LP<br>2.550%, 04/01/32 | 2469000 | 2153884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.964% to 11/02/33 then SOFR Index + 3.370%), 7.964%, 11/02/34<sup>4,5</sup> | 1950000 | 2299042 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K, (5.000% to 06/01/27 then U.S. Treasury Yield Curve CMT 5 year + 3.256%), 5.000%, 06/01/27<sup>4,5,6</sup> | 1773000 | 1784429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T, (6.250% to 08/15/26 then 3 month SOFR + 4.779%), 6.250%, 08/15/26<sup>4,5,6</sup> | 825000 | 825783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series AA, (7.625% to 11/15/28 then U.S. Treasury Yield Curve CMT 5 year + 3.211%), 7.625%, 11/15/28<sup>4,5,6</sup> | 1278000 | 1340007 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.718% to 07/23/31 then SOFR + 1.910%), 5.718%, 07/23/32<sup>4,5</sup> | 2465000 | 2584327 |
| &nbsp;&nbsp;&nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc.<br>5.625%, 09/15/34 | 1400000 | 1420368 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.561% to 10/24/33 then SOFR + 1.950%), 6.561%, 10/24/34<sup>4,5</sup> | 1650000 | 1837939 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.850% to 02/10/30 then U.S. Treasury Yield Curve CMT 5 year + 2.461%), 6.850%, 02/10/30<sup>4,5,6</sup> | $1795000 | $1866646 |
| &nbsp;&nbsp;&nbsp;&nbsp; Huntington Bancshares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.443% to 08/04/27 then SOFR + 1.970%), 4.443%, 08/04/28<sup>2,4,5</sup> | 1080000 | 1085891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F, (5.625% to 07/15/30 then U.S. Treasury Yield Curve CMT 10 year + 4.945%), 5.625%, 07/15/30<sup>2,4,5,6</sup> | 975000 | 992181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.709% to 02/02/34 then SOFR Index + 1.870%), 5.709%, 02/02/35<sup>4,5</sup> | 500000 | 522296 |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.157% to 04/22/41 then 3 month SOFR + 1.460%), 3.157%, 04/22/42<sup>4,5</sup> | 2710000 | 2105002 |
| &nbsp;&nbsp;&nbsp;&nbsp; KeyCorp, MTN<br>4.100%, 04/30/28 | 1095000 | 1095572 |
| &nbsp;&nbsp;&nbsp;&nbsp; M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.413% to 10/30/28 then SOFR + 2.800%),<br>7.413%, 10/30/29<sup>2,4,5</sup> | 1837000 | 1992988 |
| &nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, (5.875% to 03/15/28 then 3 month SOFR + 3.221%), 5.875%, 03/15/28<sup>2,4,5,6</sup> | 375000 | 382036 |
| &nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.431% to 01/23/29 then 3 month SOFR + 1.890%), 4.431%, 01/23/30<sup>4,5</sup> | 1548000 | 1556576 |
| &nbsp;&nbsp;&nbsp;&nbsp; OneMain Finance Corp.<br>6.625%, 01/15/28 | 950000 | 975474 |
| &nbsp;&nbsp;&nbsp;&nbsp; The PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.068% to 01/24/33 then SOFR + 1.933%),<br>5.068%, 01/24/34<sup>4,5</sup> | 2386000 | 2441178 |
| &nbsp;&nbsp;&nbsp;&nbsp; SLM Corp.<br>6.500%, 01/31/30 | 1400000 | 1449081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.<br>4.375%, 01/15/27<sup>1</sup> | 1775000 | 1763972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp., MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.867% to 06/08/33 then SOFR + 2.361%), 5.867%, 06/08/34<sup>4,5</sup> | 2213000 | 2354842 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.350% to 03/02/32 then SOFR + 1.500%),<br>3.350%, 03/02/33<sup>4,5</sup> | 2025000 | 1890007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7.625% to 09/15/28 then U.S. Treasury Yield Curve CMT 5 year + 3.606%), 7.625%, 09/15/28<sup>2,4,5,6</sup> | 1462000 | 1559381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 52789306 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ball Corp.<br>2.875%, 08/15/30 | 1925000 | 1779867 |
| &nbsp;&nbsp;&nbsp;&nbsp; BWX Technologies, Inc.<br>4.125%, 06/30/28<sup>1</sup> | 1210000 | 1191343 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coherent Corp.<br>5.000%, 12/15/29<sup>1</sup> | 2000000 | 1993233 |

---

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

------

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

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 5.9%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC<br>3.500%, 03/01/29<sup>1</sup> | $2600000 | $2487553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jacobs Engineering Group, Inc.<br>5.900%, 03/01/33 | 3168000 | 3337068 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc.<br>4.000%, 06/15/29<sup>1</sup> | 2050000 | 1993526 |
| &nbsp;&nbsp;&nbsp;&nbsp; OI European Group, B.V. (Netherlands)<br>4.750%, 02/15/30<sup>1</sup> | 1500000 | 1451426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Owens Corning<br>7.000%, 12/01/36<sup>3</sup> | 1800000 | 2041511 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp.<br>6.300%, 02/15/30 | 1670000 | 1769970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co.<br>2.850%, 02/01/32<sup>2</sup> | 1822000 | 1642827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 19688324 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology - 5.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc.<br>3.500%, 02/15/41 | 1700000 | 1382925 |
| &nbsp;&nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp.<br>5.550%, 08/22/34 | 2008000 | 2045980 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp.<br>8.100%, 07/15/36 | 1372000 | 1662492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kyndryl Holdings, Inc.<br>3.150%, 10/15/31 | 2375000 | 2167743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Micron Technology, Inc.<br>5.875%, 02/09/33 | 1400000 | 1489097 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp.<br>2.525%, 06/01/50 | 2450000 | 1495845 |
| &nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc.<br>3.250%, 08/15/33<sup>1</sup> | 2015000 | 1806946 |
| &nbsp;&nbsp;&nbsp;&nbsp; Open Text Holdings, Inc.<br>4.125%, 02/15/30<sup>1</sup> | 1125000 | 1075299 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK hynix, Inc. (South Korea)<br>2.375%, 01/19/31<sup>1</sup> | 2800000 | 2540028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc.<br>3.625%, 03/15/29 | 600000 | 579585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/31 | 2194000 | 2096857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Technology |  | 18342797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (7.000% to 03/03/34 then U.S. Treasury Yield Curve CMT 5 year + 2.511%), 7.000%, 06/01/54<sup>2,4,5</sup> | 2189000 | 2370142 |
| &nbsp;&nbsp;&nbsp;&nbsp; DPL LLC<br>4.350%, 04/15/29 | 1000000 | 986117 |
| &nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp.<br>2.550%, 06/15/31 | 1595000 | 1452404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.450% to 06/01/34 then U.S. Treasury Yield Curve CMT 5 year + 2.588%), 6.450%, 09/01/54<sup>2,4,5</sup> | 2290000 | 2403534 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.500% to 12/15/34 then U.S. Treasury Yield Curve<br>CMT 5 year + 1.975%), 6.500%, 03/15/55<sup>4,5</sup> | $2315000 | $2408855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 9621052 |
|  Total Corporate Bonds and Notes<br>(Cost $179,162,707) |  | 178036569 |
|  Asset-Backed Securities - 4.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 39, Ltd.<br>Series 2025-39A, Class A1<br>(3 month SOFR + 1.130%, Cap N/A, Floor 1.130%), 5.014%, 04/20/38<sup>1,5</sup> | 1050000 | 1049435 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL Core CLO, Ltd.<br>Series 2025-38A, Class A1<br>(3 month SOFR + 1.240%, Cap N/A, Floor 1.240%), 5.097%, 01/22/38<sup>1,5</sup> | 1000000 | 1000436 |
| &nbsp;&nbsp;&nbsp;&nbsp; American Express Credit Account Master Trust<br>Series 2025-5, Class A<br>4.510%, 07/15/32 | 610000 | 623050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carmax Auto Owner Trust<br>Series 2025-1, Class A2A<br>4.630%, 03/15/28 | 887654 | 889733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC<br>Series 2024-1A, Class A1<br>5.250%, 02/25/49<sup>1</sup> | 3050000 | 3066919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO II, Ltd.<br>Series 2019-2A, Class A1RR<br>(3 month SOFR + 1.350%, Cap N/A, Floor 1.350%), 5.234%, 10/20/37<sup>1,5</sup> | 1715000 | 1719648 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ford Credit Auto Owner Trust<br>Series 2022-B, Class A4<br>3.930%, 08/15/27 | 956562 | 956680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnetite XXXIV, Ltd.<br>Series 2023-34A, Class A1R<br>(3 month SOFR + 1.140%, Cap N/A, Floor 1.140%), 5.045%, 01/15/38<sup>1,5</sup> | 850000 | 849565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnetite XXXVI, Ltd.<br>Series 2023-36A, Class AR<br>(3 month SOFR + 1.320%, Cap N/A, Floor 1.320%), 5.178%, 07/25/38<sup>1,5</sup> | 880000 | 881305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO, Ltd.<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A, Class A1R<br>(3 month SOFR + 1.530%, Cap N/A, Floor 1.530%), 5.424%, 04/16/37<sup>1,5</sup> | 990000 | 992179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1AR<br>(3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 5.034%, 04/20/38<sup>1,5</sup> | 551000 | 550706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Santander Drive Auto Receivables Trust<br>Series 2022-7, Class B<br>5.950%, 01/17/28 | 251652 | 251895 |

---

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

------

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

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Asset-Backed Securities - 4.3%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO, Ltd.<br>Series 2021-2A, Class A1R<br>(3 month SOFR + 1.170%, Cap N/A, Floor 1.170%), 5.054%, 04/20/38<sup>1,5</sup> | $1475000 | $1470604 |
|  Total Asset-Backed Securities<br>(Cost $14,304,560) |  | 14302155 |
|  Mortgage-Backed Securities - 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chase Home Lending Mortgage Trust<br>Series 2024-1, Class A6<br>6.500%, 01/25/55<sup>1,5</sup> | 688521 | 694710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust<br>Series 2022-J1, Class A1<br>2.500%, 02/25/52<sup>1,5</sup> | 882167 | 822154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust<br>|  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R01, Class 1M1<br>4.924%, 01/25/44<sup>1,5</sup> | 848338 | 847277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R02, Class 1M1<br>4.974%, 02/25/44<sup>1,5</sup> | 613947 | 613566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1A1<br>5.024%, 09/25/44<sup>1,5</sup> | 645663 | 646891 |
| &nbsp;&nbsp;&nbsp;&nbsp; DATA Mortgage Trust<br>Series 2023-CNTR, Class A<br>5.728%, 08/12/43<sup>1,5</sup> | 1900000 | 1947016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust<br>Series 2023-HQA3, Class A1<br>5.724%, 11/25/43<sup>1,5</sup> | 834943 | 842507 |
| &nbsp;&nbsp;&nbsp;&nbsp; FREMF Mortgage Trust<br>Series 2016-K53, Class B<br>4.277%, 03/25/49<sup>1,5</sup> | 126212 | 125832 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust<br>Series 2020-GC47, Class A5<br>2.377%, 05/12/53 | 900000 | 828060 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ4, Class A6<br>2.500%, 09/25/51<sup>1,5</sup> | 2254143 | 2122473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ5, Class A6<br>2.500%, 10/25/51<sup>1,5</sup> | 776560 | 729483 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ8, Class A2<br>2.500%, 01/25/52<sup>1,5</sup> | 1769782 | 1482287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ9, Class A8<br>2.500%, 02/26/52<sup>1,5</sup> | 1406860 | 1263252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PJ3, Class A4<br>2.500%, 08/25/52<sup>1,5</sup> | 767431 | 639426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PJ3, Class A7<br>2.500%, 08/25/52<sup>1,5</sup> | 531104 | 505604 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A3A<br>2.000%, 06/25/51<sup>1,5</sup> | 487926 | 390633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7, Class A6<br>2.500%, 11/25/51<sup>1,5</sup> | 1577455 | 1483356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A6<br>3.000%, 08/25/52<sup>1,5</sup> | 728199 | 688121 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A3<br>3.000%, 10/25/52<sup>1,5</sup> | $759511 | $662762 |
|  Total Mortgage-Backed Securities<br>(Cost $17,134,384) |  | 17335410 |
|  Municipal Bonds - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority<br>4.190%, 06/01/37 | 3395000 | 3243266 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State General Obligation, School Improvements, Build America Bonds<br>7.550%, 04/01/39 | 2030000 | 2463562 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport,<br>Series A<br>4.507%, 11/01/51 | 1000000 | 862201 |
| &nbsp;&nbsp;&nbsp;&nbsp; JobsOhio Beverage System, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.833%, 01/01/38 | 3635000 | 3057715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.833%, 01/01/38 | 65000 | 54697 |
|  Total Municipal Bonds<br>(Cost $11,261,505) |  | 9681441 |
|  U.S. Government and Agency Obligations - 33.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae - 16.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/35 to 08/01/49 | 21522750 | 20578075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/44 to 06/01/49 | 16321023 | 15793784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/48 to 06/01/49 | 4723008 | 4732088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/50 | 2221009 | 2259321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/52 to 02/01/55 | 8240540 | 8463698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 02/01/54 | 4251243 | 4466830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fannie Mae |  | 56293796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac - 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/36 | 4017178 | 3723569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/51 | 1956481 | 1746531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/48 to 12/01/48 | 3420006 | 3394191 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K139, Class A2<br>2.590%, 01/25/32<sup>5</sup> | 1525000 | 1395333 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5106, Class KA<br>2.000%, 03/25/41 | 3489622 | 3309463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5297, Class DA<br>5.000%, 12/25/52 | 1573721 | 1596165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA3, Class A1<br>4.824%, 09/25/45<sup>1,5</sup> | 767687 | 767893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-DNA1, Class M1<br>5.224%, 02/25/44<sup>1,5</sup> | 995565 | 995873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac |  | 16929018 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations - 11.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 05/15/50 | 5625000 | 2692529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/51 | 8097000 | 4524831 |

---

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

------

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

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 11.2%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds<br>2.250%, 05/15/41 | $15359000 | $11296665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/46 | 1796000 | 1250676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/48 | 10968000 | 8330110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/53 | 6760000 | 5472959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/43 | 4324000 | 3889911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 37457681 |
|  Total U.S. Government and Agency Obligations<br>(Cost $128,120,614) |  | 110680495 |
|  Short-Term Investments - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 2.6**%<sup>7</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 12/31/25, due 01/02/26, 3.940% total to be received $1,425,312 (collateralized by various U.S. Treasuries, 0.000% - 5.250%, 01/31/26 - 11/15/55, totaling $1,453,903) | 1425000 | 1425000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 12/31/25, due 01/02/26, 3.840% total to be received $513,200 (collateralized by various U.S. Treasuries, 0.625% - 4.875%, 04/30/26 - 11/15/34, totaling $523,353) | 513091 | 513091 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin Investment Board, dated 12/31/25, due 01/02/26, 3.970% total to be received $6,602,072 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 04/15/28 - 02/15/55, totaling $6,712,058) | $6600616 | $6600616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 8538707 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/31/25, due 01/02/26, 3.350% total to be received $1,771,330 (collateralized by a U.S. Treasury Note, 4.375%, 12/31/29, totaling $1,806,487) | 1771000 | 1771000 |
|  Total Short-Term Investments<br>(Cost $10,309,707) |  | 10309707 |
|  **Total Investments - 101.6%**<br> (Cost $360,293,477) |  | 340345777 |
|  Other Assets, less Liabilities - (1.6)% |  | (5502306) |
|  Net Assets - 100.0% |  | $334843471 |

---

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2025, the value of these securities amounted to $63,938,807 or 19.1% of net assets. 

<sup>2</sup> Some of these securities, amounting to $33,692,160 or 10.1% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<sup>3</sup> Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

<sup>4</sup> Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2025. Rate will reset at a future date.

<sup>5</sup> Variable rate security. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>6</sup> Perpetuity Bond. The date shown represents the next call date.

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

---

| | |
|:---|:---|
| CLO | Collateralized Loan Obligation |
| CMT | Constant Maturity Treasury |
| DAC | Designated Activity Co. |
| FHLMC | Freddie Mac |
| FNMA | Fannie Mae |
| MTN | Medium-Term Note |
| REMICS | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STACR | Structured Agency Credit Risk |

---

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

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds and Notes<sup>†</sup> |  | $178036569 |  | $178036569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 14302155 |  | 14302155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 17335410 |  | 17335410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 9681441 |  | 9681441 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations<sup>†</sup> |  | 110680495 |  | 110680495 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 8538707 |  | 8538707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1771000 |  | 1771000 |
|  Total Investments in Securities |  | $340345777 |  | $340345777 |

---

---

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

---

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

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

------

 <br> AMG GW&K Municipal Bond Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Municipal Bonds - 98.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Highway Authority, (AG)<br>5.000%, 09/01/38 | $5000000 | $5753352 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson Sewer Revenue<br>5.250%, 10/01/49 | 5810000 | 6000412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Series E<br>5.000%, 10/01/30 | 11850000 | 12730986 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southeast Energy Authority A Cooperative District, Series H<br>5.000%, 11/01/35 | 5000000 | 5363599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Alabama |  | 29848349 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maricopa County Industrial Development Authority, Series D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/40 | 2150000 | 2318397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/41 | 1000000 | 1067019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Arizona |  | 3385416 |
| &nbsp;&nbsp;&nbsp;&nbsp; California - 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Medical Centers, Series A<br>5.000%, 02/01/31 | 900000 | 915481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Series A, (BAM)<br>5.000%, 07/01/43 | 1250000 | 1346003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/31 | 2205000 | 2461482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/32 | 3480000 | 3936460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/33 | 2800000 | 3195764 |
| &nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Department of Water & Power, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/30 | 10000000 | 10882339 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Francisco City & County Airport Commission, San Francisco International Airport, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/32 | 3000000 | 3286184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/34 | 5010000 | 5291518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/35 | 5800000 | 6110060 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Series CD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/36 | 10000000 | 11953127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/15/40 | 5000000 | 5930052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total California |  | 55308470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Series A<br>5.000%, 08/01/33 | 4260000 | 4516849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/31 | 6205000 | 6744253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/33 | 2750000 | 3005984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/34 | 3250000 | 3536898 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue,<br>Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/37 | $2300000 | $2676235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/38 | 2000000 | 2307068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Connecticut |  | 18270438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida - 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Aviation Revenue, Series A<br>5.000%, 10/01/35 | 5000000 | 5554984 |
| &nbsp;&nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority<br>5.000%, 08/15/37 | 6000000 | 6222771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp.<br>4.000%, 11/15/33 | 10000000 | 10328130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Series 3, (GNMA FNMA FHLMC)<br>4.500%, 07/01/44 | 4975000 | 5007322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee County Industrial Development Authority, Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/34 | 3145000 | 3315039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami-Dade County Educational Facilities Authority, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/36 | 5000000 | 5848624 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Board of Administration Finance Corp., Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.526%, 07/01/34 | 10000000 | 10514426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Volusia County Educational Facility Authority<br>5.000%, 10/15/33 | 2000000 | 2287323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Florida |  | 49078619 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/32 | 6500000 | 7435298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/33 | 5000000 | 5786445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Georgia |  | 13221743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois - 9.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Midway International Airport, Series A<br>5.000%, 01/01/33 | 2000000 | 2194178 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/36 | 10050000 | 10452036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/38 | 5500000 | 5678567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Series A<br>5.250%, 01/01/41 | 2000000 | 2159297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago Transit Authority Sales Tax Receipts Fund, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/43 | 3000000 | 3191680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/15/37 | 5910000 | 5932688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/34 | 4640000 | 5350314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Series B<br>5.000%, 04/01/35 | 2970000 | 3396693 |

---

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

------

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

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois - 9.3%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Senior Revenue, Series A,<br>5.000%, 12/01/31 | $9735000 | $9753920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/36 | 3000000 | 3444802 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois<br>5.000%, 02/01/33 | 7255000 | 8119740 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois Sales Tax Revenue, Series B<br>5.000%, 06/15/37 | 6000000 | 6682572 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series A<br>5.250%, 03/01/37 | 8500000 | 9293273 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series B,<br>5.000%, 05/01/34 | 10000000 | 11000729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/42 | 2000000 | 2144627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/45 | 2000000 | 2088680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Illinois |  | 90883796 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Series A<br>5.000%, 02/01/32 | 5000000 | 5573206 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Series A1<br>5.000%, 11/15/40 | 3000000 | 3320350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Indiana |  | 8893556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky - 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, Series A,<br>5.000%, 10/01/37 | 5650000 | 6413692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/40 | 7750000 | 8597726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/41 | 8500000 | 9321227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky State Property & Building Commission, Series B,<br>5.000%, 04/01/34 | 6310000 | 7290486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/35 | 5595000 | 6521049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Kentucky |  | 38144180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District, Series A,<br>5.000%, 07/01/40 | 2750000 | 2977884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/42 | 11500000 | 12236656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Louisiana |  | 15214540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Stadium Authority<br>5.000%, 06/01/40 | 2500000 | 2757739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland Stadium Authority Sports Entertainment Facilities Revenue<br>5.000%, 06/15/37 | 3320000 | 3756881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Maryland |  | 6514620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Transportation Fund Revenue, Series A,<br>5.000%, 06/01/38 | 2000000 | 2320724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/39 | 2000000 | 2302910 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts, Series G,<br>5.000%, 12/01/39 | $2000000 | $2287454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/40 | 1750000 | 1981060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/41 | 1250000 | 1398881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency,<br>5.250%, 07/01/48 | 4250000 | 4307515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/45 | 1490000 | 1536089 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Series 1,<br>5.000%, 07/01/40 | 1870000 | 2016525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/41 | 2095000 | 2234446 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts School Building Authority, Series B<br>5.000%, 02/15/37 | 1750000 | 2034129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Massachusetts |  | 22419733 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Sewage Disposal System Revenue, Series B,<br>5.000%, 07/01/34 | 9000000 | 10475008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/35 | 8000000 | 9310244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Great Lakes Water Authority Water Supply System Revenue, Series A<br>5.000%, 07/01/35 | 2500000 | 2918065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Series A<br>4.850%, 12/01/45 | 3000000 | 3034072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Michigan |  | 25737389 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Series A<br>5.000%, 12/01/35 | 3000000 | 3365410 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey - 4.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Series A<br>5.250%, 11/01/40 | 7000000 | 7678549 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Series SSS,<br>5.250%, 06/15/36 | 2750000 | 3190269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/37 | 1750000 | 2015295 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority, Series D<br>5.000%, 01/01/28 | 4500000 | 4599085 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Series A,<br>5.250%, 06/15/41 | 2700000 | 2961752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/42 | 2250000 | 2446163 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Series AA,<br>5.000%, 06/15/37 | 2000000 | 2298653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/38 | 1700000 | 1935335 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Series B,<br>5.000%, 06/15/32 | 2350000 | 2612095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/33 | 6000000 | 6644417 |

---

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

------

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

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - 4.5%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Series BB<br>4.000%, 06/15/37 | $3000000 | $3058979 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority,<br>5.000%, 11/01/39 | 1150000 | 1240081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/41 | 2615000 | 2772737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New Jersey |  | 43453410 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York - 22.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York<br>5.000%, 08/01/34 | 5000000 | 5699665 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series 1,<br>5.000%, 08/01/31 | 1000000 | 1119370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/40 | 5000000 | 5477349 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series C,<br>5.000%, 08/01/33 | 1500000 | 1638912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/34 | 3250000 | 3536651 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series D<br>5.000%, 04/01/32 | 2000000 | 2259007 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series F,<br>5.000%, 08/01/32 | 3750000 | 4253247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/36 | 5000000 | 5728610 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series L-5<br>5.000%, 04/01/33 | 6500000 | 7192523 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Series A<br>5.000%, 11/15/37 | 7460000 | 8378957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Series B,<br>5.000%, 11/15/31 | 15000000 | 16785852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/33 | 3490000 | 3985884 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, Series 2, (ST AID)<br>5.000%, 07/15/36 | 4500000 | 5255997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/37 | 5000000 | 5787788 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Series 1,<br>5.000%, 11/01/32<sup>1</sup> | 5000000 | 5706474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/36<sup>1</sup> | 2500000 | 2921575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/37 | 1700000 | 1931758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/371 | 2500000 | 2889336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/39 | 4000000 | 4461740 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Series B<br>5.000%, 05/01/33 | 2960000 | 3402372 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1,<br>5.000%, 05/01/40 | 2500000 | 2727352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/41 | 2750000 | 2983653 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1<br>5.000%, 02/01/37 | 5000000 | 5409234 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority<br>4.000%, 05/01/39 | 2000000 | 2012875 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Series A,<br>5.000%, 03/15/40 | $4000000 | $4424952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/40 | 1000000 | 1126119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/41 | 7090000 | 7756013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/41 | 2000000 | 2223504 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Series C,<br>5.000%, 03/15/34 | 4585000 | 5346234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/35 | 3500000 | 4115292 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp.,<br>4.000%, 10/31/41 | 1250000 | 1191523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/46 | 1500000 | 1333634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/30 | 1000000 | 1099632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/31 | 1100000 | 1207310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/32 | 1450000 | 1585620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/33 | 1000000 | 1089072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/36 | 10000000 | 10673770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/30/49 | 2010000 | 2017295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/30/49 | 5000000 | 5032681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/30/44 | 1320000 | 1438416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/30/50 | 2000000 | 2126266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/30/54 | 3000000 | 3100821 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Series A<br>5.500%, 12/31/54 | 4500000 | 4590444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Series 221<br>5.000%, 07/15/32 | 5000000 | 5372028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Series A,<br>5.000%, 12/01/42 | 1000000 | 1096816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/43 | 1500000 | 1623543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Series 2,<br>5.000%, 12/15/36 | 8000000 | 9306749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/37 | 9000000 | 10495117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/37 | 12000000 | 14020261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New York |  | 214939293 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Union Enterprise System Revenue,<br>1.750%, 06/01/34 | 3300000 | 2834840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 06/01/35 | 4225000 | 3551593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.850%, 06/01/36 | 4315000 | 3570878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 06/01/40 | 3350000 | 2601989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nash Health Care Systems<br>5.000%, 02/01/32 | 1000000 | 1107534 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Series A, (AG)<br>5.000%, 01/01/58 | 9000000 | 9191353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total North Carolina |  | 22858187 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota - 0.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Series A<br>4.940%, 07/01/45 | 3000000 | 3061893 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Dakota Housing Finance Agency, Series C<br>4.700%, 07/01/45 | 1000000 | 1003220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total North Dakota |  | 4065113 |

---

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

------

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

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Series A,<br>5.000%, 01/01/34 | $1300000 | $1454082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/35 | 1200000 | 1350142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/36 | 2500000 | 2779047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Series A, (GNMA FNMA FHLMC)<br>4.350%, 09/01/44 | 2880000 | 2895881 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Ohio State University, Series A<br>5.000%, 06/01/35<sup>1</sup> | 5000000 | 5872781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ohio |  | 14351933 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Turnpike Authority, Series B,<br>5.000%, 01/01/39 | 1300000 | 1493456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/40 | 2115000 | 2386731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/41 | 1750000 | 1947490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Oklahoma |  | 5827677 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania - 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, Series A<br>5.000%, 01/01/32 | 2215000 | 2390207 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Philadelphia, Series C,<br>5.000%, 08/01/33 | 1000000 | 1151619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/34 | 1305000 | 1517549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/35 | 2000000 | 2341988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Pennsylvania Tobacco<br>5.000%, 06/01/32 | 7910000 | 8289827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia, (AG)<br>4.000%, 07/01/38 | 2500000 | 2510818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/39 | 2000000 | 1988392 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority,<br>5.250%, 06/30/35 | 5015000 | 5519983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/30/48 | 6000000 | 6277791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, Series B<br>5.000%, 03/15/39 | 1020000 | 1122804 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Series 146A<br>4.500%, 10/01/44 | 6500000 | 6527050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Pennsylvania |  | 39638028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp.<br>5.250%, 05/15/49 | 5175000 | 5249451 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Richland County School District No 2, Series A,<br>(South Carolina School District)<br>2.000%, 03/01/38 | 6190000 | 4986959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/39 | 10080000 | 7907292 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Series B,<br>5.000%, 12/01/41 | $2250000 | $2441229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/43 | 3725000 | 3959746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total South Carolina |  | 19295226 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chattanooga Electric System Revenue<br>2.000%, 09/01/39 | 8925000 | 6902409 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas - 14.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Series A,<br>5.000%, 01/01/35 | 1250000 | 1448217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/36 | 1350000 | 1571265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/37 | 1415000 | 1627413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/38 | 1700000 | 1932793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/39 | 1300000 | 1464817 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Series B,<br>5.000%, 01/01/40 | 1000000 | 1106914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/41 | 1200000 | 1314139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Turnpike System, Series C,<br>5.000%, 08/15/39 | 2500000 | 2774714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/40 | 1500000 | 1649682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/41 | 1500000 | 1636369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/42 | 1000000 | 1081870 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Austin Electric Utility Revenue<br>5.000%, 11/15/35 | 5000000 | 5673891 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System, Series A,<br>4.000%, 07/01/35 | 1100000 | 1118572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/36 | 1100000 | 1107578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/34 | 2835000 | 3072723 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston, Series A,<br>5.000%, 03/01/40 | 2000000 | 2183079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/41 | 2500000 | 2709585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/42 | 2245000 | 2414649 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems, Series A,<br>5.000%, 02/01/34 | 5460000 | 6255239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/35 | 3000000 | 3420075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/37 | 3010000 | 3248747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/38 | 2985000 | 3204367 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio Electric & Gas Systems, Series D<br>5.000%, 02/01/39 | 6455000 | 7269026 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio TX Electric & Gas Systems Revenue, Series A,<br>5.000%, 02/01/361 | 6000000 | 7010414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/391 | 7500000 | 8530918 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Harris Toll Road First Lien, Series A<br>5.000%, 08/15/34 | 5000000 | 5731501 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Harris Toll Road Revenue, Series A<br>5.000%, 08/15/36 | 4000000 | 4578572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Harris County-Houston Sports Authority, Series B, (AG)<br>5.000%, 11/15/44 | 2115000 | 2212400 |

---

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

------

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

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas - 14.7%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lamar Consolidated Independent School District<br>5.000%, 02/15/34 | $7965000 | $9020229 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority, Series A,<br>5.000%, 05/15/31 | 2300000 | 2562139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/32 | 2000000 | 2256011 |
| &nbsp;&nbsp;&nbsp;&nbsp; North East Texas Regional Mobility Authority, Series A,<br>5.000%, 01/01/41 | 1700000 | 1836279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/42 | 1055000 | 1128175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/43 | 1185000 | 1257554 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Series A,<br>5.000%, 01/01/39 | 2750000 | 3096084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/01/38 | 3000000 | 3320283 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Series B<br>5.000%, 01/01/33 | 5000000 | 5694723 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prosper Independent School District, Series A, (PSF-GTD)<br>1.750%, 02/15/34 | 3565000 | 3046851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 02/15/35 | 5155000 | 4315316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Series 1<br>5.000%, 11/15/51 | 3000000 | 3346073 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarrant County Cultural Education Facilities Finance Corp., Series 2<br>5.000%, 11/15/51 | 2500000 | 2847823 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp.,<br>5.500%, 06/30/41 | 1000000 | 1054770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/30/42 | 1000000 | 1050155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/30/43 | 1000000 | 1043470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Series A,<br>4.000%, 12/31/37 | 5000000 | 5021341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/31/38 | 3735000 | 3739675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Texas |  | 142986480 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Downtown Revitalization Public Infrastructure District, Series A, (AG)<br>5.000%, 06/01/36 | 1620000 | 1735598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/37 | 1700000 | 1812488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermountain Power Agency,<br>5.000%, 07/01/33 | 3500000 | 3949724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/34 | 3500000 | 3932252 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermountain Power Agency, Series A<br>5.000%, 07/01/34 | 5250000 | 5809121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City Corp. Airport Revenue, Series A<br>5.000%, 07/01/30 | 6585000 | 6891730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utah |  | 24130913 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority,<br>4.000%, 01/01/37 | $3000000 | $2992090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/38 | 3000000 | 2979154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Virginia |  | 5971244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, Series C<br>5.000%, 08/01/31 | 2000000 | 2203851 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Series A<br>5.000%, 08/01/38 | 3270000 | 3401025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Washington |  | 5604876 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Series B<br>6.000%, 09/01/48 | 5250000 | 5705325 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Parkways Authority,<br>5.000%, 06/01/37 | 1450000 | 1580700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/38 | 2000000 | 2170448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/39 | 5150000 | 5563722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total West Virginia |  | 15020195 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority,<br>5.750%, 06/30/60 | 3000000 | 3095791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/30/60 | 3000000 | 3294680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Wisconsin |  | 6390471 |
|  Total Municipal Bonds<br>(Cost $960,364,274) |  | 961488014 |
|  Short-Term Investments - 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/31/25, due 01/02/26, 3.350% total to be received $33,527,239 (collateralized by a U.S. Treasury Note, 4.375%, 12/31/29, totaling $34,191,420) | 33521000 | 33521000 |
|  Total Short-Term Investments<br>(Cost $33,521,000) |  | 33521000 |
|  **Total Investments - 102.2%**<br> (Cost $993,885,274) |  | 995009014 |
|  Other Assets, less Liabilities - (2.2)% |  | (21321638) |
|  Net Assets - 100.0% |  | $973687376 |

---

<sup>1</sup> All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at December 31, 2025, amounted to $32,931,498 or 3.4% of net assets. 

---

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

---

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

------

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

 
FNMA Fannie Mae <br> GNMA Ginnie Mae

PSF-GTD Permanent School Fund Guaranteed <br> ST AID State Aid Withholding

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds<sup>†</sup> |  | $961488014 |  | $961488014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 33521000 |  | 33521000 |
| &nbsp;&nbsp; Total Investments in Securities |  | $995009014 |  | $995009014 |

---

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

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Municipal Enhanced Yield Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Municipal Bonds - 97.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson Sewer Revenue<br>5.500%, 10/01/53 | $1000000 | $1045709 |
| &nbsp;&nbsp;&nbsp;&nbsp; California - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Series A<br>4.000%, 02/01/51 | 1000000 | 864414 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado - 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Series A<br>5.125%, 12/01/45 | 1000000 | 1016412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy Natural Gas Purchase Revenue<br>6.500%, 11/15/38 | 5395000 | 6513882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Colorado |  | 7530294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida - 13.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Authority, Series A,<br>5.000%, 06/01/54<sup>1</sup> | 1000000 | 895148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/64<sup>1</sup> | 1000000 | 869263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority<br>4.000%, 08/15/50 | 5065000 | 4277406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp.,<br>4.000%, 02/01/52 | 2515000 | 2065224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/52 | 1675000 | 1606862 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority<br>4.000%, 08/01/50 | 4185000 | 3587125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Health Facilities Authority<br>4.000%, 11/15/46 | 4185000 | 3764260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Series B<br>5.000%, 11/15/55 | 1500000 | 1482388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No 15<br>4.800%, 05/01/55<sup>1</sup> | 995000 | 955255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No 16<br>5.125%, 05/01/56 | 1750000 | 1748755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Florida |  | 21251686 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fayette County Development Authority,<br>5.250%, 10/01/49 | 1500000 | 1554724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/01/54 | 1500000 | 1544606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Georgia |  | 3099330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority,<br>4.000%, 06/15/52 | 1500000 | 1289283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/50 | 1835000 | 1825297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Illinois |  | 3114580 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Series A,<br>5.000%, 07/01/54 | $1000000 | $1000130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/59 | 1250000 | 1240304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 03/01/50 | 1500000 | 1503186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/64 | 1250000 | 1260376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Indiana |  | 5003996 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts - 8.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency,<br>4.000%, 07/01/51 | 4340000 | 3588759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/50 | 1250000 | 1259277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/52 | 2745000 | 2737599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/55 | 1250000 | 1230057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/55 | 1000000 | 1002773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Series 1,<br>4.500%, 07/01/54 | 1000000 | 937597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/50 | 1000000 | 1029515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Series A<br>5.000%, 07/01/54<sup>1</sup> | 1200000 | 1153891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Massachusetts |  | 12939468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan - 0.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Series C<br>5.050%, 06/01/51 | 500000 | 503708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska - 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Plains Energy Project #3, Series A<br>5.000%, 09/01/42 | 4205000 | 4469680 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Series A<br>5.500%, 06/01/55 | 1000000 | 1040074 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey - 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Series A,<br>5.000%, 06/01/46 | 2095000 | 2061977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/46 | 2755000 | 2744019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Series B<br>5.000%, 06/01/46 | 1415000 | 1373522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New Jersey |  | 6179518 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York - 14.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Series A,<br>4.000%, 07/01/47 | 1675000 | 1444128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/52 | 1775000 | 1485663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/01/50 | 1000000 | 897115 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp.,<br>4.000%, 04/30/53 | 5790000 | 4918109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/30/54 | 1500000 | 1517693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/01/40 | 4000000 | 4196758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/35 | 1500000 | 1653109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/30/54 | 1750000 | 1808812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/30/59 | 1000000 | 1051757 |

---

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

------

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

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York - 14.8%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Series A<br>5.500%, 12/31/60 | $3500000 | $3537761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Co.<br>5.750%, 12/01/44 | 1000000 | 1018263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New York |  | 23529168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton, Series A<br>5.500%, 08/01/51 | 1000000 | 1026199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission,<br>5.250%, 05/01/49 | 1000000 | 1019598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/54 | 1000000 | 1013904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ohio |  | 3059701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority<br>5.250%, 06/30/53 | 5025000 | 5093273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island - 6.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp.,<br>5.250%, 05/15/49 | 1000000 | 1014386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/15/54 | 4250000 | 4295700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Series A, (AG)<br>5.000%, 07/01/55 | 1000000 | 1006678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/60 | 1750000 | 1755096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Series A<br>5.000%, 06/01/40 | 2755000 | 2755189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Rhode Island |  | 10827049 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina - 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Richland County School District No 2, Series A, (South Carolina School District)<br>1.875%, 03/01/38 | 7290000 | 5710744 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority<br>5.750%, 11/15/54 | 750000 | 767209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total South Carolina |  | 6477953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chattanooga Electric<br>2.000%, 09/01/40 | 3710000 | 2756693 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health & Educational Facilities Board, Series A1<br>5.250%, 06/01/56<sup>1</sup> | 1000000 | 965107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Tennessee |  | 3721800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas - 7.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, Series B,<br>5.500%, 07/15/37 | 1000000 | 1086851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/38 | 1000000 | 1080265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/39 | 1870000 | 2006777 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp.,<br>5.000%, 06/30/58 | $6900000 | $6729780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/31/58 | 1000000 | 1036065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Texas |  | 11939738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia - 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lynchburg Economic Development Authority<br>4.000%, 01/01/55 | 1000000 | 842486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority,<br>4.000%, 01/01/40 | 1000000 | 968775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/47 | 1645000 | 1645649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/49 | 2095000 | 2017437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/52 | 2655000 | 2542394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Virginia |  | 8016741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission<br>5.500%, 07/01/49 | 1000000 | 1019383 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Series B<br>6.000%, 09/01/53 | 2625000 | 2835322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin - 6.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority,<br>5.250%, 11/15/50 | 1005000 | 1018290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/61 | 1000000 | 1004325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/30/60 | 1000000 | 1031930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/31/65 | 4000000 | 4118705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/31/65 | 1000000 | 1094301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Series A<br>5.000%, 06/01/41<sup>1</sup> | 1900000 | 1930652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Wisconsin |  | 10198203 |
|  Total Municipal Bonds<br>(Cost $162,463,894) |  | 153760788 |
|  Short-Term Investments - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/31/25, due 01/02/26, 3.350% total to be received $4,138,770 (collateralized by a U.S. Treasury Note, 4.375%, 12/31/29, totaling $4,220,862) | 4138000 | 4138000 |
|  Total Short-Term Investments<br>(Cost $4,138,000) |  | 4138000 |
|  **Total Investments - 99.6%**<br> (Cost $166,601,894) |  | 157898788 |
|  Other Assets, less Liabilities - 0.4% |  | 562738 |
|  Net Assets - 100.0% |  | $158461526 |

---

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

------

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

 

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2025, the value of these securities amounted to $6,769,316 or 4.3% of net assets. 

AG Assured Guaranty

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds<sup>†</sup> |  | $153760788 |  | $153760788 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 4138000 |  | 4138000 |
| &nbsp;&nbsp; Total Investments in Securities |  | $157898788 |  | $157898788 |

---

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

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities December 31, 2025

 

---

| | | | |
|:---|:---|:---|:---|
|  | AMG GW&K<br>ESG<br>Bond Fund | AMG<br>GW&K Municipal<br>Bond Fund | AMG<br>GW&K Municipal<br>Enhanced<br>Yield Fund |
| &nbsp;&nbsp; Assets: |  |  |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan valued at $33,692,160, $0, and $0, respectively) | $340345777 | $995009014 | $157898788 |
| &nbsp;&nbsp; Cash | 679 | 1367 | 1054 |
| &nbsp;&nbsp; Interest receivable | 3454957 | 10657416 | 1668023 |
| &nbsp;&nbsp; Securities lending income receivable | 5036 |  |  |
| &nbsp;&nbsp; Receivable for Fund shares sold | 17296 | 1761196 | 36562 |
| &nbsp;&nbsp; Receivable from Affiliate |  | 21241 | 10850 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 13790 | 19928 | 19826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 343837535 | 1007470162 | 159635103 |
| &nbsp;&nbsp; Liabilities: |  |  |  |
| &nbsp;&nbsp; Payable upon return of securities loaned | 8538707 |  |  |
| &nbsp;&nbsp; Payable for investments purchased |  | 162904 |  |
| &nbsp;&nbsp; Payable for delayed delivery investments purchased |  | 32645680 |  |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 179246 | 503089 | 1012048 |
| &nbsp;&nbsp; Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 69653 | 171073 | 61490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 43011 | 122731 | 20497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees |  | 2118 | 451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 48357 | 42624 | 7004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 115090 | 132567 | 72087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 8994064 | 33782786 | 1173577 |
| &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 7) |  |  |  |
| &nbsp;&nbsp; Net Assets | $334843471 | $973687376 | $158461526 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $360293477 | $993885274 | $166601894 |

---

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

------

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

 

---

| | | | |
|:---|:---|:---|:---|
|  | AMG GW&K<br>ESG<br>Bond Fund | AMG<br>GW&K Municipal<br>Bond Fund | AMG<br>GW&K Municipal<br>Enhanced<br>Yield Fund |
| &nbsp;&nbsp; Net Assets Represent: |  |  |  |
| &nbsp;&nbsp; Paid-in capital | $415427774 | $1011605829 | $189554726 |
| &nbsp;&nbsp; Total distributable (accumulated losses) | (80584303) | (37918453) | (31093200) |
| &nbsp;&nbsp; Net Assets | $334843471 | $973687376 | $158461526 |
| &nbsp;&nbsp; Class N: |  |  |  |
| &nbsp;&nbsp; Net Assets | $197983988 | $10026242 | $3243148 |
| &nbsp;&nbsp; Shares outstanding | 8962948 | 870310 | 359204 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $22.09 | $11.52 | $9.03 |
| &nbsp;&nbsp; Class I: |  |  |  |
| &nbsp;&nbsp; Net Assets | $136859483 | $963661134 | $155007687 |
| &nbsp;&nbsp; Shares outstanding | 6195198 | 83136097 | 17760933 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $22.09 | $11.59 | $8.73 |
| &nbsp;&nbsp; Class Z: |  |  |  |
| &nbsp;&nbsp; Net Assets |  |  | $210691 |
| &nbsp;&nbsp; Shares outstanding |  |  | 24146 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share |  |  | $8.73 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations For the fiscal year ended December 31, 2025

 

---

| | | | |
|:---|:---|:---|:---|
|  | AMG GW&K<br>ESG<br>Bond Fund | AMG<br>GW&K Municipal<br>Bond Fund | AMG<br>GW&K Municipal<br>Enhanced<br>Yield Fund |
| &nbsp;&nbsp; Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $15898359 | $31705359 | $7440927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 90841 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (11360) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 15977840 | 31705359 | 7440927 |
| &nbsp;&nbsp; Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 812127 | 2001325 | 769274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 529649 | 1435369 | 256425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N |  | 22905 | 5462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 526985 | 12890 | 3277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 71152 | 473875 | 84285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 98587 | 111465 | 52510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 52479 | 63653 | 41314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 49156 | 82792 | 28952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 45526 | 28984 | 15189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 30235 | 82376 | 14504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 18340 | 33304 | 6031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 840 | 661 | 763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 15153 | 34072 | 8622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 2250229 | 4383671 | 1286608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (132927) | (619838) | (184217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 2117302 | 3763833 | 1102391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 13860538 | 27941526 | 6338536 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain (Loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (10965033) | (5425141) | (3932838) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 22110041 | 27386729 | 1113369 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) | 11145008 | 21961588 | (2819469) |
| &nbsp;&nbsp; Net increase in net assets resulting from operations | $25005546 | $49903114 | $3519067 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets For the fiscal years ended December 31,

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AMG GW&K<br>ESG Bond Fund | AMG GW&K<br>ESG Bond Fund | AMG<br>GW&K Municipal<br>Bond Fund | AMG<br>GW&K Municipal<br>Bond Fund | AMG<br>GW&K Municipal<br>Enhanced Yield Fund | AMG<br>GW&K Municipal<br>Enhanced Yield Fund |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Increase in Net Assets Resulting From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $13860538 | $14402677 | $27941526 | $26390239 | $6338536 | $6867624 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (10965033) | (9324714) | (5425141) | (6960382) | (3932838) | (2286414) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 22110041 | 1303143 | 27386729 | (19308387) | 1113369 | 748881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 25005546 | 6381106 | 49903114 | 121470 | 3519067 | 5330091 |
|  Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | (8156738) | (8565094) | (240946) | (236843) | (90713) | (100918) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (5801542) | (5856009) | (27663908) | (26143251) | (6246115) | (6775784) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z |  |  |  |  | (7412) | (4671) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (13958280) | (14421103) | (27904854) | (26380094) | (6344240) | (6881373) |
|  Capital Share Transactions:<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | (47280729) | (56304525) | (54719399) | 3978583 | (22834822) | (25735463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total decrease in net assets | (36233463) | (64344522) | (32721139) | (22280041) | (25659995) | (27286745) |
|  Net Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 371076934 | 435421456 | 1006408515 | 1028688556 | 184121521 | 211408266 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $334843471 | $371076934 | $973687376 | $1006408515 | $158461526 | $184121521 |

---

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

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

------

 <br> AMG GW&K ESG Bond Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $21.41 | $21.85 | $21.11 | $24.88 | $28.12 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.84 | 0.76 | 0.63 | 0.44 | 0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.69 | (0.44) | 0.75 | (3.70) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.53 | 0.32 | 1.38 | (3.26) | (0.39) |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.85) | (0.76) | (0.64) | (0.47) | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.04) | (2.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.85) | (0.76) | (0.64) | (0.51) | (2.85) |
|  Net Asset Value, End of Year | $22.09 | $21.41 | $21.85 | $21.11 | $24.88 |
|  Total Return<sup>2,3</sup> | 7.26% | 1.49% | 6.69% | (13.17)% | (1.29)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.68%<sup>4</sup> | 0.68%<sup>4</sup> | 0.68% | 0.68% | 0.69%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | 0.72% | 0.73% | 0.70% | 0.69% | 0.69%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 3.84% | 3.49% | 2.94% | 1.98% | 1.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 35% | 37% | 27% | 23% | 186% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $197984 | $222537 | $269529 | $301028 | $427818 |

---

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

------

 <br> AMG GW&K ESG Bond Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $21.42 | $21.85 | $21.12 | $24.89 | $28.13 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.88 | 0.80 | 0.67 | 0.49 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.68 | (0.42) | 0.75 | (3.71) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.56 | 0.38 | 1.42 | (3.22) | (0.33) |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.89) | (0.81) | (0.69) | (0.51) | (0.53) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.04) | (2.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.89) | (0.81) | (0.69) | (0.55) | (2.91) |
|  Net Asset Value, End of Year | $22.09 | $21.42 | $21.85 | $21.12 | $24.89 |
|  Total Return<sup>2,3</sup> | 7.43% | 1.75% | 6.85% | (12.99)% | (1.05)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.48%<sup>4</sup> | 0.48%<sup>4</sup> | 0.48% | 0.48% | 0.49%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | 0.52% | 0.53% | 0.50% | 0.49% | 0.49%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 4.04% | 3.69% | 3.14% | 2.18% | 1.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 35% | 37% | 27% | 23% | 186% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $136859 | $148540 | $165892 | $191979 | $327121 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income would have been lower had certain expenses not been offset. 

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>5</sup> Ratio includes recapture of reimbursed fees from prior years amounting to less than 0.01% for the fiscal year ended December 31, 2021. 

<sup>6</sup> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

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

------

 <br> AMG GW&K Municipal Bond Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $11.24 | $11.53 | $11.11 | $12.24 | $12.45 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.29 | 0.25 | 0.21 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.28 | (0.28) | 0.42 | (1.10) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.57 | (0.03) | 0.63 | (0.95) | 0.02 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.29) | (0.26) | (0.21) | (0.16) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.02) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.29) | (0.26) | (0.21) | (0.18) | (0.23) |
|  Net Asset Value, End of Year | $11.52 | $11.24 | $11.53 | $11.11 | $12.24 |
|  Total Return<sup>2,3</sup> | 5.21% | (0.29)% | 5.72% | (7.80)% | 0.10% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.73%<sup>4</sup> | 0.71% | 0.72% | 0.72% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 0.80% | 0.78% | 0.79% | 0.78% | 0.76% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 2.58% | 2.24% | 1.85% | 1.35% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 61% | 36% | 29% | 20% | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $10026 | $8893 | $12081 | $12972 | $17112 |

---

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

------

 <br> AMG GW&K Municipal Bond Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $11.31 | $11.60 | $11.18 | $12.31 | $12.52 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.33 | 0.29 | 0.25 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.28 | (0.29) | 0.41 | (1.11) | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.61 | 0.00 | 0.66 | (0.92) | 0.06 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.33) | (0.29) | (0.24) | (0.19) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.02) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.33) | (0.29) | (0.24) | (0.21) | (0.27) |
|  Net Asset Value, End of Year | $11.59 | $11.31 | $11.60 | $11.18 | $12.31 |
|  Total Return<sup>2,3</sup> | 5.52% | 0.04% | 6.04% | (7.45)% | 0.43% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.39%<sup>4</sup> | 0.39% | 0.39% | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 0.46% | 0.46% | 0.46% | 0.45% | 0.44% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 2.92% | 2.56% | 2.18% | 1.68% | 1.33% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 61% | 36% | 29% | 20% | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $963661 | $997516 | $1016607 | $1068290 | $1331958 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income would have been lower had certain expenses not been offset. 

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>5</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.) 

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

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

------

 <br> AMG GW&K Municipal Enhanced Yield Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $9.13 | $9.20 | $8.56 | $10.74 | $10.69 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.30 | 0.27 | 0.25 | 0.22 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.11) | (0.07) | 0.64 | (2.17) | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.19 | 0.20 | 0.89 | (1.95) | 0.38 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.29) | (0.27) | (0.25) | (0.20) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.03) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.29) | (0.27) | (0.25) | (0.23) | (0.33) |
|  Net Asset Value, End of Year | $9.03 | $9.13 | $9.20 | $8.56 | $10.74 |
|  Total Return<sup>2,3</sup> | 2.23% | 2.15% | 10.53% | (18.19)% | 3.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.99%<sup>4</sup> | 0.99%<sup>4</sup> | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 1.10% | 1.09% | 1.08% | 1.07% | 1.05% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 3.36% | 2.99% | 2.87% | 2.39% | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 36% | 32% | 24% | 45% | 61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $3243 | $3764 | $5964 | $2955 | $14923 |

---

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

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

------

 <br> AMG GW&K Municipal Enhanced Yield Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $8.84 | $8.91 | $8.30 | $10.43 | $10.40 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.32 | 0.30 | 0.27 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.11) | (0.07) | 0.62 | (2.09) | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.21 | 0.23 | 0.89 | (1.85) | 0.40 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.32) | (0.30) | (0.28) | (0.25) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.03) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.32) | (0.30) | (0.28) | (0.28) | (0.37) |
|  Net Asset Value, End of Year | $8.73 | $8.84 | $8.91 | $8.30 | $10.43 |
|  Total Return<sup>2,3</sup> | 2.51% | 2.61% | 10.89% | (17.86)% | 3.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.64%<sup>4</sup> | 0.64%<sup>4</sup> | 0.64% | 0.64% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 0.75% | 0.74% | 0.73% | 0.72% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 3.71% | 3.34% | 3.22% | 2.74% | 2.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 36% | 32% | 24% | 45% | 61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $155008 | $180162 | $205322 | $255928 | $369473 |

---

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

------

 <br> AMG GW&K Municipal Enhanced Yield Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class Z | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $8.84 | $8.91 | $8.30 | $10.43 | $10.40 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.32 | 0.30 | 0.28 | 0.25 | 0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.10) | (0.07) | 0.61 | (2.10) | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.22 | 0.23 | 0.89 | (1.85) | 0.41 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.33) | (0.30) | (0.28) | (0.25) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  |  |  | (0.03) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.33) | (0.30) | (0.28) | (0.28) | (0.38) |
|  Net Asset Value, End of Year | $8.73 | $8.84 | $8.91 | $8.30 | $10.43 |
|  Total Return<sup>2,3</sup> | 2.56% | 2.66% | 10.95% | (17.82)% | 3.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.59%<sup>4</sup> | 0.59%<sup>4</sup> | 0.59% | 0.59% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 0.70% | 0.69% | 0.68% | 0.67% | 0.65% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 3.76% | 3.39% | 3.27% | 2.79% | 2.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 36% | 32% | 24% | 45% | 61% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$135 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income would have been lower had certain expenses not been offset. 

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>5</sup> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements December 31, 2025

 
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds and AMG Funds III ("Trust III") (the "Trusts") are open-end management investment companies, organized as Massachusetts business trusts, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Currently, the Trusts consist of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG Funds: AMG GW&K Municipal Bond Fund ("Municipal Bond") and AMG GW&K Municipal Enhanced Yield Fund ("Municipal Enhanced"), and Trust III: AMG GW&K ESG Bond Fund ("ESG Bond"), each a "Fund" and collectively, the "Funds".

Each Fund offers different classes of shares. All Funds offer Class N shares and Class I shares; and Municipal Enhanced offers Class Z shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

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

a. VALUATION OF INVESTMENTS

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are considered comparable in credit rating, interest rate, due date and other features (generally referred to as "matrix pricing") or other similar pricing methodologies. Investments in certain mortgage-backed and stripped mortgage-backed securities, convertible securities, derivatives and other debt securities not traded on an organized securities market are valued on the basis of valuations provided by dealers or by a pricing service which uses information with respect to transactions in such securities and various relationships between such securities and yield to maturity in determining value.

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

The Funds' portfolio investments are generally valued based on independent market quotations or prices or, if none, "evaluative" or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under

the 1940 Act, the Funds' Boards of Trustees (the "Board") designated AMG Funds LLC (the "Investment Manager") as the Funds' Valuation Designee to perform the Funds' fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager's fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Funds may use the fair value of a portfolio investment to calculate its net asset value ("NAV") in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Funds' valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Funds might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Funds. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager's process for determining the fair value of the Funds' investments.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds' own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or

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

------

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

similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

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

c. INVESTMENT INCOME AND EXPENSES

Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Interest income on foreign securities is recorded gross of any withholding tax. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trusts and other trusts or funds within the AMG Funds Family of Funds (collectively, the "AMG Funds Family") based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income, if any, will normally be declared and paid monthly by the Funds. Fund distributions resulting from realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences for ESG Bond are primarily due to callable bond premiums. There were no permanent differences for Municipal Bond and Municipal Enhanced. In addition, temporary differences for ESG Bond and Municipal Enhanced are due to wash sale loss deferrals. There were no temporary differences for Municipal Bond.

The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | ESG Bond | ESG Bond | Municipal Bond | Municipal Bond | Municipal Enhanced | Municipal Enhanced |
|  Distributions paid from: | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Ordinary income \* | $13958280 | $14421103 | $1374441 | $1421761 | $235721 | $323591 |
|  Tax-exempt income |  |  | 26530413 | 24958333 | 6108519 | 6557782 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13958280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14421103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$27904854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26380094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6344240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6881373 |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of December 31, 2025, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | | | |
|:---|:---|:---|:---|
|  | ESG Bond | Municipal Bond | Municipal Enhanced |
|  Capital loss carryforward | $60643801 | $39338300 | $22434612 |
|  Undistributed ordinary income | 169416 |  |  |
|  Undistributed tax-exempt income |  | 296107 | 56986 |

---

------

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

At December 31, 2025, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Cost | Appreciation | Depreciation | Net Appreciation<br>(Depreciation) |
|  ESG Bond | $360486759 | $5063861 | $(25204843) | $(20140982) |
|  Municipal Bond | 993885274 | 14001872 | (12878132) | 1123740 |
|  Municipal Enhanced | 166614362 | 1661713 | (10377287) | (8715574) |

---

e. FEDERAL TAXES

Each Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. The Investment Manager has analyzed the Funds' tax positions taken on federal income tax returns as of December 31, 2025, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, based on each Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, each Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

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

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2025, the Funds had capital loss carryovers for federal income tax purposes as shown in the following chart. These amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

---

| | | | |
|:---|:---|:---|:---|
| Fund | Short-Term | Long-Term | Total |
| &nbsp;&nbsp; ESG Bond | $8830216 | $51813585 | $60643801 |
| &nbsp;&nbsp; Municipal Bond | 596218 | 38742082 | 39338300 |
| &nbsp;&nbsp; Municipal Enhanced | 4285545 | 18149067 | 22434612 |

---

For the fiscal year ended December 31, 2025, the Funds did not utilize capital loss carryovers.

g. CAPITAL STOCK

Each of AMG Funds' Amended and Restated Agreement and Declaration of Trust and Trust III's Declaration of Trust authorizes for each applicable Fund the issuance of an unlimited number of shares of beneficial interest, without par value. Each Fund records sales and repurchases of its capital stock on the trade date.

For the fiscal years ended December 31, 2025 and December 31, 2024, the capital stock transactions by class for the Funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | ESG Bond | ESG Bond | ESG Bond | ESG Bond | Municipal Bond | Municipal Bond | Municipal Bond | Municipal Bond |
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
| &nbsp;&nbsp; Class N: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 204989 | $4463462 | 500214 | $10862973 | 362297 | $4102900 | 669182 | $7598411 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8059651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8455850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206510 |
| &nbsp;&nbsp; Shares redeemed | (2003525) | (43722184) | (2836260) | (61437696) | (301882) | (3391266) | (944242) | (10758607) |
| &nbsp;&nbsp; Net increase (decrease) | (1429593) | $(31199071) | (1944518) | $(42118873) | 79410 | $924845 | (256821) | $(2953686) |
| &nbsp;&nbsp; Class I: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 827799 | $18066732 | 1285389 | $27862718 | 22429793 | $253845889 | 24764345 | $283196344 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 257956 | 5635961 | 259160 | 5598697 | 1887382 | 21316172 | 1748253 | 19910129 |
| &nbsp;&nbsp; Shares redeemed | (1826643) | (39784351) | (2200770) | (47647067) | (29380057) | (330806305) | (25956449) | (296174204) |
| &nbsp;&nbsp; Net increase (decrease) | (740888) | $(16081658) | (656221) | $(14185652) | (5062882) | $(55644244) | 556149 | $6932269 |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Municipal Enhanced | Municipal Enhanced | |
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
| &nbsp;&nbsp; Class N: |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 1379660 | $12312449 | 2046371 | $18792524 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 6022 | 53472 | 6151 | 56386 |
| &nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1438595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12841208) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2288800) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21089506) |
| &nbsp;&nbsp; Net decrease | (52913) | $(475287) | (236278) | $(2240596) |
| &nbsp;&nbsp; Class I: |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 4023278 | $34658484 | 5611380 | $49877903 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 253387 | 2176790 | 276122 | 2447288 |
| &nbsp;&nbsp; Shares redeemed | (6901672) | (59211851) | (8546755) | (75894201) |
| &nbsp;&nbsp; Net decrease | (2625007) | $(22376577) | (2659253) | $(23569010) |
| &nbsp;&nbsp; Class Z: |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 1385 | $12203 | 7915 | $69888 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 863 | 7412 | 526 | 4671 |
| &nbsp;&nbsp; Shares redeemed | (300) | (2573) | (46) | (416) |
| &nbsp;&nbsp; Net increase | 1948 | $17042 | 8395 | $74143 |

---

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon ("BNYM") (the "Securities Lending Program") (collectively, "Repurchase Agreements"). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Funds participate on a pro rata basis with other clients of BNYM in their share of the underlying collateral under such joint repurchase agreements and in their share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held by the Funds' custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. Pursuant to the Securities Lending Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

At December 31, 2025, the market value of Repurchase Agreements outstanding for ESG Bond, Municipal Bond and Municipal Enhanced was $10,309,707, $33,521,000 and $4,138,000, respectively.

i. DELAYED DELIVERY TRANSACTIONS AND WHEN-ISSUED SECURITIES

The Funds may enter into securities transactions on a delayed delivery or when issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is

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

During the fiscal year ended December 31, 2025, Municipal Bond entered into securities transactions on a delayed delivery or when issued basis. At December 31, 2025, the market value of delayed delivery securities held in the Fund amounted to $32,931,498.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trusts have entered into investment advisory agreements under which the Investment Manager, a subsidiary and the U.S. wealth platform of Affiliated Managers Group, Inc. ("AMG"), serves as investment manager to the Funds and is responsible for the Funds' overall administration and operations. The Investment Manager selects and recommends, subject to the approval of the Boards and, in certain circumstances, shareholders, the subadviser for the Funds and monitors the subadviser's investment performance, security holdings and investment strategies. Each Fund's investment portfolio is managed by GW&K Investment Management, LLC ("GW&K"), who serves as subadviser

------

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

pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in GW&K.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the fiscal year ended December 31, 2025, the Funds' investment management fees were paid at the following annual rates of each Fund's respective average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp; ESG Bond | 0.23% |
| &nbsp;&nbsp; Municipal Bond | 0.21%<sup>1</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on first $25 million | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on next $25 million | 0.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on next $50 million | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on balance over $100 million | 0.20% |
| &nbsp;&nbsp; Municipal Enhanced | 0.45% |

---

<sup>1</sup> The rate shown is the effective rate as of December 31, 2025.

The fee paid to GW&K for its services as subadviser is paid out of the fee the Investment Manager receives from each Fund and does not increase the expenses of each Fund.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of ESG Bond, Municipal Bond and Municipal Enhanced to the annual rate of 0.43%, 0.34% and 0.59%, respectively, of each Fund's average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the "Expense Cap"), subject to later reimbursement by the Funds in certain circumstances.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a Fund, provided that such repayment would not cause the Fund's total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a Fund's liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of a Fund.

For the fiscal year ended December 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<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reimbursements  | Repayment of<br>Prior Reimbursements |
| &nbsp;&nbsp; ESG Bond | $132927 |  |
| &nbsp;&nbsp; Municipal Bond | 619838 |  |
| &nbsp;&nbsp; Municipal Enhanced | 184217 |  |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Expiration<br> Period | ESG Bond | Municipal Bond | Municipal Enhanced |
| &nbsp;&nbsp; Less than 1 year | $90822 | $749681 | $221214 |
| &nbsp;&nbsp; 1-2 years | 184397 | 664083 | 197494 |
| &nbsp;&nbsp; 2-3 years | 132927 | 619838 | 184217 |
| &nbsp;&nbsp; Total | $408146 | $2033602 | $602925 |

---

The Trusts, on behalf of the Funds, have entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Funds' administrator (the "Administrator") and is responsible for certain aspects of managing the Funds' operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund's average daily net assets for this service.

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

AMG Funds has adopted a distribution and service plan (the "Plan") with respect to the Class N shares, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, Municipal Bond and Municipal Enhanced may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of each Fund's Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments to the Distributor up to 0.25% annually of Municipal Bond and Municipal Enhanced average daily net assets attributable to the Class N shares. The portion of payments made under the plan by Class N shares of Municipal Bond and Municipal Enhanced for shareholder servicing may not exceed an annual rate of 0.25% of the average daily net asset value of each Fund's shares of that class owned by clients of such broker, dealer or financial intermediary.

For each of Class N and Class I shares of ESG Bond, Municipal Bond and Municipal Enhanced, the Board has approved reimbursement payments to the Investment Manager for shareholder servicing expenses ("shareholder servicing fees") incurred. Shareholder servicing fees include payments to financial intermediaries,

------

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

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 fiscal year ended December 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | Maximum Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual |
|  | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| Fund | Approved | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incurred |
| &nbsp;&nbsp; ESG Bond |  |  |
| &nbsp;&nbsp; Class N | 0.25% | 0.25% |
| &nbsp;&nbsp; Class I | 0.05% | 0.05% |
| &nbsp;&nbsp; Municipal Bond |  |  |
| &nbsp;&nbsp; Class N | 0.15% | 0.14% |
| &nbsp;&nbsp; Class I | 0.05% | 0.05% |
| &nbsp;&nbsp; Municipal Enhanced |  |  |
| &nbsp;&nbsp; Class N | 0.15% | 0.15% |
| &nbsp;&nbsp; Class I | 0.05% | 0.05% |

---

The Board provides supervision of the affairs of the Trusts and other trusts within the AMG Funds Family. The Trustees of the Trusts who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the "SEC") granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At December 31, 2025, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund lending program during the fiscal year ended December 31, 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Average<br>Lent | Number<br>of Days | Interest<br>Earned | Average<br>Interest Rate |
| &nbsp;&nbsp; Municipal Bond | $1455158 | 1 | $208 | 5.225% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Average<br>Borrowed | Number<br>of Days | Interest<br>Paid | Average<br>Interest Rate |
| &nbsp;&nbsp; ESG Bond | $1163102 | 5 | $840 | 5.273% |
| &nbsp;&nbsp; Municipal Bond | 4615375 | 1 | 661 | 5.225% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Average<br>Borrowed | Number<br>of Days | Interest<br>Paid | Average<br>Interest Rate |
| &nbsp;&nbsp; Municipal Enhanced | $1330577 | 4 | $763 | 5.232% |

---

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | Long Term Securities | Long Term Securities |
| Fund | Purchases | Sales |
| &nbsp;&nbsp; ESG Bond | $110758425 | $108053523 |
| &nbsp;&nbsp; Municipal Bond | 580903681 | 638598071 |
| &nbsp;&nbsp; Municipal Enhanced | 59797126 | 83519326 |

---

Purchases and sales of U.S. Government Obligations for the fiscal year ended December 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | U.S. Government Obligations | U.S. Government Obligations |
| Fund | Purchases | Sales |
| &nbsp;&nbsp; ESG Bond | $12798025 | &nbsp;&nbsp;&nbsp;&nbsp;$64310707 |

---

4. PORTFOLIO SECURITIES LOANED

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

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

------

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

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Cash | Securities | Total |
|  | Securities | Collateral | Collateral | Collateral |
| Fund | Loaned | Received | Received | Received |
| &nbsp;&nbsp; ESG Bond | $33692160 | $8538707 | $26237078 | $34775785 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | Collateral<br> Type | Coupon<br> Range | Maturity<br> Date Range |
| &nbsp;&nbsp; ESG Bond | U.S. Treasury Obligations  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%-5.000% | 01/15/26-08/15/54 |

---

5. SEGMENT REPORTING

Each Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in each Fund's prospectus. The Chief Operating Decision Makers ("CODM") are the Funds' president and chief financial officer. The CODM assesses the performance and makes operating decisions for each Fund primarily based on each Fund's changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes each Fund's net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of each Fund. As each Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject the Funds to various risks. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Fund. Please refer to each Fund's prospectus for a description of the principal risks associated with investing in a particular Fund. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; or (iii) price fluctuations.

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

**Management Risk:** Because the Funds are actively managed investment portfolios, security selection or focus on securities in a particular style, market sector or group of companies may cause the Funds to incur losses or underperform relative to its benchmarks or other funds with a similar investment objective. There can be no guarantee that GW&K's investment techniques and risk analysis will produce the desired result.

**Municipal Market Risk:** Factors unique to the municipal bond market may negatively affect the value of the Funds' investment in municipal bonds. These factors include political or legislative changes, and uncertainties related to the tax

status of the securities and the rights of investors in the securities. The Funds may invest in a group of municipal obligations that are related in such a way that an economic, business, or political development affecting one would also affect the others.

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

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

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

**Credit and Counterparty Risk:** The issuer of bonds or other debt securities may be unable or unwilling, or may be perceived as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations. Changes in an issuer's financial strength, credit rating or the market's perception of an issuer's creditworthiness may also affect the value of a Fund's investment in that issuer.

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

**Extension Risk:** During periods of rising interest rates, a debtor may pay back a bond or other fixed income security slower than expected or required, and the value of such security may fall.

**Asset-Backed and Mortgage-Backed Securities Risk:** Investments in asset-backed and mortgage-backed securities involve risk of severe credit downgrades, loss due to prepayments that occur earlier or later than expected, illiquidity and default.

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

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

------

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

 
**Inflation/Deflation Risk:** Inflation risk is the risk that the value of assets or income from investments will be worth less in the future. Inflation rates may change frequently and drastically as a result of various factors and the Funds' investments may not keep pace with inflation, which may result in losses to the Funds' investors or adversely affect the real value of shareholders' investments in the Funds. As inflation rates increase, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. Deflation risk is the risk that the prices throughout the economy decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Funds' portfolios.

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

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

**High Yield Risk:** Below investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, liquidity, and market risk than higher-rated securities. These securities are considered predominately speculative with respect to the issuer's continuing ability to make principal and interest payments.

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

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

7. COMMITMENTS AND CONTINGENCIES

Under the Trusts' organizational documents, their Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trusts. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.

8. MASTER NETTING AGREEMENTS

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

The following table is a summary of the Funds' open Repurchase Agreements that are subject to a master netting agreement as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amount Not Offset in the<br> Statement of Assets and Liabilities | Gross Amount Not Offset in the<br> Statement of Assets and Liabilities | | |
| Fund | Gross Amounts of<br>Assets Presented in<br>the Statement of<br>Assets and Liabilities | Offset<br> Amount | Net<br> Asset<br> Balance | Collateral<br> Received | Net<br> Amount |
| &nbsp;&nbsp; ESG Bond |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $1425000 |  | $1425000 | $1425000 |  |
| &nbsp;&nbsp; Natwest Markets Securities, Inc. | 513091 |  | 513091 | 513091 |  |
| &nbsp;&nbsp; State of Wisconsin Investment Board | 6600616 |  | 6600616 | 6600616 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 1771000 |  | 1771000 | 1771000 |  |
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10309707 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10309707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10309707 |  |
| &nbsp;&nbsp; Municipal Bond |  |  |  |  |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | $33521000 |  | $33521000 | $33521000 |  |

---

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

------

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

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amount Not Offset in the<br>Statement of Assets and Liabilities | Gross Amount Not Offset in the<br>Statement of Assets and Liabilities | | |
| Fund | Gross Amounts of<br>Assets Presented in<br>the Statement of<br>Assets and Liabilities | Offset<br> Amount | Net<br> Asset<br> Balance | Collateral<br>Received | Net<br> Amount |
| &nbsp;&nbsp; Municipal Enhanced |  |  |  |  |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4138000 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4138000 | $4138000 |  |

---

9. RECENT ACCOUNTING STANDARDS UPDATE

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. The Funds incorporated the provisions of the ASU, and there was no material impact to the Funds' financial statements.

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

10. SUBSEQUENT EVENTS

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm

 
To the Boards of Trustees of AMG Funds and AMG Funds III and Shareholders of AMG GW&K Municipal Bond Fund, AMG GW&K Municipal Enhanced Yield Fund and AMG GW&K ESG Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AMG GW&K Municipal Bond Fund, AMG GW&K Municipal Enhanced Yield Fund (two of the funds constituting AMG Funds) and AMG GW&K ESG Bond Fund (one of the funds constituting AMG Funds III) (hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 26, 2026

We have served as the auditor of one or more investment companies in the AMG Funds Family since 1993.

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

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

------

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

 
TAX INFORMATION

AMG GW&K ESG Bond Fund, AMG GW&K Municipal Bond Fund and AMG GW&K Municipal Enhanced Yield Fund each hereby designate the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2025 Form 1099-DIV you receive for each Fund will show the tax status of all distributions paid to you during the year.

Pursuant to section 852 of the Internal Revenue Code of 1986, as amended, AMG GW&K ESG Bond Fund, AMG GW&K Municipal Bond Fund and AMG GW&K Municipal Enhanced Yield Fund each hereby designates $0, $0 and $0, respectively, as a capital gain distribution with respect to the taxable year ended December 31, 2025, or if subsequently determined to be different, the net capital gains of such fiscal year.

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

During the fiscal year ended December 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 fiscal year ended December 31, 2025, is reflected as "Trustee fees and expenses" on the Statement of Operations and is set forth in the table below. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
|  | Trustee fees and expenses |
| &nbsp;&nbsp; AMG GW&K ESG Bond Fund | $30235 |
| &nbsp;&nbsp; AMG GW&K Municipal Bond Fund | 82376 |
| &nbsp;&nbsp; AMG GW&K Municipal Enhanced Yield Fund | 14504 |

---

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

Not applicable.

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

------

THIS PAGE INTENTIONALLY LEFT BLANK

------

THIS PAGE INTENTIONALLY LEFT BLANK

------

![LOGO](g108244dsp001a.jpg)

---

| | | |
|:---|:---|:---|
| &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> GW&K Investment Management, LLC<br> 222 Berkeley St.<br> Boston, MA 02116 | CUSTODIAN <br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 <br>LEGAL COUNSEL <br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600 <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 | This report is prepared for the Funds' shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for each Fund are available on the Funds' website at wealth.amg.com.<br>A description of the policies and procedures each Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding each Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Funds' website at wealth.amg.com. To review a complete list of the Funds' portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com.<br>|

---

 <br> wealth.amg.com

------

![LOGO](g108244dsp001a.jpg)

---

| | | |
|:---|:---|:---|
| &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 Growth<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 Renaissance Large Cap Growth<br> The Renaissance Group LLC | AMG River Road Dividend All Cap Value<br> AMG River Road Focused Absolute Value<br> AMG River Road Large Cap Value Select<br> AMG River Road Mid Cap Value<br> AMG River Road Small-Mid Cap Value<br> AMG River Road Small Cap Value<br> River Road Asset Management, LLC<br>AMG TimesSquare International Small Cap<br> AMG TimesSquare Mid Cap Growth<br> AMG TimesSquare Small Cap Growth<br> TimesSquare Capital Management, LLC<br>AMG Veritas Asia Pacific<br> AMG Veritas China<br> AMG Veritas Global Focus<br> AMG Veritas Global Real Return<br> Veritas Asset Management LLP<br>AMG Yacktman<br> AMG Yacktman Focused<br> AMG Yacktman Global<br> AMG Yacktman Special Opportunities<br> Yacktman Asset Management LP<br>| FIXED INCOME FUNDS<br>AMG GW&K Core Bond ESG<br> AMG GW&K ESG Bond<br> AMG GW&K Municipal Bond<br> AMG GW&K Municipal Enhanced Yield<br> GW&K Investment Management, LLC <br>ALTERNATIVE FUNDS<br>AMG Systematica Managed Futures Strategy<br> AMG Systematica Trend-Enhanced Markets<br> Systematica Investments Limited, acting as general partner of Systematica Investments LP <br>EXCHANGE-TRADED FUND<br>AMG GW&KMuni Income ETF<br> GW&K Investment Management, LLC |

---

 <br> wealth.amg.com 123125 AR088

------

---

| | |
|:---|:---|
| ![LOGO](g108244dsp001a.jpg) | ANNUAL FINANCIAL STATEMENTS |

---

  

---

| |
|:---|
| AMG Funds<br>December 31, 2025 |
| ![LOGO](g108244dsp001b.jpg) |
| AMG GW&K Municipal Enhanced SMA Shares |
| Ticker: **MESHX** |

---

 <br> wealth.amg.com 123125 AR090

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Annual Financial Statements — December 31, 2025

 

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
| FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Portfolio Investments](#fin2108244_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin2108244_2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance sheet, net asset value (NAV) per share computations<br>and cumulative distributable earnings (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#fin2108244_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of sources of income, expenses, and realized and<br>unrealized gains (losses) during the fiscal year |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fin2108244_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of changes in assets for the past two fiscal years |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#fin2108244_5) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin2108244_6) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks |  |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#fin2108244_7) | 15 |
| [OTHER INFORMATION](#fin2108244_8) | 16 |

---

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

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

------

 <br> AMG GW&K Municipal Enhanced SMA Shares Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Municipal Bonds - 97.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama - 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Jefferson Sewer Revenue,<br>5.250%, 10/01/49 | $1600000 | $1652437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/01/53 | 5860000 | 6127854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Alabama |  | 7780291 |
| &nbsp;&nbsp;&nbsp;&nbsp; California - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Series A<br>4.000%, 02/01/51 | 240000 | 207459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Series A,<br>5.000%, 08/01/44 | 930000 | 943530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/55 | 1315000 | 1296418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/01/54 | 1000000 | 1038009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy Natural Gas Purchase Revenue<br>6.500%, 11/15/38 | 1340000 | 1617906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Colorado |  | 4895863 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida - 11.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A<br> 5.000%, 04/01/47 | 1185000 | 1203630 |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Trust Authority, Series A,<br>5.000%, 06/01/54<sup>1</sup> | 1000000 | 895148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/64<sup>1</sup> | 1765000 | 1534249 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Florida Seaport |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Department, Series 1, (AG)<br> 4.000%, 10/01/45 | 2265000 | 2056576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority<br>4.000%, 08/15/50 | 1075000 | 907840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp.,<br>4.000%, 02/01/52 | 485000 | 398264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/52 | 325000 | 311779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 08/01/55 | 1750000 | 1771873 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Housing Finance Corp., Series 3, (GNMA FNMA FHLMC)<br>4.750%, 07/01/54 | 1480000 | 1474829 |
| &nbsp;&nbsp;&nbsp;&nbsp; Greater Orlando Aviation Authority<br>5.500%, 11/01/37 | 1000000 | 1079438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial Development Authority<br>4.000%, 08/01/50 | 815000 | 698568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Health Facilities Authority,<br>4.000%, 11/15/46 | 2370000 | 2131731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/51 | 1250000 | 1086551 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Series A<br>5.250%, 10/01/56 | 3500000 | 3632598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palm Beach County Health Facilities Authority, Series B<br>5.000%, 11/15/55 | 2000000 | 1976517 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No 15,<br>4.550%, 05/01/44<sup>1</sup> | $995000 | $960347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 05/01/55<sup>1</sup> | 1000000 | 960056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Village Community Development District No 16<br>5.125%, 05/01/56 | 2600000 | 2598150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Florida |  | 25678144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fayette County Development Authority,<br>5.250%, 10/01/49 | 1500000 | 1554724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/01/54 | 1500000 | 1544606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Georgia |  | 3099330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho - 0.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho Health Facilities Authority, Series A<br>4.375%, 03/01/53 | 2000000 | 1898374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien, Series A<br>5.000%, 01/01/48 | 1100000 | 1100027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition Authority,<br>4.000%, 12/15/42 | 325000 | 309856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/52 | 485000 | 416868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/50 | 815000 | 810691 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series A<br>4.000%, 03/01/40 | 1240000 | 1204182 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series B,<br>5.250%, 05/01/48 | 1000000 | 1032068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/49 | 1000000 | 1031267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Illinois |  | 5904959 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Series A,<br>5.000%, 07/01/54 | 1000000 | 1000130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/59 | 1250000 | 1240304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/64 | 1500000 | 1512452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 03/01/55 | 1500000 | 1509137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Indiana |  | 5262023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana Stadium & Exposition District, Series A<br>5.250%, 07/01/53 | 1780000 | 1844424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts - 8.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency,<br>4.000%, 07/01/51 | 1080000 | 893055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/50 | 1750000 | 1762987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/52 | 4005000 | 3994203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/55 | 4285000 | 4216635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/55 | 1500000 | 1504160 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency,<br>Series 1,<br>4.500%, 07/01/54 | 2750000 | 2578390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/50 | 1000000 | 1029515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Series A<br>5.000%, 07/01/60<sup>1</sup> | 1000000 | 948649 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Municipal Enhanced SMA Shares Schedule of Portfolio Investments (continued)

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts - 8.8%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance Agency, Series N<br>5.500%, 07/01/55 | $2000000 | $2116228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Massachusetts |  | 19043822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Series A,<br>4.950%, 12/01/50 | 1000000 | 1001675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/55 | 1270000 | 1274325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Housing Development Authority, Series C<br>5.050%, 06/01/51 | 1800000 | 1813348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Michigan |  | 4089348 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duluth Economic Development Authority, Series A<br>5.000%, 02/15/48 | 410000 | 413515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota Agricultural & Economic Development Board, Series 2024<br>5.250%, 01/01/54 | 1000000 | 1034412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Minnesota |  | 1447927 |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health & Educational Facilities Authority<br>4.000%, 06/01/53 | 2500000 | 2169966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Plains Energy Project #3, Series A<br>5.000%, 09/01/42 | 1720000 | 1828264 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire Business Finance Authority, Series A<br>5.500%, 06/01/55 | 2500000 | 2600184 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority<br>4.625%, 11/01/47 | 2070000 | 2057827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Series A,<br>5.000%, 06/01/46 | 405000 | 398616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/46 | 530000 | 527887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Series B<br>5.000%, 06/01/46 | 275000 | 266939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New Jersey |  | 3251269 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York - 12.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Albany Capital Resource Corp., Series A<br>5.500%, 05/01/55 | 1000000 | 1055045 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series D<br>5.250%, 10/01/55 | 1000000 | 1048911 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series E<br>5.000%, 08/01/54 | 1000000 | 1025649 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Series 1,<br>4.750%, 11/15/45 | $3625000 | $3628308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/50 | 1000000 | 1011776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Series A<br>5.250%, 11/15/55 | 1000000 | 1045233 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Series A,<br>4.000%, 07/01/47 | 550000 | 474191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/52 | 340000 | 284578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 07/01/50 | 1530000 | 1372586 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp.,<br>4.000%, 04/30/53 | 1125000 | 955591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/40 | 845000 | 879602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/41 | 815000 | 841275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/30/49 | 1220000 | 1224428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/30/54 | 1000000 | 1011795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/01/40 | 1000000 | 1049189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 04/01/35 | 500000 | 551036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/30/54 | 2500000 | 2584017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/30/59 | 2670000 | 2808190 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Series A<br>5.500%, 12/31/60 | 2500000 | 2526972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Suffolk Regional Off-Track Betting Corp.<br>6.000%, 12/01/53 | 1000000 | 1014766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New York |  | 26393138 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nash Health Care Systems<br>5.250%, 02/01/55 | 1000000 | 1032155 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina Turnpike Authority, Series A, (AG)<br>5.000%, 01/01/58 | 1950000 | 1991460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total North Carolina |  | 3023615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio - 5.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbus Regional Airport Authority, Series A<br>5.500%, 01/01/55 | 3000000 | 3154822 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Hamilton, Series A<br>5.500%, 08/01/51 | 1000000 | 1026199 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Higher Educational Facility Commission,<br>5.250%, 05/01/49 | 2500000 | 2548996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/01/54 | 3000000 | 3041711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio Housing Finance Agency, Series A, (GNMA FNMA FHLMC)<br>4.550%, 09/01/49 | 1055000 | 1041529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ohio |  | 10813257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma Municipal Power Authority, Series A, (AG)<br>5.250%, 01/01/56 | 1700000 | 1804940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania - 8.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, Series A<br>5.000%, 01/01/51 | 815000 | 815108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority<br>4.000%, 04/01/50 | 1340000 | 1166745 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Municipal Enhanced SMA Shares Schedule of Portfolio Investments (continued)

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania - 8.5%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education and Health Authority, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/52 | $900000 | $905210 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/57 | 4075000 | 4019088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/30/53 | 2185000 | 2214687 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Higher Educational Facilities Authority, Series B2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/54 | 4780000 | 4808006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Housing Finance Agency, Series 146A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 04/01/53 | 1250000 | 1225564 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/50 | 2435000 | 2251400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial Development |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/01/52 | 1000000 | 1025936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Pennsylvania |  | 18431744 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island - 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/15/54 | 5315000 | 5372152 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island Health and Educational Building Corp., Series A, (AG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/55 | 1500000 | 1510017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/60 | 3000000 | 3008736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp., Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/40 | 570000 | 570039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Rhode Island |  | 10460944 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina - 2.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Richland County School District No 2, Series A, (South Carolina School District) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 03/01/38 | 1600000 | 1253387 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/15/54 | 1000000 | 1022945 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Jobs-Economic Development Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/54 | 1250000 | 1318587 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/54 | 1000000 | 1066815 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina Public Service Authority, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/01/54 | 1000000 | 1041256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total South Carolina |  | 5702990 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee - 2.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chattanooga Health Educational & Housing Facility Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/01/54 | 2000000 | 2066426 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Chattanooga Electric |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 09/01/40 | 1400000 | 1040261 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Shelby County Health & Educational Facilities Board, Series A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/56<sup>1</sup> | $2500000 | $2412768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Tennessee |  | 5519455 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas - 6.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility Authority, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/51 | 2000000 | 1790534 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Corpus Christi Utility System Revenue, (AG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/55 | 750000 | 773568 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System Revenue, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/37 | 1705000 | 1853081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/38 | 1000000 | 1080265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/15/39 | 1630000 | 1749222 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/30/58 | 5050000 | 4925419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/31/58 | 650000 | 673443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/31/39 | 1180000 | 1167750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 10/15/55 | 1000000 | 1003883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Texas |  | 15017165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia - 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lynchburg Economic Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/55 | 240000 | 202197 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/40 | 485000 | 469856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/47 | 1755000 | 1755692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/49 | 1905000 | 1834471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/52 | 1935000 | 1852931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Virginia |  | 6115147 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington State Housing Finance Commission, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/54 | 1500000 | 1419877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/49 | 1000000 | 1019383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Washington |  | 2439260 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/50 | 1000000 | 1064376 |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance Authority, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 09/01/53 | 1000000 | 1080123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total West Virginia |  | 2144499 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Municipal Enhanced SMA Shares Schedule of Portfolio Investments (continued)

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin - 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority,<br>5.250%, 11/15/55 | $1100000 | $1109524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/61 | 1555000 | 1561725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/30/60 | 1000000 | 1031930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 12/31/65 | 6000000 | 6178058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/31/65 | 1000000 | 1094301 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Finance Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/41<sup>1</sup> | 3000000 | 3048397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Wisconsin |  | 14023935 |
|  Total Municipal Bonds | Total Municipal Bonds |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $214,599,221) |  | 212891736 |
|  Short-Term Investments - 1.3% | Short-Term Investments - 1.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 1.3% | &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 1.3% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/31/25, due 01/02/26, 3.350% total to be received $2,794,520 (collateralized by a U.S. Treasury Note, 4.375%, 12/31/29, totaling $2,849,902) | 2794000 | 2794000 |
|  Total Short-Term Investments | Total Short-Term Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $2,794,000) |  | 2794000 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value  |
|  Total Investments - 99.2% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $217,393,221) | $215685736 |
|  Other Assets, less Liabilities - 0.8% | 1764087 |
|  Net Assets - 100.0% | $217449823 |

---

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2025, the value of these securities amounted to $10,759,612 or 4.9% of net assets. 

AG Assured Guaranty

FHLMC Freddie Mac

FNMA Fannie Mae

GNMA Ginnie Mae

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | $212891736 |  | $212891736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2794000 |  | 2794000 |
| &nbsp;&nbsp; Total Investments in Securities |  | $215685736 |  | $215685736 |

---

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities December 31, 2025

 

---

| | |
|:---|:---|
|  | AMG<br>GW&K Municipal<br>Enhanced SMA Shares |
| &nbsp;&nbsp; Assets: |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> | $215685736 |
| &nbsp;&nbsp; Cash | 206 |
| &nbsp;&nbsp; Interest receivable | 2442754 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 15828 |
| &nbsp;&nbsp; Receivable from Affiliate | 25546 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 5955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 218176025 |
| &nbsp;&nbsp; Liabilities: |  |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 658288 |
| &nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 67914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 726202 |
| &nbsp;&nbsp; Commitments and Contingencies (Note 6) | &nbsp;&nbsp; Commitments and Contingencies (Note 6) |
| &nbsp;&nbsp; Net Assets | $217449823 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $217393221 |
| &nbsp;&nbsp; Net Assets Represent: |  |
| &nbsp;&nbsp; Paid-in capital | $219374000 |
| &nbsp;&nbsp; Total distributable (accumulated losses) | (1924177) |
| &nbsp;&nbsp; Net Assets | $217449823 |
| &nbsp;&nbsp; Net assets | $217449823 |
| &nbsp;&nbsp; Shares outstanding | 21473990 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $10.13 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations For the fiscal year ended December 31, 2025

 

---

| | |
|:---|:---|
|  | AMG<br>GW&K Municipal<br>Enhanced SMA Shares |
| &nbsp;&nbsp; Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | $9754412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 9754412 |
| &nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 55832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 35014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 23052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 18574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 17848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 6938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 164084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (164084) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 9754412 |
| &nbsp;&nbsp; Net Realized and Unrealized Loss: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized loss on investments | (301673) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (2867608) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized loss | (3169281) |
| &nbsp;&nbsp; Net increase in net assets resulting from operations | $6585131 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets For the fiscal years ended December 31,

 

---

| | | |
|:---|:---|:---|
|  | AMG<br>GW&K Municipal<br>Enhanced SMA Shares | AMG<br>GW&K Municipal<br>Enhanced SMA Shares |
|  | 2025 | 2024 |
|  Increase in Net Assets Resulting From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $9754412 | $6515795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (301673) | 877195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (2867608) | (2820862) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 6585131 | 4572128 |
| &nbsp;&nbsp; Distributions to Shareholders: | (9772879) | (7223059) |
| &nbsp;&nbsp; Capital Share Transactions:<sup>1</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from capital share transactions | 38685915 | 86672277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 35498167 | 84021346 |
| &nbsp;&nbsp; Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 181951656 | 97930310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $217449823 | $181951656 |

---

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

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

------

 <br> AMG GW&K Municipal Enhanced SMA Shares Financial Highlights For a share outstanding throughout each fiscal period

 

---

| | | | |
|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the fiscal<br> period ended<br> December 31, |
|  | 2025 | 2024 | 2023<sup>1</sup> |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $10.33 | $10.51 | $10.00 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2,3</sup> | 0.48 | 0.47 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (0.20) | (0.15) | 0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.28 | 0.32 | 0.86 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.48) | (0.46) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.00)<sup>4</sup> | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.48) | (0.50) | (0.35) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $10.13 | $10.33 | $10.51 |
| &nbsp;&nbsp; Total Return<sup>3,5</sup> | 2.84% | 3.14% | 8.81%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.00% | 0.00% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00%<sup>7</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 0.08% | 0.09% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20%<sup>7</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>3</sup> | 4.77% | 4.51% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.55%<sup>7</sup>  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 41% | 17% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12%<sup>6,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $217450 | $181952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $97930  |

---

<sup>1</sup> Commencement of operations was February 28, 2023.

<sup>2</sup> Per share numbers have been calculated using average shares.

<sup>3</sup> Total returns and net investment income would have been lower had certain expenses not been offset. 

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

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

<sup>6</sup> Not annualized.

<sup>7</sup> Annualized.

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

<sup>9</sup> Portfolio turnover rate excludes securities received from processing a subscription in-kind.

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements December 31, 2025

 
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the "Trust") is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report is AMG GW&K Municipal Enhanced SMA Shares (the "Fund").

The Fund offers a single class of shares for purchase. Shares of the Fund may be purchased only by or on behalf of separately managed account clients where GW&K Investment Management, LLC ("GW&K"), the Fund's subadviser, has an agreement with sponsors of separately managed account programs ("Program Sponsors"), or directly with the client, to provide management or advisory services to the managed account or to the Program Sponsor for its use in managing such account.

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

a. VALUATION OF INVESTMENTS

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are considered comparable in credit rating, interest rate, due date and other features (generally referred to as "matrix pricing") or other similar pricing methodologies.

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

The Fund's portfolio investments are generally valued based on independent market quotations or prices or, if none, "evaluative" or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Fund's Board of Trustees (the "Board") designated AMG Funds LLC (the "Investment Manager") as the Fund's Valuation Designee to perform the Fund's fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager's fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Fund may use the fair value of a portfolio investment to calculate its net asset value ("NAV") in the event that the market quotation, price or market based valuation for

the portfolio investment is not readily available or otherwise not determinable pursuant to the Fund's valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Fund. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager's process for determining the fair value of the Fund's investments.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or

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

------

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

 
methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

c. INVESTMENT INCOME AND EXPENSES

Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend income is recorded on the ex-dividend date and other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to the Fund are apportioned among the funds in the Trust and other trusts or funds within the AMG Funds Family of Funds (collectively, the "AMG Funds Family") based upon their relative average net assets or number of shareholders.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income, if any, will normally be declared and paid monthly. Fund distributions resulting from net realized capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. There were no permanent or temporary differences during the period.

The tax character of distributions paid during the fiscal year ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
|  Distributions paid from: | 2025 | 2024 |
|  Ordinary income \* | $377674 | $1022499 |
|  Tax-exempt income | 9379830 | 6066224 |
|  Long-term capital gains | 15375 | 134336 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$9772879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$7223059 |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of December 31, 2025, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | |
|:---|:---|
|  Capital loss carryforward | $301673 |
| &nbsp;&nbsp; Undistributed tax-exempt income | 84981 |

---

At December 31, 2025, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Cost | Appreciation | Depreciation | Net Depreciation |
| $217393221 | $2017094 | $(3724579) | $(1707485) |

---

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 as of December 31, 2025, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Fund's financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2025, 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.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Short-Term  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |
|  —  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$301673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$301673 |

---

For the fiscal year ended December 31, 2025, the Fund did not utilize capital loss carryovers.

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;

------

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

 
For the fiscal years ended December 31, 2025 and December 31, 2024, the capital stock transactions for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
|  Shares sold | 9203818 | $92427258 | 9581383 | $100277537 |
|  Shares issued in reinvestment of distributions | 430243 | 4302436 | 366860 | 3822607 |
|  Shares redeemed | (5766069) | (58043779) | (1663379) | (17427867) |
|  Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3867992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38685915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8284864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$86672277 |

---

h. REPURCHASE AGREEMENTS

The Fund may enter into third-party and bilateral repurchase agreements for temporary cash management purposes. The value of the underlying collateral, including accrued interest, must equal or exceed the value of the repurchase agreements during the term of the agreement. The underlying collateral for all repurchase agreements is held by the Fund's custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

At December 31, 2025, the market value of repurchase agreements outstanding was $2,794,000.

i. DELAYED DELIVERY TRANSACTIONS AND WHEN-ISSUED SECURITIES

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

During the fiscal year ended December 31, 2025, the Fund entered into securities transactions on a delayed delivery or when issued basis. At December 31, 2025, there were no delayed delivery or when issued securities held by the Fund.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

The Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. wealth platform of Affiliated Managers Group, Inc. ("AMG"), serves as investment manager to the Fund and is

responsible for the Fund's overall administration and operations. The Investment Manager selects and recommends, subject to the approval of the Board and, in certain circumstances, shareholders, the Fund's subadviser and monitors the subadviser's investment performance, security holdings and investment strategies. The Fund's investment portfolio is managed by GW&K, who serves as subadviser pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in GW&K.

The Fund does not pay advisory fees to the Investment Manager or GW&K. Shareholders should be aware, however, that the Fund is an integral part of separately managed account programs, and the Investment Manager or GW&K will be compensated directly or indirectly by Program Sponsors or program participants for managed account advisory services.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive fees and/or pay or reimburse the Fund's expenses in order to limit total annual operating expenses (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the Fund to the annual rate of 0.00% of the average daily net assets attributable to the Fund. The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the Investment Manager and the Board or in the event of the Fund's liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of the Fund.

For the fiscal year ended December 31, 2025, the Investment Manager reimbursed the Fund $164,084.

The Trust, on behalf of the Fund, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Fund's administrator (the "Administrator") and is responsible for certain aspects of managing the Fund's operations, including administration and shareholder services to the Fund. The Fund does not pay administrative fees to the Investment Manager for these services.

The Fund is distributed by AMG Distributors, Inc. (the "Distributor"), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and underwriter for the Fund and is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Shares of the Fund may be purchased only by or on behalf of separately managed account clients

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

------

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

 
where GW&K has an agreement with the Program Sponsor (typically, a registered investment adviser or broker-dealer), or directly with the client, to provide management or advisory services to the managed account. Generally, the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Fund are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

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

The Fund utilized the interfund lending program during the fiscal year ended December 31, 2025 as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Average<br> Lent | Number<br> of Days | Interest<br> Earned | Average<br> Interest Rate |
| $1340638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$955 | 5.200% |

---

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended December 31, 2025, were $123,874,669 and $82,034,217, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the fiscal year ended December 31, 2025.

4. SEGMENT REPORTING

The Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in the Fund's prospectus. The Chief Operating Decision Makers ("CODM") are the Fund's president and chief financial officer. The CODM assesses the performance and makes operating decisions for the Fund primarily based on the Fund's changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes the Fund's net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of the Fund. As the Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying

Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

5. FUND RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market; or (iii) price fluctuations. Please refer to the Fund's current prospectus for additional information about the Fund's principal risks.

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

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

**Municipal Market Risk:** Factors unique to the municipal bond market may negatively affect the value of the Fund's investment in municipal bonds. These factors include political or legislative changes, and uncertainties related to the tax status of the securities and the rights of investors in the securities. The Fund may invest in a group of municipal obligations that are related in such a way that an economic, business, or political development affecting one would also affect the others.

**Sector Risk:** Issuers and companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. A portion of the Fund's assets may be invested in fixed income securities that would tend to respond similarly to particular economic or political developments or the interest on which is based on revenues or otherwise related to similar types of projects. An example would be securities of issuers whose revenues are paid from similar types of projects, such as health care (including hospitals) or transportation.

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

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

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

------

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

 
**Inflation/Deflation Risk:** Inflation risk is the risk that the value of assets or income from investments will be worth less in the future. Inflation rates may change frequently and drastically as a result of various factors and the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of shareholders' investments in the Fund. As inflation rates increase, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. Deflation risk is the risk that the prices throughout the economy decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio.

**Credit and Counterparty Risk:** The issuer of bonds or other debt securities may be unable or unwilling, or may be perceived as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations. Changes in an issuer's financial strength, credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer.

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

**Extension Risk:** During periods of rising interest rates, a debtor may pay back a bond or other fixed income security slower than expected or required, and the value of such security may fall.

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

**High Yield Risk:** Below investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, liquidity, and market risk than higher-rated securities. These securities are considered predominately speculative with respect to the issuer's continuing ability to make principal and interest payments.

6. COMMITMENTS AND CONTINGENCIES

Under the Trust's organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Fund under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund had no prior claims or losses and expects the risks of loss to be remote.

7. MASTER NETTING AGREEMENTS

The Fund may enter into master netting agreements with its counterparties for repurchase agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities.

The following table is a summary of the Fund's open repurchase agreements that are subject to a master netting agreement as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amount Not Offset in the<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities  | Gross Amount Not Offset in the<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities  | |  |
|  | Gross Amounts of<br> Assets Presented in<br> the Statement of<br> Assets and Liabilities | Offset<br> Amount | Net<br> Asset<br> Balance | Collateral<br> Received | Net<br> Amount |
|  Fixed Income Clearing Corp. | $2794000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | $2794000 | $2794000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

8. RECENT ACCOUNTING STANDARDS UPDATE

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. The Fund incorporated the provisions of the ASU, and there was no material impact to the Fund's financial statements.

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

9. SUBSEQUENT EVENTS

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm

 
To the Board of Trustees of AMG Funds and Shareholders of AMG GW&K Municipal Enhanced SMA Shares

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AMG GW&K Municipal Enhanced SMA Shares (one of the funds constituting AMG Funds, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the two years in the period ended December 31, 2025 and for the period February 28, 2023 (commencement of operations) through December 31, 2023 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the two years in the period ended December 31, 2025 and for the period February 28, 2023 (commencement of operations) through December 31, 2023 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 26, 2026

We have served as the auditor of one or more investment companies in the AMG Funds Family since 1993.

------

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

 
TAX INFORMATION

AMG GW&K Municipal Enhanced SMA Shares hereby designates the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2025 Form 1099-DIV you receive for the Fund will show the tax status of all distributions paid to you during the year.

Pursuant to section 852 of the Internal Revenue Code of 1986, as amended, AMG GW&K Municipal Enhanced SMA Shares hereby designates $15,375 as a capital gain distribution with respect to the taxable year ended December 31, 2025, or if subsequently determined to be different, the net capital gains of such fiscal year.

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

During the fiscal year ended December 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 fiscal year ended December 31, 2025, was $17,848, 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 fiscal year ended December 31, 2025.

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

Not applicable.

------

THIS PAGE INTENTIONALLY LEFT BLANK

------

![LOGO](g108244dsp001a.jpg)

  

---

| | | |
|:---|:---|:---|
| &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> GW&K Investment Management, LLC<br> 222 Berkeley St.<br> Boston, MA 02116 | CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286<br>LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<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 | 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.<br>|

---

 <br> wealth.amg.com

------

---

| | |
|:---|:---|
| ![LOGO](g108244dsp001a.jpg) | ANNUAL FINANCIAL STATEMENTS |

---

  

---

| |
|:---|
| AMG Funds<br>December 31, 2025 |
| ![LOGO](g108244dsp001b.jpg) |
| AMG GW&K Small Cap Core Fund |
| Class N: **GWETX** \| Class I: **GWEIX** \| Class Z: **GWEZX** |
| AMG GW&K Small Cap Value Fund |
| Class N: **SKSEX** \| Class I: **SKSIX** \| Class Z: **SKSZX** |
| AMG GW&K Small/Mid Cap Core Fund |
| Class N: **GWGVX** \| Class I: **GWGIX** \| Class Z: **GWGZX** |

---

 <br> wealth.amg.com 123125 AR089

------

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Annual Financial Statements — December 31, 2025

 

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
| FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Portfolio Investments](#fin3108244_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Small Cap Core Fund](#fin3108244_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Small Cap Value Fund](#fin3108244_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Small/Mid Cap Core Fund](#fin3108244_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin3108244_5) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance sheets, net asset value (NAV) per share computations<br>and cumulative distributable earnings (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#fin3108244_6) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of sources of income, expenses, and realized and<br>unrealized gains (losses) during the fiscal year |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fin3108244_7) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of changes in assets for the past two fiscal years |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#fin3108244_8) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Historical net asset values per share, distributions, total returns, income<br>and expense ratios, turnover ratios and net assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin3108244_9) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and distribution policies, details of agreements and<br>transactions with Fund management and affiliates, and descriptions of<br>certain investment risks |  |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#fin3108244_10) | 31 |
| [OTHER INFORMATION](#fin3108244_11) | 32 |

---

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

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

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

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

------

 <br> AMG GW&K Small Cap Core Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 98.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 10.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 26950 | $6266683 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\*,<sup>1</sup> | 38906 | 6865742 |
| &nbsp;&nbsp;&nbsp;&nbsp; Champion Homes, Inc.\* | 133520 | 11282440 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Watch Restaurant Group, Inc.\* | 544466 | 8210547 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 49357 | 8208563 |
| &nbsp;&nbsp;&nbsp;&nbsp; La-Z-Boy, Inc. | 101915 | 3798372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc.<sup>1</sup> | 67542 | 2309936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc.<sup>1</sup> | 86978 | 9431025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc.\* | 107486 | 3245002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shake Shack, Inc., Class A\* | 43366 | 3520018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 41723 | 6926018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 193157 | 6078651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 76142997 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A\* | 264964 | 7734299 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utz Brands, Inc. | 417689 | 4335612 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Vita Coco Co., Inc.\* | 148385 | 7865889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 19935800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | 54697 | 5070412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gulfport Energy Corp.\* | 30618 | 6368238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 289271 | 6332142 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 164262 | 6971279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc., Class A<sup>1</sup> | 169736 | 7802764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 32544835 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 15.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 119492 | 8874671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 145329 | 7032470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers, Inc. | 97552 | 6124314 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 236140 | 6600113 |
| &nbsp;&nbsp;&nbsp;&nbsp; FB Financial Corp. | 78486 | 4379519 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc.<sup>1</sup> | 85199 | 3753016 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 160046 | 7390924 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 58840 | 10249339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 81527 | 5957993 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 309738 | 5559797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Perella Weinberg Partners<sup>1</sup> | 216392 | 3743582 |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 297016 | 9332243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 135482 | 6924485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 83735 | 10485297 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 60979 | 5521039 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 72176 | $8303127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 110231929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 19.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 202200 | 5503884 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 233057 | 6767975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.\* | 172646 | 7874384 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc.\* | 211463 | 8365476 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.\*<sup>,1</sup> | 128387 | 4270152 |
| &nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.\*<sup>,1</sup> | 708747 | 5528227 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bridgebio Pharma, Inc.\*<sup>,1</sup> | 103012 | 7879388 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\*<sup>,1</sup> | 133037 | 6192872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\* | 71784 | 4561155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A\* | 130064 | 11355888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 107065 | 7205475 |
| &nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.\* | 82312 | 7540602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 23540 | 4450708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 8194 | 4602160 |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 405737 | 4771467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc.\* | 295016 | 4991671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 233039 | 11582038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.\* | 268142 | 5893761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.\* | 166630 | 3832490 |
| &nbsp;&nbsp;&nbsp;&nbsp; US Physical Therapy, Inc. | 85911 | 6708790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.\*<sup>,1</sup> | 212574 | 8949366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 138827929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 18.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc.\*<sup>,1</sup> | 18400 | 4450776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadre Holdings, Inc.<sup>1</sup> | 194463 | 7941869 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc.\*<sup>,1</sup> | 137861 | 6955088 |
| &nbsp;&nbsp;&nbsp;&nbsp; CSW Industrials, Inc.<sup>1</sup> | 29021 | 8518534 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc.\* | 77043 | 7329101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 176974 | 6767486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 242570 | 5207978 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 648833 | 5618894 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 64633 | 11214472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legence Corp., Class A\* | 110457 | 4754069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp.<sup>1</sup> | 63487 | 7881276 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 27372 | 12274426 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc., Class B<sup>1</sup> | 125531 | 3330337 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 69083 | 13820745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\*<sup>,1</sup> | 36717 | 11243847 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 233734 | 8685555 |

---

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

------

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

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 18.8%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 56864 | $5177467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 131171920 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 14.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 55179 | 11552827 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alkami Technology, Inc.\*<sup>,1</sup> | 286285 | 6604595 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegro MicroSystems, Inc.\* | 188343 | 4968488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Appfolio, Inc., Class A\* | 35316 | 8216267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commvault Systems, Inc.\* | 51514 | 6457795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding, Ltd.\* | 22370 | 3218819 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Descartes Systems Group, Inc. (Canada)\* | 76583 | 6713266 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc.\* | 215545 | 9876272 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 95850 | 16417188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 79851 | 9501471 |
| &nbsp;&nbsp;&nbsp;&nbsp; PAR Technology Corp.\*<sup>,1</sup> | 73843 | 2679024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Semtech Corp.\* | 89766 | 6614857 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 537601 | 9580050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 102400919 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 3.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 261927 | 8182599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 50260 | 7707874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 88520 | 5395294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc.<sup>1</sup> | 130926 | 5285483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 26571250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 4.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp., REIT | 89111 | 6418665 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc., REIT | 304557 | 5323656 |
| &nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc., REIT | 75578 | 5771892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc., REIT | 68648 | 6495474 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc., REIT | 273370 | 10049081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 34058768 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 57040 | $7218982 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 149931 | 9676547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 16895529 |
|  Total Common Stocks<br>(Cost $500,142,445) |  | 688781876 |
|  | Principal<br> Amount |  |
|  Short-Term Investments - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.0%<sup>#,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.0%<sup>#,2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 12/31/25, due 01/02/26, 3.940% total to be received $1,001 (collateralized by various U.S. Treasuries, 0.000% - 5.250%, 01/31/26 - 11/15/55, totaling $1,020) | $1000 | 1000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 12/31/25, due 01/02/26, 3.840% total to be received $1,599 (collateralized by various U.S. Treasuries, 0.625% - 4.875%, 04/30/26 - 11/15/34, totaling $1,630) | 1598 | 1598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 1.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/31/25, due 01/02/26, 3.350% total to be received $10,610,974 (collateralized by a U.S. Treasury Note, 4.375%, 12/31/29, totaling $10,821,236) | 10609000 | 10609000 |
|  Total Short-Term Investments<br>(Cost $10,611,598) | Total Short-Term Investments<br>(Cost $10,611,598) | 10611598 |
|  **Total Investments - 100.2%**<br> (Cost $510,754,043) | **Total Investments - 100.2%**<br> (Cost $510,754,043) | 699393474 |
|  Other Assets, less Liabilities - (0.2)% | Other Assets, less Liabilities - (0.2)% | (1524306) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $697869168 |

---

\* Non-income producing security.

---

| | |
|:---|:---|
| <sup>#</sup> | Less than 0.01%.  |

---

<sup>1</sup> Some of these securities, amounting to $102,771,010 or 14.7% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

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

REIT Real Estate Investment Trust

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

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>†</sup> | $688781876 |  |  | $688781876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $2598 |  | 2598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 10609000 |  | 10609000 |
| &nbsp;&nbsp; Total Investments in Securities | $688781876 | $10611598 |  | $699393474 |

---

<sup>†</sup> All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

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

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

------

 <br> AMG GW&K Small Cap Value Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 98.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 2.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp. (Canada)\*<sup>,1</sup> | 119326 | $4410289 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.\*<sup>,1</sup> | 12234 | 2158934 |
| &nbsp;&nbsp;&nbsp;&nbsp; Camping World Holdings, Inc., Class A | 129752 | 1262487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genius Sports, Ltd. (United Kingdom)\* | 292243 | 3220518 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 7377 | 2901374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc.<sup>1</sup> | 21148 | 2293078 |
| &nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | 30608 | 2158782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 110324 | 3471896 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 99290 | 1802113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 19269182 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co.\* | 71909 | 2311874 |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A\* | 17543 | 512080 |
| &nbsp;&nbsp;&nbsp;&nbsp; United Natural Foods, Inc.\* | 59935 | 2018012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 4841966 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Resources Corp. | 27910 | 1247856 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | 16426 | 1522690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 95860 | 2098375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 41086 | 1743690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 106947 | 1500467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Solaris Energy Infrastructure, Inc., Class A<sup>1</sup> | 111094 | 5106991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 13220069 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 25.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 56437 | 4191576 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 82267 | 2904025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bowhead Specialty Holdings, Inc.\* | 84874 | 2422304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 53149 | 2571880 |
| &nbsp;&nbsp;&nbsp;&nbsp; City Holding Co. | 23590 | 2811928 |
| &nbsp;&nbsp;&nbsp;&nbsp; Columbia Banking System, Inc. | 77668 | 2170821 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 36604 | 1976616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., Class C | 21677 | 3805831 |
| &nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 86365 | 2160852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc.<sup>1</sup> | 39645 | 1746362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hancock Whitney Corp. | 37240 | 2371443 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 40243 | 1858422 |
| &nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 52868 | 3512550 |
| &nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 91278 | 1638440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 9421 | 3200408 |
| &nbsp;&nbsp;&nbsp;&nbsp; PJT Partners, Inc., Class A | 16266 | 2719675 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 56428 | $1772968 |
| &nbsp;&nbsp;&nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 43421 | 2219247 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 13483 | 1688341 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 25218 | 2901079 |
| &nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 34583 | 2080168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 52724936 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 12.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agios Pharmaceuticals, Inc.\* | 76351 | 2078274 |
| &nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc.\* | 40730 | 1611279 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cytokinetics, Inc.\*<sup>,1</sup> | 23891 | 1518034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynavax Technologies Corp.\*<sup>,1</sup> | 212627 | 3270203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 32717 | 2565995 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\*<sup>,1</sup> | 26838 | 5074261 |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.\* | 260570 | 3064303 |
| &nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.\*<sup>,2,3</sup> | 10502 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.\*<sup>,2,3</sup> | 10502 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 91830 | 4563951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ultragenyx Pharmaceutical, Inc.\* | 71664 | 1648272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 25394572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 14.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcosa, Inc. | 14705 | 1563435 |
| &nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc.\*<sup>,1</sup> | 54714 | 2760321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ducommun, Inc.\* | 33030 | 3142144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Enerpac Tool Group Corp. | 57407 | 2195244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Everus Construction Group, Inc.\* | 18244 | 1560957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 144810 | 3109071 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillman Solutions Corp.\* | 390830 | 3384588 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interface, Inc. | 108297 | 3023652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 9249 | 2948396 |
| &nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp.<sup>1</sup> | 16517 | 2050420 |
| &nbsp;&nbsp;&nbsp;&nbsp; Thermon Group Holdings, Inc.\* | 99598 | 3701062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 29439290 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 6.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Digi International, Inc.\*<sup>,1</sup> | 48682 | 2107444 |
| &nbsp;&nbsp;&nbsp;&nbsp; Progress Software Corp.\* | 49804 | 2139580 |
| &nbsp;&nbsp;&nbsp;&nbsp; TTM Technologies, Inc.\* | 80453 | 5551257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.\* | 215213 | 3835095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 13633376 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Constellium SE (France)\* | 234210 | 4414859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc.<sup>1</sup> | 54176 | 2187085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Worthington Steel, Inc. | 57342 | 1985180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 8587124 |

---

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

------

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

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust, REIT | 105512 | $2167216 |
| &nbsp;&nbsp;&nbsp;&nbsp; Armada Hoffler Properties, Inc., REIT <sup>1</sup> | 243933 | 1614836 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass, Inc., Class A\* | 321248 | 3395591 |
| &nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc., REIT <sup>1</sup> | 204476 | 3574241 |
| &nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust, REIT | 41977 | 2081220 |
| &nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp., REIT <sup>1</sup> | 110726 | 1953207 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc., REIT | 276349 | 2304750 |
| &nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc., REIT <sup>1</sup> | 60217 | 2213577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 19304638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 23699 | 2999345 |
| &nbsp;&nbsp;&nbsp;&nbsp; MDU Resources Group, Inc.<sup>1</sup> | 129663 | 2531022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northwestern Energy Group, Inc. | 33645 | 2171448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 25882 | 2071078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 9772893 |
|  Total Common Stocks<br>(Cost $151,774,915) |  | 200598335 |
|  | Principal<br> Amount |  |
|  Short-Term Investments - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 1.0%<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 1.0%<sup>4</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 12/31/25, due 01/02/26, 3.940% total to be received $681,149 (collateralized by various U.S. Treasuries, 0.000% - 5.250%, 01/31/26 - 11/15/55, totaling $694,812) | $681000 | 681000 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 12/31/25, due 01/02/26, 3.840% total to be received $120,027 (collateralized by various U.S. Treasuries, 0.625% - 4.875%, 04/30/26 - 11/15/34, totaling $122,401) | $120001 | $120001 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin Investment Board, dated 12/31/25, due 01/02/26, 3.970% total to be received $1,178,745 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 04/15/28 - 02/15/55, totaling $1,198,382) | 1178485 | 1178485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 1979486 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 1.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/31/25, due 01/02/26, 3.350% total to be received $2,768,515 (collateralized by a U.S. Treasury Note, 4.375%, 12/31/29, totaling $2,823,369) | 2768000 | 2768000 |
|  Total Short-Term Investments<br>(Cost $4,747,486) | Total Short-Term Investments<br>(Cost $4,747,486) | 4747486 |
|  **Total Investments - 101.0%**<br> (Cost $156,522,401) | **Total Investments - 101.0%**<br> (Cost $156,522,401) | 205345821 |
|  Other Assets, less Liabilities - (1.0)% | Other Assets, less Liabilities - (1.0)% | (2101948) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $203243873 |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $40,721,550 or 20.0% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<sup>2</sup> Security's value was determined by using significant unobservable inputs.

<sup>3</sup> These securities are restricted and are not available for re-sale. Ligand Pharmaceuticals, Inc. ("Ligand") completed a spin-off of OmniAb, Inc on November 2, 2022. Ligand shareholders received new holdings of OmniAb earn-out shares. The market value of earn-out shares was $0 on the date of the spin-off. At December 31, 2025, for each holding of OmniAb earn-out shares the cost was $19,190 and the market value of each was $0, which represents 0.0% of net assets. 

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

REIT Real Estate Investment Trust

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

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | $52724936 |  |  | $52724936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 29439290 |  |  | 29439290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 25394572 |  | $0 | 25394572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 19304638 |  |  | 19304638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 19269182 |  |  | 19269182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 13633376 |  |  | 13633376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 13220069 |  |  | 13220069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 9772893 |  |  | 9772893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 8587124 |  |  | 8587124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 4841966 |  |  | 4841966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 4410289 |  |  | 4410289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $1979486 |  | 1979486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2768000 |  | 2768000 |
| &nbsp;&nbsp; Total Investments in Securities | $200598335 | $4747486 | $0 | $205345821 |

---

The Level 3 common stocks were received as a result of a corporate action. The security's value was determined by using significant unobservable inputs. For the current period ended December 31, 2025, the change in unrealized depreciation was $0.

For the fiscal year ended December 31, 2025, there were no transfers in or out of Level 3. The Fund did not have any purchases and sales of Level 3 securities for the same period.

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

------

 <br> AMG GW&K Small/Mid Cap Core Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 98.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 14.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.\* | 75570 | $7662798 |
| &nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.\* | 43998 | 12708822 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries, Inc.\* | 24059 | 14212614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 80846 | 9198658 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.\* | 80035 | 9859512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc.\* | 141546 | 5148028 |
| &nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.\* | 47051 | 7825052 |
| &nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 20370 | 8011521 |
| &nbsp;&nbsp;&nbsp;&nbsp; Levi Strauss & Co., Class A | 357209 | 7408515 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pool Corp. | 18798 | 4300042 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 66789 | 11086974 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 170590 | 5368467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 102791003 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 3.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 120231 | 10824397 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Marzetti Company | 37743 | 6205704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.\* | 101739 | 9148371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 26178472 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Antero Resources Corp.\* | 167216 | 5762263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 299633 | 6558967 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 101878 | 4323702 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 123586 | 4843335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 21488267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 14.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Assurant, Inc. | 41217 | 9927114 |
| &nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 241782 | 8534905 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 61718 | 7815350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc.<sup>1</sup> | 145138 | 6393329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane, Inc., Class A | 40622 | 5455941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc.<sup>1</sup> | 20358 | 7962421 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 55654 | 5309948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 45738 | 15537656 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 84864 | 10626670 |
| &nbsp;&nbsp;&nbsp;&nbsp; UMB Financial Corp. | 67520 | 7767501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 146484 | 10911593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wintrust Financial Corp. | 66061 | 9236649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 105479077 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 15.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc.\* | 125369 | 4169773 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A\*<sup>,1</sup> | 26159 | 7925916 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\* | 92524 | $4306992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A\* | 121430 | 10602053 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 104937 | 7062260 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.\* | 56102 | 9763992 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.\* | 80765 | 6334399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ionis Pharmaceuticals, Inc.\* | 82965 | 6563361 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC (Ireland)\* | 71441 | 12144970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.\* | 15912 | 8936975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natera, Inc.\* | 31308 | 7172350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 79386 | 11259316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tandem Diabetes Care, Inc.\* | 288372 | 6338417 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.\* | 176583 | 6358754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 108939528 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 24.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AeroVironment, Inc.\*<sup>,1</sup> | 17579 | 4252184 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegion PLC (Ireland) | 34962 | 5566650 |
| &nbsp;&nbsp;&nbsp;&nbsp; API Group Corp.\* | 417436 | 15971101 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 24181 | 6208955 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 14572 | 13599902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 89597 | 9729338 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC\* | 524511 | 11261251 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 81638 | 14165009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 33613 | 8055019 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moog, Inc., Class A | 40841 | 9946826 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 48811 | 11735629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.\* | 44044 | 6716710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Powell Industries, Inc. | 33299 | 10615055 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.\* | 31415 | 14087429 |
| &nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc., Class B<sup>1</sup> | 192715 | 5112729 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 34976 | 5647575 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiteOne Landscape Supply, Inc.\* | 61363 | 7643375 |
| &nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.\* | 34314 | 6864859 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 17652 | 5405572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 172585168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 13.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Advanced Energy Industries, Inc. | 62336 | 13051288 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 202149 | 7273321 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding, Ltd.\* | 29688 | 4271806 |
| &nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc.<sup>1</sup> | 96775 | 8153294 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 45292 | 10327482 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 105268 | 18030303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.\* | 25678 | 4450254 |
| &nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.\* | 50100 | 5961399 |

---

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

------

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

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 13.1%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Procore Technologies, Inc.\*<sup>,1</sup> | 130099 | $9463401 |
| &nbsp;&nbsp;&nbsp;&nbsp; SailPoint, Inc.\*<sup>,1</sup> | 433921 | 8778222 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc., Class A\* | 40959 | 4362134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 94122904 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 42438 | 8771086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 388143 | 9699694 |
| &nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp.<sup>1</sup> | 54640 | 7502618 |
| &nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 73773 | 7672392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 33645790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 3.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp., REIT | 93250 | 6716797 |
| &nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc., REIT | 35706 | 6360667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Healthpeak Properties, Inc., REIT | 264636 | 4255347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc., REIT | 54535 | 6757432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 24090243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 76627 | 9697913 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co. | 134600 | 6459454 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 16157367 |
|  Total Common Stocks<br>(Cost $535,205,104) |  | 705477819 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Short-Term Investments - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.2%<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.2%<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 12/31/25, due 01/02/26, 3.940% total to be received $1,006,220 (collateralized by various U.S. Treasuries, 0.000% - 5.250%, 01/31/26 - 11/15/55, totaling $1,026,404) | $1006000 | $1006000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 12/31/25, due 01/02/26, 3.840% total to be received $65,607 (collateralized by various U.S. Treasuries, 0.625% - 4.875%, 04/30/26 - 11/15/34, totaling $66,905) | 65593 | 65593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 1071593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/31/25, due 01/02/26, 3.350% total to be received $8,628,606 (collateralized by a U.S. Treasury Note, 4.375%, 12/31/29, totaling $8,799,607) | 8627000 | 8627000 |
|  Total Short-Term Investments<br>(Cost $9,698,593) | Total Short-Term Investments<br>(Cost $9,698,593) | 9698593 |
|  **Total Investments - 99.8%**<br> (Cost $544,903,697) | **Total Investments - 99.8%**<br> (Cost $544,903,697) | 715176412 |
|  Other Assets, less Liabilities - 0.2% | Other Assets, less Liabilities - 0.2% | 1783594 |
|  Net Assets - 100.0% | Net Assets - 100.0% | $716960006 |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $50,340,655 or 7.0% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

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

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 December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>†</sup> | $705477819 |  |  | $705477819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $1071593 |  | 1071593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 8627000 |  | 8627000 |
| &nbsp;&nbsp; Total Investments in Securities | $705477819 | $9698593 |  | $715176412 |

---

<sup>†</sup> All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities December 31, 2025

 

---

| | | | |
|:---|:---|:---|:---|
|  | AMG<br>GW&K Small Cap<br>Core Fund | AMG<br>GW&K Small Cap<br>Value Fund | AMG<br>GW&K Small/Mid<br>Cap<br>Core Fund |
| &nbsp;&nbsp; Assets: |  |  |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan valued at $102,771,010, $40,721,550, and $50,340,655, respectively) | $699393474 | $205345821 | $715176412 |
| &nbsp;&nbsp; Cash | 396 |  | 813 |
| &nbsp;&nbsp; Dividend and interest receivables | 531608 | 182392 | 372369 |
| &nbsp;&nbsp; Securities lending income receivable | 11263 | 3550 | 7507 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 251874 | 35707 | 3366718 |
| &nbsp;&nbsp; Receivable from Affiliate |  | 101 |  |
| &nbsp;&nbsp; Prepaid expenses and other assets | 22071 | 14719 | 22372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 700210686 | 205582290 | 718946191 |
| &nbsp;&nbsp; Liabilities: |  |  |  |
| &nbsp;&nbsp; Payable upon return of securities loaned | 2598 | 1979486 | 1071593 |
| &nbsp;&nbsp; Payable for investments purchased | 1447530 |  |  |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 228287 | 93274 | 276118 |
| &nbsp;&nbsp; Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 442725 | 124208 | 404703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 91527 | 26616 | 93376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 1584 |  | 10027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 22120 | 31379 | 14939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 105147 | 83454 | 115429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 2341518 | 2338417 | 1986185 |
| &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 7) |  |  |  |
| &nbsp;&nbsp; Net Assets | $697869168 | $203243873 | $716960006 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $510754043 | $156522401 | $544903697 |

---

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

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

------

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

 

---

| | | | |
|:---|:---|:---|:---|
|  | AMG<br>GW&K Small Cap<br>Core Fund | AMG<br>GW&K Small Cap<br>Value Fund | AMG<br>GW&K Small/Mid<br>Cap<br>Core Fund |
| &nbsp;&nbsp; Net Assets Represent: |  |  |  |
| &nbsp;&nbsp; Paid-in capital | $498792087 | $150433026 | $539790443 |
| &nbsp;&nbsp; Total distributable earnings | 199077081 | 52810847 | 177169563 |
| &nbsp;&nbsp; Net Assets | $697869168 | $203243873 | $716960006 |
| &nbsp;&nbsp; Class N: |  |  |  |
| &nbsp;&nbsp; Net Assets | $7263815 | $129743799 | $46178321 |
| &nbsp;&nbsp; Shares outstanding | 227161 | 4466827 | 2411751 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $31.98 | $29.05 | $19.15 |
| &nbsp;&nbsp; Class I: |  |  |  |
| &nbsp;&nbsp; Net Assets | $482733788 | $71348601 | $342514199 |
| &nbsp;&nbsp; Shares outstanding | 14556288 | 2459965 | 17791372 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $33.16 | $29.00 | $19.25 |
| &nbsp;&nbsp; Class Z: |  |  |  |
| &nbsp;&nbsp; Net Assets | $207871565 | $2151473 | $328267486 |
| &nbsp;&nbsp; Shares outstanding | 6261988 | 74532 | 17019832 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $33.20 | $28.87 | $19.29 |

---

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations For the fiscal year ended December 31, 2025

 

---

| | | | |
|:---|:---|:---|:---|
|  | AMG<br>GW&K Small Cap<br>Core Fund | AMG<br>GW&K Small Cap<br>Value Fund | AMG<br>GW&K Small/Mid<br>Cap<br>Core Fund |
| &nbsp;&nbsp; Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $6473090 | $3380062 | $6903078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 361418 | 113063 | 332283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 65610 | 33283 | 47704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax |  | (789) | (392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 6900118 | 3525619 | 7282673 |
| &nbsp;&nbsp; Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 4390552 | 1460612 | 4687827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 940833 | 312988 | 1134152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 16136 |  | 119571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 9682 | 334891 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 209402 | 35631 | 179407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 77614 | 55361 | 91625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 71712 | 38746 | 71625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 55540 | 18389 | 67480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 53455 | 42983 | 52461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 24456 | 21226 | 36679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 22595 | 18271 | 33432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  |  | 5059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 23806 | 9953 | 28832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of prior reimbursements | 2389 |  | 2471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 5898172 | 2349051 | 6510621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (17958) | (100599) | (6555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reductions | (55027) | (33659) | (27332) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 5825187 | 2214793 | 6476734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 1074931 | 1310826 | 805939 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 64076141 | 13727401 | 29475971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (21222291) | (10252675) | 2492611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 42853850 | 3474726 | 31968582 |
| &nbsp;&nbsp; Net increase in net assets resulting from operations | $43928781 | $4785552 | $32774521 |

---

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets For the fiscal years ended December 31,

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AMG<br>GW&K Small Cap<br>Core Fund | AMG<br>GW&K Small Cap<br>Core Fund | AMG<br>GW&K Small Cap<br>Value Fund | AMG<br>GW&K Small Cap<br>Value Fund | AMG<br>GW&K Small/Mid<br>Cap Core Fund | AMG<br>GW&K Small/Mid<br>Cap Core Fund |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Increase in Net Assets Resulting From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $1074931 | $1421940 | $1310826 | $1821392 | $805939 | $657038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 64076141 | 32729359 | 13727401 | 23122484 | 29475971 | 21191929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (21222291) | 50631743 | (10252675) | (653748) | 2492611 | 49691605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 43928781 | 84783042 | 4785552 | 24290128 | 32774521 | 71540572 |
| &nbsp;&nbsp; Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (548847) | (292459) | (9709638) | (11984284) | (1314995) | (448980) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (36465527) | (18017616) | (5541300) | (6371997) | (10264958) | (3463193) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (15447860) | (8625956) | (176129) | (550626) | (9860406) | (3803117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (52462234) | (26936031) | (15427067) | (18906907) | (21440359) | (7715290) |
| &nbsp;&nbsp; Capital Share Transactions:<sup>1</sup> |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | 41590429 | (33750093) | (17785993) | (31310604) | (106871815) | 51759329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 33056976 | 24096918 | (28427508) | (25927383) | (95537653) | 115584611 |
| &nbsp;&nbsp; Net Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 664812192 | 640715274 | 231671381 | 257598764 | 812497659 | 696913048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $697869168 | $664812192 | $203243873 | $231671381 | $716960006 | $812497659 |

---

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

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

------

 <br> AMG GW&K Small Cap Core Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $32.18 | $29.42 | $27.43 | $33.13 | $29.97 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | (0.06) | (0.04) | 0.00<sup>3</sup> | (0.06) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 2.43 | 4.10 | 2.19 | (5.43) | 6.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.37 | 4.06 | 2.19 | (5.49) | 6.19 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.03) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.57) | (1.30) | (0.17) | (0.21) | (3.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.57) | (1.30) | (0.20) | (0.21) | (3.03) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $31.98 | $32.18 | $29.42 | $27.43 | $33.13 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup> | 7.24% | 13.57% | 8.02% | (16.58)% | 21.01% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup> | 1.29% | 1.30%<sup>6</sup> | 1.30%<sup>7</sup> | 1.29%<sup>7</sup> | 1.30%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 1.30% | 1.30% | 1.31%<sup>7</sup> | 1.30%<sup>7</sup> | 1.30%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | (0.19)% | (0.14)% | 0.02% | (0.22)% | (0.45)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 33% | 22% | 20% | 25% | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $7264 | $6517 | $8336 | $8533 | $11278 |

---

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

------

 <br> AMG GW&K Small Cap Core Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $33.24 | $30.30 | $28.24 | $34.02 | $30.61 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.05 | 0.07 | 0.11 | 0.04 | (0.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 2.51 | 4.24 | 2.25 | (5.57) | 6.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.56 | 4.31 | 2.36 | (5.53) | 6.44 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.07) | (0.07) | (0.13) | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.57) | (1.30) | (0.17) | (0.21) | (3.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.64) | (1.37) | (0.30) | (0.25) | (3.03) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $33.16 | $33.24 | $30.30 | $28.24 | $34.02 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup> | 7.57% | 13.99% | 8.39% | (16.27)% | 21.38% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup> | 0.94% | 0.95%<sup>6</sup> | 0.95%<sup>7</sup> | 0.94%<sup>7</sup> | 0.95%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 0.95% | 0.95% | 0.96%<sup>7</sup> | 0.95%<sup>7</sup> | 0.95%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | 0.16% | 0.21% | 0.37% | 0.13% | (0.10)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 33% | 22% | 20% | 25% | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $482734 | $443633 | $421136 | $433066 | $546326 |

---

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

------

 <br> AMG GW&K Small Cap Core Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $33.26 | $30.32 | $28.26 | $34.05 | $30.61 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.07 | 0.08 | 0.12 | 0.05 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 2.52 | 4.25 | 2.26 | (5.58) | 6.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 2.59 | 4.33 | 2.38 | (5.53) | 6.47 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.08) | (0.09) | (0.15) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.57) | (1.30) | (0.17) | (0.21) | (3.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.65) | (1.39) | (0.32) | (0.26) | (3.03) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $33.20 | $33.26 | $30.32 | $28.26 | $34.05 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup> | 7.67% | 14.04% | 8.44% | (16.25)% | 21.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup> | 0.89% | 0.90%<sup>6</sup> | 0.90%<sup>7</sup> | 0.89%<sup>7</sup> | 0.90%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 0.90% | 0.90% | 0.91%<sup>7</sup> | 0.90%<sup>7</sup> | 0.90%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | 0.21% | 0.26% | 0.42% | 0.18% | (0.05)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 33% | 22% | 20% | 25% | 33% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $207872 | $214662 | $211244 | $218941 | $199851 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income (loss) would have been lower had certain expenses not been offset. 

<sup>3</sup> Less than $0.005 per share. 

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

<sup>5</sup> Includes reduction from broker recapture amounting to 0.01%, less than 0.01%, less than 0.01%, 0.01% and less than 0.01% for the fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

<sup>6</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>7</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%, less than 0.01% and 0.01% for the fiscal years ended December 31, 2023, 2022 and 2021, respectively. 

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

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

------

 <br> AMG GW&K Small Cap Value Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $30.42 | $29.76 | $25.73 | $30.90 | $26.71 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.16 | 0.21 | 0.17 | 0.13 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.78 | 3.07 | 4.31 | (4.87) | 8.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.94 | 3.28 | 4.48 | (4.74) | 8.50 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.18) | (0.25) | (0.20) | (0.15) | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.13) | (2.37) | (0.25) | (0.28) | (4.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.31) | (2.62) | (0.45) | (0.43) | (4.31) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $29.05 | $30.42 | $29.76 | $25.73 | $30.90 |
| &nbsp;&nbsp; Total Return<sup>2,3</sup> | 3.00% | 10.57% | 17.43% | (15.33)% | 32.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup> | 1.13% | 1.14%<sup>5</sup> | 1.14% | 1.13% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | 1.20% | 1.19% | 1.19% | 1.18% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 0.56% | 0.67% | 0.64% | 0.47% | 0.28% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 36% | 24% | 14% | 19% | 41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $129744 | $148917 | $165040 | $162011 | $223586 |

---

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

------

 <br> AMG GW&K Small Cap Value Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $30.38 | $29.73 | $25.69 | $30.87 | $26.79 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.22 | 0.27 | 0.23 | 0.18 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.78 | 3.07 | 4.31 | (4.87) | 8.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.00 | 3.34 | 4.54 | (4.69) | 8.57 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.25) | (0.32) | (0.25) | (0.21) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.13) | (2.37) | (0.25) | (0.28) | (4.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.38) | (2.69) | (0.50) | (0.49) | (4.49) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $29.00 | $30.38 | $29.73 | $25.69 | $30.87 |
| &nbsp;&nbsp; Total Return<sup>2,3</sup> | 3.18% | 10.77% | 17.73% | (15.19)% | 33.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup> | 0.93% | 0.94%<sup>5</sup> | 0.94% | 0.93% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | 1.00% | 0.99% | 0.99% | 0.98% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 0.76% | 0.87% | 0.84% | 0.67% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 36% | 24% | 14% | 19% | 41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $71349 | $76171 | $86357 | $81319 | $115837 |

---

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

------

 <br> AMG GW&K Small Cap Value Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $30.25 | $29.61 | $25.59 | $30.76 | $26.72 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.24 | 0.28 | 0.24 | 0.20 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.77 | 3.06 | 4.30 | (4.87) | 8.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.01 | 3.34 | 4.54 | (4.67) | 8.57 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.26) | (0.33) | (0.27) | (0.22) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.13) | (2.37) | (0.25) | (0.28) | (4.23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.39) | (2.70) | (0.52) | (0.50) | (4.53) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $28.87 | $30.25 | $29.61 | $25.59 | $30.76 |
| &nbsp;&nbsp; Total Return<sup>2,3</sup> | 3.25% | 10.84% | 17.77% | (15.16)% | 33.27% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup> | 0.88% | 0.89%<sup>5</sup> | 0.89% | 0.88% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | 0.95% | 0.94% | 0.94% | 0.93% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 0.81% | 0.92% | 0.89% | 0.72% | 0.53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 36% | 24% | 14% | 19% | 41% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $2151 | $6584 | $6202 | $8582 | $32710 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income would have been lower had certain expenses not been offset. 

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Includes reduction from broker recapture amounting to 0.02%, 0.01%, 0.01%, 0.01% and 0.02% for the fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

<sup>5</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>6</sup> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

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

------

 <br> AMG GW&K Small/Mid Cap Core Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class N | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $18.87 | $17.20 | $15.02 | $19.08 | $16.04 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | (0.02) | (0.02) | (0.00)<sup>3</sup> | 0.01 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.86 | 1.85 | 2.18 | (3.47) | 4.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.84 | 1.83 | 2.18 | (3.46) | 4.08 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  | (0.00)<sup>3</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.56) | (0.16) |  | (0.60) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.56) | (0.16) |  | (0.60) | (1.04) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $19.15 | $18.87 | $17.20 | $15.02 | $19.08 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup> | 4.39% | 10.62% | 14.51% | (18.15)% | 25.63% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup> | 1.07%<sup>6</sup> | 1.07%<sup>6</sup> | 1.07%<sup>7</sup> | 1.06%<sup>7</sup> | 1.06%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 1.07% | 1.07% | 1.08%<sup>7</sup> | 1.08%<sup>7</sup> | 1.08%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | (0.10)% | (0.12)% | (0.01)% | 0.04% | (0.32)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28% | 21% | 19% | 25% | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $46178 | $52250 | $53076 | $51333 | $70736 |

---

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

------

 <br> AMG GW&K Small/Mid Cap Core Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class I | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $18.96 | $17.26 | $15.07 | $19.15 | $16.06 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.02 | 0.01 | 0.03 | 0.04 | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.86 | 1.87 | 2.19 | (3.48) | 4.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.88 | 1.88 | 2.22 | (3.44) | 4.13 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.03) | (0.02) | (0.03) | (0.04) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.56) | (0.16) |  | (0.60) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.59) | (0.18) | (0.03) | (0.64) | (1.04) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $19.25 | $18.96 | $17.26 | $15.07 | $19.15 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup> | 4.58% | 10.84% | 14.76% | (18.01)% | 25.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup> | 0.87%<sup>6</sup> | 0.87%<sup>6</sup> | 0.87%<sup>7</sup> | 0.86%<sup>7</sup> | 0.86%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 0.87% | 0.87% | 0.88%<sup>7</sup> | 0.88%<sup>7</sup> | 0.88%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | 0.10% | 0.08% | 0.19% | 0.24% | (0.12)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28% | 21% | 19% | 25% | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $342514 | $371964 | $296659 | $250024 | $293614 |

---

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

------

 <br> AMG GW&K Small/Mid Cap Core Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| &nbsp;&nbsp; Class Z | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $18.99 | $17.29 | $15.10 | $19.18 | $16.07 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.03 | 0.02 | 0.04 | 0.05 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.87 | 1.87 | 2.19 | (3.48) | 4.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.90 | 1.89 | 2.23 | (3.43) | 4.15 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.04) | (0.03) | (0.04) | (0.05) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.56) | (0.16) |  | (0.60) | (1.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.60) | (0.19) | (0.04) | (0.65) | (1.04) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $19.29 | $18.99 | $17.29 | $15.10 | $19.18 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup> | 4.68% | 10.87% | 14.78% | (17.94)% | 26.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup> | 0.82%<sup>6</sup> | 0.82%<sup>6</sup> | 0.82%<sup>7</sup> | 0.81%<sup>7</sup> | 0.81%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 0.82% | 0.82% | 0.83%<sup>7</sup> | 0.83%<sup>7</sup> | 0.83%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | 0.15% | 0.13% | 0.24% | 0.29% | (0.07)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 28% | 21% | 19% | 25% | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $328267 | $388283 | $347178 | $262798 | $198961 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income (loss) would have been lower had certain expenses not been offset. 

<sup>3</sup> Less than $(0.005) per share. 

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

<sup>5</sup> Includes reduction from broker recapture amounting to less than 0.01%, less than 0.01%, less than 0.01%, less than 0.01% and 0.01% for the fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

<sup>6</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>7</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%. 

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements December 31, 2025

 
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the "Trust") is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are: AMG GW&K Small Cap Core Fund ("Small Cap Core"), AMG GW&K Small Cap Value Fund ("Small Cap Value") and AMG GW&K Small/Mid Cap Core Fund ("Small/Mid Cap Core"), each a "Fund" and collectively, the "Funds".

Each Fund offers Class N shares, Class I shares and Class Z shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

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

a. VALUATION OF INVESTMENTS

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

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

The Funds' portfolio investments are generally valued based on independent market quotations or prices or, if none, "evaluative" or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Funds' Board of Trustees (the "Board") designated AMG Funds LLC (the "Investment Manager") as the Funds' Valuation Designee to perform the

Funds' fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager's fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Funds may use the fair value of a portfolio investment to calculate its net asset value ("NAV") in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Funds' valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Funds might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Funds. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager's process for determining the fair value of the Funds' investments.

With respect to foreign equity securities, securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds' own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

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

------

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

 
Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Upon notification from the issuer, distributions received from a real estate investment trust (REIT) may be redesignated as a reduction of cost of investments and/or realized gain. Other income and expenses are recorded on an accrual basis. Expenses that cannot be

directly attributed to a Fund are apportioned among the funds in the Trust and other funds within the AMG Funds Family of Funds (collectively, the "AMG Funds Family") based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

The Funds had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Fund's overall expense ratio. For the fiscal year ended December 31, 2025, the impact on the expenses and expense ratios was as follows: Small Cap Core $55,027 or 0.01%, Small Cap Value $33,659 or 0.02% and Small/Mid Cap Core $27,332 or less than 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences for each Fund are primarily due to equalization utilized. Temporary differences for each Fund are due to wash sale loss deferrals.

The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Small Cap Core | Small Cap Core | Small Cap Value | Small Cap Value | Small/Mid Cap Core | Small/Mid Cap Core |
| &nbsp;&nbsp; Distributions paid from: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024 |
| &nbsp;&nbsp; Ordinary income \* | $1136435 | $1471678 | $2134355 | $4245633 | $805939 | $689973 |
| &nbsp;&nbsp; Long-term capital gains | 51325799 | 25464353 | 13292712 | 14661274 | 20634420 | 7025317 |
|  | $52462234 | $26936031 | $15427067 | $18906907 | $21440359 | $7715290 |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of December 31, 2025, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap Core | Small Cap Value | Small/Mid Cap Core |
| &nbsp;&nbsp; Undistributed ordinary income |  | $39768 |  |
| &nbsp;&nbsp; Undistributed long-term capital gains | $12327444 | 4261285 | $8779399 |

---

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

------

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

 
At December 31, 2025, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Fund | Cost | Appreciation | Depreciation | Net Appreciation |
| &nbsp;&nbsp; Small Cap Core | $512643837 | $216678685 | $(29929048) | $186749637 |
| &nbsp;&nbsp; Small Cap Value | 156834985 | 56339688 | (7828852) | 48510836 |
| &nbsp;&nbsp; Small/Mid Cap Core | 546786248 | 195728765 | (27338601) | 168390164 |

---

e. FEDERAL TAXES

Each Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. The Investment Manager has analyzed the Funds' tax positions taken on federal income tax returns as of December 31, 2025, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, based on each Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, each Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2025, the Funds had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended December 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

For the fiscal year ended December 31, 2025, the Fund did not utilize capital loss carryovers.

g. CAPITAL STOCK

The Trust's Amended and Restated Agreement and Declaration of Trust authorizes for each applicable Fund the issuance of an unlimited number of shares of beneficial interest, without par value. Each Fund records sales and repurchases of its capital stock on the trade date.

For the fiscal years ended December 31, 2025 and December 31, 2024, the capital stock transactions by class for the Funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Small Cap Core | Small Cap Core | Small Cap Core | Small Cap Core | Small Cap Value | Small Cap Value | Small Cap Value | Small Cap Value |
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| &nbsp;&nbsp; Class N: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 38699 | $1286057 | 16638 | $524608 | 127047 | $3635006 | 207496 | $6388178 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 16888 | 548847 | 8619 | 292459 | 324845 | 9556934 | 368628 | 11818227 |
| &nbsp;&nbsp; Shares redeemed | (30912) | (987640) | (106117) | (3377875) | (879767) | (26008360) | (1226513) | (37506926) |
| &nbsp;&nbsp; Net increase (decrease) | 24675 | $847264 | (80860) | $(2560808) | (427875) | $(12816420) | (650389) | $(19300521) |
| &nbsp;&nbsp; Class I: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 3407167 | $116792487 | 1991905 | $63599546 | 84269 | $2494027 | 116110 | $3530881 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 1014796 | 34198622 | 476984 | 16713534 | 182464 | 5358977 | 192660 | 6167031 |
| &nbsp;&nbsp; Shares redeemed | (3213769) | (104449001) | (3020597) | (96388827) | (313678) | (9186642) | (706983) | (22004980) |
| &nbsp;&nbsp; Net increase (decrease) | 1208194 | $46542108 | (551708) | $(16075747) | (46945) | $(1333638) | (398213) | $(12307068) |
| &nbsp;&nbsp; Class Z: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 455784 | $14171374 | 1243350 | $41111763 | 3912 | $107795 | 14308 | $446714 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 449555 | 15167995 | 239251 | 8388123 | 6026 | 176129 | 17277 | 550626 |
| &nbsp;&nbsp; Shares redeemed | (1096867) | (35138312) | (1996131) | (64613424) | (153051) | (3919859) | (23435) | (700355) |
| &nbsp;&nbsp; Net increase (decrease) | (191528) | $(5798943) | (513530) | $(15113538) | (143113) | $(3635935) | 8150 | $296985 |

---

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

------

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

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br> Small/Mid Cap Core | <br> Small/Mid Cap Core | <br> Small/Mid Cap Core | <br> Small/Mid Cap Core |
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| &nbsp;&nbsp; Class N: |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 30358 | $556682 | 88817 | $1610150 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 64587 | 1253635 | 21766 | 428557 |
| &nbsp;&nbsp; Shares redeemed | (452775) | (8432195) | (426281) | (7820367) |
| &nbsp;&nbsp; Net decrease | (357830) | $(6621878) | (315698) | $(5781660) |
| &nbsp;&nbsp; Class I: |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 3014462 | $54623144 | 6769243 | $128805335 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 497350 | 9708277 | 166239 | 3288206 |
| &nbsp;&nbsp; Shares redeemed | (5343814) | (99237634) | (4495902) | (85071337) |
| &nbsp;&nbsp; Net increase (decrease) | (1832002) | $(34906213) | 2439580 | $47022204 |
| &nbsp;&nbsp; Class Z: |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 1138122 | $21134780 | 4324974 | $81842931 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 502556 | 9824964 | 191525 | 3796035 |
| &nbsp;&nbsp; Shares redeemed | (5068742) | (96303468) | (4144594) | (75120181) |
| &nbsp;&nbsp; Net increase (decrease) | (3428064) | $(65343724) | 371905 | $10518785 |

---

At December 31, 2025, one unaffiliated shareholder of record held 6% of the net assets of Small/Mid Cap Core. Transactions by this shareholder may have a material impact on the Fund.

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon ("BNYM") (the "Securities Lending Program") (collectively, "Repurchase Agreements"). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Funds participate on a pro rata basis with other clients of BNYM in their share of the underlying collateral under such joint repurchase agreements and in their share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held by the Funds' custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. Pursuant to the Securities Lending Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

At December 31, 2025, the market value of Repurchase Agreements outstanding for Small Cap Core, Small Cap Value and Small/Mid Cap Core was $10,611,598, $4,747,486 and $9,698,593, respectively.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. wealth platform of Affiliated Managers Group, Inc. ("AMG"), serves as investment manager

to the Funds and is responsible for the Funds' overall administration and operations. The Investment Manager selects and recommends, subject to the approval of the Board and, in certain circumstances, shareholders, the subadviser for the Funds and monitors the subadviser's investment performance, security holdings and investment strategies. Each Fund's investment portfolio is managed by GW&K Investment Management, LLC ("GW&K"), who serves as subadviser pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in GW&K.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the fiscal year ended December 31, 2025, the Funds' investment management fees were paid at the following annual rates of each Fund's respective average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Small Cap Core | 0.70% |
| &nbsp;&nbsp; Small Cap Value | 0.70% |
| &nbsp;&nbsp; Small/Mid Cap Core | 0.62% |

---

The fee paid to GW&K for its services as subadviser is paid out of the fee the Investment Manager receives from each Fund and does not increase the expenses of each Fund.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in

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

------

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

 
connection with bank and custody overdrafts, and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of Small Cap Core, Small Cap Value and Small/Mid Cap Core to the annual rate of 0.90%, 0.90% and 0.82%, respectively, of each Fund's average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the "Expense Cap"), subject to later reimbursement by the Funds in certain circumstances.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a Fund, provided that such repayment would not cause the Fund's total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a Fund's liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of a Fund.

For the fiscal year ended December 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<br>Reimbursements | Repayment of<br>Prior Reimbursements |
| &nbsp;&nbsp; Small Cap Core | $17958 | $2389 |
| &nbsp;&nbsp; Small Cap Value | 100599 |  |
| &nbsp;&nbsp; Small/Mid Cap Core | 6555 | 2471 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Expiration<br> Period | Small Cap Core | Small Cap Value | Small/Mid Cap Core |
| &nbsp;&nbsp; Less than 1 year | $44646 | $94496 | $62502 |
| &nbsp;&nbsp; 1-2 years | 25899 | 108560 | 30876 |
| &nbsp;&nbsp; 2-3 years | 17958 | 100599 | 6555 |
| &nbsp;&nbsp; Total | $88503 | $303655 | $99933 |

---

The Trust, on behalf of the Funds, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Funds' administrator (the "Administrator") and is responsible for certain aspects of managing the Funds' operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund's average daily net assets for this service.

The Funds are distributed by AMG Distributors, Inc. (the "Distributor"), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and underwriter for each Fund and is a registered broker-dealer and

member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Shares of each Fund will be continuously offered and will be sold directly to prospective purchasers and through brokers, dealers or other financial intermediaries who have executed selling agreements with the Distributor. Generally, the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

The Trust has adopted a distribution and service plan (the "Plan") with respect to the Class N shares of each Fund, except Small Cap Value, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, each Fund, except Small Cap Value, may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of each Fund's Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments to the Distributor up to 0.25% annually of each Fund's, except Small Cap Value's, average daily net assets attributable to the Class N shares. The portion of payments made under the plan by Class N shares of each Fund, except Small Cap Value, for shareholder servicing may not exceed an annual rate of 0.25% of the average daily net asset value of each Fund's shares of that class owned by clients of such broker, dealer or financial intermediary.

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

The impact on the annualized expense ratios for the fiscal year ended December 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; Fund | Maximum Annual<br> Amount<br> Approved | Actual<br> Amount<br> Incurred |
| &nbsp;&nbsp; Small Cap Core |  |  |
| &nbsp;&nbsp; Class N | 0.15% | 0.15% |
| &nbsp;&nbsp; Class I | 0.05% | 0.05% |
| &nbsp;&nbsp; Small Cap Value |  |  |
| &nbsp;&nbsp; Class N | 0.25% | 0.25% |
| &nbsp;&nbsp; Class I | 0.05% | 0.05% |
| &nbsp;&nbsp; Small/Mid Cap Core |  |  |
| &nbsp;&nbsp; Class I | 0.05% | 0.05% |

---

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The

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

------

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

 
Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the "SEC") granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At December 31, 2025, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund lending program during the fiscal year ended December 31, 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Fund | Average<br> Lent | Number<br> of Days | Interest<br> Earned | Average<br> Interest Rate |
| &nbsp;&nbsp; Small Cap Core | $1225291 | 1 | $176 | 5.240% |
| &nbsp;&nbsp; Fund | Average<br> Borrowed | Number<br> of Days | Interest<br> Paid | Average<br> Interest Rate |
| &nbsp;&nbsp; Small/Mid Cap Core | $8836925 | 4 | $5059 | 5.224% |

---

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | Long Term Securities | Long Term Securities |
| &nbsp;&nbsp; Fund | Purchases | Sales |
| &nbsp;&nbsp; Small Cap Core | $205652524 | $217148167 |
| &nbsp;&nbsp; Small Cap Value | 74043596 | 106069663 |
| &nbsp;&nbsp; Small/Mid Cap Core | 210842788 | 328919020 |

---

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

4. PORTFOLIO SECURITIES LOANED

The Funds participate in the Securities Lending Program providing for the lending of securities to qualified borrowers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Securities Lending Program, and the Funds, according to agreed-upon rates. Collateral on all securities loaned is accepted in cash, U.S. Treasury Obligations or U.S. Government Agency Obligations. Collateral is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Funds' policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily

less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Securities Lending Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements for that cash collateral. Securities collateral is held in separate omnibus accounts managed by BNYM and cannot be sold or pledged. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested. Loans of securities are terminable by a Fund at any time and the borrower, after notice, is required to return borrowed securities as soon as practical, which is normally within three business days.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; Fund | Securities<br>Loaned | Cash<br>Collateral<br>Received | Securities<br>Collateral<br>Received | Total<br>Collateral<br>Received |
| &nbsp;&nbsp; Small Cap Core | $102771010 | $2598 | $105811173 | $105813771 |
| &nbsp;&nbsp; Small Cap Value | 40721550 | 1979486 | 39902476 | 41881962 |
| &nbsp;&nbsp; Small/Mid Cap Core | 50340655 | 1071593 | 51033867 | 52105460 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Fund | Collateral Type | Coupon<br>Range | Maturity<br> Date Range |
| &nbsp;&nbsp; Small Cap Core | U.S. Treasury Obligations | 0.000%-6.250% | 01/15/26-05/15/54 |
| &nbsp;&nbsp; Small Cap Value | U.S. Treasury Obligations | 0.125%-6.250% | 01/15/26-05/15/54 |
| &nbsp;&nbsp; Small/Mid Cap Core | U.S. Treasury Obligations | 0.125%-6.250% | 01/15/26-05/15/54 |

---

5. SEGMENT REPORTING

Each Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in each Fund's prospectus. The Chief Operating Decision Makers ("CODM") are the Funds' president and chief financial officer. The CODM assesses the performance and makes operating decisions for each Fund primarily based on each Fund's changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes each Fund's net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of each Fund. As each Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject the Funds to various risks. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Fund. Please refer to each Fund's prospectus for a description of the principal risks associated with investing in a particular Fund. The value of securities or other instruments may

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

------

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

 
also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market; or (iii) price fluctuations.

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

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

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

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

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

**Value Stock Risk:** Value stocks may perform differently from the market as a whole and may be undervalued by the market for a long period of time.

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

**Real Estate Industry Risk:** Investments in the Funds may be subject to many of the same risks as a direct investment in real estate. The stock prices of companies in the real estate industry, including REITs, are typically sensitive to changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use, and rents, as well as the management skill and creditworthiness of the issuer. REITs also depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders and are subject to the risk of failing to qualify for favorable tax treatment under the Code.

7. COMMITMENTS AND CONTINGENCIES

Under the Trust's organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.

8. MASTER NETTING AGREEMENTS

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

The following table is a summary of the Funds' open Repurchase Agreements that are subject to a master netting agreement as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amount Not Offset in the<br>Statement of Assets and Liabilities | Gross Amount Not Offset in the<br>Statement of Assets and Liabilities | | |
| &nbsp;&nbsp; Fund | Gross Amounts of<br> Assets Presented in<br> the Statement of<br> Assets and Liabilities  | Offset<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount  | Net<br> Asset<br> Balance | Collateral<br> Received | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount  |
| &nbsp;&nbsp; Small Cap Core |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $1000 |  | $1000 | $1000 |  |
| &nbsp;&nbsp; Natwest Markets Securities, Inc. | 1598 |  | 1598 | 1598 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 10609000 |  | 10609000 | 10609000 |  |
| &nbsp;&nbsp; Total | $10611598 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10611598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$10611598 |  |

---

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

------

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

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amount Not Offset in the<br>Statement of Assets and Liabilities | Gross Amount Not Offset in the<br>Statement of Assets and Liabilities | | |
| &nbsp;&nbsp; Fund | Gross Amounts of<br> Assets Presented in<br> the Statement of<br> Assets and Liabilities | Offset<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount  | Net<br> Asset<br> Balance | Collateral<br> Received | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount  |
| &nbsp;&nbsp; Small Cap Value |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $681000 |  | $681000 | $681000 |  |
| &nbsp;&nbsp; Natwest Markets Securities, Inc. | 120001 |  | 120001 | 120001 |  |
| &nbsp;&nbsp; State of Wisconsin Investment Board | 1178485 |  | 1178485 | 1178485 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 2768000 |  | 2768000 | 2768000 |  |
| &nbsp;&nbsp; Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4747486 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4747486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$4747486 |  |
| &nbsp;&nbsp; Small/Mid Cap Core |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $1006000 |  | $1006000 | $1006000 |  |
| &nbsp;&nbsp; Natwest Markets Securities, Inc. | 65593 |  | 65593 | 65593 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 8627000 |  | 8627000 | 8627000 |  |
| &nbsp;&nbsp; Total | $9698593 |  | $9698593 | $9698593 |  |

---

9. RECENT ACCOUNTING STANDARDS UPDATE

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. The Funds incorporated the provisions of the ASU, and there was no material impact to the Funds' financial statements.

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

10. SUBSEQUENT EVENTS

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm

 
To the Board of Trustees of AMG Funds and Shareholders of AMG GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund and AMG GW&K Small/Mid Cap Core Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AMG GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund and AMG GW&K Small/Mid Cap Core Fund (three of the funds constituting AMG Funds) (hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and broker; when replies were not received from the broker, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 26, 2026

We have served as the auditor of one or more investment companies in the AMG Funds Family since 1993.

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

------

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

 
TAX INFORMATION

AMG GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund and AMG GW&K Small/Mid Cap Core Fund each hereby designate the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2025 Form 1099-DIV you receive for each Fund will show the tax status of all distributions paid to you during the year.

Pursuant to section 852 of the Internal Revenue Code of 1986, as amended, AMG GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund and AMG GW&K Small/Mid Cap Core Fund each hereby designates $54,823,351, $14,159,603 and $23,789,413, respectively, as a capital gain distribution with respect to the taxable year ended December 31, 2025, or if subsequently determined to be different, the net capital gains of such fiscal year.

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

During the fiscal year ended December 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 fiscal year ended December 31, 2025, is reflected as "Trustee fees and expenses" on the Statement of Operations and is set forth in the table below. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
|  | Trustee fees and expenses |
| &nbsp;&nbsp; AMG GW&K Small Cap Core Fund | $55540 |
| &nbsp;&nbsp; AMG GW&K Small Cap Value Fund | 18389 |
| &nbsp;&nbsp; AMG GW&K Small/Mid Cap Core Fund | 67480 |

---

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

Not applicable.

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

------

![LOGO](g108244dsp001a.jpg)

  

---

| | | |
|:---|:---|:---|
| &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>GW&K Investment Management, LLC<br> 222 Berkeley St.<br> Boston, MA 02116 | CUSTODIAN<br>The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286<br>LEGAL COUNSEL<br>Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<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 | This report is prepared for the Funds' shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for each Fund are available on the Funds' website at wealth.amg.com.<br>A description of the policies and procedures each Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding each Fund's proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Funds' website at wealth.amg.com. To review a complete list of the Funds' portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

 <br> wealth.amg.com

------

![LOGO](g108244dsp001a.jpg)

  

---

| | | |
|:---|:---|:---|
| &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 Growth<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 Renaissance Large Cap Growth<br>The Renaissance Group LLC | AMG River Road Dividend All Cap Value<br> AMG River Road Focused Absolute Value<br> AMG River Road Large Cap Value Select<br> AMG River Road Mid Cap Value<br> AMG River Road Small-Mid Cap Value<br> AMG River Road Small Cap Value<br>River Road Asset Management, LLC<br>AMG TimesSquare International Small Cap<br> AMG TimesSquare Mid Cap Growth<br> AMG TimesSquare Small Cap Growth<br>TimesSquare Capital Management, LLC<br>AMG Veritas Asia Pacific<br> AMG Veritas China<br> AMG Veritas Global Focus<br> AMG Veritas Global Real Return<br>Veritas Asset Management LLP<br>AMG Yacktman<br> AMG Yacktman Focused<br> AMG Yacktman Global<br> AMG Yacktman Special Opportunities<br>Yacktman Asset Management LP | FIXED INCOME FUNDS<br>AMG GW&K Core Bond ESG<br> AMG GW&K ESG Bond<br> AMG GW&K Municipal Bond<br> AMG GW&K Municipal Enhanced Yield<br>GW&K Investment Management, LLC<br>ALTERNATIVE FUNDS<br>AMG Systematica Managed Futures Strategy<br> AMG Systematica Trend-Enhanced Markets<br>Systematica Investments Limited, acting as general partner of Systematica Investments LP<br>EXCHANGE-TRADED FUND<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>AMG GW&K Muni Income ETF<br>GW&K Investment Management, LLC |

---

 <br> wealth.amg.com 123125 AR089

------

---

| | |
|:---|:---|
| ![LOGO](g108244dsp001a.jpg) | ANNUAL FINANCIAL STATEMENTS |

---

  

---

| |
|:---|
| AMG Funds<br>December 31, 2025<br>|
| ![LOGO](g108244dsp101.jpg) |
| AMG Renaissance Large Cap Growth Fund |
| Class N: **MRLTX \|**Class I: **MRLSX \|**Class Z: **MRLIX** |

---

 <br> wealth.amg.com 123125 AR024

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Annual Financial Statements — December 31, 2025

  

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
|  FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Portfolio Investments](#fin4108244_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin4108244_2) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance sheet, net asset value (NAV) per share computations<br>and cumulative distributable earnings (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#fin4108244_3) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of sources of income, expenses, and realized and<br>unrealized gains (losses) during the fiscal year |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fin4108244_4) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of changes in assets for the past two fiscal years |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#fin4108244_5) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Historical net asset values per share, distributions, total returns, income<br>and expense ratios, turnover ratios and net assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin4108244_6) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and distribution policies, details of agreements and<br>transactions with Fund management and affiliates, and descriptions of<br>certain investment risks |  |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#fin4108244_7) | 17 |
| [OTHER INFORMATION](#fin4108244_8) | 18 |
| Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information. |  |

---

------

 <br> AMG Renaissance Large Cap Growth Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
|  Common Stocks - 98.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 8.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A | 15120 | $4732561 |
| &nbsp;&nbsp;&nbsp;&nbsp; Meta Platforms, Inc., Class A | 4278 | 2823865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netflix, Inc.<sup>\*</sup>  | 22606 | 2119538 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A<sup>\*</sup>  | 57064 | 1477387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 11153351 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>\*</sup>  | 15797 | 3646263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lowe's Cos., Inc. | 8162 | 1968348 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.<sup>\*</sup>  | 22547 | 2056512 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tapestry, Inc. | 22940 | 2931044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ulta Beauty, Inc.<sup>\*</sup>  | 4509 | 2727990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 13330157 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 12.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Apollo Global Management, Inc. | 13718 | 1985818 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. | 25561 | 2553799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 12239 | 2131911 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 3763 | 2148221 |
| &nbsp;&nbsp;&nbsp;&nbsp; Moody's Corp. | 4396 | 2245697 |
| &nbsp;&nbsp;&nbsp;&nbsp; PayPal Holdings, Inc. | 25526 | 1490208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tradeweb Markets, Inc., Class A | 13922 | 1497172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Visa, Inc., Class A | 6421 | 2251909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 16304735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 12.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AbbVie, Inc. | 10559 | 2412626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amgen, Inc. | 7839 | 2565783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Boston Scientific Corp.<sup>\*</sup>  | 23983 | 2286779 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Health, Inc. | 12889 | 2648690 |
| &nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.<sup>\*</sup>  | 36018 | 2424011 |
| &nbsp;&nbsp;&nbsp;&nbsp; McKesson Corp. | 3053 | 2504345 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.<sup>\*</sup>  | 17241 | 2445291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 17287525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 10.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 2907 | 2713074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Copart, Inc.<sup>\*</sup>  | 35055 | 1372404 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 4199 | 2568906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rockwell Automation, Inc. | 6616 | 2574087 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uber Technologies, Inc.<sup>\*</sup>  | 24514 | 2003039 |
| &nbsp;&nbsp;&nbsp;&nbsp; WW Grainger, Inc. | 2080 | 2098824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 13330334 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 40.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Adobe, Inc.<sup>\*</sup>  | 4459 | 1560605 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 21847 | $2952404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apple, Inc. | 14179 | 3854703 |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Materials, Inc. | 10422 | 2678350 |
| &nbsp;&nbsp;&nbsp;&nbsp; AppLovin Corp., Class A<sup>\*</sup>  | 3674 | 2475615 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arista Networks, Inc.<sup>\*</sup>  | 22576 | 2958133 |
| &nbsp;&nbsp;&nbsp;&nbsp; Autodesk, Inc.<sup>\*</sup>  | 7563 | 2238724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Broadcom, Inc. | 11503 | 3981188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cadence Design Systems, Inc.<sup>\*</sup>  | 6535 | 2042710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.<sup>\*</sup>  | 40901 | 1772649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gartner, Inc.<sup>\*</sup>  | 4133 | 1042673 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intuit, Inc. | 3248 | 2151540 |
| &nbsp;&nbsp;&nbsp;&nbsp; Jabil, Inc. | 10532 | 2401507 |
| &nbsp;&nbsp;&nbsp;&nbsp; KLA Corp. | 2494 | 3030410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lam Research Corp. | 15342 | 2626244 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 8335 | 4030973 |
| &nbsp;&nbsp;&nbsp;&nbsp; Motorola Solutions, Inc. | 5322 | 2040029 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nutanix, Inc., Class A<sup>\*</sup>  | 30638 | 1583678 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pegasystems, Inc.<sup>1</sup>  | 40825 | 2438069 |
| &nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc.<sup>\*</sup>  | 12156 | 2117697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salesforce, Inc. | 6420 | 1700722 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceNow, Inc.<sup>\*</sup>  | 11860 | 1816833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 53495456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 1.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ecolab, Inc. | 8330 | 2186792 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Jones Lang LaSalle, Inc.<sup>\*</sup>  | 8108 | 2728099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 14751 | 2348949 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $86,403,976) |  | 132165398 |
|  Short-Term Investments - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 1.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Institutional Shares, 3.65%<sup>2</sup>  | 737860 | 737860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Money Market Fund, Institutional Shares, 3.71%<sup>2</sup>  | 1106790 | 1106790 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,844,650) |  | 1844650 |
|  Total Investments - 100.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $88,248,626) |  | 134010048 |
|  Other Assets, less Liabilities - (0.2)% |  | (262247) |
|  Net Assets - 100.0% |  | $133747801 |

---

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

------

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

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

<sup>1</sup> Some of this security, amounting to $2,413,644 or 1.8% 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 December 31, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>†</sup>  | $132165398 |  |  | $132165398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 1844650 |  |  | 1844650 |
|  Total Investments in Securities | $134010048 |  |  | $134010048 |

---

<sup>†</sup> All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities December 31, 2025

 

---

| | |
|:---|:---|
|  | AMG Renaissance<br>Large Cap<br>Growth Fund |
| &nbsp;&nbsp; Assets: |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> (including securities on loan valued at $2,413,644) | $134010048 |
| &nbsp;&nbsp; Dividend and interest receivables | 32316 |
| &nbsp;&nbsp; Securities lending income receivable | 321 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 93 |
| &nbsp;&nbsp; Receivable from Affiliate | 12534 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 17112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 134072424 |
| &nbsp;&nbsp; Liabilities: |  |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 159287 |
| &nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 55702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 17305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 14374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 6471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 71484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 324623 |
| &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 7) | &nbsp;&nbsp; Commitments and Contingencies (Notes 2 & 7) |
| &nbsp;&nbsp; Net Assets | $133747801 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $88248626 |

---

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

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

------

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

 

---

| | |
|:---|:---|
|  | AMG Renaissance<br>Large Cap<br>Growth Fund |
| &nbsp;&nbsp; Net Assets Represent: |  |
| &nbsp;&nbsp; Paid-in capital | $85067442 |
| &nbsp;&nbsp; Total distributable earnings | 48680359 |
| &nbsp;&nbsp; Net Assets | $133747801 |
| &nbsp;&nbsp; Class N: |  |
| &nbsp;&nbsp; Net Assets | $66462849 |
| &nbsp;&nbsp; Shares outstanding | 3898124 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $17.05 |
| &nbsp;&nbsp; Class I: |  |
| &nbsp;&nbsp; Net Assets | $38852034 |
| &nbsp;&nbsp; Shares outstanding | 2224423 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $17.47 |
| &nbsp;&nbsp; Class Z: |  |
| &nbsp;&nbsp; Net Assets | $28432918 |
| &nbsp;&nbsp; Shares outstanding | 1668434 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $17.04 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations For the fiscal year ended December 31, 2025

 

---

| | |
|:---|:---|
|  | AMG Renaissance<br>Large Cap<br>Growth Fund |
| &nbsp;&nbsp; Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $822766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 3107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 825873 |
| &nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 656133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 203863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fees - Class N | 167188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 59265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 28608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 51312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 44677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 29419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 23791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 14682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 12052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 7081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 1298274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (146015) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reductions | (7053) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1145206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | (319333) |
| &nbsp;&nbsp; Net Realized and Unrealized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 17861372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (4579694) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 13281678 |
| &nbsp;&nbsp; Net increase in net assets resulting from operations | $12962345 |

---

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets For the fiscal years ended December 31,

 

---

| | | |
|:---|:---|:---|
|  | AMG Renaissance<br>Large Cap<br>Growth Fund | AMG Renaissance<br>Large Cap<br>Growth Fund |
|  | 2025 | 2024 |
| &nbsp;&nbsp; Increase in Net Assets Resulting From Operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss | $(319333) | $(110851) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 17861372 | 21726603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (4579694) | 4534531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 12962345 | 26150283 |
| &nbsp;&nbsp; Distributions to Shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (8965610) | (7945713) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (5037576) | (5124738) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (3809169) | (3123778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (17812355) | (16194229) |
| &nbsp;&nbsp; Capital Share Transactions:<sup>1</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (707254) | (4986263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (5557264) | 4969791 |
| &nbsp;&nbsp; Net Assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 139305065 | 134335274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $133747801 | $139305065 |

---

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

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

------

 <br> AMG Renaissance Large Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $17.86 | $16.61 | $14.28 | $18.41 | $15.31 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | (0.07) | (0.04)<sup>3</sup> | 0.01 | 0.03 | 0.00<sup>4,5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.85 | 3.59 | 3.55 | (3.16) | 4.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.78 | 3.55 | 3.56 | (3.13) | 4.57 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.01) | (0.02) | (0.00)<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.59) | (2.30) | (1.22) | (0.98) | (1.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.59) | (2.30) | (1.23) | (1.00) | (1.47) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $17.05 | $17.86 | $16.61 | $14.28 | $18.41 |
| &nbsp;&nbsp; Total Return<sup>2,6</sup>  | 10.11% | 20.81% | 25.04% | (17.05)% | 30.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>7</sup>  | 0.99%<sup>8</sup> | 1.00%<sup>8</sup> | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 1.11% | 1.11% | 1.12% | 1.15% | 1.13% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | (0.39)% | (0.23)% | 0.05% | 0.22% | 0.00%<sup>10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 43% | 47% | 35% | 28% | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$66463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$67566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$65422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$56264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$79490 |

---

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

------

 <br> AMG Renaissance Large Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $18.19 | $16.84 | $14.46 | $18.63 | $15.48 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | (0.02) | 0.01<sup>3</sup> | 0.05 | 0.07 | 0.04<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.89 | 3.64 | 3.60 | (3.19) | 4.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.87 | 3.65 | 3.65 | (3.12) | 4.66 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.05) | (0.07) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.59) | (2.30) | (1.22) | (0.98) | (1.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.59) | (2.30) | (1.27) | (1.05) | (1.51) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $17.47 | $18.19 | $16.84 | $14.46 | $18.63 |
| &nbsp;&nbsp; Total Return<sup>2,6</sup>  | 10.36% | 21.12% | 25.47% | (16.87)% | 30.30% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>7</sup>  | 0.72%<sup>8</sup> | 0.73%<sup>8</sup> | 0.73% | 0.73% | 0.75% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 0.84% | 0.84% | 0.85% | 0.88% | 0.88% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | (0.12)% | 0.04% | 0.32% | 0.48% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 43% | 47% | 35% | 28% | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$38852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$45046 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$44970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$25585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12599 |

---

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

------

 <br> AMG Renaissance Large Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class Z | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | $17.79 | $16.50 | $14.18 | $18.31 | $15.22 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup>  | (0.01) | 0.02<sup>3</sup> | 0.06 | 0.09 | 0.06<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.85 | 3.57 | 3.54 | (3.16) | 4.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.84 | 3.59 | 3.60 | (3.07) | 4.62 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  | (0.06) | (0.08) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.59) | (2.30) | (1.22) | (0.98) | (1.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.59) | (2.30) | (1.28) | (1.06) | (1.53) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $17.04 | $17.79 | $16.50 | $14.18 | $18.31 |
| &nbsp;&nbsp; Total Return<sup>2,6</sup>  | 10.48% | 21.18% | 25.54% | (16.83)% | 30.54% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>7</sup>  | 0.65%<sup>8</sup> | 0.66%<sup>8</sup> | 0.66% | 0.66% | 0.66% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>9</sup>  | 0.77% | 0.77% | 0.78% | 0.81% | 0.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup>  | (0.05)% | 0.11% | 0.39% | 0.55% | 0.34% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 43% | 47% | 35% | 28% | 18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$28433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$26693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$23943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$21386 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$20721 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income (loss) would have been lower had certain expenses not been offset. 

<sup>3</sup> Includes non-recurring dividends. Without these dividends, net investment income (loss) per share would have been $(0.05), $0.00 and $0.01 for Class N, Class I and Class Z, respectively. 

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

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

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

<sup>7</sup> Includes reduction from broker recapture amounting to 0.01% for the fiscal year ended December 31, 2025 and less than 0.01% for the fiscal years ended December 31, 2024, 2023, 2022, and 2021, respectively. 

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

<sup>9</sup> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

<sup>10</sup> Less than 0.005%. 

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements December 31, 2025

 
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the "Trust") is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report is AMG Renaissance Large Cap Growth Fund (the "Fund").

The Fund offers Class N, Class I, and Class Z shares. Each class represents an interest in the same assets of the Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

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

a. VALUATION OF INVESTMENTS

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

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

The Fund's portfolio investments are generally valued based on independent market quotations or prices or, if none, "evaluative" or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Fund's Board of Trustees (the "Board") designated AMG Funds LLC (the "Investment Manager") as the Fund's Valuation Designee to perform the Fund's fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that

the Board receives the information it needs to oversee the Investment Manager's fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Fund may use the fair value of a portfolio investment to calculate its net asset value ("NAV") in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Fund's valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Fund. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager's process for determining the fair value of the Fund's investments.

With respect to foreign equity securities, 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)

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

------

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

 
Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to the Fund are apportioned among the funds in the Trust and other trusts or funds within the AMG Funds Family of Funds (collectively, the "AMG Funds Family") based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund.

The Fund had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Fund's overall expense ratio. For the fiscal year ended December 31, 2025, the impact on the expenses and expense ratios was $7,053 and 0.01%, respectively.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items

of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences for the Fund are primarily due to equalization utilized. Temporary differences for the Fund are due to wash sale loss deferrals.

The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | |
|:---|:---|:---|
| Distributions paid from: | 2025 | 2024 |
|  Ordinary income \* | $2548453 | $1902434 |
|  Long-term capital gains | 15263902 | 14291795 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17812355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16194229 |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of December 31, 2025, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $486159 |
|  Undistributed long-term capital gains | 2468222 |

---

At December 31, 2025, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Cost | Appreciation | Depreciation | Net Appreciation |
| $88284070 | $49712813 | $(3986835) | $45725978 |

---

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 as of December 31, 2025, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Fund's financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, based on the Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2025, the Fund had no capital loss carryovers for federal income tax purposes. Should the Fund incur net capital losses for the fiscal year ended December 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

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

------

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

 
For the fiscal year ended December 31, 2025, the Fund did not utilize capital loss carryovers.

g. CAPITAL STOCK

The Trust's Amended and Restated Agreement and Declaration of Trust authorizes for the Fund the issuance of an unlimited number of shares of beneficial interest, without par value. The Fund records sales and repurchases of its capital stock on the trade date.

For the fiscal years ended December 31, 2025 and December 31, 2024, the capital stock transactions by class for the Fund were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
|  Class N: |  |  |  |  |
|  Shares sold | 102657 | $1822375 | 117424 | $2149239 |
|  Shares issued in reinvestment of distributions | 468877 | 7919337 | 372999 | 6960171 |
|  Shares redeemed | (456499) | (8299171) | (646540) | (11931797) |
|  Net increase (decrease) | 115035 | $1442541 | (156117) | $(2822387) |
|  Class I: |  |  |  |  |
|  Shares sold | 325134 | $6005568 | 673549 | $12493034 |
|  Shares issued in reinvestment of distributions | 289643 | 5010824 | 268481 | 5101144 |
|  Shares redeemed | (866932) | (15799303) | (1136595) | (20753906) |
|  Net decrease | (252155) | $(4782911) | (194565) | $(3159728) |
|  Class Z: |  |  |  |  |
|  Shares sold | 216312 | $3961031 | 75845 | $1390819 |
|  Shares issued in reinvestment of distributions | 220309 | 3718813 | 163444 | 3038414 |
|  Shares redeemed | (268451) | (5046728) | (190443) | (3433381) |
|  Net increase | 168170 | $2633116 | 48846 | $995852 |

---

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Fund may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon ("BNYM") (the "Securities Lending Program") (collectively, "Repurchase Agreements"). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Fund participates on a pro rata basis with other clients of BNYM in its share of the underlying collateral under such joint repurchase agreements and in its share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held by the Fund's custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. Pursuant to the Securities Lending Program, the Fund is indemnified for such losses by BNYM on joint repurchase agreements.

At December 31, 2025, the Fund had no Repurchase Agreements outstanding.

&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 The

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

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

------

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

 
Investment management fees are paid directly by the Fund to the Investment Manager based on average daily net assets. For the fiscal year ended December 31, 2025, the Fund paid an investment management fee at the following annual rates of the Fund's average daily net assets:

---

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

---

The fee paid to Renaissance for its services as subadviser is paid out of the fee the Investment Manager receives from the Fund and does not increase the expenses of the Fund.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) to the annual rate of 0.66% of the Fund's average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the "Expense Cap"), subject to later reimbursement by the Fund in certain circumstances.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from the Fund, provided that such repayment would not cause the Fund's total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of the Fund's liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of the Fund.

For the fiscal year ended December 31, 2025, the Investment Manager reimbursed the Fund $146,015, and did not recoup any previously reimbursed expenses. At December 31, 2025, the Fund's expiration of reimbursements subject to recoupment was as follows:

---

| | |
|:---|:---|
| Expiration<br> Period |  |
|  Less than 1 year | $149132 |
|  1-2 years | 145334 |
|  2-3 years | 146015 |
|  Total | $440481 |

---

The Trust, on behalf of the Fund, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Fund's administrator (the "Administrator") and is responsible for certain aspects of managing the Fund's operations, including administration and shareholder services to the Fund. The Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund's average daily net assets for this service.

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

The Trust has adopted a distribution and service plan (the "Plan") with respect to the Class N shares, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, the Fund may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of the Fund's Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments to the Distributor up to 0.25% annually of the Fund's average daily net assets attributable to the Class N shares.

For each of the Class N and Class I shares, the Board has approved reimbursement payments to the Investment Manager for shareholder servicing expenses ("shareholder servicing fees") incurred. Shareholder servicing fees include payments to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder recordkeeping, account servicing and other services. The Class N and Class I shares may reimburse the Investment Manager for the actual amount incurred up to a maximum annual rate of each Class's average daily net assets as shown in the table below. From December 31, 2022 through December 31, 2026, the Investment Manager has agreed to waive a portion of shareholder servicing fees paid by Class I as necessary to ensure the fees are limited to 0.07%.

The impact on the annualized expense ratios for the fiscal year ended December 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | Maximum Annual<br>Amount<br>Approved | Actual <br>Amount <br>Incurred |
|  Class N | 0.15% | 0.09% |
|  Class I | 0.15% | 0.07% |

---

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.

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

------

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

 
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 December 31, 2025, the Fund had no interfund loans outstanding. The Fund did not lend during the fiscal year ended December 31, 2025.

The Fund utilized the interfund lending program during the fiscal year ended December 31, 2025 as follows:

---

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

---

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended December 31, 2025, were $57,829,390 and $77,468,506, respectively.

The Fund had no purchases or sales of U.S. Government Obligations during the fiscal year ended December 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 December 31, 2025, was as follows:

---

| | |
|:---|:---|
| Securities<br> Loaned | Total<br> Collateral<br> Received |
| $2413644<br> – $2528565 | $2528565 |

---

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

---

| | | |
|:---|:---|:---|
| Collateral<br> Type | Coupon<br> Range | Maturity <br> Date Range  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Obligations | 1.375%-4.750% | 02/15/46-11/15/55 |

---

5. SEGMENT REPORTING

The Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in the Fund's prospectus. The Chief Operating Decision Makers ("CODM") are the Fund's president and chief financial officer. The CODM assesses the performance and makes operating decisions for the Fund primarily based on the Fund's changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes the Fund's net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of the Fund. As the Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market; or (iii) price fluctuations. Please refer to the Fund's current prospectus for additional information about the Fund's principal risks.

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

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

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

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

------

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

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

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

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

7. COMMITMENTS AND CONTINGENCIES

Under the Trust's organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Fund under these arrangements is unknown, as this would involve future claims 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 December 31, 2025, the Fund had no Repurchase Agreements outstanding.

9. RECENT ACCOUNTING STANDARDS UPDATE

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. The Fund incorporated the provisions of the ASU, and there was no material impact to the Fund's financial statements.

10. SUBSEQUENT EVENTS

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm

 
To the Board of Trustees of AMG Funds and Shareholders of AMG Renaissance Large Cap Growth Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AMG Renaissance Large Cap Growth Fund (one of the funds constituting AMG Funds, referred to hereafter as the "Fund") as of December 31, 2025, the related statement of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended December 31, 2025 and the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 26, 2026

We have served as the auditor of one or more investment companies in the AMG Funds Family since 1993.

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

------

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

 
TAX INFORMATION

AMG Renaissance Large Cap Growth Fund hereby designates the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2025 Form 1099-DIV you receive for the Fund will show the tax status of all distributions paid to you during the year.

Pursuant to section 852 of the Internal Revenue Code, AMG Renaissance Large Cap Growth Fund hereby designates $16,447,555 as a capital gain distribution with respect to the taxable fiscal year ended December 31, 2025, or if subsequently determined to be different, the net capital gains of such year.

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

During the fiscal year ended December 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 fiscal year ended December 31, 2025, was $12,052, 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 fiscal year ended December 31, 2025.

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

Not applicable.

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

------

THIS PAGE INTENTIONALLY LEFT BLANK

------

THIS PAGE INTENTIONALLY LEFT BLANK

------

![LOGO](g108244dsp001a.jpg)

---

| | | |
|:---|:---|:---|
| &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> The Renaissance Group LLC<br>50 East RiverCenter Boulevard<br>Suite 1200<br>Covington, KY 41011 | CUSTODIAN<br> The Bank of New York Mellon<br>Mutual Funds Custody<br>240 Greenwich Street<br>New York, NY 10286<br>LEGAL COUNSEL<br> Ropes & Gray LLP<br>Prudential Tower, 800 Boylston Street<br>Boston, MA 02199-3600<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 | 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.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

 <br> wealth.amg.com

------

![LOGO](g108244dsp001a.jpg)

---

| | | |
|:---|:---|:---|
| &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 Growth<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 Renaissance Large Cap Growth<br> The Renaissance Group LLC | AMG River Road Dividend All Cap Value<br> AMG River Road Focused Absolute Value<br> AMG River Road Large Cap Value Select<br> AMG River Road Mid Cap Value<br> AMG River Road Small-Mid Cap Value<br> AMG River Road Small Cap Value<br> River Road Asset Management, LLC<br>AMG TimesSquare International Small Cap<br> AMG TimesSquare Mid Cap Growth<br> AMG TimesSquare Small Cap Growth<br> TimesSquare Capital Management, LLC<br>AMG Veritas Asia Pacific<br> AMG Veritas China<br> AMG Veritas Global Focus<br> AMG Veritas Global Real Return<br> Veritas Asset Management LLP<br>AMG Yacktman<br> AMG Yacktman Focused<br> AMG Yacktman Global<br> AMG Yacktman Special Opportunities<br> Yacktman Asset Management LP<br>| FIXED INCOME FUNDS<br> AMG GW&K Core Bond ESG<br> AMG GW&K ESG Bond<br> AMG GW&K Municipal Bond<br> AMG GW&K Municipal Enhanced Yield<br> GW&K Investment Management, LLC<br>ALTERNATIVE FUNDS<br> AMG Systematica Managed Futures Strategy<br> AMG Systematica Trend-Enhanced Markets<br> Systematica Investments Limited, acting as general partner of Systematica Investments LP<br>EXCHANGE-TRADED FUND<br> AMG GW&K Muni Income ETF<br> GW&K Investment Management, LLC |

---

 <br> wealth.amg.com 123125 AR024

------

---

| | |
|:---|:---|
| ![LOGO](g108244dsp001a.jpg) | ANNUAL FINANCIAL STATEMENTS |

---

  

---

| |
|:---|
| AMG Funds<br>December 31, 2025 |
| ![LOGO](g108244dsp125.jpg) |
| AMG TimesSquare Small Cap Growth Fund |
| Class N: **TSCPX** \| Class I: **TSQIX** \| Class Z: **TSCIX** |
| AMG TimesSquare Mid Cap Growth Fund |
| Class N: **TMDPX** \| Class I: **TQMIX** \| Class Z: **TMDIX** |
| AMG TimesSquare International Small Cap Fund |
| Class N: **TCMPX** \| Class I: **TQTIX** \| Class Z: **TCMIX** |

---

 <br> wealth.amg.com 123125 AR012

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Annual Financial Statements — December 31, 2025

  

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
| FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedules of Portfolio Investments](#fin5108244_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG TimesSquare Small Cap Growth Fund](#fin5108244_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG TimesSquare Mid Cap Growth Fund](#fin5108244_3) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG TimesSquare International Small Cap Fund](#fin5108244_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin5108244_5) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance sheets, net asset value (NAV) per share computations<br> and cumulative distributable earnings (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#fin5108244_6) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of sources of income, expenses, and realized and<br> unrealized gains (losses) during the fiscal year |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fin5108244_7) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of changes in assets for the past two fiscal years |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#fin5108244_8) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Historical net asset values per share, distributions, total returns, income<br> and expense ratios, turnover ratios and net assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin5108244_9) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and distribution policies, details of agreements and<br> transactions with Fund management and affiliates, and descriptions of<br> certain investment risks |  |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#fin5108244_10) | 33 |
| [OTHER INFORMATION](#fin5108244_11) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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; Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information. |

---

------

 <br> AMG TimesSquare Small Cap Growth Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 97.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 11.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.<sup>\*,1</sup>  | 5000 | $882350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.<sup>\*</sup>  | 7000 | 709800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genius Sports, Ltd. (United Kingdom)<sup>\*</sup>  | 125000 | 1377500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Global-e Online, Ltd. (Israel)<sup>\*</sup>  | 25000 | 982750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.<sup>\*</sup>  | 12000 | 1315320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pursuit Attractions and Hospitality, Inc.<sup>\*</sup>  | 45000 | 1515600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Valvoline, Inc.<sup>\*</sup>  | 52190 | 1516641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warby Parker, Inc., Class A<sup>\*,1</sup>  | 62995 | 1372661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wingstop, Inc.<sup>1</sup>  | 4100 | 977809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc.<sup>1</sup>  | 13580 | 1026105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 11676536 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 19890 | 1790697 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Chefs' Warehouse, Inc.<sup>\*,1</sup>  | 26500 | 1651745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 3442442 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 3.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cactus, Inc., Class A<sup>1</sup>  | 13000 | 593840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Excelerate Energy, Inc., Class A | 39200 | 1099560 |
| &nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | 18720 | 794477 |
| &nbsp;&nbsp;&nbsp;&nbsp; Uranium Energy Corp. (Canada)<sup>\*</sup>  | 81000 | 946080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 3433957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hamilton Lane, Inc., Class A | 15300 | 2054943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Neptune Insurance Holdings, Inc., Class A<sup>\*</sup>  | 20200 | 589032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paymentus Holdings, Inc., Class A<sup>\*</sup>  | 35500 | 1121445 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 4500 | 1528695 |
| &nbsp;&nbsp;&nbsp;&nbsp; PJT Partners, Inc., Class A | 8150 | 1362680 |
| &nbsp;&nbsp;&nbsp;&nbsp; StepStone Group, Inc., Class A | 17000 | 1090890 |
| &nbsp;&nbsp;&nbsp;&nbsp; Victory Capital Holdings, Inc., Class A<sup>1</sup>  | 37960 | 2394896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 10142581 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 19.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Abivax, S.A., ADR (France)<sup>\*</sup>  | 5650 | 761930 |
| &nbsp;&nbsp;&nbsp;&nbsp; Addus HomeCare Corp.<sup>\*</sup>  | 17500 | 1879325 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axogen, Inc.<sup>\*</sup>  | 16125 | 527771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ceribell, Inc.<sup>\*,1</sup>  | 38500 | 844305 |
| &nbsp;&nbsp;&nbsp;&nbsp; CG Oncology, Inc.<sup>\*,1</sup>  | 20600 | 855312 |
| &nbsp;&nbsp;&nbsp;&nbsp; Disc Medicine, Inc.<sup>\*</sup>  | 9200 | 730572 |
| &nbsp;&nbsp;&nbsp;&nbsp; Guardian Pharmacy Services, Inc., Class A<sup>\*</sup>  | 50500 | 1519545 |
| &nbsp;&nbsp;&nbsp;&nbsp; iRhythm Technologies, Inc.<sup>\*</sup>  | 3000 | 532320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Krystal Biotech, Inc.<sup>\*,1</sup>  | 4460 | 1099568 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kymera Therapeutics, Inc.<sup>\*,1</sup>  | 9100 | 708071 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Mineralys Therapeutics, Inc.<sup>\*</sup>  | 18190 | $660115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirum Pharmaceuticals, Inc.<sup>\*</sup>  | 18930 | 1495281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Newamsterdam Pharma Co., N.V. (Netherlands)<sup>\*</sup>  | 39600 | 1389168 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.<sup>\*</sup>  | 10400 | 1704144 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shoulder Innovations, Inc.<sup>\*</sup>  | 14030 | 200629 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stevanato Group S.p.A. (Italy) | 79300 | 1595516 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.<sup>\*,1</sup>  | 16000 | 1310080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vera Therapeutics, Inc.<sup>\*,1</sup>  | 12200 | 617808 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.<sup>\*,1</sup>  | 30500 | 1098305 |
| &nbsp;&nbsp;&nbsp;&nbsp; Xenon Pharmaceuticals, Inc. (Canada)<sup>\*</sup>  | 26000 | 1165320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 20695085 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 25.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Applied Industrial Technologies, Inc. | 5900 | 1514943 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bloom Energy Corp., Class A<sup>\*</sup>  | 16200 | 1407618 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cardinal Infrastructure Group, Inc., Class A<sup>\*</sup>  | 29095 | 703517 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc., Class A<sup>\*,1</sup>  | 28050 | 2747217 |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Partners, Inc., Class A<sup>\*,1</sup>  | 12860 | 1395953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embraer, S.A., Sponsored ADR (Brazil)<sup>1</sup>  | 17500 | 1126475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 22600 | 2524872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp.<sup>1</sup>  | 14500 | 1071550 |
| &nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 10915 | 1893862 |
| &nbsp;&nbsp;&nbsp;&nbsp; JBT Marel Corp. | 12300 | 1853241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.<sup>\*,1</sup>  | 17500 | 1280475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kratos Defense & Security Solutions, Inc.<sup>\*,1</sup>  | 13790 | 1046799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legence Corp., Class A<sup>\*,1</sup>  | 21090 | 907714 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.<sup>\*,1</sup>  | 17100 | 1162800 |
| &nbsp;&nbsp;&nbsp;&nbsp; MYR Group, Inc.<sup>\*</sup>  | 3400 | 742900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parsons Corp.<sup>\*,1</sup>  | 17000 | 1050600 |
| &nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.<sup>\*</sup>  | 4400 | 1973092 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp.<sup>1</sup>  | 9180 | 1288137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sterling Infrastructure, Inc.<sup>\*,1</sup>  | 1940 | 594086 |
| &nbsp;&nbsp;&nbsp;&nbsp; UniFirst Corp. | 4800 | 925920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 27211771 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 24.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplitude, Inc., Class A<sup>\*</sup>  | 125920 | 1458154 |
| &nbsp;&nbsp;&nbsp;&nbsp; Braze, Inc., Class A<sup>\*</sup>  | 45000 | 1543050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Clearwater Analytics Holdings, Inc., Class A<sup>\*,1</sup>  | 61000 | 1471320 |
| &nbsp;&nbsp;&nbsp;&nbsp; Credo Technology Group Holding, Ltd.<sup>\*</sup>  | 12700 | 1827403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Intapp, Inc.<sup>\*</sup>  | 30182 | 1382939 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFrog, Ltd. <sup>\*</sup>  | 41000 | 2560860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.<sup>\*,1</sup>  | 25000 | 1839500 |
| &nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.<sup>\*</sup>  | 11500 | 1969720 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mirion Technologies, Inc.<sup>\*,1</sup>  | 47460 | 1111513 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG TimesSquare Small Cap Growth Fund Schedule of Portfolio Investments (continued)

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 24.4%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Netskope, Inc., Class A<sup>\*,1</sup>  | 49000 | $859460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onestream, Inc.<sup>\*</sup>  | 50000 | 919000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onto Innovation, Inc.<sup>\*</sup>  | 10600 | 1673316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Q2 Holdings, Inc.<sup>\*</sup>  | 18000 | 1298880 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc., Class A<sup>\*,1</sup>  | 14500 | 1544250 |
| &nbsp;&nbsp;&nbsp;&nbsp; SiTime Corp.<sup>\*</sup>  | 5000 | 1765950 |
| &nbsp;&nbsp;&nbsp;&nbsp; Vertex, Inc., Class A<sup>\*</sup>  | 38000 | 758860 |
| &nbsp;&nbsp;&nbsp;&nbsp; Workiva, Inc.<sup>\*</sup>  | 23300 | 2009625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 25993800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 0.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC (Ireland)<sup>\*,1</sup>  | 38090 | 790368 |
|  Total Common Stocks<br>(Cost $83,753,405) |  | 103386540 |
|  | Principal<br> Amount |  |
|  Short-Term Investments - 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.8%<sup>2</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.8%<sup>2</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 12/31/25, due 01/02/26, 3.940% total to be received $765,167 (collateralized by various U.S. Treasuries, 0.000% - 5.250%, 01/31/26 - 11/15/55, totaling $780,516) | $765000 | 765000 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 12/31/25, due 01/02/26, 3.840% total to be received $50,147 (collateralized by various U.S. Treasuries, 0.625% - 4.875%, 04/30/26 -11/15/34, totaling $51,139) | $50136 | $50136 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 815136 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%<sup>3</sup>  | 1898419 | 1898419 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.71%<sup>3</sup>  | 2847628 | 2847628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Investment Companies |  | 4746047 |
|  Total Short-Term Investments<br>(Cost $5,561,183) | Total Short-Term Investments<br>(Cost $5,561,183) | 5561183 |
|  **Total Investments - 102.4%**<br> (Cost $89,314,588) | **Total Investments - 102.4%**<br> (Cost $89,314,588) | 108947723 |
|  Other Assets, less Liabilities - (2.4)% | Other Assets, less Liabilities - (2.4)% | (2602503) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $106345220 |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $30,159,008 or 28.4% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury and U.S. Government Agency Obligations. See Note 4 of Notes to Financial Statements. 

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

<sup>3</sup> Yield shown represents the December 31, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

ADR American Depositary Receipt

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG TimesSquare Small Cap Growth Fund Schedule of Portfolio Investments (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>†</sup>  | $103386540 |  |  | $103386540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $815136 |  | 815136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 4746047 |  |  | 4746047 |
| &nbsp;&nbsp; Total Investments in Securities | $108132587 | $815136 |  | $108947723 |

---

<sup>†</sup> All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

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

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

------

 <br> AMG TimesSquare Mid Cap Growth Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 97.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pinterest, Inc., Class A<sup>\*</sup>  | 722200 | $18697758 |
| &nbsp;&nbsp;&nbsp;&nbsp; Take-Two Interactive Software, Inc.<sup>\*</sup>  | 69780 | 17865773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 36563531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 12.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; DoorDash, Inc., Class A<sup>\*</sup>  | 115650 | 26192412 |
| &nbsp;&nbsp;&nbsp;&nbsp; Floor & Decor Holdings, Inc., Class A<sup>\*,1</sup>  | 165600 | 10083384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Flutter Entertainment PLC<sup>\*</sup>  | 144120 | 30991565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Genius Sports, Ltd. (United Kingdom)<sup>\*</sup>  | 1099370 | 12115057 |
| &nbsp;&nbsp;&nbsp;&nbsp; Norwegian Cruise Line Holdings, Ltd.<sup>\*</sup>  | 739490 | 16505417 |
| &nbsp;&nbsp;&nbsp;&nbsp; O'Reilly Automotive, Inc.<sup>\*</sup>  | 326010 | 29735372 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ross Stores, Inc. | 151776 | 27340929 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tractor Supply Co. | 543780 | 27194438 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wyndham Hotels & Resorts, Inc.<sup>1</sup>  | 178760 | 13507105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 193665679 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 3.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup>  | 166592 | 14998278 |
| &nbsp;&nbsp;&nbsp;&nbsp; Casey's General Stores, Inc. | 21068 | 11644494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.<sup>\*</sup>  | 288345 | 25927983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 52570755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 4.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 161830 | 31458134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Corp. | 801385 | 11243431 |
| &nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 125200 | 23099400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 65800965 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brown & Brown, Inc. | 148003 | 11795839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Evercore, Inc., Class A | 60285 | 20511971 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Brokers Group, Inc., Class A | 515606 | 33158622 |
| &nbsp;&nbsp;&nbsp;&nbsp; Robinhood Markets, Inc., Class A<sup>\*</sup>  | 180880 | 20457528 |
| &nbsp;&nbsp;&nbsp;&nbsp; TPG, Inc. | 591315 | 37749550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 123673510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 14.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Argenx SE, ADR (Netherlands)<sup>\*</sup>  | 38720 | 32561584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cencora, Inc. | 148190 | 50051172 |
| &nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | 119450 | 12678423 |
| &nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.<sup>\*</sup>  | 60410 | 40869177 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.<sup>\*</sup>  | 176067 | 30642701 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repligen Corp.<sup>\*</sup>  | 78120 | 12800743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Stevanato Group S.p.A. (Italy) | 655017 | 13178942 |
| &nbsp;&nbsp;&nbsp;&nbsp; Veeva Systems, Inc., Class A<sup>\*</sup>  | 143585 | 32052480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 224835222 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 22.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AMETEK, Inc. | 84540 | $17356907 |
| &nbsp;&nbsp;&nbsp;&nbsp; Axon Enterprise, Inc.<sup>\*</sup>  | 59200 | 33621456 |
| &nbsp;&nbsp;&nbsp;&nbsp; Carpenter Technology Corp. | 103050 | 32444262 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cintas Corp. | 124286 | 23374468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 18446 | 17215467 |
| &nbsp;&nbsp;&nbsp;&nbsp; Curtiss-Wright Corp. | 57774 | 31849073 |
| &nbsp;&nbsp;&nbsp;&nbsp; EMCOR Group, Inc. | 86830 | 53121726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Equifax, Inc. | 42719 | 9269169 |
| &nbsp;&nbsp;&nbsp;&nbsp; Esab Corp. | 173100 | 19338732 |
| &nbsp;&nbsp;&nbsp;&nbsp; GFL Environmental, Inc. (Canada) | 401218 | 17232313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Karman Holdings, Inc.<sup>\*,1</sup>  | 435585 | 31871755 |
| &nbsp;&nbsp;&nbsp;&nbsp; Loar Holdings, Inc.<sup>\*,1</sup>  | 186728 | 12697504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.<sup>\*</sup>  | 67700 | 10324250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Regal Rexnord Corp. | 126944 | 17812782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Verisk Analytics, Inc. | 127413 | 28501014 |
| &nbsp;&nbsp;&nbsp;&nbsp; Waste Connections, Inc. (Canada) | 57295 | 10047251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 366078129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 25.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amphenol Corp., Class A | 108510 | 14664041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bentley Systems, Inc., Class B<sup>1</sup>  | 345148 | 13172573 |
| &nbsp;&nbsp;&nbsp;&nbsp; Crowdstrike Holdings, Inc., Class A<sup>\*</sup>  | 7691 | 3605233 |
| &nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software, Ltd. (Israel)<sup>\*</sup>  | 83885 | 37417743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dynatrace, Inc.<sup>\*</sup>  | 453365 | 19648839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elastic, N.V.<sup>\*</sup>  | 228135 | 17210504 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fair Isaac Corp.<sup>\*</sup>  | 11779 | 19913813 |
| &nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc.<sup>\*</sup>  | 75305 | 30219897 |
| &nbsp;&nbsp;&nbsp;&nbsp; JFrog, Ltd. <sup>\*</sup>  | 562414 | 35128378 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lattice Semiconductor Corp.<sup>\*,1</sup>  | 337350 | 24822213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Marvell Technology, Inc. | 132970 | 11299791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Monolithic Power Systems, Inc. | 48360 | 43831570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Netskope, Inc., Class A<sup>\*,1</sup>  | 747348 | 13108484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nice, Ltd., Sponsored ADR (Israel)<sup>\*</sup>  | 101637 | 11489047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Onestream, Inc.<sup>\*</sup>  | 577285 | 10610498 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsara, Inc., Class A<sup>\*</sup>  | 481330 | 17063149 |
| &nbsp;&nbsp;&nbsp;&nbsp; ServiceTitan, Inc., Class A<sup>\*</sup>  | 196556 | 20933214 |
| &nbsp;&nbsp;&nbsp;&nbsp; Snowflake, Inc., Class A<sup>\*</sup>  | 74675 | 16380708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trimble, Inc.<sup>\*</sup>  | 251770 | 19726180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyler Technologies, Inc.<sup>\*</sup>  | 39960 | 18139842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 398385717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 1.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; James Hardie Industries PLC (Ireland)<sup>\*,1</sup>  | 440500 | 9140375 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG TimesSquare Mid Cap Growth Fund Schedule of Portfolio Investments (continued)

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 1.8% (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Martin Marietta Materials, Inc. | 31570 | $19657376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 28797751 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CBRE Group, Inc., Class A<sup>\*</sup>  | 144130 | 23174663 |
| &nbsp;&nbsp;&nbsp;&nbsp; CoStar Group, Inc.<sup>\*</sup>  | 288979 | 19430948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 42605611 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 186810 | 29747624 |
|  **Total Common Stocks**<br> (Cost $1,160,240,405) |  | 1562724494 |
|  Exchange Traded Funds - 0.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; TimesSquare Quality Mid Cap Growth ETF<sup>\*,2</sup>(Cost $999,750) | 50000 | 988750 |
|  | Principal<br> Amount |  |
|  Short-Term Investments - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.0%<sup>#,3</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.0%<sup>#,3</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 12/31/25, due 01/02/26, 3.940% total to be received $899,197 (collateralized by various U.S. Treasuries, 0.000% - 5.250%, 01/31/26 - 11/15/55, totaling $917,234) | $899000 | 899000 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 12/31/25, due 01/02/26, 3.840% total to be received $57,618 (collateralized by various U.S. Treasuries, 0.625% - 4.875%, 04/30/26 -11/15/34, totaling $58,758) | $57606 | $57606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 956606 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 2.4% | &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 2.4% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%<sup>4</sup>  | 15369844 | 15369844 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.71%<sup>4</sup>  | 23054766 | 23054766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Investment Companies |  | 38424610 |
|  Total Short-Term Investments<br>(Cost $39,381,216) | Total Short-Term Investments<br>(Cost $39,381,216) | 39381216 |
|  **Total Investments - 100.4%**<br> (Cost $1,200,621,371) | **Total Investments - 100.4%**<br> (Cost $1,200,621,371) | 1603094460 |
|  Other Assets, less Liabilities - (0.4)% | Other Assets, less Liabilities - (0.4)% | (7025383) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $1596069077 |

---

\* Non-income producing security.

---

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

---

<sup>1</sup> Some of these securities, amounting to $78,390,793 or 4.9% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<sup>2</sup> Affiliated issuer. See summary of affiliated investment transaction for details.

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

<sup>4</sup> Yield shown represents the December 31, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

ADR American Depositary Receipt

ETF Exchange Traded Fund

The following schedule shows the value of affiliated investments at December 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Affiliated<br> Issuers | Number<br>of shares | Purchases | Sales | Net realized<br>gain (loss) for<br>the period | Net increase (decrease) in<br>unrealized appreciation<br>(depreciation) for the period |
| &nbsp;&nbsp; TimesSquare Quality Mid Cap Growth ETF | 50000 | $999750 |  |  | $(11000) – $988750 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG TimesSquare Mid Cap Growth Fund Schedule of Portfolio Investments (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks<sup>†</sup>  | $1562724494 |  |  | $1562724494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exchange Traded Funds | 988750 |  |  | 988750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $956606 |  | 956606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 38424610 |  |  | 38424610 |
| &nbsp;&nbsp; Total Investments in Securities | $1602137854 | $956606 |  | $1603094460 |

---

<sup>†</sup> All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

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

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

------

 <br> AMG TimesSquare International Small Cap Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 98.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 3.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Trader Group PLC (United Kingdom)<sup>1</sup>  | 91400 | $721088 |
| &nbsp;&nbsp;&nbsp;&nbsp; CAR Group Ltd. (Australia) | 44864 | 918872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet Initiative Japan, Inc. (Japan) | 115210 | 2038027 |
| &nbsp;&nbsp;&nbsp;&nbsp; IPSOS, S.A. (France) | 25770 | 1034123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 4712110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcos Dorados Holdings, Inc., Class A (Uruguay)<sup>2</sup>  | 99920 | 733413 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIE Automotive, S.A. (Spain) | 46867 | 1634241 |
| &nbsp;&nbsp;&nbsp;&nbsp; Coats Group PLC (United Kingdom) | 1655870 | 1881914 |
| &nbsp;&nbsp;&nbsp;&nbsp; De' Longhi S.p.A. (Italy) | 48520 | 2065500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Games Workshop Group PLC (United Kingdom) | 3450 | 877697 |
| &nbsp;&nbsp;&nbsp;&nbsp; JUMBO, S.A. (Greece) | 39820 | 1305621 |
| &nbsp;&nbsp;&nbsp;&nbsp; KOMEDA Holdings Co., Ltd. (Japan) | 74850 | 1450892 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rinnai Corp. (Japan) | 77380 | 1957837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 11907115 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 5.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Greencore Group PLC (Ireland) | 763760 | 2614956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sugi Holdings Co., Ltd. (Japan) | 95171 | 2237360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Viscofan, S.A. (Spain) | 22880 | 1434522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 6286838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 2.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pason Systems, Inc. (Canada) | 66110 | 577508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Technip Energies, N.V. (France) | 74670 | 2843572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 3421080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 11.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alm Brand A/S (Denmark) | 737260 | 2192414 |
| &nbsp;&nbsp;&nbsp;&nbsp; FinecoBank Banca Fineco S.p.A. (Italy) | 51823 | 1342711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Integral Corp. (Japan) | 70600 | 1493398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nordnet AB publ (Sweden)<sup>2</sup>  | 31477 | 918174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Piraeus Bank, S.A. (Greece) | 192742 | 1538912 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rakuten Bank, Ltd. (Japan)<sup>\*</sup>  | 38910 | 1717834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ringkjoebing Landbobank A/S (Denmark) | 10470 | 2524392 |
| &nbsp;&nbsp;&nbsp;&nbsp; St James's Place PLC (United Kingdom) | 75800 | 1407940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Steadfast Group, Ltd. (Australia)<sup>2</sup>  | 210573 | 739643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 13875418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 4.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ambu A/S, Class B (Denmark)<sup>2</sup>  | 71310 | 982625 |
| &nbsp;&nbsp;&nbsp;&nbsp; BoneSupport Holding AB (Sweden)<sup>\*,1</sup>  | 34850 | 708639 |
| &nbsp;&nbsp;&nbsp;&nbsp; Craneware PLC (United Kingdom) | 37400 | 974710 |
| &nbsp;&nbsp;&nbsp;&nbsp; Siegfried Holding AG (Switzerland) | 19560 | 1836134 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Virbac SACA (France) | 2870 | $1203399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 5705507 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 27.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aalberts, N.V. (Netherlands) | 26360 | 868902 |
| &nbsp;&nbsp;&nbsp;&nbsp; ALS, Ltd. (Australia) | 193250 | 2831043 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arcadis, N.V. (Netherlands)<sup>2</sup>  | 28150 | 1174233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bodycote PLC (United Kingdom) | 154959 | 1457961 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemring Group PLC (United Kingdom) | 178010 | 1129377 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cleanaway Waste Management, Ltd. (Australia) | 510800 | 880635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daiei Kankyo Co., Ltd. (Japan) | 91050 | 2259317 |
| &nbsp;&nbsp;&nbsp;&nbsp; Danieli & C Officine Meccaniche S.p.A. (Italy)<sup>2</sup>  | 27470 | 1618184 |
| &nbsp;&nbsp;&nbsp;&nbsp; DMG Mori Co., Ltd. (Japan) | 46180 | 778209 |
| &nbsp;&nbsp;&nbsp;&nbsp; HD Hyundai Marine Solution Co., Ltd. (South Korea) | 5640 | 755743 |
| &nbsp;&nbsp;&nbsp;&nbsp; Howden Joinery Group PLC (United Kingdom) | 86313 | 965975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interpump Group S.p.A. (Italy) | 47247 | 2570091 |
| &nbsp;&nbsp;&nbsp;&nbsp; Japan Elevator Service Holdings Co., Ltd. (Japan) | 32290 | 357852 |
| &nbsp;&nbsp;&nbsp;&nbsp; KION Group AG (Germany) | 17080 | 1349614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Konecranes Oyj (Finland) | 7990 | 874949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kraftia Corp. (Japan) | 37030 | 1821180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maire S.p.A. (Italy) | 106100 | 1611598 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nexans, S.A. (France) | 5150 | 757050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Organo Corp. (Japan) | 19510 | 1615293 |
| &nbsp;&nbsp;&nbsp;&nbsp; RENK Group AG (Germany) | 19864 | 1237951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rotork PLC (United Kingdom) | 415180 | 1817485 |
| &nbsp;&nbsp;&nbsp;&nbsp; SWCC Corp. (Japan) | 22320 | 1471989 |
| &nbsp;&nbsp;&nbsp;&nbsp; Theon International PLC (Cyprus)<sup>2</sup>  | 35811 | 1121649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ventia Services Group Pty, Ltd. (Australia) | 439710 | 1743505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 33069785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 18.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Accton Technology Corp. (Taiwan) | 47740 | 1801565 |
| &nbsp;&nbsp;&nbsp;&nbsp; Alten, S.A. (France) | 12010 | 1014398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Azbil Corp. (Japan) | 336130 | 3056838 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bechtle AG (Germany) | 17100 | 870975 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cellebrite DI, Ltd. (Israel)<sup>\*</sup>  | 68940 | 1242988 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dexerials Corp. (Japan) | 109490 | 1843728 |
| &nbsp;&nbsp;&nbsp;&nbsp; Finatext Holdings, Ltd. (Japan)<sup>\*,2</sup>  | 105070 | 661888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hansen Technologies, Ltd. (Australia) | 315460 | 1110171 |
| &nbsp;&nbsp;&nbsp;&nbsp; IONOS Group SE (Germany)<sup>\*</sup>  | 25520 | 795876 |
| &nbsp;&nbsp;&nbsp;&nbsp; Melexis, N.V. (Belgium)<sup>2</sup>  | 12390 | 831651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nova, Ltd. (Israel)<sup>\*</sup>  | 3970 | 1303708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rigaku Holdings Corp. (Japan) | 309360 | 2420295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Simplex Holdings, Inc. (Japan) | 173960 | 1168443 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG TimesSquare International Small Cap Fund Schedule of Portfolio Investments (continued)

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 18.1%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sopra Steria Group (France) | 13503 | $2444700 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tekscend Photomask Corp. (Japan)<sup>\*</sup>  | 56150 | 1086150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 21653374 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 7.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Acerinox, S.A. (Spain) | 154620 | 2288705 |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Water, Inc. (Japan) | 50900 | 734027 |
| &nbsp;&nbsp;&nbsp;&nbsp; Imdex, Ltd. (Australia) | 898880 | 2054666 |
| &nbsp;&nbsp;&nbsp;&nbsp; OR Royalties, Inc. (Canada)<sup>2</sup>  | 40450 | 1432865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sumitomo Bakelite Co., Ltd. (Japan) | 83280 | 2755461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 9265724 |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate - 4.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kasumigaseki Capital Co., Ltd. (Japan) | 16700 | 781613 |
| &nbsp;&nbsp;&nbsp;&nbsp; KDX Realty Investment Corp., REIT (Japan) | 2590 | 2906898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Merlin Properties Socimi, S.A., REIT (Spain) | 122370 | 1781523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 5470034 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nippon Gas Co., Ltd. (Japan) | 121500 | 2304175 |
|  Total Common Stocks<br>(Cost $93,723,566) |  | 117671160 |
|  | Principal<br> Amount |  |
|  Short-Term Investments - 3.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 2.4%<sup>3</sup>  | &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 2.4%<sup>3</sup>  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 12/31/25, due 01/02/26, 3.940% total to be received $1,339,293 (collateralized by various U.S. Treasuries, 0.000% - 5.250%, 01/31/26 -11/15/55, totaling $1,366,159) | $1339000 | 1339000 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 12/31/25, due 01/02/26, 3.840% total to be received $174,287 (collateralized by various U.S. Treasuries, 0.625% - 4.875%, 04/30/26 -11/15/34, totaling $177,735) | $174250 | $174250 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin Investment Board, dated 12/31/25, due 01/02/26, 3.970% total to be received $1,373,439 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 04/15/28 -02/15/55, totaling $1,396,320) | 1373136 | 1373136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 2886386 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 0.6% | &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 0.6% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Government Cash Management Fund, Institutional Shares, 3.65%<sup>4</sup>  | 287917 | 287917 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.71%<sup>4</sup>  | 431875 | 431875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Other Investment Companies |  | 719792 |
|  Total Short-Term Investments<br>(Cost $3,606,178) | Total Short-Term Investments<br>(Cost $3,606,178) | 3606178 |
|  **Total Investments - 101.3%**<br> (Cost $97,329,744) | **Total Investments - 101.3%**<br> (Cost $97,329,744) | 121277338 |
|  Other Assets, less Liabilities - (1.3)% | Other Assets, less Liabilities - (1.3)% | (1524656) |
|  Net Assets - 100.0% | Net Assets - 100.0% | $119752682 |

---

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

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2025, the value of these securities amounted to $1,429,727 or 1.2% of net assets. 

<sup>2</sup> Some of these securities, amounting to $7,107,477 or 5.9% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

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

<sup>4</sup> Yield shown represents the December 31, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

REIT Real Estate Investment Trust

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG TimesSquare International Small Cap Fund Schedule of Portfolio Investments (continued)

 
The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of December 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 | $1457961 | $31611824 |  | $33069785 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 3632846 | 18020528 |  | 21653374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 3731326 | 10144092 |  | 13875418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 2039034 | 9868081 |  | 11907115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 1432865 | 7832859 |  | 9265724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 2614956 | 3671882 |  | 6286838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care |  | 5705507 |  | 5705507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate |  | 5470034 |  | 5470034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services |  | 4712110 |  | 4712110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 577508 | 2843572 |  | 3421080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities |  | 2304175 |  | 2304175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 2886386 |  | 2886386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 719792 |  |  | 719792 |
|  Total Investment in Securities | $16206288 | $105071050 |  | $121277338 |

---

<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 fiscal year ended December 31, 2025, there were no transfers in or out of Level 3.

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities December 31, 2025

 

---

| | | | |
|:---|:---|:---|:---|
|  | AMG<br>TimesSquare<br>Small Cap<br>Growth Fund | AMG<br>TimesSquare<br>Mid Cap<br>Growth Fund | AMG<br>TimesSquare<br>International Small<br>Cap Fund |
|  Assets: |  |  |  |
|  Investments at value<sup>1</sup> (including securities on loan valued at $30,159,008, $78,390,793, and $7,107,477, respectively) | $108947723 | $1602105710 | $121277338 |
|  Affiliated Investments at value<sup>2</sup>  |  | 988750 |  |
|  Foreign currency<sup>3</sup>  |  |  | 1039478 |
|  Receivable for investments sold | 422996 |  |  |
|  Dividend and interest receivables | 33881 | 315657 | 509817 |
|  Securities lending income receivable | 4491 | 9147 | 12085 |
|  Receivable for Fund shares sold | 19309 | 936323 | 169615 |
|  Receivable from Affiliate | 9530 | 7 |  |
|  Prepaid expenses and other assets | 17266 | 102013 | 25637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 109455196 | 1604457607 | 123033970 |
|  Liabilities: |  |  |  |
|  Payable upon return of securities loaned | 815136 | 956606 | 2886386 |
|  Payable for investments purchased |  | 2265875 | 185233 |
|  Payable for Fund shares repurchased | 3141 | 3788670 | 3678 |
|  Due to custodian | 2134110 |  |  |
|  Accrued expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 70034 | 921228 | 86576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 13823 | 209370 | 15304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 3161 | 80578 | 2553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 70571 | 166203 | 101558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3109976 | 8388530 | 3281288 |
|  Commitments and Contingencies (Notes 2 & 7) |  |  |  |
|  Net Assets | $106345220 | $1596069077 | $119752682 |
|  <sup>1</sup> Investments at cost | $89314588 | $1199621621 | $97329744 |
|  <sup>2</sup> Affiliated Investments at cost |  | $999750 |  |
| &nbsp;&nbsp; <sup>3</sup> Foreign currency at cost |  |  | $1037142 |

---

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

------

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

 

---

| | | | |
|:---|:---|:---|:---|
|  | AMG<br>TimesSquare<br>Small Cap<br>Growth Fund | AMG<br>TimesSquare<br>Mid Cap<br>Growth Fund | AMG<br>TimesSquare<br>International Small<br>Cap Fund |
| &nbsp;&nbsp; Net Assets Represent: |  |  |  |
| &nbsp;&nbsp; Paid-in capital | $86464896 | $1188854184 | $278025355 |
| &nbsp;&nbsp; Total distributable earnings (accumulated losses) | 19880324 | 407214893 | (158272673) |
| &nbsp;&nbsp; Net Assets | $106345220 | $1596069077 | $119752682 |
| &nbsp;&nbsp; Class N: |  |  |  |
| &nbsp;&nbsp; Net Assets | $15740134 | $310872374 | $8742849 |
| &nbsp;&nbsp; Shares outstanding | 1302808 | 20353423 | 480500 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $12.08 | $15.27 | $18.20 |
| &nbsp;&nbsp; Class I: |  |  |  |
| &nbsp;&nbsp; Net Assets | $8102985 | $610178880 | $70665149 |
| &nbsp;&nbsp; Shares outstanding | 619844 | 36659835 | 3874872 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $13.07 | $16.64 | $18.24 |
| &nbsp;&nbsp; Class Z: |  |  |  |
| &nbsp;&nbsp; Net Assets | $82502101 | $675017823 | $40344684 |
| &nbsp;&nbsp; Shares outstanding | 6251858 | 40222614 | 2214673 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $13.20 | $16.78 | $18.22 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations For the fiscal year ended December 31, 2025

 

---

| | | | |
|:---|:---|:---|:---|
|  | AMG<br>TimesSquare<br>Small Cap<br>Growth Fund | AMG<br> TimesSquare<br>Mid Cap<br>Growth Fund | AMG<br>TimesSquare<br>International Small<br>Cap Fund |
| &nbsp;&nbsp; Investment Income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $654230 | $9462810 | $3137019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income |  | 203 | 1224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 37926 | 212333 | 104025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (1849) | (25401) | (313219) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 690307 | 9649945 | 2929049 |
| &nbsp;&nbsp; Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 849583 | 10300595 | 913141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 167681 | 2341044 | 182628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N | 30211 | 674218 | 21233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 5575 | 270697 | 34724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 48893 | 143915 | 56430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 43899 | 134170 | 50362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 35312 | 127318 | 88827 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 14418 | 103617 | 10406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 9124 | 138632 | 10470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 4167 | 57617 | 20915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6396 | 49014 | 6379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 1215259 | 14340837 | 1395515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (106316) |  | (61161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reductions | (39420) | (163258) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fee waiver |  | (7) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 1069523 | 14177572 | 1334354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | (379216) | (4527627) | 1594695 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 9115152 | 145722645 | 19142220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on foreign currency transactions |  |  | 1345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (1735531) | (10540853) | 11494614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency translations |  |  | 56444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on affiliated investments |  | (11000) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 7379621 | 135170792 | 30694623 |
| &nbsp;&nbsp; Net increase in net assets resulting from operations | $7000405 | $130643165 | $32289318 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets For the fiscal years ended December 31,

 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | AMG<br>TimesSquare<br>Small Cap<br>Growth Fund | AMG<br>TimesSquare<br>Small Cap<br>Growth Fund | AMG<br>TimesSquare<br>Mid Cap<br>Growth Fund | AMG<br>TimesSquare<br>Mid Cap<br>Growth Fund | AMG<br>TimesSquare<br>International Small<br>Cap Fund | AMG<br>TimesSquare<br>International Small<br>Cap Fund |
|  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
| &nbsp;&nbsp; Increase in Net Assets Resulting From Operations: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $(379216) | $(538583) | $(4527627) | $(3520238) | $1594695 | $2020057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 9115152 | 26055722 | 145722645 | 163628139 | 19143565 | 22935874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (1735531) | (3758410) | (10551853) | (23589003) | 11551058 | (19548662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 7000405 | 21758729 | 130643165 | 136518898 | 32289318 | 5407269 |
| &nbsp;&nbsp; Distributions to Shareholders: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (981596) | (1162704) | (33969205) | (29843559) | (78651) | (208214) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (467387) | (675141) | (63362292) | (34579261) | (765701) | (2024097) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (4747657) | (6572397) | (70096918) | (41300749) | (470777) | (1208701) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (6196640) | (8410242) | (167428415) | (105723569) | (1315129) | (3441012) |
| &nbsp;&nbsp; Capital Share Transactions:<sup>1</sup>  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | (13653388) | (59506211) | 268834413 | 37957598 | (22862415) | (80805346) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | (12849623) | (46157724) | 232049163 | 68752927 | 8111774 | (78839089) |
| &nbsp;&nbsp; Net Assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 119194843 | 165352567 | 1364019914 | 1295266987 | 111640908 | 190479997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of year | $106345220 | $119194843 | $1596069077 | $1364019914 | $119752682 | $111640908 |

---

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

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

------

 <br> AMG TimesSquare Small Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.08 | $11.28 | $9.69 | $14.09 | $16.45 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.06) | (0.06) | (0.06) | (0.09) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.86 | 1.83 | 1.65 | (3.62) | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.80 | 1.77 | 1.59 | (3.71) | 1.01 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.80) | (0.97) |  | (0.69) | (3.37) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $12.08 | $12.08 | $11.28 | $9.69 | $14.09 |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 6.66% | 15.30% | 16.41% | (26.41)% | 6.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup>  | 1.12% | 1.17% | 1.17% | 1.17% | 1.17%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 1.26% | 1.23% | 1.23% | 1.20% | 1.19%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.51)% | (0.52)% | (0.53)% | (0.79)% | (0.97)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 96% | 74% | 63% | 50% | 65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $15740 | $15285 | $12717 | $38225 | $86941 |

---

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

------

 <br> AMG TimesSquare Small Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$12.99 | $12.06 | $10.34 | $14.96 | $17.25 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.05) | (0.05) | (0.05) | (0.08) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.93 | 1.95 | 1.77 | (3.85) | 1.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.88 | 1.90 | 1.72 | (3.93) | 1.08 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.80) | (0.97) |  | (0.69) | (3.37) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $13.07 | $12.99 | $12.06 | $10.34 | $14.96 |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 6.73% | 15.48% | 16.64% | (26.34)% | 6.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup>  | 0.98% | 1.03% | 1.05% | 1.05% | 1.05%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 1.12% | 1.09% | 1.11% | 1.08% | 1.07%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.37)% | (0.38)% | (0.41)% | (0.67)% | (0.85)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 96% | 74% | 63% | 50% | 65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $8103 | $9645 | $9564 | $9185 | $12380 |

---

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

------

 <br> AMG TimesSquare Small Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class Z | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13.09 | $12.14 | $10.40 | $15.03 | $17.30 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.04) | (0.04) | (0.04) | (0.07) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.95 | 1.96 | 1.78 | (3.87) | 1.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 0.91 | 1.92 | 1.74 | (3.94) | 1.10 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.80) | (0.97) |  | (0.69) | (3.37) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $13.20 | $13.09 | $12.14 | $10.40 | $15.03 |
| &nbsp;&nbsp; Total Return<sup>2,3</sup>  | 6.91% | 15.53% | 16.73% | (26.29)% | 6.91% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup>  | 0.92% | 0.97% | 0.97% | 0.97% | 0.97%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 1.06% | 1.03% | 1.03% | 1.00% | 0.99%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.31)% | (0.32)% | (0.33)% | (0.59)% | (0.77)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 96% | 74% | 63% | 50% | 65% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $82502 | $94265 | $143072 | $181238 | $312604 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment loss would have been lower had certain expenses not been offset. 

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Includes reduction from broker recapture amounting to 0.04%, 0.01%, 0.02%, 0.02% and 0.02% for the fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively. 

<sup>5</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.01%. 

<sup>6</sup> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

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

------

 <br> AMG TimesSquare Mid Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$15.73 | $15.41 | $12.88 | $17.24 | $19.66 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.07) | (0.06) | (0.06) | (0.06) | (0.10)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.47 | 1.76 | 3.25 | (3.79) | 3.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.40 | 1.70 | 3.19 | (3.85) | 3.01 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.86) | (1.38) | (0.66) | (0.51) | (5.43) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $15.27 | $15.73 | $15.41 | $12.88 | $17.24 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 8.77% | 10.57% | 24.82% | (22.39)% | 15.92% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup>  | 1.05% | 1.11%<sup>6</sup> | 1.18% | 1.17% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 1.06% | 1.12% | 1.19% | 1.18% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.43)% | (0.38)% | (0.39)% | (0.45)% | (0.46)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 50% | 48% | 39% | 44% | 53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $310872 | $362298 | $411238 | $368938 | $535289 |

---

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

------

 <br> AMG TimesSquare Mid Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$16.96 | $16.50 | $13.73 | $18.31 | $20.58 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.05) | (0.04) | (0.04) | (0.04) | (0.07)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.59 | 1.88 | 3.47 | (4.03) | 3.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.54 | 1.84 | 3.43 | (4.07) | 3.18 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.86) | (1.38) | (0.66) | (0.51) | (5.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.86) | (1.38) | (0.66) | (0.51) | (5.45) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $16.64 | $16.96 | $16.50 | $13.73 | $18.31 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 8.96% | 10.72% | 24.94% | (22.23)% | 16.04% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup>  | 0.90% | 0.96%<sup>6</sup> | 1.03% | 1.02% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.91% | 0.97% | 1.04% | 1.03% | 1.03% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.28)% | (0.23)% | (0.24)% | (0.30)% | (0.31)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 50% | 48% | 39% | 44% | 53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $610179 | $452566 | $401601 | $339100 | $431797 |

---

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

------

 <br> AMG TimesSquare Mid Cap Growth Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class Z | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$17.08 | $16.60 | $13.81 | $18.39 | $20.65 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup>  | (0.04) | (0.03) | (0.03) | (0.04) | (0.06)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 1.60 | 1.89 | 3.48 | (4.03) | 3.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.56 | 1.86 | 3.45 | (4.07) | 3.21 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income |  |  |  |  | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.86) | (1.38) | (0.66) | (0.51) | (5.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.86) | (1.38) | (0.66) | (0.51) | (5.47) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $16.78 | $17.08 | $16.60 | $13.81 | $18.39 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 9.01% | 10.78% | 25.03% | (22.18)% | 16.10% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup>  | 0.85% | 0.91%<sup>6</sup> | 0.98% | 0.97% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup>  | 0.86% | 0.92% | 0.99% | 0.98% | 0.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup>  | (0.23)% | (0.18)% | (0.19)% | (0.25)% | (0.26)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 50% | 48% | 39% | 44% | 53% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $675018 | $549156 | $482428 | $414298 | $810210 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment loss would have been lower had certain expenses not been offset. 

<sup>3</sup> Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.16), $(0.13) and $(0.12) for Class N, Class I and Class Z, respectively. 

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

<sup>5</sup> Includes reduction from broker recapture amounting to 0.01% for each fiscal year ended December 31, 2025, 2024, 2023, 2022 and 2021. 

<sup>6</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>7</sup> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

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

------

 <br> AMG TimesSquare International Small Cap Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.09 | $14.27 | $13.21 | $18.49 | $18.44 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.19 | 0.17 | 0.14 | 0.19<sup>3</sup> | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 4.08 | 0.05 | 1.16 | (5.36) | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 4.27 | 0.22 | 1.30 | (5.17) | 0.23 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.40) | (0.24) | (0.11) | (0.18) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $18.20 | $14.09 | $14.27 | $13.21 | $18.49 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 30.35% | 1.45% | 9.92% | (27.97)% | 1.25% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.30% | 1.31%<sup>5</sup> | 1.27%<sup>5</sup> | 1.25% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 1.35% | 1.37% | 1.27% | 1.25% | 1.22% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.11% | 1.13% | 1.04% | 1.33% | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 60% | 71% | 69% | 71% | 73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $8743 | $7428 | $9101 | $10977 | $21202 |

---

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

------

 <br> AMG TimesSquare International Small Cap Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.12 | $14.30 | $13.23 | $18.52 | $18.49 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.22 | 0.20 | 0.17 | 0.21<sup>3</sup> | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 4.10 | 0.05 | 1.16 | (5.37) | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 4.32 | 0.25 | 1.33 | (5.16) | 0.25 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.20) | (0.43) | (0.26) | (0.13) | (0.22) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $18.24 | $14.12 | $14.30 | $13.23 | $18.52 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 30.60% | 1.65% | 10.11% | (27.84)% | 1.36% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.10% | 1.12%<sup>5</sup> | 1.11%<sup>5</sup> | 1.10% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 1.15% | 1.18% | 1.11% | 1.10% | 1.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.31% | 1.32% | 1.20% | 1.48% | 0.62% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 60% | 71% | 69% | 71% | 73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $70665 | $67680 | $96333 | $260896 | $614652 |

---

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

------

 <br> AMG TimesSquare International Small Cap Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class Z | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp; Net Asset Value, Beginning of Year | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$14.10 | $14.29 | $13.23 | $18.53 | $18.50 |
| &nbsp;&nbsp; Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup>  | 0.23 | 0.21 | 0.18 | 0.22<sup>3</sup> | 0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 4.10 | 0.04 | 1.16 | (5.37) | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 4.33 | 0.25 | 1.34 | (5.15) | 0.26 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.21) | (0.44) | (0.28) | (0.15) | (0.23) |
| &nbsp;&nbsp; Net Asset Value, End of Year | $18.22 | $14.10 | $14.29 | $13.23 | $18.53 |
| &nbsp;&nbsp; Total Return<sup>2,4</sup>  | 30.71% | 1.65% | 10.22% | (27.78)% | 1.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.05% | 1.06%<sup>5</sup> | 1.02%<sup>5</sup> | 1.00% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup>  | 1.10% | 1.12% | 1.02% | 1.00% | 0.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup>  | 1.36% | 1.38% | 1.29% | 1.58% | 0.72% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 60% | 71% | 69% | 71% | 73% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $40345 | $36533 | $85045 | $166307 | $396236 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income would have been lower had certain expenses not been offset. 

<sup>3</sup> Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.15, $0.17 and $0.18 for Class N, Class I and Class Z, respectively. 

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

<sup>5</sup> Includes interest expense of 0.01% and 0.02% for the fiscal years ended December 31, 2024 and 2023, respectively, related to participation in the interfund lending program. 

<sup>6</sup> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

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

------

<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Notes to Financial Statements<br> December 31, 2025<br>

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the "Trust") is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG TimesSquare Small Cap Growth Fund ("Small Cap"), AMG TimesSquare Mid Cap Growth Fund ("Mid Cap") and AMG TimesSquare International Small Cap Fund ("International Small Cap"), each a "Fund" and collectively, the "Funds".

Each Fund offers Class N, Class I and Class Z shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

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

a. VALUATION OF INVESTMENTS

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

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

The Funds' portfolio investments are generally valued based on independent market quotations or prices or, if none, "evaluative" or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Funds' Board of Trustees (the "Board") designated AMG Funds LLC (the "Investment Manager") as the Funds' Valuation Designee to perform the

Funds' fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager's fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Funds may use the fair value of a portfolio investment to calculate its net asset value ("NAV") in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Funds' valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Funds might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Funds. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager's process for determining the fair value of the Funds' investments.

With respect to foreign equity securities, securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds' own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

------

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

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date, except for Korean securities where dividends are recorded on confirmation date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Upon notification from the issuer, distributions received from a real estate investment trust (REIT) may be redesignated as a reduction of cost of investments and/or realized gain. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trust and other trusts or funds within the AMG Funds Family of Funds (collectively, the "AMG Funds Family") based upon their relative average net assets or number of

shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

Small Cap and Mid Cap had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Funds' overall expense ratio. For the fiscal year ended December 31, 2025, the impact on the expenses and expense ratios, if any, was as follows: Small Cap - $39,420 or 0.04% and Mid Cap - $163,258 or 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

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

The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Small Cap | Small Cap | Mid Cap | Mid Cap | International Small Cap | International Small Cap |
| Distributions paid from: | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
|  Ordinary income \* |  | $777926 | $4213908 |  | $1315129 | $3441012 |
|  Long-term capital gains | $6196640 | 7632316 | 163214507 | $105723569 |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$6196640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8410242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$167428415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$105723569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1315129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3441012 |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

------

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

As of December 31, 2025, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | | | |
|:---|:---|:---|:---|
|  | Small Cap | Mid Cap | International Small Cap |
|  Capital loss carryforward |  |  | $178982537 |
|  Undistributed ordinary income |  | $6443363 |  |
|  Undistributed long-term capital gains | $2078874 | 5414171 |  |
|  Late-year ordinary loss deferral |  |  | 63573 |

---

At December 31, 2025, the 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 |
|  Small Cap | $91146273 | $22183065 | $(4381615) | $17801450 |
|  Mid Cap | 1207737101 | 456134838 | (60777479) | 395357359 |
|  International Small Cap | 100518257 | 27683622 | (6924541) | 20759081 |

---

e. FEDERAL TAXES

Each Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. The Investment Manager has analyzed the Funds' tax positions taken on federal income tax returns as of December 31, 2025, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, based on each Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, each Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2025, the following 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.

---

| | | | |
|:---|:---|:---|:---|
| Fund | Short-Term | Long-Term | Total |
|  International Small Cap | $144772342 | $34210195 | $178982537 |

---

As of December 31, 2025, Small Cap and Mid Cap had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended December 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

For the fiscal year ended December 31, 2025, the following Fund utilized capital loss carryovers in the amount of:

---

| | | |
|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-Term | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long-Term |
|  International Small Cap | $5096495 | $12758944 |

---

g. CAPITAL STOCK

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

------

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

For the fiscal years ended December 31, 2025 and December 31, 2024, the capital stock transactions by class for the Funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | Small Cap | Small Cap | | | Mid Cap | Mid Cap | |
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
|  Class N: |  |  |  |  |  |  |  |  |
|  Shares sold | 86868 | $1052826 | 241369 | $2825853 | 1881511 | $31967063 | 1341057 | $21866294 |
|  Shares issued in reinvestment of distributions | 80774 | 981406 | 92627 | 1162472 | 2202141 | 33934985 | 1797200 | 29815553 |
|  Shares redeemed | (130644) | (1551015) | (195399) | (2337410) | (6766850) | (113392447) | (6789004) | (112406645) |
|  Net increase (decrease) | 36998 | $483217 | 138597 | $1650915 | (2683198) | $(47490399) | (3650747) | $(60724798) |
|  Class I: |  |  |  |  |  |  |  |  |
|  Shares sold | 20332 | $264861 | 60366 | $796716 | 14415771 | $258520796 | 5148231 | $90866781 |
|  Shares issued in reinvestment of distributions | 35570 | 467387 | 50048 | 675141 | 3627616 | 60907678 | 1869218 | 33440315 |
|  Shares redeemed | (178702) | (2335986) | (161036) | (2021363) | (8065844) | (143261694) | (4672713) | (82737646) |
|  Net increase (decrease) | (122800) | $(1603738) | (50622) | $(549506) | 9977543 | $176166780 | 2344736 | $41569450 |
|  Class Z: |  |  |  |  |  |  |  |  |
|  Shares sold | 412998 | $5227201 | 731157 | $9534917 | 16792810 | $302577687 | 6396669 | $116111903 |
|  Shares issued in reinvestment of distributions | 356193 | 4726676 | 482119 | 6561643 | 3960014 | 67043043 | 2202025 | 39658473 |
|  Shares redeemed | (1716249) | (22486744) | (5798481) | (76704180)<sup>1</sup> | (12683514) | (229462698) | (5507425) | (98657430) |
|  Net increase (decrease) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(947058) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(12532867) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4585205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$(60607620) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8069310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$140158032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$57112946 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | International Small Cap | International Small Cap | |
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount |
|  Class N: |  |  |  |  |
|  Shares sold | 108826 | $1850150 | 23255 | $346984 |
|  Shares issued in reinvestment of distributions | 4348 | 78651 | 14399 | 208214 |
|  Shares redeemed | (159899) | (2674196) | (148297) | (2188013) |
|  Net decrease | (46725) | $(745395) | (110643) | $(1632815) |
|  Class I: |  |  |  |  |
|  Shares sold | 428914 | $7106473 | 472966 | $7034604 |
|  Shares issued in reinvestment of distributions | 41154 | 745707 | 136367 | 1975959 |
|  Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1388596) | (23448947) | (2552720) | (38540469) |
|  Net decrease | (918528) | $(15596767) | (1943387) | $(29529906) |
|  Class Z: |  |  |  |  |
|  Shares sold | 98406 | $1619712 | 378578 | $5587460 |
|  Shares issued in reinvestment of distributions | 25995 | 470776 | 83474 | 1208695 |
|  Shares redeemed | (499880) | (8610741) | (3823666) | (56438780) |
|  Net decrease | (375479) | $(6520253) | (3361614) | $(49642625) |

---

At December 31, 2025, one unaffiliated shareholder of record held 7% of the net assets of Small Cap. Transactions by this shareholder may have a material impact on Small Cap.

------

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

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon ("BNYM") (the "Securities Lending Program") (collectively, "Repurchase Agreements"). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Funds participate on a pro rata basis with other clients of BNYM in their share of the underlying collateral under such joint repurchase agreements and in their share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held by the Funds' custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. Pursuant to the Securities Lending Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

At December 31, 2025, the market value of Repurchase Agreements outstanding for Small Cap, Mid Cap and International Small Cap was $815,136, $956,606 and $2,886,386, respectively.

i. FOREIGN CURRENCY TRANSLATION

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

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

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

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

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the fiscal year ended December 31, 2025, the Funds' investment management fees were paid at the following annual rates of each Fund's respective average daily net assets:

---

| | |
|:---|:---|
|  Small Cap | 0.76%<sup>1</sup> |
|  Mid Cap | 0.66%<sup>2</sup> |
|  International Small Cap | 0.75% |

---

<sup>1</sup> The Board approved a reduction in the management fee rate from 0.79% to 0.76%, effective July 1, 2024. 

<sup>2</sup> The Board approved a reduction in the management fee rate from 0.79% to 0.66%, effective July 1, 2024. 

The fee paid to TimesSquare for its services as subadviser is paid out of the fee the Investment Manager receives from each Fund and does not increase the expenses of each Fund.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of Small Cap, Mid Cap and International Small Cap to the annual rate of 0.96%, 1.13% and 1.05%, respectively, of each Fund's average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the "Expense Cap"), subject to later reimbursement by the Funds in certain circumstances.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a Fund, provided that such repayment would not cause the Fund's total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a Fund's liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of a Fund.

------

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

For the fiscal year ended December 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<br> Reimbursements | Repayment of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior Reimbursements  |
|  Small Cap | $106316 |  |
|  Mid Cap |  |  |
|  International Small Cap | 61161 |  |

---

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

---

| | | |
|:---|:---|:---|
| Expiration<br> Period | Small Cap | International Small Cap |
|  Less than 1 year | $76751 |  |
|  1-2 years | 85221 | $89606 |
|  2-3 years | 106316 | 61161 |
|  Total | $268288 | $150767 |

---

The Trust, on behalf of the Funds, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Funds' administrator (the "Administrator") and is responsible for certain aspects of managing the Funds' operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund's average daily net assets for this service.

TimesSquare has agreed to waive a portion of the subadvisory fee payable by the Investment Manager in an amount equal to the aggregate management fee earned by TimesSquare from the TimesSquare Quality Mid Cap Growth ETF (the "ETF") that is attributable to Mid Cap's assets invested in the ETF (the "Fee Waiver Amount") and the Investment Manager has agreed to waive a portion of its management fee payable by Mid Cap equal to the Fee Waiver Amount. The Fee Waiver Amount shall reduce the management fee after the calculation of any necessary fee waiver or expense reimbursement in connection with Mid Cap's expense limitation agreement and shall not be eligible for recoupment by the Investment Manager under the terms of such agreement.

The Funds are distributed by AMG Distributors, Inc. (the "Distributor"), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and underwriter for each Fund and is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Shares of each Fund will be continuously offered and will be sold directly to prospective purchasers and through brokers, dealers or other financial intermediaries who have executed selling agreements with the

Distributor. Generally, the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

For each of the Class N and Class I shares, the Board has approved reimbursement payments to the Investment Manager for shareholder servicing expenses ("shareholder servicing fees") incurred. Shareholder servicing fees include payments to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder

recordkeeping, account servicing and other services. The Class N and Class I shares may reimburse the Investment Manager for the actual amount incurred up to a maximum annual rate of each Class's average daily net assets as shown in the table below.

The impact on the annualized expense ratios for the fiscal year ended December 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
| Fund | Maximum Annual<br> Amount<br> Approved | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount <br> Incurred  |
|  Small Cap |  |  |
|  Class N | 0.20% | 0.20% |
|  Class I | 0.10% | 0.06% |
|  Mid Cap |  |  |
|  Class N | 0.20% | 0.20% |
|  Class I | 0.05% | 0.05% |
|  International Small Cap |  |  |
|  Class N | 0.25% | 0.25% |
|  Class I | 0.10% | 0.05% |

---

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

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

The following Funds utilized the interfund lending program during the fiscal year ended December 31, 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Average<br>Lent | Number<br>of Days | Interest<br>Earned | Average<br>Interest Rate |
|  Mid Cap | $1415752 | 1 | $203 | 5.230% |
|  International Small Cap | 2138285 | 4 | 1224 | 5.225% |

---

------

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

 
3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and

U.S. Government Obligations) for the fiscal year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | Long Term Securities | Long Term Securities |
| Fund | Purchases | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales |
|  Small Cap | $103045954 | $120637539 |
|  Mid Cap | 835978994 | 752032722 |
|  International Small Cap | 70439351 | 90192973 |

---

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

4. PORTFOLIO SECURITIES LOANED

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Securities<br>Loaned | Cash<br>Collateral<br>Received | Securities<br>Collateral<br>Received | Total<br>Collateral<br> Received |
| &nbsp;&nbsp; Small Cap | $30159008 | $815136 | $30268887 | $31084023 |
| &nbsp;&nbsp; Mid Cap | 78390793 | 956606 | 80484203 | 81440809 |
| &nbsp;&nbsp; International Small Cap | 7107477 | 2886386 | 4659546 | 7545932 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | Collateral<br> Type | Coupon<br> Range | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maturity <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date Range  |
|  Small Cap | U.S. Government Agency<br>Obligations | 1.500%-7.000% | 11/01/29-11/01/55 |
|  | U.S. Treasury Obligations | 0.000%-6.250% | 01/15/26-05/15/55 |
|  Mid Cap | U.S. Treasury Obligations | 0.000%-6.250% | 01/15/26-05/15/54 |
|  International Small Cap | U.S. Treasury Obligations | 0.000%-6.000% | 01/15/26-02/15/55 |

---

5. SEGMENT REPORTING

Each Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in each Fund's prospectus. The Chief Operating Decision Makers ("CODM") are the Funds' president and chief financial officer. The CODM assesses the performance and makes operating decisions for each Fund primarily based on each Fund's changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes each Fund's net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of each Fund. As each Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject the Funds to various risks. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Fund. Please refer to each Fund's prospectus for a description of the principal risks associated with investing in a particular Fund. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; or (iii) currency and price fluctuations.

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

**Management Risk:** Because the Funds are actively managed investment portfolios, security selection or focus on securities in a particular style, market sector or group of companies may cause the Funds to incur losses or underperform relative to their benchmarks or other funds with a similar investment objective. There can be no guarantee that TimesSquare's investment techniques and risk analysis will produce the desired result.

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

------

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

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

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

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

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

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

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

**Currency Risk:** Fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars and exposure to non-U.S. currencies may subject the Funds to the risk that those currencies will decline in value relative to the U.S. dollar. The values of foreign currencies relative to the U.S. dollar may fluctuate in response to, among other factors, interest rate changes, intervention (or failure to intervene) by national governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls, and other political or regulatory developments.

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

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

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

7. COMMITMENTS AND CONTINGENCIES

Under the Trust's organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.

8. MASTER NETTING AGREEMENTS

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

The following table is a summary of the Funds' open Repurchase Agreements that are subject to a master netting agreement as of December 31, 2025:

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

------

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

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amount Not Offset in the<br>Statement of Assets and Liabilities | Gross Amount Not Offset in the<br>Statement of Assets and Liabilities | |  |
| Fund | Gross Amounts of<br>Assets Presented in<br>the Statement of<br> Assets and Liabilities | Offset<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount  | Net<br> Asset<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance  | Collateral<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Received  | Net<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount  |
| &nbsp;&nbsp; Small Cap |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $765000 |  | $765000 | $765000 |  |
| &nbsp;&nbsp; Natwest Markets Securities, Inc. | 50136 |  | 50136 | 50136 |  |
| &nbsp;&nbsp; Total | $815136 |  | $815136 | $815136 |  |
| &nbsp;&nbsp; Mid Cap |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $899000 |  | $899000 | $899000 |  |
| &nbsp;&nbsp; Natwest Markets Securities, Inc. | 57606 |  | 57606 | 57606 |  |
| &nbsp;&nbsp; Total | $956606 |  | $956606 | $956606 |  |
| &nbsp;&nbsp; International Small Cap |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $1339000 |  | $1339000 | $1339000 |  |
| &nbsp;&nbsp; Natwest Markets Securities, Inc. | 174250 |  | 174250 | 174250 |  |
| &nbsp;&nbsp; State of Wisconsin Investment Board | 1373136 |  | 1373136 | 1373136 |  |
| &nbsp;&nbsp; Total | $2886386 |  | $2886386 | $2886386 |  |

---

9. RECENT ACCOUNTING STANDARDS UPDATE

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. The Funds incorporated the provisions of the ASU, and there was no material impact to the Funds' financial statements.

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

10. SUBSEQUENT EVENTS

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm

 
To the Board of Trustees of AMG Funds and Shareholders of AMG TimesSquare Small Cap Growth Fund, AMG TimesSquare Mid Cap Growth Fund and AMG TimesSquare International Small Cap Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AMG TimesSquare Small Cap Growth Fund, AMG TimesSquare Mid Cap Growth Fund and AMG TimesSquare International Small Cap Fund (three of the funds constituting AMG Funds) (hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

---

| |
|:---|
| /s/PricewaterhouseCoopers LLP |
| Boston, Massachusetts |
| February 26, 2026 |

---

We have served as the auditor of one or more investment companies in the AMG Funds Family since 1993.

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

------

 <br> &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;

TAX INFORMATION

AMG TimesSquare Small Cap Growth Fund, AMG TimesSquare Mid Cap Growth Fund and AMG TimesSquare International Small Cap Fund each hereby designates the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2025 Form 1099-DIV you receive for each Fund will show the tax status of all distributions paid to you during the year.

In accordance with federal tax law, the following Funds elect to provide foreign taxes paid and the income sourced from foreign countries. Accordingly, each Fund hereby makes the following designations regarding its taxable period ended December 31, 2025:

AMG TimesSquare International Small Cap Fund

uThe total amount of taxes paid and income sourced from foreign countries was $308,879 and $2,938,698, respectively.

Pursuant to section 852 of the Internal Revenue Code, AMG TimesSquare Small Cap Growth Fund, AMG TimesSquare Mid Cap Growth Fund and AMG TimesSquare International Small Cap Fund each hereby designates $6,983,844, $179,556,194 and $0, respectively, as a capital gain distribution with respect to the taxable period ended December 31, 2025, or, if subsequently determined to be different, the net capital gains of such period.

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

During the fiscal year ended December 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 fiscal year ended December 31, 2025, is reflected as "Trustee fees and expenses" on the Statement of Operations and is set forth in the table below. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
|  | Trustee fees and expenses |
|  AMG TimesSquare Small Cap Growth Fund | $9124 |
|  AMG TimesSquare Mid Cap Growth Fund | 138632 |
|  AMG TimesSquare International Small Cap Fund | 10470 |

---

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

Not applicable.

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

------

THIS PAGE INTENTIONALLY LEFT BLANK

------

THIS PAGE INTENTIONALLY LEFT BLANK

------

![LOGO](g108244dsp001a.jpg)

  

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND ADMINISTRATOR<br> AMG Funds LLC<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>DISTRIBUTOR<br> AMG Distributors, Inc.<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>SUBADVISER<br> TimesSquare Capital Management, LLC<br> 75 Rockefeller Plaza<br> 30th Floor<br> New York, NY 10019<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539 | This report is prepared for the Funds' shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for each Fund are available on the Funds' website at wealth.amg.com.<br>A description of the policies and procedures each Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Funds' proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Funds' website at wealth.amg.com. To review a complete list of the Funds' portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com.<br>|

---

 <br> wealth.amg.com

------

![LOGO](g108244dsp001a.jpg)

  

---

| | | |
|:---|:---|:---|
| &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 Growth<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 Renaissance Large Cap Growth<br>The Renaissance Group LLC | AMG River Road Dividend All Cap Value<br> AMG River Road Focused Absolute Value<br> AMG River Road Large Cap Value Select<br> AMG River Road Mid Cap Value<br> AMG River Road Small-Mid Cap Value<br> AMG River Road Small Cap Value<br>River Road Asset Management, LLC<br>AMG TimesSquare International Small Cap<br> AMG TimesSquare Mid Cap Growth<br> AMG TimesSquare Small Cap Growth<br>TimesSquare Capital Management, LLC<br>AMG Veritas Asia Pacific<br> AMG Veritas China<br> AMG Veritas Global Focus<br> AMG Veritas Global Real Return<br>Veritas Asset Management LLP<br>AMG Yacktman<br> AMG Yacktman Focused<br> AMG Yacktman Global<br> AMG Yacktman Special Opportunities<br>Yacktman Asset Management LP<br>| FIXED INCOME FUNDS<br> AMG GW&K Core Bond ESG<br>AMG GW&K ESG Bond<br> AMG GW&K Municipal Bond<br> AMG GW&K Municipal Enhanced Yield<br>GW&K Investment Management, LLC<br>ALTERNATIVE FUNDS<br>AMG Systematica Managed Futures Strategy<br> AMG Systematica Trend-Enhanced Markets<br>Systematica Investments Limited, acting as general partner of Systematica Investments LP<br>EXCHANGE-TRADED FUND<br>AMG GW&K Muni Income ETF<br>GW&K Investment Management, LLC |

---

 <br> wealth.amg.com 123125 AR012

------

---

| | |
|:---|:---|
| ![LOGO](g108244dsp001a.jpg) | ANNUAL FINANCIAL STATEMENTS |

---

  

---

| |
|:---|
| AMG Funds<br>December 31, 2025 |
| <br> ![LOGO](g108244dsp0165.jpg)  |
| AMG Yacktman Fund |
| Class I: **YACKX** |
| AMG Yacktman Focused Fund |
| Class N: **YAFFX** \| Class I: **YAFIX** |
| AMG Yacktman Global Fund |
| Class N: **YFSNX** \| Class I: **YFSIX** |
| AMG Yacktman Special Opportunities Fund |
| Class I: **YASSX** \| Class Z: **YASLX**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |

---

 <br> wealth.amg.com 123125 AR071

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Annual Financial Statements — December 31, 2025

  

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
|  FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schedules of Portfolio Investments |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG Yacktman Fund](#fin6108244_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG Yacktman Focused Fund](#fin6108244_2) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG Yacktman Global Fund](#fin6108244_3) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG Yacktman Special Opportunities Fund](#fin6108244_4) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin6108244_5) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance sheets, net asset value (NAV) per share computations<br> and cumulative distributable earnings (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#fin6108244_6) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of sources of income, expenses, and realized and<br> unrealized gains (losses) during the fiscal year |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#fin6108244_7) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of changes in assets for the past two fiscal years |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#fin6108244_8) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Historical net asset values per share, distributions, total returns, income<br> and expense ratios, turnover ratios and net assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin6108244_9) | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and distribution policies, details of agreements and<br> transactions with Fund management and affiliates, and descriptions of<br> certain investment risks |  |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#fin6108244_10) | 35 |
| [OTHER INFORMATION](#fin6108244_11) | 36 |

---

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

------

 <br> AMG Yacktman Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 79.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 19.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 740000 | $232212000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bolloré SE (France) | 88500000 | 497373459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp., Class A | 1100000 | 32879000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class A<sup>1</sup> | 1100000 | 80377000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 3100000 | 201283000 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 4800000 | 125376000 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Walt Disney Co. | 900000 | 102393000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 1000000 | 28820000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 1300713459 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 5.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 1000000 | 87100000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co., Ltd. (South Korea) | 980000 | 254291756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 341391756 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 13.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Coca-Cola Co. | 1300000 | 90883000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Colgate-Palmolive Co. | 700000 | 55314000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Darling Ingredients, Inc.\* | 1005000 | 36180000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 900000 | 99234000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 5000000 | 86250000 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT&G Corp. (South Korea) | 390930 | 38562461 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 1200000 | 172224000 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Procter & Gamble Co. | 1230000 | 176271300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | 900000 | 66321000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 1400000 | 82068000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 903307761 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources, Ltd. (Canada)<sup>1</sup> | 9600000 | 324960000 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 1050000 | 98290500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 700000 | 105231000 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 800000 | 84008000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 612489500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon Corp. | 200000 | 23218000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Berkshire Hathaway, Inc., Class B\* | 220000 | 110583000 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. | 2500000 | 249775000 |
| &nbsp;&nbsp;&nbsp;&nbsp; State Street Corp. | 700000 | 90307000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 473883000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 4.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Elevance Health, Inc. | 290000 | 101659500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Embecta Corp. | 1750000 | 20790000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 767682 | 158871790 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 120000 | $39613200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 320934490 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 9.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Armstrong World Industries, Inc. | 600000 | 114660000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE (Germany) | 500000 | 29022050 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech International, Ltd.\* | 700000 | 10857000 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 270000 | 79263900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 140000 | 67713800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 130000 | 74127300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung C&T Corp. (South Korea) | 839295 | 139401217 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co.\*<sup>,1</sup> | 300000 | 15123000 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Non-Voting Shares | 2950000 | 137883000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 668051267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 6.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 1900000 | 157700000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 580000 | 280499600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 438199600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 2.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 2205000 | 45930150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 500000 | 144435000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 190365150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 1.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Talen Energy Corp.\* | 350000 | 131194000 |
|  Total Common Stocks<br>(Cost $3,058,465,486) |  | 5380529983 |
|  | Principal<br>Amount |  |
|  Corporate Bonds and Notes - 0.0%<sup>#</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 0.0%<sup>#</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Finance, Inc.<br>4.625%, 12/23/29<sup>2</sup><br>(Cost $646,354) | $800000 | 594000 |
|  | Shares |  |
|  Preferred Stocks - 11.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., 5.74% (South Korea) | 400000 | 59093914 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., 5.92% (South Korea) | 510000 | 73088985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 132182899 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 9.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd., 1.42% (South Korea) | 9900000 | 614501077 |
|  Total Preferred Stocks<br>(Cost $271,423,654) |  | 746683976 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Yacktman Fund Schedule of Portfolio Investments (continued)

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Short-Term Investments - 8.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.0**%<sup>#,3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 12/31/25, due 01/02/26, 3.940% total to be received $459,100 (collateralized by various U.S. Treasuries, 0.000% - 5.250%, 01/31/26 - 11/15/55, totaling $468,310) | $459000 | $459000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 12/31/25, due 01/02/26, 3.840% total to be received $30,378 (collateralized by various U.S. Treasuries, 0.625% - 4.875%, 04/30/26 -11/15/34, totaling $30,979) | 30372 | 30372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 489372 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations - 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 3.571%, 10/01/264 | 68000000 | 66268199 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.014%, 03/19/264 | 68000000 | 67493732 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.037%, 06/11/264 | 67000000 | 65963535 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.158%, 01/22/264 | 74000000 | 73853919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Obligations |  | 273579385 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 2.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/31/25, due 01/02/26, 3.350% total to be received $152,133,308 (collateralized by a U.S. Treasury Note, 4.375%, 12/31/29, totaling $155,147,201) | $152105000 | $152105000 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Other Investment Companies - 2.1**% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund, IM Shares, 3.66%<sup>5</sup> | 141669208 | $141669208 |
|  Total Short-Term Investments<br>(Cost $567,590,826) |  | 567842965 |
|  Total Investments - 99.2%<br>(Cost $3,898,126,320) |  | 6695650924 |
|  Other Assets, less Liabilities - 0.8% |  | 55175331 |
|  Net Assets - 100.0% |  | $6750826255 |

---

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

---

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

---

<sup>1</sup> Some of these securities, amounting to $114,702,868 or 1.7% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury and U.S. Government Agency 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 December 31, 2025, the value of this security amounted to $594,000 or less than 0.05% of net assets. 

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

<sup>4</sup> Represents yield to maturity at December 31, 2025.

<sup>5</sup> Yield shown represents the December 31, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Yacktman Fund Schedule of Portfolio Investments (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2<sup>1</sup> | Level 3 | Total |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $803340000 | $497373459 |  | $1300713459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 903307761 |  |  | 903307761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 499628000 | 168423267 |  | 668051267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 612489500 |  |  | 612489500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 473883000 |  |  | 473883000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 438199600 |  |  | 438199600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 87100000 | 254291756 |  | 341391756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 320934490 |  |  | 320934490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 190365150 |  |  | 190365150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 131194000 |  |  | 131194000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds and Notes<sup>†</sup> |  | 594000 |  | 594000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks<sup>†</sup> |  | 746683976 |  | 746683976 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 489372 |  | 489372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations |  | 273579385 |  | 273579385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 152105000 |  | 152105000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 141669208 |  |  | 141669208 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $4602110709 | $2093540215 |  | $6695650924 |

---

<sup>†</sup> All corporate bonds and notes and preferred stocks held in the Fund are level 2 securities. For a detailed breakout of corporate bonds and notes and preferred stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

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

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

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

------

 <br> AMG Yacktman Focused Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 67.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 16.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class C | 150000 | $47070000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Bolloré SE (France) | 41000000 | 230421603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B | 1400000 | 90902000 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A | 1250000 | 32650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Walt Disney Co. | 240000 | 27304800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 400000 | 11528000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 439876403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 5.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; eBay, Inc. | 270000 | 23517000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Home Shopping Network |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Corp. (South Korea) | 439418 | 16773739 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co., Ltd. (South Korea) | 450000 | 116766623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 157057362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 11.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Coca-Cola Co. | 380000 | 26565800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ingredion, Inc. | 300000 | 33078000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. | 1850000 | 31912500 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT&G Corp. (South Korea) | 550000 | 54253584 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. | 460000 | 66019200 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Procter & Gamble Co. | 380000 | 54457800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tyson Foods, Inc., Class A | 590000 | 34585800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 300872684 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 10.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources, Ltd. (Canada) | 6400000 | 216640000 |
| &nbsp;&nbsp;&nbsp;&nbsp; ConocoPhillips | 230000 | 21530300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Diamondback Energy, Inc. | 150000 | 22549500 |
| &nbsp;&nbsp;&nbsp;&nbsp; EOG Resources, Inc. | 170000 | 17851700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 278571500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. | 820000 | 81926200 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson | 270000 | 55876500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 10.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE (Germany) | 550000 | 31924255 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de L'Odet SE (France) | 12846 | 20231873 |
| &nbsp;&nbsp;&nbsp;&nbsp; L3Harris Technologies, Inc. | 75000 | 22017750 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lockheed Martin Corp. | 45000 | 21765150 |
| &nbsp;&nbsp;&nbsp;&nbsp; Northrop Grumman Corp. | 35000 | 19957350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung C&T Corp. (South Korea) | 318839 | 52956999 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Non-Voting Shares | 1640000 | 76653600 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuasa Trading Co., Ltd. (Japan) | 800000 | $27264782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 272771759 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Cognizant Technology Solutions Corp., Class A | 550000 | 45650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 220000 | 106396400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 152046400 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon Parkerizing Co., Ltd. (Japan) | 1868100 | 16999609 |
| &nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | 995000 | 20725850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reliance, Inc. | 95000 | 27442650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 65168109 |
|  Total Common Stocks<br>(Cost $1,108,874,951) |  | 1804166917 |
|  | Principal<br>Amount |  |
|  Corporate Bonds and Notes - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 1.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Finance, Inc.<br>4.625%, 12/23/291 | $17800000 | 13216500 |
| &nbsp;&nbsp;&nbsp;&nbsp; GrafTech Global Enterprises, Inc.<br>9.875%, 12/23/291 | 15200000 | 13224000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 26440500 |
|  Total Corporate Bonds and Notes<br>(Cost $30,034,958) |  | 26440500 |
|  | Shares |  |
|  Preferred Stocks - 22.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 5.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., 5.74% (South Korea) | 418620 | 61844736 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., 5.92% (South Korea) | 630000 | 90286393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 152131129 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amorepacific Corp., 2.51% (South Korea) | 250000 | 7580542 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG H&H Co., Ltd., 4.08% (South Korea) | 118000 | 9290310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 16870852 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 16.3% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd., 1.42% (South Korea) | 7000000 | 434495711 |
|  Total Preferred Stocks<br>(Cost $257,259,215) |  | 603497692 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 8.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations - 4.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 3.571%, 10/01/262 | $26000000 | 25337841 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills, 4.014%, 03/19/262 | 26000000 | 25806427 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Yacktman Focused Fund Schedule of Portfolio Investments (continued)

 

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government Obligations - 4.0%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills,<br>4.037%, 06/11/262 | $26000000 | $25597789 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bills,<br>4.158%, 01/22/26<sup>2</sup> | 29000000 | 28942752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Government Obligations |  | 105684809 |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 2.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/31/25, due 01/02/26, 3.350% total to be received $55,088,251 (collateralized by a U.S. Treasury Note, 4.375%, 12/31/29, totaling $56,179,641) | 55078000 | 55078000 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 2.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; JPMorgan U.S. Government Money Market Fund, IM Shares, 3.66%<sup>3</sup> | 54230773 | $54230773 |
|  Total Short-Term Investments<br>(Cost $214,896,209) |  | 214993582 |
|  **Total Investments - 99.4%**<br> (Cost $1,611,065,333) |  | 2649098691 |
|  Other Assets, less Liabilities - 0.6% |  | 16177735 |
|  Net Assets - 100.0% |  | $2665276426 |

---

\* Non-income producing security.

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2025, the value of these securities amounted to $26,440,500 or 1.0% of net assets. 

<sup>2</sup> Represents yield to maturity at December 31, 2025.

<sup>3</sup> Yield shown represents the December 31, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2<sup>1</sup> | Level 3 | Total |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | $209454800 | $230421603 |  | $439876403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 300872684 |  |  | 300872684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 278571500 |  |  | 278571500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 140393850 | 132377909 |  | 272771759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 23517000 | 133540362 |  | 157057362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 152046400 |  |  | 152046400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 81926200 |  |  | 81926200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 48168500 | 16999609 |  | 65168109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 55876500 |  |  | 55876500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds and Notes<sup>†</sup> |  | 26440500 |  | 26440500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks<sup>†</sup> |  | 603497692 |  | 603497692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Government Obligations |  | 105684809 |  | 105684809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 55078000 |  | 55078000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 54230773 |  |  | 54230773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Investments in Securities | $1345058207 | $1304040484 |  | $2649098691 |

---

<sup>†</sup> All corporate bonds and notes and preferred stocks held in the Fund are level 2 securities. For a detailed breakout of corporate bonds and notes and preferred stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

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

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Yacktman Focused Fund Schedule of Portfolio Investments (continued)

 
For the fiscal year ended December 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 |
| Derivatives not accounted<br> for as hedging instruments<br> by risk | Statement of Operations<br> Location | Realized<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain/(Loss)  | Statement of Operations<br> Location | Change in<br>Unrealized<br> Appreciation/ <br> Depreciation |
|  Equity | Net realized gain on written options | $1148768 | Net change in unrealized appreciation/ depreciation on written options | $(748768) |

---

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

------

 <br> AMG Yacktman Global Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Common Stocks - 70.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 11.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bolloré SE (France) | 2800000 | $15736109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fox Corp., Class B (United States) | 60000 | 3895800 |
| &nbsp;&nbsp;&nbsp;&nbsp; News Corp., Class A (United States) | 25000 | 653000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reading International, Inc., Class A (United States)\* | 130000 | 136500 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Walt Disney Co. (United States) | 5000 | 568850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 20990259 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 12.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc. (United States)\*<sup>,</sup><sup>1</sup> | 60000 | 1515600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Car Mate Manufacturing Co., Ltd. (Japan) | 51900 | 293080 |
| &nbsp;&nbsp;&nbsp;&nbsp; Daewon San Up Co., Ltd. (South Korea) | 160000 | 1573652 |
| &nbsp;&nbsp;&nbsp;&nbsp; HI-LEX Corp. (Japan) | 250000 | 4995753 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Home Shopping Network Corp. (South Korea) | 93236 | 3559063 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Mobis Co., Ltd. (South Korea) | 35000 | 9081848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kukbo Design Co., Ltd. (South Korea) | 75000 | 1215649 |
| &nbsp;&nbsp;&nbsp;&nbsp; Rinnai Corp. (Japan) | 40000 | 1012063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 23246708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kenvue, Inc. (United States) | 14924 | 257439 |
| &nbsp;&nbsp;&nbsp;&nbsp; KT&G Corp. (South Korea) | 30000 | 2959287 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naked Wines PLC (United Kingdom)\* | 745000 | 723040 |
| &nbsp;&nbsp;&nbsp;&nbsp; PepsiCo, Inc. (United States) | 3500 | 502320 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Procter & Gamble Co. (United States) | 3500 | 501585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 4943671 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 11.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplify Energy Corp. (United States)\*<sup>,</sup><sup>1</sup> | 165000 | 754050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources, Ltd. (Canada) | 260000 | 8801000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mi Chang Oil Industrial Co., Ltd. (South Korea) | 17976 | 1518642 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy Services, Inc. (Canada) | 600000 | 6513424 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unit Corp. (United States) | 110000 | 3393500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 20980616 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. (United States) | 8000 | 799280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 2.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BML, Inc. (Japan) | 120000 | 2955194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Johnson & Johnson (United States) | 3000 | 620850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medipal Holdings Corp. (Japan) | 70000 | 1239195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 4815239 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 19.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ajis Co., Ltd. (Japan) | 60000 | 1135999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brenntag SE (Germany) | 15000 | 870661 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; CB Industrial Product Holding Bhd (Malaysia) | 10384000 | $3198620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de L'Odet SE (France) | 4500 | 7087298 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geumhwa PSC Co., Ltd. (South Korea) | 130000 | 2691862 |
| &nbsp;&nbsp;&nbsp;&nbsp; KFC, Ltd. (Japan) | 90000 | 900494 |
| &nbsp;&nbsp;&nbsp;&nbsp; Komelon Corp. (South Korea) | 120000 | 1159384 |
| &nbsp;&nbsp;&nbsp;&nbsp; Parker Corp. (Japan) | 172500 | 1751951 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sam Yung Trading Co., Ltd. (South Korea) | 182620 | 2031175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung C&T Corp. (South Korea) | 20000 | 3321865 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sekisui Jushi Corp. (Japan) | 140000 | 1905747 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shinwa Co., Ltd./Nagoya (Japan) | 80000 | 1585851 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co. (United States)\*<sup>,</sup><sup>1</sup> | 4000 | 201640 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Non-Voting Shares (United States) | 50000 | 2337000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Yuasa Trading Co., Ltd. (Japan) | 130000 | 4430527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 34610074 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; CAC Holdings Corp. (Japan) | 240000 | 3151706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hochiki Corp. (Japan) | 30000 | 850575 |
| &nbsp;&nbsp;&nbsp;&nbsp; INFOvine Co., Ltd. (South Korea) | 11947 | 516711 |
| &nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. (United States) | 1300 | 628706 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tachibana Eletech Co., Ltd. (Japan) | 28300 | 555328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 5703026 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 6.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; KISCO Holdings Co., Ltd. (South Korea) | 70000 | 1221651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Kohsoku Corp. (Japan) | 45000 | 853963 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon Parkerizing Co., Ltd. (Japan) | 820000 | 7461956 |
| &nbsp;&nbsp;&nbsp;&nbsp; The Pack Corp. (Japan) | 210000 | 1731432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 11269002 |
|  Total Common Stocks<br>(Cost $92,116,627) |  | 127357875 |
|  Preferred Stocks - 22.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 3.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hyundai Motor Co., 5.92% (South Korea) | 40000 | 5732470 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 5.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amorepacific Corp., 2.51% (South Korea) | 60000 | 1819330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Amorepacific Holdings Corp., 2.89 (South Korea) | 160000 | 1331019 |
| &nbsp;&nbsp;&nbsp;&nbsp; LG H&H Co., Ltd., 4.08% (South Korea) | 80000 | 6298515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 9448864 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 0.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Sebang Co., Ltd., 3.43% (South Korea) | 160000 | 1029607 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Yacktman Global Fund Schedule of Portfolio Investments (continued)

 

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 13.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd., 1.42% (South Korea) | 400000 | $24828326 |
|  Total Preferred Stocks<br>(Cost $30,254,767) |  | 41039267 |
|  | Principal<br> Amount |  |
|  Short-Term Investments - 7.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.1%<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 12/31/25, due 01/02/26, 3.940% total to be received $123,027 (collateralized by various U.S. Treasuries, 0.000% - 5.250%, 01/31/26 - 11/15/55, totaling $125,495) | $123000 | 123000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 12/31/25, due 01/02/26, 3.840% total to be received $9,356 (collateralized by various U.S. Treasuries, 0.625% - 4.875%, 04/30/26 -11/15/34, totaling $9,541) | 9354 | 9354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 132354 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 7.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.71%<sup>3</sup> | 12785939 | $12785939 |
|  Total Short-Term Investments<br>(Cost $12,918,293) |  | 12918293 |
|  **Total Investments - 99.6%**<br> (Cost $135,289,687) |  | 181315435 |
|  Other Assets, less Liabilities - 0.4% |  | 741998 |
|  Net Assets - 100.0% |  | $182057433 |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $2,012,627 or 1.1% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

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

<sup>3</sup> Yield shown represents the December 31, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Yacktman Global Fund Schedule of Portfolio Investments (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2<sup>1</sup> | Level 3 | Total |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $5737260 | $28872814 |  | $34610074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 1515600 | 21731108 |  | 23246708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 5254150 | 15736109 |  | 20990259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 20980616 |  |  | 20980616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials |  | 11269002 |  | 11269002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 628706 | 5074320 |  | 5703026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 4943671 |  |  | 4943671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 620850 | 4194389 |  | 4815239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 799280 |  |  | 799280 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology |  | 24828326 |  | 24828326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples |  | 9448864 |  | 9448864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary |  | 5732470 |  | 5732470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1029607 |  |  | 1029607 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 132354 |  | 132354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 12785939 |  |  | 12785939 |
|  Total Investments in Securities | $54295679 | $127019756 |  | $181315435 |

---

<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 fiscal year ended December 31, 2025, there were no transfers in or out of Level 3.

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

------

 <br> AMG Yacktman Special Opportunities Fund Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
|  Common Stocks - 92.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communication Services - 1.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AlphaPolis Co., Ltd. (Japan) | 18000 | $187708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reading International, Inc., Class A (United States)\* | 75000 | 78750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 266458 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary - 12.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; America's Car-Mart, Inc. (United States)\*<sup>,</sup><sup>1</sup> | 25000 | 631500 |
| &nbsp;&nbsp;&nbsp;&nbsp; Gold.com, Inc. (United States)<sup>1</sup> | 7000 | 238350 |
| &nbsp;&nbsp;&nbsp;&nbsp; Legacy Housing Corp. (United States)\* | 55675 | 1086776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Nihon Trim Co., Ltd. (Japan) | 5000 | 160481 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texhong International Group, Ltd. (Hong Kong) | 1600000 | 945687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 3062794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples - 9.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delfi, Ltd. (Singapore) | 975000 | 609938 |
| &nbsp;&nbsp;&nbsp;&nbsp; Italian Wine Brands S.p.A. (Italy) | 60000 | 1504940 |
| &nbsp;&nbsp;&nbsp;&nbsp; Naked Wines PLC (United Kingdom)\* | 225000 | 218368 |
| &nbsp;&nbsp;&nbsp;&nbsp; NeoPharm Co., Ltd. (South Korea) | 9000 | 114886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 2448132 |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy - 19.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amplify Energy Corp. (United States)\*<sup>,</sup><sup>1</sup> | 65000 | 297050 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arrow Exploration Corp. (Canada)\* | 7000000 | 1273813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hemisphere Energy Corp. (Canada) | 170000 | 243999 |
| &nbsp;&nbsp;&nbsp;&nbsp; Horizon Oil, Ltd. (Australia) | 4750000 | 649832 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mi Chang Oil Industrial Co., Ltd. (South Korea) | 4105 | 346797 |
| &nbsp;&nbsp;&nbsp;&nbsp; Noram Drilling A.S. (Norway) | 35000 | 114583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pardee Resources Co. (United States) | 800 | 239192 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total Energy Services, Inc. (Canada) | 140000 | 1519799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unit Corp. (United States) | 9000 | 277650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 4962715 |
| &nbsp;&nbsp;&nbsp;&nbsp; Financials - 7.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Omni Bridgeway, Ltd. (Australia)\* | 2040000 | 1987635 |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care - 9.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ion Beam Applications (Belgium)<sup>1</sup> | 60000 | 906726 |
| &nbsp;&nbsp;&nbsp;&nbsp; Koa Shoji Holdings Co., Ltd. (Japan) | 70000 | 379620 |
| &nbsp;&nbsp;&nbsp;&nbsp; Medical Facilities Corp. (Canada) | 95000 | 1098430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 2384776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrials - 28.1% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Boustead Singapore, Ltd. (Singapore) | 130000 | 175819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brickability Group PLC (United Kingdom) | 1275000 | 958166 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cie de L'Odet SE (France) | 550 | 866225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fila S.p.A. (Italy)<sup>1</sup> | 105000 | 1199734 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hargreaves Services PLC (United Kingdom) | 84395 | 743992 |

---

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Shares | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Komelon Corp. (South Korea) | 18000 | $173908 |
| &nbsp;&nbsp;&nbsp;&nbsp; Macfarlane Group PLC (United Kingdom) | 900000 | 873691 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maezawa Industries, Inc. (Japan) | 22000 | 283692 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mitani Corp. (Japan) | 13500 | 197850 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sam Yung Trading Co., Ltd. (South Korea) | 58000 | 645100 |
| &nbsp;&nbsp;&nbsp;&nbsp; U-Haul Holding Co., Non-Voting Shares (United States) | 20000 | 934800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 7052977 |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 0.5% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Bixolon Co., Ltd. (South Korea) | 32000 | 133060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Materials - 2.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Master Drilling Group, Ltd. (South Africa) | 160000 | 154589 |
| &nbsp;&nbsp;&nbsp;&nbsp; Okamoto Industries, Inc. (Japan) | 8500 | 296835 |
| &nbsp;&nbsp;&nbsp;&nbsp; SK Kaken Co., Ltd. (Japan) | 2000 | 141857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 593281 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utilities - 0.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maxim Power Corp. (Canada)\* | 50500 | 164096 |
|  Total Common Stocks |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $18,737,843) |  | 23055924 |
|  Preferred Stock - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Information Technology - 3.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Samsung Electronics Co., Ltd., 1.42% (South Korea) | 15000 | 931062 |
|  Total Preferred Stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $228,774) |  | 931062 |
|  | Principal<br>Amount |  |
|  Short-Term Investments - 4.4% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements - 0.2%<sup>2</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 12/31/25, due 01/02/26, 3.940% total to be received $62,014 (collateralized by various U.S. Treasuries, 0.000% - 5.250%, 01/31/26 - 11/15/55, totaling $63,258) | $62000 | 62000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Natwest Markets Securities, Inc., dated 12/31/25, due 01/02/26, 3.840% total to be received $4,917 (collateralized by various U.S. Treasuries, 0.625% - 4.875%, 04/30/26 -11/15/34, totaling $5,014) | 4916 | 4916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 66916 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 4.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.71%3 | 1048359 | 1048359 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,115,275) |  | 1115275 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Yacktman Special Opportunities Fund Schedule of Portfolio Investments (continued)

 

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> Value |
|  Total Investments - 100.1% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $20,081,892) | $25102261 |
|  Other Assets, less Liabilities - (0.1)% | (26524) |
|  Net Assets - 100.0% | $25075737 |

---

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

<sup>1</sup> Some of these securities, amounting to $2,293,857 or 9.1% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

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

<sup>3</sup> Yield shown represents the December 31, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2<sup>1</sup> | Level 3 | Total |
| &nbsp;&nbsp; Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | $1678792 | $5374185 |  | $7052977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 4962715 |  |  | 4962715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 2902313 | 160481 |  | 3062794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 218368 | 2229764 |  | 2448132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 1098430 | 1286346 |  | 2384776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 1987635 |  |  | 1987635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 154589 | 438692 |  | 593281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 78750 | 187708 |  | 266458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 164096 |  |  | 164096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 133060 |  |  | 133060 |
| &nbsp;&nbsp;&nbsp;&nbsp; Preferred Stock<sup>†</sup> |  | 931062 |  | 931062 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 66916 |  | 66916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | 1048359 |  |  | 1048359 |
|  Total Investments in Securities | $14427107 | $10675154 |  | $25102261 |

---

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

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

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities December 31, 2025

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AMG Yacktman<br>Fund | AMG Yacktman<br>Focused Fund | AMG Yacktman<br>Global Fund | AMG Yacktman<br>Special<br>Opportunities Fund |
|  Assets: |  |  |  |  |
|  Investments at value<sup>1</sup> (including securities on loan valued at $114,702,868, $0, $2,012,627, and $2,293,857, respectively) | $6695650924 | $2649098691 | $181315435 | $25102261 |
|  Cash | 2625 | 1244 |  |  |
|  Receivable for investments sold | 52537669 | 14220861 | 158230 | 41152 |
|  Dividend and interest receivables | 14383692 | 7571674 | 883653 | 60278 |
|  Securities lending income receivable | 25882 | 50734 | 1566 | 548 |
|  Receivable for Fund shares sold | 1792564 | 1091606 | 3377 |  |
|  Receivable from Affiliate |  |  | 56148 | 9799 |
|  Prepaid expenses and other assets | 12858 | 16141 | 11412 | 7086 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 6764406214 | 2672050951 | 182429821 | 25221124 |
|  Liabilities: |  |  |  |  |
|  Payable upon return of securities loaned | 489372 |  | 132354 | 66916 |
|  Payable for investments purchased | 498031 | 153948 | 29153 |  |
|  Payable for Fund shares repurchased | 8136928 | 3804512 | 3507 | 1919 |
|  Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 2479425 | 1953246 | 108875 | 11567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 862760 | 336766 | 23002 | 3164 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 470789 | 190770 | 260 | 552 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 642654 | 335283 | 75237 | 61269 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 13579959 | 6774525 | 372388 | 145387 |
|  Commitments and Contingencies (Notes 2 & 7) | Commitments and Contingencies (Notes 2 & 7) |  |  |  |
|  Net Assets | $6750826255 | $2665276426 | $182057433 | $25075737 |
|  <sup>1</sup> Investments at cost | $3898126320 | $1611065333 | $135289687 | $20081892 |

---

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

------

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

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AMG Yacktman<br>Fund | AMG Yacktman<br>Focused Fund | AMG Yacktman<br>Global Fund | AMG Yacktman<br>Special<br>Opportunities Fund |
|  Net Assets Represent: |  |  |  |  |
|  Paid-in capital | $3986922894 | $1680776354 | $148147202 | $20890317 |
|  Total distributable earnings | 2763903361 | 984500072 | 33910231 | 4185420 |
|  Net Assets | $6750826255 | $2665276426 | $182057433 | $25075737 |
|  Class N: |  |  |  |  |
|  Net Assets |  | $1279067102 | $1613660 |  |
|  Shares outstanding |  | 66597051 | 99990 |  |
|  Net asset value, offering and redemption price per share |  | $19.21 | $16.14 |  |
|  Class I: |  |  |  |  |
|  Net Assets | $6750826255 | $1386209324 | $180443773 | $6484184 |
|  Shares outstanding | 297766399 | 72612203 | 11152882 | 598083 |
|  Net asset value, offering and redemption price per share | $22.67 | $19.09 | $16.18 | $10.84 |
|  Class Z: |  |  |  |  |
|  Net Assets |  |  |  | $18591553 |
|  Shares outstanding |  |  |  | 1711573 |
|  Net asset value, offering and redemption price per share |  |  |  | $10.86 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations For the fiscal year ended December 31, 2025

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AMG Yacktman<br>Fund | AMG Yacktman<br>Focused Fund | AMG Yacktman<br>Global Fund | AMG Yacktman<br>Special<br>Opportunities Fund |
|  Investment Income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $145119476 | $67516811 | $5124428 | $706310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | 19433715 | 9902420 | 2268 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Securities lending income | 207422 | 185694 | 39127 | 4790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign withholding tax | (11637954) | (6888458) | (599844) | (63038) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 153122659 | 70716467 | 4565979 | 648062 |
|  Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 29290878 | 22938377 | 1171076 | 162360 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 10193171 | 3954893 | 247410 | 41593 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class N |  | 2513511 | 2838 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder servicing fees - Class I | 5625767 |  |  | 7787 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 741391 | 367644 | 63013 | 40841 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 582825 | 224500 | 14299 | 2233 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 505277 | 221723 | 172320 | 44096 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 344145 | 144183 | 6136 | 1329 |
| &nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 139956 | 57950 | 11564 | 9492 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 80240 | 79767 | 32704 | 21448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  |  | 605 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 242039 | 97967 | 7259 | 3660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 47745689 | 30600515 | 1729224 | 334839 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements |  |  | (191836) | (89824) |
| &nbsp;&nbsp;&nbsp;&nbsp; Fee waiver | (85836) | (24471) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 47659853 | 30576044 | 1537388 | 245015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 105462806 | 40140423 | 3028591 | 403047 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net Realized and Unrealized Gain: |  |  |  |  |
|  Net realized gain on investments | 751455692 | 278381333 | 11782404 | 1011584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on written options |  | 1148768 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on foreign currency transactions | (501926) | (112876) | 10628 | (5307) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 364226804 | 244643151 | 32041039 | 1223774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on written options |  | (748768) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on foreign currency translations | 551089 | 243431 | 12337 | 1501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 1115731659 | 523555039 | 43846408 | 2231552 |
|  Net increase in net assets resulting from operations | $1221194465 | $563695462 | $46874999 | $2634599 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets For the fiscal years ended December 31,

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AMG Yacktman<br>Fund | AMG Yacktman<br>Fund | AMG Yacktman<br>Focused Fund | AMG Yacktman<br>Focused Fund |
|  | 2025 | 2024 | 2025 | 2024 |
|  Increase in Net Assets Resulting From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $105462806 | $142048868 | $40140423 | $51539394 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 750953766 | 844157553 | 279417225 | 338151799 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 364777893 | (555589000) | 244137814 | (332437925) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 1221194465 | 430617421 | 563695462 | 57253268 |
|  Distributions to Shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N |  |  | (203738060) | (141063984) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (1054557434) | (676959491) | (227531788) | (146298843) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1054557434) | (676959491) | (431269848) | (287362827) |
|  Capital Share Transactions:<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net decrease from capital share transactions | (817018081) | (826483280) | (396490861) | (540881360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total decrease in net assets | (650381050) | (1072825350) | (264065247) | (770990919) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 7401207305 | 8474032655 | 2929341673 | 3700332592 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $6750826255 | $7401207305 | $2665276426 | $2929341673 |

---

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of Changes in Net Assets (continued) For the fiscal years ended December 31,

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | AMG Yacktman<br>Global Fund | AMG Yacktman<br>Global Fund | AMG Yacktman<br>Special<br>Opportunities Fund | AMG Yacktman<br>Special<br>Opportunities Fund |
|  | 2025 | 2024 | 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024  |
|  Increase (Decrease) in Net Assets Resulting From Operations: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3028591 | $3637493 | $403047 | $1458267 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 11793032 | 4625891 | 1006277 | 2668250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 32053376 | (12529703) | 1225275 | (1052271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 46874999 | (4266319) | 2634599 | 3074246 |
|  Distributions to Shareholders: |  |  |  |  |
|  From net investment income and/or realized gain on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | (184767) | (79841) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (22287235) | (7891206) | (233213) | (1216864) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z |  |  | (669061) | (2106872) |
|  From paid-in capital: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | (17011) | (6648) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (2051907) | (657056) |  | (66930) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z |  |  |  | (115883) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (24540920) | (8634751) | (902274) | (3506549) |
|  Capital Share Transactions:<sup>1</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | 9157810 | (26599373) | (10464617) | (38889748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in net assets | 31491889 | (39500443) | (8732292) | (39322051) |
|  Net Assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 150565544 | 190065987 | 33808029 | 73130080 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $182057433 | $150565544 | $25075737 | $33808029 |

---

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

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

------

 <br> AMG Yacktman Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $22.37 | $23.34 | $21.13 | $24.50 | $21.26 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.37 | 0.42 | 0.38 | 0.35 | 0.263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 3.96 | 0.78 | 2.86 | (2.17) | 3.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 4.33 | 1.20 | 3.24 | (1.82) | 4.15 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.13) | (0.47) | (0.42) | (0.33) | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.90) | (1.70) | (0.61) | (1.22) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (4.03) | (2.17) | (1.03) | (1.55) | (0.91) |
|  Net Asset Value, End of Year | $22.67 | $22.37 | $23.34 | $21.13 | $24.50 |
|  Total Return<sup>2,4</sup> | 19.82% | 4.91% | 15.39% | (7.37)% | 19.63% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.70% | 0.71% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 0.70% | 0.71% | 0.70% | 0.70% | 0.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 1.55% | 1.71% | 1.68% | 1.54% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 1% | 6% | 5% | 11% | 15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $6750826 | $7401207 | $8474033 | $7973041 | $9475623 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income would have been lower had certain expenses not been offset. 

<sup>3</sup> Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.21. 

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

<sup>5</sup> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

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

------

 <br> AMG Yacktman Focused Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $18.49 | $20.18 | $18.11 | $21.21 | $19.09 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.28 | 0.29 | 0.20 | 0.22 | 0.143 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 4.00 | (0.10) | 2.76 | (1.94) | 2.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 4.28 | 0.19 | 2.96 | (1.72) | 3.12 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.17) | (0.36) | (0.25) | (0.21) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.39) | (1.52) | (0.64) | (1.17) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (3.56) | (1.88) | (0.89) | (1.38) | (1.00) |
|  Net Asset Value, End of Year | $19.21 | $18.49 | $20.18 | $18.11 | $21.21 |
|  Total Return<sup>2,4</sup> | 23.94% | 0.72% | 16.45 | (8.06)% | 16.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.25% | 1.25% | 1.25 | 1.25%<sup>5</sup> | 1.25%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | 1.25% | 1.25% | 1.25 | 1.25%<sup>5</sup> | 1.25%<sup>5</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 1.43% | 1.37% | 1.02 | 1.14% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 1% | 5% | 4 | 13% | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $1279067 | $1475548 | $1798471 | $1730316 | $2158777 |

---

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

------

 <br> AMG Yacktman Focused Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $18.40 | $20.10 | $18.04 | $21.13 | $19.03 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.32 | 0.32 | 0.23 | 0.26 | 0.183 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 3.98 | (0.10) | 2.76 | (1.93) | 2.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 4.30 | 0.22 | 2.99 | (1.67) | 3.14 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.22) | (0.40) | (0.29) | (0.25) | (0.20) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (2.39) | (1.52) | (0.64) | (1.17) | (0.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (3.61) | (1.92) | (0.93) | (1.42) | (1.04) |
|  Net Asset Value, End of Year | $19.09 | $18.40 | $20.10 | $18.04 | $21.13 |
|  Total Return<sup>2,4</sup> | 24.14% | 0.88% | 16.67% | (7.85)% | 16.62% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.06% | 1.07% | 1.06% | 1.06% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | 1.06% | 1.07% | 1.06% | 1.06% | 1.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 1.62% | 1.55% | 1.21% | 1.33% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 1% | 5% | 4% | 13% | 19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $1386209 | $1453794 | $1901862 | $1806085 | $2309078 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income would have been lower had certain expenses not been offset. 

<sup>3</sup> Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.09 and $0.13 for Class N and Class I, respectively. 

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

<sup>5</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%, less than 0.01% and 0.01% for the fiscal years ended 2023, 2022 and 2021, respectively. 

<sup>6</sup> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

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

------

 <br> AMG Yacktman Global Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class N | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $14.05 | $15.30 | $14.21 | $16.36 | $15.69 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.26 | 0.29 | 0.293 | 0.21 | 0.194 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 4.22 | (0.76) | 2.00 | (1.74) | 1.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 4.48 | (0.47) | 2.29 | (1.53) | 1.99 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.86) | (0.32) | (0.68) |  | (0.55) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.36) | (0.40) | (0.52) | (0.62) | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | (0.17) | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.39) | (0.78) | (1.20) | (0.62) | (1.32) |
|  Net Asset Value, End of Year | $16.14 | $14.05 | $15.30 | $14.21 | $16.36 |
|  Total Return<sup>2,5</sup> | 32.37 | (3.14)% | 16.30% | (9.31)% | 12.96 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.13 | 1.13% | 1.13% | 1.13% | 1.16 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 1.25 | 1.17% | 1.16% | 1.17% | 1.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 1.64 | 1.87% | 1.92% | 1.47% | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 16 | 8% | 11% | 11% | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $1614 | $1547 | $2325 | $1354 | $775 |

---

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

------

 <br> AMG Yacktman Global Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $14.08 | $15.34 | $14.25 | $16.36 | $15.69 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.29 | 0.33 | 0.323 | 0.25 | 0.224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 4.23 | (0.77) | 2.00 | (1.74) | 1.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 4.52 | (0.44) | 2.32 | (1.49) | 2.01 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (1.89) | (0.36) | (0.71) |  | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.36) | (0.40) | (0.52) | (0.62) | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital | (0.17) | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (2.42) | (0.82) | (1.23) | (0.62) | (1.34) |
|  Net Asset Value, End of Year | $16.18 | $14.08 | $15.34 | $14.25 | $16.36 |
|  Total Return<sup>2,5</sup> | 32.71% | (3.01)% | 16.46% | (9.06)% | 13.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.93%<sup>6</sup> | 0.93% | 0.93% | 0.93% | 1.00%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 1.05% | 0.97% | 0.96% | 0.97% | 1.02%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 1.84% | 2.07% | 2.12% | 1.67% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 16% | 8% | 11% | 11% | 17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $180444 | $149018 | $187741 | $149491 | $170316 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income would have been lower had certain expenses not been offset. 

<sup>3</sup> Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.23 and $0.26 for Class N and Class I, respectively. 

<sup>4</sup> Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.15 and $0.17 for Class N and Class I, respectively. 

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

<sup>6</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>7</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01%. 

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

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

------

 <br> AMG Yacktman Special Opportunities Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class I | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $10.20 | $10.68 | $11.27 | $13.16 | $11.02 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.15 | 0.27 | 0.323 | 0.08 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.88 | 0.35 | 0.04 | (1.87) | 2.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.03 | 0.62 | 0.36 | (1.79) | 2.64 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.39) | (0.55) | (0.68) |  | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.49) | (0.27) | (0.10) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.39) | (1.10) | (0.95) | (0.10) | (0.50) |
|  Net Asset Value, End of Year | $10.84 | $10.20 | $10.68 | $11.27 | $13.16 |
|  Total Return<sup>2,4</sup> | 10.22% | 5.95 | 3.24% | (13.59)% | 24.30% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup> | 0.96% | 0.81 | 1.13% | 1.96%<sup>7</sup> | 2.29%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5,8</sup> | 1.28% | 0.91 | 1.19% | 2.00%<sup>7</sup> | 2.29%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2,5</sup> | 1.38% | 2.53 | 2.81% | 0.69% | (0.09)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 7% | 10 | 24% | 40% | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $6484 | $12085 | $38793 | $47024 | $33912 |

---

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

------

 <br> AMG Yacktman Special Opportunities Fund Financial Highlights For a share outstanding throughout each fiscal year

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, | For the fiscal years ended December 31, |
| Class Z | 2025 | 2024 | 2023 | 2022 | 2021 |
|  Net Asset Value, Beginning of Year | $10.22 | $10.71 | $11.31 | $13.20 | $11.04 |
|  Income (loss) from Investment Operations: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.16 | 0.29 | 0.333 | 0.10 | 0.009 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | 0.89 | 0.34 | 0.03 | (1.88) | 2.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | 1.05 | 0.63 | 0.36 | (1.78) | 2.67 |
|  Less Distributions to Shareholders from: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.41) | (0.57) | (0.69) | (0.01) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments |  | (0.49) | (0.27) | (0.10) | (0.35) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  | (0.06) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.41) | (1.12) | (0.96) | (0.11) | (0.51) |
|  Net Asset Value, End of Year | $10.86 | $10.22 | $10.71 | $11.31 | $13.20 |
|  Total Return<sup>2,4</sup> | 10.33% | 5.95% | 3.44% | (13.57)% | 24.42% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>5</sup> | 0.86% | 0.71%<sup>6</sup> | 1.03% | 1.86%<sup>7</sup> | 2.19%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5,8</sup> | 1.18% | 0.81% | 1.09% | 1.90%<sup>7</sup> | 2.19%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2,5</sup> | 1.48% | 2.63% | 2.91% | 0.79% | 0.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 7% | 10% | 24% | 40% | 21% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $18592 | $21723 | $34337 | $36782 | $78197 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income (loss) would have been lower had certain expenses not been offset. 

<sup>3</sup> Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.27 and $0.28 for Class I and Class Z, respectively. 

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

<sup>5</sup> Includes a performance adjustment amounting to (0.78)%, (0.93)%, (0.61)%, 0.22% and 0.55% for the fiscal years ended 2025, 2024, 2023, 2022 and 2021, respectively. (See Note 2 in the Notes to Financial Statements) 

<sup>6</sup> Includes interest expense of less than 0.01% related to participation in the interfund lending program. 

<sup>7</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.01%. 

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

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements December 31, 2025

 
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the "Trust") is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG Yacktman Fund ("Yacktman Fund"), AMG Yacktman Focused Fund ("Yacktman Focused"), AMG Yacktman Global Fund ("Yacktman Global") and AMG Yacktman Special Opportunities Fund ("Yacktman Special Opportunities"), each a "Fund" and collectively, the "Funds".

Each Fund offers different classes of shares. Yacktman Fund and Yacktman Special Opportunities have established Class N, Class I and Class Z shares. Currently, Yacktman Fund offers only Class I shares and Yacktman Special Opportunities offers only Class I and Class Z shares. Yacktman Focused and Yacktman Global have established and offer Class N and Class I shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

Yacktman Focused, Yacktman Global and Yacktman Special Opportunities are non-diversified Funds.

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

a. VALUATION OF INVESTMENTS

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

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are

considered comparable in credit rating, interest rate, due date and other features (generally referred to as "matrix pricing") or other similar pricing methodologies.

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

The Funds' portfolio investments are generally valued based on independent market quotations or prices or, if none, "evaluative" or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Funds' Board of Trustees (the "Board") designated AMG Funds LLC (the "Investment Manager") as the Funds' Valuation Designee to perform the Funds' fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager's fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Funds may use the fair value of a portfolio investment to calculate its net asset value ("NAV") in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Funds' valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Funds might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Funds. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager's process for determining the fair value of the Funds' investments.

With respect to foreign equity securities, securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be

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

------

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

 
observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds' own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, option contracts, open-end investment companies)

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

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

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date, except for Korean securities where dividends are recorded on confirmation date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trust and other trusts or funds within the AMG Funds Family of Funds (collectively, the "AMG Funds Family") based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

d. DIVIDENDS AND DISTRIBUTIONS

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

The tax character of distributions paid during the fiscal years ended December 31, 2025 and December 31, 2024 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Yacktman Fund | Yacktman Fund | Yacktman Focused | Yacktman Focused |
|  Distributions paid from: | 2025 | 2024 | 2025 | 2024 |
|  Ordinary income \* | $317323656 | $169256455 | $144252097 | $57379065 |
|  Long-term capital gains | 737233778 | 507703036 | 287017751 | 229983762 |
|  Paid-in capital |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1054557434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$676959491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$431269848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$287362827 |

---

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

------

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

 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Yacktman Global | Yacktman Global | Yacktman Special Opportunities | Yacktman Special Opportunities |
|  Distributions paid from: | 2025 | 2024 | 2025 | 2024 |
|  Ordinary income \* | $14393465 | $2917538 | $902274 | $1389259 |
|  Long-term capital gains | 8078537 | 5053509 |  | 1934477 |
|  Paid-in capital | 2068918 | 663704 |  | 182813 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$24540920 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$8634751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$902274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$3506549 |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of December 31, 2025, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Yacktman Fund | Yacktman Focused | Yacktman Global | Yacktman Special Opportunities |
|  Undistributed ordinary income | $52933172 | $19564223 | – | $125680 |
|  Undistributed long-term capital gains | 138139667 | 36252510 | – | 16599 |

---

At December 31, 2025, the 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 |
|  Yacktman Fund | $4122939402 | $2861067226 | $(288355704) | $2572711522 |
|  Yacktman Focused | 1720526855 | 1121843241 | (193271405) | 928571836 |
|  Yacktman Global | 147405091 | 49246358 | (15336014) | 33910344 |
| &nbsp;&nbsp; Yacktman Special Opportunities | 21059618 | 6002733 | (1960090) | 4042643 |

---

e. FEDERAL TAXES

Each Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. The Investment Manager has analyzed the Funds' tax positions taken on federal income tax returns as of December 31, 2025, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds' financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, based on each Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it

invests, each Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2025, the Funds had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended December 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

For the fiscal year ended December 31, 2025, the Funds did not utilize capital loss carryovers.

g. CAPITAL STOCK

The Trust's Amended and Restated Agreement and Declaration of Trust authorizes for each Fund the issuance of an unlimited number of shares of beneficial interest, without par value. Each Fund records sales and repurchases of its capital stock on the trade date.

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

------

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

 
For the fiscal years ended December 31, 2025 and December 31, 2024, the capital stock transactions by class for the Funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Yacktman Fund | Yacktman Fund | Yacktman Fund | Yacktman Fund | Yacktman Focused | Yacktman Focused | Yacktman Focused | Yacktman Focused |
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
| &nbsp;&nbsp; Class N: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold |  |  |  |  | 2399680 | $46328072 | 4442237 | $92994310 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  |  |  | 10843340 | 200276490 | 7321735 | 139039755 |
| &nbsp;&nbsp; Shares redeemed |  |  |  |  | (26457711) | (523300966) | (21058182) | (438572748) |
| &nbsp;&nbsp; Net decrease |  |  |  |  | (13214691) | $(276696404) | (9294210) | $(206538683) |
| &nbsp;&nbsp; Class I: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 21202841 | $490298431 | 23738852 | $577682119 | 12805704 | $257210178 | 10612130 | $220881442 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 43463740 | 959244757 | 26871965 | 616711586 | 11507509 | 211277872 | 7165985 | 135437126 |
| &nbsp;&nbsp; Shares redeemed | (97731798) | (2266561269) | (82872561) | (2020876985) | (30720942) | (588282507) | (33385726) | (690661245) |
| &nbsp;&nbsp; Net decrease | (33065217) | $(817018081) | (32261744) | $(826483280) | (6407729) | $(119794457) | (15607611) | $(334342677) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Yacktman Global | Yacktman Global | Yacktman Global | Yacktman Global | Yacktman Special Opportunities | Yacktman Special Opportunities | Yacktman Special Opportunities | Yacktman Special Opportunities |
|  | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 | December 31, 2025 | December 31, 2025 | December 31, 2024 | December 31, 2024 |
|  | Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount |
| &nbsp;&nbsp; Class N: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 33295 | $537158 | 45378 | $707208 |  |  |  |  |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 12254 | 191162 | 5857 | 84569 |  |  |  |  |
| &nbsp;&nbsp; Shares redeemed | (55643) | (859011) | (93080) | (1433185) |  |  |  |  |
| &nbsp;&nbsp; Net decrease | (10094) | $(130691) | (41845) | $(641408) |  |  |  |  |
| &nbsp;&nbsp; Class I: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold | 1245441 | $19443541 | &nbsp;&nbsp;&nbsp;&nbsp;1490563 | $23182382 | 39117 | $411529 | 189122 | $2031530 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | &nbsp;&nbsp;&nbsp;&nbsp;1454937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22755217 | 300594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20991 | &nbsp;&nbsp;&nbsp;&nbsp;222506 | &nbsp;&nbsp;&nbsp;&nbsp;126273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269047 |
| &nbsp;&nbsp; Shares redeemed | (2128409) | (32910257) | (3445978) | (53489945) | (647037) | (6654290) | (2762181) | (30138679) |
| &nbsp;&nbsp; Net increase (decrease) | 571969 | $9288501 | (1654821) | $(25957965) | (586929) | $(6020255) | (2446786) | $(26838102) |
| &nbsp;&nbsp; Class Z: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp; Shares sold |  |  |  |  | 32609 | $365614 | 84785 | $940080 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions |  |  |  |  | 63000 | 669061 | 153474 | 1545490 |
| &nbsp;&nbsp; Shares redeemed |  |  |  |  | (509829) | (5479037) | (1317330) | (14537216) |
| &nbsp;&nbsp; Net decrease |  |  |  |  | (414220) | $(4444362) | (1079071) | $(12051646) |

---

Transactions by shareholders of record that individually or collectively hold greater than 5% of a Fund's net assets may have a material impact on a Fund. At December 31, 2025, one affiliated investor, Yacktman Asset Management LP, owned 38%, and two shareholders each owned 8% of the net assets in Yacktman Special Opportunities.

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon ("BNYM") (the "Securities Lending Program") (collectively, "Repurchase Agreements"). The value of the underlying collateral,

including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Funds participate on a pro rata basis with other clients of BNYM in their share of the underlying collateral under such joint repurchase agreements and in their share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held by the Funds' custodian or at the Federal Reserve Bank. If the seller defaults and the

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

------

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

 
value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. Pursuant to the Securities Lending Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

At December 31, 2025, the market value of Repurchase Agreements outstanding for Yacktman Fund, Yacktman Focused, Yacktman Global and Yacktman Special Opportunities was $152,594,372, $55,078,000, $132,354 and $66,916, respectively.

i. FOREIGN CURRENCY TRANSLATION

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

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

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

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

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the fiscal year ended December 31, 2025, the Funds' investment management fees were paid at the following annual rates of each Fund's respective average daily net assets:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Yacktman Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; on first $500 million | 0.52% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; next $500 million | 0.47% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; over $1 billion | 0.42% |
| &nbsp;&nbsp; Yacktman Focused | 0.87% |
| &nbsp;&nbsp; Yacktman Global | 0.71% |
| &nbsp;&nbsp; Yacktman Special Opportunities | 1.37% |

---

The fee paid to Yacktman for its services as subadviser is paid out of the fee the Investment Manager receives from each Fund and does not increase the expenses of each Fund.

Yacktman Special Opportunities has a performance-based fee structure that consists of an investment management fee and a performance adjustment ("Performance Adjustment"). The monthly investment management fee is increased or reduced by the Performance Adjustment, based on the Fund's performance relative to the MSCI ACWI All Cap Index over the then preceding twelve months. The performance adjustment for each month ranges from an annual rate of -0.75% to +0.75% and is multiplied by the Fund's average monthly net assets for the prior rolling 12 months. For the fiscal year ended December 31, 2025, the Performance Adjustment decreased the investment management fee by a net amount of $217,524 or an annualized rate of 0.78% of the Fund's average daily net assets, resulting in an effective investment management fee rate of 0.59% of the Fund's average daily net assets.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses, as well as shareholder servicing fees and distribution and service (12b-1) fees and, with respect to Yacktman Special Opportunities, investment management fees and administrative fees) of Yacktman Global and Yacktman Special Opportunities to the annual rate of 0.93% and 0.12%, respectively, of each Fund's average daily net assets (this annual rate or such other annual rate that may be in effect for the applicable Fund or share class from time to time, the "Expense Cap"), subject to later reimbursement by the applicable Fund in certain circumstances.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a Fund, provided that such repayment would not cause the Fund's total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a Fund's liquidation (unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of a Fund).

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

------

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

 
For the fiscal year ended December 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<br>Reimbursements | Repayment of<br>Prior Reimbursements |
| &nbsp;&nbsp; Yacktman Global | $191836 |  |
| &nbsp;&nbsp; Yacktman Special Opportunities | 89824 |  |

---

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

---

| | | |
|:---|:---|:---|
| Expiration<br> Period | Yacktman Global | Yacktman Special Opportunities |
| &nbsp;&nbsp; Less than 1 year | $53342 | $43125 |
| &nbsp;&nbsp; 1-2 years | 71430 | 54194 |
| &nbsp;&nbsp; 2-3 years | 191836 | 89824 |
| &nbsp;&nbsp; Total | $316608 | $187143 |

---

The Investment Manager has agreed to waive a portion of its investment management fee in consideration of a shareholder servicing rebate that it has received from JPMorgan Distribution Services, Inc., with respect to direct investments in the JPMorgan U.S. Government Money Market Fund, IM Shares by Yacktman Fund and Yacktman Focused. For the fiscal year ended December 31, 2025, the investment management fees for Yacktman Fund and Yacktman Focused were reduced by $85,836 and $24,471, respectively, or less than 0.01% of each Fund's average daily net assets.

The Trust, on behalf of the Funds, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Funds' administrator (the "Administrator") and is responsible for certain aspects of managing the Funds' operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund's average daily net assets for this service.

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

For Class N of Yacktman Focused and Yacktman Global and for Class I of Yacktman Fund and Yacktman Special Opportunities, the Board has approved reimbursement payments to the Investment Manager for shareholder servicing expenses ("shareholder servicing fees") incurred. Shareholder servicing fees include payments to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder recordkeeping, account servicing and other services. The Class N shares of Yacktman Focused and Yacktman Global and Class I shares of Yacktman Fund and

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

The impact on the annualized expense ratios for the fiscal year ended December 31, 2025, was as follows:

---

| | | |
|:---|:---|:---|
|  | Maximum Annual | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actual |
|  | Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount |
| Fund | Approved | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Incurred |
| &nbsp;&nbsp; Yacktman Fund |  |  |
| &nbsp;&nbsp; Class I | 0.20% | 0.08% |
| &nbsp;&nbsp; Yacktman Focused |  |  |
| &nbsp;&nbsp; Class N | 0.20% | 0.19% |
| &nbsp;&nbsp; Yacktman Global |  |  |
| &nbsp;&nbsp; Class N | 0.20% | 0.20% |
| &nbsp;&nbsp; Yacktman Special Opportunities |  |  |
| &nbsp;&nbsp; Class I | 0.10% | 0.10% |

---

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the "SEC") granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At December 31, 2025, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund lending program during the fiscal year ended December 31, 2025 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Average<br> Lent | Number<br> of Days | Interest<br> Earned | Average<br> Interest Rate  |
| &nbsp;&nbsp; Yacktman Fund | $1170559 | 8 | $1341 | 5.227% |
| &nbsp;&nbsp; Yacktman Focused | 2443568 | 6 | 2095 | 5.216% |
| &nbsp;&nbsp; Yacktman Global | 2636803 | 6 | 2268 | 5.232% |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Average<br> Borrowed | Number<br> of Days | Interest<br> Paid | Average<br>Interest Rate |
| &nbsp;&nbsp; Yacktman Global | $4720334 | 1 | $605 | 4.680% |

---

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

------

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

 
3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | Long Term Securities | Long Term Securities |
| Fund | Purchases | Sales |
| &nbsp;&nbsp; Yacktman Fund | $34489200 | $1690666057 |
| &nbsp;&nbsp; Yacktman Focused | 21326151 | 807692555 |
| &nbsp;&nbsp; Yacktman Global | 25355190 | 45056883 |
| &nbsp;&nbsp; Yacktman Special Opportunities | 2025597 | 13121038 |

---

4. PORTFOLIO SECURITIES LOANED

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Cash | Securities | Total |
|  | Securities | Collateral | Collateral | Collateral |
| Fund | Loaned | Received | Received | Received |
| &nbsp;&nbsp; Yacktman Fund | $114702868 | $489372 | $117454832 | $117944204 |
| &nbsp;&nbsp; Yacktman Global | 2012627 | 132354 | 1994957 | 2127311 |
| &nbsp;&nbsp; Yacktman Special |  |  |  |  |
| &nbsp;&nbsp; Opportunities | 2293857 | 66916 | 2341679 | 2408595 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| Fund | Collateral<br> Type | Coupon<br> Range | Maturity<br> Date Range |
| &nbsp;&nbsp; Yacktman Fund | U.S. Government Agency Obligations | 1.500%-7.000% | 11/01/29-11/01/55 |
|  | U.S. Treasury Obligations | 0.125%-6.250% | 01/15/26-11/15/48 |
| &nbsp;&nbsp; Yacktman Global | U.S. Treasury Obligations | 0.125%-6.250% | 01/15/26-05/15/54 |
| &nbsp;&nbsp; Yacktman Special Opportunities | U.S. Treasury Obligations | 0.000%-6.000% | 01/15/26-05/15/54 |

---

5. SEGMENT REPORTING

Each Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in each Fund's prospectus. The Chief Operating Decision Makers ("CODM") are the Funds' president and chief financial officer. The CODM assesses the performance and makes operating decisions for each Fund primarily based on each Fund's changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes each Fund's net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of each Fund. As each Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject the Funds to various risks. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Fund. Please refer to each Fund's prospectus for a description of the principal risks associated with investing in a particular Fund. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; or (iii) currency and price fluctuations.

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

**Management Risk:** Because the Funds are actively managed investment portfolios, security selection or focus on securities in a particular style, market sector or group of companies may cause the Funds to incur losses or underperform relative to their benchmarks or other funds with a similar investment objective. There can be no guarantee that Yacktman's investment techniques and risk analysis will produce the desired result.

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

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

------

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

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

**Focused Investment Risk:** To the extent a Fund invests a substantial portion of its assets in a relatively small number of securities or a particular market, industry, group of industries, country, region, group of countries, asset class or sector, it generally will be subject to greater risk than a fund that invests in a more diverse investment portfolio. In addition, the value of the Fund would be more susceptible to any single economic, market, political or regulatory occurrence affecting, for example, that particular market, industry, region or sector.

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

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

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

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

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

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

**Risks Associated with Investment in South Korea:** Investments in South Korean issuers will subject a Fund to legal, regulatory, political, currency, security, and economic risks that are specific to South Korea. In addition, economic and political developments of South Korea's neighbors, including escalated tensions involving North Korea and any outbreak of hostilities involving North Korea, or the threat of an outbreak of such hostilities, may have a severe adverse effect on the South Korean economy. The South Korean economy is reliant on trading exports,

and disruptions or decreases in trade activity could lead to declines in South Korea's economic growth potential.

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

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

**Value Stock Risk:** Value stocks may perform differently from the market as a whole and may be undervalued by the market for a long period of time.

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

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

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

**Credit and Counterparty Risk:** The issuer of bonds or other debt securities or a counterparty to a derivatives contract (including over-the-counter counterparties as well as brokers and clearinghouses in respect of exchange-traded and/or cleared products) may be unable or unwilling, or may be perceived as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations. Changes in an issuer's financial strength, credit rating or the market's perception of an issuer's creditworthiness may also affect the value of a Fund's investment in that issuer.

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

**High Yield Risk:** Below investment grade debt securities and unrated securities of similar credit quality (commonly known as "junk bonds" or "high yield securities") may be subject to greater levels of interest rate, credit, liquidity, and market risk than higher-rated securities. These securities are considered predominately speculative with respect to the issuer's continuing ability to make principal and interest payments.

**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.

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

------

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

 
7. COMMITMENTS AND CONTINGENCIES

Under the Trust's organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.

8. DERIVATIVE INSTRUMENTS

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

For the fiscal year ended December 31, 2025, the average monthly balances of derivative financial instruments outstanding were as follows:

---

| | |
|:---|:---|
|  | Yacktman Focused |
| &nbsp;&nbsp; Options |  |
| &nbsp;&nbsp; Average value of option contracts written | $2727189 |

---

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

9. OPTIONS

The Funds may purchase and write call options and put options on a variety of underlying securities and instruments, including, but not limited to, specific securities, securities indices, futures contracts and foreign currencies. The Funds purchase or write call and put options to generate income and hedge against losses or lock in gains of underlying portfolio security positions. A call option gives the purchaser the right to buy, and obligates the writer to sell, the underlying security or instrument at the agreed-upon price during the option period. A put option gives the purchaser the right to sell, and obligates the writer to buy, the underlying security or instrument at the agreed-upon price during the option period. Options purchased are recorded as an asset, while options written (sold) are recorded as liabilities. When a Fund writes options it bears the risk of an unfavorable change in the market value of the instrument underlying the written option. When an option expires, the premium (original option value) is realized as a gain if the option was written or as a loss if the option was purchased. When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is recognized as realized gain or loss. When securities are acquired or delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, the difference between the premium and the cost to close the position is realized as a gain or loss. During the fiscal year ended December 31, 2025, Yacktman Focused wrote call options and as of December 31, 2025, Yacktman Focused no longer held call options.

10. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the Securities Lending Program, Repurchase Agreements and derivatives, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions and derivatives transactions, see Note 4 and Note 9, respectively.

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

------

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

 
The following table is a summary of the Funds' open Repurchase Agreements that are subject to a master netting agreement as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amount Not Offset in the<br>Statement of Assets and Liabilities | Gross Amount Not Offset in the<br>Statement of Assets and Liabilities | | |
| Fund | Gross Amounts of<br> Assets Presented in<br> the Statement of<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets and Liabilities  | Offset<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amount  | Net<br> Asset<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Collateral <br> Received | Net<br> Amount |
| &nbsp;&nbsp; Yacktman Fund |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $459000 |  | $459000 | $459000 |  |
| &nbsp;&nbsp; Natwest Markets Securities, Inc. | 30372 |  | 30372 | 30372 |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | 152105000 |  | 152105000 | 152105000 |  |
| &nbsp;&nbsp; Total | $152594372 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$152594372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$152594372 |  |
| &nbsp;&nbsp; Yacktman Focused |  |  |  |  |  |
| &nbsp;&nbsp; Fixed Income Clearing Corp. | $55078000 |  | $55078000 | $55078000 |  |
| &nbsp;&nbsp; Yacktman Global |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $123000 |  | $123000 | $123000 |  |
| &nbsp;&nbsp; Natwest Markets Securities, Inc. | 9354 |  | 9354 | 9354 |  |
| &nbsp;&nbsp; Total | $132354 |  | $132354 | $132354 |  |
| &nbsp;&nbsp; Yacktman Special Opportunities |  |  |  |  |  |
| &nbsp;&nbsp; Citadel Securities LLC | $62000 |  | $62000 | $62000 |  |
| &nbsp;&nbsp; Natwest Markets Securities, Inc. | 4916 |  | 4916 | 4916 |  |
| &nbsp;&nbsp; Total | $66916 |  | $66916 | $66916 |  |

---

11. RECENT ACCOUNTING STANDARDS UPDATE

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. The Funds incorporated the provisions of the ASU, and there was no material impact to the Funds' financial statements.

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

12. SUBSEQUENT EVENTS

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm

 
To the Board of Trustees of AMG Funds and Shareholders of AMG Yacktman Fund, AMG Yacktman Focused Fund, AMG Yacktman Global Fund and AMG Yacktman Special Opportunities Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AMG Yacktman Fund, AMG Yacktman Focused Fund, AMG Yacktman Global Fund and AMG Yacktman Special Opportunities Fund (four of the funds constituting AMG Funds) (hereafter collectively referred to as the "Funds") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 26, 2026

We have served as the auditor of one or more investment companies in the AMG Funds Family since 1993.

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

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

------

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

 
TAX INFORMATION

AMG Yacktman Fund, AMG Yacktman Focused Fund, AMG Yacktman Global Fund and AMG Yacktman Special Opportunities Fund each hereby designates the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2025 Form 1099-DIV you receive for each Fund will show the tax status of all distributions paid to you during the calendar year.

In accordance with federal tax law, the following Funds elected to provide foreign taxes paid and the income sourced from foreign countries. Accordingly, each Fund hereby makes the following designations regarding its period ended December 31, 2025:

AMG Yacktman Focused Fund

uThe total amount of taxes paid and income sourced from foreign countries was $6,888,458 and $44,344,066, respectively.

AMG Yacktman Global Fund

uThe total amount of taxes paid and income sourced from foreign countries was $560,031 and $4,806,721, respectively.

AMG Yacktman Special Opportunities Fund

uThe total amount of taxes paid and income sourced from foreign countries was $63,038 and $815,159, respectively.

Pursuant to section 852 of the Internal Revenue Code, AMG Yacktman Fund, AMG Yacktman Focused Fund, AMG Yacktman Global Fund and AMG Yacktman Special Opportunities Fund each hereby designates $829,527,402, $328,912,130, $8,078,537 and $1,288, respectively, as a capital gain distribution with respect to the taxable year ended December 31, 2025, or if subsequently determined to be different, the net capital gains of such year.

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

During the fiscal year ended December 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 fiscal year ended December 31, 2025, is reflected as "Trustee fees and expenses" on the Statement of Operations and is set forth in the table below. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the fiscal year ended December 31, 2025.

---

| | |
|:---|:---|
|  | Trustee fees and expenses |
| &nbsp;&nbsp; AMG Yacktman Fund | $582825 |
| &nbsp;&nbsp; AMG Yacktman Focused Fund | 224500 |
| &nbsp;&nbsp; AMG Yacktman Global Fund | 14299 |
| &nbsp;&nbsp; AMG Yacktman Special Opportunities Fund | 2233 |

---

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

Not applicable.

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

------

![LOGO](g108244dsp001a.jpg)

  

---

| | | |
|:---|:---|:---|
| &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> Yacktman Asset Management LP<br> 6300 Bridge Point Parkway<br> Building One, Suite 500<br> Austin, TX 78730<br>CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286 | LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<br>TRANSFER AGENT<br> BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426 AIM 154-0520<br> 500 Ross Street<br> Pittsburgh, PA 15262<br> 800.548.4539 | This report is prepared for the Funds' shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.<br>Current net asset values per share for each Fund are available on the Funds' website at wealth.amg.com.<br>A description of the policies and procedures each Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission's (SEC) website at sec.gov. For information regarding the Funds' proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.<br>The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds' portfolio holdings on Form N-PORT are available on the SEC's website at sec.gov and the Funds' website at wealth.amg.com. To review a complete list of the Funds' portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com.<br>|

---

 <br> wealth.amg.com

------

![LOGO](g108244dsp001a.jpg)

  

---

| | | |
|:---|:---|:---|
| &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 Growth<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 Renaissance Large Cap Growth<br>The Renaissance Group LLC | AMG River Road Dividend All Cap Value<br> AMG River Road Focused Absolute Value<br> AMG River Road Large Cap Value Select<br> AMG River Road Mid Cap Value<br> AMG River Road Small-Mid Cap Value<br> AMG River Road Small Cap Value<br>River Road Asset Management, LLC<br>AMG TimesSquare International Small Cap<br> AMG TimesSquare Mid Cap Growth<br> AMG TimesSquare Small Cap Growth<br>TimesSquare Capital Management, LLC<br>AMG Veritas Asia Pacific<br> AMG Veritas China<br> AMG Veritas Global Focus<br> AMG Veritas Global Real Return<br>Veritas Asset Management LLP<br>AMG Yacktman<br> AMG Yacktman Focused<br> AMG Yacktman Global<br> AMG Yacktman Special Opportunities<br>Yacktman Asset Management LP<br>| FIXED INCOME FUNDS<br> AMG GW&K Core Bond ESG<br>AMG GW&K ESG Bond<br> AMG GW&K Municipal Bond<br> AMG GW&K Municipal Enhanced Yield<br>GW&K Investment Management, LLC<br>ALTERNATIVE FUNDS<br>AMG Systematica Managed Futures Strategy<br> AMG Systematica Trend-Enhanced Markets<br>Systematica Investments Limited, acting as general partner of Systematica Investments LP<br>EXCHANGE-TRADED FUND<br>AMG GW&K Muni Income ETF<br>GW&K Investment Management, LLC |

---

 <br> wealth.amg.com 123125 AR071

------

---

| | |
|:---|:---|
| ![LOGO](g108244dsp001a.jpg) | ANNUAL FINANCIAL STATEMENTS |

---

  

---

| |
|:---|
| AMG Funds<br>December 31, 2025 |
| <br> ![LOGO](g108244dsp001b.jpg)  |
| AMG GW&K Securitized Bond SMA Shares |
| Ticker: **GWSBX** |

---

 <br> wealth.amg.com 123125 AR095

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG Funds Annual Financial Statements — December 31, 2025

  

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
|  FINANCIAL STATEMENTS |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Schedule of Portfolio Investments](#fin7108244_1) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#fin7108244_2) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance sheet, net asset value (NAV) per share computations<br>and cumulative distributable earnings (loss) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#fin7108244_3) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of sources of income, expenses, and realized and<br>unrealized gains (losses) during the fiscal period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Changes in Net Assets](#fin7108244_4) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detail of changes in assets for the past fiscal period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Financial Highlights](#fin7108244_5) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Historical net asset values per share, distributions, total returns, income<br>and expense ratios, turnover ratios and net assets |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#fin7108244_6) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accounting and distribution policies, details of agreements and<br>transactions with Fund management and affiliates, and descriptions of<br>certain investment risks |  |
| [REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM](#fin7108244_7) | 16 |
| [OTHER INFORMATION](#fin7108244_8) | 17 |

---

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

------

 <br> AMG GW&K Securitized Bond SMA Shares Schedule of Portfolio Investments December 31, 2025

 

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  Asset-Backed Securities - 7.9% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; AB BSL CLO 3, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.250%, Cap N/A, Floor<br>1.250%), 5.134%, 04/20/38<sup>1,2</sup> | $400000 | $400032 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 23, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-23A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.150%, Cap N/A, Floor<br>1.150%), 5.034%, 04/20/38<sup>1,2</sup> | 500000 | 499731 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL CLO 39, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-39A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.130%, Cap N/A, Floor<br>1.130%), 5.014%, 04/20/38<sup>1,2</sup> | 600000 | 599677 |
| &nbsp;&nbsp;&nbsp;&nbsp; AGL Core CLO, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-38A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.240%, Cap N/A, Floor<br>1.240%), 5.097%, 01/22/38<sup>1,2</sup> | 500000 | 500218 |
| &nbsp;&nbsp;&nbsp;&nbsp; Apidos CLO XLII, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-42A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.200%, Cap N/A, Floor<br>1.200%), 5.084%, 04/20/38<sup>1,2</sup> | 500000 | 499231 |
| &nbsp;&nbsp;&nbsp;&nbsp; CIFC Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-5A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.260%, Cap N/A, Floor<br>1.260%), 5.165%, 01/15/38<sup>1,2</sup> | 500000 | 500222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.320%, Cap N/A, Floor<br>1.320%), 5.202%, 04/17/35<sup>1,2</sup> | 500000 | 500647 |
| &nbsp;&nbsp;&nbsp;&nbsp; Compass Datacenters Issuer II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A, Class A1<br>5.250%, 02/25/49<sup>1</sup> | 500000 | 502774 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 22 Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A, Class AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.200%, Cap N/A, Floor<br>1.200%), 5.082%, 04/17/38<sup>1,2</sup> | 448000 | 447667 |
| &nbsp;&nbsp;&nbsp;&nbsp; Elmwood CLO 38, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.150%, Cap N/A, Floor<br>1.150%), 5.007%, 04/22/38<sup>1,2</sup> | 500000 | 498509 |
| &nbsp;&nbsp;&nbsp;&nbsp; GoldenTree Loan Management US CLO 23, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-23A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.270%, Cap N/A, Floor<br>1.270%), 5.154%, 01/20/39<sup>1,2</sup> | 305000 | 305135 |
| &nbsp;&nbsp;&nbsp;&nbsp; HalseyPoint CLO 3, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.480%, Cap N/A, Floor<br>1.480%), 5.318%, 07/30/37<sup>1,2</sup> | 330000 | 331008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Madison Park Funding XXIX LTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-29A, Class A1R2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.180%, Cap N/A, Floor<br>1.180%), 5.064%, 03/25/38<sup>1,2</sup> | 500000 | 499736 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnetite XXXIV, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-34A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.140%, Cap N/A, Floor<br>1.140%), 5.045%, 01/15/38<sup>1,2</sup> | $325000 | $324834 |
| &nbsp;&nbsp;&nbsp;&nbsp; Magnetite XXXVI, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-36A, Class AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.320%, Cap N/A, Floor<br>1.320%), 5.178%, 07/25/38<sup>1,2</sup> | 585000 | 585867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Palmer Square CLO, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A, Class A1AR |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.150%, Cap N/A, Floor<br>1.150%), 5.034%, 04/20/38<sup>1,2</sup> | 191000 | 190898 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sagard-Halseypoint CLO 8, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-8A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.390%, Cap N/A, Floor<br>1.390%), 5.228%, 01/30/38<sup>1,2</sup> | 410000 | 411733 |
| &nbsp;&nbsp;&nbsp;&nbsp; TCW CLO LTD |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A, Class A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.190%, Cap N/A, Floor<br>1.190%), 5.074%, 04/20/38<sup>1,2</sup> | 500000 | 498213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Voya CLO, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A, Class A1R |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.170%, Cap N/A, Floor<br>1.170%), 5.054%, 04/20/38<sup>1,2</sup> | 800000 | 797616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-7A, Class A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3 month SOFR + 1.310%, Cap N/A, Floor<br>1.310%), 5.194%, 01/20/38<sup>1,2</sup> | 550000 | 551037 |
|  Total Asset-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $9,448,752) |  | 9444785 |
|  Mortgage-Backed Securities - 13.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN32, Class A4<br>2.349%, 04/15/54 | 241000 | 220676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-BN35, Class A5<br>2.285%, 06/15/64 | 250000 | 222009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-BNK45, Class A5<br>5.203%, 02/15/56 | 100000 | 102128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-BNK47, Class A5<br>5.716%, 06/15/57 | 750000 | 795616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-BNK49, Class A5<br>5.623%, 03/15/58<sup>2</sup> | 750000 | 791972 |
| &nbsp;&nbsp;&nbsp;&nbsp; BANK5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR3, Class A3<br>6.724%, 09/15/56<sup>2</sup> | 325000 | 343350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5YR4, Class A3<br>6.500%, 12/15/56 | 497728 | 523749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR10, Class A3<br>5.302%, 10/15/57 | 635000 | 654363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-5YR8, Class A3<br>5.884%, 08/15/57 | 500000 | 523647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-5YR18, Class A3<br>5.145%, 12/15/58 | 500000 | 513956 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Securitized Bond SMA Shares Schedule of Portfolio Investments (continued)

 

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; BBCMS Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C30, Class A5<br>5.532%, 11/15/57 | $750000 | $787754 |
| &nbsp;&nbsp;&nbsp;&nbsp; Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B22, Class A5<br>1.973%, 01/15/54 | 350000 | 307223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-B40, Class A5<br>6.054%, 12/15/56 | 250000 | 270154 |
| &nbsp;&nbsp;&nbsp;&nbsp; BRAVO Residential Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4, Class A1A<br>4.350%, 01/25/60<sup>1,3</sup> | 443001 | 442056 |
| &nbsp;&nbsp;&nbsp;&nbsp; Citigroup Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-J1, Class A1<br>2.500%, 02/25/52<sup>1,2</sup> | 310622 | 289491 |
| &nbsp;&nbsp;&nbsp;&nbsp; COLT Mortgage Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-3, Class A2<br>4.156%, 02/25/67<sup>1,2</sup> | 458385 | 442460 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R01, Class 1A1<br>4.824%, 01/25/45<sup>1,2</sup> | 86175 | 86175 |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut Avenue Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-R06, Class 1A1<br>5.024%, 09/25/44<sup>1,2</sup> | 438461 | 439295 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-HQA3, Class A1<br>5.724%, 11/25/43<sup>1,2</sup> | 417471 | 421254 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A5<br>2.377%, 05/12/53 | 601000 | 552960 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Corp. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ5, Class A6<br>2.500%, 10/25/51<sup>1,2</sup> | 478879 | 449848 |
| &nbsp;&nbsp;&nbsp;&nbsp; GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PJ8, Class A2<br>2.500%, 01/25/52<sup>1,2</sup> | 565750 | 473846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PJ3, Class A7<br>2.500%, 08/25/52<sup>1,2</sup> | 481571 | 458449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-PJ6, Class A3<br>2.500%, 01/25/53<sup>1,2</sup> | 689214 | 575944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-PJ2, Class A4<br>5.500%, 05/25/53<sup>1,2</sup> | 311398 | 314548 |
| &nbsp;&nbsp;&nbsp;&nbsp; JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-4, Class B1<br>3.507%, 06/25/45<sup>1,2</sup> | 429542 | 403013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2, Class B2<br>3.652%, 05/25/47<sup>1,2</sup> | 204966 | 191006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-5, Class B2<br>3.570%, 12/25/50<sup>1,2</sup> | 307994 | 270863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A3A<br>2.000%, 06/25/51<sup>1,2</sup> | 487926 | 390633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3, Class A15<br>2.500%, 07/25/51<sup>1,2</sup> | 436930 | 364030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1, Class A3<br>2.500%, 07/25/52<sup>1,2</sup> | 1148722 | 961426 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A5A<br>2.500%, 08/25/52<sup>1,2</sup> | $500000 | $338017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2, Class A6<br>3.000%, 08/25/52<sup>1,2</sup> | 251836 | 237975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-4, Class A3<br>3.000%, 10/25/52<sup>1,2</sup> | 690465 | 602511 |
| &nbsp;&nbsp;&nbsp;&nbsp; OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-EXP3, Class 1A8<br>3.000%, 01/25/60<sup>1,2</sup> | 358804 | 316040 |
| &nbsp;&nbsp;&nbsp;&nbsp; Sequoia Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1, Class A1<br>2.500%, 03/25/51<sup>1,2</sup> | 663508 | 555325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-S1, Class A4<br>2.500%, 09/25/54<sup>1,2</sup> | 559530 | 498326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-C63, Class A5<br>5.309%, 08/15/57 | 450000 | 465412 |
|  Total Mortgage-Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $16,391,503) |  | 16597500 |
|  U.S. Government and Agency Obligations -76.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae - 30.0% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fannie Mae REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-85, Class GA<br>2.500%, 10/25/45 | 194179 | 183060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-49, Class KA<br>3.000%, 08/25/45 | 149824 | 142524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-33, Class LB<br>3.000%, 05/25/39 | 187075 | 177804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-43, Class CT<br>3.000%, 06/25/48 | 195743 | 176759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-9, Class NA<br>3.000%, 11/25/36 | 390984 | 378142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-75, Class KE<br>4.000%, 07/25/42 | 275000 | 264704 |
| &nbsp;&nbsp;&nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 12/01/35 to 01/01/51 | 3837475 | 2996322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/01/50 to 04/01/52 | 8431836 | 6894425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/47 to 01/01/52 | 6012698 | 5166823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/50 to 06/01/52 | 4505809 | 4078655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/44 | 126820 | 120955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/44 to 06/01/53 | 4714118 | 4485780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 11/01/39 to 08/01/42 | 299251 | 301627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/53 to 02/01/55 | 5056616 | 5073693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/01/54 to 07/01/54 | 3024315 | 3164421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/01/54 to 07/01/54 | 2341948 | 2474920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fannie Mae |  | 36080614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac - 30.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 05/01/51 | 1027672 | 793233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 05/01/51 to 01/01/52 | 1792970 | 1480548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 08/01/52 | 3910686 | 3524975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 06/01/49 | 5476319 | 5197301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/52 to 06/01/54 | 6181173 | 6091759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/53 | 2707832 | 2711163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/54 | 3354609 | 3457912 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Securitized Bond SMA Shares Schedule of Portfolio Investments (continued)

 

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Freddie Mac - 30.2%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Freddie Mac - 30.2%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/01/53 to 12/01/54 | $5129698 | $5364723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/54 | 186413 | 197531 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Multifamily Structured Pass Through Certificates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K1522, Class A2<br>2.361%, 10/25/36 | 1485000 | 1199015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K-159, Class A2<br>4.500%, 07/25/33<sup>2</sup> | 2826000 | 2851651 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac REMICS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 5022, Class MB<br>2.000%, 10/25/40 | 1291512 | 962903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4910, Class LZ<br>3.000%, 09/25/49 | 273226 | 179941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4435, Class ZB<br>3.500%, 02/15/45 | 429658 | 355641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4753, Class LZ<br>3.500%, 02/15/48 | 230780 | 209732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4839, Class HP<br>4.000%, 11/15/48 | 526980 | 497737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4863, Class EZ<br>4.500%, 03/15/49 | 526946 | 517931 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac STACR REMIC Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-DNA3, Class A1<br>4.824%, 09/25/45<sup>1,2</sup> | 536937 | 537081 |
| &nbsp;&nbsp;&nbsp;&nbsp; Freddie Mac Strips |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 268, Class 30<br>3.000%, 08/15/42 | 218591 | 201476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac |  | 36332253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Ginnie Mae - 14.8% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/20/51 | 1049348 | 865361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 09/20/50 | 4259017 | 3679649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/20/53 | 1203725 | 1095349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-18, Class KM<br>3.000%, 02/20/46 | 155226 | 142619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-169, Class Z<br>3.250%, 11/16/43 | 318243 | 286629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/20/46 | 2578368 | 2402147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-38, Class AZ<br>3.500%, 03/20/48 | 296305 | 221130 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; GNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/20/49 | $2737138 | $2785125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/20/55 | 5190755 | 5292716 |
| &nbsp;&nbsp;&nbsp;&nbsp; Government National Mortgage Association |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-4, Class PL<br>2.500%, 09/20/42 | 132000 | 103203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-144, Class ZX<br>3.000%, 01/20/43 | 676733 | 613414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-42, Class ZB<br>3.000%, 03/20/45 | 379771 | 343148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ginnie Mae |  | 17830490 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Obligations - 1.7% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 11/15/39 | 289000 | 285105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 02/15/55 | 530000 | 510519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/45 | 1148300 | 1178802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 1974426 |
|  Total U.S. Government and Agency Obligations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $90,299,277) |  | 92217783 |
|  Short-Term Investments - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements - 1.2% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/31/25, due 01/02/26, 3.350% total to be received $1,444,269 (collateralized by a U.S. Treasury Note, 4.375%, 12/31/29, totaling $1,472,977) | 1444000 | 1444000 |
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies - 0.0%<sup>#</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.71%<sup>4</sup> | 1329 | 1329 |
|  Total Short-Term Investments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,445,329) |  | 1445329 |
|  Total Investments - 99.6% |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $117,584,861) |  | 119705397 |
|  Other Assets, less Liabilities - 0.4% |  | 435171 |
|  Net Assets - 100.0% |  | $120140568 |

---

---

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

---

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2025, the value of these securities amounted to $19,504,397 or 16.2% of net assets. 

<sup>2</sup> Variable rate security. The rate shown is based on the latest available information as of December 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>3</sup> Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

<sup>4</sup> Yield shown represents the December 31, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. 

---

| | |
|:---|:---|
| CLO | Collateralized Loan Obligation |
| FHLMC | Freddie Mac |
| FNMA | Fannie Mae |
| GNMA | Ginnie Mae |
| REMICS | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| STACR | Structured Agency Credit Risk |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMG GW&K Securitized Bond SMA Shares Schedule of Portfolio Investments (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 | Total |
|  Investments in Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | $9444785 |  | $9444785 |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 16597500 |  | 16597500 |
| &nbsp;&nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations<sup>†</sup> |  | 92217783 |  | 92217783 |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1444000 |  | 1444000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other Investment Companies | $1329 |  |  | 1329 |
|  Total Investments in Securities | $1329 | $119704068 |  | $119705397 |

---

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

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

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Assets and Liabilities December 31, 2025

 

---

| | |
|:---|:---|
|  | AMG<br>GW&K Securitized Bond<br>SMA Shares |
| &nbsp;&nbsp; Assets: |  |
| &nbsp;&nbsp; Investments at value<sup>1</sup> | $119705397 |
| &nbsp;&nbsp; Cash | 672 |
| &nbsp;&nbsp; Dividend and interest receivables | 471312 |
| &nbsp;&nbsp; Receivable from Affiliate | 38707 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 13613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets | 120229701 |
| &nbsp;&nbsp; Liabilities: |  |
| &nbsp;&nbsp; Payable for Fund shares repurchased | 14170 |
| &nbsp;&nbsp; Accrued expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 74963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 89133 |
| &nbsp;&nbsp; Commitments and Contingencies (Note 7) | &nbsp;&nbsp; Commitments and Contingencies (Note 7) |
| &nbsp;&nbsp; Net Assets | $120140568 |
| &nbsp;&nbsp; <sup>1</sup> Investments at cost | $117584861 |
|  Net Assets Represent: |  |
| &nbsp;&nbsp; Paid-in capital | $117854272 |
| &nbsp;&nbsp; Total distributable earnings | 2286296 |
| &nbsp;&nbsp; Net Assets | $120140568 |
| &nbsp;&nbsp; Net assets | $120140568 |
| &nbsp;&nbsp; Shares outstanding | 11828034 |
| &nbsp;&nbsp; Net asset value, offering and redemption price per share | $10.16 |

---

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Operations For the period ended December 31, 2025

 

---

| | |
|:---|:---|
|  | AMG<br>GW&K Securitized Bond<br>SMA Shares<sup>1</sup> |
| &nbsp;&nbsp; Investment Income: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income | $10090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | 3408379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income | 3418469 |
| &nbsp;&nbsp; Expenses: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 83390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders | 18370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees | 13157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 12730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees and expenses | 6289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees | 2008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before offsets | 136947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursements | (136774) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses | 173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | 3418296 |
| &nbsp;&nbsp; Net Realized and Unrealized Gain: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 420481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from payment by affiliate | 195248<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 2120536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain | 2736265 |
| &nbsp;&nbsp; Net increase in net assets resulting from operations | $6154561 |

---

<sup>1</sup> Commencement of operations was June 12, 2025.

<sup>2</sup> See Note 2 to the Notes to Financial Statements.

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statement of Changes in Net Assets For the period ended December 31, 2025

 

---

| | |
|:---|:---|
|  | AMG<br>GW&K Securitized Bond<br>SMA Shares |
|  | 2025<sup>1</sup> |
| &nbsp;&nbsp; Increase in Net Assets Resulting From Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $3418296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 615729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | 2120536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in net assets resulting from operations | 6154561 |
| &nbsp;&nbsp; Distributions to Shareholders: | (3805185) |
| &nbsp;&nbsp; Capital Share Transactions:<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase from capital share transactions | 117791192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase in net assets | 120140568 |
| &nbsp;&nbsp; Net Assets: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of period |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of period | $120140568 |

---

<sup>1</sup> Commencement of operations was June 12, 2025.

<sup>2</sup> See Note 1(g) of the Notes to Financial Statements.

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

------

AMG GW&K Securitized Bond SMA Shares Financial Highlights For a share outstanding throughout the fiscal period

 

---

| | |
|:---|:---|
|  | For the fiscal<br> period ended<br> December 31, |
|  | 2025<sup>1</sup> |
| &nbsp;&nbsp; Net Asset Value, Beginning of Period | $10.00 |
| &nbsp;&nbsp; Income from Investment Operations: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>2,3</sup> | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain on investments | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income from investment operations | 0.49 |
| &nbsp;&nbsp; Less Distributions to Shareholders from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.33) |
| &nbsp;&nbsp; Net Asset Value, End of Period | $10.16 |
| &nbsp;&nbsp; Total Return<sup>3,4</sup> | 4.87%<sup>5,6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>7</sup> | 0.00%<sup>8,9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>10</sup> | 0.17%<sup>9,11</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>3</sup> | 2.93%<sup>9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 33%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $120141 |

---

<sup>1</sup> Commencement of operations was on June 12, 2025.

<sup>2</sup> Per share numbers have been calculated using average shares.

<sup>3</sup> Total returns and net investment income would have been lower had certain expenses not been offset. 

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

<sup>5</sup> Includes Net increase from payment by affiliate. Total return would have been 4.66% excluding payment by affiliate. See Note 2 to the Notes to Financial Statements. 

<sup>6</sup> Not annualized.

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

<sup>8</sup> Less than 0.005%. 

<sup>9</sup> Annualized.

<sup>10</sup> Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) 

<sup>11</sup> Ratio does not reflect the annualization of audit fees.

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

------

 <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Notes to Financial Statements December 31, 2025

 
1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the "Trust") is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the "1940 Act"). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report is AMG GW&K Securitized Bond SMA Shares (the "Fund"). The Fund commenced operations on June 12, 2025 and commenced investment operations on June 13, 2025.

The Fund offers a single class of shares for purchase. Shares of the Fund may be purchased only by or on behalf of separately managed account clients where GW&K Investment Management, LLC ("GW&K"), the Fund's subadviser, has an agreement with sponsors of separately managed account programs ("Program Sponsors"), or directly with the client, to provide management or advisory services to the managed account or to the Program Sponsor for its use in managing such account.

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

a. VALUATION OF INVESTMENTS

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are considered comparable in credit rating, interest rate, due date and other features (generally referred to as "matrix pricing") or other similar pricing methodologies. Investments in certain mortgage-backed and stripped mortgage-backed securities, convertible securities, derivatives and other debt securities not traded on an organized securities market are valued on the basis of valuations provided by dealers or by a pricing service which uses information with respect to transactions in such securities and various relationships between such securities and yield to maturity in determining value.

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

The Fund's portfolio investments are generally valued based on independent market quotations or prices or, if none, "evaluative" or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Fund's Board of Trustees (the "Board") designated AMG Funds LLC (the "Investment Manager") as the Fund's Valuation Designee to perform the Fund's fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that

the Board receives the information it needs to oversee the Investment Manager's fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Fund may use the fair value of a portfolio investment to calculate its net asset value ("NAV") in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Fund's valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Fund. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager's process for determining the fair value of the Fund's investments.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund.

Unobservable inputs reflect the Fund's own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default

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

------

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

 
rates) or other market corroborated inputs) (e.g., debt securities, government securities, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund's own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

c. INVESTMENT INCOME AND EXPENSES

Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend income is recorded on the ex-dividend date and other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to the Fund are apportioned among the funds in the Trust and other trusts or funds within the AMG Funds Family of Funds (collectively, the "AMG Funds Family") based upon their relative average net assets or number of shareholders.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income, if any, will normally be declared and paid monthly. Fund distributions resulting from net realized capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences for the Fund are primarily due to equalization utilized. Temporary differences for the Fund are due to wash sale loss deferrals.

The tax character of distributions paid during the fiscal period ended December 31, 2025 was as follows:

---

| | |
|:---|:---|
|  Distributions paid from: | 2025 |
|  Ordinary income \* | $3805185 |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of December 31, 2025, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $173239 |

---

At December 31, 2025, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Cost | Appreciation | Depreciation | Net Appreciation |
| $117592340 | $2173741 | $(60684) | $2113057 |

---

e. FEDERAL TAXES

The Fund intends to qualify 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 as of December 31, 2025, and has concluded that no provision for federal income tax is required in the Fund's financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, based on the Fund's understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2025, the Fund had no capital loss carryovers for federal income tax purposes. Should the Fund incur net capital losses for the fiscal year ended December 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

For the fiscal period ended December 31, 2025, the Fund did not utilize capital loss carryovers.

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;

------

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

 
For the fiscal period ended December 31, 2025, the capital stock transactions for the Fund were as follows:

---

| | | |
|:---|:---|:---|
|  | December 31, 2025<sup>1</sup> | December 31, 2025<sup>1</sup> |
|  | Shares | Amount |
| &nbsp;&nbsp; Shares sold | 12661989 | $126312756 |
| &nbsp;&nbsp; Shares issued in reinvestment of distributions | 370737 | 3756915 |
| &nbsp;&nbsp; Shares redeemed | (1204692) | (12278479) |
| &nbsp;&nbsp; Net increase | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11828034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$117791192 |

---

<sup>1</sup> Commencement of operations was June 12, 2025.

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 December 31, 2025, the market value of repurchase agreements outstanding was $1,444,000.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

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

The Fund does not pay advisory fees to the Investment Manager or GW&K. Shareholders should be aware, however, that the Fund is an integral part of separately managed account programs, and the Investment Manager or GW&K will be compensated directly or indirectly by Program Sponsors or program participants for managed account advisory services.

The Investment Manager has contractually agreed, through at least May 1, 2027, to waive fees and/or pay or reimburse the Fund's expenses in order to limit total

annual operating expenses (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the Fund to the annual rate of 0.00% of the average daily net assets attributable to the Fund. The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the Investment Manager and the Board or in the event of the Fund's liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of the Fund.

For the period ended December 31, 2025, the Investment Manager reimbursed the Fund $136,774.

The Trust, on behalf of the Fund, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Fund's administrator (the "Administrator") and is responsible for certain aspects of managing the Fund's operations, including administration and shareholder services to the Fund. The Fund does not pay administrative fees to the Investment Manager for these services.

The Fund is distributed by AMG Distributors, Inc. (the "Distributor"), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and underwriter for the Fund and is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. ("FINRA"). Shares of the Fund may be purchased only by or on behalf of separately managed account clients where GW&K has an agreement with the Program Sponsor (typically, a registered investment adviser or broker-dealer), or directly with the client, to provide management or advisory services to the managed account. Generally, the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual

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

------

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

 
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 December 31, 2025, the Fund had no interfund loans outstanding. The Fund did not lend during the fiscal period ended December 31, 2025.

The Fund utilized the interfund lending program during the period ended December 31, 2025 as follows:

---

| | | | |
|:---|:---|:---|:---|
| Average<br> Borrowed | Number<br> of Days | Interest<br> Paid | Average<br> Interest Rate |
| &nbsp;&nbsp; $1213263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.200% |

---

During the fiscal period ended December 31, 2025, the Fund incurred a loss of $195,248 due to a trade error. GW&K reimbursed the Fund on July 21, 2025, for the loss, and the reimbursement payment is reflected as "Net increase from payment by affiliate" in the Statement of Operations.

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal period ended December 31, 2025, were $27,111,496 and $1,231,239, respectively.

Purchases and sales of U.S. Government Obligations for the fiscal period ended December 31, 2025 were $127,095,889 and $37,956,148, respectively.

4. PORTFOLIO SECURITIES LOANED

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

exclusively enter into joint repurchase agreements for that cash collateral. Securities collateral is held in separate omnibus accounts managed by BNYM and cannot be sold or pledged. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities as soon as practical, which is normally within three business days.

The Fund did not have any securities on loan at December 31, 2025.

5. SEGMENT REPORTING

The Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in the Fund's prospectus. The Chief Operating Decision Makers ("CODM") are the Fund's president and chief financial officer. The CODM assesses the performance and makes operating decisions for the Fund primarily based on the Fund's changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes the Fund's net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of the Fund. As the Fund's operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as "Total assets" and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market; or (iii) price fluctuations. Please refer to the Fund's current prospectus for additional information about the Fund's principal risks.

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

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

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

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

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

------

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

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

**Floating Rate Instrument Risk:** Changes in interest rates may affect the yield on the Fund's investments in floating rate investments. Floating rate investments may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, a decline in interest rates may result in a reduction in income received from floating rate investments held by the Fund and may adversely affect the value of the Fund's shares.

**Credit and Counterparty Risk:** The issuer of bonds or other debt securities may be unable or unwilling, or may be perceived as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations. Changes in an issuer's financial strength, credit rating or the market's perception of an issuer's creditworthiness may also affect the value of the Fund's investment in that issuer.

**Asset-Backed and Mortgage-Backed Securities Risk:** Investments in asset-backed and mortgage-backed securities involve risk of severe credit downgrades, loss due to prepayments that occur earlier or later than expected, illiquidity and default.

**Collateralized Loan Obligations ("CLO") and Other Collateralized Obligations Risk:** The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.

**Extension Risk:** During periods of rising interest rates, a debtor may pay back a bond or other fixed income security slower than expected or required, and the value of such security may fall.

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

**Inflation/Deflation Risk:** Inflation risk is the risk that the value of assets or income from investments will be worth less in the future. Inflation rates may change frequently and drastically as a result of various factors and the Fund's investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of shareholders' investments in the Fund. As inflation rates increase, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. Deflation risk is the risk that the prices throughout the economy decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio.

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

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

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

**New Fund Risk:** The Fund is a new fund, which may result in additional risk. There can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time. In addition, until the Fund achieves sufficient scale, a Fund shareholder may experience proportionally higher Fund expenses than would be experienced by shareholders of a fund with a larger asset base.

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 expects the risks of loss to be remote.

8. MASTER NETTING AGREEMENTS

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

The following table is a summary of the Fund's open Repurchase Agreements that are subject to a master netting agreement as of December 31, 2025:

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

------

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

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Gross Amount Not Offset in the<br> Statement of Assets and Liabilities | Gross Amount Not Offset in the<br> Statement of Assets and Liabilities | | |
|  | Gross Amounts of<br>Assets Presented in<br>the Statement of<br>Assets and Liabilities | Offset<br> Amount | Net<br> Asset<br> Balance | Collateral<br>Received | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount  |
|  Fixed Income Clearing Corp. | $1444000 |  | $1444000 | $1444000 |  |

---

9. RECENT ACCOUNTING STANDARDS UPDATE

In December 2023, the Financial Accounting Standards Board issued Accounting Standards Update (ASU) 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. The Fund incorporated the provisions of the ASU, and there was no material impact to the Fund's financial statements.

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

10. SUBSEQUENT EVENTS

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

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

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Report of Independent Registered Public Accounting Firm

 
To the Board of Trustees of AMG Funds and Shareholders of AMG GW&K Securitized Bond SMA Shares

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of AMG GW&K Securitized Bond SMA Shares (one of the funds constituting AMG Funds, referred to hereafter as the "Fund") as of December 31, 2025, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period June 12, 2025 (commencement of operations) through December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of December 31, 2025, and the results of its operations, changes in its net assets, and the financial highlights for the period June 12, 2025 (commencement of operations) through December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Boston, Massachusetts

February 26, 2026

We have served as the auditor of one or more investment companies in the AMG Funds Family since 1993.

------

 <br> &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;

TAX INFORMATION

AMG GW&K Securitized Bond SMA Shares hereby designates the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2025 Form 1099-DIV you receive for the Fund will show the tax status of all distributions paid to you during the year.

Pursuant to section 852 of the Internal Revenue Code of 1986, as amended, AMG GW&K Securitized Bond SMA Shares hereby designates $0 as a capital gain distribution with respect to the taxable year ended December 31, 2025, or if subsequently determined to be different, the net capital gains of such fiscal year.

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

During the period ended December 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 period ended December 31, 2025, was $6,289, which is reflected as "Trustee fees and expenses" on the Statement of Operations. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the period ended December 31, 2025.

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

Not applicable.

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

------

![LOGO](g108244dsp001a.jpg)

  

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; INVESTMENT MANAGER AND ADMINISTRATOR<br> AMG Funds LLC<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>DISTRIBUTOR<br> AMG Distributors, Inc.<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>SUBADVISER<br> GW&K Investment Management, LLC<br> 222 Berkeley St.<br> Boston, MA 02116 | CUSTODIAN<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 240 Greenwich Street<br> New York, NY 10286<br>LEGAL COUNSEL<br> Ropes & Gray LLP<br> Prudential Tower, 800 Boylston Street<br> Boston, MA 02199-3600<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 | 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.<br>|

---

 <br> wealth.amg.com

------

#### 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 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

---

| | |
|:---|:---|
| (a)(1) | [Any Code of Ethics or amendments hereto. Filed herewith.](d108244dex99code.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 - Filed herewith.](d108244dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |

---

------

(b) [Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 - Filed herewith.](d108244dex99906cert.htm)

------

#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **AMG FUNDS** | **AMG FUNDS** |
| By: | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne, Principal Executive Officer |
| Date: | March 6, 2026 |

---

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

---

| | |
|:---|:---|
| By: | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne, Principal Executive Officer |
| Date: | March 6, 2026 |
| By: | /s/ Thomas Disbrow |
|  | Thomas Disbrow, Principal Financial Officer |
| Date: | March 6, 2026 |

---

## Ex-99.Code

**AMG FUNDS, AMG FUNDS I, AMG FUNDS III, AMG FUNDS IV AND AMG ETF TRUST** 

**Rule 17j-1 Code of Ethics** 

AMG Funds, AMG Funds I, AMG Funds III, AMG Funds IV and AMG ETF Trust (each a "Trust" and collectively the "Trusts," and each series thereof, a "Fund") each adopt this Code of Ethics (the "Code"), pursuant to Rule 17j-1 under the Investment Company Act of 1940, as amended (the "1940 Act"), with respect to certain types of personal securities transactions and to establish reporting requirements and enforcement procedures with respect to such transactions.

I. <u>DEFINITIONS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. "Access Person" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. "Adviser" shall mean the Funds' investment adviser and any entity that is a subadviser of
any Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. "Adviser's Code of Ethics" shall mean the code of ethics of any Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. "Beneficial ownership" shall be interpreted in the same manner as it would be in determining
whether a person is subject to the provisions of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. "Control" shall have the same meaning as that set forth in Section 2(a)(9) of the 1940 Act.
Generally, it means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. "Covered Security" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act. Generally, it means a "security" as defined in Section 2(a)(36) of the 1940 Act except that it shall not include (i) direct obligations of the government of the United
States, (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements and (iii) shares issued by registered open-end investment companies, other than Reportable Funds (defined below).

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. "Distributor" shall mean the "principal underwriter" for the Funds, as such term is
defined in Section 2(a)(29) of the 1940 Act that is an "affiliated person" (as defined in the 1940 Act) of a Fund or an Adviser, or which has an officer, director or general partner who is also an officer, director or general
partner of a Fund or an Adviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. "Distributor's Code of Ethics" shall mean the code of ethics of the Distributor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. "Initial Public Offering" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. "Independent Trustee" shall be any trustee of a Trust who is not an Interested Person of the
Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. "Interested Person" shall have the same meaning as that set forth in Section 2(a)(19) of
the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. "Investment Personnel" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. "Limited Offering" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. "Purchase" or "Sale" of a security includes, without limitation, the writing of an
option to purchase or sell a security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. "Reportable Fund" shall mean any fund for which AMG Funds LLC acts as investment adviser or for
which an investment adviser that controls, is controlled by or is under common control with AMG Funds LLC serves as the investment adviser or subadviser.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. "Security Held or to be Acquired" shall have the same meaning as that set forth in Rule 17j-1 under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. "Special Access Person" shall mean an Access Person who is neither an Independent Trustee nor an
officer, director or employee of any Adviser or the Distributor.

II. <u>STATEMENT OF GENERAL PRINCIPLES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Persons Subject to the Code</u>. This Code applies to all Access Persons of a Trust, provided, however,
that any Access Person of a Trust who is subject to a code of ethics pursuant to Rule 17j-1 under the 1940 Act adopted by an Adviser or the Distributor shall not be subject to this Code except that any

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

such Access Person's violation of the code of ethics pursuant to Rule 17j-1 to which they are subject shall also constitute a violation of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Fiduciary Obligations</u>. Every person subject to this Code should keep the following general fiduciary
principles in mind in discharging their obligations under the Code. Each such person shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. at all times, place the interests of the Trust(s) for which they are an Access Person before their personal
interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. conduct all personal securities transactions in a manner consistent with this Code, so as to avoid any
actual or potential conflicts of interest, or an abuse of position of trust and responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. not take any inappropriate advantage of their position with or on behalf of any Trust; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. comply at all times with all applicable policies, procedures and laws with respect to the use of material, non-public information and insider trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Prohibited Practices</u>. No person subject to this Code may, in connection with the purchase or sale,
directly or indirectly, by such person of a Security Held or to be Acquired by a Fund:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. employ any device, scheme or artifice to defraud a Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. make any untrue statement of a material fact to a Trust or omit to state a material fact necessary in order
to make the statements made to a Trust, in light of the circumstances under which they are made, not misleading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. engage in any act, practice or course of business that operates or would operate as a fraud or deceit on a
Trust; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. engage in any manipulative practice with respect to a Trust.

III. <u>CODE PROVISIONS APPLICABLE ONLY TO INDEPENDENT TRUSTEES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Each Independent Trustee of a Trust shall file with the Secretary of the Trust a written report containing
the information described in

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

Section III(a)(ii) of this Code with respect to each transaction in any Covered Security in which such Independent Trustee has, or by reason of such transaction acquires, any direct or indirect beneficial ownership, if such Independent Trustee knew, or in the ordinary course of fulfilling their official duties as a trustee of the Trust, should have known that during the 15-day period immediately before or after the Independent Trustee's transaction: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. a Fund purchased or sold such Covered Security, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. a Fund or its Adviser considered purchasing or selling such Covered Security for a Fund;

provided, however, that such Independent Trustee shall not be required to make a report with respect to any transaction effected for any account over which they do not have any direct or indirect influence or control, such as automatic dividend reinvestment accounts, automatic employer-sponsored savings and stock programs, blind trust accounts, or other accounts managed by a third-party manager with discretionary investment authority, which the Independent Trustee cannot control or influence.

Each such report may contain a statement that the report shall not be construed as an admission by the Independent Trustee that he has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Such report shall be made not later than 30 days after the end of each calendar quarter and shall contain
the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the date of each transaction, the title of and the number of shares and the principal amount of each Covered
Security involved, and the interest rate and maturity date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the nature of each transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the price of the Covered Security at which each transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. the name of the broker, dealer or bank with or through whom each transaction was effected; and

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. the date such report is submitted by the Independent Trustee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Review</u>. The Funds' Chief Compliance Officer (the "Fund CCO") shall review or
supervise the review of the personal securities transactions reported pursuant to Section III(a). If the Fund CCO determines that a violation of this Code may have occurred, the Fund CCO shall submit the pertinent information regarding the
transaction to counsel for the Trust. Such counsel shall evaluate whether a material violation of this Code has occurred. Before making any determination that a violation has occurred, such counsel shall give the person involved an opportunity to
supply additional information regarding the transaction in question and shall consult with counsel for the Independent Trustee whose transaction is in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Sanctions</u>. If, after having reviewed pertinent information provided by the Fund CCO or otherwise,
Trust counsel determines that a material violation of this Code has occurred, such counsel shall so advise the Fund CCO. The Fund CCO shall provide a written report of counsel's determination to the applicable Trust's Board of Trustees
(other than the Trustee whose actions are at issue) for such further action and sanctions as the Board of Trustees deems appropriate.

IV. <u>CODE PROVISIONS APPLICABLE ONLY TO SPECIAL ACCESS PERSONS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Reports</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. <u>Initial Report</u>.

Each Special Access Person of a Trust shall file with the Fund CCO or any person or persons designated by the Fund CCO, not later than 10 days after the person becomes a Special Access Person, a written report containing the following information, current as of a date no more than 45 days before the date the person became a Special Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the title of and the number of shares and the principal amount of each Covered Security in which the Special
Access Person had any direct or indirect beneficial ownership when the person became a Special Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the name of any broker, dealer or bank with whom the Special Access Person maintained an account in which *any securities* were held for the direct or indirect benefit of the Special Access Person as of the date that person became a

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

Special Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the date such report is submitted by the Special Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Annual Report</u>.

Annually, each Special Access Person of a Trust shall file with the Fund CCO a written report containing the following information, current as of a date no more than 45 days before the report is submitted:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. the title of and the number of shares and the principal amount of each Covered Security in which the Special
Access Person had any direct or indirect beneficial ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. the name of any broker, dealer or bank with whom the Special Access Person maintained an account in which *any securities* were held for the direct or indirect benefit of the Special Access Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. the date such report is submitted by the Special Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. <u>Quarterly Reports</u>.

Each Special Access Person of a Trust shall file with the Fund CCO, no later than 30 days after the end of each calendar quarter, a written report containing the following information:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to any transaction during the quarter in a Covered Security in which the Special Access Person
had any direct or indirect beneficial ownership:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the date of each transaction, the title of and the number of shares and the principal amount of each Covered
Security involved, and the interest rate and maturity date, as applicable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the nature of each transaction (i.e., purchase, sale or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the price of the Covered Security at which each transaction was effected;

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. the name of the broker, dealer or bank with or through whom each transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. the date such report is submitted by the Special Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. With respect to any account established by the Special Access Person in which a Covered Security was held
during the quarter for the direct or indirect benefit of the Special Access Person:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. the name of the broker, dealer or bank with whom the Special Access Person established the account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. the date the account was established; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. the date such report is submitted by the Special Access Person.

In lieu of such a report the Special Access Person may provide broker trade confirmations or monthly account statements, if such trade confirmations or account statements were received by the Trust within the time period, and contain the information required by Section IV(a)(iii) of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Exceptions and Disclaimers</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. A Special Access Person need not make a report under Section IV(a) with respect to transactions effected
for, and Covered Securities held in, any account over which the person has no direct or indirect influence or control such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. automatic dividend reinvestment accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. automatic employer-sponsored savings and stock programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. blind trust accounts; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. other accounts managed by a third-party manager with discretionary investment authority, which the Special
Access Person cannot control or influence.

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Any report under Section IV(a) will contain a representation by the Special Access Person that they have not
exercised, directly or indirectly, any control or influence with respect to transactions in accounts subject to the reporting exception set forth in Section IV(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any report under Section IV(a) may contain a statement that the report shall not be construed as an
admission by the Special Access Person that he has any direct or indirect beneficial ownership in the Covered Security to which the report relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Review</u>. The Fund CCO shall review or supervise the review of the personal securities transactions
reported to the Fund CCO pursuant to Section IV(a). If the Fund CCO determines that a Special Access Person of a Trust may have violated this Code, the Fund CCO shall submit the pertinent information regarding the transaction to counsel for the
Trust. Such counsel shall evaluate whether a material violation of this Code has occurred. Before making any determination that a violation has occurred, such counsel shall give the Special Access Person involved an opportunity to supply additional
information regarding the transaction in question and shall consult with counsel for the Special Access Person whose transaction is in question.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Sanctions</u>. If, after having reviewed pertinent information provided by the Fund CCO or otherwise
Trust counsel determines that a material violation of this Code has occurred, such counsel shall so advise the Fund CCO. The Fund CCO shall provide a written report of counsel's determination to the applicable Trust's Board of Trustees
(other than any Trustee whose actions are at issue) for such further action and sanctions as the Board of Trustees deems appropriate.

V. <u>NOTICE TO ACCESS PERSONS</u> 

The Fund CCO shall notify each Access Person who may be required to make reports pursuant to this Code that such person is subject to this reporting requirement and shall deliver a copy of this Code to each such person.

VI. <u>REVIEW BY THE BOARD OF TRUSTEES</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Approval of Codes of Ethics and material amendments or revisions thereto</u>. The Boards of Trustees,
including a majority of the Independent Trustees, of the Trusts must approve a material change to this Code, and the Board of

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

Trustees, including a majority of the Independent Trustees, of the applicable Trust(s) must approve a material change to an Adviser's Code of Ethics or the Distributor's Code of Ethics, in each case, no later than six (6) months after adoption of such material change. In addition, no Adviser or Distributor may be appointed unless and until the code of ethics of that entity has been approved by the Board(s) of Trustees, including a majority of the Independent Trustees, of the applicable Trust(s). Before approving a code of ethics or any material amendment to such code of ethics pursuant to this Section VI(a), the Board of Trustees of the applicable Trust(s) must receive a certification from the entity that adopted the code of ethics or amendment that it has adopted procedures reasonably necessary to prevent its personnel who are Access Persons from violating its code of ethics. <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Annual Written Reports</u>. No less frequently than annually, the Fund CCO shall provide a written report
to the Boards of Trustees of the Trusts with respect to this Code, and shall request from each Adviser and the Distributor a written report regarding their respective Codes addressed to the applicable Board(s) of Trustees of the Trust(s). Each
report shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. describe any issues arising under the applicable code of ethics or procedures since the last report to the
Board(s) of Trustees, including, but not limited to, information about material violations of the applicable code of ethics and sanctions imposed in response to such material violation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. certify that the reporting entity or entities have adopted procedures reasonably necessary to prevent their
personnel who are Access Persons from violating their code of ethics.

VII. <u>MISCELLANEOUS PROVISIONS</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Initial Public Offerings and Limited Offerings</u> <sup>1</sup>.
Investment Personnel of a Fund or its Adviser may not directly or indirectly acquire beneficial ownership in any securities in an Initial Public Offering. Investment Personnel may not acquire or sell securities in a Limited Offering without prior
approval from AMG Funds LLC Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Records</u>. The Trusts shall maintain this Code and all related records and reports in the manner and to
the extent required by Rule 17j-1 under the 1940 Act. The Trusts have adopted a Books and Records Retention Policy and Procedures that sets forth the manner in which such records will be kept.

<sup>1</sup> **Limited offering** means a securities offering that is exempt from registration under the Securities Act of 1933, pursuant to Section 4(a)(2) or Section 4(a)(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933. 

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Interpretation of Provisions</u>. This Code shall be maintained and interpreted in accordance with Rule 17j-1 under the 1940 Act.

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2025

## Ex-99.Cert

**Certification Filed as Exhibit 19(a)(3) to Form N-CSR** 

I, Keitha L. Kinne, certify that:

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

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

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

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

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

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

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

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

------

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: March 6, 2026 | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne, Principal Executive Officer |

---

------

**Certification Filed as Exhibit 19(a)(3) to Form N-CSR** 

I, Thomas Disbrow, certify that:

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

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

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

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

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

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

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

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

------

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: March 6, 2026 | /s/ Thomas Disbrow |
|  | Thomas Disbrow, Principal Financial Officer |

---

## Exhibit 99.906

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

---

| | |
|:---|:---|
| **Name of Issuer:** | **AMG FUNDS:** AMG GW&K MUNICIPAL BOND FUND, AMG GW&K MUNICIPAL ENHANCED YIELD FUND, AMG GW&K SMALL CAP CORE FUND, AMG GW&K SMALL CAP VALUE FUND, AMG GW&K SMALL/MID CAP CORE FUND, AMG GW&K MUNICIPAL ENHANCED SMA SHARES, AMG GW&K SECURITIZED BOND SMA SHARES, AMG RENAISSANCE LARGE CAP GROWTH FUND, AMG TIMESSQUARE SMALL CAP GROWTH FUND, AMG TIMESSQUARE MID CAP GROWTH FUND, AMG TIMESSQUARE INTERNATIONAL SMALL CAP FUND, AMG YACKTMAN FUND, AMG YACKTMAN FOCUSED FUND, AMG YACKTMAN SPECIAL OPPORTUNITIES FUND, AMG YACKTMAN GLOBAL FUND  |

---

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.

---

| | |
|:---|:---|
| Dated: March 6, 2026 | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne |
|  | Principal Executive Officer |

---

------

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

---

| | |
|:---|:---|
| **Name of Issuer:** | **AMG FUNDS:** AMG GW&K MUNICIPAL BOND FUND, AMG GW&K MUNICIPAL ENHANCED YIELD FUND, AMG GW&K SMALL CAP CORE FUND, AMG GW&K SMALL CAP VALUE FUND, AMG GW&K SMALL/MID CAP CORE FUND, AMG GW&K MUNICIPAL ENHANCED SMA SHARES, AMG GW&K SECURITIZED BOND SMA SHARES, AMG RENAISSANCE LARGE CAP GROWTH FUND, AMG TIMESSQUARE SMALL CAP GROWTH FUND, AMG TIMESSQUARE MID CAP GROWTH FUND, AMG TIMESSQUARE INTERNATIONAL SMALL CAP FUND, AMG YACKTMAN FUND, AMG YACKTMAN FOCUSED FUND, AMG YACKTMAN SPECIAL OPPORTUNITIES FUND, AMG YACKTMAN GLOBAL FUND  |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the issuer.

---

| | |
|:---|:---|
| Dated: March 6, 2026 | /s/ Thomas Disbrow |
|  | Thomas Disbrow |
|  | Principal Financial Officer |

---