# EDGAR Filing Document

**Accession Number:** 0000879947
**File Stem:** 0001193125-23-061363
**Filing Date:** 2023-3
**Character Count:** 686408
**Document Hash:** dda8584c3d2ab3f10eb8bd7ae14bcb09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-061363.hdr.sgml**: 20230306

**ACCESSION NUMBER**: 0001193125-23-061363

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230306

**DATE AS OF CHANGE**: 20230306

**EFFECTIVENESS DATE**: 20230306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG Funds II
- **CENTRAL INDEX KEY:** 0000879947
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-06431
- **FILM NUMBER:** 23708886

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

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

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SMITH BREEDEN U S GOVERNMENT SERIES FUND
- **DATE OF NAME CHANGE:** 19600201

## Series and Classes Contracts Data

### AMG GW&K Enhanced Core Bond ESG Fund (Series ID: S000009899)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027393 | Class N      | MFDAX           |
| C000027396 | Class Z      | MFDYX           |
| C000121207 | Class I      | MFDSX           |

### AMG GW&K Global Allocation Fund (Series ID: S000009901)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000027401 | Class N      | MBEAX           |
| C000027404 | Class Z      | MBEYX           |
| C000121208 | Class I      | MBESX           |

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM N-CSR** 

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**CERTIFIED SHAREHOLDER REPORT OF** 

**REGISTERED MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-06431** 

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

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**680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901** 

**(Address of principal executive offices) (Zip code)** 

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**AMG Funds LLC** 

**680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901** 

**(Name and address of agent for service)** 

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**Registrant's telephone number, including area code: (203) 299-3500** 

**Date of fiscal year end: DECEMBER 31** 

**Date of reporting period: JANUARY 1, 2022 – DECEMBER 31, 2022** 

**(Annual Shareholder Report)** 

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**Item 1.** **Reports to Shareholders** <br>

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| | |
|:---|:---|
| ![LOGO](g456195amglogo.jpg) | ANNUAL REPORT |

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|:---|
| **AMG Funds**<br>December 31, 2022 |
| <br> ![LOGO](g456195gwklogo.jpg)  |
| **AMG GW&K ESG Bond Fund** |
| Class N: **MGFIX** \| Class I: **MGBIX** |
| **AMG GW&K Enhanced Core Bond ESG Fund** |
| Class N: **MFDAX** \| Class I: **MFDSX \|** Class Z: **MFDYX** |
| **AMG GW&K High Income Fund** |
| Class N: **MGGBX \|** Class I: **GWHIX** |
| **AMG GW&K Municipal Bond Fund** |
| Class N: **GWMTX \|** Class I: **GWMIX** |
| **AMG GW&K Municipal Enhanced Yield Fund** |
| Class N: **GWMNX \|** Class I: **GWMEX \|** Class Z: **GWMZX** |

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amgfunds.com 123122 AR088

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AMG Funds Annual Report — December 31, 2022

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| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
| **[LETTER TO SHAREHOLDERS](#tx1456195_1)** | 2 |
| **[ABOUT YOUR FUND'S EXPENSES](#tx1456195_2)** | 3 |
| **PORTFOLIO MANAGER'S COMMENTS, FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K ESG Bond Fund](#tx1456195_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Enhanced Core Bond ESG Fund](#tx1456195_4) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K High Income Fund](#tx1456195_5) | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Municipal Bond Fund](#tx1456195_6) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Municipal Enhanced Yield Fund](#tx1456195_7) | 40 |
| **FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#tx1456195_8) | 48 |
| &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](#tx1456195_9) | 50 |
| &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](#tx1456195_10) | 51 |
| &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](#tx1456195_11) | 53 |
| &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](#tx1456195_12) | 65 |
| &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](#tx1456195_13)** | 74 |
| **[OTHER INFORMATION](#tx1456195_14)** | 75 |
| **[TRUSTEES AND OFFICERS](#tx1456195_15)** | 76 |
| &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. |

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|:---|:---|
| ![LOGO](g456195amglogo.jpg) | Letter to Shareholders |

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**Dear Shareholder:** 

We are pleased to provide this annual report for your investment with AMG Funds. Our foremost goal is to provide investment solutions that help our shareholders successfully achieve their long-term investment goals. We appreciate the privilege of providing you with investment tools.

The past year was a challenging period for investors, as uncertainties about high inflation, tighter financial conditions, and the Russian invasion of Ukraine led to significant volatility. Global equity and bond markets fell in tandem amid sharply higher interest rates and eroding investor confidence as worries of an impending recession lingered most of the year. A global commodity shock caused by the war in Ukraine only made matters worse. The S&P 500<sup>®</sup> Index slipped into a bear market with the Index falling more than (24)% from its peak earlier in the year. The abrupt shift in markets this year has reset expectations around future growth, as the U.S. Federal Reserve (the Fed) and other global central banks have taken aggressive policy action to bring down inflation. While the outlook is uncertain given recent negative returns across many asset classes, global stock and bond valuations are now far more attractive entering 2023 compared to a year ago.

There was very wide dispersion in S&P 500<sup>®</sup> Index sector performance. Energy significantly outperformed all other sectors with a gain of 65.72% as the price of oil surged during the period. The defensive-oriented sectors also outperformed, although utilities was the only other sector with a positive return, gaining 1.54%. Consumer staples and health care were slightly negative with returns of (0.62)% and (1.95)%, respectively. High-growth technology and mega cap internet-related companies underperformed during the period, and real estate was impacted by higher interest rates. Communications services fell the most with a (39.93)% return during the year, followed by declines of (37.03)% for consumer discretionary, (28.14)% for information technology and (26.13)% for real estate. Value stocks held up much better than growth stocks as the Russell 1000<sup>®</sup> Value Index returned (7.54)% compared to the (29.14)% return for the Russell 1000<sup>®</sup> Growth Index. Small cap stocks struggled as the Russell 2000<sup>®</sup> Index lost (20.44)%. Outside the U.S., foreign developed markets were negative with a (14.45)% return for the MSCI EAFE Index, however a very strong fourth quarter rally drove international equity returns ahead of their U.S. counterparts for the year.

The 10-year Treasury yield more than doubled during the year, surging to the highest levels since before the Great Financial Crisis. Rapidly rising rates from a very low base led to historic negative performance for bonds as the Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond market performance, lost (13.01)% over the period. Investment-grade corporate bonds underperformed, returning (15.76)% for the year. High yield bonds held up better with a (11.19)% return as measured by the return of the Bloomberg U.S. Corporate High Yield Bond

Index. Municipal bonds were also negative, but outperformed the broader market with a (8.53)% return for the Bloomberg Municipal Bond Index.

AMG Funds provides access to a distinctive array of actively managed return-oriented investment strategies. You can rest assured that under all market conditions our team is focused on delivering excellent investment management services for your benefit. For more information about AMG Funds' wide range of products and resources, please visit www.amgfunds.com. We thank you for your investment and continued trust in AMG Funds.

Respectfully,

![LOGO](g456195dsp027.jpg)

Keitha Kinne

President

AMG Funds

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|:---|:---|:---|:---|:---|
|  |  | **Periods ended** | **Periods ended** | **Periods ended** |
| **Average Annual Total Returns** | **Average Annual Total Returns** | **December 31, 2022\*** | **December 31, 2022\*** | **December 31, 2022\*** |
| **Stocks:** | | **1 Year** | **3 Years** | **5 Years** |
|  Large Cap | (S&P 500<sup>®</sup> Index) | (18.11)% | 7.66% | 9.42% |
|  Small Cap | (Russell 2000<sup>®</sup> Index) | (20.44)% | 3.10% | 4.13% |
|  International | (MSCI ACWI ex USA) | (16.00)% | 0.07% | 0.88% |
|  **Bonds:** |  |  |  |  |
|  Investment Grade | (Bloomberg U.S. Aggregate Bond Index) | (13.01)% | (2.71)% | 0.02% |
|  High Yield | (Bloomberg U.S. Corporate High Yield Bond Index) | (11.19)% | 0.05% | 2.31% |
|  Tax-exempt | (Bloomberg Municipal Bond Index) | (8.53)% | (0.77)% | 1.25% |
|  Treasury Bills | (ICE BofAML U.S. 6-Month Treasury Bill Index) | 1.34% | 0.82% | 1.39% |

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\*Source: FactSet. Past performance is no guarantee of future results.

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<br>About Your Fund's Expenses<br>

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|:---|:---|:---|
| As a shareholder of a Fund, you may incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on $1,000 invested at the beginning of the period and held for the entire period as indicated below.<br>**ACTUAL EXPENSES**<br>The first line of the following table provides information about the actual account values and | actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.<br>**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES**<br>The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's | actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.<br>Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022** | **Expense<br>Ratio for<br>the Period** | **Beginning<br>Account<br>Value<br>07/01/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>the Period\*** |
| &nbsp;&nbsp; **AMG GW&K ESG Bond Fund** | &nbsp;&nbsp; **AMG GW&K ESG Bond Fund** | &nbsp;&nbsp; **AMG GW&K ESG Bond Fund** | &nbsp;&nbsp; **AMG GW&K ESG Bond Fund** | &nbsp;&nbsp; **AMG GW&K ESG Bond Fund** |
| &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** |
| &nbsp;&nbsp; Class N | 0.68% | $1000 | $981 | $3.40 |
| &nbsp;&nbsp; Class I | 0.48% | $1000 | $982 | $2.40 |
| &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** |
| &nbsp;&nbsp; Class N | 0.68% | $1000 | $1022 | $3.47 |
| &nbsp;&nbsp; Class I | 0.48% | $1000 | $1023 | $2.45 |
| &nbsp;&nbsp; **AMG GW&K Enhanced Core Bond ESG Fund** | &nbsp;&nbsp; **AMG GW&K Enhanced Core Bond ESG Fund** | &nbsp;&nbsp; **AMG GW&K Enhanced Core Bond ESG Fund** | &nbsp;&nbsp; **AMG GW&K Enhanced Core Bond ESG Fund** | &nbsp;&nbsp; **AMG GW&K Enhanced Core Bond ESG Fund** |
| &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** |
| &nbsp;&nbsp; Class N | 0.73% | $1000 | $971 | $3.63 |
| &nbsp;&nbsp; Class I | 0.56% | $1000 | $970 | $2.78 |
| &nbsp;&nbsp; Class Z | 0.48% | $1000 | $972 | $2.39 |
| &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** |
| &nbsp;&nbsp; Class N | 0.73% | $1000 | $1022 | $3.72 |
| &nbsp;&nbsp; Class I | 0.56% | $1000 | $1022 | $2.85 |
| &nbsp;&nbsp; Class Z | 0.48% | $1000 | $1023 | $2.45 |
| &nbsp;&nbsp; **AMG GW&K High Income Fund** | &nbsp;&nbsp; **AMG GW&K High Income Fund** | &nbsp;&nbsp; **AMG GW&K High Income Fund** | &nbsp;&nbsp; **AMG GW&K High Income Fund** | &nbsp;&nbsp; **AMG GW&K High Income Fund** |
| &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** |
| &nbsp;&nbsp; Class N | 0.87% | $1000 | $1040 | $4.47 |
| &nbsp;&nbsp; Class I | 0.67% | $1000 | $1041 | $3.45 |
| &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** |
| &nbsp;&nbsp; Class N | 0.87% | $1000 | $1021 | $4.43 |
| &nbsp;&nbsp; Class I | 0.67% | $1000 | $1022 | $3.41 |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022** | **Expense<br>Ratio for<br>the Period** | **Beginning<br>Account<br>Value<br>07/01/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>the Period\*** |
| &nbsp;&nbsp; **AMG GW&K Municipal Bond Fund** | &nbsp;&nbsp; **AMG GW&K Municipal Bond Fund** | &nbsp;&nbsp; **AMG GW&K Municipal Bond Fund** | &nbsp;&nbsp; **AMG GW&K Municipal Bond Fund** | &nbsp;&nbsp; **AMG GW&K Municipal Bond Fund** |
| &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** |
| &nbsp;&nbsp; Class N | 0.73% | $1000 | $1016 | $3.71 |
| &nbsp;&nbsp; Class I | 0.39% | $1000 | $1019 | $1.98 |
| &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** |
| &nbsp;&nbsp; Class N | 0.73% | $1000 | $1022 | $3.72 |
| &nbsp;&nbsp; Class I | 0.39% | $1000 | $1023 | $1.99 |
| &nbsp;&nbsp; **AMG GW&K Municipal Enhanced Yield Fund** | &nbsp;&nbsp; **AMG GW&K Municipal Enhanced Yield Fund** | &nbsp;&nbsp; **AMG GW&K Municipal Enhanced Yield Fund** | &nbsp;&nbsp; **AMG GW&K Municipal Enhanced Yield Fund** | &nbsp;&nbsp; **AMG GW&K Municipal Enhanced Yield Fund** |
| &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** |
| &nbsp;&nbsp; Class N | 0.99% | $1000 | $984 | $4.95 |
| &nbsp;&nbsp; Class I | 0.64% | $1000 | $985 | $3.20 |
| &nbsp;&nbsp; Class Z | 0.59% | $1000 | $985 | $2.95 |
| &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** |
| &nbsp;&nbsp; Class N | 0.99% | $1000 | $1020 | $5.04 |
| &nbsp;&nbsp; Class I | 0.64% | $1000 | $1022 | $3.26 |
| &nbsp;&nbsp; Class Z | 0.59% | $1000 | $1022 | $3.01 |

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\* Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365.

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<br> AMG GW&K ESG Bond Fund<br>Portfolio Manager's Comments *(unaudited)*<br>

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|:---|:---|:---|
| **THE YEAR IN REVIEW**<br>AMG GW&K ESG Bond Fund Class N (the "Fund") shares returned (13.17)% for the year ended December 31, 2022, compared with the (13.01)% return for its current benchmark, the Bloomberg U.S. Aggregate Bond Index (the "Index").<br>**MARKET OVERVIEW**<br>In the first quarter of 2022, fixed income markets experienced their worst quarter in more than four decades amid an extraordinary confluence of economic and geopolitical shocks. Core inflation jumped to 5.4%, its highest level since 1983, on a broad-based rise in consumer prices. The U.S. Federal Reserve (the Fed) responded in kind, intensifying its hawkish rhetoric and laying out an aggressive course of hikes to bring inflation back to target. And in addition to exacting a tragic human toll, Russia's invasion of Ukraine exacerbated already strained supply chains and commodity markets, threatening acute and prolonged shortages of materials vital to the basic functioning of the global economy. But for all this uncertainty and turmoil, there was a notable divergence between the performance of rates and credit; the former extended a historically severe downdraft, while the latter continued to enjoy a remarkably benign trading environment. How this disconnect eventually would resolve itself was a central question before investors, though policy uncertainty and heightened tensions seemed unlikely to subside anytime soon.<br>More volatility followed in the second quarter, as bonds traded in a wide range and struggled to commit to a consistent narrative. The central question revolved around how persistent inflation would be and what policy measures would be necessary to quell it. A natural deceleration would allow the Fed to pursue less aggressive policy and possibly achieve a soft landing; more recalcitrant price pressure would require the Fed to mount a harsher response and invite a potential recession. The implications of these two different paths were at odds, leading to a broad lack of conviction with no clear market direction. Similarly, puzzling was a consumer with a strong proclivity to spend but a deeply pessimistic outlook and a corporate sector earning solid profits but starting to announce layoffs. Additionally, China offered a potential bright spot as it emerged from recent shutdowns, but the Ukraine conflict lingered as a major threat to global energy and commodity markets. An imminent resolution to any of these tensions seemed unlikely, so disciplined risk management and careful analysis of relative value were of particular importance for the months ahead.<br>| Fixed income markets were under extraordinary pressure in the third quarter as investors continued to adapt to restrictive monetary policy after more than a decade of accommodation. Stubbornly rising prices, hawkish central banks, and various geopolitical forces combined to tighten financial conditions and raise the cost of borrowing around the world. Defying expectations that it had peaked, inflation remained elevated and manifested across a broader and more entrenched collection of goods and services. The Fed also confounded expectations, projecting a more cautious outlook and a more aggressive path of hikes than most economists had anticipated. International pressures escalated as well, as currency market dislocations, political leadership changes in Europe and Asia, and multiple energy crises collectively drove a heightened sense of uncertainty. The variety and momentum of these forces suggested no near-term end to volatility, especially against a backdrop of increasingly expensive capital.<br>Bonds rebounded in the fourth quarter amid growing confidence that central banks have succeeded in slowing inflation and will soon be able to pursue less restrictive policy. This modest rally nevertheless ended up being too little, too late to help the bond market avoid its worst annual performance on record and an unprecedented second consecutive year of losses. Sentiment among both investors and consumers may have reached an inflection point, but data continue to justify some measure of caution: inflation is still stubbornly above the Fed's target, the labor market shows few signs of loosening and corporations have yet to see a meaningful deterioration in earnings. Only the rate-sensitive housing market really stands out as a casualty of the Fed's tightening campaign to this point. Whether the end of the cycle is imminent is likely to remain an open question, especially as investors await the realization of the "long and variable lag" that has yet to be fully reflected across so many segments of the economy.<br>**FUND REVIEW**<br>The Fund slightly underperformed the Index during the fiscal year. Yield curve positioning was a relative positive, given the Fund's shorter relative duration in a period of rising rates. Our overweight allocation to corporates had a negative impact to performance amid the heightened spread volatility. Our preference for lower-rated securities within the investment grade corporate space also had a negative effect. On | the positive side, being slightly underweight mortgage-backed securities (MBS) within Securitized and our bias to higher coupon mortgages were helpful to relative performance. Our out-of-benchmark allocation to high yield had little incremental impact on relative performance.<br>ESG (Environmental, Social, and Governance) remained an important area of focus for the corporate bond market in what could be viewed as a transition year in 2022. A growing list of companies have moved beyond publishing sustainability reports to set emissions reduction and net zero targets over the past year. Investors shook off an overall difficult market environment, from geopolitical turmoil to interest rate volatility, to demonstrate continued strong interest in ESG. This was also a landmark year for global sustainability regulation, with regulators across Europe, North America, and Asia introducing new rules and proposals related to reporting for both corporations and investors. In the U.S., the Inflation Reduction Act is poised to provide policy support for many companies of interest to ESG investors. We continue to integrate ESG as a core part of our fundamental investment process, while monitoring regulatory and policy actions that could influence the ESG investing landscape in the coming years.<br>**OUTLOOK**<br>The disconnect between the Fed's projections and market pricing has widened following the most recent Summary of Economic Projections (SEP). The median estimate of Federal Open Market Committee (FOMC) participants for the overnight rate at the end of 2023 is 5.125%, up from 4.625% in September; the Fed Funds futures market sees a terminal rate of nearly 5.0% in June of 2023, and then two cuts by year end. There has also been a small but not insignificant chorus of economists calling for the FOMC to raise its target inflation to 3.0% from 2.0%, prompting objections that this would undermine the Fed's hard-earned credibility. These are just two sources of tension in the rates market, and their resolution could have significant implications for both the level and the shape of the yield curve. We don't believe investors are being sufficiently compensated for these risks, so duration and curve positioning is positioned relatively neutral to the benchmark.<br>Our fundamental view of credit is broadly constructive, and we believe balance sheets in general are sound and liquidity is sufficient. But we recognize the potential for macroeconomic forces to |

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<br> AMG GW&K ESG Bond Fund<br>Portfolio Manager's Comments *(continued)*<br>

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| | | |
|:---|:---|:---|
| alter this landscape and we don't believe all these risks are adequately reflected in valuations. Consequently, our allocation to corporate credit is at the lower end of its historical range. Within the space, we see the best value at the front end, where higher quality credits in less rate-sensitive sectors offer attractive yields and compelling breakevens. | We have also been able to identify names that we believe can improve their credit profiles independently of a challenging macro backdrop. Our exposure to mortgages is neutral, as we believe the benefits of lower originations and potentially lower rate volatility are offset by event risks surrounding quantitative tightening and middling spread levels. | *The views expressed represent the opinions of GW&K Investment Management, LLC as of December 31, 2022, and are not intended as a forecast or guarantee of future results, and are subject to change without notice.* |

---

------

<br> AMG GW&K ESG Bond Fund<br>Portfolio Manager's Comments *(continued)*<br>

**CUMULATIVE TOTAL RETURN PERFORMANCE** 

AMG GW&K ESG Bond Fund's cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K ESG Bond Fund's Class N shares on December 31, 2012, to a $10,000 investment made in the Bloomberg U.S. Aggregate Bond Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

![LOGO](g456195dsp031.jpg)

The table below shows the average annual total returns for the AMG GW&K ESG Bond Fund and the Bloomberg U.S. Aggregate Bond Index for the same time periods ended December 31, 2022.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **One** | **Five** | **Ten** | **Since** | **Inception** |  |
| **Average Annual Total Returns<sup>1</sup>** | **Year** | **Years** | **Years** | **Inception** | **Date** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K ESG Bond Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8, 9, 10, 11, 12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K ESG Bond Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8, 9, 10, 11, 12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K ESG Bond Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8, 9, 10, 11, 12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K ESG Bond Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8, 9, 10, 11, 12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K ESG Bond Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8, 9, 10, 11, 12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K ESG Bond Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8, 9, 10, 11, 12</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (13.17%) | 0.07% | 1.66% | 7.11% | 06/01/84 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (12.99%) | 0.26% |  | 1.68% | 04/01/13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index<sup>13</sup> | (13.01%) | 0.02% | 1.06% | 6.40% | 06/01/84 | <sup>†</sup> |

---

*The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.* 

------

*Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.* 

Distributed by AMG Distributors, Inc., member FINRA/SIPC.

† Date reflects inception date of the Fund, not the index.

<sup>1</sup> Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2022. All returns are in U.S. Dollars($). 

&nbsp;&nbsp;&nbsp; <sup>2</sup> As of March 19, 2021, the Fund's subadvisor was changed to GW&K Investment Management, LLC. Prior to March 19, 2021, the Fund was known as the AMG Managers Loomis Sayles Bond Fund and had different principal investment strategies and corresponding risks. Performance shown for periods prior to March 19, 2021, reflects the performance and investment strategies of the Fund's previous subadvisor, Loomis, Sayles & Company, L.P. The Fund's past performance would have been different if the Fund were managed by the current subadvisor and strategy, and the Fund's prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.<br><sup>3</sup> From time to time, the Fund's investment manager has waived fees and/or absorbed Fund expenses, which has resulted in higher returns.<br><sup>4</sup> The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor's ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.<br><sup>5</sup> To the extent that the Fund invests in asset-backed or mortgage-backed securities, its exposure to prepayment and extension risks may be greater than investments in other fixed income securities.<br><sup>6</sup> High-yield bonds (also known as "junk bonds") may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. The issuers of the Fund's holdings may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers.<br><sup>7</sup> Obligations of certain government agencies are not backed by the full faith and credit of the U.S. government. If one of these agencies defaulted on a loan, there is no guarantee that the U.S. government would provide financial support. Additionally, debt securities of the U.S. government may be affected by changing interest rates and subject to prepayment risk.<br><sup>8</sup> Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.<br><sup>9</sup> Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in<br>

------

<br> AMG GW&K ESG Bond Fund<br>Portfolio Manager's Comments *(continued)*<br>

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp; significant market fluctuations. These risks are magnified in emerging markets.<br><sup>10</sup> Applying the Fund's ESG investment criteria may result in the selection or exclusion of securities of certain issuers for reasons other than performance, and the Fund may underperform funds that do not utilize an ESG investment strategy. The application of his strategy may affect the Fund's exposure to certain companies, sectors, regions, countries or types of investments, which could negatively impact the Fund's performance depending on whether such investments are in or out of favor. Applying ESG criteria to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by the subadviser or any judgment exercised by the | &nbsp;&nbsp;&nbsp;&nbsp; subadviser will reflect the beliefs or values of any particular investor.<br><sup>11</sup> Because exchange-traded funds (ETFs) incur their own costs, investing in them could result in a higher cost to the investor. Additionally, the fund will be indirectly exposed to all the risks of securities held by the ETFs.<br><sup>12</sup> Factors unique to the municipal bond market may negatively affect the value in municipal bonds.<br><sup>13</sup> The Bloomberg U.S. Aggregate Bond Index an index of the U.S. investment-grade fixed-rate bond market, including both government and corporate bonds. Unlike the Fund, the Bloomberg U.S. Aggregate Bond Index is unmanaged, is not available for investment and does not incur expenses. | "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.<br>Not FDIC insured, nor bank guaranteed. May lose value.<br>|

---

------

AMG GW&K ESG Bond Fund<br>Fund Snapshots *(unaudited)*<br> December 31, 2022<br>

**PORTFOLIO BREAKDOWN** 

---

| | |
|:---|:---|
| **Category** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | 51.4 |
| &nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations | 40.5 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;5.9 |
| &nbsp;&nbsp;&nbsp; Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;&nbsp; Other Assets, less Liabilities | (0.8) |

---

---

| | |
|:---|:---|
| **Rating** | **% of Market Value<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations | 41.0 |
| &nbsp;&nbsp;&nbsp; Aaa/AAA | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp; Aa/AA | &nbsp;&nbsp;&nbsp;&nbsp;8.6 |
| &nbsp;&nbsp;&nbsp; A | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;&nbsp; Baa/BBB | 23.7 |
| &nbsp;&nbsp;&nbsp; Ba/BB | 16.4 |
| &nbsp;&nbsp;&nbsp; B | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |

---

<sup>1</sup> Includes market value of long-term fixed-income securities only.

**TOP TEN HOLDINGS** 

---

| | |
|:---|:---|
| **Security Name** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, 2.250%, 05/15/41 | 3.0 |
| &nbsp;&nbsp;&nbsp; FHLMC, 3.000%, 04/01/51 | 3.0 |
| &nbsp;&nbsp;&nbsp; FNMA, 3.500%, 02/01/35 | 2.2 |
| &nbsp;&nbsp;&nbsp; FNMA, 3.500%, 08/01/49 | 2.1 |
| &nbsp;&nbsp;&nbsp; FNMA, 2.000%, 04/01/51 | 2.1 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, 1.875%, 02/15/51 | 2.1 |
| &nbsp;&nbsp;&nbsp; FNMA, 3.500%, 02/01/47 | 2.0 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, 3.125%, 05/15/48 | 1.9 |
| &nbsp;&nbsp;&nbsp; FHLMC, 3.500%, 02/01/50 | 1.8 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, 5.000%, 05/15/37 | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Top Ten as a Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.0 |

---

Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor's ("S&P"), Moody's Investors Service, Inc. ("Moody's") or Fitch. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB- or higher. Below investment grade ratings are credit ratings of BB+ or lower. Investments designated N/R are not rated by any of the rating agencies. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Because a fund's strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund's prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund's portfolio of investments by the time you receive this report.

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AMG GW&K ESG Bond Fund<br>Schedule of Portfolio Investments<br> December 31, 2022<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **Corporate Bonds and Notes - 51.4%** | **Corporate Bonds and Notes - 51.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 12.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 12.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.650%, 10/29/24 | $5450000 | $5027082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aircastle, Ltd. (Bermuda) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 08/11/25<sup>1</sup> | 2282000 | 2194686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.550% to 09/15/26 then U.S. Treasury Yield Curve CMT 5 year + 2.854%), 3.550%, 09/15/26<sup>2,3,4</sup> | 1195000 | 981693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 02/15/26<sup>5</sup> | 1900000 | 1851418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.559% to 04/23/26 then 3 month LIBOR + 1.060%), 3.559%, 04/23/27<sup>2,4</sup> | 2850000 | 2670080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN, (4.330% to 03/15/49 then 3 month LIBOR + 1.520%), 4.330%, 03/15/50<sup>2,4</sup> | 2775000 | 2276024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, (4.700% to 09/20/25 then U.S. Treasury Yield Curve CMT 5 year + 4.358%), 4.700%, 09/20/25<sup>2,3,4</sup> | 4300000 | 4128559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I, (4.000% to 06/01/26 then U.S. Treasury Yield Curve CMT 5 year + 3.168%), 4.000%, 06/01/26<sup>2,3,4</sup> | 4400000 | 3817000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/27 | 2300000 | 2193392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First-Citizens Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/09/28 | 2825000 | 2870967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 10/01/37 | 1850000 | 1973993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.470% to 09/22/26 then SOFR + 0.765%), 1.470%, 09/22/27<sup>2,4</sup> | 3104000 | 2687328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 04/23/27 | 2200000 | 2077664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.431% to 01/23/29 then 3 month LIBOR + 1.628%), 4.431%, 01/23/30<sup>2,4</sup> | 2948000 | 2743714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owl Rock Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 01/15/26 | 2300000 | 2111443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/27 | 3700000 | 3343000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/02/26 | 3365000 | 2861764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/29/25 | 838000 | 766733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/15/25 | 1700000 | 1622224 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series P, (4.950% to 12/01/25 then U.S. Treasury Yield Curve CMT 5 year + 4.605%), 4.950%, 09/01/25<sup>2,3,4</sup> | 3400000 | 3250740 |

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---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/25<sup>1</sup> | $1900000 | $1791377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., MTN |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.879% to 10/30/29 then 3 Month Term SOFR + 1.432%), 2.879%, 10/30/30<sup>2,4</sup> | 3435000 | 2917705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/33 | 2600000 | 2788953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/25<sup>1</sup> | 1250000 | 1186682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 60134221 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 37.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 37.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advocate Health & Hospitals Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.272%, 08/15/48 | 1700000 | 1443252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/15/27 | 1650000 | 1588125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Products and Chemicals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 05/15/40 | 2450000 | 1822883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcoa Nederland Holding, B.V. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/29<sup>1</sup> | 5750000 | 5101162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 12/01/25<sup>5</sup> | 5053000 | 5040560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 03/17/31<sup>1,5</sup> | 3554000 | 2901876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/38 | 2200000 | 1966603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/28<sup>1,5</sup> | 3220000 | 3004051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 09/01/28<sup>1</sup> | 3500000 | 2973058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 08/12/26<sup>1</sup> | 3536000 | 3017590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/15/30 | 2200000 | 2071513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/30 | 3875000 | 3092715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadcom Corp./Broadcom Cayman Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 01/15/27 | 3019000 | 2855642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/26<sup>1</sup> | 2000000 | 1936201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 03/15/25 | 5085000 | 5065216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/15/30<sup>5</sup> | 3650000 | 3085601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/40 | 1650000 | 1716999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 08/15/28<sup>1</sup> | 1950000 | 1713418 |

---

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

------

<br> AMG GW&K ESG Bond Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 37.2%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Coca-Cola Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/40 | $2400000 | $1748822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/26<sup>1</sup> | 3365000 | 3056909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.347%, 10/01/29 | 1950000 | 1696984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Americas LLC/Crown Americas Capital Corp. V |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 09/30/26<sup>5</sup> | 3350000 | 3194493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.100%, 07/15/36 | 972000 | 1089241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 04/15/28 | 2950000 | 3145746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/15/26<sup>5</sup> | 3100000 | 3167394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/20/28<sup>5</sup> | 2047000 | 1816889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMG Resources August 2006 Pty, Ltd. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/27<sup>1</sup> | 3000000 | 2767500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Ford Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.415%, 06/01/50 | 2725000 | 1714252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/30<sup>5</sup> | 2961000 | 2757859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Goodyear Tire & Rubber Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/15/27<sup>5</sup> | 500000 | 457365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/29<sup>1</sup> | 2850000 | 2428279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/15/26<sup>1,5</sup> | 3250000 | 2904106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hasbro, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 11/19/29 | 3425000 | 3043744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/28 | 3400000 | 3009000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/30 | 3050000 | 2630553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/15/30 | 3600000 | 3262356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 12/16/36 | 1600000 | 1711065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/01/25 | 2000000 | 2052340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/15/29 | 1222000 | 1062639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 06/15/27<sup>5</sup> | 1751000 | 1761418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/15/29<sup>5</sup> | 3250000 | 2984075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 12/10/28 | 7010000 | 6018509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/25 | 485000 | 482666 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/15/25 | $1175000 | $1141954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.525%, 06/01/50 | 2450000 | 1612220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/15/33<sup>1</sup> | 2015000 | 1556101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/29<sup>1</sup> | 3000000 | 2636250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/15/29 | 3250000 | 2973848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 04/01/26<sup>6</sup> | 3400000 | 3198704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/26<sup>1</sup> | 3175000 | 2846419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/01/36 | 1800000 | 1904913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Parker-Hannifin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 06/14/29 | 1900000 | 1696696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/25<sup>5</sup> | 2000000 | 1856119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/15/26<sup>1</sup> | 3250000 | 3128125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/15/35 | 2050000 | 1960131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. (South Korea) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 01/19/31<sup>1</sup> | 3000000 | 2199494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 02/01/32 | 3682000 | 2992949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 02/15/30 | 4475000 | 3719568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teleflex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/01/28<sup>1</sup> | 3350000 | 3058081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/01/26<sup>1</sup> | 3350000 | 3167903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/15/27 | 3250000 | 3103212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 04/01/24<sup>6</sup> | 2700000 | 2659368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Twilio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/15/29 | 600000 | 487440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/31<sup>5</sup> | 2694000 | 2137298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Parcel Service, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 01/15/38 | 1500000 | 1658363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/31 | 3650000 | 3059759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/08/29<sup>5</sup> | 3460000 | 3246398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VF Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/23/30<sup>5</sup> | 2100000 | 1744175 |

---

------

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

------

<br> AMG GW&K ESG Bond Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 37.2%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VMware, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.900%, 08/21/27 | $3400000 | $3173153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/18/44 | 2520000 | 2109022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 06/29/48 | 1850000 | 1641798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 06/15/25<sup>1</sup> | 1600000 | 1620019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/26 | 1916000 | 1804336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/15/31 | 3550000 | 2976675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 183431160 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (4.650% to 12/15/24 then U.S. Treasury Yield Curve CMT 5 year + 2.993%), 4.650%, 12/15/24<sup>2,3,4</sup> | 3950000 | 3456250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 03/15/31 | 4750000 | 3509956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 03/01/50 | 3800000 | 2599065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 9565271 |
|  **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $288,413,877) |  | 253130652 |
|  **Municipal Bonds - 5.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.190%, 06/01/37 | 3500000 | 3126553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State General Obligation, School Improvements Build America Bonds, 7.550%, 04/01/39 | 2300000 | 2878754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.110%, 07/15/31 | 3660000 | 3533621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.507%, 11/01/51 | 1000000 | 898819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JobsOhio Beverage System, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.833%, 01/01/38 | 3700000 | 2890756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, School Improvements<br>5.750%, 07/01/34 | 3225000 | 3368776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts School Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 1.753%, 08/15/30 | 4500000 | 3673920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Pension Funding, Series A (National Insured) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.425%, 02/15/29 | 3550000 | 3821584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.040%, 12/01/29 | 2000000 | 2109782 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California, Series BI |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.697%, 05/15/29 | $3650000 | $2996395 |
|  **Total Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $34,814,883) |  | 29298960 |
| **U.S. Government and Agency Obligations - 40.5%** | **U.S. Government and Agency Obligations - 40.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fannie Mae - 17.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 04/01/51 | 12427952 | 10147515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 11/01/50 | 5079053 | 4326132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/35 to 02/01/51 | 39894854 | 37465019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/44 to 01/01/51 | 24014213 | 22930759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 05/01/48 to 06/01/49 | 6969461 | 6872502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/50 | 3240435 | 3248364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fannie Mae |  | 84990291 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Freddie Mac - 8.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 03/01/36 | 8784509 | 7835185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 04/01/51 | 16670090 | 14676474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/50 | 9647506 | 8898566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/48 to 12/01/48 | 10081490 | 9887915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac |  | 41298140 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 14.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 05/15/50 | 4625000 | 2489009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/51 | 15912000 | 10112822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/15/41 | 19759000 | 14853982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/46 | 2096000 | 1568234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/48 | 11143000 | 9364908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/39 | 7852000 | 7375052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/37 | 7846000 | 8762388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 08/15/26 | 2579000 | 2800431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.250%, 03/15/24 | 5868000 | 5562910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 02/28/26 | 3270000 | 2913749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 01/31/25 | 3450000 | 3319008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 02/15/29 | 4763000 | 4402054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 73524547 |
|  **Total U.S. Government and Agency Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $237,183,222) |  | 199812978 |
|  **Foreign Government Obligation - 0.9%** | **Foreign Government Obligation - 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Korea Development Bank (South Korea)<br>0.500%, 10/27/23<br> (Cost $4,552,913) | 4550000 | 4394653 |
|  **Short-Term Investments - 2.1%** | **Short-Term Investments - 2.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 1.5%**<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 1.5%**<sup>7</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Securities, Inc., dated 12/30/22,due 01/03/23, 4.300% total to be received $1,761,488 (collateralized by various U.S. Government Agency Obligations, 1.500% - 6.500%, 05/01/37 - 05/01/58, totaling $1,795,860) | 1760647 | 1760647 |

---

------

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

------

<br> AMG GW&K ESG Bond Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 1.5%**<sup>7</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 1.5%**<sup>7</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.250% total to be received $369,995 (collateralized by various U.S. Treasuries, 0.000% - 4.500%, 04/11/23 - 10/31/29, totaling $377,216) | $369820 | $369820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MUFG Securities America, Inc., dated 12/30/22, due 01/03/23, 4.300% total to be received $1,761,488 (collateralized by various U.S. Government Agency Obligations, 2.000% - 5.500%, 08/01/24 - 01/01/53, totaling $1,795,860) | 1760647 | 1760647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank Financial, dated 12/30/22, due 01/03/23, 4.340% total to be received $1,761,496 (collateralized by various U.S. Treasuries, 0.000% - 4.435%, 01/03/23 - 09/09/49, totaling $1,795,860) | 1760647 | 1760647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.300% total to be received $1,761,488 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.000%, 09/01/24 - 10/20/52, totaling $1,795,860) | 1760647 | 1760647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Joint Repurchase Agreements |  | 7412408 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/30/22 due 01/03/23, 4.150% total to be received $3,071,416 (collateralized by a U.S. Treasury, 0.125%, 01/15/32, totaling $3,131,490) | $3070000 | $3070000 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $10,482,408) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $10,482,408) | 10482408 |
|  **Total Investments - 100.8%** | **Total Investments - 100.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $575,447,303) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $575,447,303) | 497119651 |
|  **Other Assets, less Liabilities - (0.8)%** | **Other Assets, less Liabilities - (0.8)%** | (4113005) |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$493006646** |

---

<sup>1</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of these securities amounted to $57,189,287 or 11.6% of net assets. 

<sup>2</sup> Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2022. Rate will reset at a future date.

<sup>3</sup> Perpetuity Bond. The date shown represents the next call date.

<sup>4</sup> Variable rate security. The rate shown is based on the latest available information as of December 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>5</sup> Some of these securities, amounting to $25,458,950 or 5.2% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<sup>6</sup> Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

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

---

| | |
|:---|:---|
| CMT | Constant Maturity Treasury |
| FHLMC | Freddie Mac |
| FNMA | Fannie Mae |
| LIBOR | London Interbank Offered Rate |
| MTN | Medium-Term Note |
| National Insured | National Public Finance Guarantee Corp. |
| SOFR | Secured Overnight Financing Rate |

---

------

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

------

<br> AMG GW&K ESG Bond Fund<br>Schedule of Portfolio Investments *(continued)*<br>

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Corporate Bonds and Notes<sup>†</sup>** |  | $253130652 |  | $253130652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds<sup>†</sup>** |  | 29298960 |  | 29298960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government and Agency Obligations<sup>†</sup>** |  | 199812978 |  | 199812978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Obligation<sup>†</sup>** |  | 4394653 |  | 4394653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 7412408 |  | 7412408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 3070000 |  | 3070000 |
| &nbsp;&nbsp;&nbsp; **Total Investments in Securities** |  | $497119651 |  | $497119651 |

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---

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

---

The following table below is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value at December 31, 2022:

---

| | |
|:---|:---|
|  | **Asset-Backed**<br> **Securities** |
| &nbsp;&nbsp;&nbsp; **Balance as of December 31, 2021** | $2475909 |
| &nbsp;&nbsp;&nbsp; Accrued discounts (premiums) | 2490 |
| &nbsp;&nbsp;&nbsp; Realized gain (loss) | (207677) |
| &nbsp;&nbsp;&nbsp; Change in unrealized appreciation/depreciation | 4633827 |
| &nbsp;&nbsp;&nbsp; Sales | (1670846) |
| &nbsp;&nbsp;&nbsp; Paydown | (5233703) |
| &nbsp;&nbsp;&nbsp; Transfers in to Level 3 |  |
| &nbsp;&nbsp;&nbsp; Transfers out of Level 3 |  |
| &nbsp;&nbsp;&nbsp; **Balance as of December 31, 2022** | $0 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments still held at December 31, 2022 |  |

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

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<br> AMG GW&K Enhanced Core Bond ESG Fund<br>Portfolio Manager's Comments *(unaudited)*<br>

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| | | |
|:---|:---|:---|
| **THE YEAR IN REVIEW**<br>AMG GW&K Enhanced Core Bond ESG Fund (the "Fund") Class N shares returned (14.17)% for the year ended December 31, 2022, compared to the return of (13.01)% for the Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index.<br>**MARKET OVERVIEW**<br>In the first quarter of 2022 fixed income markets experienced their worst quarter in more than four decades amid an extraordinary confluence of economic and geopolitical shocks. Core inflation jumped to 5.4%, its highest level since 1983, on a broad-based rise in consumer prices. The U.S. Federal Reserve (the Fed) responded in kind, intensifying their hawkish rhetoric and laying out an aggressive course of hikes to bring inflation back to target. And—in addition to exacting a tragic human toll—Russia's invasion of Ukraine exacerbated already strained supply chains and commodity markets, threatening acute and prolonged shortages of materials vital to the basic functioning of the global economy. But for all this uncertainty and turmoil, there was a notable divergence between the performance of rates and credit; the former extended a historically severe downdraft, while the latter continued to enjoy a remarkably benign trading environment. How this disconnect eventually would resolve itself was a central question before investors, though policy uncertainty and heightened tensions seemed unlikely to subside anytime soon.<br>More volatility followed in the second quarter, as bonds traded in a wide range and struggled to commit to a consistent narrative. The central question revolved around how persistent inflation would be and what policy measures would be necessary to quell it. A natural deceleration would allow the Fed to pursue less aggressive policy and possibly achieve a soft landing; more recalcitrant price pressure would require the Fed to mount a harsher response and invite a potential recession. The implications of these two different paths were at odds, leading to a broad lack of conviction with no clear market direction. Similarly, puzzling was a consumer with a strong proclivity to spend but a deeply pessimistic outlook and a corporate sector earning solid profits but starting to announce layoffs. Additionally, China offered a potential bright spot as it emerged from recent shutdowns, but the Ukraine conflict lingered as a major threat to global energy and commodity markets. An imminent resolution to any of these tensions seemed unlikely, so disciplined risk management and careful analysis of relative value were of particular importance for the months ahead. | Fixed income markets were under extraordinary pressure in the third quarter as investors continued to adapt to restrictive monetary policy after more than a decade of accommodation. Stubbornly rising prices, hawkish central banks, and various geopolitical forces combined to tighten financial conditions and raise the cost of borrowing around the world. Defying expectations that it had peaked, inflation remained elevated and manifested across a broader and more entrenched collection of goods and services. The Fed also confounded expectations, projecting a more cautious outlook and a more aggressive path of hikes than most economists had anticipated. International pressures escalated as well, as currency market dislocations, political leadership changes in Europe and Asia, and multiple energy crises collectively drove a heightened sense of uncertainty. The variety and momentum of these forces suggested no near-term end to volatility, especially against a backdrop of increasingly expensive capital.<br>Bonds rebounded in the fourth quarter amid growing confidence that central banks have succeeded in slowing inflation and will soon be able to pursue less restrictive policy. This modest rally nevertheless ended up being too little, too late to help the bond market avoid its worst annual performance on record and an unprecedented second consecutive year of losses. Sentiment among both investors and consumers may have reached an inflection point, but data continue to justify some measure of caution: inflation is still stubbornly above the Fed's target, the labor market shows few signs of loosening, and corporations have yet to see a meaningful deterioration in earnings. Only the rate-sensitive housing market really stands out as a casualty of the Fed's tightening campaign to this point. Whether the end of the cycle is imminent is likely to remain an open question, especially as investors await the realization of the "long and variable lag" that has yet to be fully reflected across so many segments of the economy.<br>**FUND REVIEW**<br>The Fund underperformed the Index during the fiscal year. Yield curve positioning was a relative positive, given the Fund's shorter relative duration in a period of rising rates. Our overweight allocation to corporates had a negative impact on performance amid the heightened spread volatility. Our preference for lower-rated securities within the investment grade corporate space also had a negative effect. On | the positive side, our bias to higher coupon mortgages was helpful to relative performance. Our out-of-benchmark allocation to high yield had an incrementally positive influence on overall corporate security selection.<br>ESG (Environmental, Social, and Governance) remained an important area of focus for the corporate bond market in what could be viewed as a transition year in 2022. A growing list of companies have moved beyond publishing sustainability reports to set emissions reduction and net zero targets over the past year. Investors shook off an overall difficult market environment, from geopolitical turmoil to interest rate volatility, to demonstrate continued strong interest in ESG. This was also a landmark year for global sustainability regulation, with regulators across Europe, North America, and Asia introducing new rules and proposals related to reporting for both corporations and investors. In the U.S., the Inflation Reduction Act is poised to provide policy support for many companies of interest to ESG investors. We continue to integrate ESG as a core part of our fundamental investment process, while monitoring regulatory and policy actions that could influence the ESG investing landscape in the coming years.<br>**OUTLOOK**<br>The disconnect between the Fed's projections and market pricing has widened following the most recent Summary of Economic Projections (SEP). The median estimate of Federal Open Market Committee (FOMC) participants for the overnight rate at the end of 2023 is 5.125%, up from 4.625% in September; the Fed Funds futures market sees a terminal rate of nearly 5% in June of 2023, and then two cuts by year end. There has also been a small but not insignificant chorus of economists calling for the FOMC to raise its target inflation to 3.0% from 2.0%, prompting objections that this would undermine the Fed's hard-earned credibility. These are just two sources of tension in the rates market, and their resolution could have significant implications for both the level and the shape of the yield curve. We don't believe investors are being sufficiently compensated for these risks, so duration and curve positioning is relatively neutral relative to its benchmark.<br>Our fundamental view of credit is broadly constructive, and we believe balance sheets in general are sound and liquidity is sufficient. But we recognize the potential for macroeconomic forces to alter this landscape and we don't believe all these |

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------

<br> AMG GW&K Enhanced Core Bond ESG Fund<br>Portfolio Manager's Comments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| risks are adequately reflected in valuations. Consequently, our allocation to corporate credit is at the lower end of its historical range. Within the space, we see the best value at the front end, where higher quality credits in less rate-sensitive sectors offer attractive yields and compelling breakevens. We have also been able to identify names that we | believe can improve their credit profiles independently of a challenging macro backdrop. Our exposure to mortgages is neutral, as we believe the benefits of lower originations and potentially lower rate volatility are offset by event risks surrounding quantitative tightening and middling spread levels. | *The views expressed represent the opinions of GW&K Investment Management, LLC as of December 31, 2022, and are not intended as a forecast or guarantee of future results, and are subject to change without notice.* |

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------

<br> AMG GW&K Enhanced Core Bond ESG Fund<br>Portfolio Manager's Comments *(continued)*<br>

**CUMULATIVE TOTAL RETURN PERFORMANCE** 

AMG GW&K Enhanced Core Bond ESG Fund's cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Enhanced Core Bond ESG Fund's Class N shares on December 31, 2012, to a $10,000 investment made in the Bloomberg U.S. Aggregate Bond Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

![LOGO](g456195dsp041.jpg)

The table below shows the average annual total returns for the AMG GW&K Enhanced Core Bond ESG Fund and the Bloomberg U.S. Aggregate Bond Index for the same time periods ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns<sup>1</sup>** | **One**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year**  | **Five**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Years**  | **Ten**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Years**  |
| &nbsp;&nbsp;&nbsp; **AMG GW&K Enhanced Core Bond ESG Fund**<sup>2, 3, 4, 5, 6, 7, 8, 9</sup> | &nbsp;&nbsp;&nbsp; **AMG GW&K Enhanced Core Bond ESG Fund**<sup>2, 3, 4, 5, 6, 7, 8, 9</sup> | &nbsp;&nbsp;&nbsp; **AMG GW&K Enhanced Core Bond ESG Fund**<sup>2, 3, 4, 5, 6, 7, 8, 9</sup> | &nbsp;&nbsp;&nbsp; **AMG GW&K Enhanced Core Bond ESG Fund**<sup>2, 3, 4, 5, 6, 7, 8, 9</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (14.17%) | 0.16% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (14.07%) | 0.32% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (14.00%) | 0.41% | 1.24% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg U.S. Aggregate Bond Index<sup>10</sup> | (13.01%) | 0.02% | 1.06% |

---

*The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.* 

------

*Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.* 

Distributed by AMG Distributors, Inc., member FINRA/SIPC.

<sup>1</sup> Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2022. All returns are in U.S. Dollars ($). 

&nbsp;&nbsp;&nbsp; <sup>2</sup> From time to time, the Fund's investment manager has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.<br><sup>3</sup> The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor's ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.<br><sup>4</sup> To the extent that the Fund invests in asset-backed or mortgage-backed securities, its exposure to prepayment and extension risks may be greater than investments in other fixed income securities.<br><sup>5</sup> High-yield bonds (also known as "junk bonds") may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. The issuers of the Fund's holdings may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers.<br><sup>6</sup> Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.<br><sup>7</sup> Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.<br><sup>8</sup> Obligations of certain government agencies are not backed by the full faith and credit of the U.S. government. If one of these agencies defaulted on a loan, there is no guarantee that the U.S. government would provide financial support. Additionally, debt securities of the U.S. government may be affected by changing interest rates and subject to prepayment risk.<br><sup>9</sup> Applying the Fund's ESG investment criteria may result in the selection or exclusion of securities of certain issuers for reasons other than performance, and the Fund may underperform funds that do not utilize an ESG investment strategy. The application of this strategy may affect the Fund's exposure to certain companies, sectors, regions, countries or types of investments, which could negatively impact the Fund's performance depending on whether such investments are in or out of favor. Applying ESG criteria to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by the<br>

------

<br> AMG GW&K Enhanced Core Bond ESG Fund<br>Portfolio Manager's Comments *(continued)*<br>

---

| | | |
|:---|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp; Subadviser or any judgment exercised by the Subadviser will reflect the beliefs or values of any particular investor.<br><sup>10</sup> The Bloomberg U.S. Aggregate Bond Index is an index of the U.S. investment-grade fixed-rate bond market, including both government and corporate bonds. Unlike the Fund, the Bloomberg U.S. Aggregate Bond Index is unmanaged, is not available for investment and does not incur expenses. | "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.<br>Not FDIC insured, nor bank guaranteed. May lose value. |

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AMG GW&K Enhanced Core Bond ESG Fund<br>Fund Snapshots *(unaudited)*<br> December 31, 2022<br>

**PORTFOLIO BREAKDOWN** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Category** | **% of**<br> **Net Assets**  |
| &nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations | 48.3 |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | 42.5 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| &nbsp;&nbsp;&nbsp; Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| &nbsp;&nbsp;&nbsp; Other Assets, less Liabilities | (1.7) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Rating** | **% of Market Value<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations | 49.2 |
| &nbsp;&nbsp;&nbsp; Aaa/AAA | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| &nbsp;&nbsp;&nbsp; Aa/AA | &nbsp;&nbsp;&nbsp;&nbsp;7.0 |
| &nbsp;&nbsp;&nbsp; A | &nbsp;&nbsp;&nbsp;&nbsp;8.1 |
| &nbsp;&nbsp;&nbsp; Baa/BBB | 22.6 |
| &nbsp;&nbsp;&nbsp; Ba/BB | &nbsp;&nbsp;&nbsp;&nbsp;9.3 |
| &nbsp;&nbsp;&nbsp; B | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |

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<sup>1</sup> Includes market value of long-term fixed-income securities only.

**TOP TEN HOLDINGS** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security Name** | **% of**<br> **Net Assets**  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, 3.500%, 02/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| &nbsp;&nbsp;&nbsp; FNMA, 4.000%, 10/01/43 | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, 1.875%, 02/15/51 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;&nbsp; FNMA, 4.500%, 09/01/46 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, 2.250%, 05/15/41 | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| &nbsp;&nbsp;&nbsp; FNMA, 3.500%, 02/01/47 | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
| &nbsp;&nbsp;&nbsp; FHLMC, 3.000%, 03/01/51 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds, 3.125%, 05/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;&nbsp; California State General Obligation, School Improvements, , 7.550%, 04/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;&nbsp; FNMA, 3.500%, 07/01/50 | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Ten as a Group | 20.2 |

---

Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor's ("S&P"), Moody's Investors Service, Inc. ("Moody's") or Fitch. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB- or higher. Below investment grade ratings are credit ratings of BB+ or lower. Investments designated N/R are not rated by any of the rating agencies. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Because a fund's strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund's prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund's portfolio of investments by the time you receive this report.

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AMG GW&K Enhanced Core Bond ESG Fund<br>Schedule of Portfolio Investments<br> December 31, 2022<br>

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **Corporate Bonds and Notes - 42.5%** | **Corporate Bonds and Notes - 42.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 12.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 12.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland) 1.650%, 10/29/24 | $450000 | $415080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Lease Corp.<br>2.875%, 01/15/26 | 248000 | 229463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.550% to 09/15/26 then U.S. Treasury Yield Curve CMT 5 year + 2.854%), 3.550%, 09/15/26<sup>1,2,3</sup> | 505000 | 414858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 01/15/51 | 265000 | 164065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN, (4.330% to 03/15/49 then 3 month LIBOR + 1.520%), 4.330%, 03/15/50<sup>1,3</sup> | 373000 | 305931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Bank of New York Mellon Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, (4.700% to 09/20/25 then U.S. Treasury Yield Curve CMT 5 year + 4.358%), 4.700%, 09/20/25<sup>1,2,3</sup> | 221000 | 212189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Properties, LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boston Properties, LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 06/21/29 | 473000 | 407352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Castle, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/15/29<sup>4</sup> | 325000 | 306910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First-Citizens Bank & Trust Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First-Citizens Bank & Trust Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/09/28 | 355000 | 360776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 04/01/25 | 211000 | 202907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series O, (5.300% to 11/10/26 then 3 month LIBOR + 3.834%), 5.300%, 11/10/26<sup>1,2,3</sup> | 243000 | 230604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.470% to 09/22/26 then SOFR + 0.765%), 1.470%, 09/22/27<sup>1,3</sup> | 250000 | 216441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.431% to 01/23/29 then 3 month LIBOR + 1.628%), 4.431%, 01/23/30<sup>1,3</sup> | 435000 | 404856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/27 | 205000 | 185220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/02/26 | 260000 | 221117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/23<sup>5</sup> | 161000 | 159598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., MTN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo & Co., MTN |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.879% to 10/30/29 then 3 month Term + 1.432%), 2.879%, 10/30/30<sup>1,3</sup> | 475000 | 403467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 4840834 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 29.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 29.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/15/27 | 204000 | 196350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcoa Nederland Holding, B.V. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/29<sup>5</sup> | 480000 | 425836 |

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 12/01/25<sup>4</sup> | $389000 | $388042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anglo American Capital PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 03/17/31<sup>5</sup> | 277000 | 226173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aramark Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aramark Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/28<sup>4,5</sup> | 212000 | 197782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 09/01/28<sup>4,5</sup> | 400000 | 339778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ashtead Capital, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 08/12/26<sup>5</sup> | 508000 | 433523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 08/15/30<sup>4</sup> | 203000 | 162018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block Financial LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Block Financial LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/30 | 142000 | 124236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Celanese US Holdings LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.050%, 03/15/25 | 411000 | 409401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/31 | 328000 | 256651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.908%, 07/23/25 | 427000 | 418503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 08/15/28<sup>5</sup> | 242000 | 212640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Coca-Cola Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/01/40 | 110000 | 80154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/26<sup>5</sup> | 312000 | 283434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comcast Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 10/15/28 | 234000 | 224394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CommonSpirit Health |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.347%, 10/01/29 | 458000 | 398574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Americas LLC/Crown Americas Capital Corp. V |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 09/30/26<sup>4</sup> | 275000 | 262235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 04/15/28<sup>4</sup> | 379000 | 404148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discovery Communications LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 03/20/28 | 483000 | 428704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fiserv, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/01/28 | 423000 | 400137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Ford Foundation | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Ford Foundation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020, 2.415%, 06/01/50 | 508000 | 319574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Freeport-McMoRan, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/30<sup>4</sup> | 176000 | 163925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/30 | 207000 | 178533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/15/30 | 220000 | 199366 |

---

------

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

------

<br> AMG GW&K Enhanced Core Bond ESG Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 29.8%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 29.8%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 02/01/27 | $161000 | $160095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/15/29 | 231000 | 200875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/01/31 | 366000 | 342157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Merck & Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.900%, 12/10/28 | 479000 | 411250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.525%, 06/01/50 | 486000 | 319812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 08/15/33<sup>5</sup> | 218000 | 168352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/15/29 | 60000 | 54902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/01/27 | 165000 | 160217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 04/01/26<sup>6</sup> | 221000 | 207916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/26<sup>5</sup> | 210000 | 188267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/15/26<sup>5</sup> | 189000 | 181913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PulteGroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/27<sup>4</sup> | 407000 | 402322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sonoco Products Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.850%, 02/01/32 | 501000 | 407243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sysco Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.400%, 02/15/30 | 463000 | 384840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/01/26<sup>5</sup> | 185000 | 174944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 04/01/24<sup>6</sup> | 167000 | 164487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/31 | 195000 | 163467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/08/29<sup>4</sup> | 419000 | 393133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walgreens Boots Alliance, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 11/18/44 | 325000 | 271997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 06/15/28<sup>5</sup> | 175000 | 177270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 12069570 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 0.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 03/15/31 | 377000 | 278580 |
|  **Total Corporate Bonds and Notes**<br>(Cost $19,554,986) | **Total Corporate Bonds and Notes**<br>(Cost $19,554,986) | 17188984 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **Municipal Bonds - 6.4%** | **Municipal Bonds - 6.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California Health Facilities Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.190%, 06/01/37 | $225000 | $200993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State General Obligation, School Improvements Build America Bonds, 7.550%, 04/01/39 | 525000 | 657107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonwealth of Massachusetts Series B, 4.110%, 07/15/31 | 300000 | 289641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade FL Aviation Revenue, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.280%, 10/01/41 | 455000 | 401833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, School Improvements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/01/34 | 390000 | 407387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Massachusetts School Building Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 1.753%, 08/15/30 | 448000 | 365759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; University of California, University & College Improvements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series BD, 3.349%, 07/01/29 | 300000 | 274097 |
|  **Total Municipal Bonds**<br>(Cost $2,962,506) | **Total Municipal Bonds**<br>(Cost $2,962,506) | 2596817 |
| **U.S. Government and Agency Obligations - 48.3%** | **U.S. Government and Agency Obligations - 48.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fannie Mae - 26.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Fannie Mae - 26.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/38 | 527353 | 494509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/33 to 07/01/50 | 4241273 | 3969806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/43 to 03/01/50 | 1850393 | 1771372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/39 to 08/01/50 | 1517009 | 1495390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/47 to 08/01/50 | 837562 | 850127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 06/01/33 to 05/01/50 | 880831 | 804077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 01/01/36 | 177615 | 170131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/47 to 06/01/49 | 739997 | 709513 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/01/44 to 05/01/48 | 506713 | 502011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fannie Mae |  | 10766936 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Freddie Mac - 6.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Freddie Mac - 6.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 03/01/50 to 03/01/51 | 1309573 | 1157644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/48 to 09/01/50 | 382919 | 365536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/41 | 478743 | 474593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/01/30 to 04/01/46 | 661039 | 627804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac |  | 2625577 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 15.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 15.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/51 | 1290000 | 819855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/15/41 | 1057000 | 794608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 02/15/46 | 318000 | 237929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 05/15/48 | 816000 | 685791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/39 | 1503000 | 1411704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/37 | 523000 | 584085 |

---

------

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

------

<br> AMG GW&K Enhanced Core Bond ESG Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 15.2%**<br> (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 15.2%**<br> (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 08/15/26 | $544000 | $590708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.625%, 02/15/26 | 573000 | 529935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.875%, 02/15/32 | 297000 | 251951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 09/30/24 | 236000 | 226477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 6133043 |
|  **Total U.S. Government and Agency Obligations**<br>(Cost $22,257,041) | **Total U.S. Government and Agency Obligations**<br>(Cost $22,257,041) | 19525556 |
| **Foreign Government Obligation - 0.8%** | **Foreign Government Obligation - 0.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Korea Development Bank (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Korea Development Bank (South Korea) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/27/23<br>(Cost $345,761) | 346000 | 334187 |
| **Short-Term Investments - 3.7%** | **Short-Term Investments - 3.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 3.1%<sup>7</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 3.1%<sup>7</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.250% total to be received $242,930 (collateralized by various U.S. Treasuries, 0.000% - 4.500%, 04/11/23 - 10/31/29, totaling $247,671) | 242815 | 242815 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank Financial, dated 12/30/22, due 01/03/23, 4.340% total to be received $1,000,482 (collateralized by various U.S. Treasuries, 0.000% - 4.435%, 01/03/23 - 09/09/49, totaling $1,020,000) | $1000000 | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | 1242815 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/30/22 due 01/03/23, 4.150% total to be received $230,106 (collateralized by a U.S. Treasury, 0.125%, 01/15/32, totaling $234,600) | 230000 | 230000 |
|  **Total Short-Term Investments**<br>(Cost $1,472,815) | **Total Short-Term Investments**<br>(Cost $1,472,815) | 1472815 |
|  **Total Investments - 101.7%**<br>(Cost $46,593,109) | **Total Investments - 101.7%**<br>(Cost $46,593,109) | 41118359 |
|  **Other Assets, less Liabilities - (1.7)%** |  | (671486) |
|  **Net Assets - 100.0%** |  | **$40446873** |

---

<sup>1</sup> Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2022. Rate will reset at a future date.

<sup>2</sup> Perpetuity Bond. The date shown represents the next call date.

<sup>3</sup> Variable rate security. The rate shown is based on the latest available information as of December 31, 2022. 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>4</sup> Some of these securities, amounting to $2,393,361 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>5</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, 2022, the value of these securities amounted to $3,169,510 or 7.8% of net assets. 

<sup>6</sup> Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

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

---

| | |
|:---|:---|
| CMT | Constant Maturity Treasury |
| FHLMC | Freddie Mac |
| FNMA | Fannie Mae |
| LIBOR | London Interbank Offered Rate |
| MTN | Medium-Term Note |
| SOFR | Secured Overnight Financing Rate |

---

------

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

------

<br> AMG GW&K Enhanced Core Bond ESG Fund<br>Schedule of Portfolio Investments *(continued)*<br>

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Corporate Bonds and Notes<sup>†</sup>** |  | $17188984 |  | $17188984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds<sup>†</sup>** |  | 2596817 |  | 2596817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government and Agency Obligations<sup>†</sup>** |  | 19525556 |  | 19525556 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Obligation<sup>†</sup>** |  | 334187 |  | 334187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 1242815 |  | 1242815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 230000 |  | 230000 |
| &nbsp;&nbsp;&nbsp; **Total Investments in Securities** |  | $41118359 |  | $41118359 |

---

---

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

---

For the fiscal year ended December 31, 2022, 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 High Income Fund<br>Portfolio Manager's Comments *(unaudited)*<br>

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| | | |
|:---|:---|:---|
| **THE YEAR IN REVIEW**<br>AMG GW&K High Income Fund (the "Fund") Class N shares returned (6.80)% during the year ended December 31, 2022, compared to the (5.30)% return for the Bloomberg U.S. High Yield 1–5 Year Ba Index (the "Index").<br>**MARKET OVERVIEW**<br>In the first quarter of 2022, fixed income markets experienced their worst quarter in more than four decades amid an extraordinary confluence of economic and geopolitical shocks. Core inflation jumped to 5.4%, its highest level since 1983, on a broad-based rise in consumer prices. The U.S. Federal Reserve (the Fed) responded in kind, intensifying its hawkish rhetoric and laying out an aggressive course of hikes to bring inflation back to target. And—in addition to exacting a tragic human toll—Russia's invasion of Ukraine exacerbated already strained supply chains and commodity markets, threatening acute and prolonged shortages of materials vital to the basic functioning of the global economy. But for all this uncertainty and turmoil, there was a notable divergence between the performance of rates and credit; the former extended a historically severe downdraft, while the latter continued to enjoy a remarkably benign trading environment. How this disconnect eventually would resolve itself was a central question before investors, though policy uncertainty and heightened tensions seemed unlikely to subside anytime soon.<br>More volatility followed in the second quarter as bonds traded in a wide range and struggled to commit to a consistent narrative. The central question revolved around how persistent inflation would be and what policy measures would be necessary to quell it. A natural deceleration would allow the Fed to pursue less aggressive policy and possibly achieve a soft landing; more recalcitrant price pressure would require the Fed to mount a harsher response and invite a potential recession. The implications of these two different paths were at odds, leading to a broad lack of conviction with no clear market direction. Similarly, puzzling was a consumer with a strong proclivity to spend but a deeply pessimistic outlook and a corporate sector earning solid profits but starting to announce layoffs. | Additionally, China offered a potential bright spot as it emerged from recent shutdowns, but the Ukraine conflict lingered as a major threat to global energy and commodity markets. An imminent resolution to any of these tensions seemed unlikely, so disciplined risk management and careful analysis of relative value were of particular importance for the months ahead.<br>Fixed income markets were under extraordinary pressure in the third quarter as investors continued to adapt to restrictive monetary policy after more than a decade of accommodation. Stubbornly rising prices, hawkish central banks, and various geopolitical forces combined to tighten financial conditions and raise the cost of borrowing around the world. Defying expectations that it had peaked, inflation remained elevated and manifested across a broader and more entrenched collection of goods and services. The Fed also confounded expectations, projecting a more cautious outlook and a more aggressive path of hikes than most economists had anticipated. International pressures escalated as well, as currency market dislocations, political leadership changes in Europe and Asia, and multiple energy crises collectively drove a heightened sense of uncertainty. The variety and momentum of these forces suggested no near-term end to volatility, especially against a backdrop of increasingly expensive capital.<br>Bonds rebounded in the fourth quarter amid growing confidence that central banks have succeeded in slowing inflation and will soon be able to pursue less restrictive policy. This modest rally nevertheless ended up being too little, too late to help the bond market avoid its worst annual performance on record and an unprecedented second consecutive year of losses. Sentiment among both investors and consumers may have reached an inflection point, but data continue to justify some measure of caution: inflation is still stubbornly above the Fed's target, the labor market shows few signs of loosening, and corporations have yet to see a meaningful deterioration in earnings. Only the rate-sensitive housing market really stands out as a casualty of the Fed's tightening campaign to this point. Whether the end of the cycle is imminent is likely to remain an open question, especially as | investors await the realization of the "long and variable lag" that has yet to be fully reflected across so many segments of the economy.<br>**FUND REVIEW**<br>The Fund underperformed the Index during the fiscal year mainly because of its longer duration in the rising rate environment. Security selection was mixed overall but our out-of-benchmark allocation to preferreds had a notable negative effect.<br>**OUTLOOK**<br>The disconnect between the Fed's projections and market pricing has widened following the most recent Summary of Economic Projections (SEP). The median estimate of Federal Open Market Committee (FOMC) participants for the overnight rate at the end of 2023 is 5.125%, up from 4.625% in September; the Federal Funds futures market sees a terminal rate of nearly 5.0% in June of 2023 and then two cuts by year end. There has also been a small but not insignificant chorus of economists calling for the FOMC to raise its target inflation to 3.0% from 2.0%, prompting objections that this would undermine the Fed's hard-earned credibility. These are just two sources of tension in the rates market, and their resolution could have significant implications for both the level and the shape of the yield curve. We don't believe investors are being sufficiently compensated for these risks.<br>Our fundamental view of credit is broadly constructive, and we believe balance sheets in general are sound and liquidity is sufficient. But we recognize the potential for macroeconomic forces to alter this landscape and we don't believe all these risks are adequately reflected in valuations. Within the space, we see value at the front end, where quality credits offer attractive yields and compelling breakevens. We have also been able to identify names that we believe can improve their credit profiles independently of a challenging macro backdrop.<br>*The views expressed represent the opinions of GW&K Investment Management, LLC as of December 31, 2022, and are not intended as a forecast or guarantee of future results, and are subject to change without notice.* |

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<br> AMG GW&K High Income Fund<br>Portfolio Manager's Comments *(continued)*<br>

**CUMULATIVE TOTAL RETURN PERFORMANCE** 

AMG GW&K High Income Fund's cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K High Income Fund's Class N shares on December 31, 2012, to a $10,000 investment made in the Bloomberg U.S. High Yield 1-5 Year Ba Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

![LOGO](g456195dsp049.jpg)

The table below shows the average annual total returns for the AMG GW&K High Income Fund and the Bloomberg U.S. High Yield 1-5 Year Ba Index for the same time periods ended December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **One**<br> **Year** | **Five**<br> **Years** | **Ten**<br> **Years** | **Since**<br> **Inception** | **Inception**<br> **Date** | |
| **Average Annual Total Returns<sup>1</sup>** | **One**<br> **Year** | **Five**<br> **Years** | **Ten**<br> **Years** | **Since**<br> **Inception** | **Inception**<br> **Date** | |
|  **AMG GW&K High Income Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7</sup> | **AMG GW&K High Income Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7</sup> | **AMG GW&K High Income Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7</sup> | **AMG GW&K High Income Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7</sup> | **AMG GW&K High Income Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7</sup> | **AMG GW&K High Income Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (6.80%) | 2.26% | 2.01% | 4.54% | 03/25/94 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (6.63%) |  |  | (1.79%) | 03/15/21 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg U.S. High Yield 1-5 Year Ba Index<sup>8</sup> | (5.30%) | 3.13% | 3.88% |  | 03/25/94 | <sup>†</sup> |

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*The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.* 

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*Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.* 

Distributed by AMG Distributors, Inc., member FINRA/SIPC.

<sup>†</sup> Date reflects the inception date of the Fund, not the index.

<sup>1</sup> Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2022. All returns are in U.S. Dollars($). 

<sup>2</sup> From time to time the Fund's investment manager has waived it's fees and/or absorbed Fund expenses, which has resulted in higher returns.

<sup>3</sup> As of December 4, 2020, the Fund's subadvisor was changed to GW&K Investment Management, LLC. Prior to December 4, 2020, the Fund was known as the AMG Managers Global Income Opportunity Fund, and had different principal investment strategies and corresponding risks. Performance shown for periods prior to December 4, 2020 reflects the performance and investment strategies of the Fund's previous subadvisor, Loomis, Sayles & Company, L.P. The Fund's past performance would have been different if the Fund were managed by the current subadvisor and strategy, and the Fund's prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund. 

<sup>4</sup> The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor's ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall. 

<sup>5</sup> Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

<sup>6</sup> High-yield bonds (also known as "junk bonds") may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. The issuers of the Fund's holdings may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers. 

<sup>7</sup> The issuer of the bonds may not be able to meet interest or principal payments when the bonds come due.

<sup>8</sup> The Bloomberg U.S. High Yield 1-5 Year Ba Index, a subset of the Bloomberg High Yield Index, is an unmanaged index comprised of fixed rate, publicly issued, non-investment grade debt registered with the Securities and Exchange Commission (SEC) where the middle rating of Moody's, S&P and Fitch is BB and maturities range from 1 to 5 years. Unlike the Fund, the Bloomberg U.S. High Yield 1-5 Year Ba Index is unmanaged, is not available for investment and does not incur expenses. 

------

<br> AMG GW&K High Income Fund<br>Portfolio Manager's Comments *(continued)* <br>

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; "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 | &nbsp;&nbsp;&nbsp;&nbsp; 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<br>| &nbsp;&nbsp;&nbsp;&nbsp; completeness of any data or information relating to such fund.<br>Not FDIC insured, nor bank guaranteed. May lose value |

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AMG GW&K High Income Fund<br>Fund Snapshots *(unaudited)*<br> December 31, 2022<br>

**PORTFOLIO BREAKDOWN** 

---

| | |
|:---|:---|
| **Category** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Corporate Bonds and Notes | 97.6 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8.7 |
| &nbsp;&nbsp;&nbsp; Other Assets, less Liabilities<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;(6.3) |

---

<sup>1</sup> Includes reinvestment of cash collateral into joint repurchase agreements on security lending transactions.

---

| | |
|:---|:---|
| **Rating** | **% of Market Value<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; Baa/BBB | 28.3 |
| &nbsp;&nbsp;&nbsp; Ba/BB | 61.1 |
| &nbsp;&nbsp;&nbsp; B | 10.6 |

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<sup>1</sup> Includes market value of long-term fixed-income securities only.

**TOP TEN HOLDINGS** 

---

| | |
|:---|:---|
| **Security Name** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; Ford Motor Co., 4.346%, 12/08/26 | 1.8 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co., 5.875%, 09/15/26 | 1.6 |
| &nbsp;&nbsp;&nbsp; SM Energy Co., 5.625%, 06/01/25 | 1.6 |
| &nbsp;&nbsp;&nbsp; Southwestern Energy Co., 8.375%, 09/15/28 | 1.6 |
| &nbsp;&nbsp;&nbsp; Aircastle, Ltd., 4.250%, 06/15/26 (Bermuda) | 1.5 |
| &nbsp;&nbsp;&nbsp; Ball Corp., 5.250%, 07/01/25 | 1.5 |
| &nbsp;&nbsp;&nbsp; NuStar Logistics LP, 5.625%, 04/28/27 | 1.5 |
| &nbsp;&nbsp;&nbsp; Western Midstream Operating LP, 4.650%, 07/01/26 | 1.5 |
| &nbsp;&nbsp;&nbsp; DCP Midstream Operating LP, 5.375%, 07/15/25 | 1.4 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc., 4.750%, 03/15/25 | 1.4 |
| &nbsp;&nbsp;&nbsp;&nbsp; Top Ten as a Group | 15.4 |

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Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor's ("S&P"), Moody's Investors Service, Inc. ("Moody's") or Fitch. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB- or higher. Below investment grade ratings are credit ratings of BB+ or lower. Investments designated N/R are not rated by any of the rating agencies. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Because a fund's strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund's prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund's portfolio of investments by the time you receive this report.

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AMG GW&K High Income Fund<br>Schedule of Portfolio Investments<br> December 31, 2022<br>

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **Corporate Bonds and Notes - 97.6%** | **Corporate Bonds and Notes - 97.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 15.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aircastle, Ltd. (Bermuda) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aircastle, Ltd. (Bermuda) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 06/15/26 | $278000 | $261439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ally Financial, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.700% to 05/15/26 then U.S. Treasury Yield Curve CMT 5 year + 3.868%), 4.700%, 05/15/26<sup>1,2,3,4</sup> | 187000 | 125056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Express Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.550% to 09/15/26 then U.S. Treasury Yield Curve CMT 5 year + 2.854%), 3.550%, 09/15/26<sup>1,2,4</sup> | 186000 | 152799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.000% to 06/01/26 then U.S. Treasury Yield Curve CMT 5 year + 3.168%), 4.000%, 06/01/26<sup>1,2,4</sup> | 131000 | 113643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.875% to 02/18/26 then U.S. Treasury Yield Curve CMT 5 year + 3.417%), 3.875%, 02/18/26<sup>1,2,4</sup> | 276000 | 235290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Goldman Sachs Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series U |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.650% to 08/10/26 then U.S. Treasury Yield Curve CMT 5 year + 2.915%), 3.650%, 08/10/26<sup>1,2,3,4</sup> | 155000 | 125163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JPMorgan Chase & Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series HH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.600% to 02/01/25 then SOFR + 3.125%), 4.600%, 02/01/25<sup>1,2,4</sup> | 99000 | 87244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.850% to 09/15/25 then U.S. Treasury Yield Curve CMT 5 year + 3.576%), 3.850%, 09/15/25<sup>1,2,3,4</sup> | 136000 | 126310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Morgan Stanley |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series M |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.875% to 09/15/26 then 3 month LIBOR + 4.435%), 5.875%, 09/15/26<sup>1,2,3,4</sup> | 194000 | 189631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Navient Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/25/24 | 180000 | 176331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/27 | 225000 | 203291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SLM Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.200%, 10/29/25 | 259000 | 236974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 03/15/25 | 250000 | 238562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VICI Properties LP/VICI Note Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 02/15/25<sup>5</sup> | 27000 | 25456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/01/26<sup>5</sup> | 165000 | 153932 |

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/01/25<sup>5</sup> | $170000 | $161389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 2612510 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 79.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 79.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/15/27 | 169000 | 162663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcoa Nederland Holding BV (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 05/15/28<sup>5</sup> | 200000 | 197024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Airlines Inc/AAdvantage Loyalty IP, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/20/26<sup>5</sup> | 211000 | 202907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/26 | 206000 | 192355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aramark Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aramark Services, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/28<sup>5</sup> | 138000 | 128745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ATI, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 10/01/29 | 139000 | 122838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 05/15/25<sup>5</sup> | 135000 | 131625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/01/25 | 262000 | 258580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bath & Body Works, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.694%, 01/15/27 | 123000 | 122116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caesars Entertainment, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 07/01/25<sup>5</sup> | 170000 | 165185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callon Petroleum Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callon Petroleum Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/01/26 | 185000 | 172428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/26<sup>5</sup> | 179000 | 173290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CDW LLC/CDW Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/24 | 133000 | 132992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 12/15/27 | 231000 | 216646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy Partners LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/29 | 155000 | 139379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chord Energy Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 06/01/26<sup>5</sup> | 177000 | 172386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Clearwater Paper Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/01/25<sup>5</sup> | 230000 | 223478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/01/27<sup>3</sup> | 174000 | 166226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/26<sup>5</sup> | 188000 | 170787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Cork & Seal Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Cork & Seal Co., Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 12/15/26 | 185000 | 190459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dana, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/15/28 | 123000 | 111889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCP Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DCP Midstream Operating LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 07/15/25 | 249000 | 246684 |

---

------

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

------

<br> AMG GW&K High Income Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 79.9%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 79.9%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/15/26<sup>3</sup> | $225000 | $229891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Elanco Animal Health, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.400%, 08/28/28 | 126000 | 119890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embraer Netherlands Finance BV (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 06/15/25 | 198000 | 192161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Encompass Health Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/01/28 | 178000 | 161695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/15/29 | 180000 | 174052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 04/01/28 | 183000 | 182017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FMG Resources August 2006 Pty, Ltd. (Australia) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/27<sup>5</sup> | 94000 | 86715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ford Motor Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.346%, 12/08/26<sup>3</sup> | 326000 | 309159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.291%, 12/08/46 | 77000 | 58675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fortress Transportation and Infrastructure Investors LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/01/25<sup>5</sup> | 179000 | 168296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Motors Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 10/01/27<sup>3</sup> | 161000 | 167115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Goodyear Tire & Rubber Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Goodyear Tire & Rubber Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/15/27<sup>3</sup> | 258000 | 236000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanesbrands, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/15/26<sup>5</sup> | 157000 | 140291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB Fuller Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/28 | 146000 | 129210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/01/25 | 139000 | 138832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/15/26<sup>6</sup> | 126000 | 121628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Howmet Aerospace, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 02/01/27 | 80000 | 79550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/01/25<sup>3</sup> | 114000 | 116983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hudbay Minerals, Inc. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/26<sup>5</sup> | 97000 | 88109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/31 | 85000 | 68327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/01/46 | 76000 | 61758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Media Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Media Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/15/29<sup>3</sup> | 175000 | 160681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/15/26<sup>3</sup> | 283000 | 272093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mattel, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 04/01/26<sup>5</sup> | 218000 | 200430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEG Energy Corp. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEG Energy Corp. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/01/29<sup>5</sup> | 175000 | 165029 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meritage Homes Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 06/01/25 | $148000 | $147288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methanex Corp. (Canada) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Methanex Corp. (Canada) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 10/15/27 | 183000 | 169733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MGM Resorts International |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/15/25<sup>3</sup> | 210000 | 204094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mueller Water Products, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/29<sup>5</sup> | 183000 | 160811 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/15/28 | 170000 | 163633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/01/27 | 180000 | 174782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 04/01/26<sup>6</sup> | 181000 | 170284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 11/15/26<sup>5</sup> | 189000 | 169440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NuStar Logistics LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NuStar Logistics LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 04/28/27 | 276000 | 258076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Occidental Petroleum Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/15/31 | 151000 | 166704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Olin Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 09/15/27 | 204000 | 192780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owens-Brockway Glass Container, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 08/15/25<sup>5</sup> | 198000 | 194018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penn Entertainment, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/01/29<sup>5</sup> | 183000 | 144571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Penske Automotive Group, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/25 | 174000 | 161482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Permian Resources Operating LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 01/15/26<sup>5</sup> | 190000 | 172954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 04/15/26<sup>5</sup> | 225000 | 216562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PTC, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/25<sup>5</sup> | 218000 | 207630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sealed Air Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 09/15/25<sup>5</sup> | 182000 | 179386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/01/28 | 137000 | 126747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwestern Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwestern Energy Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 09/15/28 | 260000 | 268045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprint LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprint LLC |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 06/15/24 | 213000 | 217162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/01/26<sup>5</sup> | 177000 | 167379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III, B.V. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 10/01/26 | 201000 | 175775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Toll Brothers Finance Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.350%, 02/15/28 | 190000 | 172627 |

---

------

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

------

<br> AMG GW&K High Income Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 79.9%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 79.9%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/26<sup>5</sup> | $172000 | $169625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 04/01/24<sup>6</sup> | 97000 | 95540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.600%, 10/01/25<sup>6</sup> | 75000 | 73691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Industries, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.550%, 10/01/24 | 182000 | 176602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines Holdings, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/15/25<sup>3</sup> | 110000 | 105050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/24<sup>3</sup> | 157000 | 154253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 01/15/28 | 183000 | 173420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Steel Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 03/01/29<sup>3</sup> | 133000 | 129096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wabash National Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/28<sup>5</sup> | 153000 | 130293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WESCO Distribution, Inc. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 06/15/28<sup>5</sup> | 118000 | 119531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/26 | 137000 | 129016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Operating LP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Operating LP |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.650%, 07/01/26 | 269000 | 255297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westlake Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 08/15/24 | 73000 | 67782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 13790428 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/29<sup>5</sup> | 195000 | 172134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 06/01/25 | 283000 | 271677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 443811 |
|  **Total Corporate Bonds and Notes** | **Total Corporate Bonds and Notes** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $17,730,127) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $17,730,127) | 16846749 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **Short-Term Investments - 8.7%** | **Short-Term Investments - 8.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 7.3%<sup>7</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 7.3%<sup>7</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.250% total to be received $253,367 (collateralized by various U.S. Treasuries, 0.000% - 4.500%, 04/11/23 - 10/31/29, totaling $258,312) | $253247 | $253247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank Financial, dated 12/30/22, due 01/03/23, 4.340% total to be received $1,000,482 (collateralized by various U.S. Treasuries, 0.000% - 4.435%, 01/03/23 - 09/09/49, totaling $1,020,000) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements |  | 1253247 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 1.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 1.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/30/22 due 01/03/23, 4.150% total to be received $248,114 (collateralized by a U.S. Treasury, 0.125%, 01/15/32, totaling $252,973) | 248000 | 248000 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,501,247) |  | 1501247 |
|  **Total Investments - 106.3%** | **Total Investments - 106.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $19,231,374) |  | 18347996 |
|  **Other Assets, less Liabilities - (6.3)%** | **Other Assets, less Liabilities - (6.3)%** | (1079447) |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | $17268549 |

---

<sup>1</sup> Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2022. Rate will reset at a future date.

<sup>2</sup> Perpetuity Bond. The date shown represents the next call date.

<sup>3</sup> Some of these securities, amounting to $1,415,713 or 8.2% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<sup>4</sup> Variable rate security. The rate shown is based on the latest available information as of December 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>5</sup> 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, 2022, the value of these securities amounted to $4,959,408 or 28.7% of net assets. 

<sup>6</sup> Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

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

---

| | |
|:---|:---|
| CMT | Constant Maturity Treasury |
| LIBOR | London Interbank Offered Rate |
| SOFR | Secured Overnight Financing Rate |

---

------

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

------

<br> AMG GW&K High Income Fund<br>Schedule of Portfolio Investments *(continued)*<br>

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Corporate Bonds and Notes<sup>†</sup>** |  | $16846749 |  | $16846749 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 1253247 |  | 1253247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 248000 |  | 248000 |
|  **Total Investments in Securities** |  | $18347996 |  | $18347996 |

---

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

For the fiscal year ended December 31, 2022, 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<br> Portfolio Manager's Comments *(unaudited)*<br>

------

<br>AMG GW&K Municipal Bond Fund<br> Portfolio Manager's Comments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| refunding opportunities. The outflow cycle that plagued 2022 will likely lose steam in the face of better yields and less tax-loss selling. States are better positioned to withstand the effects of a potential recession, having made prudent use of windfall tax collections to build record reserves. To be sure, challenges still exist. More economically<br>| sensitive sectors will need closer scrutiny and a historically flat yield curve alters the risk/return calculus. But these issues are considerably less difficult to navigate than central banks pinning rates near zero. And we look forward to taking advantage of the gift handed to us by the 2022 market. | *The views expressed represent the opinions of GW&K Investment Management, LLC as of December 31, 2022, and are not intended as a forecast or guarantee of future results, and are subject to change without notice.*<br>|

---

------

<br> AMG GW&K Municipal Bond Fund<br>Portfolio Manager's Comments *(continued)*<br>

**CUMULATIVE TOTAL RETURN PERFORMANCE** 

AMG GW&K Municipal Bond Fund's cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Municipal Bond Fund's Class N shares on December 31, 2012, to a $10,000 investment made in the Bloomberg 10-Year Municipal Bond Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

![LOGO](g456195dsp058.jpg)

The table below shows the average annual total returns for the AMG GW&K Municipal Bond Fund and the Bloomberg 10-Year Municipal Bond Index for the same time periods ended December 31, 2022.

---

| | | | |
|:---|:---|:---|:---|
|  | **One** | **Five** | **Ten** |
| **Average Annual Total Returns<sup>1</sup>** | **Year** | **Years** | **Years** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K Municipal Bond Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K Municipal Bond Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K Municipal Bond Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K Municipal Bond Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (7.80%) | 0.76% | 1.51% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (7.45%) | 1.09% | 1.90% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg 10-Year Municipal Bond Index<sup>8</sup> | (6.57%) | 1.70% | 2.41% |

---

*The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.* 

------

*Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.* 

Distributed by AMG Distributors, Inc., member FINRA/SIPC.

<sup>1</sup> Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2022. All returns are in U.S. Dollars ($). 

<sup>2</sup> From time to time, the Fund's investment manager has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

<sup>3</sup> The Fund is subject to the risks associated with investments in debt securities, such as default risk and

&nbsp;&nbsp;&nbsp;&nbsp; <br> fluctuations in the perception of the debtor's ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.<br><sup>4</sup> Factors unique to the municipal bond market may negatively affect the value of municipal bonds.<br><sup>5</sup> Investment income may be subject to certain state and local taxes, and depending on your tax status, the federal alternative minimum tax. Capital gains are not exempt from federal income tax.<br><sup>6</sup> Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.<br><sup>7</sup> 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.<br><sup>8</sup> The Bloomberg 10-Year Municipal Bond Index is the 10 Year (8-12) component of the Municipal Bond index. It is a rules-based, market-value-weighted index engineered for the tax-exempt bond market. The Index tracks general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds rated Baa3/BBB- or higher by at least two of the ratings agencies: Moody's, S&P, Fitch. Unlike the Fund, the Bloomberg 10-Year Municipal Bond Index is unmanaged, is not available for investment and does not incur expenses.<br>"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.<br>Not FDIC insured, nor bank guaranteed. May lose value.<br>

------

<br> AMG GW&K Municipal Bond Fund<br> Fund Snapshots *(unaudited)*<br> December 31, 2022<br>

**PORTFOLIO BREAKDOWN** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Category**<br>| **% of<br>Net Assets**<br>|
| &nbsp;&nbsp;&nbsp;General Obligation | 41.4 |
| &nbsp;&nbsp;&nbsp;Transportation | 34.0 |
| &nbsp;&nbsp;&nbsp;Medical | &nbsp;&nbsp;&nbsp;&nbsp;9.0 |
| &nbsp;&nbsp;&nbsp;Water | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| &nbsp;&nbsp;&nbsp;Education | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| &nbsp;&nbsp;&nbsp;Power | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| &nbsp;&nbsp;&nbsp;Tobacco Settlement | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| &nbsp;&nbsp;&nbsp;Industrial Development | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| &nbsp;&nbsp;&nbsp;Short-term | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
| &nbsp;&nbsp;&nbsp;Other Assets, less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;(0.2) |

---

---

| | |
|:---|:---|
| **Rating** | **% of Market Value<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;Aaa/AAA | 25.3 |
| &nbsp;&nbsp;&nbsp;Aa/AA | 46.0 |
| &nbsp;&nbsp;&nbsp;A | 22.2 |
| &nbsp;&nbsp;&nbsp;Baa/BBB | &nbsp;&nbsp;&nbsp;&nbsp;6.5 |

---

<sup>1</sup> Includes market value of long-term fixed-income securities only.

**TOP TEN HOLDINGS** 

---

| | |
|:---|:---|
| **Security Name** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Wisconsin State Revenue, Department of Transportation, Series 2, 5.000%, 07/01/29 | 2.1 |
| &nbsp;&nbsp;&nbsp; Iowa Finance Authority, State Revolving Fund Green Bond, 5.000%, 08/01/30 | 1.5 |
| &nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Transit Revenue, Green Bond, Series B, 5.000%, 11/15/27 | 1.4 |
| &nbsp;&nbsp;&nbsp; New York State Urban Development Corp., 5.000%, 03/15/32 | 1.3 |
| &nbsp;&nbsp;&nbsp; State of California, General Obligation, 5.000%, 11/01/30 | 1.3 |
| &nbsp;&nbsp;&nbsp; State of Maryland, Department of Transportation, 5.000%, 09/01/29 | 1.2 |
| &nbsp;&nbsp;&nbsp; State of Maryland, Department of Transportation, 5.000%, 10/01/28 | 1.2 |
| &nbsp;&nbsp;&nbsp; State of New Jersey, Series A, 5.000%, 06/01/29 | 1.2 |
| &nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, Series 1A, 5.000%, 07/15/32 | 1.2 |
| &nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System, 5.000%, 11/15/29 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Top Ten as a Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.5 |

---

Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor's ("S&P"), Moody's Investors Service, Inc. ("Moody's") or Fitch. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB- or higher. Below investment grade ratings are credit ratings of BB+ or lower. Investments designated N/R are not rated by any of the rating agencies. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Because a fund's strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund's prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund's portfolio of investments by the time you receive this report.

------

AMG GW&K Municipal Bond Fund<br>Schedule of Portfolio Investments<br> December 31, 2022<br>

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
|  **Municipal Bonds - 100.1%** | **Municipal Bonds - 100.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Alabama - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama Public School and College Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/34 | $7500000 | $8573619 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Arizona - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Department of Transportation State Highway Fund Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/28 | 5040000 | 5433712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona Industrial Development Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/32 | 1450000 | 1677374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/35 | 1700000 | 1928284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/36 | 1800000 | 2010638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/37 | 1905000 | 2100342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Arizona |  | 13150350 |
| &nbsp;&nbsp;&nbsp;&nbsp; **California - 11.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority, Community Medical Centers, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/27 | 950000 | 1007489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/30 | 1630000 | 1720520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/31 | 900000 | 949687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/32 | 1855000 | 1953142 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/30 | 2500000 | 2893407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/31 | 3500000 | 4101895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/32 | 3500000 | 4155800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/33 | 5000000 | 5863122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/34 | 2750000 | 3194881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/35 | 2500000 | 2868944 |
| &nbsp;&nbsp;&nbsp;&nbsp; California State Public Works Board, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/30 | 2785000 | 3250783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/31 | 2560000 | 3020342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/32 | 2750000 | 3235555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/33 | 3000000 | 3517873 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Los Angeles Department of Airports, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/30 | 10515000 | 11590975 |
| &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 | 3270007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/34 | 5010000 | 5318966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/35 | 5800000 | 6119436 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of California |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/29 | 4075000 | 4410914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/29 | 5000000 | 5751735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/30 | 11575000 | 13540401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/31 | 8000000 | 9455470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/32 | 5000000 | 5953574 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Series BM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/31 <sup>1</sup> | 2000000 | 2362596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/32 <sup>1</sup> | 5000000 | 5977539 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; University of California, Series S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/36 | $3000000 | $3453213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/37 | 3000000 | 3425656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/38 | 3000000 | 3410677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total California |  | 125774599 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado - 0.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/33 | 4260000 | 4514562 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut - 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/31 | 6205000 | 6812342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/33 | 2750000 | 2980361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/34 | 3100000 | 3350647 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/28 | 3000000 | 3345715 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, Transportation Infrastructure, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/30 | 10180000 | 11219614 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/35 | 7500000 | 8218798 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut Special Tax Revenue, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/28 | 1000000 | 1108578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/29 | 1000000 | 1121404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/30 | 1000000 | 1139234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/31 | 1000000 | 1156600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/32 | 1000000 | 1162692 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Connecticut, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/15/31 | 7650000 | 8659339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Connecticut |  | 50275324 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Delaware - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware River & Bay Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/31 | 1000000 | 1162820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/32 | 1040000 | 1223585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/33 | 1100000 | 1282892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Delaware |  | 3669297 |
| &nbsp;&nbsp;&nbsp;&nbsp; **District of Columbia - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/30 | 6020000 | 6479505 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/31 | 10080000 | 11322300 |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/33 | 5000000 | 5867415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/34 | 6000000 | 6961513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington DC Convention & Sports Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/27 | 5475000 | 6026340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total District of Columbia |  | 36657073 |

---

------

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

------

<br> AMG GW&K Municipal Bond Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Florida Expressway Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/28 | $4460000 | $4967235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/37 | 6000000 | 6165401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/33 | 10000000 | 10123488 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida's Turnpike Enterprise, Department of Transportation, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/28 | 7075000 | 7630134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lee Memorial Health System, Series A1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/34 | 5645000 | 6034130 |
| &nbsp;&nbsp;&nbsp;&nbsp; Orange County Health Facilities Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/31 | 4525000 | 4759415 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Florida, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/31 | 5375000 | 6323204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Florida |  | 46003007 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Georgia - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/32 | 5000000 | 5979124 |
| &nbsp;&nbsp;&nbsp;&nbsp; Private Colleges & Universities Authority, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/30 | 10365000 | 12068283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Georgia |  | 18047407 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois - 8.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/35 | 5010000 | 5479704 |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/28 | 5670000 | 5891816 |
| &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 | 10035000 | 10500574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/38 | 5500000 | 5698790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/29 | 2310000 | 2610849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/29 | 8755000 | 9952332 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois Finance Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/15/37 | 5910000 | 5699355 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Finance Authority Revenue, Clean Water Initiative Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/27 | 11000000 | 11712580 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/31 | 9735000 | 10289406 |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois State Toll Highway Authority, Senior Revenue Bonds, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/30 | 10110000 | 11320825 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 03/01/37 | 8500000 | 8685368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Illinois<br>|  | 87841599  |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Indiana - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/28 | $1000000 | $1120682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/29 | 3555000 | 4048261 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/32 | 5000000 | 5809909 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/34 | 5815000 | 6798044 |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana Finance Authority, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/29 | 4800000 | 5476113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Indiana |  | 23253009 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Iowa - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa Finance Authority, State Revolving Fund Green Bond |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/30 | 15025000 | 16484229 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Kentucky - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisville/Jefferson County Metropolitan Government, Norton Healthcare Inc., Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/29 | 5505000 | 5777778 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maine - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine Turnpike Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/28 | 1955000 | 2181564 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/29 | 1600000 | 1810671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/30 | 1390000 | 1597740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/31 | 1500000 | 1747975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/32 | 1390000 | 1638519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Maine |  | 8976469 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Maryland - 7.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland State Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/33 | 6350000 | 7291035 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, Department of Transportation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/28 | 12365000 | 13413762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/29 | 12205000 | 13475583 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/28 | 9500000 | 10136426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/29 | 9245000 | 9972956 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/28 | 8000000 | 8575709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/29 | 6500000 | 7042308 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Maryland, State & Local Facilities Loan of 2019, 1st Series |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/30 | 6000000 | 6828295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Maryland |  | 76736074 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan Finance Authority, Henry Ford Health System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/29 | 11450000 | 12102170 |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan State Building Authority Revenue, Series I |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/15/27<br>| 5700000  | 6033296  |

---

------

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

------

<br> AMG GW&K Municipal Bond Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Michigan - 2.2%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wayne County Airport Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/37 | $2285000 | $2504730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/38 | 1405000 | 1528144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/39 | 1800000 | 1948293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Michigan |  | 24116633 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - 6.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/01/40 | 7000000 | 7472576 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority Revenue, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/28 | 4010000 | 4427633 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey State Turnpike Authority Revenue, Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/28 | 6000000 | 6449725 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/30 | 6255000 | 6892723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/31 | 7615000 | 8427835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/32 | 5750000 | 6337748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/33 | 6000000 | 6565123 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority, Series BB |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/37 | 3000000 | 2847361 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/39 | 1150000 | 1169028 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/41 | 2500000 | 2528542 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of New Jersey, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/29 | 11500000 | 12996644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New Jersey |  | 66114938 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Mexico - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico Finance Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/28 | 4470000 | 4984108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/30 | 7500000 | 8625814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New Mexico |  | 13609922 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York - 19.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series B-1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/32 | 3000000 | 3539534 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/33 | 1500000 | 1705347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/34 | 3250000 | 3661864 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series L-5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/33 | 6500000 | 7468024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/35 | 5030000 | 5464745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Long Island Power Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/30 | 2275000 | 2623262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/31<br>| 3935000  | 4594517  |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Transit Revenue, Green Bond, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/27 | $14225000 | $14936243 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority, Transit Revenue, Series F |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/28 | 4760000 | 4858174 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, Series 1A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/32 | 10835000 | 12552836 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Building Aid Revenue, Series S-3 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/31 | 5080000 | 5659719 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/31 | 2500000 | 2919509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/32 | 4000000 | 4655501 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance Authority Future Tax Secured Revenue, Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/36 | 1000000 | 1127805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/37 | 7000000 | 7732156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/39 | 4000000 | 4392443 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/31 | 7670000 | 8592230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/32 | 8000000 | 9270206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/33 | 3200000 | 3747904 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Series E |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/32 | 8410000 | 8875596 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority, Series S |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/01/39 | 2000000 | 1930935 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Urban Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/15/32 | 12000000 | 13837038 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/41 | 1250000 | 1096980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/31/46 | 1500000 | 1262920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/30 | 1000000 | 1078518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/31 | 1100000 | 1183524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/32 | 1450000 | 1558211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/33 | 1000000 | 1069563 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Series P |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/36 | 10000000 | 10341972 |
| &nbsp;&nbsp;&nbsp;&nbsp; Port Authority of New York & New Jersey, Series 221 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/32 | 6545000 | 7117845 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/30 | 10000000 | 11522063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/31 | 10000000 | 11683516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/32 | 5000000 | 5908015 |
| &nbsp;&nbsp;&nbsp;&nbsp; Triborough Bridge & Tunnel Authority, Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/32 | 8000000 | 9453366 |
| &nbsp;&nbsp;&nbsp;&nbsp; Utility Debt Securitization Authority, Series TE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/31 | 6800000 | 7763986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New York<br>|  | 205186067  |

---

------

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

------

<br> AMG GW&K Municipal Bond Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **North Carolina - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina State Limited Obligation, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/28 | $10000000 | $10960963 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Ohio - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio State General Obligation, Series T |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/30 | 5000000 | 5466663 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Ohio, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/30 | 3910000 | 4549584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Ohio |  | 10016247 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Oregon - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Lottery, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/27 | 10000000 | 10495567 |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon State Lottery, Series D |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/28 | 9225000 | 9682161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Oregon |  | 20177728 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/31 | 1350000 | 1467595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/32 | 2215000 | 2393738 |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Hospital Development Authority, University Pittsburgh Medical Center |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/31 | 5530000 | 6095018 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commonwealth Financing Authority, Pennsylvania Tobacco |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/32 | 7910000 | 8577054 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hospitals & Higher Education Facilities Authority of Philadelphia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/38 | 2500000 | 2418821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/39 | 2000000 | 1925957 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/30/35 | 3000000 | 3189392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/30/48 | 5000000 | 5206001 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/33 | 5000000 | 5792940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Pennsylvania |  | 37066516 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas - 6.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Corpus Christi TX Utility System Revenue, Junior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/29 | 3125000 | 3456364 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston TX Airport System Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/35 | 1100000 | 1064938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/36 | 1100000 | 1052830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/34 | 2835000 | 3056614 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of San Antonio TX Electric & Gas Systems Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/37 | 3010000 | 3307056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/38 | 2985000 | 3266956 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Area Rapid Transit, Senior Lien |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 12/01/28<br>| 8865000  | 10114763  |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; Dallas Fort Worth International Airport, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/30 | $2000000 | $2307434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/31 | 3265000 | 3751104 |
| &nbsp;&nbsp;&nbsp;&nbsp; Lower Colorado River Authority, LCRA Transmission Services Corporation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/29 | 3815000 | 3908514 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Municipal Water District Water System Revenue, Refunding and Improvement |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/29 | 7350000 | 7925795 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, 2nd Tier, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/31 | 2000000 | 2099042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/32 | 3010000 | 3201201 |
| &nbsp;&nbsp;&nbsp;&nbsp; North Texas Tollway Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/01/38 | 4500000 | 5000636 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Texas, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/29 | 5000000 | 5303339 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/31/37 | 5000000 | 4605433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/31/38 | 3735000 | 3404415 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Water Development Board |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/38 | 5860000 | 6610933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Texas |  | 73437367 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utah - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Intermountain Power Agency, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/34 | 5250000 | 6023794 |
| &nbsp;&nbsp;&nbsp;&nbsp; Salt Lake City Corp. Airport Revenue, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/29 | 3450000 | 3667536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/30 | 6585000 | 6997951 |
| &nbsp;&nbsp;&nbsp;&nbsp; University of Utah/The, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/37 | 5000000 | 5670287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utah |  | 22359568 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/37 | 3000000 | 2812422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/38 | 3000000 | 2782255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Virginia |  | 5594677 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Washington - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Port of Seattle, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/31 | 5000000 | 5492102 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington School Improvements, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/28 | 7370000 | 7864426 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Washington, Series C |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/28 | 10280000 | 10728741 |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington Health Care Facilities Authority, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/38 | 3270000 | 3381039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Washington<br>|  | 27466308  |

---

------

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

------

<br> AMG GW&K Municipal Bond Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **West Virginia - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Parkways Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/37 | $1750000 | $1951686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/38 | 2000000 | 2215442 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/39 | 5150000 | 5670468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total West Virginia |  | 9837596 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin, Series 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/31 | 2700000 | 3121279 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Wisconsin, Series A |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/31 | 5000000 | 5258596 |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin State Revenue, Department of Transportation, Series 2 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/29 | 20405000 | 22486722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Wisconsin |  | 30866597 |
|  **Total Municipal Bonds**<br> (Cost $1,142,894,341)<br>|  | 1082545523  |

---

<sup>1</sup> All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at December 31, 2022, amounted to $8,340,135, or 0.8% of net assets. 

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
|  **Short-Term Investments - 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/30/22 due 01/03/23, 4.150% total to be received $668,308 (collateralized by a U.S. Treasury, 0.125%, 01/15/32, totaling $681,377) | $668000 | $668000 |
|  **Total Short-Term Investments**<br> (Cost $668,000) |  | 668000 |
|  **Total Investments - 100.2%**<br> (Cost $1,143,562,341) |  | 1083213523 |
|  **Other Assets, less Liabilities - (0.2)%** |  | (1951011) |
|  **Net Assets - 100.0%** |  | **$1081262512** |

---

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds<sup>†</sup>** |  | $1082545523 |  | $1082545523 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 668000 |  | 668000 |
|  **Total Investments in Securities** |  | $1083213523 |  | $1083213523 |

---

<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, 2022, 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 Enhanced Yield Fund<br> Portfolio Manager's Comments *(unaudited)*<br>

------

<br> AMG GW&K Municipal Enhanced Yield Fund<br> Portfolio Manager's Comments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| opportunities. The outflow cycle that plagued 2022 will likely lose steam in the face of better yields and less tax-loss selling. States are better positioned to withstand the effects of a potential recession, having made prudent use of windfall tax collections to build record reserves. To be sure, challenges still exist. More economically sensitive sectors will need closer | scrutiny and a historically flat yield curve alters the risk/return calculus. But these issues are considerably less difficult to navigate than central banks pinning rates near zero. And we look forward to taking advantage of the gift handed to us by the 2022 market. | *The views expressed represent the opinions of GW&K Investment Management, LLC as of December 31, 2022, and are not intended as a forecast or guarantee of future results, and are subject to change without notice.* |

---

------

<br> AMG GW&K Municipal Enhanced Yield Fund<br>Portfolio Manager's Comments *(continued)*<br>

**CUMULATIVE TOTAL RETURN PERFORMANCE** 

AMG GW&K Municipal Enhanced Yield Fund's cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Municipal Enhanced Yield Fund's Class N shares on December 31, 2012, to a $10,000 investment made in the Bloomberg U.S. Municipal Bond BAA Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

![LOGO](g456195dsp067.jpg)

The table below shows the average annual total returns for the AMG GW&K Municipal Enhanced Yield Fund and the Bloomberg U.S. Municipal Bond BAA Index for the same time periods ended December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **One** | **Five** | **Ten** | **Since** | **Inception** |
| **Average Annual Total Returns<sup>1</sup>** | **Year** | **Years** | **Years** | **Inception** | **Date** |
| &nbsp;&nbsp; **AMG GW&K Municipal Enhanced Yield Fund**<sup>2, 3, 4, 5, 6, 7, 8, 9, 10</sup> | &nbsp;&nbsp; **AMG GW&K Municipal Enhanced Yield Fund**<sup>2, 3, 4, 5, 6, 7, 8, 9, 10</sup> | &nbsp;&nbsp; **AMG GW&K Municipal Enhanced Yield Fund**<sup>2, 3, 4, 5, 6, 7, 8, 9, 10</sup> | &nbsp;&nbsp; **AMG GW&K Municipal Enhanced Yield Fund**<sup>2, 3, 4, 5, 6, 7, 8, 9, 10</sup> | &nbsp;&nbsp; **AMG GW&K Municipal Enhanced Yield Fund**<sup>2, 3, 4, 5, 6, 7, 8, 9, 10</sup> | &nbsp;&nbsp; **AMG GW&K Municipal Enhanced Yield Fund**<sup>2, 3, 4, 5, 6, 7, 8, 9, 10</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (18.19%) | (0.19%) | 1.90% | 4.35% | 07/27/09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (17.86%) | 0.19% | 2.33% | 3.53% | 12/30/05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (17.82%) | 0.24% |  | 1.57% | 02/24/17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg U.S. Municipal Bond BAA Index<sup>11</sup> | (11.63%) | 1.66% | 2.76% | 4.51% | 07/27/09<sup>†</sup> |

---

*The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.* 

------

*Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.* 

Distributed by AMG Distributors, Inc., member FINRA/SIPC.

<sup>†</sup> Date reflects the inception date of the Fund, not the index.

<sup>1</sup> Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and 

&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2022. All returns are in U.S. Dollars ($).<br><sup>2</sup> From time to time, the Fund's investment manager has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.<br><sup>3</sup> The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor's ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.<br><sup>4</sup> 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.<br><sup>5</sup> The Fund may invest in derivatives such as options and futures; the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.<br><sup>6</sup> High-yield bonds (also known as "junk bonds") may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. The issuers of the Fund's holdings may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers.<br><sup>7</sup> The use of leverage in a Fund's strategy, such as futures and forward commitment transactions, can magnify relatively small market movements into relatively larger losses for the Fund.<br><sup>8</sup> Factors unique to the municipal bond market may negatively affect the value of municipal bonds.<br><sup>9</sup> Investment income may be subject to certain state and local taxes, and depending on your tax status, the federal alternative minimum tax. Capital gains are not exempt from federal income tax.<br><sup>10</sup> Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.<br>

------

<br> AMG GW&K Municipal Enhanced Yield Fund<br> Portfolio Manager's Comments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; <sup>11</sup> The Bloomberg U.S. Municipal Bond BAA Index is a subset of the Bloomberg U.S. Municipal Bond Index with an index rating of Baa1, Baa2, or Baa3. The Bloomberg U.S. Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term, tax-exempt bond market. Unlike the Fund, the Bloomberg U.S. Municipal Bond BAA Index is unmanaged, is not available for investment and does not incur expenses. | "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.<br>Not FDIC insured, nor bank guaranteed. May lose value. |

---

------

AMG GW&K Municipal Enhanced Yield Fund<br>Fund Snapshots *(unaudited)*<br> December 31, 2022<br>

**PORTFOLIO BREAKDOWN** 

---

| | |
|:---|:---|
| **Category** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp;Transportation | 38.8 |
| &nbsp;&nbsp;&nbsp;Medical | 22.6 |
| &nbsp;&nbsp;&nbsp;General Obligation | 22.5 |
| &nbsp;&nbsp;&nbsp;Industrial Development | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| &nbsp;&nbsp;&nbsp;Education | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| &nbsp;&nbsp;&nbsp;Tobacco Settlement | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| &nbsp;&nbsp;&nbsp;Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| &nbsp;&nbsp;&nbsp;Other Assets, less Liabilities | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |

---

---

| | |
|:---|:---|
| **Rating** | **% of Market Value<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp;Aaa/AAA | 0.9 |
| &nbsp;&nbsp;&nbsp;Aa/AA | 6.2 |
| &nbsp;&nbsp;&nbsp;A | 44.8 |
| &nbsp;&nbsp;&nbsp;Baa/BBB | 48.1 |

---

<sup>1</sup> Includes market value of long-term fixed-income securities only.

**TOP TEN HOLDINGS** 

---

| | |
|:---|:---|
| **Security Name** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 | 3.4 |
| &nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport, Senior Lien, Series A, 5.000%, 01/01/48 | 2.6 |
| &nbsp;&nbsp;&nbsp; Brevard County Health Facilities Authority, Series A, 5.000%, 04/01/47 | 2.4 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 | 2.3 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., Revenue, 4.000%, 04/30/53 | 2.2 |
| &nbsp;&nbsp;&nbsp; Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 | 2.1 |
| &nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission, Series A, 4.000%, 12/01/50 | 2.1 |
| &nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 | 2.0 |
| &nbsp;&nbsp;&nbsp; Escambia County Health Facilities Authority, 4.000%, 08/15/50 | 2.0 |
| &nbsp;&nbsp;&nbsp; New York Transportation Development Corp., 5.000%, 12/01/40 | 2.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Top Ten as a Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.1 |

---

Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor's ("S&P"), Moody's Investors Service, Inc. ("Moody's") or Fitch. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB- or higher. Below investment grade ratings are credit ratings of BB+ or lower. Investments designated N/R are not rated by any of the rating agencies. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Because a fund's strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund's prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund's portfolio of investments by the time you receive this report.

------

AMG GW&K Municipal Enhanced Yield Fund<br>Schedule of Portfolio Investments<br> December 31, 2022<br>

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
|  **Municipal Bonds - 98.0%** | **Municipal Bonds - 98.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **California - 6.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **California - 6.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority | &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/43 | $3000000 | $3007373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/15/48 | 4600000 | 4547569 |
| &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority,<br>Series A | &nbsp;&nbsp;&nbsp;&nbsp; California Municipal Finance Authority,<br>Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/51 | 1500000 | 1344180 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riverside County Transportation<br>Commission, Series B1 | &nbsp;&nbsp;&nbsp;&nbsp; Riverside County Transportation<br>Commission, Series B1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/46 | 2500000 | 2313403 |
| &nbsp;&nbsp;&nbsp;&nbsp; Riverside County Transportation<br>Commission, Series C | &nbsp;&nbsp;&nbsp;&nbsp; Riverside County Transportation<br>Commission, Series C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/01/47 | 3425000 | 3146980 |
| &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport<br>Authority, Series B | &nbsp;&nbsp;&nbsp;&nbsp; San Diego County Regional Airport<br>Authority, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/51 | 2000000 | 1728578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total California |  | 16088083 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Colorado - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority,<br>Series A | &nbsp;&nbsp;&nbsp;&nbsp; Colorado Health Facilities Authority,<br>Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/44 | 5000000 | 5008861 |
| &nbsp;&nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy<br>Natural Gas Purchase Revenue | &nbsp;&nbsp;&nbsp;&nbsp; Public Authority for Colorado Energy<br>Natural Gas Purchase Revenue |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/15/38 | 4445000 | 5207013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Colorado |  | 10215874 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Connecticut - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational<br>Facilities Authority | &nbsp;&nbsp;&nbsp;&nbsp; Connecticut State Health & Educational<br>Facilities Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/39 | 3000000 | 2768631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/40 | 3400000 | 3097196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/42 | 1750000 | 1547461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Connecticut |  | 7413288 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Florida - 11.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Brevard County Health Facilities<br>Authority | &nbsp;&nbsp;&nbsp;&nbsp; Brevard County Health Facilities<br>Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 04/01/47 | 6000000 | 6181279 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Tampa, Series B |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/50 | 2460000 | 2482795 |
| &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport<br>Department, Series A | &nbsp;&nbsp;&nbsp;&nbsp; County of Miami-Dade Seaport<br>Department, Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/01/45 | 4750000 | 4290215 |
| &nbsp;&nbsp;&nbsp;&nbsp; Escambia County Health Facilities<br>Authority | &nbsp;&nbsp;&nbsp;&nbsp; Escambia County Health Facilities<br>Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/15/50 | 6050000 | 5138584 |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida Development Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/01/52 | 3000000 | 2317606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/52 | 2000000 | 1814238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial<br>Development Authority | &nbsp;&nbsp;&nbsp;&nbsp; Hillsborough County Industrial<br>Development Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/01/50 | 5000000 | 4225508 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miami Beach Health Facilities Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/15/46 | 5000000 | 4321604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Florida<br>|  | 30771829  |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Illinois - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport,<br>Senior Lien, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Chicago O'Hare International Airport,<br>Senior Lien, Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/48 | $6750000 | $6839776 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition<br>Authority | &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Pier & Exposition<br>Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/15/42 | 2000000 | 1740270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/52 | 3000000 | 2428314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/50 | 5000000 | 4870522 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois | &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 05/01/39 | 4000000 | 4128331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 05/01/45 | 3000000 | 3115852 |
| &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series A | &nbsp;&nbsp;&nbsp;&nbsp; State of Illinois, Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/40 | 1500000 | 1303398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/46 | 2225000 | 2162415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Illinois |  | 26588878 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Massachusetts - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance<br>Agency | &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts Development Finance<br>Agency |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/51 | 5180000 | 4190784 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Minnesota - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Duluth Economic Development<br>Authority, Essentia Health<br>Obligated Group, Series A | &nbsp;&nbsp;&nbsp;&nbsp; Duluth Economic Development<br>Authority, Essentia Health<br>Obligated Group, Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/15/48 | 2550000 | 2477997 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Nebraska - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Plains Energy Project #3,<br>Series A | &nbsp;&nbsp;&nbsp;&nbsp; Central Plains Energy Project #3,<br>Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 09/01/42 | 5560000 | 5579807 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development<br>Authority | &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development<br>Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/01/44 | 2500000 | 2547965 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development<br>Authority, Series QQQ | &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Economic Development<br>Authority, Series QQQ |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/46 | 1500000 | 1300037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/50 | 1500000 | 1261590 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund<br>Authority, Series AA | &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund<br>Authority, Series AA |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/45 | 2000000 | 1746511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/50 | 2000000 | 1682120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/45 | 1000000 | 1019723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/50 | 1500000 | 1517519 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund<br>Authority, Series B | &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund<br>Authority, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/15/46 | 2000000 | 2106085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/15/50 | 1000000 | 1069443 |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund<br>Authority, Series BB | &nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund<br>Authority, Series BB |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/15/44 | 1750000 | 1779880 |
| &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority | &nbsp;&nbsp;&nbsp;&nbsp; South Jersey Transportation Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 11/01/47 | 3500000 | 3298105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/01/52 | 4500000 | 4567224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp.<br>Series A | &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp.<br>Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/46 | 2500000 | 2449212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/46<br>| 3285000  | 3295562  |

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

------

<br> AMG GW&K Municipal Enhanced Yield Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - 12.2%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **New Jersey - 12.2%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp.<br>Series B | &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp.<br>Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/46 | $2050000 | $1957389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New Jersey |  | 31598365 |
| &nbsp;&nbsp;&nbsp;&nbsp; **New York - 15.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series B-1 | &nbsp;&nbsp;&nbsp;&nbsp; City of New York, Series B-1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 10/01/47 | 2000000 | 2199235 |
| &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority,<br>Series C | &nbsp;&nbsp;&nbsp;&nbsp; Metropolitan Transportation Authority,<br>Series C |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/45 | 3175000 | 2968898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/50 | 2335000 | 2243298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/15/55 | 3020000 | 3019797 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance<br>Authority Future Tax Secured<br>Revenue, Series D-1 | &nbsp;&nbsp;&nbsp;&nbsp; New York City Transitional Finance<br>Authority Future Tax Secured<br>Revenue, Series D-1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 11/01/45 | 2000000 | 2250411 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority | &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/52 | 3000000 | 3059347 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority,<br>Series A | &nbsp;&nbsp;&nbsp;&nbsp; New York State Dormitory Authority,<br>Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/47 | 2000000 | 1736163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/52 | 2115000 | 1791547 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority,<br>Series B | &nbsp;&nbsp;&nbsp;&nbsp; New York State Thruway Authority,<br>Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/45 | 2000000 | 1858731 |
| &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation<br>Development Corp. | &nbsp;&nbsp;&nbsp;&nbsp; New York Transportation<br>Development Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/39 | 1825000 | 1714401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/41 | 1900000 | 1740849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/30/53 | 6915000 | 5615382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/40 | 5000000 | 5071748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/01/41 | 5000000 | 5045825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total New York |  | 40315632 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania - 11.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport Authority,<br>Series A | &nbsp;&nbsp;&nbsp;&nbsp; Allegheny County Airport Authority,<br>Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/51 | 5000000 | 5050008 |
| &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority | &nbsp;&nbsp;&nbsp;&nbsp; Geisinger Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/01/50 | 3200000 | 2869903 |
| &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education<br>and Health Authority, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Montgomery County Higher Education<br>and Health Authority, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/52 | 4750000 | 4604557 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development<br>Financing Authority | &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Economic Development<br>Financing Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/57 | 1250000 | 1239779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/30/53 | 6000000 | 5874902 |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission,<br>Series A | &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania Turnpike Commission,<br>Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/50 | 6050000 | 5401398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial<br>Development | &nbsp;&nbsp;&nbsp;&nbsp; Philadelphia Authority for Industrial<br>Development |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 11/01/52 | 4615000 | 4829516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Pennsylvania |  | 29870063 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Rhode Island - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp.<br>Series A | &nbsp;&nbsp;&nbsp;&nbsp; Tobacco Settlement Financing Corp.<br>Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/40<br>| 3285000  | 3304675  |

---

---

| | | |
|:---|:---|:---|
| | Principal<br>Amount | Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Texas - 10.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility<br>Authority, Series B | &nbsp;&nbsp;&nbsp;&nbsp; Central Texas Regional Mobility<br>Authority, Series B |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/51 | $2030000 | $1790598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/45 | 1930000 | 1990915 |
| &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System<br>Revenue, Series A | &nbsp;&nbsp;&nbsp;&nbsp; City of Houston Airport System<br>Revenue, Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/48 | 1500000 | 1306209 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface<br>Transportation Corp. | &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface<br>Transportation Corp. |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/30/58 | 9320000 | 8889107 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface<br>Transportation Corp., Senior<br>Lien-Blueridge Transport | &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface<br>Transportation Corp., Senior<br>Lien-Blueridge Transport |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/40 | 3955000 | 3960894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/45 | 3880000 | 3828155 |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface<br>Transportation Corp., Series A | &nbsp;&nbsp;&nbsp;&nbsp; Texas Private Activity Bond Surface<br>Transportation Corp., Series A |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/31/39 | 5500000 | 4953546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Texas |  | 26719424 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Virginia - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Lynchburg Economic Development<br>Authority | &nbsp;&nbsp;&nbsp;&nbsp; Lynchburg Economic Development<br>Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/55 | 1500000 | 1309025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing<br>Authority | &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing<br>Authority |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/39 | 3000000 | 2744828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/01/40 | 3000000 | 2718243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/47 | 2555000 | 2570139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing<br>Authority, Transform 66 P3<br>Project | &nbsp;&nbsp;&nbsp;&nbsp; Virginia Small Business Financing<br>Authority, Transform 66 P3<br>Project |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/49 | 2500000 | 2376794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/31/52 | 3170000 | 2987148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Virginia |  | 14706177 |
| &nbsp;&nbsp;&nbsp;&nbsp; **West Virginia - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance<br>Authority, Cabell Huntington<br>Hospital Obligation | &nbsp;&nbsp;&nbsp;&nbsp; West Virginia Hospital Finance<br>Authority, Cabell Huntington<br>Hospital Obligation |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/43 | 4000000 | 4033344 |
|  **Total Municipal Bonds** | **Total Municipal Bonds** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $289,251,690) |  | 253874220 |
|  **Short-Term Investments - 0.4%** | **Short-Term Investments - 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/30/22 due 01/03/23, 4.150% total to be received $926,427 (collateralized by a U.S. Treasury, 0.125%, 01/15/32, totaling $944,525) | 926000 | 926000 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $926,000) |  | 926000 |
|  **Total Investments - 98.4%** | **Total Investments - 98.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Cost $290,177,690) |  | 254800220 |
|  **Other Assets, less Liabilities - 1.6%** | **Other Assets, less Liabilities - 1.6%** | 4193826 |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$258994046**  |

---

------

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

------

<br> AMG GW&K Municipal Enhanced Yield Fund<br> Schedule of Portfolio Investments *(continued)*<br>

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds<sup>†</sup>** |  | $253874220 |  | $253874220 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 926000 |  | 926000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Total Investments in Securities** |  | $254800220 |  | $254800220 |

---

<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, 2022, there were no transfers in or out of Level 3.

------

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

------

<br> Statement of Assets and Liabilities<br>December 31, 2022<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AMG GW&K**<br>**ESG**<br>**Bond Fund** | **AMG<br>GW&K Enhanced<br>Core Bond**<br>**ESG Fund** | **AMG<br>GW&K High<br>Income Fund** | **AMG<br>GW&K Municipal<br>Bond Fund** | **AMG<br>GW&K Municipal<br>Enhanced**<br>**Yield Fund** |
|  **Assets:** |  |  |  |  |  |
|  Investments at value<sup>1</sup> (including securities on loan valued at $25,458,950, $2,393,361, $1,415,713, $0, and $0, respectively) | $497119651 | $41118359 | $18347996 | $1083213523 | $254800220 |
|  Cash | 651 | 331228 | 890771 | 548 | 599 |
|  Dividend and interest receivables | 4534690 | 348725 | 246128 | 14156329 | 3402657 |
|  Securities lending income receivable | 2735 | 645 | 1737 |  |  |
|  Receivable for Fund shares sold | 24758 | 4267 | 1404 | 2553483 | 2793369 |
|  Receivable from affiliate |  | 13761 | 9005 | 67793 | 20258 |
|  Prepaid expenses and other assets<br>| 16467  | 12312  | 9884  | 48865  | 22853  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 501698952 | 41829297 | 19506925 | 1100040541 | 261039956 |
|  **Liabilities:** |  |  |  |  |  |
|  Payable upon return of securities loaned | 7412408 | 1242815 | 1253247 |  |  |
|  Payable for investments purchased |  |  | 923211 |  | 985164 |
|  Payable for delayed delivery investments purchased |  |  |  | 8158150 |  |
|  Payable for Fund shares repurchased | 885796 | 51790 | 137 | 10068969 | 834552 |
|  Accrued expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 109998 | 10581 | 3768 | 195849 | 101123 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 64826 | 5291 | 1449 | 141313 | 33708 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees |  | 2293 |  | 2700 | 632 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 74128 | 1166 | 1613 | 48470 | 11484 |
| &nbsp;&nbsp;&nbsp;&nbsp; Other<br>| 145150  | 68488  | 54951  | 162578  | 79247  |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 8692306 | 1382424 | 2238376 | 18778029 | 2045910 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $493006646 | $40446873 | $17268549 | $1081262512 | $258994046 |
|  &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Investments at cost | $575447303 | $46593109 | $19231374 | $1143562341 | $290177690 |

---

------

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

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AMG GW&K**<br>**ESG**<br>**Bond Fund** | **AMG<br>GW&K Enhanced<br>Core Bond**<br>**ESG Fund** | **AMG<br>GW&K High**<br>**Income Fund** | **AMG**<br>**GW&K Municipal<br>Bond Fund** | **AMG<br>GW&K Municipal<br>Enhanced**<br>**Yield Fund** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets Represent:** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $591675117 | $51134647 | $19378717 | $1151923012 | $305163279 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total distributable loss | (98668471) | (10687774) | (2110168) | (70660500) | (46169233) |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $493006646 | $40446873 | $17268549 | $1081262512 | $258994046 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class N:** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $301027605 | $10680376 | $6528383 | $12972392 | $2955237 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 14256971 | 1197222 | 324636 | 1167150 | 345097 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $21.11 | $8.92 | $20.11 | $11.11 | $8.56 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class I:** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $191979041 | $19889744 | $10740166 | $1068290120 | $255927964 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 9091124 | 2221529 | 534326 | 95562700 | 30828135 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $21.12 | $8.95 | $20.10 | $11.18 | $8.30 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class Z:** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net Assets |  | $9876753 |  |  | $110845 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding |  | 1103437 |  |  | 13355 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share |  | $8.95 |  |  | $8.30 |

---

------

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

------

<br> Statement of Operations<br>For the fiscal year ended December 31, 2022<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **AMG GW&K<br>ESG<br>Bond Fund** | **AMG<br>GW&K Enhanced<br>Core Bond**<br>**ESG Fund** | **AMG<br>GW&K High<br>Income Fund** | **AMG**<br>**GW&K Municipal<br>Bond Fund** | **AMG<br>GW&K Municipal<br>Enhanced**<br>**Yield Fund** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Investment Income:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Interest income | $15673594 | $1317282 | $732593 | $24322772 | $9942590 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 91026 | 9143 | 21484 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding tax | (4703) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 15759917 | 1326425 | 754077 | 24322772 | 9942590 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Expenses:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory and management fees | 1363391 | 146227 | 72096 | 2430930 | 1325322 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Administrative fees | 889168 | 73114 | 27729 | 1757573 | 441774 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class N |  | 29255 |  | 35742 | 10133 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class N | 865479 |  | 17627 | 18880 | 6080 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class I | 123293 | 20774 | 5718 | 578709 | 145173 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 105299 | 61295 | 44119 | 97306 | 52581 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 60338 | 39079 | 27739 | 116005 | 46918 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 58040 | 9094 | 3334 | 49662 | 12357 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 50336 | 23888 | 17097 | 97442 | 40199 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees and expenses | 41125 | 3413 | 1341 | 84573 | 20683 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 29706 | 3321 | 1253 | 35800 | 9340 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Interest expense |  | 1340 | 3009 | 352 | 164 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 24388 | 4740 | 2410 | 40727 | 13587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Total expenses before offsets | 3610563 | 415540 | 223472 | 5343701 | 2124311 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements | (72842) | (130195) | (88045) | (726185) | (225094) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 3537721 | 285345 | 135427 | 4617516 | 1899217 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 12222196 | 1041080 | 618650 | 19705256 | 8043373 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on investments | (19299747) | (2654300) | (1149384) | (10312359) | (10807395) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments | (84052548) | (5951857) | (961928) | (113439737) | (60592633) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (103352295) | (8606157) | (2111312) | (123752096) | (71400028) |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in net assets resulting from operations** | $(91130099) | $(7565077) | $(1492662) | $(104046840) | $(63356655) |

---

------

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

------

<br> Statements of Changes in Net Assets<br>For the fiscal years ended December 31,<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **AMG GW&K**<br>**ESG Bond Fund** | **AMG GW&K**<br>**ESG Bond Fund** | **AMG**<br>**GW&K Enhanced**<br>**Core Bond ESG Fund** | **AMG**<br>**GW&K Enhanced**<br>**Core Bond ESG Fund** | **AMG**<br>**GW&K High**<br>**Income Fund** | **AMG**<br>**GW&K High**<br>**Income Fund** |
|  | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
|  **Increase (Decrease) in Net Assets Resulting From Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $12222196 | $16869717 | $1041080 | $812613 | $618650 | $437039 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (19299747) | 81364988 | (2654300) | 874010 | (1149384) | 151347 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (84052548) | (112045135) | (5951857) | (2321289) | (961928) | 89236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (91130099) | (13810430) | (7565077) | (634666) | (1492662) | 677622 |
|  **Distributions to Shareholders:** |  |  |  |  |  |  |
|  **From net investment income and/or realized gain on investments:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | (7736535) | (53132625) | (235849) | (211642) | (277251) | (232178) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (5885301) | (51380355) | (537618) | (426487) | (410014) | (312124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z |  |  | (268295) | (186240) |  |  |
|  **From paid-in capital:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N |  |  |  | (12304) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I |  |  |  | (24795) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z |  |  |  | (10828) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (13621836) | (104512980) | (1041762) | (872296) | (687265) | (544302) |
|  **Capital Share Transactions:<sup>1</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | (157179741) | (228559947) | (11796222) | 7211314 | (1875236) | 10888534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (261931676) | (346883357) | (20403061) | 5704352 | (4055163) | 11021854 |
|  **Net Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 754938322 | 1101821679 | 60849934 | 55145582 | 21323712 | 10301858 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $493006646 | $754938322 | $40446873 | $60849934 | $17268549 | $21323712 |

---

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

------

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

------

<br> Statements of Changes in Net Assets *(continued)*<br>For the fiscal years ended December 31,<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AMG**<br>**GW&K Municipal**<br>**Bond Fund** | **AMG**<br>**GW&K Municipal**<br>**Bond Fund** | **AMG GW&K**<br>**Municipal Enhanced**<br>**Yield Fund** | **AMG GW&K**<br>**Municipal Enhanced**<br>**Yield Fund** |
|  | **2022** | **2021** | **2022** | **2021** |
|  **Increase (Decrease) in Net Assets Resulting From Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | $19705256 | $17736073 | $8043373 | $8074327 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investments | (10312359) | 11510796 | (10807395) | 5033099 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (113439737) | (24090355) | (60592633) | 727146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (104046840) | 5156514 | (63356655) | 13834572 |
|  **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | (212610) | (320461) | (79222) | (239124) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (21345146) | (27948470) | (8871256) | (12853713) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z |  |  | (3685) | (4817) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (21557756) | (28268931) | (8954163) | (13097654) |
|  **Capital Share Transactions:<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | (142203031) | 66362378 | (53225598) | 55209790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (267807627) | 43249961 | (125536416) | 55946708 |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 1349070139 | 1305820178 | 384530462 | 328583754 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $1081262512 | $1349070139 | $258994046 | $384530462 |

---

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

------

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

------

AMG GW&K ESG Bond Fund<br>Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$24.88** | **$28.12** | **$27.14** | **$25.49** | **$26.97** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.44 | 0.44 | 0.90 | 0.94 | 0.84 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.70) | (0.83) | 1.03 | 1.85 | (1.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.26) | (0.39) | 1.93 | 2.79 | (0.49) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.47) | (0.47) | (0.88) | (0.98) | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.04) | (2.38) | (0.07) | (0.16) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.51) | (2.85) | (0.95) | (1.14) | (0.99) |
|  **Net Asset Value, End of Year** | **$21.11** | **$24.88** | **$28.12** | **$27.14** | **$25.49** |
|  Total Return<sup>2,3</sup> | (13.17)% | (1.29)% | 7.34% | 11.10% | (1.82)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.68% | 0.69%<sup>4</sup> | 0.71% | 0.72%<sup>5</sup> | 0.98%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | 0.69% | 0.69%<sup>4</sup> | 0.72% | 0.73%<sup>5</sup> | 0.98%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 1.98% | 1.71% | 3.31% | 3.53% | 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 23% | 186% | 25% | 20% | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $301028 | $427818 | $555124 | $618381 | $715468 |

---

------

AMG GW&K ESG Bond Fund<br>Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$24.89** | **$28.13** | **$27.14** | **$25.49** | **$26.97** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.49 | 0.50 | 0.95 | 0.99 | 0.86 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.71) | (0.83) | 1.05 | 1.85 | (1.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.22) | (0.33) | 2.00 | 2.84 | (0.46) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.51) | (0.53) | (0.94) | (1.03) | (0.83) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.04) | (2.38) | (0.07) | (0.16) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.55) | (2.91) | (1.01) | (1.19) | (1.02) |
|  **Net Asset Value, End of Year** | **$21.12** | **$24.89** | **$28.13** | **$27.14** | **$25.49** |
|  Total Return<sup>2,3</sup> | (12.99)% | (1.05)% | 7.57% | 11.32% | (1.72)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.48% | 0.49%<sup>4</sup> | 0.50% | 0.52%<sup>5</sup> | 0.88%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | 0.49% | 0.49%<sup>4</sup> | 0.51% | 0.53%<sup>5</sup> | 0.88%<sup>4</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 2.18% | 1.91% | 3.52% | 3.73% | 3.29% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 23% | 186% | 25% | 20% | 9% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $191979 | $327121 | $546698 | $605353 | $1094820 |

---

<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> Ratio includes recapture of reimbursed fees from prior years amounting to less than 0.01% and 0.04% for the fiscal year ended December 31, 2021 and December 31, 2018, respectively. 

<sup>5</sup> Includes 0.01% of extraordinary expense related to legal expense in support of an investment held in the portfolio. 

<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.) 

------

AMG GW&K Enhanced Core Bond ESG Fund<br>Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$10.61** | **$10.90** | **$10.15** | **$9.43** | **$9.81** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.19 | 0.14 | 0.20 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.69) | (0.28) | 0.75 | 0.73 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.50) | (0.14) | 0.95 | 0.97 | (0.15) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.19) | (0.14) | (0.20) | (0.25) | (0.23) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.19) | (0.15) | (0.20) | (0.25) | (0.23) |
|  **Net Asset Value, End of Year** | **$8.92** | **$10.61** | **$10.90** | **$10.15** | **$9.43** |
|  Total Return<sup>2,3</sup> | (14.17)% | (1.26)% | 9.41% | 10.35% | (1.48)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.73% | 0.73% | 0.73% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>4</sup> | 1.00% | 0.93% | 1.06% | 1.16% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 1.99% | 1.32% | 1.86% | 2.43% | 2.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 54% | 86% | 101% | 71% | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $10680 | $13736 | $15794 | $14779 | $12884 |

---

------

AMG GW&K Enhanced Core Bond ESG Fund<br>Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$10.65** | **$10.94** | **$10.19** | **$9.47** | **$9.85** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.21 | 0.16 | 0.22 | 0.26 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.70) | (0.28) | 0.75 | 0.73 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.49) | (0.12) | 0.97 | 0.99 | (0.13) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.21) | (0.16) | (0.22) | (0.27) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.21) | (0.17) | (0.22) | (0.27) | (0.25) |
|  **Net Asset Value, End of Year** | **$8.95** | **$10.65** | **$10.94** | **$10.19** | **$9.47** |
|  Total Return<sup>2,3</sup> | (14.07)% | (1.07)% | 9.57% | 10.51% | (1.27)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.56% | 0.56% | 0.55% | 0.55% | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>4</sup> | 0.83% | 0.76% | 0.88% | 0.98% | 0.80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 2.16% | 1.49% | 2.04% | 2.62% | 2.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 54% | 86% | 101% | 71% | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $19890 | $33402 | $27800 | $8502 | $5967 |

---

------

AMG GW&K Enhanced Core Bond ESG Fund<br>Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$10.65** | **$10.93** | **$10.18** | **$9.46** | **$9.84** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.21 | 0.17 | 0.22 | 0.27 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.69) | (0.27) | 0.75 | 0.72 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.48) | (0.10) | 0.97 | 0.99 | (0.12) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.22) | (0.17) | (0.22) | (0.27) | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  | (0.01) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.22) | (0.18) | (0.22) | (0.27) | (0.26) |
|  **Net Asset Value, End of Year** | **$8.95** | **$10.65** | **$10.93** | **$10.18** | **$9.46** |
|  Total Return<sup>2,3</sup> | (14.00)% | (0.92)% | 9.65% | 10.59% | (1.23)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.48% | 0.48% | 0.48% | 0.48% | 0.48% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>4</sup> | 0.75% | 0.68% | 0.81% | 0.91% | 0.74% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 2.24% | 1.57% | 2.11% | 2.72% | 2.70% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 54% | 86% | 101% | 71% | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $9877 | $13712 | $11552 | $10080 | $15254 |

---

<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> 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.) 

------

AMG GW&K High Income Fund<br>Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$22.46** | **$22.23** | **$21.52** | **$20.04** | **$21.06** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.67 | 0.53 | 0.51 | 0.57 | 0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.20) | 0.28 | 2.09 | 0.98 | (1.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.53) | 0.81 | 2.60 | 1.55 | (0.88) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.77) | (0.53) | (0.48) | (0.07) | (0.14) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.05) | (0.05) | (1.41) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.82) | (0.58) | (1.89) | (0.07) | (0.14) |
|  **Net Asset Value, End of Year** | **$20.11** | **$22.46** | **$22.23** | **$21.52** | **$20.04** |
|  Total Return<sup>2,3</sup> | (6.80)% | 3.67% | 12.16% | 7.67% | (4.18)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.86%<sup>4</sup> | 0.84% | 0.89% | 0.89% | 0.89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 1.32% | 1.37% | 1.70% | 1.87% | 1.52% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 3.22% | 2.36% | 2.28% | 2.70% | 3.34% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 74% | 97% | 157% | 52% | 60% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $6528 | $8157 | $10302 | $9638 | $10365 |

---

------

AMG GW&K High Income Fund<br>Financial Highlights<br> For a share outstanding throughout each fiscal period<br>

---

| | | |
|:---|:---|:---|
|  | **For the fiscal year ended December 31,** | **For the fiscal<br>period ended<br>December 31,** |
| **Class I** | **2022** | **2021<sup>6</sup>** |
|  **Net Asset Value, Beginning of Period** | **$22.45** | **$22.27** |
|  **Income (loss) from Investment Operations:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.71 | 0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.20) | 0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.49) | 0.81 |
|  **Less Distributions to Shareholders from:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.81) | (0.58) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.86) | (0.63) |
|  **Net Asset Value, End of Period** | **$20.10** | **$22.45** |
|  Total Return<sup>2,3</sup> | (6.63)% | 3.68%<sup>7</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.66%<sup>4</sup> | 0.64%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 1.12% | 1.17%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 3.42% | 2.56%<sup>8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 74% | 97% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of period (000's) omitted | $10740 | $13166 |

---

<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 totaling 0.02% 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.) 

<sup>6</sup> Commencement of operations was on March 15, 2021.

<sup>7</sup> Not annualized.

<sup>8</sup> Annualized.

------

AMG GW&K Municipal Bond Fund<br>Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$12.24** | **$12.45** | **$12.12** | **$11.48** | **$11.60** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.15 | 0.13 | 0.15 | 0.19 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.10) | (0.11) | 0.33 | 0.64 | (0.11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.95) | 0.02 | 0.48 | 0.83 | 0.06 |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.16) | (0.13) | (0.15) | (0.19) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.02) | (0.10) |  |  | (0.00)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.18) | (0.23) | (0.15) | (0.19) | (0.18) |
|  **Net Asset Value, End of Year** | **$11.11** | **$12.24** | **$12.45** | **$12.12** | **$11.48** |
|  Total Return<sup>2,4</sup> | (7.80)% | 0.10% | 4.31% | 7.29% | 0.54% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.72% | 0.71% | 0.71% | 0.71% | 0.71% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 0.78% | 0.76% | 0.77% | 0.78% | 0.77% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 1.35% | 1.01% | 1.25% | 1.59% | 1.53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 20% | 24% | 17% | 18% | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $12972 | $17112 | $18153 | $18711 | $17445 |

---

------

AMG GW&K Municipal Bond Fund<br>Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$12.31** | **$12.52** | **$12.18** | **$11.54** | **$11.66** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.19 | 0.17 | 0.19 | 0.23 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (1.11) | (0.11) | 0.34 | 0.64 | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (0.92) | 0.06 | 0.53 | 0.87 | 0.09 |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.19) | (0.17) | (0.19) | (0.23) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.02) | (0.10) |  |  | (0.00)<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.21) | (0.27) | (0.19) | (0.23) | (0.21) |
|  **Net Asset Value, End of Year** | **$11.18** | **$12.31** | **$12.52** | **$12.18** | **$11.54** |
|  Total Return<sup>2,4</sup> | (7.45)% | 0.43% | 4.70% | 7.58% | 0.87% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.39% | 0.39% | 0.39% | 0.39% | 0.39% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 0.45% | 0.44% | 0.45% | 0.46% | 0.45% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 1.68% | 1.33% | 1.57% | 1.91% | 1.85% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 20% | 24% | 17% | 18% | 35% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $1068290 | $1331958 | $1287667 | $1014514 | $940553 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income would have been lower had certain expenses not been offset. 

<sup>3</sup> Less than $(0.005) per share. 

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

------

AMG GW&K Municipal Enhanced Yield Fund<br>Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$10.74** | **$10.69** | **$10.42** | **$9.69** | **$10.02** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.22 | 0.20 | 0.23 | 0.26 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.17) | 0.18 | 0.37 | 0.78 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.95) | 0.38 | 0.60 | 1.04 | (0.06) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.20) | (0.19) | (0.21) | (0.25) | (0.15) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.03) | (0.14) | (0.12) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  |  |  |  | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.23) | (0.33) | (0.33) | (0.31) | (0.27) |
|  **Net Asset Value, End of Year** | **$8.56** | **$10.74** | **$10.69** | **$10.42** | **$9.69** |
|  Total Return<sup>2,3</sup> | (18.19)% | 3.59% | 5.95% | 10.92% | (0.55)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.99% | 0.99% | 0.99% | 0.99% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>4</sup> | 1.07% | 1.05% | 1.07% | 1.08% | 1.08% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 2.39% | 1.85% | 2.17% | 2.56% | 2.79% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 45% | 61% | 81% | 40% | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $2955 | $14923 | $5015 | $5722 | $7283 |

---

------

AMG GW&K Municipal Enhanced Yield Fund<br>Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$10.43** | **$10.40** | **$10.15** | **$9.45** | **$10.01** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.24 | 0.23 | 0.25 | 0.29 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.09) | 0.17 | 0.37 | 0.76 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.85) | 0.40 | 0.62 | 1.05 | (0.01) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.25) | (0.23) | (0.25) | (0.29) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.03) | (0.14) | (0.12) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  |  |  |  | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.28) | (0.37) | (0.37) | (0.35) | (0.55) |
|  **Net Asset Value, End of Year** | **$8.30** | **$10.43** | **$10.40** | **$10.15** | **$9.45** |
|  Total Return<sup>2,3</sup> | (17.86)% | 3.94% | 6.31% | 11.28% | (0.07)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.64% | 0.64% | 0.64% | 0.64% | 0.64% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>4</sup> | 0.72% | 0.70% | 0.72% | 0.73% | 0.73% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 2.74% | 2.20% | 2.52% | 2.91% | 3.14% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 45% | 61% | 81% | 40% | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $255928 | $369473 | $323439 | $273228 | $203867 |

---

------

AMG GW&K Municipal Enhanced Yield Fund<br>Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$10.43** | **$10.40** | **$10.15** | **$9.44** | **$10.01** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.25 | 0.24 | 0.26 | 0.30 | 0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (2.10) | 0.17 | 0.37 | 0.76 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (1.85) | 0.41 | 0.63 | 1.06 | (0.01) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.25) | (0.24) | (0.26) | (0.29) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.03) | (0.14) | (0.12) | (0.06) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  |  |  |  | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.28) | (0.38) | (0.38) | (0.35) | (0.56) |
|  **Net Asset Value, End of Year** | **$8.30** | **$10.43** | **$10.40** | **$10.15** | **$9.44** |
|  Total Return<sup>2,3</sup> | (17.82)% | 3.99% | 6.37% | 11.45% | (0.09)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.59% | 0.59% | 0.59% | 0.59% | 0.59% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>4</sup> | 0.67% | 0.65% | 0.67% | 0.68% | 0.68% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 2.79% | 2.25% | 2.57% | 2.96% | 3.19% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 45% | 61% | 81% | 40% | 89% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $111 | $135 | $130 | $120 | $108 |

---

<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> 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.) 

------

<br> Notes to Financial Statements<br>December 31, 2022<br>

**1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

AMG Funds, AMG Funds II and AMG Funds 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"), AMG GW&K Municipal Enhanced Yield Fund ("Municipal Enhanced"), AMG Funds II: AMG GW&K Enhanced Core Bond ESG Fund ("Enhanced Core Bond ESG") and AMG Funds III: AMG GW&K ESG Bond Fund ("ESG Bond") and AMG GW&K High Income Fund ("High Income"), 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 Enhanced Core Bond ESG and Municipal Enhanced offer 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.

Market prices of investments held by the Funds may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

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 approved by the Boards of Trustees of the Trusts (the "Boards"). Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the Boards. The Valuation Committee, which is comprised of the Independent Trustees of the Boards, and the Pricing Committee, which is comprised of representatives from AMG Funds LLC (the "Investment Manager") are the committees appointed by the Boards to make fair value determinations. Each 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 Boards' valuation procedures, if the Investment Manager or the Pricing Committee 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 Pricing Committee and, if required under the Trusts' securities valuation procedures, the Valuation Committee, seeks to determine the price that a 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 Boards will be presented with a quarterly report showing as of the most recent quarter end, all outstanding securities fair valued by the Funds, including a comparison with the prior quarter end and the percentage of the Funds that the security represents at each quarter end.

With respect to foreign equity securities and certain foreign fixed income securities, the Boards have adopted a policy that 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.

Effective September 8, 2022, the Funds adopted the requirements of Rule 2a-5 under the 1940 Act ("Rule 2a-5"), which the Funds' Board designated the Funds' 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. Other than the designation of the Investment Manager as the Valuation Designee, the Funds' adoption of Rule 2-a5 did not impact how the Funds determine fair value or the carrying amount of investments held in the Funds.

------

<br>65<br>

------

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

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 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 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.

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

**b. SECURITY TRANSACTIONS** 

Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

**c. INVESTMENT INCOME AND EXPENSES** 

Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Interest income on foreign securities is recorded gross of any withholding tax. 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 regulations, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in 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 are no permanent differences during the year. Temporary differences are primarily due to; for ESG Bond, Enhanced Core Bond ESG, High Income and Municipal Enhanced Yield wash sale loss deferrals, for ESG Bond and High Income, premium amortization on callable bonds.

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **ESG Bond** | **ESG Bond** | **Enhanced Core Bond ESG** | **Enhanced Core Bond ESG** | **High Income** | **High Income** |
| **Distributions paid from:** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
|  Ordinary income \* | $12655107 | $200763 | $1041762 | $824369 | $684311 | $543755 |
|  Tax-exempt income |  |  |  |  |  |  |
|  Long-term capital gains | 966729 | 104312217 |  |  | 2954 | 547 |
|  Paid-in capital |  |  |  | 47927 |  |  |
|  | $13621836 | $104512980 | $1041762 | $872296 | $687265 | $544302 |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Municipal Bond** | **Municipal Bond** | **Municipal Enhanced** | **Municipal Enhanced** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Distributions paid from:** | **2022** | **2021** | **2022** | **2021** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Ordinary income \* | $551119 | $808177 | $207654 | $1453156 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Tax-exempt income | 19272793 | 17729864 | 7931831 | 8070665 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Long-term capital gains | 1733844 | 9730890 | 814678 | 3573833 |
|  | $21557756 | $28268931 | $8954163 | $13097654 |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of December 31, 2022, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **ESG Bond** | **Enhanced Core Bond ESG** | **High Income** | **Municipal Bond** | **Municipal Enhanced** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Capital loss carryforward | $19613061 | $4956739 | $1188227 | $10312359 | $10809353 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Undistributed ordinary income | 31878 |  | 4287 |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Undistributed tax-exempt income |  |  |  | 677 | 30058 |

---

At December 31, 2022, 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 Depreciation** |
|  &nbsp;&nbsp;&nbsp;&nbsp;ESG Bond | $576213247 | $926487 | $(80013775) | $(79087288) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Enhanced Core Bond ESG | 46849394 | 10494 | (5741529) | (5731035) |
|  &nbsp;&nbsp;&nbsp;&nbsp;High Income | 19273681 | 35883 | (962111) | (926228) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond | 1143562341 | 2993902 | (63342720) | (60348818) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Enhanced | 290190158 | 829496 | (36219434) | (35389938) |

---

**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, 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. Therefore, no provision for federal income or excise tax is included in the accompanying financial statements.

Additionally, 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.

Management has analyzed the Funds' tax positions taken on federal income tax returns as of December 31, 2022, 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, Management is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

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

**f. CAPITAL LOSS CARRYOVERS AND DEFERRALS** 

As of December 31, 2022, 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;&nbsp;&nbsp;ESG Bond | $7220366 | $12392695 | $19613061 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Enhanced Core Bond ESG | 2475319 | 2481420 | 4956739 |
|  &nbsp;&nbsp;&nbsp;&nbsp;High Income | 397484 | 790743 | 1188227 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond | 2786859 | 7525500 | 10312359 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Enhanced | 3966598 | 6842755 | 10809353 |

---

For the fiscal year ended December 31, 2022, the Funds did not utilize capital loss carryovers.

------

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

**g. CAPITAL STOCK** 

The Trust's 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 years ended December 31, 2022 and December 31, 2021, the capital stock transactions by class for the Funds were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **ESG Bond** | **ESG Bond** | **ESG Bond** | **ESG Bond** | **Enhanced Core Bond ESG** | **Enhanced Core Bond ESG** | **Enhanced Core Bond ESG** | **Enhanced Core Bond ESG** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class N:** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 434859 | $9802580 | 1452937 | $38053195 | 151245 | $1447268 | 286260 | $3068578 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 345800 | 7627326 | 2051404 | 51918933 | 20650 | 192586 | 17561 | 187784 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (3716450) | (83888821) | (6049606) | (156764465) | (268963) | (2557723) | (459141) | (4905575) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (2935791) | $(66458915) | (2545265) | $(66792337) | (97068) | $(917869) | (155320) | $(1649213) |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class I:** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1292769 | $29148121 | 3132524 | $82409399 | 1447204 | $13969790 | 1729710 | $18560256 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 256042 | 5663172 | 1959229 | 49642039 | 55346 | 519860 | 40944 | 439321 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (5602000) | (125532119) | (11383287) | (293819048) | (2416748) | (23744821) | (1177158) | (12618347) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (4053189) | $(90720826) | (6291534) | $(161767610) | (914198) | $(9255171) | 593496 | $6381230 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class Z:** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold |  |  |  |  | 147673 | $1476721 | 442744 | $4753770 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions |  |  |  |  | 27916 | 261662 | 17832 | 191235 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed |  |  |  |  | (359946) | (3361565) | (229602) | (2465708) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) |  |  |  |  | (184357) | $(1623182) | 230974 | $2479297 |
|  | **High Income** | **High Income** | **High Income** | **High Income** | **Municipal Bond** | **Municipal Bond** | **Municipal Bond** | **Municipal Bond** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class N:** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 18712 | $389945 | 111205 | $2494229 | 647098 | $7349629 | 698892 | $8650727 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 13040 | 267721 | 9973 | 224451 | 16904 | 188374 | 23744 | 292232 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (70270) | (1469556) | (221405) | (4977229) | (895246) | (10012745) | (782262) | (9674017) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net decrease | (38518) | $(811890) | (100227) | $(2258549) | (231244) | $(2474742) | (59626) | $(731058) |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class I:** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 484312 | $9834594 | 605743 | $13584553 | 81732933 | $917700640 | 33594124 | $418621329 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 19941 | 410014 | 13885 | 312124 | 1484035 | 16631130 | 1809529 | 22408701 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (556443) | (11307954) | (33112) | (749594) | (95879229) | (1074060059) | (30023803) | (373936594) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (52190) | $(1063346) | 586516 | $13147083 | (12662261) | $(139728289) | 5379850 | $67093436 |

---

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Municipal Enhanced** | **Municipal Enhanced** | **Municipal Enhanced** | **Municipal Enhanced** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class N:** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 616950 | $5797292 | 3442311 | $37047081 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 5976 | 53425 | 15958 | 172953 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1667635) | (16584715) | (2537721) | (27497613) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (1044709) | $(10733998) | 920548 | $9722421 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class I:** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 12933675 | $112341447 | 10001279 | $105402142 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 534430 | 4664114 | 631256 | 6610515 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (18061842) | (159500846) | (6312309) | (66530105) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (4593737) | $(42495285) | 4320226 | $45482552 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class Z:** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 423 | $3685 | 461 | $4817 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net increase | 423 | $3685 | 461 | $4817 |

---

**h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS** 

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and third-party or bilateral joint repurchase agreements for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon ("BNYM") (the "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 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 in safekeeping 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 Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

At December 31, 2022, the market value of Repurchase Agreements outstanding for ESG Bond, Enhanced Core Bond ESG, High Income, Municipal Bond Fund and Municipal Enhanced Yield were $10,482,408, $1,472,815, $1,501,247, $668,000 and $926,000, respectively.

**i. SECURITIES TRANSACTED ON A WHEN ISSUED BASIS** 

The Funds may enter into To-Be-Announced ("TBA") sale commitments to hedge their portfolio positions or to sell mortgage-backed securities they own under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, with the same counterparty, or an offsetting TBA purchase commitment deliverable on or before

the sale commitment date, are held as "cover" for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities according to the procedures described under "Valuation of Investments," in Footnote 1a above.

Each TBA contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment with the same broker, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

**j. 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 Fund's identify 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 on TBA commitments. Losses may arise due to changes in the value of the underlying

------

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

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.

**2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES** 

For each of the Funds, the Trusts have entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. retail distribution arm 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 one or more subadvisers for the Funds (subject to the Boards approval) and monitors each subadviser's investment performance, security holdings and investment strategies. Each Fund's investment portfolio is managed by GW&K who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in GW&K. Prior to March 19, 2021, ESG Bond's investment portfolio was managed by Loomis, Sayles & Company, L.P.

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, 2022, the Funds' investment management fees were paid at the following annual rates of each Fund's respective average daily net assets:

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;ESG Bond | 0.23%<sup>1</sup> |
|  &nbsp;&nbsp;&nbsp;&nbsp;Enhanced Core Bond ESG | 0.30% |
|  &nbsp;&nbsp;&nbsp;&nbsp;High Income | 0.39% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond | 0.35% |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;on first $25 million |  |
| &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;&nbsp;&nbsp;Municipal Enhanced | 0.45% |

---

<sup>1</sup> Prior to June 12, 2021, the annual rate for the investment management fees for ESG Bond was 0.26% of the Fund's average daily net assets. 

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, 2023, 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, Enhanced Core Bond ESG, High Income, Municipal Bond, and Municipal Enhanced to the annual rate of 0.43%, 0.48%. 0.59%, 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. Prior to June 12, 2021, ESG Bond expense limitation was 0.46%.

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 Boards, 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.

At December 31, 2022, the Funds' expiration of reimbursements subject to recoupment is as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Expiration**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Period** | **ESG Bond** | **Enhanced Core<br>Bond ESG** | **High Income** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Less than 1 year | $51532 | $135792 | $75430 |
|  &nbsp;&nbsp;&nbsp;&nbsp;1-2 years | 19644 | 113335 | 94499 |
|  &nbsp;&nbsp;&nbsp;&nbsp;2-3 years | 72842 | 130195 | 88045 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total | $144018 | $379322 | $257974 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Expiration**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Period** | **Municipal Bond** | **Municipal Enhanced** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Less than 1 year | $704935 | $242883 |
|  &nbsp;&nbsp;&nbsp;&nbsp;1-2 years | 706015 | 230390 |
|  &nbsp;&nbsp;&nbsp;&nbsp;2-3 years | 726185 | 225094 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total | $2137135 | $698367 |

---

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 all non-portfolio management aspects of managing the Funds' operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund's average daily net assets for this service.

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

The Trusts have adopted a distribution and service plan (the "Plan") with respect to the Class N shares, in accordance with the requirements of Rule 12b-1 under the

------

<br>70<br>

------

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

1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, Enhanced Core Bond ESG, 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 authorized payments to the Distributor up to 0.25% annually of Enhanced Core Bond ESG, 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 Enhanced Core Bond ESG, 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, High Income, Municipal Bond, Municipal Enhanced, and for Enhanced Core Bond ESG's Class I shares, the Boards have 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, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Maximum Annual** | **Actual** |
|  | **Amount** | **Amount** |
| **Fund** | **Approved** | **Incurred** |
|  &nbsp;&nbsp;&nbsp;&nbsp;ESG Bond | &nbsp;&nbsp;&nbsp;&nbsp;ESG Bond | &nbsp;&nbsp;&nbsp;&nbsp;ESG Bond |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class N | 0.25% | 0.25% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.05% | 0.05% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Enhanced Core Bond ESG | &nbsp;&nbsp;&nbsp;&nbsp;Enhanced Core Bond ESG | &nbsp;&nbsp;&nbsp;&nbsp;Enhanced Core Bond ESG |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.10% | 0.08% |
|  &nbsp;&nbsp;&nbsp;&nbsp;High Income | &nbsp;&nbsp;&nbsp;&nbsp;High Income | &nbsp;&nbsp;&nbsp;&nbsp;High Income |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class N | 0.25% | 0.25% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.05% | 0.05% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond | &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond | &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class N | 0.15% | 0.13% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.05% | 0.05% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Enhanced | &nbsp;&nbsp;&nbsp;&nbsp;Municipal Enhanced | &nbsp;&nbsp;&nbsp;&nbsp;Municipal Enhanced |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class N | 0.15% | 0.15% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.05% | 0.05% |

---

The Boards provide 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 Boards 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 Boards, and the Boards monitor 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, 2022, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund loan program during the fiscal year ended December 31, 2022 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Lent** | **Number<br>of Days** | **Interest<br>Earned** | **Average <br>Interest Rate** |
| &nbsp;&nbsp; ESG Bond | $4329671 | 4 | $1148 | 2.419% |
| &nbsp;&nbsp; Enhanced Core Bond ESG | 486039 | 14 | 389 | 2.089% |
| &nbsp;&nbsp; High Income | 489086 | 7 | 370 | 3.945% |
| &nbsp;&nbsp; Municipal Bond | 8854595 | 18 | 9801 | 2.245% |
| &nbsp;&nbsp; Municipal Enhanced | 3158274 | 12 | 1532 | 1.475% |
| **Fund** | **Average<br>Borrowed** | **Number<br>of Days** | **Interest<br>Paid** | **Average <br>Interest Rate** |
| &nbsp;&nbsp; Enhanced Core Bond ESG | $3368341 | 8 | $1340 | 1.815% |
| &nbsp;&nbsp; High Income | 4673444 | 5 | 3009 | 4.700% |
| &nbsp;&nbsp; Municipal Bond | 2734196 | 1 | 352 | 4.700% |
| &nbsp;&nbsp; Municipal Enhanced | 1149132 | 1 | 164 | 5.210% |

---

**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, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Long Term Securities** | **Long Term Securities** |
| **Fund** | **Purchases** | **Sales** |
|  &nbsp;&nbsp;&nbsp;&nbsp;ESG Bond | $65298623 | $153695147 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Enhanced Core Bond ESG | 12514020 | 18382332 |
|  &nbsp;&nbsp;&nbsp;&nbsp;High Income | 13256982 | 14699126 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bond | 233624424 | 311059127 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Enhanced | 130975152 | 184265445 |

---

------

<br>71<br>

------

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

Purchases and sales of U.S. Government Obligations for the fiscal year ended December 31, 2022 were as follows:

---

| | | |
|:---|:---|:---|
|  | **U.S. Government Obligations** | **U.S. Government Obligations** |
| **Fund** | **Purchases** | **Sales** |
|  ESG Bond | $65991278 | $120991689 |
|  Enhanced Core Bond ESG | 13127041 | 16165260 |

---

**4. PORTFOLIO SECURITIES LOANED** 

The Funds participate in the 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 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 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, 2022, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Securities**<br> **Loaned** | **Cash**<br> **Collateral**<br> **Received** | **Securities**<br> **Collateral**<br> **Received** | **Total**<br> **Collateral**<br> **Received** |
|  &nbsp;&nbsp;&nbsp;&nbsp;ESG Bond | $25458950 | $7412408 | $19038641 | $26451049 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Enhanced Core Bond ESG | 2393361 | 1242815 | 1247494 | 2490309 |
|  &nbsp;&nbsp;&nbsp;&nbsp;High Income | 1415713 | 1253247 | 226879 | 1480126 |

---

The following table summarizes the securities received as collateral for securities lending at December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Collateral**<br> **Type** | **Coupon<br>Range** | **Maturity** <br> **Date Range**  |
| &nbsp;&nbsp; ESG Bond | U.S. Treasury<br>Obligations | 0.125%-4.750% | 04/15/23-11/15/51 |
| &nbsp;&nbsp; Enhanced Core Bond ESG | U.S. Treasury<br>Obligations | 0.125%-4.750% | 01/31/24-11/15/51 |
| &nbsp;&nbsp; High Income | U.S. Treasury<br>Obligations | 0.125%-3.875% | 04/15/23-11/15/50 |

---

**5. FOREIGN SECURITIES** 

Certain Funds invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in domestic securities. Non-domestic securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. Realized gains in certain countries may be subject to foreign taxes at the Fund level and the Fund would pay such foreign taxes at the appropriate rate for each jurisdiction.

**6. COMMITMENTS AND CONTINGENCIES** 

Under the Trusts' organizational documents, its 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.

**7. RISKS ASSOCIATED WITH HIGH YIELD SECURITIES** 

Investing in high yield securities involves greater risks and considerations not typically associated with U.S. Government and other high quality/investment grade securities. High yield securities are generally below investment grade securities and do not have an established retail secondary market. Economic downturns may disrupt the high yield market and impair the issuer's ability to repay principal and interest. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations and could cause the securities to become less liquid.

**8. MASTER NETTING AGREEMENTS** 

The Funds may enter into master netting agreements with their counterparties for the 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.

------

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

The following table is a summary of the Funds' open Repurchase Agreements that are subject to a master netting agreement as of December 31, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross Amount Not Offset in the** | **Gross Amount Not Offset in the** | | |
| | | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | | |
| <br>**Fund** |<br>**Gross Amounts of<br>Assets Presented in<br>the Statement of<br>Assets and Liabilities** | **Offset**<br> **Amount** | **Net**<br> **Asset**<br> **Balance** |<br>**Collateral**<br> **Received** |<br>**Net**<br> **Amount** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**ESG Bond** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Bank of America Securities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1760647 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1760647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1760647 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc. | 369820 |  | 369820 | 369820 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;MUFG Securities America, Inc. | 1760647 |  | 1760647 | 1760647 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;National Bank Financial | 1760647 |  | 1760647 | 1760647 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. | 1760647 |  | 1760647 | 1760647 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. | 3070000 |  | 3070000 | 3070000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total | $10482408 |  | $10482408 | $10482408 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Enhanced Core Bond ESG** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc. | $242815 |  | $242815 | $242815 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;National Bank Financial | 1000000 |  | 1000000 | 1000000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. | 230000 |  | 230000 | 230000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total | $1472815 |  | $1472815 | $1472815 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**High Income** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc. | $253247 |  | $253247 | $253247 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;National Bank Financial | 1000000 |  | 1000000 | 1000000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. | 248000 |  | 248000 | 248000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total | $1501247 |  | $1501247 | $1501247 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Municipal Bond** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. | $668000 |  | $668000 | $668000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Municipal Enhanced** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. | $926000 |  | $926000 | $926000 |  |

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**9. SUBSEQUENT EVENTS** 

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

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<br> Report of Independent Registered Public Accounting Firm<br>

**To the Board of Trustees of AMG Funds, AMG Funds II, and AMG Funds III and Shareholders of AMG GW&K Municipal Bond Fund, AMG GW&K Municipal Enhanced Yield Fund, AMG GW&K Enhanced Core Bond ESG Fund, AMG GW&K ESG Bond Fund, and AMG GW&K High Income 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), AMG GW&K Enhanced Core Bond ESG Fund (one of the funds constituting AMG Funds II), AMG GW&K ESG Bond Fund, and AMG GW&K High Income Fund (two of the funds constituting AMG Funds III) (hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the periods indicated therein (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, 2022, 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, 2022 and each of the financial highlights for each of the periods indicated therein 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, 2022 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 24, 2023

We have served as the auditor of one or more investment companies in the AMG Funds Family since 1993.

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<br>Other Information *(unaudited)* <br>

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**TAX INFORMATION** 

AMG GW&K ESG Bond Fund, AMG GW&K Enhanced Core Bond ESG Fund, AMG GW&K High Income Fund, AMG GW&K Municipal Bond Fund, and AMG GW&K Municipal Enhanced Yield 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 2022 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, AMG GW&K ESG Bond Fund, AMG GW&K Enhanced Core Bond ESG Fund, AMG GW&K High Income Fund, AMG GW&K Municipal Bond Fund, and AMG GW&K Municipal Enhanced Yield Fund each hereby designates $966,729, $0, $2,954, $1,733,844, and $814,678, respectively, as a capital gain distribution with respect to the taxable year ended December 31, 2022, or if subsequently determined to be different, the net capital gains of such fiscal year.

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<br>AMG Funds<br> Trustees and Officers<br>

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| | | |
|:---|:---|:---|
| The Trustees and Officers of the Trust, their business addresses, principal occupations for the past five years and ages are listed below. The Trustees provide broad supervision over the affairs of the Trust and the Funds. The Trustees are experienced executives who meet periodically throughout the year to oversee the Funds' activities, review contractual arrangements with companies that provide services to the Funds, and | review the Funds' performance. Unless otherwise noted, the address of each Trustee or Officer is the address of the Trust: 680 Washington Blvd., Suite 500, Stamford, CT. 06901.<br>There is no stated term of office for Trustees. Trustees serve until their resignation, retirement or removal in | accordance with the Trust's organizational documents and policies adopted by the Board from time to time. The Chairman of the Trustees, President, Treasurer and Secretary of the Trust are elected by the Trustees annually. Other officers hold office at the pleasure of the Trustees. |

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**Independent Trustees** 

The following Trustees are not "interested persons" of the Trust within the meaning of the 1940 Act:

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Funds Overseen in Fund Complex** | **Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee** |
| &nbsp;&nbsp;&nbsp; • Trustee since 2012- AMG Funds<br> • Trustee since 2012- AMG Funds II<br> • Trustee since 2012- AMG Funds III<br> • Oversees 40 Funds in Fund Complex | **Bruce B. Bingham, 74**<br> Partner, Hamilton Partners (real estate development firm) (1987-Present); Director of The Yacktman Funds, Inc. (2 portfolios) (2000-2012). |
| &nbsp;&nbsp;&nbsp; • Chairman of the Audit Committee since 2021<br> • Trustee since 2013- AMG Funds<br> • Trustee since 2013- AMG Funds II<br> • Trustee since 2013- AMG Funds III<br> • Oversees 44 Funds in Fund Complex | **Kurt A. Keilhacker, 59**<br> Managing Partner, TechFund Europe (2000-Present); Managing Partner, TechFund Capital (1997-Present); Managing Partner, Elementum Ventures (2013-Present); Director, MetricStory, Inc. (2017-Present); Trustee, Wheaton College (2018-Present); Trustee, Gordon College (2001-2016); Board Member, 6wind SA (2002-2019). |
| &nbsp;&nbsp;&nbsp; • Trustee since 2004 - AMG Funds<br> • Trustee since 2000 - AMG Funds II<br> • Trustee since 1993 - AMG Funds III<br> • Oversees 40 Funds in Fund Complex | **Steven J. Paggioli, 72**<br> Independent Consultant (2002-Present); Trustee, Professionally Managed Portfolios (28 portfolios); Advisory Board Member, Sustainable Growth Advisors, LP; Independent Director, Muzinich BDC, Inc. (business development company) (2019-Present); Director, The Wadsworth Group; Independent Director, Chase Investment Counsel (2008–2019); Executive Vice President, Secretary and Director, Investment Company Administration, LLC and First Fund Distributors, INC. (1990-2001). |
| &nbsp;&nbsp;&nbsp; • Independent Chairman of the Board of Trustees since 2017<br> • Chairman of the Governance Committee since 2017<br> • Trustee since 1999- AMG Funds<br> • Trustee since 2000- AMG Funds II<br> • Trustee since 1999- AMG Funds III<br> • Oversees 44 Funds in Fund Complex | **Eric Rakowski, 64**<br> Professor of Law, University of California at Berkeley School of Law (1990-Present); Tax Attorney at Davis Polk & Wardwell and clerked for Judge Harry T. Edwards of the U.S. Court of Appeals for the District of Columbia Circuit and for Justice William J. Brennan Jr. of the U.S. Supreme Court; Trustee of Parnassus Funds (3 portfolios) (2021-Present); Trustee of Parnassus Income Funds (2 portfolios) (2021-Present); Director of Harding, Loevner Funds, Inc. (10 portfolios); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019). |
| &nbsp;&nbsp;&nbsp; • Trustee since 2013- AMG Funds<br> • Trustee since 2013- AMG Funds II<br> • Trustee since 2013- AMG Funds III<br> • Oversees 44 Funds in Fund Complex | **Victoria L. Sassine, 57**<br> Adjunct Professor, Babson College (2007–Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-Present); Chairperson of the Board of Directors, Business Management Associates (2018-2019). |

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<br> AMG Funds<br>Trustees and Officers *(continued)*<br>

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Number of Funds Overseen in Fund Complex** | **Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee** |
| &nbsp;&nbsp;&nbsp; • Trustee since 2000-AMG Funds II<br> • Trustee since 2004-AMG Funds<br> • Trustee since 1987-AMG Funds III<br> • Oversees 40 Funds in Fund Complex | **Thomas R. Schneeweis, 75\***<br> Professor Emeritus, University of Massachusetts (2013-Present); President, TRS Associates (1982-Present); Board Member, Chartered Alternative Investment Association ("CAIA") (2002-Present); Co-Founder and Director, Institute for Global Asset and Risk Management (Education) (2010-Present); Co-Owner, Quantitative Investment Technologies (2014-Present); Co-Owner, Yes Wealth Management (2018-Present); Director, CAIA Foundation (2010-2019); Partner, S Capital Wealth Advisors (2015-2018); Partner, S Capital Management, LLC (2007-2015); President, Alternative Investment Analytics, LLC (formerly Schneeweis Partners, LLC) (2001-2013). |

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\*Mr. Schneeweis retired from the Board of Trustees of AMG Funds, AMG Funds II and AMG Funds III as of December 31, 2022.

**Interested Trustee** 

The Trustee in the following table is an "interested person" of the Trust within the meaning of the 1940 Act.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Number of Funds Overseen in<br>Fund Complex** | **Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee** |
| &nbsp;&nbsp;&nbsp; • Trustee since 2021<br> • Oversees 44 Funds in Fund Complex | **Garret W. Weston, 41**<br> Affiliated Managers Group, Inc. (2008-Present): Managing Director, Co-Head of Affiliate Engagement (2021-Present), Senior Vice President, Affiliate Development (2016-2021), Vice President, Office of the CEO (2015-2016), Vice President, New Investments (2012-2015), Senior Associate, New Investments (2008-2012); Associate, Madison Dearborn Partners (2006-2008); Analyst, Merrill Lynch (2004-2006). |

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**Officers** 

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| | |
|:---|:---|
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Position(s) Held with Fund and<br> &nbsp;&nbsp;&nbsp;&nbsp;Length of Time Served | Name, Age, Principal Occupation(s) During Past 5 Years |
| &nbsp;&nbsp;&nbsp; • President since 2018<br> • Principal Executive Officer since 2018<br> • Chief Executive Officer since 2018<br> • Chief Operating Officer since 2007 | **Keitha L. Kinne, 64**<br> Chief Operating Officer, AMG Funds LLC (2007-Present); Chief Investment Officer, AMG Funds LLC (2008-Present); President and Principal, AMG Distributors, Inc. (2018-Present); Chief Operating Officer, AMG Distributors, Inc. (2007-Present); President, Chief Executive Officer and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2018-Present); Chief Operating Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2007-Present); Chief Operating Officer, AMG Funds IV (2016-Present); Chief Operating Officer and Chief Investment Officer, Aston Asset Management, LLC (2016); President and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2012-2014); Managing Partner, AMG Funds LLC (2007-2014); President and Principal, AMG Distributors, Inc. (2012-2014); Managing Director, Legg Mason & Co., LLC (2006-2007); Managing Director, Citigroup Asset Management (2004-2006). |
| &nbsp;&nbsp;&nbsp; • Secretary since 2015<br> • Chief Legal Officer since 2015 | **Mark J. Duggan, 57**<br> Managing Director and Senior Counsel, AMG Funds LLC (2021-Present); Senior Vice President and Senior Counsel, AMG Funds LLC (2015-2021); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2015-Present); Attorney, K&L Gates, LLP (2009-2015). |
| &nbsp;&nbsp;&nbsp; • Chief Financial Officer since 2017<br> • Treasurer since 2017<br> • Principal Financial Officer since 2017<br> • Principal Accounting Officer since 2017 | **Thomas G. Disbrow, 56**<br> Vice President, Mutual Fund Treasurer & CFO, AMG Funds, AMG Funds LLC (2017-Present); Chief Financial Officer, Principal Financial Officer, Treasurer and Principal Accounting Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Managing Director - Global Head of Traditional Funds Product Control, UBS Asset Management (Americas), Inc. (2015-2017); Managing Director - Head of North American Funds Treasury, UBS Asset Management (Americas), Inc. (2011-2015). |
| &nbsp;&nbsp;&nbsp; • Deputy Treasurer since 2017 | **John A. Starace, 52**<br> Vice President, Mutual Fund Accounting, AMG Funds LLC (2021-Present); Director, Mutual Fund Accounting, AMG Funds LLC (2017-2021); Vice President, Deputy Treasurer of Mutual Funds Services, AMG Funds LLC (2014-2017); Deputy Treasurer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Vice President, Citi Hedge Fund Services (2010-2014); Audit Senior Manager (2005-2010) and Audit Manager (2001-2005), Deloitte & Touche LLP. |
| &nbsp;&nbsp;&nbsp; • Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer since 2019<br> • Anti-Money Laundering Compliance Officer since 2022 | **Patrick J. Spellman, 48**<br> Vice President, Chief Compliance Officer, AMG Funds LLC (2017-Present); Chief Compliance Officer, AMG Distributors, Inc. (2010-Present); Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2014-2019; 2022-Present); Anti-Money Laundering Compliance Officer, AMG Funds IV (2016-2019; 2022-Present); Senior Vice President, Chief Compliance Officer, AMG Funds LLC (2011-2017); Compliance Manager, Legal and Compliance, Affiliated Managers Group, Inc. (2005-2011). |

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<br> AMG Funds<br>Trustees and Officers *(continued)* <br>

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| | |
|:---|:---|
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Position(s) Held with Fund and<br> &nbsp;&nbsp;&nbsp;&nbsp;Length of Time Served | Name, Age, Principal Occupation(s) During Past 5 Years |
| &nbsp;&nbsp;&nbsp; • Assistant Secretary since 2016 | **Maureen M. Kerrigan, 37**<br> Vice President, Senior Counsel, AMG Funds LLC (2021-Present); Vice President, Counsel, AMG Funds LLC (2019-2021); Director, Counsel, AMG Funds LLC (2017-2018); Vice President, Counsel, AMG Funds LLC (2015-2017); Assistant Secretary, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2016-Present); Associate, Ropes & Gray LLP (2011-2015); Law Fellow, Massachusetts Appleseed Center for Law and Justice (2010-2011). |

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![LOGO](g456195amglogo.jpg)

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **INVESTMENT MANAGER AND**<br> **ADMINISTRATOR**<br>AMG Funds LLC<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>**DISTRIBUTOR**<br>AMG Distributors, Inc.<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>**SUBADVISER**<br>GW&K Investment Management, LLC<br> 222 Berkeley St.<br> Boston, MA 02116<br>**CUSTODIAN**<br>The Bank of New York Mellon<br> Mutual Funds Custody<br> 6023 Airport Road<br> Oriskany, NY 13424 | **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> Attn: AMG Funds<br> 4400 Computer Drive<br> Westborough, MA 01581<br> 800.548.4539<br>Effective March 9, 2023, the Transfer Agent's mailing address will change to the following:<br>BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426<br> 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 amgfunds.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 amgfunds.com. To review a complete list of the Funds' portfolio holdings, or to view the most recent semiannual report or annual report, please visit amgfunds.com. |

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amgfunds.com

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![LOGO](g456195amglogo.jpg)

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|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **BALANCED FUNDS**<br> **AMG GW&K Global Allocation**<br> GW&K Investment Management, LLC<br>**EQUITY FUNDS**<br>**AMG Beutel Goodman International Equity**<br> Beutel, Goodman & Company Ltd.<br>**AMG Boston Common Global Impact**<br> Boston Common Asset Management, LLC<br>**AMG Frontier Small Cap Growth**<br> Frontier Capital Management Co., LLC<br>**AMG GW&K Small Cap Core**<br> **AMG GW&K Small Cap Value**<br> **AMG GW&K Small/Mid Cap**<br> **AMG GW&K Small/Mid Cap Growth**<br> **AMG GW&K Emerging Markets Equity**<br> **AMG GW&K Emerging Wealth Equity**<br> **AMG GW&K International Small Cap**<br> GW&K Investment Management, LLC<br>**AMG Montrusco Bolton Large Cap Growth**<br> Montrusco Bolton Investments, Inc.<br>**AMG Renaissance Large Cap Growth**<br> The Renaissance Group LLC | **AMG River Road Dividend All Cap Value**<br> **AMG River Road Focused Absolute Value**<br> **AMG River Road International Value Equity**<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 Emerging Markets Small Cap**<br> **AMG TimesSquare Global Small Cap**<br> **AMG TimesSquare International Small Cap**<br> **AMG TimesSquare Mid Cap Growth**<br> **AMG TimesSquare Small Cap Growth**<br> TimesSquare Capital Management, LLC<br>**AMG Veritas Asia Pacific**<br> **AMG Veritas China**<br> **AMG Veritas Global Focus**<br> **AMG Veritas Global Real Return**<br> Veritas Asset Management LLP<br>**AMG Yacktman**<br> **AMG Yacktman Focused**<br> **AMG Yacktman Global**<br> **AMG Yacktman Special Opportunities**<br> Yacktman Asset Management LP | **FIXED INCOME FUNDS**<br> **AMG Beutel Goodman Core Plus Bond**<br> Beutel, Goodman & Company Ltd.<br>**AMG GW&K Core Bond ESG**<br> **AMG GW&K Enhanced Core Bond ESG**<br> **AMG GW&K ESG Bond**<br> **AMG GW&K High Income**<br> **AMG GW&K Municipal Bond**<br> **AMG GW&K Municipal Enhanced Yield**<br> GW&K Investment Management, LLC |

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amgfunds.com 123122 AR088

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| | |
|:---|:---|
| ![LOGO](g456195amglogo.jpg) | ANNUAL REPORT |

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| |
|:---|
| **AMG Funds**<br>December 31, 2022 |
| <br> ![LOGO](g456195gwklogo.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 Fund** |
| Class N: **GWGVX** \| Class I: **GWGIX** \| Class Z: **GWGZX** |
| **AMG GW&K Global Allocation Fund** |
| Class N: **MBEAX \|** Class I: **MBESX \|** Class Z: **MBEYX** |

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amgfunds.com 123122 AR089

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AMG Funds Annual Report — December 31, 2022

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| | |
|:---|:---|
| **TABLE OF CONTENTS** | PAGE |
| **[LETTER TO SHAREHOLDERS](#tx2456195_1)** | 2 |
| **[ABOUT YOUR FUND'S EXPENSES](#tx2456195_2)** | 3 |
| **PORTFOLIO MANAGER'S COMMENTS, FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Small Cap Core Fund](#tx2456195_3) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Small Cap Value Fund](#tx2456195_4) | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Small/Mid Cap Fund](#tx2456195_5) | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [AMG GW&K Global Allocation Fund](#tx2456195_6) | 22 |
| **FINANCIAL STATEMENTS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#tx2456195_7) | 33 |
| &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](#tx2456195_8) | 35 |
| &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](#tx2456195_9) | 36 |
| &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](#tx2456195_10) | 38 |
| &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](#tx2456195_11) | 50 |
| &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](#tx2456195_12)** | 60 |
| **[OTHER INFORMATION](#tx2456195_13)** | 61 |
| **[TRUSTEES AND OFFICERS](#tx2456195_14)** | 62 |
| &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. |

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|:---|:---|
| ![LOGO](g456195amglogo.jpg) | Letter to Shareholders |

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**Dear Shareholder:** 

We are pleased to provide this annual report for your investment with AMG Funds. Our foremost goal is to provide investment solutions that help our shareholders successfully achieve their long-term investment goals. We appreciate the privilege of providing you with investment tools.

The past year was a challenging period for investors, as uncertainties about high inflation, tighter financial conditions, and the Russian invasion of Ukraine led to significant volatility. Global equity and bond markets fell in tandem amid sharply higher interest rates and eroding investor confidence as worries of an impending recession lingered most of the year. A global commodity shock caused by the war in Ukraine only made matters worse. The S&P 500<sup>®</sup> Index slipped into a bear market with the Index falling more than (24)% from its peak earlier in the year. The abrupt shift in markets this year has reset expectations around future growth, as the U.S. Federal Reserve (the Fed) and other global central banks have taken aggressive policy action to bring down inflation. While the outlook is uncertain given recent negative returns across many asset classes, global stock and bond valuations are now far more attractive entering 2023 compared to a year ago.

There was very wide dispersion in S&P 500<sup>®</sup> Index sector performance. Energy significantly outperformed all other sectors with a gain of 65.72% as the price of oil surged during the period. The defensive-oriented sectors also outperformed, although utilities was the only other sector with a positive return, gaining 1.54%. Consumer staples and health care were slightly negative with returns of (0.62)% and (1.95)%, respectively. High-growth technology and mega cap internet-related companies underperformed during the period, and real estate was impacted by higher interest rates. Communications services fell the most with a (39.93)% return during the year, followed by declines of (37.03)% for consumer discretionary, (28.14)% for information technology and (26.13)% for real estate. Value stocks held up much better than growth stocks as the Russell 1000<sup>®</sup> Value Index returned (7.54)% compared to the (29.14)% return for the Russell 1000<sup>®</sup> Growth Index. Small cap stocks struggled as the Russell 2000<sup>®</sup> Index lost (20.44)%. Outside the U.S., foreign developed markets were negative with a (14.45)% return for the MSCI EAFE Index, however a very strong fourth quarter rally drove international equity returns ahead of their U.S. counterparts for the year.

The 10-year Treasury yield more than doubled during the year, surging to the highest levels since before the Great Financial Crisis. Rapidly rising rates from a very low base led to historic negative performance for bonds as the Bloomberg U.S. Aggregate Bond Index, a broad measure of U.S. bond market performance, lost (13.01)% over the period. Investment-grade corporate bonds underperformed, returning (15.76)% for the year. High yield bonds held up better with a (11.19)% return as measured by the return of the Bloomberg U.S. Corporate High Yield Bond

Index. Municipal bonds were also negative, but outperformed the broader market with a (8.53)% return for the Bloomberg Municipal Bond Index.

AMG Funds provides access to a distinctive array of actively managed return-oriented investment strategies. You can rest assured that under all market conditions our team is focused on delivering excellent investment management services for your benefit. For more information about AMG Funds' wide range of products and resources, please visit www.amgfunds.com. We thank you for your investment and continued trust in AMG Funds.

Respectfully,

![LOGO](g456195dsp027.jpg)

Keitha Kinne

President

AMG Funds

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|:---|:---|:---|:---|:---|
|  |  | **Periods ended** | **Periods ended** | **Periods ended** |
| **Average Annual Total Returns** | **Average Annual Total Returns** | **December 31, 2022\*** | **December 31, 2022\*** | **December 31, 2022\*** |
| **Stocks:** | | **1 Year** | **3 Years** | **5 Years** |
|  Large Cap | (S&P 500<sup>®</sup> Index) | (18.11)% | 7.66% | 9.42% |
|  Small Cap | (Russell 2000<sup>®</sup> Index) | (20.44)% | 3.10% | 4.13% |
|  International | (MSCI ACWI ex USA) | (16.00)% | 0.07% | 0.88% |
|  **Bonds:** |  |  |  |  |
|  Investment Grade  | (Bloomberg U.S. Aggregate Bond Index) | (13.01)% | (2.71)% | 0.02% |
|  High Yield | (Bloomberg U.S. Corporate High Yield Bond Index) | (11.19)% | 0.05% | 2.31% |
|  Tax-exempt | (Bloomberg Municipal Bond Index) | (8.53)% | (0.77)% | 1.25% |
|  Treasury Bills | (ICE BofAML U.S.<br>6-Month Treasury Bill Index) | 1.34% | 0.82% | 1.39% |

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\*Source: FactSet. Past performance is no guarantee of future results.

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<br>About Your Fund's Expenses<br>

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| | | |
|:---|:---|:---|
| As a shareholder of a Fund, you may incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on $1,000 invested at the beginning of the period and held for the entire period as indicated below.<br>**ACTUAL EXPENSES**<br>The first line of the following table provides information about the actual account values and | actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.<br>**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES**<br>The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed annual rate of return of 5% before expenses, which is not the Fund's | actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.<br>Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022** | **Expense<br>Ratio for<br>the Period** | **Beginning<br>Account<br>Value<br>07/01/22** | **Ending<br>Account<br>Value<br>12/31/22** | **Expenses<br>Paid<br>During<br>the Period\*** |
| &nbsp;&nbsp; **AMG GW&K Small Cap Core Fund** | &nbsp;&nbsp; **AMG GW&K Small Cap Core Fund** | &nbsp;&nbsp; **AMG GW&K Small Cap Core Fund** | &nbsp;&nbsp; **AMG GW&K Small Cap Core Fund** | &nbsp;&nbsp; **AMG GW&K Small Cap Core Fund** |
| &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** |
| &nbsp;&nbsp; Class N | 1.30% | $1000 | $1055 | $6.73 |
| &nbsp;&nbsp; Class I | 0.95% | $1000 | $1057 | $4.93 |
| &nbsp;&nbsp; Class Z | 0.90% | $1000 | $1057 | $4.67 |
| &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** |
| &nbsp;&nbsp; Class N | 1.30% | $1000 | $1019 | $6.61 |
| &nbsp;&nbsp; Class I | 0.95% | $1000 | $1020 | $4.84 |
| &nbsp;&nbsp; Class Z | 0.90% | $1000 | $1021 | $4.58 |
| &nbsp;&nbsp; **AMG GW&K Small Cap Value Fund** | &nbsp;&nbsp; **AMG GW&K Small Cap Value Fund** | &nbsp;&nbsp; **AMG GW&K Small Cap Value Fund** | &nbsp;&nbsp; **AMG GW&K Small Cap Value Fund** | &nbsp;&nbsp; **AMG GW&K Small Cap Value Fund** |
| &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** |
| &nbsp;&nbsp; Class N | 1.15% | $1000 | $1035 | $5.90 |
| &nbsp;&nbsp; Class I | 0.95% | $1000 | $1036 | $4.88 |
| &nbsp;&nbsp; Class Z | 0.90% | $1000 | $1036 | $4.62 |
| &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** |
| &nbsp;&nbsp; Class N | 1.15% | $1000 | $1019 | $5.85 |
| &nbsp;&nbsp; Class I | 0.95% | $1000 | $1020 | $4.84 |
| &nbsp;&nbsp; Class Z | 0.90% | $1000 | $1021 | $4.58 |
| &nbsp;&nbsp; **AMG GW&K Small/Mid Cap Fund** | &nbsp;&nbsp; **AMG GW&K Small/Mid Cap Fund** | &nbsp;&nbsp; **AMG GW&K Small/Mid Cap Fund** | &nbsp;&nbsp; **AMG GW&K Small/Mid Cap Fund** | &nbsp;&nbsp; **AMG GW&K Small/Mid Cap Fund** |
| &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** |
| &nbsp;&nbsp; Class N | 1.07% | $1000 | $1040 | $5.50 |
| &nbsp;&nbsp; Class I | 0.87% | $1000 | $1041 | $4.48 |
| &nbsp;&nbsp; Class Z | 0.82% | $1000 | $1042 | $4.22 |
| &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** |
| &nbsp;&nbsp; Class N | 1.07% | $1000 | $1020 | $5.45 |
| &nbsp;&nbsp; Class I | 0.87% | $1000 | $1021 | $4.43 |
| &nbsp;&nbsp; Class Z | 0.82% | $1000 | $1021 | $4.18 |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended**<br> &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2022** | **Expense**<br> **Ratio for**<br> **the Period** | **Beginning**<br> **Account**<br> **Value**<br> **07/01/22** | **Ending**<br> **Account**<br> **Value**<br> **12/31/22** | **Expenses**<br> **Paid**<br> **During**<br> **the Period\*** |
| &nbsp;&nbsp; **AMG GW&K Global Allocation Fund** | &nbsp;&nbsp; **AMG GW&K Global Allocation Fund** | &nbsp;&nbsp; **AMG GW&K Global Allocation Fund** | &nbsp;&nbsp; **AMG GW&K Global Allocation Fund** | &nbsp;&nbsp; **AMG GW&K Global Allocation Fund** |
| &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** | &nbsp;&nbsp; **Based on Actual Fund Return** |
| &nbsp;&nbsp; Class N | 1.08% | $1000 | $1005 | $5.46 |
| &nbsp;&nbsp; Class I | 0.89% | $1000 | $1006 | $4.50 |
| &nbsp;&nbsp; Class Z | 0.83% | $1000 | $1007 | $4.20 |
| &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** | &nbsp;&nbsp; **Based on Hypothetical 5% Annual Return** |
| &nbsp;&nbsp; Class N | 1.08% | $1000 | $1020 | $5.50 |
| &nbsp;&nbsp; Class I | 0.89% | $1000 | $1021 | $4.53 |
| &nbsp;&nbsp; Class Z | 0.83% | $1000 | $1021 | $4.23 |

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\* Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (184), then divided by 365.

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<br> AMG GW&K Small Cap Core Fund<br>Portfolio Manager's Comments *(unaudited)*<br>

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| | | |
|:---|:---|:---|
| **THE YEAR IN REVIEW**<br>For the year ended December 31, 2022, AMG GW&K Small Cap Core Fund (the "Fund") Class N shares returned (16.58)%, compared to the Fund's benchmark, the Russell 2000<sup>®</sup> Index (the "Index"), which returned (20.44)%.<br>It is starting to become an unwelcome tagline for this decade: 202x was a challenging year for investors to navigate. So far, each year in this nascent decade has been uncertain and confounding for investors. 2022 fit that mold as well, but this year the pain was felt in our wallets too as stocks and asset values of all kinds declined sharply. The Index dropped (20.44)% and finished just a bit above its June lows. The simple mathematical determinants of stock prices tell us they can fall because investors: 1) lower their accepted valuation levels, 2) lower their earnings expectations, or 3) lower both. For 2022, reason 1 was dominant for small cap stocks as rising inflation and interest rates led to a significant de-rating in valuations. However, late in the year analysts began to more actively mark down earnings estimates as well. There were myriad factors contributing to the uncertainty and subsequent estimate revisions. A list of prominent factors would likely include changing consumer spending preferences (services versus goods), lower end demand in housing and other related industries, uncertainty about the duration of the U.S. Federal Reserve's (the Fed) tightening campaign, lingering supply-chain challenges (inflation and availability), a very uncertain reopening in China, and Russia's war on Ukraine. To keep investors more off balance, small-cap stocks rallied in the final quarter of the year. Short-term oriented investors will ask whether expectations have fallen enough for stocks to have bottomed. We are skeptical that anyone can answer this correctly with high confidence, so it may not be the best question to ponder to maximize long-term returns.<br>The Fund outperformed the Index during the year. Within the benchmark, style factors indicated a preference for higher-quality attributes in the selloff | of 2022. Broadly speaking, the lower quality the stock the more poorly it performed over the course of the year. This was most evident in characteristics such as low return-on-equity (ROE), non-earners, high beta, and negative equity, which all meaningfully underperformed the Index. During 2022, the benchmark had only one sector in positive territory, but it was a noteworthy one with energy up an impressive 53.2%. Utilities and consumer staples were next best sectors given their relatively stable cash flows, finishing down single digits. Five sectors dropped more than 25% on the year, each having significantly more exposure to the weaker factors mentioned above.<br>The strong relative outperformance of the Fund in 2022 came from a combination of allocation toward higher-quality companies and strong stock selection. On the factor side, averaging the allocation impact for the six quality factors we follow implies about 150 basis points of positive impact to relative performance. The impact was greater for earnings-specific factors. The strong stock selection came prominently from health care, with six other sectors also making positive contributions. Health care benefited from an underweight to Biotechnology, but also suffered from an overweight in Life Science Tools/Service. While the health care portion of the benchmark dropped 28.7%, eight of our holdings were up, of which ChemoCentryx Inc., LHC Group Inc., and Covetrus, Inc. were the beneficiaries of takeout bids. The remaining five are still in the Fund and each finished in the black based on improved long-term cash flow outlooks. Energy was the poorest relative performing sector. Our underweight position was responsible for 85% of the deficit. The materials sector was hurt by our lack of exposure to relatively strong industries such as metals & mining, as well as a (38.2)% decline in our largest position in the sector, Avient Corp, due to weak earnings results.<br>Whether the June lows for the Index turn out to be THE lows or not will depend on the answers to several other important and complex questions. It | appears that inflation has peaked, but will the stickiest elements (especially labor costs) recede quickly enough for the Fed to pause their interest rate increases and avoid further compression of end demand and corporate profits? Is there some part of our economic system that "breaks" due to the dramatic tightening actions of the Fed and other central banks? Will China's new COVID policies result in a public health policy challenge that lasts months or much longer? Could more strains emerge that defy current vaccines? Finally, is there an acceptable end game for Russia's war against Ukraine, or is there a further serious escalation? Instead of trying to correctly answer all these questions, a fool's errand if there ever was one, we think it is best to focus on what opportunities exist today in the small cap market. Two years ago, investors were convinced energy stocks were a black hole while Amazon and Tesla would grow to the sky. Since then, small cap energy stocks are up 156% while Amazon and Tesla are off their highs for the year by (40)% or more. What do investors collectively think they know with high confidence today? Which stocks in the Index and in our Fund reflect excessive optimism? What segments of the market are investors too fearful to own? Fear today can often be the fuel for tomorrow's returns. Sometimes, that tomorrow can be slower than we would like to arrive. We believe our best course is to continue to look for stocks priced at reasonable valuations relative to the strength of their long-term business outlook. And be patient. The 2020s still have seven more years to go.<br>*The views expressed represent the opinions of GW&K Investment Management, LLC as of December 31, 2022, and are not intended as a forecast or guarantee of future results, and are subject to change without notice.* |

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<br> AMG GW&K Small Cap Core Fund<br>Portfolio Manager's Comments *(continued)*<br>

**CUMULATIVE TOTAL RETURN PERFORMANCE** 

AMG GW&K Small Cap Core Fund's cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Small Cap Core Fund's Class N shares on December 31, 2012, to a $10,000 investment made in the Russell 2000<sup>®</sup> Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

![LOGO](g456195dsp112.jpg)

The table below shows the average annual total returns for the AMG GW&K Small Cap Core Fund and the Russell 2000<sup>®</sup> Index for the same time periods ended December 31, 2022.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns<sup>1</sup>** | **One**<br> **Year** | **Five**<br> **Years** | **Ten**<br> **Years** | **Since**<br> **Inception** | **Inception**<br> **Date** |  |
|  **AMG GW&K Small Cap Core Fund**<sup>2,</sup> <sup>3, 4, 5, 6</sup> | **AMG GW&K Small Cap Core Fund**<sup>2,</sup> <sup>3, 4, 5, 6</sup> | **AMG GW&K Small Cap Core Fund**<sup>2,</sup> <sup>3, 4, 5, 6</sup> | **AMG GW&K Small Cap Core Fund**<sup>2,</sup> <sup>3, 4, 5, 6</sup> | **AMG GW&K Small Cap Core Fund**<sup>2,</sup> <sup>3, 4, 5, 6</sup> | **AMG GW&K Small Cap Core Fund**<sup>2,</sup> <sup>3, 4, 5, 6</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (16.58%) | 5.94% | 10.20% | 8.08% | 12/10/96 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (16.27%) | 6.30% | 10.62% | 12.31% | 07/27/09 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (16.25%) | 6.35% |  | 7.93% | 02/24/17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Index<sup>7</sup> | (20.44%) | 4.13% | 9.01% | 7.68% | 12/10/96 | <sup>†</sup> |

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*The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.* 

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*Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.* 

Distributed by AMG Distributors, Inc., member FINRA/SIPC.

<sup>†</sup> Date reflects the inception date of the Fund, not the index.

<sup>1</sup> Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and 

&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2022. All returns are in U.S. Dollars ($).<br><sup>2</sup> From time to time, the Fund's investment manager has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.<br><sup>3</sup> Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.<br><sup>4</sup> The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.<br><sup>5</sup> The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history, and a reliance on one or a limited number of products.<br><sup>6</sup> The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time.<br><sup>7</sup> The Russell 2000<sup>®</sup> Index is composed of the 2,000 smallest stocks in the Russell 3000<sup>®</sup> Index and is widely regarded in the industry as the premier measure of small-cap stock performance. Unlike the Fund, the Russell 2000<sup>®</sup> Index is unmanaged, is not available for investment and does not incur expenses.<br>The Russell Indices are trademarks of the London Stock Exchange Group companies.<br>Not FDIC insured, nor bank guaranteed. May lose value.<br>

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AMG GW&K Small Cap Core Fund<br>Fund Snapshots *(unaudited)*<br> December 31, 2022<br>

**PORTFOLIO BREAKDOWN** 

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| | |
|:---|:---|
| **Sector** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Health Care | 19.6 |
| &nbsp;&nbsp;&nbsp; Financials | 17.4 |
| &nbsp;&nbsp;&nbsp; Industrials | 15.1 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 12.8 |
| &nbsp;&nbsp;&nbsp; Information Technology | 11.7 |
| &nbsp;&nbsp;&nbsp; Materials | 5.2 |
| &nbsp;&nbsp;&nbsp; Real Estate | 5.1 |
| &nbsp;&nbsp;&nbsp; Energy | 4.8 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 3.8 |
| &nbsp;&nbsp;&nbsp; Utilities | 2.7 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2.0 |
| &nbsp;&nbsp;&nbsp; Other Assets, less Liabilities | (0.2) |

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**TOP TEN HOLDINGS** 

---

| | |
|:---|:---|
| **Security Name** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co. | 2.6 |
| &nbsp;&nbsp;&nbsp; SPX Technologies, Inc. | 2.2 |
| &nbsp;&nbsp;&nbsp; Matador Resources Co. | 2.2 |
| &nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc. | 2.0 |
| &nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc. | 2.0 |
| &nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 2.0 |
| &nbsp;&nbsp;&nbsp; RBC Bearings, Inc. | 1.9 |
| &nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A | 1.9 |
| &nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 1.7 |
| &nbsp;&nbsp;&nbsp; Ameris Bancorp | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp; Top Ten as a Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.2 |

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Because a fund's strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund's prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund's portfolio of investments by the time you receive this report.

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AMG GW&K Small Cap Core Fund<br>Schedule of Portfolio Investments<br> December 31, 2022<br>

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **Common Stocks - 98.2%** | **Common Stocks - 98.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 12.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 12.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.<sup>\*</sup> | 82568 | $5162151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Churchill Downs, Inc. | 46372 | 9804432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chuy's Holdings, Inc.<sup>\*</sup> | 141824 | 4013619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.<sup>\*</sup> | 32250 | 5704058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.<sup>\*</sup> | 103089 | 10892384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy, Ltd.<sup>\*</sup> | 46330 | 5138460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc., Class A<sup>1</sup> | 34160 | 6993918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oxford Industries, Inc. | 87680 | 8170022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patrick Industries, Inc.<sup>1</sup> | 76735 | 4650141 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revolve Group, Inc.<sup>\*,1</sup> | 76441 | 1701577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Skyline Champion Corp.<sup>\*</sup> | 141260 | 7276303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 142303 | 12942458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wolverine World Wide, Inc. | 203928 | 2228933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 84678456 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co., Class A<sup>\*</sup> | 222609 | 7969402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.<sup>\*</sup> | 292289 | 17066755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 25036157 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChampionX Corp. | 139958 | 4057382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A<sup>1</sup> | 431517 | 10119074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co.<sup>1</sup> | 249377 | 14274340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Patterson-UTI Energy, Inc. | 196482 | 3308757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 31759553 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 17.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 17.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 242138 | 11414385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AMERISAFE, Inc. | 106723 | 5546394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 237022 | 9668127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cohen & Steers, Inc.<sup>1</sup> | 136806 | 8832195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 151804 | 7502154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horace Mann Educators Corp. | 251174 | 9386372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Houlihan Lokey, Inc. | 116309 | 10137493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Bank Corp. | 88812 | 7498397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 360300 | 7656375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 268100 | 8461236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Seacoast Banking Corp. of Florida | 367860 | 11473554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 157726 | 9206467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veritex Holdings, Inc. | 284291 | 7982891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 114766040 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 19.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 19.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.<sup>\*</sup> | 251328 | 3719654 |

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artivion, Inc.<sup>\*</sup> | 264636 | $3207388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AtriCure, Inc.<sup>\*</sup> | 179231 | 7954272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc. | 103364 | 6017852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.<sup>\*,1</sup> | 291366 | 3344882 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Castle Biosciences, Inc.<sup>\*</sup> | 93190 | 2193693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CryoPort, Inc.<sup>\*</sup> | 148604 | 2578279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A<sup>\*</sup> | 171470 | 12735077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.<sup>\*,1</sup> | 234021 | 13315795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HealthEquity, Inc.<sup>\*</sup> | 150700 | 9289148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICU Medical, Inc.<sup>\*,1</sup> | 34297 | 5401092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insmed, Inc.<sup>\*</sup> | 184678 | 3689866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integra LifeSciences Holdings Corp.<sup>\*</sup> | 136764 | 7668357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intra-Cellular Therapies, Inc.<sup>\*</sup> | 126421 | 6690199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Medpace Holdings, Inc.<sup>\*</sup> | 42784 | 9087749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Phreesia, Inc.<sup>\*</sup> | 334214 | 10815165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Progyny, Inc.<sup>\*</sup> | 170591 | 5313910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.<sup>\*,1</sup> | 264556 | 9436713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syneos Health, Inc.<sup>\*</sup> | 64793 | 2376607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Veracyte, Inc.<sup>\*</sup> | 183894 | 4363805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 129199503 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 15.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 15.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alamo Group, Inc. | 68502 | 9699883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allegiant Travel Co.<sup>\*,1</sup> | 44496 | 3025283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heartland Express, Inc. | 177672 | 2725488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helios Technologies, Inc. | 120426 | 6555991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 92202 | 9132608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ITT, Inc. | 89625 | 7268588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 326956 | 7173415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.<sup>\*,1</sup> | 60880 | 12745228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shoals Technologies Group, Inc.,<br>Class A<sup>\*</sup> | 94089 | 2321176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Shyft Group, Inc. | 271399 | 6746979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SPX Technologies, Inc.<sup>\*</sup> | 223437 | 14668639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 177479 | 7581903 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 128453 | 10179900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 99825081 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Descartes Systems Group, Inc. (Canada)<sup>\*</sup> | 130116 | 9062580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Endava PLC, ADR (United Kingdom)<sup>\*</sup> | 48128 | 3681792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Flywire Corp.<sup>\*</sup> | 433563 | 10609287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | 210121 | 13233421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novanta, Inc.<sup>\*</sup> | 71938 | 9774216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paycor HCM, Inc.<sup>\*</sup> | 287138 | 7026267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapid7, Inc.<sup>\*</sup> | 105031 | 3568953 |

---

------

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

------

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

---

| | | |
|:---|:---|:---|
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.7%** (continued) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 11.7%** (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.<sup>\*,1</sup> | 58624 | $7953518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Thoughtworks Holding, Inc.<sup>\*,1</sup> | 600086 | 6114876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.<sup>\*</sup> | 632438 | 6646923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 77671833 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 5.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 5.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avient Corp. | 305162 | 10302269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balchem Corp. | 65410 | 7987215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 140057 | 8504261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. | 141653 | 7343292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 34137037 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp., REIT | 115823 | 8215325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc., REIT | 98117 | 5123670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc., REIT | 111710 | 9135644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc., REIT | 348059 | 11245786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 33720425 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 74083 | 7989852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NorthWestern Corp. | 170238 | 10101923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 18091775 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $534,382,503) |  | 648885860 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount |  |
|  **Short-Term Investments - 2.0%** | **Short-Term Investments - 2.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.3%**<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 0.3%**<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., dated 12/30/22,due 01/03/23, 4.250% total to be received $248,899 (collateralized by various U.S. Treasuries, 0.000% - 4.500%, 04/11/23 - 10/31/29, totaling $253,758) | $248782 | 248782 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;Principal <br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank Financial, dated 12/30/22, due 01/03/23, 4.340% total to be received $1,000,482 (collateralized by various U.S. Treasuries, 0.000% - 4.435%, 01/03/23 - 09/09/49, totaling $1,020,000) | $1000000 | $1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.300% total to be received $1,000,478 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.000%, 09/01/24 - 10/20/52, totaling $1,020,000) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | 2248782 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/30/22 due 01/03/23, 4.150% total to be received $10,903,025 (collateralized by a U.S. Treasury, 0.125%, 01/15/32, totaling $11,116,004) | 10898000 | 10898000 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $13,146,782) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $13,146,782) | 13146782 |
|  **Total Investments - 100.2%** | **Total Investments - 100.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $547,529,285) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $547,529,285) | 662032642 |
|  **Other Assets, less Liabilities - (0.2)%** | **Other Assets, less Liabilities - (0.2)%** | (1492527) |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$660540115** |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $30,453,990 or 4.6% 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.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| REIT | Real Estate Investment Trust |

---

------

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

------

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

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>** | $648885860 |  |  | $648885860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $2248782 |  | 2248782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 10898000 |  | 10898000 |
| &nbsp;&nbsp;&nbsp; **Total Investments in Securities** | $648885860 | $13146782 |  | $662032642 |

---

<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, 2022, 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<br>Portfolio Manager's Comments *(unaudited)*<br>

---

| | | |
|:---|:---|:---|
| For the fiscal year ended December 31, 2022, AMG GW&K Small Cap Value Fund (the "Fund") Class N shares returned (15.33)%, compared to a (14.48)% return for the Russell 2000<sup>®</sup> Value Index (the "Index"), the Fund's benchmark.<br>It is starting to become an unwelcome tagline for this decade: 202x was a challenging year for investors to navigate. So far, each year in this nascent decade has been uncertain and confounding for investors. 2022 fit that mold as well, but this year the pain was felt in our wallets too as stocks and asset values of all kinds declined sharply. The Index dropped (20.48)% and finished just a bit above its June lows. The simple mathematical determinants of stock prices tell us they can fall because investors: 1) lower their accepted valuation levels, 2) lower their earnings expectations, or 3) lower both. For 2022, reason number 1 was dominant for small cap stocks as rising inflation and interest rates led to a significant de-rating in valuations. However, late in the year analysts began to more actively mark down earnings estimates as well. There were myriad factors contributing to the uncertainty and subsequent estimate revisions. A list of prominent factors would likely include changing consumer spending preferences (services versus goods), lower end demand in housing and other related industries, uncertainty about the duration of the U.S. Federal Reserve's (the Fed) tightening campaign, lingering supply-chain challenges (inflation and availability), a very uncertain reopening in China, and Russia's war on Ukraine. To keep investors more off balance, small-cap stocks rallied in the final quarter of the year. Short-term oriented investors will ask whether expectations have fallen enough for stocks to have bottomed. We are skeptical that anyone can answer this correctly with high confidence, so it may not be the best question to ponder to maximize long-term returns.<br>The Fund underperformed the Index during the year. In 2022, the benchmark had only one sector in positive territory, but it was a noteworthy one with | energy up an impressive 60.5%. Utilities and consumer staples were the next best sectors given their relatively stable cash flows, finishing down single digits. Not surprisingly, style factors indicated a preference for higher-quality attributes in the selloff of 2022. Broadly speaking, within the Index, the lower quality the stock, the more poorly it performed over the course of the year. This was most evident in characteristics such as low return-on-equity (ROE), non-earners, high beta, and negative equity, which all meaningfully underperformed the Index. Five sectors dropped more than 24% on the year, each having significantly more exposure to the weaker factors mentioned above.<br>The Fund benefited in 2022 from a combination of allocation toward higher-quality stocks and stock selection. On the factor side, averaging the allocation impact for the six quality factors we follow implies about 130 basis points of positive impact. The impact was greater for earnings specific factors. The positive stock selection came primarily from industrials with financials, health care, real estate, and communication services also making positive contributions. Industrials benefited from an overweight in the professional services industry, with two names, CBIZ, Inc. and CACI International up double digits in a sector that was down 12.8%. CACI International was sold during the period. Strong stock selection in banking drove the relative outperformance in financials. In health care, the Fund benefited from an underweight position in Biotechnology and good stock selection across other industries. Energy was the poorest relative performing sector, with our underweight position to this strong performing area was a significant detractor from relative results. The consumer discretionary sector was also a significant headwind, due to our overweight exposure and weak stock selection in the specialty retail and the hotel restaurants and leisure industries. | Whether the June lows for the Index turn out to be THE lows or not will depend on the answers to several other important and complex questions. It appears that inflation has peaked, but will the stickiest elements (especially labor costs) recede quickly enough for the Fed to pause their interest rate increases and avoid further compression of end demand and corporate profits? Is there some part of our economic system that "breaks" due to the dramatic tightening actions of the Fed and other central banks? Will China's new COVID policies result in a public health policy challenge that lasts months or much longer? Could more strains emerge that defy current vaccines? Finally, is there an acceptable end game for Russia's war against Ukraine, or is there a further serious escalation? Instead of trying to correctly answer all these questions, a fool's errand if there ever was one, we think it is best to focus on what opportunities exist today in the small cap market. Two years ago, investors were convinced energy stocks were a black hole while Amazon and Tesla would grow to the sky. Since then, small cap energy stocks are up 156% while Amazon and Tesla are off their highs for the year by (40)% or more. What do investors collectively think they know with high confidence today? Which stocks in the Index and in our Fund reflect excessive optimism? What segments of the market are investors too fearful to own? Fear today can often be the fuel for tomorrow's returns. Sometimes that tomorrow can be slower than we would like to arrive. We believe our best course is to continue to look for stocks priced at reasonable valuations relative to the strength of their long-term business outlook. And be patient. The 2020s still have seven more years to go.<br>*The views expressed represent the opinions of GW&K Investment Management, LLC as of December 31, 2022, and are not intended as a forecast or guarantee of future results, and are subject to change without notice.* |

---

------

<br> AMG GW&K Small Cap Value Fund<br>Portfolio Manager's Comments *(continued)*<br>

**CUMULATIVE TOTAL RETURN PERFORMANCE** 

AMG GW&K Small Cap Value Fund's cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Small Cap Value Fund's Class N shares on December 31, 2012, to a $10,000 investment made in the Russell 2000<sup>®</sup> Value Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

![LOGO](g456195dsp118.jpg)

The table below shows the average annual total returns for the AMG GW&K Small Cap Value Fund and the Russell 2000<sup>®</sup> Value Index for the same time periods ended December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns<sup>1</sup>** | **One<br> Year** | **Five<br> Years** | **Ten<br> Years** | **Since<br>Inception** | **Inception<br>Date** |
| &nbsp;&nbsp;&nbsp; **AMG GW&K Small Cap Value Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8</sup> | &nbsp;&nbsp;&nbsp; **AMG GW&K Small Cap Value Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8</sup> | &nbsp;&nbsp;&nbsp; **AMG GW&K Small Cap Value Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8</sup> | &nbsp;&nbsp;&nbsp; **AMG GW&K Small Cap Value Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8</sup> | &nbsp;&nbsp;&nbsp; **AMG GW&K Small Cap Value Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8</sup> | &nbsp;&nbsp;&nbsp; **AMG GW&K Small Cap Value Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (15.33%) | 3.91% | 8.97% | 10.94% | 04/23/87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (15.19%) | 4.09% |  | 4.81% | 02/24/17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (15.16%) | 4.16% |  | 4.88% | 02/24/17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell 2000<sup>®</sup> Value Index<sup>9</sup> | (14.48%) | 4.13% | 8.48% |  |  |

---

*The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.* 

------

*Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.* 

Distributed by AMG Distributors, Inc., member FINRA/SIPC.

<sup>1</sup> Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2022. All returns are in U.S. Dollars ($). 

&nbsp;&nbsp;&nbsp; <sup>2</sup> From time to time, the Fund's investment manager has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.<br><sup>3</sup> As of December 4, 2020, the Fund's subadvisor was changed to GW&K Investment Management, LLC. Prior to December 4, 2020, the Fund was known as the AMG Managers Skyline Special Equities Fund, and had different principal investment strategies and corresponding risks. Performance shown for periods prior to December 4, 2020 reflects the performance and investment strategies of the Fund's previous subadvisor, Skyline Asset Management, L.P. The Fund's past performance would have been different if the Fund were managed by the current subadvisor and strategy, and the Fund's prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.<br><sup>4</sup> The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products.<br><sup>5</sup> 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.<br><sup>6</sup> Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.<br><sup>7</sup> The Fund is subject to special risk considerations similar to those associated with the direct ownership of real estate. Real estate valuations may be subject to factors such as changing general and local economic, financial, competitive, and environmental conditions.<br><sup>8</sup> The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time.<br><sup>9</sup> The Russell 2000<sup>®</sup> Value Index is an unmanaged, market-value weighted, value-oriented index comprised of small stocks that have relatively low price-to-book ratios and lower forecasted growth values. Unlike the Fund, the Russell 2000<sup>®</sup> Value Index is unmanaged, is not available for investment and does not incur expenses.<br>The Russell Indices are trademarks of the London Stock Exchange Group companies.<br>Not FDIC insured, nor bank guaranteed. May lose value.<br>

------

AMG GW&K Small Cap Value Fund<br>Fund Snapshots *(unaudited)*<br> December 31, 2022<br>

**PORTFOLIO BREAKDOWN** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector** | **%of<br> Net Assets** |
| &nbsp;&nbsp;&nbsp; Financials | 28.5 |
| &nbsp;&nbsp;&nbsp; Industrials | 15.0 |
| &nbsp;&nbsp;&nbsp; Health Care | 11.2 |
| &nbsp;&nbsp;&nbsp; Real Estate | 10.3 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 10.0 |
| &nbsp;&nbsp;&nbsp; Energy | 5.5 |
| &nbsp;&nbsp;&nbsp; Information Technology | 4.5 |
| &nbsp;&nbsp;&nbsp; Materials | 4.4 |
| &nbsp;&nbsp;&nbsp; Utilities | 3.8 |
| &nbsp;&nbsp;&nbsp; Communication Services | 2.8 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 2.6 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 4.4 |
| &nbsp;&nbsp;&nbsp; Other Assets, less Liabilities | (3.0) |

---

**TOP TEN HOLDINGS** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security Name** | **% of**<br> **Net Assets**  |
| &nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc. | 2.3 |
| &nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 2.3 |
| &nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 2.2 |
| &nbsp;&nbsp;&nbsp; Ameris Bancorp | 2.0 |
| &nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | 2.0 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | 1.9 |
| &nbsp;&nbsp;&nbsp; CBIZ, Inc. | 1.9 |
| &nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 1.8 |
| &nbsp;&nbsp;&nbsp; ICF International, Inc. | 1.8 |
| &nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 1.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Ten as a Group | 20.0 |

---

Because a fund's strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund's prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund's portfolio of investments by the time you receive this report.

------

AMG GW&K Small Cap Value Fund<br>Schedule of Portfolio Investments<br> December 31, 2022<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **Common Stocks - 98.6%** | **Common Stocks - 98.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 2.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 2.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gray Television, Inc. | 252726 | $2828004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IMAX Corp. (Canada)<sup>\*</sup> | 153235 | 2246425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ziff Davis, Inc.<sup>\*</sup> | 24200 | 1914220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 6988649 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 10.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 10.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 66425 | 3489969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Boot Barn Holdings, Inc.<sup>\*</sup> | 67612 | 4227102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Watch Restaurant Group, Inc.<sup>\*</sup> | 258011 | 3490889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Group 1 Automotive, Inc. | 31794 | 5734684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Helen of Troy, Ltd.<sup>\*</sup> | 24300 | 2695113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leslie's, Inc.<sup>\*</sup> | 205955 | 2514711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Topgolf Callaway Brands Corp.<sup>\*,1</sup> | 151684 | 2995759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 25148227 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 2.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 2.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central Garden & Pet Co.<sup>\*</sup> | 113080 | 4234846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hostess Brands, Inc.<sup>\*</sup> | 108600 | 2436984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 6671830 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 5.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 5.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Earthstone Energy, Inc., Class A<sup>\*,1</sup> | 191553 | 2725799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 116685 | 2736263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matador Resources Co.<sup>1</sup> | 64371 | 3684596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp.<sup>\*</sup> | 249914 | 2591608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solaris Oilfield Infrastructure, Inc., Class A | 214865 | 2133610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 13871876 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 28.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 28.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ameris Bancorp | 108536 | 5116387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 129829 | 4562191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cathay General Bancorp | 83722 | 3415020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; City Holding Co.<sup>1</sup> | 37149 | 3458200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Community Bank System, Inc. | 60600 | 3814770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Financial Services Corp. | 72040 | 3527078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Agricultural Mortgage Corp., Class C | 34265 | 3862008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Financial Bancorp | 135954 | 3294166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Interstate BancSystem, Inc., Class A | 127615 | 4932320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bancshares Corp. | 83563 | 3823843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OceanFirst Financial Corp. | 203268 | 4319445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 137124 | 4327634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 34072 | 4435834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PJT Partners, Inc., Class A | 36321 | 2676495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Selective Insurance Group, Inc.<sup>1</sup> | 65075 | 5766296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Stifel Financial Corp. | 61835 | 3609309 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walker & Dunlop, Inc. | 54280 | $4259894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WesBanco, Inc. | 68733 | 2541746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 71742636 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 11.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 11.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Albireo Pharma, Inc.<sup>\*</sup> | 119200 | 2575912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Arcutis Biotherapeutics, Inc.<sup>\*</sup> | 169827 | 2513440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BioCryst Pharmaceuticals, Inc.<sup>\*,1</sup> | 207809 | 2385647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.<sup>\*,1</sup> | 51449 | 3522199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ligand Pharmaceuticals, Inc.<sup>\*</sup> | 27445 | 1833326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NeoGenomics, Inc.<sup>\*</sup> | 309348 | 2858376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.<sup>\*</sup> | 135707 | 488545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.<sup>\*,2,3</sup> | 10502 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OmniAb, Inc.<sup>\*,2,3</sup> | 10502 | 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SeaSpine Holdings Corp.<sup>\*</sup> | 383738 | 3204212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Supernus Pharmaceuticals, Inc.<sup>\*</sup> | 115006 | 4102264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tenet Healthcare Corp.<sup>\*</sup> | 98333 | 4797667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 28281588 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 15.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 15.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc.<sup>\*</sup> | 30306 | 3437307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CBIZ, Inc.<sup>\*</sup> | 99304 | 4652392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 102102 | 3315252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 31053 | 3573579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Herc Holdings, Inc. | 21360 | 2810335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hillenbrand, Inc. | 67241 | 2869173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ICF International, Inc. | 45073 | 4464481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Primoris Services Corp. | 123020 | 2699059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.<sup>\*</sup> | 14615 | 3059650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Terex Corp. | 85160 | 3638035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UFP Industries, Inc. | 41387 | 3279920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 37799183 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 4.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 4.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Software, Inc., Class A | 213708 | 3137233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 46305 | 3320995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.<sup>\*,1</sup> | 18157 | 2463360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Viavi Solutions, Inc.<sup>\*</sup> | 221560 | 2328596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 11250184 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 4.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minerals Technologies, Inc. | 43121 | 2618307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orion Engineered Carbons, S.A. (Luxembourg) | 208251 | 3708950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schnitzer Steel Industries, Inc., Class A | 67510 | 2069182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Worthington Industries, Inc.<sup>1</sup> | 54218 | 2695177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 11091616 |

---

------

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

------

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

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 10.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 10.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp., REIT | 49370 | $3501814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Four Corners Property Trust, Inc., REIT <sup>1</sup> | 151003 | 3915508 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Getty Realty Corp., REIT <sup>1</sup> | 124607 | 4217947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc., REIT | 323197 | 5449101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust, REIT | 172384 | 1727288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STAG Industrial, Inc., REIT | 94640 | 3057818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc., REIT | 222335 | 1605259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Xenia Hotels & Resorts, Inc., REIT | 189036 | 2491494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 25966229 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 3.8%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 3.8%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 37411 | 4034776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NorthWestern Corp. | 52943 | 3141638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southwest Gas Holdings, Inc. | 40684 | 2517526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 9693940 |
|  **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $224,336,717) |  | 248505958 |
|  | Principal<br>Amount |  |
|  **Short-Term Investments - 4.4%** | **Short-Term Investments - 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 3.4%**<sup>4</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 3.4%**<sup>4</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald Securities, Inc., dated 12/30/22,due 01/03/23, 4.300% total to be received $2,004,257 (collateralized by various U.S. Government Agency Obligations, 0.000% - 9.000%, 01/15/23 - 11/20/72, totaling $2,043,366) | $2003300 | 2003300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 12/30/22, due 01/03/23, 4.410% total to be received $2,004,282 (collateralized by various U.S. Treasuries, 0.125% - 6.250%, 04/15/23 - 11/15/52, totaling $2,044,367) | 2003300 | 2003300 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., dated 12/30/22,due 01/03/23, 4.250% total to be received $420,901 (collateralized by various U.S. Treasuries, 0.000% - 4.500%, 04/11/23 - 10/31/29, totaling $429,116) | $420702 | $420702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank Financial, dated 12/30/22, due 01/03/23, 4.340% total to be received $2,004,241 (collateralized by various U.S. Treasuries, 0.000% - 4.435%, 01/03/23 - 09/09/49, totaling $2,043,341) | 2003275 | 2003275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., dated 12/30/22,due 01/03/23, 4.300% total to be received $2,004,232 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.000%, 09/01/24 - 10/20/52, totaling $2,043,341) | 2003275 | 2003275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | 8433852 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/30/22 due 01/03/23, 4.150% total to be received $2,574,186 (collateralized by a U.S. Treasury, 0.125%, 01/15/32, totaling $2,624,509) | 2573000 | 2573000 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,006,852) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $11,006,852) | 11006852 |
|  **Total Investments - 103.0%** | **Total Investments - 103.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $235,343,569) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $235,343,569) | 259512810 |
|  **Other Assets, less Liabilities - (3.0)%** | **Other Assets, less Liabilities - (3.0)%** | (7601504) |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$251911306** |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $18,116,821 or 7.2% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<sup>2</sup> Security's value was determined by using significant unobservable inputs.

<sup>3</sup> These securities are restricted and are not available for re-sale. Ligand Pharmaceuticals, Inc. ("Ligand") completed a spin-off of OmniAb, Inc on November 2, 2022. Ligand shareholders received OmniAb common stock and two new holdings of OmniAb earn-out shares. The market value of OmniAb common stock and earn-out shares were $327,055 and $0, respectively on the date of the spin-off, which equates to $2.41 and $0 per share, respectively. At December 31, 2022, the cost of OmniAb, Inc. common shares was $576,806 and market value was $488,545 which equates to less than 1% of net assets. For each holding of OmniAb earn-out shares the cost was $19,190 and the market value of each was $0 which has no impact on total net assets. The total value of restricted securities held is $0, which represents 0% of net assets. 

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

REIT Real Estate Investment Trust

------

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

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

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&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 | $71742636 |  |  | $71742636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 37799183 |  |  | 37799183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 28281588 |  | $0 | 28281588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 25966229 |  |  | 25966229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | 25148227 |  |  | 25148227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 13871876 |  |  | 13871876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 11250184 |  |  | 11250184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Materials | 11091616 |  |  | 11091616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 9693940 |  |  | 9693940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 6988649 |  |  | 6988649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples | 6671830 |  |  | 6671830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $8433852 |  | 8433852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2573000 |  | 2573000 |
| &nbsp;&nbsp;&nbsp; **Total Investments in Securities** | $248505958 | $11006852 | $0 | $259512810 |

---

At December 31, 2022, 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, which generated a change in unrealized depreciation of $38,380.

For the fiscal year ended December 31, 2022, 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 Fund<br>Portfolio Manager's Comments *(unaudited)*<br>

---

| | | |
|:---|:---|:---|
| **THE YEAR IN REVIEW**<br>For the year ended December 31, 2022, AMG GW&K Small/Mid Cap Fund (the "Fund") Class I shares returned (18.01)%, compared to the Fund's benchmark, the Russell 2500<sup>®</sup> Index (the "Index"), which returned (18.37)%.<br>It is starting to become an unwelcome tagline for this decade: 202x was a challenging year for investors to navigate. So far, each year in this nascent decade has been uncertain and confounding for investors. 2022 fit that mold as well, but this year the pain was felt in our wallets too as stocks and asset values of all kinds declined sharply. The Index dropped (18.37)% and finished just a bit above the lows it made in June and September. The simple mathematical determinants of stock prices tell us they can fall because investors: 1) lower their accepted valuation levels, 2) lower their earnings expectations, or 3) lower both. For 2022, reason number 1 was dominant for small/mid cap stocks as rising inflation and interest rates led to a significant de-rating in valuations. However, late in the year analysts began to more actively mark down earnings estimates as well. There were myriad factors contributing to the uncertainty and subsequent estimate revisions. A list of prominent factors would likely include changing consumer spending preferences (services versus goods), lower end demand in housing and other related industries, uncertainty about the duration of the U.S. Federal Reserve's (the Fed) tightening campaign, lingering supply-chain challenges (inflation and availability), a very uncertain reopening in China, and Russia's war on Ukraine. To keep investors more off balance, small-and mid-cap stocks rallied in the final quarter of the year. Short-term oriented investors will ask whether expectations have fallen enough for stocks to have bottomed. We are skeptical that anyone can answer this correctly with high confidence, so it may not be the best question to ponder to maximize long-term returns.<br>The Fund modestly outperformed the Index during the year. Within the benchmark, style factors indicated a preference for higher-quality attributes in | the selloff of 2022. Broadly speaking, the lower quality the stock the more poorly it performed over the course of the year. This was most evident in characteristics such as low return-on-equity (ROE), non-earners, high beta, and negative equity, which all meaningfully underperformed the Index. During 2022, the benchmark had only one sector in positive territory, but it was a noteworthy one with energy up an impressive 50.0%. Utilities and consumer staples were next best sectors given their relatively stable cash flows, finishing down single digits. Five sectors dropped more than 25% on the year, each having significantly more exposure to the weaker factors mentioned above.<br>The relative outperformance of the Fund in 2022 came from a combination of allocation toward higher-quality companies and strong stock selection. On the factor side, averaging the allocation impact for the six quality factors we follow implies about 100 basis points of positive impact to relative performance. The impact was greater for earnings-specific factors. The good stock selection came prominently from health care, with three other sectors also making positive contributions. Health care benefited from an underweight to Biotechnology, but also suffered from an overweight in Life Science Tools & Service. While the health care portion of the benchmark dropped 28.2%, nine of our holdings were up on the year, of which Biohaven Pharmaceutical Holding Co. Ltd. and Horizon Therapeutics PLC were the beneficiaries of takeout bids. The remaining seven are still in the Fund and each finished in the black based on improved long-term cash flow outlooks. The Fund also had its share of weaker performers, led by information technology, financials, and energy. Within information technology, we had two holdings with weakening fundamentals—Cerence Inc. and Rapid7, Inc.—which were responsible for about half the relative loss. Cerence was sold during the period. The financials sector was hit mostly by two poorly performing Bank holdings—Signature Bank and Western Alliance Bancorp. The Fund continued to be underweight energy, which drove the majority of sector underperformance. | Whether the September lows for the Index turn out to be THE lows or not will depend on the answers to several other important and complex questions. It appears that inflation has peaked, but will the stickiest elements (especially labor costs) recede quickly enough for the Fed to pause their interest rate increases and avoid further compression of end demand and corporate profits? Is there some part of our economic system that "breaks" due to the dramatic tightening actions of the Fed and other central banks? Will China's new COVID policies result in a public health policy challenge that lasts months or much longer? Could more strains emerge that defy current vaccines? Finally, is there an acceptable end game for Russia's war against Ukraine, or is there a further serious escalation? Instead of trying to correctly answer all these questions, a fool's errand if there ever was one, we think it is best to focus on what opportunities exist today in the small and mid-cap market. Two years ago, investors were convinced energy stocks were a black hole while Amazon and Tesla would grow to the sky. Since then, small/mid cap energy stocks are up 172% while Amazon and Tesla are off their highs for the year by (40)% or more. What do investors collectively think they know with high confidence today? Which stocks in the Index and in our Fund reflect excessive optimism? What segments of the market are investors too fearful to own? Fear today can often be the fuel for tomorrow's returns. Sometimes, that tomorrow can be slower than we would like to arrive. We believe our best course is to continue to look for stocks priced at reasonable valuations relative to the strength of their long-term business outlook. And be patient. The 2020s still have seven more years to go.<br>*The views expressed represent the opinions of GW&K Investment Management, LLC as of December 31, 2022, and are not intended as a forecast or guarantee of future results, and are subject to change without notice.* |

---

------

<br> AMG GW&K Small/Mid Cap Fund<br>Portfolio Manager's Comments *(continued)*<br>

**CUMULATIVE TOTAL RETURN PERFORMANCE** 

AMG GW&K Small/Mid Cap Fund's cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Small/Mid Cap Fund's Class I shares on June 30, 2015, to a $10,000 investment made in the Russell 2500<sup>®</sup> Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.

![LOGO](g456195dsp124.jpg)

The table below shows the average annual total returns for the AMG GW&K Small/Mid Cap Fund and the Russell 2500<sup>®</sup> Index for the same time periods ended December 31, 2022.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Average Annual Total Returns<sup>1</sup>** | **One<br> Year** | **Five<br> Years** | **Since<br>Inception** | **Inception<br>Date** |  |
| &nbsp;&nbsp;&nbsp; **AMG GW&K Small/Mid Cap Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8</sup> | &nbsp;&nbsp;&nbsp; **AMG GW&K Small/Mid Cap Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8</sup> | &nbsp;&nbsp;&nbsp; **AMG GW&K Small/Mid Cap Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8</sup> | &nbsp;&nbsp;&nbsp; **AMG GW&K Small/Mid Cap Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8</sup> | &nbsp;&nbsp;&nbsp; **AMG GW&K Small/Mid Cap Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (18.15%) | 8.70% | 9.01% | 02/24/17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (18.01%) | 8.88% | 7.59% | 06/30/15 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (17.94%) | 8.98% | 9.28% | 02/24/17 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Russell 2500<sup>®</sup> Index<sup>9</sup> | (18.37%) | 5.89% | 7.27% | 06/30/15 | <sup>†</sup> |

---

*The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.* 

------

*Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.* 

Distributed by AMG Distributors, Inc., member FINRA/SIPC.

<sup>†</sup> Date reflects the inception date of the Fund, not the index

<sup>1</sup> Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and 

&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp; capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2022. All returns are in U.S. Dollars ($).<br><sup>2</sup> From time to time, the Fund's investment manager has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.<br><sup>3</sup> The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history, and a reliance on one or a limited number of products.<br><sup>4</sup> The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.<br><sup>5</sup> The Fund is subject to special risk considerations similar to those associated with the direct ownership of real estate. Real estate valuations may be subject to factors such as changing general and local economic, financial, competitive, and environmental conditions.<br><sup>6</sup> The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.<br><sup>7</sup> The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time.<br><sup>8</sup> Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.<br><sup>9</sup> The Russell 2500<sup>®</sup> Index is composed of the 2,500 smallest stocks in the Russell 3000<sup>®</sup> Index and is widely regarded in the industry as the premier measure of small/mid cap stock performance. Unlike the Fund, the Russell 2500<sup>®</sup> Index is unmanaged, is not available for investment and does not incur expenses.<br>The Russell Indices are trademarks of the London Stock Exchange Group companies.<br>Not FDIC insured, nor bank guaranteed. May lose value.<br>

------

AMG GW&K Small/Mid Cap Fund<br>Fund Snapshots *(unaudited)*<br> December 31, 2022<br>

**PORTFOLIO BREAKDOWN** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Sector** | **% of<br> Net Assets** |
| &nbsp;&nbsp;&nbsp; Industrials | 19.3 |
| &nbsp;&nbsp;&nbsp; Health Care | 17.2 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 13.7 |
| &nbsp;&nbsp;&nbsp; Information Technology | 13.2 |
| &nbsp;&nbsp;&nbsp; Financials | 11.6 |
| &nbsp;&nbsp;&nbsp; Real Estate | 6.4 |
| &nbsp;&nbsp;&nbsp; Materials | 6.1 |
| &nbsp;&nbsp;&nbsp; Consumer Staples | 5.1 |
| &nbsp;&nbsp;&nbsp; Energy | 4.1 |
| &nbsp;&nbsp;&nbsp; Utilities | 2.3 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 2.2 |
| &nbsp;&nbsp;&nbsp; Other Assets, less Liabilities | (1.2) |

---

**TOP TEN HOLDINGS** 

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Security Name** | **% of**<br> **Net Assets**  |
| &nbsp;&nbsp;&nbsp; Horizon Therapeutics Plc | 2.4 |
| &nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc. | 2.1 |
| &nbsp;&nbsp;&nbsp; Manhattan Associates, Inc. | 1.9 |
| &nbsp;&nbsp;&nbsp; Nordson Corp. | 1.8 |
| &nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 1.8 |
| &nbsp;&nbsp;&nbsp; Voya Financial, Inc. | 1.7 |
| &nbsp;&nbsp;&nbsp; RBC Bearings, Inc. | 1.7 |
| &nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 1.7 |
| &nbsp;&nbsp;&nbsp; Performance Food Group Co. | 1.6 |
| &nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Top Ten as a Group | 18.3 |

---

Because a fund's strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund's prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund's portfolio of investments by the time you receive this report.

------

AMG GW&K Small/Mid Cap Fund<br>Schedule of Portfolio Investments<br> December 31, 2022<br>

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **Common Stocks - 99.0%** | **Common Stocks - 99.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.7%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 13.7%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bright Horizons Family Solutions, Inc.<sup>\*</sup> | 45269 | $2856474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Burlington Stores, Inc.<sup>\*</sup> | 36579 | 7416758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carter's, Inc.<sup>1</sup> | 72127 | 5381395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cavco Industries, Inc.<sup>\*</sup> | 32730 | 7405163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dorman Products, Inc.<sup>\*</sup> | 71359 | 5770802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Five Below, Inc.<sup>\*</sup> | 50431 | 8919731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gentherm, Inc.<sup>\*</sup> | 81254 | 5305074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Canyon Education, Inc.<sup>\*</sup> | 38915 | 4111759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Krispy Kreme Inc. | 179515 | 1852595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lithia Motors, Inc., Class A | 32158 | 6584029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Polaris, Inc. | 73981 | 7472081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Roadhouse, Inc. | 96061 | 8736748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vail Resorts, Inc. | 22278 | 5309961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 77122570 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 5.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Staples - 5.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.<sup>\*</sup> | 176461 | 11674659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lancaster Colony Corp. | 41951 | 8276932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Performance Food Group Co.<sup>\*</sup> | 153727 | 8976120 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Staples |  | 28927711 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ChampionX Corp. | 121726 | 3528837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Magnolia Oil & Gas Corp., Class A | 248661 | 5831100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ovintiv, Inc. | 108670 | 5510656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ProPetro Holding Corp.<sup>\*</sup> | 272233 | 2823056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SM Energy Co. | 149136 | 5194407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 22888056 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 11.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 11.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Artisan Partners Asset Management, Inc., Class A | 65869 | 1956309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atlantic Union Bankshares Corp. | 178251 | 6263740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Glacier Bancorp, Inc. | 95590 | 4724058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinsale Capital Group, Inc. | 30957 | 8095875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MarketAxess Holdings, Inc. | 17880 | 4986553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 119611 | 8779447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piper Sandler Cos. | 56761 | 7389715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signature Bank | 45230 | 5211401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voya Financial, Inc.<sup>1</sup> | 158232 | 9729686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Alliance Bancorp. | 135458 | 8067878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 65204662 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 17.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 17.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Healthcare Co., Inc.<sup>\*</sup> | 88572 | 7291247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Azenta, Inc. | 55756 | 3246114 |

---

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bio-Rad Laboratories, Inc., Class A<sup>\*</sup> | 16516 | $6944813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Catalent, Inc.<sup>\*</sup> | 144812 | 6517988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globus Medical, Inc., Class A<sup>\*</sup> | 111701 | 8296033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halozyme Therapeutics, Inc.<sup>\*</sup> | 122565 | 6973949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hologic, Inc.<sup>\*</sup> | 72878 | 5452003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Therapeutics PLC.<sup>\*</sup> | 117816 | 13407461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Integer Holdings Corp.<sup>\*,1</sup> | 75174 | 5146412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intra-Cellular Therapies, Inc.<sup>\*</sup> | 104835 | 5547868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jazz Pharmaceuticals PLC (Ireland)<sup>\*</sup> | 49042 | 7812881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.<sup>\*</sup> | 19972 | 6595154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Neurocrine Biosciences, Inc.<sup>\*</sup> | 74284 | 8872481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Syneos Health, Inc.<sup>\*</sup> | 55502 | 2035813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vericel Corp.<sup>\*</sup> | 120002 | 3160853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 97301070 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 19.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 19.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Atkore, Inc.<sup>\*</sup> | 57079 | 6473900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 89243 | 9327678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Columbus McKinnon Corp. | 139363 | 4525117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comfort Systems USA, Inc. | 65293 | 7513919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exponent, Inc. | 62901 | 6232860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Signal Corp. | 173006 | 8039589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gates Industrial Corp. PLC<sup>\*</sup> | 502820 | 5737176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gibraltar Industries, Inc.<sup>\*</sup> | 118685 | 5445268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hexcel Corp. | 107305 | 6314899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ingersoll Rand, Inc. | 191457 | 10003628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 51497 | 7440802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nordson Corp. | 42743 | 10160866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Bearings, Inc.<sup>\*</sup> | 44952 | 9410701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Schneider National, Inc., Class B | 159069 | 3722215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Toro Co. | 74972 | 8486830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 108835448 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 13.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 13.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cognex Corp. | 173369 | 8167414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CyberArk Software, Ltd. (Israel)<sup>\*</sup> | 49223 | 6381762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entegris, Inc. | 90824 | 5957146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Globant SA (Uruguay)<sup>\*</sup> | 46729 | 7857949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HubSpot, Inc.<sup>\*</sup> | 25075 | 7249935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Manhattan Associates, Inc.<sup>\*</sup> | 88040 | 10688056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paylocity Holding Corp.<sup>\*</sup> | 41241 | 8011477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power Integrations, Inc. | 56542 | 4055192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rapid7, Inc.<sup>\*</sup> | 88426 | 3004715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silicon Laboratories, Inc.<sup>\*</sup> | 48787 | 6618932 |

---

------

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

------

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

---

| | | |
|:---|:---|:---|
| | <br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 13.2%**<br> (continued) | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 13.2%**<br> (continued) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Zebra Technologies Corp.,<br>Class A<sup>\*</sup> | 24728 | $6340506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 74333084 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 6.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Materials - 6.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AptarGroup, Inc. | 35988 | 3957960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Eagle Materials, Inc. | 61723 | 8199900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Element Solutions, Inc. | 492968 | 8967088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Quaker Chemical Corp.<sup>1</sup> | 34374 | 5737021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RPM International, Inc. | 80166 | 7812177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Materials |  | 34674146 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 6.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 6.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp., REIT | 96226 | 6825310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Easterly Government Properties, Inc., REIT <sup>1</sup> | 304612 | 4346813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EastGroup Properties, Inc., REIT | 38558 | 5708898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Storage Affiliates Trust, REIT | 82819 | 2991422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Physicians Realty Trust, REIT | 325932 | 4716236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Summit Hotel Properties, Inc., REIT | 457668 | 3304363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc., REIT | 57994 | 8293142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Real Estate |  | 36186184 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDACORP, Inc. | 68498 | 7387509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portland General Electric Co.<sup>1</sup> | 115069 | 5638381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 13025890 |
|  **Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $533,089,996) |  | 558498821 |
|  | Principal<br>Amount |  |
|  **Short-Term Investments - 2.2%** | **Short-Term Investments - 2.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 1.7%**<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 1.7%**<sup>2</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cantor Fitzgerald Securities, Inc., dated 12/30/22, due 01/03/23, 4.300% total to be received $2,268,884 (collateralized by various U.S. Government Agency Obligations, 0.000% - 9.000%, 01/15/23 - 11/20/72, totaling $2,313,156) | $2267800 | 2267800 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citadel Securities LLC, dated 12/30/22, due 01/03/23, 4.410% total to be received $2,268,911 (collateralized by various U.S. Treasuries, 0.125% - 6.250%, 04/15/23 - 11/15/52, totaling $2,314,289) | $2267800 | $2267800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc., dated 12/30/22, due 01/03/23, 4.250% total to be received $476,555 (collateralized by various U.S. Treasuries, 0.000% - 4.500%, 04/11/23 - 10/31/29, totaling $485,857) | 476330 | 476330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank Financial, dated 12/30/22, due 01/03/23, 4.340% total to be received $2,268,900 (collateralized by various U.S. Treasuries, 0.000% - 4.435%, 01/03/23 - 09/09/49, totaling $2,313,162) | 2267806 | 2267806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; RBC Dominion Securities, Inc., dated 12/30/22, due 01/03/23, 4.300% total to be received $2,268,890 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.000%, 09/01/24 - 10/20/52, totaling $2,313,162) | 2267806 | 2267806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | 9547542 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 0.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/30/22 due 01/03/23, 4.150% total to be received $2,762,273 (collateralized by a U.S. Treasury, 0.125%, 01/15/32, totaling $2,816,240) | 2761000 | 2761000 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,308,542) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $12,308,542) | 12308542 |
|  **Total Investments - 101.2%** | **Total Investments - 101.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $545,398,538) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $545,398,538) | 570807363 |
|  **Other Assets, less Liabilities - (1.2)%** | **Other Assets, less Liabilities - (1.2)%** | (6653243) |
|  **Net Assets - 100.0%** | **Net Assets - 100.0%** | **$564154120** |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $29,481,147 or 5.2% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

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

REIT Real Estate Investment Trust

------

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

------

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

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks<sup>†</sup>** | $558498821 |  |  | $558498821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | $9547542 |  | 9547542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2761000 |  | 2761000 |
| &nbsp;&nbsp;&nbsp; **Total Investments in Securities** | $558498821 | $12308542 |  | $570807363 |

---

<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, 2022, 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 Global Allocation Fund<br>Portfolio Manager's Comments *(unaudited)*<br>

---

| | | |
|:---|:---|:---|
| **THE YEAR IN REVIEW**<br>For the year ended December 31, 2022, AMG GW&K Global Allocation Fund (the "Fund") Class N shares returned (20.04)%, compared to the (17.22)% return for its blended benchmark which consists of 60% the MSCI All Country World (ACWI) Index ("MSCI ACWI Index") and 40% the Bloomberg Barclays Global Aggregate Bond Index.<br>**ASSET ALLOCATION**<br>The asset allocation framework for the Fund continues to favor equities over fixed income. At the end of the year, the equity/fixed income asset allocation stood at 65%/35%, where it has remained since early March 2022. For the full year, the 60% MSCI ACWI Index/40% Barclays Global Aggregate Index benchmark lost (17.22)% following the sharp weakness of equity and bond markets in the first three quarters of 2022. The current very modest tilt toward equities reflects our judgment that global equities should outperform global fixed income over the coming quarters, albeit with significant volatility along the way.<br>The continued tilt toward equities is based on both quantitative and qualitative judgments. First, relative asset-class valuations continue to support a significant allocation to equities, despite the rise in most developed market government bond yields last year. Second, we expect the global economy to continue to expand for the next several years, although recession risks are significant for both the U.S. and Europe. Inflation continues to be a challenge for global central banks, with the U.S. Federal Reserve (the Fed) projecting that it will hike the upper range of the Fed funds rate to 5.25% by the end of this year compared to its current level of 4.5%. With the exception of the Bank of Japan and the People's Bank of China, most other major central banks are also hiking rates to curb inflation. Rising rates provided headwinds to global equity and bond markets last year. Fortunately, those headwinds appear to be moderating as reflected in softer inflation reports and more resilient growth reports in recent months in both the U.S. and Europe. Notably, recession fears for Europe have started to ease in response to an 80% drop in natural gas prices since last August thanks to warm weather and aggressive efforts to diversify gas supplies away from Russia. China is also expected to post stronger growth this year thanks to policy support and a recent pivot away from extreme COVID suppression measures. In short, we remain cautiously optimistic that the global economy has sufficient momentum to continue to | expand despite higher rates and that a positive tailwind of corporate earnings growth should still favor equities over fixed income.<br>A key valuation metric for global equities is the Long-term Earnings Yield MSCI ACWI. That stood at 5.1% at the end of 2022, and is based on the inverse of the corresponding Shiller Price/Earning (PE) ratio of 19.6 times. By way of comparison, the Long-term Earnings Yield of MSCI ACWI has averaged 5.1% since 2005, corresponding to an average Shiller PE ratio of 19.8 times. Those figures suggest that equities fairly valued relative to their own history.<br>For asset allocation purposes, however, a relevant comparison of the Long-term Earnings Yield is to the real yield of U.S. Treasuries. At the end of September, the yield on 10-Year US Treasury Inflation-Protected Securities (TIPS) stood at 1.6%. The gap between the Long-term Earnings Yield of 5.1 for global equities and 1.6% for TIPS securities suggests the potential for global equities to outperform bonds by about 3.5% per annum in inflation-adjusted terms over the next five-to-ten years.<br>In short, investors continue to have reasonable incentive to favor equities over fixed income, notwithstanding the potential for greater volatility in equities. Key risks would be if the ongoing expansion that is evident in global economic data gives way to pronounced weakness or if major central banks significantly accelerate their rate hiking agendas beyond what is currently priced into markets. Those risks will be monitored carefully, but we currently view such risks to be sufficiently discounted by markets to justify a significant tilt toward equities.<br>**EQUITY**<br>It was a disappointing year for global equity markets as Russia invaded Ukraine amid a challenging inflationary backdrop and the long-awaited liftoff in U.S. interest rates. Markets finished off the lows, however, thanks to a fourth-quarter rally prompted by softer inflation readings in several countries, receding energy shortage fears in Europe, and the abrupt end to China's zero-COVID policy. The MSCI ACWI Index declined (18.4)%, with all regions down on the year. Sector performance was broadly negative, aside from energy which rose sharply on surging crude oil and gas prices. The U.S. dollar gained 7.9%, as the Fed aggressively tightened monetary policy.<br>The Fund's equity sleeve underperformed the benchmark during the year. Stock selection in the health care and information technology (IT) sectors | were main detractors, along with an overweight allocation to the underperforming consumer discretionary sector, though strong stock selection more than offset this allocation impact. Two U.S. holdings were the main culprits within health care. Avantor, Inc., a Biopharma and healthcare supplier, was plagued by some headwinds that are non-core to their fundamentals such as China lockdowns, foreign currency headwinds, and fading COVID tailwinds. IDEXX Laboratories, Inc., a leader in companion animal health diagnostics, experienced slowing growth against tough comparisons and its relatively high multiple contracted due to higher U.S. interest rates. Within technology two European holdings and one U.S. were the main detractors. Payment processing companies Adyen N.V. (Netherlands) and PayPal, Inc. (U.S.) were victims of the selloff in high multiple growth stocks, and in the case of Paypal disappointing earnings results also weighed on the stock. Paypal was sold during the period. Halma PLC (UK), a company focused on safety and environmental products, returned (45)% despite reporting solid results throughout the year.<br>Consumer discretionary was by far the top contributing sector, due entirely to stock selection, mostly in China. Trip.com Group Ltd., Yum China Holding, Inc. and H World Group Ltd. all rallied towards the end of the year as the market began to price in the benefits these travel and restaurant-oriented companies will enjoy as China moves away from a zero-COVID policy and begins to reopen their economy.<br>On a geographic level, Asia, most notably China, was the equity sleeve's top regional contributor due entirely to stock selection, (key contributors noted above) while the overweight allocation was a very modest drag. India also contributed to results, due to a combination of allocation and security selection; the Indian market held up well with only an (8.0)% decline and the Fund's holdings delivered a positive return of 3%.<br>Western Europe and North America were the two biggest detractors. In addition to the detractors mentioned above Infineon Technologies AG (Germany) and Goosehead Insurance, Inc. (U.S.) were also weak. Goosehead was sold during the period. Semiconductor stocks in general were weak on concerns related to excess inventory from over ordering while higher rates impacted the homeowners and auto insurance business at Goosehead. |

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<br> AMG GW&K Global Allocation Fund<br>Portfolio Manager's Comments *(continued)*<br>

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| | | |
|:---|:---|:---|
| "The only function of economic forecasting is to make astrology look respectable." This quote is attributed to Ezra Solomon in a 1985 Readers' Digest piece, as noted by Bloomberg in "What Will Happen in 2023: All the Latest Predictions for Next Year." The same can obviously be said for market forecasting, so we will refrain from making any bold 2023 predictions. Strategists' views vary, but many are calling for relatively better results in Asia thanks to China's zero-COVID pivot and renewed focus on economic expansion, a mild economic and earnings recession in the U.S., and a demanding year for Europe, which is still facing energy security risks but should also benefit from policy changes in China. What we do know is that equities have proven resilient over the long-term, despite some notable bouts of macro weakness and market volatility. Regardless of how the numerous forecasts play out this year, our focus will remain on finding good companies that can adeptly manage various business cycles, particularly those that are the most challenging.<br>**FIXED INCOME**<br>For 2022, the fixed income sleeve finished ahead of its benchmark. Currency effect was the largest positive contributor to relative performance as the | Fund's holdings are primarily dollar-denominated during a period when the dollar depreciated. Our overweight to U.S. rates was the largest detractor for the year amid the sharp selloff in U.S. rates. Our overweight to U.S. markets and overweight to spread product also detracted. This was somewhat offset by our overweight to higher coupon mortgage-backed securities (MBS) within securitized as well as our allocation and selection within Government-Related. Security selection within corporates had minimal impact.<br>The disconnect between the Fed's projections and market pricing has widened following the most recent Summary of Economic Projections (SEP). The median estimate of Federal Open Market Committee (FOMC) participants for the overnight rate at the end of 2023 is 5.125%, up from 4.625% in September; the Fed funds futures market sees a terminal rate of nearly 5.00% in June of 2023 and then two cuts by year end. There has also been a small but not insignificant chorus of economists calling for the FOMC to raise its target inflation to 3% from 2%, prompting objections that this would undermine the Fed's hard-earned credibility. These are just two sources of tension in the rates market, and their resolution could have significant implications for both the level and the shape of the yield curve. We<br>| don't believe investors are being sufficiently compensated for these risks. Our fundamental view of credit is broadly constructive, and we believe balance sheets in general are sound and liquidity is sufficient. But we recognize the potential for macroeconomic forces to alter this landscape and we don't believe all these risks are adequately reflected in valuations. Within the space, we see the best value at the front end, where higher quality credits in less rate-sensitive sectors offer attractive yields and compelling breakevens. We have also been able to identify names that we believe can improve their credit profiles independently of a challenging macro backdrop. In the mortgage sector, we believe the benefits of lower originations and potentially lower rate volatility are offset by event risks surrounding quantitative tightening and middling spread levels.<br>*The views expressed represent the opinions of GW&K Investment Management, LLC as of December 31, 2022, and are not intended as a forecast or guarantee of future results, and are subject to change without notice.* |

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<br> AMG GW&K Global Allocation Fund<br>Portfolio Manager's Comments *(continued)*<br>

**CUMULATIVE TOTAL RETURN PERFORMANCE** 

AMG GW&K Global Allocation Fund's cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Global Allocation Fund's Class N shares on December 31, 2012, to a $10,000 investment made in the 60% MSCI ACWI/40% Bloomberg Global Aggregate Bond Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the indexes exclude expenses. Total returns would have been lower had certain expenses not been reduced.

![LOGO](g456195dsp131.jpg)

The table below shows the average annual total returns for the AMG GW&K Global Allocation Fund and the 60% MSCI ACWI/40% Bloomberg Global Aggregate Bond Index for the same time periods ended December 31, 2022.

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| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns<sup>1</sup>** | **One**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Year**  | **Five**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Years**  | **Ten**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Years**  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K Global Allocation Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8, 9, 10, 11, 12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K Global Allocation Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8, 9, 10, 11, 12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K Global Allocation Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8, 9, 10, 11, 12</sup> | &nbsp;&nbsp;&nbsp;&nbsp;**AMG GW&K Global Allocation Fund**<sup>2,</sup> <sup>3, 4, 5, 6, 7, 8, 9, 10, 11, 12</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class N | (20.04%) | 2.04% | 5.79% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class I | (19.91%) | 2.20% | 5.97% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class Z | (19.85%) | 2.30% | 6.06% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60% MSCI ACWI/40% Bloomberg Global Aggregate Bond Index<sup>13,</sup> <sup>14</sup> | (17.22%) | 2.79% | 4.81% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI ACWI Index <sup>13</sup> | (18.36%) | 5.23% | 7.98% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bloomberg Global Aggregate Bond Index<sup>14</sup> | (16.25%) | (1.66%) | (0.44%) |

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*The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.* 

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*Investors should carefully consider the Fund's investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.* 

Distributed by AMG Distributors, Inc., member FINRA/SIPC.

<sup>1</sup> Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain 

&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2022. All returns are in U.S. Dollars ($).<br><sup>2</sup> From time to time, the Fund's investment manager has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.<br><sup>3</sup> As of April 17, 2020, the Fund's subadvisor was changed to GW&K Investment Management, LLC. Prior to April 17, 2020, the Fund was known as the AMG Chicago Equity Partners Balanced Fund, and had different principal investment strategies and corresponding risks. Performance shown for periods prior to April 17, 2020 reflects the performance and investment strategies of the Fund's previous subadvisor, Chicago Equity Partners, LLC. The Fund's past performance would have been different if the Fund were managed by the current subadvisor and strategy, and the Fund's prior performance record might be less pertinent for investors considering whether to purchase shares of the Fund.<br><sup>4</sup> To the extent that the Fund invests in asset-backed or mortgage-backed securities, its exposure to prepayment and extension risks may be greater than investments in other fixed income securities.<br><sup>5</sup> The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor's ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.<br><sup>6</sup> The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time.<br><sup>7</sup> Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.<br><sup>8</sup> The Fund is subject to the risks associated with investments in emerging markets, such as erratic earnings patterns, economic and political instability, changing exchange controls, limitations on repatriation of foreign capital and changes in local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets.<br><sup>9</sup> The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.<br>

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<br> AMG GW&K Global Allocation Fund<br>Portfolio Manager's Comments *(continued)*<br>

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| | | |
|:---|:---|:---|
|  <sup>10</sup> Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.<br><sup>11</sup> The Fund's investments may not be allocated in the best performing asset classes.<br><sup>12</sup> The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a non-U.S. Dollar investment when converted back to U.S. Dollars.<br><sup>13</sup> The MSCI All Country World Index (ACWI) is a free-float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Please go to msci.com for most current list of countries represented by the Index. Unlike the Fund, the ACWI is unmanaged, is not available for investment and does not incur expenses. | <sup>14</sup> The Bloomberg Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The Index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Unlike the Fund, the Bloomberg Global Aggregate Bond Index is unmanaged, is not available for investment and does not incur expenses.<br>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. All holdings and sector/region allocations are subject to review and adjustment in accordance<br>| with the Portfolio's investment strategy and may vary in the future, and should not be considered recommendations to buy or sell any security.<br>"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.<br>Not FDIC insured, nor bank guaranteed. May lose value. |

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AMG GW&K Global Allocation Fund<br>Fund Snapshots *(unaudited)*<br> December 31, 2022<br>

**PORTFOLIO BREAKDOWN** 

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| | |
|:---|:---|
| **Sector** | **% of<br>Net Assets** |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary | 15.1 |
| &nbsp;&nbsp;&nbsp; Industrials | 14.5 |
| &nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations | 13.3 |
| &nbsp;&nbsp;&nbsp; Information Technology | 13.2 |
| &nbsp;&nbsp;&nbsp; Financials | 10.4 |
| &nbsp;&nbsp;&nbsp; Health Care | 9.3 |
| &nbsp;&nbsp;&nbsp; Foreign Government Obligations | 8.1 |
| &nbsp;&nbsp;&nbsp; Energy | 4.4 |
| &nbsp;&nbsp;&nbsp; Communication Services | 3.6 |
| &nbsp;&nbsp;&nbsp; Utilities | 2.8 |
| &nbsp;&nbsp;&nbsp; Real Estate | 1.9 |
| &nbsp;&nbsp;&nbsp; Municipal Bonds | 0.9 |
| &nbsp;&nbsp;&nbsp; Short-Term Investments | 4.4 |
| &nbsp;&nbsp;&nbsp; Other Assets, less Liabilities | (1.9) |

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**TOP TEN HOLDINGS** 

---

| | |
|:---|:---|
| **Security Name** | **% of**<br> **Net Assets** |
| &nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 3.7 |
| &nbsp;&nbsp;&nbsp; The Charles Schwab Corp. | 2.9 |
| &nbsp;&nbsp;&nbsp; Hess Corp. | 2.6 |
| &nbsp;&nbsp;&nbsp; AIA Group, Ltd. (Hong Kong) | 2.4 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 2.3 |
| &nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 2.3 |
| &nbsp;&nbsp;&nbsp; HDFC Bank, Ltd., ADR (India) | 2.2 |
| &nbsp;&nbsp;&nbsp; H World Group Ltd., ADR (China) | 2.2 |
| &nbsp;&nbsp;&nbsp; STERIS PLC | 2.2 |
| &nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. (China) | 2.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; Top Ten as a Group | 24.9 |

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| | |
|:---|:---|
| **Rating** | **% of Market Value<sup>1</sup>** |
| &nbsp;&nbsp;&nbsp; U.S. Government and Agency Obligations | 39.2 |
| &nbsp;&nbsp;&nbsp; Aaa/AAA | 13.6 |
| &nbsp;&nbsp;&nbsp; Aa/AA | 14.5 |
| &nbsp;&nbsp;&nbsp; A | 3 |
| &nbsp;&nbsp;&nbsp; Baa/BBB | 19.6 |
| &nbsp;&nbsp;&nbsp; Ba/BB | 9.1 |
| &nbsp;&nbsp;&nbsp; B | 1 |

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<sup>1</sup> Includes market value of long-term fixed-income securities only.

Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor's ("S&P"), Moody's Investors Service, Inc. ("Moody's") or Fitch. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB- or higher. Below investment grade ratings are credit ratings of BB+ or lower. Investments designated N/R are not rated by any of the rating agencies. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

Because a fund's strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund's prospectus.

Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund's portfolio of investments by the time you receive this report.

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AMG GW&K Global Allocation Fund<br>Schedule of Portfolio Investments<br> December 31, 2022<br>

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **Common Stocks - 63.6%** | **Common Stocks - 63.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.6%** | &nbsp;&nbsp;&nbsp;&nbsp; **Communication Services - 3.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alphabet, Inc., Class A<sup>\*</sup> | 9520 | $839950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tencent Holdings, Ltd. (China) | 14600 | 619045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Communication Services |  | 1458995 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 15.1%** | &nbsp;&nbsp;&nbsp;&nbsp; **Consumer Discretionary - 15.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alibaba Group Holding, Ltd. (China)<sup>\*</sup> | 52500 | 576078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc.<sup>\*</sup> | 6633 | 557172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; H World Group Ltd., ADR (China) | 21035 | 892305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JD.com, Inc., Class A (China) | 880 | 24567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton SE (France) | 919 | 668750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MakeMyTrip, Ltd. (India)<sup>\*</sup> | 30251 | 834020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Moncler SpA (Italy)<sup>1</sup> | 12596 | 669312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sands China, Ltd. (Macau)<sup>\*</sup> | 85600 | 280788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trip.com Group, Ltd. (China)<sup>\*</sup> | 24100 | 831199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum China Holdings, Inc. (China) | 15700 | 876686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Consumer Discretionary |  | 6210877 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Energy - 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Natural Resources, Ltd. (Canada)<sup>1</sup> | 13046 | 724467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Corp. | 7620 | 1080669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Energy |  | 1805136 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 7.5%** | &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 7.5%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AIA Group, Ltd. (Hong Kong) | 88500 | 977340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Charles Schwab Corp. | 14103 | 1174216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HDFC Bank, Ltd., ADR (India) | 13494 | 923125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 3074681 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 9.3%** | &nbsp;&nbsp;&nbsp;&nbsp; **Health Care - 9.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avantor, Inc.<sup>\*</sup> | 32300 | 681207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDEXX Laboratories, Inc.<sup>\*</sup> | 1763 | 719233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; STERIS PLC | 4807 | 887805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UnitedHealth Group, Inc. | 2881 | 1527449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Health Care |  | 3815694 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 6.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 6.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Casella Waste Systems, Inc., Class A<sup>\*</sup> | 8807 | 698483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MISUMI Group, Inc. (Japan) | 30650 | 666157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TransDigm Group, Inc. | 964 | 606982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Union Pacific Corp. | 2800 | 579796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 2551418 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 13.2%** | &nbsp;&nbsp;&nbsp;&nbsp; **Information Technology - 13.2%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adyen, N.V. (Netherlands)<sup>\*,2</sup> | 518 | 719113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Black Knight, Inc.<sup>\*</sup> | 11918 | 735937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Halma PLC (United Kingdom) | 28111 | 669462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Infineon Technologies AG (Germany) | 30707 | 933245 |

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| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mastercard, Inc., Class A | 2503 | $870368 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. | 3361 | 806035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan Semiconductor Manufacturing Co., Ltd. ADR, Sponsored ADR (Taiwan) | 9221 | 686872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Information Technology |  | 5421032 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.9%** | &nbsp;&nbsp;&nbsp;&nbsp; **Real Estate - 1.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp., REIT | 3725 | 789179 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 2.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 11509 | 962152 |
|  **Total Common Stocks** | **Total Common Stocks** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $20,256,428) |  | 26089164 |
|  | Principal<br> Amount |  |
| **Corporate Bonds and Notes - 11.6%** | **Corporate Bonds and Notes - 11.6%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Financials - 2.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AerCap Ireland Capital DAC/AerCap Global Aviation Trust (Ireland)<br>1.650%, 10/29/24 | $280000 | 258272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aircastle, Ltd. (Bermuda)<br>5.250%, 08/11/25<sup>2</sup> | 91000 | 87518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Tower Corp.<br>2.750%, 01/15/27 | 160000 | 145042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MTN, (4.330% to 03/15/49 then 3 month LIBOR + 1.520%), 4.330%, 03/15/50<sup>3,4</sup> | 50000 | 41009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.875% to 02/18/26 then U.S. Treasury Yield Curve CMT 5 year + 3.417%), 3.875%, 02/18/26<sup>3,4,5</sup> | 85000 | 72463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First-Citizens Bank & Trust Co.<br>6.125%, 03/09/28 | 78000 | 79269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Landwirtschaftliche Rentenbank, EMTN (Germany) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 01/14/27 | 175000 | 159095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, (3.850% to 09/15/25 then U.S. Treasury Yield Curve CMT 5 year + 3.576%), 3.850%, 09/15/25<sup>1,3,4,5</sup> | 163000 | 151386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SBA Communications Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/27 | 52000 | 46983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/15/28 | 60000 | 62276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N, (4.800% to 09/01/24 then U.S. Treasury Yield Curve CMT 5 year + 3.003%), 4.800%, 09/01/24<sup>3,4,5</sup> | 106000 | 95427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Financials |  | 1198740 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 8.3%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AECOM |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 03/15/27 | 56000 | 53900 |

---

------

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

------

<br> AMG GW&K Global Allocation Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Industrials - 8.3%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Alcoa Nederland Holding, B.V. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 03/31/29<sup>2</sup> | $200000 | $177432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 12/01/25<sup>1</sup> | 123000 | 122697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/15/38 | 72000 | 64362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 09/01/28<sup>1,2</sup> | 185000 | 157147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 12/15/42 | 96000 | 78758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/15/26 | 71000 | 68773 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 05/01/50 | 32000 | 29670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Callon Petroleum Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/01/26 | 147000 | 137011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 03/01/31 | 51000 | 39906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/15/30<sup>1</sup> | 39000 | 32969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/40 | 58000 | 60355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cogent Communications Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/26<sup>2</sup> | 68000 | 61774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crown Americas LLC/Crown Americas Capital Corp. V |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 09/30/26<sup>1</sup> | 54000 | 51493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dell, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 04/15/28 | 65000 | 69313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Delta Air Lines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/15/26<sup>1</sup> | 70000 | 71522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Embraer Netherlands Finance BV (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.050%, 06/15/25 | 135000 | 131019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HB Fuller Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/28 | 74000 | 65490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 09/01/30 | 67000 | 57786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KB Home |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/31<sup>1</sup> | 48000 | 38585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 06/01/25 | 146000 | 143180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 06/01/46 | 71000 | 57695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/28 | 64000 | 57287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MEG Energy Corp. (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 02/01/29<sup>2</sup> | 52000 | 49037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Microsoft Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.525%, 06/01/50 | 55000 | 36193 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/15/28<sup>1</sup> | $90000 | $86629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/01/27 | 57000 | 55348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nestle Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 09/15/27<sup>2</sup> | 275000 | 232986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 04/01/26<sup>6</sup> | 64000 | 60211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/01/25 | 80000 | 76907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.800%, 04/01/27 | 161000 | 146509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pernod Ricard International Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.250%, 04/01/28<sup>2</sup> | 250000 | 206300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 02/01/28 | 69000 | 63836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SK Hynix, Inc. (South Korea) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.375%, 01/19/31<sup>2</sup> | 200000 | 146633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smith & Nephew PLC (United Kingdom) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.032%, 10/14/30<sup>1</sup> | 107000 | 83634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III, B.V. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 10/01/26 | 69000 | 60340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 04/01/24<sup>6</sup> | 56000 | 55157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/15/31 | 56000 | 46944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 02/08/29<sup>1</sup> | 54000 | 50666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Walmart, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.050%, 06/29/48 | 50000 | 44373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Digital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/15/26 | 48000 | 45203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Yum! Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 03/15/31 | 43000 | 36055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Industrials |  | 3411085 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 0.4%** | &nbsp;&nbsp;&nbsp;&nbsp; **Utilities - 0.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, (4.650% to 12/15/24 then U.S. Treasury Yield Curve CMT 5 year + 2.993%), 4.650%, 12/15/24<sup>3,4,5</sup> | 131000 | 114625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 03/01/50 | 63000 | 43090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Utilities |  | 157715 |
|  **Total Corporate Bonds and Notes** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,417,510) |  | 4767540 |
| **Municipal Bonds - 0.9%** | **Municipal Bonds - 0.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; California State General Obligation, School Improvements Build America Bonds, 7.550%, 04/01/39 | 60000 | 75098 |

---

------

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

------

<br> AMG GW&K Global Allocation Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds - 0.9%** (continued) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JobsOhio Beverage System |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, 4.532%, 01/01/35 | $130000 | $125402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Los Angeles Unified School District, School Improvements |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/01/34 | 85000 | 88789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; New Jersey Transportation Trust Fund Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, 5.754%, 12/15/28 | 90000 | 90672 |
|  **Total Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $460,225) |  | 379961 |
| **U.S. Government and Agency Obligations - 13.3%** | **U.S. Government and Agency Obligations - 13.3%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fannie Mae - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 10/01/37 to 01/01/38 | 179589 | 166640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 11/01/44 to 02/01/50 | 636758 | 608622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/01/46 to 02/01/49 | 365321 | 360970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/49 | 259414 | 261108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/01/37 | 4970 | 5074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FNMA Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 05/01/52 | 479755 | 442829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fannie Mae |  | 1845243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Freddie Mac - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Gold Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/38 | 74068 | 68330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FHLMC Pool |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/01/44 | 253776 | 249489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Freddie Mac |  | 317819 |
| &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 8.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **U.S. Treasury Obligations - 8.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 05/15/41 to 02/15/52 | 881000 | 618952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 11/15/44 to 02/15/49 | 431000 | 355205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/15/38 | 527000 | 551765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/39 | 492000 | 521693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.500%, 02/15/30 | 448000 | 381780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.250%, 02/15/27 | 364000 | 338733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 05/15/32 | 590000 | 543722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total U.S. Treasury Obligations |  | 3311850 |
|  **Total U.S. Government and Agency Obligations** | **Total U.S. Government and Agency Obligations** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,875,460) |  | 5474912 |
| **Foreign Government Obligations - 8.1%** | **Foreign Government Obligations - 8.1%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; African Development Bank (Côte d'Ivoire) Series GDIF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 03/23/26<sup>1</sup> | 135000 | 120715 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agence Francaise de Developpement (France) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 01/22/26 | 200000 | 177890 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asian Development Bank (Philippines) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 09/19/29 | 165000 | 142006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BNG Bank, N.V. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 05/18/26<sup>2</sup> | 200000 | 177581 |

---

---

| | | |
|:---|:---|:---|
| | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; European Investment Bank (Luxembourg) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.625%, 10/21/27<sup>1</sup> | $122000 | $103484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finland Government International Bond (Finland) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 05/20/30<sup>2</sup> | 200000 | 158490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inter-American Development Bank |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/24/44 | 310000 | 303541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Bank for Reconstruction & Development Series GDIF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 11/20/25 | 275000 | 265672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; International Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.125%, 04/07/26 | 160000 | 149412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan Finance Organization for Municipalities (Japan) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 05/21/25<sup>2</sup> | 300000 | 274041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kingdom of Belgium Government International Bond (Belgium) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 05/28/30 | 200000 | 159139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kommunalbanken A.S. (Norway) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.125%, 10/26/26<sup>2</sup> | 200000 | 177125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Korea Development Bank (South Korea) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.500%, 10/27/23 | 299000 | 288791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.375%, 04/25/27 | 200000 | 172906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden, N.V. (Netherlands) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.875%, 06/15/26 | 300000 | 265733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Philippine Government International Bond (Philippines) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.648%, 06/10/31 | 200000 | 159535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Province of Ontario Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.050%, 05/21/27<sup>1</sup> | 151000 | 130918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Province of Quebec Canada (Canada) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.350%, 05/28/30 | 123000 | 99634 |
|  **Total Foreign Government Obligations** | **Total Foreign Government Obligations** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,847,388) |  | 3326613 |
| **Short-Term Investments - 4.4%** | **Short-Term Investments - 4.4%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 3.4%<sup>7</sup>** | &nbsp;&nbsp;&nbsp;&nbsp; **Joint Repurchase Agreements - 3.4%<sup>7</sup>** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Bank Financial, dated 12/30/22, due 01/03/23, 4.340% total to be received $1,000,482 (collateralized by various U.S. Treasuries, 0.000% - 4.435%, 01/03/23 - 09/09/49, totaling $1,020,000) | 1000000 | 1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura Securities International, Inc., dated 12/30/22, due 01/03/23, 4.300% total to be received $405,232 (collateralized by various U.S. Government Agency Obligations, 1.973% - 9.000%, 02/01/23 - 07/01/60, totaling $413,139) | 405038 | 405038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Joint Repurchase Agreements | 1405038 |

---

------

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

------

<br> AMG GW&K Global Allocation Fund<br>Schedule of Portfolio Investments *(continued)*<br>

---

| | | |
|:---|:---|:---|
| | Principal<br> Amount | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 1.0%** | &nbsp;&nbsp;&nbsp;&nbsp; **Repurchase Agreements - 1.0%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp., dated 12/30/22 due 01/03/23, 4.150% total to be received $381,176 (collateralized by a U.S. Treasury, 0.125%, 01/15/32, totaling $388,645) | $381000 | $381000 |
|  **Total Short-Term Investments** | **Total Short-Term Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,786,038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,786,038) | 1786038 |

---

---

| | |
|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value |
|  **Total Investments - 101.9%** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $37,643,049) | $41824228 |
|  **Other Assets, less Liabilities - (1.9)%** | (775084) |
|  **Net Assets - 100.0%** | **$41049144** |

---

\* Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $1,896,239 or 4.6% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. 

<sup>2</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2022, the value of these securities amounted to $2,625,177 or 6.4% of net assets. 

<sup>3</sup> Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2022. Rate will reset at a future date.

<sup>4</sup> Variable rate security. The rate shown is based on the latest available information as of December 31, 2022. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. 

<sup>5</sup> Perpetuity Bond. The date shown represents the next call date.

<sup>6</sup> Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

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

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| CMT | Constant Maturity Treasury |
| EMTN | European Medium Term Note |
| FHLMC | Freddie Mac |
| FNMA | Fannie Mae |
| LIBOR | London Interbank Offered Rate |
| MTN | Medium-Term Note |
| REIT | Real Estate Investment Trust |

---

------

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

------

<br> AMG GW&K Global Allocation Fund<br>Schedule of Portfolio Investments *(continued)*<br>

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of December 31, 2022:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2<sup>1</sup>** | **Level 3** | **Total** |
| &nbsp;&nbsp;&nbsp; **Investments in Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Common Stocks** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Discretionary | $2283497 | $3927380 |  | $6210877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information Technology | 3099212 | 2321820 |  | 5421032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care | 3815694 |  |  | 3815694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financials | 2097341 | 977340 |  | 3074681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrials | 1885261 | 666157 |  | 2551418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy | 1805136 |  |  | 1805136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communication Services | 839950 | 619045 |  | 1458995 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Utilities | 962152 |  |  | 962152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate | 789179 |  |  | 789179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Corporate Bonds and Notes<sup>†</sup>** |  | 4767540 |  | 4767540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bonds<sup>†</sup>** |  | 379961 |  | 379961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **U.S. Government and Agency Obligations<sup>†</sup>** |  | 5474912 |  | 5474912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Foreign Government Obligations<sup>†</sup>** |  | 3326613 |  | 3326613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Investments** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Joint Repurchase Agreements |  | 1405038 |  | 1405038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 381000 |  | 381000 |
| &nbsp;&nbsp;&nbsp; **Total Investments in Securities** | $17577422 | $24246806 |  | $41824228 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | All corporate bonds and notes, municipal bonds, U.S. government and agency obligations, and foreign government obligations held in the Fund are Level 2 securities. For a detailed breakout of corporate bonds and notes, municipal bonds, U.S. government and agency obligations and foreign government obligations by major industry or agency 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, 2022, 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 Global Allocation Fund<br>Schedule of Portfolio Investments *(continued)*<br>

The country allocation in the Schedule of Portfolio Investments at December 31, 2022, was as follows:

---

| | |
|:---|:---|
| **Country** | **% of Long-Term<br>Investments** |
|  Belgium | 0.4 |
|  Bermuda | 0.2 |
|  Canada | 2.5 |
|  China | 9.5 |
|  Côte d'Ivoire | 0.3 |
|  Finland | 0.4 |
|  France | 2.1 |
|  Germany | 2.7 |
|  Hong Kong | 2.4 |
|  India | 4.4 |
|  Ireland | 0.7 |
|  Italy | 1.7 |
|  Japan | 2.4 |
|  Luxembourg | 0.3 |
|  Macau | 0.7 |
|  Netherlands | 3.8 |
|  Norway | 0.4 |
|  Philippines | 0.8 |
|  South Korea | 1.5 |
|  Taiwan | 1.7 |
|  United Kingdom | 1.9 |
|  United States | 59.2 |
|  | 100.0 |

---

------

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

------

<br> Statement of Assets and Liabilities<br>December 31, 2022<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AMG<br>GW&K Small Cap<br>Core Fund** | **AMG<br>GW&K Small Cap<br>Value Fund** | **AMG<br>GW&K Small/Mid<br>Cap Fund** | **AMG<br>GW&K Global<br>Allocation Fund** |
|  **Assets:** |  |  |  |  |
|  Investments at value<sup>1</sup> (including securities on loan valued at $30,453,990, $18,116,821, $29,481,147, and $1,896,239, respectively) | $662032642 | $259512810 | $570807363 | $41824228 |
|  Cash | 961 | 158555 | 822 | 560926 |
|  Foreign currency<sup>2</sup> |  |  |  | 1137 |
|  Receivable for investments sold | 1041005 |  | 2991862 |  |
|  Dividend and interest receivables | 485336 | 303916 | 341432 | 168814 |
|  Securities lending income receivable | 1793 | 1503 | 2896 | 311 |
|  Receivable for Fund shares sold | 231184 | 718134 | 636432 | 396 |
|  Receivable from affiliate | 3302 | 5075 | 11869 | 10081 |
|  Prepaid expenses and other assets | 18759 | 12180 | 29483 | 18146 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total assets | 663814982 | 260712173 | 574822159 | 42584039 |
|  **Liabilities:** |  |  |  |  |
|  Payable upon return of securities loaned | 2248782 | 8433852 | 9547542 | 1405038 |
|  Payable for Fund shares repurchased | 405537 | 55818 | 620970 | 27635 |
|  Accrued expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investment advisory and management fees | 401608 | 153241 | 303527 | 21941 |
| &nbsp;&nbsp;&nbsp;&nbsp; Administrative fees | 86059 | 32837 | 73434 | 5485 |
| &nbsp;&nbsp;&nbsp;&nbsp; Distribution fees | 1854 |  | 11222 | 5188 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholder service fees | 19953 | 38776 | 10869 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 111074 | 86343 | 100475 | 69608 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total liabilities | 3274867 | 8800867 | 10668039 | 1534895 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $660540115 | $251911306 | $564154120 | $41049144 |
|  &nbsp;&nbsp;&nbsp;&nbsp;<sup>1</sup> Investments at cost | $547529285 | $235343569 | $545398538 | $37643049 |
|  &nbsp;&nbsp;&nbsp;&nbsp;<sup>2</sup> Foreign currency at cost |  |  |  | $1044 |

---

------

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

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AMG<br>GW&K Small Cap<br>Core Fund** | **AMG<br>GW&K Small Cap<br>Value Fund** | **AMG<br>GW&K Small/Mid<br>Cap Fund** | **AMG<br>GW&K Global<br>Allocation Fund** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets Represent:** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $546247805 | $226581215 | $544114477 | $36512353 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings | 114292310 | 25330091 | 20039643 | 4536791 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Net Assets** | $660540115 | $251911306 | $564154120 | $41049144 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class N:** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $8532923 | $162010756 | $51332648 | $23430255 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 311060 | 6297767 | 3417086 | 1681604 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $27.43 | $25.73 | $15.02 | $13.93 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class I:** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $433065845 | $81318785 | $250023584 | $16074200 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 15335387 | 3165246 | 16585463 | 1136656 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $28.24 | $25.69 | $15.07 | $14.14 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class Z:** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $218941347 | $8581765 | $262797888 | $1544689 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding | 7747166 | 335369 | 17404458 | 109324 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net asset value, offering and redemption price per share | $28.26 | $25.59 | $15.10 | $14.13 |

---

------

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

------

<br> Statement of Operations<br>For the fiscal year ended December 31, 2022<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AMG<br>GW&K Small Cap<br>Core Fund** | **AMG<br>GW&K Small Cap<br>Value Fund** | **AMG<br>GW&K Small/Mid<br>Cap Fund** | **AMG<br>GW&K Global<br>Allocation Fund** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Investment Income:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Dividend income | $7120891 | $4721476 | $6189733 | $533907 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Interest income | 254871 | 58851 | 168748 | 551415 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Securities lending income | 47800 | 25658 | 37239 | 8295 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Foreign withholding tax | (21029) | (3581) | (18764) | (33992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 7402533 | 4802404 | 6376956 | 1059625 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investment advisory and management fees | 4826899 | 2091338 | 3562334 | 438869 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Administrative fees | 1034336 | 448144 | 861855 | 109717 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class N | 22782 |  | 143033 | 71624 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class N | 13669 | 453622 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Shareholder servicing fees - Class I | 230145 | 47390 | 131987 | 38535 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Custodian fees | 73945 | 53904 | 60199 | 35522 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Professional fees | 64313 | 54244 | 66530 | 43187 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Registration fees | 61540 | 50094 | 56783 | 48600 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees and expenses | 48096 | 20474 | 40586 | 4805 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Reports to shareholders | 34736 | 23929 | 39360 | 15057 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Transfer agent fees | 25447 | 27182 | 28927 | 5585 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 3657 | 3414 | 227 | 8384 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Miscellaneous | 25281 | 12916 | 19674 | 7360 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Repayment of prior reimbursements | 23921 |  | 14991 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Total expenses before offsets | 6488767 | 3286651 | 5026486 | 827245 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Expense reimbursements | (12500) | (93363) | (39766) | (116229) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Expense reductions | (54366) | (40501) | (23627) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net expenses | 6421901 | 3152787 | 4963093 | 711016 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 980632 | 1649617 | 1413863 | 348609 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Net Realized and Unrealized Loss:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain on investments | 8194929 | 2350459 | 11157155 | 3027676 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net realized loss on foreign currency transactions |  |  |  | (139806) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on investments | (135195014) | (58011614) | (126909129) | (28079775) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on foreign currency translations |  |  |  | (2267) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized loss | (127000085) | (55661155) | (115751974) | (25194172) |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Net decrease in net assets resulting from operations** | $(126019453) | $(54011538) | $(114338111) | $(24845563) |

---

------

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

------

<br> Statements of Changes in Net Assets<br>For the fiscal years ended December 31,<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AMG**<br>**GW&K Small Cap**<br>**Core Fund** | **AMG**<br>**GW&K Small Cap**<br>**Core Fund** | **AMG**<br>**GW&K Small Cap**<br>**Value Fund** | **AMG**<br>**GW&K Small Cap**<br>**Value Fund** |
|  | **2022** | **2021** | **2022** | **2021** |
|  **Increase (Decrease) in Net Assets Resulting From Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $980632 | $(629013) | $1649617 | $1232848 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 8194929 | 49419834 | 2350459 | 38956174 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (135195014) | 79668547 | (58011614) | 60248817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (126019453) | 128459368 | (54011538) | 100437839 |
|  **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | (64594) | (949945) | (2695354) | (28587718) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (3756002) | (46514091) | (1530323) | (12015888) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (2006227) | (15991224) | (164728) | (1267238) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (5826823) | (63455260) | (4390405) | (41870844) |
|  **Capital Share Transactions:<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | 34931383 | 87562396 | (61819336) | (23573512) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | (96914893) | 152566504 | (120221279) | 34993483 |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 757455008 | 604888504 | 372132585 | 337139102 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $660540115 | $757455008 | $251911306 | $372132585 |

---

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

------

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

------

<br> Statements of Changes in Net Assets *(continued)*<br>For the fiscal years ended December 31,<br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **AMG**<br>**GW&K Small/Mid**<br>**Cap Fund** | **AMG**<br>**GW&K Small/Mid**<br>**Cap Fund** | **AMG**<br>**GW&K Global**<br>**Allocation Fund** | **AMG**<br>**GW&K Global**<br>**Allocation Fund** |
|  | **2022** | **2021** | **2022** | **2021** |
|  **Increase (Decrease) in Net Assets Resulting From Operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1413863 | $(577795) | $348609 | $(157875) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | 11157155 | 32735934 | 2887870 | 8621655 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/depreciation on investments | (126909129) | 63516205 | (28082042) | (4403764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (114338111) | 95674344 | (24845563) | 4060016 |
|  **Distributions to Shareholders:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class N | (2004795) | (3691812) | (2644479) | (999921) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class I | (10257877) | (14552343) | (1798913) | (2220592) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (10783979) | (10207781) | (201039) | (78887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (23046651) | (28451936) | (4644431) | (3299400) |
|  **Capital Share Transactions:<sup>1</sup>** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) from capital share transactions | 138227537 | 225319643 | (56032680) | (27205033) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total increase (decrease) in net assets** | 842775 | 292542051 | (85522674) | (26444417) |
|  **Net Assets:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 563311345 | 270769294 | 126571818 | 153016235 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $564154120 | $563311345 | $41049144 | $126571818 |

---

<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<br> Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$33.13** | **$29.97** | **$26.09** | **$21.03** | **$28.04** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment loss<sup>1,2</sup> | (0.06) | (0.15) | (0.03) | (0.04) | (0.04) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (5.43) | 6.34 | 4.64 | 6.47 | (3.95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (5.49) | 6.19 | 4.61 | 6.43 | (3.99) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.21) | (3.03) | (0.73) | (1.37) | (3.02) |
|  **Net Asset Value, End of Year** | **$27.43** | **$33.13** | **$29.97** | **$26.09** | **$21.03** |
|  Total Return<sup>2,3</sup> | (16.58)% | 21.01% | 17.73% | 30.66% | (14.08)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup> | 1.29%<sup>5</sup> | 1.30%<sup>5</sup> | 1.29% | 1.29% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | 1.30%<sup>5</sup> | 1.30%<sup>5</sup> | 1.30% | 1.31% | 1.28% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment loss to average net assets<sup>2</sup> | (0.22)% | (0.45)% | (0.14)% | (0.15)% | (0.13)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 25% | 33% | 37% | 20% | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $8533 | $11278 | $8667 | $10239 | $12655 |

---

------

<br> AMG GW&K Small Cap Core Fund<br> Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$34.02** | **$30.61** | **$26.57** | **$21.37** | **$28.42** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.04 | (0.03) | 0.05 | 0.05 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (5.57) | 6.47 | 4.76 | 6.58 | (4.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (5.53) | 6.44 | 4.81 | 6.63 | (3.97) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.04) |  | (0.04) | (0.06) | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.21) | (3.03) | (0.73) | (1.37) | (3.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.25) | (3.03) | (0.77) | (1.43) | (3.08) |
|  **Net Asset Value, End of Year** | **$28.24** | **$34.02** | **$30.61** | **$26.57** | **$21.37** |
|  Total Return<sup>2,3</sup> | (16.27)% | 21.38% | 18.16% | 31.13% | (13.83)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup> | 0.94%<sup>5</sup> | 0.95%<sup>5</sup> | 0.94% | 0.94% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | 0.95%<sup>5</sup> | 0.95%<sup>5</sup> | 0.95% | 0.96% | 0.95% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | 0.13% | (0.10)% | 0.21% | 0.20% | 0.20% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 25% | 33% | 37% | 20% | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $433066 | $546326 | $470373 | $331703 | $311252 |

---

------

<br> AMG GW&K Small Cap Core Fund<br> Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$34.05** | **$30.61** | **$26.57** | **$21.37** | **$28.42** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.05 | (0.02) | 0.07 | 0.06 | 0.07 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (5.58) | 6.49 | 4.75 | 6.59 | (4.03) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (5.53) | 6.47 | 4.82 | 6.65 | (3.96) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.05) |  | (0.05) | (0.08) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.21) | (3.03) | (0.73) | (1.37) | (3.02) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.26) | (3.03) | (0.78) | (1.45) | (3.09) |
|  **Net Asset Value, End of Year** | **$28.26** | **$34.05** | **$30.61** | **$26.57** | **$21.37** |
|  Total Return<sup>2,3</sup> | (16.25)% | 21.48% | 18.21% | 31.13% | (13.73)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>4</sup> | 0.89%<sup>5</sup> | 0.90%<sup>5</sup> | 0.89% | 0.89% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>6</sup> | 0.90%<sup>5</sup> | 0.90%<sup>5</sup> | 0.90% | 0.91% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | 0.18% | (0.05)% | 0.26% | 0.25% | 0.25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 25% | 33% | 37% | 20% | 25% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $218941 | $199851 | $125848 | $110020 | $85009 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income (loss) would have been lower had certain expenses not been offset. 

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Includes reduction from broker recapture amounting to 0.01% for the fiscal year ended December 31, 2022, less than 0.01% for the fiscal year ended December 31, 2021, 0.01% for the fiscal years ended December 31, 2020 and 2019 and less than 0.01% for the fiscal year ended December 31, 2018. 

<sup>5</sup> Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to less than 0.01% for the fiscal year ended December 31, 2022, and 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.) 

------

<br> AMG GW&K Small Cap Value Fund<br> Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$30.90** | **$26.71** | **$37.16** | **$30.93** | **$43.98** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.13 | 0.09 | 0.08 | 0.07 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (4.87) | 8.41 | 1.00 | 8.79 | (8.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (4.74) | 8.50 | 1.08 | 8.86 | (8.41) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.15) | (0.08) | (0.08) | (0.09) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.28) | (4.23) | (11.45) | (2.54) | (4.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.43) | (4.31) | (11.53) | (2.63) | (4.64) |
|  **Net Asset Value, End of Year** | **$25.73** | **$30.90** | **$26.71** | **$37.16** | **$30.93** |
|  Total Return<sup>2,3</sup> | (15.33)% | 32.93% | 3.29% | 28.64% | (19.00)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.13%<sup>4</sup> | 1.13%<sup>4</sup> | 1.17% | 1.17% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 1.18% | 1.17% | 1.21% | 1.20% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | 0.47% | 0.28% | 0.28% | 0.19% | (0.03)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 19% | 41% | 115% | 20% | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $162011 | $223586 | $243655 | $359550 | $425540 |

---

------

<br> AMG GW&K Small Cap Value Fund<br> Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$30.87** | **$26.79** | **$37.23** | **$31.05** | **$44.06** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.18 | 0.15 | 0.14 | 0.13 | 0.06 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (4.87) | 8.42 | 1.02 | 8.83 | (8.43) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (4.69) | 8.57 | 1.16 | 8.96 | (8.37) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.21) | (0.26) | (0.15) | (0.24) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.28) | (4.23) | (11.45) | (2.54) | (4.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.49) | (4.49) | (11.60) | (2.78) | (4.64) |
|  **Net Asset Value, End of Year** | **$25.69** | **$30.87** | **$26.79** | **$37.23** | **$31.05** |
|  Total Return<sup>2,3</sup> | (15.19)% | 33.17% | 3.50% | 28.86% | (18.88)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.93%<sup>4</sup> | 0.93%<sup>4</sup> | 0.99% | 1.01% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 0.98% | 0.97% | 1.03% | 1.04% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 0.67% | 0.48% | 0.46% | 0.35% | 0.13% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 19% | 41% | 115% | 20% | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $81319 | $115837 | $83003 | $122323 | $306757 |

---

------

<br> AMG GW&K Small Cap Value Fund<br> Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$30.76** | **$26.72** | **$37.16** | **$31.10** | **$44.08** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.20 | 0.16 | 0.16 | 0.16 | 0.10 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (4.87) | 8.41 | 1.02 | 8.84 | (8.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (4.67) | 8.57 | 1.18 | 9.00 | (8.34) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.22) | (0.30) | (0.17) | (0.40) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.28) | (4.23) | (11.45) | (2.54) | (4.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.50) | (4.53) | (11.62) | (2.94) | (4.64) |
|  **Net Asset Value, End of Year** | **$25.59** | **$30.76** | **$26.72** | **$37.16** | **$31.10** |
|  Total Return<sup>2,3</sup> | (15.16)% | 33.27% | 3.57% | 28.94% | (18.80)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.88%<sup>4</sup> | 0.88%<sup>4</sup> | 0.92% | 0.92% | 0.92% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>5</sup> | 0.93% | 0.92% | 0.96% | 0.95% | 0.93% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 0.72% | 0.53% | 0.53% | 0.44% | 0.22% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 19% | 41% | 115% | 20% | 24% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $8582 | $32710 | $10481 | $11815 | $16969 |

---

<sup>1</sup> Per share numbers have been calculated using average shares.

<sup>2</sup> Total returns and net investment income (loss) would have been lower had certain expenses not been offset. 

<sup>3</sup> The total return is calculated using the published Net Asset Value as of fiscal year end. 

<sup>4</sup> Includes reduction from broker recapture amounting to 0.01% for the fiscal year ended December 31, 2022 and 0.02% for the fiscal year ended December 31, 2021. 

<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.) 

------

<br> AMG GW&K Small/Mid Cap Fund<br> Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$19.08** | **$16.04** | **$13.03** | **$9.99** | **$11.15** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.01 | (0.06) | (0.01) | 0.00<sup>3</sup> | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.47) | 4.14 | 3.02 | 3.07 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.46) | 4.08 | 3.01 | 3.07 | (0.92) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.00)<sup>4</sup> |  |  | (0.01) |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.60) | (1.04) |  | (0.02) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.60) | (1.04) |  | (0.03) | (0.24) |
|  **Net Asset Value, End of Year** | **$15.02** | **$19.08** | **$16.04** | **$13.03** | **$9.99** |
|  Total Return<sup>2,5</sup> | (18.15)% | 25.63% | 23.10% | 30.64% | (8.25)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup> | 1.06%<sup>7</sup> | 1.06%<sup>7</sup> | 1.10% | 1.09% | 1.09% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 1.08%<sup>7</sup> | 1.08%<sup>7</sup> | 1.13% | 1.14% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | 0.04% | (0.32)% | (0.07)% | 0.02% | (0.09)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 25% | 19% | 29% | 18% | 53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $51333 | $70736 | $224 | $172 | $89 |

---

------

<br> AMG GW&K Small/Mid Cap Fund<br> Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$19.15** | **$16.06** | **$13.04** | **$9.99** | **$11.15** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.04 | (0.02) | 0.01 | 0.02 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.48) | 4.15 | 3.03 | 3.07 | (0.92) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.44) | 4.13 | 3.04 | 3.09 | (0.91) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.04) |  | (0.02) | (0.02) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.60) | (1.04) |  | (0.02) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.64) | (1.04) | (0.02) | (0.04) | (0.25) |
|  **Net Asset Value, End of Year** | **$15.07** | **$19.15** | **$16.06** | **$13.04** | **$9.99** |
|  Total Return<sup>2,5</sup> | (18.01)% | 25.91% | 23.31% | 30.86% | (8.15)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup> | 0.86%<sup>7</sup> | 0.86%<sup>7</sup> | 0.92% | 0.94% | 0.94% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 0.88%<sup>7</sup> | 0.88%<sup>7</sup> | 0.95% | 0.99% | 1.01% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | 0.24% | (0.12)% | 0.11% | 0.17% | 0.06% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 25% | 19% | 29% | 18% | 53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $250024 | $293614 | $165840 | $102784 | $54376 |

---

------

<br> AMG GW&K Small/Mid Cap Fund<br> Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$19.18** | **$16.07** | **$13.05** | **$10.00** | **$11.15** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.05 | (0.01) | 0.02 | 0.03 | 0.02 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.48) | 4.16 | 3.03 | 3.07 | (0.91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.43) | 4.15 | 3.05 | 3.10 | (0.89) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.05) |  | (0.03) | (0.03) | (0.02) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (0.60) | (1.04) |  | (0.02) | (0.24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (0.65) | (1.04) | (0.03) | (0.05) | (0.26) |
|  **Net Asset Value, End of Year** | **$15.10** | **$19.18** | **$16.07** | **$13.05** | **$10.00** |
|  Total Return<sup>2,5</sup> | (17.94)% | 26.02% | 23.37% | 30.94% | (7.98)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets<sup>6</sup> | 0.81%<sup>7</sup> | 0.81%<sup>7</sup> | 0.83% | 0.84% | 0.84% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>8</sup> | 0.83%<sup>7</sup> | 0.83%<sup>7</sup> | 0.86% | 0.89% | 0.91% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | 0.29% | (0.07)% | 0.19% | 0.27% | 0.16% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 25% | 19% | 29% | 18% | 53% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $262798 | $198961 | $104705 | $95884 | $65375 |

---

<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> Less than $(0.005) per share. 

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

<sup>6</sup> Includes reduction from broker recapture amounting to less than 0.01% for the fiscal year ended December 31, 2022 and 0.01% for the fiscal years ended December 31, 2021, 2020, 2019 and 2018. 

<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.) 

------

<br> AMG GW&K Global Allocation Fund<br> Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$19.50** | **$19.50** | **$17.04** | **$15.45** | **$17.03** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.06 | (0.04) | 0.10 | 0.25 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.94) | 0.51 | 2.93 | 2.35 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.88) | 0.47 | 3.03 | 2.60 | (0.49) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.02) | (0.00)<sup>3</sup> | (0.09) | (0.27) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.67) | (0.47) | (0.48) | (0.74) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  |  | (0.00)<sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.69) | (0.47) | (0.57) | (1.01) | (1.09) |
|  **Net Asset Value, End of Year** | **$13.93** | **$19.50** | **$19.50** | **$17.04** | **$15.45** |
|  Total Return<sup>2,4</sup> | (20.04)% | 2.44% | 18.92% | 16.96% | (2.89)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 1.07%<sup>5</sup> | 1.06% | 1.07%<sup>6</sup> | 1.08%<sup>6</sup> | 1.08%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup> | 1.23%<sup>5</sup> | 1.10% | 1.19% | 1.16% | 1.15% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | 0.38% | (0.21)% | 0.60% | 1.51% | 1.02% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 36% | 36% | 156% | 123% | 80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $23430 | $41939 | $51415 | $69774 | $75271 |

---

------

<br> AMG GW&K Global Allocation Fund<br> Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$19.75** | **$19.71** | **$17.22** | **$15.60** | **$17.19** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)<sup>1,2</sup> | 0.09 | (0.01) | 0.13 | 0.28 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (4.00) | 0.53 | 2.95 | 2.38 | (0.68) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.91) | 0.52 | 3.08 | 2.66 | (0.47) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.03) | (0.01) | (0.11) | (0.30) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.67) | (0.47) | (0.48) | (0.74) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  |  | (0.00)<sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.70) | (0.48) | (0.59) | (1.04) | (1.12) |
|  **Net Asset Value, End of Year** | **$14.14** | **$19.75** | **$19.71** | **$17.22** | **$15.60** |
|  Total Return<sup>2,4</sup> | (19.91)% | 2.60% | 19.08% | 17.17% | (2.77)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.91%<sup>5</sup> | 0.91% | 0.92%<sup>6</sup> | 0.93%<sup>6</sup> | 0.92%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup> | 1.07%<sup>5</sup> | 0.95% | 1.04% | 1.01% | 0.99% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets<sup>2</sup> | 0.54% | (0.06)% | 0.75% | 1.66% | 1.18% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 36% | 36% | 156% | 123% | 80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $16074 | $81515 | $97869 | $173575 | $166554 |

---

------

<br> AMG GW&K Global Allocation Fund<br> Financial Highlights<br> For a share outstanding throughout each fiscal year<br>

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** | **2022** | **2021** | **2020** | **2019** | **2018** |
|  **Net Asset Value, Beginning of Year** | **$19.76** | **$19.71** | **$17.21** | **$15.60** | **$17.19** |
|  **Income (loss) from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income<sup>1,2</sup> | 0.10 | 0.01 | 0.14 | 0.30 | 0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investments | (3.99) | 0.52 | 2.97 | 2.37 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income (loss) from investment operations | (3.89) | 0.53 | 3.11 | 2.67 | (0.45) |
|  **Less Distributions to Shareholders from:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income | (0.07) | (0.01) | (0.13) | (0.32) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain on investments | (1.67) | (0.47) | (0.48) | (0.74) | (0.93) |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid in capital |  |  | (0.00)<sup>3</sup> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders | (1.74) | (0.48) | (0.61) | (1.06) | (1.14) |
|  **Net Asset Value, End of Year** | **$14.13** | **$19.76** | **$19.71** | **$17.21** | **$15.60** |
|  Total Return<sup>2,4</sup> | (19.85)% | 2.73% | 19.28% | 17.21% | (2.68)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net expenses to average net assets | 0.82%<sup>5</sup> | 0.81% | 0.82%<sup>6</sup> | 0.83%<sup>6</sup> | 0.83%<sup>6</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of gross expenses to average net assets<sup>7</sup> | 0.98%<sup>5</sup> | 0.85% | 0.94% | 0.91% | 0.90% |
| &nbsp;&nbsp;&nbsp;&nbsp; Ratio of net investment income to average net assets<sup>2</sup> | 0.63% | 0.04% | 0.85% | 1.76% | 1.27% |
| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio turnover | 36% | 36% | 156% | 123% | 80% |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets end of year (000's) omitted | $1545 | $3118 | $3733 | $8358 | $8429 |

---

<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 interest expense totaling 0.01% related to participation in the interfund lending program. 

<sup>6</sup> Includes reduction from broker recapture amounting to less than 0.01% for the fiscal year ended December 31, 2020, 0.01% for the fiscal years ended December 31, 2019 and 2018. 

<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.) 

------

<br>Notes to Financial Statements<br>December 31, 2022<br>

**1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

AMG Funds and AMG Funds II (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 Small Cap Core Fund ("Small Cap Core"), AMG GW&K Small Cap Value ("Small Cap Value") and GW&K Small/Mid Cap Fund ("Small/Mid Cap") and AMG Funds II: AMG GW&K Global Allocation Fund ("Global Allocation"), 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.

Market prices of investments held by the Funds may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.

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** 

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

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are considered comparable in credit rating, interest rate, due date and other features (generally referred to as "matrix pricing") or other similar pricing methodologies.

Fixed income securities purchased with a remaining maturity of 60 days or less are valued at amortized cost, provided that the amortized cost value is approximately the same as the fair value of the security valued without the use of amortized cost. 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 approved by the Boards of Trustees of the Trusts (the "Boards"). Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the Boards. The Valuation Committee, which is comprised of the Independent Trustees of the Boards, and the Pricing Committee, which is comprised of representatives from AMG Funds LLC (the "Investment Manager") are the committees appointed by the Boards to make fair value determinations. Each 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 Boards' valuation procedures, if the Investment Manager or the Pricing Committee 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 Pricing Committee and, if required under the Trusts' securities valuation procedures, the Valuation Committee, seeks to determine the price that a 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 Boards will be presented with a quarterly report showing as of the most recent quarter end, all outstanding securities fair valued by the Funds, including a comparison with the prior quarter end and the percentage of the Funds that the security represents at each quarter end.

With respect to foreign equity securities and certain foreign fixed income securities, the Boards have adopted a policy that 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.

Effective September 8, 2022, the Funds adopted the requirements of Rule 2a-5 under the 1940 Act ("Rule 2a-5"), which the Funds' Board designated the Funds' 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. Other than the designation of the Investment Manager as the Valuation Designee, the Funds' adoption of Rule 2-a5 did not impact how the Funds determine fair value or the carrying amount of investments held in the Funds.

------

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

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 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 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. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Upon notification from the issuer, distributions received from a real estate investment trust (REIT) may be redesignated as a reduction of cost of investments and/or realized gain. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trusts and other trusts or funds within the AMG Funds Family of Funds (collectively the "AMG Funds Family") based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

Small Cap Core, Small Cap Value and Small/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 Fund's overall expense ratio. For the fiscal year ended December 31, 2022, the impact on the expenses and expense ratios were as follows: Small Cap Core $54,366 or 0.01%, Small Cap Value $40,501 or 0.01% and Small/Mid Cap $23,627 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 regulations, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are primarily due to equalization utilized for Small/Mid Cap and Global Allocation. There were no permanent differences during the year for Small Cap Core or Small Cap Value. Temporary differences are primarily due to qualified late-year capital loss deferrals for Small/Mid Cap. In addition, temporary differences for each Fund are wash sale loss deferrals.

------

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

The tax character of distributions paid during the fiscal years ended December 31, 2022 and December 31, 2021 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Core** | **Small Cap Core** | **Small Cap Value** | **Small Cap Value** |
|  **Distributions paid from:** | **2022** | **2021** | **2022** | **2021** |
|  Ordinary income \* | $983753 | $12026639 | $2858422 | $29494137 |
|  Long-term capital gains | 4843070 | 51428621 | 1531983 | 12376707 |
|  | $5826823 | $63455260 | $4390405 | $41870844 |
|  | **Small/Mid Cap** | **Small/Mid Cap** | **Global Allocation** | **Global Allocation** |
|  **Distributions paid from:** | **2022** | **2021** | **2022** | **2021** |
|  Ordinary income \* | $3063625 | $2786628 | $70230 |  |
|  Long-term capital gains | 19983026 | 25665308 | 4574201 | $3299400 |
|  | $23046651 | $28451936 | $4644431 | $3299400 |

---

\* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions.

As of December 31, 2022, the components of distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small Cap Core** | **Small Cap Value** | **Small/Mid Cap** | **Global Allocation** |
|  Undistributed ordinary income | $56600 |  |  | $23344 |
|  Undistributed long-term capital gains | 3646467 | $2195731 |  | 402378 |
|  Late-year capital loss deferral |  |  | $2964125 |  |

---

At December 31, 2022, 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<br>Appreciation** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Core | $551443399 | $148476219 | $(37886976) | $110589243 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value | 236374822 | 37883126 | (14745138) | 23137988 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap | 547803596 | 68609033 | (45605266) | 23003767 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Global Allocation | 37711760 | 6312411 | (2201342) | 4111069 |

---

**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, 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. Therefore, no provision for federal income or excise tax is included in the accompanying financial statements.

Additionally, 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.

Management has analyzed the Funds' tax positions taken on federal income tax returns as of December 31, 2022, 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, Management is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

**f. CAPITAL LOSS CARRYOVERS AND DEFERRALS** 

As of December 31, 2022, 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, 2023, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

**g. CAPITALSTOCK** 

The Trusts' 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.

------

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

For the fiscal years ended December 31, 2022 and December 31, 2021, 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, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class N:** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 37881 | $1067824 | 84169 | $2934323 | 328009 | $9251175 | 646059 | $20089418 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 2347 | 64594 | 29602 | 949062 | 103980 | 2676448 | 964248 | 28375377 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares issued in connection with merger<sup>1</sup> |  |  |  |  |  |  | 186108 | 5493756 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (69611) | (2001608) | (62485) | (2150775) | (1369396) | (38000949) | (3681845) | (115582183) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (29383) | $(869190) | 51286 | $1732610 | (937407) | $(26073326) | (1885430) | $(61623632) |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class I:** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4099105 | $120153569 | 2645735 | $91738088 | 175101 | $4827765 | 341959 | $10607900 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 120360 | 3408606 | 1277694 | 42061693 | 58116 | 1494168 | 396269 | 11704153 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares issued in connection with merger<sup>1</sup> |  |  |  |  |  |  | 1824176 | 53997408 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (4942007) | (145337666) | (3234127) | (111529391) | (820535) | (22214607) | (1908490) | (57882036) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (722542) | $(21775491) | 689302 | $22270390 | (587318) | $(15892674) | 653914 | $18427425 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class Z:** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3687440 | $109560529 | 3719320 | $134331474 | 234844 | $6285035 | 139820 | $4232314 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 67660 | 1917493 | 441716 | 14554549 | 6435 | 164728 | 42709 | 1267237 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares issued in connection with merger<sup>1</sup> |  |  |  |  |  |  | 914333 | 26987694 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1877449) | (53901958) | (2402803) | (85326627) | (969451) | (26303099) | (425526) | (12864550) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 1877651 | $57576064 | 1758233 | $63559396 | (728172) | $(19853336) | 671336 | $19622695 |
|  | **Small/Mid Cap** | **Small/Mid Cap** | **Small/Mid Cap** | **Small/Mid Cap** | **Global Allocation** | **Global Allocation** | **Global Allocation** | **Global Allocation** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class N:** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 79691 | $1266688 | 77253 | $1461251 | 185281 | $2987760 | 294575 | $5879209 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 125984 | 1906132 | 188828 | 3512206 | 168475 | 2382240 | 47121 | 910836 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares issued in connection with merger<sup>1</sup> |  |  | 3848331 | 66278653 |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (495033) | (7984813) | (421926) | (7905351) | (822318) | (13591753) | (828499) | (16567833) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | (289358) | $(4811993) | 3692486 | $63346759 | (468562) | $(8221753) | (486803) | $(9777788) |

---

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Small/Mid Cap** | **Small/Mid Cap** | **Small/Mid Cap** | **Small/Mid Cap** | **Global Allocation** | **Global Allocation** | **Global Allocation** | **Global Allocation** |
|  | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** | **December 31, 2022** | **December 31, 2022** | **December 31, 2021** | **December 31, 2021** |
|  | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** | **Shares** | **Amount** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class I:** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5005682 | $81783320 | 4826923 | $88859351 | 101204 | $1688772 | 551511 | $11042654 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 638185 | 9687652 | 738929 | 13795804 | 111655 | 1601140 | 31565 | 617691 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares issued in connection with merger<sup>1</sup> |  |  | 792895 | 13678626 |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (4388574) | (68857138) | (1355973) | (25571871) | (3204309) | (50332935) | (1420191) | (28442920) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 1255293 | $22613834 | 5002774 | $90761910 | (2991450) | $(47043023) | (837115) | $(16782575) |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Class Z:** |  |  |  |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 8639083 | $147447070 | 3681463 | $68683820 | 8240 | $131446 | 11662 | $233192 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares issued in reinvestment of distributions | 666057 | 10124070 | 516351 | 9655772 | 13576 | 194542 | 3937 | 77077 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of shares issued in connection with merger<sup>1</sup> |  |  | 780901 | 13486545 |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2272861) | (37145444) | (1120356) | (20615163) | (70316) | (1093892) | (47183) | (954939) |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) | 7032279 | $120425696 | 3858359 | $71210974 | (48500) | $(767904) | (31584) | $(644670) |

---

<sup>1</sup> See Note 8 of the Notes to Financial Statements.

At December 31, 2022, certain unaffiliated shareholders of record, individually or collectively held greater than 5% of the net assets of the Funds as follows: Small/Mid Cap -one owns 10%. 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 third-party or bilateral joint repurchase agreements for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon ("BNYM") (the "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 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 in safekeeping 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 Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

At December 31, 2022, the market value of Repurchase Agreements outstanding for Small Cap Core, Small Cap Value, Small/Mid Cap and Global Allocation were $13,146,782, $11,006,852, $12,308,542 and $1,786,038, 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.

**j. SECURITIES TRANSACTED ON A WHEN ISSUED BASIS** 

Global Allocation may enter into To-Be-Announced ("TBA") sale commitments to hedge their portfolio positions or to sell mortgage-backed securities they own under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, with the same counterparty, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as "cover" for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities according to the procedures described under "Valuation of Investments," in Footnote 1a above.

------

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

Each TBA contract is marked-to-market daily and the change in market value is recorded by the Fund as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment with the same broker, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

During the fiscal year ended December 31, 2022, Global Allocation did not invest in TBA commitment transactions.

**k. DELAYED DELIVERY TRANSACTIONS AND WHEN-ISSUED SECURITIES** 

Global Allocation 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 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 on TBA commitments. 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, 2022 Global Allocation did not enter into securities transactions on a delayed delivery or when issued basis.

**2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES** 

For each of the Funds, the Trusts have entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. retail distribution arm 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 one or more subadvisers for the Funds (subject to Board approval) and monitors each subadviser's investment performance, security holdings and investment strategies. Each Fund's investment portfolio is managed by GW&K Investment Management, LLC, ("GW&K") who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in GW&K.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the fiscal year ended December 31, 2022, the Funds' investment management fees were paid at the following annual rates of each Fund's respective average daily net assets:

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Core | 0.70% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value | 0.70% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap | 0.62% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Global Allocation | 0.60% |

---

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, 2023, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of Small Cap Core, Small Cap Value, Small/Mid Cap and Global Allocation to the annual rate of 0.90%, 0.90%, 0.82% and 0.81%, 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.

At December 31, 2022, the Funds' expiration of reimbursements subject to recoupment is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Expiration** <br> &nbsp;&nbsp;&nbsp;&nbsp;**Period** | **Small Cap Core** | **Small Cap Value** | **Small/Mid Cap** | **Global Allocation** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Less than 1 year |  | $144468 | $48533 | $203900 |
|  &nbsp;&nbsp;&nbsp;&nbsp;1-2 years | $1488 | 52722 | 42690 | 63131 |
|  &nbsp;&nbsp;&nbsp;&nbsp;2-3 years | 12500 | 93363 | 39766 | 116229 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total | $13988 | $290553 | $130989 | $383260 |

---

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 all non-portfolio

------

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

management aspects of managing the Funds' operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund's average daily net assets for this service.

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

The Trusts have adopted a distribution and service plan (the "Plan") with respect to the Class N shares of each Fund, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, each Fund, 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 authorized payments to the Distributor up to 0.25% annually of each Fund's, except Small Cap Value, 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 and Global Allocation's Class I shares, the Boards have 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, 2022, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Maximum Annual** | **Actual** |
|  | **Amount** | **Amount** |
| **Fund** | **Approved** | **Incurred** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Core | &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Core | &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Core |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class N | 0.15% | 0.15% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.05% | 0.05% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value | &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class N | 0.25% | 0.25% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.05% | 0.05% |

---

---

| | | |
|:---|:---|:---|
|  | **Maximum Annual** | **Actual** |
|  | **Amount** | **Amount** |
| **Fund** | **Approved** | **Incurred** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap | &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.05% | 0.05% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Global Allocation | &nbsp;&nbsp;&nbsp;&nbsp;Global Allocation | &nbsp;&nbsp;&nbsp;&nbsp;Global Allocation |
|  &nbsp;&nbsp;&nbsp;&nbsp;Class I | 0.10% | 0.09% |

---

The Boards provide 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 Boards 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 Boards, and the Boards monitor 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, 2022, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund loan program during the fiscal year ended December 31, 2022 as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Lent** | **Number<br>of Days** | **Interest<br>Earned** | **Average<br>Interest Rate** |
| &nbsp;&nbsp; Small Cap Core | $450650 | 7 | $338 | 3.915% |
| &nbsp;&nbsp; Small Cap Value | 135766 | 7 | 103 | 3.945% |
| &nbsp;&nbsp; Small/Mid Cap | 6017674 | 6 | 2409 | 2.435% |
| &nbsp;&nbsp; Global Allocation | 748895 | 2 | 49 | 1.193% |
| **Fund** | **Average<br>Borrowed** | **Number<br>of Days** | **Interest<br>Paid** | **Average<br>Interest Rate** |
| &nbsp;&nbsp; Small Cap Core | $7134943 | 9 | $3657 | 2.079% |
| &nbsp;&nbsp; Small Cap Value | 10434077 | 4 | 3414 | 2.986% |
| &nbsp;&nbsp; Small/Mid Cap | 1913909 | 1 | 227 | 4.330% |
| &nbsp;&nbsp; Global Allocation | 3631093 | 35 | 8384 | 2.408% |

---

**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, 2022, were as follows:

------

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

---

| | | |
|:---|:---|:---|
|  | **Long Term Securities** | **Long Term Securities** |
| **Fund** | **Purchases** | **Sales** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Core | $196313818 | $170006548 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Small Cap Value | 57516088 | 121468791 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Small/Mid Cap | 274970475 | 141527157 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Global Allocation | 16802563 | 74266069 |

---

Global Allocation purchases and sales of U.S. Government Obligations for the fiscal year ended December 31, 2022 were $8,939,543 and $13,133,566, respectively.

**4. PORTFOLIO SECURITIES LOANED** 

The Funds participate in the 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 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 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, 2022, were 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 Core | $30453990 | $2248782 | $28924432 | $31173214 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Securities**<br> **Loaned** | **Cash**<br> **Collateral**<br> **Received** | **Securities**<br> **Collateral**<br> **Received** | **Total**<br> **Collateral**<br> **Received** |
| &nbsp;&nbsp; Small Cap Value | $18116821 | $8433852 | $10111784 | 18545636 |
| &nbsp;&nbsp; Small/Mid Cap | 29481147 | 9547542 | 20933055 | 30480597 |
| &nbsp;&nbsp; Global Allocation | 1896239 | 1405038 | 586168 | 1991206 |

---

The following table summarizes the securities received as collateral for securities lending at December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Collateral**<br> **Type** | **Coupon<br>Range** | **Maturity<br>Date Range** |
| &nbsp;&nbsp; Small Cap Core | U.S. Treasury Obligations | 0.125%-4.750% | 02/28/23-11/15/51 |
| &nbsp;&nbsp; Small Cap Value | U.S. Treasury Obligations | 0.125%-4.750% | 02/28/23-11/15/51 |
| &nbsp;&nbsp; Small/Mid Cap | U.S. Treasury Obligations | 0.000%-4.750% | 11/15/51-02/15/23 |
| &nbsp;&nbsp; Global Allocation | U.S. Treasury Obligations | 0.125%-4.750% | 04/15/23-11/15/51 |

---

**5. FOREIGN SECURITIES** 

Global Allocation invests in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in domestic securities. Non-domestic securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and, potentially, less liquidity. The Fund's investments in emerging market countries are exposed to additional risks. The Fund's performance will be influenced by political, social and economic factors affecting companies in emerging market countries. Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. Realized gains in certain countries may be subject to foreign taxes at the Fund level and the Fund would pay such foreign taxes at the appropriate rate for each jurisdiction.

**6. COMMITMENTS AND CONTINGENCIES** 

Under the Trusts' organizational documents, its 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.

------

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

**7. MASTER NETTING AGREEMENTS** 

The Funds may enter into master netting agreements with their counterparties for the 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, 2022:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **Gross Amount Not Offset in the** | **Gross Amount Not Offset in the** | | |
| | | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | | |
| <br>**Fund** |<br>**Gross Amounts of<br>Assets Presented in<br>the Statement of<br>Assets and Liabilities** | **Offset**<br> **Amount** | **Net**<br> **Asset**<br> **Balance** |<br>**Collateral**<br> **Received** |<br>**Net**<br> **Amount** |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Small Cap Core** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc. | $248782 |  | $248782 | $248782 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;National Bank Financial | 1000000 |  | 1000000 | 1000000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. | 1000000 |  | 1000000 | 1000000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. | 10898000 |  | 10898000 | 10898000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13146782 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13146782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$13146782 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Small Cap Value** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities, Inc. | $2003300 |  | $2003300 | $2003300 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Citadel Securities LLC | 2003300 |  | 2003300 | 2003300 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc. | 420702 |  | 420702 | 420702 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;National Bank Financial | 2003275 |  | 2003275 | 2003275 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. | 2003275 |  | 2003275 | 2003275 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. | 2573000 |  | 2573000 | 2573000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total | $11006852 |  | $11006852 | $11006852 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Small/Mid Cap** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Cantor Fitzgerald Securities, Inc. | $2267800 |  | $2267800 | $2267800 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Citadel Securities LLC | 2267800 |  | 2267800 | 2267800 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Citigroup Global Markets, Inc. | 476330 |  | 476330 | 476330 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;National Bank Financial | 2267806 |  | 2267806 | 2267806 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc. | 2267806 |  | 2267806 | 2267806 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. | 2761000 |  | 2761000 | 2761000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total | $12308542 |  | $12308542 | $12308542 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**Global Allocation** |  |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;National Bank Financial | $1000000 |  | $1000000 | $1000000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Nomura Securities International, Inc. | 405038 |  | 405038 | 405038 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp. | 381000 |  | 381000 | 381000 |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Total | $1786038 |  | $1786038 | $1786038 |  |

---

------

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

**8. FUND MERGER** 

On March 8, 2021, Small/Mid Cap acquired all the net assets of AMG GW&K Mid Cap Fund ("Mid Cap"), a series of AMG Funds IV, based on the respective valuations as of the close of business on March 5, 2021, pursuant to a Plan of Reorganization approved by the Board of Mid Cap on October 8, 2021.

The acquisition was accomplished by a tax-free exchange of 3,848,331 Class N shares of Small/Mid Cap at a net asset value of $17.22 per share for 2,667,192 Class N shares of Mid Cap; 792,895 Class I shares of Small/Mid Cap at a net asset value of $17.25 per share for 519,987 Class I shares of Mid Cap; and 780,901 Class Z shares of Small/Mid Cap at a net asset value of $17.27 per share for 474,356 Class Z shares of Mid Cap.

The net assets of Small/Mid Cap and Mid Cap immediately before the acquisition were $311,921,414 and $93,443,824, respectively, including unrealized appreciation of $16,703,006 for Mid Cap. Immediately after the acquisition, the combined net assets of Small/Mid Cap amounted to $405,365,238. For financial reporting purposes, assets received and shares issued by Small/Mid Cap were recorded at fair value; however, the cost basis of the investments received from Mid Cap was carried forward to align ongoing reporting of Small/Mid Cap's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

On August 9, 2021, Small Cap Value acquired all the net assets of AMG GW&K Small Cap Value Fund II ("Small Cap Value II"), a series of AMG Funds IV, based on the respective valuations as of the close of business on August 6, 2021, pursuant to a Plan of Reorganization approved by the Board of Small Cap Value II on March 17-18, 2021.

The acquisition was accomplished by a tax-free exchange of 186,108 Class N shares of Small Cap Value at a net asset value of $29.52 per share for 399,433 Class N shares of Small Cap Value II; 1,824,176 Class I shares of Small Cap Value at a net asset value of $29.60 per share for 3,846,984 Class I shares of Small Cap Value II; and 914,333 Class Z shares of Small Cap Value at a net asset value of $29.52 per share for 1,924,341 Class Z shares of Small Cap Value II.

The net assets of Small Cap Value and Small Cap Value II immediately before the acquisition were $299,058,407 and $86,478,858, respectively, including unrealized appreciation of $7,179,547 for Small Cap Value II. Immediately after the acquisition, the combined net assets of Small Cap Value amounted to $385,537,265. For financial reporting purposes, assets received and shares issued by Small Cap Value were recorded at fair value; however, the cost basis of the investments received from Small Cap Value II was carried forward to align ongoing reporting of Small Cap Value's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

Assuming these reorganizations had been completed on January 1, 2021, the Funds' results of operations for the fiscal year ended December 31, 2021 would have been as follows:

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| | | |
|:---|:---|:---|
|  | **Small/Mid Cap** | **Small Cap Value** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net Investment Income | $(381491) | $1325967 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Realized and Unrealized Gain on Investments | 121546008 | 140200795 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Net Increase to Net Assets from Operations | $121164517 | $141526762 |

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Because the combined investment portfolios have been managed as single portfolios since the reorganizations were completed, it is not practical to separate the amounts of revenue and earnings to the Funds that have been included in their statements of operations for the fiscal year ended December 31, 2021.

**9. SUBSEQUENT EVENTS** 

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

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<br> Report of Independent Registered Public Accounting Firm<br>

**To the Board of Trustees of AMG Funds and AMG Funds II and Shareholders of AMG GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund, AMG GW&K Small/Mid Cap Fund, and AMG GW&K Global Allocation 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, AMG GW&K Small/Mid Cap Fund (three of the funds constituting AMG Funds), and AMG GW&K Global Allocation Fund (one of the funds constituting AMG Funds II) (hereafter collectively referred to as the "Funds") as of December 31, 2022, the related statements of operations for the year ended December 31, 2022, the statements of changes in net assets for each of the two years in the period ended December 31, 2022, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2022 (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, 2022, 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, 2022 and each of the financial highlights for each of the five years in the period ended December 31, 2022 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, 2022 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Boston, Massachusetts

February 24, 2023

We have served as the auditor of one or more investment companies in the AMG Funds Family since 1993.

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<br>Other Information *(unaudited)*<br>

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**TAX INFORMATION** 

AMG GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund, AMG GW&K Small/Mid Cap Fund and AMG GW&K Global Allocation 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 2022 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, AMG GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund, AMG GW&K Small/Mid Cap Fund and AMG GW&K Global Allocation Fund each hereby designates $4,843,070, $1,531,983, $20,723,675 and $6,715,846, respectively, as a capital gain distribution with respect to the taxable year ended December 31, 2022, or if subsequently determined to be different, the net capital gains of such fiscal year.

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<br>AMG Funds<br> Trustees and Officers<br>

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| | | |
|:---|:---|:---|
| The Trustees and Officers of the Trust, their business addresses, principal occupations for the past five years and ages are listed below. The Trustees provide broad supervision over the affairs of the Trust and the Funds. The Trustees are experienced executives who meet periodically throughout the year to oversee the Funds' activities, review contractual arrangements with companies that provide services to the Funds, and<br>| review the Funds' performance. Unless otherwise noted, the address of each Trustee or Officer is the address of the Trust: 680 Washington Blvd., Suite 500, Stamford, CT. 06901.<br>There is no stated term of office for Trustees. Trustees serve until their resignation, retirement or removal in | accordance with the Trust's organizational documents and policies adopted by the Board from time to time. The Chairman of the Trustees, President, Treasurer and Secretary of the Trust are elected by the Trustees annually. Other officers hold office at the pleasure of the Trustees. |

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**Independent Trustees** 

The following Trustees are not "interested persons" of the Trust within the meaning of the 1940 Act:

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| | |
|:---|:---|
| **Number of Funds Overseen in**<br>**Fund Complex** | **Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee** |
| &nbsp;&nbsp;&nbsp; • Trustee since 2012 - AMG Funds<br> • Trustee since 2012 - AMG Funds II<br> • Oversees 40 Funds in Fund Complex | **Bruce B. Bingham, 74**<br> Partner, Hamilton Partners (real estate development firm) (1987-Present); Director of The Yacktman Funds, Inc. (2 portfolios) (2000-2012). |
| &nbsp;&nbsp;&nbsp; • Chairman of the Audit Committee since 2021<br> • Trustee since 2013 - AMG Funds<br> • Trustee since 2013 - AMG Funds II<br> • Oversees 44 Funds in Fund Complex | **Kurt A. Keilhacker, 59**<br> Managing Partner, TechFund Europe (2000-Present); Managing Partner, TechFund Capital (1997-Present); Managing Partner, Elementum Ventures (2013-Present); Director, MetricStory, Inc. (2017-Present); Trustee, Wheaton College (2018-Present); Trustee, Gordon College (2001-2016); Board Member, 6wind SA (2002-2019). |
| &nbsp;&nbsp;&nbsp; • Trustee since 2004 - AMG Funds<br> • Trustee since 2000 - AMG Funds II<br> • Oversees 40 Funds in Fund Complex | **Steven J. Paggioli, 72**<br> Independent Consultant (2002-Present); Trustee, Professionally Managed Portfolios (28 portfolios); Advisory Board Member, Sustainable Growth Advisors, LP; Independent Director, Muzinich BDC, Inc. (business development company) (2019-Present); Director, The Wadsworth Group; Independent Director, Chase Investment Counsel (2008–2019); Executive Vice President, Secretary and Director, Investment Company Administration, LLC and First Fund Distributors, INC. (1990-2001). |
| &nbsp;&nbsp;&nbsp; • Independent Chairman of the Board of Trustees since 2017<br> • Chairman of the Governance Committee since 2017<br> • Trustee since 1999 - AMG Funds<br> • Trustee since 2000 - AMG Funds II<br> • Oversees 44 Funds in Fund Complex | **Eric Rakowski, 64**<br> Professor of Law, University of California at Berkeley School of Law (1990-Present); Tax Attorney at Davis Polk & Wardwell and clerked for Judge Harry T. Edwards of the U.S. Court of Appeals for the District of Columbia Circuit and for Justice William J. Brennan Jr. of the U.S. Supreme Court; Trustee of Parnassus Funds (3 portfolios) (2021-Present); Trustee of Parnassus Income Funds (2 portfolios) (2021-Present); Director of Harding, Loevner Funds, Inc. (10 portfolios); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019). |
| &nbsp;&nbsp;&nbsp; • Trustee since 2013 - AMG Funds<br> • Trustee since 2013 - AMG Funds II<br> • Oversees 44 Funds in Fund Complex | **Victoria L. Sassine, 57**<br> Adjunct Professor, Babson College (2007–Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-Present); Chairperson of the Board of Directors of Business Management Associates (2018-2019). |
| &nbsp;&nbsp;&nbsp; • Trustee since 2000 - AMG Funds II<br> • Trustee since 2004 - AMG Funds<br> • Oversees 40 Funds in Fund Complex | **Thomas R. Schneeweis, 75\***<br> Professor Emeritus, University of Massachusetts (2013-Present); President, TRS Associates (1982-Present); Board Member, Chartered Alternative Investment Association ("CAIA") (2002-Present); Co-Founder and Director, Institute for Global Asset and Risk Management (Education) (2010-Present); Co-Owner, Quantitative Investment Technologies (2014-Present); Co-Owner, Yes Wealth Management (2018-Present); Director, CAIA Foundation (2010-2019); Partner, S Capital Wealth Advisors (2015-2018); Partner, S Capital Management, LLC (2007-2015); President, Alternative Investment Analytics, LLC (formerly Schneeweis Partners, LLC) (2001-2013). |

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<br>AMG Funds <br> Trustees and Officers *(continued)* <br>

\*Mr. Schneeweis retired from the Board of Trustees of AMG Funds and AMG Funds II as of December 31, 2022.

**Interested Trustee** 

The Trustee in the following table is an "interested person" of the Trust within the meaning of the 1940 Act.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Number of Funds Overseen in<br>Fund Complex** | **Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee** |
| &nbsp;&nbsp;&nbsp; • Trustee since 2021<br> • Oversees 44 Funds in Fund Complex | **Garret W. Weston, 41**<br> Affiliated Managers Group, Inc. (2008-Present): Managing Director, Co-Head of Affiliate Engagement (2021-Present), Senior Vice President, Affiliate Development (2016-2021), Vice President, Office of the CEO (2015-2016), Vice President, New Investments (2012-2015), Senior Associate, New Investments (2008-2012); Associate, Madison Dearborn Partners (2006-2008); Analyst, Merrill Lynch (2004-2006). |

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**Officers** 

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| | |
|:---|:---|
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Position(s) Held with Fund and<br> &nbsp;&nbsp;&nbsp;&nbsp;Length of Time Served | Name, Age, Principal Occupation(s) During Past 5 Years |
| &nbsp;&nbsp;&nbsp; • President since 2018<br> • Principal Executive Officer since 2018<br> • Chief Executive Officer since 2018<br> • Chief Operating Officer since 2007 | **Keitha L. Kinne, 64**<br> Chief Operating Officer, AMG Funds LLC (2007-Present); Chief Investment Officer, AMG Funds LLC (2008-Present); President and Principal, AMG Distributors, Inc. (2018-Present); Chief Operating Officer, AMG Distributors, Inc. (2007-Present); President, Chief Executive Officer and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2018-Present); Chief Operating Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2007-Present); Chief Operating Officer, AMG Funds IV (2016-Present); Chief Operating Officer and Chief Investment Officer, Aston Asset Management, LLC (2016); President and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2012-2014); Managing Partner, AMG Funds LLC (2007-2014); President and Principal, AMG Distributors, Inc. (2012-2014); Managing Director, Legg Mason & Co., LLC (2006-2007); Managing Director, Citigroup Asset Management (2004-2006). |
| &nbsp;&nbsp;&nbsp; • Secretary since 2015<br> • Chief Legal Officer since 2015 | **Mark J. Duggan, 57**<br> Managing Director and Senior Counsel, AMG Funds LLC (2021-Present); Senior Vice President and Senior Counsel, AMG Funds LLC (2015-2021); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2015-Present); Attorney, K&L Gates, LLP (2009-2015). |
| &nbsp;&nbsp;&nbsp; • Chief Financial Officer since 2017<br> • Treasurer since 2017<br> • Principal Financial Officer since 2017<br> • Principal Accounting Officer since 2017 | **Thomas G. Disbrow, 56**<br> Vice President, Mutual Fund Treasurer & CFO, AMG Funds, AMG Funds LLC (2017-Present); Chief Financial Officer, Principal Financial Officer, Treasurer and Principal Accounting Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Managing Director - Global Head of Traditional Funds Product Control, UBS Asset Management (Americas), Inc. (2015-2017); Managing Director - Head of North American Funds Treasury, UBS Asset Management (Americas), Inc. (2011-2015). |
| &nbsp;&nbsp;&nbsp; • Deputy Treasurer since 2017 | **John A. Starace, 52**<br> Vice President, Mutual Fund Accounting, AMG Funds LLC (2021-Present); Director, Mutual Fund Accounting, AMG Funds LLC (2017-2021); Vice President, Deputy Treasurer of Mutual Funds Services, AMG Funds LLC (2014-2017); Deputy Treasurer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Vice President, Citi Hedge Fund Services (2010-2014); Audit Senior Manager (2005-2010) and Audit Manager (2001-2005), Deloitte & Touche LLP. |
| &nbsp;&nbsp;&nbsp; • Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer since 2019<br> • Anti-Money Laundering Compliance Officer since 2022 | **Patrick J. Spellman, 48**<br> Vice President, Chief Compliance Officer, AMG Funds LLC (2017-Present); Chief Compliance Officer, AMG Distributors, Inc. (2010-Present); Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2014-2019; 2022-Present); Anti-Money Laundering Compliance Officer, AMG Funds IV (2016-2019; 2022-Present); Senior Vice President, Chief Compliance Officer, AMG Funds LLC (2011-2017); Compliance Manager, Legal and Compliance, Affiliated Managers Group, Inc. (2005-2011). |
| &nbsp;&nbsp;&nbsp; • Assistant Secretary since 2016 | **Maureen M. Kerrigan, 37**<br> Vice President, Senior Counsel, AMG Funds LLC (2021-Present); Vice President, Counsel, AMG Funds LLC (2019-2021); Director, Counsel, AMG Funds LLC (2017-2018); Vice President, Counsel, AMG Funds LLC (2015-2017); Assistant Secretary, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2016-Present); Associate, Ropes & Gray LLP (2011-2015); Law Fellow, Massachusetts Appleseed Center for Law and Justice (2010-2011). |

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![LOGO](g456195amglogo.jpg)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **INVESTMENT MANAGER AND**<br> **ADMINISTRATOR**<br> AMG Funds LLC<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>**DISTRIBUTOR**<br> AMG Distributors, Inc.<br> 680 Washington Blvd., Suite 500<br> Stamford, CT 06901<br> 800.548.4539<br>**SUBADVISER**<br> GW&K Investment Management, LLC<br> 222 Berkeley St.<br> Boston, MA 02116<br>**CUSTODIAN**<br> The Bank of New York Mellon<br> Mutual Funds Custody<br> 6023 Airport Road<br> Oriskany, NY 13424 | **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> Attn: AMG Funds<br> 4400 Computer Drive<br> Westborough, MA 01581<br> 800.548.4539<br>Effective March 9, 2023, the Transfer Agent's mailing address will change to the following:<br>BNY Mellon Investment Servicing (US) Inc.<br> AMG Funds<br> Attn: 534426<br> 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 amgfunds.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 amgfunds.com. To review a complete list of the Funds' portfolio holdings, or to view the most recent semiannual report or annual report, please visit amgfunds.com. |

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amgfunds.com

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![LOGO](g456195amglogo.jpg)

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **BALANCED FUNDS**<br> **AMG GW&K Global Allocation**<br> GW&K Investment Management, LLC<br>**EQUITY FUNDS**<br>**AMG Beutel Goodman International Equity**<br> Beutel, Goodman & Company Ltd.<br>**AMG Boston Common Global Impact**<br> Boston Common Asset Management, LLC<br>**AMG Frontier Small Cap Growth**<br> Frontier Capital Management Co., LLC<br>**AMG GW&K Small Cap Core**<br> **AMG GW&K Small Cap Value**<br> **AMG GW&K Small/Mid Cap**<br> **AMG GW&K Small/Mid Cap Growth**<br> **AMG GW&K Emerging Markets Equity**<br> **AMG GW&K Emerging Wealth Equity**<br> **AMG GW&K International Small Cap**<br> GW&K Investment Management, LLC<br>**AMG Montrusco Bolton Large Cap Growth**<br> Montrusco Bolton Investments, Inc.<br>**AMG Renaissance Large Cap Growth**<br> The Renaissance Group LLC | **AMG River Road Dividend All Cap Value**<br> **AMG River Road Focused Absolute Value**<br> **AMG River Road International Value Equity**<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 Emerging Markets Small Cap**<br> **AMG TimesSquare Global Small Cap**<br> **AMG TimesSquare International Small Cap**<br> **AMG TimesSquare Mid Cap Growth**<br> **AMG TimesSquare Small Cap Growth**<br> TimesSquare Capital Management, LLC<br>**AMG Veritas Asia Pacific**<br> **AMG Veritas China**<br> **AMG Veritas Global Focus**<br> **AMG Veritas Global Real Return**<br> Veritas Asset Management LLP<br>**AMG Yacktman**<br> **AMG Yacktman Focused**<br> **AMG Yacktman Global**<br> **AMG Yacktman Special Opportunities**<br> Yacktman Asset Management LP | **FIXED INCOME FUNDS**<br> **AMG Beutel Goodman Core Plus Bond**<br> Beutel, Goodman & Company Ltd.<br>**AMG GW&K Core Bond ESG**<br> **AMG GW&K Enhanced Core Bond ESG**<br> **AMG GW&K ESG Bond**<br> **AMG GW&K High Income**<br> **AMG GW&K Municipal Bond**<br> **AMG GW&K Municipal Enhanced Yield**<br> GW&K Investment Management, LLC |

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amgfunds.com 123122 AR089

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**Item 2.** **CODE OF ETHICS** <br>

Registrant has adopted a Code of Ethics. See attached Exhibit (a)(1).

**Item 3.** **AUDIT COMMITTEE FINANCIAL EXPERT** <br>

Registrant's Board of Trustees has determined that independent Trustee Mr. Steven J. Paggioli qualifies as an Audit Committee Financial Expert. Mr. Paggioli is "independent" as such term is defined in Form N-CSR.

**Item 4.** **PRINCIPAL ACCOUNTANT FEES AND SERVICES** <br>

(a)  **<u>Audit Fees</u>** 

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:

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| | | |
|:---|:---|:---|
| **Fund - AMG FUNDS II** | **Fiscal<br>2022** | **Fiscal<br>2021** |
|  AMG GW&K Enhanced Core Bond ESG Fund | $42786 | $45370 |
|  AMG GW&K Global Allocation Fund | $31350 | $37242 |

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(b)  **<u>Audit-Related Fees</u>** 

There were no fees billed by PwC to the Funds in their two most 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 the Fund (not including any Subadvisor 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 the Fund and is controlling, controlled by or under common control with a Fund investment adviser described in (a).

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(c) <u>**Tax Fees**</u> 

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:

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| | | |
|:---|:---|:---|
| **Fund - AMG FUNDS II** | **Fiscal<br>2022** | **Fiscal<br>2021** |
|  AMG GW&K Enhanced Core Bond ESG Fund | $6760 | $6250 |
|  AMG GW&K Global Allocation Fund | $9085 | $8400 |

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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 2022 and $0 for fiscal 2021, 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)  **<u>All Other Fees</u>** 

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.

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(f) Not applicable.

(g) The aggregate fees billed by PwC in 2022 and 2021 for non-audit services rendered to the Funds and Fund Service Providers were $51,845 and $61,150, respectively. For the fiscal year ended December 31, 2022, this amount reflects the amounts disclosed above in Item 4(b),(c),(d), plus $36,000 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. For the fiscal year ended December 31, 2021, this amount reflects the amounts disclosed above in Item 4(b),(c),(d), plus $46,500 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.

**Item 5.** **AUDIT COMMITTEE OF LISTED REGISTRANTS** <br>

Not applicable.

**Item 6.** **SCHEDULE OF INVESTMENTS** <br>

The schedule of investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders filed under Item 1 of this form.

**Item 7.** **DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES** <br>

Not applicable.

**Item 8.** **PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES** <br>

Not applicable.

**Item 9.** **PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS** <br>

Not applicable.

**Item 10.** **SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS** <br>

Not applicable.

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**Item 11.** **CONTROLS AND PROCEDURES** <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the registrant's disclosure controls and procedures as of a date within 90 days of the filing of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

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

**Item 12.** **DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES** <br>

Not applicable.

**Item 13.** **EXHIBITS** <br>

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| | |
|:---|:---|
| (a)(1) | [Any Code of Ethics or amendments hereto. Filed herewith.](d456195dex99code.htm) |
| (a)(2) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 - Filed herewith.](d456195dex99cert.htm) |
| (a)(3) | Not applicable. |
| (b) | [Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 - Filed herewith.](d456195dex99906cert.htm) |

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**S**IGNATURES

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 II** | **AMG FUNDS II** |
| By: | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne, Principal Executive Officer |
| Date: | March 6, 2023 |

---

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, 2023 |
| By: | /s/ Thomas Disbrow |
|  | Thomas Disbrow, Principal Financial Officer |
| Date: | March 6, 2023 |

---

## Ex-99.Code

**AMG FUNDS, AMG FUNDS I, AMG FUNDS II, AMG FUNDS III AND AMG FUNDS IV** 

**Sarbanes-Oxley Code of Ethics** 

**for Principal Executive and Principal Financial Officers** 

------

**I. Covered Officers/Purpose of the Code** 

AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (each, a "Trust," and each series thereof, a "Fund") have adopted this Sarbanes-Oxley Code of Ethics (this "Code") to apply to the Trusts' Principal Executive Officer, Principal Financial Officer/Chief Financial Officer and Principal Accounting Officer (the "Covered Officers", each of whom is set forth in Exhibit A) for the purpose of promoting:

• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Trusts;

• compliance with applicable laws and governmental rules and regulations;

• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trusts.

**II. Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or the Covered Officer's service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trusts.

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2022

------

Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Funds. The compliance programs and procedures of the Funds and AMG Funds LLC (together with AMG Distributors, Inc., "AMG Funds Entities") are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or are a result of, the contractual relationship between a Fund and the investment adviser and/or principal underwriter of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Trusts or for AMG Funds Entities, or for both), be involved in establishing policies and implementing decisions that will have different effects on AMG Funds Entities and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trusts and AMG Funds Entities and is consistent with the performance by the Covered Officers of their duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trusts' Boards of Trustees ("Trustees") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive.

\* \* \* \*

Each Covered Officer must not:

• use the Covered Officer's personal influence or personal relationships improperly to influence investment
decisions or financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts;

• cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered
Officer, rather than for the benefit of the Trusts;

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2022

------

• use material non-public knowledge of portfolio transactions made or
contemplated for a Fund to profit personally or cause others to profit, by the market effect of such transactions; and

• retaliate against any other Covered Officer or any employee of AMG Funds Entities or their affiliated persons for
reports of potential violations that are made in good faith.

Material conflict of interest situations should be discussed with the Funds' Chief Compliance Officer (the "Fund CCO")<sup>1</sup>, who shall serve as the Compliance Officer for this Code. Examples of these include:

• any outside business activity other than with AMG Funds Entities that detracts from an individual's ability
to devote appropriate time and attention to the Covered Officer's responsibilities with a Trust;

• service as a director on the board of any company that files periodic reports with the SEC;

• service as a board member of any organization, public or private, including non-profits;

• the receipt of any gifts in excess of $300;

• the receipt of any entertainment from any company with which a Trust has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

• any ownership interest in, or any consulting or employment relationship with, any of the Trusts' service
providers, other than AMG Funds Entities, the principal underwriter or any affiliated person thereof; and

• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

------

<sup>1</sup> For purposes of this policy and procedure, references to the "Fund CCO" shall include their delegate(s).

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2022

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**III. Disclosure and Compliance** 

Each Covered Officer should:

• familiarize himself or herself with the disclosure requirements generally applicable to the Funds;

• not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or
outside Funds, including the Trustees and independent accountants, and to governmental regulators and self-regulatory organizations;

• to the extent appropriate within the Covered Officer's area of responsibility, consult with other officers
and employees of AMG Funds Entities with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;
and

• assume responsibility for promoting compliance with the standards and restrictions imposed by applicable laws,
rules and regulations.

**IV. Reporting and Accountability** 

Each Covered Officer must:

• report at least annually a list of affiliations or other relationships related to conflicts of interest that the
Trusts' Trustees and Officers Questionnaire covers;

• upon adoption of the Code, including amendments to the Code (or thereafter as applicable, upon becoming a Covered
Officer), affirm in writing to the Trustees or Fund CCO that the Covered Officer has received, read, and understands the Code;

• annually thereafter affirm to the Trustees that the Covered Officer has complied with the requirements of the
Code; and

• notify the Fund CCO promptly if the Covered Officer knows of any violation of this Code.

Failure to take any of the preceding four actions is itself a violation of this Code.

On an annual basis the Fund CCO will provide each Covered Officer with a copy of this Code. Each Covered Officer will complete and deliver to the Fund CCO a completed Acknowledgement and Certification form (as set forth in Exhibit B). A completed Acknowledgement and Certification is one that has been initialed next to each acknowledgement and certification, signed, and dated, with any affiliations or other conflicting relationships provided.

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2022

------

The Fund CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by a committee (the "Committee") comprised of the Trusts' trustees who are not "interested persons" of the Trusts (as defined in Section 2(a)(19) of the 1940 Act) (the "Independent Trustees").

The Trusts will follow these procedures in investigating and enforcing this Code:

• the Fund CCO will take all appropriate action to investigate any actual or potential conflicts or violations
reported to them;

• if, after investigating a potential violation, the Fund CCO believes that no violation has occurred, the Fund CCO
is not required to take any further action;

• any matter that the Fund CCO believes is a violation will be reported to the Committee;

• if the Committee concurs that a violation has occurred, it will make a recommendation to the Trustees, who will
consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of AMG Funds Entities; or a recommendation to dismiss the Covered Officer as an
officer of the Trusts;

• the Committee will be responsible for granting waivers and/or approvals, as appropriate;

• the Fund CCO is responsible for identifying and documenting waivers;

• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules
currently in effect.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts, either of the AMG Funds Entities, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they conflict with the provisions of this Code.

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2022

------

The Funds' and AMG Funds Entities' codes of ethics under Rule 17j-1 under the 1940 Act and the more detailed policies and procedures set forth in the Code of Ethics for AMG Funds Entities are separate requirements applying to the Covered Officers and others, and are not part of this Code. This Code does not, and is not intended to, repeat or replace these programs and procedures.

**VI. Amendments** 

Any material changes to this Code, other than amendments to Exhibit A, must be approved by a majority vote of the Trustees, including a majority of Independent Trustees. Any non-material changes to this Code, other than amendments to Exhibit A, must be ratified by a majority vote of the Trustees, including a majority of Independent Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such reports and records shall not be disclosed to anyone other than the Trustees, counsel to the Independent Trustees, counsel to the Trusts and the investment adviser of the Funds.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion and does not create any rights of third parties.

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2022

------

**EXHIBIT A** 

**COVERED OFFICERS** 

---

| | |
|:---|:---|
| Keitha L. Kinne | President, Principal Executive Officer, Chief Executive Officer and Chief Operating Officer |
| Thomas G. Disbrow | Chief Financial Officer, Principal Financial Officer, Treasurer and Principal Accounting Officer |

---

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2022

------

**EXHIBIT B** 

**AMG FUNDS, AMG FUNDS I, AMG FUNDS II, AMG FUNDS III AND AMG FUNDS IV** 

**SARBANES-OXLEY CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**(*Insert Year*) ACKNOWLEDGEMENT AND CERTIFICATION** 

Please initial each individual item and then provide your signature below.

------

I acknowledge and affirm that I have received, reviewed, and understand the Sarbanes-Oxley Code of Ethics for Principal Executive and Senior Financial Officers (the "Code") (each a "Covered Officer") adopted by the Boards of Trustees of each of AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (each, a "Trust" and collectively, the "Trusts"). ____

I understand that as a Covered Officer it is my responsibility now and going forward to comply with the Code and any revisions made to it. Most importantly, I understand that the Code's overarching principle is that my personal interests should not be placed improperly before the interests of the Trusts. ____

I affirm that I have notified the Compliance Officer for the Code (the "Compliance Officer') promptly if I knew of any violation of the Code by myself or any other Covered Officer. ____

I affirm that I have discussed with the Compliance Officer any material personal conflict of interest comparable to those discussed within Section II of the Code prior to entering into any such arrangements. ____

On Schedule A of this (*insert year*) Acknowledgement and Certification, I have provided a complete and accurate listing of all affiliations or other relationships related to conflicts of interest that the Trusts' Trustees and Officers Questionnaire covers. ____

I acknowledge and affirm that since I last signed an Acknowledgement and Certification related to the Code, to the best of my knowledge, I have complied with the requirements of the Code. ____

If I have not so complied with the requirements of the Code, I have included a detailed description of any instances of non-compliance immediately below:

------

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2022

------

---

| |
|:---|
| Covered Officer's Name (Printed): |
| Covered Officer's Signature: |
| Date:<u> </u> |

---

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2022

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**SCHEDULE A** 

**TO THE** 

**(*Insert Year*) ACKNOWLEDGEMENT AND CERTIFICATION** 

**RELATING TO THE TRUSTS'** 

**SARBANES-OXLEY CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

Please list below all affiliations or other relationships related to conflicts of interest that the Trusts' Trustees and Officers Questionnaire covers as of the date of my signing of the (*insert year*) Acknowledgement and Certification:

—AMG Funds LLC Proprietary/Confidential – Not To Be Duplicated or Distributed—

Last Updated: September 2022

## Ex-99.Cert

**<u>CERTIFICATION FILED AS EXHIBIT 13(a)(2) TO FORM N-CSR</u>**

I, Keitha L. Kinne, certify that:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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, 2023 |  |
|  | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATION FILED AS EXHIBIT 13(a)(2) TO FORM N-CSR</u>**

I, Thomas Disbrow, certify that:

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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, 2023 |  |
|  | /s/ Thomas Disbrow |
|  | Thomas Disbrow |
|  | Principal Financial Officer |

---

## Exhibit 99.906

**<u>CERTIFICATION FILED AS EXHIBIT 13(B) TO FORM N-CSR</u>**

---

| | |
|:---|:---|
| **Name of Issuer:** | **<u>AMG FUNDS II</u> – AMG GW&K GLOBAL ALLOCATION FUND AND AMG GW&K ENHANCED CORE BOND ESG 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, 2023 | /s/ Keitha L. Kinne |
|  | Keitha L. Kinne |
|  | Principal Executive Officer |

---

------

**<u>CERTIFICATION FILED AS EXHIBIT 13(B) TO FORM N-CSR</u>**

---

| | |
|:---|:---|
| **Name of Issuer:** | **<u>AMG FUNDS II</u> – AMG GW&K GLOBAL ALLOCATION FUND AND AMG GW&K ENHANCED CORE BOND ESG 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, 2023 | /s/ Thomas Disbrow |
|  | Thomas Disbrow |
|  | Principal Financial Officer |

---