UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number:
811-09521
AMG Funds
(Exact name of registrant as specified in charter)
680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901
(Address of principal executive offices)  (Zip code)

AMG Funds LLC
680 Washington Boulevard, Suite 500, Stamford, Connecticut 06901
(Name and address of agent for service)

Registrant's telephone number, including area code:
(203) 299-3500
Date of fiscal year end:
December 31
Date of reporting period:
January 01, 2025 - June 30, 2025
(Semi-Annual Shareholder Report)
Item 1. Reports to Shareholders
(a)

AMG GW&K Municipal Bond Fund
Class N/GWMTX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Municipal Bond Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Municipal Bond Fund
(Class N/GWMTX)		 $36 0.72%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $927,463,116
Total number of portfolio holdings 216
Net advisory fees paid $674,088
Portfolio turnover rate as of the end of the reporting period 28%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Louisiana Stadium & Exposition District, Series A, 5.000%, 07/01/42 1.3%
Great Lakes Water Authority Sewage Disposal System Revenue, Series B, 5.000%, 07/01/34 1.2%
State of Illinois, Series B, 5.000%, 05/01/34 1.1%
Iowa Finance Authority, State Revolving Fund Green Bond, 5.000%, 08/01/30 1.1%
New York Transportation Development Corp., 5.000%, 12/01/36 1.1%
State Board of Administration Finance Corp., Series A, 5.526%, 07/01/34 1.1%
Chicago O'Hare International Airport, Senior Lien, Series A, Revenue, 5.000%, 01/01/36 1.1%
Florida Development Finance Corp., Revenue, 4.000%, 11/15/33 1.1%
New York State Dormitory Authority, Series A, 5.000%, 03/15/41 1.1%
Illinois State Toll Highway Authority, Senior Revenue, Series A, Revenue, 5.000%, 12/01/31 1.1%
Top Ten as a Group 11.3%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Ratings
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR025S

AMG GW&K Municipal Bond Fund
Class I/GWMIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Municipal Bond Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Municipal Bond Fund
(Class I/GWMIX)		 $19 0.39%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $927,463,116
Total number of portfolio holdings 216
Net advisory fees paid $674,088
Portfolio turnover rate as of the end of the reporting period 28%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Louisiana Stadium & Exposition District, Series A, 5.000%, 07/01/42 1.3%
Great Lakes Water Authority Sewage Disposal System Revenue, Series B, 5.000%, 07/01/34 1.2%
State of Illinois, Series B, 5.000%, 05/01/34 1.1%
Iowa Finance Authority, State Revolving Fund Green Bond, 5.000%, 08/01/30 1.1%
New York Transportation Development Corp., 5.000%, 12/01/36 1.1%
State Board of Administration Finance Corp., Series A, 5.526%, 07/01/34 1.1%
Chicago O'Hare International Airport, Senior Lien, Series A, Revenue, 5.000%, 01/01/36 1.1%
Florida Development Finance Corp., Revenue, 4.000%, 11/15/33 1.1%
New York State Dormitory Authority, Series A, 5.000%, 03/15/41 1.1%
Illinois State Toll Highway Authority, Senior Revenue, Series A, Revenue, 5.000%, 12/01/31 1.1%
Top Ten as a Group 11.3%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Ratings
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR024S

AMG GW&K Municipal Enhanced SMA Shares
MESHX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Municipal Enhanced SMA Shares (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Municipal Enhanced SMA Shares
(MESHX)		 $0 0.00%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $206,665,050
Total number of portfolio holdings 140
Net advisory fees paid $0
Portfolio turnover rate as of the end of the reporting period 21%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 2.4%
County of Jefferson Sewer Revenue, 5.500%, 10/01/53 2.3%
Pennsylvania Higher Educational Facilities Authority, Series B2, 5.000%, 11/01/54 2.2%
Pennsylvania Economic Development Financing Authority, 5.000%, 12/31/57 1.9%
Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 1.9%
Massachusetts Development Finance Agency, 5.250%, 07/01/52 1.8%
Massachusetts Development Finance Agency, 5.250%, 07/01/55 1.7%
Orange County Health Facilities Authority,
Series A, 5.250%, 10/01/56		 1.7%
Metropolitan Transportation Authority, Series 1, 4.750%, 11/15/45 1.7%
Columbus Regional Airport Authority, Series A, 5.500%, 01/01/55 1.5%
Top Ten as a Group 19.1%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Ratings
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR026S

AMG GW&K Municipal Enhanced Yield Fund
Class N/GWMNX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Municipal Enhanced Yield Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Municipal Enhanced Yield Fund
(Class N/GWMNX)		 $48 0.99%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $166,728,603
Total number of portfolio holdings 83
Net advisory fees paid $302,794
Portfolio turnover rate as of the end of the reporting period 20%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 3.9%
Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 3.8%
Richland County School District No 2, Series A, 1.875%, 03/01/38 3.1%
Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 3.0%
Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 2.9%
City of Chattanooga Electric, 2.000%, 09/01/40 2.8%
New York Transportation Development Corp., 4.000%, 04/30/53 2.8%
Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 2.7%
Escambia County Health Facilities Authority, 4.000%, 08/15/50 2.5%
New York Transportation Development Corp., 5.625%, 04/01/40 2.5%
Top Ten as a Group 30.0%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Ratings
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR028S

AMG GW&K Municipal Enhanced Yield Fund
Class I/GWMEX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Municipal Enhanced Yield Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Municipal Enhanced Yield Fund
(Class I/GWMEX)		 $31 0.64%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $166,728,603
Total number of portfolio holdings 83
Net advisory fees paid $302,794
Portfolio turnover rate as of the end of the reporting period 20%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 3.9%
Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 3.8%
Richland County School District No 2, Series A, 1.875%, 03/01/38 3.1%
Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 3.0%
Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 2.9%
City of Chattanooga Electric, 2.000%, 09/01/40 2.8%
New York Transportation Development Corp., 4.000%, 04/30/53 2.8%
Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 2.7%
Escambia County Health Facilities Authority, 4.000%, 08/15/50 2.5%
New York Transportation Development Corp., 5.625%, 04/01/40 2.5%
Top Ten as a Group 30.0%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Ratings
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR027S

AMG GW&K Municipal Enhanced Yield Fund
Class Z/GWMZX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Municipal Enhanced Yield Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Municipal Enhanced Yield Fund
(Class Z/GWMZX)		 $29 0.59%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $166,728,603
Total number of portfolio holdings 83
Net advisory fees paid $302,794
Portfolio turnover rate as of the end of the reporting period 20%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 3.9%
Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 3.8%
Richland County School District No 2, Series A, 1.875%, 03/01/38 3.1%
Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 3.0%
Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 2.9%
City of Chattanooga Electric, 2.000%, 09/01/40 2.8%
New York Transportation Development Corp., 4.000%, 04/30/53 2.8%
Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 2.7%
Escambia County Health Facilities Authority, 4.000%, 08/15/50 2.5%
New York Transportation Development Corp., 5.625%, 04/01/40 2.5%
Top Ten as a Group 30.0%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Ratings
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR029S

AMG GW&K Securitized Bond SMA Shares
GWSBX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Securitized Bond SMA Shares (the “Fund”) for the period of June 12, 2025 (commencement of operations) to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Securitized Bond SMA Shares
(GWSBX)		 $0 0.00%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $111,086,743
Total number of portfolio holdings 65
Net advisory fees paid $0
Portfolio turnover rate as of the end of the reporting period 5%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and ratings are shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
FHLMC, 5.500%, 02/01/54 4.4%
FNMA, 5.000%, 01/01/53 4.3%
FHLMC, 3.500%, 06/01/49 4.3%
Freddie Mac Multifamily Structured Pass Through Certificates, Class A2, 1.658%, 12/25/30 3.9%
FNMA, 2.500%, 11/01/51 3.7%
FNMA, 4.000%, 06/01/53 3.7%
FHLMC, 6.000%, 10/01/53 3.7%
FNMA, 5.500%, 07/01/53 3.7%
Freddie Mac Multifamily Structured Pass Through Certificates, Class A2, 4.500%, 07/25/33 3.6%
U.S. Treasury Notes, 4.250%, 11/15/34 3.5%
Top Ten as a Group 38.8%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Ratings
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR101S

AMG GW&K Small Cap Core Fund
Class N/GWETX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Small Cap Core Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Small Cap Core Fund
(Class N/GWETX)		 $63 1.29%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $586,249,416
Total number of portfolio holdings 92
Net advisory fees paid $2,111,207
Portfolio turnover rate as of the end of the reporting period 8%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
MACOM Technology Solutions Holdings, Inc. 2.4%
Sterling Infrastructure, Inc. 2.4%
SPX Technologies, Inc. 2.2%
RBC Bearings, Inc. 2.1%
Houlihan Lokey, Inc. 1.7%
Intapp, Inc. 1.7%
Texas Roadhouse, Inc. 1.6%
Silgan Holdings, Inc. 1.6%
STAG Industrial, Inc., REIT 1.6%
CBIZ, Inc. 1.6%
Top Ten as a Group 18.9%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR031S

AMG GW&K Small Cap Core Fund
Class I/GWEIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Small Cap Core Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Small Cap Core Fund
(Class I/GWEIX)		 $46 0.94%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $586,249,416
Total number of portfolio holdings 92
Net advisory fees paid $2,111,207
Portfolio turnover rate as of the end of the reporting period 8%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
MACOM Technology Solutions Holdings, Inc. 2.4%
Sterling Infrastructure, Inc. 2.4%
SPX Technologies, Inc. 2.2%
RBC Bearings, Inc. 2.1%
Houlihan Lokey, Inc. 1.7%
Intapp, Inc. 1.7%
Texas Roadhouse, Inc. 1.6%
Silgan Holdings, Inc. 1.6%
STAG Industrial, Inc., REIT 1.6%
CBIZ, Inc. 1.6%
Top Ten as a Group 18.9%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR030S

AMG GW&K Small Cap Core Fund
Class Z/GWEZX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Small Cap Core Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Small Cap Core Fund
(Class Z/GWEZX)		 $43 0.89%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $586,249,416
Total number of portfolio holdings 92
Net advisory fees paid $2,111,207
Portfolio turnover rate as of the end of the reporting period 8%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
MACOM Technology Solutions Holdings, Inc. 2.4%
Sterling Infrastructure, Inc. 2.4%
SPX Technologies, Inc. 2.2%
RBC Bearings, Inc. 2.1%
Houlihan Lokey, Inc. 1.7%
Intapp, Inc. 1.7%
Texas Roadhouse, Inc. 1.6%
Silgan Holdings, Inc. 1.6%
STAG Industrial, Inc., REIT 1.6%
CBIZ, Inc. 1.6%
Top Ten as a Group 18.9%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR032S

AMG GW&K Small Cap Value Fund
Class N/SKSEX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Small Cap Value Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Small Cap Value Fund
(Class N/SKSEX)		 $55 1.14%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $199,455,079
Total number of portfolio holdings 88
Net advisory fees paid $665,668
Portfolio turnover rate as of the end of the reporting period 15%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
TTM Technologies, Inc. 2.7%
Federal Agricultural Mortgage Corp., Class C 2.3%
Integer Holdings Corp. 2.2%
Solaris Energy Infrastructure, Inc., Class A 2.1%
Ameris Bancorp 2.0%
Independence Realty Trust, Inc., REIT 2.0%
Selective Insurance Group, Inc. 2.0%
International Bancshares Corp. 1.9%
IMAX Corp. (Canada) 1.8%
Group 1 Automotive, Inc. 1.8%
Top Ten as a Group 20.8%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR034S

AMG GW&K Small Cap Value Fund
Class I/SKSIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Small Cap Value Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Small Cap Value Fund
(Class I/SKSIX)		 $45 0.94%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $199,455,079
Total number of portfolio holdings 88
Net advisory fees paid $665,668
Portfolio turnover rate as of the end of the reporting period 15%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
TTM Technologies, Inc. 2.7%
Federal Agricultural Mortgage Corp., Class C 2.3%
Integer Holdings Corp. 2.2%
Solaris Energy Infrastructure, Inc., Class A 2.1%
Ameris Bancorp 2.0%
Independence Realty Trust, Inc., REIT 2.0%
Selective Insurance Group, Inc. 2.0%
International Bancshares Corp. 1.9%
IMAX Corp. (Canada) 1.8%
Group 1 Automotive, Inc. 1.8%
Top Ten as a Group 20.8%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR033S

AMG GW&K Small Cap Value Fund
Class Z/SKSZX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Small Cap Value Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Small Cap Value Fund
(Class Z/SKSZX)		 $43 0.89%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $199,455,079
Total number of portfolio holdings 88
Net advisory fees paid $665,668
Portfolio turnover rate as of the end of the reporting period 15%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
TTM Technologies, Inc. 2.7%
Federal Agricultural Mortgage Corp., Class C 2.3%
Integer Holdings Corp. 2.2%
Solaris Energy Infrastructure, Inc., Class A 2.1%
Ameris Bancorp 2.0%
Independence Realty Trust, Inc., REIT 2.0%
Selective Insurance Group, Inc. 2.0%
International Bancshares Corp. 1.9%
IMAX Corp. (Canada) 1.8%
Group 1 Automotive, Inc. 1.8%
Top Ten as a Group 20.8%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR035S

AMG GW&K Small/Mid Cap Core Fund
Class N/GWGVX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Small/Mid Cap Core Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Small/Mid Cap Core Fund
(Class N/GWGVX)		 $52 1.07%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $758,986,647
Total number of portfolio holdings 91
Net advisory fees paid $2,341,049
Portfolio turnover rate as of the end of the reporting period 12%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
API Group Corp. 2.3%
CyberArk Software, Ltd. (Israel) 2.3%
Comfort Systems USA, Inc. 2.1%
Performance Food Group Co. 2.0%
Piper Sandler Cos. 1.9%
Texas Roadhouse, Inc. 1.9%
MACOM Technology Solutions Holdings, Inc. 1.9%
RBC Bearings, Inc. 1.9%
Gates Industrial Corp. PLC 1.8%
Federal Signal Corp. 1.8%
Top Ten as a Group 19.9%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR037S

AMG GW&K Small/Mid Cap Core Fund
Class I/GWGIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Small/Mid Cap Core Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Small/Mid Cap Core Fund
(Class I/GWGIX)		 $42 0.87%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $758,986,647
Total number of portfolio holdings 91
Net advisory fees paid $2,341,049
Portfolio turnover rate as of the end of the reporting period 12%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
API Group Corp. 2.3%
CyberArk Software, Ltd. (Israel) 2.3%
Comfort Systems USA, Inc. 2.1%
Performance Food Group Co. 2.0%
Piper Sandler Cos. 1.9%
Texas Roadhouse, Inc. 1.9%
MACOM Technology Solutions Holdings, Inc. 1.9%
RBC Bearings, Inc. 1.9%
Gates Industrial Corp. PLC 1.8%
Federal Signal Corp. 1.8%
Top Ten as a Group 19.9%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR036S

AMG GW&K Small/Mid Cap Core Fund
Class Z/GWGZX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG GW&K Small/Mid Cap Core Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K Small/Mid Cap Core Fund
(Class Z/GWGZX)		 $40 0.82%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $758,986,647
Total number of portfolio holdings 91
Net advisory fees paid $2,341,049
Portfolio turnover rate as of the end of the reporting period 12%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
API Group Corp. 2.3%
CyberArk Software, Ltd. (Israel) 2.3%
Comfort Systems USA, Inc. 2.1%
Performance Food Group Co. 2.0%
Piper Sandler Cos. 1.9%
Texas Roadhouse, Inc. 1.9%
MACOM Technology Solutions Holdings, Inc. 1.9%
RBC Bearings, Inc. 1.9%
Gates Industrial Corp. PLC 1.8%
Federal Signal Corp. 1.8%
Top Ten as a Group 19.9%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR038S

AMG Renaissance Large Cap Growth Fund
Class N/MRLTX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG Renaissance Large Cap Growth Fund
(Class N/MRLTX)		 $51 1.00%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $138,379,377
Total number of portfolio holdings 57
Net advisory fees paid $246,165
Portfolio turnover rate as of the end of the reporting period 23%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Microsoft Corp. 3.2%
Apple, Inc. 2.9%
Meta Platforms, Inc., Class A 2.8%
Amazon.com, Inc. 2.7%
Broadcom, Inc. 2.5%
Netflix, Inc. 2.4%
Amphenol Corp., Class A 2.2%
Alphabet, Inc., Class A 2.2%
Jabil, Inc. 2.1%
Royal Caribbean Cruises, Ltd. 2.0%
Top Ten as a Group 25.0%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR046S

AMG Renaissance Large Cap Growth Fund
Class I/MRLSX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG Renaissance Large Cap Growth Fund
(Class I/MRLSX)		 $37 0.73%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $138,379,377
Total number of portfolio holdings 57
Net advisory fees paid $246,165
Portfolio turnover rate as of the end of the reporting period 23%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Microsoft Corp. 3.2%
Apple, Inc. 2.9%
Meta Platforms, Inc., Class A 2.8%
Amazon.com, Inc. 2.7%
Broadcom, Inc. 2.5%
Netflix, Inc. 2.4%
Amphenol Corp., Class A 2.2%
Alphabet, Inc., Class A 2.2%
Jabil, Inc. 2.1%
Royal Caribbean Cruises, Ltd. 2.0%
Top Ten as a Group 25.0%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR045S

AMG Renaissance Large Cap Growth Fund
Class Z/MRLIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG Renaissance Large Cap Growth Fund
(Class Z/MRLIX)		 $34 0.66%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $138,379,377
Total number of portfolio holdings 57
Net advisory fees paid $246,165
Portfolio turnover rate as of the end of the reporting period 23%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Microsoft Corp. 3.2%
Apple, Inc. 2.9%
Meta Platforms, Inc., Class A 2.8%
Amazon.com, Inc. 2.7%
Broadcom, Inc. 2.5%
Netflix, Inc. 2.4%
Amphenol Corp., Class A 2.2%
Alphabet, Inc., Class A 2.2%
Jabil, Inc. 2.1%
Royal Caribbean Cruises, Ltd. 2.0%
Top Ten as a Group 25.0%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR047S

AMG TimesSquare International Small Cap Fund
Class N/TCMPX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG TimesSquare International Small Cap Fund
(Class N/TCMPX)		 $73 1.30%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $127,476,525
Total number of portfolio holdings 84
Net advisory fees paid $383,040
Portfolio turnover rate as of the end of the reporting period 30%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Azbil Corp. (Japan) 2.7%
Sopra Steria Group (France) 2.6%
KDX Realty Investment Corp., REIT (Japan) 2.5%
Daiei Kankyo Co., Ltd. (Japan) 2.4%
Organo Corp. (Japan) 2.4%
Alm Brand A/S (Denmark) 2.4%
Greencore Group PLC (Ireland) 2.1%
Siegfried Holding AG (Switzerland) 2.1%
ABC-Mart, Inc. (Japan) 2.0%
Piraeus Financial Holdings, S.A. (Greece) 2.0%
Top Ten as a Group 23.2%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR075S

AMG TimesSquare International Small Cap Fund
Class I/TQTIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG TimesSquare International Small Cap Fund
(Class I/TQTIX)		 $62 1.10%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $127,476,525
Total number of portfolio holdings 84
Net advisory fees paid $383,040
Portfolio turnover rate as of the end of the reporting period 30%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Azbil Corp. (Japan) 2.7%
Sopra Steria Group (France) 2.6%
KDX Realty Investment Corp., REIT (Japan) 2.5%
Daiei Kankyo Co., Ltd. (Japan) 2.4%
Organo Corp. (Japan) 2.4%
Alm Brand A/S (Denmark) 2.4%
Greencore Group PLC (Ireland) 2.1%
Siegfried Holding AG (Switzerland) 2.1%
ABC-Mart, Inc. (Japan) 2.0%
Piraeus Financial Holdings, S.A. (Greece) 2.0%
Top Ten as a Group 23.2%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR074S

AMG TimesSquare International Small Cap Fund
Class Z/TCMIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG TimesSquare International Small Cap Fund
(Class Z/TCMIX)		 $59 1.05%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $127,476,525
Total number of portfolio holdings 84
Net advisory fees paid $383,040
Portfolio turnover rate as of the end of the reporting period 30%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Azbil Corp. (Japan) 2.7%
Sopra Steria Group (France) 2.6%
KDX Realty Investment Corp., REIT (Japan) 2.5%
Daiei Kankyo Co., Ltd. (Japan) 2.4%
Organo Corp. (Japan) 2.4%
Alm Brand A/S (Denmark) 2.4%
Greencore Group PLC (Ireland) 2.1%
Siegfried Holding AG (Switzerland) 2.1%
ABC-Mart, Inc. (Japan) 2.0%
Piraeus Financial Holdings, S.A. (Greece) 2.0%
Top Ten as a Group 23.2%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR076S

AMG TimesSquare Mid Cap Growth Fund
Class N/TMDPX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG TimesSquare Mid Cap Growth Fund
(Class N/TMDPX)		 $54 1.05%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $1,596,496,981
Total number of portfolio holdings 80
Net advisory fees paid $4,754,683
Portfolio turnover rate as of the end of the reporting period 22%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
EMCOR Group, Inc. 3.0%
Cencora, Inc. 2.8%
HubSpot, Inc. 2.6%
Veeva Systems, Inc., Class A 2.6%
Cheniere Energy, Inc. 2.5%
Verisk Analytics, Inc. 2.4%
Axon Enterprise, Inc. 2.2%
IDEXX Laboratories, Inc. 2.2%
Monolithic Power Systems, Inc. 2.2%
CyberArk Software, Ltd. (Israel) 2.1%
Top Ten as a Group 24.6%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR078S

AMG TimesSquare Mid Cap Growth Fund
Class I/TQMIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG TimesSquare Mid Cap Growth Fund
(Class I/TQMIX)		 $47 0.90%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $1,596,496,981
Total number of portfolio holdings 80
Net advisory fees paid $4,754,683
Portfolio turnover rate as of the end of the reporting period 22%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
EMCOR Group, Inc. 3.0%
Cencora, Inc. 2.8%
HubSpot, Inc. 2.6%
Veeva Systems, Inc., Class A 2.6%
Cheniere Energy, Inc. 2.5%
Verisk Analytics, Inc. 2.4%
Axon Enterprise, Inc. 2.2%
IDEXX Laboratories, Inc. 2.2%
Monolithic Power Systems, Inc. 2.2%
CyberArk Software, Ltd. (Israel) 2.1%
Top Ten as a Group 24.6%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR077S

AMG TimesSquare Mid Cap Growth Fund
Class Z/TMDIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG TimesSquare Mid Cap Growth Fund
(Class Z/TMDIX)		 $44 0.85%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $1,596,496,981
Total number of portfolio holdings 80
Net advisory fees paid $4,754,683
Portfolio turnover rate as of the end of the reporting period 22%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
EMCOR Group, Inc. 3.0%
Cencora, Inc. 2.8%
HubSpot, Inc. 2.6%
Veeva Systems, Inc., Class A 2.6%
Cheniere Energy, Inc. 2.5%
Verisk Analytics, Inc. 2.4%
Axon Enterprise, Inc. 2.2%
IDEXX Laboratories, Inc. 2.2%
Monolithic Power Systems, Inc. 2.2%
CyberArk Software, Ltd. (Israel) 2.1%
Top Ten as a Group 24.6%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR079S

AMG TimesSquare Small Cap Growth Fund
Class N/TSCPX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG TimesSquare Small Cap Growth Fund
(Class N/TSCPX)		 $56 1.13%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $114,013,965
Total number of portfolio holdings 86
Net advisory fees paid $365,638
Portfolio turnover rate as of the end of the reporting period 35%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
BJ's Wholesale Club Holdings, Inc. 2.9%
JFrog, Ltd. 2.8%
Casella Waste Systems, Inc., Class A 2.6%
Regal Rexnord Corp. 2.4%
Victory Capital Holdings, Inc., Class A 2.2%
Esab Corp. 2.0%
iShares Russell 2000 Growth ETF 2.0%
Addus HomeCare Corp. 2.0%
Safety Insurance Group, Inc. 2.0%
Insmed, Inc. 1.9%
Top Ten as a Group 22.8%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR081S

AMG TimesSquare Small Cap Growth Fund
Class I/TSQIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG TimesSquare Small Cap Growth Fund
(Class I/TSQIX)		 $49 0.99%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $114,013,965
Total number of portfolio holdings 86
Net advisory fees paid $365,638
Portfolio turnover rate as of the end of the reporting period 35%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
BJ's Wholesale Club Holdings, Inc. 2.9%
JFrog, Ltd. 2.8%
Casella Waste Systems, Inc., Class A 2.6%
Regal Rexnord Corp. 2.4%
Victory Capital Holdings, Inc., Class A 2.2%
Esab Corp. 2.0%
iShares Russell 2000 Growth ETF 2.0%
Addus HomeCare Corp. 2.0%
Safety Insurance Group, Inc. 2.0%
Insmed, Inc. 1.9%
Top Ten as a Group 22.8%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR080S

AMG TimesSquare Small Cap Growth Fund
Class Z/TSCIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG TimesSquare Small Cap Growth Fund
(Class Z/TSCIX)		 $46 0.93%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $114,013,965
Total number of portfolio holdings 86
Net advisory fees paid $365,638
Portfolio turnover rate as of the end of the reporting period 35%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
BJ's Wholesale Club Holdings, Inc. 2.9%
JFrog, Ltd. 2.8%
Casella Waste Systems, Inc., Class A 2.6%
Regal Rexnord Corp. 2.4%
Victory Capital Holdings, Inc., Class A 2.2%
Esab Corp. 2.0%
iShares Russell 2000 Growth ETF 2.0%
Addus HomeCare Corp. 2.0%
Safety Insurance Group, Inc. 2.0%
Insmed, Inc. 1.9%
Top Ten as a Group 22.8%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR082S

AMG Yacktman Focused Fund
Class N/YAFFX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG Yacktman Focused Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG Yacktman Focused Fund
(Class N/YAFFX)		 $65 1.26%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $2,615,782,769
Total number of portfolio holdings 49
Net advisory fees paid $11,429,770
Portfolio turnover rate as of the end of the reporting period 1%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Samsung Electronics Co., Ltd., 2.870% (South Korea) 12.5%
Bolloré SE (France) 9.9%
Canadian Natural Resources, Ltd. (Canada) 8.4%
Microsoft Corp. 4.4%
Hyundai Mobis Co., Ltd. (South Korea) 3.6%
U-Haul Holding Co., Non-Voting Shares 3.4%
KT&G Corp. (South Korea) 3.2%
The Charles Schwab Corp. 3.1%
Fox Corp., Class B 3.1%
Hyundai Motor Co., 7.940% (South Korea) 2.8%
Top Ten as a Group 54.4%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR091S

AMG Yacktman Focused Fund
Class I/YAFIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG Yacktman Focused Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG Yacktman Focused Fund
(Class I/YAFIX)		 $56 1.08%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $2,615,782,769
Total number of portfolio holdings 49
Net advisory fees paid $11,429,770
Portfolio turnover rate as of the end of the reporting period 1%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Samsung Electronics Co., Ltd., 2.870% (South Korea) 12.5%
Bolloré SE (France) 9.9%
Canadian Natural Resources, Ltd. (Canada) 8.4%
Microsoft Corp. 4.4%
Hyundai Mobis Co., Ltd. (South Korea) 3.6%
U-Haul Holding Co., Non-Voting Shares 3.4%
KT&G Corp. (South Korea) 3.2%
The Charles Schwab Corp. 3.1%
Fox Corp., Class B 3.1%
Hyundai Motor Co., 7.940% (South Korea) 2.8%
Top Ten as a Group 54.4%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR090S

AMG Yacktman Fund
Class I/YACKX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG Yacktman Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG Yacktman Fund
(Class I/YACKX)		 $36 0.71%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $6,719,854,242
Total number of portfolio holdings 62
Net advisory fees paid $14,532,595
Portfolio turnover rate as of the end of the reporting period 1%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Bolloré SE (France) 8.3%
Samsung Electronics Co., Ltd., 2.870% (South Korea) 6.4%
Canadian Natural Resources, Ltd. (Canada) 5.3%
Microsoft Corp. 4.8%
The Charles Schwab Corp. 3.7%
Hyundai Mobis Co., Ltd. (South Korea) 3.2%
The Procter & Gamble Co. 2.9%
Cognizant Technology Solutions Corp., Class A 2.4%
U-Haul Holding Co., Non-Voting Shares 2.4%
Reliance, Inc. 2.4%
Top Ten as a Group 41.8%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR092S

AMG Yacktman Global Fund
Class N/YFSNX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG Yacktman Global Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG Yacktman Global Fund
(Class N/YFSNX)		 $61 1.13%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $168,285,049
Total number of portfolio holdings 58
Net advisory fees paid $484,729
Portfolio turnover rate as of the end of the reporting period 4%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Bolloré SE (France) 9.7%
Samsung Electronics Co., Ltd., 2.870% (South Korea) 9.6%
HI-LEX Corp. (Japan) 5.7%
Canadian Natural Resources, Ltd. (Canada) 5.2%
Cie de L'Odet SE (France) 4.7%
Hyundai Mobis Co., Ltd. (South Korea) 4.4%
Total Energy Services, Inc. (Canada) 4.3%
LG H&H Co., Ltd., 2.720% (South Korea) 3.8%
Samsung C&T Corp. (South Korea) 3.6%
Hyundai Motor Co., 7.940% (South Korea) 3.1%
Top Ten as a Group 54.1%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR094S

AMG Yacktman Global Fund
Class I/YFSIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG Yacktman Global Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG Yacktman Global Fund
(Class I/YFSIX)		 $50 0.93%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $168,285,049
Total number of portfolio holdings 58
Net advisory fees paid $484,729
Portfolio turnover rate as of the end of the reporting period 4%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Bolloré SE (France) 9.7%
Samsung Electronics Co., Ltd., 2.870% (South Korea) 9.6%
HI-LEX Corp. (Japan) 5.7%
Canadian Natural Resources, Ltd. (Canada) 5.2%
Cie de L'Odet SE (France) 4.7%
Hyundai Mobis Co., Ltd. (South Korea) 4.4%
Total Energy Services, Inc. (Canada) 4.3%
LG H&H Co., Ltd., 2.720% (South Korea) 3.8%
Samsung C&T Corp. (South Korea) 3.6%
Hyundai Motor Co., 7.940% (South Korea) 3.1%
Top Ten as a Group 54.1%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR093S

AMG Yacktman Special Opportunities Fund
Class I/YASSX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG Yacktman Special Opportunities Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG Yacktman Special Opportunities Fund
(Class I/YASSX)		 $52 1.00%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $28,221,957
Total number of portfolio holdings 46
Net advisory fees paid $47,931
Portfolio turnover rate as of the end of the reporting period 2%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Omni Bridgeway, Ltd. (Australia) 7.4%
Arrow Exploration Corp. (Canada) 6.4%
Total Energy Services, Inc. (Canada) 5.6%
Italian Wine Brands S.p.A. (Italy) 5.3%
Macfarlane Group PLC (United Kingdom) 5.2%
Legacy Housing Corp. (United States) 4.8%
Fila S.p.A. (Italy) 4.4%
Brickability Group PLC (United Kingdom) 4.3%
Texhong International Group, Ltd. (Hong Kong) 4.0%
U-Haul Holding Co., Non-Voting Shares (United States) 3.9%
Top Ten as a Group 51.3%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR095S

AMG Yacktman Special Opportunities Fund
Class Z/YASLX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2025
This semi-annual shareholder report contains important information about AMG Yacktman Special Opportunities Fund (the “Fund”) for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG Yacktman Special Opportunities Fund
(Class Z/YASLX)		 $47 0.90%
Key Fund Statistics (as of June 30, 2025)
Fund net assets $28,221,957
Total number of portfolio holdings 46
Net advisory fees paid $47,931
Portfolio turnover rate as of the end of the reporting period 2%
Graphical Representation of Holdings (as of June 30, 2025)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.
Top Ten Holdings
Omni Bridgeway, Ltd. (Australia) 7.4%
Arrow Exploration Corp. (Canada) 6.4%
Total Energy Services, Inc. (Canada) 5.6%
Italian Wine Brands S.p.A. (Italy) 5.3%
Macfarlane Group PLC (United Kingdom) 5.2%
Legacy Housing Corp. (United States) 4.8%
Fila S.p.A. (Italy) 4.4%
Brickability Group PLC (United Kingdom) 4.3%
Texhong International Group, Ltd. (Hong Kong) 4.0%
U-Haul Holding Co., Non-Voting Shares (United States) 3.9%
Top Ten as a Group 51.3%
Portfolio Breakdown
Graphical Representation - Allocation 1 Chart
Country Allocation
Graphical Representation - Allocation 2 Chart
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 800.548.4539 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
For additional information, please navigate to the additional material at https://wealth.amg.com/literature.
063025            TSR096S


(b) Not applicable.

Item 2. CODE OF ETHICS

Not required in this filing.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not required in this filing.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not required in this filing.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

Item 6. INVESTMENTS

The schedule of investments in securities of unaffiliated issuers as of the close of the reporting period is included in the financial statements filed under Item 7 hereof.

Item 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

LOGO    

SEMI-ANNUAL FINANCIAL STATEMENTS

 

 

 

 

          AMG Funds
 
     June 30, 2025
 
     LOGO
 
     AMG GW&K Small Cap Core Fund
    

Class N: GWETX  |  Class I: GWEIX  |  Class Z: GWEZX

 
     AMG GW&K Small Cap Value Fund
    

Class N: SKSEX   |  Class I: SKSIX   |  Class Z: SKSZX

 
     AMG GW&K Small/Mid Cap Core Fund
    

Class N: GWGVX  |  Class I: GWGIX  |  Class Z: GWGZX

 
    

 

 

 

 
 wealth.amg.com          063025    SAR089

    

 

AMG Funds

Semi-Annual Financial Statements — June 30, 2025 (unaudited)

 

 

 
      
     TABLE OF CONTENTS    PAGE  
   

 

  
 
   

FINANCIAL STATEMENTS

   
 
   

Schedules of Portfolio Investments

   
 
   

AMG GW&K Small Cap Core Fund

      2  
 
   

AMG GW&K Small Cap Value Fund

      5  
 
   

AMG GW&K Small/Mid Cap Core Fund

      8  
 
   

Statement of Assets and Liabilities

      10  
 
   

Balance sheets, net asset value (NAV) per share computations
and cumulative distributable earnings (loss)

   
 
   

Statement of Operations

     12  
 
   

Detail of sources of income, expenses, and realized and
unrealized gains (losses) during the fiscal period

   
 
   

Statements of Changes in Net Assets

     13  
 
   

Detail of changes in assets for the past two fiscal periods

   
 
   

Financial Highlights

     15  
 
   

Historical net asset values per share, distributions, total returns, income
and expense ratios, turnover ratios and net assets

   
 
   

Notes to Financial Statements

     24  
 
   

Accounting and distribution policies, details of agreements and
transactions with Fund management and affiliates, and descriptions of
certain investment risks

   
 
   

OTHER INFORMATION

      31  
 
   

STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT

      32  
 
      

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

 

 

AMG GW&K Small Cap Core Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Shares      Value  

Common Stocks - 97.9%

      

Consumer Discretionary - 11.3%

      

Asbury Automotive Group, Inc.*

     25,642        $6,116,643  

Boot Barn Holdings, Inc.*

     36,341        5,523,832  

Champion Homes, Inc.*

     124,614        7,802,082  

First Watch Restaurant Group, Inc.*

     422,916        6,783,573  

Grand Canyon Education, Inc.*

     46,949        8,873,361  

La-Z-Boy, Inc.

      97,570        3,626,677  

Oxford Industries, Inc.1

     64,237        2,585,539  

Patrick Industries, Inc.1

     82,630        7,624,270  

Revolve Group, Inc.*

     103,131        2,067,776  

Texas Roadhouse, Inc.

      50,724        9,506,185  

Tri Pointe Homes, Inc.*

     184,243        5,886,564  

Total Consumer Discretionary

         66,396,502  

Consumer Staples - 3.2%

      

Central Garden & Pet Co., Class A*

     251,655        7,874,285  

Utz Brands, Inc.

      391,030        4,907,427  

The Vita Coco Co., Inc.*

     172,603        6,230,968  

Total Consumer Staples

         19,012,680  

Energy - 4.5%

      

Chord Energy Corp.

      52,007        5,036,878  

Gulfport Energy Corp.*

     21,800        4,385,506  

Magnolia Oil & Gas Corp., Class A

      269,364        6,055,303  

Matador Resources Co.

      156,694        7,477,438  

Solaris Energy Infrastructure, Inc., Class A1

     123,184        3,484,875  

Total Energy

         26,440,000  

Financials - 16.2%

      

Ameris Bancorp

      143,445        9,280,892  

The Baldwin Insurance Group, Inc.*,1

     140,732        6,024,737  

Cathay General Bancorp

      138,036        6,284,779  

Cohen & Steers, Inc.

      69,134        5,209,247  

Glacier Bancorp, Inc.

      81,604        3,515,500  

Horace Mann Educators Corp.

      191,903        8,246,072  

Houlihan Lokey, Inc.

      55,925        10,063,704  

Independent Bank Corp.

      77,812        4,893,208  

OceanFirst Financial Corp.

      295,445        5,202,786  

Pacific Premier Bancorp, Inc.

      173,411        3,657,238  

Perella Weinberg Partners

      205,724        3,995,160  

Seacoast Banking Corp. of Florida

      277,197        7,656,181  

Stifel Financial Corp.

      87,363        9,066,532  

Texas Capital Bancshares, Inc.*

     58,425        4,638,945  

UMB Financial Corp.

      68,615        7,215,553  

Total Financials

         94,950,534  
     
      Shares      Value  

Health Care - 17.5%

      

Agios Pharmaceuticals, Inc.*

     138,063        $4,591,975  

Arcutis Biotherapeutics, Inc.*

     270,356        3,790,391  

Artivion, Inc.*

     195,918        6,093,050  

AtriCure, Inc.*

     200,941        6,584,837  

Azenta, Inc.*

     76,334        2,349,561  

BioCryst Pharmaceuticals, Inc.*

     504,117        4,516,888  

Crinetics Pharmaceuticals, Inc.*

     127,350        3,662,586  

Globus Medical, Inc., Class A*

     123,538        7,291,213  

Halozyme Therapeutics, Inc.*

     101,722        5,291,578  

HealthEquity, Inc.*

     76,857        8,051,539  

Insmed, Inc.*

     84,683        8,522,497  

Medpace Holdings, Inc.*

     22,236        6,978,991  

NeoGenomics, Inc.*

     384,992        2,814,292  

Phreesia, Inc.*

     243,886        6,940,996  

Supernus Pharmaceuticals, Inc.*

     231,668        7,302,175  

Tandem Diabetes Care, Inc.*

     254,650        4,746,676  

US Physical Therapy, Inc.

      80,600        6,302,920  

Veracyte, Inc.*

     242,681        6,559,667  

Total Health Care

         102,391,832  

Industrials - 18.9%

      

Cadre Holdings, Inc.

      176,525        5,622,321  

CBIZ, Inc.*,1

     130,951        9,390,496  

Chart Industries, Inc.*

     26,389        4,344,949  

Ducommun, Inc.*

     73,509        6,074,049  

Enerpac Tool Group Corp.

      136,351        5,530,397  

Gates Industrial Corp. PLC*

     230,600        5,310,718  

Hillman Solutions Corp.*

     616,381        4,400,960  

ITT, Inc.

      48,415        7,592,924  

Primoris Services Corp.

      118,854        9,263,481  

RBC Bearings, Inc.*

     31,848        12,255,110  

Schneider National, Inc., Class B1

     120,245        2,903,917  

SPX Technologies, Inc.*

     75,033        12,581,533  

Sterling Infrastructure, Inc.*

     59,723        13,779,888  

Thermon Group Holdings, Inc.*

     134,119        3,766,062  

UFP Industries, Inc.

      79,122        7,861,562  

Total Industrials

         110,678,367  

Information Technology - 13.5%

      

Advanced Energy Industries, Inc.

      52,429        6,946,843  

Alkami Technology, Inc.*,1

     208,763        6,292,117  

Allegro MicroSystems, Inc.*,1

     179,063        6,122,164  

Appfolio, Inc., Class A*,1

     33,701        7,760,666  

The Descartes Systems Group, Inc. (Canada)*

     88,346        8,979,929  
     
 

 

 

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

2

    

 

AMG GW&K Small Cap Core Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

     

 

     

 

Shares

      Value  

Information Technology - 13.5% (continued)

      

Intapp, Inc.*

     193,602        $9,993,735  

MACOM Technology Solutions Holdings, Inc.*

     100,038        14,334,445  

Novanta, Inc.*

     59,003        7,607,257  

PAR Technology Corp.*,1

     70,165        4,867,346  

Viavi Solutions, Inc.*

     603,034        6,072,552  

Total Information Technology

         78,977,054  

Materials - 5.0%

      

Avient Corp.

      195,021        6,301,128  

Balchem Corp.

      47,959        7,635,073  

Minerals Technologies, Inc.

      106,595        5,870,187  

Silgan Holdings, Inc.

      174,003        9,427,483  

Total Materials

         29,233,871  

Real Estate - 5.5%

      

Agree Realty Corp., REIT 1

     84,692        6,187,598  

Independence Realty Trust, Inc., REIT

      289,244        5,116,726  

National Health Investors, Inc., REIT

      71,823        5,036,229  

Ryman Hospitality Properties, Inc., REIT 1

     65,252        6,438,415  

STAG Industrial, Inc., REIT

      259,622        9,419,086  

Total Real Estate

         32,198,054  

Utilities - 2.3%

      

IDACORP, Inc.

      55,494        6,406,782  

Northwestern Energy Group, Inc.

      142,423        7,306,300  

Total Utilities

         13,713,082  

Total Common Stocks

      

(Cost $405,082,230)

         573,991,976  
     
      Principal
Amount		      Value  

Short-Term Investments - 2.2%

      

Joint Repurchase Agreements - 0.4%2

     

BNP Paribas S.A., dated 06/30/25, due 07/01/25, 4.380% total to be received $59,725 (collateralized by various U.S. Treasuries, 0.000% - 3.875%, 07/10/25 - 05/15/42, totaling $60,912)

      $59,718        $59,718  

Cantor Fitzgerald Securities, Inc., dated 06/30/25, due 07/01/25, 4.390% total to be received $1,000,122 (collateralized by various U.S. Government Agency Obligations, 2.000% -6.500%, 06/01/30 - 02/01/57, totaling $1,020,000)

      1,000,000        1,000,000  

Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $1,000,124 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 -05/15/55, totaling $1,020,127)

      1,000,000        1,000,000  

Total Joint Repurchase Agreements

         2,059,718  

Repurchase Agreements - 1.8%

      

Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $10,824,233 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $11,039,469)

      10,823,000        10,823,000  

Total Short-Term Investments

      

(Cost $12,882,718)

         12,882,718  

Total Investments - 100.1%

      

(Cost $417,964,948)

         586,874,694  

Other Assets, less Liabilities - (0.1)%

         (625,278 ) 

Net Assets - 100.0%

       $ 586,249,416  
     
 

 

* Non-income producing security.

 

1 

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

 

2 

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.

3

    

 

AMG GW&K Small Cap Core Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

     

 

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

 

    

Level 1 

 

   

Level 2 

 

   

Level 3

 

   

Total

 

 Investments in Securities

                    

 Common Stocks†

    

 

$573,991,976

    

 

—

    

 

—

    

 

$573,991,976

 Short-Term Investments

                    

 Joint Repurchase Agreements

        —        $2,059,718        —        2,059,718

 Repurchase Agreements

        —        10,823,000        —        10,823,000
    

 

 

       

 

 

       

 

 

       

 

 

  

 Total Investments in Securities

     

 

$573,991,976

    

 

$12,882,718

    

 

  —

    

 

$586,874,694

    

 

 

       

 

 

       

 

 

       

 

 

  

 

† 

All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

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

 

 

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

4

AMG GW&K Small Cap Value Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Shares       Value   

Common Stocks - 98.8%

      

Communication Services - 3.2%

      

Bandwidth, Inc., Class A*

     111,047        $1,765,648  

IMAX Corp. (Canada)*,1

     130,420        3,646,543  

Ziff Davis, Inc.*

     35,700        1,080,639  

Total Communication Services

         6,492,830  

Consumer Discretionary - 8.4%

      

Arhaus, Inc.*,1

     175,695        1,523,276  

Boot Barn Holdings, Inc.*

     13,328        2,025,856  

Camping World Holdings, Inc., Class A

      139,250        2,393,707  

Genius Sports, Ltd. (United Kingdom)*

     317,500        3,302,000  

Group 1 Automotive, Inc.

      8,032        3,507,655  

Patrick Industries, Inc.1

     23,049        2,126,731  

Tri Pointe Homes, Inc.*

     59,525        1,901,824  

Total Consumer Discretionary

         16,781,049  

Consumer Staples - 1.7%

      

Central Garden & Pet Co.*

     78,195        2,750,900  

Central Garden & Pet Co., Class A*

     18,851        589,848  

Total Consumer Staples

         3,340,748  

Energy - 6.7%

      

California Resources Corp.

      30,235        1,380,833  

Chord Energy Corp.

      17,860        1,729,741  

Magnolia Oil & Gas Corp., Class A1

     104,505        2,349,272  

Matador Resources Co.

      44,706        2,133,370  

Permian Resources Corp.

      116,028        1,580,301  

Solaris Energy Infrastructure, Inc., Class A1

     150,140        4,247,461  

Total Energy

         13,420,978  

Financials - 29.7%

      

Ameris Bancorp

      61,728        3,993,802  

Atlantic Union Bankshares Corp.1

     90,029        2,816,107  

Bowhead Specialty Holdings, Inc.*

     70,791        2,656,786  

Cathay General Bancorp

      57,872        2,634,912  

City Holding Co.1

     25,734        3,150,356  

Community Financial System, Inc.

      41,869        2,381,090  

Enterprise Financial Services Corp.

      39,900        2,198,490  

Federal Agricultural Mortgage Corp., Class C

      23,679        4,600,356  

First Financial Bancorp

      94,204        2,285,389  

Glacier Bancorp, Inc.

      43,180        1,860,194  

Hancock Whitney Corp.

      40,700        2,336,180  

Horace Mann Educators Corp.

      43,000        1,847,710  

International Bancshares Corp.

      57,750        3,843,840  

OceanFirst Financial Corp.

      99,313        1,748,902  

Piper Sandler Cos.

      10,312        2,866,117  
     
      Shares       Value   

PJT Partners, Inc., Class A1

     17,702        $2,921,007  

Seacoast Banking Corp. of Florida

      61,397        1,695,785  

Selective Insurance Group, Inc.

      45,110        3,908,782  

Stifel Financial Corp.

      30,269        3,141,317  

Veritex Holdings, Inc.

      81,920        2,138,112  

Walker & Dunlop, Inc.

      37,603        2,650,260  

WesBanco, Inc.

      48,503        1,534,150  

Total Financials

         59,209,644  

Health Care - 9.1%

      

Agios Pharmaceuticals, Inc.*

     49,610        1,650,029  

Dynavax Technologies Corp.*,1

     177,525        1,761,048  

Integer Holdings Corp.*

     35,596        4,377,240  

Ligand Pharmaceuticals, Inc.*

     29,417        3,344,125  

NeoGenomics, Inc.*

     257,314        1,880,965  

OmniAb, Inc.*,2,3

     10,502        0  

OmniAb, Inc.*,2,3

     10,502        0  

Supernus Pharmaceuticals, Inc.*

     100,381        3,164,009  

Ultragenyx Pharmaceutical, Inc.*

     52,789        1,919,408  

Total Health Care

         18,096,824  

Industrials - 12.9%

      

CBIZ, Inc.*,1

     27,766        1,991,100  

Ducommun, Inc.*

     24,100        1,991,383  

Everus Construction Group, Inc.*

     19,898        1,264,120  

Gates Industrial Corp. PLC*

     112,735        2,596,287  

Hillman Solutions Corp.*

     430,464        3,073,513  

Interface, Inc.

      111,510        2,333,904  

Powell Industries, Inc.1

     10,400        2,188,680  

Primoris Services Corp.

      30,015        2,339,369  

Thermon Group Holdings, Inc.*

     64,002        1,797,176  

UFP Industries, Inc.

      28,720        2,853,619  

WNS Holdings, Ltd. (India)*

     53,845        3,405,158  

Total Industrials

         25,834,309  

Information Technology - 5.1%

      

Avnet, Inc.

      43,080        2,286,686  

TTM Technologies, Inc.*

     134,450        5,488,249  

Viavi Solutions, Inc.*

     235,230        2,368,766  

Total Information Technology

         10,143,701  

Materials - 3.8%

      

Minerals Technologies, Inc.

      29,946        1,649,126  

Orion, S.A.

      84,351        884,842  

Silgan Holdings, Inc.

      58,965        3,194,724  

Worthington Steel, Inc.

      62,568        1,866,403  

Total Materials

         7,595,095  
     
 

 

 

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

5

 

AMG GW&K Small Cap Value Fund

Schedule of Portfolio Investments (continued)

 

 

       
Shares 		      Value   

Real Estate - 13.5%

      

Acadia Realty Trust, REIT

      115,080        $2,137,035  

Agree Realty Corp., REIT

      41,874        3,059,314  

Armada Hoffler Properties, Inc., REIT

      265,350        1,822,955  

Compass, Inc., Class A*

     219,500        1,378,460  

Essential Properties Realty Trust, Inc., REIT

      86,500        2,760,215  

Four Corners Property Trust, Inc., REIT 1

     104,218        2,804,506  

Getty Realty Corp., REIT 1

     86,037        2,378,063  

Independence Realty Trust, Inc., REIT

      223,152        3,947,559  

NETSTREIT Corp., REIT

      118,900        2,012,977  

Piedmont Realty Trust, Inc., REIT

      301,525        2,198,117  

STAG Industrial, Inc., REIT

      65,710        2,383,959  

Total Real Estate

         26,883,160  

Utilities - 4.7%

      

IDACORP, Inc.

      25,839        2,983,113  

MDU Resources Group, Inc.

      140,775        2,346,719  

Northwestern Energy Group, Inc.

      36,728        1,884,146  

Southwest Gas Holdings, Inc.

      28,235        2,100,402  

Total Utilities

         9,314,380  

Total Common Stocks
(Cost $158,714,864)

         197,112,718  
     Principal
Amount		         

Short-Term Investments - 3.3%

 

   

Joint Repurchase Agreements - 2.1%4

 

   

Cantor Fitzgerald Securities, Inc., dated 06/30/25, due 07/01/25, 4.390% total to be received $1,065,543 (collateralized by various U.S. Government Agency Obligations, 2.000% -6.500%, 06/01/30 - 02/01/57, totaling $1,086,721)

      $1,065,413        1,065,413  
     
      Principal
Amount		      Value  

CF Secured, LLC, dated 06/30/25, due 07/01/25, 4.390% total to be received $1,065,543 (collateralized by various U.S. Government Agency Obligations, 3.000% - 6.500%, 05/23/28 - 12/01/63, totaling $1,086,966)

      $1,065,413        $1,065,413  

Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $1,065,545 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 -05/15/55, totaling $1,086,856)

      1,065,413        1,065,413  

Deutsche Bank Securities, Inc., dated 06/30/25, due 07/01/25, 4.380% total to be received $65,793 (collateralized by various U.S. Treasuries, 1.875% - 4.250%, 11/15/40 -02/15/51, totaling $67,101)

      65,785        65,785  

State of Wisconsin Investment Board, dated 06/30/25, due 07/01/25, 4.480% total to be received $1,000,124 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/26 -02/15/54, totaling $1,016,993)

      1,000,000        1,000,000  

Total Joint Repurchase Agreements

         4,262,024  

Repurchase Agreements - 1.2%

 

   

Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $2,299,262 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $2,345,029)

      2,299,000        2,299,000  

Total Short-Term Investments
(Cost $6,561,024)

         6,561,024  

Total Investments - 102.1%
(Cost $165,275,888)

         203,673,742  

Other Assets, less Liabilities - (2.1)%

         (4,218,663 ) 

Net Assets - 100.0%

         $199,455,079  

 

      
 

 

* 

Non-income producing security.

 

1 

Some of these securities, amounting to $26,419,975 or 13.2% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

 

2 

Security’s value was determined by using significant unobservable inputs.

 

3 

These securities are restricted and are not available for re-sale. Ligand Pharmaceuticals, Inc. (“Ligand”) completed a spin-off of OmniAb, Inc on November 2, 2022. Ligand shareholders received new holdings of OmniAb earn-out shares. The market value of earn-out shares was $0 on the date of the spin-off. At June 30, 2025, for each holding of OmniAb earn-out shares the cost was $19,190 and the market value of each was $0, which represents 0% of net assets..

4 

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.

6

    

 

AMG GW&K Small Cap Value Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

     

 

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

 

    

Level 1 

 

   

Level 2 

 

   

Level 3

 

   

Total

 

 Investments in Securities

                    

Common Stocks

                    

Financials

        $59,209,644        —        —        $59,209,644

Real Estate

        26,883,160        —        —        26,883,160

Industrials

        25,834,309        —        —        25,834,309

Health Care

        18,096,824        —        $0        18,096,824

Consumer Discretionary

        16,781,049        —        —        16,781,049

Energy

        13,420,978        —        —        13,420,978

Information Technology

        10,143,701        —        —        10,143,701

Utilities

        9,314,380        —        —        9,314,380

Materials

        7,595,095        —        —        7,595,095

Communication Services

        6,492,830        —        —        6,492,830

Consumer Staples

        3,340,748        —        —        3,340,748

Short-Term Investments

                    

Joint Repurchase Agreements

        —        $4,262,024        —        4,262,024

Repurchase Agreements

        —        2,299,000        —        2,299,000
    

 

 

       

 

 

       

 

 

       

 

 

  

 Total Investments in Securities

     

 

$197,112,718

    

 

$6,561,024

    

 

  $0

    

 

$203,673,742

    

 

 

       

 

 

       

 

 

       

 

 

  

The Level 3 common stocks were received as a result of a corporate action. The security’s value was determined by using significant unobservable inputs. For the current period ended June 30, 2025, the change in unrealized depreciation was $0.

For the six months ended June 30, 2025, there were no transfers in or out of Level 3. The Fund did not have any purchases and sales of Level 3 securities for the same period.

 

 

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

7

   

AMG GW&K Small/Mid Cap Core Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Shares       Value  

Common Stocks - 99.7%

      

Consumer Discretionary - 13.7%

      

Bright Horizons Family Solutions, Inc.*

     88,970        $10,995,802  

Burlington Stores, Inc.*

     40,114        9,332,121  

Cavco Industries, Inc.*

     27,937        12,136,671  

Churchill Downs, Inc.

      79,352        8,014,552  

Dorman Products, Inc.*

     94,897        11,641,015  

Gentherm, Inc.*

     160,382        4,537,207  

Grand Canyon Education, Inc.*

     42,509        8,034,201  

Group 1 Automotive, Inc.

      26,897        11,746,189  

Pool Corp.1

     22,007        6,414,600  

Texas Roadhouse, Inc.

      78,169        14,649,652  

Tri Pointe Homes, Inc.*

     198,062        6,328,081  

Total Consumer Discretionary

         103,830,091  

Consumer Staples - 5.3%

      

BJ’s Wholesale Club Holdings, Inc.*

     120,575        13,001,602  

Freshpet, Inc.*

     42,620        2,896,455  

The Marzetti Company

      57,051        9,856,701  

Performance Food Group Co.*

     168,244        14,716,303  

Total Consumer Staples

         40,471,061  

Energy - 3.6%

      

Antero Resources Corp.*

     139,500        5,619,060  

Magnolia Oil & Gas Corp., Class A

      272,326        6,121,889  

Matador Resources Co.

      115,443        5,508,940  

Ovintiv, Inc.

      137,159        5,218,900  

Permian Resources Corp.

      381,565        5,196,915  

Total Energy

         27,665,704  

Financials - 14.5%

      

Assurant, Inc.

      37,162        7,339,123  

Atlantic Union Bankshares Corp.

      246,933        7,724,064  

Cullen/Frost Bankers, Inc.

      60,229        7,741,836  

Glacier Bancorp, Inc.

      131,385        5,660,066  

Kinsale Capital Group, Inc.

      24,555        11,882,164  

MarketAxess Holdings, Inc.

      19,418        4,336,816  

Pinnacle Financial Partners, Inc.

      102,892        11,360,306  

Piper Sandler Cos.

      52,858        14,691,353  

Stifel Financial Corp.

      98,587        10,231,359  

UMB Financial Corp.

      58,088        6,108,534  

Voya Financial, Inc.

      173,246        12,300,466  

Wintrust Financial Corp.

      87,880        10,895,362  

Total Financials

         110,271,449  

Health Care - 13.8%

      

Acadia Healthcare Co., Inc.*

     225,045        5,106,271  
     
      Shares       Value  

Azenta, Inc.*

     95,642        $2,943,861  

Bio-Rad Laboratories, Inc., Class A*

     22,487        5,426,563  

Globus Medical, Inc., Class A*

     185,318        10,937,468  

Halozyme Therapeutics, Inc.*

     118,260        6,151,885  

Hologic, Inc.*

     93,405        6,086,270  

Insmed, Inc.*

     109,214        10,991,297  

Integer Holdings Corp.*

     66,708        8,203,083  

Jazz Pharmaceuticals PLC (Ireland)*

     80,887        8,583,728  

Medpace Holdings, Inc.*

     18,538        5,818,337  

Natera, Inc.*

     61,354        10,365,145  

Neurocrine Biosciences, Inc.*

     89,853        11,293,623  

Tandem Diabetes Care, Inc.*

     316,301        5,895,851  

Vericel Corp.*

     156,386        6,654,224  

Total Health Care

         104,457,606  

Industrials - 23.6%

      

Allegion PLC (Ireland)

      40,900        5,894,508  

API Group Corp.*

     345,716        17,648,802  

Applied Industrial Technologies, Inc.1

     21,315        4,954,672  

Booz Allen Hamilton Holding Corp.

      45,620        4,750,411  

Chart Industries, Inc.*

     42,557        7,007,010  

Comfort Systems USA, Inc.

      29,828        15,994,072  

Exponent, Inc.

      57,761        4,315,324  

Federal Signal Corp.

      125,640        13,370,609  

Gates Industrial Corp. PLC*

     593,467        13,667,545  

IDEX Corp.

      54,135        9,504,482  

ITT, Inc.

      76,946        12,067,441  

Lincoln Electric Holdings, Inc.

      37,871        7,851,416  

Nordson Corp.

      55,512        11,900,107  

Paylocity Holding Corp.*

     52,408        9,495,805  

Powell Industries, Inc.

      28,859        6,073,377  

RBC Bearings, Inc.*

     37,096        14,274,541  

Schneider National, Inc., Class B

      218,699        5,281,581  

Simpson Manufacturing Co., Inc.

      41,092        6,381,998  

SiteOne Landscape Supply, Inc.*

     71,399        8,634,995  

Total Industrials

         179,068,696  

Information Technology - 14.1%

      

Advanced Energy Industries, Inc.

      28,700        3,802,750  

CCC Intelligent Solutions Holdings, Inc.*,1

     989,286        9,309,181  

Cognex Corp.

      228,129        7,236,252  

CyberArk Software, Ltd. (Israel)*

     42,445        17,270,022  

Entegris, Inc.

      76,924        6,203,921  

Globant, S.A. (Luxembourg)*

     39,438        3,582,548  

Jabil, Inc.

      38,068        8,302,631  
     
 

 

 

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

8

    

 

AMG GW&K Small/Mid Cap Core Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

     

 

      Shares       Value  

Information Technology - 14.1% (continued)

 

   

MACOM Technology Solutions Holdings, Inc.*

     100,387        $14,384,453  

Manhattan Associates, Inc.*

     38,171        7,537,627  

Procore Technologies, Inc.*

     113,326        7,753,765  

SailPoint, Inc.*

     351,796        8,042,056  

ServiceTitan, Inc., Class A*

     46,800        5,016,024  

Zebra Technologies Corp., Class A*

     27,099        8,356,248  

Total Information Technology

         106,797,478  

Materials - 5.4%

      

AptarGroup, Inc.

      39,693        6,209,176  

Eagle Materials, Inc.

      49,343        9,972,714  

Element Solutions, Inc.

      438,827        9,939,431  

Quaker Chemical Corp.

      49,066        5,492,448  

RPM International, Inc.

      87,827        9,646,918  

Total Materials

         41,260,687  

Real Estate - 3.7%

      

Agree Realty Corp., REIT

      105,093        7,678,095  

EastGroup Properties, Inc., REIT

      42,062        7,029,402  

Healthpeak Properties, Inc., REIT

      299,787        5,249,270  

Sun Communities, Inc., REIT

      63,488        8,030,597  

Total Real Estate

         27,987,364  

Utilities - 2.0%

      

IDACORP, Inc.

      74,957        8,653,786  
     
      Shares       Value  

Portland General Electric Co.

      155,707        $6,326,375  

Total Utilities

         14,980,161  

Total Common Stocks
(Cost $624,188,622)

         756,790,297  
     Principal 
Amount 		         

Short-Term Investments - 0.6%

 

   

Joint Repurchase Agreements - 0.0%#,2

     

Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $11,978 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $12,218)

      $11,977        11,977  

Repurchase Agreements - 0.6%

      

Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $4,479,510 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $4,568,656)

      4,479,000        4,479,000  

Total Short-Term Investments
(Cost $4,490,977)

         4,490,977  

Total Investments - 100.3%
(Cost $628,679,599)

         761,281,274  

Other Assets, less Liabilities - (0.3)%

         (2,294,627 ) 

Net Assets - 100.0%

       $ 758,986,647  

 

      

 

 

 

* 

Non-income producing security.

 

# 

Less than 0.05%.

 

1 

Some of these securities, amounting to $17,361,690 or 2.3% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

2 

Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

 

REIT

Real Estate Investment Trust

 

 

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

 

    

Level 1

 

   

Level 2

 

   

Level 3

 

   

Total

 

 Investments in Securities

                    

Common Stocks†

    

 

$756,790,297

    

 

—

    

 

—

    

 

$756,790,297

Short-Term Investments

                    

Joint Repurchase Agreements

        —        $11,977        —        11,977

Repurchase Agreements

        —        4,479,000        —        4,479,000
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments in Securities

     

 

$756,790,297

    

 

$4,490,977

    

 

  —

    

 

$761,281,274

    

 

 

       

 

 

       

 

 

       

 

 

  

 

† 

All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

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

 

 

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

9

    

 

Statement of Assets and Liabilities (unaudited)

June 30, 2025

 

   

 

 

     

 

 

 

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

Assets:

         

Investments at value1 (including securities on loan valued at $43,459,943, $26,419,975, and $17,361,690, respectively)

      $586,874,694        $203,673,742        $761,281,274  

Cash

      27        683        855  

Receivable for investments sold

      1,723,034        —        2,855,009  

Dividend and interest receivables

      477,979        293,157        448,352  

Securities lending income receivable

      4,050        1,756        2,890  

Receivable for Fund shares sold

      78,099        31,069        165,406  

Receivable from affiliate

      5,385        10,085        3,595  

Prepaid expenses and other assets

      32,843        22,637        38,510  

Total assets

      589,196,111        204,033,129        764,795,891  

Liabilities:

         

Payable upon return of securities loaned

      2,059,718        4,262,024        11,977  

Payable for investments purchased

      —        —        4,941,612  

Payable for Fund shares repurchased

      299,240        54,076        181,888  

Accrued expenses:

         

Investment advisory and management fees

      333,276        113,106        379,791  

Administrative fees

      71,416        24,237        91,885  

Distribution fees

      1,258        —        9,518  

Shareholder service fees

      16,498        28,881        14,321  

Other

      165,289        95,726        178,252  

Total liabilities

      2,946,695        4,578,050        5,809,244  

Commitments and Contingencies (Notes 2 & 7)

         

Net Assets

      $586,249,416        $199,455,079        $758,986,647  

1 Investments at cost

      $417,964,948        $165,275,888        $628,679,599  

 

 

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

10

    

 

 

Statement of Assets and Liabilities (continued)

 

   

 

 

     

 

 

 

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

 Net Assets Represent:

         

 Paid-in capital

      $396,287,661        $150,823,941        $621,014,886  

 Total distributable earnings

      189,961,755        48,631,138        137,971,761  

 Net Assets

      $586,249,416        $199,455,079        $758,986,647  

 Class N:

         

 Net Assets

      $6,178,478        $129,122,774        $46,931,254  

 Shares outstanding

      198,242        4,548,952        2,586,690  

 Net asset value, offering and redemption price per share

      $31.17        $28.39        $18.14  

 Class I:

         

 Net Assets

      $387,486,817        $68,156,458        $355,654,595  

 Shares outstanding

      12,018,328        2,401,874        19,490,531  

 Net asset value, offering and redemption price per share

      $32.24        $28.38        $18.25  

Class Z:

         

 Net Assets

      $192,584,121        $2,175,847        $356,400,798  

 Shares outstanding

      5,966,890        76,998        19,491,809  

 Net asset value, offering and redemption price per share

      $32.28        $28.26        $18.28  

 

 

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

11

    

 

Statement of Operations (unaudited)

For the six months ended June 30, 2025

 

   

 

 

     

 

 

 

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

Investment Income:

       

Dividend income

      $3,096,144       $1,895,009       $4,134,725  

Interest income

      181,450       57,048       230,655  

Securities lending income

      25,472       14,156       16,454  

Foreign withholding tax

      —       (532 )      (392 ) 

Total investment income

      3,303,066       1,965,681       4,381,442  

Expenses:

       

Investment advisory and management fees

      2,133,828       725,164       2,355,334  

Administrative fees

      457,249       155,392       569,839  

Distribution fees - Class N

      7,716       —       59,810  

Shareholder servicing fees - Class N

      4,629       166,301       —  

Shareholder servicing fees - Class I

      101,304       17,388       88,744  

Professional fees

      40,618       27,841       47,951  

Custodian fees

      31,178       18,353       33,115  

Trustee fees and expenses

      27,415       9,395       34,138  

Registration fees

      27,067       22,874       26,326  

Reports to shareholders

      23,998       16,494       28,685  

Transfer agent fees

      11,154       10,625       16,113  

Miscellaneous

      13,607       5,712       15,432  

Repayment of prior reimbursements

      —       —       2,471  

Total expenses before offsets

      2,879,763       1,175,539       3,277,958  

Expense reimbursements

      (22,621 )      (59,496 )      (14,285 ) 

Expense reductions

      (37,047 )      (17,387 )      (8,256 ) 

Net expenses

      2,820,095       1,098,656       3,255,417  
      

Net investment income

      482,971       867,025       1,126,025  

Net Realized and Unrealized Loss:

       

Net realized gain on investments

      19,322,674       4,084,879       3,033,770  

Net change in unrealized appreciation/depreciation on investments

      (40,951,976 )      (20,678,241 )      (35,178,429 ) 

Net realized and unrealized loss

      (21,629,302 )      (16,593,362 )      (32,144,659 ) 
      

Net decrease in net assets resulting from operations

      $(21,146,331 )      $(15,726,337 )      $(31,018,634 ) 

 

 

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

12

    

 

Statements of Changes in Net Assets

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

 

   

 

 

     

 

 

 

     AMG
GW&K Small Cap
Core Fund		        AMG
GW&K Small Cap
Value Fund
     June 30, 2025        December 31, 2024        June 30, 2025        December 31, 2024

Increase (Decrease) in Net Assets Resulting From Operations:

                  

Net investment income

      $482,971          $1,421,940          $867,025          $1,821,392  

Net realized gain on investments

      19,322,674          32,729,359          4,084,879          23,122,484  

Net change in unrealized appreciation/depreciation on investments

      (40,951,976 )         50,631,743          (20,678,241 )         (653,748 ) 
                 

Net increase (decrease) in net assets resulting from operations

      (21,146,331 )         84,783,042          (15,726,337 )         24,290,128  

Distributions to Shareholders:

                  

Class N

      —          (292,459 )         —          (11,984,284 ) 

Class I

      —          (18,017,616 )         —          (6,371,997 ) 

Class Z

      —          (8,625,956 )         —          (550,626 ) 
                 

Total distributions to shareholders

      —          (26,936,031 )         —          (18,906,907 ) 

Capital Share Transactions:1

                 

Net decrease from capital share transactions

      (57,416,445 )         (33,750,093 )         (16,489,965 )         (31,310,604 ) 
                 

Total increase (decrease) in net assets

      (78,562,776 )         24,096,918          (32,216,302 )         (25,927,383 ) 

Net Assets:

                  

Beginning of period

      664,812,192          640,715,274          231,671,381          257,598,764  
                 

End of period

      $586,249,416          $664,812,192          $199,455,079          $231,671,381  

1 See Note 1(g) of the Notes to Financial Statements.

 

 

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

13

    

 

Statements of Changes in Net Assets (continued)

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

 

   

 

 

     

 

 

     AMG
GW&K Small/Mid
Cap Core Fund
     June 30, 2025        December 31, 2024

Increase (Decrease) in Net Assets Resulting From Operations:

        

Net investment income

      $1,126,025          $657,038  

Net realized gain on investments

      3,033,770          21,191,929  

Net change in unrealized appreciation/depreciation on investments

      (35,178,429 )         49,691,605  
       

Net increase (decrease) in net assets resulting from operations

      (31,018,634 )         71,540,572  

Distributions to Shareholders:

        

Class N

      —          (448,980 ) 

Class I

      —          (3,463,193 ) 

Class Z

      —          (3,803,117 ) 
       

Total distributions to shareholders

      —          (7,715,290 ) 

Capital Share Transactions:1

       

Net increase (decrease) from capital share transactions

      (22,492,378 )         51,759,329  
       

Total increase (decrease) in net assets

      (53,511,012 )         115,584,611  

Net Assets:

        

Beginning of period

      812,497,659          696,913,048  
       

End of period

      $758,986,647          $812,497,659  

1 See Note 1(g) of the Notes to Financial Statements.

 

 

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

14

    

AMG GW&K Small Cap Core Fund

Financial Highlights

For a share outstanding throughout each fiscal period

   

 

 

     

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class N   2024    2023    2022    2021    2020 

 Net Asset Value, Beginning of Period

        $32.18         $29.42       $27.43       $33.13       $29.97       $26.09

 Income (loss) from Investment Operations:

                         

Net investment income (loss)1,2

       (0.03 )       (0.04 )       0.00 3         (0.06 )       (0.15 )       (0.03 )

Net realized and unrealized gain (loss) on investments

        (0.98 )       4.10       2.19       (5.43 )       6.34       4.64
                        

Total income (loss) from investment operations

        (1.01 )       4.06       2.19       (5.49 )       6.19       4.61

 Less Distributions to Shareholders from:

                         

Net investment income

        —       —       (0.03 )       —       —       —

Net realized gain on investments

        —       (1.30 )       (0.17 )       (0.21 )       (3.03 )       (0.73 )
                        

Total distributions to shareholders

        —       (1.30 )       (0.20 )       (0.21 )       (3.03 )       (0.73 )

 Net Asset Value, End of Period

        $31.17       $32.18       $29.42       $27.43       $33.13       $29.97
                        

 Total Return2,4

       (3.14 )%5       13.57 %       8.02 %       (16.58 )%       21.01 %       17.73 %

Ratio of net expenses to average net assets6

       1.29 %7       1.30 %8       1.30 %9       1.29 %9       1.30 %9       1.29 %

Ratio of gross expenses to average net assets10

       1.31 %7       1.30 %       1.31 %9       1.30 %9       1.30 %9       1.30 %

Ratio of net investment income (loss) to average net assets2

       (0.21 )%7       (0.14 )%       0.02 %       (0.22 )%       (0.45 )%       (0.14 )%

Portfolio turnover

        8 %5       22 %       20 %       25 %       33 %       37 %

Net assets end of period (000’s) omitted

        $6,178       $6,517       $8,336       $8,533       $11,278       $8,667
                                                              

 

 

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

15

   

AMG GW&K Small Cap Core Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

 

 

    

For the six

months ended

June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class I   2024   2023   2022   2021   2020

 Net Asset Value, Beginning of Period

        $33.24         $30.30       $28.24       $34.02       $30.61       $26.57

 Income (loss) from Investment Operations:

                         

Net investment income (loss)1,2

       0.02       0.07       0.11       0.04       (0.03 )       0.05

Net realized and unrealized gain (loss) on investments

        (1.02 )       4.24       2.25       (5.57 )       6.47       4.76
                        

Total income (loss) from investment operations

        (1.00 )       4.31       2.36       (5.53 )       6.44       4.81

 Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.07 )       (0.13 )       (0.04 )       —       (0.04 )

Net realized gain on investments

        —       (1.30 )       (0.17 )       (0.21 )       (3.03 )       (0.73 )
                        

Total distributions to shareholders

        —       (1.37 )       (0.30 )       (0.25 )       (3.03 )       (0.77 )

 Net Asset Value, End of Period

        $32.24       $33.24       $30.30       $28.24       $34.02       $30.61
                        

 Total Return2,4

       (3.01 )%5       13.99 %       8.39 %       (16.27 )%       21.38 %       18.16 %

Ratio of net expenses to average net assets6

       0.94 %7       0.95 %8       0.95 %9       0.94 %9       0.95 %9       0.94 %

Ratio of gross expenses to average net assets10

       0.96 %7       0.95 %       0.96 %9       0.95 %9       0.95 %9       0.95 %

Ratio of net investment income (loss) to average net assets2 

        0.14 %7       0.21 %       0.37 %       0.13 %       (0.10 )%       0.21 %

Portfolio turnover

        8 %5       22 %       20 %       25 %       33 %       37 %

Net assets end of period (000’s) omitted

        $387,487       $443,633       $421,136       $433,066       $546,326       $470,373
                                                              

 

 

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

16

   

AMG GW&K Small Cap Core Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class Z   2024   2023   2022   2021   2020

 Net Asset Value, Beginning of Period

        $33.26         $30.32       $28.26       $34.05       $30.61       $26.57

 Income (loss) from Investment Operations:

                         

Net investment income (loss)1,2

       0.03       0.08       0.12       0.05       (0.02 )       0.07

Net realized and unrealized gain (loss) on investments

        (1.01 )       4.25       2.26       (5.58 )       6.49       4.75
                        

Total income (loss) from investment operations

        (0.98 )       4.33       2.38       (5.53 )       6.47       4.82

 Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.09 )       (0.15 )       (0.05 )       —       (0.05 )

Net realized gain on investments

        —       (1.30 )       (0.17 )       (0.21 )       (3.03 )       (0.73 )
                        

Total distributions to shareholders

        —       (1.39 )       (0.32 )       (0.26 )       (3.03 )       (0.78 )

 Net Asset Value, End of Period

        $32.28       $33.26       $30.32       $28.26       $34.05       $30.61
                        

 Total Return2,4

       (2.95 )%5       14.04 %       8.44 %       (16.25 )%       21.48 %       18.21 %

Ratio of net expenses to average net assets6

       0.89 %7       0.90 %8       0.90 %9       0.89 %9       0.90 %9       0.89 %

Ratio of gross expenses to average net assets10

       0.91 %7       0.90 %       0.91 %9       0.90 %9       0.90 %9       0.90 %

Ratio of net investment income (loss) to average net assets2 

        0.19 %7       0.26 %       0.42 %       0.18 %       (0.05 )%       0.26 %

Portfolio turnover

        8 %5       22 %       20 %       25 %       33 %       37 %

Net assets end of period (000’s) omitted

        $192,584       $214,662       $211,244       $218,941       $199,851       $125,848
                                                              

 

1 

Per share numbers have been calculated using average shares.

 

2 

Total returns and net investment income (loss) would have been lower had certain expenses not been offset.

 

3 

Less than $0.005 per share.

 

4 

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

 

5 

Not annualized.

 

6 

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

 

7 

Annualized.

 

8 

Includes interest expense of less than 0.01% related to participation in the interfund lending program.

 

9 

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

 

10 

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

 

 

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

17

   

AMG GW&K Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class N   2024   2023   2022   2021   2020

 Net Asset Value, Beginning of Period

        $30.42         $29.76       $25.73       $30.90       $26.71       $37.16

 Income (loss) from Investment Operations:

                         

Net investment income1,2

       0.11       0.21       0.17       0.13       0.09       0.08

Net realized and unrealized gain (loss) on investments

        (2.14 )       3.07       4.31       (4.87 )       8.41       1.00
                        

Total income (loss) from investment operations

        (2.03 )       3.28       4.48       (4.74 )       8.50       1.08

 Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.25 )       (0.20 )       (0.15 )       (0.08 )       (0.08 )

Net realized gain on investments

        —       (2.37 )       (0.25 )       (0.28 )       (4.23 )       (11.45 )
                        

Total distributions to shareholders

        —       (2.62 )       (0.45 )       (0.43 )       (4.31 )       (11.53 )

 Net Asset Value, End of Period

        $28.39       $30.42       $29.76       $25.73       $30.90       $26.71
                        

 Total Return2,3

       (6.67 )%4       10.57 %       17.43 %       (15.33 )%       32.93 %       3.29 %

Ratio of net expenses to average net assets

        1.14 %5,6       1.14 %6,7       1.14 %6       1.13 %6       1.13 %6       1.17 %

Ratio of gross expenses to average net assets8

       1.21 %5       1.19 %       1.19 %       1.18 %       1.17 %       1.21 %

Ratio of net investment income to average net assets2

       0.76 %5       0.67 %       0.64 %       0.47 %       0.28 %       0.28 %

Portfolio turnover

        15 %4       24 %       14 %       19 %       41 %       115 %

Net assets end of period (000’s) omitted

        $129,123       $148,917       $165,040       $162,011       $223,586       $243,655
                                                              

 

 

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

18

   

AMG GW&K Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class I   2024    2023    2022    2021    2020 

 Net Asset Value, Beginning of Period

        $30.38         $29.73       $25.69       $30.87       $26.79       $37.23

 Income (loss) from Investment Operations:

                         

Net investment income1,2

       0.14       0.27       0.23       0.18       0.15       0.14

Net realized and unrealized gain (loss) on investments

        (2.14 )       3.07       4.31       (4.87 )       8.42       1.02
                        

Total income (loss) from investment operations

        (2.00 )       3.34       4.54       (4.69 )       8.57       1.16

 Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.32 )       (0.25 )       (0.21 )       (0.26 )       (0.15 )

Net realized gain on investments

        —       (2.37 )       (0.25 )       (0.28 )       (4.23 )       (11.45 )
                        

Total distributions to shareholders

        —       (2.69 )       (0.50 )       (0.49 )       (4.49 )       (11.60 )

 Net Asset Value, End of Period

        $28.38       $30.38       $29.73       $25.69       $30.87       $26.79
                        

 Total Return2,3

       (6.58 )%4       10.77 %       17.73 %       (15.19 )%       33.17 %       3.50 %

Ratio of net expenses to average net assets

        0.94 %5,6       0.94 %6,7       0.94 %6       0.93 %6       0.93 %6       0.99 %

Ratio of gross expenses to average net assets8

       1.01 %5       0.99 %       0.99 %       0.98 %       0.97 %       1.03 %

Ratio of net investment income to average net assets2

       0.96 %5       0.87 %       0.84 %       0.67 %       0.48 %       0.46 %

Portfolio turnover

        15 %4       24 %       14 %       19 %       41 %       115 %

Net assets end of period (000’s) omitted

        $68,156       $76,171       $86,357       $81,319       $115,837       $83,003
                                                              

 

 

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

19

   

AMG GW&K Small Cap Value Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class Z   2024    2023    2022    2021    2020 

 Net Asset Value, Beginning of Period

        $30.25         $29.61       $25.59       $30.76       $26.72       $37.16

 Income (loss) from Investment Operations:

                         

Net investment income1,2

       0.14       0.28       0.24       0.20       0.16       0.16

Net realized and unrealized gain (loss) on investments

        (2.13 )       3.06       4.30       (4.87 )       8.41       1.02
                        

Total income (loss) from investment operations

        (1.99 )       3.34       4.54       (4.67 )       8.57       1.18

 Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.33 )       (0.27 )       (0.22 )       (0.30 )       (0.17 )

Net realized gain on investments

        —       (2.37 )       (0.25 )       (0.28 )       (4.23 )       (11.45 )
                        

Total distributions to shareholders

        —       (2.70 )       (0.52 )       (0.50 )       (4.53 )       (11.62 )

 Net Asset Value, End of Period

        $28.26       $30.25       $29.61       $25.59       $30.76       $26.72
                        

 Total Return2,3

       (6.58 )%4       10.84 %       17.77 %       (15.16 )%       33.27 %       3.57 %

Ratio of net expenses to average net assets

        0.89 %5,6       0.89 %6,7       0.89 %6       0.88 %6       0.88 %6       0.92 %

Ratio of gross expenses to average net assets8

       0.96 %5       0.94 %       0.94 %       0.93 %       0.92 %       0.96 %

Ratio of net investment income to average net assets2

       1.01 %5       0.92 %       0.89 %       0.72 %       0.53 %       0.53 %

Portfolio turnover

        15 %4       24 %       14 %       19 %       41 %       115 %

Net assets end of period (000’s) omitted

        $2,176       $6,584       $6,202       $8,582       $32,710       $10,481
                                                              

 

1 

Per share numbers have been calculated using average shares.

 

2 

Total returns and net investment income would have been lower had certain expenses not been offset.

 

3 

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

 

4

Not annualized.

 

5 

Annualized.

 

6 

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

 

7 

Includes interest expense of less than 0.01% related to participation in the interfund lending program.

 

8 

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

 

 

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

20

   

AMG GW&K Small/Mid Cap Core Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class N   2024   2023   2022   2021   2020

 Net Asset Value, Beginning of Period

        $18.87         $17.20       $15.02       $19.08       $16.04       $13.03

 Income (loss) from Investment Operations:

                         

Net investment income (loss)1,2

       0.01       (0.02 )       (0.00 )3       0.01       (0.06 )       (0.01 )

Net realized and unrealized gain (loss) on investments

        (0.74 )       1.85       2.18       (3.47 )       4.14       3.02
                        

Total income (loss) from investment operations

        (0.73 )       1.83       2.18       (3.46 )       4.08       3.01

 Less Distributions to Shareholders from:

                         

Net investment income

        —       —       —       (0.00 )3       —       —

Net realized gain on investments

        —       (0.16 )       —       (0.60 )       (1.04 )       —
                        

Total distributions to shareholders

        —       (0.16 )       —       (0.60 )       (1.04 )       —

 Net Asset Value, End of Period

        $18.14       $18.87       $17.20       $15.02       $19.08       $16.04
                        

 Total Return2,4

       (3.87 )%5       10.62 %       14.51 %       (18.15 )%       25.63 %       23.10 %

Ratio of net expenses to average net assets6

       1.07 %7,8       1.07 %9       1.07 %8       1.06 %8       1.06 %8       1.10 %

Ratio of gross expenses to average net assets10

       1.07 %7,8       1.07 %       1.08 %8       1.08 %8       1.08 %8       1.13 %

Ratio of net investment income (loss) to average net assets2

       0.08 %7       (0.12 )%       (0.01 )%       0.04 %       (0.32 )%       (0.07 )%

Portfolio turnover

        12 %5       21 %       19 %       25 %       19 %       29 %

Net assets end of period (000’s) omitted

        $46,931       $52,250       $53,076       $51,333       $70,736       $224
                                                              

 

 

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

21

   

AMG GW&K Small/Mid Cap Core Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class I   2024   2023   2022   2021   2020

 Net Asset Value, Beginning of Period

        $18.96         $17.26       $15.07       $19.15       $16.06       $13.04

 Income (loss) from Investment Operations:

                         

Net investment income (loss)1,2

       0.03       0.01       0.03       0.04       (0.02 )       0.01

Net realized and unrealized gain (loss) on investments

        (0.74 )       1.87       2.19       (3.48 )       4.15       3.03
                        

Total income (loss) from investment operations

        (0.71 )       1.88       2.22       (3.44 )       4.13       3.04

 Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.02 )       (0.03 )       (0.04 )       —       (0.02 )

Net realized gain on investments

        —       (0.16 )       —       (0.60 )       (1.04 )       —
                        

Total distributions to shareholders

        —       (0.18 )       (0.03 )       (0.64 )       (1.04 )       (0.02 )

 Net Asset Value, End of Period

        $18.25       $18.96       $17.26       $15.07       $19.15       $16.06
                        

 Total Return2,4

       (3.74 )%5       10.84 %       14.76 %       (18.01 )%       25.91 %       23.31 %

Ratio of net expenses to average net assets6

       0.87 %7,8       0.87 %9       0.87 %8       0.86 %8       0.86 %8       0.92 %

Ratio of gross expenses to average net assets10

       0.87 %7,8       0.87 %       0.88 %8       0.88 %8       0.88 %8       0.95 %

Ratio of net investment income (loss) to average net assets2

       0.28 %7       0.08 %       0.19 %       0.24 %       (0.12 )%       0.11 %

Portfolio turnover

        12 %5       21 %       19 %       25 %       19 %       29 %

Net assets end of period (000’s) omitted

        $355,655       $371,964       $296,659       $250,024       $293,614       $165,840
                                                              

 

 

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

22

   

AMG GW&K Small/Mid Cap Core Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class Z   2024   2023   2022   2021   2020

 Net Asset Value, Beginning of Period

        $18.99         $17.29       $15.10       $19.18       $16.07       $13.05

 Income (loss) from Investment Operations:

                         

Net investment income (loss)1,2

       0.03       0.02       0.04       0.05       (0.01 )       0.02

Net realized and unrealized gain (loss) on investments

        (0.74 )       1.87       2.19       (3.48 )       4.16       3.03
                        

Total income (loss) from investment operations

        (0.71 )       1.89       2.23       (3.43 )       4.15       3.05

 Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.03 )       (0.04 )       (0.05 )       —       (0.03 )

Net realized gain on investments

        —       (0.16 )       —       (0.60 )       (1.04 )       —
                        

Total distributions to shareholders

        —       (0.19 )       (0.04 )       (0.65 )       (1.04 )       (0.03 )

 Net Asset Value, End of Period

        $18.28       $18.99       $17.29       $15.10       $19.18       $16.07
                        

 Total Return2,4

       (3.74 )%5       10.87 %       14.78 %       (17.94 )%       26.02 %       23.37 %

Ratio of net expenses to average net assets6

       0.82 %7,8       0.82 %9       0.82 %8       0.81 %8       0.81 %8       0.83 %

Ratio of gross expenses to average net assets10

       0.82 %7,8       0.82 %       0.83 %8       0.83 %8       0.83 %8       0.86 %

Ratio of net investment income (loss) to average net assets2

       0.33 %7       0.13 %       0.24 %       0.29 %       (0.07 )%       0.19 %

Portfolio turnover

        12 %5       21 %       19 %       25 %       19 %       29 %

Net assets end of period (000’s) omitted

        $356,401       $388,283       $347,178       $262,798       $198,961       $104,705
                                                              

 

1 

Per share numbers have been calculated using average shares.

 

2 

Total returns and net investment income (loss) would have been lower had certain expenses not been offset.

 

3 

Less than $(0.005) per share.

 

4 

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

 

5 

Not annualized.

 

6 

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

 

7 

Annualized.

 

8 

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

 

9 

Includes interest expense of less than 0.01% related to participation in the interfund lending program.

 

10 

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

 

 

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

23

    

 

 

Notes to Financial Statements (unaudited)

June 30, 2025

 

   

 

 

     

 

 

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the “Trust”) is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are: AMG GW&K Small Cap Core Fund (“Small Cap Core”), AMG GW&K Small Cap Value Fund (“Small Cap Value”) and AMG GW&K Small/Mid Cap Core Fund (“Small/Mid Cap Core”), each a “Fund” and collectively, the “Funds”.

Each Fund offers Class N shares, Class I shares and Class Z shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

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

a. VALUATION OF INVESTMENTS

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

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

The Funds’ portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Funds’ Board of Trustees (the “Board”) designated AMG Funds LLC (the “Investment Manager”) as the Funds’ Valuation Designee to perform the

Funds’ fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager’s fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Funds may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Funds’ valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Funds might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Funds. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager’s process for determining the fair value of the Funds’ investments.

With respect to foreign equity securities and certain foreign fixed income securities, securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

 

 

 

24

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

 

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

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

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

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in

December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences for the Funds are primarily due to tax equalization utilized. Temporary differences for the Funds are primarily due to wash sale loss deferrals.

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

 

  Fund   Cost     Appreciation     Depreciation     Net Appreciation  

Small Cap

Core

     $417,964,948       $194,652,311       $(25,742,565)       $168,909,746  

Small Cap

Value

     165,275,888       47,508,259       (9,110,405)       38,397,854  

Small/Mid Cap Core

     628,679,599       186,919,990       (54,318,315)       132,601,675  

e. FEDERAL TAXES

Each Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. The Investment Manager has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, based on each Fund’s understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, each Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2024, the Funds had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended December 31, 2025, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

 

 

 

25

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

g. CAPITAL STOCK

The Trust’s Amended and Restated Agreement and Declaration of Trust authorizes for each applicable Fund the issuance of an unlimited number of shares of beneficial interest, without par value. Each Fund records sales and repurchases of its capital stock on the trade date.

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

 

     Small Cap Core   Small Cap Value
     June 30, 2025   December 31, 2024   June 30, 2025   December 31, 2024
      Shares    Amount    Shares    Amount    Shares    Amount    Shares    Amount

Class N:

                 

Shares sold

      9,178       $292,012       16,638       $524,608          76,873       $2,117,804         207,496       $6,388,178  

Shares issued in reinvestment of distributions

      —       —       8,619       292,459       —       —       368,628       11,818,227  

Shares redeemed

      (13,422 )      (417,694 )      (106,117 )      (3,377,875 )      (422,623 )      (12,087,098 )      (1,226,513 )      (37,506,926 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net decrease

      (4,244 )      $(125,682 )      (80,860 )      $(2,560,808 )      (345,750 )      $(9,969,294 )      (650,389 )      $(19,300,521 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Class I:

                 

Shares sold

      617,908       $19,880,426       1,991,905       $63,599,546       33,686       $957,137       116,110       $3,530,881  

Shares issued in reinvestment of distributions

      —       —       476,984       16,713,534       —       —       192,660       6,167,031  

Shares redeemed

      (1,947,674 )      (61,424,291 )      (3,020,597 )      (96,388,827 )      (138,722 )      (3,915,851 )      (706,983 )      (22,004,980 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net decrease

      (1,329,766 )      $(41,543,865 )      (551,708 )      $(16,075,747 )      (105,036 )      $(2,958,714 )      (398,213 )      $(12,307,068 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Class Z:

                 

Shares sold

      413,759       $12,733,947       1,243,350       $41,111,763       3,911       $107,795       14,308       $446,714  

Shares issued in reinvestment of distributions

      —       —       239,251       8,388,123       —       —       17,277       550,626  

Shares redeemed

      (900,385 )      (28,480,845 )      (1,996,131 )      (64,613,424 )      (144,558 )      (3,669,752 )      (23,435 )      (700,355 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net increase (decrease)

      (486,626 )      $(15,746,898 )      (513,530 )      $(15,113,538 )      (140,647 )      $(3,561,957 )      8,150       $296,985  
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

     Small/Mid Cap Core                
     June 30, 2025   December 31, 2024                
      Shares    Amount    Shares    Amount                

Class N:

                 

Shares sold

      16,203       $285,161       88,817       $1,610,150          

Shares issued in reinvestment of distributions

      —       —       21,766       428,557          

Shares redeemed

      (199,094 )      (3,551,154 )      (426,281 )      (7,820,367 )         
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

        

Net decrease

      (182,891 )      $(3,265,993 )      (315,698 )      $(5,781,660 )         
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

        

Class I:

                 

Shares sold

      2,351,980       $41,876,574       6,769,243       $128,805,335          

Shares issued in reinvestment of distributions

      —       —       166,239       3,288,206          

Shares redeemed

      (2,484,823 )      (43,620,241 )      (4,495,902 )      (85,071,337 )         
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

        

Net increase (decrease)

      (132,843 )      $(1,743,667 )      2,439,580       $47,022,204          
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

        

Class Z:

                 

Shares sold

      746,866       $13,441,445       4,324,974       $81,842,931          

Shares issued in reinvestment of distributions

      —       —       191,525       3,796,035          

Shares redeemed

      (1,702,953 )      (30,924,163 )      (4,144,594 )      (75,120,181 )         
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

        

Net increase (decrease)

      (956,087 )      $(17,482,718 )      371,905       $10,518,785          
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

        

 

 

26

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

 

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Securities Lending Program”) (collectively, “Repurchase Agreements”). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Funds participate on a pro rata basis with other clients of BNYM in their share of the underlying collateral under such joint repurchase agreements and in their share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held by the Funds’ custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. Pursuant to the Securities Lending Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

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

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

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

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

 

 Small Cap Core

    0.70% 

 Small Cap Value

    0.70% 

 Small/Mid Cap Core

    0.62% 

The fee paid to GW&K for its services as subadviser is paid out of the fee the Investment Manager receives from each Fund and does not increase the expenses of each Fund.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees,

brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of Small Cap Core, Small Cap Value and Small/Mid Cap Core to the annual rate of 0.90%, 0.90% and 0.82%, respectively, of each Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Funds in certain circumstances.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a Fund, provided that such repayment would not cause the Fund’s total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of a Fund.

For the six months ended June 30, 2025, the Investment Manager’s expense reimbursements, and repayments of prior reimbursements by the Funds to the Investment Manager, if any, are as follows:

 

     Expense    Repayment of
     Reimbursements     Prior Reimbursements 
 Small Cap Core        $22,621        —
 Small Cap Value        59,496          —
 Small/Mid Cap Core        14,285        $2,471

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

 

 Expiration

 Period

    Small Cap Core      Small Cap Value      Small/Mid Cap Core  
 Less than 1 year      $6,079        $101,247        $43,655  
 1-2 years      60,185        100,560        62,375  
 2-3 years      31,032        117,980        39,168  
  

 

 

     

 

 

     

 

 

  
 Total      $97,296        $319,787        $145,198  
  

 

 

     

 

 

     

 

 

  

The Trust, on behalf of the Funds, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Funds’ administrator (the “Administrator”) and is responsible for certain aspects of managing the Funds’ operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund’s average daily net assets for this service.

The Funds are distributed by AMG Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and underwriter for each Fund and is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Shares of each Fund will be continuously offered and will be sold directly to prospective

 

 

 

27

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

purchasers and through brokers, dealers or other financial intermediaries who have executed selling agreements with the Distributor. Generally, the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

The Trust has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares of each Fund, except Small Cap Value, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, each Fund, except Small Cap Value, may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of each Fund’s Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments to the Distributor up to 0.25% annually of each Fund’s, except Small Cap Value’s, average daily net assets attributable to the Class N shares. The portion of payments made under the plan by Class N shares of each Fund, except Small Cap Value, for shareholder servicing may not exceed an annual rate of 0.25% of the average daily net asset value of each Fund’s shares of that class owned by clients of such broker, dealer or financial intermediary.

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

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

 

     Maximum Annual       Actual   
     Amount       Amount   
 Fund    Approved       Incurred   

 Small Cap Core

      

 Class N

      0.15%        0.15%  

 Class I

      0.05%        0.05%  

 Small Cap Value

      

 Class N

      0.25%        0.25%  

 Class I

      0.05%        0.05%  

 Small/Mid Cap Core

      

 Class I

      0.05%        0.05%  

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual

retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At June 30, 2025, the Funds had no interfund loans outstanding. The Funds did not borrow during the six months ended June 30, 2025.

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

 

 Fund    Average
Lent		      Number
of Days		      Interest
Earned		     

Average 

Interest Rate 

  

Small Cap Core

      $1,225,291        1        $176        5.240%   

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended June 30, 2025, were as follows:

 

      Long Term Securities   
 Fund    Purchases       Sales   

 Small Cap Core

      $48,107,161         $109,990,417   

 Small Cap Value

      30,655,070         46,338,127   

 Small/Mid Cap Core

      93,154,095         96,326,234   

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

4. PORTFOLIO SECURITIES LOANED

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

 

 

 

28

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

the borrower fails to return the securities. Under the terms of the Securities Lending Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements for that cash collateral. Securities collateral is held in separate omnibus accounts managed by BNYM and cannot be sold or pledged. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested. Loans of securities are terminable by a Fund at any time and the borrower, after notice, is required to return borrowed securities as soon as practical, which is normally within three business days.

The value of securities loaned on positions held, cash collateral and securities collateral received at June 30, 2025, was as follows:

 

 Fund   Securities
Loaned		     Cash
Collateral
Received		     Securities
Collateral
Received		    

Total 

Collateral 

Received 

  

Small Cap Core

     $43,459,943       $2,059,718       $42,231,496       $44,291,214   

Small Cap Value

     26,419,975       4,262,024       23,001,982       27,264,006   

Small/Mid Cap Core

     17,361,690       11,977       17,765,263       17,777,240   

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

 

 Fund  

Collateral

Type

   

Coupon

Range

   

Maturity 

Date Range 

Small Cap Core

  

U.S. Treasury Obligations

    0.125%-5.000%    08/31/25-11/15/54 

Small Cap Value

  

U.S. Treasury Obligations

    0.125%-6.250%    08/31/25-11/15/54 

Small/Mid Cap Core

  

U.S. Treasury Obligations

    0.125%-5.000%    08/31/25-11/15/54 

5. SEGMENT REPORTING

Each Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in each Fund’s prospectus. The Chief Operating Decision Makers (“CODM”) are the Funds’ president and chief financial officer. The CODM assesses the performance and makes operating decisions for each Fund primarily based on each Fund’s changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes each Fund’s net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of each Fund. As each Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as “Total assets” and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject the Funds to various risks. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Fund. Please refer to each Fund’s prospectus for a description of the principal risks associated with investing in a particular Fund. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market; or (iii) price fluctuations.

Market Risk: Market prices of investments held by the Funds may fall rapidly or unpredictably due to a variety of factors, including economic or market conditions,

or other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics, or in response to events that affect particular industries or companies. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Management Risk: Because each Fund is an actively managed investment portfolio, security selection or focus on securities in a particular style, market sector or group of companies may cause the Funds to incur losses or underperform relative to its benchmarks or other funds with a similar investment objective. There can be no guarantee that GW&K’s investment techniques and risk analysis will produce the desired result.

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

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

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

Value Stock Risk: Value stocks may perform differently from the market as a whole and may be undervalued by the market for a long period of time.

Liquidity Risk: The Funds may not be able to dispose of particular investments, such as illiquid securities, readily at favorable times or prices or the Funds may have to sell them at a loss.

Real Estate Industry Risk: Investments in the Funds may be subject to many of the same risks as a direct investment in real estate. The stock prices of companies in the real estate industry, including REITs, are typically sensitive to changes in real estate values, property taxes, interest rates, cash flow of underlying real estate assets, occupancy rates, government regulations affecting zoning, land use, and rents, as well as the management skill and creditworthiness of the issuer. REITs also depend generally on their ability to generate cash flow to make distributions to shareholders or unitholders and are subject to the risk of failing to qualify for favorable tax treatment under the Code.

7. COMMITMENTS AND CONTINGENCIES

Under the Trust’s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.

 

 

 

29

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

8. MASTER NETTING AGREEMENTS

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

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

 

           Gross Amount Not Offset in the           
             Statement of Assets and Liabilities            
   

 

 

 

    
 Fund   Gross Amounts of
Assets Presented in
the Statement of
Assets and Liabilities		  

Offset

Amount

  

Net

Asset

Balance

  

Collateral

Received

  

Net

Amount

                     

 Small Cap Core

          

 BNP Paribas S.A.

     $59,718         —          $59,718         $59,718         —     

 Cantor Fitzgerald Securities, Inc.

     1,000,000       —       1,000,000       1,000,000       —  

 Citadel Securities LLC

     1,000,000       —       1,000,000       1,000,000       —  

 Fixed Income Clearing Corp.

     10,823,000       —       10,823,000       10,823,000       —  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 Total

       $12,882,718          —         $12,882,718         $12,882,718          —  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 Small Cap Value

          

 Cantor Fitzgerald Securities, Inc.

     $1,065,413       —       $1,065,413       $1,065,413       —  

 CF Secured, LLC

     1,065,413       —       1,065,413       1,065,413       —  

 Citadel Securities LLC

     1,065,413       —       1,065,413       1,065,413       —  

 Deutsche Bank Securities, Inc.

     65,785       —       65,785       65,785       —  

 State of Wisconsin Investment Board

     1,000,000       —       1,000,000       1,000,000       —  

 Fixed Income Clearing Corp.

     2,299,000       —       2,299,000       2,299,000       —  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 Total

     $6,561,024       —       $6,561,024       $6,561,024       —  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 Small/Mid Cap Core

          

 Citadel Securities LLC

     $11,977       —       $11,977       $11,977       —  

 Fixed Income Clearing Corp.

     4,479,000       —       4,479,000       4,479,000       —  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 Total

     $4,490,977       —       $4,490,977       $4,490,977       —  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

9. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

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

10. SUBSEQUENT EVENTS

The 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.

 

 

 

30

    

 

 

Other Information (unaudited)

 

   

 

 

     

 

 

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

During the six months ended June 30, 2025, there were no changes in and/or disagreements with accountants.

 

 

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

Not applicable.

 

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

The remuneration paid to the Trustees during the six months ended June 30, 2025, is reflected as “Trustee fees and expenses” on the Statement of Operations and is set forth in the table below. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the six months ended June 30, 2025.

 

     Trustee fees and expenses   

 AMG GW&K Small Cap Core Fund

      $27,415   

 AMG GW&K Small Cap Value Fund

      9,395   

 AMG GW&K Small/Mid Cap Core Fund

      34,138   

 

 

31

    

 

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

 

   

 

 

     

 

AMG GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund, and AMG GW&K Small/Mid Cap Core Fund: Approval of Investment Management and Subadvisory Agreements on June 11, 2025

 

At an in-person meeting held on June 11, 2025, the Board of Trustees (the “Board” or the “Trustees”) of AMG Funds (the “Trust”), and separately a majority of the Trustees who are not “interested persons” of the Trust (the “Independent Trustees”), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) for each of AMG GW&K Small Cap Core Fund, AMG GW&K Small Cap Value Fund, and AMG GW&K Small/Mid Cap Core Fund (each, a “Fund,” and collectively, the “Funds”), and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the “Investment Management Agreement”); and (ii) the Subadvisory Agreement with respect to each Fund, as amended at any time prior to the date of the meeting (collectively, the “Subadvisory Agreements”), with GW&K Investment Management, LLC, the Funds’ subadviser (the “Subadviser”). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreement and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to each Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a “Peer Group”), performance information for the relevant benchmark index for each Fund (each, a “Fund Benchmark”), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Funds, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

      

NATURE, EXTENT AND QUALITY OF SERVICES

 

In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager’s operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Management Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Funds; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Funds’ other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in

      

developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager’s undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager’s risk management processes.

 

The Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques (its “Investment Strategy”) used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in each Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the

 

 

32

    

 

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

 

   

 

 

     

 

services required under each Subadvisory Agreement. The Trustees also considered the Subadviser’s risk management processes.

 

PERFORMANCE

 

The Board considered each Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark, considered the gross performance of each Fund as compared to the Subadviser’s relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both a Fund’s performance results and portfolio composition, as well as the Subadviser’s Investment Strategy. The Board was mindful of the Investment Manager’s expertise, resources, and attention to monitoring the Subadviser’s performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds’ subadviser during the period regarding the factors that contributed to the performance of the Funds.

 

With respect to AMG GW&K Small Cap Core Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, below, below, and above, respectively, the median performance of the Peer Group and above the performance of the Fund Benchmark, the Russell 2000 Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s outperformance relative to the Fund Benchmark and more recent outperformance relative to the Peer Group. The Trustees also took into account the fact that the Fund ranked in the top quintile relative to its Peer Group for the 1-year period and the Fund’s Class N shares ranked in the top third relative to its Peer Group for the 10-year period. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory.

 

With respect to AMG GW&K Small Cap Value Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s

      

performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, above, above, and below, respectively, the median performance of the Peer Group and above, above, above, and below, respectively, the performance of the Fund Benchmark, the Russell 2000 Value Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s outperformance relative to the Peer Group and the Fund Benchmark and the fact that the Fund ranked in the top quintile relative to its Peer Group for the 5-year period. The Trustees also took into account the fact that the Fund’s subadviser and investment strategy changed effective December 4, 2020, and that the performance information prior to that date reflected that of the Fund’s prior subadviser and investment strategy. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory.

 

With respect to AMG GW&K Small/Mid Cap Core Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, and 5-year periods ended March 31, 2025 and for the period from the Fund’s inception on June 30, 2015 through March 31, 2025 was below the median performance of the Peer Group and below the performance of the Fund Benchmark, the Russell 2500 Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s underperformance relative to its Peer Group and Fund Benchmark and the fact that Class I shares of the Fund ranked in the top quintile relative to its Peer Group for the 2020 calendar year and in the top third relative to its Peer Group for the 2021 calendar year. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees

      

concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies, and policies, as well as overall market conditions.

 

ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE

 

In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management’s discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.

 

In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management’s discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also, with respect to economies of scale, the Trustees

 

 

33

    

 

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

 

   

 

 

     

 

noted that as each Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

 

In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from these relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management’s discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under each Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as a Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

 

With respect to AMG GW&K Small Cap Core Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were both rated in the Average rating level of the Fund’s Peer Group. The Trustees noted that the rating level corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net

      

annual operating expenses (subject to certain excluded expenses) to 0.90%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

 

With respect to AMG GW&K Small Cap Value Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were both rated in the Average rating level of the Fund’s Peer Group. The Trustees noted that the rating level corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.90%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

 

With respect to AMG GW&K Small/Mid Cap Core Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were rated in the Average and Above Average rating level, respectively, of the Fund’s Peer Group. The Trustees noted that the rating level corresponded to the

      

Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.82%. The Trustees took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

 

* * * * 

 

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.

 

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

 

 

34

 

 

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THIS PAGE INTENTIONALLY LEFT BLANK

   

 

LOGO

 

 

   

 

  

INVESTMENT MANAGER AND ADMINISTRATOR

AMG Funds LLC

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

 

DISTRIBUTOR

AMG Distributors, Inc.

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

 

SUBADVISER

GW&K Investment Management, LLC

222 Berkeley St.

Boston, MA 02116

 

CUSTODIAN

The Bank of New York Mellon

Mutual Funds Custody

240 Greenwich Street

New York, NY 10286

 

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

     

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

AMG Funds

Attn: 534426 AIM 154-0520

500 Ross Street

Pittsburgh, PA 15262

800.548.4539

 

TRUSTEES

Jill R. Cuniff

Kurt A. Keilhacker

Peter W. MacEwen

Steven J. Paggioli

Eric Rakowski

Victoria L. Sassine

Garret W. Weston

     

This report is prepared for the Funds’ shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.

 

Current net asset values per share for each Fund are available on the Funds’ website at wealth.amg.com.

 

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.

 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Funds’ website at wealth.amg.com. To review a complete list of the Funds’ portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com.

 

 

 

 

 

wealth.amg.com   

 

      

   

 

LOGO

 

 

   

 

  

EQUITY FUNDS

AMG Boston Common Global Impact

Boston Common Asset Management, LLC

 

AMG Frontier Small Cap Growth

Frontier Capital Management Co., LLC

 

AMG GW&K Small Cap Core

AMG GW&K Small Cap Value

AMG GW&K Small/Mid Cap Core

AMG GW&K Small/Mid Cap Growth

AMG GW&K International Small Cap

GW&K Investment Management, LLC

 

AMG Montrusco Bolton Large Cap Growth

Montrusco Bolton Investments, Inc.

 

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

     

AMG River Road Dividend All Cap Value

AMG River Road Focused Absolute Value

AMG River Road Large Cap Value Select

AMG River Road Mid Cap Value

AMG River Road Small-Mid Cap Value

AMG River Road Small Cap Value

River Road Asset Management, LLC

 

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

 

AMG Veritas Asia Pacific

AMG Veritas China

AMG Veritas Global Focus

AMG Veritas Global Real Return

Veritas Asset Management LLP

 

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Global

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

 

     

FIXED INCOME FUNDS

AMG GW&K Core Bond ESG

AMG GW&K ESG Bond

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced Yield

GW&K Investment Management, LLC

 

ALTERNATIVE FUNDS

 

AMG Systematica Managed Futures Strategy

AMG Systematica Trend-Enhanced Markets

Systematica Investments Limited, acting as general partner of Systematica Investments LP

            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            

 

 

 

 

wealth.amg.com   

 

       063025       SAR089

LOGO    

SEMI-ANNUAL FINANCIAL STATEMENTS

 

 

 

 

          AMG Funds
 
     June 30, 2025
 
     LOGO
 
     AMG GW&K ESG Bond Fund
    

Class N: MGFIX  |  Class I: MGBIX

 
     AMG GW&K Municipal Bond Fund
    

Class N: GWMTX  |  Class I: GWMIX

 
     AMG GW&K Municipal Enhanced Yield Fund
    

Class N: GWMNX  |  Class I: GWMEX  |  Class Z: GWMZX

 
    

 

 

 

 
 wealth.amg.com          063025    SAR088

    

 

AMG Funds

Semi-Annual Financial Statements — June 30, 2025 (unaudited)

 

 

 

 

     
            
     TABLE OF CONTENTS    PAGE  
   

 

  
 
   

FINANCIAL STATEMENTS

   
 
   

Schedules of Portfolio Investments

   
 
   

AMG GW&K ESG Bond Fund

      2  
 
   

AMG GW&K Municipal Bond Fund

      7  
 
   

AMG GW&K Municipal Enhanced Yield Fund

      13  
 
   

Statement of Assets and Liabilities

      16  
 
   

Balance sheets, net asset value (NAV) per share computations

and cumulative distributable earnings (loss)

   
 
   

Statement of Operations

     18  
 
   

Detail of sources of income, expenses, and realized and

unrealized gains (losses) during the fiscal period

   
 
   

Statements of Changes in Net Assets

     19  
 
   

Detail of changes in assets for the past two fiscal periods

   
 
   

Financial Highlights

     20  
 
   

Historical net asset values per share, distributions, total returns, income

and expense ratios, turnover ratios and net assets

   
 
   

Notes to Financial Statements

     27  
 
   

Accounting and distribution policies, details of agreements and

transactions with Fund management and affiliates, and descriptions of

certain investment risks

   
 
   

OTHER INFORMATION

      35  
 
    STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT      36  
 
      

 

 

 

 

 

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

 

 

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Principal
Amount		        Value    

Corporate Bonds and Notes - 49.2%

 

   

Basic Materials - 3.4%

      

Air Products and Chemicals, Inc.
2.700%, 05/15/40

      $1,900,000        $1,382,270  

Avient Corp.
6.250%, 11/01/311

     1,575,000        1,589,723  

Celanese US Holdings LLC
7.050%, 11/15/302

     2,049,000        2,156,483  

Cleveland-Cliffs, Inc.
7.000%, 03/15/321,3

     2,000,000        1,885,323  

FMC Corp.

      

(8.450% to 08/01/30 then U.S. Treasury Yield Curve CMT 5 year + 4.366%), 8.450%, 11/01/554,5

     1,718,000        1,758,156  

FMG Resources August 2006 Pty, Ltd. (Australia)
4.500%, 09/15/271

     2,000,000        1,975,962  

Methanex Corp. (Canada)
5.125%, 10/15/27

      1,205,000        1,200,896  

Total Basic Materials

         11,948,813  

Communications - 2.3%

      

CCO Holdings LLC/CCO Holdings Capital Corp.
4.500%, 05/01/32

      2,500,000        2,328,107  

Cisco Systems, Inc.
5.500%, 01/15/40

      1,400,000        1,446,099  

Comcast Corp.
4.650%, 02/15/333

     867,000        861,611  

Lamar Media Corp.
4.875%, 01/15/29

      1,800,000        1,779,333  

Verizon Communications, Inc.
5.500%, 02/23/543

     1,625,000        1,570,432  

Total Communications

         7,985,582  

Consumer, Cyclical - 9.6%

      

Advance Auto Parts, Inc.
1.750%, 10/01/27

      850,000        793,513  

Air Canada Pass-Through Trust (Canada)
Series 20-1, C, 10.500%, 07/15/261

      1,000,000        1,051,370  

Aramark Services, Inc.
5.000%, 02/01/281

     1,785,000        1,777,817  

AutoNation, Inc.
3.850%, 03/01/32

      1,600,000        1,473,949  

Bath & Body Works, Inc.
6.875%, 11/01/353

     940,000        974,904  

Carnival Corp. (Panama)
6.650%, 01/15/28

      850,000        875,778  

Delta Air Lines, Inc.
5.250%, 07/10/30

      1,750,000        1,761,233  

Hyatt Hotels Corp.
5.750%, 03/30/323

     1,425,000        1,462,929  

KB Home
4.800%, 11/15/293

     1,222,000        1,190,064  
           
      Principal
Amount		        Value    

M/I Homes, Inc.
3.950%, 02/15/30

      $335,000        $313,356  

4.950%, 02/01/28

      1,000,000        993,657  

Magna International, Inc. (Canada)
5.875%, 06/01/353

     1,752,000        1,798,068  

Marriott Ownership Resorts, Inc.
4.750%, 01/15/283

     1,600,000        1,564,730  

Mattel, Inc.
3.750%, 04/01/291

     1,075,000        1,030,042  

6.200%, 10/01/40

      911,000        917,014  

MGM Resorts International
6.125%, 09/15/293

     1,000,000        1,017,146  

Murphy Oil USA, Inc.
4.750%, 09/15/29

      1,050,000        1,031,718  

Penske Automotive Group, Inc.
3.750%, 06/15/29

      1,500,000        1,422,871  

PulteGroup, Inc.
6.000%, 02/15/35

      2,050,000        2,146,949  

Royal Caribbean Cruises, Ltd. (Liberia)
6.000%, 02/01/331

     875,000        891,867  

Sally Holdings LLC/Sally Capital, Inc.
6.750%, 03/01/323

     1,303,000        1,337,670  

Toll Brothers Finance Corp.
4.875%, 03/15/27

      750,000        752,465  

Travel + Leisure Co.
4.625%, 03/01/301

     575,000        551,280  

6.000%, 04/01/272

     475,000        479,216  

United Airlines, Inc. Pass-Through Trust
Series 2024-1, AA, 5.450%, 02/15/37

      1,898,334        1,915,837  

Walmart, Inc.
4.050%, 06/29/48

      1,850,000        1,531,438  

Whirlpool Corp.
4.750%, 02/26/293

     1,800,000        1,769,841  

Yum! Brands, Inc.
3.625%, 03/15/313

     1,110,000        1,024,526  

Total Consumer, Cyclical

         33,851,248  

Consumer, Non-cyclical - 6.9%

      

Advocate Health & Hospitals Corp.
4.272%, 08/15/48

      1,670,000        1,379,922  

Anheuser-Busch InBev Worldwide, Inc.
4.375%, 04/15/38

      1,900,000        1,772,831  

APi Group DE, Inc.
4.125%, 07/15/291

     1,255,000        1,196,529  

Centene Corp.
3.375%, 02/15/30

      2,670,000        2,459,160  

CommonSpirit Health
3.347%, 10/01/29

      600,000        573,727  

Elanco Animal Health, Inc.
6.650%, 08/28/282

     950,000        988,207  

Encompass Health Corp.
4.750%, 02/01/303

     1,050,000        1,036,673  
           
 

 

 

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

2

 

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments (continued)

 

 

      Principal
Amount		        Value    

Consumer, Non-cyclical - 6.9% (continued)

 

   

The Ford Foundation
Series 2020, 2.415%, 06/01/50

      $2,690,000        $1,565,889  

HCA, Inc.
3.500%, 09/01/30

      1,550,000        1,465,731  

Herc Holdings, Inc.
7.000%, 06/15/301

      2,000,000        2,088,715  

Kraft Heinz Foods Co.
4.625%, 10/01/39

      2,480,000        2,224,560  

Prime Security Services Borrower LLC/Prime Finance, Inc.
5.750%, 04/15/261

     882,000        886,574  

Sysco Corp.
2.400%, 02/15/30

      1,000,000        914,695  

Teleflex, Inc.
4.250%, 06/01/281

     2,045,000        1,997,948  

Tenet Healthcare Corp.
4.625%, 06/15/28

      1,735,000        1,713,245  

Teva Pharmaceutical Finance Netherlands III, B.V. (Netherlands)
5.125%, 05/09/293

     2,300,000        2,313,250  

Total Consumer, Non-cyclical

         24,577,656  

Financials - 13.8%

      

Air Lease Corp., MTN
5.200%, 07/15/31

      825,000        842,905  

Aircastle, Ltd./Aircastle Ireland DAC (Bermuda)
5.750%, 10/01/311

     1,975,000        2,029,291  

Ally Financial, Inc.

      

(5.543% to 01/17/30 then
SOFR Index + 1.730%),
5.543%, 01/17/314,5

     1,443,000        1,463,276  

Bank of America Corp.

      

MTN, (4.330% to 03/15/49 then
3 month SOFR + 1.782%),
4.330%, 03/15/504,5

     2,775,000        2,304,598  

(5.872% to 09/15/33 then SOFR + 1.840%), 5.872%, 09/15/344,5

      3,050,000        3,218,543  

The Bank of New York Mellon Corp.

      

Series H, (3.700% to 03/20/26 then U.S. Treasury Yield Curve CMT 5 year + 3.352%), 3.700%, 03/20/263,4,5,6

     2,000,000        1,981,158  

Boston Properties LP
2.550%, 04/01/32

      1,730,000        1,459,456  

Capital One Financial Corp.

      

(7.964% to 11/02/33 then SOFR Index + 3.370%), 7.964%, 11/02/344,5

     1,950,000        2,266,658  

The Charles Schwab Corp.

      

Series K, (5.000% to 06/01/27 then U.S. Treasury Yield Curve CMT 5 year + 3.256%), 5.000%, 06/01/274,5,6

     1,773,000        1,766,752  

Citigroup, Inc.

      

Series T, (6.250% to 08/15/26 then 3 month SOFR + 4.779%), 6.250%, 08/15/263,4,5,6

     825,000        833,061  

 

      
      Principal
Amount		        Value    

Citigroup, Inc.

      

Series AA, (7.625% to 11/15/28 then U.S. Treasury Yield Curve CMT 5 year + 3.211%), 7.625%, 11/15/284,5,6

     $1,278,000        $1,344,957  

The Goldman Sachs Group, Inc.

      

(6.561% to 10/24/33 then SOFR + 1.950%), 6.561%, 10/24/344,5

      1,650,000        1,824,449  

(6.850% to 02/10/30 then U.S. Treasury Yield Curve CMT 5 year + 2.461%), 6.850%, 02/10/304,5,6

     1,795,000        1,852,419  

Huntington Bancshares, Inc.

      

(4.443% to 08/04/27 then SOFR + 1.970%), 4.443%, 08/04/284,5

      1,080,000        1,079,402  

JPMorgan Chase & Co.

      

(3.157% to 04/22/41 then SOFR + 1.460%), 3.157%, 04/22/424,5

      2,710,000        2,043,441  

KeyCorp, MTN
4.100%, 04/30/28

      1,095,000        1,088,097  

M&T Bank Corp.

      

(7.413% to 10/30/28 then SOFR + 2.800%), 7.413%, 10/30/293,4,5

     1,837,000        1,992,330  

MetLife, Inc.

      

Series G, (3.850% to 09/15/25 then U.S. Treasury Yield Curve CMT 5 year + 3.576%), 3.850%, 09/15/254,5,6

     2,880,000        2,865,121  

Morgan Stanley

      

(4.431% to 01/23/29 then
3 month SOFR + 1.890%),
4.431%, 01/23/304,5

     1,548,000        1,545,824  

OneMain Finance Corp.
6.625%, 01/15/28

      950,000        981,045  

The PNC Financial Services Group, Inc.

      

(5.068% to 01/24/33 then SOFR + 1.933%), 5.068%, 01/24/344,5

      2,386,000        2,397,874  

SBA Communications Corp.
3.875%, 02/15/27

      1,015,000        999,370  

SLM Corp.
6.500%, 01/31/303

     1,400,000        1,469,489  

Starwood Property Trust, Inc.
4.375%, 01/15/271

     1,775,000        1,758,362  

Truist Financial Corp., MTN

      

(5.867% to 06/08/33 then SOFR + 2.361%), 5.867%, 06/08/344,5

      2,213,000        2,311,899  

US Bancorp

      

(5.775% to 06/12/28 then SOFR + 2.020%), 5.775%, 06/12/294,5

     1,400,000        1,453,773  

Wells Fargo & Co., MTN

      

(3.350% to 03/02/32 then SOFR + 1.500%), 3.350%, 03/02/334,5

      2,025,000        1,849,331  

(7.625% to 09/15/28 then U.S. Treasury Yield Curve CMT 5 year + 3.606%), 7.625%, 09/15/283,4,5,6

     1,462,000        1,570,257  

Total Financials

         48,593,138  

 

      
 

 

 

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

3

 

AMG GW&K ESG Bond Fund

Schedule of Portfolio Investments (continued)

 

 

      Principal
Amount		        Value    

Industrials - 6.4%

      

Ball Corp.
2.875%, 08/15/30

      $3,625,000        $3,267,882  

BWX Technologies, Inc.
4.125%, 06/30/281

     1,210,000        1,180,439  

Clean Harbors, Inc.
4.875%, 07/15/271

     1,270,000        1,263,770  

Coherent Corp.
5.000%, 12/15/291,3

     2,000,000        1,964,264  

Graphic Packaging International LLC
3.500%, 03/01/291

     2,600,000        2,452,251  

Jacobs Engineering Group, Inc.
5.900%, 03/01/33

      3,168,000        3,296,611  

Mueller Water Products, Inc.
4.000%, 06/15/291

     2,650,000        2,544,102  

OI European Group, B.V. (Netherlands)
4.750%, 02/15/301,3

     1,500,000        1,442,916  

Owens Corning
7.000%, 12/01/362

     1,800,000        2,019,311  

Sonoco Products Co.
2.850%, 02/01/323

     1,822,000        1,600,346  

United Parcel Service, Inc.
6.200%, 01/15/38

      1,500,000        1,637,246  

Total Industrials

         22,669,138  

Technology - 4.0%

      

Dell International LLC/EMC Corp.
8.100%, 07/15/36

      972,000        1,171,540  

Kyndryl Holdings, Inc.
3.150%, 10/15/31

      2,375,000        2,144,875  

Micron Technology, Inc.
5.875%, 02/09/33

      1,400,000        1,459,980  

Microsoft Corp.
2.525%, 06/01/50

      2,450,000        1,514,024  

MSCI, Inc.
3.250%, 08/15/331

     2,015,000        1,765,803  

Open Text Holdings, Inc.
4.125%, 02/15/301

     1,125,000        1,063,254  

SK Hynix, Inc. (South Korea)
2.375%, 01/19/311

     2,800,000        2,475,156  

Twilio, Inc.
3.625%, 03/15/29

      600,000        571,226  

3.875%, 03/15/313

     2,194,000        2,051,984  

Total Technology

         14,217,842  

Utilities - 2.8%

      

Dominion Energy, Inc.

      

Series B, (7.000% to 03/03/34 then U.S. Treasury Yield Curve CMT 5 year + 2.511%), 7.000%, 06/01/544,5

      2,189,000        2,348,648  

DPL, Inc.
4.350%, 04/15/29

      1,000,000        967,686  

 

      
      Principal
Amount		        Value    

Duke Energy Corp.
2.550%, 06/15/313

     $1,995,000        $1,777,619  

(6.450% to 06/01/34 then U.S. Treasury Yield Curve CMT 5 year + 2.588%), 6.450%, 09/01/543,4,5

     2,290,000        2,353,691  

Exelon Corp.

      

(6.500% to 12/15/34 then U.S. Treasury Yield Curve CMT 5 year + 1.975%), 6.500%, 03/15/553,4,5

     2,315,000        2,354,739  

Total Utilities

         9,802,383  

Total Corporate Bonds and Notes

      

(Cost $178,001,262)

         173,645,800  

Asset-Backed Securities - 3.6%

      

Carmax Auto Owner Trust

      

Series 2025-1, Class A2A
4.630%, 03/15/28

      1,547,000        1,548,490  

Compass Datacenters Issuer II LLC

      

Series 2024-1A, Class A1
5.250%, 02/25/491

     3,050,000        3,066,280  

Elmwood CLO II, Ltd.

      

Series 2019-2A, Class A1RR
(3 month SOFR + 1.350%, Cap N/A, Floor 1.350%), 5.619%, 10/20/371,5

     1,715,000        1,720,574  

Ford Credit Auto Owner Trust

      

Series 2022-B, Class A4
3.930%, 08/15/27

      1,603,000        1,598,117  

John Deere Owner Trust

      

Series 2022-A, Class A4
2.490%, 01/16/29

      2,206,000        2,195,950  

Palmer Square CLO, Ltd.

      

Series 2018-2A, Class A1R
(3 month SOFR + 1.530%, Cap N/A, Floor 1.530%), 5.791%, 04/16/371,5

     990,000        995,486  

Santander Drive Auto Receivables Trust

      

Series 2022-7, Class B
5.950%, 01/17/28

      1,436,548        1,440,755  

Toyota Auto Receivables Owner Trust

      

Series 2021-B, Class A4
0.530%, 10/15/26

      238,906        238,501  

Total Asset-Backed Securities

      

(Cost $12,766,392)

         12,804,153  

Mortgage-Backed Securities - 3.7%

      

Chase Home Lending Mortgage Trust

      

Series 2024-1, Class A6
6.500%, 01/25/551,5

     990,398        999,984  

Connecticut Avenue Securities Trust

      

Series 2024-R01, Class 1M1
5.355%, 01/25/441,5

     1,150,187        1,149,474  

Series 2024-R02, Class 1M1
5.405%, 02/25/441,5

     897,559        897,273  

Series 2024-R06, Class 1A1
5.455%, 09/25/441,5

     738,274        740,794  

 

      
 

 

 

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

4

 

 AMG GW&K ESG Bond Fund

 Schedule of Portfolio Investments (continued)

 

 

      Principal
Amount		        Value    

DATA Mortgage Trust

      

Series 2023-CNTR, Class A
5.919%, 08/12/431,5

     $1,900,000        $1,921,509  

FREMF Mortgage Trust

      

Series 2016-K53, Class B
4.187%, 03/25/491,5

     2,300,000        2,282,696  

GS Mortgage-Backed Securities Corp. Trust

      

Series 2021-PJ4, Class A6
2.500%, 09/25/511,5

     2,511,552        2,338,482  

Series 2021-PJ9, Class A8
2.500%, 02/26/521,5

     1,471,105        1,302,608  

JP Morgan Mortgage Trust

      

Series 2021-7, Class A6
2.500%, 11/25/511,5

     1,720,154        1,603,120  

Total Mortgage-Backed Securities
(Cost $13,162,342)

         13,235,940  

Municipal Bonds - 3.9%

      

California Health Facilities Financing Authority
4.190%, 06/01/37

      3,395,000        3,177,787  

California State General Obligation, School Improvements, Build America Bonds
7.550%, 04/01/39

      2,030,000        2,432,918  

Dallas Fort Worth International Airport,
Series A
4.507%, 11/01/51

      1,000,000        862,348  

JobsOhio Beverage System, Series A 2.833%, 01/01/38

      3,700,000        3,045,124  

New Jersey Economic Development Authority, Pension Funding, Series A
(National Insured)
7.425%, 02/15/29

      3,300,000        3,485,234  

Port Authority of New York & New Jersey 6.040%, 12/01/29

      550,000        589,800  

Total Municipal Bonds
(Cost $15,708,786)

         13,593,211  
U.S. Government and Agency Obligations - 38.0%      

Fannie Mae - 16.3%

      

FNMA

      

3.500%, 02/01/35 to 08/01/49

      23,494,437        22,105,578  

4.000%, 07/01/44 to 06/01/49

      17,290,692        16,446,004  

4.500%, 05/01/48 to 11/01/52

      6,887,318        6,733,773  

5.000%, 05/01/50

      2,268,558        2,265,100  

5.500%, 11/01/52

      5,113,283        5,153,911  

6.500%, 02/01/54

      4,688,458        4,892,417  

Total Fannie Mae

         57,596,783  

Freddie Mac - 11.0%

      

FHLMC

      

2.000%, 03/01/36

      6,227,646        5,705,500  

3.000%, 04/01/51

      10,700,953        9,357,747  

3.500%, 02/01/50

      4,187,095        3,807,802  

4.500%, 10/01/48 to 12/01/48

      7,645,574        7,432,591  

5.500%, 07/01/53

      5,695,333        5,764,800  

 

      
      Principal
Amount		        Value    

Freddie Mac REMICS

      

Series 5106, Class KA
2.000%, 03/25/41

      $3,815,288        $3,583,965  

Series 5297, Class DA
5.000%, 12/25/52

      1,751,095        1,744,584  

Freddie Mac STACR REMIC Trust

      

Series 2024-DNA1, Class M1
5.655%, 02/25/441,5

     1,354,535        1,357,139  

Total Freddie Mac

         38,754,128  

U.S. Treasury Obligations - 10.7%

      

U.S. Treasury Bonds
1.250%, 05/15/50

      5,625,000        2,701,758  

1.875%, 02/15/51

      9,097,000        5,109,955  

2.250%, 05/15/41

      15,359,000        11,154,474  

2.500%, 02/15/46

      1,796,000        1,244,572  

3.125%, 05/15/48

      10,968,000        8,321,541  

3.625%, 02/15/53

      6,760,000        5,518,378  

3.875%, 02/15/43

      4,324,000        3,870,656  

Total U.S. Treasury Obligations

         37,921,334  

Total U.S. Government and Agency Obligations
(Cost $156,250,938)

         134,272,245  

Short-Term Investments - 7.3%

      

Joint Repurchase Agreements - 6.5%7

     

Bethesda Securities LLC, dated 06/30/25, due 07/01/25, 4.480% total to be received $5,448,300 (collateralized by various U.S. Government Agency Obligations, 2.500% -6.000%, 10/01/27 - 02/01/57, totaling $5,556,574)

      5,447,622        5,447,622  

Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $5,735,051 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 -05/15/55, totaling $5,849,752)

      5,734,339        5,734,339  

Marex Capital Markets, Inc., dated 06/30/25, due 07/01/25, 4.480% total to be received $5,448,300 (collateralized by various U.S. Government Agency Obligations, 2.000% -7.000%, 12/01/29 - 06/20/55, totaling $5,556,574)

      5,447,622        5,447,622  

State of Wisconsin Investment Board, dated 06/30/25, due 07/01/25, 4.480% total to be received $5,448,300 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/26 -02/15/54, totaling $5,540,195)

      5,447,622        5,447,622  

TD Securities LLC, dated 06/30/25, due 07/01/25, 4.400% total to be received $862,094 (collateralized by a U.S. Treasury, 4.750%, 05/15/55, totaling $879,229)

      861,989        861,989  

Total Joint Repurchase Agreements

         22,939,194  

 

      
 

 

 

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

5

 

 AMG GW&K ESG Bond Fund

 Schedule of Portfolio Investments (continued)

 

 

 

      Principal
Amount		        Value    

Repurchase Agreements - 0.8%

      

Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $2,846,324 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $2,903,021)

      $2,846,000        $2,846,000  

Total Short-Term Investments
(Cost $25,785,194)

         25,785,194  

 

      
     

 

    

        Value    

Total Investments - 105.7%
(Cost $401,674,914)

         $373,336,543  

Other Assets, less Liabilities - (5.7)%

 

      (20,180,364 ) 

Net Assets - 100.0%

         $353,156,179  

 

      

 

 

 

1 

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the value of these securities amounted to $57,238,177 or 16.2% of net assets.

 

2 

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

 

3 

Some of these securities, amounting to $34,389,276 or 9.7% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

 

4 

Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2025. Rate will reset at a future date.

 

5 

Variable rate security. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

6 

Perpetuity Bond. The date shown represents the next call date.

 

7 

Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

 

CLO   Collateralized Loan Obligation
CMT   Constant Maturity Treasury
DAC   Designated Activity Co.
FHLMC   Freddie Mac
FNMA   Fannie Mae
MTN   Medium-Term Note
National Insured   National Public Finance Guarantee Corp.
REMICS   Real Estate Mortgage Investment Conduit
SOFR   Secured Overnight Financing Rate
STACR   Structured Agency Credit Risk
 

 

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

 

    

Level 1

 

     

Level 2

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Corporate Bonds and Notes†

  

 

—

 

   

$

173,645,800

 

   

 

—

 

   

$

173,645,800

 

 Asset-Backed Securities

   

 

—

 

   

 

12,804,153

 

   

 

—

 

   

 

12,804,153

 

 Mortgage-Backed Securities

   

 

—

 

   

 

13,235,940

 

   

 

—

 

   

 

13,235,940

 

 Municipal Bonds

   

 

—

 

   

 

13,593,211

 

   

 

—

 

   

 

13,593,211

 

 U.S. Government and Agency Obligations†

  

 

—

 

   

 

134,272,245

 

   

 

—

 

   

 

134,272,245

 

 Short-Term Investments

            

 Joint Repurchase Agreements

      —        22,939,194        —        22,939,194  

 Repurchase Agreements

      —        2,846,000        —        2,846,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

—

 

   

$

373,336,543

 

   

 

—

 

   

$

373,336,543

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

All corporate bonds and notes and U.S. government and agency obligations held in the Fund are Level 2 securities. For a detailed breakout of corporate bonds and notes and U.S. government and agency obligations by major industry or agency classification, please refer to the Fund’s Schedule of Portfolio Investments.

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

 

 

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

6

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Principal
Amount		        Value    

Municipal Bonds - 100.2%

      

Alabama - 1.2%

      

Alabama Public School and College Authority, Series A
5.000%, 11/01/34

      $5,000,000        $5,399,568  

County of Jefferson Sewer Revenue
5.250%, 10/01/49

      5,810,000        5,874,408  

Total Alabama

         11,273,976  

Arizona - 0.4%

      

Maricopa County Industrial Development Authority, Series D,

      

5.000%, 12/01/40

      2,150,000        2,240,085  

5.000%, 12/01/41

      1,000,000        1,031,059  

Total Arizona

         3,271,144  

California - 3.1%

      

California Municipal Finance Authority, Community Medical Centers, Series A

      

5.000%, 02/01/31

      900,000        914,355  

Los Angeles Department of Water & Power, Series A, (BAM)
5.000%, 07/01/43

      1,250,000        1,301,592  

Los Angeles Department of Water & Power, Series B,
5.000%, 07/01/31

      2,955,000        3,211,071  

5.000%, 07/01/32

      4,230,000        4,618,340  

5.000%, 07/01/33

      3,550,000        3,896,757  

San Francisco City & County Airport Commission, San Francisco International Airport, Series A,
5.000%, 05/01/32

      3,000,000        3,198,697  

5.000%, 05/01/34

      5,010,000        5,197,011  

5.000%, 05/01/35

      5,800,000        5,990,314  

Total California

         28,328,137  

Colorado - 0.5%

      

Colorado Health Facilities Authority,
Series A
5.000%, 08/01/33

      4,260,000        4,468,847  

Connecticut - 2.2%

      

Connecticut State Health & Educational Facilities Authority,
5.000%, 07/01/31

      6,205,000        6,668,330  

5.000%, 07/01/33

      2,750,000        2,951,506  

5.000%, 07/01/34

      3,100,000        3,305,284  

State of Connecticut Special Tax Obligation, Transportation Infrastructure, Series B
5.000%, 10/01/35

      7,500,000        7,830,078  

Total Connecticut

         20,755,198  

District of Columbia - 0.6%

      

District of Columbia, Series B
5.000%, 06/01/31

      5,080,000        5,371,054  

Florida - 5.4%

      

County of Miami-Dade Aviation Revenue, Series A
5.000%, 10/01/35

      5,000,000        5,331,933  

 

      
      Principal
Amount		        Value    

Escambia County Health Facilities Authority
5.000%, 08/15/37

      $6,000,000        $6,174,619  

Florida Development Finance Corp.
4.000%, 11/15/33

      10,000,000        10,038,450  

Florida Housing Finance Corp., Series 3, (GNMA FNMA FHLMC)
4.500%, 07/01/44

      4,995,000        4,789,505  

Lee County Industrial Development Authority, Series 1
5.000%, 04/01/34

      3,145,000        3,276,432  

Miami-Dade County Educational Facilities Authority, Series B
5.250%, 04/01/36

      5,000,000        5,604,653  

Orange County Health Facilities Authority, Series A
5.000%, 10/01/31

      4,525,000        4,593,037  

State Board of Administration Finance Corp., Series A
5.526%, 07/01/34

      10,000,000        10,260,415  

Total Florida

         50,069,044  

Georgia - 1.4%

      

Private Colleges & Universities Authority, Series A,
5.000%, 09/01/32

      6,500,000        7,250,410  

5.000%, 09/01/33

      5,000,000        5,618,699  

Total Georgia

         12,869,109  

Illinois - 11.6%

      

Chicago O’Hare International Airport, Senior Lien, Series A,
5.000%, 01/01/36

      10,050,000        10,214,303  

5.000%, 01/01/38

      5,500,000        5,543,556  

Chicago O’Hare International Airport, Series A
5.250%, 01/01/41

      2,000,000        2,085,874  

Chicago Transit Authority Sales Tax Receipts Fund, Series A,
5.000%, 12/01/43

      3,000,000        3,064,244  

5.000%, 12/01/44

      5,000,000        5,084,739  

Illinois Finance Authority, Series A,
4.000%, 08/15/37

      5,910,000        5,635,038  

5.000%, 04/01/34

      4,640,000        5,165,552  

Illinois Finance Authority, Series B
5.000%, 04/01/35

      2,970,000        3,289,910  

Illinois State Toll Highway Authority, Senior Revenue, Series A,
5.000%, 01/01/30

      5,000,000        5,352,640  

5.000%, 12/01/31

      9,735,000        9,810,294  

5.000%, 01/01/36

      3,000,000        3,303,217  

Metropolitan Water Reclamation District of Greater Chicago, Series A,
5.000%, 12/01/39

      5,000,000        5,378,809  

5.000%, 12/01/40

      5,000,000        5,357,064  

State of Illinois
5.000%, 02/01/33

      7,255,000        7,884,197  

 

      
 

 

 

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

7

 

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)

 

 

     

Principal 

Amount 

        Value    

Illinois - 11.6% (continued)

      

State of Illinois Sales Tax Revenue, Series B
5.000%, 06/15/37

      $6,000,000        $6,503,224  

State of Illinois, Series A
5.250%, 03/01/37

      8,500,000        9,019,279  

State of Illinois, Series B,
5.000%, 05/01/34

      10,000,000        10,696,883  

5.250%, 05/01/42

      2,000,000        2,067,048  

5.250%, 05/01/45

      2,000,000        2,032,876  

Total Illinois

         107,488,747  

Indiana - 0.6%

      

Indiana Finance Authority, Series A
5.000%, 02/01/32

      5,000,000        5,499,233  

Iowa - 1.1%

      

Iowa Finance Authority, State Revolving Fund Green Bond
5.000%, 08/01/30

      10,025,000        10,423,169  

Kentucky - 4.2%

      

Kentucky State Property & Building Commission, Series A,
5.000%, 10/01/32

      2,000,000        2,237,273  

5.000%, 10/01/37

      5,650,000        6,164,074  

5.000%, 04/01/40

      7,750,000        8,237,762  

5.000%, 04/01/41

      8,500,000        8,947,703  

Kentucky State Property & Building Commission, Series B,
5.000%, 04/01/34

      6,310,000        7,114,944  

5.000%, 04/01/35

      5,595,000        6,296,470  

Total Kentucky

         38,998,226  

Louisiana - 2.1%

      

Louisiana Public Facilities Authority
5.500%, 09/01/54

      2,500,000        2,544,890  

Louisiana Stadium & Exposition District, Series A,
5.000%, 07/01/40

      2,750,000        2,879,707  

5.000%, 07/01/42

      11,500,000        11,809,144  

State of Louisiana, Series A
5.000%, 09/01/30

      2,000,000        2,121,490  

Total Louisiana

         19,355,231  

Maryland - 1.3%

      

Maryland Stadium Authority
5.000%, 06/01/40

      2,500,000        2,666,998  

Maryland Stadium Authority Sports Entertainment Facilities Revenue
5.000%, 06/15/37

      3,320,000        3,629,843  

Maryland State Transportation Authority
5.000%, 07/01/33

      5,000,000        5,435,216  

Total Maryland

         11,732,057  

Massachusetts - 1.1%

      

Massachusetts Development Finance Agency,
5.250%, 07/01/48

      4,250,000        4,208,275  

5.500%, 07/01/45

      1,490,000        1,509,280  

 

      
      Principal 
Amount 		        Value    

Massachusetts Development Finance Agency, Series 1,
5.000%, 07/01/40

      $1,870,000        $1,943,097  

5.000%, 07/01/41

      2,095,000        2,155,555  

Total Massachusetts

         9,816,207  

Michigan - 3.6%

      

Great Lakes Water Authority Sewage Disposal System Revenue, Series B,
5.000%, 07/01/34

      10,000,000        11,339,833  

5.000%, 07/01/35

      8,000,000        8,936,757  

Great Lakes Water Authority Water Supply System Revenue, Series A
5.000%, 07/01/35

      2,500,000        2,809,913  

Michigan Finance Authority, Henry Ford
Health System
5.000%, 11/15/29

      3,500,000        3,578,117  

Michigan State Building Authority, Series I
5.000%, 04/15/331

     3,175,000        3,571,981  

Michigan State Housing Development Authority, Series A
4.850%, 12/01/45

      3,000,000        2,981,353  

Total Michigan

         33,217,954  

New Hampshire - 0.4%

      

New Hampshire Business Finance Authority, Series A
5.000%, 12/01/35

      3,000,000        3,242,827  

New Jersey - 6.9%

      

New Jersey Economic Development Authority, Series A
5.250%, 11/01/40

      7,000,000        7,342,661  

New Jersey Economic Development Authority, Series SSS,
5.250%, 06/15/36

      3,000,000        3,302,268  

5.250%, 06/15/37

      2,000,000        2,180,347  

New Jersey State Turnpike Authority, Series D
5.000%, 01/01/28

      4,500,000        4,631,177  

New Jersey Transportation Trust Fund Authority, Series A,
5.250%, 06/15/41

      2,700,000        2,843,174  

5.250%, 06/15/42

      2,500,000        2,615,274  

New Jersey Transportation Trust Fund Authority, Series B,
5.000%, 06/15/30

      6,255,000        6,814,629  

5.000%, 06/15/31

      7,615,000        8,378,427  

5.000%, 06/15/32

      5,750,000        6,279,078  

5.000%, 06/15/33

      6,000,000        6,499,896  

New Jersey Transportation Trust Fund Authority, Series BB
4.000%, 06/15/37

      3,000,000        2,905,671  

New Jersey Transportation Trust Fund Authority, Series CC
5.000%, 06/15/40

      2,000,000        2,094,229  

 

      
 

 

 

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

8

 

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)

 

 

      Principal 
Amount 		        Value    

New Jersey - 6.9% (continued)

      

New Jersey Turnpike Authority, Series B,
5.000%, 01/01/33

      $2,890,000        $3,245,848  

5.000%, 01/01/34

      1,000,000        1,127,271  

South Jersey Transportation Authority,
5.000%, 11/01/39

      1,150,000        1,184,924  

5.000%, 11/01/41

      2,615,000        2,672,911  

Total New Jersey

         64,117,785  

New York - 21.0%

      

City of New York
5.000%, 08/01/34

      5,000,000        5,562,272  

City of New York, Series 1
5.000%, 09/01/40

      5,000,000        5,334,536  

City of New York, Series C,
5.000%, 08/01/33

      1,500,000        1,621,751  

5.000%, 08/01/34

      3,250,000        3,492,835  

City of New York, Series D
5.000%, 04/01/32

      5,000,000        5,586,368  

City of New York, Series F,
5.000%, 08/01/32

      4,000,000        4,480,965  

5.000%, 08/01/36

      5,000,000        5,532,467  

City of New York, Series L-5
5.000%, 04/01/33

      6,500,000        7,103,158  

Long Island Power Authority
5.000%, 09/01/35

      5,030,000        5,271,055  

Metropolitan Transportation Authority,
Green Bond, Series B
5.000%, 11/15/27

      7,475,000        7,830,612  

Metropolitan Transportation Authority,
Series A
5.000%, 11/15/37

      7,460,000        8,048,646  

Metropolitan Transportation Authority,
Series F
5.000%, 11/15/28

      4,760,000        4,788,164  

New York City Transitional Finance
Authority Building Aid Revenue,
Series S-3, (State Aid Withholding)
5.000%, 07/15/31

      5,080,000        5,350,862  

New York City Transitional Finance
Authority, Future Tax Secured Subordinate, Series A-1,
5.000%, 05/01/40

      2,500,000        2,641,170  

5.000%, 05/01/41

      3,000,000        3,142,189  

New York City Transitional Finance
Authority, Future Tax Secured Subordinate, Series E-1
5.000%, 02/01/37

      7,000,000        7,409,795  

New York City Transitional Finance
Authority, Future Tax Secured Subordinate, Series F-1
5.000%, 02/01/39

      4,000,000        4,231,928  

New York City Transitional Finance
Authority, Series 1,
5.000%, 11/01/37

      2,000,000        2,187,878  

5.000%, 11/01/39

      4,000,000        4,285,434  

New York State Dormitory Authority
4.000%, 05/01/39

      2,000,000        1,919,121  

 

      
      Principal 
Amount 		        Value    

New York State Dormitory Authority, Series A,
5.000%, 03/15/31

      $7,670,000        $8,131,096  

5.000%, 03/15/33

      2,000,000        2,222,240  

5.000%, 07/01/36

      5,000,000        5,574,130  

5.000%, 07/01/37

      5,000,000        5,523,878  

5.000%, 07/01/38

      5,000,000        5,458,612  

5.000%, 03/15/40

      5,250,000        5,586,511  

5.000%, 03/15/41

      9,340,000        9,843,928  

New York State Dormitory Authority, Series E
5.000%, 03/15/32

      8,410,000        8,432,961  

New York State Urban Development Corp.
5.000%, 03/15/32

      5,000,000        5,446,243  

New York Transportation Development Corp.,
4.000%, 10/31/41

      1,250,000        1,101,227  

4.000%, 10/31/46

      1,500,000        1,264,059  

5.000%, 12/01/30

      1,000,000        1,083,048  

5.000%, 12/01/31

      1,100,000        1,186,803  

5.000%, 12/01/32

      1,450,000        1,556,928  

5.000%, 12/01/33

      1,000,000        1,068,252  

5.000%, 12/01/36

      10,000,000        10,335,444  

5.250%, 06/30/49

      5,000,000        4,976,716  

6.000%, 06/30/54

      3,000,000        3,098,978  

New York Transportation Development Corp. (AG)
5.000%, 06/30/49

      2,010,000        1,978,404  

New York Transportation Development Corp., Series A
5.500%, 12/31/54

      4,500,000        4,533,233  

Port Authority of New York & New Jersey, Series 221
5.000%, 07/15/32

      5,000,000        5,281,057  

Triborough Bridge & Tunnel Authority,
Series A,
5.000%, 12/01/41

      1,200,000        1,271,729  

5.000%, 12/01/42

      2,000,000        2,097,415  

5.000%, 12/01/43

      1,500,000        1,564,432  

Total New York

         194,438,530  

North Carolina - 2.2%

      

County of Union Enterprise System Revenue,
1.750%, 06/01/34

      3,300,000        2,671,883  

1.750%, 06/01/35

      4,225,000        3,317,344  

1.850%, 06/01/36

      4,315,000        3,320,716  

2.125%, 06/01/40

      3,350,000        2,381,410  

North Carolina Turnpike Authority,
Series A, (AG)
5.000%, 01/01/58

      9,000,000        9,011,970  

Total North Carolina

         20,703,323  

North Dakota - 0.3%

      

North Dakota Housing Finance Agency, Series A
4.940%, 07/01/45

      3,000,000        2,984,216  

Ohio - 1.4%

      

Columbus Regional Airport Authority,
Series A,
5.000%, 01/01/34

      1,300,000        1,395,547  

5.000%, 01/01/35

      1,200,000        1,285,025  

5.000%, 01/01/36

      2,500,000        2,651,322  

Ohio Housing Finance Agency, Series A, (GNMA FNMA FHLMC)
4.350%, 09/01/44

      2,960,000        2,835,377  

 

      
 

 

 

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

9

 

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)

 

 

      Principal 
Amount 		        Value    

Ohio - 1.4% (continued)

      

Ohio State General Obligation, Series T
5.000%, 05/01/30

      $5,000,000        $5,191,644  

Total Ohio

         13,358,915  

Oklahoma - 1.0%

      

Oklahoma Turnpike Authority, Series B,
5.000%, 01/01/391

     2,650,000        2,859,044  

5.000%, 01/01/401

     2,115,000        2,251,603  

5.000%, 01/01/411

     1,750,000        1,832,547  

5.000%, 01/01/421

     2,000,000        2,075,593  

Total Oklahoma

         9,018,787  

Pennsylvania - 4.1%

      

Allegheny County Airport Authority, Series A,
5.000%, 01/01/31

      1,350,000        1,442,898  

5.000%, 01/01/32

      2,215,000        2,352,282  

City of Philadelphia, Series C,
5.000%, 08/01/33

      1,190,000        1,337,303  

5.000%, 08/01/34

      1,605,000        1,802,969  

5.000%, 08/01/35

      2,000,000        2,240,815  

Commonwealth Financing Authority, Pennsylvania Tobacco
5.000%, 06/01/32

      7,910,000        8,210,720  

Hospitals & Higher Education Facilities Authority of Philadelphia, (AG)
4.000%, 07/01/38

      2,500,000        2,405,919  

4.000%, 07/01/39

      2,000,000        1,898,149  

Pennsylvania Economic Development Financing Authority,
5.250%, 06/30/35

      3,000,000        3,221,833  

5.750%, 06/30/48

      6,000,000        6,183,395  

Pennsylvania Economic Development Financing Authority, Series B
5.000%, 03/15/39

      1,020,000        1,065,710  

Pennsylvania Housing Finance Agency, Series 146A
4.500%, 10/01/44

      6,500,000        6,236,249  

Total Pennsylvania

         38,398,242  

Rhode Island - 0.6%

      

Rhode Island Health and Educational Building Corp.
5.250%, 05/15/49

      5,175,000        5,168,092  

South Carolina - 1.9%

      

Richland County School District No 2, Series A, (South Carolina School District)
2.000%, 03/01/38

      6,190,000        4,612,990  

2.000%, 03/01/39

      10,080,000        7,259,397  

South Carolina Public Service Authority, Series B,
5.000%, 12/01/41

      2,250,000        2,333,646  

5.000%, 12/01/43

      3,725,000        3,808,624  

Total South Carolina

         18,014,657  

Tennessee - 0.7%

      

City of Chattanooga Electric System Revenue
2.000%, 09/01/39

      8,925,000        6,349,549  

 

      
      Principal 
Amount 		        Value    

Texas - 13.7%

      

Central Texas Turnpike System, Series C,
5.000%, 08/15/39

      $2,500,000        $2,649,672  

5.000%, 08/15/40

      1,500,000        1,578,627  

5.000%, 08/15/41

      1,500,000        1,564,187  

5.000%, 08/15/42

      1,000,000        1,034,266  

City of Austin Electric Utility Revenue
5.000%, 11/15/35

      5,000,000        5,522,724  

City of Corpus Christi Utility System, Junior Lien Revenue Improvement
5.000%, 07/15/29

      3,125,000        3,309,702  

City of Houston Airport System, Series A,
4.000%, 07/01/35

      1,100,000        1,087,773  

4.000%, 07/01/36

      1,100,000        1,066,327  

5.000%, 07/01/34

      2,835,000        2,991,342  

City of Houston, Series A,
5.000%, 03/01/40

      2,000,000        2,109,172  

5.000%, 03/01/41

      2,500,000        2,611,122  

5.000%, 03/01/42

      2,245,000        2,325,126  

City of San Antonio Electric & Gas Systems, Series A,
5.000%, 02/01/31

      8,715,000        9,644,275  

5.000%, 02/01/34

      5,460,000        6,112,463  

5.000%, 02/01/35

      3,000,000        3,324,578  

5.000%, 02/01/37

      3,010,000        3,187,275  

5.000%, 02/01/38

      2,985,000        3,133,666  

City of San Antonio Electric & Gas Systems, Series D
5.000%, 02/01/39

      6,455,000        6,947,194  

County of Harris Toll Road First Lien, Series A
5.000%, 08/15/34

      5,000,000        5,576,410  

County of Harris Toll Road Revenue, Series A
5.000%, 08/15/36

      4,000,000        4,406,000  

Harris County-Houston Sports Authority, Series B, (AG)
5.000%, 11/15/44

      2,115,000        2,159,264  

Lamar Consolidated Independent School District
5.000%, 02/15/34

      7,965,000        8,850,967  

Lower Colorado River Authority
5.000%, 05/15/31

      6,000,000        6,602,073  

Lower Colorado River Authority, Series A,
5.000%, 05/15/31

      2,300,000        2,530,795  

5.000%, 05/15/32

      2,000,000        2,217,793  

North Texas Tollway Authority, 2nd Tier, Series B
5.000%, 01/01/32

      3,010,000        3,080,784  

North Texas Tollway Authority, Series A
5.250%, 01/01/38

      4,500,000        4,842,427  

North Texas Tollway Authority, Series B
5.000%, 01/01/33

      7,735,000        8,599,443  

Prosper Independent School District,
Series A, (PSF-GTD)
1.750%, 02/15/34

      3,565,000        2,889,333  

1.750%, 02/15/35

      5,155,000        4,056,094  

 

      
 

 

 

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

10

 

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)

 

 

      Principal 
Amount 		        Value    

Texas - 13.7% (continued)

      

Texas Private Activity Bond Surface Transportation Corp.,
5.500%, 06/30/41

      $1,000,000        $1,031,870  

5.500%, 06/30/42

      1,000,000        1,026,003  

5.500%, 06/30/43

      1,000,000        1,021,911  

Texas Private Activity Bond Surface Transportation Corp., Series A,
4.000%, 12/31/37

      5,000,000        4,827,862  

4.000%, 12/31/38

      3,735,000        3,554,763  

Total Texas

         127,473,283  

Utah - 2.5%

      

Downtown Revitalization Public Infrastructure District, Series A, (AG)
5.000%, 06/01/36

      1,620,000        1,691,588  

5.000%, 06/01/37

      1,700,000        1,765,535  

Intermountain Power Agency,
5.000%, 07/01/33

      3,500,000        3,835,502  

5.000%, 07/01/34

      3,500,000        3,789,913  

Intermountain Power Agency,
Series A
5.000%, 07/01/34

      5,250,000        5,629,277  

Salt Lake City Corp. Airport Revenue,
Series A
5.000%, 07/01/30

      6,585,000        6,821,125  

Total Utah

         23,532,940  

Virginia - 0.6%

      

Virginia Small Business Financing Authority,
4.000%, 01/01/37

      3,000,000        2,850,049  

4.000%, 01/01/38

      3,000,000        2,816,739  

Total Virginia

         5,666,788  

Washington - 0.9%

      

Port of Seattle, Series C
5.000%, 08/01/31

      5,000,000        5,364,555  

 

      

 

1 

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

 

AG   Assured Guaranty
BAM   Build America Mutual Assurance Co.
FHLMC   Freddie Mac
      Principal 
Amount 		        Value    

Washington Health Care Facilities Authority, Series A
5.000%, 08/01/38

      $3,270,000        $3,330,940  

Total Washington

         8,695,495  

West Virginia - 1.6%

      

West Virginia Hospital Finance Authority, Series B
6.000%, 09/01/48

      5,250,000        5,621,081  

West Virginia Parkways Authority,
5.000%, 06/01/37

      1,750,000        1,867,458  

5.000%, 06/01/38

      2,000,000        2,116,900  

5.000%, 06/01/39

      5,150,000        5,413,901  

Total West Virginia

         15,019,340  

Total Municipal Bonds

 

   

(Cost $963,467,304)

         929,120,102  

Short-Term Investments - 0.1%

 

   

Repurchase Agreements - 0.1%

      

Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $1,545,176 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $1,575,949)

      1,545,000        1,545,000  

Total Short-Term Investments

 

   

(Cost $1,545,000)

         1,545,000  

Total Investments - 100.3%

 

   

(Cost $965,012,304)

         930,665,102  

Other Assets, less Liabilities - (0.3)%

 

      (3,201,986 ) 

Net Assets - 100.0%

 

      $927,463,116  

 

 

   

 

 

 

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

 

 

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

11

 

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)

 

 

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

 

     Level 1            Level 2            Level 3            Total  

 Investments in Securities

                  

 Municipal Bonds†

     —        $ 929,120,102          —        $ 929,120,102  

 Short-Term Investments

                  

 Repurchase Agreements

      —          1,545,000          —          1,545,000  
  

 

 

       

 

 

       

 

 

       

 

 

  

 Total Investments in Securities

      —        $ 930,665,102          —        $ 930,665,102  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

† 

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

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

 

 

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

12

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Principal
Amount		        Value    

Municipal Bonds - 98.3%

      

Alabama - 0.6%

      

County of Jefferson Sewer Revenue
5.500%, 10/01/53

      $1,000,000        $1,025,102  

California - 1.7%

      

California Municipal Finance Authority
5.000%, 05/15/48

      1,005,000        967,607  

California Municipal Finance Authority, Series A
4.000%, 02/01/51

      1,000,000        815,384  

Los Angeles Department of Water & Power, Series A
5.000%, 07/01/50

      1,000,000        1,007,550  

Total California

         2,790,541  

Colorado - 5.0%

      

Colorado Health Facilities Authority,
Series A,

      

5.000%, 08/01/44

      1,000,000        984,859  

5.125%, 12/01/45

      1,000,000        1,003,084  

Public Authority for Colorado Energy Natural Gas Purchase Revenue
6.500%, 11/15/38

      5,395,000        6,341,189  

Total Colorado

         8,329,132  

Connecticut - 0.5%

      

Connecticut State Health & Educational Facilities Authority
4.000%, 07/01/42

      1,000,000        898,510  

Florida - 11.9%

      

Capital Trust Authority, Series A,

      

5.000%, 06/01/541

     1,000,000        884,846  

5.000%, 06/01/641

     1,000,000        859,232  

County of Miami-Dade Florida Seaport Department, Series A
5.250%, 10/01/52

      1,000,000        986,833  

Escambia County Health Facilities Authority
4.000%, 08/15/50

      5,065,000        4,118,728  

Florida Development Finance Corp.,

      

4.000%, 02/01/52

      2,515,000        2,003,963  

5.000%, 02/01/52

      1,675,000        1,539,646  

Hillsborough County Industrial Development Authority
4.000%, 08/01/50

      4,185,000        3,520,740  

Miami Beach Health Facilities Authority
4.000%, 11/15/46

      4,185,000        3,564,861  

Palm Beach County Health Facilities Authority, Series B
5.000%, 11/15/55

      1,500,000        1,415,668  

Village Community Development District No 15
4.800%, 05/01/551

     1,000,000        910,143  

Total Florida

         19,804,660  

 

      
      Principal
Amount		        Value    

Georgia - 1.8%

      

Fayette County Development Authority,

      

5.250%, 10/01/49

      $1,500,000        $1,523,554  

5.250%, 10/01/54

      1,500,000        1,510,847  

Total Georgia

         3,034,401  

Illinois - 2.9%

      

Metropolitan Pier & Exposition Authority,

      

4.000%, 06/15/52

      2,515,000        2,043,746  

5.000%, 06/15/50

      2,835,000        2,771,288  

Total Illinois

         4,815,034  

Indiana - 2.9%

      

Indiana Finance Authority, Series A,

      

5.000%, 07/01/54

      1,000,000        955,870  

5.000%, 07/01/59

      1,250,000        1,181,693  

5.250%, 03/01/50

      1,500,000        1,453,991  

5.250%, 07/01/64

      1,250,000        1,213,570  

Total Indiana

         4,805,124  

Louisiana - 3.1%

      

Louisiana Public Facilities Authority,

      

5.500%, 09/01/59

      2,500,000        2,537,437  

5.750%, 09/01/64

      2,500,000        2,573,215  

Total Louisiana

         5,110,652  

Massachusetts - 7.1%

      

Massachusetts Development Finance Agency,

      

4.000%, 07/01/51

      4,340,000        3,415,809  

5.250%, 07/01/50

      1,250,000        1,236,986  

5.250%, 07/01/52

      2,245,000        2,192,191  

5.250%, 07/01/55

      1,000,000        954,980  

5.250%, 07/01/55

      1,000,000        978,236  

Massachusetts Development Finance Agency, Series 1,

      

4.500%, 07/01/54

      1,000,000        895,425  

5.250%, 07/01/50

      1,000,000        1,009,761  

Massachusetts Development Finance Agency, Series A
5.000%, 07/01/541

     1,200,000        1,105,102  

Total Massachusetts

         11,788,490  

Minnesota - 1.1%

      

Duluth Economic Development Authority, Series A
5.000%, 02/15/48

      1,890,000        1,887,398  

Nebraska - 2.9%

      

Central Plains Energy Project #3, Series A
5.000%, 09/01/42

      4,655,000        4,777,339  

New Hampshire - 0.6%

      

New Hampshire Business Finance Authority, Series A
5.500%, 06/01/55

      1,000,000        1,022,183  

 

      
 

 

 

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

13

 

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments (continued)

 

 

      Principal
Amount		        Value    

New Jersey - 3.7%

      

Tobacco Settlement Financing Corp.,
Series A,

      

5.000%, 06/01/46

      $2,095,000        $2,081,208  

5.250%, 06/01/46

      2,755,000        2,773,281  

Tobacco Settlement Financing Corp.,
Series B
5.000%, 06/01/46

      1,415,000        1,363,215  

Total New Jersey

         6,217,704  

New York - 13.7%

      

New York State Dormitory Authority,
Series A,

      

4.000%, 07/01/47

      1,675,000        1,417,489  

4.000%, 07/01/52

      1,775,000        1,452,024  

4.250%, 07/01/50

      1,000,000        876,978  

New York Transportation Development Corp.,

      

4.000%, 04/30/53

      5,790,000        4,610,509  

5.000%, 12/01/41

      1,000,000        996,568  

5.500%, 06/30/54

      1,500,000        1,509,673  

5.625%, 04/01/40

      4,000,000        4,110,990  

6.000%, 04/01/35

      1,500,000        1,631,630  

6.000%, 06/30/54

      1,750,000        1,807,737  

New York Transportation Development Corp., Series A
5.500%, 12/31/60

      3,500,000        3,499,474  

Suffolk Regional Off-Track Betting Co.
5.750%, 12/01/44

      1,000,000        1,022,252  

Total New York

         22,935,324  

Ohio - 2.4%

      

County of Hamilton, Series A
5.500%, 08/01/51

      1,000,000        986,114  

Ohio Higher Educational Facility Commission,

      

5.250%, 05/01/49

      1,250,000        1,241,457  

5.250%, 05/01/54

      1,750,000        1,714,963  

Total Ohio

         3,942,534  

Pennsylvania - 4.3%

      

Montgomery County Higher Education and Health Authority, Series B
5.000%, 05/01/52

      2,180,000        2,116,332  

Pennsylvania Economic Development Financing Authority
5.250%, 06/30/53

      5,025,000        5,026,042  

Total Pennsylvania

         7,142,374  

Rhode Island - 4.9%

      

Rhode Island Health and Educational Building Corp.,

      

5.250%, 05/15/49

      1,000,000        998,665  

5.250%, 05/15/54

      4,500,000        4,458,445  

Tobacco Settlement Financing Corp.,
Series A
5.000%, 06/01/40

      2,755,000        2,754,951  

Total Rhode Island

         8,212,061  

South Carolina - 3.6%

      

Richland County School District No 2, Series A, (South Carolina School District)
1.875%, 03/01/38

      7,290,000        5,276,394  
     
      Principal
Amount		        Value    

South Carolina Jobs-Economic Development Authority
5.750%, 11/15/54

      $750,000        $757,269  

Total South Carolina

         6,033,663  

Tennessee - 3.3%

      

City of Chattanooga Electric
2.000%, 09/01/40

      6,710,000        4,630,471  

Shelby County Health & Educational Facilities Board, Series A1
5.250%, 06/01/561

     1,000,000        922,283  

Total Tennessee

         5,552,754  

Texas - 8.5%

      

City of Houston Airport System Revenue, Series B,

      

5.500%, 07/15/37

      1,500,000        1,557,919  

5.500%, 07/15/38

      1,000,000        1,028,543  

5.500%, 07/15/39

      1,870,000        1,912,501  

Texas Private Activity Bond Surface Transportation Corp.,

      

5.000%, 06/30/58

      6,900,000        6,588,629  

5.500%, 12/31/58

      1,120,000        1,148,213  

Texas Private Activity Bond Surface Transportation Corp., Series A
4.000%, 12/31/39

      2,055,000        1,914,973  

Total Texas

         14,150,778  

Virginia - 7.4%

      

Lynchburg Economic Development Authority
4.000%, 01/01/55

      1,260,000        1,008,486  

Virginia Small Business Financing Authority,

      

4.000%, 01/01/39

      2,515,000        2,333,284  

4.000%, 01/01/40

      2,515,000        2,283,073  

5.000%, 12/31/47

      2,145,000        2,145,284  

5.000%, 12/31/49

      2,095,000        2,002,570  

5.000%, 12/31/52

      2,655,000        2,505,950  

Total Virginia

         12,278,647  

Washington - 0.6%

      

Washington State Housing Finance Commission
5.500%, 07/01/49

      1,000,000        1,022,963  

West Virginia - 1.7%

      

West Virginia Hospital Finance Authority, Series B
6.000%, 09/01/53

      2,625,000        2,791,510  

Wisconsin - 2.1%

      

Public Finance Authority,

      

5.250%, 11/15/50

      1,005,000        1,013,307  

5.250%, 11/15/61

      1,000,000        995,545  

Public Finance Authority, Series A
5.000%, 06/01/411

     1,500,000        1,486,266  

Total Wisconsin

         3,495,118  

Total Municipal Bonds

      

(Cost $180,357,257)

         163,863,996  
     
 

 

 

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

14

 

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments (continued)

 

 

      Principal
Amount		        Value    

Short-Term Investments - 0.6%

      

Repurchase Agreements - 0.6%

      

Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $1,054,120 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $1,075,105)

      $1,054,000        $1,054,000  

Total Short-Term Investments

      

(Cost $1,054,000)

         1,054,000  
     
     

 

 

        Value    

Total Investments - 98.9%

      

(Cost $181,411,257)

                        $164,917,996  

Other Assets, less Liabilities - 1.1%

         1,810,607  

Net Assets - 100.0%

         $166,728,603  
     
 

 

1 

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the value of these securities amounted to $6,167,871 or 3.7% of net assets.

 

 

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

 

     Level 1            Level 2            Level 3            Total  

 Investments in Securities

                  

 Municipal Bonds†

     —        $ 163,863,996          —        $ 163,863,996  

 Short-Term Investments

                  

 Repurchase Agreements

      —          1,054,000          —          1,054,000  
  

 

 

       

 

 

       

 

 

       

 

 

  

 Total Investments in Securities

        —        $ 164,917,996            —        $ 164,917,996  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

† 

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

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

 

 

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

15

 

Statement of Assets and Liabilities (unaudited)

June 30, 2025

 

 

     AMG GW&K
ESG
Bond Fund		      AMG
GW&K Municipal
Bond Fund		      AMG
GW&K Municipal
Enhanced
Yield Fund		  

Assets:

         

Investments at value1 (including securities on loan valued at $34,389,276, $0, and $0, respectively)

      $373,336,543        $930,665,102        $164,917,996  

Cash

      982        300        470  

Interest receivables

      3,391,449        10,745,534        1,815,576  

Securities lending income receivable

      8,377        —        —  

Receivable for Fund shares sold

      158,933        381,008        186,126  

Receivable from affiliate

      12,752        54,430        15,598  

Prepaid expenses and other assets

      29,881        49,650        24,367  

Total assets

      376,938,917        941,896,024        166,960,133  

Liabilities:

         

Payable upon return of securities loaned

      22,939,194        —        —  

Payable for delayed delivery investments purchased

      —        12,821,871        —  

Payable for Fund shares repurchased

      535,638        1,062,521        58,107  

Accrued expenses:

         

Investment advisory and management fees

      66,509        159,064        62,123  

Administrative fees

      43,375        113,904        20,708  

Distribution fees

      —        1,814        402  

Shareholder service fees

      49,200        38,527        7,056  

Other

      148,822        235,207        83,134  

Total liabilities

      23,782,738        14,432,908        231,530  

Commitments and Contingencies (Notes 2 & 7)

         

Net Assets

      $353,156,179        $927,463,116        $166,728,603  

1 Investments at cost

      $401,674,914        $965,012,304        $181,411,257  

 

 

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

16

 

Statement of Assets and Liabilities (continued)

 

 

 

     AMG GW&K
ESG
Bond Fund		     AMG
GW&K Municipal
Bond Fund		     AMG
GW&K Municipal
Enhanced
Yield Fund		  

Net Assets Represent:

       

Paid-in capital

      $437,131,959       $1,000,587,737       $203,031,121  

Total distributable loss

      (83,975,780 )      (73,124,621 )      (36,302,518 ) 

Net Assets

      $353,156,179       $927,463,116       $166,728,603  

Class N:

       

Net Assets

      $211,942,683       $8,723,500       $1,928,375  

Shares outstanding

      9,687,849       786,064       220,627  

Net asset value, offering and redemption price per share

      $21.88       $11.10       $8.74  

Class I:

       

Net Assets

      $141,213,496       $918,739,616       $164,610,340  

Shares outstanding

      6,454,155       82,292,442       19,467,623  

Net asset value, offering and redemption price per share

      $21.88       $11.16       $8.46  

Class Z:

       

Net Assets

      —       —       $189,888  

Shares outstanding

      —       —       22,462  

Net asset value, offering and redemption price per share

      —       —       $8.45  

 

 

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

17

 

Statement of Operations (unaudited)

For the six months ended June 30, 2025

 

 

     AMG GW&K
ESG
Bond Fund		     AMG
GW&K Municipal
Bond Fund		     AMG
GW&K Municipal
Enhanced
Yield Fund		  

 Investment Income:

       

Interest income

      $7,889,536       $15,719,588       $3,782,658  

Securities lending income

      49,519       —       —  

Foreign withholding tax

      (9,621 )      —       —  

Total investment income

      7,929,434       15,719,588       3,782,658  

 Expenses:

       

Investment advisory and management fees

      411,314       1,005,295       398,725  

Administrative fees

      268,248       721,429       132,908  

Distribution fees - Class N

      —       11,392       2,987  

Shareholder servicing fees - Class N

      267,181       5,787       1,792  

Shareholder servicing fees - Class I

      35,980       238,198       43,658  

Professional fees

      43,090       59,573       26,723  

Reports to shareholders

      33,092       30,476       9,125  

Registration fees

      28,061       31,021       19,400  

Custodian fees

      25,873       41,049       15,882  

Trustee fees and expenses

      15,737       42,761       7,893  

Transfer agent fees

      8,910       14,777       2,944  

Interest expense

      840       661       176  

Miscellaneous

      9,273       20,064       5,103  

Total expenses before offsets

      1,147,599       2,222,483       667,316  

Expense reimbursements

      (74,619 )      (331,207 )      (95,931 ) 

Net expenses

      1,072,980       1,891,276       571,385  
      

Net investment income

      6,856,454       13,828,312       3,211,273  

 Net Realized and Unrealized Gain (Loss):

       

Net realized loss on investments

      (6,005,203 )      (5,149,451 )      (1,360,513 ) 

Net change in unrealized appreciation/depreciation on investments

      13,722,751       (8,084,213 )      (6,676,786 ) 

Net realized and unrealized gain (loss)

      7,717,548       (13,233,664 )      (8,037,299 ) 
      

 Net increase (decrease) in net assets resulting from operations

      $14,574,002       $594,648       $(4,826,026 ) 

 

 

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

18

 

Statements of Changes in Net Assets

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

 

 

 

    AMG GW&K
ESG Bond Fund		   AMG
GW&K Municipal
Bond Fund		   AMG
GW&K Municipal
Enhanced Yield Fund
    June 30, 2025   December 31, 2024   June 30, 2025   December 31, 2024   June 30, 2025   December 31, 2024

Increase (Decrease) in Net Assets Resulting From Operations:

                        

Net investment income

       $6,856,454       $14,402,677       $13,828,312       $26,390,239       $3,211,273       $6,867,624

Net realized loss on investments

       (6,005,203 )       (9,324,714 )       (5,149,451 )       (6,960,382 )       (1,360,513 )       (2,286,414 )

Net change in unrealized appreciation/depreciation on investments

       13,722,751       1,303,143       (8,084,213 )       (19,308,387 )       (6,676,786 )       748,881

Net increase (decrease) in net assets resulting from operations

       14,574,002       6,381,106       594,648       121,470       (4,826,026 )       5,330,091

Distributions to Shareholders:

                        

Class N

       (4,053,110 )       (8,565,094 )       (117,942 )       (236,843 )       (50,032 )       (100,918 )

Class I

       (2,872,321 )       (5,856,009 )       (13,684,614 )       (26,143,251 )       (3,154,913 )       (6,775,784 )

Class Z

       —       —       —       —       (3,520 )       (4,671 )

Total distributions to shareholders

       (6,925,431 )       (14,421,103 )       (13,802,556 )       (26,380,094 )       (3,208,465 )       (6,881,373 )

Capital Share Transactions:1

                       

Net increase (decrease) from capital share transactions

       (25,569,326 )       (56,304,525 )       (65,737,491 )       3,978,583       (9,358,427 )       (25,735,463 )
                       

Total decrease in net assets

       (17,920,755 )       (64,344,522 )       (78,945,399 )       (22,280,041 )       (17,392,918 )       (27,286,745 )

Net Assets:

                        

Beginning of period

       371,076,934       435,421,456       1,006,408,515       1,028,688,556       184,121,521       211,408,266

End of period

       $353,156,179       $371,076,934       $927,463,116       $1,006,408,515       $166,728,603       $184,121,521

 

1 

See Note 1(g) of the Notes to Financial Statements.

 

 

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

19

AMG GW&K ESG Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class N   2024   2023   2022   2021   2020
                          

Net Asset Value, Beginning of Period

        $21.41       $21.85       $21.11       $24.88       $28.12       $27.14

Income (loss) from Investment Operations:

                         

Net investment income1,2

       0.40       0.76       0.63       0.44       0.44       0.90

Net realized and unrealized gain (loss) on investments

        0.48       (0.44 )       0.75       (3.70 )       (0.83 )       1.03

Total income (loss) from investment operations

        0.88       0.32       1.38       (3.26 )       (0.39 )       1.93

Less Distributions to Shareholders from:

                         

Net investment income

        (0.41 )       (0.76 )       (0.64 )       (0.47 )       (0.47 )       (0.88 )

Net realized gain on investments

        —       —       —       (0.04 )       (2.38 )       (0.07 )

Total distributions to shareholders

        (0.41 )       (0.76 )       (0.64 )       (0.51 )       (2.85 )       (0.95 )

Net Asset Value, End of Period

        $21.88       $21.41       $21.85       $21.11       $24.88       $28.12

Total Return2,3

       4.14 %4       1.49 %       6.69 %       (13.17 )%       (1.29 )%       7.34 %

Ratio of net expenses to average net assets

        0.68 %5,6       0.68 %6       0.68 %       0.68 %       0.69 %7       0.71 %

Ratio of gross expenses to average net assets8

       0.72 %5       0.73 %       0.70 %       0.69 %       0.69 %7       0.72 %

Ratio of net investment income to average net assets2

       3.75 %5       3.49 %       2.94 %       1.98 %       1.71 %       3.31 %

Portfolio turnover

        17 %4       37 %       27 %       23 %       186 %       25 %

Net assets end of period (000’s) omitted

        $211,943       $222,537       $269,529       $301,028       $427,818       $555,124
                                                              

 

 

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

20

AMG GW&K ESG Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class I   2024   2023   2022   2021   2020
                          

 Net Asset Value, Beginning of Period

        $21.42       $21.85       $21.12       $24.89       $28.13       $27.14

 Income (loss) from Investment Operations:

                         

Net investment income1,2

       0.42       0.80       0.67       0.49       0.50       0.95

Net realized and unrealized gain (loss) on investments

        0.47       (0.42 )       0.75       (3.71 )       (0.83 )       1.05

Total income (loss) from investment operations

        0.89       0.38       1.42       (3.22 )       (0.33 )       2.00

 Less Distributions to Shareholders from:

                         

Net investment income

        (0.43 )       (0.81 )       (0.69 )       (0.51 )       (0.53 )       (0.94 )

Net realized gain on investments

        —       —       —       (0.04 )       (2.38 )       (0.07 )

Total distributions to shareholders

        (0.43 )       (0.81 )       (0.69 )       (0.55 )       (2.91 )       (1.01 )

 Net Asset Value, End of Period

        $21.88       $21.42       $21.85       $21.12       $24.89       $28.13

 Total Return2,3

       4.20 %4       1.75 %       6.85 %       (12.99 )%       (1.05 )%       7.57 %

Ratio of net expenses to average net assets

        0.48 %5,6       0.48 %6       0.48 %       0.48 %       0.49 %7       0.50 %

Ratio of gross expenses to average net assets8

       0.52 %5       0.53 %       0.50 %       0.49 %       0.49 %7       0.51 %

Ratio of net investment income to average net assets2

       3.95 %5       3.69 %       3.14 %       2.18 %       1.91 %       3.52 %

Portfolio turnover

        17 %4       37 %       27 %       23 %       186 %       25 %

Net assets end of period (000’s) omitted

        $141,213       $148,540       $165,892       $191,979       $327,121       $546,698
                                                              

 

1 

Per share numbers have been calculated using average shares.

 

2 

Total returns and net investment income would have been lower had certain expenses not been offset.

 

3 

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

 

4 

Not annualized.

 

5 

Annualized.

 

6 

Includes interest expense of less than 0.01% related to participation in the interfund lending program.

 

7 

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

 

8 

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

 

 

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

21

 AMG GW&K Municipal Bond Fund

 Financial Highlights

 For a share outstanding throughout each fiscal period

 

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class N   2024     2023    2022    2021    2020 

 Net Asset Value, Beginning of Period

      $11.24       $11.53       $11.11       $12.24       $12.45       $12.12  

 Income (loss) from Investment Operations:

 

        

Net investment income1,2

     0.14       0.25       0.21       0.15       0.13       0.15  

Net realized and unrealized gain (loss) on investments

      (0.14 )      (0.28 )      0.42       (1.10 )      (0.11 )      0.33  
            

Total income (loss) from investment operations

      —       (0.03 )      0.63       (0.95 )      0.02       0.48  

 Less Distributions to Shareholders from:

             

Net investment income

      (0.14 )      (0.26 )      (0.21 )      (0.16 )      (0.13 )      (0.15 ) 

Net realized gain on investments

      —       —       —       (0.02 )      (0.10 )      —  
            

Total distributions to shareholders

      (0.14 )      (0.26 )      (0.21 )      (0.18 )      (0.23 )      (0.15 ) 

 Net Asset Value, End of Period

      $11.10       $11.24       $11.53       $11.11       $12.24       $12.45  
            

 Total Return2,3

     0.03 %4      (0.29 )%      5.72 %      (7.80 )%      0.10 %      4.31 % 

Ratio of net expenses to average net assets

      0.72 %5,6      0.71 %      0.72 %      0.72 %      0.71 %      0.71 % 

Ratio of gross expenses to average net assets7

     0.79 %5      0.78 %      0.79 %      0.78 %      0.76 %      0.77 % 

Ratio of net investment income to average net assets2

     2.55 %5      2.24 %      1.85 %      1.35 %      1.01 %      1.25 % 

Portfolio turnover

      28 %4       36 %      29 %      20 %      24 %      17 % 

Net assets end of period (000’s) omitted

      $8,724       $8,893       $12,081       $12,972       $17,112       $18,153  
                                                  

 

 

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

22

 AMG GW&K Municipal Bond Fund

 Financial Highlights

 For a share outstanding throughout each fiscal period

 

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class I   2024    2023    2022    2021    2020 

 Net Asset Value, Beginning of Period

      $11.31       $11.60       $11.18       $12.31       $12.52       $12.18  

 Income (loss) from Investment Operations:

 

        

Net investment income1,2

     0.16       0.29       0.25       0.19       0.17       0.19  

Net realized and unrealized gain (loss) on investments

      (0.15 )      (0.29 )      0.41       (1.11 )      (0.11 )      0.34  
            

Total income (loss) from investment operations

      0.01       —       0.66       (0.92 )      0.06       0.53  

 Less Distributions to Shareholders from:

             

Net investment income

      (0.16 )      (0.29 )      (0.24 )      (0.19 )      (0.17 )      (0.19 ) 

Net realized gain on investments

      —       —       —       (0.02 )      (0.10 )      —  
            

Total distributions to shareholders

      (0.16 )      (0.29 )      (0.24 )      (0.21 )      (0.27 )      (0.19 ) 

 Net Asset Value, End of Period

      $11.16       $11.31       $11.60       $11.18       $12.31       $12.52  
            

 Total Return2,3

     0.10 %4       0.04 %      6.04 %      (7.45 )%      0.43 %      4.70 % 

Ratio of net expenses to average net assets

      0.39 %5,6       0.39 %      0.39 %      0.39 %      0.39 %      0.39 % 

Ratio of gross expenses to average net assets7

     0.46 %5       0.46 %      0.46 %      0.45 %      0.44 %      0.45 % 

Ratio of net investment income to average net assets2

     2.88 %5       2.56 %      2.18 %      1.68 %      1.33 %      1.57 % 

Portfolio turnover

      28 %4       36 %      29 %      20 %      24 %      17 % 

Net assets end of period (000’s) omitted

      $918,740       $997,516       $1,016,607       $1,068,290       $1,331,958       $1,287,667  
                                                  

 

1

Per share numbers have been calculated using average shares.

 

2 

Total returns and net investment income would have been lower had certain expenses not been offset.

 

3 

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

 

4 

Not annualized.

 

5 

Annualized.

 

6 

Includes interest expense of less than 0.01% related to participation in the interfund lending program.

 

7 

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

 

 

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

23

 AMG GW&K Municipal Enhanced Yield Fund

 Financial Highlights

 For a share outstanding throughout each fiscal period

 

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class N   2024     2023    2022    2021    2020 

 Net Asset Value, Beginning of Period

      $9.13       $9.20       $8.56       $10.74       $10.69       $10.42  

 Income (loss) from Investment Operations:

 

        

Net investment income1,2

     0.15       0.27       0.25       0.22       0.20       0.23  

Net realized and unrealized gain (loss) on investments

      (0.40 )      (0.07 )      0.64       (2.17 )      0.18       0.37  
            

Total income (loss) from investment operations

      (0.25 )      0.20       0.89       (1.95 )      0.38       0.60  

 Less Distributions to Shareholders from:

             

Net investment income

      (0.14 )      (0.27 )      (0.25 )      (0.20 )      (0.19 )      (0.21 ) 

Net realized gain on investments

      —       —       —       (0.03 )      (0.14 )      (0.12 ) 
            

Total distributions to shareholders

      (0.14 )      (0.27 )      (0.25 )      (0.23 )      (0.33 )      (0.33 ) 

 Net Asset Value, End of Period

      $8.74       $9.13       $9.20       $8.56       $10.74       $10.69  
            

 Total Return2,3

     (2.73 )%4      2.15 %      10.53 %      (18.19 )%      3.59 %      5.95 % 

Ratio of net expenses to average net assets

      0.99 %5,6      0.99 %6      0.99 %      0.99 %      0.99 %      0.99 % 

Ratio of gross expenses to average net assets7

     1.10 %5      1.09 %      1.08 %      1.07 %      1.05 %      1.07 % 

Ratio of net investment income to average net assets2

     3.28 %5      2.99 %      2.87 %      2.39 %      1.85 %      2.17 % 

Portfolio turnover

      20 %4       32 %      24 %      45 %      61 %      81 % 

Net assets end of period (000’s) omitted

      $1,928       $3,764       $5,964       $2,955       $14,923       $5,015  
                                                  

 

 

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

24

 AMG GW&K Municipal Enhanced Yield Fund

 Financial Highlights

 For a share outstanding throughout each fiscal period

 

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class I   2024     2023    2022    2021    2020 

 Net Asset Value, Beginning of Period

      $8.84       $8.91       $8.30       $10.43       $10.40       $10.15  

 Income (loss) from Investment Operations:

 

        

Net investment income1,2

     0.16       0.30       0.27       0.24       0.23       0.25  

Net realized and unrealized gain (loss) on investments

      (0.38 )      (0.07 )      0.62       (2.09 )      0.17       0.37  
            

Total income (loss) from investment operations

      (0.22 )      0.23       0.89       (1.85 )      0.40       0.62  

 Less Distributions to Shareholders from:

             

Net investment income

      (0.16 )      (0.30 )      (0.28 )      (0.25 )      (0.23 )      (0.25 ) 

Net realized gain on investments

      —       —       —       (0.03 )      (0.14 )      (0.12 ) 
            

Total distributions to shareholders

      (0.16 )      (0.30 )      (0.28 )      (0.28 )      (0.37 )      (0.37 ) 

 Net Asset Value, End of Period

      $8.46       $8.84       $8.91       $8.30       $10.43       $10.40  
            

 Total Return2,3

     (2.55 )%4       2.61 %      10.89 %      (17.86 )%      3.94 %      6.31 % 

Ratio of net expenses to average net assets

      0.64 %5,6       0.64 %6       0.64 %      0.64 %      0.64 %      0.64 % 

Ratio of gross expenses to average net assets7

     0.75 %5       0.74 %      0.73 %      0.72 %      0.70 %      0.72 % 

Ratio of net investment income to average net assets2

     3.63 %5       3.34 %      3.22 %      2.74 %      2.20 %      2.52 % 

Portfolio turnover

      20 %4       32 %      24 %      45 %      61 %      81 % 

Net assets end of period (000’s) omitted

      $164,610       $180,162       $205,322       $255,928       $369,473       $323,439  
                                                  

 

 

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

25

 AMG GW&K Municipal Enhanced Yield Fund

 Financial Highlights

 For a share outstanding throughout each fiscal period

 

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class Z   2024     2023    2022    2021    2020 

 Net Asset Value, Beginning of Period

      $8.84       $8.91       $8.30       $10.43       $10.40       $10.15  

 Income (loss) from Investment Operations:

 

        

Net investment income1,2

     0.16       0.30       0.28       0.25       0.24       0.26  

Net realized and unrealized gain (loss) on investments

      (0.39 )      (0.07 )      0.61       (2.10 )      0.17       0.37  
            

Total income (loss) from investment operations

      (0.23 )      0.23       0.89       (1.85 )      0.41       0.63  

 Less Distributions to Shareholders from:

             

Net investment income

      (0.16 )      (0.30 )      (0.28 )      (0.25 )      (0.24 )      (0.26 ) 

Net realized gain on investments

      —       —       —       (0.03 )      (0.14 )      (0.12 ) 
            

Total distributions to shareholders

      (0.16 )      (0.30 )      (0.28 )      (0.28 )      (0.38 )      (0.38 ) 

 Net Asset Value, End of Period

      $8.45       $8.84       $8.91       $8.30       $10.43       $10.40  
            

 Total Return2,3

     (2.65 )%4      2.66 %      10.95 %      (17.82 )%      3.99 %      6.37 % 

Ratio of net expenses to average net assets

      0.59 %5,6      0.59 %6      0.59 %      0.59 %      0.59 %      0.59 % 

Ratio of gross expenses to average net assets7

     0.70 %5      0.69 %      0.68 %      0.67 %      0.65 %      0.67 % 

Ratio of net investment income to average net assets2

     3.68 %5      3.39 %      3.27 %      2.79 %      2.25 %      2.57 % 

Portfolio turnover

      20 %4      32 %      24 %      45 %      61 %      81 % 

Net assets end of period (000’s) omitted

      $190       $196       $123       $111       $135       $130  
                                                  

 

1 

Per share numbers have been calculated using average shares.

 

2 

Total returns and net investment income would have been lower had certain expenses not been offset.

 

3 

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

 

4 

Not annualized.

 

5 

Annualized.

 

6 

Includes interest expense of less than 0.01% related to participation in the interfund lending program.

 

7 

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

 

 

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

26

    

 

 

Notes to Financial Statements (unaudited)

June 30, 2025

 

   

 

 

      

 

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds and AMG Funds III (“Trust III”) (the “Trusts”) are open-end management investment companies, organized as Massachusetts business trusts, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trusts consist of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG Funds: AMG GW&K Municipal Bond Fund (“Municipal Bond”) and AMG GW&K Municipal Enhanced Yield Fund (“Municipal Enhanced”), and Trust III: AMG GW&K ESG Bond Fund (“ESG Bond”), each a “Fund” and collectively, the “Funds”.

Each Fund offers different classes of shares. All Funds offer Class N shares and Class I shares; and Municipal Enhanced offers Class Z shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

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

a. VALUATION OF INVESTMENTS

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are considered comparable in credit rating, interest rate, due date and other features (generally referred to as “matrix pricing”) or other similar pricing methodologies. Investments in certain mortgage-backed and stripped mortgage-backed securities, convertible securities, derivatives and other debt securities not traded on an organized securities market are valued on the basis of valuations provided by dealers or by a pricing service which uses information with respect to transactions in such securities and various relationships between such securities and yield to maturity in determining value.

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

The Funds’ portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under

the 1940 Act, the Funds’ Boards of Trustees (the “Board”) designated AMG Funds LLC (the “Investment Manager”) as the Funds’ Valuation Designee to perform the Funds’ fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager’s fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Funds may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Funds’ valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Funds might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Funds. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager’s process for determining the fair value of the Funds’ investments.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or

 

 

 

27

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Interest income on foreign securities is recorded gross of any withholding tax. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trusts and other trusts or funds within the AMG Funds Family of Funds (collectively, the “AMG Funds Family”) based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income, if any, will normally be declared and paid monthly by the Funds. Fund distributions resulting from realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time

in the future. There were no permanent differences on the Funds. Temporary differences are primarily due to wash sale loss deferrals for ESG Bond and Municipal Enhanced and premium amortization on callable bonds for ESG Bond. Municipal Bond had no temporary differences.

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

 

 Fund   Cost     Appreciation     Depreciation     Net Depreciation  

ESG Bond

     $401,674,914       $4,298,551       $(32,636,922 )      $(28,338,371 ) 

Municipal Bond

     965,012,304       2,334,011       (36,681,213 )      (34,347,202 ) 

Municipal Enhanced

     181,411,257       521,019       (17,014,280 )      (16,493,261 ) 

e. FEDERAL TAXES

Each Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. The Investment Manager has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, based on each Fund’s understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, each Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2024, the Funds had capital loss carryovers for federal income tax purposes as shown in the following chart. These amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

 

 Fund   Short-Term     Long-Term     Total  

ESG Bond

     $8,208,427     $ 41,358,051     $ 49,566,478  

Municipal Bond

     120,765       33,792,394       33,913,159   

Municipal Enhanced

     4,224,746       14,277,028       18,501,774  
 

 

g. CAPITAL STOCK

Each of AMG Funds’ Amended and Restated Agreement and Declaration of Trust and Trust III’s Declaration of Trust authorizes for each applicable Fund the issuance of an unlimited number of shares of beneficial interest, without par value. Each Fund records sales and repurchases of its capital stock on the trade date.

 

 

28

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

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

 

    ESG Bond     Municipal Bond  
    June 30, 2025     December 31, 2024     June 30, 2025     December 31, 2024  
 

 

 

    

 

 

    

 

 

    

 

 

  
    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount  

Class N:

                

Shares sold

     119,349        $2,575,589        500,214        $10,862,973        160,606        $1,798,375        669,182        $7,598,411   

Shares issued in reinvestment of distributions

     185,070        4,005,711        391,528        8,455,850        9,499        105,681        18,239        206,510   

Shares redeemed

     (1,009,111)       (21,777,458)       (2,836,260)       (61,437,696)       (174,941)       (1,946,034)       (944,242)       (10,758,607)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net decrease

     (704,692)       $(15,196,158)       (1,944,518)       $(42,118,873)       (4,836)       $(41,978)       (256,821)       $(2,953,686)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Class I:

                

Shares sold

     472,722        $10,218,680        1,285,389        $27,862,718        11,366,712        $127,556,242        24,764,345        $283,196,344   

Shares issued in reinvestment of distributions

     128,763        2,786,983        259,160        5,598,697        942,377        10,552,063        1,748,253        19,910,129   

Shares redeemed

     (1,083,416)       (23,378,831)       (2,200,770)       (47,647,067)       (18,215,626)       (203,803,818)       (25,956,449)       (296,174,204)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase (decrease)

     (481,931)       $(10,373,168)       (656,221)       $(14,185,652)       (5,906,537)       $(65,695,513)       556,149       $6,932,269  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     Municipal Enhanced  
     June 30, 2025      December 31, 2024  
  

 

 

     

 

 

  
     Shares      Amount      Shares      Amount  

Class N:

            

Shares sold

      751,115         $6,735,467         2,046,371         $18,792,524   

Shares issued in reinvestment of distributions

      3,264         29,127         6,151         56,386   

Shares redeemed

      (945,869)        (8,497,655)        (2,288,800)        (21,089,506)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net decrease

      (191,490)        $(1,733,061)        (236,278)        $(2,240,596)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Class I:

            

Shares sold

      2,318,447         $20,153,517         5,611,380         $49,877,903   

Shares issued in reinvestment of distributions

      124,834         1,074,439         276,122         2,447,288   

Shares redeemed

       (3,361,598)        (28,855,593)        (8,546,755)        (75,894,201)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net decrease

      (918,317)        $(7,627,637)        (2,659,253)        $(23,569,010)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Class Z:

            

Shares sold

      —         —         7,915         $69,888   

Shares issued in reinvestment of distributions

      409         $3,520         526         4,671   

Shares redeemed

      (145)        (1,249)        (46)        (416)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net increase

      264         $2,271         8,395         $74,143   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Securities Lending Program”) (collectively, “Repurchase Agreements”). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Funds participate on a pro rata basis with other clients of BNYM in their share

of the underlying collateral under such joint repurchase agreements and in their share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held by the Funds’ custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. Pursuant to the Securities Lending Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

 

 

 

29

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

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

i. DELAYED DELIVERY TRANSACTIONS AND WHEN-ISSUED SECURITIES

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

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

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trusts have entered into investment advisory agreements under which the Investment Manager, a subsidiary and the U.S. wealth platform of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Funds and is responsible for the Funds’ overall administration and operations. The Investment Manager selects and recommends, subject to the approval of the Boards and, in certain circumstances, shareholders, the subadviser for the Funds and monitors the subadviser’s investment performance, security holdings and investment strategies. Each Fund’s investment portfolio is managed by GW&K Investment Management, LLC (“GW&K”), who serves as subadviser pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in GW&K.

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

 

ESG Bond

      0.23 % 

Municipal Bond

      0.21 %1  

on first $25 million

      0.35 % 

on next $25 million

      0.30 % 

on next $50 million

      0.25 % 

on balance over $100 million

      0.20 % 

 

Municipal Enhanced

      0.45 %   

1 The rate shown is the effective rate as of June 30, 2025.

The fee paid to GW&K for its services as subadviser is paid out of the fee the Investment Manager receives from each Fund and does not increase the expenses of each Fund.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of ESG Bond, Municipal Bond and Municipal Enhanced to the annual rate of 0.43%, 0.34% and 0.59%, respectively, of each Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Funds in certain circumstances.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a Fund, provided that such repayment would not cause the Fund’s total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of a Fund.

For the six months ended June 30, 2025, the Investment Manager’s expense reimbursements, and repayments of prior reimbursements by the Funds to the Investment Manager, if any, are as follows:

 

     Expense    Repayment of
     Reimbursements     Prior Reimbursements 

ESG Bond

    $74,619    —

Municipal Bond

    331,207    —

Municipal Enhanced

    95,931    —
 

 

 

30

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

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

 

 Expiration

 Period

    ESG Bond      Municipal Bond      Municipal Enhanced  

Less than 1 year

      $86,383        $748,215        $217,440  

1-2 years

      107,310        717,836        217,681  

2-3 years

      193,628        660,871        193,051  
  

 

 

     

 

 

     

 

 

  

Total

      $387,321        $2,126,922        $628,172  
  

 

 

     

 

 

     

 

 

  

The Trusts, on behalf of the Funds, have entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Funds’ administrator (the “Administrator”) and is responsible for certain aspects of managing the Funds’ operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund’s average daily net assets for this service.

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

AMG Funds has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, Municipal Bond and Municipal Enhanced may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of each Fund’s Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments to the Distributor up to 0.25% annually of Municipal Bond and Municipal Enhanced average daily net assets attributable to the Class N shares. The portion of payments made under the plan by Class N shares of Municipal Bond and Municipal Enhanced for shareholder servicing may not exceed an annual rate of 0.25% of the average daily net asset value of each Fund’s shares of that class owned by clients of such broker, dealer or financial intermediary.

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

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

 Fund   

Maximum Annual

Amount

Approved

    

 Actual 

 Amount 

 Incurred 

  

ESG Bond

     

Class N

      0.25 %      0.25%  

Class I

      0.05 %      0.05%  

Municipal Bond

     

Class N

      0.15 %      0.13%  

Class I

      0.05 %      0.05%  

Municipal Enhanced

     

Class N

      0.15 %      0.15%  

Class I

      0.05 %      0.05%  

The Board provides supervision of the affairs of the Trusts and other trusts within the AMG Funds Family. The Trustees of the Trusts who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At June 30, 2025, the Funds had no interfund loans outstanding.

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

 

 Fund   

Average

Lent

     

Number

of Days

     

Interest

Earned

     

Average

Interest Rate

  

Municipal Bond

      $1,455,158        1        $208        5.225%  
 Fund    Average
Borrowed		      Number
of Days		      Interest
Paid		      Average
Interest Rate		  

ESG Bond

      $1,163,102        5        $840        5.273%    

Municipal Bond

      4,615,375        1        661        5.225%  

Municipal Enhanced

      1,225,291        1        176        5.240%  

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended June 30, 2025, were as follows:

 

 

 

31

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

     Long Term Securities  
 Fund    Purchases      Sales  

ESG Bond

      $53,078,493        $54,573,284  

Municipal Bond

      268,835,891        328,971,435  

Municipal Enhanced

      34,508,018        43,312,390   

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

 

     U.S. Government Obligations  
 Fund    Purchases      Sales  

ESG Bond

      $7,102,077        $33,465,441   

4. PORTFOLIO SECURITIES LOANED

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

The value of securities loaned on positions held, cash collateral and securities collateral received at June 30, 2025, was as follows:

 

 Fund  

Securities

Loaned

    

Cash

Collateral

Received

    

Securities

Collateral

Received

    

Total

Collateral

Received

  

ESG Bond

     $34,389,276       $22,939,194       $12,619,932       $35,559,126  

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

 

 Fund  

Collateral

Type

  

Coupon

Range

   Maturity
Date Range		  

ESG Bond

   U.S. Treasury Obligations   0.125%-5.000%     08/31/25-11/15/54  

5. SEGMENT REPORTING

Each Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in each Fund’s prospectus. The Chief Operating Decision Makers (“CODM”) are the Funds’ president and chief financial officer. The CODM assesses the performance and makes operating decisions for each Fund primarily based on each Fund’s changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes each Fund’s net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of each Fund. As each Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as “Total assets” and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject the Funds to various risks. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Fund. Please refer to each Fund’s prospectus for a description of the principal risks associated with investing in a particular Fund. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; or (iii) price fluctuations.

Market Risk: Market prices of investments held by the Funds may fall rapidly or unpredictably due to a variety of factors, including economic or market conditions, or other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics, or in response to events that affect particular industries or companies. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Management Risk: Because the Funds are actively managed investment portfolios, security selection or focus on securities in a particular style, market sector or group of companies may cause the Funds to incur losses or underperform relative to its benchmarks or other funds with a similar investment objective. There can be no guarantee that GW&K’s investment techniques and risk analysis will produce the desired result.

Municipal Market Risk: Factors unique to the municipal bond market may negatively affect the value of the Funds’ investment in municipal bonds. These factors include political or legislative changes, and uncertainties related to the tax status of the securities and the rights of investors in the securities. The Funds may invest in a group of municipal obligations that are related in such a way that an economic, business, or political development affecting one would also affect the others.

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

 

 

 

32

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

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

Debt Securities Risk: The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. Investments in debt securities are subject to, among other risks, credit risk, interest rate risk, extension risk, prepayment risk and liquidity risk.

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

Credit and Counterparty Risk: The issuer of bonds or other debt securities may be unable or unwilling, or may be perceived as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations. Changes in an issuer’s financial strength, credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of a Fund’s investment in that issuer.

Prepayment Risk: A debtor may exercise its right to pay back a bond or other debt security earlier than expected or required during periods of decreasing interest rates.

Extension Risk: During periods of rising interest rates, a debtor may pay back a bond or other fixed income security slower than expected or required, and the value of such security may fall.

Asset-Backed and Mortgage-Backed Securities Risk: Investments in asset-backed and mortgage-backed securities involve risk of severe credit downgrades, loss due to prepayments that occur earlier or later than expected, illiquidity and default.

U.S. Government Securities Risk: Obligations issued by some U.S. Government agencies, authorities, instrumentalities, or sponsored enterprises such as Government National Mortgage Association (“GNMA”) are backed by the full faith and credit of the U.S. Government, while obligations issued by others, such as Federal National Mortgage Association (“FNMA”), Federal Home Loan Mortgage Corporation (“FHLMC”), and Federal Home Loan Banks (“FHLBs”), are not backed by the full faith and credit of the U.S. Government and are backed solely by the entity’s own resources or by the ability of the entity to borrow from the U.S. Treasury. If one of these agencies defaults on a loan, there is no guarantee that the U.S. Government will provide financial support.

Inflation/Deflation Risk: Inflation risk is the risk that the value of assets or income from investments will be worth less in the future. Inflation rates may change frequently and drastically as a result of various factors and the Funds’ investments may not keep pace with inflation, which may result in losses to the Funds’ investors or adversely affect the real value of shareholders’ investments in the Funds. As inflation rates increase, fixed income securities markets may

experience heightened levels of interest rate volatility and liquidity risk. Deflation risk is the risk that the prices throughout the economy decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Funds’ portfolios.

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

Liquidity Risk: The Funds may not be able to dispose of particular investments, such as illiquid securities, readily at favorable times or prices or the Funds may have to sell them at a loss.

High Yield Risk: Below investment grade debt securities and unrated securities of similar credit quality (commonly known as “junk bonds” or “high yield securities”) may be subject to greater levels of interest rate, credit, liquidity, and market risk than higher-rated securities. These securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments.

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

7. COMMITMENTS AND CONTINGENCIES

Under the Trusts’ organizational documents, their Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trusts. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.

 

 

8. MASTER NETTING AGREEMENTS

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

 

 

33

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

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

 

                  

Gross Amount Not Offset in the

Statement of Assets and Liabilities

                       
        

 

 

           
 Fund   

Gross Amounts of

Assets Presented in

the Statement of

Assets and Liabilities

     

Offset

Amount

     

Net

Asset

Balance

     

Collateral

Received

     

Net

Amount

  

ESG Bond

                        

Bethesda Securities LLC

      $5,447,622           —        $5,447,622           $5,447,622           —  

Citadel Securities LLC

      5,734,339           —        5,734,339           5,734,339           —  

Marex Capital Markets, Inc.

      5,447,622           —        5,447,622           5,447,622           —  

State of Wisconsin Investment Board

      5,447,622           —        5,447,622           5,447,622           —  

TD Securities LLC

      861,989           —        861,989           861,989           —  

Fixed Income Clearing Corp.

      2,846,000           —        2,846,000           2,846,000           —  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

        $25,785,194                     —             $25,785,194                    $25,785,194                     —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Municipal Bond

                        

Fixed Income Clearing Corp.

      $1,545,000           —        $1,545,000           $1,545,000           —  

Municipal Enhanced

                        

Fixed Income Clearing Corp.

      $1,054,000           —        $1,054,000           $1,054,000           —  

 

9. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

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

10. SUBSEQUENT EVENTS

The 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.

 

 

 

34

    

 

 

Other Information (unaudited)

 

   

 

 

     

 

 

 

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

During the six months ended June 30, 2025, there were no changes in and/or disagreements with accountants.

 

 

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

Not applicable.

 

 

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

The remuneration paid to the Trustees during the six months ended June 30, 2025, is reflected as “Trustee fees and expenses” on the Statement of Operations and is set forth in the table below. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the six months ended June 30, 2025.

 

     Trustee fees and expenses  

AMG GW&K ESG Bond Fund

      $15,737   

AMG GW&K Municipal Bond Fund

      42,761  

AMG GW&K Municipal Enhanced Yield Fund

      7,893  

 

 

35

    

 

 

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

 

   

 

 

     

 

 

AMG GW&K Municipal Enhanced Yield Fund, AMG GW&K Municipal Bond Fund, and AMG GW&K ESG Bond Fund: Approval of Investment Management and Subadvisory Agreements on June 11, 2025

 

At an in-person meeting held on June 11, 2025, the Board of Trustees (the “Board” or the “Trustees”) of each of AMG Funds and AMG Funds III (each, a “Trust” and collectively, the “Trusts”), and separately a majority of the Trustees who are not “interested persons” of the Trusts (the “Independent Trustees”), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) and AMG Funds for each of AMG GW&K Municipal Enhanced Yield Fund and AMG GW&K Municipal Bond Fund, and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016; and the Fund Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with the Investment Manager and AMG Funds III for AMG GW&K ESG Bond Fund, and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the “Investment Management Agreements”); and (ii) the Subadvisory Agreement with respect to each of AMG GW&K Municipal Enhanced Yield Fund, AMG GW&K Municipal Bond Fund, and AMG GW&K ESG Bond Fund (each, a “Fund,” and collectively, the “Funds”), as amended at any time prior to the date of the meeting (collectively, the “Subadvisory Agreements”), with GW&K Investment Management, LLC, the Funds’ subadviser (the “Subadviser”). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreements and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to each Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a “Peer Group”), performance information for the relevant benchmark index for each Fund (each, a “Fund Benchmark”), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Funds, and other information provided to them on a periodic basis

      

throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreements and Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

 

NATURE, EXTENT AND QUALITY OF SERVICES

 

In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager’s operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Management Agreements and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Funds; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Funds’ other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreements and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and

      

considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trusts in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreements and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreements and the Investment Manager’s undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager’s risk management processes.

 

The Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques (its “Investment Strategy”) used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including

 

 

36

    

 

 

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

 

   

 

 

     

 

 

the information set forth in each Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under each Subadvisory Agreement. The Trustees also considered the Subadviser’s risk management processes.

 

PERFORMANCE

 

The Board considered each Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark, considered the gross performance of each Fund as compared to the Subadviser’s relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both a Fund’s performance results and portfolio composition, as well as the Subadviser’s Investment Strategy. The Board was mindful of the Investment Manager’s expertise, resources, and attention to monitoring the Subadviser’s performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds’ subadviser during the period regarding the factors that contributed to the performance of the Funds.

 

With respect to AMG GW&K Municipal Enhanced Yield Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was below the median performance of the Peer Group and below the performance of the Fund Benchmark, the Bloomberg U.S. Municipal Bond BAA Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s underperformance relative to the Fund Benchmark and the Peer Group. The Trustees also took into account the fact that Class I shares of the Fund ranked in the top percentile relative to the Peer Group for the 2023 calendar year and in the top decile relative to the Peer Group for the 2020 calendar year. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected

      

and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies, and policies, as well as overall market conditions.

 

With respect to AMG GW&K Municipal Bond Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (which share class has the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year, and 10-year periods ended March 31, 2025, was below, above, below, and below, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the Bloomberg 10-Year Municipal Bond Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s underperformance relative to the Fund Benchmark and the Peer Group. The Trustees also took into account the fact that Class I shares of the Fund ranked in the top third relative to its Peer Group for the 2023 calendar year and in the top half of its Peer Group for 3-year period and the 2020 and 2022 calendar years. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies, and policies, as well as overall market conditions.

 

With respect to AMG GW&K ESG Bond Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was below, below, above, and above, respectively, the median performance of the Peer Group and below, above, above, and above, respectively, the performance of the Fund Benchmark, the Bloomberg U.S. Aggregate Bond Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s longer-term outperformance and more recent underperformance relative to the Fund Benchmark and the Peer Group. The Trustees also took into account the fact that Class N shares of the Fund

      

ranked in the top quartile of its Peer Group for the 5-year period. The Trustees also took into account the fact that the Fund’s subadviser, investment strategy, and Fund Benchmark changed effective March 19, 2021, and that the performance information prior to that date reflected that of the Fund’s prior subadviser and investment strategy. The Trustees considered management’s discussion that the Fund’s performance has been in line with management’s expectations since the current Subadviser assumed subadvisory responsibilities. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory.

 

ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE

 

In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management’s discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.

 

 

 

37

    

 

 

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

 

   

 

 

     

 

 

In considering the cost of services to be provided by the Investment Manager under each Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management’s discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under each Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also with respect to economies of scale, the Trustees noted that as each Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

 

In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from these relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management’s discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under each Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also with respect to economies of scale, the Trustees noted that as a Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

 

With respect to AMG GW&K Municipal Enhanced Yield Fund, the Trustees noted that the management

      

fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were rated in the High and the Above Average rating level, respectively, of the Fund’s Peer Group. The Trustees noted that the rating levels corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.59%. The Board also took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

 

With respect to AMG GW&K Municipal Bond Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were rated in the Below Average and the Low rating level, respectively, of the Fund’s Peer Group. The Trustees noted that the rating levels corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.34%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

 

With respect to AMG GW&K ESG Bond Fund, the Trustees noted that the management fees (which

      

include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were rated in the Below Average and the Average rating level, respectively, of the Peer Group. The Trustees noted that the rating levels corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.43%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

 

* * * *

 

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under each Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.

 

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

 

 

38

 

THIS PAGE INTENTIONALLY LEFT BLANK

 

THIS PAGE INTENTIONALLY LEFT BLANK

LOGO

 

 

 

INVESTMENT MANAGER AND ADMINISTRATOR

 

AMG Funds LLC

 

680 Washington Blvd., Suite 500

 

Stamford, CT 06901

 

800.548.4539

 

 

DISTRIBUTOR

 

AMG Distributors, Inc.

 

680 Washington Blvd., Suite 500

 

Stamford, CT 06901

 

800.548.4539

 

SUBADVISER

 

GW&K Investment Management, LLC

 

222 Berkeley St.

 

Boston, MA 02116

 

CUSTODIAN

 

The Bank of New York Mellon

 

Mutual Funds Custody

 

240 Greenwich Street

 

New York, NY 10286

 

LEGAL COUNSEL

 

Ropes & Gray LLP

 

Prudential Tower, 800 Boylston Street

 

Boston, MA 02199-3600

     

TRANSFER AGENT

 

BNY Mellon Investment Servicing (US) Inc.

 

AMG Funds

 

Attn: 534426 AIM 154-0520

 

500 Ross Street

 

Pittsburgh, PA 15262

 

800.548.4539

 

 

TRUSTEES

 

Jill R. Cuniff

 

Kurt A. Keilhacker

 

Peter W. MacEwen

 

Steven J. Paggioli

 

Eric Rakowski

 

Victoria L. Sassine

 

Garret W. Weston

 

     

This report is prepared for the Funds’ shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.

 

Current net asset values per share for each Fund are available on the Funds’ website at wealth.amg.com.

 

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.

 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Funds’ website at wealth.amg.com. To review a complete list of the Funds’ portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com.

           

 

      
 
 wealth.amg.com      

LOGO

 

 

 

EQUITY FUNDS

 

AMG Boston Common Global Impact

Boston Common Asset Management, LLC

 

AMG Frontier Small Cap Growth

Frontier Capital Management Co., LLC

 

AMG GW&K Small Cap Core

AMG GW&K Small Cap Value

AMG GW&K Small/Mid Cap Core AMG GW&K Small/Mid Cap Growth AMG GW&K International Small Cap

GW&K Investment Management, LLC

 

AMG Montrusco Bolton Large Cap Growth

Montrusco Bolton Investments, Inc.

 

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

     

AMG River Road Dividend All Cap Value

AMG River Road Focused Absolute Value

AMG River Road Large Cap Value Select

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

AMG River Road Small Cap Value

River Road Asset Management, LLC

 

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

 

AMG Veritas Asia Pacific

AMG Veritas China

AMG Veritas Global Focus

AMG Veritas Global Real Return

Veritas Asset Management LLP

 

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Global

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

     

FIXED INCOME FUNDS

 

AMG GW&K Core Bond ESG

AMG GW&K ESG Bond

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced Yield

GW&K Investment Management, LLC

 

ALTERNATIVE FUNDS

AMG Systematica Managed Futures Strategy

AMG Systematica Trend-Enhanced Markets

Systematica Investments Limited, acting as general partner of Systematica Investments LP

     
             
     
             
             
             
             
             
             
             
             

 

 

      
 
 wealth.amg.com       063025    SAR088

LOGO    

SEMI-ANNUAL FINANCIAL STATEMENTS

 

 

 

 

 

             

AMG Funds

 

June 30, 2025

 

LOGO

 

AMG Renaissance Large Cap Growth Fund

Class N: MRLTX   |   Class I: MRLSX   |   Class Z: MRLIX

 
        

 

 

 

 

 

 

 
 wealth.amg.com          063025     SAR024

 

 

 

 

 

    

 

AMG Funds

Semi-Annual Financial Statements — June 30, 2025 (unaudited)

 

 

 

 

 
      
     TABLE OF CONTENTS    PAGE  
 
   

 

  
 
   

FINANCIAL STATEMENTS

   
 
   

Schedule of Portfolio Investments

      2  
 
   

Statement of Assets and Liabilities

      4  
 
   

Balance sheet, net asset value (NAV) per share computations
and cumulative distributable earnings (loss)

   
 
   

Statement of Operations

     6  
 
   

Detail of sources of income, expenses, and realized and
unrealized gains (losses) during the fiscal period

   
 
   

Statements of Changes in Net Assets

     7  
 
   

Detail of changes in assets for the past two fiscal periods

   
 
   

Financial Highlights

     8  
 
   

Historical net asset values per share, distributions, total returns, income
and expense ratios, turnover ratios and net assets

   
 
   

Notes to Financial Statements

     11  
 
   

Accounting and distribution policies, details of agreements and
transactions with Fund management and affiliates, and descriptions of
certain investment risks

   
 
   

OTHER INFORMATION

      17  
 
    STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT      18  
 
                    

 

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

 

 

AMG Renaissance Large Cap Growth Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

 

      Shares        Value   

Common Stocks - 98.8%

      

Communication Services - 9.0%

      

Alphabet, Inc., Class A

      17,002        $2,996,262  

Meta Platforms, Inc., Class A

      5,351        3,949,520  

Netflix, Inc.*

     2,455        3,287,564  

Pinterest, Inc., Class A*

     61,965        2,222,065  

Total Communication Services

         12,455,411  

Consumer Discretionary - 7.9%

      

Amazon.com, Inc.*

     17,155        3,763,635  

Lowe’s Cos., Inc.

      8,864        1,966,656  

O’Reilly Automotive, Inc.*

     26,703        2,406,741  

Royal Caribbean Cruises, Ltd.

      9,077        2,842,372  

Total Consumer Discretionary

         10,979,404  

Consumer Staples - 1.5%

      

BJ’s Wholesale Club Holdings, Inc.*

     19,656        2,119,507  

Financials - 16.0%

      

Apollo Global Management, Inc.

      14,897        2,113,437  

Arch Capital Group, Ltd. (Bermuda)

      20,314        1,849,590  

Brown & Brown, Inc.

      18,257        2,024,154  

Fiserv, Inc.*

     13,748        2,370,293  

Houlihan Lokey, Inc.

      13,291        2,391,715  

Mastercard, Inc., Class A

      4,087        2,296,649  

Moody’s Corp.

      4,773        2,394,089  

PayPal Holdings, Inc.*

     27,720        2,060,150  

Tradeweb Markets, Inc., Class A

      15,117        2,213,129  

Visa, Inc., Class A

      6,973        2,475,764  

Total Financials

         22,188,970  

Health Care - 9.5%

      

AbbVie, Inc.

      10,558        1,959,776  

Amgen, Inc.

      7,203        2,011,150  

Cardinal Health, Inc.

      14,788        2,484,384  

HCA Healthcare, Inc.

      5,738        2,198,228  

McKesson Corp.

      3,335        2,443,821  

Neurocrine Biosciences, Inc.*

     16,027        2,014,433  

Total Health Care

         13,111,792  

Industrials - 13.3%

      

Booz Allen Hamilton Holding Corp.

      13,829        1,440,014  

Cintas Corp.

      11,009        2,453,576  

Comfort Systems USA, Inc.

      4,898        2,626,356  

Copart, Inc.*

     38,067        1,867,948  

EMCOR Group, Inc.

      5,247        2,806,568  

Uber Technologies, Inc.*

     26,620        2,483,646  

Waste Management, Inc.

      10,069        2,303,988  
     
      Shares        Value   

WW Grainger, Inc.

      2,258        $2,348,862  

Total Industrials

         18,330,958  

Information Technology - 38.2%

      

Adobe, Inc.*

     4,842        1,873,273  

Amphenol Corp., Class A

      30,784        3,039,920  

Apple, Inc.

      19,318        3,963,474  

Applied Materials, Inc.

      14,646        2,681,243  

AppLovin Corp., Class A*

     6,888        2,411,351  

Arista Networks, Inc.*

     24,514        2,508,027  

Broadcom, Inc.

      12,528        3,453,343  

Cadence Design Systems, Inc.*

     7,097        2,186,940  

Dynatrace, Inc.*

     44,415        2,452,152  

Gartner, Inc.*

     4,489        1,814,544  

Intuit, Inc.

      3,528        2,778,759  

Jabil, Inc.1

     13,307        2,902,257  

KLA Corp.

      2,709        2,426,560  

Microsoft Corp.

      8,890        4,421,975  

Motorola Solutions, Inc.

      5,779        2,429,838  

Nutanix, Inc., Class A*

     33,269        2,543,082  

PTC, Inc.*

     13,200        2,274,888  

Roper Technologies, Inc.

      3,746        2,123,383  

Salesforce, Inc.

      6,972        1,901,195  

ServiceNow, Inc.*

     2,576        2,648,334  

Total Information Technology

         52,834,538  

Materials - 1.8%

      

Ecolab, Inc.

      9,047        2,437,624  

Real Estate - 1.6%

      

Jones Lang LaSalle, Inc.*

     8,805        2,252,143  

Total Common Stocks
(Cost $83,909,256)

         136,710,347  

Short-Term Investments - 1.3%

 

   

Other Investment Companies - 1.3%

      

Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%2

     701,872        701,872  

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%2

     1,052,808        1,052,808  

Total Short-Term Investments
(Cost $1,754,680)

         1,754,680  

Total Investments - 100.1%
(Cost $85,663,936)

         138,465,027  

Other Assets, less Liabilities - (0.1)%

         (85,650 ) 

Net Assets - 100.0%

         $138,379,377  
     
 

 

 

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

2

    

 

AMG Renaissance Large Cap Growth Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

     

 

*

Non-income producing security.

 

1 

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

2 

Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

 

 

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

 

    

Level 1

 

     

Level 2

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks†

  

$

136,710,347

 

   

 

—

 

   

 

—

 

   

 

$136,710,347

 

 Short-Term Investments

            

 Other Investment Companies

      1,754,680        —        —        1,754,680  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

$

138,465,027

 

   

 

—

 

   

 

—

 

   

 

$138,465,027

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

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

 

 

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

3

    

 

Statement of Assets and Liabilities (unaudited)

June 30, 2025

 

   

 

 

     

 

     AMG Renaissance
Large Cap
Growth Fund

Assets:

     

Investments at value1 (including securities on loan valued at $2,832,247)

        $138,465,027

Dividend and interest receivables

        38,557

Securities lending income receivable

        305

Receivable for Fund shares sold

        12,004

Receivable from affiliate

        12,253

Prepaid expenses and other assets

        32,171

Total assets

        138,560,317

Liabilities:

     

Payable for Fund shares repurchased

        9,686

Accrued expenses:

     

Investment advisory and management fees

        53,147

Administrative fees

        16,463

Distribution fees

        13,535

Shareholder service fees

        6,928

Other

        81,181

Total liabilities

        180,940

Commitments and Contingencies (Notes 2 & 7)

 

Net Assets

        $138,379,377

1 Investments at cost

        $85,663,936

 

 

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

4

    

 

 

Statement of Assets and Liabilities (continued)

 

   

 

 

     

 

     AMG Renaissance
Large Cap
Growth Fund

Net Assets Represent:

     

Paid-in capital

        $76,366,179

Total distributable earnings

        62,013,198

Net Assets

        $138,379,377

Class N:

     

Net Assets

        $67,472,808

Shares outstanding

        3,570,932

Net asset value, offering and redemption price per share

        $18.90

Class I:

     

Net Assets

        $41,049,039

Shares outstanding

        2,130,329

Net asset value, offering and redemption price per share

        $19.27

Class Z:

     

Net Assets

        $29,857,530

Shares outstanding

        1,583,549

Net asset value, offering and redemption price per share

        $18.85

 

 

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

5

    

 

Statement of Operations (unaudited)

For the six months ended June 30, 2025

 

   

 

 

     

 

     AMG Renaissance
Large Cap
Growth Fund

Investment Income:

     

Dividend income

        $412,833

Securities lending income

        1,540

Total investment income

        414,373

Expenses:

     

Investment advisory and management fees

        320,029

Administrative fees

        99,091

Distribution fees - Class N

        80,960

Shareholder servicing fees - Class N

        27,850

Shareholder servicing fees - Class I

        14,350

Registration fees

        23,883

Professional fees

        22,085

Reports to shareholders

        14,929

Custodian fees

        13,044

Transfer agent fees

        7,142

Trustee fees and expenses

        5,863

Interest expense

        203

Miscellaneous

        3,797

Total expenses before offsets

        633,226

Expense reimbursements

        (73,864 )

Expense reductions

        (5,681 )

Net expenses

        553,681
    

Net investment loss

        (139,308 )

Net Realized and Unrealized Gain:

     

Net realized gain on investments

        4,925,270

Net change in unrealized appreciation/depreciation on investments

        2,459,975

Net realized and unrealized gain

        7,385,245
    

Net increase in net assets resulting from operations

        $7,245,937

 

 

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

6

    

 

Statements of Changes in Net Assets

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

 

   

 

 

     

 

     AMG Renaissance
Large Cap
Growth Fund
     June 30, 2025        December 31, 2024

Increase in Net Assets Resulting From Operations:

              

Net investment loss

        $(139,308 )            $(110,851 )

Net realized gain on investments

        4,925,270            21,726,603

Net change in unrealized appreciation/depreciation on investments

        2,459,975            4,534,531
             

Net increase in net assets resulting from operations

        7,245,937            26,150,283

Distributions to Shareholders:

              

Class N

        —            (7,945,713 )

Class I

        —            (5,124,738 )

Class Z

        —            (3,123,778 )
             

Total distributions to shareholders

        —            (16,194,229 )

Capital Share Transactions:1

             

Net decrease from capital share transactions

        (8,171,625 )            (4,986,263 )
             

Total increase (decrease) in net assets

        (925,688 )            4,969,791

Net Assets:

              

Beginning of period

        139,305,065            134,335,274

End of period

        $138,379,377            $139,305,065

1 See Note 1(g) of the Notes to Financial Statements.

 

 

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

7

AMG Renaissance Large Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

 

     For the six                    
     months ended   For the fiscal years ended December 31,
     June 30, 2025                    
 Class N    (unaudited)   2024   2023   2022   2021   2020

Net Asset Value, Beginning of Period

        $17.86       $16.61       $14.28       $18.41       $15.31       $13.01

Income (loss) from Investment Operations:

                         

Net investment income (loss)1,2

       (0.03 )       (0.04 )3       0.01       0.03       0.00 4,5         0.01

Net realized and unrealized gain (loss) on investments

        1.07       3.59       3.55       (3.16 )       4.57       3.04
                        

Total income (loss) from investment operations

        1.04       3.55       3.56       (3.13 )       4.57       3.05

Less Distributions to Shareholders from:

                         

Net investment income

        —       —       (0.01 )       (0.02 )       (0.00 )4       (0.02 )

Net realized gain on investments

        —       (2.30 )       (1.22 )       (0.98 )       (1.47 )       (0.73 )
                        

Total distributions to shareholders

        —       (2.30 )       (1.23 )       (1.00 )       (1.47 )       (0.75 )

Net Asset Value, End of Period

        $18.90       $17.86       $16.61       $14.28       $18.41       $15.31

Total Return2,6

       5.82 %7       20.81 %       25.04 %       (17.05 )%       30.02 %       23.54 %

Ratio of net expenses to average net assets8

       1.00 %9,10       1.00 %10       1.00 %       1.00 %       1.00 %       1.00 %

Ratio of gross expenses to average net assets11

       1.11 %9       1.11 %       1.12 %       1.15 %       1.13 %       1.19 %

Ratio of net investment income (loss) to average net assets2

      
 (0.37
 )%9
       (0.23 )%       0.05 %       0.22 %       0.00 %12       0.10 %

Portfolio turnover

        23 %7       47 %       35 %       28 %       18 %       28 %

Net assets end of period (000’s) omitted

      $ 67,473     $ 67,566     $ 65,422     $ 56,264     $ 79,490     $ 67,688
                                                              

 

 

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

8

AMG Renaissance Large Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

 

     For the six                    
     months ended   For the fiscal years ended December 31,
     June 30, 2025                    
 Class I    (unaudited)   2024   2023   2022   2021   2020

Net Asset Value, Beginning of Period

        $18.19       $16.84       $14.46       $18.63       $15.48       $13.14

Income (loss) from Investment Operations:

                         

Net investment income (loss)1,2

       (0.01 )       0.01 3         0.05       0.07       0.04 5         0.05

Net realized and unrealized gain (loss) on investments

        1.09       3.64       3.60       (3.19 )       4.62       3.07
                        

Total income (loss) from investment operations

        1.08       3.65       3.65       (3.12 )       4.66       3.12

Less Distributions to Shareholders from:

                         

Net investment income

        —       —       (0.05 )       (0.07 )       (0.04 )       (0.05 )

Net realized gain on investments

        —       (2.30 )       (1.22 )       (0.98 )       (1.47 )       (0.73 )
                        

Total distributions to shareholders

        —       (2.30 )       (1.27 )       (1.05 )       (1.51 )       (0.78 )

Net Asset Value, End of Period

        $19.27       $18.19       $16.84       $14.46       $18.63       $15.48

Total Return2,6

       5.94 %7       21.12 %       25.47 %       (16.87 )%       30.30 %       23.90 %

Ratio of net expenses to average net assets8

       0.73 %9,10       0.73 %10       0.73 %       0.73 %       0.75 %       0.75 %

Ratio of gross expenses to average net assets11

       0.84 %9       0.84 %       0.85 %       0.88 %       0.88 %       0.94 %

Ratio of net investment income (loss) to average net assets2

       (0.10 )%9        0.04 %       0.32 %       0.48 %       0.25 %       0.35 %

Portfolio turnover

        23 %7       47 %       35 %       28 %       18 %       28 %

Net assets end of period (000’s) omitted

      $ 41,049     $ 45,046     $ 44,970     $ 25,585     $ 12,599     $ 9,414
                                                              

 

 

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

9

AMG Renaissance Large Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

 

     For the six                    
     months ended   For the fiscal years ended December 31,
     June 30, 2025                    
 Class Z    (unaudited)   2024   2023   2022   2021   2020

Net Asset Value, Beginning of Period

        $17.79       $16.50       $14.18       $18.31       $15.22       $12.94

Income (loss) from Investment Operations:

                         

Net investment income (loss)1,2

       (0.00 )4       0.02 3         0.06       0.09       0.06 5         0.06

Net realized and unrealized gain (loss) on investments

        1.06       3.57       3.54       (3.16 )       4.56       3.01
                        

Total income (loss) from investment operations

        1.06       3.59       3.60       (3.07 )       4.62       3.07

Less Distributions to Shareholders from:

                         

Net investment income

        —       —       (0.06 )       (0.08 )       (0.06 )       (0.06 )

Net realized gain on investments

        —       (2.30 )       (1.22 )       (0.98 )       (1.47 )       (0.73 )
                        

Total distributions to shareholders

        —       (2.30 )       (1.28 )       (1.06 )       (1.53 )       (0.79 )

Net Asset Value, End of Period

        $18.85       $17.79       $16.50       $14.18       $18.31       $15.22

Total Return2,6

       5.96 %7       21.18 %       25.54 %       (16.83 )%       30.54 %       23.90 %

Ratio of net expenses to average net assets8

       0.66 %9,10       0.66 %10       0.66 %       0.66 %       0.66 %       0.66 %

Ratio of gross expenses to average net assets11

       0.77 %9       0.77 %       0.78 %       0.81 %       0.79 %       0.85 %

Ratio of net investment income (loss) to average net assets2

       (0.03 )%9       0.11 %       0.39 %       0.55 %       0.34 %       0.44 %

Portfolio turnover

        23 %7       47 %       35 %       28 %       18 %       28 %

Net assets end of period (000’s) omitted

      $ 29,858     $ 26,693     $ 23,943     $ 21,386     $ 20,721     $ 17,068
                                                              

 

1 

Per share numbers have been calculated using average shares.

2 

Total returns and net investment income (loss) would have been lower had certain expenses not been offset.

3 

Includes non-recurring dividends. Without these dividends, net investment income (loss) per share would have been $(0.05), $0.00 and $0.01 for Class N, Class I and Class Z, respectively.

4 

Less than $0.005 or $(0.005) per share.

5 

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

6 

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

7 

Not annualized.

8 

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

9 

Annualized.

10 

Includes interest expense of less than 0.01% related to participation in the interfund lending program.

11

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.)

12

Less than 0.005%.

 

 

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

10

    

 

 

Notes to Financial Statements (unaudited)

June 30, 2025

 

   

 

 

     

 

 

 

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the “Trust”) is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report is AMG Renaissance Large Cap Growth Fund (the “Fund”).

The Fund offers Class N, Class I, and Class Z shares. Each class represents an interest in the same assets of the Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

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

a. VALUATION OF INVESTMENTS

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

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

The Fund’s portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Fund’s Board of Trustees (the “Board”) designated AMG Funds LLC (the “Investment Manager”) as the Fund’s Valuation Designee to perform the Fund’s fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that

the Board receives the information it needs to oversee the Investment Manager’s fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Fund may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Fund’s valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Fund. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager’s process for determining the fair value of the Fund’s investments.

With respect to foreign equity securities and certain foreign fixed income securities, securities held in the Fund that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

 

 

 

11

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

 

 

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

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

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

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in

December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are primarily due to tax equalization utilized. Temporary differences are primarily due to wash sale loss deferrals.

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

 

 Cost   Appreciation     Depreciation     Net Appreciation  
 $85,663,936     $55,105,477       $(2,304,386 )      $52,801,091  

e. FEDERAL TAXES

The Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. The Investment Manager has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, based on the Fund’s understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2024, the Fund had no capital loss carryovers for federal income tax purposes. Should the Fund incur net capital losses for the fiscal year ended December 31, 2025, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

 

 

g. CAPITAL STOCK

The Trust’s Amended and Restated Agreement and Declaration of Trust authorizes for the Fund the issuance of an unlimited number of shares of beneficial interest, without par value. The Fund records sales and repurchases of its capital stock on the trade date.

 

 

 

12

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

 

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

 

     June 30, 2025

 

      December 31, 2024

 

  
      Shares        Amount        Shares        Amount   

 Class N:

            

 Shares sold

      29,176        $499,341        117,424        $2,149,239  

 Shares issued in reinvestment of distributions

      —        —        372,999        6,960,171  

 Shares redeemed

      (241,333)        (4,286,337)        (646,540)        (11,931,797)  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Net decrease

       (212,157)        $(3,786,996)        (156,117)        $(2,822,387)  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Class I:

            

 Shares sold

      235,367        $4,235,866        673,549        $12,493,034  

 Shares issued in reinvestment of distributions

      —        —        268,481        5,101,144  

 Shares redeemed

      (581,616)         (10,140,853)         (1,136,595)         (20,753,906)  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Net decrease

      (346,249)        $(5,904,987)        (194,565)        $(3,159,728)  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Class Z:

            

 Shares sold

      152,237        $2,728,879        75,845        $1,390,819  

 Shares issued in reinvestment of distributions

      —        —        163,444        3,038,414  

 Shares redeemed

      (68,952)        (1,208,521)        (190,443)        (3,433,381)  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Net increase

      83,285        $1,520,358        48,846        $995,852  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Fund may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Securities Lending Program”) (collectively, “Repurchase Agreements”). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Fund participates on a pro rata basis with other clients of BNYM in its share of the underlying collateral under such joint repurchase agreements and in its share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held by the Fund’s custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. Pursuant to the Securities Lending Program, the Fund is indemnified for such losses by BNYM on joint repurchase agreements.

At June 30, 2025, the Fund had no Repurchase Agreements outstanding.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

The Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. wealth platform of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Fund and is responsible for the Fund’s overall administration and operations. The Investment Manager selects and recommends, subject to the approval of the Board and, in certain circumstances, shareholders, the subadviser for the Fund and monitors the

subadviser’s investment performance, security holdings and investment strategies. The Fund’s investment portfolio is managed by The Renaissance Group LLC (“Renaissance”) who serves as subadviser pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in Renaissance.

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

 

 on the first $50 million

    0.55% 

 on the next $25 million

    0.50% 

 on the next $25 million

    0.45% 

 on balance over $100 million

    0.40% 

The fee paid to Renaissance for its services as subadviser is paid out of the fee the Investment Manager receives from the Fund and does not increase the expenses of the Fund.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with

 

 

 

13

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

 

 

respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) to the annual rate of 0.66% of the Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Fund in certain circumstances.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from the Fund, provided that such repayment would not cause the Fund’s total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of the Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of the Fund.

For the six months ended June 30, 2025, the Investment Manager reimbursed the Fund $73,864, and did not recoup any previously reimbursed expenses. At June 30, 2025, the Fund’s expiration of reimbursements subject to recoupment was as follows:

 

 Expiration

 Period

       

 Less than 1 year

    $ 145,484  

 1-2 years

      148,478  

 2-3 years

      151,884  
  

 

 

  

 Total

    $ 445,846  
  

 

 

  

The Trust, on behalf of the Fund, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Fund’s administrator (the “Administrator”) and is responsible for certain aspects of managing the Fund’s operations, including administration and shareholder services to the Fund. The Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund’s average daily net assets for this service.

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

The Trust has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, the Fund may make payments to the Distributor for its expenditures in financing any activity primarily intended to

result in the sale of the Fund’s Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments to the Distributor up to 0.25% annually of the Fund’s average daily net assets attributable to the Class N shares.

For each of the Class N and Class I shares, the Board has approved reimbursement payments to the Investment Manager for shareholder servicing expenses (“shareholder servicing fees”) incurred. Shareholder servicing fees include payments to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder recordkeeping, account servicing and other services. The Class N and Class I shares may reimburse the Investment Manager for the actual amount incurred up to a maximum annual rate of each Class’s average daily net assets as shown in the table below. From December 31, 2022 through December 31, 2025, the Investment Manager has agreed to waive a portion of shareholder servicing fees paid by Class I as necessary to ensure the fees are limited to 0.07%.

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

 

     Maximum Annual      Actual 
     Amount      Amount 
     Approved      Incurred 

 Class N

      0.15 %     0.09%

 Class I

      0.15 %     0.07%

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Fund are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At June 30, 2025, the Fund had no interfund loans outstanding. The Fund did not lend during the six months ended June 30, 2025.

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

 

   Average
    Borrowed		    Number
of Days		        Interest
Paid		         

Average  

Interest Rate  

  

  $1,415,752

       1        $203          5.230%    
 

 

 

14

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

 

 

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended June 30, 2025, were $31,098,362 and $40,296,181, respectively.

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

4. PORTFOLIO SECURITIES LOANED

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

The value of securities loaned on positions held, cash collateral and securities collateral received at June 30, 2025, was as follows:

 

Securities

Loaned

   

Cash

Collateral

Received

   

Securities

Collateral

Received

     

Total

Collateral

Received

  $2,832,247

    —       $2,879,724       $2,879,724  

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

 

Collateral

Type

    Coupon
Range		  

Maturity

Date Range

 U.S. Treasury Obligations

    0.000%-5.375%     07/15/25-05/15/54    

5. SEGMENT REPORTING

The Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in the Fund’s prospectus. The Chief Operating Decision Makers (“CODM”) are the Fund’s president and chief financial officer. The CODM assesses the performance and makes operating decisions for the Fund primarily based on the Fund’s changes in net assets resulting from operations. In

addition to other factors and metrics, the CODM utilizes the Fund’s net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of the Fund. As the Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as “Total assets” and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market; or (iii) price fluctuations. Please refer to the Fund’s current prospectus for additional information about the Fund’s principal risks.

Market Risk: Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of factors, including economic or market conditions, or other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics, or in response to events that affect particular industries or companies. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Management Risk: Because the Fund is an actively managed investment portfolio, security selection or focus on securities in a particular style, market sector or group of companies may cause the Fund to incur losses or underperform relative to its benchmarks or other funds with a similar investment objective. There can be no guarantee that Renaissance’s investment techniques and risk analysis will produce the desired result.

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

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

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

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

7. COMMITMENTS AND CONTINGENCIES

Under the Trust’s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Fund under these arrangements is unknown, as this would involve future claims

 

 

 

15

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

 

 

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

8. MASTER NETTING AGREEMENTS

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

9. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

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

10. SUBSEQUENT EVENTS

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

 

 

 

16

    

 

 

Other Information (unaudited)

 

   

 

 

     

 

 

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

During the six months ended June 30, 2025, there were no changes in and/or disagreements with accountants.

 

 

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

Not applicable.

 

 

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

The remuneration paid to the Trustees during the six months ended June 30, 2025, was $5,863, which is reflected as “Trustee fees and expenses” on the Statement of Operations. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the six months ended June 30, 2025.

 

 

17

    

 

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

 

   

 

 

     

 

AMG Renaissance Large Cap Growth Fund: Approval of Investment Management Agreement and Subadvisory Agreement on June 11, 2025

 

At an in-person meeting held on June 11, 2025, the Board of Trustees (the “Board” or the “Trustees”), and separately a majority of the Trustees who are not “interested persons” of AMG Funds (the “Trust”) (the “Independent Trustees”), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) for AMG Renaissance Large Cap Growth Fund (the “Fund”) and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the “Investment Management Agreement”); and (ii) the Subadvisory Agreement with respect to the Fund, as amended at any time prior to the date of the meeting (the “Subadvisory Agreement”), with The Renaissance Group LLC, the Fund’s subadviser (the “Subadviser”). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreement and Subadvisory Agreement, the Trustees reviewed a variety of materials relating to the Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for the Fund (the “Peer Group”), performance information for the relevant benchmark index for the Fund (the “Fund Benchmark”), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Fund, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and the Subadvisory Agreement; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

 

NATURE, EXTENT AND QUALITY OF SERVICES

 

In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the

   

Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager’s operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Fund and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Management Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Fund; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Fund’s other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to the Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to the Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of the Subadvisory Agreement and annual consideration of the Subadvisory

   

Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager’s undertaking to maintain a contractual expense limitation for the Fund. The Trustees also considered the Investment Manager’s risk management processes.

 

The Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques (its “Investment Strategy”) used in managing the Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for the Fund, including the information set forth in the Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under the Subadvisory Agreement. The Trustees also considered the Subadviser’s risk management processes.

 

 

 

 

18

    

 

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

 

   

 

 

     

 

PERFORMANCE

 

The Board considered the Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark, considered the gross performance of the Fund as compared to the Subadviser’s relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both the Fund’s performance results and portfolio composition, as well as the Subadviser’s Investment Strategy. The Board was mindful of the Investment Manager’s expertise, resources and attention to monitoring the Subadviser’s performance, investment style and risk-adjusted performance with respect to the Fund and its discussions with the management of the Fund’s subadviser during the period regarding the factors that contributed to the performance of the Fund.

 

Among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was below, above, above, and below, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the Russell 1000 Growth Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s recent underperformance relative to the Peer Group and underperformance relative to the Fund Benchmark. The Trustees also noted that the Fund ranked in the top third relative to its Peer Group for the 3-year and 5-year periods and in the top decile relative to its Peer Group for the 2021 and 2022 calendar years. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies, and policies, as well as overall market conditions.

 

ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE

 

In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment

   

Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager to the Fund), received by the Investment Manager and its affiliates attributable to managing the Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Fund, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to the Fund. The Trustees also considered management’s discussion of the current asset level of the Fund, and the impact on profitability of both the current asset level and any future growth of assets of the Fund.

 

In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with the Fund, the Trustees noted the undertaking by the Investment Manager to maintain a contractual expense limitation for the Fund. The Board also took into account management’s discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also, with respect to economies of scale, the Trustees noted that as the Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

 

In considering the reasonableness of the subadvisory fee payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to the Fund and the resulting profitability from the relationship. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The

   

Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management’s discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under the Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as the Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

 

The Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were both rated in the Average rating level of the Fund’s Peer Group. The Trustees noted that the rating level corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.66%. The Trustees also considered that the Investment Manager was voluntarily waiving a portion of shareholder servicing fees for Class I shares of the Fund. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

 

* * * *

 

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreement and the Subadvisory Agreement: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and the Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.

 

 

 

19

    

 

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

 

   

 

 

     

 

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

 

 

20

LOGO

 

 

 

INVESTMENT MANAGER AND ADMINISTRATOR

 

AMG Funds LLC

 

680 Washington Blvd., Suite 500

 

Stamford, CT 06901

 

800.548.4539

 

DISTRIBUTOR

 

AMG Distributors, Inc.

 

680 Washington Blvd., Suite 500

 

Stamford, CT 06901

 

800.548.4539

 

SUBADVISER

 

The Renaissance Group LLC

 

50 East RiverCenter Boulevard

 

Suite 1200

 

Covington, KY 41011

 

CUSTODIAN

 

The Bank of New York Mellon

 

Mutual Funds Custody

 

240 Greenwich Street

 

New York, NY 10286

 

LEGAL COUNSEL

 

Ropes & Gray LLP

 

Prudential Tower, 800 Boylston Street

 

Boston, MA 02199-3600

     

TRANSFER AGENT

 

BNY Mellon Investment Servicing (US) Inc.

 

AMG Funds

 

Attn: 534426 AIM 154-0520 500

 

Ross Street

 

Pittsburgh, PA 15262

 

800.548.4539

 

TRUSTEES

 

Jill R. Cuniff

 

Kurt A. Keilhacker

 

Peter W. MacEwen

 

Steven J. Paggioli

 

Eric Rakowski

 

Victoria L. Sassine

 

Garret W. Weston

     

This report is prepared for the Fund’s shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.

 

Current net asset values per share for the Fund are available on the Fund’s website at wealth.amg.com.

 

A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission’s (SEC) website at sec.gov. For information regarding the Fund’s proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.

 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Fund’s website at wealth.amg.com. To review a complete list of the Fund’s portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com.

         

 

      
 
 wealth.amg.com      

LOGO

 

 

 

EQUITY FUNDS

AMG Boston Common Global Impact

Boston Common Asset Management, LLC

 

AMG Frontier Small Cap Growth

Frontier Capital Management Co., LLC

 

AMG GW&K Small Cap Core

AMG GW&K Small Cap Value

AMG GW&K Small/Mid Cap Core

AMG GW&K Small/Mid Cap Growth

AMG GW&K International Small Cap

GW&K Investment Management, LLC

 

AMG Montrusco Bolton Large Cap Growth

Montrusco Bolton Investments, Inc.

 

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

     

AMG River Road Dividend All Cap Value

AMG River Road Focused Absolute Value

AMG River Road Large Cap Value Select

AMG River Road Mid Cap Value

AMG River Road Small-Mid Cap Value

AMG River Road Small Cap Value

River Road Asset Management, LLC

 

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

 

AMG Veritas Asia Pacific

AMG Veritas China

AMG Veritas Global Focus

AMG Veritas Global Real Return

Veritas Asset Management LLP

 

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Global

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

     

FIXED INCOME FUNDS

AMG GW&K Core Bond ESG

AMG GW&K ESG Bond

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced Yield

GW&K Investment Management, LLC

 

ALTERNATIVE FUNDS

AMG Systematica Managed Futures Strategy

AMG Systematica Trend-Enhanced Markets

Systematica Investments Limited, acting as general partner of Systematica Investments LP

     
             
     
             
             
             
             
             
             
             
             

 

      
 
 wealth.amg.com       063025    SAR024

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SEMI-ANNUAL FINANCIAL STATEMENTS

 

 

 

    

    

AMG Funds

 

June 30, 2025

 

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AMG TimesSquare Small Cap Growth Fund

 
      Class N: TSCPX   |  Class I: TSQIX   |  Class Z: TSCIX
 
      AMG TimesSquare Mid Cap Growth Fund
 
      Class N: TMDPX   |  Class I: TQMIX   |  Class Z: TMDIX
 
      AMG TimesSquare International Small Cap Fund
 
      Class N: TCMPX   |  Class I: TQTIX  |  Class Z: TCMIX
 
   

  

       

 

 

 

 

 

 

 

 

 wealth.amg.com   

 

     063025    SAR012

    

 

AMG Funds

Semi-Annual Financial Statements — June 30, 2025 (unaudited)

 

 

 
      
     TABLE OF CONTENTS    PAGE  
   

 

  
 
   

FINANCIAL STATEMENTS

   
 
   

Schedules of Portfolio Investments

   
 
   

AMG TimesSquare Small Cap Growth Fund

      2  
 
   

AMG TimesSquare Mid Cap Growth Fund

      5  
 
   

AMG TimesSquare International Small Cap Fund

      8  
 
   

Statement of Assets and Liabilities

     11  
 
   

Balance sheets, net asset value (NAV) per share computations
and cumulative distributable earnings (loss)

   
 
   

Statement of Operations

     13  
 
   

Detail of sources of income, expenses, and realized and
unrealized gains (losses) during the fiscal period

   
 
   

Statements of Changes in Net Assets

     14  
 
   

Detail of changes in assets for the past two fiscal periods

   
 
   

Financial Highlights

     15  
 
   

Historical net asset values per share, distributions, total returns, income
and expense ratios, turnover ratios and net assets

   
 
   

Notes to Financial Statements

     24  
 
   

Accounting and distribution policies, details of agreements and
transactions with Fund management and affiliates, and descriptions of
certain investment risks

   
 
   

OTHER INFORMATION

     33  
 
    STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT      34  
 
      

 

 

 

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

 

 

AMG TimesSquare Small Cap Growth Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Shares      Value  

Common Stocks - 95.4%

 

   

Consumer Discretionary - 8.5%

      

Boot Barn Holdings, Inc.*

     8,800        $1,337,600  

Bright Horizons Family Solutions, Inc.*

     9,000        1,112,310  

Global-e Online, Ltd. (Israel)*

     29,000        972,660  

Ollie’s Bargain Outlet Holdings, Inc.*,1

     9,300        1,225,554  

Pursuit Attractions and Hospitality, Inc.*

     22,430        646,657  

Valvoline, Inc.*,1

     45,000        1,704,150  

Warby Parker, Inc., Class A*

     55,500        1,217,115  

Wyndham Hotels & Resorts, Inc.

      18,000        1,461,780  

Total Consumer Discretionary

         9,677,826  

Consumer Staples - 5.5%

      

BJ’s Wholesale Club Holdings, Inc.*

     30,500        3,288,815  

The Chefs’ Warehouse, Inc.*,1

     23,000        1,467,630  

Freshpet, Inc.*,1

     9,500        645,620  

Guardian Pharmacy Services, Inc., Class A*

     42,300        901,413  

Total Consumer Staples

         6,303,478  

Energy - 3.7%

      

Cactus, Inc., Class A

      13,500        590,220  

Excelerate Energy, Inc., Class A

      36,000        1,055,520  

Infinity Natural Resources, Inc., Class A*

     45,838        839,294  

Magnolia Oil & Gas Corp., Class A1

     36,300        816,024  

Matador Resources Co.

      20,000        954,400  

Total Energy

         4,255,458  

Financials - 8.9%

      

Hamilton Lane, Inc., Class A

      14,800        2,103,376  

MVB Financial Corp.

      31,000        698,430  

Paymentus Holdings, Inc., Class A*

     40,700        1,332,925  

PJT Partners, Inc., Class A1

     7,200        1,188,072  

Safety Insurance Group, Inc.

      28,500        2,262,615  

Victory Capital Holdings, Inc., Class A

      40,000        2,546,800  

Total Financials

         10,132,218  

Health Care - 15.4%

      

Addus HomeCare Corp.*

     19,800        2,280,762  

Ceribell, Inc.*,1

     41,000        767,930  

CG Oncology, Inc.*,1

     26,000        676,000  

Insmed, Inc.*

     22,000        2,214,080  

Inspire Medical Systems, Inc.*

     12,600        1,635,102  

iRhythm Technologies, Inc.*

     3,700        569,652  

Krystal Biotech, Inc.*

     6,000        824,760  

Merus, N.V. (Netherlands)*

     12,600        662,760  

Newamsterdam Pharma Co., N.V. (Netherlands)*

     45,000        814,950  

Soleno Therapeutics, Inc.*

     12,502        1,047,417  
     
      Shares      Value  

Stevanato Group S.p.A. (Italy)

      68,000        $1,661,240  

Vericel Corp.*,1

     38,500        1,638,175  

Verona Pharma PLC, ADR (United Kingdom)*

     18,700        1,768,646  

Xenon Pharmaceuticals, Inc. (Canada)*,1

     30,007        939,219  

Total Health Care

         17,500,693  

Industrials - 31.8%

      

ACV Auctions, Inc., Class A*

     120,000        1,946,400  

Applied Industrial Technologies, Inc.1

     4,459        1,036,495  

The AZEK Co., Inc.*

     37,500        2,038,125  

Casella Waste Systems, Inc., Class A*

     25,200        2,907,576  

Chart Industries, Inc.*

     7,000        1,152,550  

Comfort Systems USA, Inc.

      3,150        1,689,061  

Construction Partners, Inc., Class A*

     13,000        1,381,640  

Embraer, S.A., Sponsored ADR (Brazil)

      21,500        1,223,565  

Esab Corp.

      19,000        2,290,450  

Exponent, Inc.

      15,000        1,120,650  

FTAI Aviation, Ltd.

      9,500        1,092,880  

Hexcel Corp.

      19,000        1,073,310  

ITT, Inc.

      11,400        1,787,862  

JBT Marel Corp.

      17,042        2,049,471  

Karman Holdings, Inc.*,1

     17,500        881,475  

Kratos Defense & Security Solutions, Inc.*,1

     36,000        1,672,200  

Loar Holdings, Inc.*,1

     13,500        1,163,295  

MYR Group, Inc.*

     8,000        1,451,600  

Parsons Corp.*,1

     16,200        1,162,674  

RBC Bearings, Inc.*

     3,600        1,385,280  

Regal Rexnord Corp.

      19,000        2,754,240  

Tetra Tech, Inc.

      52,500        1,887,900  

WillScot Holdings Corp.1

     40,000        1,096,000  

Total Industrials

         36,244,699  

Information Technology - 20.5%

      

ASGN, Inc.*

     10,850        541,741  

Braze, Inc., Class A*

     26,200        736,220  

Clearwater Analytics Holdings, Inc., Class A*

     70,500        1,546,065  

Credo Technology Group Holding, Ltd.*

     18,400        1,703,656  

CyberArk Software, Ltd. (Israel)*

     2,200        895,136  

Intapp, Inc.*

     26,492        1,367,517  

JFrog, Ltd. *

     72,000        3,159,360  

Lattice Semiconductor Corp.*

     28,500        1,396,215  

MACOM Technology Solutions Holdings, Inc.*

     9,000        1,289,610  

Onestream, Inc.*

     46,000        1,301,800  

Onto Innovation, Inc.*

     5,907        596,194  

PAR Technology Corp.*,1

     24,000        1,664,880  
     
 

 

 

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

2

AMG TimesSquare Small Cap Growth Fund

Schedule of Portfolio Investments (continued)

 

 

      Shares      Value  

Information Technology - 20.5% (continued)

 

   

Q2 Holdings, Inc.*

     19,000        $1,778,210  

ServiceTitan, Inc., Class A*

     14,500        1,554,110  

SiTime Corp.*

     1,205        256,761  

Vertex, Inc., Class A*,1

     55,500        1,961,092  

Workiva, Inc.*

     23,000        1,574,350  

Total Information Technology

         23,322,917  

Real Estate - 1.1%

      

National Storage Affiliates Trust, REIT

      39,000        1,247,610  

Total Common Stocks
(Cost $91,301,527)

 

      108,684,899  

Exchange Traded Funds - 2.0%

      

iShares Russell 2000 Growth ETF1
(Cost $2,015,867)

      8,000        2,286,880  
     Principal
Amount		         

Short-Term Investments - 6.9%

      

Joint Repurchase Agreements - 3.7%2

 

   

Cantor Fitzgerald Securities, Inc., dated 06/30/25, due 07/01/25, 4.390% total to be received $1,065,148 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.500%, 06/01/30 - 02/01/57, totaling $1,086,318)

      $1,065,018        1,065,018  

CF Secured, LLC, dated 06/30/25, due 07/01/25, 4.390% total to be received $1,065,148 (collateralized by various U.S. Government Agency Obligations, 3.000% - 6.500%, 05/23/28 - 12/01/63, totaling $1,086,563)

      1,065,018        1,065,018  
     
      Principal
Amount		      Value  

Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $1,065,150 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $1,086,453)

      $1,065,018        $1,065,018  

Deutsche Bank Securities, Inc., dated 06/30/25, due 07/01/25, 4.380% total to be received $65,398 (collateralized by various U.S. Treasuries, 1.875% - 4.250%, 11/15/40 - 02/15/51, totaling $66,698)

      65,390        65,390  

State of Wisconsin Investment Board, dated 06/30/25, due 07/01/25, 4.480% total to be received $1,000,124 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/26 - 02/15/54, totaling $1,016,993)

      1,000,000        1,000,000  

Total Joint Repurchase Agreements

         4,260,444  
     Shares         

Other Investment Companies - 3.2%

 

   

Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%3

     1,456,841        1,456,841  

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%3

     2,185,261        2,185,261  

Total Other Investment Companies

         3,642,102  

Total Short-Term Investments
(Cost $7,902,546)

         7,902,546  

Total Investments - 104.3%
(Cost $101,219,940)

         118,874,325  

Other Assets, less Liabilities - (4.3)%

 

      (4,860,360 ) 

Net Assets - 100.0%

         $114,013,965  
     
 

 

*

Non-income producing security.

 

1 

Some of these securities, amounting to $19,404,781 or 17.0% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

 

2 

Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

3 

Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

 

ADR

American Depositary Receipt

 

ETF

Exchange Traded Fund

 

REIT

Real Estate Investment Trust

 

 

 

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

3

AMG TimesSquare Small Cap Growth Fund

Schedule of Portfolio Investments (continued)

 

 

 

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

 

    

Level 1

 

     

Level 2

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks†

  

$

108,684,899

 

   

 

—

 

   

 

—

 

   

$

108,684,899

 

 Exchange Traded Funds

   

 

2,286,880

 

   

 

—

 

   

 

—

 

   

 

2,286,880

 

 Short-Term Investments

            

 Joint Repurchase Agreements

      —      $ 4,260,444        —        4,260,444  

 Other Investment Companies

      3,642,102        —        —        3,642,102  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

$

114,613,881

 

   

$

4,260,444

 

   

 

—

 

   

$

118,874,325

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

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

 

 

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

4

AMG TimesSquare Mid Cap Growth Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Shares      Value  

Common Stocks - 96.0%

      

Communication Services - 2.6%

 

   

Pinterest, Inc., Class A*

     714,700        $25,629,142  

Take-Two Interactive Software, Inc.*

     62,300        15,129,555  

Total Communication Services

         40,758,697  

Consumer Discretionary - 9.9%

      

DoorDash, Inc., Class A*

     119,490        29,455,480  

Floor & Decor Holdings, Inc., Class A*

     166,400        12,639,744  

Flutter Entertainment PLC*,1

     31,900        9,115,744  

O’Reilly Automotive, Inc.*

     327,900        29,553,627  

Pool Corp.1

     59,580        17,366,378  

Ross Stores, Inc.

      170,740        21,783,009  

Tractor Supply Co.

      445,600        23,514,312  

Wyndham Hotels & Resorts, Inc.

      171,200        13,903,152  

Total Consumer Discretionary

         157,331,446  

Consumer Staples - 2.4%

      

BJ’s Wholesale Club Holdings, Inc.*

     181,552        19,576,752  

Performance Food Group Co.*

     217,500        19,024,725  

Total Consumer Staples

         38,601,477  

Energy - 4.5%

      

Cheniere Energy, Inc.

      162,700        39,620,704  

Permian Resources Corp.

      1,078,500        14,689,170  

Targa Resources Corp.

      103,200        17,965,056  

Total Energy

         72,274,930  

Financials - 10.0%

      

The Allstate Corp.

      116,693        23,491,468  

Block, Inc.*

     86,000        5,841,980  

Brown & Brown, Inc.

      148,073        16,416,854  

Evercore, Inc., Class A

      34,259        9,250,615  

Interactive Brokers Group, Inc., Class A

      511,256        28,328,695  

RenaissanceRe Holdings, Ltd. (Bermuda)

      55,210        13,410,509  

Robinhood Markets, Inc., Class A*

     336,910        31,544,883  

TPG, Inc.

      594,420        31,177,329  

Total Financials

         159,462,333  

Health Care - 13.1%

      

Argenx SE, ADR (Netherlands)*

     43,750        24,115,875  

Cencora, Inc.

      149,000        44,677,650  

Encompass Health Corp.

      105,980        12,996,327  

IDEXX Laboratories, Inc.*

     64,800        34,754,832  

Insmed, Inc.*

     146,600        14,753,824  

Inspire Medical Systems, Inc.*

     81,093        10,523,439  

Repligen Corp.*

     78,510        9,765,074  

Stevanato Group S.p.A. (Italy)1

     648,617        15,845,713  
     
      Shares      Value  

Veeva Systems, Inc., Class A*

     144,285        $41,551,194  

Total Health Care

         208,983,928  

Industrials - 22.0%

      

AMETEK, Inc.

      85,000        15,381,600  

Axon Enterprise, Inc.*

     42,100        34,856,274  

Carlisle Cos., Inc.1

     40,300        15,048,020  

Cintas Corp.

      129,836        28,936,549  

Curtiss-Wright Corp.

      58,804        28,728,694  

EMCOR Group, Inc.

      88,530        47,353,812  

Equifax, Inc.

      40,489        10,501,632  

Esab Corp.

      118,670        14,305,669  

GFL Environmental, Inc. (Canada)

      338,136        17,062,343  

Hexcel Corp.

      254,255        14,362,865  

Loar Holdings, Inc.*,1

     164,838        14,204,090  

Paylocity Holding Corp.*

     63,700        11,541,803  

Regal Rexnord Corp.

      152,994        22,178,010  

Saia, Inc.*

     38,520        10,554,095  

Verisk Analytics, Inc.

      121,693        37,907,369  

Waste Connections, Inc. (Canada)

      96,175        17,957,796  

Watsco, Inc.

      24,250        10,709,285  

Total Industrials

         351,589,906  

Information Technology - 27.7%

      

Amphenol Corp., Class A

      130,540        12,890,825  

AppLovin Corp., Class A*

     84,845        29,702,538  

Bentley Systems, Inc., Class B

      345,629        18,653,597  

Crowdstrike Holdings, Inc., Class A*

     25,101        12,784,190  

CyberArk Software, Ltd. (Israel)*

     83,695        34,053,822  

Dynatrace, Inc.*

     448,545        24,764,169  

Elastic, N.V.*

     209,295        17,649,847  

Fair Isaac Corp.*

     7,710        14,093,572  

Gartner, Inc.*

     70,725        28,588,459  

HubSpot, Inc.*

     76,405        42,529,315  

JFrog, Ltd. *

     645,377        28,319,143  

Lattice Semiconductor Corp.*

     332,800        16,303,872  

Marvell Technology, Inc.

      203,460        15,747,804  

Monolithic Power Systems, Inc.

      47,400        34,667,412  

Nice, Ltd., Sponsored ADR (Israel)*

     102,037        17,235,070  

Onestream, Inc.*,1

     571,315        16,168,215  

Samsara, Inc., Class A*

     470,200        18,704,556  

ServiceTitan, Inc., Class A*

     184,801        19,806,971  

Trimble, Inc.*

     249,100        18,926,618  

Tyler Technologies, Inc.*

     35,800        21,223,672  

Total Information Technology

         442,813,667  
     
 

 

 

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

5

AMG TimesSquare Mid Cap Growth Fund

Schedule of Portfolio Investments (continued)

 

 

     

 

Shares

     

 

Value

  

Materials - 2.5%

      

Carpenter Technology Corp.

      19,505        $5,390,792  

Martin Marietta Materials, Inc.

      34,100        18,719,536  

RPM International, Inc.

      148,300        16,289,272  

Total Materials

         40,399,600  

Real Estate - 1.3%

      

CoStar Group, Inc.*

     264,039        21,228,736  

Total Common Stocks
(Cost $1,070,813,302)

         1,533,444,720  
     Principal
Amount		         

Short-Term Investments - 4.3%

      

Joint Repurchase Agreements - 1.1%2

     

Cantor Fitzgerald Securities, Inc., dated 06/30/25, due 07/01/25, 4.390% total to be received $3,279,441 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.500%, 06/01/30 - 02/01/57, totaling $3,344,622)

      $3,279,041        3,279,041  

Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $4,326,232 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $4,412,757)

      4,325,695        4,325,695  

Daiwa Capital Markets America, dated 06/30/25, due 07/01/25, 4.390% total to be received $3,586,834 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 1.500% - 7.500%, 08/15/34 - 06/01/55, totaling $3,658,125)

      3,586,397        3,586,397  
     

 

* 

Non-income producing security.

1 

Some of these securities, amounting to $63,253,063 or 4.0% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

2 

Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

     

Principal

Amount

        Value    

HSBC Securities USA, Inc., dated 06/30/25, due 07/01/25, 4.390% total to be received $2,004,064 (collateralized by various U.S. Government Agency Obligations, 2.000% - 7.000%, 03/01/34 - 05/01/55, totaling $2,043,896)

      $2,003,820        $2,003,820  

State of Wisconsin Investment Board, dated 06/30/25, due 07/01/25, 4.480% total to be received $4,109,922 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/26 - 02/15/54, totaling $4,179,244)

      4,109,411        4,109,411  

Total Joint Repurchase Agreements

         17,304,364  
     Shares         

Other Investment Companies - 3.2%

      

Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%3

     20,312,323        20,312,323  

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%3

     30,468,484        30,468,484  

Total Other Investment Companies

         50,780,807  

Total Short-Term Investments
(Cost $68,085,171)

 

      68,085,171  

Total Investments - 100.3%
(Cost $1,138,898,473)

 

      1,601,529,891  

Other Assets, less Liabilities - (0.3)%

 

      (5,032,910 ) 

Net Assets - 100.0%

 

      $1,596,496,981  
  

 

3 

Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

 

ADR

   American Depositary Receipt
 

 

 

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

6

AMG TimesSquare Mid Cap Growth Fund

Schedule of Portfolio Investments (continued)

 

 

 

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

 

     Level 1            Level 2            Level 3            Total  

 Investments in Securities

                  

Common Stocks†

   $ 1,533,444,720          —          —        $ 1,533,444,720  

Short-Term Investments

                  

Joint Repurchase Agreements

      —        $ 17,304,364          —          17,304,364  

Other Investment Companies

      50,780,807          —          —          50,780,807  
  

 

 

       

 

 

       

 

 

       

 

 

  

 Total Investments in Securities

    $ 1,584,225,527        $ 17,304,364          —        $ 1,601,529,891  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

† 

All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

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

 

 

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

7

AMG TimesSquare International Small Cap Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Shares      Value  

Common Stocks - 98.4%

      

Communication Services - 3.9%

 

   

Auto Trader Group PLC (United Kingdom)1

     71,920        $814,623  

CAR Group Ltd. (Australia)

      24,424        601,498  

Hemnet Group AB (Sweden)

      37,860        1,111,600  

Internet Initiative Japan, Inc. (Japan)

      60,930        1,202,988  

IPSOS, S.A. (France)

      24,050        1,291,801  

Total Communication Services

         5,022,510  

Consumer Discretionary - 14.1%

 

   

ABC-Mart, Inc. (Japan)

      123,940        2,546,202  

Arcos Dorados Holdings, Inc., Class A (Uruguay)

      165,650        1,306,978  

CIE Automotive, S.A. (Spain)2

     31,427        905,071  

Coats Group PLC (United Kingdom)

      1,033,160        1,127,795  

Dalata Hotel Group PLC (Ireland)

      245,616        1,866,136  

De’ Longhi S.p.A. (Italy)

      39,720        1,333,476  

Food & Life Cos., Ltd. (Japan)

      29,750        1,446,664  

Games Workshop Group PLC (United Kingdom)

      5,610        1,248,690  

JUMBO, S.A. (Greece)

      60,210        2,078,084  

KOMEDA Holdings Co., Ltd. (Japan)

      78,580        1,620,972  

Rinnai Corp. (Japan)

      99,200        2,460,206  

Total Consumer Discretionary

         17,940,274  

Consumer Staples - 5.5%

 

   

Greencore Group PLC (Ireland)

      847,170        2,715,297  

Sugi Holdings Co., Ltd. (Japan)

      96,401        2,203,745  

Viscofan, S.A. (Spain)

      29,565        2,103,037  

Total Consumer Staples

         7,022,079  

Energy - 2.3%

 

   

Pason Systems, Inc. (Canada)

      69,420        626,016  

Technip Energies, N.V. (France)

      55,270        2,325,350  

Total Energy

         2,951,366  

Financials - 13.2%

 

   

Alm Brand A/S (Denmark)

      1,136,090        3,034,955  

FinecoBank Banca Fineco S.p.A. (Italy)

      54,413        1,207,073  

Integral Corp. (Japan)2

     94,070        2,080,975  

Nordnet AB publ (Sweden)

      33,057        898,551  

Piraeus Financial Holdings, S.A. (Greece)

      363,272        2,516,669  

Rakuten Bank, Ltd. (Japan)*

     44,750        2,051,471  

Ringkjoebing Landbobank A/S (Denmark)

      9,830        2,151,086  

St James’s Place PLC (United Kingdom)

      94,180        1,534,666  

Steadfast Group, Ltd. (Australia)

      341,833        1,353,883  

Total Financials

         16,829,329  

Health Care - 5.0%

 

   

Ambu A/S, Class B (Denmark)

      65,370        1,028,142  
     
      Shares      Value  

Craneware PLC (United Kingdom)

      48,130        $1,400,592  

Siegfried Holding AG (Switzerland)

      24,000        2,704,047  

Verona Pharma PLC, ADR (United Kingdom)*

     13,200        1,248,456  

Total Health Care

         6,381,237  

Industrials - 28.5%

 

   

Aalberts, N.V. (Netherlands)

      27,400        995,149  

ALS, Ltd. (Australia)

      200,590        2,259,547  

Arcadis, N.V. (Netherlands)

      15,520        753,651  

Bodycote PLC (United Kingdom)

      130,579        1,047,653  

Chemring Group PLC (United Kingdom)

      186,900        1,450,335  

Daiei Kankyo Co., Ltd. (Japan)

      140,300        3,076,648  

Danieli & C Officine Meccaniche S.p.A. (Italy)2

     20,000        786,070  

Diploma PLC (United Kingdom)

      20,420        1,370,792  

DMG Mori Co., Ltd. (Japan)

      33,570        772,455  

HD Hyundai Marine Solution Co., Ltd. (South Korea)

      11,020        1,670,742  

Howden Joinery Group PLC (United Kingdom)

      147,203        1,731,036  

Interpump Group S.p.A. (Italy)2

     30,767        1,280,287  

KION Group AG (Germany)

      12,730        711,069  

Konecranes Oyj (Finland)

      11,230        892,355  

Kyudenko Corp. (Japan)

      30,100        1,245,320  

Maire S.p.A. (Italy)

      156,000        2,055,651  

MEITEC Group Holdings, Inc. (Japan)

      55,530        1,223,746  

Nexans, S.A. (France)

      9,310        1,218,298  

Organo Corp. (Japan)

      48,960        3,048,133  

RENK Group AG (Germany)

      21,180        1,694,202  

Rotork PLC (United Kingdom)

      319,400        1,409,144  

SWCC Corp. (Japan)

      39,100        2,038,662  

Timee, Inc. (Japan)*,2

     78,220        1,114,887  

Tokyo Metro Co., Ltd. (Japan)

      80,820        940,476  

Ventia Services Group Pty, Ltd. (Australia)

      433,010        1,476,837  

Total Industrials

         36,263,145  

Information Technology - 14.1%

 

   

Accton Technology Corp. (Taiwan)

      58,000        1,449,638  

Alten, S.A. (France)

      9,110        801,129  

Appier Group, Inc. (Japan)

      118,090        1,334,621  

Azbil Corp. (Japan)

      365,930        3,469,980  

Dexerials Corp. (Japan)

      95,600        1,477,465  

Finatext Holdings, Ltd. (Japan)*

     110,320        888,763  

IONOS Group SE (Germany)*

     26,800        1,260,826  

Melexis, N.V. (Belgium)

      4,710        401,480  

Nova, Ltd. (Israel)*

     5,100        1,403,520  

Rigaku Holdings Corp. (Japan)

      195,710        1,043,771  
     
 

 

 

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

8

AMG TimesSquare International Small Cap Fund

Schedule of Portfolio Investments (continued)

 

 

     

 

Shares

     

 

Value

  

Information Technology - 14.1% (continued)

 

   

Simplex Holdings, Inc. (Japan)

      46,040        $1,245,673  

Sopra Steria Group (France)

      13,253        3,231,273  

Total Information Technology

         18,008,139  

Materials - 4.8%

      

Acerinox, S.A. (Spain)

      101,890        1,300,881  

Imdex, Ltd. (Australia)

      674,990        1,208,477  

LANXESS AG (Germany)

      43,200        1,288,023  

OR Royalties, Inc. (Canada)2

     64,990        1,670,387  

Sumitomo Bakelite Co., Ltd. (Japan)

      22,330        644,161  

Total Materials

         6,111,929  

Real Estate - 5.2%

      

KDX Realty Investment Corp., REIT (Japan)

      2,930        3,179,303  

Merlin Properties Socimi, S.A., REIT (Spain)

      139,200        1,835,176  

The UNITE Group PLC, REIT (United Kingdom)

      135,380        1,577,819  

Total Real Estate

         6,592,298  

Utilities - 1.8%

      

Nippon Gas Co., Ltd. (Japan)

      123,250        2,269,768  

Total Common Stocks
(Cost $91,990,771)

         125,392,074  
     Principal
Amount		         

Short-Term Investments - 4.0%

      

Joint Repurchase Agreements - 0.9%3

     

Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $152,683 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $155,737)

      $152,664        152,664  
     

 

* 

Non-income producing security.

 

1 

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

 

2 

Some of these securities, amounting to $5,524,637 or 4.3% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

     

Principal

Amount

        Value    

State of Wisconsin Investment Board, dated 06/30/25, due 07/01/25, 4.480% total to be received $1,000,124 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/26 - 02/15/54, totaling $1,016,993)

      $1,000,000        $1,000,000  

Total Joint Repurchase Agreements

         1,152,664  
     Shares         

Other Investment Companies - 3.1%

      

Dreyfus Government Cash Management Fund, Institutional Shares, 4.21%4

     1,592,568        1,592,568  

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%4

     2,388,852        2,388,852  

Total Other Investment Companies

         3,981,420  

Total Short-Term Investments
(Cost $5,134,084)

 

      5,134,084  

Total Investments - 102.4%
(Cost $97,124,855)

 

      130,526,158  

Other Assets, less Liabilities - (2.4)%

 

      (3,049,633 ) 

Net Assets - 100.0%

 

      $127,476,525  
  

 

3 

Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

 

4 

Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR  American Depositary Receipt

REIT  Real Estate Investment Trust

 

 

 

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

9

AMG TimesSquare International Small Cap Fund

Schedule of Portfolio Investments (continued)

 

 

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

 

    

Level 1

 

     

Level 21

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks

            

 Industrials

   

$

1,047,653

 

   

$

35,215,492

 

   

 

—

 

   

$

36,263,145

 

 Information Technology

   

 

1,403,520

 

   

 

16,604,619

 

   

 

—

 

   

 

18,008,139

 

 Consumer Discretionary

   

 

5,251,198

 

   

 

12,689,076

 

   

 

—

 

   

 

17,940,274

 

 Financials

   

 

3,034,955

 

   

 

13,794,374

 

   

 

—

 

   

 

16,829,329

 

 Consumer Staples

   

 

2,715,297

 

   

 

4,306,782

 

   

 

—

 

   

 

7,022,079

 

 Real Estate

   

 

—

 

   

 

6,592,298

 

   

 

—

 

   

 

6,592,298

 

 Health Care

   

 

2,649,048

 

   

 

3,732,189

 

   

 

—

 

   

 

6,381,237

 

 Materials

   

 

1,670,387

 

   

 

4,441,542

 

   

 

—

 

   

 

6,111,929

 

 Communication Services

   

 

—

 

   

 

5,022,510

 

   

 

—

 

   

 

5,022,510

 

 Energy

   

 

626,016

 

   

 

2,325,350

 

   

 

—

 

   

 

2,951,366

 

 Utilities

   

 

—

 

   

 

2,269,768

 

   

 

—

 

   

 

2,269,768

 

 Short-Term Investments

            

 Joint Repurchase Agreements

      —        1,152,664        —        1,152,664  

 Other Investment Companies

      3,981,420        —        —        3,981,420  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investment in Securities

   

$

22,379,494

 

   

$

108,146,664

 

   

 

—

 

   

$

130,526,158

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

1 

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

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

 

 

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

10

 

Statement of Assets and Liabilities (unaudited)

June 30, 2025

 

 

     AMG
TimesSquare
Small Cap
Growth Fund		      AMG
TimesSquare
Mid Cap
Growth Fund		      AMG
TimesSquare
International Small
Cap Fund		  

Assets:

         

Investments at value1 (including securities on loan valued at $19,404,781, $63,253,063, and $5,524,637, respectively)

      $118,874,325        $1,601,529,891        $130,526,158  

Foreign currency2

     —        —        1,292,594  

Receivable for investments sold

      142,941        13,169,338        226,954  

Dividend and interest receivables

      33,538        560,150        627,401  

Securities lending income receivable

      3,341        21,030        4,974  

Receivable for Fund shares sold

      8,265        1,747,234        19,018  

Receivable from affiliate

      8,914        —        5,554  

Prepaid expenses and other assets

      22,795        61,225        24,120  

Total assets

      119,094,119        1,617,088,868        132,726,773  

Liabilities:

         

Payable upon return of securities loaned

      4,260,444        17,304,364        1,152,664  

Payable for investments purchased

      653,965        563,807        928,854  

Payable for Fund shares repurchased

      2,208        1,302,242        2,896,734  

Accrued expenses:

         

Investment advisory and management fees

      69,943        852,286        78,142  

Administrative fees

      13,805        193,701        15,628  

Shareholder service fees

      2,926        76,551        5,067  

Other

      76,863        298,936        173,159  

Total liabilities

      5,080,154        20,591,887        5,250,248  

Commitments and Contingencies (Notes 2 & 7)

         

Net Assets

      $114,013,965        $1,596,496,981        $127,476,525  

1 Investments at cost

      $101,219,940        $1,138,898,473        $97,124,855  

2 Foreign currency at cost

      —        —        $1,277,114  

 

 

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

11

 

Statement of Assets and Liabilities (continued)

 

 

 

     AMG
TimesSquare
Small Cap
Growth Fund		      AMG
TimesSquare
Mid Cap
Growth Fund		      AMG
TimesSquare
International Small
Cap Fund		  

Net Assets Represent:

         

Paid-in capital

      $93,656,791        $1,006,160,395        $287,379,829  

Total distributable earnings (loss)

      20,357,174        590,336,586        (159,903,304 ) 

Net Assets

      $114,013,965        $1,596,496,981        $127,476,525  

Class N:

         

Net Assets

      $15,161,646        $343,918,630        $9,274,087  

Shares outstanding

      1,248,723        20,106,823        516,125  

Net asset value, offering and redemption price per share

      $12.14        $17.10        $17.97  

Class I:

         

Net Assets

      $9,549,227        $530,953,333        $73,835,102  

Shares outstanding

      730,746        28,761,218        4,096,284  

Net asset value, offering and redemption price per share

      $13.07        $18.46        $18.02  

Class Z:

         

Net Assets

      $89,303,092        $721,625,018        $44,367,336  

Shares outstanding

      6,775,724        38,810,150        2,463,387  

Net asset value, offering and redemption price per share

      $13.18        $18.59        $18.01  

 

 

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

12

 

Statement of Operations (unaudited)

For the six months ended June 30, 2025

 

 

     AMG
TimesSquare
Small Cap
Growth Fund		     AMG
TimesSquare
Mid Cap
Growth Fund		     AMG
TimesSquare
International Small
Cap Fund		  

Investment Income:

       

Dividend income

      $358,287       $4,848,126       $1,945,454  

Interest income

      —       203       1,224  

Securities lending income

      18,088       175,960       54,044  

Foreign withholding tax

      (648 )      (16,444 )      (215,968 ) 

Total investment income

      375,727       5,007,845       1,784,754  

Expenses:

       

Investment advisory and management fees

      420,039       4,754,683       439,155  

Administrative fees

      82,903       1,080,610       87,831  

Shareholder servicing fees - Class N

      14,641       335,847       9,794  

Shareholder servicing fees - Class I

      2,834       116,845       18,495  

Professional fees

      24,366       71,152       27,323  

Registration fees

      22,034       47,479       25,033  

Custodian fees

      18,024       59,664       49,968  

Reports to shareholders

      6,916       61,630       21,976  

Trustee fees and expenses

      4,581       61,449       4,989  

Transfer agent fees

      2,187       21,215       10,042  

Miscellaneous

      3,927       26,373       4,615  

Total expenses before offsets

      602,452       6,636,947       699,221  

Expense reimbursements

      (54,401 )      —       (56,115 ) 

Expense reductions

      (29,897 )      (123,296 )      —  

Net expenses

      518,154       6,513,651       643,106  
      

Net investment income (loss)

      (142,427 )      (1,505,806 )      1,141,648  

Net Realized and Unrealized Gain:

       

Net realized gain on investments

      4,533,344       80,348,196       7,174,520  

Net realized gain on foreign currency transactions

      —       —       26,053  

Net change in unrealized appreciation/depreciation on investments

      (3,714,170 )      49,607,506       20,948,323  

Net change in unrealized appreciation/depreciation on foreign currency translations

      —       —       81,061  

Net realized and unrealized gain

      819,174       129,955,702       28,229,957  
      

Net increase in net assets resulting from operations

      $676,747       $128,449,896       $29,371,605  

 

 

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

13

 

Statements of Changes in Net Assets

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

 

 

    AMG
TimesSquare
Small Cap
Growth Fund		     AMG
TimesSquare
Mid Cap
Growth Fund		     AMG
TimesSquare
International Small
Cap Fund		  
    June 30, 2025     December 31, 2024     June 30, 2025     December 31, 2024     June 30, 2025     December 31, 2024  

Increase in Net Assets Resulting From Operations:

            

Net investment income (loss)

     $(142,427 )      $(538,583 )      $(1,505,806 )      $(3,520,238 )      $1,141,648       $2,020,057  

Net realized gain on investments

     4,533,344       26,055,722       80,348,196       163,628,139       7,200,573       22,935,874  

Net change in unrealized appreciation/depreciation on investments

     (3,714,170 )      (3,758,410 )      49,607,506       (23,589,003 )      21,029,384       (19,548,662 ) 

Net increase in net assets resulting from operations

     676,747       21,758,729       128,449,896       136,518,898       29,371,605       5,407,269  

Distributions to Shareholders:

            

Class N

     —       (1,162,704 )      —       (29,843,559 )      —       (208,214 ) 

Class I

     —       (675,141 )      —       (34,579,261 )      —       (2,024,097 ) 

Class Z

     —       (6,572,397 )      —       (41,300,749 )      —       (1,208,701 ) 

Total distributions to shareholders

     —       (8,410,242 )      —       (105,723,569 )      —       (3,441,012 ) 

Capital Share Transactions:1

           

Net increase (decrease) from capital share transactions

     (5,857,625 )      (59,506,211 )      104,027,171       37,957,598       (13,535,988 )      (80,805,346 ) 
           

Total increase (decrease) in net assets

     (5,180,878 )      (46,157,724 )      232,477,067       68,752,927       15,835,617       (78,839,089 ) 

Net Assets:

            

Beginning of period

     119,194,843       165,352,567       1,364,019,914       1,295,266,987       111,640,908       190,479,997  

End of period

     $114,013,965       $119,194,843       $1,596,496,981       $1,364,019,914       $127,476,525       $111,640,908  

 

1

See Note 1(g) of the Notes to Financial Statements.

 

 

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

14

AMG TimesSquare Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,

Class N

   2024   2023   2022   2021   2020

Net Asset Value, Beginning of Period

        $12.08       $11.28       $9.69       $14.09       $16.45       $13.96

Income (loss) from Investment Operations:

                         

Net investment loss1,2

       (0.02 )       (0.06 )       (0.06 )       (0.09 )       (0.17 )       (0.11 )3

Net realized and unrealized gain (loss) on investments

        0.08       1.83       1.65       (3.62 )       1.18       4.92

Total income (loss) from investment operations

        0.06       1.77       1.59       (3.71 )       1.01       4.81

Less Distributions to Shareholders from:

                         

Net realized gain on investments

        —       (0.97 )       —       (0.69 )       (3.37 )       (2.32 )

Net Asset Value, End of Period

        $12.14       $12.08       $11.28       $9.69       $14.09       $16.45

Total Return2,4

       0.58 %5       15.30 %       16.41 %       (26.41 )%       6.72 %       34.96 %

Ratio of net expenses to average net assets6

       1.13 %7       1.17 %       1.17 %       1.17 %       1.17 %8       1.16 %

Ratio of gross expenses to average net assets9

       1.26 %7       1.23 %       1.23 %       1.20 %       1.19 %8       1.20 %

Ratio of net investment loss to average net assets2

       (0.45 )%7       (0.52 )%       (0.53 )%       (0.79 )%       (0.97 )%       (0.79 )%

Portfolio turnover

        35 %5       74 %       63 %       50 %       65 %       71 %

Net assets end of period (000’s) omitted

        $15,162       $15,285       $12,717       $38,225       $86,941       $112,740
                                                              

 

 

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

15

AMG TimesSquare Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,

Class I

   2024   2023   2022   2021   2020

Net Asset Value, Beginning of Period

        $12.99       $12.06       $10.34       $14.96       $17.25       $14.53

Income (loss) from Investment Operations:

                         

Net investment loss1,2

       (0.02 )       (0.05 )       (0.05 )       (0.08 )       (0.15 )       (0.10 )3

Net realized and unrealized gain (loss) on investments

        0.10       1.95       1.77       (3.85 )       1.23       5.14

Total income (loss) from investment operations

        0.08       1.90       1.72       (3.93 )       1.08       5.04

Less Distributions to Shareholders from:

                         

Net realized gain on investments

        —       (0.97 )       —       (0.69 )       (3.37 )       (2.32 )

Net Asset Value, End of Period

        $13.07       $12.99       $12.06       $10.34       $14.96       $17.25

Total Return2,4

       0.62 %5       15.48 %       16.64 %       (26.34 )%       6.81 %       35.19 %

Ratio of net expenses to average net assets6

       0.99 %7       1.03 %       1.05 %       1.05 %       1.05 %8       1.03 %

Ratio of gross expenses to average net assets9

       1.12 %7       1.09 %       1.11 %       1.08 %       1.07 %8       1.07 %

Ratio of net investment loss to average net assets2

       (0.31 )%7       (0.38 )%       (0.41 )%       (0.67 )%       (0.85 )%       (0.66 )%

Portfolio turnover

        35 %5       74 %       63 %       50 %       65 %       71 %

Net assets end of period (000’s) omitted

        $9,549       $9,645       $9,564       $9,185       $12,380       $12,062
                                                              

 

 

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

16

AMG TimesSquare Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,

Class Z

   2024   2023   2022   2021   2020

Net Asset Value, Beginning of Period

        $13.09       $12.14       $10.40       $15.03       $17.30       $14.55

Income (loss) from Investment Operations:

                         

Net investment loss1,2

       (0.01 )       (0.04 )       (0.04 )       (0.07 )       (0.14 )       (0.09 )3

Net realized and unrealized gain (loss) on investments

        0.10       1.96       1.78       (3.87 )       1.24       5.16

Total income (loss) from investment operations

        0.09       1.92       1.74       (3.94 )       1.10       5.07

Less Distributions to Shareholders from:

                         

Net realized gain on investments

        —       (0.97 )       —       (0.69 )       (3.37 )       (2.32 )

Net Asset Value, End of Period

        $13.18       $13.09       $12.14       $10.40       $15.03       $17.30

Total Return2,4

       0.69 %5       15.53 %       16.73 %       (26.29 )%       6.91 %       35.35 %

Ratio of net expenses to average net assets6

       0.93 %7       0.97 %       0.97 %       0.97 %       0.97 %8       0.96 %

Ratio of gross expenses to average net assets9

       1.06 %7       1.03 %       1.03 %       1.00 %       0.99 %8       1.00 %

Ratio of net investment loss to average net assets2

       (0.25 )%7       (0.32 )%       (0.33 )%       (0.59 )%       (0.77 )%       (0.59 )%

Portfolio turnover

        35 %5       74 %       63 %       50 %       65 %       71 %

Net assets end of period (000’s) omitted

        $89,303       $94,265       $143,072       $181,238       $312,604       $320,535
                                                              

 

1 

Per share numbers have been calculated using average shares.

2 

Total returns and net investment loss would have been lower had certain expenses not been offset.

3 

Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.12), $(0.10) and $(0.09) for Class N, Class I and Class Z, respectively.

4 

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

5 

Not annualized.

6 

Includes reduction from broker recapture amounting to 0.03% for the six months ended June 30, 2025, 0.01%, 0.02%, 0.02%, 0.02% and 0.03% for the fiscal years ended December 31, 2024, 2023, 2022, 2021 and 2020, respectively.

7 

Annualized.

8 

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

9 

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

 

 

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

17

AMG TimesSquare Mid Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class N   2024    2023    2022    2021    2020 

 Net Asset Value, Beginning of Period

      $15.73       $15.41       $12.88       $17.24       $19.66       $17.69  

 Income (loss) from Investment Operations:

             

Net investment loss1,2

     (0.03 )      (0.06 )      (0.06 )      (0.06 )      (0.10 )3       (0.09 )4  

Net realized and unrealized gain (loss) on investments

      1.40       1.76       3.25       (3.79 )      3.11       5.84  
            

Total income (loss) from investment operations

      1.37       1.70       3.19       (3.85 )      3.01       5.75  

 Less Distributions to Shareholders from:

             

Net realized gain on investments

      —       (1.38 )      (0.66 )      (0.51 )      (5.43 )      (3.78 ) 

 Net Asset Value, End of Period

      $17.10       $15.73       $15.41       $12.88       $17.24       $19.66  
            

 Total Return2,5

     8.77 %6       10.57 %      24.82 %      (22.39 )%      15.92 %      33.03 % 

Ratio of net expenses to average net assets7

     1.05 %8       1.11 %9       1.18 %      1.17 %      1.17 %      1.17 % 

Ratio of gross expenses to average net assets10

      1.06 %8       1.12 %      1.19 %      1.18 %      1.18 %      1.18 % 

Ratio of net investment loss to average net assets2

     (0.35 )%8       (0.38 )%      (0.39 )%      (0.45 )%      (0.46 )%      (0.48 )% 

Portfolio turnover

      22 %6       48 %      39 %      44 %      53 %      74 % 

Net assets end of period (000’s) omitted

      $343,919       $362,298       $411,238       $368,938       $535,289       $613,501  
                                                  

 

 

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

18

AMG TimesSquare Mid Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class I   2024    2023    2022    2021    2020 

 Net Asset Value, Beginning of Period

      $16.96       $16.50       $13.73       $18.31       $20.58       $18.35  

 Income (loss) from Investment Operations:

 

        

Net investment loss1,2

     (0.02 )      (0.04 )      (0.04 )      (0.04 )      (0.07 )3      (0.07 )4 

Net realized and unrealized gain (loss) on investments

      1.52       1.88       3.47       (4.03 )      3.25       6.08  
            

Total income (loss) from investment operations

      1.50       1.84       3.43       (4.07 )      3.18       6.01  

 Less Distributions to Shareholders from:

             

Net investment income

      —       —       —       —       (0.02 )      —  

Net realized gain on investments

      —       (1.38 )      (0.66 )      (0.51 )      (5.43 )      (3.78 ) 
            

Total distributions to shareholders

      —       (1.38 )      (0.66 )      (0.51 )      (5.45 )      (3.78 ) 

 Net Asset Value, End of Period

      $18.46       $16.96       $16.50       $13.73       $18.31       $20.58  
            

 Total Return2,5

     8.84 %6      10.72 %      24.94 %      (22.23 )%      16.04 %      33.27 % 

Ratio of net expenses to average net assets7

     0.90 %8      0.96 %9      1.03 %      1.02 %      1.02 %      1.04 % 

Ratio of gross expenses to average net assets10

     0.91 %8      0.97 %      1.04 %      1.03 %      1.03 %      1.05 % 

Ratio of net investment loss to average net assets2

     (0.20 )%8      (0.23 )%      (0.24 )%      (0.30 )%      (0.31 )%      (0.35 )% 

Portfolio turnover

      22 %6       48 %      39 %      44 %      53 %      74 % 

Net assets end of period (000’s) omitted

      $530,953       $452,566       $401,601       $339,100       $431,797       $526,800  
                                                  

 

 

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

19

AMG TimesSquare Mid Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class Z   2024    2023    2022    2021    2020 

 Net Asset Value, Beginning of Period

      $17.08       $16.60       $13.81       $18.39       $20.65       $18.39  

 Income (loss) from Investment Operations:

 

        

Net investment loss1,2

     (0.01 )      (0.03 )      (0.03 )      (0.04 )      (0.06 )3       (0.05 )4  

Net realized and unrealized gain (loss) on investments

      1.52       1.89       3.48       (4.03 )      3.27       6.09  
            

Total income (loss) from investment operations

      1.51       1.86       3.45       (4.07 )      3.21       6.04  

 Less Distributions to Shareholders from:

             

Net investment income

      —       —       —       —       (0.04 )      —  

Net realized gain on investments

      —       (1.38 )      (0.66 )      (0.51 )      (5.43 )      (3.78 ) 
            

Total distributions to shareholders

      —       (1.38 )      (0.66 )      (0.51 )      (5.47 )      (3.78 ) 

 Net Asset Value, End of Period

      $18.59       $17.08       $16.60       $13.81       $18.39       $20.65  
            

 Total Return2,5

     8.84 %6       10.78 %      25.03 %      (22.18 )%      16.10 %      33.36 % 

Ratio of net expenses to average net assets7

      0.85 %8       0.91 %9       0.98 %      0.97 %      0.97 %      0.97 % 

Ratio of gross expenses to average net assets10

     0.86 %8       0.92 %      0.99 %      0.98 %      0.98 %      0.98 % 

Ratio of net investment loss to average net assets2

     (0.15 )%8       (0.18 )%      (0.19 )%      (0.25 )%      (0.26 )%      (0.28 )% 

Portfolio turnover

      22 %6       48 %      39 %      44 %      53 %      74 % 

Net assets end of period (000’s) omitted

      $721,625       $549,156       $482,428       $414,298       $810,210       $896,929  
                                                  

 

1 

Per share numbers have been calculated using average shares.

 

2 

Total returns and net investment loss would have been lower had certain expenses not been offset.

 

3 

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

 

4 

Includes non-recurring dividends. Without these dividends, net investment loss per share would have been $(0.11), $(0.08) and $(0.07) for Class N, Class I and Class Z, respectively.

 

5 

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

 

6 

Not annualized.

 

7 

Includes reduction from broker recapture amounting to 0.01% for the six months ended June 30, 2025, 0.01% for each fiscal year ended December 31, 2024, 2023, 2022, 2021 and 2020.

 

8 

Annualized.

 

9 

Includes interest expense of less than 0.01% related to participation in the interfund lending program.

 

10 

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

 

 

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

20

AMG TimesSquare International Small Cap Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class N   2024   2023   2022   2021   2020

 Net Asset Value, Beginning of Period

      $14.09       $14.27       $13.21       $18.49       $18.44       $16.24  

 Income (loss) from Investment Operations:

             

Net investment income1,2

     0.13       0.17       0.14       0.19 3       0.09       0.02  

Net realized and unrealized gain (loss) on investments

      3.75       0.05       1.16       (5.36 )      0.14       2.18  
            

Total income (loss) from investment operations

      3.88       0.22       1.30       (5.17 )      0.23       2.20  

 Less Distributions to Shareholders from:

             

Net investment income

      —       (0.40 )      (0.24 )      (0.11 )      (0.18 )      —  

 Net Asset Value, End of Period

      $17.97       $14.09       $14.27       $13.21       $18.49       $18.44  

 

             

Total Return2,4

     27.54 %5      1.45 %      9.92 %      (27.97 )%      1.25 %      13.55 % 

Ratio of net expenses to average net assets

      1.30 %6      1.31 %7      1.27 %7      1.25 %      1.22 %      1.23 % 

Ratio of gross expenses to average net assets8

     1.40 %6      1.37 %      1.27 %      1.25 %      1.22 %      1.23 % 

Ratio of net investment income to average net assets2

     1.75 %6      1.13 %      1.04 %      1.33 %      0.47 %      0.17 % 

Portfolio turnover

      30 %5       71 %      69 %      71 %      73 %      57 % 

Net assets end of period (000’s) omitted

      $9,274       $7,428       $9,101       $10,977       $21,202       $45,389  
                                                  

 

 

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

21

AMG TimesSquare International Small Cap Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2025

(unaudited)

   For the fiscal years ended December 31,
 Class I   2024    2023    2022    2021    2020 

 Net Asset Value, Beginning of Period

      $14.12       $14.30       $13.23       $18.52       $18.49       $16.26  

 Income (loss) from Investment Operations:

             

Net investment income1,2

     0.15       0.20       0.17       0.21 3       0.12       0.05  

Net realized and unrealized gain (loss) on investments

      3.75       0.05       1.16       (5.37 )      0.13       2.19  
            

Total income (loss) from investment operations

      3.90       0.25       1.33       (5.16 )      0.25       2.24  

 Less Distributions to Shareholders from:

             

Net investment income

      —       (0.43 )      (0.26 )      (0.13 )      (0.22 )      (0.01 ) 

 Net Asset Value, End of Period

      $18.02       $14.12       $14.30       $13.23       $18.52       $18.49  
            

 Total Return2,4

     27.69 %5      1.65 %      10.11 %      (27.84 )%      1.36 %      13.75 % 

Ratio of net expenses to average net assets

      1.10 %6       1.12 %7       1.11 %7       1.10 %      1.07 %      1.08 % 

Ratio of gross expenses to average net assets8

     1.20 %6       1.18 %      1.11 %      1.10 %      1.07 %      1.08 % 

Ratio of net investment income to average net assets2

     1.95 %6       1.32 %      1.20 %      1.48 %      0.62 %      0.32 % 

Portfolio turnover

      30 %5       71 %      69 %      71 %      73 %      57 % 

Net assets end of period (000’s) omitted

      $73,835       $67,680       $96,333       $260,896       $614,652       $629,502  
                                 

 

 

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

22

AMG TimesSquare International Small Cap Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

     For the six
months ended
June 30, 2025		   For the fiscal years ended December 31,

Class Z

    (unaudited)   2024   2023   2022   2021   2020

Net Asset Value, Beginning of Period

        $14.10       $14.29       $13.23       $18.53       $18.50       $16.26

Income (loss) from Investment Operations:

                         

Net investment income1,2

       0.15       0.21       0.18       0.22 3         0.14       0.06

Net realized and unrealized gain (loss) on investments

        3.76       0.04       1.16       (5.37 )       0.12       2.20

Total income (loss) from investment operations

        3.91       0.25       1.34       (5.15 )       0.26       2.26

Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.44 )       (0.28 )       (0.15 )       (0.23 )       (0.02 )

Net Asset Value, End of Period

        $18.01       $14.10       $14.29       $13.23       $18.53       $18.50

Total Return2,4

       27.73 %5       1.65 %       10.22 %       (27.78 )%       1.47 %       13.90 %

Ratio of net expenses to average net assets

        1.05 %6       1.06 %7       1.02 %7       1.00 %       0.97 %       0.98 %

Ratio of gross expenses to average net assets8

       1.15 %6       1.12 %       1.02 %       1.00 %       0.97 %       0.98 %

Ratio of net investment income to average net assets2

       2.00 %6       1.38 %       1.29 %       1.58 %       0.72 %       0.42 %

Portfolio turnover

        30 %5       71 %       69 %       71 %       73 %       57 %

Net assets end of period (000’s) omitted

        $44,367       $36,533       $85,045       $166,307       $396,236       $397,976
                                                              

 

1 

Per share numbers have been calculated using average shares.

2 

Total returns and net investment income would have been lower had certain expenses not been offset.

3 

Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.15, $0.17 and $0.18 for Class N, Class I and Class Z, respectively.

4 

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

5 

Not annualized.

6 

Annualized.

7 

Includes interest expense of 0.01% and 0.02% for the fiscal years ended December 31, 2024 and 2023, respectively, related to participation in the interfund lending program.

8 

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

 

 

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

23

    

 

 

Notes to Financial Statements (unaudited)

June 30, 2025

 

   

 

 

     

 

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the “Trust”) is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG TimesSquare Small Cap Growth Fund (“Small Cap”), AMG TimesSquare Mid Cap Growth Fund (“Mid Cap”) and AMG TimesSquare International Small Cap Fund (“International Small Cap”), each a “Fund” and collectively, the “Funds”.

Each Fund offers Class N, Class I and Class Z shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

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

a. VALUATION OF INVESTMENTS

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

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

The Funds’ portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Funds’ Board of Trustees (the “Board”) designated AMG Funds LLC (the “Investment Manager”) as the Funds’ Valuation Designee to perform the

Funds’ fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager’s fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Funds may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Funds’ valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Funds might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Funds. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager’s process for determining the fair value of the Funds’ investments.

With respect to foreign equity securities and certain foreign fixed income securities, securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

 

 

 

24

    

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

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

Small Cap and Mid Cap had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Funds’ overall expense ratio. For the six months ended June 30, 2025, the impact on the expenses and expense ratios, if any, was as follows: Small Cap $29,897 or 0.03% and Mid Cap $123,296 or 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

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

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

 

Fund   Cost     Appreciation     Depreciation     Net Appreciation  

Small Cap

     $101,219,940       $23,194,806       $(5,540,421 )      $17,654,385  

Mid Cap

     1,138,898,473       495,685,059       (33,053,641 )      462,631,418  
International Small Cap     97,124,855       33,992,864       (591,561 )      33,401,303  

e. FEDERAL TAXES

Each Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. The Investment Manager has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, based on each Fund’s understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, each Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

 

 

 

25

    

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2024, the following Fund had capital loss carryovers for federal income tax purposes. Should the Fund incur net capital losses for the fiscal year ended December 31, 2025, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

As of December 31, 2024, Small Cap and Mid Cap had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended December 31, 2025, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

 

 

Fund   Short-Term     Long-Term     Total  

International Small Cap

     $149,868,837       $46,969,139       $196,837,976  
 

 

g. CAPITAL STOCK

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

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

 

        Small Cap           Mid Cap    
    June 30, 2025   December 31, 2024   June 30, 2025   December 31, 2024
    Shares   Amount   Shares   Amount   Shares   Amount   Shares   Amount

Class N:

                

Shares sold

     40,983       $487,473       241,369       $2,825,853       989,965       $16,347,179       1,341,057       $21,866,294  

Shares issued in reinvestment of distributions

     —       —       92,627       1,162,472       —       —       1,797,200       29,815,553  

Shares redeemed

     (58,070 )      (652,833 )      (195,399 )      (2,337,410 )      (3,919,763 )      (63,979,730 )      (6,789,004 )      (112,406,645 ) 
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net increase (decrease)

     (17,087 )      $(165,360 )      138,597       $1,650,915       (2,929,798 )      $(47,632,551 )      (3,650,747 )      $(60,724,798 ) 
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Class I:

                

Shares sold

     12,221       $156,670       60,366       $796,716       5,609,051       $94,411,782       5,148,231       $90,866,781  

Shares issued in reinvestment of distributions

     —       —       50,048       675,141       —       —       1,869,218       33,440,315  

Shares redeemed

     (24,119 )      (307,151 )      (161,036 )      (2,021,363 )      (3,530,125 )      (61,419,826 )      (4,672,713 )      (82,737,646 ) 
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net increase (decrease)

     (11,898 )      $(150,481 )      (50,622 )      $(549,506 )      2,078,926       $32,991,956       2,344,736       $41,569,450  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Class Z:

                

Shares sold

     231,602       $2,807,136       731,157       $9,534,917       11,735,125       $207,568,824       6,396,669       $116,111,903  

Shares issued in reinvestment of distributions

     —       —       482,119       6,561,643       —       —       2,202,025       39,658,473  

Shares redeemed

     (654,794 )      (8,348,920 )      (5,798,481 )      (76,704,180 )1      (5,078,279 )      (88,901,058 )      (5,507,425 )      (98,657,430 ) 
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net increase (decrease)

     (423,192 )      $(5,541,784 )      (4,585,205 )      $(60,607,620 )      6,656,846       $118,667,766       3,091,269       $57,112,946  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

1 Includes redemption in-kind in the amount of $34,467,957.

 

 

26

    

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

         International Small Cap    
     June 30, 2025   December 31, 2024
     Shares   Amount   Shares   Amount

Class N:

         

Shares sold

      84,799       $1,409,715       23,255       $346,984  

Shares issued in reinvestment of distributions

      —       —       14,399       208,214  

Shares redeemed

      (95,899 )      (1,505,089 )      (148,297 )      (2,188,013 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net decrease

      (11,100 )      $(95,374 )      (110,643 )      $(1,632,815 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Class I:

         

Shares sold

      218,428       $3,270,227       472,966       $7,034,604  

Shares issued in reinvestment of distributions

      —       —       136,367       1,975,959  

Shares redeemed

      (915,544 )      (14,799,443 )      (2,552,720 )      (38,540,469 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net decrease

      (697,116 )      $(11,529,216 )      (1,943,387 )      $(29,529,906 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Class Z:

         

Shares sold

      54,957       $821,665       378,578       $5,587,460  

Shares issued in reinvestment of distributions

      —       —       83,474       1,208,695  

Shares redeemed

      (181,722 )      (2,733,063 )      (3,823,666 )      (56,438,780 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net decrease

      (126,765 )      $(1,911,398 )      (3,361,614 )      $(49,642,625 ) 
  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

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

 

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Securities Lending Program”) (collectively, “Repurchase Agreements”). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Funds participate on a pro rata basis with other clients of BNYM in their share of the underlying collateral under such joint repurchase agreements and in their share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held by the Funds’ custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. Pursuant to the Securities Lending Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

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

i. FOREIGN CURRENCY TRANSLATION

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

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

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

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. wealth platform of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Funds and is responsible for the Funds’ overall administration and operations. The Investment Manager selects and recommends, subject to the approval of the Board and, in certain circumstances, shareholders, the subadviser for the Funds and monitors the subadviser’s investment performance, security holdings and investment strategies. Each Fund’s investment portfolio is managed by TimesSquare Capital Management, LLC (“TimesSquare”) who serves as

 

 

 

27

    

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

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

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

 

Small Cap

      0.76%   

Mid Cap

      0.66%   

International Small Cap

      0.75%   

The fee paid to TimesSquare for its services as subadviser is paid out of the fee the Investment Manager receives from each Fund and does not increase the expenses of each Fund.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of Small Cap, Mid Cap and International Small Cap to the annual rate of 0.96%, 1.13% and 1.05%, respectively, of each Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Funds in certain circumstances.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a Fund, provided that such repayment would not cause the Fund’s total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of a Fund.

For the six months ended June 30, 2025, the Investment Manager’s expense reimbursements, and repayments of prior reimbursements by the Funds to the Investment Manager, if any, are as follows:

 

     Expense
 Reimbursements 		    Repayment of
 Prior Reimbursements 

Small Cap

    $54,401    —

Mid Cap

    —    —

International Small Cap

     56,115    —

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

 

Expiration

Period

    Small Cap      International Small Cap  

Less than 1 year

      $50,246        —  

1-2 years

      83,840        $45,044  

2-3 years

      96,503        100,677  
  

 

 

     

 

 

  

Total

      $230,589        $145,721  
  

 

 

     

 

 

  

The Trust, on behalf of the Funds, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Funds’ administrator (the “Administrator”) and is responsible for certain aspects of managing the Funds’ operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund’s average daily net assets for this service.

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

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

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

 

 

 

28

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

     Maximum Annual       Actual   
     Amount       Amount   
 Fund    Approved       Incurred   

 Small Cap

      

 Class N

      0.20%        0.20%  

 Class I

      0.10%        0.06%  

 Mid Cap

      

 Class N

      0.20%        0.20%  

 Class I

      0.05%        0.05%  

 International Small Cap

      

 Class N

      0.25%        0.25%  

 Class I

      0.10%        0.05%  

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At June 30, 2025, the Funds had no interfund loans outstanding. The Funds did not borrow during the six months ended June 30, 2025.

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

 

Fund    Average
Lent		      Number
of Days		      Interest
Earned		      Average 
Interest Rate 		  

Mid Cap

      $1,415,752        1        $203        5.230%  

International Small Cap

      2,138,285        4        1,224        5.225%  

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended June 30, 2025, were as follows:

 

      Long Term Securities   
Fund    Purchases       Sales   

Small Cap

      $38,229,473         $41,684,428   
      Long Term Securities   
 Fund    Purchases       Sales   

 Mid Cap

      $370,941,095         $312,056,983   

 International Small Cap

      34,632,393         44,113,089   

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

4. PORTFOLIO SECURITIES LOANED

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

The value of securities loaned on positions held, cash collateral and securities collateral received at June 30, 2025, was as follows:

 

 Fund   Securities
Loaned		     Cash
Collateral
Received		     Securities
Collateral
Received		    

Total 

Collateral 

Received 

  

Small Cap

     $19,404,781       $4,260,444       $15,602,938       $19,863,382  

Mid Cap

     63,253,063       17,304,364       47,708,714       65,013,078  

International Small Cap

     5,524,637       1,152,664       4,575,311       5,727,975  

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

 

 Fund  

Collateral

Type

    Coupon
Range		    Maturity 
Date Range 

Small Cap

  

U.S. Treasury Obligations

    0.125%-6.250%    08/31/25-11/15/54

Mid Cap

  

U.S. Treasury Obligations

    0.125%-6.250%    08/31/25-11/15/54
 

 

 

 

29

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

 Fund  

Collateral

Type

   Coupon
Range		   Maturity 
Date Range 

International
Small Cap

  

U.S. Treasury Obligations

   0.000%-5.375%   07/10/25-08/15/54

5. SEGMENT REPORTING

Each Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in each Fund’s prospectus. The Chief Operating Decision Makers (“CODM”) are the Funds’ president and chief financial officer. The CODM assesses the performance and makes operating decisions for each Fund primarily based on each Fund’s changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes each Fund’s net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of each Fund. As each Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as “Total assets” and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject the Funds to various risks. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Fund. Please refer to each Fund’s prospectus for a description of the principal risks associated with investing in a particular Fund. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; or (iii) currency and price fluctuations.

Market Risk: Market prices of investments held by the Funds may fall rapidly or unpredictably due to a variety of factors, including economic or market conditions, or other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics, or in response to events that affect particular industries or companies. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Management Risk: Because the Funds are actively managed investment portfolios, security selection or focus on securities in a particular style, market sector or group of companies may cause the Funds to incur losses or underperform relative to their benchmarks or other funds with a similar investment objective. There can be no guarantee that TimesSquare’s investment techniques and risk analysis will produce the desired result.

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

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

Liquidity Risk: The Funds may not be able to dispose of particular investments, such as illiquid securities, readily at favorable times or prices or the Funds may have to sell them at a loss.

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

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

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

Currency Risk: Fluctuations in exchange rates may affect the total loss or gain on a non-U.S. dollar investment when converted back to U.S. dollars and exposure to non-U.S. currencies may subject the Funds to the risk that those currencies will decline in value relative to the U.S. dollar. The values of foreign currencies relative to the U.S. dollar may fluctuate in response to, among other factors, interest rate changes, intervention (or failure to intervene) by national governments, central banks, or supranational entities such as the International Monetary Fund, the imposition of currency controls, and other political or regulatory developments.

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

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

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

7. COMMITMENTS AND CONTINGENCIES

Under the Trust’s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties

 

 

 

30

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

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

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

 

 

8. MASTER NETTING AGREEMENTS

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

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

 

        Gross Amount Not Offset in the                
        Statement of Assets and Liabilities                
 Fund   Gross Amounts of
Assets Presented in
the Statement of
Assets and Liabilities		  

Offset

Amount

  

Net

Asset

Balance

       

Collateral

Received

       

Net

Amount

                             

 Small Cap

                        

 Cantor Fitzgerald Securities, Inc.

       $1,065,018          —           $1,065,018           $1,065,018              —    

 CF Secured, LLC

       1,065,018       —       1,065,018         1,065,018         —

 Citadel Securities LLC

       1,065,018       —       1,065,018         1,065,018         —

 Deutsche Bank Securities, Inc.

       65,390       —       65,390         65,390         —

 State of Wisconsin Investment Board

       1,000,000       —       1,000,000         1,000,000         —
   

 

 

 

    

 

 

 

    

 

 

 

      

 

 

 

      

 

 

 

 Total

       $4,260,444       —       $4,260,444         $4,260,444         —
   

 

 

 

    

 

 

 

    

 

 

 

      

 

 

 

      

 

 

 

 Mid Cap

                        

 Cantor Fitzgerald Securities, Inc.

       $3,279,041       —       $3,279,041         $3,279,041         —

 Citadel Securities LLC

       4,325,695       —       4,325,695         4,325,695         —

 Daiwa Capital Markets America

       3,586,397       —       3,586,397         3,586,397         —

 HSBC Securities USA, Inc.

       2,003,820       —       2,003,820         2,003,820         —

 State of Wisconsin Investment Board

       4,109,411       —       4,109,411         4,109,411         —
   

 

 

 

    

 

 

 

    

 

 

 

      

 

 

 

      

 

 

 

 Total

         $17,304,364          —         $17,304,364              $17,304,364            —
   

 

 

 

    

 

 

 

    

 

 

 

      

 

 

 

      

 

 

 

 International Small Cap

                        

 Citadel Securities LLC

       $152,664       —       $152,664         $152,664         —

 State of Wisconsin Investment Board

       1,000,000       —       1,000,000         1,000,000         —
   

 

 

 

    

 

 

 

    

 

 

 

      

 

 

 

      

 

 

 

 Total

       $1,152,664       —       $1,152,664         $1,152,664         —
   

 

 

 

    

 

 

 

    

 

 

 

      

 

 

 

      

 

 

 

 

9. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

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

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

 

 

 

31

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

     

 

10. SUBSEQUENT EVENTS

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

 

 

 

 

32

    

Other Information (unaudited)

 

   

 

 

     

 

 

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

During the six months ended June 30, 2025, there were no changes in and/or disagreements with accountants.

 

 

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

Not applicable.

 

 

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

The remuneration paid to the Trustees during the six months ended June 30, 2025, is reflected as “Trustee fees and expenses” on the Statement of Operations and is set forth in the table below. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the six months ended June 30, 2025.

 

     Trustee fees and expenses   

 AMG TimesSquare Small Cap Growth Fund

      $4,581   

 AMG TimesSquare Mid Cap Growth Fund

      61,449   

 AMG TimesSquare International Small Cap Fund

      4,989   

 

 

33

    

 

 

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

 

   

 

 

     

 

 

AMG TimesSquare Mid Cap Growth Fund, AMG TimesSquare Small Cap Growth Fund, and AMG TimesSquare International Small Cap Fund: Approval of Investment Management Agreement and Subadvisory Agreements on June 11, 2025

 

At an in-person meeting held on June 11, 2025, the Board of Trustees (the “Board” or the “Trustees”), and separately a majority of the Trustees who are not “interested persons” of AMG Funds (the “Trust”) (the “Independent Trustees”), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) for each of AMG TimesSquare Mid Cap Growth Fund, AMG TimesSquare Small Cap Growth Fund, and AMG TimesSquare International Small Cap Fund (each, a “Fund,” and collectively, the “Funds”) and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the “Investment Management Agreement”); and (ii) the Subadvisory Agreement with respect to each Fund, as amended at any time prior to the date of the meeting (collectively, the “Subadvisory Agreements”), with TimesSquare Capital Management, LLC, the Funds’ subadviser (the “Subadviser”). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreement and Subadvisory Agreements, the Trustees reviewed a variety of materials relating to each Fund, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a “Peer Group”), performance information for the relevant benchmark index for each Fund (each, a “Fund Benchmark”), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Funds, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and the Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

      

NATURE, EXTENT AND QUALITY OF SERVICES

 

In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager’s operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Management Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Funds; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Funds’ other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect

      

to the initial approval of the Subadvisory Agreements and annual consideration of the Subadvisory Agreements thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager’s undertaking to maintain contractual expense limitations for the Funds. The Trustees also considered the Investment Manager’s risk management processes.

 

The Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques (its “Investment Strategy”) used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in the Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under the Subadvisory Agreements. The Trustees also considered the Subadviser’s risk management processes.

 

 

34

    

 

 

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

 

   

 

 

     

 

 

PERFORMANCE

 

The Board considered each Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark, considered the gross performance of the Fund as compared to the Subadviser’s relevant performance composite that utilizes a similar investment strategy and approach, and noted that the Board reviews on a quarterly basis detailed information about both the Fund’s performance results and portfolio composition, as well as the Subadviser’s Investment Strategy. The Board was mindful of the Investment Manager’s expertise, resources and attention to monitoring the Subadviser’s performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds’ subadviser during the period regarding the factors that contributed to the performance of the Funds.

 

With respect to AMG TimesSquare Mid Cap Growth Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class Z shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above the median performance of the Peer Group and below, below, below, and above, respectively, the performance of the Fund Benchmark, the Russell Midcap Growth Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s outperformance relative to the Peer Group and more recent underperformance relative to the Fund Benchmark. The Trustees also noted that Class Z shares of the Fund ranked in the top quintile relative to its Peer Group for the 3-year, 5-year, and 10-year periods. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory.

 

With respect to AMG TimesSquare Small Cap Growth Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class Z shares (which share class

      

has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, above, below, and below, respectively, the median performance of the Peer Group and above the performance of the Fund Benchmark, the Russell 2000 Growth Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s outperformance relative to the Fund Benchmark and recent outperformance relative to the Peer Group. The Trustees also noted that Class Z shares of the Fund ranked in the top quartile relative to its Peer Group for the 1-year period. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory.

 

With respect to AMG TimesSquare International Small Cap Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class Z shares (which share class has one of the earliest inception dates and the largest amount of assets of all the share classes of the Fund with that inception date) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was above, above, below, and below, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the MSCI EAFE Small Cap Index. The Trustees took into account the reasons for the Fund’s recent outperformance relative to its Peer Group and underperformance relative to the Fund Benchmark and noted the impact of the Fund’s underperformance during certain calendar years on its longer-term performance. The Trustees also noted that Class Z shares of the Fund ranked in the top quartile relative to its Peer Group for the 3-year period and the top third relative to its Peer Group for the 1-year period. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s

      

overall performance has been satisfactory in light of the Fund’s investment objective, strategies, and policies, as well as overall market conditions.

 

ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE

 

In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management’s discussion of the current asset level of each Fund, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.

 

In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for the Funds. The Board also took into account management’s discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would

 

 

35

    

 

 

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

 

   

 

 

     

 

 

warrant adjustments to the advisory fee at this time. Also, with respect to economies of scale, the Trustees noted that as each Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

 

In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from the relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management’s discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under the Subadvisory Agreements. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as a Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

 

With respect to AMG TimesSquare Mid Cap Growth Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class Z shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were rated in the Above Average and the Average rating level, respectively, of the Fund’s Peer Group. The Trustees noted that the rating levels corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net annual operating expenses (subject to certain

      

excluded expenses) to 1.13%. The Trustees also took into account the fact that, effective July 1, 2024, the Fund’s management fee rate was reduced. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

 

With respect to AMG TimesSquare Small Cap Growth Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class Z shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were rated in the Above Average and the Average rating level, respectively, of the Fund’s Peer Group. The Trustees noted that the rating level corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.96%. The Trustees also took into account the fact that, effective July 1, 2024, the Fund’s management fee rate and expense cap were reduced. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

 

With respect to AMG TimesSquare International Small Cap Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were rated in the Below Average and the Above Average rating level, respectively, of the Fund’s Peer Group. The Trustees

      

noted that the rating levels corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 1.05%. The Trustees also took into account management’s discussion of the Fund’s expenses, including fees and expenses relative to comparably sized funds and select competitors. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

 

* * * *

 

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreement and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.

 

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

 

 

36

LOGO

 

 

 

INVESTMENT MANAGER AND ADMINISTRATOR

AMG Funds LLC

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

 

DISTRIBUTOR

AMG Distributors, Inc.

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

 

SUBADVISER

TimesSquare Capital Management, LLC

75 Rockefeller Plaza

30th Floor

New York, NY 10019

 

CUSTODIAN

The Bank of New York Mellon

Mutual Funds Custody

240 Greenwich Street

New York, NY 10286

   

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

 

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

AMG Funds

Attn: 534426 AIM 154-0520

500 Ross Street

Pittsburgh, PA 15262

800.548.4539

 

TRUSTEES

Jill R. Cuniff

Kurt A. Keilhacker

Peter W. MacEwen

Steven J. Paggioli

Eric Rakowski

Victoria L. Sassine

Garret W. Weston

   

This report is prepared for the Funds’ shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.

 

Current net asset values per share for each Fund are available on the Funds’ website at wealth.amg.com.

 

A description of the policies and procedures each Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission’s (SEC) website at sec.gov. For information regarding the Funds’ proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.

 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Funds’ website at wealth.amg.com. To review a complete list of the Funds’ portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com.

 

 

 

 

wealth.amg.com  |

LOGO

 

 

 

EQUITY FUNDS

AMG Boston Common Global Impact

Boston Common Asset Management, LLC

 

AMG Frontier Small Cap Growth

Frontier Capital Management Co., LLC

 

AMG GW&K Small Cap Core

AMG GW&K Small Cap Value

AMG GW&K Small/Mid Cap Core

AMG GW&K Small/Mid Cap Growth

AMG GW&K International Small Cap

GW&K Investment Management, LLC

 

AMG Montrusco Bolton Large Cap Growth

Montrusco Bolton Investments, Inc.

 

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

   

AMG River Road Dividend All Cap Value

AMG River Road Focused Absolute Value

AMG River Road Large Cap Value Select

AMG River Road Mid Cap Value

AMG River Road Small-Mid Cap Value

AMG River Road Small Cap Value

River Road Asset Management, LLC

 

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

 

AMG Veritas Asia Pacific

AMG Veritas China

AMG Veritas Global Focus

AMG Veritas Global Real Return

Veritas Asset Management LLP

 

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Global

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

   

FIXED INCOME FUNDS

AMG GW&K Core Bond ESG

AMG GW&K ESG Bond

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced Yield

GW&K Investment Management, LLC

 

ALTERNATIVE FUNDS

AMG Systematica Managed Futures Strategy

AMG Systematica Trend-Enhanced Markets

Systematica Investments Limited, acting as general partner of Systematica Investments LP

       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       
       

 

 

 

 
 wealth.amg.com        063025    SAR012

LOGO  

 SEMI-ANNUAL FINANCIAL STATEMENTS

 

 

 

 

    

    

AMG Funds

 

June 30, 2025

 

LOGO

 

AMG Yacktman Fund

 
      Class I: YACKX
 
      AMG Yacktman Focused Fund
 
      Class N: YAFFX   |   Class I: YAFIX
 
      AMG Yacktman Global Fund
 
      Class N: YFSNX   |   Class I: YFSIX
 
      AMG Yacktman Special Opportunities Fund
 
      Class I: YASSX   |   Class Z: YASLX
 
   

  

       

 

 

 

 

 

 
 wealth.amg.com          063025    SAR071

    

 

AMG Funds

Semi-Annual Financial Statements — June 30, 2025 (unaudited)

 

 

 
      
     TABLE OF CONTENTS    PAGE  
   

 

  
 
   

FINANCIAL STATEMENTS

   
 
   

Schedules of Portfolio Investments

   
 
   

AMG Yacktman Fund

      2  
 
   

AMG Yacktman Focused Fund

      5  
 
   

AMG Yacktman Global Fund

      8  
 
   

AMG Yacktman Special Opportunities Fund

      10  
 
   

Statement of Assets and Liabilities

      12  
 
   

Balance sheets, net asset value (NAV) per share computations
and cumulative distributable earnings (loss)

   
 
   

Statement of Operations

     14  
 
   

Detail of sources of income, expenses, and realized and
unrealized gains (losses) during the fiscal period

   
 
   

Statements of Changes in Net Assets

     15  
 
   

Detail of changes in assets for the past two fiscal periods

   
 
   

Financial Highlights

     17  
 
   

Historical net asset values per share, distributions, total returns, income
and expense ratios, turnover ratios and net assets

   
 
   

Notes to Financial Statements

     24  
 
   

Accounting and distribution policies, details of agreements and
transactions with Fund management and affiliates, and descriptions of
certain investment risks

   
 
   

OTHER INFORMATION

      33  
 
    STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT      34  
 
      

 

 

 

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

 

 

AMG Yacktman Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Shares       Value   

Common Stocks - 83.0%

      

Communication Services - 19.0%

 

   

Alphabet, Inc., Class C

      740,000        $131,268,600  

Bolloré SE (France)

      88,500,000        556,257,678  

Comcast Corp., Class A

      1,100,000        39,259,000  

Fox Corp., Class A

      1,500,000        84,060,000  

Fox Corp., Class B

      3,100,000        160,053,000  

News Corp., Class A

      4,900,000        145,628,000  

The Walt Disney Co.

      900,000        111,609,000  

Warner Bros Discovery, Inc.*

     4,400,000        50,424,000  

Total Communication Services

         1,278,559,278  

Consumer Discretionary - 4.4%

 

   

eBay, Inc.

      1,150,000        85,629,000  

Hyundai Mobis Co., Ltd. (South Korea)

      1,000,000        212,148,205  

Total Consumer Discretionary

         297,777,205  

Consumer Staples - 14.8%

 

   

The Coca-Cola Co.

      1,300,000        91,975,000  

Colgate-Palmolive Co.

      700,000        63,630,000  

Darling Ingredients, Inc.*

     1,005,000        38,129,700  

Ingredion, Inc.

      950,000        128,839,000  

Kenvue, Inc.

      5,000,000        104,650,000  

KT&G Corp. (South Korea)

      650,000        61,351,237  

PepsiCo, Inc.

      1,200,000        158,448,000  

The Procter & Gamble Co.

      1,230,000        195,963,600  

Sysco Corp.

      920,000        69,680,800  

Tyson Foods, Inc., Class A

      1,400,000        78,316,000  

Total Consumer Staples

         990,983,337  

Energy - 9.6%

      

Canadian Natural Resources, Ltd. (Canada)

      11,400,000        357,960,000  

ConocoPhillips

      1,050,000        94,227,000  

Diamondback Energy, Inc.

      710,000        97,554,000  

EOG Resources, Inc.

      800,000        95,688,000  

Total Energy

         645,429,000  

Financials - 7.2%

      

The Bank of New York Mellon Corp.

      300,000        27,333,000  

Berkshire Hathaway, Inc., Class B*

     220,000        106,869,400  

The Charles Schwab Corp.

      2,750,000        250,910,000  

State Street Corp.

      900,000        95,706,000  

Total Financials

         480,818,400  

Health Care - 4.2%

      

Elevance Health, Inc.

      290,000        112,798,400  

Embecta Corp.

      1,600,000        15,504,000  

Johnson & Johnson

      767,682        117,263,426  

 

      
      Shares       Value   

UnitedHealth Group, Inc.

      120,000        $37,436,400  

Total Health Care

         283,002,226  

Industrials - 10.7%

      

Armstrong World Industries, Inc.

      650,000        105,586,000  

Brenntag SE (Germany)

      1,500,000        99,374,956  

GrafTech International, Ltd.*

     7,000,000        6,808,200  

L3Harris Technologies, Inc.

      320,000        80,268,800  

Lockheed Martin Corp.

      140,000        64,839,600  

Northrop Grumman Corp.

      130,000        64,997,400  

Samsung C&T Corp. (South Korea)

      1,000,000        119,183,017  

U-Haul Holding Co.*,1

     300,000        18,168,000  

U-Haul Holding Co., Non-Voting Shares

      2,950,000        160,391,500  

Total Industrials

         719,617,473  

Information Technology - 8.3%

 

   

Cognizant Technology Solutions Corp., Class A

      2,100,000        163,863,000  

Microsoft Corp.

      650,000        323,316,500  

Samsung Electronics Co., Ltd. (South Korea)

      1,600,000        70,754,594  

Total Information Technology

         557,934,094  

Materials - 3.1%

      

Olin Corp.

      2,205,000        44,298,450  

Reliance, Inc.

      510,000        160,089,000  

Total Materials

         204,387,450  

Utilities - 1.7%

      

Talen Energy Corp.*,1

     400,000        116,308,000  

Total Common Stocks
(Cost $3,358,099,269)

         5,574,816,463  
     Principal
Amount		         

Corporate Bonds and Notes - 0.0%#

 

   

Industrials - 0.0%#

 

   

GrafTech Finance, Inc.
4.625%, 12/23/292
(Cost $631,061)

      $800,000        548,000  
     Shares         

Preferred Stocks - 8.0%

      

Consumer Discretionary - 1.6%

 

   

Hyundai Motor Co., 7.810%
(South Korea)

      400,000        46,973,487  

Hyundai Motor Co., 7.940%
(South Korea)

      523,882        59,824,343  

Total Consumer Discretionary

         106,797,830  

Information Technology - 6.4%

 

   

Samsung Electronics Co., Ltd., 2.870%
(South Korea)

      11,800,000        432,881,980  

Total Preferred Stocks
(Cost $329,053,931)

         539,679,810  

 

      
 

 

 

 

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

2

    

 

AMG Yacktman Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal 
Amount 		       Value   

Short-Term Investments - 9.0%

      

Joint Repurchase Agreements - 0.1%3

 

   

Cantor Fitzgerald Securities, Inc., dated 06/30/25, due 07/01/25, 4.390% total to be received $2,006,436 (collateralized by various U.S. Government Agency Obligations, 2.000% - 6.500%, 06/01/30 - 02/01/57, totaling $2,046,315)

      $2,006,191        $2,006,191  

Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $2,006,440 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $2,046,569)

      2,006,191        2,006,191  

Daiwa Capital Markets America, dated 06/30/25, due 07/01/25, 4.390% total to be received $1,669,496 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 1.500% - 7.500%, 08/15/34 - 06/01/55, totaling $1,702,678)

      1,669,292        1,669,292  

Deutsche Bank Securities, Inc., dated 06/30/25, due 07/01/25, 4.380% total to be received $452,776 (collateralized by various U.S. Treasuries, 1.875% - 4.250%, 11/15/40 - 02/15/51, totaling $461,775)

      452,721        452,721  

State of Wisconsin Investment Board, dated 06/30/25, due 07/01/25, 4.480% total to be received $1,891,154 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/26 - 02/15/54, totaling $1,923,052)

      1,890,919          1,890,919  

Total Joint Repurchase Agreements

         8,025,314  
     
      Principal 
Amount 		       Value   

U.S. Government Obligations - 4.2%

 

   

U.S. Treasury Bills, 3.935%, 10/02/254

     $82,000,000        $81,104,342  

U.S. Treasury Bills, 4.014%, 03/19/264

     68,000,000        66,077,300  

U.S. Treasury Bills, 4.037%, 06/11/264

     67,000,000        64,557,354  

U.S. Treasury Bills, 4.158%, 01/22/264

     74,000,000        72,308,650  

Total U.S. Government Obligations

         284,047,646  

Repurchase Agreements - 2.4%

 

   

Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $158,189,014 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $161,334,445)

      158,171,000        158,171,000  
     Shares         

Other Investment Companies - 2.3%

 

   

JPMorgan U.S. Government Money Market Fund, IM Shares, 4.26%5

     151,733,307        151,733,307  

Total Short-Term Investments
(Cost $602,054,176)

         601,977,267  

Total Investments - 100.0%
(Cost $4,289,838,437)

         6,717,021,540  

Other Assets, less Liabilities - 0.0%#

        2,832,702  

Net Assets - 100.0%

         $6,719,854,242  
     
 

 

*

Non-income producing security.

 

# 

Less than 0.05%.

 

1 

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

 

2 

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

3 

Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

 

4 

Represents yield to maturity at June 30, 2025.

 

5 

Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

 

 

 

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

3

    

 

AMG Yacktman Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

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

 

    

Level 1

 

     

Level 21

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks

            

 Communication Services

      $722,301,600        $556,257,678        —        $1,278,559,278  

 Consumer Staples

      929,632,100        61,351,237        —        990,983,337  

 Industrials

      501,059,500        218,557,973        —        719,617,473  

 Energy

      645,429,000        —        —        645,429,000  

 Information Technology

      487,179,500        70,754,594        —        557,934,094  

 Financials

      480,818,400        —        —        480,818,400  

 Consumer Discretionary

      85,629,000        212,148,205        —        297,777,205  

 Health Care

      283,002,226        —        —        283,002,226  

 Materials

      204,387,450        —        —        204,387,450  

 Utilities

      116,308,000        —        —        116,308,000  

 Corporate Bonds and Notes†

  

 

—

 

   

 

548,000

 

   

 

—

 

   

 

548,000

 

 Preferred Stocks†

  

 

—

 

   

 

539,679,810

 

   

 

—

 

   

 

539,679,810

 

 Short-Term Investments

            

 Joint Repurchase Agreements

      —        8,025,314        —        8,025,314  

 U.S. Government Obligations

      —        284,047,646        —        284,047,646  

 Repurchase Agreements

      —        158,171,000        —        158,171,000  

 Other Investment Companies

      151,733,307        —        —        151,733,307  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

$4,607,480,083

 

   

 

$2,109,541,457

 

   

 

—

 

   

 

$6,717,021,540

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

All corporate bonds and notes and preferred stocks held in the Fund are level 2 securities. For a detailed breakout of corporate bonds and notes and preferred stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

 

1 

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

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

 

 

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

4

AMG Yacktman Focused Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Shares      Value  

Common Stocks - 72.8%

      

Communication Services - 17.8%

      

Alphabet, Inc., Class C

      170,000        $30,156,300  

Bolloré SE (France)

      41,000,000        257,701,296  

Fox Corp., Class B

      1,550,000        80,026,500  

News Corp., Class A

      1,500,000        44,580,000  

The Walt Disney Co.

      260,000        32,242,600  

Warner Bros Discovery, Inc.*

     1,900,000        21,774,000  

Total Communication Services

         466,480,696  

Consumer Discretionary - 5.6%

      

eBay, Inc.

      450,000        33,507,000  

Hyundai Home Shopping Network Corp. (South Korea)

      439,418        18,395,492  

Hyundai Mobis Co., Ltd. (South Korea)

      450,000        95,466,692  

Total Consumer Discretionary

         147,369,184  

Consumer Staples - 13.4%

      

The Coca-Cola Co.

      390,000        27,592,500  

Ingredion, Inc.

      330,000        44,754,600  

Kenvue, Inc.

      1,850,000        38,720,500  

KT&G Corp. (South Korea)

      900,000        84,947,866  

PepsiCo, Inc.

      460,000        60,738,400  

The Procter & Gamble Co.

      380,000        60,541,600  

Tyson Foods, Inc., Class A

      590,000        33,004,600  

Total Consumer Staples

         350,300,066  

Energy - 10.8%

      

Canadian Natural Resources, Ltd. (Canada)

      7,000,000        219,800,000  

ConocoPhillips

      230,000        20,640,200  

Diamondback Energy, Inc.

      150,000        20,610,000  

EOG Resources, Inc.

      180,000        21,529,800  

Total Energy

         282,580,000  

Financials - 3.1%

      

The Charles Schwab Corp.

      900,000        82,116,000  

Health Care - 1.8%

      

Johnson & Johnson

      300,000        45,825,000  

Industrials - 11.5%

      

Brenntag SE (Germany)

      600,000        39,749,983  

Cie de L’Odet SE (France)

      12,846        22,584,566  

L3Harris Technologies, Inc.

      100,000        25,084,000  

Lockheed Martin Corp.

      45,000        20,841,300  

Northrop Grumman Corp.

      45,000        22,499,100  

Samsung C&T Corp. (South Korea)

      460,000        54,824,188  

U-Haul Holding Co., Non-Voting Shares

      1,640,000        89,166,800  

 

      
      Shares      Value  

Yuasa Trading Co., Ltd. (Japan)

      800,000        $24,979,708  

Total Industrials

         299,729,645  

Information Technology - 6.2%

      

Cognizant Technology Solutions Corp., Class A

      600,000        46,818,000  

Microsoft Corp.

      230,000        114,404,300  

Total Information Technology

         161,222,300  

Materials - 2.6%

      

Nihon Parkerizing Co., Ltd. (Japan)

      1,868,100        16,470,307  

Olin Corp.

      995,000        19,989,550  

Reliance, Inc.

      100,000        31,390,000  

Total Materials

         67,849,857  

Total Common Stocks
(Cost $1,220,001,577)

         1,903,472,748  
     Principal
Amount		         

Corporate Bonds and Notes - 0.9%

      

Industrials - 0.9%

 

   

GrafTech Finance, Inc.
4.625%, 12/23/291

     $17,800,000        12,193,000  

GrafTech Global Enterprises, Inc. 9.875%, 12/23/291

     15,200,000        12,008,000  

Total Industrials

         24,201,000  

Total Corporate Bonds and Notes
(Cost $29,741,593)

         24,201,000  
     Shares         

Preferred Stocks - 17.9%

      

Consumer Discretionary - 4.7%

 

   

Hyundai Motor Co., 7.810% (South Korea)

      428,620        50,334,440  

Hyundai Motor Co., 7.940% (South Korea)

      640,000        73,084,358  

Total Consumer Discretionary

         123,418,798  

Consumer Staples - 0.7%

      

Amorepacific Corp., 2.590% (South Korea)

      250,000        8,241,463  

LG H&H Co., Ltd., 2.720% (South Korea)

      118,000        11,490,636  

Total Consumer Staples

         19,732,099  

Information Technology - 12.5%

      

Samsung Electronics Co., Ltd., 2.870% (South Korea)

      8,900,000        326,495,731  

Total Preferred Stocks
(Cost $337,859,226)

         469,646,628  
     Principal
Amount		         

Short-Term Investments - 8.2%

      

U.S. Government Obligations - 4.3%

 

   

U.S. Treasury Bills, 3.935%, 10/02/252

     $35,000,000        34,617,707  

U.S. Treasury Bills, 4.014%, 03/19/262

     26,000,000        25,264,850  

 

      
 

 

 

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

5

    

 

AMG Yacktman Focused Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal
Amount		      Value  

U.S. Government Obligations - 4.3%
(continued)

 

   

U.S. Treasury Bills, 4.037%, 06/11/262

     $26,000,000        $25,052,107  

U.S. Treasury Bills, 4.158%, 01/22/262

     29,000,000        28,337,174  

Total U.S. Government Obligations

         113,271,838  

Repurchase Agreements - 2.0%

 

   

Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $50,884,795 (collateralized by a U.S. Treasury

      

Note, 4.500%, 05/31/29, totaling $51,896,654)

      50,879,000        50,879,000  
     Shares         

Other Investment Companies - 1.9%

 

   

JPMorgan U.S. Government Money Market Fund, IM Shares, 4.26%3

     49,048,843        49,048,843  

Total Short-Term Investments
(Cost $213,233,086)

         213,199,681  

 

      
             

 

Value

  

Total Investments - 99.8%
(Cost $1,800,835,482)

 

      $2,610,520,057  

Derivatives - (0.1)%4

 

      (1,190,000 ) 

Other Assets, less Liabilities - 0.3%

 

      6,452,712  

Net Assets - 100.0%

         $2,615,782,769  

 

      
 

 

*

Non-income producing security.

 

1 

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the value of these securities amounted to $24,201,000 or 0.9% of net assets.

 

2 

Represents yield to maturity at June 30, 2025.

3 

Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

 

4 

Includes Exchange Traded Written Options. Please refer to the Open Exchange Traded Written Options table for the details.

 

 

 

Open Exchange Traded Written Options  

Description

 

   

Strike Price

 

     

Expiration Date

 

     

Number of
Contracts

 

     

Notional
Amount

 

     

Premium

 

     

Value

 

  

Warner Bros Discovery, Inc. (Call)

    $ 12.00        12/19/25        10,000      $ 11,460,000      $ 1,155,000      $ (1,190,000 ) 

 

 

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

6

    

 

AMG Yacktman Focused Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

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

 

    

Level 1

 

     

Level 21

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks

            

 Communication Services

      $208,779,400        $257,701,296        —        $466,480,696  

 Consumer Staples

      265,352,200        84,947,866        —        350,300,066  

 Industrials

      157,591,200        142,138,445        —        299,729,645  

 Energy

      282,580,000        —        —        282,580,000  

 Information Technology

      161,222,300        —        —        161,222,300  

 Consumer Discretionary

      33,507,000        113,862,184        —        147,369,184  

 Financials

      82,116,000        —        —        82,116,000  

 Materials

      51,379,550        16,470,307        —        67,849,857  

 Health Care

      45,825,000        —        —        45,825,000  

 Corporate Bonds and Notes†

  

 

—

 

   

 

24,201,000

 

   

 

—

 

   

 

24,201,000

 

 Preferred Stocks†

  

 

—

 

   

 

469,646,628

 

   

 

—

 

   

 

469,646,628

 

 Short-Term Investments

            

 U.S. Government Obligations

      —        113,271,838        —        113,271,838  

 Repurchase Agreements

      —        50,879,000        —        50,879,000  

 Other Investment Companies

      49,048,843        —        —        49,048,843  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

$1,337,401,493

 

   

 

$1,273,118,564

 

   

 

  —

 

   

 

$2,610,520,057

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 Financial Derivative Instruments - Liabilities

            

 Equity Written Options

      $(1,190,000)        —        —        $(1,190,000)  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Financial Derivative Instruments

   

 

$(1,190,000)

 

   

 

—

 

   

 

—

 

   

 

$(1,190,000)

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

All corporate bonds and notes and preferred stocks held in the Fund are level 2 securities. For a detailed breakout of corporate bonds and notes and preferred stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

 

1 

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

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

The following schedule shows the value of derivative instruments at June 30, 2025:

 

       Asset Derivatives      Liability Derivatives  

 

 Derivatives not accounted

 for as hedging instruments

 

     

 

Statement of Assets and
Liabilities Location

 

     

 

Fair Value

 

     

 

Statement of Assets and

Liabilities Location

 

     

 

Fair Value

 

  

Equity contracts

      —      —      Written options           $ 1,190,000  

For the six months ended June 30, 2025, the effect of derivative instruments on the Statement of Operations for the Fund and the amount of realized gain/loss and unrealized appreciation/depreciation on derivatives recognized in income were as follows:

 

    Realized Gain/(Loss)     Change in Unrealized Appreciation/Depreciation  

 Derivatives not accounted

 for as hedging instruments

 

  

Statement of Operations
Location

 

  

Realized
Gain/(Loss)

 

    

Statement of Operations
Location

 

  

Change in
Unrealized
Appreciation/
Depreciation

 

  

Equity contracts

   Net realized gain on written options     $1,148,768     Net change in unrealized appreciation/ depreciation on written options     $(783,768)  

 

 

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

7

AMG Yacktman Global Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Shares       Value   

Common Stocks - 76.4%

      

Communication Services - 12.8%

      

Bolloré SE (France)

      2,600,000        $16,342,033  

Fox Corp., Class B (United States)

      70,000        3,614,100  

News Corp., Class A (United States)

      25,000        743,000  

Reading International, Inc., Class A (United States)*

     230,000        308,200  

The Walt Disney Co. (United States)

      5,000        620,050  

Total Communication Services

         21,627,383  

Consumer Discretionary - 14.2%

      

Car Mate Manufacturing Co., Ltd. (Japan)

      51,900        308,411  

Continental AG (Germany)

      8,000        698,222  

Daewon San Up Co., Ltd. (South Korea)

      160,000        1,283,609  

HI-LEX Corp. (Japan)1

     680,000        9,634,015  

Hyundai Home Shopping Network Corp. (South Korea)

      93,236        3,903,168  

Hyundai Mobis Co., Ltd. (South Korea)

      35,000        7,425,187  

Rinnai Corp. (Japan)

      24,000        595,211  

Total Consumer Discretionary

         23,847,823  

Consumer Staples - 3.2%

      

Kenvue, Inc. (United States)

      14,924        312,359  

KT&G Corp. (South Korea)

      35,000        3,303,528  

Naked Wines PLC (United Kingdom)*

     745,000        801,738  

PepsiCo, Inc. (United States)

      3,500        462,140  

The Procter & Gamble Co. (United States)

      3,500        557,620  

Total Consumer Staples

         5,437,385  

Energy - 13.4%

      

Amplify Energy Corp. (United States)*,1

     165,000        528,000  

Canadian Natural Resources, Ltd. (Canada)

      280,000        8,792,000  

Mi Chang Oil Industrial Co., Ltd. (South Korea)

      17,976        1,465,145  

Total Energy Services, Inc. (Canada)

      920,000        7,296,494  

Unit Corp. (United States)

      170,000        4,438,700  

Total Energy

         22,520,339  

Financials - 0.4%

      

The Charles Schwab Corp. (United States)

      8,000        729,920  

Health Care - 2.7%

      

BML, Inc. (Japan)

      120,000        2,754,791  

Johnson & Johnson (United States)

      4,000        611,000  

Medipal Holdings Corp. (Japan)

      70,000        1,135,257  

Total Health Care

         4,501,048  

Industrials - 21.7%

      

Ajis Co., Ltd. (Japan)

      60,000        1,227,275  

Brenntag SE (Germany)

      15,000        993,749  

CB Industrial Product Holding Bhd (Malaysia)

      10,384,000        2,515,540  

 

      
      Shares       Value   

Cie de L’Odet SE (France)

      4,500        $7,911,455  

KFC, Ltd. (Japan)

      50,000        523,254  

Komelon Corp. (South Korea)

      120,000        896,926  

Ocean Wilsons Holdings, Ltd. (Bermuda)1

     130,000        2,678,610  

Parker Corp. (Japan)

      172,500        1,068,554  

Sam Yung Trading Co., Ltd. (South Korea)

      180,000        2,113,155  

Samsung C&T Corp. (South Korea)

      50,000        5,959,151  

Sekisui Jushi Corp. (Japan)

      140,000        1,912,608  

Shinwa Co., Ltd./Nagoya (Japan)

      80,000        1,710,578  

U-Haul Holding Co. (United States)*

     4,000        242,240  

U-Haul Holding Co., Non-Voting Shares (United States)

      50,000        2,718,500  

Yuasa Trading Co., Ltd. (Japan)

      130,000        4,059,202  

Total Industrials

         36,530,797  

Information Technology - 4.2%

      

CAC Holdings Corp. (Japan)

      240,000        3,306,653  

Hochiki Corp. (Japan)

      90,000        1,945,629  

INFOvine Co., Ltd. (South Korea)

      20,000        629,335  

Microsoft Corp. (United States)

      1,300        646,633  

Tachibana Eletech Co., Ltd. (Japan)

      28,300        519,910  

Total Information Technology

         7,048,160  

Materials - 3.8%

      

KISCO Holdings Co., Ltd. (South Korea)

      70,000        1,325,063  

Kohsoku Corp. (Japan)

      67,900        1,272,866  

Nihon Parkerizing Co., Ltd. (Japan)

      250,000        2,204,152  

The Pack Corp. (Japan)

      210,000        1,603,959  

Total Materials

         6,406,040  

Total Common Stocks
(Cost $94,883,860)

         128,648,895  

Preferred Stocks - 18.3%

      

Consumer Discretionary - 3.1%

      

Hyundai Motor Co., 7.940% (South Korea)

      45,000        5,138,744  

Consumer Staples - 4.9%

      

Amorepacific Corp., 2.590% (South Korea)

      60,000        1,977,951  

LG H&H Co., Ltd., 2.720% (South Korea)

      65,000        6,329,588  

Total Consumer Staples

         8,307,539  

Industrials - 0.7%

      

Sebang Co., Ltd., 2.830% (South Korea)

      160,000        1,195,021  

Information Technology - 9.6%

      

Samsung Electronics Co., Ltd., 2.870% (South Korea)

      440,000        16,141,362  

Total Preferred Stocks
(Cost $30,991,245)

         30,782,666  

 

      
 

 

 

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

8

    

 

AMG Yacktman Global Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

     

Principal

Amount

      Value  

Short-Term Investments - 5.6%

 

   

Joint Repurchase Agreements - 0.8%2

 

   

Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $1,000,124 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $1,020,127)

      $1,000,000        $1,000,000  

TD Securities LLC, dated 06/30/25, due 07/01/25, 4.400% total to be received $359,821 (collateralized by a U.S. Treasury, 4.750%, 05/15/55, totaling $366,973)

      359,777        359,777  

Total Joint Repurchase Agreements

         1,359,777  

 

      
     

 

Shares

      Value  

Other Investment Companies - 4.8%

 

   

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%3

     7,984,420        $7,984,420  

Total Short-Term Investments
(Cost $9,344,197)

         9,344,197  

Total Investments - 100.3%
(Cost $135,219,302)

         168,775,758  

Other Assets, less Liabilities - (0.3)%

         (490,709 ) 

Net Assets - 100.0%

         $168,285,049  

 

      
 

 

* 

Non-income producing security.

 

1 

Some of these securities, amounting to $2,188,242 or 1.3% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

2 

Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

 

3 

Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

 

 

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

 

    

Level 1

 

     

Level 21

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks

            

 Industrials

      $5,476,280        $31,054,517        —        $36,530,797  

 Consumer Discretionary

      —        23,847,823        —        23,847,823  

 Energy

      22,520,339        —        —        22,520,339  

 Communication Services

      5,285,350        16,342,033        —        21,627,383  

 Information Technology

      646,633        6,401,527        —        7,048,160  

 Materials

      —        6,406,040        —        6,406,040  

 Consumer Staples

      2,133,857        3,303,528        —        5,437,385  

 Health Care

      611,000        3,890,048        —        4,501,048  

 Financials

      729,920        —        —        729,920  

 Preferred Stocks

            

 Information Technology

      —        16,141,362        —        16,141,362  

 Consumer Staples

      —        8,307,539        —        8,307,539  

 Consumer Discretionary

      —        5,138,744        —        5,138,744  

 Industrials

      1,195,021        —        —        1,195,021  

 Short-Term Investments

            

 Joint Repurchase Agreements

      —        1,359,777        —        1,359,777  

 Other Investment Companies

      7,984,420        —        —        7,984,420  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

$46,582,820

 

   

 

$122,192,938

 

   

 

—

 

   

 

$168,775,758

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

1 

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

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

 

 

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

9

AMG Yacktman Special Opportunities Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Shares       Value   

Common Stocks - 94.3%

      

Communication Services - 2.7%

      

AlphaPolis Co., Ltd. (Japan)

      60,000        $625,243  

Reading International, Inc., Class A (United States)*

     95,000        127,300  

Total Communication Services

         752,543  

Consumer Discretionary - 12.4%

      

A-Mark Precious Metals, Inc. (United States)

      9,000        199,620  

America’s Car-Mart, Inc. (United States)*

      11,000        616,440  

Legacy Housing Corp. (United States)*

     60,000        1,359,600  

Nihon Trim Co., Ltd. (Japan)

      6,000        180,831  

Texhong International Group, Ltd. (Hong Kong)

      2,300,000        1,136,822  

Total Consumer Discretionary

         3,493,313  

Consumer Staples - 10.6%

      

Delfi, Ltd. (Singapore)

      1,500,000        890,947  

Italian Wine Brands S.p.A. (Italy)

      61,500        1,493,323  

Naked Wines PLC (United Kingdom)*

     300,000        322,847  

NeoPharm Co., Ltd. (South Korea)

      27,000        286,453  

Total Consumer Staples

         2,993,570  

Energy - 24.3%

      

Amplify Energy Corp. (United States)*,1

     75,000        240,000  

Arrow Exploration Corp. (Canada)*

     7,000,000        1,801,603  

Hargreaves Services PLC (United Kingdom)

      100,000        1,026,656  

Hemisphere Energy Corp. (Canada)

      320,000        432,385  

Horizon Oil, Ltd. (Australia)

      5,750,000        739,635  

Mi Chang Oil Industrial Co., Ltd. (South Korea)

      5,000        407,528  

Noram Drilling A.S. (Norway)

      60,000        135,722  

Pardee Resources Co. (United States)

      800        239,200  

Total Energy Services, Inc. (Canada)

      200,000        1,586,194  

Unit Corp. (United States)

      9,000        234,990  

Total Energy

         6,843,913  

Financials - 7.4%

      

Omni Bridgeway, Ltd. (Australia)*

     2,378,075        2,097,274  

Health Care - 4.7%

      

Ion Beam Applications (Belgium)1

     45,000        606,751  

Koa Shoji Holdings Co., Ltd. (Japan)

      90,000        432,426  

Medical Facilities Corp. (Canada)

      25,000        290,068  

Total Health Care

         1,329,245  

Industrials - 27.4%

      

Boustead Singapore, Ltd. (Singapore)

      175,000        196,815  

Brickability Group PLC (United Kingdom)

      1,375,000        1,208,855  

CB Industrial Product Holding Bhd (Malaysia)

      550,000        133,238  

Cie de L’Odet SE (France)

      600        1,054,861  

 

      
      Shares       Value   

Fila S.p.A. (Italy)

      110,000        $1,253,448  

Komelon Corp. (South Korea)

      18,000        134,539  

Macfarlane Group PLC (United Kingdom)

      900,000        1,458,668  

Maezawa Industries, Inc. (Japan)

      27,000        302,332  

Mitani Corp. (Japan)

      15,000        223,928  

Sam Yung Trading Co., Ltd. (South Korea)

      58,000        680,905  

U-Haul Holding Co., Non-Voting Shares (United States)

      20,000        1,087,400  

Total Industrials

         7,734,989  

Information Technology - 0.5%

      

Bixolon Co., Ltd. (South Korea)

      32,000        144,646  

Materials - 3.7%

      

Amerigo Resources, Ltd. (Canada)

      95,000        151,386  

KISCO Holdings Co., Ltd. (South Korea)

      7,500        141,971  

Master Drilling Group, Ltd. (South Africa)

      200,000        180,301  

Okamoto Industries, Inc. (Japan)

      12,000        400,893  

SK Kaken Co., Ltd. (Japan)

      3,000        178,119  

Total Materials

         1,052,670  

Utilities - 0.6%

      

Maxim Power Corp. (Canada)

      51,700        168,948  

Total Common Stocks
(Cost $21,043,864)

         26,611,111  

Preferred Stock - 2.6%

 

   

Information Technology - 2.6%

      

Samsung Electronics Co., Ltd., 2.870% (South Korea)

      20,000        733,698  

Total Preferred Stock
(Cost $320,545)

         733,698  
     Principal
Amount		         

Short-Term Investments - 2.9%

 

   

Joint Repurchase Agreements - 0.4%2

     

Citadel Securities LLC, dated 06/30/25, due 07/01/25, 4.470% total to be received $130,030 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/25 - 05/15/55, totaling $132,631)

      $130,014        130,014  
     Shares         

Other Investment Companies - 2.5%

      

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%3

     700,937        700,937  

Total Short-Term Investments
(Cost $830,951)

         830,951  

Total Investments - 99.8%
(Cost $22,195,360)

         28,175,760  

 

      
 

 

 

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

10

    

 

AMG Yacktman Special Opportunities Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Value  

Other Assets, less Liabilities - 0.2%

      $46,197  

Net Assets - 100.0%

      $28,221,957  

 

   
 

 

 

* 

Non-income producing security.

 

1 

Some of these securities, amounting to $647,157 or 2.3% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

2 

Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

 

3 

Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

 

 

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

 

    

Level 1

 

     

Level 21

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks

            

 Industrials

      $1,417,453        $6,317,536        —        $7,734,989  

 Energy

      5,077,622        1,766,291        —        6,843,913  

 Consumer Discretionary

      3,312,482        180,831        —        3,493,313  

 Consumer Staples

      322,847        2,670,723        —        2,993,570  

 Financials

      2,097,274        —        —        2,097,274  

 Health Care

      290,068        1,039,177        —        1,329,245  

 Materials

      331,687        720,983        —        1,052,670  

 Communication Services

      127,300        625,243        —        752,543  

 Utilities

      168,948        —        —        168,948  

 Information Technology

      —        144,646        —        144,646  

 Preferred Stock†

  

 

—

 

   

 

733,698

 

   

 

—

 

   

 

733,698

 

 Short-Term Investments

            

 Joint Repurchase Agreements

      —        130,014        —        130,014  

 Other Investment Companies

      700,937        —        —        700,937  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

$13,846,618

 

   

 

$14,329,142

 

   

 

—

 

   

 

$28,175,760

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

All preferred stocks held in the Fund are level 2 securities. For a detailed breakout of preferred stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments.

1 

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

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

 

 

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

11

    

 

Statement of Assets and Liabilities (unaudited)

June 30, 2025

 

   

 

 

      

 

     AMG Yacktman
Fund		    AMG Yacktman
Focused Fund		    AMG Yacktman
Global Fund		    AMG Yacktman
Special
Opportunities Fund

 Assets:

                    

 Investments at value1 (including securities on loan valued at $15,250,260, $0, $2,188,242, and $647,157, respectively)

        $6,717,021,540        $2,610,520,057        $168,775,758        $28,175,760

 Foreign currency2

       —        274,646        90,731        —

 Receivable for investments sold

        4,560,882        1,155,000        —        222,235

 Dividend and interest receivables

        16,424,205        9,489,775        895,382        179,166

 Securities lending income receivable

        27,679        16,072        13,013        918

 Receivable for Fund shares sold

        527,807        428,247        5,038        —

 Receivable from affiliate

        —        —        12,568        7,931

 Prepaid expenses and other assets

        126,329        71,660        24,257        14,223

 Total assets

 

       

 

 6,738,688,442

 

 

       

 

 2,621,955,457

 

 

       

 

 169,816,747

 

 

       

 

 28,600,233

 

 

 Liabilities:

                    

 Payable upon return of securities loaned

        8,025,314        —        1,359,777        130,014

 Payable for investments purchased

        523,817        165,603        —        —

 Payable for Fund shares repurchased

        5,001,490        1,587,576        12,693        —

 Written options3

       —        1,190,000        —        —

 Due to custodian

        —        —        —        155,899

 Accrued expenses:

                    

 Investment advisory and management fees

        2,367,108        1,859,188        96,742        23,965

 Administrative fees

        823,380        320,550        20,438        3,482

 Shareholder service fees

        464,386        213,114        225        628

 Other

        1,628,705        836,657        41,823        64,288

 Total liabilities

        18,834,200        6,172,688        1,531,698        378,276

 Commitments and Contingencies (Notes 2 & 7)

 

                    

 Net Assets

        $6,719,854,242        $2,615,782,769        $168,285,049        $28,221,957

 1 Investments at cost

        $4,289,838,437        $1,800,835,482        $135,219,302        $22,195,360

 2 Foreign currency at cost

        —        $271,423        $90,480        —

 3 Premiums received

        —        $1,155,000        —        —

 

 

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

12

    

 

Statement of Assets and Liabilities (continued)

 

   

 

 

      

 

     AMG Yacktman
Fund		    AMG Yacktman
Focused Fund		    AMG Yacktman
Global Fund		    AMG Yacktman
Special
Opportunities Fund

 Net Assets Represent:

                    

 Paid-in capital

        $3,550,419,851        $1,503,130,231        $134,847,686        $23,676,368

 Total distributable earnings

        3,169,434,391        1,112,652,538        33,437,363        4,545,589

 Net Assets

        $6,719,854,242        $2,615,782,769        $168,285,049        $28,221,957

 Class N:

                    

 Net Assets

        —        $1,415,877,085        $1,391,394        —

 Shares outstanding

        —        70,450,731        84,696        —

 Net asset value, offering and redemption price per share

        —        $20.10        $16.43        —

 Class I:

                    

 Net Assets

        $6,719,854,242        $1,199,905,684        $166,893,655        $7,538,689

 Shares outstanding

        279,927,295        59,942,217        10,128,077        682,187

 Net asset value, offering and redemption price per share

        $24.01        $20.02        $16.48        $11.05

 Class Z:

                    

 Net Assets

        —        —        —        $20,683,268

 Shares outstanding

        —        —        —        1,866,978

 Net asset value, offering and redemption price per share

        —        —        —        $11.08

 

 

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

13

    

 

Statement of Operations (unaudited)

For the six months ended June 30, 2025

 

   

 

 

      

 

     AMG Yacktman
Fund		   AMG Yacktman
Focused Fund		   AMG Yacktman
Global Fund		   AMG Yacktman
Special
Opportunities Fund

 Investment Income:

                 

 Dividend income

        $83,781,821       $41,984,906       $2,762,058       $353,442

 Interest income

        10,396,580       5,235,759       1,192       —

 Securities lending income

        69,031       61,584       15,334       1,897

 Foreign withholding tax

        (7,656,473 )       (4,693,905 )       (360,882 )       (43,328 )

 Total investment income

        86,590,959       42,588,344       2,417,702       312,011

 Expenses:

                 

 Investment advisory and management fees

        14,576,351       11,441,757       537,697       92,010

 Administrative fees

        5,073,012       1,972,717       113,598       21,904

 Shareholder servicing fees - Class N

        —       1,279,642       1,375       —

 Shareholder servicing fees - Class I

        2,883,402       —       —       4,358

 Custodian fees

        396,573       213,099       32,396       20,537

 Trustee fees and expenses

        298,432       115,688       6,447       1,247

 Professional fees

        289,814       127,316       44,515       21,279

 Reports to shareholders

        194,589       93,018       5,551       5,397

 Transfer agent fees

        174,145       81,260       2,586       787

 Registration fees

        45,481       46,441       10,525       10,118

 Miscellaneous

        149,834       63,450       3,960       2,238

 Total expenses before offsets

        24,081,633       15,434,388       758,650       179,875

 Expense reimbursements

        —       —       (52,968 )       (44,079 )

 Fee waivers

        (43,756 )       (11,987 )       —       —

 Net expenses

        24,037,877       15,422,401       705,682       135,796
                

 Net investment income

        62,553,082       27,165,943       1,712,020       176,215

 Net Realized and Unrealized Gain:

                 

 Net realized gain (loss) on investments

        418,137,689       174,199,585       3,310,751       (202,360 )

 Net realized gain on written options

        —       1,148,768       —       —

 Net realized gain (loss) on foreign currency transactions

        272,055       335,503       59,132       (2,357 )

 Net change in unrealized appreciation/depreciation on investments

        (6,114,697 )       16,294,368       19,571,747       2,183,805

 Net change in unrealized appreciation/depreciation on written options

        —       (783,768 )       —       —

 Net change in unrealized appreciation/depreciation on foreign currency translations

        629,408       289,627       21,231       6,194

 Net realized and unrealized gain

        412,924,455       191,484,083       22,962,861       1,985,282
                

 Net increase in net assets resulting from operations

        $475,477,537       $218,650,026       $24,674,881       $2,161,497

 

 

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

14

    

 

Statements of Changes in Net Assets

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

 

   

 

 

      

 

 

     AMG Yacktman
Fund		     AMG Yacktman
Focused Fund		  
     June 30, 2025     December 31, 2024     June 30, 2025     December 31, 2024  

 Increase in Net Assets Resulting From Operations:

         

 Net investment income

      $62,553,082       $142,048,868       $27,165,943       $51,539,394  

 Net realized gain on investments

      418,409,744       844,157,553       175,683,856       338,151,799  

 Net change in unrealized appreciation/depreciation on investments

      (5,485,289 )      (555,589,000 )      15,800,227       (332,437,925 ) 

 Net increase in net assets resulting from operations

      475,477,537       430,617,421       218,650,026       57,253,268  

 Distributions to Shareholders:

         

 Class N

      —       —       —       (141,063,984 ) 

 Class I

      —       (676,959,491 )      —       (146,298,843 ) 

 Total distributions to shareholders

      —       (676,959,491 )      —       (287,362,827 ) 

 Capital Share Transactions:1

         

 Net decrease from capital share transactions

      (1,156,830,600 )      (826,483,280 )      (532,208,930 )      (540,881,360 ) 
        

 Total decrease in net assets

      (681,353,063 )      (1,072,825,350 )      (313,558,904 )      (770,990,919 ) 

 Net Assets:

         

 Beginning of period

      7,401,207,305       8,474,032,655       2,929,341,673       3,700,332,592  

 End of period

      $6,719,854,242       $7,401,207,305       $2,615,782,769       $2,929,341,673  

1 See Note 1(g) of the Notes to Financial Statements.

 

 

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

15

    

 

Statements of Changes in Net Assets (continued)

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

 

   

 

 

      

 

 

     AMG Yacktman
Global Fund		     AMG Yacktman
Special
Opportunities Fund		  
     June 30, 2025     December 31, 2024     June 30, 2025     December 31, 2024  

 Increase (Decrease) in Net Assets Resulting From Operations:

         

 Net investment income

      $1,712,020       $3,637,493       $176,215       $1,458,267  

 Net realized gain (loss) on investments

      3,369,883       4,625,891       (204,717 )      2,668,250  

 Net change in unrealized appreciation/depreciation on investments

      19,592,978       (12,529,703 )      2,189,999       (1,052,271 ) 

 Net increase (decrease) in net assets resulting from operations

      24,674,881       (4,266,319 )      2,161,497       3,074,246  

 Distributions to Shareholders:

         

 From net investment income and/or realized gain on investments:

         

 Class N

      —       (79,841 )      —       —  

 Class I

      —       (7,891,206 )      —       (1,216,864 ) 

 Class Z

      —       —       —       (2,106,872 ) 

 From paid-in capital:

         

 Class N

      —       (6,648 )      —       —  

 Class I

      —       (657,056 )      —       (66,930 ) 

 Class Z

      —       —       —       (115,883 ) 

 Total distributions to shareholders

      —       (8,634,751 )      —       (3,506,549 ) 

 Capital Share Transactions:1

        

 Net decrease from capital share transactions

      (6,955,376 )      (26,599,373 )      (7,747,569 )      (38,889,748 ) 
        

 Total increase (decrease) in net assets

      17,719,505       (39,500,443 )      (5,586,072 )      (39,322,051 ) 

 Net Assets:

         

 Beginning of period

      150,565,544       190,065,987       33,808,029       73,130,080  

 End of period

      $168,285,049       $150,565,544       $28,221,957       $33,808,029  

1 See Note 1(g) of the Notes to Financial Statements.

 

 

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

16

AMG Yacktman Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended
June 30, 2025

(unaudited)

 

   For the fiscal years ended December 31,
 Class I   2024   2023   2022   2021   2020    

Net Asset Value, Beginning of Period

       $22.37       $23.34       $21.13       $24.50       $21.26       $20.48    

Income (loss) from Investment Operations:

                          

Net investment income1,2

      0.21       0.42       0.38       0.35       0.26 3         0.27  

Net realized and unrealized gain (loss) on investments

       1.43       0.78       2.86       (2.17 )       3.89       2.81  

Total income (loss) from investment operations

       1.64       1.20       3.24       (1.82 )       4.15       3.08  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (0.47 )       (0.42 )       (0.33 )       (0.27 )       (0.28 )  

Net realized gain on investments

       —       (1.70 )       (0.61 )       (1.22 )       (0.64 )       (2.02 )  

Total distributions to shareholders

       —       (2.17 )       (1.03 )       (1.55 )       (0.91 )       (2.30 )  

Net Asset Value, End of Period

       $24.01       $22.37       $23.34       $21.13       $24.50       $21.26  

Total Return2,4

      7.33 %5       4.91 %       15.39 %       (7.37 )%       19.63 %       15.28 %  

Ratio of net expenses to average net assets

       0.71 %6       0.71 %       0.70 %       0.70 %       0.70 %       0.70 %  

Ratio of gross expenses to average net assets7

      0.71 %6       0.71 %       0.70 %       0.70 %       0.70 %       0.71 %  

Ratio of net investment income to average net assets2

      1.85 %6       1.71 %       1.68 %       1.54 %       1.09 %       1.38 %  

Portfolio turnover

       1 %5       6 %       5 %       11 %       15 %       27 %  

Net assets end of period (000’s) omitted

       $6,719,854       $7,401,207       $8,474,033       $7,973,041       $9,475,623       $7,636,139    
                                                                 

 

 

1 

Per share numbers have been calculated using average shares.

 

2 

Total returns and net investment income would have been lower had certain expenses not been offset.

 

3 

Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.21.

 

4 

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

 

5 

Not annualized.

 

6 

Annualized.

 

7

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

 

 

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

17

AMG Yacktman Focused Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended
June 30, 2025

(unaudited)

 

   For the fiscal years ended December 31,
 Class N   2024   2023   2022   2021   2020    

Net Asset Value, Beginning of Period

       $18.49       $20.18       $18.11       $21.21       $19.09       $18.25  

Income (loss) from Investment Operations:

                          

Net investment income1,2

      0.19       0.29       0.20       0.22       0.14 3         0.15  

Net realized and unrealized gain (loss) on investments

       1.42       (0.10 )       2.76       (1.94 )       2.98       2.95  

Total income (loss) from investment operations

       1.61       0.19       2.96       (1.72 )       3.12       3.10  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (0.36 )       (0.25 )       (0.21 )       (0.16 )       (0.15 )  

Net realized gain on investments

       —       (1.52 )       (0.64 )       (1.17 )       (0.84 )       (2.11 )  

Total distributions to shareholders

       —       (1.88 )       (0.89 )       (1.38 )       (1.00 )       (2.26 )  

Net Asset Value, End of Period

       $20.10       $18.49       $20.18       $18.11       $21.21       $19.09  

Total Return2,4

      8.71 %5       0.72 %       16.45 %       (8.06 )%       16.45 %       17.26 %  

Ratio of net expenses to average net assets

       1.26 %6       1.25 %       1.25 %7       1.25 %7       1.25 %7       1.24 %  

Ratio of gross expenses to average net assets8

      1.26 %6       1.25 %       1.25 %7       1.25 %7       1.25 %7       1.26 %  

Ratio of net investment income to average net assets2

      1.98 %6       1.37 %       1.02 %       1.14 %       0.68 %       0.85 %  

Portfolio turnover

       1 %5       5 %       4 %       13 %       19 %       33 %  

Net assets end of period (000’s) omitted

       $1,415,877       $1,475,548       $1,798,471       $1,730,316       $2,158,777       $1,943,998    
                                                                 

 

 

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

18

AMG Yacktman Focused Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended
June 30, 2025

(unaudited)

 

   For the fiscal years ended December 31,
 Class I   2024   2023   2022   2021   2020    

Net Asset Value, Beginning of Period

       $18.40       $20.10       $18.04       $21.13       $19.03       $18.19  

Income (loss) from Investment Operations:

                          

Net investment income1,2

      0.20       0.32       0.23       0.26       0.18 3         0.18  

Net realized and unrealized gain (loss) on investments

       1.42       (0.10 )       2.76       (1.93 )       2.96       2.96  

Total income (loss) from investment operations

       1.62       0.22       2.99       (1.67 )       3.14       3.14  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (0.40 )       (0.29 )       (0.25 )       (0.20 )       (0.19 )  

Net realized gain on investments

       —       (1.52 )       (0.64 )       (1.17 )       (0.84 )       (2.11 )  

Total distributions to shareholders

       —       (1.92 )       (0.93 )       (1.42 )       (1.04 )       (2.30 )  

Net Asset Value, End of Period

       $20.02       $18.40       $20.10       $18.04       $21.13       $19.03  

Total Return2,4

      8.81 %5       0.88 %       16.67 %       (7.85 )%       16.62 %       17.52 %  

Ratio of net expenses to average net assets

       1.08 %6       1.07 %       1.06 %       1.06 %       1.06 %       1.06 %  

Ratio of gross expenses to average net assets8

      1.08 %6       1.07 %       1.06 %       1.06 %       1.06 %       1.07 %  

Ratio of net investment income to average net assets2

      2.16 %6       1.55 %       1.21 %       1.33 %       0.87 %       1.04 %  

Portfolio turnover

       1 %5       5 %       4 %       13 %       19 %       33 %  

Net assets end of period (000’s) omitted

       $1,199,906       $1,453,794       $1,901,862       $1,806,085       $2,309,078       $1,695,239    
                                                                 

 

1 

Per share numbers have been calculated using average shares.

 

2 

Total returns and net investment income would have been lower had certain expenses not been offset.

 

3 

Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.09 and $0.13 for Class N and Class I, respectively.

 

4 

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

 

5 

Not annualized.

 

6 

Annualized.

 

7

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

 

8

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

 

 

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

19

AMG Yacktman Global Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended
June 30, 2025

(unaudited)

 

   For the fiscal years ended December 31,
 Class N   2024   2023   2022   2021   2020    

Net Asset Value, Beginning of Period

       $14.05       $15.30       $14.21       $16.36       $15.69       $13.90  

Income (loss) from Investment Operations:

                          

Net investment income1,2

      0.15       0.29       0.29 3         0.21       0.19 4         0.18  

Net realized and unrealized gain (loss) on investments

       2.23       (0.76 )       2.00       (1.74 )       1.80       2.35  

Total income (loss) from investment operations

       2.38       (0.47 )       2.29       (1.53 )       1.99       2.53  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (0.32 )       (0.68 )       —       (0.55 )       (0.23 )  

Net realized gain on investments

       —       (0.40 )       (0.52 )       (0.62 )       (0.77 )       (0.51 )  

Paid in capital

       —       (0.06 )       —       —       —       —  

Total distributions to shareholders

       —       (0.78 )       (1.20 )       (0.62 )       (1.32 )       (0.74 )  

Net Asset Value, End of Period

       $16.43       $14.05       $15.30       $14.21       $16.36       $15.69  

Total Return2,5

      16.86 %6       (3.14 )%       16.30 %       (9.31 )%       12.96 %       18.32 %  

Ratio of net expenses to average net assets

       1.13 %7       1.13 %       1.13 %       1.13 %       1.16 %8       1.19 %  

Ratio of gross expenses to average net assets9

      1.20 %7       1.17 %       1.16 %       1.17 %       1.18 %8       1.25 %  

Ratio of net investment income to average net assets2

      2.06 %7       1.87 %       1.92 %       1.47 %       1.12 %       1.40 %  

Portfolio turnover

       4 %6       8 %       11 %       11 %       17 %       27 %  

Net assets end of period (000’s) omitted

        $1,391        $1,547        $2,325        $1,354        $775        $431    
                                                                 

 

 

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

20

AMG Yacktman Global Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended
June 30, 2025

(unaudited)

 

   For the fiscal years ended December 31,
 Class I   2024   2023   2022   2021   2020    

Net Asset Value, Beginning of Period

       $14.08       $15.34       $14.25       $16.36       $15.69       $13.89  

Income (loss) from Investment Operations:

                          

Net investment income1,2

      0.16       0.33       0.32 3         0.25       0.22 4         0.20  

Net realized and unrealized gain (loss) on investments

       2.24       (0.77 )       2.00       (1.74 )       1.79       2.35  

Total income (loss) from investment operations

       2.40       (0.44 )       2.32       (1.49 )       2.01       2.55  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (0.36 )       (0.71 )       —       (0.57 )       (0.24 )  

Net realized gain on investments

       —       (0.40 )       (0.52 )       (0.62 )       (0.77 )       (0.51 )  

Paid in capital

       —       (0.06 )       —       —       —       —  

Total distributions to shareholders

       —       (0.82 )       (1.23 )       (0.62 )       (1.34 )       (0.75 )  

Net Asset Value, End of Period

       $16.48       $14.08       $15.34       $14.25       $16.36       $15.69  

Total Return2,5

      17.05 %6       (3.01 )%       16.46 %       (9.06 )%       13.08 %       18.47 %  

Ratio of net expenses to average net assets

       0.93 %7       0.93 %       0.93 %       0.93 %       1.00 %8       1.08 %  

Ratio of gross expenses to average net assets9

      1.00 %7       0.97 %       0.96 %       0.97 %       1.02 %8       1.15 %  

Ratio of net investment income to average net assets2

       2.26 %7       2.07 %       2.12 %       1.67 %       1.28 %       1.51 %  

Portfolio turnover

       4 %6       8 %       11 %       11 %       17 %       27 %  

Net assets end of period (000’s) omitted

       $166,894       $149,018       $187,741       $149,491       $170,316       $132,758    
                                                                 

 

1 

Per share numbers have been calculated using average shares.

 

2 

Total returns and net investment income would have been lower had certain expenses not been offset. 

 

3 

Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.23 and $0.26 for Class N and Class I, respectively. 

 

4 

Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.15 and $0.17 for Class N and Class I, respectively. 

 

5 

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

 

6 

Not annualized. 

 

7 

Annualized.

 

8 

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

 

9

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

 

 

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

21

AMG Yacktman Special Opportunities Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended
June 30, 2025

(unaudited)

 

   For the fiscal years ended December 31,
 Class I   2024   2023   2022   2021   2020    

Net Asset Value, Beginning of Period

       $10.20       $10.68       $11.27       $13.16       $11.02       $10.04  

Income (loss) from Investment Operations:

                          

Net investment income (loss)1,2

      0.06       0.27       0.32 3         0.08       (0.01 )       0.20 4    

Net realized and unrealized gain (loss) on investments

       0.79       0.35       0.04       (1.87 )       2.65       1.06  

Total income (loss) from investment operations

       0.85       0.62       0.36       (1.79 )       2.64       1.26  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (0.55 )       (0.68 )       —       (0.15 )       (0.23 )  

Net realized gain on investments

       —       (0.49 )       (0.27 )       (0.10 )       (0.35 )       (0.05 )  

Paid in capital

       —       (0.06 )       —       —       —       —  

Total distributions to shareholders

       —       (1.10 )       (0.95 )       (0.10 )       (0.50 )       (0.28 )  

Net Asset Value, End of Period

       $11.05       $10.20       $10.68       $11.27       $13.16       $11.02  

Total Return2,5

      8.44 %6       5.95 %       3.24 %       (13.59 )%       24.30 %       12.66 %  

Ratio of net expenses to average net assets7

      1.00 %8       0.81 %9       1.13 %       1.96 %10       2.29 %10       1.14 %  

Ratio of gross expenses to average net assets7,11

      1.30 %8       0.91 %       1.19 %       2.00 %10       2.29 %10       1.23 %  

Ratio of net investment income (loss) to average net assets2,7

       1.14 %8       2.53 %       2.81 %       0.69 %       (0.09 )%       2.27 %  

Portfolio turnover

       2 %6       10 %       24 %       40 %       21 %       37 %  

Net assets end of period (000’s) omitted

       $7,539       $12,085       $38,793       $47,024       $33,912       $13,881    
                                                                 

 

 

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

22

AMG Yacktman Special Opportunities Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended
June 30, 2025

(unaudited)

 

   For the fiscal years ended December 31,
 Class Z   2024   2023   2022   2021   2020    

Net Asset Value, Beginning of Period

       $10.22       $10.71       $11.31       $13.20       $11.04       $10.06  

Income (loss) from Investment Operations:

                          

Net investment income1,2

      0.06       0.29       0.33 3         0.10       0.00 12         0.21 4    

Net realized and unrealized gain (loss) on investments

       0.80       0.34       0.03       (1.88 )       2.67       1.06  

Total income (loss) from investment operations

       0.86       0.63       0.36       (1.78 )       2.67       1.27  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (0.57 )       (0.69 )       (0.01 )       (0.16 )       (0.24 )  

Net realized gain on investments

       —       (0.49 )       (0.27 )       (0.10 )       (0.35 )       (0.05 )  

Paid in capital

       —       (0.06 )       —       —       —       —  

Total distributions to shareholders

       —       (1.12 )       (0.96 )       (0.11 )       (0.51 )       (0.29 )  

Net Asset Value, End of Period

       $11.08       $10.22       $10.71       $11.31       $13.20       $11.04  

Total Return2,5

      8.52 %6       5.95 %       3.44 %       (13.57 )%       24.42 %       12.83 %  

Ratio of net expenses to average net assets7

      0.90 %8       0.71 %9       1.03 %       1.86 %10       2.19 %10       1.04 %  

Ratio of gross expenses to average net assets7,11

      1.20 %8       0.81 %       1.09 %       1.90 %10       2.19 %10       1.13 %  

Ratio of net investment income to average net assets2,7

      1.24 %8       2.63 %       2.91 %       0.79 %       0.01 %       2.37 %  

Portfolio turnover

       2 %6       10 %       24 %       40 %       21 %       37 %  

Net assets end of period (000’s) omitted

       $20,683       $21,723       $34,337       $36,782       $78,197       $64,908    
                                                                 

 

1 

Per share numbers have been calculated using average shares.

 

2 

Total returns and net investment income (loss) would have been lower had certain expenses not been offset.

 

3 

Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.27 and $0.28 for Class I and Class Z, respectively.

 

4 

Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.17 and $0.18 for Class I and Class Z, respectively.

 

5 

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

 

6 

Not annualized.

 

7

Includes a performance adjustment amounting to (0.74%) for the six months ended June 30, 2025, which is annualized, and (0.93)%, (0.61)%, 0.22%, 0.55% and (0.60)% for the fiscal years ended 2024, 2023, 2022, 2021 and 2020, respectively. (See Note 2 in the Notes to Financial Statements.)

 

8 

Annualized.

 

9 

Includes interest expense of less than 0.01% related to participation in the interfund lending program.

 

10

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

 

11

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.)

 

12

Less than $0.005 per share.

 

 

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

23

    

 

 

Notes to Financial Statements (unaudited)

June 30, 2025

 

   

 

 

      

 

 

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the “Trust”) is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG Yacktman Fund (“Yacktman Fund”), AMG Yacktman Focused Fund (“Yacktman Focused”), AMG Yacktman Global Fund (“Yacktman Global”) and AMG Yacktman Special Opportunities Fund (“Yacktman Special Opportunities”), each a “Fund” and collectively, the “Funds”.

Each Fund offers different classes of shares. Yacktman Fund and Yacktman Special Opportunities have established Class N, Class I and Class Z shares. Currently, Yacktman Fund offers only Class I shares and Yacktman Special Opportunities offers only Class I and Class Z shares. Yacktman Focused and Yacktman Global have established and offer Class N and Class I shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class.

Yacktman Focused, Yacktman Global and Yacktman Special Opportunities are non-diversified Funds.

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

a. VALUATION OF INVESTMENTS

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

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are

considered comparable in credit rating, interest rate, due date and other features (generally referred to as “matrix pricing”) or other similar pricing methodologies.

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

The Funds’ portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Funds’ Board of Trustees (the “Board”) designated AMG Funds LLC (the “Investment Manager”) as the Funds’ Valuation Designee to perform the Funds’ fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager’s fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Funds may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Funds’ valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Funds might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Funds. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager’s process for determining the fair value of the Funds’ investments.

With respect to foreign equity securities and certain foreign fixed income securities, securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be

 

 

 

24

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

 

observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, option contracts, open-end investment companies)

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, forward foreign currency exchange contracts, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware of the ex-dividend date, except for Korean securities where dividends are recorded on confirmation date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trust and other trusts or funds within the AMG Funds Family of Funds (collectively, the “AMG Funds Family”) based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences for Yacktman Global and Yacktman Special Opportunities are primarily due to return of capital distributions. Permanent differences for Yacktman Focused and Yacktman Fund are primarily due to equalization utilized. Temporary differences for Yacktman Global and Yacktman Special Opportunities are due to qualified late year loss deferrals and mark-to-market on passive foreign investment companies. In addition, temporary differences for each Fund are due to wash sale loss deferrals.

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

 

  Fund

 

  

Cost

 

    

Appreciation

 

    

Depreciation

 

    

Net Appreciation

 

  

Yacktman Fund

     $4,289,838,437       $2,609,658,077       $(182,474,974 )      $2,427,183,103  

Yacktman Focused

     1,800,835,482       918,893,822       (109,209,247 )      809,684,575  

Yacktman Global

     135,219,302       39,212,614       (5,656,158 )      33,556,456  

Yacktman Special Opportunities

     22,195,360       8,446,931       (2,466,531 )      5,980,400  

e. FEDERAL TAXES

Each Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. The Investment Manager has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, based on each Fund’s understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, each Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

 

 

 

25

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

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

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

 

 

g. CAPITAL STOCK

The Trust’s Amended and Restated Agreement and Declaration of Trust authorizes for each Fund the issuance of an unlimited number of shares of beneficial interest, without par value. Each Fund records sales and repurchases of its capital stock on the trade date.

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

 

    Yacktman Fund     Yacktman Focused  
    June 30, 2025

 

     December 31, 2024

 

     June 30, 2025

 

     December 31, 2024

 

  
   

Shares

 

    

Amount

 

    

Shares

 

    

Amount

 

    

Shares

 

    

Amount

 

    

Shares

 

    

Amount

 

  

Class N:

                

Shares sold

     —       —       —       —       1,668,513       $31,414,382       4,442,237       $92,994,310  

Shares issued in reinvestment of distributions

     —       —       —       —       —       —       7,321,735       139,039,755  

Shares redeemed

     —       —       —       —       (11,029,524 )      (207,220,390 )      (21,058,182 )      (438,572,748 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net decrease

     —       —       —       —       (9,361,011 )      $(175,806,008 )      (9,294,210 )      $(206,538,683 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Class I:

                

Shares sold

     11,617,420       $262,385,918       23,738,852       $577,682,119       2,238,151       $41,953,866       10,612,130       $220,881,442  

Shares issued in reinvestment of distributions

     —       —       26,871,965       616,711,586       —       —       7,165,985       135,437,126  

Shares redeemed

     (62,521,741 )      (1,419,216,518 )      (82,872,561 )      (2,020,876,985 )      (21,315,866 )      (398,356,788 )      (33,385,726 )      (690,661,245 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net decrease

     (50,904,321 )      $(1,156,830,600 )      (32,261,744 )      $(826,483,280 )      (19,077,715 )      $(356,402,922 )      (15,607,611 )      $(334,342,677 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    Yacktman Global     Yacktman Special Opportunities  
    June 30, 2025     December 31, 2024     June 30, 2025     December 31, 2024  
    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount  

Class N:

                

Shares sold

     11,150       $159,290       45,378       $707,208       —       —       —       —  

Shares issued in reinvestment of distributions

     —       —       5,857       84,569       —       —       —       —  

Shares redeemed

     (36,538 )      (530,440 )      (93,080 )      (1,433,185 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net decrease

     (25,388 )      $(371,150 )      (41,845 )      $(641,408 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Class I:

                

Shares sold

     434,438       $6,332,117       1,490,563       $23,182,382       21,971       $223,927       189,122       $2,031,530  

Shares issued in reinvestment of distributions

     —       —       300,594       4,349,598       —       —       126,273       1,269,047  

Shares redeemed

     (887,274 )      (12,916,343 )      (3,445,978 )      (53,489,945 )      (524,796 )      (5,312,064 )      (2,762,181 )      (30,138,679 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net decrease

     (452,836 )      $(6,584,226 )      (1,654,821 )      $(25,957,965 )      (502,825 )      $(5,088,137 )      (2,446,786 )      $(26,838,102 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Class Z:

                

Shares sold

     —       —       —       —       1,545       $15,614       84,785       $940,080  

Shares issued in reinvestment of distributions

     —       —       —       —       —       —       153,474       1,545,490  

Shares redeemed

     —       —       —       —       (260,360 )      (2,675,046 )      (1,317,330 )      (14,537,216 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net decrease

     —       —       —       —       (258,815 )      $(2,659,432 )      (1,079,071 )      $(12,051,646 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

26

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

Transactions by shareholders of record that individually or collectively hold greater than 5% of a Fund’s net assets may have a material impact on a Fund. At June 30, 2025, one affiliated investor, Yacktman Asset Management LP, owned 33%, and two shareholders each owned 7% of the net assets in Yacktman Special Opportunities.

 

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Securities Lending Program”) (collectively, “Repurchase Agreements”). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Funds participate on a pro rata basis with other clients of BNYM in their share of the underlying collateral under such joint repurchase agreements and in their share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held by the Funds’ custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. Pursuant to the Securities Lending Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.

At June 30, 2025, the market value of Repurchase Agreements outstanding for Yacktman Fund, Yacktman Focused, Yacktman Global and Yacktman Special Opportunities was $166,196,314, $50,879,000, $1,359,777 and $130,014, respectively.

i. FOREIGN CURRENCY TRANSLATION

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

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

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

For each of the Funds, the Trust has entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. wealth platform of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Funds and is responsible for the Funds’ overall administration and operations. The Investment Manager selects and recommends, subject to the approval of the Board and, in certain circumstances, shareholders, the subadviser for the Funds and monitors the subadviser’s investment performance, security holdings and investment strategies. Each Fund’s investment portfolio is managed by Yacktman Asset Management LP (“Yacktman”) who serves as subadviser

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

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

 

 Yacktman Fund

   

  on first $500 million

    0.52% 

  next $500 million

    0.47% 

  over $1 billion

    0.42% 

 Yacktman Focused

    0.87% 

 Yacktman Global

    0.71% 

 Yacktman Special Opportunities

    1.37% 

The fee paid to Yacktman for its services as subadviser is paid out of the fee the Investment Manager receives from each Fund and does not increase the expenses of each Fund.

Yacktman Special Opportunities has a performance-based fee structure that consists of an investment management fee and a performance adjustment (“Performance Adjustment”). The monthly investment management fee is increased or reduced by the Performance Adjustment, based on the Fund’s performance relative to the MSCI ACWI All Cap Index over the then preceding twelve months. The Performance Adjustment for the Fund may not exceed an annual rate of plus or minus 0.75% of the Fund’s average daily net assets over the then preceding twelve months. For the six months ended June 30, 2025, the Performance Adjustment decreased the investment management fee by a net amount of $108,051 or an annualized rate of 0.74% of the Fund’s average daily net assets, resulting in an effective annualized investment management fee rate of 0.63% of the Fund’s average daily net assets.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses, as well as shareholder servicing fees and distribution and service (12b-1) fees and, with respect to Yacktman Special Opportunities, investment management fees and administrative fees) of Yacktman Global and Yacktman Special Opportunities to the annual rate of 0.93% and 0.12%, respectively, of each Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect for the applicable Fund or share class from time to time, the “Expense Cap”), subject to later reimbursement by the applicable Fund in certain circumstances.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a Fund, provided that such repayment would not cause the Fund’s total annual operating expenses after fee waiver and expense

 

 

 

27

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a Fund’s liquidation (unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of a Fund).

For the six months ended June 30, 2025, the Investment Manager’s expense reimbursements, and repayments of prior reimbursements by the Funds to the Investment Manager, if any, are as follows:

 

    Expense     Repayment of  
    Reimbursements      Prior Reimbursements   

Yacktman Global

     $52,968       —  

Yacktman Special Opportunities

     44,079       —
  

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

 

 Expiration

 Period

   Yacktman Global     Yacktman Special Opportunities  
 Less than 1 year     $58,793       $53,283  

 1-2 years

     71,631       47,557  
 2-3 years     91,296       72,023  
 

 

 

    

 

 

  
 Total     $221,720       $172,863  
 

 

 

    

 

 

  

The Investment Manager has agreed to waive a portion of its investment management fee in consideration of a shareholder servicing rebate that it has received from JPMorgan Distribution Services, Inc., with respect to direct investments in the JPMorgan U.S. Government Money Market Fund, IM Shares by Yacktman Fund and Yacktman Focused. For the six months ended June 30, 2025, the investment management fees for Yacktman Fund and Yacktman Focused were reduced by $43,756 and $11,987, respectively, or less than 0.01% of each Fund’s average daily net assets.

The Trust, on behalf of the Funds, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Funds’ administrator (the “Administrator”) and is responsible for certain aspects of managing the Funds’ operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund’s average daily net assets for this service.

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

distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

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

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

 

     Maximum Annual      Actual   
     Amount      Amount   
 Fund    Approved      Incurred   

 Yacktman Fund

     

 Class I

      0.20%       0.09%  

 Yacktman Focused

     

 Class N

      0.20%       0.18%  

 Yacktman Global

     

 Class N

      0.20%       0.20%  

 Yacktman Special Opportunities

     

 Class I

      0.10%       0.10%  

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At June 30, 2025, the Funds had no interfund loans outstanding. The Funds did not borrow during the six months ended June 30, 2025.

 

 

 

28

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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

 

 Fund   Average
Lent		     Number
of Days		     Interest
Earned		     Average
Interest Rate 		  

Yacktman Fund

     $1,053,492       5       $754       5.225 % 

Yacktman Global

     2,776,441       3       1,192       5.225 % 

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended June 30, 2025, were as follows:

 

      Long Term Securities   
 Fund    Purchases       Sales   

 Yacktman Fund

      $32,648,700         $998,243,599   

 Yacktman Focused

      21,326,151         511,784,178   

 Yacktman Global

      6,519,087         14,251,108   

 Yacktman Special Opportunities

      552,609         8,036,304   

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

4. PORTFOLIO SECURITIES LOANED

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

The value of securities loaned on positions held, cash collateral and securities collateral received at June 30, 2025, was as follows:

 Fund   Securities
Loaned		     Cash
Collateral
Received		     Securities
Collateral
Received		     Total 
Collateral 
Received 		  

 Yacktman Fund

     $15,250,260       $8,025,314       $8,075,383       $16,100,697   

 Yacktman Global

     2,188,242       1,359,777       951,633       2,311,410   

 Yacktman Special Opportunities

     647,157       130,014       687,408       817,422   

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

 

 Fund   

Collateral

Type

   

Coupon

Range

   

Maturity

 Date Range 

Yacktman Fund

    U.S. Treasury Obligations    0.125%-5.000%    08/31/25-11/15/54 

 Yacktman Global

    U.S. Treasury Obligations    0.125%-5.000%    08/15/25-11/15/54 

Yacktman Special Opportunities

    U.S. Treasury Obligations    0.125%-5.000%    08/15/25-11/15/54 

5. SEGMENT REPORTING

Each Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in each Fund’s prospectus. The Chief Operating Decision Makers (“CODM”) are the Funds’ president and chief financial officer. The CODM assesses the performance and makes operating decisions for each Fund primarily based on each Fund’s changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes each Fund’s net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of each Fund. As each Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as “Total assets” and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Funds invest in securities or other instruments and may enter into certain transactions, and such activities subject the Funds to various risks. Below is a summary of some, but not all, of those risks. Each risk described below does not necessarily apply to each Fund. Please refer to each Fund’s prospectus for a description of the principal risks associated with investing in a particular Fund. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market as well as local, regional or global political and/or social instability; or (iii) currency and price fluctuations.

Market Risk: Market prices of investments held by the Funds may fall rapidly or unpredictably due to a variety of factors, including economic or market conditions, or other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics, or in response to events that affect particular industries or companies. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Management Risk: Because the Funds are actively managed investment portfolios, security selection or focus on securities in a particular style, market sector or group of companies may cause the Funds to incur losses or

 

 

 

29

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

underperform relative to their benchmarks or other funds with a similar investment objective. There can be no guarantee that Yacktman’s investment techniques and risk analysis will produce the desired result.

Non-Diversified Fund Risk: Certain Funds are non-diversified and therefore a greater percentage of holdings may be focused in a small number of issuers or a single issuer, which can place the Funds at greater risk. Notwithstanding the Funds’ status as “non-diversified” investment companies under the 1940 Act, the Funds intend to qualify as regulated investment companies accorded favorable tax treatment under the Code, which imposes its own diversification requirements that are less restrictive than the requirements applicable to “diversified” investment companies under the 1940 Act. The Funds’ intention to qualify as regulated investment companies may limit their pursuit of their investment strategy and their investment strategy could limit their ability to so qualify.

Focused Investment Risk: To the extent a Fund invests a substantial portion of its assets in a relatively small number of securities or a particular market, industry, group of industries, country, region, group of countries, asset class or sector, it generally will be subject to greater risk than a fund that invests in a more diverse investment portfolio. In addition, the value of the Fund would be more susceptible to any single economic, market, political or regulatory occurrence affecting, for example, that particular market, industry, region or sector.

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

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

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

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

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

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

Risks Associated with Investment in South Korea: Investments in South Korean issuers will subject a Fund to legal, regulatory, political, currency, security, and economic risks that are specific to South Korea. In addition, economic and

political developments of South Korea’s neighbors, including escalated tensions involving North Korea and any outbreak of hostilities involving North Korea, or the threat of an outbreak of such hostilities, may have a severe adverse effect on the South Korean economy. The South Korean economy is reliant on trading exports, and disruptions or decreases in trade activity could lead to declines in South Korea’s economic growth potential.

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

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

Value Stock Risk: Value stocks may perform differently from the market as a whole and may be undervalued by the market for a long period of time.

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

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

Debt Securities Risk: The value of a debt security changes in response to various factors, including, for example, market related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. Investments in debt securities are subject to, among other risks, credit risk, interest rate risk, extension risk, prepayment risk and liquidity risk.

Credit and Counterparty Risk: The issuer of bonds or other debt securities or a counterparty to a derivatives contract (including over-the-counter counterparties as well as brokers and clearinghouses in respect of exchange-traded and/or cleared products) may be unable or unwilling, or may be perceived as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations. Changes in an issuer’s financial strength, credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of a Fund’s investment in that issuer.

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

High Yield Risk: Below investment grade debt securities and unrated securities of similar credit quality (commonly known as “junk bonds” or “high yield securities”) may be subject to greater levels of interest rate, credit, liquidity, and market risk than higher-rated securities. These securities are considered predominately speculative with respect to the issuer’s continuing ability to make principal and interest payments.

 

 

 

30

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

Liquidity Risk: The Funds may not be able to dispose of particular investments, such as illiquid securities, readily at favorable times or prices or the Funds may have to sell them at a loss.

7. COMMITMENTS AND CONTINGENCIES

Under the Trust’s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.

8. DERIVATIVE INSTRUMENTS

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

For the six months ended June 30, 2025, the average monthly balances of derivative financial instruments outstanding were as follows:

 

    Yacktman Focused   

 Options

  

 Average value of option contracts written

     $288,571  

9. OPTIONS

The Funds may purchase and write call options and put options on a variety of underlying securities and instruments, including, but not limited to, specific securities, securities indices, futures contracts and foreign currencies. The Funds purchase or write call and put options to generate income and hedge against losses or lock in gains of underlying portfolio security positions. A call option gives the purchaser the right to buy, and obligates the writer to sell, the underlying security or instrument at the agreed-upon price during the option period. A put option gives the purchaser the right to sell, and obligates the writer to buy, the underlying security or instrument at the agreed-upon price during the option period. Options purchased are recorded as an asset, while options written (sold) are recorded as liabilities. When a Fund writes options it bears the risk of an unfavorable change in the market value of the instrument underlying the written option. When an option expires, the premium (original option value) is realized as a gain if the option was written or as a loss if the option was purchased. When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is recognized as realized gain or loss. When securities are acquired or delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by the amount of the premium. When an option is closed, the difference between the premium and the cost to close the position is realized as a gain or loss. During the six months ended June 30, 2025, Yacktman Focused wrote call options and received a premium of $1,155,000 and as of June 30, 2025, the written call options were valued at $(1,190,000).

 

 

10. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the Securities Lending Program, Repurchase Agreements and derivatives, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions and derivatives transactions, see Note 4 and Note 9, respectively.

 

 

31

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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

 

               Gross Amount Not Offset in the                   
               Statement of Assets and Liabilities

 

                   
 Fund    Gross Amounts of
Assets Presented in
the Statement of
Assets and Liabilities		         Offset
 Amount 		        

Net

Asset

Balance

         Collateral
Received		        Net
 Amount 
                                                       

 Yacktman Fund

                                                

 Cantor Fitzgerald Securities, Inc.

        $2,006,191                —                $2,006,191             $2,006,191               —   

 Citadel Securities LLC

        2,006,191             —             2,006,191             2,006,191            —

 Daiwa Capital Markets America

        1,669,292             —             1,669,292             1,669,292            —

 Deutsche Bank Securities, Inc.

        452,721             —             452,721             452,721            —

 State of Wisconsin Investment Board

        1,890,919             —             1,890,919             1,890,919            —

 Fixed Income Clearing Corp.

        158,171,000             —             158,171,000             158,171,000            —
    

 

 

            

 

 

            

 

 

            

 

 

           

 

 

  

 Total

        $166,196,314             —             $166,196,314             $166,196,314            —
    

 

 

            

 

 

            

 

 

            

 

 

           

 

 

  
                                           

 Yacktman Focused

                                            

 Fixed Income Clearing Corp.

        $50,879,000             —             $50,879,000             $50,879,000            —

 Yacktman Global

                                            

 Citadel Securities LLC

        $1,000,000             —             $1,000,000             $1,000,000            —

 TD Securities LLC

        359,777             —             359,777             359,777            —
    

 

 

            

 

 

            

 

 

            

 

 

           

 

 

  

 Total

        $1,359,777             —             $1,359,777             $1,359,777            —
    

 

 

            

 

 

            

 

 

            

 

 

           

 

 

  
                                           

 Yacktman Special Opportunities

                                            

 Citadel Securities LLC

        $130,014             —             $130,014             $130,014            —

 

11. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

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

12. SUBSEQUENT EVENTS

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

 

 

 

32

    

 

Other Information (unaudited)

 

   

 

 

      

 

 

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

During the six months ended June 30, 2025, there were no changes in and/or disagreements with accountants.

 

 

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

Not applicable.

 

 

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

The remuneration paid to the Trustees during the six months ended June 30, 2025, is reflected as “Trustee fees and expenses” on the Statement of Operations and is set forth in the table below. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the six months ended June 30, 2025.

 

     Trustee fees and expenses   

 AMG Yacktman Fund

      $298,432   

 AMG Yacktman Focused Fund

      115,688   

 AMG Yacktman Global Fund

      6,447   

 AMG Yacktman Special Opportunities Fund

      1,247   

 

 

33

    

 

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

 

   

 

 

      

 

AMG Yacktman Focused Fund, AMG Yacktman Fund, AMG Yacktman Global Fund, and AMG Yacktman Special Opportunities Fund: Approval of Investment Management Agreement and Subadvisory Agreements on June 11, 2025

At an in-person meeting held on June 11, 2025, the Board of Trustees (the “Board” or the “Trustees”), and separately a majority of the Trustees who are not “interested persons” of AMG Funds (the “Trust”) (the “Independent Trustees”), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) for each of AMG Yacktman Focused Fund, AMG Yacktman Fund, AMG Yacktman Global Fund, and AMG Yacktman Special Opportunities Fund (each, a “Fund,” and collectively, the “Funds”) and separately each of Amendment No. 1 thereto dated July 1, 2015, and Amendment No. 2 thereto dated October 1, 2016 (collectively, the “Investment Management Agreement”); and (ii) the Subadvisory Agreement with respect to each Fund, as amended at any time prior to the date of the meeting (collectively, the “Subadvisory Agreements”), with Yacktman Asset Management LP, the Funds’ subadviser (the “Subadviser”). The Independent Trustees were separately represented by independent legal counsel in connection with their consideration of the approval of these agreements. In considering the Investment Management Agreement and the Subadvisory Agreements, the Trustees reviewed a variety of materials relating to the Funds, the Investment Manager and the Subadviser, including the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for each Fund (each, a “Peer Group”), performance information for the relevant benchmark index for each Fund (each, a “Fund Benchmark”), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Funds, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and Subadvisory Agreements; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

 

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

NATURE, EXTENT AND QUALITY OF SERVICES

In considering the nature, extent and quality of the services provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager’s operations and personnel. Among other things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Funds and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Management Agreement and Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Funds; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Funds’ other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to each Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to each Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser;

 

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of each Subadvisory Agreement and annual consideration of each Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of the Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager’s undertaking to maintain contractual expense limitations for AMG Yacktman Special Opportunities Fund and AMG Yacktman Global Fund. The Trustees also considered the Investment Manager’s risk management processes.

The Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques (its “Investment Strategy”) used in managing each Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for each Fund, including the information set forth in the Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the

 

 

 

34

    

 

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

 

   

 

 

      

 

Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under each Subadvisory Agreement. The Trustees also considered the Subadviser’s risk management processes.

PERFORMANCE

The Board considered each Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark and noted that the Board reviews on a quarterly basis detailed information about both the Fund’s performance results and portfolio composition, as well as the Subadviser’s Investment Strategy. The Board was mindful of the Investment Manager’s expertise, resources and attention to monitoring the Subadviser’s performance, investment style and risk-adjusted performance with respect to the Funds and its discussions with the management of the Funds’ subadviser during the period regarding the factors that contributed to the performance of the Funds.

With respect to AMG Yacktman Focused Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class N shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was below, below, below, and above, respectively, the median performance of the Peer Group and below, below, below, and above, respectively, the performance of the Fund Benchmark, the Russell 1000 Value Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance and longer-term outperformance and the fact that the Fund ranked in the top quartile relative to its Peer Group for the 2023 calendar year and in the top decile relative to its Peer Group for the 2020 calendar year. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies, and policies, as well as overall market conditions.

 

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

With respect to AMG Yacktman Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class I shares (the Fund’s sole share class) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025 was below, below, below, and above, respectively, the median performance of the Peer Group and below, below, below, and above, respectively, the performance of the Fund Benchmark, the Russell 1000 Value Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance and longer-term outperformance and the fact that the Fund ranked in the top decile relative to its Peer Group for the 2020 calendar year and in the top third relative to its Peer Group for the 2023 calendar year. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies, and policies, as well as overall market conditions.

With respect to AMG Yacktman Global Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for

Class I shares (which share class has the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, and 5-year periods ended March 31, 2025 and for the period from the Fund’s inception on January 30, 2017 through March 31, 2025 was below, above, above, and above, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the MSCI World Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance and longer-term outperformance relative to its Peer Group and the Fund’s underperformance relative to the Fund Benchmark. The Trustees noted that Class I shares of the Fund ranked in the top quartile relative to its Peer Group for the 3-year and 5-year periods and in the top quintile relative to its Peer Group for the period from the Fund’s inception through March 31, 2025. The Trustees also took into account the fact that the Fund’s investment strategy and Fund Benchmark changed effective July 1, 2021, and that the performance information prior to that date reflected that of the Fund’s prior investment strategy. It was noted that while the Trustees found the Peer

 

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies, and policies, as well as overall market conditions.

With respect to AMG Yacktman Special Opportunities Fund, among other information relating to the Fund’s performance, the Trustees noted that the Fund’s performance for Class Z shares (which share class has the earliest inception date and the largest amount of assets of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2025, was below, below, below, and above, respectively, the median performance of the Peer Group and below the performance of the Fund Benchmark, the MSCI ACWI All Cap Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance and longer-term outperformance relative to the Peer Group and the Fund’s underperformance relative to the Fund Benchmark. The Trustees noted that Class Z shares of the Fund ranked in the top quintile relative to its Peer Group for the 10-year period and in the top percentile relative to its Peer Group for the 2021 calendar year. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies, and policies, as well as overall market conditions.

ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE

In considering the reasonableness of the advisory fee payable to the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager to a Fund), received by the Investment Manager and its affiliates attributable to managing each Fund and all the mutual funds in the

 

 

 

35

    

 

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

 

   

 

 

      

 

AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Funds, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered the amount of the advisory fee retained by the Investment Manager after payment of the subadvisory fee with respect to each Fund. The Trustees also noted payments are made from the Subadviser to the Investment Manager, and other payments are made from the Investment Manager to the Subadviser. The Trustees also considered management’s discussion of the current asset levels of the Funds, and the impact on profitability of both the current asset levels and any future growth of assets of the Funds.

In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with each Fund, the Trustees noted the undertaking by the Investment Manager to maintain contractual expense limitations for AMG Yacktman Special Opportunities Fund and AMG Yacktman Global Fund. The Board also took into account management’s discussion of the advisory fee structure, and the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time. Also with respect to economies of scale, the Trustees noted that as each Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

In considering the reasonableness of the subadvisory fees payable by the Investment Manager to the Subadviser, the Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to each Fund and the resulting profitability from the relationships. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fees are paid by the Investment Manager out of its advisory fee. The Board also took into account management’s

 

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

discussion of the subadvisory fee structure, and the services the Subadviser provides in performing its functions under each Subadvisory Agreement and the differences in, among other things, portfolio composition, cash holdings, security holdings, strategy and diversification among the Funds. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as a Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

With respect to AMG Yacktman Focused Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were both rated in the High rating level of the Fund’s Peer Group. The Trustees noted that the rating level corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees also took into account management’s discussion of the Fund’s expenses and competitiveness with comparably sized funds and select competitors, as well as the Fund’s flexible investment approach. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager) and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG Yacktman Fund, the Trustees noted that the Fund’s management fees (which include both the advisory and administration fees) and total expenses as of March 31, 2025, were both rated in the Average rating level of the Fund’s Peer Group. The Trustees noted that the rating level corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG Yacktman Global Fund, the Trustees noted that the management fees (which include both the advisory and administration fees)

 

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were rated in the Average and the Below Average rating level, respectively, of the Fund’s Peer Group. The Trustees noted that the rating level corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.93%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

With respect to AMG Yacktman Special Opportunities Fund, the Trustees noted that the management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) of Class I shares (the class of shares which is the primary focus of the Fund’s distribution) of the Fund as of March 31, 2025, were rated in the Below Average and the Above Average rating level, respectively, of the Fund’s Peer Group. The Trustees noted that the rating level corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.12%. The Trustees also took into account management’s discussion of the Fund’s expenses relative to comparably sized funds and select competitors, as well as the performance adjustment component of the Fund’s management fee. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

* * * *

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreement and Subadvisory Agreements: (a) the Investment Manager and the Subadviser have demonstrated

 

 

 

36

    

 

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

 

   

 

 

      

 

that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and each Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.

 

    
    
    
    
    
    
    
    
    
    
  
  

Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of the Investment Management Agreement and each Subadvisory Agreement would be in the best

 

    
    
    
    
    
    
    
    
    
    
    
  

interests of the applicable Fund and its shareholders. Accordingly, on June 11, 2025, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management and the Subadvisory Agreements for each Fund.

 

 

 

37

 

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THIS PAGE INTENTIONALLY LEFT BLANK

 

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INVESTMENT MANAGER AND ADMINISTRATOR

 

AMG Funds LLC

 

680 Washington Blvd., Suite 500

 

Stamford, CT 06901

 

800.548.4539

 

 

DISTRIBUTOR

 

AMG Distributors, Inc.

 

680 Washington Blvd., Suite 500

 

Stamford, CT 06901

 

800.548.4539

 

SUBADVISER

 

Yacktman Asset Management LP

 

6300 Bridge Point Parkway

 

Building One, Suite 500

 

Austin, TX 78730

 

CUSTODIAN

 

The Bank of New York Mellon

 

Mutual Funds Custody

 

240 Greenwich Street

 

New York, NY 10286

     

LEGAL COUNSEL

 

Ropes & Gray LLP

 

Prudential Tower, 800 Boylston Street

 

Boston, MA 02199-3600

 

 

TRANSFER AGENT

 

BNY Mellon Investment Servicing (US) Inc.

 

AMG Funds

 

Attn: 534426 AIM 154-0520

 

500 Ross Street

 

Pittsburgh, PA 15262

 

800.548.4539

 

 

TRUSTEES

 

Jill R. Cuniff

 

Kurt A. Keilhacker

 

Peter W. MacEwen

 

Steven J. Paggioli

 

Eric Rakowski

 

Victoria L. Sassine

 

Garret W. Weston

 

     

This report is prepared for the Funds’ shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.

 

Current net asset values per share for each Fund are available on the Funds’ website at wealth.amg.com.

 

A description of the policies and procedures each Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission’s (SEC) website at sec.gov. For information regarding the Funds’ proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.

 

The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The Funds’ portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Funds’ website at wealth.amg.com. To review a complete list of the Funds’ portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com.

           

 

      
 
 wealth.amg.com      

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EQUITY FUNDS

AMG Boston Common Global Impact

Boston Common Asset Management, LLC

 

AMG Frontier Small Cap Growth

Frontier Capital Management Co., LLC

 

AMG GW&K Small Cap Core

AMG GW&K Small Cap Value

AMG GW&K Small/Mid Cap Core

AMG GW&K Small/Mid Cap Growth

AMG GW&K International Small Cap

GW&K Investment Management, LLC

 

AMG Montrusco Bolton Large Cap Growth

Montrusco Bolton Investments, Inc.

 

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

     

AMG River Road Dividend All Cap Value

AMG River Road Focused Absolute Value

AMG River Road Large Cap Value Select

AMG River Road Mid Cap Value

AMG River Road Small-Mid Cap Value

AMG River Road Small Cap Value

River Road Asset Management, LLC

 

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

 

AMG Veritas Asia Pacific

AMG Veritas China

AMG Veritas Global Focus

AMG Veritas Global Real Return

Veritas Asset Management LLP

 

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Global

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

     

FIXED INCOME FUNDS

AMG GW&K Core Bond ESG

AMG GW&K ESG Bond

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced Yield

GW&K Investment Management, LLC

 

ALTERNATIVE FUNDS

AMG Systematica Managed Futures Strategy

AMG Systematica Trend-Enhanced Markets

Systematica Investments Limited, acting as general partner of Systematica Investments LP

     
             
     
             
             
             
             
             
             
             
             

 

      
 
 wealth.amg.com       063025    SAR071

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 SEMI-ANNUAL FINANCIAL STATEMENTS

 

 

 

 

    

    

AMG Funds

 

June 30, 2025

 

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AMG GW&K Securitized Bond SMA Shares

 
      Ticker: GWSBX
 
   

  

       

 

 

 

 

 

 

 
 wealth.amg.com          063025    SAR095

    

 

AMG Funds

Semi-Annual Financial Statements — June 30, 2025 (unaudited)

 

 

 
      
     TABLE OF CONTENTS    PAGE  
   

 

  
 
   

FINANCIAL STATEMENTS

   
 
   

Schedule of Portfolio Investments

      2  
 
   

Statement of Assets and Liabilities

      5  
 
   

Balance sheet, net asset value (NAV) per share computations

and cumulative distributable earnings (loss)

   
 
   

Statement of Operations

      6  
 
   

Detail of sources of income, expenses, and realized and
unrealized gains (losses) during the fiscal period

   
 
   

Statement of Changes in Net Assets

      7  
 
   

Detail of changes in assets for the past fiscal period

   
 
   

Financial Highlights

      8  
 
   

Historical net asset values per share, distributions, total returns, income
and expense ratios, turnover ratios and net assets

   
 
   

Notes to Financial Statements

      9  
 
   

Accounting and distribution policies, details of agreements and
transactions with Fund management and affiliates, and descriptions of
certain investment risks

   
 
   

OTHER INFORMATION

      14  
 
    STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT      15  

 

 

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

 

 

AMG GW&K Securitized Bond SMA Shares

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

     

Principal

Amount

        Value    

Asset-Backed Securities - 4.9%

 

   

AGL CLO 23, Ltd.
Series 2022-23A, Class A1R
(3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 5.419%, 04/20/381,2

     $500,000        $497,877  

CIFC Funding, Ltd.

      

Series 2021-5A, Class A1R
(3 month SOFR + 1.260%, Cap N/A, Floor 1.260%), 5.516%, 01/15/381,2

     500,000        501,050  

Series 2022-1A, Class A
(3 month SOFR + 1.320%, Cap N/A, Floor 1.320%), 5.600%, 04/17/351,2

     500,000        499,380  

Compass Datacenters Issuer II LLC
Series 2024-1A, Class A1
5.250%, 02/25/491

     500,000        502,669  

Elmwood CLO 22 Ltd.
Series 2023-1A, Class AR
(3 month SOFR + 1.200%, Cap N/A, Floor 1.200%), 5.484%, 04/17/381,2

     448,000        447,957  

Elmwood CLO 38, Ltd.
Series 2025-1A, Class A
(3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 5.426%, 04/22/381,2

     500,000        498,304  

GoldenTree Loan Management US CLO 23, Ltd.
Series 2024-23A, Class A
(3 month SOFR + 1.270%, Cap N/A, Floor 1.270%), 5.549%, 01/20/391,2

     305,000        305,316  

HalseyPoint CLO 3, Ltd.
Series 2020-3A, Class A1R
(3 month SOFR + 1.480%, Cap N/A, Floor 1.480%), 5.760%, 07/30/371,2

     330,000        331,558  

Madison Park Funding XXIX LTD
Series 2018-29A, Class A1R2
(3 month SOFR + 1.180%, Cap N/A, Floor 1.180%), 5.495%, 03/25/381,2

     500,000        497,508  

Sagard-Halseypoint CLO 8, Ltd.
Series 2024-8A, Class A1
(3 month SOFR + 1.390%, Cap N/A, Floor 1.390%), 5.704%, 01/30/381,2

     300,000        301,708  

Verizon Master Trust

      

Series 2023-4, Class A1A
5.160%, 06/20/29

      300,000        302,545  

Series 2023-5, Class A1A
5.610%, 09/08/28

      200,000        200,459  

Voya CLO, Ltd.
Series 2024-7A, Class A1
(3 month SOFR + 1.310%, Cap N/A, Floor 1.310%), 5.596%, 01/20/381,2

     550,000        550,165  

Total Asset-Backed Securities
(Cost $5,438,395)

         5,436,496  
     
     

Principal

Amount

        Value    

Mortgage-Backed Securities - 7.4%

 

   

BANK

      

Series 2024-BNK47, Class A5
5.716%, 06/15/57

      $750,000        $788,720  

Series 2025-BNK49, Class A5
5.623%, 03/15/582

     750,000        783,748  

BANK5

      

Series 2023-5YR4, Class A3
6.500%, 12/15/56

      497,728        524,699  

Series 2024-5YR8, Class A3
5.884%, 08/15/57

      500,000        521,678  

BBCMS Mortgage Trust
Series 2024-C30, Class A5
5.532%, 11/15/57

      750,000        776,947  

BRAVO Residential Funding Trust
Series 2024-NQM4, Class A1A
4.350%, 01/25/601,3

     469,402        461,735  

COLT Mortgage Loan Trust
Series 2022-3, Class A2
4.156%, 02/25/671,2

     487,190        465,151  

Connecticut Avenue Securities Trust
Series 2024-R06, Class 1A1
(3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 5.455%, 09/25/441,2

     501,352        503,063  

GS Mortgage-Backed Securities Trust

      

Series 2022-PJ3, Class A7
2.500%, 08/25/521,2

     546,399        513,167  

Series 2022-PJ6, Class A3
2.500%, 01/25/531,2

     716,774        583,898  

Series 2023-PJ2, Class A4
5.500%, 05/25/531,2

     324,291        322,274  

J.P. Morgan Mortgage Trust
Series 2022-1, Class A3
2.500%, 07/25/521,2

     1,188,879        968,008  

Sequoia Mortgage Trust
Series 2025-S1, Class A4
2.500%, 09/25/541,2

     591,333        522,379  

Wells Fargo Commercial Mortgage Trust
Series 2024-C63, Class A5
5.309%, 08/15/57

      450,000        459,501  

Total Mortgage-Backed Securities
(Cost $8,141,614)

         8,194,968  
U.S. Government and Agency Obligations - 86.4%      

Fannie Mae - 33.1%

      

FNMA
1.500%, 01/01/51

      1,946,820        1,465,581  

2.000%, 10/01/51 to 04/01/52

      6,333,739        5,037,262  

2.500%, 11/01/51

      4,905,318        4,117,797  

3.000%, 08/01/50 to 07/01/52

      8,617,987        7,584,092  

4.000%, 06/01/53

      4,387,339        4,085,691  

5.000%, 01/01/53

      4,858,362        4,783,724  

5.500%, 07/01/53

      4,068,867        4,074,347  

6.000%, 07/01/54

      2,956,919        3,053,995  

 

      
 

 

 

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

2

    

 

AMG GW&K Securitized Bond SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal
Amount		      Value  

Fannie Mae - 33.1% (continued)

 

   

FNMA
6.500%, 07/01/54

      $2,504,954        $2,626,257  

Total Fannie Mae

         36,828,746  

Freddie Mac - 35.0%

      

FHLMC
3.000%, 08/01/52

      4,111,787        3,619,188  

3.500%, 06/01/49

      5,097,691        4,728,842  

4.500%, 09/01/52 to 06/01/54

      6,496,180        6,250,886  

5.000%, 11/01/53

      3,918,162        3,847,334  

5.500%, 02/01/54

      4,856,767        4,916,006  

6.000%, 10/01/53 to 12/01/54

      5,871,154        6,053,249  

Freddie Mac Multifamily Structured Pass Through Certificates

      

Series K124, Class A2
1.658%, 12/25/30

      4,950,000        4,337,821  

Series K-159, Class A2
4.500%, 07/25/332

     4,026,000        4,031,945  

Freddie Mac REMICS

      

Series 4435, Class ZB
3.500%, 02/15/45

      422,215        321,544  

Series 4753, Class LZ
3.500%, 02/15/48

      226,783        202,853  

Series 4863, Class EZ
4.500%, 03/15/49

      560,300        534,748  

Total Freddie Mac

         38,844,416  

Ginnie Mae - 12.6%

      

GNMA
2.000%, 03/20/51

      1,109,529        887,282  

2.500%, 09/20/50

      2,417,973        2,057,732  

3.000%, 05/20/53

      1,266,601        1,131,744  

Series 2016-18, Class KM 3.000%, 02/20/46

      165,213        146,513  

 

      
      Principal
Amount		      Value  

GNMA

      

Series 13-169, Class Z
3.250%, 11/16/43

      $313,120        $276,550  

3.500%, 02/20/46

      2,717,486        2,522,824  

Series 18-38, Class AZ
3.500%, 03/20/48

      291,173        203,900  

5.000%, 04/20/49

      2,882,285        2,881,564  

5.500%, 04/20/55

      3,817,230        3,850,361  

Total Ginnie Mae

         13,958,470  

U.S. Treasury Obligations - 5.7%

 

   

U.S. Treasury Bonds
4.625%, 02/15/55

      650,000        632,734  

5.000%, 05/15/45

      1,765,000        1,812,986  

U.S. Treasury Notes
4.250%, 11/15/34

      3,904,000        3,916,810  

Total U.S. Treasury Obligations

         6,362,530  

Total U.S. Government and Agency Obligations
(Cost $95,164,464)

         95,994,162  
     Shares         

Short-Term Investments - 1.0%

      

Other Investment Companies - 1.0%

 

   

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.29%4

     1,155,399        1,155,399  

Total Short-Term Investments
(Cost $1,155,399)

         1,155,399  

Total Investments - 99.7%
(Cost $109,899,872)

 

      110,781,025  

Other Assets, less Liabilities - 0.3%

 

      305,718  

Net Assets - 100.0%

 

      $111,086,743  

 

      
 

 

1 

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the value of these securities amounted to $9,273,167 or 8.3% of net assets.

 

2 

Variable rate security. The rate shown is based on the latest available information as of June 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

 

3 

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

4

Yield shown represents the June 30, 2025, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

 

CLO

    Collateralized Loan Obligation

FHLMC

    Freddie Mac

FNMA

    Fannie Mae

GNMA

    Ginnie Mae

REMICS

    Real Estate Mortgage Investment Conduit

SOFR

    Secured Overnight Financing Rate
 

 

 

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

3

    

 

AMG GW&K Securitized Bond SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

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

 

    

Level 1

 

     

Level 2

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Asset-Backed Securities

   

 

—

 

   

 

$5,436,496

 

   

 

—

 

   

 

$5,436,496

 

 Mortgage-Backed Securities

   

 

—

 

   

 

8,194,968

 

   

 

—

 

   

 

8,194,968

 

 U.S. Government and Agency Obligations†

  

 

—

 

   

 

95,994,162

 

   

 

—

 

   

 

95,994,162

 

 Short-Term Investments

            

 Other Investment Companies

      $1,155,399        —        —        1,155,399  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

$1,155,399

 

   

 

$109,625,626

 

   

 

—

 

   

 

$110,781,025

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

†

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

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

 

 

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

4

    

 

Statement of Assets and Liabilities (unaudited)

June 30, 2025

 

   

 

 

      

 

     AMG
GW&K Securitized Bond
SMA Shares

Assets:

     

Investments at value1

       $110,781,025

Cash

        2,270

Receivable for investments sold

        4,496,584

Dividend and interest receivables

        471,084

Receivable from affiliate

        204,203
    

Total assets

        115,955,166

Liabilities:

     

Payable for investments purchased

        4,859,360

Payable for Fund shares repurchased

        108

Accrued expenses:

     

Other

        8,955
    

Total liabilities

        4,868,423

Commitments and Contingencies (Notes 2 & 7)

 

Net Assets

        $111,086,743

1 Investments at cost

        $109,899,872

Net Assets Represent:

     

Paid-in capital

        $109,973,709

Total distributable earnings

        1,113,034
    

Net Assets

        $111,086,743
    

Net assets

        $111,086,743

Shares outstanding

        11,043,481
    

Net asset value, offering and redemption price per share

        $10.06

 

 

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

5

    

 

Statement of Operations (unaudited)

For the period ended June 30, 2025

 

   

 

 

      

 

     AMG
GW&K Securitized Bond
SMA Shares1

Investment Income:

     

Dividend income

        $8,748

Interest income

        197,813

Total investment income

        206,561

Expenses:

     

Professional fees

        5,305

Custodian fees

        1,049

Registration fees

        888

Reports to shareholders

        804

Trustee fees and expenses

        397

Transfer agent fees

        189

Miscellaneous

        323

Total expenses before offsets

        8,955

Expense reimbursements

        (8,955 )

Net expenses

        —
    

Net investment income

        206,561

Net Realized and Unrealized Gain:

     

Net realized gain on investments

        229,220

Net change in unrealized appreciation/depreciation on investments

        881,153
    

Net realized and unrealized gain

        1,110,373
    

Net increase in net assets resulting from operations

        $1,316,934

1 Commencement of operations was June 12, 2025.

 

 

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

6

    

 

Statement of Changes in Net Assets

For the period ended June 30, 2025 (unaudited)

 

   

 

 

      

 

     AMG
GW&K Securitized Bond
SMA Shares
     June 30, 20251

Increase in Net Assets Resulting From Operations:

     

Net investment income

        $206,561

Net realized gain on investments

        229,220

Net change in unrealized appreciation/depreciation on investments

        881,153
    

Net increase in net assets resulting from operations

        1,316,934

Distributions to Shareholders:

        (203,900 )

Capital Share Transactions:2

    
    

Net increase from capital share transactions

        109,973,709
    

Total increase in net assets

        111,086,743

Net Assets:

     

Beginning of period

        —

End of period

        $111,086,743

1 Commencement of operations was June 12, 2025.

2 See Note 1(f) of the Notes to Financial Statements.

 

 

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

7

AMG GW&K Securitized Bond SMA Shares

Financial Highlights

For a share outstanding throughout the fiscal period

 

 

    

For the fiscal
period ended
June 30, 20251
(unaudited)

 

Net Asset Value, Beginning of Period

      $10.00  

Income from Investment Operations:

   

Net investment income2,3

     0.03  

Net realized and unrealized gain on investments

      0.05  
  

Total income from investment operations

      0.08  

Less Distributions to Shareholders from:

   
  

Net investment income

      (0.02 ) 
  

Net Asset Value, End of Period

      $10.06  
  

Total Return3,4

     0.79 %5  

Ratio of net expenses to average net assets

      0.00 %6  

Ratio of gross expenses to average net assets7

     0.16 %6  

Ratio of net investment income to average net assets3

     5.07 %6  

Portfolio turnover

      5 %5  

Net assets end of period (000’s) omitted

      $111,087  
          
          

 

1

Commencement of operations was on June 12, 2025.

 

2

Per share numbers have been calculated using average shares.

 

3

Total returns and net investment income would have been lower had certain expenses not been offset.

 

4

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

 

5

Not annualized.

 

6

Annualized.

 

7

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

 

 

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

8

    

 

 

Notes to Financial Statements (unaudited)

June 30, 2025

 

   

 

 

      

 

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the “Trust”) is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report is AMG GW&K Securitized Bond SMA Shares (the “Fund”). The Fund commenced operations on June 12, 2025 and commenced investment operations on June 13, 2025.

The Fund offers a single class of shares for purchase. Shares of the Fund may be purchased only by or on behalf of separately managed account clients where GW&K Investment Management, LLC (“GW&K”), the Fund’s subadviser, has an agreement with sponsors of separately managed account programs (“Program Sponsors”), or directly with the client, to provide management or advisory services to the managed account or to the Program Sponsor for its use in managing such account.

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

a. VALUATION OF INVESTMENTS

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are considered comparable in credit rating, interest rate, due date and other features (generally referred to as “matrix pricing”) or other similar pricing methodologies. Investments in certain mortgage-backed and stripped mortgage-backed securities, convertible securities, derivatives and other debt securities not traded on an organized securities market are valued on the basis of valuations provided by dealers or by a pricing service which uses information with respect to transactions in such securities and various relationships between such securities and yield to maturity in determining value.

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

The Fund’s portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Fund’s Board of Trustees (the “Board”) designated AMG Funds LLC (the “Investment Manager”) as the Fund’s Valuation Designee to perform the Fund’s fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that

the Board receives the information it needs to oversee the Investment Manager’s fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Fund may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Fund’s valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Fund. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager’s process for determining the fair value of the Fund’s investments.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default

 

 

 

9

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

rates) or other market corroborated inputs) (e.g., debt securities, government securities, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend income is recorded on the ex-dividend date and other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to the Fund are apportioned among the funds in the Trust and other trusts or funds within the AMG Funds Family of Funds (collectively, the “AMG Funds Family”) based upon their relative average net assets or number of shareholders.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income, if any, will normally be declared and paid monthly. Fund distributions resulting from net realized capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement

purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. There were no permanent or temporary differences during the period.

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

 

 Cost

 

    

 

 Appreciation

 

  

 

    

 

 Depreciation

 

  

 

    

 

 Net Appreciation

 

  

 

 $109,899,872

     $920,629       $(39,476)       $881,153  

e. FEDERAL TAXES

The Fund intends to elect to be treated as a regulated investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. Since the Fund commenced operations on June 12, 2025, the Investment Manager has also analyzed the Fund’s tax positions through June 30, 2025, and has concluded that no provision for federal income tax is required in the Fund’s financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

Furthermore, based on the Fund’s understanding of the tax rules and rates related to income, gains and transactions for the foreign jurisdictions in which it invests, the Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.

 

 

f. CAPITAL STOCK

The Trust’s Amended and Restated Agreement and Declaration of Trust authorizes for the Fund the issuance of an unlimited number of shares of beneficial interest, without par value. The Fund records sales and repurchases of its capital stock on the trade date.

For the period ended June 30, 2025 (unaudited), the capital stock transactions for the Fund were as follows:

 

     June 30, 20251  
    

Shares

 

    

Amount

 

  
    

 Shares sold

      11,044,518       $109,982,812  

 Shares issued in reinvestment of distributions

      19,833       199,520  

 Shares redeemed

      (20,870 )      (208,623 ) 
  

 

 

    

 

 

  

 Net increase

       11,043,481        $109,973,709  
  

 

 

    

 

 

  

1 Commencement of operations was June 12, 2025.

 

 

 

10

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

g. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Fund may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Securities Lending Program”) (collectively, “Repurchase Agreements”). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Fund participates on a pro rata basis with other clients of BNYM in its share of the underlying collateral under such joint repurchase agreements and in its share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held by the Fund’s custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited. Pursuant to the Securities Lending Program, the Fund is indemnified for such losses by BNYM on joint repurchase agreements.

At June 30, 2025, the Fund had no repurchase agreements outstanding.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

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

The Fund does not pay advisory fees to the Investment Manager or GW&K. Shareholders should be aware, however, that the Fund is an integral part of separately managed account programs, and the Investment Manager or GW&K will be compensated directly or indirectly by Program Sponsors or program participants for managed account advisory services.

The Investment Manager has contractually agreed, through at least May 1, 2027, to waive fees and/or pay or reimburse the Fund’s expenses in order to limit total annual operating expenses (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the Fund to the annual rate of 0.00% of the average daily net assets attributable to the Fund. The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the Investment Manager and the Board or in the event of the Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of the Fund.

For the period ended June 30, 2025, the Investment Manager reimbursed the Fund $8,955.

The Trust, on behalf of the Fund, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Fund’s administrator (the “Administrator”) and is responsible for certain aspects of managing the Fund’s operations, including administration and shareholder services to the Fund. The Fund does not pay administrative fees to the Investment Manager for these services.

The Fund is distributed by AMG Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and underwriter for the Fund and is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Shares of the Fund may be purchased only by or on behalf of separately managed account clients where GW&K has an agreement with the Program Sponsor (typically, a registered investment adviser or broker-dealer), or directly with the client, to provide management or advisory services to the managed account. Generally, the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Fund are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense, respectively. At June 30, 2025, the Fund had no interfund loans outstanding. The Fund did not lend or borrow during the period ended June 30, 2025.

During the period ended June 30, 2025, the Fund incurred a loss of $195,248 due to a trade error. GW&K reimbursed the Fund on July 21, 2025, for the loss, and the reimbursement payment is reflected as “Net realized gain on investments” in the Statement of Operations. As of June 30, 2025, the reimbursement receivable is reflected as “Receivable from affiliate” in the Statement of Assets and Liabilities.

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the period ended June 30, 2025, were $13,586,588 and $7,072, respectively.

Purchases and sales of U.S. Government Obligations for the period ended June 30, 2025 were $100,341,023 and $5,233,276, respectively.

 

 

 

11

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

4. PORTFOLIO SECURITIES LOANED

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

The Fund did not have any securities on loan at June 30, 2025.

5. SEGMENT REPORTING

The Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in the Fund’s prospectus. The Chief Operating Decision Makers (“CODM”) are the Fund’s president and chief financial officer. The CODM assesses the performance and makes operating decisions for the Fund primarily based on the Fund’s changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes the Fund’s net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of the Fund. As the Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as “Total assets” and the significant segment expenses are listed on the Statement of Operations.

6. FUND RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market; or (iii) price fluctuations. Please refer to the Fund’s current prospectus for additional information about the Fund’s principal risks.

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

unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Management Risk: Because the Fund is an actively managed investment portfolio, security selection or focus on securities in a particular style, market sector or group of companies may cause the Fund to incur losses or underperform relative to its benchmarks or other funds with a similar investment objective. There can be no guarantee that GW&K’s investment techniques and risk analysis will produce the desired result.

Debt Securities Risk: The value of a debt security changes in response to various factors, including, for example, market related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. Investments in debt securities are subject to, among other risks, credit risk, interest rate risk, extension risk, prepayment risk and liquidity risk.

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

Floating Rate Instrument Risk: Changes in interest rates may affect the yield on the Fund’s investments in floating rate investments. Floating rate investments may decline in value if their interest rates do not rise as much, or as quickly, as interest rates in general. Conversely, a decline in interest rates may result in a reduction in income received from floating rate investments held by the Fund and may adversely affect the value of the Fund’s shares.

Credit and Counterparty Risk: The issuer of bonds or other debt securities may be unable or unwilling, or may be perceived as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations. Changes in an issuer’s financial strength, credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.

Asset-Backed and Mortgage-Backed Securities Risk: Investments in asset-backed and mortgage-backed securities involve risk of severe credit downgrades, loss due to prepayments that occur earlier or later than expected, illiquidity and default.

Collateralized Loan Obligations (“CLO”) and Other Collateralized Obligations Risk: The risks of investing in a CLO generally can be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment risk, and the risk of default of the underlying asset, among others.

Extension Risk: During periods of rising interest rates, a debtor may pay back a bond or other fixed income security slower than expected or required, and the value of such security may fall.

Prepayment Risk: A debtor may exercise its right to pay back a bond or other debt security earlier than expected or required during periods of decreasing interest rates.

 

 

 

12

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

Inflation/Deflation Risk: Inflation risk is the risk that the value of assets or income from investments will be worth less in the future. Inflation rates may change frequently and drastically as a result of various factors and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of shareholders’ investments in the Fund. As inflation rates increase, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. Deflation risk is the risk that the prices throughout the economy decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.

Liquidity Risk: The Fund may not be able to dispose of particular investments, such as illiquid securities, readily at favorable times or prices or the Fund may have to sell them at a loss.

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

U.S. Government Securities Risk: Obligations issued by some U.S. Government agencies, authorities, instrumentalities, or sponsored enterprises such as Government National Mortgage Association (“GNMA”) are backed by the full faith and credit of the U.S. Government, while obligations issued by others, such as Federal National Mortgage Association (FNMA), Federal Home Loan Mortgage Corporation (FHLMC), and Federal Home Loan Banks (FHLBs), are not backed by the full faith and credit of the U.S. Government and are backed solely by the entity’s own resources or by the ability of the entity to borrow from the U.S. Treasury. If one of these agencies defaults on a loan, there is no guarantee that the U.S. Government will provide financial support.

New Fund Risk: The Fund is a new fund, which may result in additional risk. There can be no assurance that the Fund will grow to an economically viable size, in which case the Fund may cease operations. In such an event, investors may be required to liquidate or transfer their investments at an inopportune time. In addition, until the Fund achieves sufficient scale, a Fund shareholder may experience proportionally higher Fund expenses than would be experienced by shareholders of a fund with a larger asset base.

7. COMMITMENTS AND CONTINGENCIES

Under the Trust’s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Fund may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Fund under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund had no prior claims or losses and expects the risks of loss to be remote.

8. MASTER NETTING AGREEMENTS

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

9. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

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

10. SUBSEQUENT EVENTS

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

 

 

 

13

    

 

 

Other Information (unaudited)

 

   

 

 

      

 

 

 

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

During the period ended June 30, 2025, there were no changes in and/or disagreements with accountants.

 

 

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

Not applicable.

 

 

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

The remuneration paid to the Trustees during the period ended June 30, 2025, was $397, which is reflected as “Trustee fees and expenses” on the Statement of Operations. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the period ended June 30, 2025.

 

 

14

    

 

 

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

 

   

 

 

      

 

 

Approval of Amendment to Investment Management Agreement and Subadvisory Agreement with GW&K Investment Management, LLC with Respect to AMG GW&K Securitized Bond SMA Shares

 

At an in-person meeting held on March 19, 2025, the Board of Trustees (the “Board” or the “Trustees”) of AMG Funds (the “Trust”), and separately a majority of the Trustees who are not “interested persons” of the Trust (the “Independent Trustees”) within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”), unanimously voted to approve an amendment to the Investment Management Agreement (the “Investment Management Agreement”) between AMG Funds LLC (the “Investment Manager”) and the Trust relating to AMG GW&K Securitized Bond SMA Shares, a new series of the Trust (the “New Fund”), and a Subadvisory Agreement between the Investment Manager and GW&K Investment Management, LLC (“GW&K”) relating to the New Fund (the “Subadvisory Agreement” and, together with the Investment Management Agreement, the “New Fund Agreements”). The Independent Trustees were separately represented by independent legal counsel in their consideration of the New Fund Agreements and met with their independent legal counsel in a private session at which no representatives of management were present to consider the New Fund and the New Fund Agreements.

 

In considering the New Fund Agreements, the Trustees reviewed a variety of materials relating to the New Fund, the Investment Manager and GW&K provided in connection with meetings of the Board held on March 19, 2025, including information regarding the nature, extent and quality of services to be provided by the Investment Manager and GW&K under their respective agreements. Because the New Fund is a newly created series of the Trust and has not yet begun operations, no comparative performance information for the New Fund was provided. The Trustees, however, considered the performance of other funds in the AMG Funds Family of Funds (the “AMG Fund Complex”) subadvised by GW&K for various time periods, including other taxable bond funds such as AMG GW&K Core Bond ESG Fund and AMG GW&K ESG Bond Fund. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel and (b) discussed with legal counsel the legal standards applicable to their consideration of the New Fund Agreements.

     

NATURE, EXTENT AND QUALITY OF SERVICES

 

In considering the nature, extent and quality of the services to be provided by the Investment Manager under the Investment Management Agreement, the Trustees took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the Investment Manager’s financial information, operations and personnel, the performance of its duties with respect to other funds in the AMG Fund Complex, which, as of March 19, 2025, consisted of 37 funds, the quality of the performance of the Investment Manager’s duties under the Investment Management Agreement and the Administration Agreement between the Investment Manager and the Trust and the Trustees’ knowledge of the Investment Manager’s management team.

 

In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the quality of the monitoring services intended to be performed by the Investment Manager in overseeing the portfolio management responsibilities of GW&K; (b) the Investment Manager’s ability to supervise the New Fund’s other service providers; and (c) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising GW&K, the Investment Manager will: perform periodic detailed analyses and reviews of the performance by GW&K of its obligations to the New Fund, including without limitation analysis and review of portfolio and other compliance matters and review of GW&K’s investment performance with respect to the New Fund; prepare and present periodic reports to the Trustees regarding the investment performance of GW&K and other information regarding GW&K, at such times and in such forms as the Trustees may reasonably request; review and consider any changes in the personnel of GW&K responsible for performing GW&K’s obligations and make appropriate reports to the Trustees; review and consider any changes in the ownership or senior management of GW&K and make appropriate reports to the Trustees; perform periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of GW&K; assist the Trustees and management of the Trust in developing and reviewing information with respect to the initial approval of the Subadvisory Agreement and annual consideration of the Subadvisory Agreement thereafter; prepare recommendations

     

with respect to the continued retention of GW&K or the replacement of GW&K, including at the request of the Board; identify potential successors to, or replacements of, GW&K or potential additional subadvisers, including performing appropriate due diligence, and developing and presenting to the Trustees a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designate and compensate from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and perform such other review and reporting functions as the Trustees shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of GW&K with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and noted that, as of February 28, 2025, the Investment Manager had approximately $18 billion in mutual fund assets under management. The Trustees also considered the Investment Manager’s risk management processes.

 

In the course of their deliberations regarding the nature, extent and quality of services to be provided by GW&K under the Subadvisory Agreement, the Trustees evaluated, among other things: (a) the expected services to be rendered by GW&K to the New Fund; (b) the qualifications and experience of GW&K personnel; and (c) the GW&K compliance program. The Trustees also took into account the financial condition of GW&K with respect to its ability to provide the services required under the Subadvisory Agreement and noted that, as of December 31, 2024, GW&K managed approximately $52.9 billion in assets. The Trustees also considered GW&K’s risk management processes. The Trustees took into account their knowledge of GW&K and noted that GW&K subadvised 10 other funds in the AMG Fund Complex, and that the Trustees had overseen funds sub-advised by GW&K since 2008.

 

The Trustees also considered information regarding the nature, extent and quality of services provided by the Investment Manager and GW&K, as applicable, to funds in the AMG Fund Complex in connection with the Trustees’ annual consideration of the existing funds’ contractual arrangements. The Trustees considered the investment philosophy, strategies and techniques that are intended to be used in

 

 

15

    

 

 

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

 

   

 

 

      

 

 

managing the New Fund. Among other things, the Trustees reviewed information about portfolio management and other professional staff and information regarding GW&K’s organizational and management structure. The Trustees considered specific information provided regarding the experience of the individuals at GW&K that are expected to have portfolio management responsibility for the New Fund, including the information set forth in the New Fund’s prospectus and statement of additional information to be filed with the Securities and Exchange Commission. The Trustees noted that the New Fund’s portfolio managers have extensive industry experience in taxable bond and securitized bond products. The Trustees also took into account a presentation made at the March 19, 2025 Board meeting by representatives from GW&K regarding the New Fund, its proposed investment strategy and GW&K’s separately managed account business. In addition, the Trustees observed that, in managing the New Fund’s portfolio, GW&K would use top-down research that focuses on managing duration, yield curve, credit quality, volatility and liquidity, as well as bottom-up research that focuses on fundamental analysis, valuation analysis, and technical analysis.

 

PERFORMANCE

 

Because the New Fund has not yet commenced operations, the Trustees noted that they could not draw any conclusions regarding the performance of the New Fund. The Trustees, however, considered the performance of the other funds in the AMG Fund Complex subadvised by GW&K.

 

ADVISORY FEES, FUND EXPENSES, PROFITABILITY AND ECONOMIES OF SCALE

 

The Trustees noted that the New Fund is proposed to pay no advisory fee to the Investment Manager for the services to be provided under the Investment Management Agreement and that the Investment Manager is proposed to pay no subadvisory fee to GW&K in exchange for the services to be provided by GW&K under the Subadvisory Agreement. The Trustees noted that the New Fund is an integral part of separately managed account programs, and the Investment Manager or GW&K will be compensated directly or indirectly by program sponsors or program participants. The Trustees noted that the Investment Manager would indirectly benefit from compensation received by GW&K because the Investment Manager and GW&K are affiliated. The Trustees also noted payments to be made from the Subadviser to the Investment Manager. The Trustees also took into account the fact that the Investment Manager has contractually agreed, through at least

     

May 1, 2027, to limit the total annual operating expenses (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the New Fund to the annual rate of 0.00% of the New Fund’s average daily net assets. The Trustees concluded that, in light of the nature, extent and quality of the services to be provided by the Investment Manager and GW&K and the considerations noted above with respect to the Investment Manager and GW&K, the New Fund’s advisory fees and subadvisory fees are reasonable.

 

In considering the anticipated profitability of the Investment Manager with respect to the provision of investment advisory services to the New Fund, the Trustees considered all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as investment manager to the New Fund), received by the Investment Manager and its affiliates attributable to managing the New Fund; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the New Fund, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also considered that the Investment Manager would receive no advisory fee from the New Fund. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is expected to be reasonable and that, since the New Fund does not currently have any assets, the Investment Manager is not realizing any material benefits from economies of scale. With respect to economies of scale, the Trustees also noted that as the New Fund’s assets increase over time, the Investment Manager may realize economies of scale to the extent that the increase in assets is proportionally greater than the increase in certain other expenses, but noted the existence of the proposed expense limitation agreement and the expense cap described above.

 

In considering the anticipated profitability of GW&K with respect to the provision of subadvisory services to the New Fund, although recognizing that profitability with respect to the New Fund is speculative, the Trustees considered information regarding GW&K’s organization, management and financial stability. The Trustees noted that, because GW&K is an affiliate of the Investment Manager, a

     

portion of GW&K’s revenues or anticipated profitability might be shared directly or indirectly with the Investment Manager. The Trustees also noted that GW&K would receive no subadvisory fee from the Investment Manager with respect to the New Fund, but that it would be separately compensated by program sponsors and program participants. The Trustees also took into account management’s discussion of the services GW&K is expected to provide in performing its functions under the Subadvisory Agreement. The Trustees also considered the anticipated net assets of the New Fund for its first year of operations. The Trustees also were provided, at their June 12, 2024 meeting, with the profitability of GW&K with respect to the other funds it subadvises in the AMG Fund Complex. Based on the foregoing, the Trustees concluded that the profitability to GW&K is expected to be reasonable and that, since the New Fund does not currently have any assets, GW&K is not realizing material benefits from economies of scale. Also with respect to economies of scale, the Trustees noted that as the New Fund’s assets increase over time, GW&K may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses, but noted the existence of the proposed expense limitation agreement and the expense cap described above.

 

* * * *

 

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the New Fund Agreements: (a) the Investment Manager and GW&K have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and the Subadvisory Agreement; (b) GW&K’s investment strategy is appropriate for pursuing the New Fund’s investment objectives; (c) GW&K is reasonably likely to execute its investment strategy consistently over time; and (d) the Investment Manager and GW&K maintain appropriate compliance programs.

 

Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight to each factor, the Trustees concluded that approval of the New Fund Agreements would be in the best interests of the New Fund and its shareholders. Accordingly, on March 19, 2025, the Trustees, and separately a majority of the Independent Trustees, unanimously voted to approve the New Fund Agreements.

 

 

16

 

 

THIS PAGE INTENTIONALLY LEFT BLANK

 

 

LOGO

 

 

 

  

 

 

INVESTMENT MANAGER AND ADMINISTRATOR

 

AMG Funds LLC

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

 

DISTRIBUTOR

 

AMG Distributors, Inc.

680 Washington Blvd., Suite 500

Stamford, CT 06901

800.548.4539

 

SUBADVISER

 

GW&K Investment Management, LLC

222 Berkeley St.

Boston, MA 02116

 

CUSTODIAN

 

The Bank of New York Mellon

Mutual Funds Custody

240 Greenwich Street

New York, NY 10286

 

LEGAL COUNSEL

 

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

     

TRANSFER AGENT

 

BNY Mellon Investment Servicing (US) Inc.

AMG Funds

Attn: 534426 AIM 154-0520

500 Ross Street

Pittsburgh, PA 15262

800.548.4539

 

TRUSTEES

 

Jill R. Cuniff

Kurt A. Keilhacker

Peter W. MacEwen

Steven J. Paggioli

Eric Rakowski

Victoria L. Sassine

Garret W. Weston

     

This report is prepared for the Fund’s shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.

 

Current net asset values per share for the Fund are available on the Fund’s website at wealth.amg.com.

 

A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission’s (SEC) website at sec.gov. For information regarding the Fund’s proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.

 

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Fund’s website at wealth.amg.com. To review a complete list of the Fund’s portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com.

   

 

 

 

     
wealth.amg.com       

LOGO  SEMI-ANNUAL FINANCIAL STATEMENTS

 

 

 

    

    

AMG Funds

 

June 30, 2025

 

LOGO

 

AMG GW&K Municipal Enhanced SMA Shares

 
      Ticker: MESHX
 
   

  

       

 

 

 

 

 

 
 wealth.amg.com          063025    SAR090

    

 

AMG Funds

Semi-Annual Financial Statements — June 30, 2025 (unaudited)

 

 

 

 
      
     TABLE OF CONTENTS    PAGE  
   

 

  
 
   

FINANCIAL STATEMENTS

   
 
   

Schedule of Portfolio Investments

      2  
 
   

Statement of Assets and Liabilities

      6  
 
   

Balance sheet, net asset value (NAV) per share computations and cumulative distributable earnings (loss)

   
 
   

Statement of Operations

      7  
 
   

Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period

   
 
   

Statements of Changes in Net Assets

      8  
 
   

Detail of changes in assets for the past two fiscal periods

   
 
   

Financial Highlights

      9  
 
   

Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets

   
 
   

Notes to Financial Statements

      10  
 
   

Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks

   
 
   

OTHER INFORMATION

      15  
 
    STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT      16  
 
      

 

 

 

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

 

 

AMG GW&K Municipal Enhanced SMA Shares

Schedule of Portfolio Investments (unaudited)

June 30, 2025

 

 

      Principal
Amount		      Value  

Municipal Bonds - 98.2%

      

Alabama - 3.0%

      

County of Jefferson Sewer Revenue,
5.250%, 10/01/49

    $ 1,600,000      $ 1,617,737  

5.500%, 10/01/53

      4,550,000        4,664,216  

Total Alabama

         6,281,953  

California - 1.9%

      

California Municipal Finance Authority,
5.000%, 05/15/43

      485,000        483,175  

5.000%, 05/15/48

      795,000        765,421  

California Municipal Finance Authority, Series A
4.000%, 02/01/51

      240,000        195,692  

Los Angeles Department of Water & Power, Series A,
5.000%, 07/01/50

      1,500,000        1,511,326  

5.000%, 07/01/55

      1,000,000        1,010,539  

Total California

         3,966,153  

Colorado - 2.3%

      

Colorado Health Facilities Authority, Series A,
5.000%, 08/01/44

      930,000        915,919  

5.125%, 12/01/55

      1,315,000        1,283,358  

5.250%, 12/01/54

      1,000,000        1,009,198  

Public Authority for Colorado Energy Natural Gas Purchase Revenue
6.500%, 11/15/38

      1,300,000        1,527,997  

Total Colorado

         4,736,472  

Connecticut - 0.6%

      

Connecticut State Health & Educational Facilities Authority,
4.000%, 07/01/39

      485,000        457,645  

4.000%, 07/01/40

      555,000        509,660  

4.000%, 07/01/42

      285,000        256,076  

Total Connecticut

         1,223,381  

Florida - 11.2%

      

Brevard County Health Facilities Authority, Series A
5.000%, 04/01/47

      1,185,000        1,163,929  

Capital Trust Authority, Series A,
5.000%, 06/01/541

     1,000,000        884,846  

5.000%, 06/01/641

     1,765,000        1,516,544  

County of Miami-Dade Florida Seaport Department, Series 1, (AG)
4.000%, 10/01/45

      2,265,000        2,054,030  

County of Miami-Dade Florida Seaport Department, Series A
5.250%, 10/01/52

      365,000        360,194  

Escambia County Health Facilities Authority
4.000%, 08/15/50

      1,055,000        857,899  

Florida Development Finance Corp.,
4.000%, 02/01/52

      485,000        386,450  

5.000%, 02/01/52

      325,000        298,737  

5.250%, 08/01/55

      1,750,000        1,752,795  
      Principal
Amount		      Value  

Florida Housing Finance Corp., Series 3, (GNMA FNMA FHLMC)
4.750%, 07/01/54

    $ 3,045,000      $ 2,937,331  

Hillsborough County Industrial Development Authority
4.000%, 08/01/50

      815,000        685,640  

Miami Beach Health Facilities Authority,
4.000%, 11/15/46

      2,370,000        2,018,810  

4.000%, 11/15/51

      1,250,000        1,023,539  

Orange County Health Facilities Authority, Series A
5.250%, 10/01/56

      3,500,000        3,555,741  

Palm Beach County Health Facilities Authority, Series B
5.000%, 11/15/55

      2,000,000        1,887,558  

Village Community Development District No 15,
4.550%, 05/01/441

     1,000,000        931,754  

4.800%, 05/01/551

     1,000,000        910,143  

Total Florida

         23,225,940  

Georgia - 1.5%

      

Fayette County Development Authority,
5.250%, 10/01/49

      1,500,000        1,523,554  

5.250%, 10/01/54

      1,500,000        1,510,847  

Total Georgia

         3,034,401  

Idaho - 1.0%

      

Idaho Health Facilities Authority, Series A
4.375%, 03/01/53

      2,250,000        1,979,568  

Illinois - 2.8%

      

Chicago O’Hare International Airport, Senior Lien, Series A
5.000%, 01/01/48

      1,100,000        1,081,875  

Metropolitan Pier & Exposition Authority,
4.000%, 12/15/42

      325,000        290,773  

4.000%, 06/15/52

      485,000        394,122  

5.000%, 06/15/50

      815,000        796,684  

State of Illinois, Series A
4.000%, 03/01/40

      1,240,000        1,121,390  

State of Illinois, Series B,
5.250%, 05/01/48

      1,000,000        1,007,261  

5.250%, 05/01/49

      1,000,000        1,005,623  

Total Illinois

         5,697,728  

Indiana - 2.4%

      

Indiana Finance Authority, Series A,
5.000%, 07/01/54

      1,000,000        955,870  

5.000%, 07/01/59

      1,250,000        1,181,693  

5.250%, 07/01/64

      1,500,000        1,456,284  

5.375%, 03/01/55

      1,500,000        1,461,130  

Total Indiana

         5,054,977  

Louisiana - 3.4%

      

Louisiana Public Facilities Authority,
5.500%, 09/01/59

      2,500,000        2,537,436  

5.750%, 09/01/64

      2,500,000        2,573,215  
 

 

 

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

2

    

 

AMG GW&K Municipal Enhanced SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal
Amount		      Value  

Louisiana - 3.4% (continued)

      

Louisiana Stadium & Exposition District, Series A
5.250%, 07/01/53

    $ 1,965,000        $1,993,680  

Total Louisiana

         7,104,331  

Massachusetts - 7.6%

      

Massachusetts Development Finance Agency,
4.000%, 07/01/51

      1,080,000        850,017  

5.250%, 07/01/50

      1,750,000        1,731,781  

5.250%, 07/01/52

      3,705,000        3,617,848  

5.250%, 07/01/55

      3,750,000        3,581,175  

5.250%, 07/01/55

      1,500,000        1,467,354  

Massachusetts Development Finance Agency, Series 1,
4.500%, 07/01/54

      2,750,000        2,462,417  

5.250%, 07/01/50

      1,000,000        1,009,761  

Massachusetts Development Finance Agency, Series A
5.000%, 07/01/601

     1,000,000        906,556  

Total Massachusetts

         15,626,909  

Michigan - 1.2%

      

Michigan State Housing Development Authority, Series A,
4.950%, 12/01/50

      1,000,000        990,869  

5.000%, 12/01/55

      1,520,000        1,500,560  

Total Michigan

         2,491,429  

Minnesota - 0.7%

      

Duluth Economic Development Authority, Series A
5.000%, 02/15/48

      410,000        409,435  

Minnesota Agricultural & Economic Development Board, Series 2024
5.250%, 01/01/54

      1,000,000        1,011,778  

Total Minnesota

         1,421,213  

Missouri - 1.0%

      

Health & Educational Facilities Authority of the State of Missouri
4.000%, 06/01/53

      2,500,000        2,104,032  

Nebraska - 0.6%

      

Central Plains Energy Project #3, Series A
5.000%, 09/01/42

      1,125,000        1,154,566  

New Hampshire - 1.2%

      

New Hampshire Business Finance Authority, Series A
5.500%, 06/01/55

      2,500,000        2,555,458  

New Jersey - 3.2%

      

New Jersey Transportation Trust Fund Authority, Series BB
5.250%, 06/15/50

      1,000,000        1,028,879  

New Jersey Turnpike Authority, Series A
5.250%, 01/01/55

      2,230,000        2,317,914  
      Principal
Amount		      Value  

South Jersey Transportation Authority
4.625%, 11/01/47

    $ 2,070,000        $1,978,035  

Tobacco Settlement Financing Corp., Series A,
5.000%, 06/01/46

      405,000        402,334  

5.250%, 06/01/46

      530,000        533,517  

Tobacco Settlement Financing Corp., Series B
5.000%, 06/01/46

      275,000        264,936  

Total New Jersey

         6,525,615  

New York - 10.7%

      

City of New York, Series E
5.000%, 08/01/54

      1,000,000        1,012,177  

Metropolitan Transportation Authority, Series 1,
4.750%, 11/15/45

      3,625,000        3,531,798  

5.000%, 11/15/50

      1,000,000        989,779  

Metropolitan Transportation Authority, Series A
5.250%, 11/15/55

      1,000,000        1,019,219  

New York City Transitional Finance Authority, Series E
5.000%, 11/01/53

      1,000,000        1,015,127  

New York State Dormitory Authority, Series A,
4.000%, 07/01/47

      550,000        465,444  

4.000%, 07/01/52

      340,000        278,134  

4.250%, 07/01/50

      1,530,000        1,341,776  

New York Transportation Development Corp.,
4.000%, 04/30/53

      1,125,000        895,824  

5.000%, 12/01/40

      845,000        849,872  

5.000%, 12/01/41

      815,000        812,203  

5.500%, 06/30/54

      1,000,000        1,006,449  

5.625%, 04/01/40

      1,000,000        1,027,747  

6.000%, 04/01/35

      500,000        543,877  

6.000%, 06/30/54

      2,500,000        2,582,481  

New York Transportation Development Corp. (AG)
5.000%, 06/30/49

      1,220,000        1,200,822  

New York Transportation Development Corp., Series A
5.500%, 12/31/60

      2,500,000        2,499,624  

Suffolk Regional Off-Track Betting Corp.
6.000%, 12/01/53

      1,000,000        1,021,170  

Total New York

         22,093,523  

North Carolina - 1.5%

      

North Carolina Turnpike Authority, Series A, (AG)
5.000%, 01/01/58

      3,000,000        3,003,990  

Ohio - 5.1%

      

Columbus Regional Airport Authority, Series A
5.500%, 01/01/55

      3,000,000        3,096,271  

County of Hamilton, Series A
5.500%, 08/01/51

      1,000,000        986,114  

Ohio Higher Educational Facility Commission,
5.250%, 05/01/49

      2,500,000        2,482,914  

5.250%, 05/01/54

      3,000,000        2,939,937  
 

 

 

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

3

    

 

AMG GW&K Municipal Enhanced SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal
Amount		      Value  

Ohio - 5.1% (continued)

      

Ohio Housing Finance Agency, Series A, (GNMA FNMA FHLMC)
4.550%, 09/01/49

      $1,085,000        $1,024,286  

Total Ohio

         10,529,522  

Pennsylvania - 9.0%

      

Allegheny County Airport Authority, Series A
5.000%, 01/01/51

      815,000        801,365  

Geisinger Authority
4.000%, 04/01/50

      1,340,000        1,129,833  

Montgomery County Higher Education and Health Authority, Series B
5.000%, 05/01/52

      900,000        873,715  

Pennsylvania Economic Development Financing Authority
5.250%, 06/30/53

      2,185,000        2,185,453  

Pennsylvania Economic Development Financing Authority, (AG)
5.000%, 12/31/57

      4,075,000        3,972,385  

Pennsylvania Higher Educational Facilities Authority, Series B2
5.000%, 11/01/54

      4,780,000        4,622,988  

Pennsylvania Housing Finance Agency, Series 146A
4.750%, 04/01/53

      2,050,000        1,983,649  

Pennsylvania Turnpike Commission, Series A
4.000%, 12/01/50

      2,435,000        2,105,665  

Philadelphia Authority for Industrial Development
5.250%, 11/01/52

      1,000,000        984,087  

Total Pennsylvania

         18,659,140  

Rhode Island - 2.7%

      

Rhode Island Health and Educational Building Corp.
5.250%, 05/15/54

      5,100,000        5,052,904  

Tobacco Settlement Financing Corp., Series A
5.000%, 06/01/40

      530,000        529,991  

Total Rhode Island

         5,582,895  

South Carolina - 3.2%

      

Richland County School District No 2, Series A, (South Carolina School District)
1.875%, 03/01/38

      1,600,000        1,158,056  

South Carolina Jobs-Economic Development Authority
5.750%, 11/15/54

      1,000,000        1,009,691  

South Carolina Jobs-Economic Development Authority, Series A
5.500%, 11/01/54

      2,000,000        2,072,075  

South Carolina Public Service Authority, Series A
5.000%, 12/01/55

      1,335,000        1,330,674  
      Principal
Amount		      Value  

South Carolina Public Service Authority, Series B
5.250%, 12/01/54

      $1,000,000        $1,016,326  

Total South Carolina

         6,586,822  

Tennessee - 3.8%

      

Chattanooga Health Educational & Housing Facility Board
5.250%, 12/01/54

      2,000,000        2,004,387  

City of Chattanooga Electric
2.000%, 09/01/40

      1,400,000        966,119  

Knox County Health Educational & Housing Facility Board, Series 1, (BAM)
5.125%, 07/01/59

      1,000,000        994,319  

Knox County Health Educational & Housing Facility Board, Series A1, (BAM)
5.500%, 07/01/59

      1,000,000        1,020,702  

Metropolitan Government Nashville & Davidson County Health & Educational Facilities
5.250%, 05/01/53

      520,000        517,896  

Shelby County Health & Educational Facilities Board, Series A1
5.250%, 06/01/561

     2,500,000        2,305,707  

Total Tennessee

         7,809,130  

Texas - 8.2%

      

Central Texas Regional Mobility Authority, Series B
4.000%, 01/01/51

      2,000,000        1,739,902  

City of Corpus Christi Utility System Revenue, (AG)
5.000%, 07/15/552

     2,000,000        2,001,526  

City of Houston Airport System Revenue, Series B,
5.500%, 07/15/37

      1,500,000        1,557,919  

5.500%, 07/15/38

      1,000,000        1,028,543  

5.500%, 07/15/39

      1,630,000        1,667,047  

Lower Colorado River Authority
5.000%, 05/15/51

      1,000,000        1,000,657  

Northwest Independent School District, (PSF-GTD)
5.250%, 02/15/552

     2,150,000        2,236,774  

Texas Private Activity Bond Surface Transportation Corp.,
5.000%, 06/30/58

      4,050,000        3,867,239  

5.500%, 12/31/58

      650,000        666,374  

Texas Private Activity Bond Surface Transportation Corp., Series A
4.000%, 12/31/39

      1,180,000        1,099,595  

Total Texas

         16,865,576  

Utah - 0.9%

      

Downtown Revitalization Public Infrastructure District, Series A, (AG)
5.500%, 06/01/55

      1,875,000        1,966,940  
 

 

 

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

4

    

 

AMG GW&K Municipal Enhanced SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal
Amount		      Value  

Virginia - 3.1%

      

Lynchburg Economic Development Authority
4.000%, 01/01/55

      $240,000        $192,093  

Virginia Small Business Financing Authority,
4.000%, 01/01/39

      485,000        449,957  

4.000%, 01/01/40

      485,000        440,274  

5.000%, 12/31/47

      1,755,000        1,755,232  

5.000%, 12/31/49

      1,905,000        1,820,953  

5.000%, 12/31/52

      1,895,000        1,788,616  

Total Virginia

         6,447,125  

Washington - 1.2%

      

Washington State Housing Finance Commission,
5.000%, 07/01/54

      1,500,000        1,439,575  

5.500%, 07/01/49

      1,000,000        1,022,963  

Total Washington

         2,462,538  

West Virginia - 1.0%

      

West Virginia Hospital Finance Authority, Series A
5.500%, 06/01/502

     1,000,000        1,037,905  

West Virginia Hospital Finance Authority, Series B
6.000%, 09/01/53

      1,000,000        1,063,432  

Total West Virginia

         2,101,337  
      Principal
Amount		      Value  

Wisconsin - 2.2%

      

Public Finance Authority,
5.250%, 11/15/55

      $1,100,000        $1,102,572  

5.250%, 11/15/61

      1,555,000        1,548,073  

Public Finance Authority, Series A
5.000%, 06/01/411

      2,000,000        1,981,687  

Total Wisconsin

         4,632,332  

Total Municipal Bonds

      

(Cost $211,234,640)

         202,924,996  

Short-Term Investments - 3.4%

      

Repurchase Agreements - 3.4%

      

Fixed Income Clearing Corp., dated 06/30/25, due 07/01/25, 4.100% total to be received $7,033,801 (collateralized by a U.S. Treasury Note, 4.500%, 05/31/29, totaling $7,173,683)

      7,033,000        7,033,000  

Total Short-Term Investments

      

(Cost $7,033,000)

         7,033,000  

Total Investments - 101.6%

      

(Cost $218,267,640)

         209,957,996  

Other Assets, less Liabilities - (1.6)%

         (3,292,946 ) 

Net Assets - 100.0%

         $206,665,050  
 

 

1 

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2025, the value of these securities amounted to $9,437,237 or 4.6% of net assets.

 

2 

All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at June 30, 2025, amounted to $5,276,205, or 2.6% of net assets.

 

AG    Assured Guaranty
BAM    Build America Mutual Assurance Co.
FHLMC    Freddie Mac
FNMA    Fannie Mae
GNMA    Ginnie Mae
PSF-GTD    Permanent School Fund Guaranteed
 

 

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

 

     Level 1      Level 2      Level 3      Total  

 Investments in Securities

            

Municipal Bonds

      —      $ 202,924,996        —      $ 202,924,996  

Short-Term Investments

            

Repurchase Agreements

      —        7,033,000        —        7,033,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

        —      $ 209,957,996          —      $ 209,957,996  
  

 

 

     

 

 

     

 

 

     

 

 

  

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

 

 

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

5

    

 

Statement of Assets and Liabilities (unaudited)

June 30, 2025

 

   

 

 

      

 

 

     AMG
GW&K Municipal
Enhanced SMA Shares

Assets:

     

Investments at value1

       $209,957,996

Cash

        193

Interest receivables

        2,209,675

Receivable for Fund shares sold

        155,735

Receivable from affiliate

        12,489

Prepaid expenses and other assets

        11,886

Total assets

        212,347,974

Liabilities:

     

Payable for delayed delivery investments purchased

        5,236,502

Payable for Fund shares repurchased

        380,899

Accrued expenses:

     

Other

        65,523

Total liabilities

        5,682,924

Commitments and Contingencies (Notes 2 & 6)

 

Net Assets

        $206,665,050

1 Investments at cost

        $218,267,640

Net Assets Represent:

 

Paid-in capital

        $214,868,878

Total distributable loss

        (8,203,828 )

Net Assets

        $206,665,050
    

Net assets

        $206,665,050

Shares outstanding

        21,005,955

Net asset value, offering and redemption price per share

        $9.84

 

 

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

6

    

 

Statement of Operations (unaudited)

For the six months ended June 30, 2025

 

   

 

 

      

 

 

     AMG
GW&K Municipal
Enhanced SMA Shares

Investment Income:

     

Interest income

        $4,473,336

Total investment income

        4,473,336

Expenses:

     

Professional fees

        26,982

Custodian fees

        12,201

Registration fees

        9,311

Trustee fees and expenses

        8,164

Reports to shareholders

        7,143

Transfer agent fees

        2,379

Miscellaneous

        2,925

Total expenses before offsets

        69,105

Expense reimbursements

        (69,105 )

Net expenses

        —
    

Net investment income

        4,473,336

Net Realized and Unrealized Loss:

     

Net realized loss on investments

        (15,024 )

Net change in unrealized appreciation/depreciation on investments

        (9,469,767 )

Net realized and unrealized loss

        (9,484,791 )
    

Net decrease in net assets resulting from operations

        $(5,011,455 ) 

 

 

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

7

    

 

Statements of Changes in Net Assets

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

 

   

 

 

      

 

 

     AMG
GW&K Municipal
Enhanced SMA Shares
     June 30, 2025   December 31, 2024

Increase (Decrease) in Net Assets Resulting From Operations:

         

Net investment income

        $4,473,336       $6,515,795

Net realized gain (loss) on investments

        (15,024 )       877,195

Net change in unrealized appreciation/depreciation on investments

        (9,469,767 )       (2,820,862 )

Net increase (decrease) in net assets resulting from operations

        (5,011,455 )       4,572,128

Distributions to Shareholders:

        (4,455,944 )       (7,223,059 )

Capital Share Transactions:1

        

Net increase from capital share transactions

        34,180,793       86,672,277
        

Total increase in net assets

        24,713,394       84,021,346

Net Assets:

         

Beginning of period

        181,951,656       97,930,310

End of period

        $206,665,050       $181,951,656

1 See Note 1(g) of the Notes to Financial Statements. 

 

 

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

8

AMG GW&K Municipal Enhanced SMA Shares

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

 

    

For the six
months ended

June 30, 2025

(unaudited)

     For the fiscal
year ended
December 31,		     For the fiscal
period ended
December 31,		  
    2024     20231  

Net Asset Value, Beginning of Period

      $10.33       $10.51       $10.00  

Income (loss) from Investment Operations:

       

Net investment income2,3

     0.24       0.47       0.38  

Net realized and unrealized gain (loss) on investments

      (0.50)       (0.15)       0.48  

Total income (loss) from investment operations

      (0.26)       0.32       0.86  

Less Distributions to Shareholders from:

       

Net investment income

      (0.23)       (0.46)       (0.35)  

Net realized gain on investments

      —       (0.04)       —  

Total distributions to shareholders

      (0.23)       (0.50)       (0.35)  

Net Asset Value, End of Period

      $9.84       $10.33       $10.51  

Total Return3,4

     (2.52 )%5       3.14 %      8.81 %5  

Ratio of net expenses to average net assets

      0.00 %6       0.00 %      0.00 %6  

Ratio of gross expenses to average net assets7

     0.07 %6       0.09 %      0.20 %6  

Ratio of net investment income to average net assets3

     4.72 %6       4.51 %      4.55 %6  

Portfolio turnover

      21 %5       17 %      12 %5,8  

Net assets end of period (000’s) omitted

      $206,665       $181,952       $97,930  
                          

 

1 

Commencement of operations was February 28, 2023.

2 

Per share numbers have been calculated using average shares.

3 Total returns and net investment income would have been lower had certain expenses not been offset.

4 

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

5 

Not annualized.

6 

Annualized.

7 

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.)

8 

Portfolio turnover rate excludes securities received from processing a subscription in-kind.

 

 

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

9

    

 

 

Notes to Financial Statements (unaudited)

June 30, 2025

 

   

 

 

      

 

 

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the “Trust”) is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report is AMG GW&K Municipal Enhanced SMA Shares (the “Fund”).

The Fund offers a single class of shares for purchase. Shares of the Fund may be purchased only by or on behalf of separately managed account clients where GW&K Investment Management, LLC (“GW&K”), the Fund’s subadviser, has an agreement with sponsors of separately managed account programs (“Program Sponsors”), or directly with the client, to provide management or advisory services to the managed account or to the Program Sponsor for its use in managing such account.

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

a. VALUATION OF INVESTMENTS

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

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

The Fund’s portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Fund’s Board of Trustees (the “Board”) designated AMG Funds LLC (the “Investment Manager”) as the Fund’s Valuation Designee to perform the Fund’s fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager’s fair value determinations.

Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by the Investment Manager and under the general supervision of the Board. The Fund may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for

the portfolio investment is not readily available or otherwise not determinable pursuant to the Fund’s valuation procedures, if the Investment Manager believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Investment Manager seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with quarterly reports, as of the most recent quarter end, summarizing all fair value activity, material fair value matters that occurred during the quarter, and all outstanding securities fair valued by the Fund. Additionally, the Board will be presented with an annual report that assesses the adequacy and effectiveness of the Investment Manager’s process for determining the fair value of the Fund’s investments.

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund.

Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 - inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

Level 2 - other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, fair valued securities with observable inputs)

Level 3 - inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or

 

 

 

10

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.

b. SECURITY TRANSACTIONS

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

c. INVESTMENT INCOME AND EXPENSES

Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend income is recorded on the ex-dividend date and other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to the Fund are apportioned among the funds in the Trust and other trusts or funds within the AMG Funds Family of Funds (collectively, the “AMG Funds Family”) based upon their relative average net assets or number of shareholders.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income, if any, will normally be declared and paid monthly. Fund distributions resulting from net realized capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are primarily due to tax equalization utilized. There were no temporary differences during the period.

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

 

 Cost   Appreciation     Depreciation     Net Depreciation  
 $218,267,640     $282,868       $(8,592,512)       $(8,309,644)  

e. FEDERAL TAXES

The Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”), and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. The Investment Manager has analyzed the Fund’s tax positions taken on federal income tax returns for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2024, the Fund had no capital loss carryovers for federal income tax purposes. Should the Fund incur net capital losses for the fiscal year ended December 31, 2025, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

 

 

g. CAPITAL STOCK

The Trust’s Amended and Restated Agreement and Declaration of Trust authorizes for the Fund the issuance of an unlimited number of shares of beneficial interest, without par value. The Fund records sales and repurchases of its capital stock on the trade date.

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

 

     June 30, 2025

 

     December 31, 2024

 

  
     Shares     Amount     Shares     Amount  
        

 Shares sold

      5,231,791       $52,705,683       9,581,383       $100,277,537  

 Shares issued in reinvestment of distributions

      201,890       2,024,895       366,860       3,822,607  

 Shares redeemed

      (2,033,724 )      (20,549,785 )      (1,663,379 )      (17,427,867 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

 Net increase

       3,399,957        $34,180,793        8,284,864        $86,672,277  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

 

11

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

 

h. REPURCHASE AGREEMENTS

The Fund may enter into third-party and bilateral repurchase agreements for temporary cash management purposes. The value of the underlying collateral, including accrued interest, must equal or exceed the value of the repurchase agreements during the term of the agreement. The underlying collateral for all repurchase agreements is held by the Fund’s custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

At June 30, 2025, the market value of repurchase agreements outstanding was $7,033,000.

i. DELAYED DELIVERY TRANSACTIONS AND WHEN-ISSUED SECURITIES

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

During the six months ended June 30, 2025, the Fund entered into securities transactions on a delayed delivery or when issued basis. At June 30, 2025, the market value of delayed delivery securities held in the Fund amounted to $5,276,205.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

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

The Fund does not pay advisory fees to the Investment Manager or GW&K. Shareholders should be aware, however, that the Fund is an integral part of separately managed account programs, and the Investment Manager or GW&K will be compensated directly or indirectly by Program Sponsors or program participants for managed account advisory services.

The Investment Manager has contractually agreed, through at least May 1, 2026, to waive fees and/or pay or reimburse the Fund’s expenses in order to limit total annual operating expenses (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the Fund to the annual rate of 0.00% of the average daily net assets attributable to the Fund. The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the Investment Manager and the Board or in the event of the Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of the Fund.

For the six months ended June 30, 2025, the Investment Manager reimbursed the Fund $69,105.

The Trust, on behalf of the Fund, has entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Fund’s administrator (the “Administrator”) and is responsible for certain aspects of managing the Fund’s operations, including administration and shareholder services to the Fund. The Fund does not pay administrative fees to the Investment Manager for these services.

The Fund is distributed by AMG Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and underwriter for the Fund and is a registered broker-dealer and member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Shares of the Fund may be purchased only by or on behalf of separately managed account clients where GW&K has an agreement with the Program Sponsor (typically, a registered investment adviser or broker-dealer), or directly with the client, to provide management or advisory services to the managed account. Generally, the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any advertising or sales literature.

The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Fund are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.

The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits certain eligible funds in the AMG Funds Family to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and interest expense,

 

 

 

12

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

 

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

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended June 30, 2025, were $76,222,508 and $38,233,147, respectively.

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

4. SEGMENT REPORTING

The Fund operates through a single operating and reporting segment to achieve its investment objective as reflected in the Fund’s prospectus. The Chief Operating Decision Makers (“CODM”) are the Fund’s president and chief financial officer. The CODM assesses the performance and makes operating decisions for the Fund primarily based on the Fund’s changes in net assets resulting from operations. In addition to other factors and metrics, the CODM utilizes the Fund’s net assets, total return, and ratios of net and gross expenses to average net assets as key metrics in reviewing the performance of the Fund. As the Fund’s operations comprise a single reporting segment, the segment assets are reflected on the accompanying Statement of Assets and Liabilities as “Total assets” and the significant segment expenses are listed on the Statement of Operations.

5. FUND RISKS

In the normal course of business, the Fund invests in securities or other instruments and may enter into certain transactions, and such activities subject the Fund to various risks. The value of securities or other instruments may also be affected by various factors, including, without limitation: (i) the general economy; (ii) the overall market; or (iii) price fluctuations. Please refer to the Fund’s current prospectus for additional information about the Fund’s principal risks.

Market Risk: Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of factors, including economic or market conditions, or other factors including terrorism, war, natural disasters and the spread of infectious illness or other public health issues, including epidemics or pandemics, or in response to events that affect particular industries or companies. In addition, unexpected political, regulatory, trade and diplomatic events within the United States and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy, perhaps suddenly and to a significant degree.

Management Risk: Because the Fund is an actively managed investment portfolio, security selection or focus on securities in a particular style, market sector or group of companies may cause the Fund to incur losses or underperform relative to its benchmarks or other funds with a similar investment objective. There can be no guarantee that GW&K’s investment techniques and risk analysis will produce the desired result.

Municipal Market Risk: Factors unique to the municipal bond market may negatively affect the value of the Fund’s investment in municipal bonds. These factors include political or legislative changes, and uncertainties related to the tax status of the securities and the rights of investors in the securities. The Fund may invest in a group of municipal obligations that are related in such a way that an economic, business, or political development affecting one would also affect the others.

Sector Risk: Issuers and companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase. A portion of the Fund’s assets may be invested in fixed income securities that would tend to respond similarly to particular economic or political developments or the interest on which is based on revenues or otherwise related to similar types of projects. An example would be securities of issuers whose revenues are paid from similar types of projects, such as health care (including hospitals) or transportation.

Debt Securities Risk: The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. Investments in debt securities are subject to, among other risks, credit risk, interest rate risk, extension risk, prepayment risk and liquidity risk.

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

Inflation/Deflation Risk: Inflation risk is the risk that the value of assets or income from investments will be worth less in the future. Inflation rates may change frequently and drastically as a result of various factors and the Fund’s investments may not keep pace with inflation, which may result in losses to Fund investors or adversely affect the real value of shareholders’ investments in the Fund. As inflation rates increase, fixed income securities markets may experience heightened levels of interest rate volatility and liquidity risk. Deflation risk is the risk that the prices throughout the economy decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.

Credit and Counterparty Risk: The issuer of bonds or other debt securities may be unable or unwilling, or may be perceived as unable or unwilling, to make timely interest, principal or settlement payments or otherwise honor its obligations. Changes in an issuer’s financial strength, credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer.

Prepayment Risk: A debtor may exercise its right to pay back a bond or other debt security earlier than expected or required during periods of decreasing interest rates.

Extension Risk: During periods of rising interest rates, a debtor may pay back a bond or other fixed income security slower than expected or required, and the value of such security may fall.

Liquidity Risk: The Fund may not be able to dispose of particular investments, such as illiquid securities, readily at favorable times or prices or the Fund may have to sell them at a loss.

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

 

 

 

13

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

 

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

6. COMMITMENTS AND CONTINGENCIES

Under the Trust’s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Fund may enter into

 

contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Fund under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund had no prior claims or losses and expects the risks of loss to be remote.

 

 

7. MASTER NETTING AGREEMENTS

The Fund may enter into master netting agreements with its counterparties for repurchase agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities.

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

 

               Gross Amount Not Offset in the               
                  Statement of Assets and Liabilities                  
     Gross Amounts of
Assets Presented in
the Statement of
Assets and Liabilities		          Offset
Amount		         

Net

Asset
Balance

          Collateral
Received		          Net
Amount
                          

Fixed Income Clearing Corp.

      $7,033,000         —         $7,033,000           $7,033,000         —

 

8. RECENT ACCOUNTING UPDATE PRONOUNCEMENT

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

9. SUBSEQUENT EVENTS

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

 

 

 

14

    

 

 

Other Information (unaudited)

 

   

 

 

      

 

 

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

During the six months ended June 30, 2025, there were no changes in and/or disagreements with accountants.

 

 

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

Not applicable.

 

 

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

The remuneration paid to the Trustees during the six months ended June 30, 2025, was $8,164, which is reflected as “Trustee fees and expenses” on the Statement of Operations. There was no remuneration paid to any Fund officer or to any affiliated person of any Fund Trustee or officer during the six months ended June 30, 2025.

 

 

15

    

 

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

 

   

 

 

      

 

AMG GW&K Municipal Enhanced SMA Shares: Approval of Investment Management Agreement and Subadvisory Agreement on June 11, 2025

At an in-person meeting held on June 11, 2025, the Board of Trustees (the “Board” or the “Trustees”), and separately a majority of the Trustees who are not “interested persons”, of AMG Funds (the “Trust”) (the “Independent Trustees”), approved (i) the Investment Management Agreement, as amended pursuant to letter agreements at any time prior to the date of the meeting, with AMG Funds LLC (the “Investment Manager”) for AMG GW&K Municipal Enhanced SMA Shares (the “Fund”) ( the “Investment Management Agreement”); and (ii) the Subadvisory Agreement, as amended at any time prior to the date of the meeting (the “Subadvisory Agreement”), with GW&K

Investment Management, LLC, the Fund’s subadviser (the “Subadviser”). The Independent Trustees were separately represented by independent legal counsel in their consideration of the approval of these agreements. In considering the Investment Management Agreement and Subadvisory Agreement, the Trustees reviewed a variety of materials relating to the Fund, the Investment Manager and the Subadviser, including information regarding the nature, extent and quality of services, comparative performance, fee and expense information for an appropriate peer group of similar mutual funds for the Fund (the “Peer Group”), performance information for the relevant benchmark index for the Fund (the “Fund Benchmark”), other relevant matters, including management fees, the profitability of the Investment Manager and the Subadviser, and the potential for economies of scale that may be shared with the Fund, and other information provided to them on a periodic basis throughout the year. Prior to voting, the Independent Trustees: (a) reviewed the foregoing information with their independent legal counsel; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Investment Management Agreement and the Subadvisory Agreement; and (c) met with their independent legal counsel in private sessions at which no representatives of management were present.

NATURE, EXTENT AND QUALITY OF SERVICES

In considering the nature, extent and quality of the services to be provided by the Investment Manager, the Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings relating to the Investment Manager’s operations and personnel. Among other

 

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

things, the Investment Manager provided financial information, information about its supervisory and professional staff and descriptions of its organizational and management structure. The Trustees also took into account information provided periodically throughout the previous year by the Investment Manager in Board meetings relating to the performance of its duties with respect to the Fund and the Trustees’ knowledge of the Investment Manager’s management and the quality of the performance of the Investment Manager’s duties under the Investment Management Agreement and the Administration Agreement. In the course of their deliberations regarding the Investment Manager, the Trustees evaluated, among other things: (a) the extent and quality of the Investment Manager’s oversight of the operation and management of the Fund; (b) the quality of the Investment Manager’s oversight of the performance by the Subadviser of its portfolio management duties; (c) the Investment Manager’s ability to supervise the Fund’s other service providers; and (d) the Investment Manager’s compliance program. The Trustees also took into account that, in performing its functions under the Investment Management Agreement and supervising the Subadviser, the Investment Manager: performs periodic detailed analyses and reviews of the performance by the Subadviser of its obligations to the Fund, including without limitation, analysis and review of portfolio and other compliance matters and review of the Subadviser’s investment performance with respect to the Fund; prepares and presents periodic reports to the Board regarding the investment performance of the Subadviser and other information regarding the Subadviser, at such times and in such forms as the Board may reasonably request; reviews and considers any changes in the personnel of the Subadviser responsible for performing the Subadviser’s obligations and makes appropriate reports to the Board; reviews and considers any changes in the ownership or senior management of the Subadviser and makes appropriate reports to the Board; performs periodic in-person, telephonic or videoconference diligence meetings, including with respect to compliance matters, with representatives of the Subadviser; assists the Board and management of the Trust in developing and reviewing information with respect to the initial approval of the Subadvisory Agreement and annual consideration of the Subadvisory Agreement thereafter; prepares recommendations with respect to the continued retention of the Subadviser or the replacement of Subadviser, including at the request of the Board; identifies potential successors to, or replacements of, the Subadviser or potential additional subadvisers,

 

    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    

including performing appropriate due diligence, and developing and presenting to the Board a recommendation as to any such successor, replacement, or additional subadviser, including at the request of the Board; designates and compensates from its own resources such personnel as the Investment Manager may consider necessary or appropriate to the performance of its services; and performs such other review and reporting functions as the Board shall reasonably request consistent with the Investment Management Agreement and applicable law. The Trustees noted the affiliation of the Subadviser with the Investment Manager, noting any potential conflicts of interest. The Trustees also took into account the financial condition of the Investment Manager with respect to its ability to provide the services required under the Investment Management Agreement and the Investment Manager’s undertaking to maintain a contractual expense limitation for the Fund. The Trustees also considered the Investment Manager’s risk management processes.

The Trustees also reviewed information relating to the Subadviser’s operations and personnel and the investment philosophy, strategies and techniques (its “Investment Strategy”) used in managing the Fund. Among other things, the Trustees reviewed information on portfolio management and other professional staff, information regarding the Subadviser’s organizational and management structure and the Subadviser’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at the Subadviser with portfolio management responsibility for the Fund, including the information set forth in the Fund’s prospectus and statement of additional information. In the course of their deliberations, the Trustees evaluated, among other things: (a) the services rendered by the Subadviser in the past; (b) the qualifications and experience of the Subadviser’s personnel; and (c) the Subadviser’s compliance program. The Trustees also took into account the financial condition of the Subadviser with respect to its ability to provide the services required under the Subadvisory Agreement. The Trustees also considered the Subadviser’s risk management processes.

PERFORMANCE

The Board considered the Fund’s net performance during relevant time periods as compared to the Fund’s Peer Group and Fund Benchmark, considered the gross performance of the Fund as compared to the Subadviser’s relevant performance composite that utilizes a similar investment strategy and

 

 

 

16

    

 

 

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

 

     
      

 

approach, and noted that the Board reviews on a quarterly basis detailed information about both the Fund’s performance results and portfolio composition, as well as the Subadviser’s Investment Strategy. The Board was mindful of the Investment Manager’s expertise, resources and attention to monitoring the Subadviser’s performance, investment style and risk-adjusted performance with respect to the Fund and its discussions with the management of the Fund’s subadviser during the period regarding the factors that contributed to the performance of the Fund.

 

Among other information relating to the Fund’s performance, the Trustees noted that the performance of the Fund’s sole share class for the 1-year period and the period from the Fund’s inception on February 28, 2023 through March 31, 2025, was below and above, respectively, the median performance of the Peer Group and below and above, respectively, the performance of the Fund Benchmark, the Bloomberg U.S. Municipal Bond BAA Index. The Trustees took into account management’s discussion of the Fund’s performance, including the reasons for the Fund’s more recent underperformance and longer-term outperformance relative to the Peer Group and the Fund Benchmark and the fact that the Fund ranked in the top half relative to the Peer Group for the period from the Fund’s inception through March 31, 2025. The Trustees also considered that the Fund recently commenced operations and has a relatively limited performance history. It was noted that while the Trustees found the Peer Group comparisons generally useful, they recognized their limitations, including that the data may vary depending on the end date selected and that the results of the performance comparisons may vary depending on the selection of the Peer Group and its composition over time. The Trustees concluded that the Fund’s overall performance has been satisfactory in light of the Fund’s investment objective, strategies, and policies, as well as overall market conditions.

 

ADVISORY AND SUBADVISORY FEES; FUND EXPENSES; PROFITABILITY; AND ECONOMIES OF SCALE

 

The Trustees noted that the Fund pays no advisory fee to the Investment Manager for the services provided under the Investment Management Agreement and that the Investment Manager pays no subadvisory fee to the Subadviser in exchange for the services provided under the Subadvisory Agreement. The Trustees noted that the Fund is an integral part of separately managed account programs, and the Investment Manager or the

     

Subadviser is compensated directly or indirectly by program sponsors or program participants. The Trustees noted that the Investment Manager indirectly benefits from compensation received by the Subadviser because the Investment Manager and the Subadviser are affiliated. The Trustees reviewed information provided by the Investment Manager at the June 11, 2025 meeting and prior meetings setting forth all revenues and other benefits, both direct and indirect (including any so-called “fallout benefits” such as reputational value derived from the Investment Manager serving as Investment Manager to the Fund), received by the Investment Manager and its affiliates attributable to managing the Fund and all the mutual funds in the AMG Funds Family of Funds; the cost of providing such services; the significant risks undertaken as Investment Manager and sponsor of the Fund, including investment, operational, enterprise, entrepreneurial, litigation, regulatory and compliance risks; and the resulting profitability to the Investment Manager and its affiliates from these relationships. The Trustees also noted payments made from the Subadviser to the Investment Manager. The Trustees also considered management’s discussion of the current asset level of the Fund, and the impact on profitability of both the current asset level and any future growth of assets of the Fund.

 

In considering the cost of services to be provided by the Investment Manager under the Investment Management Agreement and the profitability to the Investment Manager of its relationship with the Fund, the Trustees noted the undertaking by the Investment Manager to maintain a contractual expense limitation for the Fund. The Board also took into account the services the Investment Manager provides in performing its functions under the Investment Management Agreement and supervising the Subadviser. Based on the foregoing, the Trustees concluded that the profitability to the Investment Manager is reasonable and that the Investment Manager is not realizing material benefits from economies of scale that would warrant adjustments to the advisory fee at this time.

 

The Trustees reviewed information regarding the cost to the Subadviser of providing subadvisory services to the Fund and the resulting profitability from the relationship. The Trustees noted that, because the Subadviser is an affiliate of the Investment Manager, a portion of the Subadviser’s revenues or profits might be shared directly or indirectly with the Investment Manager. The Trustees also noted that the Subadviser would receive no subadvisory fee from the Investment Manager with

      

respect to the Fund, but that it would be separately compensated by program sponsors and program participants. The Trustees also took into account management’s discussion of the services the Subadviser provides in performing its functions under the Subadvisory Agreement. Based on the foregoing, the Trustees concluded that the profitability to the Subadviser is reasonable and that the Subadviser is not realizing material benefits from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also, with respect to economies of scale, the Trustees noted that as the Fund’s assets increase over time, the Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

 

The Trustees noted that the Fund’s management fees (which include both the advisory and administration fees) and total expenses (net of applicable expense waivers/reimbursements) as of March 31, 2025, were both rated in the Low rating level of the Fund’s Peer Group. The Trustees noted that the rating level corresponded to the Fund’s quintile ranking in its Peer Group. The Trustees took into account the fact that the Investment Manager has contractually agreed, through May 1, 2026, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.00%. The Trustees concluded that, in light of the nature, extent and quality of the services provided by the Investment Manager and the Subadviser (which is an affiliate of the Investment Manager), the foregoing expense limitation and the considerations noted above with respect to the Investment Manager and the Subadviser, the Fund’s advisory and subadvisory fees are reasonable.

 

* * * *

 

After consideration of the foregoing, the Trustees also reached the following conclusions (in addition to the conclusions discussed above) regarding the Investment Management Agreement and the Subadvisory Agreement: (a) the Investment Manager and the Subadviser have demonstrated that they possess the capability and resources to perform the duties required of them under the Investment Management Agreement and the Subadvisory Agreement and (b) the Investment Manager and Subadviser maintain appropriate compliance programs.

 

Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing the same weight

 

 

17

    

 

 

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

 

     
      

 

to each factor, the Trustees concluded that approval of the Investment Management Agreement and the Subadvisory Agreement would be in the best      interests of the Fund and its shareholders. Accordingly, on June 11, 2025, the Trustees, and separately a majority of the Independent Trustees,       voted to approve the Investment Management Agreement and the Subadvisory Agreement for the Fund.

 

 

18

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LOGO

 

 

 

  

 

 

INVESTMENT MANAGER AND ADMINISTRATOR

 

AMG Funds LLC

 

680 Washington Blvd., Suite 500

 

Stamford, CT 06901

 

800.548.4539

 

DISTRIBUTOR

 

AMG Distributors, Inc.

 

680 Washington Blvd., Suite 500

 

Stamford, CT 06901

 

800.548.4539

 

SUBADVISER

 

GW&K Investment Management, LLC

 

222 Berkeley St.

 

Boston, MA 02116

 

CUSTODIAN

 

The Bank of New York Mellon

 

Mutual Funds Custody

 

240 Greenwich Street

 

New York, NY 10286

 

LEGAL COUNSEL

 

Ropes & Gray LLP

 

Prudential Tower, 800 Boylston Street

 

Boston, MA 02199-3600

     

TRANSFER AGENT

 

BNY Mellon Investment Servicing (US) Inc.

 

AMG Funds

 

Attn: 534426 AIM 154-0520

 

500 Ross Street

 

Pittsburgh, PA 15262

 

800.548.4539

 

TRUSTEES

 

Jill R. Cuniff

 

Kurt A. Keilhacker

 

Peter W. MacEwen

 

Steven J. Paggioli

 

Eric Rakowski

 

Victoria L. Sassine

 

Garret W. Weston

      

This report is prepared for the Fund’s shareholders. It is authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.

 

Current net asset values per share for the Fund are available on the Fund’s website at wealth.amg.com. A description of the policies and procedures the Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission’s (SEC) website at sec.gov. For information regarding the Fund’s proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov. The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Fund’s website at wealth.amg.com. To review a complete list of the Fund’s portfolio holdings, or to view the most recent semi-annual report or annual report, please visit wealth.amg.com.

 

 

 

 
wealth.amg.com       

Item 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS.

Not applicable.

Item 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Not applicable.

Item 16. CONTROLS AND PROCEDURES.

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

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

Item 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

Item 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

Not applicable.

Item 19. EXHIBITS

 

(a)(1)

Not applicable.

 

(a)(2)

Not applicable.

 

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 - Filed herewith.

 

(a)(3)(1)

Not applicable.

 

(a)(3)(2)

Not applicable.

 

(b)

Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 - Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

AMG FUNDS

 

By:   /s/ Keitha L. Kinne
  Keitha L. Kinne, Principal Executive Officer
Date:   September 5, 2025

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

 

By:   /s/ Keitha L. Kinne
  Keitha L. Kinne, Principal Executive Officer
Date:   September 5, 2025
By:   /s/ Thomas Disbrow
  Thomas Disbrow, Principal Financial Officer
Date:   September 5, 2025
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