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:
(800) 548-4539
Date of fiscal year end:
December 31
Date of reporting period:
January 01, 2026 - June 30, 2026
(Semi-Annual Shareholder Report)
Item 1. Reports to Shareholders
(a)
AMG GW&K High Yield Bond SMA Shares
GWHYX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K High Yield Bond SMA Shares (the “Fund”) for the period of June 17, 2026 (commencement of operations) to June 30, 2026. You can find additional information about the Fund at https://wealth.amg.com/literature. You can also request this information by contacting us at 800.548.4539.
Fund Expenses
What were the Fund costs since the commencement of operations?
(Based on a hypothetical $10,000 investment)
Fund (Class) Costs of a $10,000 investment Costs paid as a percentage of a $10,000 investment
AMG GW&K High Yield Bond SMA Shares
(GWHYX)		 $0 0.00%
Usually the expenses for a full reporting period would be higher for a fund; however, in this case, the Fund has an expense cap arrangement that reduces the Fund's expenses to 0.00% (excluding taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the Fund's average daily net assets.
Key Fund Statistics (as of June 30, 2026)
Fund net assets $29,266,278
Total number of portfolio holdings 214
Net advisory fees paid $0
Portfolio turnover rate as of the end of the reporting period 0%
Graphical Representation of Holdings (as of June 30, 2026)
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
CCO Holdings LLC/CCO Holdings Capital Corp., 7.000%, 02/01/33 1.5%
TransDigm, Inc., 6.625%, 03/01/32 1.4%
Venture Global LNG, Inc., 8.375%, 06/01/31 1.3%
Carnival Corp., Ltd., 5.875%, 06/15/31 (Bermuda) 1.2%
Nissan Motor Acceptance Co. LLC, 6.125%, 09/30/30 1.2%
Rocket Cos., Inc., 6.500%, 08/01/29 1.2%
Celanese US Holdings LLC, 7.550%, 11/15/30 1.1%
Centene Corp., 3.375%, 02/15/30 1.1%
SM Energy Co., 9.625%, 06/15/33 1.0%
Tenet Healthcare Corp., 5.500%, 11/15/32 1.0%
Top Ten as a Group 12.0%
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.
063026            TSR107S
AMG GW&K Municipal Bond Fund
Class N/GWMTX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Municipal Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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, 2026)
Fund net assets $1,000,450,574
Total number of portfolio holdings 263
Net advisory fees paid $704,929
Portfolio turnover rate as of the end of the reporting period 36%
Graphical Representation of Holdings (as of June 30, 2026)
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
Southeast Energy Authority A Cooperative District, Series E, 5.000%, 10/01/30 1.5%
Louisiana Stadium & Exposition District, Series A, 5.000%, 07/01/42 1.2%
State of Illinois, Series B, 5.000%, 05/01/34 1.1%
California Community Choice Financing Authority, Series F, 5.000%, 06/01/36 1.1%
New York Transportation Development Corp., 5.000%, 12/01/36 1.1%
Chicago O'Hare International Airport, Senior Lien, Series A, Revenue, 5.000%, 01/01/36 1.0%
State Board of Administration Finance Corp., Series A, 5.526%, 07/01/34 1.0%
Florida Development Finance Corp., Revenue, 4.000%, 11/15/33 1.0%
Great Lakes Water Authority Sewage Disposal System Revenue, Series B, 5.000%, 07/01/34 1.0%
Los Angeles Department of Water & Power, Series C, 5.000%, 07/01/30 1.0%
Top Ten as a Group 11.0%
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.
063026            TSR025S
AMG GW&K Municipal Bond Fund
Class I/GWMIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Municipal Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $20 0.39%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $1,000,450,574
Total number of portfolio holdings 263
Net advisory fees paid $704,929
Portfolio turnover rate as of the end of the reporting period 36%
Graphical Representation of Holdings (as of June 30, 2026)
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
Southeast Energy Authority A Cooperative District, Series E, 5.000%, 10/01/30 1.5%
Louisiana Stadium & Exposition District, Series A, 5.000%, 07/01/42 1.2%
State of Illinois, Series B, 5.000%, 05/01/34 1.1%
California Community Choice Financing Authority, Series F, 5.000%, 06/01/36 1.1%
New York Transportation Development Corp., 5.000%, 12/01/36 1.1%
Chicago O'Hare International Airport, Senior Lien, Series A, Revenue, 5.000%, 01/01/36 1.0%
State Board of Administration Finance Corp., Series A, 5.526%, 07/01/34 1.0%
Florida Development Finance Corp., Revenue, 4.000%, 11/15/33 1.0%
Great Lakes Water Authority Sewage Disposal System Revenue, Series B, 5.000%, 07/01/34 1.0%
Los Angeles Department of Water & Power, Series C, 5.000%, 07/01/30 1.0%
Top Ten as a Group 11.0%
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.
063026            TSR024S
AMG GW&K Municipal Enhanced SMA Shares
MESHX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Municipal Enhanced SMA Shares (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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, 2026)
Fund net assets $259,626,969
Total number of portfolio holdings 139
Net advisory fees paid $0
Portfolio turnover rate as of the end of the reporting period 6%
Graphical Representation of Holdings (as of June 30, 2026)
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
City of Houston TX Hotel Occupancy Tax & Special Revenue, Series C, 5.500%, 09/01/58 3.6%
Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58 3.1%
County of Jefferson Sewer Revenue, 5.500%, 10/01/53 2.9%
Public Finance Authority, 5.750%, 12/31/65 2.4%
Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54 2.1%
Louisiana Stadium & Exposition District, Series A, 5.250%, 07/01/53 2.0%
Pennsylvania Higher Educational Facilities Authority, Series B2, 5.000%, 11/01/54 2.0%
Massachusetts Development Finance Agency, 5.250%, 07/01/52 1.8%
Pennsylvania Economic Development Financing Authority, 5.000%, 12/31/57 1.6%
Massachusetts Development Finance Agency, 5.250%, 07/01/55 1.6%
Top Ten as a Group 23.1%
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.
063026            TSR026S
AMG GW&K Municipal Enhanced Yield Fund
Class N/GWMNX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Municipal Enhanced Yield Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $50 0.99%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $160,157,048
Total number of portfolio holdings 81
Net advisory fees paid $264,568
Portfolio turnover rate as of the end of the reporting period 8%
Graphical Representation of Holdings (as of June 30, 2026)
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 4.2%
Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 4.0%
Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 3.3%
New York Transportation Development Corp., 4.000%, 04/30/53 3.3%
Richland County School District No 2, Series A, 1.875%, 03/01/38 2.8%
Escambia County Health Facilities Authority, 4.000%, 08/15/50 2.8%
Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 2.7%
New York Transportation Development Corp., 5.625%, 04/01/40 2.7%
Public Finance Authority, 5.750%, 12/31/65 2.6%
Miami Beach Health Facilities Authority, 4.000%, 11/15/46 2.4%
Top Ten as a Group 30.8%
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.
063026            TSR028S
AMG GW&K Municipal Enhanced Yield Fund
Class I/GWMEX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Municipal Enhanced Yield Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $32 0.64%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $160,157,048
Total number of portfolio holdings 81
Net advisory fees paid $264,568
Portfolio turnover rate as of the end of the reporting period 8%
Graphical Representation of Holdings (as of June 30, 2026)
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 4.2%
Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 4.0%
Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 3.3%
New York Transportation Development Corp., 4.000%, 04/30/53 3.3%
Richland County School District No 2, Series A, 1.875%, 03/01/38 2.8%
Escambia County Health Facilities Authority, 4.000%, 08/15/50 2.8%
Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 2.7%
New York Transportation Development Corp., 5.625%, 04/01/40 2.7%
Public Finance Authority, 5.750%, 12/31/65 2.6%
Miami Beach Health Facilities Authority, 4.000%, 11/15/46 2.4%
Top Ten as a Group 30.8%
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.
063026            TSR027S
AMG GW&K Municipal Enhanced Yield Fund
Class Z/GWMZX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Municipal Enhanced Yield Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $30 0.59%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $160,157,048
Total number of portfolio holdings 81
Net advisory fees paid $264,568
Portfolio turnover rate as of the end of the reporting period 8%
Graphical Representation of Holdings (as of June 30, 2026)
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 4.2%
Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38 4.0%
Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53 3.3%
New York Transportation Development Corp., 4.000%, 04/30/53 3.3%
Richland County School District No 2, Series A, 1.875%, 03/01/38 2.8%
Escambia County Health Facilities Authority, 4.000%, 08/15/50 2.8%
Central Plains Energy Project #3, Series A, 5.000%, 09/01/42 2.7%
New York Transportation Development Corp., 5.625%, 04/01/40 2.7%
Public Finance Authority, 5.750%, 12/31/65 2.6%
Miami Beach Health Facilities Authority, 4.000%, 11/15/46 2.4%
Top Ten as a Group 30.8%
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.
063026            TSR029S
AMG GW&K Securitized Bond SMA Shares
GWSBX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Securitized Bond SMA Shares (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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, 2026)
Fund net assets $122,594,668
Total number of portfolio holdings 171
Net advisory fees paid $0
Portfolio turnover rate as of the end of the reporting period 19%
Graphical Representation of Holdings (as of June 30, 2026)
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, 3.500%, 06/01/49 3.9%
FNMA, 5.000%, 01/01/53 3.6%
FHLMC, 2.500%, 12/01/51 3.5%
FNMA, 2.500%, 11/01/51 3.2%
FNMA, 4.000%, 06/01/53 3.1%
GNMA, 2.500%, 09/20/50 2.8%
FHLMC, 3.000%, 08/01/52 2.7%
FHLMC, 4.500%, 09/01/52 2.6%
FNMA, 2.000%, 04/01/52 2.5%
FHLMC, 5.500%, 02/01/54 2.3%
Top Ten as a Group 30.2%
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.
063026            TSR101S
AMG GW&K Small Cap Core Fund
Class N/GWETX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Small Cap Core Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $70 1.30%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $773,856,850
Total number of portfolio holdings 94
Net advisory fees paid $2,499,132
Portfolio turnover rate as of the end of the reporting period 13%
Graphical Representation of Holdings (as of June 30, 2026)
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. 2.7%
SPX Technologies, Inc. 2.3%
Advanced Energy Industries, Inc. 2.2%
Ducommun, Inc. 2.2%
Veracyte, Inc. 1.9%
Semtech Corp. 1.9%
Novanta, Inc. 1.9%
Viavi Solutions, Inc. 1.7%
RBC Bearings, Inc. 1.7%
Solaris Energy Infrastructure, Inc. 1.7%
Top Ten as a Group 20.2%
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.
063026            TSR031S
AMG GW&K Small Cap Core Fund
Class I/GWEIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Small Cap Core Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $51 0.95%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $773,856,850
Total number of portfolio holdings 94
Net advisory fees paid $2,499,132
Portfolio turnover rate as of the end of the reporting period 13%
Graphical Representation of Holdings (as of June 30, 2026)
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. 2.7%
SPX Technologies, Inc. 2.3%
Advanced Energy Industries, Inc. 2.2%
Ducommun, Inc. 2.2%
Veracyte, Inc. 1.9%
Semtech Corp. 1.9%
Novanta, Inc. 1.9%
Viavi Solutions, Inc. 1.7%
RBC Bearings, Inc. 1.7%
Solaris Energy Infrastructure, Inc. 1.7%
Top Ten as a Group 20.2%
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.
063026            TSR030S
AMG GW&K Small Cap Core Fund
Class Z/GWEZX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Small Cap Core Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $49 0.90%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $773,856,850
Total number of portfolio holdings 94
Net advisory fees paid $2,499,132
Portfolio turnover rate as of the end of the reporting period 13%
Graphical Representation of Holdings (as of June 30, 2026)
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. 2.7%
SPX Technologies, Inc. 2.3%
Advanced Energy Industries, Inc. 2.2%
Ducommun, Inc. 2.2%
Veracyte, Inc. 1.9%
Semtech Corp. 1.9%
Novanta, Inc. 1.9%
Viavi Solutions, Inc. 1.7%
RBC Bearings, Inc. 1.7%
Solaris Energy Infrastructure, Inc. 1.7%
Top Ten as a Group 20.2%
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.
063026            TSR032S
AMG GW&K Small Cap Value Fund
Class N/SKSEX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Small Cap Value Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $64 1.14%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $238,168,736
Total number of portfolio holdings 79
Net advisory fees paid $704,583
Portfolio turnover rate as of the end of the reporting period 16%
Graphical Representation of Holdings (as of June 30, 2026)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Solaris Energy Infrastructure, Inc. 3.6%
Ligand Pharmaceuticals, Inc. 3.4%
Constellium SE (France) 3.0%
CECO Environmental Corp. 2.9%
TTM Technologies, Inc. 2.6%
Ducommun, Inc. 2.4%
Viavi Solutions, Inc. 2.4%
Ameris Bancorp 2.0%
Compass, Inc., Class A 1.9%
IMAX Corp. (Canada) 1.9%
Top Ten as a Group 26.1%
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.
063026            TSR034S
AMG GW&K Small Cap Value Fund
Class I/SKSIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Small Cap Value Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $53 0.94%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $238,168,736
Total number of portfolio holdings 79
Net advisory fees paid $704,583
Portfolio turnover rate as of the end of the reporting period 16%
Graphical Representation of Holdings (as of June 30, 2026)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Solaris Energy Infrastructure, Inc. 3.6%
Ligand Pharmaceuticals, Inc. 3.4%
Constellium SE (France) 3.0%
CECO Environmental Corp. 2.9%
TTM Technologies, Inc. 2.6%
Ducommun, Inc. 2.4%
Viavi Solutions, Inc. 2.4%
Ameris Bancorp 2.0%
Compass, Inc., Class A 1.9%
IMAX Corp. (Canada) 1.9%
Top Ten as a Group 26.1%
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.
063026            TSR033S
AMG GW&K Small Cap Value Fund
Class Z/SKSZX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG GW&K Small Cap Value Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $50 0.89%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $238,168,736
Total number of portfolio holdings 79
Net advisory fees paid $704,583
Portfolio turnover rate as of the end of the reporting period 16%
Graphical Representation of Holdings (as of June 30, 2026)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Solaris Energy Infrastructure, Inc. 3.6%
Ligand Pharmaceuticals, Inc. 3.4%
Constellium SE (France) 3.0%
CECO Environmental Corp. 2.9%
TTM Technologies, Inc. 2.6%
Ducommun, Inc. 2.4%
Viavi Solutions, Inc. 2.4%
Ameris Bancorp 2.0%
Compass, Inc., Class A 1.9%
IMAX Corp. (Canada) 1.9%
Top Ten as a Group 26.1%
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.
063026            TSR035S
AMG GW&K Small/Mid Cap Core Fund
Class N/GWGVX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
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, 2026 to June 30, 2026. 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)		 $58 1.07%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $823,524,326
Total number of portfolio holdings 92
Net advisory fees paid $2,327,624
Portfolio turnover rate as of the end of the reporting period 12%
Graphical Representation of Holdings (as of June 30, 2026)
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%
Advanced Energy Industries, Inc. 2.1%
API Group Corp. 2.0%
Moog, Inc., Class A 2.0%
Entegris, Inc. 1.9%
Cavco Industries, Inc. 1.9%
Element Solutions, Inc. 1.9%
SPX Technologies, Inc. 1.8%
Voya Financial, Inc. 1.8%
Powell Industries, Inc. 1.7%
Top Ten as a Group 19.5%
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.
063026            TSR037S
AMG GW&K Small/Mid Cap Core Fund
Class I/GWGIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
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, 2026 to June 30, 2026. 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)		 $48 0.87%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $823,524,326
Total number of portfolio holdings 92
Net advisory fees paid $2,327,624
Portfolio turnover rate as of the end of the reporting period 12%
Graphical Representation of Holdings (as of June 30, 2026)
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%
Advanced Energy Industries, Inc. 2.1%
API Group Corp. 2.0%
Moog, Inc., Class A 2.0%
Entegris, Inc. 1.9%
Cavco Industries, Inc. 1.9%
Element Solutions, Inc. 1.9%
SPX Technologies, Inc. 1.8%
Voya Financial, Inc. 1.8%
Powell Industries, Inc. 1.7%
Top Ten as a Group 19.5%
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.
063026            TSR036S
AMG GW&K Small/Mid Cap Core Fund
Class Z/GWGZX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
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, 2026 to June 30, 2026. 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)		 $45 0.82%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $823,524,326
Total number of portfolio holdings 92
Net advisory fees paid $2,327,624
Portfolio turnover rate as of the end of the reporting period 12%
Graphical Representation of Holdings (as of June 30, 2026)
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%
Advanced Energy Industries, Inc. 2.1%
API Group Corp. 2.0%
Moog, Inc., Class A 2.0%
Entegris, Inc. 1.9%
Cavco Industries, Inc. 1.9%
Element Solutions, Inc. 1.9%
SPX Technologies, Inc. 1.8%
Voya Financial, Inc. 1.8%
Powell Industries, Inc. 1.7%
Top Ten as a Group 19.5%
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.
063026            TSR038S
AMG Renaissance Large Cap Growth Fund
Class N/MRLTX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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, 2026)
Fund net assets $133,582,427
Total number of portfolio holdings 57
Net advisory fees paid $237,292
Portfolio turnover rate as of the end of the reporting period 25%
Graphical Representation of Holdings (as of June 30, 2026)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Alphabet, Inc., Class A 3.8%
Applied Materials, Inc. 3.2%
KLA Corp. 3.1%
Apple, Inc. 2.8%
Amphenol Corp., Class A 2.7%
Arista Networks, Inc. 2.7%
Lam Research Corp. 2.6%
Amazon.com, Inc. 2.6%
Broadcom, Inc. 2.5%
Comfort Systems USA, Inc. 2.5%
Top Ten as a Group 28.5%
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.
063026            TSR046S
AMG Renaissance Large Cap Growth Fund
Class I/MRLSX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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, 2026)
Fund net assets $133,582,427
Total number of portfolio holdings 57
Net advisory fees paid $237,292
Portfolio turnover rate as of the end of the reporting period 25%
Graphical Representation of Holdings (as of June 30, 2026)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Alphabet, Inc., Class A 3.8%
Applied Materials, Inc. 3.2%
KLA Corp. 3.1%
Apple, Inc. 2.8%
Amphenol Corp., Class A 2.7%
Arista Networks, Inc. 2.7%
Lam Research Corp. 2.6%
Amazon.com, Inc. 2.6%
Broadcom, Inc. 2.5%
Comfort Systems USA, Inc. 2.5%
Top Ten as a Group 28.5%
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.
063026            TSR045S
AMG Renaissance Large Cap Growth Fund
Class Z/MRLIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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, 2026)
Fund net assets $133,582,427
Total number of portfolio holdings 57
Net advisory fees paid $237,292
Portfolio turnover rate as of the end of the reporting period 25%
Graphical Representation of Holdings (as of June 30, 2026)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Alphabet, Inc., Class A 3.8%
Applied Materials, Inc. 3.2%
KLA Corp. 3.1%
Apple, Inc. 2.8%
Amphenol Corp., Class A 2.7%
Arista Networks, Inc. 2.7%
Lam Research Corp. 2.6%
Amazon.com, Inc. 2.6%
Broadcom, Inc. 2.5%
Comfort Systems USA, Inc. 2.5%
Top Ten as a Group 28.5%
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.
063026            TSR047S
AMG TimesSquare International Small Cap Fund
Class N/TCMPX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $67 1.30%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $120,415,421
Total number of portfolio holdings 83
Net advisory fees paid $409,687
Portfolio turnover rate as of the end of the reporting period 37%
Graphical Representation of Holdings (as of June 30, 2026)
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
Ringkjoebing Landbobank A/S (Denmark) 2.6%
ALS, Ltd. (Australia) 2.5%
Imdex, Ltd. (Australia) 2.4%
OSG Corp. (Japan) 2.1%
Merlin Properties Socimi, S.A., REIT (Spain) 2.1%
Sumitomo Bakelite Co., Ltd. (Japan) 2.1%
Azbil Corp. (Japan) 2.0%
Fukuoka Financial Group, Inc. (Japan) 1.9%
Daiei Kankyo Co., Ltd. (Japan) 1.9%
Tekscend Photomask Corp. (Japan) 1.9%
Top Ten as a Group 21.5%
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.
063026            TSR075S
AMG TimesSquare International Small Cap Fund
Class I/TQTIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $56 1.10%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $120,415,421
Total number of portfolio holdings 83
Net advisory fees paid $409,687
Portfolio turnover rate as of the end of the reporting period 37%
Graphical Representation of Holdings (as of June 30, 2026)
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
Ringkjoebing Landbobank A/S (Denmark) 2.6%
ALS, Ltd. (Australia) 2.5%
Imdex, Ltd. (Australia) 2.4%
OSG Corp. (Japan) 2.1%
Merlin Properties Socimi, S.A., REIT (Spain) 2.1%
Sumitomo Bakelite Co., Ltd. (Japan) 2.1%
Azbil Corp. (Japan) 2.0%
Fukuoka Financial Group, Inc. (Japan) 1.9%
Daiei Kankyo Co., Ltd. (Japan) 1.9%
Tekscend Photomask Corp. (Japan) 1.9%
Top Ten as a Group 21.5%
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.
063026            TSR074S
AMG TimesSquare International Small Cap Fund
Class Z/TCMIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $54 1.05%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $120,415,421
Total number of portfolio holdings 83
Net advisory fees paid $409,687
Portfolio turnover rate as of the end of the reporting period 37%
Graphical Representation of Holdings (as of June 30, 2026)
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
Ringkjoebing Landbobank A/S (Denmark) 2.6%
ALS, Ltd. (Australia) 2.5%
Imdex, Ltd. (Australia) 2.4%
OSG Corp. (Japan) 2.1%
Merlin Properties Socimi, S.A., REIT (Spain) 2.1%
Sumitomo Bakelite Co., Ltd. (Japan) 2.1%
Azbil Corp. (Japan) 2.0%
Fukuoka Financial Group, Inc. (Japan) 1.9%
Daiei Kankyo Co., Ltd. (Japan) 1.9%
Tekscend Photomask Corp. (Japan) 1.9%
Top Ten as a Group 21.5%
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.
063026            TSR076S
AMG TimesSquare Mid Cap Growth Fund
Class N/TMDPX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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, 2026)
Fund net assets $1,710,919,247
Total number of portfolio holdings 81
Net advisory fees paid $5,165,565
Portfolio turnover rate as of the end of the reporting period 24%
Graphical Representation of Holdings (as of June 30, 2026)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Carpenter Technology Corp. 3.7%
EMCOR Group, Inc. 3.2%
Monolithic Power Systems, Inc. 3.1%
Comfort Systems USA, Inc. 3.1%
Snowflake, Inc. 2.8%
MKS, Inc. 2.7%
Lattice Semiconductor Corp. 2.7%
Curtiss-Wright Corp. 2.6%
Interactive Brokers Group, Inc., Class A 2.6%
Cencora, Inc. 2.4%
Top Ten as a Group 28.9%
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.
063026            TSR078S
AMG TimesSquare Mid Cap Growth Fund
Class I/TQMIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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, 2026)
Fund net assets $1,710,919,247
Total number of portfolio holdings 81
Net advisory fees paid $5,165,565
Portfolio turnover rate as of the end of the reporting period 24%
Graphical Representation of Holdings (as of June 30, 2026)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Carpenter Technology Corp. 3.7%
EMCOR Group, Inc. 3.2%
Monolithic Power Systems, Inc. 3.1%
Comfort Systems USA, Inc. 3.1%
Snowflake, Inc. 2.8%
MKS, Inc. 2.7%
Lattice Semiconductor Corp. 2.7%
Curtiss-Wright Corp. 2.6%
Interactive Brokers Group, Inc., Class A 2.6%
Cencora, Inc. 2.4%
Top Ten as a Group 28.9%
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.
063026            TSR077S
AMG TimesSquare Mid Cap Growth Fund
Class Z/TMDIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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, 2026)
Fund net assets $1,710,919,247
Total number of portfolio holdings 81
Net advisory fees paid $5,165,565
Portfolio turnover rate as of the end of the reporting period 24%
Graphical Representation of Holdings (as of June 30, 2026)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Carpenter Technology Corp. 3.7%
EMCOR Group, Inc. 3.2%
Monolithic Power Systems, Inc. 3.1%
Comfort Systems USA, Inc. 3.1%
Snowflake, Inc. 2.8%
MKS, Inc. 2.7%
Lattice Semiconductor Corp. 2.7%
Curtiss-Wright Corp. 2.6%
Interactive Brokers Group, Inc., Class A 2.6%
Cencora, Inc. 2.4%
Top Ten as a Group 28.9%
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.
063026            TSR079S
AMG TimesSquare Small Cap Growth Fund
Class N/TSCPX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $60 1.13%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $111,738,895
Total number of portfolio holdings 96
Net advisory fees paid $339,281
Portfolio turnover rate as of the end of the reporting period 40%
Graphical Representation of Holdings (as of June 30, 2026)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Onto Innovation, Inc. 2.4%
SiTime Corp. 2.3%
Credo Technology Group Holding, Ltd. 2.3%
Casella Waste Systems, Inc., Class A 2.2%
Lattice Semiconductor Corp. 2.1%
Pursuit Attractions and Hospitality, Inc. 2.0%
Mirum Pharmaceuticals, Inc. 2.0%
JFrog, Ltd. 1.9%
Krystal Biotech, Inc. 1.9%
Valvoline, Inc. 1.9%
Top Ten as a Group 21.0%
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.
063026            TSR081S
AMG TimesSquare Small Cap Growth Fund
Class I/TSQIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $53 0.99%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $111,738,895
Total number of portfolio holdings 96
Net advisory fees paid $339,281
Portfolio turnover rate as of the end of the reporting period 40%
Graphical Representation of Holdings (as of June 30, 2026)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Onto Innovation, Inc. 2.4%
SiTime Corp. 2.3%
Credo Technology Group Holding, Ltd. 2.3%
Casella Waste Systems, Inc., Class A 2.2%
Lattice Semiconductor Corp. 2.1%
Pursuit Attractions and Hospitality, Inc. 2.0%
Mirum Pharmaceuticals, Inc. 2.0%
JFrog, Ltd. 1.9%
Krystal Biotech, Inc. 1.9%
Valvoline, Inc. 1.9%
Top Ten as a Group 21.0%
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.
063026            TSR080S
AMG TimesSquare Small Cap Growth Fund
Class Z/TSCIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $50 0.93%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $111,738,895
Total number of portfolio holdings 96
Net advisory fees paid $339,281
Portfolio turnover rate as of the end of the reporting period 40%
Graphical Representation of Holdings (as of June 30, 2026)
Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund.
Top Ten Holdings
Onto Innovation, Inc. 2.4%
SiTime Corp. 2.3%
Credo Technology Group Holding, Ltd. 2.3%
Casella Waste Systems, Inc., Class A 2.2%
Lattice Semiconductor Corp. 2.1%
Pursuit Attractions and Hospitality, Inc. 2.0%
Mirum Pharmaceuticals, Inc. 2.0%
JFrog, Ltd. 1.9%
Krystal Biotech, Inc. 1.9%
Valvoline, Inc. 1.9%
Top Ten as a Group 21.0%
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.
063026            TSR082S
AMG Yacktman Focused Fund
Class N/YAFFX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG Yacktman Focused Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $69 1.25%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $3,078,674,239
Total number of portfolio holdings 55
Net advisory fees paid $12,908,415
Portfolio turnover rate as of the end of the reporting period 14%
Graphical Representation of Holdings (as of June 30, 2026)
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., 0.90% (South Korea) 13.7%
Canadian Natural Resources, Ltd. (Canada) 7.3%
Bolloré SE (France) 6.2%
Berkshire Hathaway, Inc., Class B 4.5%
Associated British Foods PLC (United Kingdom) 4.3%
Hyundai Mobis Co., Ltd. (South Korea) 3.2%
U-Haul Holding Co., Non-Voting Shares 3.1%
Hyundai Motor Co., 4.99% (South Korea) 2.8%
Microsoft Corp. 2.7%
The Charles Schwab Corp. 2.4%
Top Ten as a Group 50.2%
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.
063026            TSR091S
AMG Yacktman Focused Fund
Class I/YAFIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG Yacktman Focused Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $58 1.06%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $3,078,674,239
Total number of portfolio holdings 55
Net advisory fees paid $12,908,415
Portfolio turnover rate as of the end of the reporting period 14%
Graphical Representation of Holdings (as of June 30, 2026)
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., 0.90% (South Korea) 13.7%
Canadian Natural Resources, Ltd. (Canada) 7.3%
Bolloré SE (France) 6.2%
Berkshire Hathaway, Inc., Class B 4.5%
Associated British Foods PLC (United Kingdom) 4.3%
Hyundai Mobis Co., Ltd. (South Korea) 3.2%
U-Haul Holding Co., Non-Voting Shares 3.1%
Hyundai Motor Co., 4.99% (South Korea) 2.8%
Microsoft Corp. 2.7%
The Charles Schwab Corp. 2.4%
Top Ten as a Group 50.2%
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.
063026            TSR090S
AMG Yacktman Fund
Class I/YACKX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG Yacktman Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $37 0.70%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $7,264,221,321
Total number of portfolio holdings 62
Net advisory fees paid $15,300,537
Portfolio turnover rate as of the end of the reporting period 9%
Graphical Representation of Holdings (as of June 30, 2026)
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., 0.90% (South Korea) 7.9%
Bolloré SE (France) 5.6%
Berkshire Hathaway, Inc., Class B 4.5%
Canadian Natural Resources, Ltd. (Canada) 4.3%
Alphabet, Inc., Class C 3.6%
Hyundai Mobis Co., Ltd. (South Korea) 3.3%
The Charles Schwab Corp. 3.2%
Microsoft Corp. 3.0%
Johnson & Johnson 2.7%
Reliance, Inc. 2.6%
Top Ten as a Group 40.7%
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.
063026            TSR092S
AMG Yacktman Global Fund
Class N/YFSNX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG Yacktman Global Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $62 1.13%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $218,084,603
Total number of portfolio holdings 64
Net advisory fees paid $710,072
Portfolio turnover rate as of the end of the reporting period 18%
Graphical Representation of Holdings (as of June 30, 2026)
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., 0.90% (South Korea) 12.9%
Bolloré SE (France) 7.4%
Nihon Parkerizing Co., Ltd. (Japan) 4.9%
Canadian Natural Resources, Ltd. (Canada) 4.7%
Associated British Foods PLC (United Kingdom) 4.6%
LG H&H Co., Ltd., 2.23% (South Korea) 3.9%
Cie de L'Odet SE (France) 3.5%
Hyundai Mobis Co., Ltd. (South Korea) 3.2%
Total Energy Services, Inc. (Canada) 2.9%
Hyundai Motor Co., 4.99% (South Korea) 2.5%
Top Ten as a Group 50.5%
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.
063026            TSR094S
AMG Yacktman Global Fund
Class I/YFSIX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG Yacktman Global Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $51 0.93%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $218,084,603
Total number of portfolio holdings 64
Net advisory fees paid $710,072
Portfolio turnover rate as of the end of the reporting period 18%
Graphical Representation of Holdings (as of June 30, 2026)
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., 0.90% (South Korea) 12.9%
Bolloré SE (France) 7.4%
Nihon Parkerizing Co., Ltd. (Japan) 4.9%
Canadian Natural Resources, Ltd. (Canada) 4.7%
Associated British Foods PLC (United Kingdom) 4.6%
LG H&H Co., Ltd., 2.23% (South Korea) 3.9%
Cie de L'Odet SE (France) 3.5%
Hyundai Mobis Co., Ltd. (South Korea) 3.2%
Total Energy Services, Inc. (Canada) 2.9%
Hyundai Motor Co., 4.99% (South Korea) 2.5%
Top Ten as a Group 50.5%
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.
063026            TSR093S
AMG Yacktman Special Opportunities Fund
Class I/YASSX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG Yacktman Special Opportunities Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $79 1.49%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $23,064,067
Total number of portfolio holdings 44
Net advisory fees paid $103,757
Portfolio turnover rate as of the end of the reporting period 6%
Graphical Representation of Holdings (as of June 30, 2026)
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) 9.9%
Arrow Exploration Corp. (Canada) 8.6%
Italian Wine Brands S.p.A. (Italy) 5.6%
Ion Beam Applications (Belgium) 5.4%
Legacy Housing Corp. (United States) 5.4%
Medical Facilities Corp. (Canada) 5.3%
U-Haul Holding Co., Non-Voting Shares (United States) 5.0%
Fila S.p.A. (Italy) 4.8%
Total Energy Services, Inc. (Canada) 4.7%
BRCK Group PLC (United Kingdom) 4.7%
Top Ten as a Group 59.4%
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.
063026            TSR095S
AMG Yacktman Special Opportunities Fund
Class Z/YASLX
AMG_New Logo
SEMI-ANNUAL SHAREHOLDER REPORT | June 30, 2026
This semi-annual shareholder report contains important information about AMG Yacktman Special Opportunities Fund (the “Fund”) for the period of January 1, 2026 to June 30, 2026. 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)		 $73 1.39%
Key Fund Statistics (as of June 30, 2026)
Fund net assets $23,064,067
Total number of portfolio holdings 44
Net advisory fees paid $103,757
Portfolio turnover rate as of the end of the reporting period 6%
Graphical Representation of Holdings (as of June 30, 2026)
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) 9.9%
Arrow Exploration Corp. (Canada) 8.6%
Italian Wine Brands S.p.A. (Italy) 5.6%
Ion Beam Applications (Belgium) 5.4%
Legacy Housing Corp. (United States) 5.4%
Medical Facilities Corp. (Canada) 5.3%
U-Haul Holding Co., Non-Voting Shares (United States) 5.0%
Fila S.p.A. (Italy) 4.8%
Total Energy Services, Inc. (Canada) 4.7%
BRCK Group PLC (United Kingdom) 4.7%
Top Ten as a Group 59.4%
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.
063026            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, 2026
 
     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          063026    SAR089

    

 

AMG Funds

Semi-Annual Financial Statements — June 30, 2026 (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

     11  
 
   

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

   
 
   

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

      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, 2026

 

 

      Shares      Value  

Common Stocks - 97.7%

      

Consumer Discretionary - 8.6%

      

Asbury Automotive Group, Inc.*

     25,746        $5,177,006  

Boot Barn Holdings, Inc.*

     44,987        7,390,015  

Champion Homes, Inc.*

     143,333        12,630,504  

First Watch Restaurant Group, Inc.*,1

     517,882        6,675,499  

Grand Canyon Education, Inc.*

     46,752        6,690,679  

La-Z-Boy, Inc.

      98,253        3,941,910  

Oxford Industries, Inc.1

     65,739        2,292,319  

Patrick Industries, Inc.1

     82,328        7,391,408  

Revolve Group, Inc.*

     106,400        2,435,496  

Shake Shack, Inc., Class A*

     42,271        2,368,021  

Texas Roadhouse, Inc.

      47,697        9,216,491  

Total Consumer Discretionary

         66,209,348  

Consumer Staples - 2.8%

      

Central Garden & Pet Co., Class A*

     250,242        9,701,882  

Utz Brands, Inc.

      405,344        3,121,149  

The Vita Coco Co., Inc.*

     139,752        9,243,197  

Total Consumer Staples

         22,066,228  

Energy - 6.0%

      

Archrock, Inc.

      197,705        8,048,570  

Chord Energy Corp.

      51,814        5,922,340  

Gulfport Energy Corp.*

     35,478        6,020,617  

Magnolia Oil & Gas Corp., Class A1

     273,676        7,000,632  

Matador Resources Co.

      128,355        6,389,512  

Solaris Energy Infrastructure, Inc.

      159,643        12,844,876  

Total Energy

         46,226,547  

Financials - 15.3%

      

Ameris Bancorp1

     112,684        10,170,858  

Cathay General Bancorp

      158,172        9,805,082  

Cohen & Steers, Inc.1

     92,555        7,047,138  

FB Financial Corp.

      122,225        6,765,154  

Glacier Bancorp, Inc.

      110,121        5,680,041  

Horace Mann Educators Corp.

      151,636        7,831,999  

Houlihan Lokey, Inc.

      55,600        7,457,628  

Independent Bank Corp.1

     90,913        7,611,236  

OceanFirst Financial Corp.

      294,897        5,759,338  

Perella Weinberg Partners1

     353,483        5,641,589  

Seacoast Banking Corp. of Florida1

     280,543        9,328,055  

Skyward Specialty Insurance Group, Inc.*

     128,756        7,512,913  

Stifel Financial Corp.

      119,112        8,310,444  

Texas Capital Bancshares, Inc.

      90,919           9,388,296  
     
      Shares      Value  

UMB Financial Corp.1

     68,117        $9,724,383  

Total Financials

         118,034,154  

Health Care - 19.1%

      

Agios Pharmaceuticals, Inc.*

     192,671        7,150,021  

Arcutis Biotherapeutics, Inc.*

     288,363        7,560,878  

Artivion, Inc.*,1

     166,145        3,733,278  

AtriCure, Inc.*

     201,139        5,627,869  

Azenta, Inc.*,1

     171,092        4,366,268  

BioCryst Pharmaceuticals, Inc.*

     674,485        6,744,850  

Bridgebio Pharma, Inc.*,1

     97,752        7,280,569  

Crinetics Pharmaceuticals, Inc.*,1

     127,269        4,762,406  

Cytokinetics, Inc.*,1

     86,180        7,341,674  

Globus Medical, Inc., Class A*,1

     122,524        9,680,621  

Halozyme Therapeutics, Inc.*

     126,932        9,934,968  

HealthEquity, Inc.*,1

     123,535        11,157,681  

Ligand Pharmaceuticals, Inc.*,1

     38,543        12,183,057  

NeoGenomics, Inc.*,1

     391,218        5,707,870  

Phreesia, Inc.*

     288,624        2,969,941  

Supernus Pharmaceuticals, Inc.*

     219,531        10,210,387  

Tandem Diabetes Care, Inc.*

     258,058        3,894,095  

Ultragenyx Pharmaceutical, Inc.*

     212,489        7,095,008  

US Physical Therapy, Inc.1

     81,979        5,630,318  

Veracyte, Inc.*

     255,890        15,028,420  

Total Health Care

         148,060,179  

Industrials - 19.7%

      

Argan, Inc.1

     11,839        9,454,034  

Cadre Holdings, Inc.1

     304,588        8,683,804  

CECO Environmental Corp.*

     105,654        9,587,044  

CSW Industrials, Inc.

      37,353        10,395,340  

Ducommun, Inc.*

     92,953        17,215,825  

Enerpac Tool Group Corp.

      200,732        7,198,250  

Federal Signal Corp.

      59,213        7,608,278  

Gates Industrial Corp. PLC (United Kingdom)*

     230,769        6,454,609  

Hillman Solutions Corp.*,1

     620,785        5,239,425  

ITT, Inc.

      60,786        12,021,039  

Legence Corp., Class A*

     135,717        11,567,160  

RBC Bearings, Inc.*

     19,946        12,846,421  

SPX Technologies, Inc.*

     73,177        17,940,805  

Sterling Infrastructure, Inc.*

     13,578        11,396,830  

UFP Industries, Inc.

      54,470        4,942,608  

Total Industrials

         152,551,472  

Information Technology - 16.5%

      

Advanced Energy Industries, Inc.

      46,526          17,348,149  
     
 

 

 

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 - 16.5% (continued)

      

Alkami Technology, Inc.*,1

     273,956        $4,964,083  

Allegro MicroSystems, Inc.*,1

     177,770        12,376,347  

Appfolio, Inc., Class A*,1

     28,463        4,564,042  

Commvault Systems, Inc.*

     49,105        6,959,652  

The Descartes Systems Group, Inc. (Canada)*

     71,616        4,958,692  

Fabrinet (Thailand)*

     14,774        8,304,170  

Intapp, Inc.*

     206,854        5,214,789  

MACOM Technology Solutions Holdings, Inc.*

     54,666        20,793,306  

Novanta, Inc.*,1

     88,061        14,287,017  

Semtech Corp.*

     90,242        14,605,668  

Viavi Solutions, Inc.*

     277,832        13,266,478  

Total Information Technology

         127,642,393  

Materials - 3.0%

      

Avient Corp.

         247,377        9,143,054  

Balchem Corp.

      47,556        8,034,586  

Minerals Technologies, Inc.

      84,001        6,213,554  

Total Materials

         23,391,194  

Real Estate - 4.3%

      

Independence Realty Trust, Inc., REIT

      365,210        6,095,355  

National Health Investors, Inc., REIT

      88,585        6,755,492  

Ryman Hospitality Properties, Inc., REIT

      82,481        10,602,932  

STAG Industrial, Inc., REIT 1

     257,693        9,807,796  

Total Real Estate

         33,261,575  

Utilities - 2.4%

      

IDACORP, Inc.

      53,972            8,165,964  
     
      Shares      Value  

Northwestern Energy Group, Inc.

      141,279        $10,118,402  

Total Utilities

         18,284,366  

Total Common Stocks

      

(Cost $499,988,047)

         755,727,456  
    

 

Principal
Amount

         

Short-Term Investments - 2.4%

      

Joint Repurchase Agreements - 0.0%#,2

     

Citadel Securities LLC, dated 06/30/26, due 07/01/26, 3.710% total to be received $336,035 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/26 - 05/15/56, totaling $342,755)

      $336,000        336,000  

Daiwa Capital Markets America, dated 06/30/26, due 07/01/26, 3.640% total to be received $22,021 (collateralized by various U.S. Treasuries, 2.125% - 4.125%, 06/30/27 -01/15/35, totaling $22,459)

      22,019        22,019  

Total Joint Repurchase Agreements

         358,019  

Repurchase Agreements - 2.4%

      

Fixed Income Clearing Corp., dated 06/30/26, due 07/01/26, 3.350% total to be received $18,253,698 (collateralized by a U.S. Treasury Note, 4.375%, 05/15/34, totaling $18,617,120)

      18,252,000        18,252,000  

Total Short-Term Investments

      

(Cost $18,610,019)

         18,610,019  

Total Investments - 100.1%

      

(Cost $518,598,066)

         774,337,475  

Other Assets, less Liabilities - (0.1)%

         (480,625 ) 

Net Assets - 100.0%

       $ 773,856,850  
     
 

 

*

Non-income producing security.

# 

Less than 0.01%.

1 

Some of these securities, amounting to $142,897,901 or 18.5% 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, 2026:

 

    

Level 1 

 

   

Level 2 

 

   

Level 3

 

   

Total

 

 Investments in Securities

                    

 Common Stocks†

    

 

$755,727,456

    

 

—

    

 

—

    

 

$755,727,456

 Short-Term Investments

                    

 Joint Repurchase Agreements

        —        $358,019        —        358,019

 Repurchase Agreements

        —        18,252,000        —        18,252,000
    

 

 

       

 

 

       

 

 

       

 

 

  

 Total Investments in Securities

     

 

$755,727,456

    

 

$18,610,019

    

 

  —

    

 

$774,337,475

    

 

 

       

 

 

       

 

 

       

 

 

  

 

  † 

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, 2026, 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, 2026

 

 

      Shares       Value   

Common Stocks - 99.1%

      

Communication Services - 1.9%

      

IMAX Corp. (Canada)*,1

     113,443        $4,521,838  

Consumer Discretionary - 6.4%

      

Garrett Motion, Inc.

      67,697        2,452,662  

LCI Industries

      15,337        1,623,882  

Marriott Vacations Worldwide Corp.1

     31,154        3,173,969  

Patrick Industries, Inc.1

     20,131        1,807,361  

Travel + Leisure Co.

      29,106        2,224,572  

Wolverine World Wide, Inc.

      94,357        1,559,721  

YETI Holdings, Inc.*

     47,269        2,342,652  

Total Consumer Discretionary

         15,184,819  

Consumer Staples - 4.0%

      

Central Garden & Pet Co.*

     68,216        3,024,698  

Primo Brands Corp.1

     108,466        2,650,909  

United Natural Foods, Inc.*,1

     82,330        3,760,011  

Total Consumer Staples

         9,435,618  

Energy - 7.5%

      

California Resources Corp.

      26,341        1,392,649  

Chord Energy Corp.

      15,518        1,773,707  

Magnolia Oil & Gas Corp., Class A1

     90,812        2,322,971  

Matador Resources Co.

      38,859        1,934,400  

Permian Resources Corp., Class A

      101,035        1,860,054  

Solaris Energy Infrastructure, Inc.

      105,389        8,479,599  

Total Energy

         17,763,380  

Financials - 22.7%

      

Ameris Bancorp1

     53,611        4,838,929  

Atlantic Union Bankshares Corp.1

     78,166        3,307,203  

Bowhead Specialty Holdings, Inc.*

     80,829        2,419,212  

Cathay General Bancorp

      50,466        3,128,387  

City Holding Co.

      22,418        2,973,524  

Columbia Banking System, Inc.

      73,784        2,364,777  

Enterprise Financial Services Corp.

      34,754        2,289,594  

Federal Agricultural Mortgage Corp., Class C

      20,607        4,106,357  

First Financial Bancorp1

     81,909        2,770,982  

Glacier Bancorp, Inc.

      37,627        1,940,801  

Hancock Whitney Corp.

      35,379        2,643,519  

Horace Mann Educators Corp.

      38,252        1,975,716  

International Bancshares Corp.

      50,231        3,815,044  

OceanFirst Financial Corp.

      86,764        1,694,501  

Piper Sandler Cos.

      36,174        2,616,827  

PJT Partners, Inc., Class A

      15,476        2,335,947  

Seacoast Banking Corp. of Florida1

     53,633        1,783,297  
     
      Shares       Value   

Skyward Specialty Insurance Group, Inc.*

     41,327        $2,411,430  

Stifel Financial Corp.

      19,266        1,344,189  

UMB Financial Corp.1

     23,959        3,420,387  

Total Financials

         54,180,623  

Health Care - 14.4%

      

Acadia Healthcare Co., Inc.*

     110,013        3,248,684  

Agios Pharmaceuticals, Inc.*

     72,620        2,694,928  

AtriCure, Inc.*

     68,637        1,920,463  

Cytokinetics, Inc.*,1

     38,667        3,294,042  

Integer Holdings Corp.*,1

     31,065        2,903,024  

Ligand Pharmaceuticals, Inc.*,1

     25,492        8,057,766  

NeoGenomics, Inc.*,1

     248,631        3,627,526  

OmniAb, Inc. (Earnout $ 12.50)*,2,3

     10,502        0  

OmniAb, Inc. (Earnout $ 15.00)*,2,3

     10,502        0  

Phathom Pharmaceuticals, Inc.*

     210,371        2,282,526  

Supernus Pharmaceuticals, Inc.*

     87,305        4,060,556  

Ultragenyx Pharmaceutical, Inc.*

     67,854        2,265,645  

Total Health Care

         34,355,160  

Industrials - 16.5%

      

Arcosa, Inc.

      28,207        4,098,195  

CECO Environmental Corp.*

     74,816        6,788,804  

Ducommun, Inc.*

     31,313        5,799,480  

Enerpac Tool Group Corp.

      55,127        1,976,854  

Everus Construction Group, Inc.*

     17,238        2,860,646  

Gates Industrial Corp. PLC (United Kingdom)*

     138,239        3,866,545  

Hillman Solutions Corp.*,1

     371,516        3,135,595  

Interface, Inc.

      103,551        3,711,268  

JBT Marel Corp.1

     17,516        2,539,820  

Schneider National, Inc., Class B

      54,411        1,987,634  

Tutor Perini Corp.

      29,067        2,411,689  

Total Industrials

         39,176,530  

Information Technology - 7.9%

      

Digi International, Inc.*,1

     46,140        3,458,193  

Synaptics, Inc.*,1

     28,761        3,572,979  

TTM Technologies, Inc.*

     32,960        6,164,179  

Viavi Solutions, Inc.*

     120,074        5,733,534  

Total Information Technology

         18,928,885  

Materials - 3.7%

      

Constellium SE (France)*

     222,107        7,078,550  

Worthington Steel, Inc.1

     54,450        1,828,431  

Total Materials

         8,906,981  

Real Estate - 9.7%

      

Acadia Realty Trust, REIT 1

     100,268        2,096,604  
     
 

 

 

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 - 9.7% (continued)

      

Compass, Inc., Class A*,1

     372,912        $4,598,005  

Independence Realty Trust, Inc., REIT

      194,514        3,246,439  

LXP Industrial Trust, REIT

      39,883        2,148,896  

NETSTREIT Corp., REIT

      161,928        3,421,538  

Pebblebrook Hotel Trust, REIT

      153,475        2,978,950  

Piedmont Realty Trust, Inc., REIT *

     262,710        2,403,796  

STAG Industrial, Inc., REIT 1

     57,194        2,176,804  

Total Real Estate

         23,071,032  

Utilities - 4.4%

      

IDACORP, Inc.

      22,500        3,404,250  

MDU Resources Group, Inc.

      123,112        2,611,206  

Northwestern Energy Group, Inc.

      31,939        2,287,471  

Southwest Gas Holdings, Inc.

      24,563        2,178,247  

Total Utilities

         10,481,174  

Total Common Stocks
(Cost $150,625,457)

         236,006,040  
     
      Principal
Amount		      Value  

Short-Term Investments - 1.0%

 

   

Repurchase Agreements - 1.0%

      

Fixed Income Clearing Corp., dated 06/30/26, due 07/01/26, 3.350% total to be received $2,518,234 (collateralized by a U.S. Treasury Note, 4.375%, 05/15/34, totaling $2,568,408)

      $2,518,000        $2,518,000  

Total Short-Term Investments
(Cost $2,518,000)

         2,518,000  

Total Investments - 100.1%
(Cost $153,143,457)

         238,524,040  

Other Assets, less Liabilities - (0.1)%

         (355,304 ) 

Net Assets - 100.0%

         $238,168,736  
     
 

 

*

Non-income producing security.

1 

Some of these securities, amounting to $66,537,375 or 27.9% of net assets, were out on loan to various borrowers and are collateralized by 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. On November 2, 2022, Ligand Pharmaceuticals, Inc. (“Ligand”) completed the spin-off of OmniAb, Inc (“OmniAb). In connection with the spin-off, Ligand shareholders received two tranches of contingent earnout shares of OmniAb common stock that vest upon the achievement of specified market-price thresholds. As of the spin-off date, the market value of each tranche of the contingent earnout shares was $0. At June 30, 2026, the cost and market value for each tranche of the contingent earnout shares was $19,190 and $0, respectively, which represents 0% of net assets.

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, 2026:

 

    

Level 1 

 

   

Level 2 

 

   

Level 3

 

   

Total

 

 Investments in Securities

                    

Common Stocks

                    

Financials

        $54,180,623        —        —        $54,180,623

Industrials

        39,176,530        —        —        39,176,530

Health Care

        34,355,160        —        $0        34,355,160

Real Estate

        23,071,032        —        —        23,071,032

Information Technology

        18,928,885        —        —        18,928,885

Energy

        17,763,380        —        —        17,763,380

Consumer Discretionary

        15,184,819        —        —        15,184,819

Utilities

        10,481,174        —        —        10,481,174

Consumer Staples

        9,435,618        —        —        9,435,618

Materials

        8,906,981        —        —        8,906,981

Communication Services

        4,521,838        —        —        4,521,838

Short-Term Investments

                    

Repurchase Agreements

        —        $2,518,000        —        2,518,000
    

 

 

       

 

 

       

 

 

       

 

 

  

 Total Investments in Securities

     

 

$236,006,040

    

 

$2,518,000

    

 

  $0

    

 

$238,524,040

    

 

 

       

 

 

       

 

 

       

 

 

  

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, 2026, the change in unrealized depreciation was $0.

For the six months ended June 30, 2026, 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, 2026

 

 

     

 

Shares 

      Value  

Common Stocks - 97.1%

      

Consumer Discretionary - 11.3%

      

Burlington Stores, Inc.*

     41,806        $13,244,141  

Cavco Industries, Inc.*

     25,453        15,637,814  

Churchill Downs, Inc.

      78,248        7,014,151  

Dorman Products, Inc.*,1

     75,496        10,301,429  

Grand Canyon Education, Inc.*

     45,127        6,458,125  

Group 1 Automotive, Inc.1

     19,484        5,673,156  

LCI Industries

      39,309        4,162,037  

Levi Strauss & Co., Class A

      430,972        10,701,035  

Planet Fitness, Inc., Class A*

     70,919        3,699,844  

Pool Corp.1

     17,937        3,854,661  

Texas Roadhouse, Inc.

      63,465        12,263,342  

Total Consumer Discretionary

         93,009,735  

Consumer Staples - 3.0%

      

BJ’s Wholesale Club Holdings, Inc.*

     113,277        9,880,020  

The Marzetti Company

      35,917        4,100,284  

Performance Food Group Co.*

     95,639        10,691,484  

Total Consumer Staples

         24,671,788  

Energy - 3.5%

      

Antero Resources Corp.*

     160,488        5,639,548  

Cactus, Inc., Class A

      103,220        5,287,961  

Magnolia Oil & Gas Corp., Class A

      280,356        7,171,506  

Matador Resources Co.

      93,838        4,671,256  

Ovintiv, Inc.

      115,457        6,078,811  

Total Energy

         28,849,082  

Financials - 13.2%

      

Assurant, Inc.

      39,330        10,561,285  

Atlantic Union Bankshares Corp.1

     226,991        9,603,989  

Cullen/Frost Bankers, Inc.

      59,226        9,151,602  

Glacier Bancorp, Inc.

      136,508        7,041,083  

Hamilton Lane, Inc., Class A

      72,429        5,709,578  

Kinsale Capital Group, Inc.

      19,543        6,445,477  

Pinnacle Financial Partners, Inc.

      81,796        8,251,580  

Piper Sandler Cos.

      135,803        9,823,989  

Stifel Financial Corp.

      118,382        8,259,512  

UMB Financial Corp.

      64,479        9,205,022  

Voya Financial, Inc.

      160,339        14,515,490  

Wintrust Financial Corp.

      61,653        9,908,870  

Total Financials

         108,477,477  

Health Care - 14.4%

      

Bio-Rad Laboratories, Inc., Class A*

     24,905        7,312,357  

Bridgebio Pharma, Inc.*

     82,122        6,116,447  
     
     

 

Shares 

      Value  

Crinetics Pharmaceuticals, Inc.*

     121,158        $4,533,732  

Cytokinetics, Inc.*

     63,463        5,406,413  

Globus Medical, Inc., Class A*,1

     114,146        9,018,676  

Halozyme Therapeutics, Inc.*

     98,805        7,733,467  

Insmed, Inc.*

     74,201        7,911,311  

Integer Holdings Corp.*,1

     76,612        7,159,391  

Ionis Pharmaceuticals, Inc.*

     79,192        6,279,134  

Jazz Pharmaceuticals PLC (Ireland)*

     59,650        14,373,861  

Medpace Holdings, Inc.*

     18,960        10,041,026  

Natera, Inc.*

     29,801        8,089,481  

Neurocrine Biosciences, Inc.*

     76,376        12,872,029  

Tandem Diabetes Care, Inc.*

     273,478        4,126,783  

Vericel Corp.*,1

     167,678        7,459,994  

Total Health Care

         118,434,102  

Industrials - 24.9%

      

Allegion PLC (Ireland)

      54,947        7,719,504  

API Group Corp.*

     388,388        16,448,232  

Applied Industrial Technologies, Inc.

      31,587        10,681,144  

Comfort Systems USA, Inc.

      6,104        12,097,823  

Curtiss-Wright Corp.

      7,648        5,795,349  

Federal Signal Corp.

      83,588        10,740,222  

Gates Industrial Corp. PLC (United Kingdom)*

     426,655        11,933,540  

ITT, Inc.

      68,779        13,601,735  

Lincoln Electric Holdings, Inc.

      31,182        8,279,133  

Moog, Inc., Class A

      38,301        16,233,496  

Nordson Corp.

      40,329        12,166,856  

Paylocity Holding Corp.*

     42,080        4,398,623  

Powell Industries, Inc.1

     50,320        14,409,635  

RBC Bearings, Inc.*

     18,979        12,223,615  

Schneider National, Inc., Class B

      175,078        6,395,599  

Simpson Manufacturing Co., Inc.

      32,800        6,866,680  

SiteOne Landscape Supply, Inc.*

     56,879        6,507,526  

SPX Technologies, Inc.*

     59,737        14,645,720  

Sterling Infrastructure, Inc.*

     16,339        13,714,303  

Total Industrials

         204,858,735  

Information Technology - 15.8%

      

Advanced Energy Industries, Inc.

      46,222        17,234,797  

Cognex Corp.

      138,433        10,025,318  

Coherent Corp.*

     35,445        13,981,989  

Credo Technology Group Holding, Ltd.*

     28,314        7,699,992  

Entegris, Inc.

      88,122        15,849,623  

Fabrinet (Thailand)*

     14,109        7,930,387  

Jabil, Inc.

      28,749        11,082,164  
     
 

 

 

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 - 15.8% (continued)

      

MACOM Technology Solutions Holdings, Inc.*

     52,528        $19,980,075  

Manhattan Associates, Inc.*

     23,267        3,239,930  

Novanta, Inc.*,1

     68,017        11,035,078  

Procore Technologies, Inc.*

     124,214        5,045,573  

SailPoint, Inc.*,1

     496,042        7,262,055  

Total Information Technology

         130,366,981  

Materials - 5.1%

      

Eagle Materials, Inc.

      40,194        9,043,650  

Element Solutions, Inc.

      322,511        15,399,900  

Quaker Chemical Corp.1

     51,184        8,131,602  

RPM International, Inc.

      86,829        9,651,044  

Total Materials

         42,226,196  

Real Estate - 3.7%

      

Agree Realty Corp., REIT 1

     86,124        6,523,032  

EastGroup Properties, Inc., REIT

      34,024        6,890,881  

Healthpeak Properties, Inc., REIT

      246,182        5,268,295  

Ryman Hospitality Properties, Inc., REIT

      45,202        5,810,717  

Sun Communities, Inc., REIT

      51,740        6,204,143  

Total Real Estate

         30,697,068  

Utilities - 2.2%

      

IDACORP, Inc.

      72,881        11,026,895  

Portland General Electric Co.1

     128,681        6,669,536  

Total Utilities

         17,696,431  

Total Common Stocks
(Cost $527,134,590)

         799,287,595  
     
      Principal
Amount		      Value  

Short-Term Investments - 3.0%

 

   

Joint Repurchase Agreements - 1.0%2

 

   

Citadel Securities LLC, dated 06/30/26, due 07/01/26, 3.710% total to be received $32,003 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/26 - 05/15/56, totaling $32,643)

      $32,000        $32,000  

Daiwa Capital Markets America, dated 06/30/26, due 07/01/26, 3.640% total to be received $497,498 (collateralized by various U.S. Treasuries, 2.125% - 4.125%, 06/30/27 -01/15/35, totaling $507,397)

      497,448        497,448  

Jefferies LLC, dated 06/30/26, due 07/01/26, 3.650% total to be received $7,746,785 (collateralized by various U.S. Treasuries, 0.000% - 4.250%, 12/17/26 - 05/15/51, totaling $7,900,920)

      7,746,000        7,746,000  

Total Joint Repurchase Agreements

 

      8,275,448  

Repurchase Agreements - 2.0%

 

   

Fixed Income Clearing Corp., dated 06/30/26, due 07/01/26, 3.350% total to be received $16,500,535 (collateralized by a U.S. Treasury Note, 4.375%, 05/15/34, totaling $16,829,035)

      16,499,000        16,499,000  

Total Short-Term Investments
(Cost $24,774,448)

         24,774,448  

Total Investments - 100.1%
(Cost $551,909,038)

         824,062,043  

Other Assets, less Liabilities - (0.1)%

 

      (537,717 ) 

Net Assets - 100.0%

         $823,524,326  
     
 

 

*

Non-income producing security.

1 

Some of these securities, amounting to $66,436,106 or 8.1% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

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.

9

 

AMG GW&K Small/Mid 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, 2026:

 

    

Level 1

 

   

Level 2

 

   

Level 3

 

   

Total

 

 Investments in Securities

                    

Common Stocks†

    

 

$799,287,595

    

 

—

    

 

—

    

 

$799,287,595

Short-Term Investments

                    

Joint Repurchase Agreements

        —        $8,275,448        —        8,275,448

Repurchase Agreements

        —        16,499,000        —        16,499,000
    

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments in Securities

     

 

$799,287,595

    

 

$24,774,448

    

 

—

    

 

$824,062,043

    

 

 

       

 

 

       

 

 

       

 

 

  

 

  † 

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, 2026, 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, 2026

 

   

 

 

      

 

 

 

     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 $142,897,901, $66,537,375, and $66,436,106, respectively)

      $774,337,475        $238,524,040        $824,062,043  

Cash

      585        —        8,057,183  

Receivable for investments sold

      —        7,588,086        —  

Dividend and interest receivables

      644,657        149,083        441,249  

Securities lending income receivable

      5,133        3,173        4,647  

Receivable for Fund shares sold

      79,104        6,092        969,877  

Receivable from Affiliate

      —        8,042        —  

Prepaid expenses and other assets

      38,597        25,767        34,160  

Total assets

      775,105,551        246,304,283        833,569,159  

Liabilities:

         

Payable upon return of securities loaned

      358,019        —        8,275,448  

Payable for investments purchased

      —        7,793,998        —  

Payable for Fund shares repurchased

      266,825        76,724        1,126,262  

Accrued expenses:

         

Investment advisory and management fees

      427,365        132,058        403,352  

Administrative fees

      91,488        28,298        97,433  

Distribution fees

      1,523        —        10,458  

Shareholder service fees

      22,317        33,816        14,959  

Other

      81,164        70,653        116,921  

Total liabilities

      1,248,701        8,135,547        10,044,833  

Commitments and Contingencies (Notes 2 & 7)

         

Net Assets

      $773,856,850        $238,168,736        $823,524,326  

1 Investments at cost

      $518,598,066        $153,143,457        $551,909,038  

 

 

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

11

    

 

 

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

      $451,045,645        $133,348,166        $504,500,143  

Total distributable earnings/(accumulated losses)

      322,811,205        104,820,570        319,024,183  

Net Assets

      $773,856,850        $238,168,736        $823,524,326  

Class N:

         

Net Assets

      $7,760,521        $154,700,490        $52,565,008  

Shares outstanding

      205,227        4,200,000        2,280,741  

Net asset value, offering and redemption price per share

      $37.81        $36.83        $23.05  

Class I:

         

Net Assets

      $542,854,787        $80,818,337        $374,280,930  

Shares outstanding

      13,818,182        2,195,170        16,135,496  

Net asset value, offering and redemption price per share

      $39.29        $36.82        $23.20  

Class Z:

         

Net Assets

      $223,241,542        $2,649,909        $396,678,388  

Shares outstanding

      5,675,571        72,301        17,065,195  

Net asset value, offering and redemption price per share

      $39.33        $36.65        $23.24  

 

 

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

12

    

 

Statement of Operations (unaudited)

For the six months ended June 30, 2026

 

   

 

 

      

 

 

 

     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

      $3,058,739       $1,185,031       $2,733,393  

Interest income

      206,970       66,920       147,673  

Securities lending income

      41,597       17,234       24,996  

Total investment income

      3,307,306       1,269,185       2,906,062  

Expenses:

       

Investment advisory and management fees

      2,499,275       752,996       2,331,067  

Administrative fees

      535,559       161,356       563,968  

Distribution fees - Class N

      9,042       —       60,858  

Shareholder servicing fees - Class N

      5,425       173,680       —  

Shareholder servicing fees - Class I

      124,721       18,459       88,018  

Professional fees

      41,566       27,549       45,241  

Custodian fees

      33,671       17,527       34,825  

Registration fees

      29,161       19,143       24,964  

Trustee fees and expenses

      28,709       8,499       29,924  

Reports to shareholders

      18,550       12,301       23,286  

Transfer agent fees

      13,873       12,032       18,610  

Interest expense

      138       —       —  

Miscellaneous

      13,134       5,148       14,582  

Total expenses before offsets

      3,352,824       1,208,690       3,235,343  

Expense reimbursements

      (143 )      (48,413 )      (3,443 ) 

Expense reductions

      (18,065 )      (19,096 )      (10,015 ) 

Net expenses

      3,334,616       1,141,181       3,221,885  
      

Net investment income/(loss)

      (27,310 )      128,004       (315,823 ) 

Net Realized and Unrealized Gain:

       

Net realized gain on investments

      56,661,456       15,324,556       40,290,153  

Net change in unrealized appreciation/(depreciation) on investments

      67,099,978       36,557,163       101,880,290  

Net realized and unrealized gain

      123,761,434       51,881,719       142,170,443  
      

Net increase in net assets resulting from operations

      $123,734,124       $52,009,723       $141,854,620  

 

 

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, 2026 (unaudited) and the fiscal year ended December 31, 2025

 

   

 

 

      

 

 

 

    AMG
GW&K Small Cap
Core Fund		   AMG
GW&K Small Cap
Value Fund		   AMG
GW&K Small/Mid
Cap Core Fund
    June 30, 2026       December 31, 2025       June 30, 2026       December 31, 2025       June 30, 2026       December 31, 2025

Increase in Net Assets Resulting From Operations:

                      

Net investment income/(loss)

     $(27,310 )        $1,074,931         $128,004         $1,310,826         $(315,823 )        $805,939  

Net realized gain on investments

     56,661,456         64,076,141         15,324,556         13,727,401         40,290,153         29,475,971  

Net change in unrealized appreciation/(depreciation) on investments

     67,099,978         (21,222,291 )        36,557,163         (10,252,675 )        101,880,290         2,492,611  
                     

Net increase in net assets resulting from operations

     123,734,124         43,928,781         52,009,723         4,785,552         141,854,620         32,774,521  

Distributions to Shareholders:

                      

Class N

     —         (548,847 )        —         (9,709,638 )        —         (1,314,995 ) 

Class I

     —         (36,465,527 )        —         (5,541,300 )        —         (10,264,958 ) 

Class Z

     —         (15,447,860 )        —         (176,129 )        —         (9,860,406 ) 
                     

Total distributions to shareholders

     —         (52,462,234 )        —         (15,427,067 )        —         (21,440,359 ) 

Capital Share Transactions:1

                     

Net increase/(decrease) from capital share transactions

     (47,746,442 )        41,590,429         (17,084,860 )        (17,785,993 )        (35,290,300 )        (106,871,815 ) 
                     

Total increase/(decrease) in net assets

     75,987,682         33,056,976         34,924,863         (28,427,508 )        106,564,320         (95,537,653 ) 

Net Assets:

                      

Beginning of period

     697,869,168         664,812,192         203,243,873         231,671,381         716,960,006         812,497,659  
                     

End of period

     $773,856,850         $697,869,168         $238,168,736         $203,243,873         $823,524,326         $716,960,006  

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class N   2025    2024    2023    2022    2021 

 Net Asset Value, Beginning of Period

        $31.98         $32.18       $29.42       $27.43       $33.13       $29.97

 Income/(loss) from Investment Operations:

                         

Net investment income/(loss)1,2

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

Net realized and unrealized gain/(loss) on investments

        5.89       2.43       4.10       2.19       (5.43 )       6.34
                        

Total income/(loss) from investment operations

        5.83       2.37       4.06       2.19       (5.49 )       6.19

 Less Distributions to Shareholders from:

                         

Net investment income

        —       —       —       (0.03 )       —       —

Net realized gain on investments

        —       (2.57 )       (1.30 )       (0.17 )       (0.21 )       (3.03 )
                        

Total distributions to shareholders

        —       (2.57 )       (1.30 )       (0.20 )       (0.21 )       (3.03 )

 Net Asset Value, End of Period

        $37.81       $31.98       $32.18       $29.42       $27.43       $33.13
                        

 Total Return2,4

       18.23 %5       7.24 %       13.57 %       8.02 %       (16.58 )%       21.01 %

Ratio of net expenses to average net assets6

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

Ratio of gross expenses to average net assets10

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

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

       (0.37 )%7       (0.19 )%       (0.14 )%       0.02 %       (0.22 )%       (0.45 )%

Portfolio turnover

        13 %5       33 %       22 %       20 %       25 %       33 %

Net assets end of period (000’s) omitted

        $7,761       $7,264       $6,517       $8,336       $8,533       $11,278
                                                              

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class I   2025    2024    2023    2022    2021 

 Net Asset Value, Beginning of Period

       $33.16         $33.24       $30.30       $28.24       $34.02       $30.61

 Income/(loss) from Investment Operations:

                        

Net investment income/(loss)1,2

      (0.00 )11       0.05       0.07       0.11       0.04       (0.03 )

Net realized and unrealized gain/(loss) on investments

       6.13       2.51       4.24       2.25       (5.57 )       6.47
                       

Total income/(loss) from investment operations

       6.13       2.56       4.31       2.36       (5.53 )       6.44

 Less Distributions to Shareholders from:

                        

Net investment income

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

Net realized gain on investments

       —       (2.57 )       (1.30 )       (0.17 )       (0.21 )       (3.03 )
                       

Total distributions to shareholders

       —       (2.64 )       (1.37 )       (0.30 )       (0.25 )       (3.03 )

 Net Asset Value, End of Period

       $39.29       $33.16       $33.24       $30.30       $28.24       $34.02
                       

 Total Return2,4

      18.49 %5       7.57 %       13.99 %       8.39 %       (16.27 )%       21.38 %

Ratio of net expenses to average net assets6

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

Ratio of gross expenses to average net assets10

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

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

       (0.02 )%7       0.16 %       0.21 %       0.37 %       0.13 %       (0.10 )%

Portfolio turnover

       13 %5       33 %       22 %       20 %       25 %       33 %

Net assets end of period (000’s) omitted

       $542,855       $482,734       $443,633       $421,136       $433,066       $546,326
                                                             

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class Z   2025    2024    2023    2022    2021 

 Net Asset Value, Beginning of Period

       $33.20         $33.26       $30.32       $28.26       $34.05       $30.61

 Income/(loss) from Investment Operations:

                        

Net investment income/(loss)1,2

      0.01       0.07       0.08       0.12       0.05       (0.02 )

Net realized and unrealized gain/(loss) on investments

       6.12       2.52       4.25       2.26       (5.58 )       6.49
                       

Total income/(loss) from investment operations

       6.13       2.59       4.33       2.38       (5.53 )       6.47

 Less Distributions to Shareholders from:

                        

Net investment income

       —       (0.08 )       (0.09 )       (0.15 )       (0.05 )       —

Net realized gain on investments

       —       (2.57 )       (1.30 )       (0.17 )       (0.21 )       (3.03 )
                       

Total distributions to shareholders

       —       (2.65 )       (1.39 )       (0.32 )       (0.26 )       (3.03 )

 Net Asset Value, End of Period

       $39.33       $33.20       $33.26       $30.32       $28.26       $34.05
                       

 Total Return2,4

      18.46 %5       7.67 %       14.04 %       8.44 %       (16.25 )%       21.48 %

Ratio of net expenses to average net assets6

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

Ratio of gross expenses to average net assets10

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

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

       0.03 %7       0.21 %       0.26 %       0.42 %       0.18 %       (0.05 )%

Portfolio turnover

       13 %5       33 %       22 %       20 %       25 %       33 %

Net assets end of period (000’s) omitted

       $223,242       $207,872       $214,662       $211,244       $218,941       $199,851
                                                             

 

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, 2026 and 0.01%, less than 0.01%, less than 0.01%, 0.01% and less than 0.01% for the fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.

 

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.)

 

11 

Less than $(0.005) per share.

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class N   2025    2024    2023    2022    2021 

 Net Asset Value, Beginning of Period

        $29.05         $30.42       $29.76       $25.73       $30.90       $26.71

 Income/(loss) from Investment Operations:

                         

Net investment income1,2

       0.01       0.16       0.21       0.17       0.13       0.09

Net realized and unrealized gain/(loss) on investments

        7.77       0.78       3.07       4.31       (4.87 )       8.41
                        

Total income/(loss) from investment operations

        7.78       0.94       3.28       4.48       (4.74 )       8.50

 Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.18 )       (0.25 )       (0.20 )       (0.15 )       (0.08 )

Net realized gain on investments

        —       (2.13 )       (2.37 )       (0.25 )       (0.28 )       (4.23 )
                        

Total distributions to shareholders

        —       (2.31 )       (2.62 )       (0.45 )       (0.43 )       (4.31 )

 Net Asset Value, End of Period

        $36.83       $29.05       $30.42       $29.76       $25.73       $30.90
                        

 Total Return2,3

       26.81 %4       3.00 %       10.57 %       17.43 %       (15.33 )%       32.93 %

Ratio of net expenses to average net assets5

       1.14 %6       1.13 %       1.14 %7       1.14 %       1.13 %       1.13 %

Ratio of gross expenses to average net assets8

       1.20 %6       1.20 %       1.19 %       1.19 %       1.18 %       1.17 %

Ratio of net investment income to average net assets2

       0.04 %6       0.56 %       0.67 %       0.64 %       0.47 %       0.28 %

Portfolio turnover

        16 %4       36 %       24 %       14 %       19 %       41 %

Net assets end of period (000’s) omitted

        $154,700       $129,744       $148,917       $165,040       $162,011       $223,586
                                                              

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class I   2025    2024    2023    2022    2021 

 Net Asset Value, Beginning of Period

        $29.00         $30.38       $29.73       $25.69       $30.87       $26.79

 Income/(loss) from Investment Operations:

                         

Net investment income1,2

       0.04       0.22       0.27       0.23       0.18       0.15

Net realized and unrealized gain/(loss) on investments

        7.78       0.78       3.07       4.31       (4.87 )       8.42
                        

Total income/(loss) from investment operations

        7.82       1.00       3.34       4.54       (4.69 )       8.57

 Less Distributions to Shareholders from:

                         

Net investment income

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

Net realized gain on investments

        —       (2.13 )       (2.37 )       (0.25 )       (0.28 )       (4.23 )
                        

Total distributions to shareholders

        —       (2.38 )       (2.69 )       (0.50 )       (0.49 )       (4.49 )

 Net Asset Value, End of Period

        $36.82       $29.00       $30.38       $29.73       $25.69       $30.87
                        

 Total Return2,3

       27.00 %4       3.18 %       10.77 %       17.73 %       (15.19 )%       33.17 %

Ratio of net expenses to average net assets5

       0.94 %6       0.93 %       0.94 %7       0.94 %       0.93 %       0.93 %

Ratio of gross expenses to average net assets8

       1.00 %6       1.00 %       0.99 %       0.99 %       0.98 %       0.97 %

Ratio of net investment income to average net assets2

       0.24 %6       0.76 %       0.87 %       0.84 %       0.67 %       0.48 %

Portfolio turnover

        16 %4       36 %       24 %       14 %       19 %       41 %

Net assets end of period (000’s) omitted

        $80,818       $71,349       $76,171       $86,357       $81,319       $115,837
                                                              

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class Z   2025    2024    2023    2022    2021 

 Net Asset Value, Beginning of Period

        $28.87         $30.25       $29.61       $25.59       $30.76       $26.72

 Income/(loss) from Investment Operations:

                         

Net investment income1,2

       0.05       0.24       0.28       0.24       0.20       0.16

Net realized and unrealized gain/(loss) on investments

        7.73       0.77       3.06       4.30       (4.87 )       8.41
                        

Total income/(loss) from investment operations

        7.78       1.01       3.34       4.54       (4.67 )       8.57

 Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.26 )       (0.33 )       (0.27 )       (0.22 )       (0.30 )

Net realized gain on investments

        —       (2.13 )       (2.37 )       (0.25 )       (0.28 )       (4.23 )
                        

Total distributions to shareholders

        —       (2.39 )       (2.70 )       (0.52 )       (0.50 )       (4.53 )

 Net Asset Value, End of Period

        $36.65       $28.87       $30.25       $29.61       $25.59       $30.76
                        

 Total Return2,3

       26.98 %4       3.25 %       10.84 %       17.77 %       (15.16 )%       33.27 %

Ratio of net expenses to average net assets5

       0.89 %6       0.88 %       0.89 %7       0.89 %       0.88 %       0.88 %

Ratio of gross expenses to average net assets8

       0.95 %6       0.95 %       0.94 %       0.94 %       0.93 %       0.92 %

Ratio of net investment income to average net assets2

       0.29 %6       0.81 %       0.92 %       0.89 %       0.72 %       0.53 %

Portfolio turnover

        16 %4       36 %       24 %       14 %       19 %       41 %

Net assets end of period (000’s) omitted

        $2,650       $2,151       $6,584       $6,202       $8,582       $32,710
                                                              

 

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 

Includes reduction from broker recapture amounting to 0.01% for the six months ended June 30, 2026 and 0.02%, 0.01%, 0.01%, 0.01% and 0.02% for the fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.

 

6 

Annualized.

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class N   2025    2024    2023    2022    2021 

 Net Asset Value, Beginning of Period

        $19.15         $18.87       $17.20       $15.02       $19.08       $16.04

 Income/(loss) from Investment Operations:

                         

Net investment income/(loss)1,2

       (0.03 )       (0.02 )       (0.02 )       (0.00 )3       0.01       (0.06 )

Net realized and unrealized gain/(loss) on investments

        3.93       0.86       1.85       2.18       (3.47 )       4.14
                        

Total income/(loss) from investment operations

        3.90       0.84       1.83       2.18       (3.46 )       4.08

 Less Distributions to Shareholders from:

                         

Net investment income

        —       —       —       —       (0.00 )3       —

Net realized gain on investments

        —       (0.56 )       (0.16 )       —       (0.60 )       (1.04 )
                        

Total distributions to shareholders

        —       (0.56 )       (0.16 )       —       (0.60 )       (1.04 )

 Net Asset Value, End of Period

        $23.05       $19.15       $18.87       $17.20       $15.02       $19.08
                        

Total Return2,4

       20.37 %5       4.39 %       10.62 %       14.51 %       (18.15 )%       25.63 %

Ratio of net expenses to average net assets6

       1.07 %7       1.07 %8       1.07 %8       1.07 %9       1.06 %9       1.06 %9

Ratio of gross expenses to average net assets10

       1.07 %7       1.07 %       1.07 %       1.08 %9       1.08 %9       1.08 %9

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

       (0.30 )%7       (0.10 )%       (0.12 )%       (0.01 )%       0.04 %       (0.32 )%

Portfolio turnover

        12 %5       28 %       21 %       19 %       25 %       19 %

Net assets end of period (000’s) omitted

        $52,565       $46,178       $52,250       $53,076       $51,333       $70,736
                                                              

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class I   2025    2024    2023    2022    2021 

 Net Asset Value, Beginning of Period

        $19.25         $18.96       $17.26       $15.07       $19.15       $16.06

 Income/(loss) from Investment Operations:

                         

Net investment income/(loss)1,2

       (0.01 )       0.02       0.01       0.03       0.04       (0.02 )

Net realized and unrealized gain/(loss) on investments

        3.96       0.86       1.87       2.19       (3.48 )       4.15
                        

Total income/(loss) from investment operations

        3.95       0.88       1.88       2.22       (3.44 )       4.13

 Less Distributions to Shareholders from:

                         

Net investment income

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

Net realized gain on investments

        —       (0.56 )       (0.16 )       —       (0.60 )       (1.04 )
                        

Total distributions to shareholders

        —       (0.59 )       (0.18 )       (0.03 )       (0.64 )       (1.04 )

 Net Asset Value, End of Period

        $23.20       $19.25       $18.96       $17.26       $15.07       $19.15
                        

 Total Return2,4

       20.52 %5       4.58 %       10.84 %       14.76 %       (18.01 )%       25.91 %

Ratio of net expenses to average net assets6

       0.87 %7       0.87 %8       0.87 %8       0.87 %9       0.86 %9       0.86 %9

Ratio of gross expenses to average net assets10

       0.87 %7       0.87 %       0.87 %       0.88 %9       0.88 %9       0.88 %9

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

        (0.10 )%7       0.10 %       0.08 %       0.19 %       0.24 %       (0.12 )%

Portfolio turnover

        12 %5       28 %       21 %       19 %       25 %       19 %

Net assets end of period (000’s) omitted

        $374,281       $342,514       $371,964       $296,659       $250,024       $293,614
                                                              

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class Z   2025    2024    2023    2022    2021 

 Net Asset Value, Beginning of Period

        $19.29         $18.99       $17.29       $15.10       $19.18       $16.07

 Income/(loss) from Investment Operations:

                         

Net investment income/(loss)1,2

       (0.00 )3       0.03       0.02       0.04       0.05       (0.01 )

Net realized and unrealized gain/(loss) on investments

        3.95       0.87       1.87       2.19       (3.48 )       4.16
                        

Total income/(loss) from investment operations

        3.95       0.90       1.89       2.23       (3.43 )       4.15

Less Distributions to Shareholders from:

                         

Net investment income

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

 Net realized gain on investments

        —       (0.56 )       (0.16 )       —       (0.60 )       (1.04 )
                        

Total distributions to shareholders

        —       (0.60 )       (0.19 )       (0.04 )       (0.65 )       (1.04 )

 Net Asset Value, End of Period

        $23.24       $19.29       $18.99       $17.29       $15.10       $19.18
                        

 Total Return2,4

       20.48 %5       4.68 %       10.87 %       14.78 %       (17.94 )%       26.02 %

Ratio of net expenses to average net assets6

       0.82 %7       0.82 %8       0.82 %8       0.82 %9       0.81 %9       0.81 %9

Ratio of gross expenses to average net assets10

       0.82 %7       0.82 %       0.82 %       0.83 %9       0.83 %9       0.83 %9

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

        (0.05 )%7       0.15 %       0.13 %       0.24 %       0.29 %       (0.07 )%

Portfolio turnover

        12 %5       28 %       21 %       19 %       25 %       19 %

Net assets end of period (000’s) omitted

        $396,678       $328,267       $388,283       $347,178       $262,798       $198,961
                                                              

 

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, 2026 and less than 0.01%, less than 0.01%, less than 0.01%, less than 0.01% and 0.01% for the fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.

 

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%.

 

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, 2026

 

   

 

 

      

 

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

a. VALUATION OF INVESTMENTS

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

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

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

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

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

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

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

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

The three-tier hierarchy of inputs is summarized below:

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

 

 

 

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, 2026, the impact on the expenses and expense ratios was as follows: Small Cap Core $18,065 or less than 0.01%, Small Cap Value $19,096 or

0.01% and Small/Mid Cap Core $10,015 or less than 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

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

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

At June 30, 2026, 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

     $518,598,066       $293,288,500       $(37,549,091)       $255,739,409  

Small Cap Value

     153,143,457       88,796,956       (3,416,373)       85,380,583  

Small/Mid Cap Core

     551,909,038       299,946,222       (27,793,217)       272,153,005  

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, 2025, the Funds had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended December 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

 

 

 

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, 2026 (unaudited) and the fiscal year ended December 31, 2025, the capital stock transactions by class for the Funds were as follows:

 

     Small Cap Core      Small Cap Value  
     June 30, 2026      December 31, 2025      June 30, 2026      December 31, 2025  
      Shares       Amount       Shares       Amount       Shares       Amount       Shares       Amount  

Class N:

                        

Shares sold

      8,739         $304,694         38,699         $1,286,057         89,170         $2,888,224         127,047         $3,635,006   

Shares issued in reinvestment of distributions

      —         —         16,888         548,847         —         —         324,845         9,556,934   

Shares redeemed

      (30,673)        (1,031,086)        (30,912)        (987,640)        (355,997)        (11,536,328)        (879,767)        (26,008,360)  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net increase/(decrease)

      (21,934)        $(726,392)        24,675         $847,264         (266,827)        $(8,648,104)        (427,875)        $(12,816,420)  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Class I:

                        

Shares sold

      710,893         $25,283,224         3,407,167         $116,792,487         41,441         $1,301,591         84,269         $2,494,027   

Shares issued in reinvestment of distributions

      —         —         1,014,796         34,198,622         —         —         182,464         5,358,977   

Shares redeemed

      (1,448,999)        (51,445,787)        (3,213,769)        (104,449,001)        (306,236)        (9,661,141)        (313,678)        (9,186,642)  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net increase/(decrease)

      (738,106)        $(26,162,563)        1,208,194         $46,542,108         (264,795)        $(8,359,550)        (46,945)        $(1,333,638)  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Class Z:

                        

Shares sold

      79,736         $2,818,884         455,784         $14,171,374         777         $26,395         3,912         $107,795   

Shares issued in reinvestment of distributions

      —         —         449,555         15,167,995         —         —         6,026         176,129   

Shares redeemed

      (666,153)        (23,676,371)        (1,096,867)        (35,138,312)        (3,008)        (103,601)        (153,051)        (3,919,859)  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Net decrease

      (586,417)        $(20,857,487)        (191,528)        $(5,798,943)        (2,231)        $(77,206)        (143,113)        $(3,635,935)  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  
     Small/Mid Cap Core                              
     June 30, 2026      December 31, 2025                              
      Shares       Amount       Shares       Amount                              

Class N:

                        

Shares sold

      10,289         $216,357         30,358         $556,682               

Shares issued in reinvestment of distributions

      —        —        64,587         1,253,635               

Shares redeemed

      (141,299)        (2,968,048)        (452,775)        (8,432,195)              
  

 

 

     

 

 

     

 

 

     

 

 

              

Net decrease

      (131,010)        $(2,751,691)        (357,830)        $(6,621,878)              
  

 

 

     

 

 

     

 

 

     

 

 

              

Class I:

                        

Shares sold

      711,262         $14,905,132         3,014,462         $54,623,144               

Shares issued in reinvestment of distributions

      —         —         497,350         9,708,277               

Shares redeemed

      (2,367,138)        (49,527,794)        (5,343,814)        (99,237,634)              
  

 

 

     

 

 

     

 

 

     

 

 

              

Net decrease

      (1,655,876)        $(34,622,662)        (1,832,002)        $(34,906,213)              
  

 

 

     

 

 

     

 

 

     

 

 

              

Class Z:

                        

Shares sold

      1,296,621         $28,245,720         1,138,122         $21,134,780               

Shares issued in reinvestment of distributions

      —         —         502,556         9,824,964               

Shares redeemed

      (1,251,258)        (26,161,667)        (5,068,742)        (96,303,468)              
  

 

 

     

 

 

     

 

 

     

 

 

              

Net increase/(decrease)

      45,363         $2,084,053         (3,428,064)        $(65,343,724)              
  

 

 

     

 

 

     

 

 

     

 

 

              

 

 

26

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

At June 30, 2026, one unaffiliated shareholder of record held 6% of the net assets of Small/Mid Cap Core. Transactions by this shareholder may have a material impact on the Fund.

 

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

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

At June 30, 2026, the market value of Repurchase Agreements outstanding for Small Cap Core, Small Cap Value and Small/Mid Cap Core was $18,610,019, $2,518,000 and $24,774,448, 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, 2026, 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, 2027, 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, 2026, 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    $143    —
 Small Cap Value    48,413    —
 Small/Mid Cap Core    3,443    —

At June 30, 2026, 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      $59,764        $100,560        $61,506  
 1-2 years      15,436        117,979        24,884  
 2-3 years      12,946        89,517        10,628  
  

 

 

     

 

 

     

 

 

  
 Total      $88,146        $308,056        $97,018  
  

 

 

     

 

 

     

 

 

  

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

 

 

 

27

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund’s average daily net assets for this service.

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

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

For each of Class N and Class I shares of Small Cap Core and Small Cap Value, and for Class I shares of Small/Mid Cap Core, 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, 2026, 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, 2026, the Funds had no interfund loans outstanding. Small Cap Value and Small/Mid Cap Core did not utilize the interfund lending program during the six months ended June 30, 2026.

The following Fund utilized the interfund lending program during the six months ended June 30, 2026 as follows:

 

  Fund    Average
Borrowed		      Number
of Days		      Interest
Paid		      Average 
Interest Rate 		  

 Small Cap Core

      $1,101,035        1        $138        4.560%   

Small Cap Core did not lend during the six months ended June 30, 2026.

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, 2026, were as follows:

 

      Long Term Securities   
 Fund    Purchases       Sales   

 Small Cap Core

      $95,479,770         $152,050,771   

 Small Cap Value

      34,623,717         50,840,390   

 Small/Mid Cap Core

      90,008,566         137,791,100   

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended June 30, 2026.

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,

 

 

 

 

28

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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

The value of securities loaned on positions held, cash collateral and securities collateral received at June 30, 2026, was as follows:

 

 Fund   Securities
Loaned		     Cash
Collateral
Received		     Securities
Collateral
Received		    

Total 

Collateral 

Received 

  

Small Cap Core

     $142,897,901       $358,019       $145,509,118       $145,867,137   

Small Cap Value

     66,537,375       —       67,980,340       67,980,340   

Small/Mid Cap Core

     66,436,106       8,275,448       59,363,304       67,638,752   

The following table summarizes the securities received as collateral for securities lending at June 30, 2026:

 

 Fund  

Collateral

Type

  

Coupon

Range

  

Maturity 

Date Range 

Small Cap Core

  

U.S. Treasury Obligations

   0.000%-5.000%   07/31/26-05/15/56 

Small Cap Value

  

U.S. Treasury Obligations

   0.000%-5.000%   07/31/26-05/15/56 

Small/Mid Cap Core

  

U.S. Treasury Obligations

   0.000%-5.000%   07/31/26-05/15/56 

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.

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.

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.

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.

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. Investments in the real estate sector also may be adversely impacted by natural or environmental disasters. 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.

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.

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.

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.

 

 

 

29

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

7. COMMITMENTS AND CONTINGENCIES

Under the Trust’s organizational documents, its Trustees and Officers are indemnified against certain liabilities arising out of the performance of their duties to the Trust. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and

warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.

 

 

8. 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, 2026:

 

           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

          

 Citadel Securities LLC

     $336,000         —          $336,000         $336,000         —     

 Daiwa Capital Markets America

     22,019       —       22,019       22,019       —  

 Fixed Income Clearing Corp.

     18,252,000       —       18,252,000       18,252,000       —  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 Total

       $18,610,019          —         $18,610,019         $18,610,019          —  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 Small Cap Value

          

 Fixed Income Clearing Corp.

     $2,518,000       —       $2,518,000       $2,518,000       —  

 Small/Mid Cap Core

          

 Citadel Securities LLC

     $32,000       —       $32,000       $32,000       —  

 Daiwa Capital Markets America

     497,448       —       497,448       497,448       —  

 Jefferies LLC

     7,746,000       —       7,746,000       7,746,000       —  

 Fixed Income Clearing Corp.

     16,499,000       —       16,499,000       16,499,000       —  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 Total

     $24,774,448       —       $24,774,448       $24,774,448       —  
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

 

9. SUBSEQUENT EVENTS

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

 

 

 

 

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, 2026, 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, 2026 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, 2026.

 

     Trustee fees and expenses   

 AMG GW&K Small Cap Core Fund

      $28,709   

 AMG GW&K Small Cap Value Fund

      8,499   

 AMG GW&K Small/Mid Cap Core Fund

      29,924   

 

 

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 3, 2026

 

At a meeting held on May 27, 2026, the Board of Trustees (the “Board” or the “Trustees”) of AMG Funds (the “Trust”) considered, and at a meeting held in-person on June 3, 2026, the Board, 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 May 27, 2026 and June 3, 2026 meetings 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

 

 

32

    

 

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

 

   

 

 

      

 

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 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, 2026, was below the median performance of the Peer Group and below 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 underperformance relative to the Fund Benchmark and the Peer Group. The Trustees also took into account the fact that the Fund ranked in the top third relative to its Peer Group for the 2024 calendar year and in the top half relative to its Peer Group for the 2022 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 and size 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 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, 2026, was below, below, above, and below, respectively, the median performance of the Peer Group and below 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 underperformance relative to the Peer Group and the Fund Benchmark and the fact that the Fund ranked in the top half 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 and size 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 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 of all the share classes of the Fund) for the 1-year, 3-year, 5-year and

10-year periods ended March 31, 2026, was above 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 outperformance relative to its Peer Group and underperformance relative to the Fund Benchmark, and the fact that the Fund ranked in the top quintile relative to its Peer Group for the 5-year period 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 and size 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 May 27, 2026 and June 3, 2026 meetings 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.

 

 

33

    

 

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

 

   

 

 

      

 

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 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, 2026, 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, 2027, 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, 2026, 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, 2027, 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, 2026, were

      

both rated in the Below 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, 2027, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.82%. 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 3, 2026, 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

1350 Penn Avenue, Suite 102

Pittsburgh, PA 15222

800.548.4539

 

TRUSTEES

Jill R. Cuniff

Kurt A. Keilhacker

Peter W. MacEwen

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 a 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 Growth

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 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

 

EXCHANGE-TRADED FUND

AMG GW&K Muni Income ETF

GW&K Investment Management, LLC

            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            
            

 

 

 

 

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SEMI-ANNUAL FINANCIAL STATEMENTS

 

 

 

          AMG Funds
 
     June 30, 2026
 
     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

 
    

 

 

 

 
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AMG Funds

Semi-Annual Financial Statements — June 30, 2026 (unaudited)

 

 

 

 

     
            
     TABLE OF CONTENTS    PAGE  
   

 

  
 
   

FINANCIAL STATEMENTS

   
 
   

Schedules of Portfolio Investments

  
 
   

AMG GW&K ESG Bond Fund

      2  
 
   

AMG GW&K Municipal Bond Fund

      8  
 
   

AMG GW&K Municipal Enhanced Yield Fund

      14  
 
   

Statement of Assets and Liabilities

      17  
 
   

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

and cumulative distributable earnings (accumulated losses)

   
 
   

Statement of Operations

     19  
 
   

Detail of sources of income, expenses, and realized and

unrealized gains (losses) during the fiscal period

   
 
   

Statements of Changes in Net Assets

     20  
 
   

Detail of changes in assets for the past two fiscal periods

   
 
   

Financial Highlights

     21  
 
   

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

and expense ratios, turnover ratios and net assets

   
 
   

Notes to Financial Statements

     28  
 
   

Accounting and distribution policies, details of agreements and

transactions with Fund management and affiliates, and descriptions of

certain investment risks

   
 
   

OTHER INFORMATION

      36  
 
    STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT      37  
 
      

 

 

 

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, 2026

 

 

      Principal
Amount		     

 

  Value  

  

Corporate Bonds and Notes - 54.4%

 

   

Basic Materials - 1.7%

      

Celanese US Holdings LLC
7.550%, 11/15/301,2

     $2,049,000        $2,171,879  

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

     2,000,000        1,984,191  

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

      1,205,000        1,203,803  

Total Basic Materials

         5,359,873  

Communications - 3.3%

      

AT&T, Inc.
4.300%, 12/15/42

      1,985,000        1,637,232  

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

      1,900,000        1,677,072  

Charter Communications Operating LLC/Charter Communications Operating Capital
4.400%, 04/01/33

      1,815,000        1,671,180  

Comcast Corp.
4.650%, 02/15/331

     867,000        847,318  

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

      1,300,000        1,289,464  

Verizon Communications, Inc.
5.500%, 02/23/541

     1,625,000        1,533,208  

Versant Media Group, Inc.
7.250%, 01/30/313

     1,675,000        1,732,895  

Total Communications

         10,388,369  

Consumer, Cyclical - 10.8%

      

AutoNation, Inc.
3.850%, 03/01/321

     1,600,000        1,494,789  

Bath & Body Works, Inc.
6.875%, 11/01/351

     940,000        962,290  

Carnival Corp., Ltd.
6.650%, 01/15/28

      850,000        867,382  

Ford Motor Co.
6.100%, 08/19/32

      1,900,000        1,934,734  

The Goodyear Tire & Rubber Co.
5.000%, 07/15/291

     1,439,000        1,375,566  

Hyatt Hotels Corp.
5.750%, 03/30/32

      1,975,000        2,036,444  

KB Home
4.800%, 11/15/29

      1,222,000        1,207,727  

Las Vegas Sands Corp.
6.200%, 08/15/34

      1,375,000        1,415,473  

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

      335,000        318,258  

4.950%, 02/01/28

      500,000        497,666  

Magna International, Inc. (Canada)
5.875%, 06/01/351

     1,752,000        1,822,923  

Marriott International, Inc.
5.500%, 04/15/37

      1,360,000        1,373,067  

 

      
      Principal
Amount		     

 

  Value  

  

Marriott Ownership Resorts, Inc.
4.750%, 01/15/281

     $1,600,000        $1,582,121  

Mattel, Inc.
3.750%, 04/01/293

     1,075,000        1,042,505  

6.200%, 10/01/40

      911,000        913,930  

MGM Resorts International
6.125%, 09/15/29

      1,000,000        1,009,809  

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

      1,050,000        1,033,436  

Newell Brands, Inc.
6.375%, 05/15/301

     850,000        861,557  

Penske Automotive Group, Inc.
3.750%, 06/15/291

     1,500,000        1,435,851  

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

      2,050,000        2,147,915  

Royal Caribbean Cruises, Ltd. (Liberia)
5.375%, 01/15/361

     1,725,000        1,712,275  

6.000%, 02/01/333

     875,000        887,334  

Travel + Leisure Co.
4.625%, 03/01/303

     575,000        556,748  

6.000%, 04/01/272

     350,000        350,550  

United Airlines Holdings, Inc.
5.375%, 03/01/31

      1,750,000        1,737,431  

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

      1,329,740        1,352,034  

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

      1,000,000        819,092  

Yum! Brands, Inc.
3.625%, 03/15/31

      1,110,000        1,033,108  

Total Consumer, Cyclical

         33,782,015  

Consumer, Non-cyclical - 7.2%

 

   

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

      1,670,000        1,359,823  

Amgen, Inc.
5.600%, 03/02/43

      1,385,000        1,376,659  

APi Group DE, Inc.
4.125%, 07/15/293

     1,255,000        1,203,541  

Ashtead Capital, Inc. (United Kingdom)
5.500%, 08/11/321,3

     2,000,000        2,042,827  

The Campbell’s Company
5.400%, 03/21/341

     2,530,000        2,492,289  

CommonSpirit Health
3.347%, 10/01/29

      600,000        573,093  

CVS Health Corp.
5.250%, 02/21/331

     2,568,000        2,610,773  

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

      1,690,000        1,004,784  

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

      1,550,000        1,470,387  

Herc Holdings, Inc.
7.000%, 06/15/303

     2,000,000        2,071,135  

 

      
 

 

 

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 - 7.2% (continued)

 

   

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

      $2,480,000        $2,212,071  

Teleflex, Inc.
4.250%, 06/01/283

     2,045,000        2,015,740  

Teva Pharmaceutical Finance Co. LLC
6.150%, 02/01/361

     1,985,000        2,093,669  

Total Consumer, Non-cyclical

         22,526,791  

Financials - 17.8%

      

Aircastle, Ltd./Aircastle Ireland DAC (Bermuda)
5.750%, 10/01/313

     2,375,000        2,429,422  

Ally Financial, Inc.

      

(6.184% to 07/26/34 then SOFR + 2.290%), 6.184%, 07/26/354,5

     2,000,000        2,032,894  

American Homes 4 Rent LP
5.500%, 07/15/34

      1,675,000        1,695,169  

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        2,290,581  

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

     3,050,000        3,187,878  

The Bank of New York Mellon Corp.

      

(5.950% to 12/20/30 then U.S. Treasury Yield Curve CMT 5 year + 2.271%), 5.950%, 12/20/301,4,5,6

     2,433,000        2,441,316  

Boston Properties LP
2.550%, 04/01/321

     2,469,000        2,150,284  

Capital One Financial Corp.

      

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

     1,950,000        2,242,609  

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        1,771,568  

Citigroup, Inc.

      

Series T, (6.250% to 08/15/26 then 3 month SOFR + 4.779%),
6.250%, 08/15/264,5,6

     825,000        825,857  

Series AA, (7.625% to 11/15/28 then U.S. Treasury Yield Curve CMT 5 year + 3.211%),
7.625%, 11/15/281,4,5,6

     1,278,000        1,327,894  

Citizens Financial Group, Inc.

      

(5.718% to 07/23/31 then SOFR + 1.910%), 5.718%, 07/23/324,5

     2,465,000        2,530,038  

GLP Capital LP/GLP Financing II, Inc.
5.625%, 09/15/34

      1,400,000        1,388,987  

The Goldman Sachs Group, Inc.

      

(6.561% to 10/24/33 then SOFR + 1.950%), 6.561%, 10/24/341,4,5

     1,650,000        1,785,075  

Series Z, (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        1,845,617  

 

      
      Principal
Amount		        Value    

Huntington Bancshares, Inc.

      

Series F, (5.625% to 07/15/30 then U.S. Treasury Yield Curve CMT 10 year + 4.945%), 5.625%, 07/15/304,5,6

     $975,000        $981,179  

(5.709% to 02/02/34 then SOFR Index + 1.870%), 5.709%, 02/02/351,4,5

     1,500,000        1,534,607  

JPMorgan Chase & Co.

      

(3.157% to 04/22/41 then 3 month SOFR + 1.460%),
3.157%, 04/22/424,5

     2,710,000        2,061,082  

KeyCorp, MTN

      

(4.789% to 06/01/32 then SOFR Index + 2.060%), 4.789%, 06/01/334,5

     1,000,000        980,675  

M&T Bank Corp.

      

(7.413% to 10/30/28 then SOFR + 2.800%), 7.413%, 10/30/294,5

     1,837,000        1,945,549  

MetLife, Inc.

      

Series D, (5.875% to 03/15/28 then 3 month SOFR + 3.221%),
5.875%, 03/15/281,4,5,6

     1,175,000        1,178,244  

Morgan Stanley

      

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

     1,548,000        1,533,857  

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

      950,000        963,910  

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        2,387,994  

SLM Corp.
6.500%, 01/31/30

      1,400,000        1,419,127  

Starwood Property Trust, Inc.
4.375%, 01/15/273

     1,775,000        1,771,578  

State Street Corp.

      

Series I, (6.700% to 03/15/29 then U.S. Treasury Yield Curve CMT 5 year + 2.613%), 6.700%, 03/15/291,4,5,6

     1,900,000        1,964,980  

Truist Financial Corp., MTN

      

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

     2,213,000        2,302,149  

Vornado Realty LP
5.750%, 02/01/33

      1,500,000        1,505,358  

Wells Fargo & Co., MTN

      

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

     2,025,000        1,861,473  

(7.625% to 09/15/28 then U.S. Treasury Yield Curve CMT 5 year + 3.606%), 7.625%, 09/15/281,4,5,6

     1,462,000        1,538,197  

Total Financials

         55,875,148  

Industrials - 5.8%

      

Avient Corp.
6.250%, 11/01/313

     1,575,000        1,595,982  

BWX Technologies, Inc.
4.125%, 06/30/283

     1,210,000        1,187,061  

Coherent Corp.
5.000%, 12/15/293

     2,000,000        1,969,191  

 

      
 

 

 

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 - 5.8% (continued)

 

   

Graphic Packaging International LLC
3.500%, 03/01/293

     $1,400,000        $1,331,281  

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

      3,168,000        3,268,683  

Mueller Water Products, Inc.
4.000%, 06/15/293

     2,050,000        1,985,768  

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

     1,500,000        1,424,858  

Owens Corning
7.000%, 12/01/362

     1,800,000        2,022,289  

Regal Rexnord Corp.
6.300%, 02/15/30

      1,670,000        1,742,963  

Sonoco Products Co.
2.850%, 02/01/321

     1,822,000        1,637,305  

Total Industrials

         18,165,381  

Technology - 5.0%

      

Broadcom, Inc.
3.500%, 02/15/41

      1,700,000        1,358,302  

CDW LLC/CDW Finance Corp.
5.550%, 08/22/34

      2,008,000        1,982,651  

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

      1,372,000        1,631,957  

Kyndryl Holdings, Inc.
3.150%, 10/15/311

     2,375,000        1,978,540  

Microsoft Corp.
2.525%, 06/01/50

      1,450,000        862,260  

MSCI, Inc.
3.250%, 08/15/333

     2,015,000        1,772,447  

Open Text Holdings, Inc.
4.125%, 02/15/303

     1,125,000        1,030,558  

Oracle Corp.
4.800%, 09/26/321

     1,840,000        1,750,781  

SK hynix, Inc. (South Korea)
2.375%, 01/19/313

     900,000        814,389  

Twilio, Inc.
3.625%, 03/15/291

     600,000        578,601  

3.875%, 03/15/31

      2,194,000        2,065,365  

Total Technology

         15,825,851  

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        2,317,700  

DPL LLC
4.350%, 04/15/29

      1,000,000        968,792  

Duke Energy Corp.
2.550%, 06/15/311

     895,000        806,990  

(6.450% to 09/01/34 then U.S. Treasury Yield Curve CMT 5 year + 2.588%), 6.450%, 09/01/541,4,5

     2,290,000        2,377,945  

 

      
      Principal
Amount		        Value    

Exelon Corp.

      

(6.500% to 12/15/34 then U.S. Treasury Yield Curve CMT 5 year + 1.975%), 6.500%, 03/15/554,5

     $2,315,000        $2,376,097  

Total Utilities

         8,847,524  

Total Corporate Bonds and Notes

 

   

(Cost $173,745,954)

         170,770,952  

Asset-Backed Securities - 4.0%

 

   

AGL CLO 39, Ltd.

      

Series 2025-39A, Class A1
(3 month SOFR + 1.130%, Cap N/A, Floor 1.130%), 4.805%, 04/20/383,5

     1,050,000        1,048,518  

AGL Core CLO, Ltd.

      

Series 2025-38A, Class A1
(3 month SOFR + 1.240%, Cap N/A, Floor 1.240%), 4.904%, 01/22/383,5

     1,000,000        1,000,801  

American Express Credit Account Master Trust

      

Series 2025-5, Class A
4.510%, 07/15/32

      610,000        611,641  

Apidos CLO Lvi

      

Series 2026-56A, Class A1
(3 month SOFR + 1.160%, Cap N/A, Floor 1.160%), 4.815%, 04/24/393,5

     505,000        504,619  

Carmax Auto Owner Trust

      

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

      267,932        268,128  

Compass Datacenters Issuer II LLC

      

Series 2024-1A, Class A1
5.250%, 02/25/493

     3,050,000        3,061,748  

Elmwood CLO II, Ltd.

      

Series 2019-2A, Class A1RR
(3 month SOFR + 1.350%, Cap N/A, Floor 1.350%), 5.025%, 10/20/373,5

     1,715,000        1,718,501  

KKR CLO 43, Ltd.

      

Series 2022-43A, Class A1R2
(3 month SOFR + 1.100%, Cap N/A, Floor 1.100%), 4.771%, 04/15/383,5

     500,000        499,148  

Magnetite XXXIV, Ltd.

      

Series 2023-34A, Class A1R
(3 month SOFR + 1.140%, Cap N/A, Floor 1.140%), 4.813%, 01/15/383,5

     850,000        848,858  

Magnetite XXXVI, Ltd.

      

Series 2023-36A, Class AR
(3 month SOFR + 1.320%, Cap N/A, Floor 1.320%), 4.987%, 07/25/383,5

     880,000        882,026  

Palmer Square CLO, Ltd.

      

Series 2021-1A, Class A1AR
(3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 4.825%, 04/20/383,5

     551,000        549,979  

 

      
 

 

 

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    

Asset-Backed Securities - 4.0%
(continued)

 

   

Voya CLO, Ltd.

      

Series 2021-2A, Class A1R
(3 month SOFR + 1.170%, Cap N/A, Floor 1.170%), 4.845%, 04/20/383,5

     $1,475,000        $1,475,369  

Total Asset-Backed Securities

      

(Cost $12,493,390)

         12,469,336  

Mortgage-Backed Securities - 5.4%

 

   

Chase Home Lending Mortgage Trust

      

Series 2024-1, Class A6
6.500%, 01/25/553,5

     310,323        310,503  

Citigroup Mortgage Loan Trust

      

Series 2022-J1, Class A1
2.500%, 02/25/523,5

     810,992        749,406  

Connecticut Avenue Securities Trust

      

Series 2024-R01, Class 1M1
4.678%, 01/25/443,5

     436,109        435,905  

Series 2024-R02, Class 1M1
4.728%, 02/25/443,5

     183,557        183,557  

Series 2024-R06, Class 1A1
4.778%, 09/25/443,5

     522,927        524,234  

Series 2026-R02, Class 1A1
4.578%, 02/25/463,5

     490,181        490,620  

DATA Mortgage Trust

      

Series 2023-CNTR, Class A
5.919%, 08/12/433,5

     1,900,000        1,918,815  

GS Mortgage Securities Trust

      

Series 2020-GC47, Class A5
2.377%, 05/12/53

      900,000        824,255  

GS Mortgage-Backed Securities Corp. Trust

      

Series 2021-PJ4, Class A6
2.500%, 09/25/513,5

     2,110,579        1,969,181  

Series 2021-PJ5, Class A6
2.500%, 10/25/513,5

     721,290        672,499  

GS Mortgage-Backed Securities Trust

      

Series 2018-RPL1, Class A1A
3.750%, 10/25/573

     502,239        491,724  

Series 2021-GR3, Class A6
2.500%, 04/25/523,5

     355,342        316,710  

Series 2021-PJ8, Class A2
2.500%, 01/25/523,5

     1,708,097        1,408,569  

Series 2021-PJ9, Class A8
2.500%, 02/26/523,5

     1,334,950        1,186,393  

Series 2022-PJ3, Class A4
2.500%, 08/25/523,5

     728,424        601,633  

Series 2022-PJ3, Class A7
2.500%, 08/25/523,5

     455,060        431,367  

JP Morgan Mortgage Trust

      

Series 2017-2, Class A3
3.500%, 05/25/473,5

     907,667        818,445  

Series 2019-INV3, Class B1
4.331%, 05/25/503,5

     232,218        219,135  

Series 2019-INV3, Class B2
4.331%, 05/25/503,5

     190,750        179,523  

 

      
      Principal
Amount		        Value    

Series 2021-1, Class A3A
2.000%, 06/25/513,5

     $719,757        $569,188  

Series 2021-7, Class A6
2.500%, 11/25/513,5

     1,467,376        1,367,851  

Series 2022-2, Class A6
3.000%, 08/25/523,5

     666,664        623,934  

Series 2022-4, Class A3
3.000%, 10/25/523,5

     736,701        632,412  

Total Mortgage-Backed Securities

      

(Cost $16,941,559)

         16,925,859  

Municipal Bonds - 3.1%

 

   

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

      3,395,000        3,172,207  

California State General Obligation, School

      

Improvements, Build America Bonds
7.550%, 04/01/39

      2,030,000        2,409,435  

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

      1,000,000        873,549  

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

      3,635,000        3,059,646  

2.833%, 01/01/38

      65,000        54,187  

Total Municipal Bonds

      

(Cost $11,224,374)

         9,569,024  

U.S. Government and Agency Obligations
- 31.8%

 

   

Fannie Mae - 15.3%

      

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

      19,723,511        18,509,265  

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

      13,357,735        12,699,167  

4.500%, 05/01/48 to 06/01/49

      4,430,292        4,356,400  

5.000%, 05/01/50

      2,066,176        2,067,549  

5.500%, 11/01/52 to 02/01/55

      7,733,219        7,865,503  

6.500%, 02/01/54

      2,378,923        2,497,831  

Total Fannie Mae

         47,995,715  

Freddie Mac - 5.2%

      

FHLMC
3.000%, 11/01/49 to 04/01/51

      5,230,624        4,650,505  

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

      3,283,666        3,202,395  

Freddie Mac Multifamily Structured Pass Through Certificates

      

Series K139, Class A2
2.590%, 01/25/325

     1,525,000        1,382,328  

Freddie Mac REMICS

      

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

      3,218,503        3,033,570  

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

      1,418,450        1,415,672  

Freddie Mac STACR REMIC Trust

      

Series 2025-DNA3, Class A1
4.578%, 09/25/453,5

     573,063        573,926  

Series 2024-DNA2, Class A1
4.878%, 05/25/443,5

     646,499        648,619  

 

      
 

 

 

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    

Freddie Mac - 5.2% (continued)

 

   

Freddie Mac STACR REMIC Trust

      

Series 2024-DNA1, Class M1
4.978%, 02/25/443,5

     $481,754        $482,130  

Series 2023-HQA3, Class A1
5.478%, 11/25/433,5

     814,974        818,941  

Total Freddie Mac

         16,208,086  

Ginnie Mae - 0.2%

      

GNMA

      

Series 2016-25, Class QW
3.000%, 02/16/46

      445,000        368,547  

Series 2017-113, Class JB
3.000%, 07/16/47

      455,000        398,739  

Total Ginnie Mae

         767,286  

U.S. Treasury Obligations - 11.1%

 

   

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

      5,625,000        2,676,709  

1.875%, 02/15/51

      5,797,000        3,222,090  

2.250%, 05/15/41

      15,359,000        11,196,471  

2.500%, 02/15/46

      1,796,000        1,238,328  

3.125%, 05/15/48

      10,968,000        8,240,138  

3.625%, 02/15/53

      6,760,000        5,405,888  

3.875%, 02/15/43

      3,324,000        2,945,246  

Total U.S. Treasury Obligations

         34,924,870  

Total U.S. Government and Agency Obligations
(Cost $116,944,570)

         99,895,957  

 

      
      Principal
Amount		        Value    

Short-Term Investments - 1.8%

 

   

Joint Repurchase Agreements - 1.4%7

 

   

Daiwa Capital Markets America, dated 06/30/26, due 07/01/26, 3.640% total to be received $225,969 (collateralized by various U.S. Treasuries, 2.125% - 4.125%, 06/30/27 -01/15/35, totaling $230,465)

      $225,946        $225,946  

State of Wisconsin Investment Board, dated 06/30/26, due 07/01/26, 3.760% total to be received $4,236,442 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 01/15/28 -02/15/56, totaling $4,310,782)

      4,236,000        4,236,000  

Total Joint Repurchase Agreements

         4,461,946  

Repurchase Agreements - 0.4%

      

Fixed Income Clearing Corp., dated 06/30/26, due 07/01/26, 3.350% total to be received $1,080,101 (collateralized by a U.S. Treasury Note, 4.375%, 05/15/34, totaling $1,101,627)

      1,080,000        1,080,000  

Total Short-Term Investments
(Cost $5,541,946)

         5,541,946  

Total Investments - 100.5%
(Cost $336,891,793)

         315,173,074  

Other Assets, less Liabilities - (0.5)%

 

      (1,432,488 ) 

Net Assets - 100.0%

         $313,740,586  

 

      
 

 

  1 

Some of these securities, amounting to $34,490,699 or 11.0% 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 

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

 

  3 

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, 2026, the value of these securities amounted to $61,064,238 or 19.5% of net assets.

 

  4 

Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2026. 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, 2026. 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
GNMA   Ginnie Mae
MTN   Medium-Term Note
REMICS   Real Estate Mortgage Investment Conduit
SOFR   Secured Overnight Financing Rate
STACR   Structured Agency Credit Risk

 

 

 

 

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

6

 

 AMG GW&K ESG Bond Fund

 Schedule of Portfolio Investments (continued)

 

 

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2026: 

 

    

Level 1

 

     

Level 2

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Corporate Bonds and Notes†

  

 

—

 

   

$

170,770,952

 

   

 

—

 

   

$

170,770,952

 

 Asset-Backed Securities

   

 

—

 

   

 

12,469,336

 

   

 

—

 

   

 

12,469,336

 

 Mortgage-Backed Securities

   

 

—

 

   

 

16,925,859

 

   

 

—

 

   

 

16,925,859

 

 Municipal Bonds

   

 

—

 

   

 

9,569,024

 

   

 

—

 

   

 

9,569,024

 

 U.S. Government and Agency Obligations†

  

 

—

 

   

 

99,895,957

 

   

 

—

 

   

 

99,895,957

 

 Short-Term Investments

            

 Joint Repurchase Agreements

      —        4,461,946        —        4,461,946  

 Repurchase Agreements

      —        1,080,000        —        1,080,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

—

 

   

$

315,173,074

 

   

 

—

 

   

$

315,173,074

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

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, 2026, there were no transfers in or out of Level 3.

 

 

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

7

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2026

 

 

      Principal
Amount		        Value    

Municipal Bonds - 98.7%

      

Alabama - 3.7%

      

Black Belt Energy Gas District, Series 1,
5.000%, 12/01/31

      $7,500,000        $7,865,499  

5.000%, 01/01/34

      2,800,000        2,935,149  

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

      5,810,000        6,063,729  

Southeast Energy Authority A Cooperative District, Series E
5.000%, 10/01/30

      13,515,000        14,435,743  

Southeast Energy Authority A Cooperative District, Series H
5.000%, 11/01/35

      5,765,000        6,130,809  

Total Alabama

         37,430,929  

Arizona - 0.8%

      

City of Mesa Utility System Revenue
5.000%, 07/01/37

      5,000,000        5,806,293  

Maricopa County Industrial Development Authority, Series D
5.000%, 12/01/40

      2,150,000        2,315,232  

Total Arizona

         8,121,525  

California - 4.1%

      

California Community Choice Financing Authority, Series F
5.000%, 06/01/361

     9,850,000        10,679,402  

California Municipal Finance Authority, Community Medical Centers, Series A
5.000%, 02/01/31

      900,000        907,786  

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

      1,000,000        1,086,703  

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

      1,955,000        2,137,870  

5.000%, 07/01/32

      3,230,000        3,577,198  

5.000%, 07/01/33

      2,550,000        2,852,330  

Los Angeles Department of Water & Power, Series C
5.000%, 07/01/30

      9,500,000        10,182,802  

San Francisco City & County Airport Commission, San Francisco International Airport, Series A,
5.000%, 05/01/34

      3,010,000        3,155,074  

5.000%, 05/01/35

      5,800,000        6,062,753  

Total California

         40,641,918  

Colorado - 0.4%

      

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

      4,260,000        4,469,042  

 

          
      Principal
Amount		        Value    

Connecticut - 1.3%

      

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

      $6,205,000        $6,645,339  

5.000%, 07/01/33

      2,750,000        2,961,843  

5.000%, 07/01/34

      3,300,000        3,540,360  

Total Connecticut

         13,147,542  

Florida - 6.7%

      

Brevard County Health Facilities Authority, Series A
5.000%, 07/01/34

      2,010,000        2,247,380  

County of Lee Airport Revenue, Series 1,
5.000%, 10/01/36

      1,335,000        1,482,655  

5.250%, 10/01/38

      1,500,000        1,695,902  

5.250%, 10/01/39

      1,000,000        1,124,325  

County of Lee Airport Revenue, Series 2
5.000%, 10/01/56

      1,000,000        1,073,150  

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

      5,000,000        5,523,991  

5.000%, 10/01/371

     3,000,000        3,328,475  

5.000%, 10/01/381

     3,750,000        4,136,166  

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

      6,000,000        6,178,925  

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

      10,000,000        10,238,703  

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

      4,950,000        4,970,494  

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

      2,845,000        2,976,276  

Miami-Dade County Educational Facilities Authority,
5.000%, 04/01/38

      1,500,000        1,688,212  

5.000%, 04/01/41

      2,000,000        2,210,050  

Miami-Dade County Educational Facilities

      

Authority, Series B
5.250%, 04/01/36

      5,000,000        5,741,159  

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

      10,000,000        10,398,623  

Volusia County Educational Facility Authority
5.000%, 10/15/33

      2,000,000        2,253,845  

Total Florida

         67,268,331  

Georgia - 2.1%

      

City of Atlanta GA Water & Wastewater Revenue,
5.000%, 11/01/38

      5,700,000        6,550,975  

5.000%, 11/01/39

      1,800,000        2,057,041  
     
 

 

 

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    

Georgia - 2.1% (continued)

      

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

      $5,700,000        $6,399,227  

5.000%, 09/01/33

      5,000,000        5,679,995  

Total Georgia

         20,687,238  

Illinois - 10.9%

      

Chicago Midway International Airport, Series A
5.000%, 01/01/33

      2,000,000        2,175,490  

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

      10,070,000        10,427,123  

5.000%, 01/01/38

      5,500,000        5,671,640  

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

      2,000,000        2,163,145  

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

      3,000,000        3,249,170  

5.250%, 12/01/51

      5,000,000        5,269,210  

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

      5,910,000        5,862,630  

5.000%, 04/01/34

      4,640,000        5,260,444  

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

      2,970,000        3,349,677  

Illinois State Toll Highway Authority, Senior Revenue, Series A,
5.000%, 12/01/31

      9,735,000        9,751,787  

5.000%, 01/01/36

      3,000,000        3,400,440  

State of Illinois
5.000%, 02/01/33

      4,100,000        4,524,103  

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

      6,000,000        6,647,413  

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

      8,500,000        9,203,248  

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

      10,000,000        10,864,993  

5.000%, 04/01/35

      3,205,000        3,579,222  

5.250%, 05/01/42

      2,000,000        2,160,706  

5.250%, 05/01/45

      2,000,000        2,116,054  

State of Illinois, Series C,
5.250%, 04/01/43

      6,000,000        6,537,260  

5.250%, 04/01/44

      6,000,000        6,497,352  

Total Illinois

         108,711,107  

Indiana - 1.3%

      

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

      5,000,000        5,539,855  

Indiana Finance Authority, Series B,
5.000%, 10/01/331

     5,635,000        6,432,527  

5.000%, 10/01/351

     1,000,000        1,162,377  

Total Indiana

         13,134,759  

 

      
      Principal
Amount		        Value    

Kentucky - 3.8%

      

Kentucky State Property & Building Commission, Series A,
5.000%, 03/01/361

     $1,375,000        $1,584,777  

5.000%, 10/01/37

      4,500,000        5,053,011  

5.000%, 04/01/40

      5,200,000        5,799,070  

5.000%, 04/01/41

      8,500,000        9,416,772  

5.000%, 03/01/431

     5,000,000        5,531,804  

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

      5,000,000        5,689,664  

5.000%, 04/01/35

      4,795,000        5,489,551  

Total Kentucky

         38,564,649  

Louisiana - 1.5%

      

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

      2,750,000        2,976,332  

5.000%, 07/01/42

      11,500,000        12,357,290  

Total Louisiana

         15,333,622  

Maryland - 0.6%

      

Maryland Stadium Authority
5.000%, 06/01/40

      2,500,000        2,758,525  

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

      3,320,000        3,715,104  

Total Maryland

         6,473,629  

Massachusetts - 2.0%

      

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

      4,250,000        4,302,185  

5.500%, 07/01/45

      1,990,000        2,093,817  

Massachusetts Development Finance Agency, Series 1,
5.000%, 10/01/391

     1,000,000        1,145,109  

5.000%, 07/01/40

      1,870,000        2,007,875  

5.000%, 07/01/41

      2,095,000        2,224,181  

Massachusetts Development Finance Agency, Series A,
5.000%, 10/01/38

      5,000,000        5,679,719  

5.500%, 10/01/44

      1,250,000        1,366,249  

5.500%, 10/01/45

      1,400,000        1,515,373  

Total Massachusetts

         20,334,508  

Michigan - 3.6%

      

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

      9,000,000        10,230,819  

5.000%, 07/01/35

      8,000,000        9,106,010  

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

      2,500,000        2,863,692  

Great Lakes Water Authority Water Supply System Revenue, Series B,
5.000%, 07/01/36

      5,000,000        5,731,641  

5.000%, 07/01/42

      4,900,000        5,456,563  
           
 

 

 

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    

Michigan - 3.6% (continued)

      

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

      $3,000,000        $3,086,109  

Total Michigan

         36,474,834  

New Hampshire - 0.3%

      

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

      3,000,000        3,305,862  

New Jersey - 3.9%

      

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

      7,000,000        7,669,079  

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

      2,250,000        2,573,819  

5.250%, 06/15/37

      1,750,000        1,988,094  

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

      3,000,000        3,060,301  

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

      2,700,000        2,964,763  

5.250%, 06/15/42

      2,250,000        2,460,986  

New Jersey Transportation Trust Fund Authority, Series AA,
5.000%, 06/15/37

      2,000,000        2,272,098  

5.000%, 06/15/38

      1,700,000        1,917,366  

New Jersey Transportation Trust Fund Authority, Series B
5.000%, 06/15/33

      1,800,000        1,967,981  

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

      3,000,000        3,036,364  

New Jersey Turnpike Authority, Series A,
5.000%, 01/01/331

     2,230,000        2,463,453  

5.000%, 01/01/341

     2,365,000        2,633,954  

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

      1,150,000        1,243,372  

5.000%, 11/01/41

      2,615,000        2,801,140  

Total New Jersey

         39,052,770  

New York - 19.2%

      

City of New York, Series 1,
5.000%, 08/01/31

      2,000,000        2,200,288  

5.000%, 08/01/32

      1,200,000        1,337,263  

5.000%, 08/01/34

      5,000,000        5,601,219  

5.000%, 08/01/35

      5,000,000        5,721,474  

5.000%, 09/01/40

      5,000,000        5,487,416  

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

      1,500,000        1,612,006  

5.000%, 08/01/34

      3,250,000        3,481,692  

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

      1,000,000        1,109,812  

 

      
      Principal
Amount		        Value    

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

      $2,900,000        $3,231,718  

5.000%, 08/01/36

      5,000,000        5,626,987  

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

      5,950,000        6,484,381  

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

      7,460,000        8,340,191  

Metropolitan Transportation Authority, Series B,
5.000%, 11/15/31

      6,500,000        7,201,920  

5.000%, 11/15/33

      3,490,000        3,957,638  

New York City Transitional Finance Authority Building Aid Revenue,
Series 2, (ST AID)
5.000%, 07/15/36

      4,500,000        5,210,841  

5.000%, 07/15/37

      5,000,000        5,745,077  

New York City Transitional Finance Authority Future Tax Secured Revenue, Series 1,
5.000%, 11/01/34

      3,000,000        3,424,720  

5.000%, 11/01/37

      1,000,000        1,119,683  

5.000%, 11/01/37

      1,750,000        1,991,920  

5.000%, 11/01/39

      3,450,000        3,813,245  

5.000%, 11/01/39

      3,000,000        3,378,954  

5.000%, 02/01/42

      4,300,000        4,763,588  

5.000%, 02/01/43

      4,610,000        5,095,214  

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

      2,500,000        2,715,990  

5.000%, 05/01/41

      2,750,000        2,978,171  

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

      3,550,000        3,810,243  

New York Convention Center Development Corp., Series B
5.000%, 11/15/461

     3,650,000        3,922,036  

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

      2,000,000        1,988,547  

New York State Dormitory Authority, Series A,
5.000%, 07/01/351

     3,000,000        3,490,340  

5.000%, 03/15/36

      5,300,000        6,165,763  

5.000%, 03/15/37

      3,000,000        3,453,795  

5.000%, 07/01/371

     5,100,000        5,930,550  

5.000%, 07/01/381

     4,950,000        5,708,403  

5.000%, 03/15/41

      5,090,000        5,608,656  

New York State Dormitory Authority, Series C,
5.000%, 03/15/34

      3,735,000        4,282,763  

5.000%, 03/15/35

      2,950,000        3,411,284  

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

      1,250,000        1,229,779  

4.000%, 10/31/46

      1,500,000        1,401,754  

5.000%, 12/01/31

      1,100,000        1,192,678  

5.000%, 12/01/32

      1,450,000        1,568,120  

5.000%, 12/01/33

      1,000,000        1,078,482  

5.000%, 12/01/36

      10,000,000        10,647,838  

5.000%, 06/30/49

      2,010,000        2,034,552  

5.250%, 06/30/49

      5,000,000        5,081,089  

6.000%, 06/30/44

      1,320,000        1,468,768  

6.000%, 06/30/50

      2,000,000        2,151,674  

6.000%, 06/30/54

      3,000,000        3,144,200  

 

      
 

 

 

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    

New York - 19.2% (continued)

      

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

      $4,500,000        $4,640,471  

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

      3,000,000        3,201,929  

The Trust for Cultural Resources of The City of New York
5.000%, 08/01/361

     1,100,000        1,283,024  

Triborough Bridge & Tunnel Authority, Series 2,
5.000%, 11/15/35

      1,000,000        1,167,282  

5.000%, 11/15/36

      1,000,000        1,172,791  

Total New York

         191,868,219  

North Carolina - 1.4%

      

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

      3,300,000        2,797,473  

1.750%, 06/01/35

      4,225,000        3,502,346  

1.850%, 06/01/36

      4,315,000        3,524,385  

2.125%, 06/01/40

      3,350,000        2,643,978  

Nash Health Care Systems
5.000%, 02/01/32

      1,035,000        1,128,239  

Total North Carolina

         13,596,421  

North Dakota - 1.1%

      

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

      3,000,000        3,080,521  

North Dakota Housing Finance Agency, Series C
4.700%, 07/01/45

      6,500,000        6,586,588  

North Dakota Housing Finance Agency, Series D
4.500%, 07/01/44

      1,250,000        1,253,684  

Total North Dakota

         10,920,793  

Ohio - 1.4%

      

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

      1,300,000        1,433,043  

5.000%, 01/01/35

      1,200,000        1,328,087  

5.000%, 01/01/36

      2,500,000        2,751,268  

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

      2,535,000        2,585,157  

Ohio Housing Finance Agency,
Series C, (GNMA FNMA FHLMC)
4.500%, 09/01/44

      6,110,000        6,130,539  

Total Ohio

         14,228,094  

Oklahoma - 0.2%

      

Oklahoma City Public Property Authority
5.000%, 06/01/33

      1,500,000        1,694,073  

Oregon - 0.2%

      

Oregon State University
5.000%, 04/01/36

      2,000,000        2,321,625  
      Principal 
Amount 		        Value    

Pennsylvania - 5.3%

      

Allegheny County Airport Authority, Series A
5.000%, 01/01/32

      $2,215,000        $2,365,053  

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

      1,000,000        1,127,368  

5.000%, 08/01/34

      1,055,000        1,200,883  

5.000%, 08/01/35

      1,500,000        1,721,292  

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

      7,910,000        8,181,400  

Delaware River Joint Toll Bridge Commission, Series A,
5.000%, 07/01/351

     2,420,000        2,777,769  

5.000%, 07/01/361

     1,525,000        1,760,957  

5.000%, 07/01/371

     1,350,000        1,549,446  

5.000%, 07/01/381

     1,250,000        1,425,089  

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

      2,500,000        2,480,988  

4.000%, 07/01/39

      2,000,000        1,964,078  

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

      5,015,000        5,455,662  

5.750%, 06/30/48

      8,000,000        8,451,015  

Pennsylvania Housing Finance Agency,

      

Series 146A
4.500%, 10/01/44

      7,020,000        7,050,777  

Pennsylvania Turnpike Commission, Series FIRS
5.000%, 06/01/32

      5,000,000        5,548,626  

Total Pennsylvania

         53,060,403  

Rhode Island - 0.8%

      

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

      5,175,000        5,432,295  

Rhode Island Health and Educational Building Corp., Series B
5.000%, 05/15/31

      2,100,000        2,265,784  

Total Rhode Island

         7,698,079  

South Carolina - 2.0%

      

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

      6,190,000        5,041,299  

2.000%, 03/01/39

      10,080,000        8,012,071  

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

      2,250,000        2,467,972  

5.000%, 12/01/43

      3,725,000        4,047,854  

Total South Carolina

         19,569,196  

Tennessee - 1.2%

      

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

      8,925,000        7,012,051  
 

 

 

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

11

    

 

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal 
Amount 		        Value    

Tennessee - 1.2% (continued)

      

The Metropolitan Nashville Airport Authority, Series B,
5.000%, 07/01/37

      $1,750,000        $1,941,921  

5.000%, 07/01/38

      1,000,000        1,101,755  

5.000%, 07/01/39

      1,500,000        1,643,858  

Total Tennessee

         11,699,585  

Texas - 13.5%

      

Central Texas Regional Mobility Authority, Series A,
5.000%, 01/01/35

      1,000,000        1,137,170  

5.000%, 01/01/36

      1,000,000        1,142,990  

5.000%, 01/01/37

      1,425,000        1,613,895  

5.000%, 01/01/38

      1,700,000        1,910,025  

5.000%, 01/01/39

      1,300,000        1,450,553  

Central Texas Regional Mobility Authority, Series B,
5.000%, 01/01/40

      1,000,000        1,105,982  

5.000%, 01/01/41

      1,200,000        1,319,676  

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

      1,250,000        1,366,383  

5.000%, 08/15/40

      1,500,000        1,632,708  

5.000%, 08/15/41

      1,500,000        1,628,059  

5.000%, 08/15/42

      1,000,000        1,082,167  

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

      3,500,000        3,913,455  

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

      1,100,000        1,105,820  

4.000%, 07/01/36

      1,100,000        1,101,017  

5.000%, 07/01/34

      2,835,000        3,040,909  

City of Houston Hotel Occupancy Tax & Special Revenue, Series C
5.000%, 09/01/38

      3,600,000        4,008,046  

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

      2,000,000        2,188,751  

5.000%, 03/01/41

      2,200,000        2,399,886  

5.000%, 03/01/42

      2,245,000        2,442,234  

City of San Antonio Electric & Gas Systems Revenue, Series A,
5.000%, 02/01/36

      5,050,000        5,832,686  

5.000%, 02/01/39

      7,500,000        8,441,522  

City of San Antonio Electric & Gas Systems, Series A,
5.000%, 02/01/34

      3,750,000        4,235,760  

5.000%, 02/01/35

      3,000,000        3,373,212  

5.000%, 02/01/37

      2,410,000        2,580,084  

5.000%, 02/01/38

      2,385,000        2,544,680  

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

      6,455,000        7,192,630  

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

      3,200,000        3,599,030  

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

      3,700,000        4,171,921  
      Principal 
Amount 		        Value    

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

      $2,115,000        $2,255,073  

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

      5,965,000        6,607,221  

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

      2,300,000        2,524,914  

5.000%, 05/15/32

      2,000,000        2,221,792  

5.000%, 05/15/37

      2,500,000        2,817,622  

5.000%, 05/15/38

      2,170,000        2,437,301  

North East Texas Regional Mobility Authority, Series A,
5.000%, 01/01/41

      1,700,000        1,828,686  

5.000%, 01/01/42

      1,055,000        1,129,745  

5.000%, 01/01/43

      1,185,000        1,267,190  

North Texas Tollway Authority, Series A
5.000%, 01/01/39

      2,500,000        2,788,650  

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

      4,400,000        4,919,191  

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

      3,565,000        3,022,771  

1.750%, 02/15/35

      5,155,000        4,275,176  

Tarrant County Cultural Education Facilities Finance Corp., Series 1
5.000%, 11/15/51

      3,000,000        3,301,323  

Tarrant County Cultural Education Facilities Finance Corp., Series 2
5.000%, 11/15/51

      2,500,000        2,819,711  

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

      1,000,000        1,051,787  

5.500%, 06/30/42

      1,000,000        1,050,502  

5.500%, 06/30/43

      1,000,000        1,049,316  

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

      5,000,000        4,979,958  

4.000%, 12/31/38

      3,735,000        3,689,535  

Texas State University System, Series C
5.000%, 03/15/321

     1,250,000        1,363,787  

Total Texas

         134,962,502  

Utah - 2.1%

      

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

      1,620,000        1,736,794  

5.000%, 06/01/37

      1,700,000        1,816,400  

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

      3,150,000        3,496,751  

5.000%, 07/01/34

      3,000,000        3,317,188  

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

      4,950,000        5,407,034  

Utah Municipal Power Agency, Series A
5.000%, 07/01/43

      4,465,000        4,943,260  

Total Utah

         20,717,427  
 

 

 

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

12

    

 

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal 
Amount 		        Value    

Virginia - 0.6%

      

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

      $3,000,000        $2,977,319  

4.000%, 01/01/38

      3,000,000        2,955,420  

Total Virginia

         5,932,739  

Washington - 0.6%

      

Energy Northwest, Series A
5.000%, 07/01/38

      2,400,000        2,749,793  

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

      3,270,000        3,388,120  

Total Washington

         6,137,913  

West Virginia - 1.3%

      

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

      5,250,000        5,700,817  

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

      1,000,000        1,080,309  

5.000%, 06/01/38

      2,000,000        2,151,699  

5.000%, 06/01/39

      3,400,000        3,646,582  

Total West Virginia

         12,579,407  

Wisconsin - 0.8%

      

Public Finance Authority,
5.750%, 06/30/60

      3,000,000        3,141,689  

6.500%, 06/30/60

      3,000,000        3,357,650  

 

      
      Principal 
Amount 		        Value    

State of Wisconsin, Series 1
5.000%, 05/01/321

     $1,125,000        $1,239,835  

Total Wisconsin

         7,739,174  

Total Municipal Bonds

 

   

(Cost $985,317,735)

         987,877,915  

Short-Term Investments - 4.0%

 

   

Repurchase Agreements - 4.0%

      

Fixed Income Clearing Corp., dated 06/30/26, due 07/01/26, 3.350% total to be received $40,002,722 (collateralized by a U.S. Treasury Note, 4.375%, 05/15/34, totaling $40,798,993)

      39,999,000        39,999,000  

Total Short-Term Investments

 

   

(Cost $39,999,000)

         39,999,000  

Total Investments - 102.7%

 

   

(Cost $1,025,316,735)

         1,027,876,915  

Other Assets, less Liabilities - (2.7)%

 

      (27,426,341 ) 

Net Assets - 100.0%

 

      $1,000,450,574  

 

 

   
 

 

1 

All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at June 30, 2026, amounted to $75,135,012 or 7.5% 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
ST AID   State Aid Withholding
 

 

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2026:

 

     Level 1            Level 2            Level 3            Total  

Investments in Securities

                  

Municipal Bonds†

     —        $ 987,877,915          —        $ 987,877,915  

Short-Term Investments

                  

Repurchase Agreements

      —          39,999,000          —          39,999,000  
  

 

 

       

 

 

       

 

 

       

 

 

  

Total Investments in Securities

      —        $ 1,027,876,915          —        $ 1,027,876,915  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

† 

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, 2026, there were no transfers in or out of Level 3.

 

 

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

13

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2026

 

 

      Principal
Amount		        Value    

Municipal Bonds - 97.5%

      

Alabama - 0.7%

      

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

      $1,000,000        $1,052,541  

California - 0.5%

      

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

      1,000,000        888,350  

Colorado - 4.7%

      

Colorado Health Facilities Authority, Series A 5.125%, 12/01/45

      1,000,000        1,044,281  

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

      5,395,000        6,498,352  

Total Colorado

         7,542,633  

Florida - 13.6%

      

Capital Trust Authority, Series A,

      

5.000%, 06/01/541

     1,000,000        943,603  

5.000%, 06/01/641

     1,000,000        933,076  

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

      5,065,000        4,467,085  

Florida Development Finance Corp.,

      

4.000%, 02/01/52

      2,515,000        2,072,315  

5.000%, 02/01/52

      1,675,000        1,609,699  

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

      3,685,000        3,308,520  

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

      4,185,000        3,892,198  

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

      1,750,000        1,765,479  

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

     990,000        960,683  

Village Community Development District No 16
5.125%, 05/01/56

      1,750,000        1,760,769  

Total Florida

         21,713,427  

Georgia - 1.9%

      

Fayette County Development Authority,

      

5.250%, 10/01/49

      1,500,000        1,548,240  

5.250%, 10/01/54

      1,500,000        1,533,755  

Total Georgia

         3,081,995  

Illinois - 3.6%

      

Chicago Transit Authority Sales Tax Receipts Fund, Series A
5.500%, 12/01/56

      1,000,000        1,066,678  

Metropolitan Pier & Exposition Authority,

      

4.000%, 06/15/52

      1,250,000        1,101,265  

5.000%, 06/15/50 

      1,835,000        1,851,650  
     
      Principal
Amount		        Value    

State of Illinois, Series C
5.500%, 04/01/51

      $1,700,000        $1,811,647  

Total Illinois

         5,831,240  

Indiana - 3.1%

      

Indiana Finance Authority, Series A,

      

5.000%, 07/01/54

      1,000,000        995,365  

5.000%, 07/01/59

      1,250,000        1,233,167  

5.250%, 03/01/50

      1,500,000        1,533,390  

5.250%, 07/01/64

      1,250,000        1,259,366  

Total Indiana

         5,021,288  

Louisiana - 0.6%

      

Louisiana Stadium & Exposition District, Series A
5.250%, 07/01/53

      1,000,000        1,038,993  

Massachusetts - 8.0%

      

Massachusetts Development Finance Agency,

      

4.000%, 07/01/51

      4,340,000        3,653,020  

5.250%, 07/01/50

      1,250,000        1,286,641  

5.250%, 07/01/52

      3,270,000        3,304,365  

5.250%, 07/01/55

      1,250,000        1,245,335  

5.250%, 07/01/55

      1,000,000        1,024,144  

Massachusetts Development Finance Agency, Series A,

      

5.000%, 07/01/541

     1,200,000        1,183,426  

6.000%, 10/01/49

      1,000,000        1,097,770  

Total Massachusetts

         12,794,701  

Nebraska - 2.7%

      

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

      4,205,000        4,323,909  

New Hampshire - 0.7%

      

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

      1,000,000        1,052,141  

New Jersey - 3.9%

      

Tobacco Settlement Financing Corp., Series A,

      

5.000%, 06/01/46

      2,095,000        2,088,105  

5.250%, 06/01/46

      2,755,000        2,764,024  

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

      1,370,000        1,349,175  

Total New Jersey

         6,201,304  

New York - 15.1%

      

New York State Dormitory Authority, Series A,

      

4.000%, 07/01/47

      1,675,000        1,468,016  

4.000%, 07/01/52

      1,775,000        1,497,962  

4.250%, 07/01/50

      1,000,000        936,345  

New York Transportation Development Corp.,

      

4.000%, 04/30/53

      5,790,000        5,221,690  

5.500%, 06/30/54

      1,500,000        1,532,837  

5.625%, 04/01/40

      4,000,000        4,273,600  

6.000%, 04/01/35

      1,530,000        1,708,584  

6.000%, 06/30/54

      1,750,000        1,834,117  

6.000%, 06/30/59

      1,100,000        1,168,260  
     
 

 

 

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    

New York - 15.1% (continued)

 

   

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

      $3,500,000        $3,584,102  

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

      1,000,000        1,031,660  

Total New York

         24,257,173  

Ohio - 1.9%

      

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

      1,000,000        1,028,527  

Ohio Higher Educational Facility Commission,

      

5.250%, 05/01/49

      1,000,000        1,003,384  

5.250%, 05/01/54

      1,000,000        988,120  

Total Ohio

         3,020,031  

Pennsylvania - 3.3%

      

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

      5,175,000        5,267,781  

Rhode Island - 6.0%

      

Rhode Island Health and Educational Building Corp.,

      

5.250%, 05/15/49

      1,000,000        1,049,719  

5.250%, 05/15/54

      3,700,000        3,843,907  

Rhode Island Health and Educational Building Corp., Series A, (AG)

      

5.000%, 07/01/55

      1,000,000        1,012,033  

5.000%, 07/01/60

      1,000,000        1,008,267  

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

      2,755,000        2,755,951  

Total Rhode Island

         9,669,877  

South Carolina - 3.3%

      

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

      5,790,000        4,470,467  

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

      750,000        764,235  

Total South Carolina

         5,234,702  

Tennessee - 1.9%

      

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

      2,710,000        2,079,638  

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

     1,000,000        991,649  

Total Tennessee

         3,071,287  

Texas - 8.2%

      

City of Houston Airport System Revenue, Series B,

      

5.500%, 07/15/37

      1,000,000        1,081,843  

5.500%, 07/15/38

      1,000,000        1,072,945  

5.500%, 07/15/39

      1,870,000        1,997,535  
     
      Principal
Amount		        Value    

City of Houston TX Hotel Occupancy Tax & Special Revenue, Series C
5.500%, 09/01/58

      $1,000,000        $1,074,492  

Texas Private Activity Bond Surface Transportation Corp.,

      

5.000%, 06/30/58

      6,900,000        6,803,294  

5.500%, 12/31/58

      1,000,000        1,041,837  

Total Texas

         13,071,946  

Virginia - 5.2%

      

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

      1,000,000        869,970  

Virginia Small Business Financing Authority,

      

4.000%, 01/01/40

      1,000,000        983,184  

5.000%, 12/31/47

      1,645,000        1,674,699  

5.000%, 12/31/49

      2,095,000        2,096,112  

5.000%, 12/31/52

      2,655,000        2,655,199  

Total Virginia

         8,279,164  

Washington - 0.6%

      

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

      1,000,000        1,022,004  

West Virginia - 1.3%

      

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

      1,925,000        2,064,510  

Wisconsin - 6.7%

      

Public Finance Authority,

      

5.250%, 11/15/50

      1,005,000        1,039,412  

5.250%, 11/15/61

      1,000,000        1,021,906  

5.750%, 06/30/60

      1,000,000        1,047,229  

5.750%, 12/31/65

      4,000,000        4,188,919  

6.500%, 12/31/65

      1,000,000        1,118,443  

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

     2,250,000        2,307,447  

Total Wisconsin

         10,723,356  

Total Municipal Bonds

      

(Cost $162,103,982)

         156,224,353  

Short-Term Investments - 2.4%

      

Repurchase Agreements - 2.4%

      

Fixed Income Clearing Corp., dated 06/30/26, due 07/01/26, 3.350% total to be received $3,764,350 (collateralized by a U.S. Treasury Note, 4.375%, 05/15/34, totaling $3,839,376)

      3,764,000        3,764,000  

Total Short-Term Investments

      

(Cost $3,764,000)

         3,764,000  

Total Investments - 99.9%

      

(Cost $165,867,982)

         159,988,353  

Other Assets, less Liabilities - 0.1%

         168,695  

Net Assets - 100.0%

         $160,157,048  
     
 

 

 

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

15

 

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments (continued)

 

 

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, 2026, the value of these securities amounted to $7,319,885 or 4.6% of net assets.

AG Assured Guaranty

 

 

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2026:

 

     Level 1            Level 2            Level 3            Total  

 Investments in Securities

                  

 Municipal Bonds†

     —        $ 156,224,353          —        $ 156,224,353  

 Short-Term Investments

                  

 Repurchase Agreements

      —          3,764,000          —          3,764,000  
  

 

 

       

 

 

       

 

 

       

 

 

  

 Total Investments in Securities

        —        $ 159,988,353            —        $ 159,988,353  
  

 

 

       

 

 

       

 

 

       

 

 

  

 

† 

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, 2026, there were no transfers in or out of Level 3.

 

 

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

16

 

Statement of Assets and Liabilities (unaudited)

June 30, 2026

 

 

     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 $34,490,699, $0, and $0, respectively)

      $315,173,074        $1,027,876,915        $159,988,353   

Cash

      214        25,779,292        1,064  

Receivable for investments sold

      —        5,736,661        —  

Receivable for delayed delivery investments sold

      —        4,995,510        —  

Interest receivable

      3,424,963        11,249,080        1,639,351  

Securities lending income receivable

      4,521        —        —  

Receivable for Fund shares sold

      22,063        1,242,335        168,095  

Receivable from Affiliate

      11,968        53,069        16,183  

Prepaid expenses and other assets

      27,311        46,189        24,949  

Total assets

      318,664,114        1,076,979,051        161,837,995  

Liabilities:

         

Payable upon return of securities loaned

      4,461,946        —        —  

Payable for investments purchased

      —        30,672        —  

Payable for delayed delivery investments purchased

      —        75,848,283        —  

Payable for Fund shares repurchased

      217,050        172,978        1,535,330  

Accrued expenses:

         

Investment advisory and management fees

      59,423        171,424        59,063  

Administrative fees

      38,754        123,174        19,688  

Distribution fees

      —        2,050        542  

Shareholder service fees

      42,645        41,796        6,771  

Other

      103,710        138,100        59,553  

Total liabilities

      4,923,528        76,528,477        1,680,947  

Commitments and Contingencies (Notes 2 & 7)

         

Net Assets

      $313,740,586        $1,000,450,574        $160,157,048  

1 Investments at cost

      $336,891,793        $1,025,316,735        $165,867,982  

 

 

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

17

 

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

      $398,642,148       $1,037,042,096       $188,693,234   

Total distributable earnings/(accumulated losses)

      (84,901,562 )      (36,591,522 )      (28,536,186 ) 

Net Assets

      $313,740,586       $1,000,450,574       $160,157,048  

Class N:

       

Net Assets

      $180,073,912       $9,777,946       $2,107,832  

Shares outstanding

      8,262,153       847,465       229,647  

Net asset value, offering and redemption price per share

      $21.80       $11.54       $9.18  

Class I:

       

Net Assets

      $133,666,674       $990,672,628       $157,845,006  

Shares outstanding

      6,132,342       85,329,171       17,800,169  

Net asset value, offering and redemption price per share

      $21.80       $11.61       $8.87  

Class Z:

       

Net Assets

      —       —       $204,210  

Shares outstanding

      —       —       23,033  

Net asset value, offering and redemption price per share

      —       —       $8.87  

 

 

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

18

 

Statement of Operations (unaudited)

For the six months ended June 30, 2026

 

 

     AMG GW&K
ESG
Bond Fund		     AMG
GW&K Municipal
Bond Fund		     AMG
GW&K Municipal
Enhanced
Yield Fund

 Investment Income:

       

Interest income

      $7,613,641       $16,936,000       $3,533,670   

Securities lending income

      28,473       —       —  

Foreign withholding tax

      (1,709 )      —       —  

Total investment income

      7,640,405       16,936,000       3,533,670  

 Expenses:

       

Investment advisory and management fees

      370,231       1,024,960       356,243  

Administrative fees

      241,455       736,177       118,748  

Distribution fees - Class N

      —       12,688       2,581  

Shareholder servicing fees - Class N

      234,423       6,677       1,549  

Shareholder servicing fees - Class I

      33,600       242,855       39,015  

Professional fees

      40,409       57,311       25,962  

Reports to shareholders

      33,052       23,798       8,053  

Custodian fees

      24,628       40,453       14,622  

Registration fees

      21,217       30,331       19,131  

Trustee fees and expenses

      13,775       40,690       6,706  

Transfer agent fees

      9,707       16,639       4,746  

Interest expense

      149       —       —  

Miscellaneous

      8,049       18,340       4,540  

Total expenses before offsets

      1,030,695       2,250,919       601,896  

Expense reimbursements

      (70,353 )      (320,031 )      (91,675 ) 

Net expenses

      960,342       1,930,888       510,221  
      

Net investment income

      6,680,063       15,005,112       3,023,449  

 Net Realized and Unrealized Gain (Loss):

       

Net realized loss on investments

      (2,459,417 )      (121,672 )      (271,507 ) 

Net change in unrealized appreciation/(depreciation) on investments

      (1,771,467 )      1,436,440       2,823,477  

Net realized and unrealized gain (loss)

      (4,230,884 )      1,314,768       2,551,970  
      

 Net increase in net assets resulting from operations

      $2,449,179       $16,319,880       $5,575,419  

 

 

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

19

 

Statements of Changes in Net Assets

For the six months ended June 30, 2026 (unaudited) and the fiscal year ended December 31, 2025

 

 

    AMG GW&K
ESG Bond Fund		   AMG
GW&K Municipal
Bond Fund		   AMG
GW&K Municipal
Enhanced Yield Fund
    June 30, 2026   December 31, 2025   June 30, 2026   December 31, 2025   June 30, 2026   December 31, 2025

Increase in Net Assets Resulting From Operations:

                        

Net investment income

       $6,680,063       $13,860,538       $15,005,112       $27,941,526       $3,023,449       $6,338,536

Net realized loss on investments

       (2,459,417 )       (10,965,033 )       (121,672 )       (5,425,141 )       (271,507 )       (3,932,838 )

Net change in unrealized appreciation/(depreciation) on investments

       (1,771,467 )       22,110,041       1,436,440       27,386,729       2,823,477       1,113,369

Net increase in net assets resulting from operations

       2,449,179       25,005,546       16,319,880       49,903,114       5,575,419       3,519,067

Distributions to Shareholders:

                        

Class N

       (3,856,374 )       (8,156,738 )       (139,089 )       (240,946 )       (43,420 )       (90,713 )

Class I

       (2,910,064 )       (5,801,542 )       (14,853,860 )       (27,663,908 )       (2,971,093 )       (6,246,115 )

Class Z

       —       —       —       —       (3,892 )       (7,412 )

Total distributions to shareholders

       (6,766,438 )       (13,958,280 )       (14,992,949 )       (27,904,854 )       (3,018,405 )       (6,344,240 )

Capital Share Transactions:1

                       

Net increase/(decrease) from capital share transactions

       (16,785,626 )       (47,280,729 )       25,436,267       (54,719,399 )       (861,492 )       (22,834,822 )
                       

Total increase/(decrease) in net assets

       (21,102,885 )       (36,233,463 )       26,763,198       (32,721,139 )       1,695,522       (25,659,995 )

Net Assets:

                        

Beginning of period

       334,843,471       371,076,934       973,687,376       1,006,408,515       158,461,526       184,121,521

End of period

       $313,740,586       $334,843,471       $1,000,450,574       $973,687,376       $160,157,048       $158,461,526

 

1

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

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class N   2025   2024   2023   2022   2021
                          

Net Asset Value, Beginning of Period

        $22.09       $21.41       $21.85       $21.11       $24.88       $28.12

Income/(loss) from Investment Operations:

                         

Net investment income1,2

       0.44       0.84       0.76       0.63       0.44       0.44

Net realized and unrealized gain/(loss) on investments

        (0.28 )       0.69       (0.44 )       0.75       (3.70 )       (0.83 )

Total income/(loss) from investment operations

        0.16       1.53       0.32       1.38       (3.26 )       (0.39 )

Less Distributions to Shareholders from:

                         

Net investment income

        (0.45 )       (0.85 )       (0.76 )       (0.64 )       (0.47 )       (0.47 )

Net realized gain on investments

        —       —       —       —       (0.04 )       (2.38 )

Total distributions to shareholders

        (0.45 )       (0.85 )       (0.76 )       (0.64 )       (0.51 )       (2.85 )

Net Asset Value, End of Period

        $21.80       $22.09       $21.41       $21.85       $21.11       $24.88

Total Return2,3

       0.73 %4       7.26 %       1.49 %       6.69 %       (13.17 )%       (1.29 )% 

Ratio of net expenses to average net assets

        0.68 %5,6       0.68 %6       0.68 %6       0.68 %       0.68 %       0.69 %7  

Ratio of gross expenses to average net assets8

       0.72 %5       0.72 %       0.73 %       0.70 %       0.69 %       0.69 %7  

Ratio of net investment income to average net assets2

       4.07 %5       3.84 %       3.49 %       2.94 %       1.98 %       1.71 %

Portfolio turnover

        8 %4       35 %       37 %       27 %       23 %       186 %

Net assets end of period (000’s) omitted

        $180,074       $197,984       $222,537       $269,529       $301,028       $427,818
                                                              

 

 

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

21

AMG GW&K ESG Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six

months ended

June 30, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class I   2025   2024   2023   2022   2021
                          

 Net Asset Value, Beginning of Period

        $22.09       $21.42       $21.85       $21.12       $24.89       $28.13

 Income/(loss) from Investment Operations:

                         

Net investment income1,2

       0.46       0.88       0.80       0.67       0.49       0.50

Net realized and unrealized gain/(loss) on investments

        (0.28 )       0.68       (0.42 )       0.75       (3.71 )       (0.83 )

Total income/(loss) from investment operations

        0.18       1.56       0.38       1.42       (3.22 )       (0.33 )

 Less Distributions to Shareholders from:

                         

Net investment income

        (0.47 )       (0.89 )       (0.81 )       (0.69 )       (0.51 )       (0.53 )

Net realized gain on investments

        —       —       —       —       (0.04 )       (2.38 )

Total distributions to shareholders

        (0.47 )       (0.89 )       (0.81 )       (0.69 )       (0.55 )       (2.91 )

 Net Asset Value, End of Period

        $21.80       $22.09       $21.42       $21.85       $21.12       $24.89

 Total Return2,3

       0.83 %4       7.43 %       1.75 %       6.85 %       (12.99 )%       (1.05 )% 

Ratio of net expenses to average net assets

        0.48 %5,6       0.48 %6       0.48 %6       0.48 %       0.48 %       0.49 %7  

Ratio of gross expenses to average net assets8

       0.52 %5       0.52 %       0.53 %       0.50 %       0.49 %       0.49 %7  

Ratio of net investment income to average net assets2

       4.27 %5       4.04 %       3.69 %       3.14 %       2.18 %       1.91 %

Portfolio turnover

        8 %4       35 %       37 %       27 %       23 %       186 %

Net assets end of period (000’s) omitted

        $133,667       $136,859       $148,540       $165,892       $191,979       $327,121
                                                              

 

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.

22

AMG GW&K Municipal Bond Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

                          
    

For the six
months ended
June 30, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class N   2025    2024    2023   2022   2021

 Net Asset Value, Beginning of Period

        $11.52       $11.24       $11.53       $11.11       $12.24       $12.45

 Income/(loss) from Investment Operations:

 

                

Net investment income1,2

       0.16       0.29       0.25       0.21       0.15       0.13

Net realized and unrealized gain/(loss) on investments

        0.02       0.28       (0.28 )       0.42       (1.10 )       (0.11 )
                        

Total income/(loss) from investment operations

        0.18       0.57       (0.03 )       0.63       (0.95 )       0.02

 Less Distributions to Shareholders from:

                         

Net investment income

        (0.16 )       (0.29 )       (0.26 )       (0.21 )       (0.16 )       (0.13 )

Net realized gain on investments

        —       —       —       —       (0.02 )       (0.10 )
                        

Total distributions to shareholders

        (0.16 )       (0.29 )       (0.26 )       (0.21 )       (0.18 )       (0.23 )

 Net Asset Value, End of Period

        $11.54       $11.52       $11.24       $11.53       $11.11       $12.24
                        

 Total Return2,3

       1.55 %4        5.21 %       (0.29 )%       5.72 %       (7.80 )%       0.10 %  

Ratio of net expenses to average net assets

        0.72 %5        0.73 %6       0.71 %       0.72 %       0.72 %       0.71 %  

Ratio of gross expenses to average net assets7

       0.79 %5        0.80 %       0.78 %       0.79 %       0.78 %       0.76 %  

Ratio of net investment income to average net assets2 

        2.73 %5        2.58 %       2.24 %       1.85 %       1.35 %       1.01 %  

Portfolio turnover

        36 %4       61 %       36 %       29 %       20 %       24 %  

Net assets end of period (000’s) omitted

        $9,778       $10,026       $8,893       $12,081       $12,972       $17,112
                                                              

 

 

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

23

 AMG GW&K Municipal Bond Fund

 Financial Highlights

 For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class I   2025    2024    2023    2022    2021 

 Net Asset Value, Beginning of Period

      $11.59       $11.31       $11.60       $11.18       $12.31       $12.52  

 Income/(loss) from Investment Operations:

 

        

Net investment income1,2

     0.18       0.33       0.29       0.25       0.19       0.17  

Net realized and unrealized gain/(loss) on investments

      0.02       0.28       (0.29 )      0.41       (1.11 )      (0.11 ) 
            

Total income/(loss) from investment operations

      0.20       0.61       0.00       0.66       (0.92 )      0.06  

 Less Distributions to Shareholders from:

             

Net investment income

      (0.18 )      (0.33 )      (0.29 )      (0.24 )      (0.19 )      (0.17 ) 

Net realized gain on investments

      —       —       —       —       (0.02 )      (0.10 ) 
            

Total distributions to shareholders

      (0.18 )      (0.33 )      (0.29 )      (0.24 )      (0.21 )      (0.27 ) 

 Net Asset Value, End of Period

      $11.61       $11.59       $11.31       $11.60       $11.18       $12.31  
            

 Total Return2,3

     1.70 %4       5.52 %      0.04 %      6.04 %      (7.45 )%      0.43 % 

Ratio of net expenses to average net assets

      0.39 %5       0.39 %6       0.39 %      0.39 %      0.39 %      0.39 % 

Ratio of gross expenses to average net assets7

     0.46 %5       0.46 %      0.46 %      0.46 %      0.45 %      0.44 % 

Ratio of net investment income to average net assets2

     3.06 %5       2.92 %      2.56 %      2.18 %      1.68 %      1.33 % 

Portfolio turnover

      36 %4       61 %      36 %      29 %      20 %      24 % 

Net assets end of period (000’s) omitted

      $990,673       $963,661       $997,516       $1,016,607       $1,068,290       $1,331,958  
                                                  

 

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.

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class N   2025    2024    2023    2022    2021 

 Net Asset Value, Beginning of Period

      $9.03       $9.13       $9.20       $8.56       $10.74       $10.69  

 Income/(loss) from Investment Operations:

 

        

Net investment income1,2

     0.16       0.30       0.27       0.25       0.22       0.20  

Net realized and unrealized gain/(loss) on investments

      0.14       (0.11 )      (0.07 )      0.64       (2.17 )      0.18  
            

Total income/(loss) from investment operations

      0.30       0.19       0.20       0.89       (1.95 )      0.38  

 Less Distributions to Shareholders from:

             

Net investment income

      (0.15 )      (0.29 )      (0.27 )      (0.25 )      (0.20 )      (0.19 ) 

Net realized gain on investments

      —       —       —       —       (0.03 )      (0.14 ) 
            

Total distributions to shareholders

      (0.15 )      (0.29 )      (0.27 )      (0.25 )      (0.23 )      (0.33 ) 

 Net Asset Value, End of Period

      $9.18       $9.03       $9.13       $9.20       $8.56       $10.74  
            

 Total Return2,3

     3.36 %4       2.23 %      2.15 %      10.53 %      (18.19 )%      3.59 % 

Ratio of net expenses to average net assets

      0.99 %5       0.99 %6       0.99 %6       0.99 %      0.99 %      0.99 % 

Ratio of gross expenses to average net assets7

     1.11 %5       1.10 %      1.09 %      1.08 %      1.07 %      1.05 % 

Ratio of net investment income to average net assets2

     3.47 %5       3.36 %      2.99 %      2.87 %      2.39 %      1.85 % 

Portfolio turnover

      8 %4       36 %      32 %      24 %      45 %      61 % 

Net assets end of period (000’s) omitted

      $2,108       $3,243       $3,764       $5,964       $2,955       $14,923  
                                                  

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class I   2025     2024    2023    2022    2021 

 Net Asset Value, Beginning of Period

      $8.73       $8.84       $8.91       $8.30       $10.43       $10.40  

 Income/(loss) from Investment Operations:

 

        

Net investment income1,2

     0.17       0.32       0.30       0.27       0.24       0.23  

Net realized and unrealized gain/(loss) on investments

      0.13       (0.11 )      (0.07 )      0.62       (2.09 )      0.17  
            

Total income/(loss) from investment operations

      0.30       0.21       0.23       0.89       (1.85 )      0.40  

 Less Distributions to Shareholders from:

             

Net investment income

      (0.16 )      (0.32 )      (0.30 )      (0.28 )      (0.25 )      (0.23 ) 

Net realized gain on investments

      —       —       —       —       (0.03 )      (0.14 ) 
            

Total distributions to shareholders

      (0.16 )      (0.32 )      (0.30 )      (0.28 )      (0.28 )      (0.37 ) 

 Net Asset Value, End of Period

      $8.87       $8.73       $8.84       $8.91       $8.30       $10.43  
            

 Total Return2,3

     3.54 %4       2.51 %      2.61 %      10.89 %      (17.86 )%      3.94 % 

Ratio of net expenses to average net assets

      0.64 %5       0.64 %6       0.64 %6       0.64 %      0.64 %      0.64 % 

Ratio of gross expenses to average net assets7 

      0.76 %5       0.75 %      0.74 %      0.73 %      0.72 %      0.70 % 

Ratio of net investment income to average net assets2

     3.82 %5       3.71 %      3.34 %      3.22 %      2.74 %      2.20 % 

Portfolio turnover

      8 %4       36 %      32 %      24 %      45 %      61 % 

Net assets end of period (000’s) omitted

      $157,845       $155,008       $180,162       $205,322       $255,928       $369,473  
                                                  

 

 

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

26

 AMG GW&K Municipal Enhanced Yield Fund

 Financial Highlights

 For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class Z    2025       2024      2023      2022      2021  

 Net Asset Value, Beginning of Period

      $8.73       $8.84        $8.91        $8.30        $10.43       $10.40  

 Income/(loss) from Investment Operations:

 

           

Net investment income1,2

     0.17       0.32        0.30        0.28        0.25       0.24  

Net realized and unrealized gain/(loss) on investments

      0.14       (0.10 )       (0.07 )       0.61        (2.10 )      0.17  
               

Total income/(loss) from investment operations

      0.31       0.22        0.23        0.89        (1.85 )      0.41  

 Less Distributions to Shareholders from:

                

Net investment income

      (0.17 )      (0.33 )       (0.30 )       (0.28 )       (0.25 )      (0.24 ) 

Net realized gain on investments

      —       —        —        —        (0.03 )      (0.14 ) 
               

Total distributions to shareholders

      (0.17 )      (0.33 )       (0.30 )       (0.28 )       (0.28 )      (0.38 ) 

 Net Asset Value, End of Period

      $8.87       $8.73        $8.84        $8.91        $8.30       $10.43  
               

 Total Return2,3

     3.56 %4       2.56 %       2.66 %       10.95 %       (17.82 )%      3.99 %  

Ratio of net expenses to average net assets

      0.59 %5       0.59 %6        0.59 %6        0.59 %       0.59 %      0.59 % 

Ratio of gross expenses to average net assets7

     0.71 %5       0.70 %       0.69 %       0.68 %       0.67 %      0.65 % 

Ratio of net investment income to average net assets2

     3.87 %5       3.76 %       3.39 %       3.27 %       2.79 %      2.25 % 

Portfolio turnover

      8 %4       36 %       32 %       24 %       45 %      61 % 

Net assets end of period (000’s) omitted

      $204       $211        $196        $123        $111       $135  
                                                     

 

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.

27

    

 

 

Notes to Financial Statements (unaudited)

June 30, 2026

 

   

 

 

      

 

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

 

 

 

28

    

 

 

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. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trusts and other trusts or funds within the AMG Funds Family of Funds (collectively, the “AMG Funds Family”) based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

 

 

 

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income, if any, will normally be declared and paid monthly by the Funds. Fund distributions resulting from realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences for ESG Bond are primarily due to callable bond premiums. There were no permanent differences for Municipal Bond and Municipal Enhanced. In addition, temporary differences for ESG Bond and Municipal Enhanced are due to wash sale loss deferrals. There were no temporary differences for Municipal Bond.

At June 30, 2026, 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/
(Depreciation)		  

ESG Bond

     $336,891,793       $2,889,123       $(24,607,842 )      $(21,718,719 ) 

Municipal Bond

     1,025,316,735       12,964,109       (10,403,929 )      2,560,180  

Municipal Enhanced

     165,867,982       2,183,378       (8,063,007 )      (5,879,629 ) 

 

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, 2025, the Funds had capital loss carryovers for federal income tax purposes as shown in the following chart. These amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

 

 Fund   Short-Term     Long-Term     Total  

ESG Bond

     $8,830,216     $ 51,813,585     $ 60,643,801  

Municipal Bond

     596,218       38,742,082       39,338,300  

Municipal Enhanced

     4,285,545       18,149,067       22,434,612  
 

 

 

29

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

g. CAPITAL STOCK

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

For the six months ended June 30, 2026 (unaudited) and the fiscal year ended December 31, 2025, the capital stock transactions by class for the Funds were as follows:

 

    ESG Bond     Municipal Bond  
    June 30, 2026     December 31, 2025     June 30, 2026     December 31, 2025  
 

 

 

    

 

 

    

 

 

    

 

 

  
    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount  

Class N:

                

Shares sold

     127,880        $2,812,281        204,989        $4,463,462        183,331        $2,125,758        362,297        $4,102,900   

Shares issued in reinvestment of distributions

     174,104        3,811,100        368,943        8,059,651        10,216        117,666        18,995        213,211   

Shares redeemed

     (1,002,779)       (22,025,451)       (2,003,525)       (43,722,184)       (216,392)       (2,500,581)       (301,882)       (3,391,266)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase/(decrease)

     (700,795)       $(15,402,070)       (1,429,593)       $(31,199,071)       (22,845)       $(257,157)       79,410        $924,845   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Class I:

                

Shares sold

     603,249        $13,235,540        827,799        $18,066,732        11,232,313        $130,706,577        22,429,793        $253,845,889   

Shares issued in reinvestment of distributions

     130,009        2,845,359        257,956        5,635,961        990,793        11,482,552        1,887,382        21,316,172   

Shares redeemed

     (796,114)       (17,464,455)       (1,826,643)       (39,784,351)       (10,030,032)       (116,495,705)       (29,380,057)       (330,806,305)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase/(decrease)

     (62,856)       $(1,383,556)       (740,888)       $(16,081,658)       2,193,074        $25,693,424        (5,062,882)       $(55,644,244)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

     Municipal Enhanced  
     June 30, 2026      December 31, 2025  
  

 

 

     

 

 

  
     Shares      Amount      Shares      Amount  

Class N:

            

Shares sold

      920,459         $8,311,999         1,379,660         $12,312,449   

Shares issued in reinvestment of distributions

      2,617         23,702         6,022         53,472   

Shares redeemed

      (1,052,633)        (9,535,058)        (1,438,595)        (12,841,208)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net decrease

      (129,557)        $(1,199,357)        (52,913)        $(475,287)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Class I:

            

Shares sold

      2,250,291         $19,703,862         4,023,278         $34,658,484   

Shares issued in reinvestment of distributions

      127,631         1,114,121         253,387         2,176,790   

Shares redeemed

       (2,338,686)        (20,470,461)        (6,901,672)        (59,211,851)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net increase/(decrease)

      39,236        $347,522         (2,625,007)        $(22,376,577)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Class Z:

            

Shares sold

      —         —         1,385         $12,203   

Shares issued in reinvestment of distributions

      446         $3,892         863         7,412   

Shares redeemed

      (1,559)        (13,549)        (300)        (2,573)  
  

 

 

     

 

 

     

 

 

     

 

 

  

Net increase/(decrease)

      (1,113)        $(9,657)        1,948         $17,042   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and, with respect to ESG Bond, 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, ESG Bond participates on a pro rata basis with other clients of BNYM in their share of the underlying collateral under such joint

 

 

 

30

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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, ESG Bond is indemnified for such losses by BNYM on joint repurchase agreements.

At June 30, 2026, the market value of Repurchase Agreements outstanding for ESG Bond, Municipal Bond and Municipal Enhanced was $5,541,946, $39,999,000 and $3,764,000, 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 not 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, 2026, Municipal Bond entered into securities transactions on a delayed delivery or when issued basis. At June 30, 2026, the market value of delayed delivery securities held in the Fund amounted to $75,135,012.

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, 2026, 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, 2026.

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, 2027, 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, 2026, 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

    $70,353    —

Municipal Bond

    320,031    —

Municipal Enhanced

    91,675    —
 

 

 

31

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

At June 30, 2026, the Funds’ expiration of reimbursements subject to recoupment is as follows:

 

 Expiration

 Period

    ESG Bond      Municipal Bond      Municipal Enhanced  

Less than 1 year

      $107,310        $717,836        $217,681  

1-2 years

      189,924        660,872        193,051  

2-3 years

      132,364        608,661        179,962  
  

 

 

     

 

 

     

 

 

  

Total

      $429,598        $1,987,369        $590,694  
  

 

 

     

 

 

     

 

 

  

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, 2026, 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, 2026, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund lending program during the six months ended June 30, 2026 as follows:

 

 Fund   

Average

Lent

     

Number

of Days

     

Interest

Earned

     

Average

Interest Rate

  

Municipal Bond

      $6,364,730        4        $797        4.570%  

Municipal Enhanced

      1,782,612        1        222        4.555%  
 Fund    Average
Borrowed		      Number
of Days		      Interest
Paid		      Average
Interest Rate		  

ESG Bond

      $1,198,355        1        $149        4.528%    

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, 2026, were as follows:

 

 

 

32

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

     Long Term Securities  
 Fund    Purchases      Sales  

ESG Bond

      $20,191,725        $26,254,570  

Municipal Bond *

     382,881,244        353,197,257  

Municipal Enhanced

      12,336,601        12,050,651   

* The purchases and sales amounts include transactions on a delayed delivery or when issued basis.

Purchases and sales of U.S. Government Obligations for the six months ended June 30, 2026 were as follows:

 

     U.S. Government Obligations  
 Fund    Purchases      Sales  

ESG Bond

      $5,929,624        $16,091,297   

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, 2026, was as follows:

 

 Fund  

Securities

Loaned

    

Cash

Collateral

Received

    

Securities

Collateral

Received

    

Total

Collateral

Received

  

ESG Bond

     $34,490,699        $4,461,946        $31,459,465         $35,921,411   

The following table summarizes the securities received as collateral for securities lending at June 30, 2026:

 

 Fund  

Collateral

Type

  

Coupon

Range

   Maturity
Date Range		  

ESG Bond

   U.S. Treasury Obligations   0.000%-4.875%     07/23/26-08/15/55   

5. SEGMENT REPORTING

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

6. FUND RISKS

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

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.

Changing Distribution Level Risk: The Funds will normally receive income which may include interest, dividends and/or capital gains, depending upon its investments. The distribution amount paid by a Fund will vary and generally depends on the amount of income a Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in a Fund’s income or net capital gains arising from its investments may reduce its distribution level.

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.

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.

 

 

 

33

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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.

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.

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.

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.

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.

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.

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.

 

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.

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.

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.

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

Sector Risk: Issuers and companies that are in similar industry sectors may be similarly affected by particular economic or market events; to the extent certain Funds have substantial holdings within a particular sector, the risks associated with that sector increase. A portion of certain Funds’ assets may be invested in fixed income securities that would tend to respond similarly to particular economic or political developments or the interest on which is based on revenues or otherwise related to similar types of projects. An example would be securities of issuers whose revenues are paid from similar types of projects, such as health care (including hospitals), utilities, or transportation.

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.

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.

 

 

 

34

    

 

 

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, 2026:

 

                  

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

                        

Daiwa Capital Markets America

      $225,946           —        $225,946           $225,946           —  

State of Wisconsin Investment Board

      4,236,000           —        4,236,000           4,236,000           —  

Fixed Income Clearing Corp.

      1,080,000           —        1,080,000           1,080,000           —  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Total

        $5,541,946                     —             $5,541,946                    $5,541,946                     —     
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

Municipal Bond

                        

Fixed Income Clearing Corp.

      $39,999,000           —        $39,999,000           $39,999,000           —  

Municipal Enhanced

                        

Fixed Income Clearing Corp.

      $3,764,000           —        $3,764,000           $3,764,000           —  

 

9. SUBSEQUENT EVENTS

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

 

 

 

35

    

 

 

Other Information (unaudited)

 

   

 

 

      

 

 

 

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

During the six months ended June 30, 2026, 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, 2026 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, 2026.

 

     Trustee fees and expenses  

AMG GW&K ESG Bond Fund

      $13,775   

AMG GW&K Municipal Bond Fund

      40,690  

AMG GW&K Municipal Enhanced Yield Fund

      6,706  

 

 

36

    

 

 

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 3, 2026

 

At a meeting held on May 27, 2026, 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”) considered, and at a meeting held in-person on June 3, 2026, the Board, 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 May 27, 2026 and June 3, 2026 meetings 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

 

 

37

    

 

 

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

 

   

 

 

      

 

 

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 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 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 Bond Fund, the Board considered information relating to the gross performance of such Fund as compared to the Subadviser’s relevant performance composite that utilizes a similar investment strategy and approach.

 

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, 2026, 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. 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 and size 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, 2026, was above, below, below, and below, respectively, the median performance of the Peer Group and above, above, below, and below, respectively, 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 more recent outperformance. The Trustees also took into account the fact that Class I shares of the Fund ranked in the top decile relative to its Peer Group for the 1-year period and the 2025 calendar year and in the top half of its Peer Group for the 2023 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 and size 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, 2026, was below, below, below, 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 half of its Peer Group for the 10-year period and the 2023 and 2022 calendar years. 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 and size 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 May 27, 2026 and June 3, 2026 meetings 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

 

 

38

    

 

 

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

 

   

 

 

      

 

 

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 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, 2026, 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, 2027, 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, 2026, 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, 2027, 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, 2026, 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, 2027, 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 3, 2026, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement and the Subadvisory Agreement for each Fund.

 

 

39

 

 

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

 

1350 Penn Avenue, Suite 102

 

Pittsburgh, PA 15222

 

800.548.4539

 

 

TRUSTEES

 

Jill R. Cuniff

 

Kurt A. Keilhacker

 

Peter W. MacEwen

 

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 a 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 Growth

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 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

 

EXCHANGE-TRADED FUND

 

AMG GW&K Muni Income ETF

GW&K Investment Management, LLC

         
                 
         
                 
                 
                 
                 
                 
                 
                 
                 

 

 

      
 
 wealth.amg.com       063026    SAR088

LOGO     SEMI-ANNUAL FINANCIAL STATEMENTS

 

 

 

 

 

             

AMG Funds

 

June 30, 2026

 

LOGO

 

AMG Renaissance Large Cap Growth Fund

Class N: MRLTX   |   Class I: MRLSX   |   Class Z: MRLIX

 
        

 

 

 

 

 

 

 
 wealth.amg.com          063026     SAR024

    

 

AMG Funds

Semi-Annual Financial Statements — June 30, 2026 (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 (accumulated losses)

   
 
   

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, 2026

 

 

      Shares        Value   

Common Stocks - 98.6%

      

Communication Services - 6.7%

      

Alphabet, Inc., Class A

      14,036        $5,016,045  

Meta Platforms, Inc., Class A

      3,970        2,236,261  

Netflix, Inc.*

     22,936        1,637,631  

Total Communication Services

         8,889,937  

Consumer Discretionary - 11.9%

      

Amazon.com, Inc.*

     14,664        3,495,018  

Carnival Corp., Ltd.

      81,343        2,323,969  

Lowe’s Cos., Inc.

      7,577        1,670,653  

Marriott International, Inc., Class A

      6,351        2,353,617  

Tapestry, Inc.

      15,498        2,268,597  

The TJX Cos., Inc.

      14,262        2,160,693  

Ulta Beauty, Inc.*

     3,512        1,583,842  

Total Consumer Discretionary

         15,856,389  

Consumer Staples - 3.3%

      

Costco Wholesale Corp.

      2,403        2,247,934  

The Hershey Co.

      12,550        2,201,898  

Total Consumer Staples

         4,449,832  

Financials - 9.6%

      

American Express Co.

      6,320        2,137,740  

Apollo Global Management, Inc.

      12,732        1,506,323  

The Charles Schwab Corp.

      23,723        2,188,921  

Mastercard, Inc., Class A

      3,493        1,794,005  

Moody’s Corp.

      4,080        1,847,914  

Tradeweb Markets, Inc., Class A

      12,922        1,287,806  

Visa, Inc., Class A

      5,960        2,044,816  

Total Financials

         12,807,525  

Health Care - 10.9%

      

AbbVie, Inc.

      9,801        2,466,324  

Amgen, Inc.

      6,019        2,179,600  

Cardinal Health, Inc.

      11,965        2,842,405  

Halozyme Therapeutics, Inc.*

     33,432        2,616,723  

McKesson Corp.

      2,323        1,755,259  

Neurocrine Biosciences, Inc.*

     16,002        2,696,897  

Total Health Care

         14,557,208  

Industrials - 17.0%

      

Comfort Systems USA, Inc.

      1,666        3,301,929  

EMCOR Group, Inc.

      3,094        2,567,649  

GE Vernova, Inc.

      2,091        2,456,632  

Illinois Tool Works, Inc.

      8,175        2,211,092  

Rockwell Automation, Inc.

      6,141        3,040,286  

Trane Technologies PLC (Ireland)

      4,994        2,452,853  
     
      Shares        Value   

Uber Technologies, Inc.*

     22,753        $1,641,857  

Union Pacific Corp.

      8,612        2,342,463  

WW Grainger, Inc.

      1,931        2,626,932  

Total Industrials

         22,641,693  

Information Technology - 36.0%

 

   

Amphenol Corp., Class A

      20,280        3,575,770  

Apple, Inc.

      13,162        3,808,556  

Applied Materials, Inc.

      5,935        4,291,005  

AppLovin Corp., Class A*

     3,411        1,757,449  

Arista Networks, Inc.*

     20,957        3,560,175  

Autodesk, Inc.*

     7,019        1,364,634  

Broadcom, Inc.

      8,884        3,355,931  

CDW Corp.

      17,380        2,444,323  

Dynatrace, Inc.*

     37,966        1,667,087  

Intuit, Inc.

      3,538        923,418  

Jabil, Inc.

      8,369        3,226,082  

KLA Corp.

      13,949        4,208,553  

Lam Research Corp.

      8,125        3,520,806  

Microsoft Corp.

      7,738        2,886,429  

Motorola Solutions, Inc.

      4,941        2,051,948  

NVIDIA Corp.

      10,807        2,162,373  

Pegasystems, Inc.1

     37,896        1,135,743  

PTC, Inc.*

     11,283        1,281,862  

Salesforce, Inc.

      5,959        933,537  

Total Information Technology

         48,155,681  

Real Estate - 1.7%

      

Jones Lang LaSalle, Inc.*

     7,526        2,332,684  

Utilities - 1.5%

      

NRG Energy, Inc.

      13,692        1,999,854  

Total Common Stocks
(Cost $86,177,511)

         131,690,803  

Short-Term Investments - 1.5%

 

   

Other Investment Companies - 1.5%

      

Dreyfus Government Cash Management Fund, Institutional Shares, 3.54%2

     795,253        795,253  

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.60%2

     1,192,880        1,192,880  

Total Short-Term Investments
(Cost $1,988,133)

         1,988,133  

Total Investments - 100.1%
(Cost $88,165,644)

         133,678,936  

Other Assets, less Liabilities - (0.1)%

         (96,509 ) 

Net Assets - 100.0%

         $133,582,427  
     
 

 

 

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 $262,447 or 0.2% 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, 2026, 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, 2026:

 

    

Level 1

 

     

Level 2

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks†

  

$

131,690,803

 

   

 

—

 

   

 

—

 

   

 

$131,690,803

 

 Short-Term Investments

            

 Other Investment Companies

      1,988,133        —        —        1,988,133  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

$

133,678,936

 

   

 

—

 

   

 

—

 

   

 

$133,678,936

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

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, 2026, 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, 2026

 

   

 

 

      

 

     AMG Renaissance
Large Cap
Growth Fund

Assets:

     

Investments at value1 (including securities on loan valued at $262,447)

        $133,678,936

Dividend and interest receivables

        39,104

Securities lending income receivable

        39

Receivable for Fund shares sold

        10,526

Receivable from Affiliate

        13,395

Prepaid expenses and other assets

        30,625

Total assets

        133,772,625

Liabilities:

     

Payable for Fund shares repurchased

        42,513

Accrued expenses:

     

Investment advisory and management fees

        52,025

Administrative fees

        16,042

Distribution fees

        13,387

Shareholder service fees

        6,783

Other

        59,448

Total liabilities

        190,198

Commitments and Contingencies (Notes 2 & 7)

 

Net Assets

        $133,582,427

1 Investments at cost

        $88,165,644

 

 

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

        $77,951,416

Total distributable earnings/(accumulated losses)

        55,631,011

Net Assets

        $133,582,427

Class N:

     

Net Assets

        $66,924,011

Shares outstanding

        3,724,529

Net asset value, offering and redemption price per share

        $17.97

Class I:

     

Net Assets

        $38,693,903

Shares outstanding

        2,099,344

Net asset value, offering and redemption price per share

        $18.43

Class Z:

     

Net Assets

        $27,964,513

Shares outstanding

        1,554,481

Net asset value, offering and redemption price per share

        $17.99

 

 

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

5

    

 

Statement of Operations (unaudited)

For the six months ended June 30, 2026

 

   

 

 

      

 

     AMG Renaissance
Large Cap
Growth Fund

Investment Income:

     

Dividend income

        $531,483

Securities lending income

        1,062

Total investment income

        532,545

Expenses:

     

Investment advisory and management fees

        314,411

Administrative fees

        96,984

Distribution fees - Class N

        80,546

Shareholder servicing fees - Class N

        27,708

Shareholder servicing fees - Class I

        13,304

Registration fees

        25,961

Professional fees

        22,185

Custodian fees

        14,309

Reports to shareholders

        11,982

Transfer agent fees

        8,967

Trustee fees and expenses

        5,405

Miscellaneous

        3,643

Total expenses before offsets

        625,405

Expense reimbursements

        (77,119 )

Expense reductions

        (4,770 )

Net expenses

        543,516
    

Net investment loss

        (10,971 )

Net Realized and Unrealized Gain:

     

Net realized gain on investments

        7,209,753

Net change in unrealized appreciation/(depreciation) on investments

        (248,130 )

Net realized and unrealized gain

        6,961,623
    

Net increase in net assets resulting from operations

        $6,950,652

 

 

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, 2026 (unaudited) and the fiscal year ended December 31, 2025

 

   

 

 

      

 

     AMG Renaissance
Large Cap
Growth Fund
     June 30, 2026        December 31, 2025

Increase in Net Assets Resulting From Operations:

              

Net investment loss

        $(10,971 )            $(319,333 )

Net realized gain on investments

        7,209,753            17,861,372

Net change in unrealized appreciation/(depreciation) on investments

        (248,130 )            (4,579,694 )
             

Net increase in net assets resulting from operations

        6,950,652            12,962,345

Distributions to Shareholders:

              

Class N

        —            (8,965,610 )

Class I

        —            (5,037,576 )

Class Z

        —            (3,809,169 )
             

Total distributions to shareholders

        —            (17,812,355 )

Capital Share Transactions:1

             

Net decrease from capital share transactions

        (7,116,026 )            (707,254 )
             

Total decrease in net assets

        (165,374 )            (5,557,264 )

Net Assets:

              

Beginning of period

        133,747,801            139,305,065

End of period

        $133,582,427            $133,747,801

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, 2026                    
 Class N    (unaudited)   2025    2024    2023    2022    2021 

Net Asset Value, Beginning of Period

        $17.05       $17.86       $16.61       $14.28       $18.41       $15.31

Income/(loss) from Investment Operations:

                         

Net investment income/(loss)1,2

       (0.01 )       (0.07 )       (0.04 )3       0.01       0.03       0.00 4,5  
             

Net realized and unrealized gain/(loss) on investments

        0.93       1.85       3.59       3.55       (3.16 )       4.57
                        

Total income/(loss) from investment operations

        0.92       1.78       3.55       3.56       (3.13 )       4.57

Less Distributions to Shareholders from:

                         

Net investment income

        —       —       —       (0.01 )       (0.02 )       (0.00 )4

Net realized gain on investments

        —       (2.59 )       (2.30 )       (1.22 )       (0.98 )       (1.47 )
                        

Total distributions to shareholders

        —       (2.59 )       (2.30 )       (1.23 )       (1.00 )       (1.47 )

Net Asset Value, End of Period

        $17.97       $17.05       $17.86       $16.61       $14.28       $18.41

Total Return2,6

       5.40 %7       10.11 %       20.81 %       25.04 %       (17.05 )%       30.02 %

Ratio of net expenses to average net assets8

       1.00 %9       0.99 %10       1.00 %10       1.00 %       1.00 %       1.00 %

Ratio of gross expenses to average net assets11

       1.12 %9       1.11 %       1.11 %       1.12 %       1.15 %       1.13 %

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

       (0.17 )%9       (0.39 )%       (0.23 )%       0.05 %       0.22 %       0.00 %12

Portfolio turnover

        25 %7       43 %       47 %       35 %       28 %       18 %

Net assets end of period (000’s) omitted

      $ 66,924     $ 66,463     $ 67,566     $ 65,422     $ 56,264     $ 79,490
                                                              

 

 

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, 2026                    
 Class I    (unaudited)   2025    2024    2023    2022    2021

Net Asset Value, Beginning of Period

        $17.47       $18.19       $16.84       $14.46       $18.63       $15.48

Income/(loss) from Investment Operations:

                         

Net investment income/(loss)1,2

       0.01       (0.02 )       0.01 3         0.05       0.07       0.04 5  
             

Net realized and unrealized gain/(loss) on investments

        0.95       1.89       3.64       3.60       (3.19 )       4.62
                        

Total income/(loss) from investment operations

        0.96       1.87       3.65       3.65       (3.12 )       4.66

Less Distributions to Shareholders from:

                         

Net investment income

        —       —       —       (0.05 )       (0.07 )       (0.04 )

Net realized gain on investments

        —       (2.59 )       (2.30 )       (1.22 )       (0.98 )       (1.47 )
                        

Total distributions to shareholders

        —       (2.59 )       (2.30 )       (1.27 )       (1.05 )       (1.51 )

Net Asset Value, End of Period

        $18.43       $17.47       $18.19       $16.84       $14.46       $18.63

Total Return2,6

       5.56 %7       10.36 %       21.12 %       25.47 %       (16.87 )%       30.30 %

Ratio of net expenses to average net assets8

       0.73 %9      
 0.72
 %10
      
 0.73
 %10
       0.73 %       0.73 %       0.75 %

Ratio of gross expenses to average net assets11

       0.85 %9       0.84 %       0.84 %       0.85 %       0.88 %       0.88 %

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

       0.10 %9       (0.12 )%       0.04 %       0.32 %       0.48 %       0.25 %

Portfolio turnover

        25 %7       43 %       47 %       35 %       28 %       18 %

Net assets end of period (000’s) omitted

      $ 38,694     $ 38,852     $ 45,046     $ 44,970     $ 25,585     $ 12,599
                                                              

 

 

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, 2026                    
Class Z    (unaudited)   2025    2024    2023   2022    2021

Net Asset Value, Beginning of Period

        $17.04       $17.79       $16.50       $14.18       $18.31       $15.22

Income/(loss) from Investment Operations:

                         

Net investment income/(loss)1,2

       0.01       (0.01 )       0.02 3         0.06       0.09       0.06 5  
             

Net realized and unrealized gain/(loss) on investments

        0.94       1.85       3.57       3.54       (3.16 )       4.56
                        

Total income/(loss) from investment operations

        0.95       1.84       3.59       3.60       (3.07 )       4.62

Less Distributions to Shareholders from:

                         

Net investment income

        —       —       —       (0.06 )       (0.08 )       (0.06 )

Net realized gain on investments

        —       (2.59 )       (2.30 )       (1.22 )       (0.98 )       (1.47 )
                        

Total distributions to shareholders

        —       (2.59 )       (2.30 )       (1.28 )       (1.06 )       (1.53 )

Net Asset Value, End of Period

        $17.99       $17.04       $17.79       $16.50       $14.18       $18.31

Total Return2,6

       5.57 %7       10.48 %       21.18 %       25.54 %       (16.83 )%       30.54 %

Ratio of net expenses to average net assets8

       0.66 %9       0.65 %10       0.66 %10       0.66 %       0.66 %       0.66 %

Ratio of gross expenses to average net assets11

       0.78 %9       0.77 %       0.77 %       0.78 %       0.81 %       0.79 %

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

       0.17 %9       (0.05 )%       0.11 %       0.39 %       0.55 %       0.34 %

Portfolio turnover

        25 %7       43 %       47 %       35 %       28 %       18 %

Net assets end of period (000’s) omitted

      $ 27,965     $ 28,433     $ 26,693     $ 23,943     $ 21,386     $ 20,721
                                                              

 

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, 2026, 0.01% for the fiscal year ended December 31, 2025 and less than 0.01% for each of the fiscal years ended December 31, 2024, 2023, 2022, and 2021.

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, 2026

 

   

 

 

      

 

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the “Trust”) is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report is AMG Renaissance Large Cap Growth Fund (the “Fund”).

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

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

a. VALUATION OF INVESTMENTS

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

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

The Fund’s portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Fund’s Board of Trustees (the “Board”) designated AMG Funds LLC (the “Investment Manager”) as the Fund’s Valuation Designee to perform the Fund’s fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that

the Board receives the information it needs to oversee the Investment Manager’s fair value determinations.

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

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

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

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund.

Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

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

 

 

 

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, 2026, the impact on the expenses and expense ratios was $4,770 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 for the Fund are primarily due to equalization utilized. Temporary differences for the Fund are due to wash sale loss deferrals.

At June 30, 2026, 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  
 $88,165,644     $51,618,363       $(6,105,071 )      $45,513,292  

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, 2025, the Fund had no capital loss carryovers for federal income tax purposes. Should the Fund incur net capital losses for the fiscal year ended December 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

 

 

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, 2026 (unaudited) and the fiscal year ended December 31, 2025, the capital stock transactions by class for the Fund were as follows:

 

     June 30, 2026

 

      December 31, 2025

 

  
      Shares        Amount        Shares        Amount   

 Class N:

            

 Shares sold

      10,425         $177,384         102,657         $1,822,375   

 Shares issued in reinvestment of distributions

      —         —         468,877         7,919,337   

 Shares redeemed

      (184,020)        (3,132,530)        (456,499)        (8,299,171)  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Net increase/(decrease)

       (173,595)        $(2,955,146)        115,035         $1,442,541   
  

 

 

     

 

 

     

 

 

     

 

 

  

 Class I:

            

 Shares sold

      166,671         $2,930,081         325,134         $6,005,568   

 Shares issued in reinvestment of distributions

      —         —         289,643         5,010,824   

 Shares redeemed

      (291,750)         (5,131,220)         (866,932)         (15,799,303)  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Net decrease

      (125,079)        $(2,201,139)        (252,155)        $(4,782,911)  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Class Z:

            

 Shares sold

      34,607         $589,361         216,312         $3,961,031   

 Shares issued in reinvestment of distributions

      —         —         220,309         3,718,813   

 Shares redeemed

      (148,560)        (2,549,102)        (268,451)        (5,046,728)  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Net increase/(decrease)

      (113,953)        $(1,959,741)        168,170         $2,633,116   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

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, 2026, 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, 2026, the Fund paid an investment management fee at the following annual rates of the Fund’s average daily net assets:

 

 Effective Rate

    0.49%1 

 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% 

1 The rate shown is the effective rate as of June 30, 2026.

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, 2027, 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,

 

 

 

13

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) to the annual rate of 0.66% of the Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Fund in certain circumstances.

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

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

For the six months ended June 30, 2026, the Investment Manager reimbursed the Fund $77,119, and did not recoup any previously reimbursed expenses. At June 30, 2026, the Fund’s expiration of reimbursements subject to recoupment was as follows:

 

 Expiration

 Period

       

 Less than 1 year

    $ 148,478  

 1-2 years

      151,885  

 2-3 years

      149,270  
  

 

 

  

 Total

    $ 449,633  
  

 

 

  

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. 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% through December 31, 2026.

The impact on the annualized expense ratios for the six months ended June 30, 2026, 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, 2026, the Fund had no interfund loans outstanding. The Fund did not borrow or lend during the six months ended June 30, 2026.

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, 2026, were $32,156,197 and $39,588,662, respectively.

 

 

 

14

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

The Fund had no purchases or sales of U.S. Government Obligations during the six months ended June 30, 2026.

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, 2026, was as follows:

 

Securities

Loaned

   

Cash

Collateral

Received

   

Securities

Collateral

Received

     

Total

Collateral

Received

   $262,447

    —        $273,915       $273,915

The following table summarizes the securities received as collateral for securities lending at June 30, 2026:

 

Collateral

Type

    Coupon
Range		  

Maturity

Date Range

  U.S. Treasury Obligations

    2.500%-4.500%     05/15/46-11/15/54  

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.

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.

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.

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.

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.

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.

Model and Data Risk: When a quantitative model (“Model”) or information or data (“Data”) used in managing the Fund contains an error, or is incorrect or incomplete, any investment decision made in reliance on the Model or Data may not produce the desired results and the Fund may realize losses. In addition, any hedging based on a faulty Model or Data may prove to be unsuccessful. Furthermore, the success of a Model that is predictive in nature is dependent largely on the accuracy and reliability of the supplied historical data. All Models are susceptible to input errors or errors in design, which may cause the resulting output to be faulty.

 

 

 

15

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

7. COMMITMENTS AND CONTINGENCIES

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

8. MASTER NETTING AGREEMENTS

The Fund may enter into master netting agreements with its counterparties for the Securities Lending Program and Repurchase Agreements, which provide the right,

in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending transactions, see Note 4. At June 30, 2026, the Fund had no Repurchase Agreements outstanding.

9. SUBSEQUENT EVENTS

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

 

 

 

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, 2026, 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, 2026 was $5,405, 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, 2026.

 

 

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 3, 2026

 

At a meeting held on May 27, 2026, the Board of Trustees (the “Board” or the “Trustees”) of AMG Funds (the “Trust”) considered, and at a meeting held in-person on June 3, 2026, the Board, 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 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 May 27, 2026 and June 3, 2026 meetings 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

 

 

18

    

 

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

 

   

 

 

      

 

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 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, 2026, was below, below, 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 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 and size 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 May 27, 2026 and June 3, 2026 meetings 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, 2026, were rated in the 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, 2027, 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 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.

 

 

19

    

 

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

 

   

 

 

      

 

* * * *

 

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 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 3, 2026, 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

 

1350 Penn Avenue, Suite 102

 

Pittsburgh, PA 15222

 

800.548.4539

 

TRUSTEES

 

Jill R. Cuniff

 

Kurt A. Keilhacker

 

Peter W. MacEwen

 

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 a 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 Growth

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 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

 

EXCHANGE-TRADED FUND

AMG GW&K Muni Income ETF

GW&K Investment Management, LLC

     
             
     
             
             
             
             
             
             
             
             

 

      
 
 wealth.amg.com       063026    SAR024

LOGO    

SEMI-ANNUAL FINANCIAL STATEMENTS

 

 

 

    

    

AMG Funds

 

June 30, 2026

 

LOGO

 

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   

 

     063026    SAR012

    

 

AMG Funds

Semi-Annual Financial Statements — June 30, 2026 (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 (accumulated losses)

   
 
   

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

      32  
 
    STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT      33  
 
      

 

 

 

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, 2026

 

 

       Shares       Value  

Common Stocks - 95.9%

 

   

Consumer Discretionary - 8.0%

      

Global-e Online, Ltd. (Israel)*

     17,400        $604,302  

Modine Manufacturing Co.*

     3,200        854,464  

Ollie’s Bargain Outlet Holdings, Inc.*,1

     13,488        1,036,958  

Pursuit Attractions and Hospitality, Inc.*

     40,100        2,244,397  

Valvoline, Inc.*,1

     54,565        2,157,500  

Warby Parker, Inc., Class A*,1

     41,421        1,256,713  

Wingstop, Inc.

      4,856        842,079  

Total Consumer Discretionary

         8,996,413  

Consumer Staples - 3.1%

      

BJ’s Wholesale Club Holdings, Inc.*

     14,862        1,296,264  

The Chefs’ Warehouse, Inc.*

     20,000        1,922,000  

Suja Life, Inc., Class A*

     20,295        206,197  

Total Consumer Staples

         3,424,461  

Energy - 6.1%

      

Cactus, Inc., Class A

      11,011        564,094  

Excelerate Energy, Inc., Class A

      49,384        1,876,098  

Matador Resources Co.

      18,129        902,462  

Solaris Energy Infrastructure, Inc.

      10,500        844,830  

Tidewater, Inc.*,1

     12,300        819,549  

Uranium Energy Corp. (Canada)*,1

     90,384        963,493  

Weatherford International PLC

      10,000        815,000  

Total Energy

         6,785,526  

Financials - 7.2%

      

FirstCash Holdings, Inc.1

     2,345        507,270  

Hamilton Lane, Inc., Class A

      11,590        913,640  

Marex Group PLC (United Kingdom)

      11,100        676,545  

Neptune Insurance Holdings, Inc., Class A*

     21,800        686,700  

Paymentus Holdings, Inc., Class A*

     34,650        837,144  

Piper Sandler Cos.

      13,140        950,547  

PJT Partners, Inc., Class A1

     5,470        825,642  

StepStone Group, Inc., Class A

      18,500        765,160  

Victory Capital Holdings, Inc., Class A1

     23,000        1,933,380  

Total Financials

         8,096,028  

Health Care - 25.4%

      

Abivax, S.A., ADR (France)*

     5,454        726,800  

Addus HomeCare Corp.*

     16,411        1,648,813  

Axogen, Inc.*,1

     35,909        1,658,637  

Axsome Therapeutics, Inc.*

     3,705        906,873  

Ceribell, Inc.*,1

     41,887        814,702  

CG Oncology, Inc.*,1

     11,144        791,781  

Cogent Biosciences, Inc.*

     23,500        909,450  
       Shares       Value  

Dianthus Therapeutics, Inc.*,1

     8,650        $843,202  

Enliven Therapeutics, Inc.*,1

     13,800        700,350  

Glaukos Corp.*

     7,550        1,055,188  

Guardian Pharmacy Services, Inc., Class A*,1

     46,500        1,946,955  

iRhythm Holdings,Inc.*

     7,120        846,924  

Krystal Biotech, Inc.*

     5,830        2,166,836  

Kymera Therapeutics, Inc.*

     8,459        969,994  

Mineralys Therapeutics, Inc.*

     12,311        332,151  

Mirum Pharmaceuticals, Inc.*,1

     19,126        2,239,081  

Newamsterdam Pharma Co., N.V. (Netherlands)*

     42,974        1,456,389  

Repligen Corp.*,1

     12,500        1,705,500  

Shoulder Innovations, Inc.*

     16,041        325,311  

Stevanato Group S.p.A. (Italy)

      85,550        1,545,889  

Tarsus Pharmaceuticals, Inc.*

     19,842        1,248,856  

Vera Therapeutics, Inc.*,1

     19,006        815,547  

Vericel Corp.*

     30,617        1,362,150  

Xenon Pharmaceuticals, Inc. (Canada)*

     23,540        1,420,874  

Total Health Care

         28,438,253  

Industrials - 22.3%

      

Amprius Technologies, Inc.*

     33,800        468,468  

Applied Industrial Technologies, Inc.

      5,100        1,724,565  

Bloom Energy Corp., Class A*

     2,600        787,020  

Casella Waste Systems, Inc., Class A*,1

     25,300        2,453,341  

Construction Partners, Inc., Class A*,1

     12,049        1,431,060  

Embraer, S.A., Sponsored ADR (Brazil)

      19,489        1,243,398  

EquipmentShare.com, Inc., Class A*,1

     8,922        175,407  

Esab Corp.1

     7,106        700,865  

Hawkeye 360, Inc.*,1

     26,920        544,322  

Hexcel Corp.

      11,283        1,128,977  

ITT, Inc.

      9,648        1,907,988  

JBT Marel Corp.1

     13,651        1,979,395  

Karman Holdings, Inc.*,1

     14,945        746,054  

Kratos Defense & Security Solutions, Inc.*

     7,507        374,299  

Legence Corp., Class A*

     13,850        1,180,436  

Loar Holdings, Inc.*

     16,506        1,330,549  

MYR Group, Inc.*

     2,580        1,291,032  

RBC Bearings, Inc.*

     3,300        2,125,398  

Regal Rexnord Corp.

      7,750        1,845,972  

Rush Enterprises, Inc., Class A

      9,510        694,087  

UniFirst Corp.

      3,000        793,380  

Total Industrials

         24,926,013  

Information Technology - 20.9%

      

Credo Technology Group Holding, Ltd.*

     9,260        2,518,257  
 

 

 

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 - 20.9% (continued)

 

   

Fabrinet (Thailand)*

     1,755        $986,450  

FormFactor, Inc.*

     3,000        479,790  

Intapp, Inc.*

     29,542        744,754  

JFrog, Ltd. *

     24,000        2,181,120  

Lattice Semiconductor Corp.*

     15,000        2,294,400  

MACOM Technology Solutions Holdings, Inc.*

     5,080        1,932,280  

Mirion Technologies, Inc.*,1

     69,808        1,251,657  

Netskope, Inc., Class A*,1

     55,040        602,138  

Onto Innovation, Inc.*

     7,000        2,649,150  

Q2 Holdings, Inc.*

     17,560        844,636  

Rambus, Inc.*

     14,000        1,858,360  

Semtech Corp.*

     1,750        283,237  

ServiceTitan, Inc., Class A*,1

     15,170        1,072,671  

SiTime Corp.*

     3,400        2,534,904  

Viavi Solutions, Inc.*

     5,500        262,625  

Workiva, Inc.*

     16,660        808,177  

Total Information Technology

         23,304,606  

Materials - 0.9%

      

James Hardie Industries PLC (Ireland)*

     37,000        968,660  

Real Estate - 0.9%

      

Cushman & Wakefield, Ltd.*

     73,100        978,809  

Utilities - 1.1%

      

Solv Energy, Inc., Class A*

     35,190        1,198,219  

Total Common Stocks
(Cost $82,044,592)

         107,116,988  
     Principal
Amount		         

Short-Term Investments - 5.2%

      

Joint Repurchase Agreements - 1.6%2

 

   

Citadel Securities LLC, dated 06/30/26, due 07/01/26, 3.710% total to be received $1,085,112 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/26 - 05/15/56, totaling $1,106,814)

      $1,085,000        1,085,000  
      Principal
Amount		      Value  

Daiwa Capital Markets America, dated 06/30/26, due 07/01/26, 3.640% total to be received $109,427 (collateralized by various U.S. Treasuries, 2.125% - 4.125%, 06/30/27 - 01/15/35, totaling $111,604)

      $109,416        $109,416  

State of Wisconsin Investment Board, dated 06/30/26, due 07/01/26, 3.760% total to be received $614,064 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 01/15/28 - 02/15/56, totaling $624,840)

      614,000        614,000  

Total Joint Repurchase Agreements

         1,808,416  
     Shares         

Other Investment Companies - 3.6%

 

   

Dreyfus Government Cash Management Fund, Institutional Shares, 3.54%3

     1,623,846        1,623,846  

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.60%3

     2,435,769        2,435,769  

Total Other Investment Companies

         4,059,615  

Total Short-Term Investments
(Cost $5,868,031)

         5,868,031  

Total Investments - 101.1%
(Cost $87,912,623)

         112,985,019  

Other Assets, less Liabilities - (1.1)%

 

      (1,246,124 ) 

Net Assets - 100.0%

         $111,738,895  
     
 

 

*

Non-income producing security.

 

1 

Some of these securities, amounting to $29,302,749 or 26.2% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury and U.S. Government Agency Obligations. See Note 4 of Notes to Financial Statements.

 

2 

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

3 

Yield shown represents the June 30, 2026, 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.

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, 2026:

 

    

Level 1

 

     

Level 2

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks†

  

$

107,116,988

 

   

 

—

 

   

 

—

 

   

$

107,116,988

 

 Short-Term Investments

            

 Joint Repurchase Agreements

      —      $ 1,808,416        —        1,808,416  

 Other Investment Companies

      4,059,615        —        —        4,059,615  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

$

111,176,603

 

   

$

1,808,416

 

   

 

—

 

   

$

112,985,019

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

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, 2026, 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, 2026

 

 

       Shares       Value  

Common Stocks - 97.2%

      

Communication Services - 2.6%

 

   

Live Nation Entertainment, Inc.*,1

     87,440        $16,011,138  

Take-Two Interactive Software, Inc.*

     110,600        27,647,788  

Total Communication Services

         43,658,926  

Consumer Discretionary - 6.6%

      

DoorDash, Inc., Class A*

     133,270        24,592,313  

Floor & Decor Holdings, Inc., Class A*,1

     165,150        9,803,304  

O’Reilly Automotive, Inc.*

     325,000        29,929,250  

Ross Stores, Inc.

      150,676        32,071,387  

Tractor Supply Co.

      324,748        10,265,284  

Wyndham Hotels & Resorts, Inc.

      71,066        5,984,468  

Total Consumer Discretionary

         112,646,006  

Consumer Staples - 3.9%

      

BJ’s Wholesale Club Holdings, Inc.*

     146,762        12,800,582  

Casey’s General Stores, Inc.

      26,978        21,441,844  

Performance Food Group Co.*

     287,015        32,085,407  

Total Consumer Staples

         66,327,833  

Energy - 5.2%

      

Baker Hughes Co.

      12,400        688,200  

Cameco Corp. (Canada)

      141,170        14,379,576  

Cheniere Energy, Inc.

      121,492        29,037,803  

Targa Resources Corp.

      124,770        33,455,828  

Weatherford International PLC

      145,300        11,841,950  

Total Energy

         89,403,357  

Financials - 6.0%

      

Brown & Brown, Inc.

      125,503        8,051,017  

Evercore, Inc., Class A

      60,113        20,524,983  

Interactive Brokers Group, Inc., Class A

      505,462        43,995,413  

Robinhood Markets, Inc., Class A*

     131,430        13,179,800  

TPG, Inc.

      430,815        17,469,548  

Total Financials

         103,220,761  

Health Care - 12.1%

      

Argenx SE, ADR (Netherlands)*

     30,080        27,907,322  

Cencora, Inc.

      147,750        41,810,295  

Encompass Health Corp.

      133,420        13,486,094  

IDEXX Laboratories, Inc.*

     59,250        31,191,570  

Insmed, Inc.*

     260,487        27,773,124  

Ionis Pharmaceuticals, Inc.*

     220,200        17,459,658  

Repligen Corp.*,1

     77,830        10,619,125  

Stevanato Group S.p.A. (Italy)

      653,137        11,802,185  

Veeva Systems, Inc., Class A*

     143,125        25,400,394  

Total Health Care

         207,449,767  
       Shares       Value  

Industrials - 27.1%

      

AMETEK, Inc.

      76,480        $18,503,571  

Arxis, Inc., Class A*,1

     100,998        4,660,048  

Axon Enterprise, Inc.*

     74,557        41,797,400  

Carpenter Technology Corp.

      102,710        63,355,636  

Cintas Corp.

      128,786        21,903,923  

Comfort Systems USA, Inc.

      26,476        52,474,108  

Curtiss-Wright Corp.

      58,434        44,278,948  

EMCOR Group, Inc.

      67,110        55,693,247  

Esab Corp.1

     156,866        15,471,693  

GFL Environmental, Inc. (Canada)

      419,673        15,439,770  

Innio, N.V. (Germany)*,1

     246,901        9,764,934  

Karman Holdings, Inc.*

     360,175        17,979,936  

Loar Holdings, Inc.*,1

     167,698        13,518,136  

Madison Air Solutions Corp., Class A*

     112,895        4,402,905  

Regal Rexnord Corp.1

     111,454        26,547,228  

Verisk Analytics, Inc.

      120,220        21,583,097  

Vertiv Holdings Co., Class A

      81,842        27,402,338  

Waste Connections, Inc. (Canada)

      57,175        9,530,501  

Total Industrials

         464,307,419  

Information Technology - 29.2%

      

Akamai Technologies, Inc.*

     83,500        9,870,535  

Amphenol Corp., Class A

      110,970        19,566,230  

Astera Labs, Inc.*

     64,398        31,105,522  

Bentley Systems, Inc., Class B1

     335,358        10,023,851  

Crowdstrike Holdings, Inc., Class A*

     7,561        5,770,102  

Dynatrace, Inc.*

     452,085        19,851,052  

Elastic, N.V.*

     194,765        11,105,500  

Fair Isaac Corp.*

     7,199        8,601,221  

JFrog, Ltd. *

     396,274        36,013,381  

Lattice Semiconductor Corp.*

     297,630        45,525,485  

MACOM Technology Solutions Holdings, Inc.*

     57,990        22,057,656  

Marvell Technology, Inc.

      54,542        16,247,516  

MKS, Inc.

      104,340        46,410,432  

Monolithic Power Systems, Inc.

      38,670        53,455,861  

Netskope, Inc., Class A*,1

     745,128        8,151,700  

Nice, Ltd., Sponsored ADR (Israel)*,1

     88,378        8,029,141  

Onto Innovation, Inc.*

     30,499        11,542,347  

Palo Alto Networks, Inc.*

     105,900        36,114,018  

Samsara, Inc., Class A*

     463,250        15,023,198  

ServiceTitan, Inc., Class A*,1

     196,046        13,862,413  

Snowflake, Inc.*

     185,251        47,146,380  

Trimble, Inc.*

     250,980        12,845,156  
 

 

 

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  

Information Technology - 29.2% (continued)

      

Tyler Technologies, Inc.*

     39,850        $11,654,531  

Total Information Technology

         499,973,228  

Materials - 1.6%

      

James Hardie Industries PLC (Ireland)*

     439,250        11,499,565  

Martin Marietta Materials, Inc.

      25,730        14,838,491  

Total Materials

         26,338,056  

Real Estate - 1.3%

      

CBRE Group, Inc., Class A*

     167,240        22,525,556  

Utilities - 1.6%

      

NRG Energy, Inc.

      186,280        27,208,057  

Total Common Stocks
(Cost $1,126,067,136)

 

      1,663,058,966  

Exchange Traded Funds - 1.6%

      

TimesSquare Quality Mid Cap Growth ETF*,2
(Cost $24,076,704)

      1,255,100        26,673,511  
     Principal
Amount		         

Short-Term Investments - 2.1%

      

Joint Repurchase Agreements - 1.1%3

 

   

Citadel Securities LLC, dated 06/30/26, due 07/01/26, 3.710% total to be received $1,953,201 (collateralized by various

      

U.S. Treasuries, 0.000% - 4.625%, 07/15/26 -05/15/56, totaling $1,992,265)

      $1,953,000        1,953,000  
     
      Principal
Amount		      Value  

Citigroup Global Markets, Inc., dated 06/30/26, due 07/01/26, 3.640% total to be received $1,162,595 (collateralized a U.S. Treasury, 4.125%, 03/31/29, totaling $1,185,727)

      $1,162,477        $1,162,477  

State of Wisconsin Investment Board, dated 06/30/26, due 07/01/26, 3.760% total to be received $16,242,619 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 01/15/28 -02/15/56, totaling $16,527,640)

      16,240,923        16,240,923  

Total Joint Repurchase Agreements

         19,356,400  
     Shares         

Other Investment Companies - 1.0%

 

   

Dreyfus Government Cash Management Fund, Institutional Shares, 3.54%4

     6,604,335        6,604,335  

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.60%4

     9,906,503        9,906,503  

Total Other Investment Companies

         16,510,838  

Total Short-Term Investments
(Cost $35,867,238)

         35,867,238  

Total Investments - 100.9%
(Cost $1,186,011,078)

         1,725,599,715  

Other Assets, less Liabilities - (0.9)%

 

      (14,680,468 ) 

Net Assets - 100.0%

         $1,710,919,247  
     
 

 

* 

Non-income producing security.

 

1 

Some of these securities, amounting to $103,697,925 or 6.1% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

 

2 

Affiliated issuer. See schedule of affiliated investment for details.

 

3 

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

4 

Yield shown represents the June 30, 2026, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

 

ADR

American Depositary Receipt

 

ETF

Exchange Traded Fund

 

 

The following schedule shows the value of affiliated investments at June 30, 2026.

 

 Affiliated

 Issuers

    Number
of shares		    Purchases    Sales    Net realized
gain/(loss) for
the period		    Net change in
appreciation/
(depreciation)		    Amount of
Dividends		    Value

 TimesSquare Quality Mid Cap Growth ETF

    1,255,100    $23,076,954    —    —    $2,607,807    —    $26,673,511

 

 

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, 2026:

 

    

Level 1

 

     

Level 2

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks†

  

$

1,663,058,966

 

   

 

—

 

   

 

—

 

   

$

1,663,058,966

 

 Exchange Traded Funds

   

 

26,673,511

 

   

 

—

 

   

 

—

 

   

 

26,673,511

 

 Short-Term Investments

            

 Joint Repurchase Agreements

      —      $ 19,356,400        —        19,356,400  

 Other Investment Companies

      16,510,838        —        —        16,510,838  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

$

1,706,243,315

 

   

$

19,356,400

 

   

 

—

 

   

$

1,725,599,715

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

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, 2026, 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, 2026

 

 

      Shares      Value  

Common Stocks - 95.6%

      

Communication Services - 1.3%

 

   

IPSOS, S.A. (France)

      39,190        $1,560,995  

Consumer Discretionary - 7.8%

      

Arcos Dorados Holdings, Inc., Class A (Uruguay)1

     68,710        553,803  

CIE Automotive, S.A. (Spain)

      33,887        1,033,333  

Coats Group PLC (United Kingdom)

      1,300,420        1,344,522  

De’ Longhi S.p.A. (Italy)

      36,730        1,560,199  

Games Workshop Group PLC (United Kingdom)

      2,890        828,115  

JINS Holdings, Inc. (Japan)

      28,190        1,395,673  

Rinnai Corp. (Japan)

      56,970        1,252,947  

Sanrio Co., Ltd. (Japan)1

     207,300        1,402,442  

Total Consumer Discretionary

         9,371,034  

Consumer Staples - 3.7%

 

   

Greencore Group PLC (Ireland)

      578,020        1,524,995  

Sugi Holdings Co., Ltd. (Japan)

      76,981        1,496,108  

Viscofan, S.A. (Spain)1

     21,510        1,435,413  

VISCOFAN, S.A. (Spain)

      672        44,857  

Total Consumer Staples

         4,501,373  

Energy - 3.2%

 

   

Friedrich Vorwerk Group SE (Germany)

      11,600        894,376  

Pason Systems, Inc. (Canada)1

     97,503        847,673  

Technip Energies, N.V. (France)

      55,640        2,103,269  

Total Energy

         3,845,318  

Financials - 13.7%

 

   

Alm Brand A/S (Denmark)

      765,720        1,896,259  

FinecoBank Banca Fineco S.p.A. (Italy)

      48,073        1,208,747  

Fukuoka Financial Group, Inc. (Japan)

      54,450        2,309,896  

Integral Corp. (Japan)

      71,840        1,218,691  

Meitav Investment House, Ltd. (Israel)

      19,010        825,733  

Nordnet AB publ (Sweden)1

     42,737        1,625,454  

Piraeus Bank, S.A. (Greece)

      161,122        1,677,097  

Rakuten Bank, Ltd. (Japan)*

     38,230        1,223,746  

Ringkjoebing Landbobank A/S (Denmark)

      13,140        3,118,619  

St James’s Place PLC (United Kingdom)

      85,610        1,376,486  

Total Financials

         16,480,728  

Health Care - 2.4%

 

   

Siegfried Holding AG (Switzerland)

      19,910        1,742,239  

Virbac SACA (France)

      2,920        1,109,129  

Total Health Care

         2,851,368  

Industrials - 34.3%

 

   

Aalberts, N.V. (Netherlands)

      32,730        1,461,289  

ALS, Ltd. (Australia)

      193,480        3,071,166  
     
      Shares      Value  

Arcadis, N.V. (Netherlands)1

     29,800        $1,145,393  

Bodycote PLC (United Kingdom)

      143,309        1,262,488  

Chemring Group PLC (United Kingdom)

      121,010        822,321  

Cleanaway Waste Management, Ltd. (Australia)

      1,126,240        1,833,584  

Daiei Kankyo Co., Ltd. (Japan)1

     97,680        2,283,618  

Danieli & C Officine Meccaniche S.p.A. (Italy)1

     17,890        1,378,152  

Diploma PLC (United Kingdom)

      7,000        661,657  

Exail Technologies, S.A. (France)*,1

     9,090        1,248,914  

HD Hyundai Marine Solution Co., Ltd. (South Korea)

      5,720        838,176  

Howden Joinery Group PLC (United Kingdom)

      86,583        962,542  

ID Logistics Group SACA (France)*

     2,244        877,494  

Interpump Group S.p.A. (Italy)1

     29,047        1,124,511  

Japan Elevator Service Holdings Co., Ltd. (Japan)

      161,210        1,731,506  

KION Group AG (Germany)

      8,810        391,087  

Koninklijke Heijmans N.V (Netherlands)

      15,910        2,076,185  

Kraftia Corp. (Japan)

      25,860        1,494,353  

Maire S.p.A. (Italy)

      70,720        1,157,028  

MISUMI Group, Inc. (Japan)

      74,000        1,843,862  

Nexans, S.A. (France)

      9,740        1,621,155  

Organo Corp. (Japan)

      13,390        1,369,234  

OSG Corp. (Japan)1

     112,610        2,538,990  

RENK Group AG (Germany)

      15,724        759,023  

Rotork PLC (United Kingdom)

      466,650        1,828,790  

SWCC Corp. (Japan)

      14,480        1,229,904  

Takasago Thermal Engineering Co., Ltd. (Japan)

      48,000        1,514,813  

Theon International PLC (Cyprus)1

     36,442        1,243,945  

Ventia Services Group Pty, Ltd. (Australia)

      356,650        1,529,947  

Total Industrials

         41,301,127  

Information Technology - 16.0%

 

   

Azbil Corp. (Japan)

      228,950        2,438,237  

Bechtle AG (Germany)

      37,280        1,324,058  

Dexerials Corp. (Japan)

      79,880        2,126,102  

Hansen Technologies, Ltd. (Australia)1

     357,740        1,099,337  

Hirose Electric Co., Ltd. (Japan)

      8,980        1,612,572  

IONOS Group SE (Germany)*

     19,830        618,644  

Melexis, N.V. (Belgium)1

     10,170        910,617  

Nova, Ltd. (Israel)*

     3,540        1,922,008  

Rigaku Holdings Corp. (Japan)1

     131,457        2,049,359  

Simplex Holdings, Inc. (Japan)

      193,460        1,119,831  

Sopra Steria Group (France)1

     11,013        1,759,943  

Tekscend Photomask Corp. (Japan)1

     84,290        2,279,971  

Total Information Technology

         19,260,679  
     
 

 

 

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  

Materials - 8.8%

      

Acerinox, S.A. (Spain)1

     73,630        $1,290,825  

Dyno Nobel, Ltd. (Australia)

      666,660        1,808,820  

Imdex, Ltd. (Australia)

      1,006,520        2,868,169  

OR Royalties, Inc. (Canada)1

     28,560        904,375  

SigmaRoc PLC (United Kingdom)*

     687,550        1,166,803  

Sumitomo Bakelite Co., Ltd. (Japan)

      53,696        2,494,491  

Total Materials

         10,533,483  

Real Estate - 3.1%

      

Kasumigaseki Capital Co., Ltd. (Japan)1

     30,500        1,270,798  

Merlin Properties Socimi, S.A., REIT (Spain)

      143,200        2,512,608  

Total Real Estate

         3,783,406  

Utilities - 1.3%

      

Nippon Gas Co., Ltd. (Japan)

      91,420        1,618,546  

Total Common Stocks
(Cost $93,135,586)

         115,108,057  
     Principal
Amount		         

Short-Term Investments - 3.8%

      

Joint Repurchase Agreements - 2.6%2

     

Citadel Securities LLC, dated 06/30/26, due 07/01/26, 3.710% total to be received $2,800,289 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/26 -05/15/56, totaling $2,856,294)

      $2,800,000        2,800,000  
     
      Principal
Amount		      Value  

Daiwa Capital Markets America, dated 06/30/26, due 07/01/26, 3.640% total to be received $185,513 (collateralized by various U.S. Treasuries, 2.125% - 4.125%, 06/30/27 -01/15/35, totaling $189,204)

      $185,494        $185,494  

State of Wisconsin Investment Board, dated 06/30/26, due 07/01/26, 3.760% total to be received $95,010 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 01/15/28 -02/15/56, totaling $96,677)

      95,000        95,000  

Total Joint Repurchase Agreements

         3,080,494  
     Shares         

Other Investment Companies - 1.2%

      

Dreyfus Government Cash Management Fund, Institutional Shares, 3.54%3

     590,626        590,626  

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.60%3

     885,939        885,939  

Total Other Investment Companies

         1,476,565  

Total Short-Term Investments
(Cost $4,557,059)

 

      4,557,059  

Total Investments - 99.4%
(Cost $97,692,645)

 

      119,665,116  

Other Assets, less Liabilities - 0.6%

 

      750,305  

Net Assets - 100.0%

 

      $120,415,421  
  
 

 

* 

Non-income producing security.

 

1 

Some of these securities, amounting to $11,944,287 or 9.9% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

 

2 

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

3 

Yield shown represents the June 30, 2026, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

REIT  Real Estate Investment Trust

 

 

 

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

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, 2026:

 

    

Level 1

 

     

Level 21

 

     

Level 3

 

     

Total

 

  

Investments in Securities

            

Common Stocks

            

Industrials

      —        $41,301,127        —        $41,301,127  

Information Technology

      $1,922,008        17,338,671        —        19,260,679  

Financials

      1,896,259        14,584,469        —        16,480,728  

Materials

      904,375        9,629,108        —        10,533,483  

Consumer Discretionary

      3,351,918        6,019,116        —        9,371,034  

Consumer Staples

      1,524,995        2,976,378        —        4,501,373  

Energy

      847,673        2,997,645        —        3,845,318  

Real Estate

      —        3,783,406        —        3,783,406  

Health Care

      —        2,851,368        —        2,851,368  

Utilities

      —        1,618,546        —        1,618,546  

Communication Services

      —        1,560,995        —        1,560,995  

Short-Term Investments

            

Joint Repurchase Agreements

      —        3,080,494        —        3,080,494  

Other Investment Companies

      1,476,565        —        —        1,476,565  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investment in Securities

   

 

$11,923,793

 

   

 

$107,741,323

 

   

 

—

 

   

 

$119,665,116

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

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, 2026, 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, 2026

 

 

     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 $29,302,749, $103,697,925, and $11,944,287, respectively)

      $112,985,019        $1,698,926,204        $119,665,116  

Affiliated Investments at value2

     —        26,673,511        —  

Cash

      65,105        —        250  

Foreign currency3

     —        —        1,525,180  

Receivable for investments sold

      860,622        13,213,590        2,757,223  

Dividend and interest receivables

      71,942        276,377        588,533  

Securities lending income receivable

      2,141        14,047        16,304  

Receivable for Fund shares sold

      18,726        1,136,632        15,053  

Receivable from Affiliate

      9,925        11,470        8,211  

Prepaid expenses and other assets

      24,662        65,346        27,857  

Total assets

      114,038,142        1,740,317,177        124,603,727  

Liabilities:

         

Payable upon return of securities loaned

      1,808,416        19,356,400        3,080,494  

Payable for investments purchased

      352,757        7,270,366        847,695  

Payable for Fund shares repurchased

      48        1,419,879        76,748  

Accrued expenses:

         

Investment advisory and management fees

      66,576        890,389        75,104  

Administrative fees

      13,140        202,361        15,021  

Shareholder service fees

      3,195        76,876        4,802  

Other

      55,115        181,659        88,442  

Total liabilities

      2,299,247        29,397,930        4,188,306  

Commitments and Contingencies (Notes 2 & 7)

         

Net Assets

      $111,738,895        $1,710,919,247        $120,415,421  

1 Investments at cost

      $87,912,623        $1,161,934,374        $97,692,645  

2 Affiliated Investments at cost

      —        $24,076,704        —  

3 Foreign currency at cost

      —        —        $1,525,493  

 

 

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

      $76,819,527        $1,163,081,547        $271,144,410  

Total distributable earnings/(accumulated losses)

      34,919,368        547,837,700        (150,728,989 ) 

Net Assets

      $111,738,895        $1,710,919,247        $120,415,421  

Class N:

         

Net Assets

      $17,909,537        $305,321,764        $8,067,912  

Shares outstanding

      1,287,990        18,310,543        417,205  

Net asset value, offering and redemption price per share

      $13.91        $16.67        $19.34  

Class I:

         

Net Assets

      $8,328,732        $722,802,259        $71,764,390  

Shares outstanding

      553,196        39,747,731        3,698,981  

Net asset value, offering and redemption price per share

      $15.06        $18.18        $19.40  

Class Z:

         

Net Assets

      $85,500,626        $682,795,224        $40,583,119  

Shares outstanding

      5,623,846        37,231,129        2,093,536  

Net asset value, offering and redemption price per share

      $15.20        $18.34        $19.38  

 

 

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

12

 

Statement of Operations (unaudited)

For the six months ended June 30, 2026

 

 

     AMG
TimesSquare
Small Cap
Growth Fund		     AMG
TimesSquare
Mid Cap
Growth Fund		     AMG
TimesSquare
International Small
Cap Fund		  

Investment Income:

       

Dividend income

      $201,810       $3,747,679       $1,852,529  

Interest income

      149       —       545  

Securities lending income

      17,419       90,156       61,184  

Foreign withholding tax

      —       (14,201 )      (182,941 ) 

Total investment income

      219,378       3,823,634       1,731,317  

Expenses:

       

Investment advisory and management fees

      392,485       5,217,055       448,457  

Administrative fees

      77,464       1,185,694       89,691  

Shareholder servicing fees - Class N

      16,006       289,958       10,541  

Shareholder servicing fees - Class I

      2,453       162,095       18,359  

Professional fees

      24,112       75,398       27,136  

Registration fees

      19,374       93,110       20,746  

Custodian fees

      17,573       62,794       48,099  

Reports to shareholders

      6,309       60,006       11,368  

Trustee fees and expenses

      4,146       65,913       4,792  

Transfer agent fees

      4,077       30,050       12,489  

Interest expense

      222       —       —  

Miscellaneous

      3,435       27,023       3,831  

Total expenses before offsets

      567,656       7,269,096       695,509  

Expense reimbursements

      (53,204 )      —       (38,770 ) 

Expense reductions

      (32,652 )      (80,798 )      —  

Management fees waiver

      —       (51,490 )      —  

Net expenses

      481,800       7,136,808       656,739  
      

Net investment income/(loss)

      (262,422 )      (3,313,174 )      1,074,578  

Net Realized and Unrealized Gain:

       

Net realized gain on investments

      9,862,255       6,820,812       8,540,414  

Net realized loss on foreign currency transactions

      —       —       (67,687 ) 

Net change in unrealized appreciation/(depreciation) on investments

      5,439,261       134,507,741       (1,975,123 ) 

Net change in unrealized appreciation/(depreciation) on foreign currency translations

      (50 )      (379 )      (28,498 ) 

Net change in unrealized appreciation/(depreciation) on affiliated investments

      —       2,607,807       —  

Net realized and unrealized gain

      15,301,466       143,935,981       6,469,106  
      

Net increase in net assets resulting from operations

      $15,039,044       $140,622,807       $7,543,684  

 

 

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, 2026 (unaudited) and the fiscal year ended December 31, 2025

 

 

    AMG
TimesSquare
Small Cap
Growth Fund		     AMG
TimesSquare
Mid Cap
Growth Fund		     AMG
TimesSquare
International Small
Cap Fund		  
    June 30, 2026     December 31, 2025    

June 30, 2026

     December 31, 2025     June 30, 2026     December 31, 2025  

Increase in Net Assets Resulting From Operations:

            

Net investment income/(loss)

     $(262,422 )      $(379,216 )      $(3,313,174 )      $(4,527,627 )      $1,074,578       $1,594,695  

Net realized gain on investments

     9,862,255       9,115,152       6,820,812       145,722,645       8,472,727       19,143,565  

Net change in unrealized appreciation/(depreciation) on investments

     5,439,211       (1,735,531 )      137,115,169       (10,551,853 )      (2,003,621 )      11,551,058  

Net increase in net assets resulting from operations

     15,039,044       7,000,405       140,622,807       130,643,165       7,543,684       32,289,318  

Distributions to Shareholders:

            

Class N

     —       (981,596 )      —       (33,969,205 )      —       (78,651 ) 

Class I

     —       (467,387 )      —       (63,362,292 )      —       (765,701 ) 

Class Z

     —       (4,747,657 )      —       (70,096,918 )      —       (470,777 ) 

Total distributions to shareholders

     —       (6,196,640 )      —       (167,428,415 )      —       (1,315,129 ) 

Capital Share Transactions:1

           

Net increase/(decrease) from capital share transactions

     (9,645,369 )      (13,653,388 )      (25,772,637 )      268,834,413       (6,880,945 )      (22,862,415 ) 
           

Total increase/(decrease) in net assets

     5,393,675       (12,849,623 )      114,850,170       232,049,163       662,739       8,111,774  

Net Assets:

            

Beginning of period

     106,345,220       119,194,843       1,596,069,077       1,364,019,914       119,752,682       111,640,908  

End of period

     $111,738,895       $106,345,220       $1,710,919,247       $1,596,069,077       $120,415,421       $119,752,682  

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,

 

Class N

   2025   2024   2023   2022   2021

Net Asset Value, Beginning of Period

        $12.08       $12.08       $11.28       $9.69       $14.09       $16.45

Income/(loss) from Investment Operations:

                         

Net investment loss1,2

       (0.04 )       (0.06 )       (0.06 )       (0.06 )       (0.09 )       (0.17 )

Net realized and unrealized gain/(loss) on investments

        1.87       0.86       1.83       1.65       (3.62 )       1.18

Total income/(loss) from investment operations

        1.83       0.80       1.77       1.59       (3.71 )       1.01

Less Distributions to Shareholders from:

                         

Net realized gain on investments

        —       (0.80 )       (0.97 )       —       (0.69 )       (3.37 )

Net Asset Value, End of Period

        $13.91       $12.08       $12.08       $11.28       $9.69       $14.09

Total Return2,3

       15.07 %4       6.66 %       15.30 %       16.41 %       (26.41 )%       6.72 %

Ratio of net expenses to average net assets5

       1.13 %6,7       1.12 %       1.17 %       1.17 %       1.17 %       1.17 %8

Ratio of gross expenses to average net assets9

       1.26 %6       1.26 %       1.23 %       1.23 %       1.20 %       1.19 %8

Ratio of net investment loss to average net assets2

       (0.70 )%6       (0.51 )%       (0.52 )%       (0.53 )%       (0.79 )%       (0.97 )%

Portfolio turnover

        40 %4       96 %       74 %       63 %       50 %       65 %

Net assets end of period (000’s) omitted

        $17,910       $15,740       $15,285       $12,717       $38,225       $86,941
                                                              

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,

 

Class I

   2025   2024   2023   2022   2021

Net Asset Value, Beginning of Period

        $13.07       $12.99       $12.06       $10.34       $14.96       $17.25

Income/(loss) from Investment Operations:

                         

Net investment loss1,2

       (0.04 )       (0.05 )       (0.05 )       (0.05 )       (0.08 )       (0.15 )

Net realized and unrealized gain/(loss) on investments

        2.03       0.93       1.95       1.77       (3.85 )       1.23

Total income/(loss) from investment operations

        1.99       0.88       1.90       1.72       (3.93 )       1.08

Less Distributions to Shareholders from:

                         

Net realized gain on investments

        —       (0.80 )       (0.97 )       —       (0.69 )       (3.37 )

Net Asset Value, End of Period

        $15.06       $13.07       $12.99       $12.06       $10.34       $14.96

Total Return2,3

       15.23 %4       6.73 %       15.48 %       16.64 %       (26.34 )%       6.81 %

Ratio of net expenses to average net assets5

       0.99 %6,7       0.98 %       1.03 %       1.05 %       1.05 %       1.05 %8

Ratio of gross expenses to average net assets9

       1.12 %6       1.12 %       1.09 %       1.11 %       1.08 %       1.07 %8

Ratio of net investment loss to average net assets2

       (0.56 )%6       (0.37 )%       (0.38 )%       (0.41 )%       (0.67 )%       (0.85 )%

Portfolio turnover

        40 %4       96 %       74 %       63 %       50 %       65 %

Net assets end of period (000’s) omitted

        $8,329       $8,103       $9,645       $9,564       $9,185       $12,380
                                                              

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,

 

Class Z

   2025   2024   2023   2022   2021

Net Asset Value, Beginning of Period

        $13.20       $13.09       $12.14       $10.40       $15.03       $17.30

Income/(loss) from Investment Operations:

                         

Net investment loss1,2

       (0.03 )       (0.04 )       (0.04 )       (0.04 )       (0.07 )       (0.14 )

Net realized and unrealized gain/(loss) on investments

        2.03       0.95       1.96       1.78       (3.87 )       1.24

Total income/(loss) from investment operations

        2.00       0.91       1.92       1.74       (3.94 )       1.10

Less Distributions to Shareholders from:

                         

Net realized gain on investments

        —       (0.80 )       (0.97 )       —       (0.69 )       (3.37 )

Net Asset Value, End of Period

        $15.20       $13.20       $13.09       $12.14       $10.40       $15.03

Total Return2,3

       15.15 %4       6.91 %       15.53 %       16.73 %       (26.29 )%       6.91 %

Ratio of net expenses to average net assets5

       0.93 %6,7       0.92 %       0.97 %       0.97 %       0.97 %       0.97 %8

Ratio of gross expenses to average net assets9

       1.06 %6       1.06 %       1.03 %       1.03 %       1.00 %       0.99 %8

Ratio of net investment loss to average net assets2

       (0.50 )%6       (0.31 )%       (0.32 )%       (0.33 )%       (0.59 )%       (0.77 )%

Portfolio turnover

        40 %4       96 %       74 %       63 %       50 %       65 %

Net assets end of period (000’s) omitted

        $85,501       $82,502       $94,265       $143,072       $181,238       $312,604
                                                              

 

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 

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

4 

Not annualized.

5 

Includes reduction from broker recapture amounting to 0.03% for the six months ended June 30, 2026 and 0.04%, 0.01%, 0.02%, 0.02% and 0.02% for the fiscal years ended December 31, 2025, 2024, 2023, 2022 and 2021, respectively.

6 

Annualized.

7 

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

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, 2026

(unaudited)

   For the fiscal years ended December 31,

 

Class N

   2025   2024   2023   2022   2021

Net Asset Value, Beginning of Period

        $15.27       $15.73       $15.41       $12.88       $17.24       $19.66

Income/(loss) from Investment Operations:

                         

Net investment loss1,2

       (0.04 )       (0.07 )       (0.06 )       (0.06 )       (0.06 )       (0.10 )3

Net realized and unrealized gain/(loss) on investments

        1.44       1.47       1.76       3.25       (3.79 )       3.11

Total income/(loss) from investment operations

        1.40       1.40       1.70       3.19       (3.85 )       3.01

Less Distributions to Shareholders from:

                         

Net realized gain on investments

        —       (1.86 )       (1.38 )       (0.66 )       (0.51 )       (5.43 )

Net Asset Value, End of Period

        $16.67       $15.27       $15.73       $15.41       $12.88       $17.24

Total Return2,4

       9.17 %5       8.77 %       10.57 %       24.82 %       (22.39 )%       15.92 %

Ratio of net expenses to average net assets6

       1.05 %7       1.05 %       1.11 %8       1.18 %       1.17 %       1.17 %

Ratio of gross expenses to average net assets9

       1.06 %7       1.06 %       1.12 %       1.19 %       1.18 %       1.18 %

Ratio of net investment loss to average net assets2

       (0.57 )%7       (0.43 )%       (0.38 )%       (0.39 )%       (0.45 )%       (0.46 )%

Portfolio turnover

        24 %5       50 %       48 %       39 %       44 %       53 %

Net assets end of period (000’s) omitted

        $305,322       $310,872       $362,298       $411,238       $368,938       $535,289
                                                              

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,

 

Class I

   2025   2024   2023   2022   2021

Net Asset Value, Beginning of Period

        $16.64       $16.96       $16.50       $13.73       $18.31       $20.58

Income/(loss) from Investment Operations:

                         

Net investment loss1,2

       (0.03 )       (0.05 )       (0.04 )       (0.04 )       (0.04 )       (0.07 )3

Net realized and unrealized gain/(loss) on investments

        1.57       1.59       1.88       3.47       (4.03 )       3.25

Total income/(loss) from investment operations

        1.54       1.54       1.84       3.43       (4.07 )       3.18

Less Distributions to Shareholders from:

                         

Net investment income

        —       —       —       —       —       (0.02 )

Net realized gain on investments

        —       (1.86 )       (1.38 )       (0.66 )       (0.51 )       (5.43 )

Total distributions to shareholders

        —       (1.86 )       (1.38 )       (0.66 )       (0.51 )       (5.45 )

Net Asset Value, End of Period

        $18.18       $16.64       $16.96       $16.50       $13.73       $18.31

Total Return2,4

       9.26 %5       8.96 %       10.72 %       24.94 %       (22.23 )%       16.04 %

Ratio of net expenses to average net assets6

       0.90 %7       0.90 %       0.96 %8       1.03 %       1.02 %       1.02 %

Ratio of gross expenses to average net assets9

       0.91 %7       0.91 %       0.97 %       1.04 %       1.03 %       1.03 %

Ratio of net investment loss to average net assets2

       (0.42 )%7       (0.28 )%       (0.23 )%       (0.24 )%       (0.30 )%       (0.31 )%

Portfolio turnover

        24 %5       50 %       48 %       39 %       44 %       53 %

Net assets end of period (000’s) omitted

        $722,802       $610,179       $452,566       $401,601       $339,100       $431,797
                                                              

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,

 

Class Z

   2025   2024   2023   2022   2021

Net Asset Value, Beginning of Period

        $16.78       $17.08       $16.60       $13.81       $18.39       $20.65

Income/(loss) from Investment Operations:

                         

Net investment loss1,2

       (0.03 )       (0.04 )       (0.03 )       (0.03 )       (0.04 )       (0.06 )3

Net realized and unrealized gain/(loss) on investments

        1.59       1.60       1.89       3.48       (4.03 )       3.27

Total income/(loss) from investment operations

        1.56       1.56       1.86       3.45       (4.07 )       3.21

Less Distributions to Shareholders from:

                         

Net investment income

        —       —       —       —       —       (0.04 )

Net realized gain on investments

        —       (1.86 )       (1.38 )       (0.66 )       (0.51 )       (5.43 )

Total distributions to shareholders

        —       (1.86 )       (1.38 )       (0.66 )       (0.51 )       (5.47 )

Net Asset Value, End of Period

        $18.34       $16.78       $17.08       $16.60       $13.81       $18.39

Total Return2,4

       9.30 %5       9.01 %       10.78 %       25.03 %       (22.18 )%       16.10 %

Ratio of net expenses to average net assets6

       0.85 %7       0.85 %       0.91 %8       0.98 %       0.97 %       0.97 %

Ratio of gross expenses to average net assets9

       0.86 %7       0.86 %       0.92 %       0.99 %       0.98 %       0.98 %

Ratio of net investment loss to average net assets2

       (0.37 )%7       (0.23 )%       (0.18 )%       (0.19 )%       (0.25 )%       (0.26 )%

Portfolio turnover

        24 %5       50 %       48 %       39 %       44 %       53 %

Net assets end of period (000’s) omitted

        $682,795       $675,018       $549,156       $482,428       $414,298       $810,210
                                                              

 

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 

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, 2026 and 0.01% for each fiscal year ended December 31, 2025, 2024, 2023, 2022 and 2021.

7 

Annualized.

8 

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

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.

20

AMG TimesSquare International Small Cap Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

    

For the six
months ended
June 30, 2026

(unaudited)

   For the fiscal years ended December 31,

 

Class N

   2025   2024   2023   2022   2021

Net Asset Value, Beginning of Period

        $18.20       $14.09       $14.27       $13.21       $18.49       $18.44

Income/(loss) from Investment Operations:

                         

Net investment income1,2

       0.15       0.19       0.17       0.14       0.19 3         0.09

Net realized and unrealized gain/(loss) on investments

        0.99       4.08       0.05       1.16       (5.36 )       0.14

Total income/(loss) from investment operations

        1.14       4.27       0.22       1.30       (5.17 )       0.23

Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.16 )       (0.40 )       (0.24 )       (0.11 )       (0.18 )

Net Asset Value, End of Period

        $19.34       $18.20       $14.09       $14.27       $13.21       $18.49

Total Return2,4

       6.32 %5       30.35 %       1.45 %       9.92 %       (27.97 )%       1.25 %

Ratio of net expenses to average net assets

        1.30 %6       1.30 %       1.31 %7       1.27 %7       1.25 %       1.22 %

Ratio of gross expenses to average net assets8

       1.36 %6       1.35 %       1.37 %       1.27 %       1.25 %       1.22 %

Ratio of net investment income to average net assets2

       1.60 %6       1.11 %       1.13 %       1.04 %       1.33 %       0.47 %

Portfolio turnover

        37 %5       60 %       71 %       69 %       71 %       73 %

Net assets end of period (000’s) omitted

        $8,068       $8,743       $7,428       $9,101       $10,977       $21,202
                                                              

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,

 

Class I

   2025   2024   2023   2022   2021

Net Asset Value, Beginning of Period

        $18.24       $14.12       $14.30       $13.23       $18.52       $18.49

Income/(loss) from Investment Operations:

                         

Net investment income1,2

       0.17       0.22       0.20       0.17       0.21 3         0.12

Net realized and unrealized gain/(loss) on investments

        0.99       4.10       0.05       1.16       (5.37 )       0.13

Total income/(loss) from investment operations

        1.16       4.32       0.25       1.33       (5.16 )       0.25

Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.20 )       (0.43 )       (0.26 )       (0.13 )       (0.22 )

Net Asset Value, End of Period

        $19.40       $18.24       $14.12       $14.30       $13.23       $18.52

Total Return2,4

       6.42 %5       30.60 %       1.65 %       10.11 %       (27.84 )%       1.36 %

Ratio of net expenses to average net assets

        1.10 %6       1.10 %       1.12 %7       1.11 %7       1.10 %       1.07 %

Ratio of gross expenses to average net assets8

       1.16 %6       1.15 %       1.18 %       1.11 %       1.10 %       1.07 %

Ratio of net investment income to average net assets2

       1.80 %6       1.31 %       1.32 %       1.20 %       1.48 %       0.62 %

Portfolio turnover

        37 %5       60 %       71 %       69 %       71 %       73 %

Net assets end of period (000’s) omitted

        $71,764       $70,665       $67,680       $96,333       $260,896       $614,652
                                                              

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,

 

Class Z

   2025   2024   2023   2022   2021

Net Asset Value, Beginning of Period

        $18.22       $14.10       $14.29       $13.23       $18.53       $18.50

Income/(loss) from Investment Operations:

                         

Net investment income1,2

       0.17       0.23       0.21       0.18       0.22 3         0.14

Net realized and unrealized gain/(loss) on investments

        0.99       4.10       0.04       1.16       (5.37 )       0.12

Total income/(loss) from investment operations

        1.16       4.33       0.25       1.34       (5.15 )       0.26

Less Distributions to Shareholders from:

                         

Net investment income

        —       (0.21 )       (0.44 )       (0.28 )       (0.15 )       (0.23 )

Net Asset Value, End of Period

        $19.38       $18.22       $14.10       $14.29       $13.23       $18.53

Total Return2,4

       6.42 %5       30.71 %       1.65 %       10.22 %       (27.78 )%       1.47 %

Ratio of net expenses to average net assets

        1.05 %6       1.05 %       1.06 %7       1.02 %7       1.00 %       0.97 %

Ratio of gross expenses to average net assets8

       1.11 %6       1.10 %       1.12 %       1.02 %       1.00 %       0.97 %

Ratio of net investment income to average net assets2

       1.85 %6       1.36 %       1.38 %       1.29 %       1.58 %       0.72 %

Portfolio turnover

        37 %5       60 %       71 %       69 %       71 %       73 %

Net assets end of period (000’s) omitted

        $40,583       $40,345       $36,533       $85,045       $166,307       $396,236
                                                              

 

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, 2026

 

   

 

 

      

 

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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

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

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

a. VALUATION OF INVESTMENTS

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

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

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

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

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

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

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

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

The three-tier hierarchy of inputs is summarized below:

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

 

 

 

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, 2026, the impact on the expenses and expense ratios, if any, was as follows: Small Cap - $32,652 or 0.03% and Mid Cap - $80,798 or 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial

statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences for Mid Cap are primarily due to equalization utilized; Small Cap permanent differences are primarily due to equalization utilized, mark-to-market on passive foreign investment companies and a net operating loss; and International Small Cap had no permanent differences. Temporary differences for Small Cap are primarily due to mark-to-market on passive foreign investment companies; while temporary differences for International Small Cap are primarily due to mark-to-market on passive foreign investment companies, late-year ordinary loss deferral, and open foreign exchange contracts. In addition, each Fund has temporary differences due to wash sale loss deferrals.

At June 30, 2026, 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

     $87,912,623       $30,728,283       $(5,655,887 )      $25,072,396  

 Mid Cap

     1,186,011,078       617,167,659       (77,579,022 )      539,588,637  

International Small Cap

     97,692,645       24,238,246       (2,265,775 )      21,972,471  

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, 2025, the following Fund had capital loss carryovers for federal income tax purposes as shown in the following chart. These amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

 

 Fund   Short-Term     Long-Term     Total  

 International Small Cap

     $144,772,342       $34,210,195       $178,982,537   
 

 

 

25

    

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

As of December 31, 2025, Small Cap and Mid Cap had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended December 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

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, 2026 (unaudited) and the fiscal year ended December 31, 2025, the capital stock transactions by class for the Funds were as follows:

 

          Small Cap                 Mid Cap        
    June 30, 2026     December 31, 2025     June 30, 2026     December 31, 2025  
    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount  

 Class N:

                

Shares sold

     24,241        $301,748        86,868        $1,052,826        453,650        $6,876,101        1,881,511         $31,967,063   

Shares issued in reinvestment of distributions

     —        —        80,774        981,406        —        —        2,202,141        33,934,985   

Shares redeemed

     (39,059)       (473,616)       (130,644)       (1,551,015)       (2,496,530)       (37,694,032)       (6,766,850)       (113,392,447)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase/(decrease)

     (14,818)       $(171,868)       36,998        $483,217        (2,042,880)       $(30,817,931)       (2,683,198)       $(47,490,399)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 Class I:

                

Shares sold

     12,434        $168,441        20,332        $264,861        9,406,834        $155,939,473        14,415,771        $258,520,796   

Shares issued in reinvestment of distributions

     —        —        35,570        467,387        —        —        3,627,616        60,907,678   

Shares redeemed

     (79,082)       (1,057,999)       (178,702)       (2,335,986)       (6,318,938)       (102,756,936)       (8,065,844)       (143,261,694)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase/(decrease)

     (66,648)       $(889,558)       (122,800)       $(1,603,738 )      3,087,896        $53,182,537        9,977,543        $176,166,780   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 Class Z:

                

Shares sold

     218,065        $2,950,916        412,998        $5,227,201        4,026,386        $66,804,873        16,792,810        $302,577,687   

Shares issued in reinvestment of distributions

     —        —        356,193        4,726,676        —        —        3,960,014        67,043,043   

Shares redeemed

     (846,077)       (11,534,859)       (1,716,249)       (22,486,744)       (7,017,871)       (114,942,116)       (12,683,514)       (229,462,698)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase/(decrease)

     (628,012)       $(8,583,943)       (947,058)       $(12,532,867)       (2,991,485)       $(48,137,243)       8,069,310        $140,158,032   
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
          International Small Cap                          
    June 30, 2026     December 31, 2025              
    Shares     Amount     Shares     Amount                          

 Class N:

                

Shares sold

     9,382        $180,066        108,826        $1,850,150                 

Shares issued in reinvestment of distributions

     —        —        4,348        78,651           

Shares redeemed

     (72,677)       (1,361,127)       (159,899)       (2,674,196)          
 

 

 

    

 

 

    

 

 

    

 

 

          

Net decrease

     (63,295)       $(1,181,061)       (46,725)       $(745,395)          
 

 

 

    

 

 

    

 

 

    

 

 

          

 Class I:

                

Shares sold

     324,231        $6,108,314        428,914        $7,106,473           

Shares issued in reinvestment of distributions

     —        —        41,154        745,707           

Shares redeemed

     (500,122)       (9,476,280)       (1,388,596)       (23,448,947)          
 

 

 

    

 

 

    

 

 

    

 

 

          

Net decrease

     (175,891)       $(3,367,966)       (918,528)       $(15,596,767)          
 

 

 

    

 

 

    

 

 

    

 

 

          

 

 

26

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

        International Small Cap    
    June 30, 2026   December 31, 2025
    Shares   Amount   Shares   Amount

 Class Z:

        

Shares sold

     36,326       $695,529       98,406       $1,619,712  

Shares issued in reinvestment of distributions

     —       —       25,995       470,776  

Shares redeemed

     (157,463 )      (3,027,447 )      (499,880 )      (8,610,741 ) 
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

Net decrease

     (121,137 )      $(2,331,918 )      (375,479 )      $(6,520,253 ) 
 

 

 

 

  

 

 

 

  

 

 

 

  

 

 

 

At June 30, 2026, one unaffiliated shareholder of record held 7% of Small Cap’s shares outstanding. 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, 2026, the market value of Repurchase Agreements outstanding for Small Cap, Mid Cap and International Small Cap was $1,808,416, $19,356,400 and $3,080,494, respectively.

i. FOREIGN CURRENCY TRANSLATION

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

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

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

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

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the six months ended June 30, 2026, 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, 2027, 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.

 

 

 

27

    

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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, 2026, 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

    $53,204    —

 Mid Cap

    —    —

 International Small Cap

    38,770    —

At June 30, 2026, the Funds’ expiration of reimbursements subject to recoupment is as follows:

 

 Expiration

 Period

    Small Cap      International Small Cap  

 Less than 1 year

      $83,840        $45,044  

 1-2 years

      96,503        90,619  

 2-3 years

      105,119        53,874  
  

 

 

     

 

 

  

 Total

      $285,462        $189,537  
  

 

 

     

 

 

  

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

TimesSquare has agreed to waive a portion of the subadvisory fee payable by the Investment Manager in an amount equal to the aggregate management fee earned by TimesSquare from the TimesSquare Quality Mid Cap Growth ETF (the “ETF”) that is attributable to Mid Cap’s assets invested in the ETF (the “Fee Waiver Amount”) and the Investment Manager has agreed to waive a portion of its management fee payable by Mid Cap equal to the Fee Waiver Amount. The Fee Waiver Amount shall reduce the management fee after the calculation of any necessary fee waiver or expense reimbursement in connection with Mid Cap’s expense limitation agreement and shall not be eligible for recoupment by the Investment Manager under the terms of such agreement. During the six months ended June 30, 2026, the Investment Manager waived management fees of $51,490 payable by the Fund.

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, 2026, was as follows:

 

     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

 

 

 

28

    

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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, 2026, the Funds had no interfund loans outstanding. Mid Cap did not utilize the interfund lending program during the six months ended June 30, 2026.

The following Funds utilized the interfund lending program during the six months ended June 30, 2026 as follows:

 

 Fund    Average
Lent		      Number
of Days		      Interest
Earned		      Average 
Interest Rate 		  

Small Cap

      $1,195,031        1        $149        4.565%   

International Small Cap

      1,451,558        3        545        4.570%   
 Fund    Average
Borrowed		      Number
of Days		      Interest
Paid		      Average 
Interest Rate 		  

Small Cap

      $1,782,612        1        $222        4.555%   

International Small Cap did not borrow during the six months ended June 30, 2026.

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, 2026, were as follows:

 

      Long Term Securities   
 Fund    Purchases       Sales   

 Small Cap

      $39,904,526        $51,301,883   

 Mid Cap

      371,765,321        389,554,127   

 International Small Cap

      42,482,421         51,655,872   

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended June 30, 2026.

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, 2026, was as follows:

 

 Fund   Securities
Loaned		     Cash
Collateral
Received		     Securities
Collateral
Received		    

Total 

Collateral 

Received 

  

Small Cap

     $29,302,749       $1,808,416       $28,054,302       $29,862,718   

Mid Cap

     103,697,925       19,356,400       84,390,789       103,747,189   

International Small Cap

     11,944,287       3,080,494       9,689,742       12,770,236   

The following table summarizes the securities received as collateral for securities lending at June 30, 2026:

 

 Fund  

Collateral

Type

    Coupon
Range		    Maturity 
Date Range 

Small Cap

  

U.S. Treasury Obligations

    0.000%-7.000%    07/31/26-05/15/56 

Mid Cap

  

U.S. Treasury Obligations

    0.000%-5.000%    07/31/26-05/15/56 

International
Small Cap

  

U.S. Treasury Obligations

    0.000%-5.250%    07/15/26-11/15/55 

5. SEGMENT REPORTING

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

6. FUND RISKS

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

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

 

 

 

29

    

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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.

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.

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.

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: Investments in Japan are 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.

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.

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.

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.

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.

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.

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.

7. COMMITMENTS AND CONTINGENCIES

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

 

 

8. MASTER NETTING AGREEMENTS

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

 

 

30

    

 

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, 2026:

 

        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

                        

 Citadel Securities LLC

       $1,085,000           —            $1,085,000         $1,085,000             —     

 Daiwa Capital Markets America

       109,416       —       109,416         109,416         —

 State of Wisconsin Investment Board

       614,000       —       614,000         614,000         —
   

 

 

 

    

 

 

 

    

 

 

 

      

 

 

 

      

 

 

 

 Total

       $1,808,416       —       $1,808,416         $1,808,416         —
   

 

 

 

    

 

 

 

    

 

 

 

      

 

 

 

      

 

 

 

 Mid Cap

                        

 Citadel Securities LLC

       $1,953,000       —       $1,953,000         $1,953,000         —

 Citigroup Global Markets, Inc.

       1,162,477       —       1,162,477         1,162,477         —

 State of Wisconsin Investment Board

       16,240,923       —       16,240,923         16,240,923         —
   

 

 

 

    

 

 

 

    

 

 

 

      

 

 

 

      

 

 

 

 Total

         $19,356,400          —         $19,356,400              $19,356,400            —
   

 

 

 

    

 

 

 

    

 

 

 

      

 

 

 

      

 

 

 

 International Small Cap

                        

 Citadel Securities LLC

       $2,800,000       —       $2,800,000         $2,800,000         —

 Daiwa Capital Markets America

       185,494       —       185,494         185,494         —

 State of Wisconsin Investment Board

       95,000       —       95,000         95,000         —
   

 

 

 

    

 

 

 

    

 

 

 

      

 

 

 

      

 

 

 

 Total

       $3,080,494       —       $3,080,494         $3,080,494         —
   

 

 

 

    

 

 

 

    

 

 

 

      

 

 

 

      

 

 

 

9. SUBSEQUENT EVENTS

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

 

 

31

    

Other Information (unaudited)

 

   

 

 

     

 

 

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

During the six months ended June 30, 2026, 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, 2026 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, 2026.

 

     Trustee fees and expenses   

 AMG TimesSquare Small Cap Growth Fund

      $4,146   

 AMG TimesSquare Mid Cap Growth Fund

      65,913   

 AMG TimesSquare International Small Cap Fund

      4,792   

 

 

32

    

 

 

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 3, 2026

 

At a meeting held on May 27, 2026, the Board of Trustees (the “Board” or the “Trustees”) of AMG Funds (the “Trust”) considered, and at a meeting held in-person on June 3, 2026, the Board, 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 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 May 27, 2026 and June 3, 2026 meetings 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

           

 

 

33

    

 

 

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 the Subadvisory Agreements. 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 TimesSquare Small Cap Growth Fund and AMG TimesSquare International Small Cap Fund, the Board considered information relating to the gross performance of such Funds as compared to the Subadviser’s relevant performance composite that utilizes a similar investment strategy and approach.

 

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 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, 2026, was below, below, above, and above, respectively, the median performance of the Peer Group and below 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 more recent underperformance relative to the Peer Group and underperformance relative to the Fund Benchmark. The Trustees also noted that Class Z shares of the Fund ranked in the top third relative to its Peer Group for the 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 and size 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 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, 2026, was below the median performance of the Peer Group and below 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 underperformance relative to the Fund Benchmark and the Peer Group. The Trustees also noted that the Fund ranked in the top half relative to its Peer Group for the 2024 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 and size 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 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, 2026, was above, above, above, 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. The Trustees also noted that the Fund ranked in the top quintile relative to its Peer Group for the 2025 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 and size 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 May 27, 2026 and June 3, 2026 meetings 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

           

 

 

34

    

 

 

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, 2026, were both rated in the Above Average rating level 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, 2027, to limit the Fund’s net annual operating expenses (subject to

      

certain excluded expenses) to 1.13%. 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.

 

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, 2026, were both rated in the Above 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, 2027, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.96%. 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.

 

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, 2026, 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, 2027, 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 3, 2026, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management and the Subadvisory Agreements for each Fund.

           

 

 

35

 

 

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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

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

1350 Penn Avenue, Suite 102

Pittsburgh, PA 15222

800.548.4539

 

TRUSTEES

Jill R. Cuniff

Kurt A. Keilhacker

Peter W. MacEwen

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 a 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 Growth

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 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

 

EXCHANGE-TRADED FUND

AMG GW&K Muni Income ETF

GW&K Investment Management, LLC

           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           
           

 

 

 
 
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 SEMI-ANNUAL FINANCIAL STATEMENTS

 

 

 

 

    

    

AMG Funds

 

June 30, 2026

 

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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          063026    SAR071

    

 

AMG Funds

Semi-Annual Financial Statements — June 30, 2026 (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

      11  
 
   

Statement of Assets and Liabilities

      13  
 
   

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

   
 
   

Statement of Operations

     15  
 
   

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

   
 
   

Statements of Changes in Net Assets

     16  
 
   

Detail of changes in assets for the past two fiscal periods

   
 
   

Financial Highlights

     18  
 
   

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

   
 
   

Notes to Financial Statements

     25  
 
   

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

   
 
   

OTHER INFORMATION

      34  
 
    STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT      35  
 
      

 

 

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, 2026

 

 

      Shares       Value   

Common Stocks - 79.5%

      

Communication Services - 9.6%

 

   

Alphabet, Inc., Class C

      740,000        $261,464,200  

Comcast Corp., Class A

      1,100,000        27,005,000  

Fox Corp., Class A1

      1,100,000        57,376,000  

Fox Corp., Class B

      3,100,000        145,204,000  

News Corp., Class A

      4,800,000        119,184,000  

The Walt Disney Co.

      900,000        86,625,000  

Total Communication Services

         696,858,200  

Consumer Discretionary - 4.5%

 

   

eBay, Inc.

      800,000        89,400,000  

Hyundai Mobis Co., Ltd. (South Korea)

      720,000        237,119,380  

Total Consumer Discretionary

         326,519,380  

Consumer Staples - 13.9%

 

   

Associated British Foods PLC (United Kingdom)

      1,500,000        39,432,869  

BellRing Brands, Inc.*

      5,000,000        64,700,000  

The Coca-Cola Co.

      1,300,000        105,651,000  

Colgate-Palmolive Co.

      700,000        64,176,000  

Darling Ingredients, Inc.*

      1,005,000        54,893,100  

Ingredion, Inc.

      900,000        85,239,000  

Kenvue, Inc.

      5,000,000        95,550,000  

PepsiCo, Inc.

      1,200,000        162,480,000  

The Procter & Gamble Co.

      1,230,000        180,367,200  

Sysco Corp.

      900,000        75,222,000  

Tyson Foods, Inc., Class A

      1,400,000        80,150,000  

Total Consumer Staples

         1,007,861,169  

Energy - 14.6%

 

   

Bolloré SE (France)

      88,500,000        410,323,625  

Canadian Natural Resources, Ltd. (Canada)

      8,000,000        316,000,000  

ConocoPhillips

      1,050,000        109,158,000  

Diamondback Energy, Inc.

      700,000        123,046,000  

EOG Resources, Inc.

      800,000        103,784,000  

Total Energy

         1,062,311,625  

Financials - 10.7%

 

   

Berkshire Hathaway, Inc., Class B*

      650,000        325,253,500  

The Charles Schwab Corp.

      2,500,000        230,675,000  

FactSet Research Systems, Inc.

      185,000        42,564,800  

PayPal Holdings, Inc.

      1,335,000        57,645,300  

State Street Corp.

      700,000        118,720,000  

Total Financials

         774,858,600  

Health Care - 5.7%

 

   

Avantor, Inc.*,1

      4,500,000        44,550,000  

Elevance Health, Inc.

      290,000        112,151,700  

 

      
      Shares       Value   

Embecta Corp.1,2

      3,500,000        $11,410,000  

Johnson & Johnson

      767,682        194,968,198  

UnitedHealth Group, Inc.

      120,000        49,875,600  

Total Health Care

         412,955,498  

Industrials - 10.5%

 

   

Armstrong World Industries, Inc.

      600,000        96,252,000  

Brenntag SE (Germany)1

      500,000        30,403,663  

Broadridge Financial Solutions, Inc.

      540,000        73,953,000  

GrafTech International, Ltd.*,1

      700,000        4,137,000  

L3Harris Technologies, Inc.

      270,000        78,459,300  

Lockheed Martin Corp.

      140,000        71,324,400  

Northrop Grumman Corp.

      130,000        66,210,300  

Samsung C&T Corp. (South Korea)

      500,000        154,812,337  

U-Haul Holding Co.*,1

      300,000        19,632,000  

U-Haul Holding Co., Non-Voting Shares

      2,950,000        170,215,000  

Total Industrials

         765,399,000  

Information Technology - 5.0%

 

   

Cognizant Technology Solutions Corp., Class A

      1,900,000        73,587,000  

Intuit, Inc.

      275,000        71,775,000  

Microsoft Corp.

      580,000        216,351,600  

Total Information Technology

         361,713,600  

Materials - 3.2%

 

   

Olin Corp.

      2,205,000        43,703,100  

Reliance, Inc.

      500,000        186,800,000  

Total Materials

         230,503,100  

Utilities - 1.8%

 

   

Talen Energy Corp.*

      350,000        134,491,000  

Total Common Stocks
(Cost $3,493,746,991)

         5,773,471,172  
     Principal
Amount		         

Corporate Bonds and Notes - 0.0%#

 

   

Industrials - 0.0%#

 

   

GrafTech Finance, Inc.
4.625%, 12/23/293
(Cost $662,277)

      $800,000        508,426  
     Shares         

Preferred Stocks - 9.7%

      

Consumer Discretionary - 1.7%

 

   

Hyundai Motor Co., 4.17% (South Korea)

      380,000        53,604,952  

Hyundai Motor Co., 4.99% (South Korea)

      500,000        71,033,598  

Total Consumer Discretionary

         124,638,550  

 

      
 

 

 

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

2

    

 

AMG Yacktman Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

       Shares        Value   

Information Technology - 8.0%

 

   

Samsung Electronics Co., Ltd., 0.90% (South Korea)

      4,100,000        $578,191,638  

Total Preferred Stocks
(Cost $156,479,319)

         702,830,188  
     Principal
Amount		         

Short-Term Investments - 11.6%

 

   

Joint Repurchase Agreements - 0.1%4

 

   

Daiwa Capital Markets America, dated 06/30/26, due 07/01/26, 3.640% total to be received $179,773 (collateralized by various U.S. Treasuries, 2.125% - 4.125%, 06/30/27 - 01/15/35, totaling $183,350)

      $179,755        179,755  

State of Wisconsin Investment Board, dated 06/30/26, due 07/01/26, 3.760% total to be received $8,763,852 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 01/15/28 - 02/15/56, totaling $8,917,638)

      8,762,937        8,762,937  

Total Joint Repurchase Agreements

         8,942,692  

U.S. Government Obligations - 3.8%

 

   

U.S. Treasury Bills, 3.480%, 01/21/275

      71,000,000        69,513,519  

 

      
      Principal 
Amount 		       Value   

U.S. Treasury Bills, 3.570%, 10/01/265

      $68,000,000        $67,350,940  

U.S. Treasury Bills, 3.690%, 03/18/275

      70,000,000        68,095,762  

U.S. Treasury Bills, 3.850%, 06/10/275

      74,000,000        71,298,058  

Total U.S. Government Obligations

         276,258,279  

Repurchase Agreements - 3.8%

 

   

Fixed Income Clearing Corp., dated 06/30/26, due 07/01/26, 3.350% total to be received $277,539,824 (collateralized by a U.S. Treasury Note, 4.375%, 05/15/34, totaling $283,064,349)

      277,514,000        277,514,000  
     Shares         

Other Investment Companies - 3.9%

 

   

JPMorgan U.S. Government Money Market Fund, IM Shares, 3.59%6

      283,289,892        283,289,892  

Total Short-Term Investments
(Cost $846,376,955)

         846,004,863  

Total Investments - 100.8%
(Cost $4,497,265,542)

         7,322,814,649  

Other Assets, less Liabilities - (0.8)%

 

      (58,593,328 ) 

Net Assets - 100.0%

         $7,264,221,321  
     
 

 

*

Non-income producing security.

 

# 

Less than 0.05%.

 

1 

Some of these securities, amounting to $91,370,256 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 

Affiliated issuer. See schedule of affiliated investments for details.

 

3 

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, 2026, the value of this security amounted to $508,426 or less than 0.05% of net assets.

4 

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

 

5 

Represents yield to maturity at June 30, 2026.

 

6 

Yield shown represents the June 30, 2026, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

 

 

The following schedule shows the value of affiliated investments at June 30, 2026

 

 

 Affiliated

 Issuers

 

   

Number
of shares

 

   

Purchases

 

   

Sales

 

   

Net realized
gain (loss) for
the period

 

   

Net change in
appreciation
(depreciation)

 

   

Amount of
Dividends

 

   

Value

 

 Embecta Corp.

   

3,500,000

   

$16,522,268

   

—

   

—

   

$(25,902,268)

   

$372,500

   

$11,410,000

 

 

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, 2026:

 

    

Level 1

 

     

Level 21

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks

            

 Energy

      $651,988,000        $410,323,625        —        $1,062,311,625  

 Consumer Staples

      968,428,300        39,432,869        —        1,007,861,169  

 Financials

      774,858,600        —        —        774,858,600  

 Industrials

      580,183,000        185,216,000        —        765,399,000  

 Communication Services

      696,858,200        —        —        696,858,200  

 Health Care

      412,955,498        —        —        412,955,498  

 Information Technology

      361,713,600        —        —        361,713,600  

 Consumer Discretionary

      89,400,000        237,119,380        —        326,519,380  

 Materials

      230,503,100        —        —        230,503,100  

 Utilities

      134,491,000        —        —        134,491,000  

 Corporate Bonds and Notes†

   

 

—

 

   

 

508,426

 

   

 

—

 

   

 

508,426

 

 Preferred Stocks†

   

 

—

 

   

 

702,830,188

 

   

 

—

 

   

 

702,830,188

 

 Short-Term Investments

            

 Joint Repurchase Agreements

      —        8,942,692        —        8,942,692  

 U.S. Government Obligations

      —        276,258,279        —        276,258,279  

 Repurchase Agreements

      —        277,514,000        —        277,514,000  

 Other Investment Companies

      283,289,892        —        —        283,289,892  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

$5,184,669,190

 

   

 

$2,138,145,459

 

   

 

—

 

   

 

$7,322,814,649

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

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, 2026, 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, 2026

 

 

      Shares       Value   

Common Stocks - 67.3%

      

Communication Services - 5.6%

 

   

Alphabet, Inc., Class C

      150,000        $52,999,500  

Fox Corp., Class B

      1,400,000        65,576,000  

News Corp., Class A

      1,250,000        31,037,500  

The Walt Disney Co.

      240,000        23,100,000  

Total Communication Services

         172,713,000  

Consumer Discretionary - 5.2%

 

   

eBay, Inc.

      200,000        22,350,000  

Hyundai Home Shopping Network

      

Corp. (South Korea)

      380,000        24,666,860  

Hyundai Mobis Co., Ltd. (South Korea)

      300,000        98,799,742  

Legacy Housing Corp.*

      502,309        13,195,657  

Total Consumer Discretionary

         159,012,259  

Consumer Staples - 13.2%

 

   

Associated British Foods PLC (United Kingdom)

      5,000,000        131,442,898  

The Coca-Cola Co.

      380,000        30,882,600  

Ingredion, Inc.

      300,000        28,413,000  

Kenvue, Inc.

      1,850,000        35,353,500  

KT&G Corp. (South Korea)

      250,000        27,513,819  

PepsiCo, Inc.

      460,000        62,284,000  

The Procter & Gamble Co.

      380,000        55,723,200  

Tyson Foods, Inc., Class A

      590,000        33,777,500  

Total Consumer Staples

         405,390,517  

Energy - 15.8%

 

   

Bolloré SE (France)

      41,000,000        190,093,431  

Canadian Natural Resources, Ltd. (Canada)

      5,700,000        225,150,000  

ConocoPhillips

      230,000        23,910,800  

Diamondback Energy, Inc.

      150,000        26,367,000  

EOG Resources, Inc.

      170,000        22,054,100  

Total Energy

         487,575,331  

Financials - 7.8%

 

   

Berkshire Hathaway, Inc., Class B*

      280,000        140,109,200  

The Charles Schwab Corp.

      820,000        75,661,400  

PayPal Holdings, Inc.

      545,000        23,533,100  

Total Financials

         239,303,700  

Health Care - 2.2%

 

   

Johnson & Johnson

      270,000        68,571,900  

Industrials - 10.8%

 

   

Brenntag SE (Germany)1

      550,000        33,444,030  

Broadridge Financial Solutions, Inc.

      230,000        31,498,500  

Cie de L’Odet SE (France)1

      12,846        21,438,269  

L3Harris Technologies, Inc.

      75,000        21,794,250  

 

      
      Shares       Value   

Lockheed Martin Corp.

      45,000        $22,925,700  

Northrop Grumman Corp.

      35,000        17,825,850  

Samsung C&T Corp. (South Korea)

      200,000        61,924,935  

U-Haul Holding Co., Non-Voting Shares

      1,640,000        94,628,000  

Yuasa Co., Ltd. (Japan)

      800,000        26,161,995  

Total Industrials

         331,641,529  

Information Technology - 4.3%

 

   

Cognizant Technology Solutions Corp., Class A

      550,000        21,301,500  

Intuit, Inc.

      115,000        30,015,000  

Microsoft Corp.

      220,000        82,064,400  

Total Information Technology

         133,380,900  

Materials - 2.4%

 

   

Nihon Parkerizing Co., Ltd. (Japan)

      1,868,100        19,584,306  

Olin Corp.

      995,000        19,720,900  

Reliance, Inc.

      95,000        35,492,000  

Total Materials

         74,797,206  

Total Common Stocks
(Cost $1,374,991,170)

         2,072,386,342  
     Principal
Amount		         

Corporate Bonds and Notes - 0.7%

 

   

Industrials - 0.7%

 

   

GrafTech Finance, Inc.
4.625%, 12/23/292

      $17,800,000        11,312,475  

GrafTech Global Enterprises, Inc. 9.875%, 12/23/292

      15,200,000        11,172,000  

Total Industrials

         22,484,475  

Total Corporate Bonds and Notes
(Cost $30,340,777)

         22,484,475  
     Shares         

Preferred Stocks - 18.6%

      

Consumer Discretionary - 4.4%

 

   

Hyundai Motor Co., 4.17%
(South Korea)

      350,000        49,372,982  

Hyundai Motor Co., 4.99%
(South Korea)

      600,000        85,240,317  

Total Consumer Discretionary

         134,613,299  

Consumer Staples - 0.4%

 

   

Amorepacific Corp., 3.36% (South Korea)

      250,000        6,157,300  

LG H&H Co., Ltd., 2.23% (South Korea)

      118,000        7,246,447  

Total Consumer Staples

         13,403,747  

Information Technology - 13.8%

 

   

Samsung Electronics Co., Ltd., 0.90% (South Korea)

      3,000,000        423,067,052  

Total Preferred Stocks
(Cost $178,944,645)

         571,084,098  

 

      
 

 

 

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

5

    

 

AMG Yacktman Focused Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal 
Amount 		       Value   

Short-Term Investments - 12.5%

 

   

Joint Repurchase Agreements - 0.8%3

 

   

Daiwa Capital Markets America, dated 06/30/26, due 07/01/26, 3.640% total to be received $493,107 (collateralized by various U.S. Treasuries, 2.125% - 4.125%, 06/30/27 - 01/15/35, totaling $502,918)

      $493,057        $493,057  

State of Wisconsin Investment Board, dated 06/30/26, due 07/01/26, 3.760% total to be received $24,039,183 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 01/15/28 - 02/15/56, totaling $24,461,016)

      24,036,673        24,036,673  

Total Joint Repurchase Agreements

         24,529,730  

U.S. Government Obligations - 3.7%

 

   

U.S. Treasury Bills, 3.480%, 01/21/274

      29,000,000        28,392,846  

U.S. Treasury Bills, 3.570%, 10/01/264

      26,000,000        25,751,830  

U.S. Treasury Bills, 3.690%, 03/18/274

      29,000,000        28,211,102  

U.S. Treasury Bills, 3.850%, 06/10/274

        31,000,000        29,868,105  

Total U.S. Government Obligations

         112,223,883  
     
      Principal 
Amount 		       Value   

Repurchase Agreements - 3.1%

 

   

Fixed Income Clearing Corp., dated 06/30/26, due 07/01/26, 3.350% total to be received $96,006,933 (collateralized by a U.S. Treasury Note, 4.375%, 05/15/34, totaling $97,917,986)

      $95,998,000        $95,998,000  
     Shares         

Other Investment Companies - 4.9%

 

   

JPMorgan U.S. Government Money Market Fund, IM Shares, 3.59%5

      151,065,830        $151,065,830  

Total Short-Term Investments
(Cost $383,969,585)

         383,817,443  

Total Investments - 99.1%
(Cost $1,968,246,177)

         3,049,772,358  

Other Assets, less Liabilities - 0.9%

 

      28,901,881  

Net Assets - 100.0%

         $3,078,674,239  
     
 

 

*

Non-income producing security.

 

1 

Some of these securities, amounting to $23,928,442 or 0.8% 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. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At June 30, 2026, the value of these securities amounted to $22,484,475 or 0.7% 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, 2026.

 

5 

Yield shown represents the June 30, 2026, 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.

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, 2026:

 

    

Level 1

 

     

Level 21

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks

            

 Energy

      $297,481,900        $190,093,431        —        $487,575,331  

 Consumer Staples

      246,433,800        158,956,717        —        405,390,517  

 Industrials

      188,672,300        142,969,229        —        331,641,529  

 Financials

      239,303,700        —        —        239,303,700  

 Communication Services

      172,713,000        —        —        172,713,000  

 Consumer Discretionary

      35,545,657        123,466,602        —        159,012,259  

 Information Technology

      133,380,900        —        —        133,380,900  

 Materials

      55,212,900        19,584,306        —        74,797,206  

 Health Care

      68,571,900        —        —        68,571,900  

 Corporate Bonds and Notes†

   

 

—

 

   

 

22,484,475

 

   

 

—

 

   

 

22,484,475

 

 Preferred Stocks†

   

 

—

 

   

 

571,084,098

 

   

 

—

 

   

 

571,084,098

 

 Short-Term Investments

            

 Joint Repurchase Agreements

      —        24,529,730        —        24,529,730  

 U.S. Government Obligations

      —        112,223,883        —        112,223,883  

 Repurchase Agreements

      —        95,998,000        —        95,998,000  

 Other Investment Companies

      151,065,830        —        —        151,065,830  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

$1,588,381,887

 

   

 

$1,461,390,471

 

   

 

—

 

   

 

$3,049,772,358

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

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, 2026, there were no transfers in or out of Level 3.

 

 

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

7

AMG Yacktman Global Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2026

 

 

      Shares      Value  

Common Stocks - 64.2%

      

Communication Services - 1.9%

 

   

Fox Corp., Class B (United States)

      60,000        $2,810,401  

News Corp., Class A (United States)

      25,000        620,750  

Reading International, Inc., Class A (United States)*

      130,000        166,400  

The Walt Disney Co. (United States)

      5,000        481,250  

Total Communication Services

         4,078,801  

Consumer Discretionary - 9.1%

 

   

America’s Car-Mart, Inc. (United States)*

      80,000        223,200  

Car Mate Manufacturing Co., Ltd. (Japan)

      51,900        274,147  

Daewon San Up Co., Ltd. (South Korea)

      160,000        1,086,750  

HI-LEX Corp. (Japan)

      150,000        1,866,504  

Hyundai Home Shopping Network Corp. (South Korea)

      40,000        2,596,512  

Hyundai Mobis Co., Ltd. (South Korea)

      21,000        6,915,982  

Kukbo Design Co., Ltd. (South Korea)

      75,000        1,147,796  

Legacy Housing Corp. (United States)*,1

      50,000        1,313,500  

Rinnai Corp. (Japan)

      200,000        4,398,621  

Total Consumer Discretionary

         19,823,012  

Consumer Staples - 6.4%

 

   

Associated British Foods PLC (United Kingdom)

      380,000        9,989,660  

Kenvue, Inc. (United States)

      14,924        285,198  

KT&G Corp. (South Korea)

      18,000        1,980,995  

Naked Wines PLC (United Kingdom)*

      745,000        691,744  

PepsiCo, Inc. (United States)

      3,500        473,900  

The Procter & Gamble Co. (United States)

      3,500        513,240  

Total Consumer Staples

         13,934,737  

Energy - 17.6%

      

Amplify Energy Corp. (United States)*

      165,000        656,700  

Bolloré SE (France)

      3,500,000        16,227,488  

Canadian Natural Resources, Ltd. (Canada)

      260,000        10,270,000  

Mi Chang Oil Industrial Co., Ltd. (South Korea)

      17,976        1,524,589  

Total Energy Services, Inc. (Canada)

      400,000        6,227,393  

Unit Corp. (United States)1

      110,000        3,441,900  

Total Energy

         38,348,070  

Financials - 1.1%

      

The Charles Schwab Corp. (United States)

      8,000        738,160  

PayPal Holdings, Inc. (United States)

      37,000        1,597,660  

Total Financials

         2,335,820  

Health Care - 2.5%

      

BML, Inc. (Japan)

      120,000        2,663,502  

Johnson & Johnson (United States)

      3,000        761,910  

Koa Shoji Holdings Co., Ltd. (Japan)

      200,000        936,887  

 

      
      Shares      Value  

Medipal Holdings Corp. (Japan)

      70,000        $1,134,162  

Total Health Care

         5,496,461  

Industrials - 16.3%

      

Brenntag SE (Germany)

      15,000        912,110  

CB Industrial Product Holding Bhd (Malaysia)

      10,384,000        2,810,964  

Cie de L’Odet SE (France)

      4,500        7,509,903  

Geumhwa PSC Co., Ltd. (South Korea)

      130,000        2,682,011  

KFC, Ltd. (Japan)

      100,000        929,544  

Komelon Corp. (South Korea)

      120,000        1,540,232  

Mitani Corp. (Japan)

      80,000        1,246,150  

Parker Corp. (Japan)

      172,500        1,447,631  

Sam Yung Trading Co., Ltd. (South Korea)

      191,927        2,345,203  

Samsung C&T Corp. (South Korea)

      9,000        2,786,622  

Sekisui Jushi Corp. (Japan)1

      150,000        2,389,686  

Shinwa Co., Ltd./Nagoya (Japan)

      80,000        1,582,449  

U-Haul Holding Co. (United States)*

      4,000        261,760  

U-Haul Holding Co., Non-Voting Shares (United States)

      50,000        2,885,000  

Yuasa Co., Ltd. (Japan)

      130,000        4,251,324  

Total Industrials

         35,580,589  

Information Technology - 2.6%

 

   

CAC Holdings Corp. (Japan)

      240,000        2,580,709  

Intuit, Inc. (United States)

      8,000        2,088,000  

Microsoft Corp. (United States)

      1,300        484,926  

Tachibana Eletech Co., Ltd. (Japan)

      28,300        565,909  

Total Information Technology

         5,719,544  

Materials - 6.7%

      

KISCO Holdings Co., Ltd. (South Korea)

      70,000        1,100,835  

Kohsoku Corp. (Japan)1

      45,000        942,738  

Nihon Parkerizing Co., Ltd. (Japan)

      1,010,000        10,588,378  

The Pack Corp. (Japan)1

      230,000        1,918,094  

Total Materials

         14,550,045  

Total Common Stocks
(Cost $109,039,612)

         139,867,079  

Preferred Stocks - 22.3%

      

Consumer Discretionary - 2.6%

 

   

Hyundai Motor Co., 4.99% (South Korea)

      39,000        5,540,621  

Consumer Staples - 6.1%

 

   

Amorepacific Corp., 3.36% (South Korea)

      142,276        3,504,144  

Amorepacific Holdings Corp., 3.90% (South Korea)

      190,000        1,254,527  

LG H&H Co., Ltd., 2.23% (South Korea)

      140,000        8,597,479  

Total Consumer Staples

         13,356,150  

 

      
 

 

 

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

8

    

 

AMG Yacktman Global Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

       
Shares		      Value  

Industrials - 0.7%

 

   

Sebang Co., Ltd., 3.42%
(South Korea)

      250,000        $1,521,657  

Information Technology - 12.9%

 

   

Samsung Electronics Co., Ltd., 0.90% (South Korea)

      200,000        28,204,470  

Total Preferred Stocks
(Cost $31,323,529)

         48,622,898  
     Principal
Amount		         

Short-Term Investments - 13.4%

      

Joint Repurchase Agreements - 0.5%2

 

   

Citadel Securities LLC, dated 06/30/26, due 07/01/26, 3.710% total to be received $47,005 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/26 - 05/15/56, totaling $47,945)

      $47,000        47,000  

Daiwa Capital Markets America, dated 06/30/26, due 07/01/26, 3.640% total to be received $70,645 (collateralized by various U.S. Treasuries, 2.125% - 4.125%, 06/30/27 - 01/15/35, totaling $72,051)

      70,638        70,638  

 

      
      Principal
Amount		      Value  

Jefferies LLC, dated 06/30/26, due 07/01/26, 3.650% total to be received $1,046,106 (collateralized by various U.S. Treasuries, 0.000% - 4.250%, 12/17/26 - 05/15/51, totaling $1,066,920)

      $1,046,000        $1,046,000  

Total Joint Repurchase Agreements

         1,163,638  
     Shares         

Other Investment Companies - 12.9%

 

   

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.60%3

      28,114,631        28,114,631  

Total Short-Term Investments
(Cost $29,278,269)

         29,278,269  

Total Investments - 99.9%
(Cost $169,641,410)

 

      217,768,246  

Other Assets, less Liabilities - 0.1%

 

      316,357  

Net Assets - 100.0%

         $218,084,603  

 

      
 

 

*

Non-income producing security.

 

1 

Some of these securities, amounting to $1,759,759 or 0.8% 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, 2026, 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.

9

    

 

AMG Yacktman Global Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2026:

 

    

Level 1

 

     

Level 21

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Common Stocks

            

 Energy

      $22,120,582        $16,227,488        —        $38,348,070  

 Industrials

      3,146,760        32,433,829        —        35,580,589  

 Consumer Discretionary

      1,536,700        18,286,312        —        19,823,012  

 Materials

      —        14,550,045        —        14,550,045  

 Consumer Staples

      1,964,082        11,970,655        —        13,934,737  

 Information Technology

      2,572,926        3,146,618        —        5,719,544  

 Health Care

      761,910        4,734,551        —        5,496,461  

 Communication Services

      4,078,801        —        —        4,078,801  

 Financials

      2,335,820        —        —        2,335,820  

 Preferred Stocks†

   

 

—

 

   

 

48,622,898

 

   

 

—

 

   

 

48,622,898

 

 Short-Term Investments

            

 Joint Repurchase Agreements

      —        1,163,638        —        1,163,638  

 Other Investment Companies

      28,114,631        —        —        28,114,631  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

$66,632,212

 

   

 

$151,136,034

 

   

 

—

 

   

 

$217,768,246

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

All preferred stocks held in the Fund are Level 2 securities. For a detailed breakout of preferred stocks by major industry classification, please refer to Schedule of Portfolio Investments.

 

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, 2026, there were no transfers in or out of Level 3.

 

 

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

10

AMG Yacktman Special Opportunities Fund

Schedule of Portfolio Investments (unaudited)

June 30, 2026

 

 

       Shares        Value   

Common Stocks - 96.9%

      

Communication Services - 1.1%

 

   

AlphaPolis Co., Ltd. (Japan)1

      25,000        $148,891  

Reading International, Inc., Class A (United States)*

      75,000        96,000  

Total Communication Services

         244,891  

Consumer Discretionary - 10.6%

 

   

America’s Car-Mart, Inc. (United States)*

      40,000        111,600  

Cedergrenska AB (Sweden)

      50,000        241,843  

Gold.com, Inc. (United States)

      4,000        166,440  

Legacy Housing Corp. (United States)*,1

      47,500        1,247,825  

Texhong International Group, Ltd. (Hong Kong)*

      900,000        685,083  

Total Consumer Discretionary

         2,452,791  

Consumer Staples - 8.7%

 

   

Delfi, Ltd. (Singapore)

      353,400        246,617  

Hilton Food Group PLC (United Kingdom)

      28,000        191,274  

Italian Wine Brands S.p.A. (Italy)

      60,000        1,285,181  

Naked Wines PLC (United Kingdom)*

      200,000        185,703  

NeoPharm Co., Ltd. (South Korea)

      9,000        106,440  

Total Consumer Staples

         2,015,215  

Energy - 20.9%

      

Amplify Energy Corp. (United States)*

      40,000        159,200  

Arrow Exploration Corp. (Canada)*

      6,150,000        1,978,234  

Hemisphere Energy Corp. (Canada)

      125,000        214,173  

Horizon Oil, Ltd. (Australia)

      4,500,000        623,115  

Mi Chang Oil Industrial Co., Ltd. (South Korea)

      3,200        271,400  

Pardee Resources Co. (United States)

      700        201,250  

Total Energy Services, Inc. (Canada)

      70,000        1,089,794  

Unit Corp. (United States)

      9,000        281,610  

Total Energy

         4,818,776  

Financials - 9.9%

      

Omni Bridgeway, Ltd. (Australia)*

      2,000,000        2,284,755  

Health Care - 12.3%

      

Ion Beam Applications (Belgium)

      65,000        1,255,711  

Koa Shoji Holdings Co., Ltd. (Japan)

      80,000        374,755  

Medical Facilities Corp. (Canada)

      96,100        1,212,896  

Total Health Care

         2,843,362  

Industrials - 30.3%

      

Boustead Singapore, Ltd. (Singapore)

      60,000        95,301  

BRCK Group PLC (United Kingdom)

      1,650,000        1,083,378  

Cie de L’Odet SE (France)

      375        625,825  

Fila S.p.A. (Italy)1

      105,000        1,104,426  

Hargreaves Services PLC (United Kingdom)

      70,000        755,811  

 

      
       Shares        Value   

Komelon Corp. (South Korea)

      18,000        $231,035  

Macfarlane Group PLC (United Kingdom)

      975,000        816,065  

Maezawa Holdings Co., Ltd. (Japan)

      22,000        190,510  

Mitani Corp. (Japan)

      13,500        210,288  

Sam Yung Trading Co., Ltd. (South Korea)

      58,588        715,901  

U-Haul Holding Co., Non-Voting Shares (United States)

      20,000        1,154,000  

Total Industrials

         6,982,540  

Information Technology - 0.5%

 

   

Bixolon Co., Ltd. (South Korea)

      23,000        120,650  

Materials - 1.9%

 

   

Master Drilling Group, Ltd. (South Africa)

      135,000        137,555  

Okamoto Industries, Inc. (Japan)

      5,300        172,491  

SK Kaken Co., Ltd. (Japan)

      2,000        115,581  

Total Materials

         425,627  

Utilities - 0.7%

      

Maxim Power Corp. (Canada)*,1

      50,500        151,331  

Total Common Stocks
(Cost $17,545,100)

         22,339,938  

Preferred Stock - 1.2%

      

Information Technology - 1.2%

 

   

Samsung Electronics Co., Ltd., 0.90% (South Korea)

      2,000        282,045  

Total Preferred Stock
(Cost $27,850)

         282,045  
     Principal
Amount		         

Short-Term Investments - 1.0%

 

   

Joint Repurchase Agreements - 0.2%2

 

   

Citadel Securities LLC, dated 06/30/26, due 07/01/26, 3.710% total to be received $52,005 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 07/15/26 - 05/15/56, totaling $53,045)

      $52,000        52,000  

Daiwa Capital Markets America, dated 06/30/26, due 07/01/26, 3.640% total to be received $3,905 (collateralized by various U.S. Treasuries, 2.125% - 4.125%, 06/30/27 - 01/15/35, totaling $3,983)

      3,905        3,905  

Total Joint Repurchase Agreements

         55,905  
     Shares         

Other Investment Companies - 0.8%

 

   

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 3.60%3

      189,356        189,356  

Total Short-Term Investments
(Cost $245,261)

         245,261  

 

      
 

 

 

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

11

    

 

AMG Yacktman Special Opportunities Fund

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

 

              Value  

Total Investments - 99.1%
(Cost $17,818,211)

 

      $22,867,244  

Other Assets, less Liabilities - 0.9%

 

      196,823  

Net Assets - 100.0%

                   $23,064,067  
     

 

 

 

* 

Non-income producing security.

 

1 

Some of these securities, amounting to $1,254,024 or 5.4% 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.

 

3 

Yield shown represents the June 30, 2026, 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, 2026:

 

    

Level 1

 

     

Level 21

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

Common Stocks

            

 Industrials

      $3,999,764        $2,982,776        —        $6,982,540  

 Energy

      4,818,776        —        —        4,818,776  

 Health Care

      1,212,896        1,630,466        —        2,843,362  

 Consumer Discretionary

      2,452,791        —        —        2,452,791  

 Financials

      2,284,755        —        —        2,284,755  

 Consumer Staples

      376,977        1,638,238        —        2,015,215  

 Materials

      137,555        288,072        —        425,627  

 Communication Services

      96,000        148,891        —        244,891  

 Utilities

      151,331        —        —        151,331  

 Information Technology

      —        120,650        —        120,650  

 Preferred Stock†

   

 

—

 

   

 

282,045

 

   

 

—

 

   

 

282,045

 

 Short-Term Investments

            

 Joint Repurchase Agreements

      —        55,905        —        55,905  

 Other Investment Companies

      189,356        —        —        189,356  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

$15,720,201

 

   

 

$7,147,043

 

   

 

—

 

   

 

$22,867,244

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

All preferred stocks held in the Fund are Level 2 securities. For a detailed breakout of preferred stocks by major industry classification, please refer to Schedule of Portfolio Investments.

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, 2026, there were no transfers in or out of Level 3.

 

 

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

12

    

 

Statement of Assets and Liabilities (unaudited)

June 30, 2026

 

   

 

 

      

 

     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 $91,370,256, $23,928,442, $1,759,759, and $1,254,024, respectively)

        $7,311,404,649        $3,049,772,358        $217,768,246        $22,867,244

 Affiliated Investments at value2

        11,410,000        —        —        —

 Cash

        5,792        62,210,438        —        —

 Receivable for investments sold

        —        —        —        194,481

 Dividend and interest receivables

        14,196,210        9,125,393        1,957,590        91,896

 Securities lending income receivable

        15,446        8,192        2,369        544

 Receivable for Fund shares sold

        1,331,483        828,553        123,037        —

 Receivable from Affiliate

        —        —        9,605        7,789

 Prepaid expenses and other assets

        93,023        76,610        22,511        16,196

 Total assets

 

       

 

 7,338,456,603

 

 

       

 

 3,122,021,544

 

 

       

 

 219,883,358

 

 

       

 

 23,178,150

 

 

 Liabilities:

                    

 Payable upon return of securities loaned

        8,942,692        24,529,730        1,163,638        55,905

 Payable for investments purchased

        55,947,368        13,730,580        297,909        —

 Payable for Fund shares repurchased

        4,785,567        1,980,415        147,309        —

 Accrued expenses:

                    

 Investment advisory and management fees

        2,635,362        2,261,551        131,669        11,025

 Administrative fees

        919,185        389,923        27,817        2,999

 Shareholder service fees

        527,612        230,814        1,115        667

 Other

        477,496        224,292        29,298        43,487

 Total liabilities

        74,235,282        43,347,305        1,798,755        114,083

 Commitments and Contingencies (Notes 2 & 7)

 

                    

 Net Assets

        $7,264,221,321        $3,078,674,239        $218,084,603        $23,064,067

 1 Investments at cost

        $4,436,119,601        $1,968,246,177        $169,641,410        $17,818,211

 2 Affiliated Investments at cost

        $61,145,941        —        —        —

 

 

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

13

 
    

 

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

        $3,592,389,774        $1,512,031,646        $144,154,822        $15,607,116

 Total distributable earnings/(accumulated losses)

        3,671,831,547        1,566,642,593        73,929,781        7,456,951

 Net Assets

        $7,264,221,321        $3,078,674,239        $218,084,603        $23,064,067

 Class N:

                    

 Net Assets

        —        $1,481,600,365        $5,409,973        —

 Shares outstanding

        —        63,163,797        275,791        —

 Net asset value, offering and redemption price per share

        —        $23.46        $19.62        —

 Class I:

                    

 Net Assets

        $7,264,221,321        $1,597,073,874        $212,674,630        $7,429,136

 Shares outstanding

        281,844,848        68,435,977        10,803,446        607,431

 Net asset value, offering and redemption price per share

        $25.77        $23.34        $19.69        $12.23

 Class Z:

                    

 Net Assets

        —        —        —        $15,634,931

 Shares outstanding

        —        —        —        1,275,105

 Net asset value, offering and redemption price per share

        —        —        —        $12.26

 

 

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

14

    

 

Statement of Operations (unaudited)

For the six months ended June 30, 2026

 

   

 

 

      

 

     AMG Yacktman
Fund		   AMG Yacktman
Focused Fund		   AMG Yacktman
Global Fund		   AMG Yacktman
Special
Opportunities Fund

 Investment Income:

                 

 Dividend income

        $221,295,186 1        $105,269,995 2        $9,290,656 3        $413,213

 Interest income

        9,261,079       5,022,069       1,101       149

 Dividends from affiliated securities

        372,500       —       —       —

 Securities lending income

        122,508       10,035       5,613       2,716

 Foreign withholding tax

        (4,993,455 )       (3,313,873 )       (325,389 )       (31,857 )

 Total investment income

        226,057,818       106,988,226       8,971,981       384,221

 Expenses:

                 

 Investment advisory and management fees

        15,357,870       12,937,886       744,494       146,116

 Administrative fees

        5,352,126       2,230,670       157,288       19,601

 Shareholder servicing fees - Class N

        —       1,314,861       4,513       —

 Shareholder servicing fees - Class I

        3,054,974       —       —       3,832

 Custodian fees

        365,302       189,692       39,920       17,615

 Trustee fees and expenses

        287,953       117,424       8,105       1,065

 Professional fees

        266,452       120,533       32,950       20,273

 Transfer agent fees

        159,662       67,916       4,497       1,990

 Reports to shareholders

        128,412       57,168       5,013       4,253

 Registration fees

        32,065       34,501       13,542       10,904

 Miscellaneous

        129,313       52,764       3,795       1,940

 Total expenses before offsets

        25,134,129       17,123,415       1,014,117       227,589

 Expense reimbursements

        —       —       (34,422 )       (42,359 )

 Fee waiver

        (57,333 )       (29,471 )       —       —

 Net expenses

        25,076,796       17,093,944       979,695       185,230
                

 Net investment income

        200,981,022       89,894,282       7,992,286       198,991

 Net Realized and Unrealized Gain:

                 

 Net realized gain on investments

        682,832,029       451,461,534       30,180,207       3,053,550

 Net realized loss on foreign currency transactions

        (3,775,706 )       (2,610,369 )       (245,201 )       (7,808 )

 Net change in unrealized appreciation/(depreciation) on investments

        53,926,771       43,492,823       2,101,088       28,663

 Net change in unrealized appreciation/(depreciation) on foreign currency translations

        (133,662 )       (95,749 )       (8,830 )       (1,865 )

 Net change in unrealized appreciation/(depreciation) on affiliated investments

        (25,902,268 )       —       —       —

 Net realized and unrealized gain

        706,947,164       492,248,239       32,027,264       3,072,540
                

 Net increase in net assets resulting from operations

        $907,928,186       $582,142,521       $40,019,550       $3,271,531

1 Includes non-recurring dividends of $151,939,013.

2 Includes non-recurring dividends of $70,389,825.

3 Includes non-recurring dividends of $6,008,888.

 

 

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

15

    

 

Statements of Changes in Net Assets

For the six months ended June 30, 2026 (unaudited) and the fiscal year ended December 31, 2025

 

   

 

 

      

 

     AMG Yacktman
Fund		   AMG Yacktman
Focused Fund
     June 30, 2026   December 31, 2025   June 30, 2026   December 31, 2025

 Increase in Net Assets Resulting From Operations:

                 

 Net investment income

        $200,981,022       $105,462,806       $89,894,282       $40,140,423

 Net realized gain on investments

        679,056,323       750,953,766       448,851,165       279,417,225

 Net change in unrealized appreciation/(depreciation) on investments

        27,890,841       364,777,893       43,397,074       244,137,814

 Net increase in net assets resulting from operations

        907,928,186       1,221,194,465       582,142,521       563,695,462

 Distributions to Shareholders:

                 

 Class N

        —       —       —       (203,738,060 )

 Class I

        —       (1,054,557,434 )       —       (227,531,788 )

 Total distributions to shareholders

        —       (1,054,557,434 )       —       (431,269,848 )

 Capital Share Transactions:1

                 

 Net decrease from capital share transactions

        (394,533,120 )       (817,018,081 )       (168,744,708 )       (396,490,861 )
                

 Total increase/(decrease) in net assets

        513,395,066       (650,381,050 )       413,397,813       (264,065,247 )

 Net Assets:

                 

 Beginning of period

        6,750,826,255       7,401,207,305       2,665,276,426       2,929,341,673

 End of period

        $7,264,221,321       $6,750,826,255       $3,078,674,239       $2,665,276,426

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

 

 

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

16

    

 

Statements of Changes in Net Assets (continued)

For the six months ended June 30, 2026 (unaudited) and the fiscal year ended December 31, 2025

 

   

 

 

      

 

     AMG Yacktman
Global Fund		   AMG Yacktman
Special
Opportunities Fund
     June 30, 2026   December 31, 2025   June 30, 2026   December 31, 2025

 Increase in Net Assets Resulting From Operations:

                 

 Net investment income

        $7,992,286       $3,028,591       $198,991       $403,047

 Net realized gain on investments

        29,935,006       11,793,032       3,045,742       1,006,277

 Net change in unrealized appreciation/(depreciation) on investments

        2,092,258       32,053,376       26,798       1,225,275

 Net increase in net assets resulting from operations

        40,019,550       46,874,999       3,271,531       2,634,599

 Distributions to Shareholders:

                 

 From net investment income and/or realized gain on investments:

                 

 Class N

        —       (184,767 )       —       —

 Class I

        —       (22,287,235 )       —       (233,213 )

 Class Z

        —       —       —       (669,061 )

 From paid-in capital:

                 

 Class N

        —       (17,011 )       —       —

 Class I

        —       (2,051,907 )       —       —

 Total distributions to shareholders

        —       (24,540,920 )       —       (902,274 )

 Capital Share Transactions:1

                 

 Net increase/(decrease) from capital share transactions

        (3,992,380 )       9,157,810       (5,283,201 )       (10,464,617 )
                

 Total increase/(decrease) in net assets

        36,027,170       31,491,889       (2,011,670 )       (8,732,292 )

 Net Assets:

                 

 Beginning of period

        182,057,433       150,565,544       25,075,737       33,808,029

 End of period

        $218,084,603       $182,057,433       $23,064,067       $25,075,737

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

 

 

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

17

AMG Yacktman Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended

June 30, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class I   2025   2024   2023   2022   2021    

Net Asset Value, Beginning of Period

       $22.67       $22.37       $23.34       $21.13       $24.50       $21.26  

Income/(loss) from Investment Operations:

                          

Net investment income1,2

       0.70 3        0.37       0.42       0.38       0.35       0.26 4   

Net realized and unrealized gain/(loss) on investments

       2.40       3.96       0.78       2.86       (2.17 )       3.89  

Total income/(loss) from investment operations

       3.10       4.33       1.20       3.24       (1.82 )       4.15  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (1.13 )       (0.47 )       (0.42 )       (0.33 )       (0.27 )  

Net realized gain on investments

       —       (2.90 )       (1.70 )       (0.61 )       (1.22 )       (0.64 )  

Total distributions to shareholders

       —       (4.03 )       (2.17 )       (1.03 )       (1.55 )       (0.91 )  

Net Asset Value, End of Period

       $25.77       $22.67       $22.37       $23.34       $21.13       $24.50  

Total Return2,5

       13.72 %6       19.82 %       4.91 %       15.39 %       (7.37 )%       19.63 %  

Ratio of net expenses to average net assets

       0.70 %7       0.70 %       0.71 %       0.70 %       0.70 %       0.70 %  

Ratio of gross expenses to average net assets8

       0.70 %7       0.70 %       0.71 %       0.70 %       0.70 %       0.70 %  

Ratio of net investment income to average net assets2

       5.63 %7       1.55 %       1.71 %       1.68 %       1.54 %       1.09 %  

Portfolio turnover

       9 %6       1 %       6 %       5 %       11 %       15 %  

Net assets end of period (000’s) omitted

       $7,264,221       $6,750,826       $7,401,207       $8,474,033       $7,973,041       $9,475,623    
                                                                 

 

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 $0.17.

 

4 

Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.21.

 

5 

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

 

6 

Not annualized.

 

7 

Annualized.

 

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.

18

AMG Yacktman Focused Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended

June 30, 2026
(unaudited)

 

   For the fiscal years ended December 31,
 Class N   2025   2024   2023   2022   2021    

Net Asset Value, Beginning of Period

       $19.21       $18.49       $20.18       $18.11       $21.21       $19.09  

Income/(loss) from Investment Operations:

                          

Net investment income1,2

       0.65 3        0.28       0.29       0.20       0.22       0.14 4   

Net realized and unrealized gain/(loss) on investments

       3.60       4.00       (0.10 )       2.76       (1.94 )       2.98  

Total income/(loss) from investment operations

       4.25       4.28       0.19       2.96       (1.72 )       3.12  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (1.17 )       (0.36 )       (0.25 )       (0.21 )       (0.16 )  

Net realized gain on investments

       —       (2.39 )       (1.52 )       (0.64 )       (1.17 )       (0.84 )  

Total distributions to shareholders

       —       (3.56 )       (1.88 )       (0.89 )       (1.38 )       (1.00 )  

Net Asset Value, End of Period

       $23.46       $19.21       $18.49       $20.18       $18.11       $21.21  

Total Return2,5

       22.12 %6       23.94 %       0.72 %       16.45 %       (8.06 )%       16.45 %  

Ratio of net expenses to average net assets

       1.25 %7       1.25 %       1.25 %       1.25 %8       1.25 %8       1.25 %8  

Ratio of gross expenses to average net assets9

       1.25 %7       1.25 %       1.25 %       1.25 %8       1.25 %8       1.25 %8  

Ratio of net investment income to average net assets2

       5.95 %7       1.43 %       1.37 %       1.02 %       1.14 %       0.68 %  

Portfolio turnover

       14 %6       1 %       5 %       4 %       13 %       19 %  

Net assets end of period (000’s) omitted

       $1,481,600       $1,279,067       $1,475,548       $1,798,471       $1,730,316       $2,158,777    
                                                                 

 

 

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

19

AMG Yacktman Focused Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended

June 30, 2026
(unaudited)

   For the fiscal years ended December 31,
 Class I   2025   2024   2023   2022   2021    

Net Asset Value, Beginning of Period

       $19.09       $18.40       $20.10       $18.04       $21.13       $19.03  

Income/(loss) from Investment Operations:

                          

Net investment income1,2

       0.67 3        0.32       0.32       0.23       0.26       0.18 4   

Net realized and unrealized gain/(loss) on investments

       3.58       3.98       (0.10 )       2.76       (1.93 )       2.96  

Total income/(loss) from investment operations

       4.25       4.30       0.22       2.99       (1.67 )       3.14  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (1.22 )       (0.40 )       (0.29 )       (0.25 )       (0.20 )  

Net realized gain on investments

       —       (2.39 )       (1.52 )       (0.64 )       (1.17 )       (0.84 )  

Total distributions to shareholders

       —       (3.61 )       (1.92 )       (0.93 )       (1.42 )       (1.04 )  

Net Asset Value, End of Period

       $23.34       $19.09       $18.40       $20.10       $18.04       $21.13  

Total Return2,5

       22.26 %6       24.14 %       0.88 %       16.67 %       (7.85 )%       16.62 %  

Ratio of net expenses to average net assets

       1.06 %7       1.06 %       1.07 %       1.06 %       1.06 %       1.06 %  

Ratio of gross expenses to average net assets9

       1.06 %7       1.06 %       1.07 %       1.06 %       1.06 %       1.06 %  

Ratio of net investment income to average net assets2

       6.14 %7       1.62 %       1.55 %       1.21 %       1.33 %       0.87 %  

Portfolio turnover

       14 %6       1 %       5 %       4 %       13 %       19 %  

Net assets end of period (000’s) omitted

       $1,597,074       $1,386,209       $1,453,794       $1,901,862       $1,806,085       $2,309,078    
                                                                 

 

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 $0.13 and $0.15 for Class N and Class I, respectively.

 

4 

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.

 

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%, less than 0.01% and 0.01% for the fiscal years ended 2023, 2022 and 2021, respectively.

 

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.

20

AMG Yacktman Global Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended

June 30, 2026
(unaudited)

   For the fiscal years ended December 31,
 Class N   2025   2024   2023   2022   2021    

Net Asset Value, Beginning of Period

       $16.14       $14.05       $15.30       $14.21       $16.36       $15.69  

Income/(loss) from Investment Operations:

                          

Net investment income1,2

       0.70 3        0.26       0.29       0.29 4        0.21       0.19 5   

Net realized and unrealized gain/(loss) on investments

       2.78       4.22       (0.76 )       2.00       (1.74 )       1.80  

Total income/(loss) from investment operations

       3.48       4.48       (0.47 )       2.29       (1.53 )       1.99  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (1.86 )       (0.32 )       (0.68 )       —       (0.55 )  

Net realized gain on investments

       —       (0.36 )       (0.40 )       (0.52 )       (0.62 )       (0.77 )  

Paid in capital

       —       (0.17 )       (0.06 )       —       —       —  

Total distributions to shareholders

       —       (2.39 )       (0.78 )       (1.20 )       (0.62 )       (1.32 )  

Net Asset Value, End of Period

       $19.62       $16.14       $14.05       $15.30       $14.21       $16.36  

Total Return2,6

       21.56 %7       32.37 %       (3.14 )%       16.30 %       (9.31 )%       12.96 %  

Ratio of net expenses to average net assets

       1.13 %8       1.13 %9       1.13 %       1.13 %       1.13 %       1.16 %10  

Ratio of gross expenses to average net assets11

       1.16 %8       1.25 %       1.17 %       1.16 %       1.17 %       1.18 %10  

Ratio of net investment income to average net assets2

       7.43 %8       1.64 %       1.87 %       1.92 %       1.47 %       1.12 %  

Portfolio turnover

       18 %7       16 %       8 %       11 %       11 %       17 %  

Net assets end of period (000’s) omitted

        $5,410        $1,614        $1,547        $2,325        $1,354        $775    
                                                                 

 

 

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

21

AMG Yacktman Global Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended
June 30, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class I   2025   2024   2023   2022   2021    

Net Asset Value, Beginning of Period

       $16.18       $14.08       $15.34       $14.25       $16.36       $15.69  

Income/(loss) from Investment Operations:

                          

Net investment income1,2

       0.71 3        0.29       0.33       0.32 4        0.25       0.22 5   

Net realized and unrealized gain/(loss) on investments

       2.80       4.23       (0.77 )       2.00       (1.74 )       1.79  

Total income/(loss) from investment operations

       3.51       4.52       (0.44 )       2.32       (1.49 )       2.01  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (1.89 )       (0.36 )       (0.71 )       —       (0.57 )  

Net realized gain on investments

       —       (0.36 )       (0.40 )       (0.52 )       (0.62 )       (0.77 )  

Paid in capital

       —       (0.17 )       (0.06 )       —       —       —  

Total distributions to shareholders

       —       (2.42 )       (0.82 )       (1.23 )       (0.62 )       (1.34 )  

Net Asset Value, End of Period

       $19.69       $16.18       $14.08       $15.34       $14.25       $16.36  

Total Return2,6

       21.69 %7       32.71 %       (3.01 )%       16.46 %       (9.06 )%       13.08 %  

Ratio of net expenses to average net assets

       0.93 %8       0.93 %9       0.93 %       0.93 %       0.93 %       1.00 %10  

Ratio of gross expenses to average net assets11

       0.96 %8       1.05 %       0.97 %       0.96 %       0.97 %       1.02 %10  

Ratio of net investment income to average net assets2

       7.63 %8       1.84 %       2.07 %       2.12 %       1.67 %       1.28 %  

Portfolio turnover

       18 %7       16 %       8 %       11 %       11 %       17 %  

Net assets end of period (000’s) omitted

       $212,675       $180,444       $149,018       $187,741       $149,491       $170,316    
                                                                 

 

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 $0.16 and $0.18 for Class N and Class I, respectively.

 

4 

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.

 

5 

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.

 

6 

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

 

 

7 

Not annualized.

 

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 less than 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.)

 

 

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, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class I   2025   2024   2023   2022   2021    

Net Asset Value, Beginning of Period

       $10.84       $10.20       $10.68       $11.27       $13.16       $11.02  

Income/(loss) from Investment Operations:

                          

Net investment income/(loss)1,2

       0.09       0.15       0.27       0.32 3        0.08       (0.01 )  

Net realized and unrealized gain/(loss) on investments

       1.30       0.88       0.35       0.04       (1.87 )       2.65  

Total income/(loss) from investment operations

       1.39       1.03       0.62       0.36       (1.79 )       2.64  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (0.39 )       (0.55 )       (0.68 )       —       (0.15 )  

Net realized gain on investments

       —       —       (0.49 )       (0.27 )       (0.10 )       (0.35 )  

Paid in capital

       —       —       (0.06 )       —       —       —  

Total distributions to shareholders

       —       (0.39 )       (1.10 )       (0.95 )       (0.10 )       (0.50 )  

Net Asset Value, End of Period

       $12.23       $10.84       $10.20       $10.68       $11.27       $13.16  

Total Return2,4

       12.84 %5       10.22 %       5.95 %       3.24 %       (13.59 )%       24.30 %  

Ratio of net expenses to average net assets6

       1.49 %7       0.96 %       0.81 %8       1.13 %       1.96 %9       2.29 %9  

Ratio of gross expenses to average net assets6,10

       1.81 %7       1.28 %       0.91 %       1.19 %       2.00 %9       2.29 %9  

Ratio of net investment income (loss) to average net assets2,6

       1.45 %7       1.38 %       2.53 %       2.81 %       0.69 %       (0.09 )%  

Portfolio turnover

       6 %5       7 %       10 %       24 %       40 %       21 %  

Net assets end of period (000’s) omitted

       $7,429       $6,484       $12,085       $38,793       $47,024       $33,912    
                                                                 

 

 

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

23

AMG Yacktman Special Opportunities Fund

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

   

For the six
months ended
June 30, 2026

(unaudited)

   For the fiscal years ended December 31,
 Class Z   2025   2024   2023   2022   2021    

Net Asset Value, Beginning of Period

       $10.86       $10.22       $10.71       $11.31       $13.20       $11.04  

Income/(loss) from Investment Operations:

                          

Net investment income1,2

       0.09       0.16       0.29       0.33 3        0.10       0.00 11   

Net realized and unrealized gain/(loss) on investments

       1.31       0.89       0.34       0.03       (1.88 )       2.67  

Total income/(loss) from investment operations

       1.40       1.05       0.63       0.36       (1.78 )       2.67  

Less Distributions to Shareholders from:

                          

Net investment income

       —       (0.41 )       (0.57 )       (0.69 )       (0.01 )       (0.16 )  

Net realized gain on investments

       —       —       (0.49 )       (0.27 )       (0.10 )       (0.35 )  

Paid in capital

       —       —       (0.06 )       —       —       —  

Total distributions to shareholders

       —       (0.41 )       (1.12 )       (0.96 )       (0.11 )       (0.51 )  

Net Asset Value, End of Period

       $12.26       $10.86       $10.22       $10.71       $11.31       $13.20  

Total Return2,4

       12.90 %5       10.33 %       5.95 %       3.44 %       (13.57 )%       24.42 %  

Ratio of net expenses to average net assets6

       1.39 %7       0.86 %       0.71 %8       1.03 %       1.86 %9       2.19 %9  

Ratio of gross expenses to average net assets6,10

       1.71 %7       1.18 %       0.81 %       1.09 %       1.90 %9       2.19 %9  

Ratio of net investment income to average net assets2,6

       1.55 %7       1.48 %       2.63 %       2.91 %       0.79 %       0.01 %  

Portfolio turnover

       6 %5       7 %       10 %       24 %       40 %       21 %  

Net assets end of period (000’s) omitted

       $15,635       $18,592       $21,723       $34,337       $36,782       $78,197    
                                                                 

 

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 

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

 

5 

Not annualized.

 

6 

Includes a performance adjustment amounting to (0.25)% for the six months ended June 30, 2026, which is annualized, and (0.78)%, (0.93)%, (0.61)%, 0.22% and 0.55% for the fiscal years ended 2025, 2024, 2023, 2022 and 2021, respectively. (See Note 2 in the Notes to Financial Statements)

 

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 0.01%.

 

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.)

 

11 

Less than $0.005 per share.

 

 

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

24

    

 

 

Notes to Financial Statements (unaudited)

June 30, 2026

 

   

 

 

      

 

 

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds (the “Trust”) is an open-end management investment company, organized as a Massachusetts business trust, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies. Included in this report are AMG Yacktman Fund (“Yacktman Fund”), AMG Yacktman Focused Fund (“Yacktman Focused”), AMG Yacktman Global Fund (“Yacktman Global”) and AMG Yacktman Special Opportunities Fund (“Yacktman Special Opportunities”), each a “Fund” and collectively, the “Funds”.

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

Yacktman Focused, Yacktman Global and Yacktman Special Opportunities are non-diversified Funds.

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

a. VALUATION OF INVESTMENTS

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

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are

considered comparable in credit rating, interest rate, due date and other features (generally referred to as “matrix pricing”) or other similar pricing methodologies.

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

The Funds’ portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services. Pursuant to Rule 2a-5 under the 1940 Act, the Funds’ Board of Trustees (the “Board”) designated AMG Funds LLC (the “Investment Manager”) as the Funds’ Valuation Designee to perform the Funds’ fair value determinations. Such determinations are subject to Board oversight and certain reporting and other requirements intended to ensure that the Board receives the information it needs to oversee the Investment Manager’s fair value determinations.

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

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

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

U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be

 

 

 

25

    

 

 

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 Fund, Yacktman Focused and Yacktman Special Opportunities are primarily due to equalization utilized. Yacktman Global had no permanent differences. Temporary differences for Yacktman Focused are due to callable bond premiums. In addition, temporary differences for each Fund are due to wash sale loss deferrals and mark-to-market on passive foreign investment companies.

At June 30, 2026, 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

     $4,497,265,542       $3,036,666,634       $(211,117,527)       $2,825,549,107  

Yacktman Focused

     1,968,246,177       1,184,784,287       (103,258,106 )      1,081,526,181  

Yacktman Global

     169,641,410       58,427,016       (10,300,180 )      48,126,836  

Yacktman Special Opportunities

     17,818,211       7,364,524       (2,315,491 )      5,049,033  

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.

 

 

 

26

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2025, the Funds had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended December 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

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, 2026 (unaudited) and the fiscal year ended December 31, 2025, the capital stock transactions by class for the Funds were as follows:

 

    Yacktman Fund     Yacktman Focused  
    June 30, 2026

 

     December 31, 2025

 

     June 30, 2026

 

     December 31, 2025

 

  
   

Shares

 

    

Amount

 

    

Shares

 

    

Amount

 

    

Shares

 

    

Amount

 

    

Shares

 

    

Amount

 

  

Class N:

                

Shares sold

     —       —       —       —       2,222,816       $48,905,756       2,399,680       $46,328,072  

Shares issued in reinvestment of distributions

     —       —       —       —       —       —       10,843,340       200,276,490  

Shares redeemed

     —       —       —       —       (5,656,070 )      (124,281,172 )      (26,457,711 )      (523,300,966 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net decrease

     —       —       —       —       (3,433,254 )      $(75,375,416)       (13,214,691 )      $(276,696,404)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Class I:

                

Shares sold

     9,654,718       $238,926,725       21,202,841       $490,298,431       5,305,400       $116,526,196       12,805,704       $257,210,178  

Shares issued in reinvestment of distributions

     —       —       43,463,740       959,244,757       —       —       11,507,509       211,277,872  

Shares redeemed

     (25,576,269 )      (633,459,845 )      (97,731,798 )      (2,266,561,269 )      (9,481,626 )      (209,895,488 )      (30,720,942 )      (588,282,507 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net decrease

     (15,921,551 )      $(394,533,120)       (33,065,217 )      $(817,018,081)       (4,176,226 )      $(93,369,292)       (6,407,729 )      $(119,794,457)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  
    Yacktman Global     Yacktman Special Opportunities  
    June 30, 2026     December 31, 2025     June 30, 2026     December 31, 2025  
    Shares     Amount     Shares     Amount     Shares     Amount     Shares     Amount  

Class N:

                

Shares sold

     388,742       $7,306,409       33,295       $537,158       —       —       —       —  

Shares issued in reinvestment of distributions

     —       —       12,254       191,162       —       —       —       —  

Shares redeemed

     (212,941 )      (4,138,410 )      (55,643 )      (859,011 )      —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase/(decrease)

     175,801       $3,167,999       (10,094 )      $(130,691)       —       —       —       —  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Class I:

                

Shares sold

     875,238       $16,056,836       1,245,441       $19,443,541       226,701       $2,785,216       39,117       $411,529  

Shares issued in reinvestment of distributions

     —       —       1,454,937       22,755,217       —       —       20,991       222,506  

Shares redeemed

     (1,224,674 )      (23,217,215 )      (2,128,409 )      (32,910,257 )      (217,353 )      (2,704,044 )      (647,037 )      (6,654,290 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net increase/(decrease)

     (349,436 )      $(7,160,379)       571,969       $9,288,501       9,348       $81,172       (586,929 )      $(6,020,255)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Class Z:

                

Shares sold

     —       —       —       —       1,550       $18,757       32,609       $365,614  

Shares issued in reinvestment of distributions

     —       —       —       —       —       —       63,000       669,061  

Shares redeemed

     —       —       —       —       (438,018 )      (5,383,130 )      (509,829 )      (5,479,037 ) 
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Net decrease

     —       —       —       —       (436,468 )      $(5,364,373)       (414,220 )      $(4,444,362)  
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

 

 

27

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

Transactions by shareholders of record that individually or collectively hold greater than 5% of a Fund’s shares outstanding may have a material impact on a Fund. At June 30, 2026, one affiliated investor, Yacktman Asset Management LP, owned 29% and three shareholders collectively owned 24% of Yacktman Special Opportunities’ shares outstanding, and one shareholder owned 5% of Yacktman Global’s shares outstanding.

 

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, 2026, the market value of Repurchase Agreements outstanding for Yacktman Fund, Yacktman Focused, Yacktman Global and Yacktman Special Opportunities was $286,456,692, $120,527,730, $1,163,638 and $55,905, 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, 2026, the Funds’ investment management fees were paid at the following annual rates of each Fund’s respective average daily net assets:

 

 Yacktman Fund

    0.43%1 

  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% 

 

1 

The rate shown is the effective rate as of June 30, 2026.

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

Yacktman Special Opportunities has a performance-based fee structure that consists of an investment management fee and a performance adjustment (“Performance Adjustment”). The monthly investment management fee is increased or reduced by the Performance Adjustment, based on the Fund’s performance relative to the MSCI ACWI All Cap Index over the then preceding twelve months. The performance adjustment for each month ranges from an annual rate of -0.75% to +0.75% and is multiplied by the Fund’s average monthly net assets for the prior rolling 12 months. For the six months ended June 30, 2026, the Performance Adjustment decreased the investment management fee by a net amount of $32,907 or an annualized rate of 0.25% of the Fund’s average daily net assets, resulting in an effective investment management fee rate of 1.12% of the Fund’s average daily net assets.

The Investment Manager has contractually agreed, through at least May 1, 2027, 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

 

 

 

 

28

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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, 2026, 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

     $34,422       —  

Yacktman Special Opportunities

     42,359       —  

At June 30, 2026, the Funds’ expiration of reimbursements subject to recoupment, if any, is as follows:

 

 Expiration

 Period

   Yacktman Global   Yacktman Special Opportunities
 Less than 1 year       $71,631       $47,557

 1-2 years

       91,297         72,023
 2-3 years       173,289       88,104
   

 

 

      

 

 

  
 Total       $336,217         $207,684
   

 

 

      

 

 

  

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, 2026, the investment management fees for Yacktman Fund and Yacktman Focused were reduced by $57,333 and $29,471, respectively, or less than 0.01% of each Fund’s average daily net assets.

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

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

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

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

The impact on the annualized expense ratios for the six months ended June 30, 2026, 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%         0.19%

 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, 2026, the Funds had no interfund loans outstanding. The Funds did not borrow during the six months ended June 30, 2026.

 

 

 

29

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

The following Funds utilized the interfund lending program during the six months ended June 30, 2026 as follows:

 

 Fund    Average
Lent		      Number
of Days		      Interest
Earned		      Average
Interest Rate 		  

Yacktman Fund

      $1,508,333        4        $745        4.510 % 

Yacktman Global

      2,971,085        3        1,101        4.510 % 

Yacktman Special Opportunities

      1,198,355        1        149        4.528 % 

Yacktman Focused did not lend during the six months ended June 30, 2026.

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, 2026, were as follows:

 

      Long Term Securities   
 Fund    Purchases       Sales   

 Yacktman Fund

      $600,324,058         $962,308,916   

 Yacktman Focused

      354,732,115         618,226,998   

 Yacktman Global

      35,867,554         48,053,507   

 Yacktman Special Opportunities

      1,372,165         5,819,378   

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended June 30, 2026.

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, 2026, was as follows:

 

 Fund   Securities
Loaned		    Cash
Collateral
Received		    Securities
Collateral
Received		    Total 
Collateral 
Received 

Yacktman Fund

   $91,370,256    $8,942,692    $83,171,077    $92,113,769 

 Yacktman Focused

   23,928,442    24,529,730    629,584    25,159,314 

 Yacktman Global

   1,759,759    1,163,638    676,836    1,840,474 

 Yacktman Special Opportunities

   1,254,024    55,905    1,250,073    1,305,978 

The following table summarizes the securities received as collateral for securities lending at June 30, 2026:

 

 Fund   

Collateral

Type

   

Coupon

Range

   

Maturity

Date Range

Yacktman Fund

    U.S. Treasury Obligations    0.000%-7.000%    07/31/26-03/01/56

Yacktman Focused

    U.S. Treasury Obligations    0.125%-4.750%    07/15/26-05/15/55

Yacktman Global

    U.S. Treasury
Obligations		    0.000%-4.875%    07/31/26-08/15/55

Yacktman Special Opportunities

    U.S. Treasury Obligations    0.000%-4.875%    07/15/26-08/15/55

5. SEGMENT REPORTING

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

6. FUND RISKS

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

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

 

 

 

30

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

market’s perception of an issuer’s creditworthiness may also affect the value of a Fund’s investment in that issuer.

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.

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.

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.

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.

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.

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.

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: Investments in Japan are 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.

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.

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.

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.

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.

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.

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.

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

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.

 

 

 

31

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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

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 each year 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.

Performance-Based Fee Risk: The prospect of a positive or negative performance adjustment may create an incentive for the Fund’s portfolio manager to take greater risks with the Fund’s portfolio. In addition, because performance adjustments are based upon past performance, a shareholder may pay a higher or lower management fee for performance that occurred prior to the shareholder’s investment in the Fund.

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.

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.

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.

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.

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. 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, 2026, the Funds did not purchase or write call and put options.

 

 

9. 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, 2026:

 

 

32

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

               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

                                                

 Daiwa Capital Markets America

        $179,755                —                $179,755             $179,755               —   

 State of Wisconsin Investment Board

        8,762,937             —             8,762,937             8,762,937            —

 Fixed Income Clearing Corp.

        277,514,000             —             277,514,000             277,514,000            —
    

 

 

            

 

 

            

 

 

            

 

 

           

 

 

  

 Total

        $286,456,692             —             $286,456,692             $286,456,692            —
    

 

 

            

 

 

            

 

 

            

 

 

           

 

 

  
                                           

 Yacktman Focused

                                            

 Daiwa Capital Markets America

        $493,057             —             $493,057             $493,057            —

 State of Wisconsin Investment Board

        24,036,673             —             24,036,673             24,036,673            —

 Fixed Income Clearing Corp.

        95,998,000             —             95,998,000             95,998,000            —
    

 

 

            

 

 

            

 

 

            

 

 

           

 

 

  

 Total

        $120,527,730             —             $120,527,730             $120,527,730            —
    

 

 

            

 

 

            

 

 

            

 

 

           

 

 

  
                                           

 Yacktman Global

                                            

 Citadel Securities LLC

        $47,000             —             $47,000             $47,000            —

 Daiwa Capital Markets America

        70,638             —             70,638             70,638            —

 Jefferies LLC

        1,046,000             —             1,046,000             1,046,000            —
    

 

 

            

 

 

            

 

 

            

 

 

           

 

 

  

 Total

        $1,163,638             —             $1,163,638             $1,163,638            —
    

 

 

            

 

 

            

 

 

            

 

 

           

 

 

  
                                           

 Yacktman Special Opportunities

                                            

 Citadel Securities LLC

        $52,000             —             $52,000             $52,000            —

 Daiwa Capital Markets America

        3,905             —             3,905             3,905            —
    

 

 

            

 

 

            

 

 

            

 

 

           

 

 

  

 Total

        $55,905             —             $55,905             $55,905            —
    

 

 

            

 

 

            

 

 

            

 

 

           

 

 

  

 

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.

 

 

 

33

    

 

 

Other Information (unaudited)

 

   

 

 

      

 

 

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

During the six months ended June 30, 2026, 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, 2026 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, 2026.

 

     Trustee fees and expenses   

 AMG Yacktman Fund

      $287,953   

 AMG Yacktman Focused Fund

      117,424   

 AMG Yacktman Global Fund

      8,105   

 AMG Yacktman Special Opportunities Fund

      1,065   

 

 

34

    

 

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 3, 2026

At a meeting held on May 27, 2026, the Board of Trustees (the “Board” or the “Trustees”) of AMG Funds (the “Trust”) considered, and at a meeting held in-person on June 3, 2026, the Board, 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 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 May 27, 2026 and June 3, 2026 meetings 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

 

 

 

35

    

 

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

 

   

 

 

      

 

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 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 of all the share classes of the Fund) for the 1-year, 3-year, 5-year and 10-year periods ended March 31, 2026, was above, above, below, and above, respectively, the median performance of the Peer Group and above 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 outperformance of the Fund Benchmark and the Peer Group and the fact that the Fund ranked in the top decile relative to its Peer Group for the 1-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 and size 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 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, 2026 was above, above, below, and above, respectively, the median performance of the Peer Group and above, at, 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 outperformance relative to the Fund Benchmark and the Peer Group, and the fact that the Fund ranked in the top decile relative to its Peer Group for the 1-year period and 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 and size 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 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, 2026 and for the period from the Fund’s inception on January 30, 2017 through March 31, 2026 was above the median performance of the Peer Group and above, below, below, and above, respectively, 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 outperformance relative to its Peer Group and the Fund’s more recent outperformance relative to the Fund Benchmark. The Trustees noted that Class I shares of the Fund ranked in the top percentile relative to its Peer Group for the period from the Fund’s inception through March 31, 2026 and in the top decile relative to its Peer Group for the 1-year, 3-year, and 5-year periods. 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 and size 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 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, 2026, was below, below, below, and above, respectively, the median performance of the Peer Group and above, below, below, and below, respectively, 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 more recent outperformance and longer-term underperformance relative to the Fund Benchmark. The Trustees noted that Class Z shares of the Fund ranked in the top quartile 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 and size 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 May 27, 2026 and June 3, 2026 meetings 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

 

 

 

36

    

 

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

 

   

 

 

      

 

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, 2026, 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. 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, 2026, 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, 2026, were both rated in the Below 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, 2027, 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, 2026, 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, 2027, to limit the Fund’s net annual operating expenses (subject to certain excluded expenses) to 0.12%. 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.

 

 

 

37

    

 

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 each Subadvisory Agreement would be in the best interests of the applicable Fund and its shareholders.

 

    
    
    
    
    
    

Accordingly, on June 3, 2026, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management and the Subadvisory Agreements for each Fund.

 

 

 

38

 

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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

 

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

 

1350 Penn Avenue, Suite 102

 

Pittsburgh, PA 15222

 

800.548.4539

 

 

TRUSTEES

 

Jill R. Cuniff

 

Kurt A. Keilhacker

 

Peter W. MacEwen

 

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 a 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 Growth

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 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

 

EXCHANGE-TRADED FUND

AMG GW&K Muni Income ETF

GW&K Investment Management, LLC

     
             
     
             
             
             
             
             
             
             
             

 

      
 
 wealth.amg.com       063026    SAR071

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SEMI-ANNUAL FINANCIAL STATEMENTS

 

 

 

    

    

AMG Funds

 

June 30, 2026

 

LOGO

 

AMG GW&K Municipal Enhanced SMA Shares

 
      Ticker: MESHX
 
      AMG GW&K Securitized Bond SMA Shares
 
      Ticker: GWSBX
 
      AMG GW&K High Yield Bond SMA Shares
 
      Ticker: GWHYX
 
   

  

       

 

 

 

 

 

 

 

 
 wealth.amg.com          063026    SAR090

    

 

AMG Funds

Semi-Annual Financial Statements — June 30, 2026 (unaudited)

 

 

 
      
     TABLE OF CONTENTS    PAGE  
   

 

  
 
   

FINANCIAL STATEMENTS

   
 
   

Schedules of Portfolio Investments

  
 
   

AMG GW&K Municipal Enhanced SMA Shares

      2  
 
   

AMG GW&K Securitized Bond SMA Shares

      6  
 
   

AMG GW&K High Yield Bond SMA Shares

      10  
 
   

Statement of Assets and Liabilities

      16  
 
   

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

and cumulative distributable earnings (accumulated losses)

   
 
   

Statement of Operations

     17  
 
   

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

   
 
   

Statements of Changes in Net Assets

     18  
 
   

Detail of changes in assets for the past two fiscal periods

   
 
   

Financial Highlights

     19  
 
   

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

   
 
   

Notes to Financial Statements

     22  
 
   

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

   
 
   

OTHER INFORMATION

     29  
 
    STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT      30  

 

 

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, 2026

 

 

     

Principal

Amount

        Value    

Municipal Bonds - 95.8%

 

   

Alabama - 3.5%

 

   

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

      $1,600,000        $1,669,874  

5.500%, 10/01/53

      7,060,000        7,430,942  

Total Alabama

         9,100,816  

California - 0.1%

      

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

      240,000        213,204  

Colorado - 1.5%

      

Colorado Health Facilities Authority, Series A,
5.125%, 12/01/55

      1,315,000        1,326,511  

5.250%, 12/01/54

      1,000,000        1,042,036  

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

      1,340,000        1,614,049  

Total Colorado

         3,982,596  

Florida - 10.0%

      

Capital Trust Authority, Series A,
5.000%, 06/01/541

     1,000,000        943,603  

5.000%, 06/01/641

     1,765,000        1,646,879  

County of Miami-Dade Florida Seaport Department, Series 1, (AG)
4.000%, 10/01/45

      2,275,000        2,123,228  

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

      1,600,000        1,411,123  

Florida Development Finance Corp.,
4.000%, 02/01/52

      510,000        420,231  

5.000%, 02/01/52

      325,000        312,330  

5.250%, 08/01/55

      1,750,000        1,800,474  

Florida Housing Finance Corp., Series 3, (GNMA FNMA FHLMC)
4.750%, 07/01/54

      1,210,000        1,217,524  

Greater Orlando Aviation Authority
5.500%, 11/01/37

      1,000,000        1,073,923  

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

      845,000        758,670  

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

      2,675,000        2,487,845  

4.000%, 11/15/51

      1,250,000        1,115,079  

Orange County Health Facilities Authority, Series A
5.250%, 10/01/56

      3,500,000        3,675,424  

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

      2,450,000        2,471,670  

Village Community Development District No 15,
4.550%, 05/01/441

     985,000        986,808  

4.800%, 05/01/551

     990,000        960,683  
     

Principal

Amount

        Value    

Village Community Development District No 16
5.125%, 05/01/56

      $2,600,000        $2,616,000  

Total Florida

         26,021,494  

Georgia - 1.2%

      

Fayette County Development Authority,
5.250%, 10/01/49

      1,530,000        1,579,205  

5.250%, 10/01/54

      1,500,000        1,533,755  

Total Georgia

         3,112,960  

Idaho - 0.7%

      

Idaho Health Facilities Authority, Series A
4.375%, 03/01/53

      2,000,000        1,939,372  

Illinois - 5.1%

      

Chicago O’Hare International Airport, Senior Lien, Series A
5.000%, 01/01/48

      1,100,000        1,106,163  

Chicago Transit Authority Sales Tax Receipts Fund, Series A,
5.000%, 12/01/59

      1,500,000        1,529,490  

5.500%, 12/01/56

      1,500,000        1,600,017  

Metropolitan Pier & Exposition Authority,
4.000%, 12/15/42

      325,000        316,825  

4.000%, 06/15/52

      485,000        427,291  

5.000%, 06/15/50

      980,000        988,892  

State of Illinois, Series A
4.000%, 03/01/40

      1,240,000        1,213,073  

State of Illinois, Series B,
5.250%, 05/01/48

      1,000,000        1,039,854  

5.250%, 05/01/49

      1,000,000        1,036,259  

State of Illinois, Series C
5.500%, 04/01/51

      3,770,000        4,017,593  

Total Illinois

         13,275,457  

Indiana - 2.2%

      

Indiana Finance Authority, Series A,
5.000%, 07/01/54

      1,000,000        995,365  

5.000%, 07/01/59

      1,250,000        1,233,167  

5.250%, 07/01/64

      1,955,000        1,969,648  

5.375%, 03/01/55

      1,500,000        1,532,613  

Total Indiana

         5,730,793  

Louisiana - 2.0%

      

Louisiana Stadium & Exposition District, Series A
5.250%, 07/01/53

      4,915,000        5,106,653  

Massachusetts - 9.5%

      

Massachusetts Development Finance Agency,
4.000%, 07/01/51

      1,080,000        909,047  

5.250%, 07/01/50

      1,750,000        1,801,297  

5.250%, 07/01/52

      4,605,000        4,653,394  

5.250%, 07/01/55

      4,285,000        4,269,010  

5.250%, 07/01/55

      1,500,000        1,536,216  

Massachusetts Development Finance Agency, Series 1,
4.500%, 07/01/54

      2,750,000        2,630,690  

5.250%, 07/01/50

      1,750,000        1,812,897  
 

 

 

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    

Massachusetts - 9.5% (continued)

 

   

Massachusetts Development Finance Agency, Series A,
5.000%, 07/01/601

     $1,000,000        $971,882  

6.000%, 10/01/49

      1,750,000        1,921,097  

Massachusetts Development Finance Agency, Series N
5.500%, 07/01/55

      1,750,000        1,873,477  

Massachusetts Development Finance Agency, Series Q
5.500%, 12/01/56

      2,000,000        2,148,848  

Total Massachusetts

         24,527,855  

Michigan - 1.6%

      

Michigan State Housing Development Authority, Series A,
4.950%, 12/01/50

      1,000,000        1,015,593  

5.000%, 12/01/55

      1,325,000        1,356,969  

Michigan State Housing Development Authority, Series C
5.050%, 06/01/51

      1,800,000        1,841,013  

Total Michigan

         4,213,575  

Minnesota - 0.4%

      

Minnesota Agricultural & Economic Development Board, Series 2024
5.250%, 01/01/54

      1,000,000        1,035,770  

Missouri - 0.9%

      

Health & Educational Facilities Authority
4.000%, 06/01/53

      2,500,000        2,233,418  

Nebraska - 0.7%

      

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

      1,735,000        1,784,062  

New Hampshire - 1.0%

      

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

      2,500,000        2,630,352  

New Jersey - 1.2%

      

South Jersey Transportation Authority
4.625%, 11/01/47

      1,820,000        1,828,537  

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

      405,000        403,667  

5.250%, 06/01/46

      530,000        531,736  

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

      270,000        265,896  

Total New Jersey

         3,029,836  

New York - 11.2%

      

Albany Capital Resource Corp., Series A
5.500%, 05/01/55

      1,000,000        1,074,843  

City of New York, Series D,
5.250%, 04/01/54

      1,000,000        1,050,233  

5.250%, 10/01/55

      1,000,000        1,056,447  
     

Principal

Amount

        Value    

City of New York, Series E
5.000%, 08/01/54

      $1,020,000        $1,054,863  

Metropolitan Transportation Authority, Series 1,
4.750%, 11/15/45

      3,625,000        3,673,625  

5.000%, 11/15/50

      1,000,000        1,015,529  

Metropolitan Transportation Authority, Series A
5.250%, 11/15/55

      1,000,000        1,044,904  

New York State Dormitory Authority, Series A,
4.000%, 07/01/47

      550,000        482,035  

4.000%, 07/01/52

      340,000        286,934  

4.250%, 07/01/50

      1,530,000        1,432,608  

New York Transportation Development Corp.,
4.000%, 04/30/53

      1,125,000        1,014,577  

5.000%, 12/01/40

      900,000        942,767  

5.000%, 12/01/41

      860,000        897,226  

5.000%, 06/30/49

      1,220,000        1,234,902  

5.500%, 06/30/54

      1,000,000        1,021,891  

5.625%, 04/01/40

      1,000,000        1,068,400  

6.000%, 04/01/35

      540,000        603,030  

6.000%, 06/30/54

      2,690,000        2,819,299  

6.000%, 06/30/59

      3,465,000        3,680,021  

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

      2,500,000        2,560,073  

Suffolk Regional Off-Track Betting Corp.
6.000%, 12/01/53

      1,000,000        1,025,265  

Total New York

         29,039,472  

North Carolina - 1.2%

      

Nash Health Care Systems
5.250%, 02/01/55

      1,000,000        1,033,633  

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

      1,950,000        1,997,983  

Total North Carolina

         3,031,616  

Ohio - 4.1%

      

Columbus Regional Airport Authority, Series A
5.500%, 01/01/55

      3,000,000        3,169,930  

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

      1,000,000        1,028,527  

Ohio Higher Educational Facility Commission,
5.250%, 05/01/49

      2,500,000        2,508,459  

5.250%, 05/01/54

      3,000,000        2,964,359  

Ohio Housing Finance Agency, Series A, (GNMA FNMA FHLMC)
4.550%, 09/01/49

      1,030,000        1,037,507  

Total Ohio

         10,708,782  

Pennsylvania - 7.6%

      

Allegheny County Airport Authority, Series A
5.000%, 01/01/51

      815,000        823,400  

Geisinger Authority
4.000%, 04/01/50

      1,445,000        1,278,213  

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

      900,000        913,347  
 

 

 

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  

Pennsylvania - 7.6% (continued)

      

Pennsylvania Economic Development Financing Authority,
5.000%, 12/31/57

      $4,205,000        $4,272,764  

5.250%, 06/30/53

      2,750,000        2,799,304  

Pennsylvania Higher Educational Facilities Authority, Series B2
5.000%, 11/01/54

      5,000,000        5,075,032  

Pennsylvania Housing Finance Agency,

      

Series 146A
4.750%, 04/01/53

      1,250,000        1,253,495  

Pennsylvania Turnpike Commission, Series A
4.000%, 12/01/50

      2,435,000        2,229,152  

Philadelphia Authority for Industrial Development
5.250%, 11/01/52

      1,000,000        1,030,632  

Total Pennsylvania

         19,675,339  

Rhode Island - 3.6%

      

Rhode Island Health and Educational Building Corp.
5.250%, 05/15/54

      5,315,000        5,521,721  

Rhode Island Health and Educational Building Corp., Series A, (AG)
5.000%, 07/01/55

      900,000        910,830  

5.000%, 07/01/60

      2,400,000        2,419,840  

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

      570,000        570,197  

Total Rhode Island

         9,422,588  

South Carolina - 2.9%

      

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

      1,600,000        1,235,362  

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

      1,000,000        1,018,979  

South Carolina Jobs-Economic Development Authority, Series A
5.500%, 11/01/54

      1,250,000        1,332,638  

South Carolina Public Service Authority, Series A,
5.000%, 12/01/55

      1,805,000        1,851,220  

5.500%, 12/01/54

      1,000,000        1,068,388  

South Carolina Public Service Authority, Series B
5.250%, 12/01/54

      1,000,000        1,051,044  

Total South Carolina

         7,557,631  

Tennessee - 2.2%

      

Chattanooga Health Educational & Housing Facility Board
5.250%, 12/01/54

      2,000,000        2,087,018  

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

      1,400,000        1,074,352  
      Principal
Amount		      Value  

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

     $2,500,000        $2,479,124  

Total Tennessee

         5,640,494  

Texas - 11.3%

      

Central Texas Regional Mobility Authority,

      

Series B
4.000%, 01/01/51

      2,000,000        1,834,586  

City of Georgetown TX Utility System Revenue, (BAM)
5.000%, 08/15/56

      1,770,000        1,833,557  

City of Houston Airport System Revenue, Series B,
5.500%, 07/15/37

      1,705,000        1,844,543  

5.500%, 07/15/38

      1,000,000        1,072,945  

5.500%, 07/15/39

      1,630,000        1,741,167  

City of Houston TX Hotel Occupancy Tax &
Special Revenue, Series C
5.500%, 09/01/58

      8,765,000        9,417,922  

Texas Private Activity Bond Surface
Transportation Corp.,
5.000%, 06/30/58

      8,095,000        7,981,545  

5.500%, 12/31/58

      1,070,000        1,114,765  

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

      1,180,000        1,156,575  

Texas Water Development Board
4.750%, 10/15/55

      1,365,000        1,380,620  

Total Texas

         29,378,225  

Virginia - 2.5%

      

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

      240,000        208,793  

Virginia Small Business Financing Authority,
4.000%, 01/01/40

      485,000        476,844  

5.000%, 12/31/47

      1,755,000        1,786,685  

5.000%, 12/31/49

      1,905,000        1,906,012  

5.000%, 12/31/52

      2,180,000        2,180,163  

Total Virginia

         6,558,497  

Washington - 0.9%

      

Washington State Housing Finance Commission,
5.000%, 07/01/54

      1,500,000        1,434,333  

5.500%, 07/01/49

      1,000,000        1,022,004  

Total Washington

         2,456,337  

West Virginia - 0.8%

      

West Virginia Hospital Finance Authority,

      

Series A
5.500%, 06/01/50

      1,000,000        1,068,026  

West Virginia Hospital Finance Authority,

      

Series B
6.000%, 09/01/53

      1,000,000        1,072,472  

Total West Virginia

         2,140,498  
 

 

 

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  

Wisconsin - 5.9%

      

Public Finance Authority,
5.250%, 11/15/55

      $1,100,000        $1,129,212  

5.250%, 11/15/61

      1,555,000        1,589,064  

5.750%, 06/30/60

      1,000,000        1,047,230  

5.750%, 12/31/65

      6,000,000        6,283,378  

6.500%, 12/31/65

      1,000,000        1,118,443  

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

     3,950,000        4,050,851  

Total Wisconsin

         15,218,178  

Total Municipal Bonds
(Cost $247,188,917)

         248,765,870  

Short-Term Investments - 3.4%

      

Repurchase Agreements - 3.4%

 

   

Fixed Income Clearing Corp., dated 06/30/26, due 07/01/26, 3.350% total to be received $8,686,808 (collateralized by a U.S. Treasury Note, 4.375%, 05/15/34, totaling $8,859,796)

      8,686,000        8,686,000  

Total Short-Term Investments
(Cost $8,686,000)

         8,686,000  

 

      
             

 

Value

  

Total Investments - 99.2%
(Cost $255,874,917)

 

      $257,451,870  

Other Assets, less Liabilities - 0.8%

 

      2,175,099  

Net Assets - 100.0%

 

      $259,626,969  

 

      
 

 

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, 2026, the value of these securities amounted to $12,039,830 or 4.6% of net assets.

 

AG

    Assured Guaranty

BAM

   Build America Mutual Assurance Co.

FHLMC

   Freddie Mac

FNMA

   Fannie Mae

GNMA

   Ginnie Mae
 

 

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2026:

 

    

Level 1

 

     

Level 2

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Municipal Bonds

   

 

—

 

   

 

$248,765,870

 

   

 

—

 

   

 

$248,765,870

 

 Short-Term Investments

            

 Repurchase Agreements

      —        8,686,000        —        8,686,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

—

 

   

 

$257,451,870

 

   

 

—

 

   

 

$257,451,870

 

  

 

 

     

 

 

     

 

 

     

 

 

  

For the six months ended June 30, 2026, there were no transfers in or out of Level 3.

 

 

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

5

AMG GW&K Securitized Bond SMA Shares

Schedule of Portfolio Investments (unaudited)

June 30, 2026

 

 

      Principal
Amount		      Value  

Asset-Backed Securities - 9.6%

 

   

AB BSL CLO 3, Ltd.

      

Series 2021-3A, Class A1R (3 month SOFR + 1.250%, Cap N/A, Floor 1.250%), 4.925%, 04/20/381,2

     $400,000        $400,347  

AB BSL CLO 7, Ltd.

      

Series 2025-7A, Class A1

(3 month SOFR + 1.230%, Cap N/A, Floor 1.230%), 4.902%, 01/15/391,2

     500,000        500,133  

AGL CLO 23, Ltd.

      

Series 2022-23A, Class A1R

(3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 4.825%, 04/20/381,2

     500,000        499,050  

AGL CLO 39, Ltd.

      

Series 2025-39A, Class A1

(3 month SOFR + 1.130%, Cap N/A, Floor 1.130%), 4.805%, 04/20/381,2

     600,000        599,153  

AGL Core CLO, Ltd.

      

Series 2025-38A, Class A1

(3 month SOFR + 1.240%, Cap N/A, Floor 1.240%), 4.904%, 01/22/381,2

     500,000        500,401  

Aimco CLO 15, Ltd.

      

Series 2021-15A, Class AR

(3 month SOFR + 1.200%, Cap N/A, Floor 1.200%), 4.880%, 04/17/381,2

     210,000        209,993  

Apidos CLO Lvi

      

Series 2026-56A, Class A1

(3 month SOFR + 1.160%, Cap N/A, Floor 1.160%), 4.815%, 04/24/391,2

     500,000        499,623  

Apidos CLO XLII, Ltd.

      

Series 2022-42A, Class A1R

(3 month SOFR + 1.200%, Cap N/A, Floor 1.200%), 4.875%, 04/20/381,2

     500,000        499,980  

Cifc Funding, Ltd.

      

Series 2023-3A, Class A1R

(3 month SOFR + 1.200%, Cap N/A, Floor 1.200%), 4.863%, 01/20/391,2

     500,000        500,216  

CIFC Funding, Ltd.

      

Series 2021-5A, Class A1R

(3 month SOFR + 1.260%, Cap N/A, Floor 1.260%), 4.933%, 01/15/381,2

     500,000        500,638  

Series 2022-1A, Class A

(3 month SOFR + 1.320%, Cap N/A, Floor 1.320%), 5.000%, 04/17/351,2

     500,000        500,000  

Compass Datacenters Issuer II LLC

      

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

     500,000        501,926  

Elmwood CLO 20, Ltd.

      

Series 2022-7A, Class AR2

(3 month SOFR + 1.200%, Cap N/A, Floor 1.200%), 4.828%, 01/20/391,2

     500,000        500,282  

 

      
      Principal
Amount		      Value  

Elmwood CLO 22 Ltd.

      

Series 2023-1A, Class AR

(3 month SOFR + 1.200%, Cap N/A, Floor 1.200%), 4.880%, 04/17/381,2

     $448,000        $447,984  

Elmwood CLO 38, Ltd.

      

Series 2025-1A, Class A

(3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 4.814%, 04/22/381,2

     500,000        500,100  

Elmwood CLO 39, Ltd.

      

Series 2025-2A, Class A1

(3 month SOFR + 1.140%, Cap N/A, Floor 1.140%), 4.820%, 04/17/381,2

     500,000        499,419  

GoldenTree Loan Management US CLO 23, Ltd.

      

Series 2024-23A, Class A

(3 month SOFR + 1.270%, Cap N/A, Floor 1.270%), 4.945%, 01/20/391,2

     305,000        305,663  

HalseyPoint CLO 3, Ltd.

      

Series 2020-3A, Class A1R

(3 month SOFR + 1.480%, Cap N/A, Floor 1.480%), 5.143%, 07/30/371,2

     330,000        330,165  

KKR CLO 43, Ltd.

      

Series 2022-43A, Class A1R2

(3 month SOFR + 1.100%, Cap N/A, Floor 1.100%), 4.771%, 04/15/381,2

     250,000        249,574  

Magnetite LV, Ltd.

      

Series 2026-55A, Class A1

(3 month SOFR + 1.140%, Cap N/A, Floor 1.140%), 4.820%, 04/15/391,2

     500,000        499,361  

Magnetite XXXIV, Ltd.

      

Series 2023-34A, Class A1R

(3 month SOFR + 1.140%, Cap N/A, Floor 1.140%), 4.813%, 01/15/381,2

     325,000        324,563  

Palmer Square CLO, Ltd.

      

Series 2021-1A, Class A1AR

(3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 4.825%, 04/20/381,2

     191,000        190,646  

Sagard-Halseypoint CLO 8, Ltd.

      

Series 2024-8A, Class A1

(3 month SOFR + 1.390%, Cap N/A, Floor 1.390%), 5.053%, 01/30/381,2

     410,000        410,574  

TCW CLO LTD

      

Series 2025-1A, Class A

(3 month SOFR + 1.190%, Cap N/A, Floor 1.190%), 4.865%, 04/20/381,2

     500,000        499,980  

Voya CLO, Ltd.

      

Series 2021-2A, Class A1R

(3 month SOFR + 1.170%, Cap N/A, Floor 1.170%), 4.845%, 04/20/381,2

     800,000        800,200  

Series 2024-7A, Class A1

(3 month SOFR + 1.310%, Cap N/A, Floor 1.310%), 4.985%, 01/20/381,2

      550,000        551,188  

Total Asset-Backed Securities
(Cost $11,820,907)

         11,821,159  

 

      
 

 

 

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

6

    

 

AMG GW&K Securitized Bond SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal
Amount		      Value  

Mortgage-Backed Securities - 16.3%

 

   

BANK

      

Series 2021-BN32, Class A4
2.349%, 04/15/54

      $241,000        $218,427  

Series 2021-BN35, Class A5
2.285%, 06/15/64

      250,000        220,161  

Series 2023-BNK45, Class A5
5.203%, 02/15/56

      100,000        100,517  

Series 2024-BNK47, Class A5
5.716%, 06/15/57

      750,000        780,965  

Series 2025-BNK49, Class A5
5.623%, 03/15/582

     750,000        778,287  

Series 2026-BNK52, Class A5
5.586%, 06/15/363

     500,000        518,454  

BANK5

      

Series 2023-5YR3, Class A3
6.724%, 09/15/562

     325,000        335,921  

Series 2023-5YR4, Class A3
6.500%, 12/15/56

      497,728        512,247  

Series 2024-5YR10, Class A3
5.302%, 10/15/57

      635,000        642,178  

Series 2024-5YR8, Class A3
5.884%, 08/15/57

      500,000        513,692  

Series 2025-5YR17, Class A3
5.225%, 11/15/58

      300,000        303,467  

Series 2025-5YR18, Class A3
5.145%, 12/15/58

      500,000        504,584  

Series 2025-5YR19, Class A2
4.793%, 12/15/58

      500,000        498,066  

BANK5 Trust

      

Series 2025-5YR13, Class A2
5.032%, 01/15/58

      300,000        300,859  

BBCMS Mortgage Trust

      

Series 2024-C30, Class A5
5.532%, 11/15/57

      750,000        771,505  

Benchmark Mortgage Trust

      

Series 2020-B22, Class A5
1.973%, 01/15/54

      350,000        308,361  

Series 2023-B40, Class A5
6.054%, 12/15/56

      250,000        264,870  

Series 2025-V19, Class A3
5.249%, 01/15/58

      300,000        303,870  

BRAVO Residential Funding Trust

      

Series 2024-NQM4, Class A1A
4.350%, 01/25/601,4

     424,192        418,561  

Citigroup Mortgage Loan Trust

      

Series 2022-J1, Class A1
2.500%, 02/25/521,2

     285,561        263,875  

COLT Mortgage Loan Trust

      

Series 2022-3, Class A2
4.156%, 02/25/671,2

     438,497        415,996  

Connecticut Avenue Securities Series

      

Series 2025-R01, Class 1A1
4.578%, 01/25/451,2

     70,374        70,418  

Connecticut Avenue Securities Trust

      

 

      
      Principal
Amount		      Value  

Series 2024-R06, Class 1A1
4.778%, 09/25/441,2

     $355,113      $ 356,000  

Series 2026-R02, Class 1A1
4.578%, 02/25/461,2

     280,103        280,354  

GS Mortgage Securities Trust

      

Series 2020-GC47, Class A5
2.377%, 05/12/53

      601,000        550,419  

GS Mortgage-Backed Securities Corp. Trust

      

Series 2021-PJ5, Class A6 2.500%, 10/25/511,2

     444,795        414,708  

GS Mortgage-Backed Securities Trust

      

Series 2018-RPL1, Class A1A
3.750%, 10/25/571

     391,102        382,914  

Series 2021-GR3, Class A6
2.500%, 04/25/521,2

     420,488        374,773  

Series 2021-PJ8, Class A2
2.500%, 01/25/521,2

     546,031        450,280  

Series 2022-PJ3, Class A7
2.500%, 08/25/521,2

     412,619        391,136  

Series 2022-PJ6, Class A3
2.500%, 01/25/531,2

     659,094        542,723  

Series 2023-PJ2, Class A4
5.500%, 05/25/531,2

     300,833        299,294  

JP Morgan Mortgage Trust

      

Series 2014-2, Class B1
3.308%, 06/25/291,2

     218,218        214,762  

Series 2015-4, Class B1
3.507%, 06/25/451,2

     398,771        370,248  

Series 2017-2, Class A3
3.500%, 05/25/471,2

     498,718        449,695  

Series 2017-2, Class B2
3.651%, 05/25/471,2

     196,101        181,044  

Series 2019-INV3, Class B1
4.331%, 05/25/501,2

     281,149        265,309  

Series 2019-INV3, Class B2
4.331%, 05/25/501,2

     161,723        152,204  

Series 2020-5, Class B2
3.570%, 12/25/501,2

     300,914        266,237  

Series 2020-INV1, Class B2A
3.167%, 08/25/501,2

     541,713        463,624  

Series 2021-1, Class A3A
2.000%, 06/25/511,2

     468,172        370,233  

Series 2021-3, Class A15
2.500%, 07/25/511,2

     423,277        346,426  

Series 2022-1, Class A3
2.500%, 07/25/521,2

     1,109,470        912,914  

Series 2022-2, Class A5A
2.500%, 08/25/521,2

     500,000        336,129  

Series 2022-2, Class A6
3.000%, 08/25/521,2

     230,555        215,777  

Series 2022-4, Class A3
3.000%, 10/25/521,2

     669,728        574,920  

OBX Trust

      

Series 2020-EXP3, Class 1A8
3.000%, 01/25/601,2

     330,081        287,868  

Sequoia Mortgage Trust

      

Series 2021-1, Class A1
2.500%, 03/25/511,2

     636,649        526,597  

 

      
 

 

 

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

7

    

 

AMG GW&K Securitized Bond SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal
Amount		      Value  

Series 2025-S1, Class A4
2.500%, 09/25/541,2

     $532,967        $471,165  

Wells Fargo Commercial Mortgage Trust

      

Series 2024-C63, Class A5
5.309%, 08/15/57

      450,000        457,183  

Total Mortgage-Backed Securities
(Cost $20,035,567)

         19,950,217  
U.S. Government and Agency Obligations - 72.9%      

Fannie Mae - 29.7%

      

Fannie Mae REMICS

      

Series 2016-85, Class GA
2.500%, 10/25/45

      178,497        166,555  

Series 2016-49, Class KA
3.000%, 08/25/45

      137,730        129,070  

Series 2017-33, Class LB
3.000%, 05/25/39

      173,556        162,231  

Series 2018-43, Class CT
3.000%, 06/25/48

      184,376        161,166  

Series 2019-9, Class NA
3.000%, 11/25/36

      357,332        341,369  

Series 2016-64, Class LD
3.500%, 09/25/46

      225,000        206,895  

Series 2012-75, Class KE
4.000%, 07/25/42

      275,000        260,477  

Series 2013-92, Class DE
4.000%, 09/25/43

      290,000        273,669  

Series 2010-123, Class KU
4.500%, 11/25/40

      250,476        245,615  

FNMA
1.500%, 12/01/35 to 01/01/51

      3,704,053        2,871,051  

2.000%, 12/01/50 to 04/01/52

      9,863,531        7,983,394  

2.500%, 11/01/47 to 01/01/52

      7,073,836        6,027,530  

3.000%, 08/01/50 to 06/01/52

      4,289,428        3,818,362  

3.500%, 05/01/44

      120,157        112,008  

4.000%, 11/01/44 to 06/01/53

      4,516,193        4,232,017  

4.500%, 11/01/39 to 08/01/42

      277,942        274,865  

5.000%, 01/01/53 to 02/01/55

      5,299,514        5,257,810  

5.500%, 10/01/52

      601,404        609,954  

6.000%, 09/01/39 to 07/01/54

      3,139,478        3,271,974  

Total Fannie Mae

         36,406,012  

Freddie Mac - 31.6%

      

FHLMC
1.500%, 05/01/51

      995,304        762,882  

2.000%, 05/01/51 to 12/01/53

      4,131,922        3,354,883  

2.500%, 03/01/51 to 12/01/51

      5,306,737        4,517,229  

3.000%, 04/01/52 to 08/01/52

      5,070,221        4,492,547  

3.500%, 06/01/49 to 06/01/52

      5,660,125        5,252,066  

4.500%, 09/01/52 to 06/01/54

      5,847,049        5,658,020  

5.000%, 11/01/53

      967,601        955,642  

5.500%, 02/01/54 to 03/01/55

      3,278,950        3,343,210  

6.000%, 10/01/53 to 12/01/54

      3,067,619        3,199,692  

Freddie Mac Multifamily Structured Pass Through Certificates

      

Series K1522, Class A2
2.361%, 10/25/36

      1,485,000        1,199,033  

 

      
      Principal
Amount		      Value  

Freddie Mac Multifamily Structured Pass Through Certificates

      

Series K-159, Class A2
4.500%, 07/25/332

     $1,681,000        $1,669,065  

Freddie Mac REMICS

      

Series 5022, Class MB
2.000%, 10/25/40

      1,291,512        956,875  

Series 4731, Class LA
3.000%, 04/15/47

      162,035        151,385  

Series 4910, Class LZ
3.000%, 09/25/49

      277,350        188,040  

Series 4435, Class ZB
3.500%, 02/15/45

      437,232        359,763  

Series 4753, Class LZ
3.500%, 02/15/48

      234,848        211,553  

Series 4839, Class HP
4.000%, 11/15/48

      488,246        453,898  

Series 4863, Class Z
4.500%, 03/15/49

      497,196        480,152  

Freddie Mac STACR REMIC Trust

      

Series 2025-DNA4, Class A1
4.528%, 10/25/451,2

     129,500        129,534  

Series 2025-DNA3, Class A1
4.578%, 09/25/451,2

     400,812        401,416  

Series 2024-DNA2, Class A1
4.878%, 05/25/441,2

     437,337        438,772  

Series 2023-HQA3, Class A1
5.478%, 11/25/431,2

     407,487        409,471  

Freddie Mac Strips

      

Series 268, Class 30
3.000%, 08/15/42

      204,832        186,133  

Total Freddie Mac

         38,771,261  

Ginnie Mae - 11.0%

      

GNMA
2.000%, 03/20/51

      1,006,026        821,154  

2.500%, 09/20/50

      4,074,817        3,484,627  

Series 2013-100, Class PE
2.500%, 07/20/43

      200,111        178,357  

Series 2013-4, Class PL
2.500%, 09/20/42

      132,000        105,411  

3.000%, 11/20/51 to 05/20/53

      1,808,962        1,609,339  

Series 2013-144, Class ZX
3.000%, 01/20/43

      686,948        615,471  

Series 2015-42, Class ZB
3.000%, 03/20/45

      363,181        322,863  

Series 2016-18, Class KM
3.000%, 02/20/46

      142,373        128,730  

Series 2016-25, Class QW
3.000%, 02/16/46

      415,000        343,701  

Series 2017-113, Class JB
3.000%, 07/16/47

      485,013        425,041  

Series 2013-169, Class Z
3.250%, 11/16/43

      323,450        281,468  

3.500%, 10/20/42 to 02/20/46

      2,595,309        2,397,216  

Series 2018-38, Class AZ
3.500%, 03/20/48

      301,528        222,023  

 

      
 

 

 

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

8

    

 

AMG GW&K Securitized Bond SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal
Amount		      Value  

Ginnie Mae - 11.0% (continued)

 

   

GNMA
5.000%, 04/20/49

    $ 2,591,687        $2,607,721  

Total Ginnie Mae

         13,543,122  

U.S. Treasury Obligations - 0.6%

 

   

U.S. Treasury Bonds
4.625%, 02/15/55

      518,400        492,622  

5.000%, 05/15/45

      198,000        199,686  

Total U.S. Treasury Obligations

         692,308  

Total U.S. Government and Agency Obligations
(Cost $89,055,031)

         89,412,703  

Short-Term Investments - 1.2%

      

Repurchase Agreements - 1.2%

      

Fixed Income Clearing Corp., dated 06/30/26, due 07/01/26, 3.350% total to be received $1,463,136 (collateralized by a U.S. Treasury Note, 4.375%, 05/15/34, totaling $1,492,344)

      1,463,000        1,463,000  

Total Short-Term Investments
(Cost $1,463,000)

         1,463,000  
           

 

Value

  

Total Investments - 100.0%
(Cost $122,374,505)

    $ 122,647,079  

Other Assets, less Liabilities - (0.0)%#

     (52,411 ) 

Net Assets - 100.0%

    $ 122,594,668  
 

 

# 

Less than (0.05)%.

 

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, 2026, the value of these securities amounted to $24,266,536 or 19.8% of net assets.

 

2 

Variable rate security. The rate shown is based on the latest available information as of June 30, 2026. 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 

All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at June 30, 2026, amounted to $518,454, or 0.4% of net assets.

4 

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

 

CLO

    Collateralized Loan Obligation

FHLMC

    Freddie Mac

FNMA

    Fannie Mae

GNMA

    Ginnie Mae

REMICS

    Real Estate Mortgage Investment Conduit

SOFR

    Secured Overnight Financing Rate

STACR

    Structured Agency Credit Risk
 

 

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of June 30, 2026:

 

    

Level 1

 

     

Level 2

 

     

Level 3

 

     

Total

 

  

 Investments in Securities

            

 Asset-Backed Securities

   

 

—

 

   

 

$11,821,159

 

   

 

—

 

   

 

$11,821,159

 

 Mortgage-Backed Securities

   

 

—

 

   

 

19,950,217

 

   

 

—

 

   

 

19,950,217

 

 U.S. Government and Agency Obligations†

  

 

—

 

   

 

89,412,703

 

   

 

—

 

   

 

89,412,703

 

 Short-Term Investments

            

 Repurchase Agreements

      —        1,463,000        —        1,463,000  
  

 

 

     

 

 

     

 

 

     

 

 

  

 Total Investments in Securities

   

 

—

 

   

 

$122,647,079

 

   

 

—

 

   

 

$122,647,079

 

  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

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

For the period ended June 30, 2026, there were no transfers in or out of Level 3.

 

 

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

9

AMG GW&K High Yield Bond SMA Shares

Schedule of Portfolio Investments (unaudited)

June 30, 2026

 

 

      Principal
Amount		      Value  

Corporate Bonds and Notes - 96.6%

 

   

Basic Materials - 5.5%

      

Celanese US Holdings LLC
7.550%, 11/15/301

     $300,000        $317,991  

The Chemours Co.
8.000%, 01/15/332

     55,000        55,703  

Cleveland-Cliffs, Inc.
7.000%, 03/15/322

     115,000        114,091  

Commercial Metals Co.
4.125%, 01/15/30

      175,000        169,593  

FMC Corp.
8.000%, 06/01/312

     75,000        78,059  

Huntsman International LLC
4.500%, 05/01/29

      75,000        73,247  

Magnera Corp.
4.750%, 11/15/292

     75,000        70,013  

Methanex US Operations, Inc.
6.250%, 03/15/322

     210,000        212,656  

Mineral Resources, Ltd. (Australia)
7.000%, 04/01/312

     165,000        170,793  

Novelis Corp.
4.750%, 01/30/302

     145,000        140,264  

Olin Corp.
5.000%, 02/01/30

      100,000        96,942  

United States Steel Corp.
6.650%, 06/01/37

      115,000        118,110  

Total Basic Materials

         1,617,462  

Communications - 12.3%

      

APLD ComputeCo 2 LLC
6.750%, 03/15/312

     100,000        100,359  

Black Pearl Compute LLC
6.125%, 02/15/312

     70,000        70,897  

CCO Holdings LLC/CCO Holdings Capital Corp.
5.000%, 02/01/282

     215,000        212,307  

7.000%, 02/01/332

     435,000        426,598  

Ciena Corp.
4.000%, 01/31/302

     75,000        71,585  

Core Scientific Finance I LLC
7.750%, 05/15/312

     100,000        101,406  

Directv Financing LLC
8.875%, 02/01/302

     175,000        178,105  

Discovery Communications LLC
5.000%, 09/20/37

      180,000        141,300  

Discovery Global Holdings, Inc.
4.279%, 03/15/32

      175,000        157,036  

Edged Compute LLC
7.500%, 04/30/312

     70,000        68,224  

Gen Digital, Inc.
6.250%, 04/01/332

     135,000        133,057  

 

      
      Principal
Amount		      Value  

Go Daddy Operating Co LLC/GD Finance Co., Inc.
3.500%, 03/01/292

     $150,000        $141,300  

Gray Media, Inc.
7.250%, 08/15/332

     60,000        59,079  

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

      70,000        69,433  

Level 3 Financing, Inc.
6.875%, 06/30/332

     220,000        226,028  

Match Group Holdings II LLC
4.125%, 08/01/302

     75,000        70,587  

Neptune Bidco US, Inc.
9.290%, 04/15/292

     140,000        142,775  

Nexstar Media, Inc.
6.500%, 09/15/332

     170,000        169,953  

Paramount Global
5.900%, 10/15/40

      105,000        82,374  

7.875%, 07/30/30

      85,000        89,272  

Rogers Communications, Inc. (Canada)
(7.000% to 02/14/30 then U.S. Treasury Yield Curve CMT 5 year + 2.653%), 7.000%, 04/15/553,4

     70,000        71,631  

Sirius XM Radio LLC
4.000%, 07/15/282

     70,000        68,165  

Snap, Inc.
6.875%, 03/01/332

     70,000        68,231  

Stagwell Global LLC
5.625%, 08/15/292

     80,000        77,162  

SV RNO Property Owner 1 LLC
5.875%, 03/01/312

     100,000        98,558  

TELUS Corp. (Canada)

      

(6.625% to 07/15/30 then U.S. Treasury Yield Curve CMT 5 year + 2.769%), 6.625%, 10/15/553,4

     70,000        70,975  

Univision Communications, Inc.
7.375%, 06/30/302

     141,000        141,381  

Versant Media Group, Inc.
7.250%, 01/30/312

     68,000        70,351  

Windstream Services LLC/Windstream Escrow Finance Corp.
8.250%, 10/01/312

     137,000        144,474  

WULF Compute LLC
7.750%, 10/15/302

     69,000        72,474  

Total Communications

         3,595,077  

Consumer, Cyclical - 17.4%

      

1011778 BC ULC/New Red Finance, Inc. (Canada)
4.375%, 01/15/282

     145,000        143,353  

Adient Global Holdings, Ltd.
7.500%, 02/15/332

     70,000        72,210  

Advance Auto Parts, Inc.
3.900%, 04/15/30

      150,000        141,016  

 

      
 

 

 

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

10

    

 

AMG GW&K High Yield Bond SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal
Amount		      Value  

Consumer, Cyclical - 17.4% (continued)

      

American Airlines Inc/AAdvantage Loyalty IP, Ltd. (Cayman Islands)
5.750%, 04/20/292

     $215,000        $215,418  

American Axle & Manufacturing, Inc.
7.750%, 10/15/332

     90,000        88,908  

Asbury Automotive Group, Inc.
4.625%, 11/15/292

     75,000        73,030  

Bath & Body Works, Inc.
6.625%, 10/01/302

     115,000        117,310  

Boyd Gaming Corp.
4.750%, 06/15/312

     150,000        144,845  

Carnival Corp., Ltd. (Bermuda)
5.875%, 06/15/312

     360,000        366,483  

Central Garden & Pet Co.
4.125%, 10/15/30

      45,000        42,911  

Churchill Downs, Inc.
4.750%, 01/15/282

     70,000        69,319  

Cinemark USA, Inc.
5.250%, 07/15/282

     70,000        69,879  

The Gap, Inc.
3.625%, 10/01/292

     75,000        70,667  

Garrett Motion Holdings, Inc./Garrett LX I S.A.R.L
7.750%, 05/31/322

     70,000        73,499  

Hilton Domestic Operating Co.,
Inc. 5.500%, 09/15/312

     70,000        70,179  

Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc.
5.000%, 06/01/292

     55,000        53,682  

KB Home
4.800%, 11/15/29

      145,000        143,306  

Kohl’s Corp.
10.000%, 06/01/302

     135,000        146,015  

Levi Strauss & Co.
3.500%, 03/01/312

     75,000        69,475  

Light & Wonder International, Inc.
6.250%, 10/01/332

     145,000        144,214  

Lithia Motors, Inc.
5.500%, 10/01/302

     145,000        143,210  

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

      150,000        142,504  

Macy’s Retail Holdings LLC
6.125%, 03/15/322

     140,000        140,700  

MGM Resorts International
6.125%, 09/15/29

      70,000        70,687  

Murphy Oil USA, Inc.
3.750%, 02/15/312

     75,000        70,152  

NCL Corp., Ltd. (Bermuda)
6.250%, 03/01/302

     115,000        114,723  

Newell Brands, Inc.
6.375%, 05/15/30

      115,000        116,564  

 

      
      Principal
Amount		      Value  

Nissan Motor Acceptance Co. LLC
6.125%, 09/30/302

     $355,000        $348,972  

OneSky Flight LLC
8.875%, 12/15/292

     40,000        42,299  

Patrick Industries, Inc.
4.750%, 05/01/292

     70,000        68,839  

Phinia, Inc.
6.625%, 10/15/322

     140,000        143,005  

QXO Building Products, Inc.
6.500%, 07/15/312

     140,000        142,684  

Rivers Enterprise Borrower LLC
6.250%, 10/15/302

     70,000        70,875  

Suburban Propane Partners LP/Suburban Energy Finance Corp.
5.000%, 06/01/312

     75,000        71,099  

Travel + Leisure Co.
4.625%, 03/01/302

     250,000        242,064  

United Airlines Holdings, Inc.
4.875%, 03/01/29

      70,000        69,180  

VF Corp.
2.950%, 04/23/30

      78,000        71,113  

Victoria’s Secret & Co.
4.625%, 07/15/292

     73,000        71,093  

Whirlpool Corp.
7.500%, 07/01/312

     100,000        101,195  

The William Carter Co.
7.375%, 02/15/312

     68,000        70,250  

Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
7.125%, 02/15/312

     136,000        143,727  

Yum! Brands, Inc.
3.625%, 03/15/31

      157,000        146,124  

ZF North America Capital, Inc.
6.750%, 04/23/302

     171,000        169,568  

Total Consumer, Cyclical

         5,086,346  

Consumer, Non-cyclical - 13.5%

      

Adapthealth LLC
5.125%, 03/01/302

     145,000        140,685  

The ADT Security Corp.
4.125%, 08/01/292

     220,000        210,934  

AMN Healthcare, Inc.
6.500%, 01/15/312

     70,000        70,426  

APi Group DE, Inc.
4.125%, 07/15/292

     145,000        139,054  

Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
8.250%, 01/15/302

     70,000        72,100  

Block, Inc.
5.625%, 08/15/302

     140,000        140,350  

Centene Corp.
3.375%, 02/15/30

      340,000        316,875  

 

      
 

 

 

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

11

    

 

AMG GW&K High Yield Bond SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal
Amount		      Value  

Consumer, Non-cyclical - 13.5% (continued)

      

CVS Health Corp.

      

(7.000% to 12/10/29 then U.S. Treasury Yield Curve CMT 5 year + 2.886%), 7.000%, 03/10/553,4

     $140,000        $145,348  

DaVita, Inc.
4.625%, 06/01/302

     150,000        145,314  

Edgewell Personal Care Co.
4.125%, 04/01/292

     75,000        72,506  

Elanco Animal Health, Inc.
6.400%, 08/28/281

     140,000        143,670  

Encompass Health Corp.
4.625%, 04/01/31

      150,000        144,828  

The GEO Group, Inc.
10.250%, 04/15/31

      65,000        70,229  

Herc Holdings, Inc.
7.000%, 06/15/302

     165,000        170,869  

IQVIA, Inc.
6.250%, 06/01/322

     70,000        71,167  

Lamb Weston Holdings, Inc.
4.875%, 05/15/282

     175,000        173,844  

Pediatrix Medical Group, Inc.
5.375%, 02/15/302

     145,000        143,329  

Perrigo Finance Unlimited Co. (Ireland)
6.125%, 09/30/32

      70,000        66,858  

Post Holdings, Inc.
6.375%, 03/01/332

     115,000        114,122  

Safeway, Inc.
7.250%, 02/01/31

      205,000        215,818  

Service Corp. International
3.375%, 08/15/30

      75,000        69,571  

Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc.
6.750%, 08/15/322

     145,000        145,277  

Tenet Healthcare Corp.
5.500%, 11/15/322

     285,000        283,391  

Teva Pharmaceutical Finance Co. LLC
6.150%, 02/01/36

      240,000        253,139  

TriNet Group, Inc.
7.125%, 08/15/312

     70,000        70,386  

United Rentals North America, Inc.
3.875%, 02/15/31

      225,000        212,591  

US Foods, Inc.
4.750%, 02/15/292

     144,000        142,134  

Total Consumer, Non-cyclical

         3,944,815  

Energy - 13.7%

      

Bristow Group, Inc.
6.750%, 02/01/332

     95,000        95,275  

CNX Resources Corp.
7.250%, 03/01/322

     70,000        72,117  

 

      
      Principal
Amount		      Value  

Crescent Energy Finance LLC
7.625%, 04/01/322

     $205,000        $206,653  

Energy Transfer LP

      

(6.500% to 11/15/30 then U.S. Treasury Yield Curve CMT 5 year + 2.676%), 6.500%, 02/15/563,4

     205,000        206,714  

Genesis Energy LP/Genesis Energy Finance Corp.
7.875%, 05/15/32

      140,000        144,351  

Global Partners LP/GLP Finance Corp.
8.250%, 01/15/322

     65,000        68,077  

Hilcorp Energy I LP/Hilcorp Finance Co.
6.000%, 02/01/312

     145,000        140,453  

Kodiak Gas Services LLC
5.875%, 04/01/312

     100,000        100,256  

Matador Resources Co.
6.500%, 04/15/322

     70,000        70,382  

Murphy Oil Corp.
6.500%, 02/15/34

      140,000        138,693  

Nabors Industries, Inc.
9.125%, 01/31/302

     140,000        146,311  

NGL Energy Operating LLC/NGL Energy Finance Corp.
8.375%, 02/15/322

     140,000        145,743  

Northern Oil & Gas, Inc.
7.875%, 10/15/332

     70,000        69,555  

Oceaneering International, Inc.
6.000%, 02/01/28

      110,000        111,575  

PBF Holding Co. LLC/PBF Finance Corp.
9.875%, 03/15/302

     205,000        219,183  

SM Energy Co.
9.625%, 06/15/332

     270,000        296,039  

Summit Midstream Holdings LLC
8.625%, 10/31/292

     110,000        114,629  

Sunoco LP
6.625%, 08/15/322

     275,000        279,693  

Talos Production, Inc.
9.375%, 02/01/312

     135,000        141,793  

TerraForm Power Operating LLC
4.750%, 01/15/302

     90,000        87,060  

Tidewater, Inc.
9.125%, 07/15/302

     90,000        96,304  

Transocean International, Ltd. (Bermuda)
7.875%, 10/15/322

     65,000        67,856  

Venture Global Calcasieu Pass LLC
6.000%, 05/01/362

     71,000        71,766  

6.250%, 01/15/302

     69,000        70,669  

Venture Global LNG, Inc.
8.375%, 06/01/312

     379,000        394,512  

Venture Global Plaquemines LNG LLC
6.125%, 12/15/302

     142,000        145,288  

7.750%, 05/01/352

     132,000        148,034  

 

      
 

 

 

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

12

    

 

AMG GW&K High Yield Bond SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal
Amount		      Value  

Energy - 13.7% (continued)

      

Vermilion Energy, Inc. (Canada)
6.875%, 05/01/302

     $71,000        $70,860  

WBI Operating LLC
6.250%, 10/15/302

     99,000        99,550  

Total Energy

         4,019,391  

Financials - 15.4%

      

Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer
7.000%, 01/15/312

     140,000        142,276  

Ally Financial, Inc.
6.700%, 02/14/33

      140,000        144,106  

Asurion LLC/Asurion Co.-Issuer, Inc.
8.000%, 12/31/322

     245,000        246,851  

Blackstone Mortgage Trust, Inc.
7.750%, 12/01/292

     70,000        72,520  

Bread Financial Holdings, Inc.
6.750%, 05/15/312

     215,000        219,873  

Coinbase Global, Inc.
3.625%, 10/01/312

     85,000        74,034  

Credit Acceptance Corp.
6.625%, 03/15/302

     170,000        170,271  

EF Holdco/EF Cayman Hold/Ellington Fin REIT Cayman/TRS/EF Cayman Non-MTM
7.375%, 09/30/302

     70,000        69,664  

Genworth Holdings, Inc.
6.500%, 06/15/34

      140,000        139,300  

Icahn Enterprises LP/Icahn Enterprises Finance Corp.
9.750%, 01/15/29

      25,000        24,518  

Iron Mountain, Inc.
6.250%, 01/15/332

     210,000        212,200  

Jane Street Group/JSG Finance, Inc.
7.125%, 04/30/312

     115,000        118,905  

Jefferson Capital Holdings LLC
8.250%, 05/15/302

     205,000        215,543  

Navient Corp.
9.375%, 07/25/30

      210,000        213,384  

OneMain Finance Corp.
7.500%, 05/15/31

      240,000        247,946  

Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co.-Issuer
4.875%, 05/15/292

     220,000        215,110  

PennyMac Financial Services, Inc.
5.750%, 09/15/312

     150,000        142,288  

PRA Group, Inc.
8.875%, 01/31/302

     220,000        227,031  

RLJ Lodging Trust LP
4.000%, 09/15/292

     100,000        95,250  

Rocket Cos., Inc.
6.500%, 08/01/292

     335,000        341,932  

 

      
      Principal
Amount		      Value  

Ryan Specialty LLC
5.875%, 08/01/322

     $115,000        $113,144  

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

      115,000        114,348  

SLM Corp.
6.500%, 01/31/30

      140,000        141,913  

Starwood Property Trust, Inc.
6.500%, 07/01/302

     235,000        239,987  

StoneX Group, Inc.
7.875%, 03/01/312

     65,000        68,248  

Synchrony Financial
7.250%, 02/02/33

      205,000        213,694  

United Wholesale Mortgage LLC
5.750%, 06/15/272

     75,000        74,270  

Vornado Realty LP
5.750%, 02/01/33

      213,000        213,761  

Total Financials

         4,512,367  

Industrials - 11.7%

      

AECOM
6.000%, 08/01/332

     70,000        70,100  

ATI, Inc.
4.875%, 10/01/29

      145,000        143,411  

Avient Corp.
6.250%, 11/01/312

     140,000        141,865  

Axon Enterprise, Inc.
6.250%, 03/15/332

     140,000        143,495  

Ball Corp.
2.875%, 08/15/30

      160,000        145,998  

Builders FirstSource, Inc.
5.000%, 03/01/302

     75,000        73,523  

BWX Technologies, Inc.
4.125%, 04/15/292

     150,000        145,362  

Clean Harbors, Inc.
6.375%, 02/01/312

     140,000        141,977  

Crown Americas LLC
5.875%, 06/01/33

      145,000        146,019  

FTAI Aviation Investors LLC
7.000%, 05/01/312

     140,000        145,005  

GFL Environmental, Inc. (Canada)
6.750%, 01/15/312

     210,000        216,043  

Graphic Packaging International LLC
3.500%, 03/01/292

     75,000        71,319  

The Manitowoc Co., Inc.
9.250%, 10/01/312

     50,000        53,747  

Masterbrand, Inc.
7.000%, 07/15/322

     70,000        70,947  

Mueller Water Products, Inc.
4.000%, 06/15/292

     150,000        145,300  

Owens-Brockway Glass Container, Inc.
7.250%, 05/15/312

     70,000        69,177  

 

      
 

 

 

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

13

    

 

AMG GW&K High Yield Bond SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

      Principal
Amount		      Value  

Industrials - 11.7% (continued)

 

   

Park-Ohio Industries, Inc.
8.500%, 08/01/302

     $40,000        $41,733  

Quikrete Holdings, Inc.
6.375%, 03/01/322

     140,000        142,965  

Rand Parent LLC
8.500%, 02/15/302

     140,000        145,018  

Sensata Technologies, Inc.
3.750%, 02/15/312

     150,000        140,257  

Silgan Holdings, Inc.
4.125%, 02/01/28

      175,000        172,701  

Standard Industries, Inc.
4.375%, 07/15/302

     150,000        142,463  

TransDigm, Inc.
6.625%, 03/01/322

     415,000        425,633  

WESCO Distribution, Inc.
6.625%, 03/15/322

     140,000        144,264  

XPO, Inc.
7.125%, 02/01/322

     138,000        143,113  

Total Industrials

         3,421,435  

Technology - 4.1%

      

Amentum Holdings, Inc.
7.250%, 08/01/322

     70,000        72,098  

Cloud Software Group, Inc.
6.500%, 03/31/292

     70,000        67,920  

CoreWeave, Inc.
9.250%, 06/01/302

     240,000        241,559  

Elastic, N.V. (Netherlands)
4.125%, 07/15/292

     170,000        162,195  

NCR Voyix Corp.
5.000%, 10/01/282

     75,000        73,149  

OAK-Eagle Acquireco, Inc.
7.250%, 07/01/332

     70,000        73,228  

Open Text Holdings, Inc.
4.125%, 02/15/302

     260,000        238,174  

ROBLOX Corp.
3.875%, 05/01/302

     75,000        70,877  

Synaptics, Inc.
4.000%, 06/15/292

     150,000        148,058  

Zebra Technologies Corp.
6.500%, 06/01/322

     71,000        71,865  

Total Technology

         1,219,123  
     
      Principal
Amount		      Value  

Utilities - 3.0%

      

DPL LLC
4.350%, 04/15/29

      $220,000        $213,134  

Leeward Renewable Energy Operations LLC
4.250%, 07/01/292

     90,000        85,955  

NRG Energy, Inc.
6.250%, 11/01/342

     235,000        237,943  

PacifiCorp

      

(7.375% to 06/17/30 then U.S. Treasury Yield Curve CMT 5 year + 3.319%), 7.375%, 09/15/553,4

     55,000        55,558  

PG&E Corp.
5.250%, 07/01/30

      30,000        29,542  

(6.850% to 06/15/31 then U.S. Treasury Yield Curve CMT 5 year + 3.225%), 6.850%, 09/15/563,4

     60,000        59,787  

Puget Energy, Inc.
(7.000% to 06/15/31 then U.S. Treasury Yield Curve CMT 5 year + 2.961%), 7.000%, 09/15/563,4

     45,000        45,492  

Talen Energy Supply LLC
6.125%, 05/01/312

     70,000        70,001  

XPLR Infrastructure Operating Partners LP
8.375%, 01/15/312

     67,000        71,456  

Total Utilities

         868,868  

Total Corporate Bonds and Notes
(Cost $28,352,251)

         28,284,884  
     Shares         

Short-Term Investments - 1.7%

      

Other Investment Companies - 1.7%

      

Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares,
3.60%5

     495,646        495,646  

Total Short-Term Investments
(Cost $495,646)

         495,646  

Total Investments - 98.3%
(Cost $28,847,897)

 

      28,780,530  

Other Assets, less Liabilities - 1.7%

 

      485,748  

Net Assets - 100.0%

 

      $29,266,278  
     
 

 

1 

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

 

2 

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, 2026, the value of these securities amounted to $21,178,703 or 72.4% of net assets.

3 

Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at June 30, 2026. Rate will reset at a future date.

 

4 

Variable rate security. The rate shown is based on the latest available information as of June 30, 2026. 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.

 

 

 

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

14

    

 

AMG GW&K High Yield Bond SMA Shares

Schedule of Portfolio Investments (continued)

 

   

 

 

      

 

 

5

Yield shown represents the June 30, 2026, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

 

CMT    Constant Maturity Treasury
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, 2026:

 

     Level 1      Level 2      Level 3      Total  

Investments in Securities

            

Corporate Bonds and Notes†

     —      $ 28,284,884        —      $ 28,284,884  

Short-Term Investments

            

Other Investment Companies

    $ 495,646        —        —        495,646  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total Investments in Securities

    $ 495,646      $ 28,284,884          —      $ 28,780,530  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

† 

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

For the six months ended June 30, 2026, 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, 2026

 

   

 

 

      

 

 

     AMG
GW&K Municipal
Enhanced SMA Shares		    AMG
GW&K Securitized Bond
SMA Shares		    AMG
GW&K High Yield Bond
SMA Shares

Assets:

               

Investments at value1

       $257,451,870        $122,647,079        $28,780,530

Cash

        494        1,664        41,309

Receivable for investments sold

        605,220        —        —

Interest receivable

        2,743,856        479,265        485,749

Receivable for Fund shares sold

        15,439        2,183        —

Receivable from Affiliate

        13,177        14,782        6,245

Prepaid expenses and other assets

        12,258        18,032        —

Total assets

        260,842,314        123,163,005        29,313,833

Liabilities:

               

Payable for investments purchased

        1,154,102        —        41,309

Payable for delayed delivery investments purchased

        —        515,456        —

Payable for Fund shares repurchased

        7,551        4,810        —

Accrued expenses:

               

Other

        53,692        48,071        6,246

Total liabilities

        1,215,345        568,337        47,555

Commitments and Contingencies (Note 7)

 

          

Net Assets

        $259,626,969        $122,594,668        $29,266,278

1 Investments at cost

        $255,874,917        $122,374,505        $28,847,897

Net Assets Represent:

 

          

Paid-in capital

        $258,214,201        $121,909,451        $29,328,067

Total distributable earnings/(accumulated losses)

        1,412,768        685,217        (61,789 )

Net Assets

        $259,626,969        $122,594,668        $29,266,278
              

Net assets

        $259,626,969        $122,594,668        $29,266,278

Shares outstanding

        25,310,649        12,232,459        2,934,055

Net asset value, offering and redemption price per share

        $10.26        $10.02        $9.97

 

 

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

16

    

 

Statement of Operations (unaudited)

For the six months ended June 30, 2026

 

   

 

 

      

 

 

     AMG
GW&K Municipal
Enhanced SMA Shares		   AMG
GW&K Securitized Bond
SMA Shares		   AMG
GW&K High Yield Bond
SMA Shares1

Investment Income:

             

Dividend income

        —       —       $550

Interest income

        $5,564,751       $3,095,251       54,558

Total investment income

        5,564,751       3,095,251       55,108

Expenses:

             

Professional fees

        28,611       33,952       4,061

Custodian fees

        15,953       13,149       668

Trustee fees and expenses

        9,434       4,969       167

Registration fees

        8,957       15,086       441

Reports to shareholders

        7,088       9,229       605

Transfer agent fees

        4,037       2,371       79

Miscellaneous

        3,573       1,135       224

Total expenses before offsets

        77,653       79,891       6,245

Expense reimbursements

        (77,653 )       (79,891 )       (6,245 )

Net expenses

        —       —       —
            

Net investment income

        5,564,751       3,095,251       55,108

Net Realized and Unrealized Gain (Loss):

             

Net realized gain on investments

        23,897       210,258       —

Net change in unrealized appreciation/(depreciation) on investments

        3,284,438       (1,847,962 )       (67,367 )

Net realized and unrealized gain (loss)

        3,308,335       (1,637,704 )       (67,367 )
            

Net increase (decrease) in net assets resulting from operations

        $8,873,086         $1,457,547         $(12,259)  

1 Commencement of operations was June 17, 2026.

 

 

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

17

    

 

Statements of Changes in Net Assets

For the six months ended June 30, 2026 (unaudited) and the fiscal year ended December 31, 2025

 

   

 

 

      

 

 

     AMG
GW&K Municipal
Enhanced SMA Shares		   AMG
GW&K Securitized Bond
SMA Shares		   AMG
GW&K High Yield Bond
SMA Shares
     June 30, 2026   December 31, 2025   June 30, 2026   December 31, 20251   June 30, 20262

Increase/(Decrease) in Net Assets Resulting From Operations:

                     

Net investment income

        $5,564,751       $9,754,412       $3,095,251       $3,418,296       $55,108

Net realized gain/(loss) on investments

        23,897       (301,673 )       210,258       615,729       —

Net change in unrealized appreciation/(depreciation) on investments

        3,284,438       (2,867,608 )       (1,847,962 )       2,120,536       (67,367 )

Net increase/(decrease) in net assets resulting from operations

        8,873,086       6,585,131       1,457,547       6,154,561       (12,259 )

Distributions to Shareholders:

        (5,536,141 )       (9,772,879 )       (3,058,626 )       (3,805,185 )       (49,530 )

Capital Share Transactions:3

                     

Net increase from capital share transactions

        38,840,201       38,685,915       4,055,179       117,791,192       29,328,067
                    

Total increase in net assets

        42,177,146       35,498,167       2,454,100       120,140,568       29,266,278

Net Assets:

                     

Beginning of period

        217,449,823       181,951,656       120,140,568       —       —

End of period

        $259,626,969       $217,449,823       $122,594,668       $120,140,568       $29,266,278

 

1 

Commencement of operations was June 12, 2025.

 

2 

Commencement of operations was June 17, 2026.

 

3 

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

 

 

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

18

AMG GW&K Municipal Enhanced SMA Shares

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

 

     For the six
months ended		  

For the fiscal years ended December 31,

 

  

For the fiscal
period ended
December 31,

 

    

June 30, 2026

(unaudited)

    2025    2024   20231

Net Asset Value, Beginning of Period

        $10.13       $10.33       $10.51       $10.00

Income (loss) from Investment Operations:

                 

Net investment income2,3

       0.24       0.48       0.47       0.38

Net realized and unrealized gain (loss) on investments

        0.13       (0.20 )       (0.15 )       0.48

Total income from investment operations

        0.37       0.28       0.32       0.86

Less Distributions to Shareholders from:

                 

Net investment income

        (0.24 )       (0.48 )       (0.46 )       (0.35 )

Net realized gain on investments

        —       (0.00 )4       (0.04 )       —

Total distributions to shareholders

        (0.24 )       (0.48 )       (0.50 )       (0.35 )

Net Asset Value, End of Period

        $10.26       $10.13       $10.33       $10.51

Total Return3,5

       3.69 %6       2.84 %       3.14 %       8.81 %6

Ratio of net expenses to average net assets

        0.00 %7       0.00 %       0.00 %       0.00 %7

Ratio of gross expenses to average net assets8

       0.07 %7       0.08 %       0.09 %       0.20 %7

Ratio of net investment income to average net assets3

       4.80 %7       4.77 %       4.51 %       4.55 %7

Portfolio turnover

        6 %6       41 %       17 %       12 %6,9

Net assets end of period (000’s) omitted

        $259,627       $217,450       $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 

Less than $(0.005) per share.

 

5 

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

 

6 

Not annualized.

 

7 

Annualized.

 

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.)

 

9 

Portfolio turnover rate excludes securities received from processing a subscription in-kind.

 

 

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

19

AMG GW&K Securitized Bond SMA Shares

Financial Highlights

For a share outstanding throughout each fiscal period

 

 

 

    

For the six
months ended
June 30, 2026

(unaudited)

 

     For the fiscal
period ended
December 31,		  
   

 

20251

 

  

Net Asset Value, Beginning of Period

      $10.16       $10.00  

Income (loss) from Investment Operations:

     

Net investment income2,3

     0.26       0.30  

Net realized and unrealized gain (loss) on investments

      (0.14)       0.19  

Total income from investment operations

      0.12       0.49  

Less Distributions to Shareholders from:

     

Net investment income

      (0.26)       (0.29)  

Net realized gain on investments

      —       (0.04)  

Total distributions to shareholders

      (0.26)       (0.33)  

Net Asset Value, End of Period

      $10.02       $10.16  

Total Return3,4

     1.18 %5       4.87 %5,6  

Ratio of net expenses to average net assets

      0.00 %7       0.00 %7,8,9 

Ratio of gross expenses to average net assets10

     0.13 %7       0.17 %7,11 

Ratio of net investment income to average net assets3

     5.23 %7       2.93 %7  

Portfolio turnover

      19 %5       33 %5  

Net assets end of period (000’s) omitted

      $122,595       $120,141  
                  

 

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 

Includes Net increase from payment by affiliate. Total return would have been 4.66% excluding payment by affiliate.

 

7 

Annualized.

 

8 

Less than 0.005%.

 

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.)

 

11 

Ratio does not reflect the annualization of audit fees.

 

 

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

20

AMG GW&K High Yield Bond SMA Shares

Financial Highlights

For a share outstanding throughout the fiscal period

 

 

 

 

For the fiscal
period ended
June 30, 20261
(unaudited)

 

 

Net Asset Value, Beginning of Period

   $10.00  

Income (loss) from Investment Operations:

Net investment income2,3

  0.04  

Net realized and unrealized loss on investments

   (0.05)  

Total loss from investment operations

   (0.01)  

Less Distributions to Shareholders from:

Net investment income

   (0.02)  

Net Asset Value, End of Period

   $9.97  

Total Return3,4

  (0.13 )%5

Ratio of net expenses to average net assets

   0.00 %6

Ratio of gross expenses to average net assets7

  0.37 %6

Ratio of net investment income to average net assets3

  3.29 %6

Portfolio turnover

   0 %5

Net assets end of period (000’s) omitted

   $29,266  

 

1 

Commencement of operations was June 17, 2026.

 

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.

21

    

 

 

Notes to Financial Statements (unaudited)

June 30, 2026

 

   

 

 

      

 

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 Municipal Enhanced SMA Shares (“Municipal Enhanced”), AMG GW&K Securitized Bond SMA Shares (“Securitized Bond”) and AMG GW&K High Yield Bond SMA Shares (“High Yield Bond”), each a “Fund” and collectively, the “Funds”. Securitized Bond commenced operations on June 12, 2025, and High Yield Bond commenced operations on June 17, 2026.

Each Fund offers a single class of shares for purchase. Shares of each Fund may be purchased only by or on behalf of separately managed account clients where GW&K Investment Management, LLC (“GW&K”), the Funds’ 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 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’ 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 their 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 similar assets or liabilities in markets that are not active, inputs other than quoted

 

 

 

22

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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 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. Paydown gains (losses) on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income on the Statement of Operations. 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.

d. DIVIDENDS AND DISTRIBUTIONS

Fund distributions resulting from net investment income, if any, will normally be declared and paid monthly. Fund distributions resulting from net realized capital gains, if any, will normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax law, which may differ from net investment income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax basis differences, if any, relating to shareholder distributions will result in reclassifications to paid-in capital. Temporary differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences for Securitized Bond are primarily due to tax equalization utilized. Temporary differences for Securitized Bond are due to wash sale loss deferrals. There were no permanent or temporary differences for Municipal Enhanced or High Yield Bond.

At June 30, 2026, 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/
(Depreciation)		  
 Municipal

 Enhanced

   $255,874,917     $3,422,925       $(1,845,972)       $1,576,953  
 Securitized

 Bond

   122,374,505     734,687       (462,113)       272,574  
 High Yield

 Bond

   28,847,897     17,877       (85,244)       (67,367)  

e. FEDERAL TAXES

Municipal Enhanced qualifies, and Securitized Bond Fund and High Yield Bond, each intends to qualify as an investment company and each fund 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 their taxable income and gains to their 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, and has concluded that no provision for federal income tax is required in the Funds’ financial statements. Additionally, the Investment Manager is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefit/detriment will change materially in the next twelve months.

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

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of December 31, 2025, Municipal Enhanced 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  
 Municipal Enhanced      —        $301,673        $301,673  

As High Yield Bond commenced operations on June 17, 2026, it had no capital loss carryovers for federal income tax purposes. As of December 31, 2025, Securitized Bond had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended December 31, 2026, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

 

 

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.

 

 

23

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

For the period ended June 30, 2026 (unaudited) and the fiscal period ended December 31, 2025, the capital stock transactions for the Funds were as follows:

 

     Municipal Enhanced      Securitized Bond  
     June 30, 2026      December 31, 2025      June 30, 2026      December 31, 20251  
    

Shares

 

     

Amount

 

     

Shares

 

     

Amount

 

     

Shares

 

     

Amount

 

     

Shares

 

     

Amount

 

  
                       

 Shares sold

      5,217,171         $52,871,241         9,203,818         $92,427,258         1,050,730         $10,629,251         12,661,989         $126,312,756   

 Shares issued in reinvestment of distributions

      221,389         2,238,596         430,243         4,302,436         299,479         3,022,790         370,737         3,756,915   

 Shares redeemed

      (1,601,901)        (16,269,636)        (5,766,069)        (58,043,779)        (945,784)        (9,596,862)        (1,204,692)        (12,278,479)  
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 Net increase

      3,836,659         $38,840,201         3,867,992         $38,685,915         404,425         $4,055,179         11,828,034         $117,791,192   
  

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

 

     High Yield Bond  
     June 30, 20262  
     Shares      Amount  
     

Shares sold

      2,931,025         $29,297,890   

Shares issued in reinvestment of distributions

      4,973         49,530   

Shares redeemed

      (1,943)        (19,353)  
  

 

 

     

 

 

  

Net increase

      2,934,055         $29,328,067   
  

 

 

     

 

 

  

1 Commencement of operations was June 12, 2025.

2 Commencement of operations was June 17, 2026.

 

 

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

The Funds may enter into third-party and bilateral repurchase agreements for temporary cash management purposes and, with respect to Securitized Bond and High Yield Bond, 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, Securitized Bond and High Yield Bond 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, Securitized Bond and High Yield Bond are indemnified for such losses by BNYM on joint repurchase agreements.

At June 30, 2026, the market value of Repurchase Agreements outstanding for Municipal Enhanced, Securitized Bond and High Yield Bond were $8,686,000, $1,463,000 and $0, 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 Funds’ Statement of Assets and Liabilities. For financial reporting purposes, a Fund does not 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.

 

 

 

24

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

During the six months ended June 30, 2026, Securitized Bond entered into securities transactions on a delayed delivery or when issued basis. At June 30, 2026, the market value of delayed delivery securities held in the Fund amounted to $518,454.

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 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 Funds’ subadviser and monitors the subadviser’s investment performance, security holdings and investment strategies. Each 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 Funds do not pay advisory fees to the Investment Manager or GW&K. Shareholders should be aware, however, that each 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 for Municipal Enhanced and Securitized Bond, and May 1, 2028 for High Yield Bond, to waive fees and/or pay or reimburse the Funds’ 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 each Fund to the annual rate of 0.00% of the average daily net assets attributable to such 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 the Fund.

For the period ended June 30, 2026, the Investment Manager reimbursed Municipal Enhanced, Securitized Bond and High Yield Bond $77,653, $79,891, and $6,245, respectively.

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. The Funds do not pay administrative fees to the Investment Manager for these services.

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 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 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, 2026, the Funds had no interfund loans outstanding. Securitized Bond and High Yield Bond did not lend and the Funds did not borrow during the six months ended June 30, 2026.

The following Fund utilized the interfund lending program during the six months ended June 30, 2026 as follows:

 

 Fund    Average
Lent		      Number
of Days		      Interest
Earned		      Average
Interest Rate		  

 Municipal Enhanced

      $2,659,619        1        $330        4.528%  

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, 2026, were as follows:

 

     Long Term Securities  
 Fund    Purchases      Sales  

 Municipal Enhanced

    $ 45,772,109      $ 13,001,656  

 Securitized Bond *

     8,271,905        1,937,433  
 High Yield Bond      28,163,465        —  

* The purchases and sales amounts include transactions on a delayed delivery or when issued basis.

Purchases and sales of U.S. Government Obligations for the six months ended June 30, 2026 were as follows:

 

 

 

25

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

     U.S. Government Obligations  
 Fund    Purchases      Sales  

Securitized Bond

      $18,696,749        $21,171,727   

4. PORTFOLIO SECURITIES LOANED

Securitized Bond and High Yield Bond 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 Funds did not have any securities on loan at June 30, 2026.

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.

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.

Bank Loan Risk: Investments in bank loans are subject to credit risk, liquidity risk and prepayment risk. The Fund may also be subject to the credit risk of other financial institutions and the risks associated with insufficient collateral securing a bank loan, limited available public information about a bank loan, delayed settlement, and less protection for holders of bank loans as compared to holders of registered securities.

Changing Distribution Level Risk: The Fund will normally receive income which may include interest, dividends and/or capital gains, depending upon its investments. The distribution amount paid by the Fund will vary and generally depends on the amount of income the Fund earns (less expenses) on its portfolio holdings, and capital gains or losses it recognizes. A decline in the Fund’s income or net capital gains arising from its investments may reduce its distribution level.

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.

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 the Funds’ investment in that issuer.

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.

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.

Exchange-Traded Fund Risk: Because ETFs incur their own costs, investing in them could result in a higher cost to the investor.

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.

 

 

 

26

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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.

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.

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.

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 Fund 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’ portfolio.

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 it would otherwise not do so, and at unfavorable prices, which could reduce the returns of the Funds.

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

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.

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 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.

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.

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.

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.

Preferred Securities Risk: A preferred security may decline in price, or fail to pay dividends when expected, because the issuer experiences a decline in its financial status. Preferred securities have a lower payment priority than the issuer’s bonds or other debt securities. Therefore, they are subject to greater credit risk than those debt securities. Preferred securities also may be significantly less liquid than many other securities.

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.

Reinvestment Risk: The Fund may have difficulty reinvesting payments from debtors and may receive lower rates than from its original investments.

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.

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. A portion of the Funds’ assets may be invested in fixed income securities that would tend to respond similarly to particular economic or political developments or the interest on which is based on revenues or otherwise related to similar types of projects. An example would be securities of issuers whose revenues are paid from similar types of projects, such as health care (including hospitals) or transportation.

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

 

 

 

27

    

 

 

Notes to Financial Statements (continued)

 

   

 

 

      

 

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.

7. COMMITMENTS AND CONTINGENCIES

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

 

 

8. MASTER NETTING AGREEMENTS

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

The following table is a summary of the Funds’ open Repurchase Agreements that are subject to a master netting agreement as of June 30, 2026:

 

                  

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

  

Municipal Enhanced

                        

Fixed Income Clearing Corp.

      $8,686,000           —        $8,686,000           $8,686,000           —  

Securitized Bond

                        

Fixed Income Clearing Corp.

        $1,463,000                     —             $1,463,000                    $1,463,000                     —     

 

9. SUBSEQUENT EVENTS

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

 

 

 

28

    

 

 

Other Information (unaudited)

 

   

 

 

      

 

 

 

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

During the six months ended June 30, 2026, 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, 2026 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, 2026.

 

     Trustee fees and expenses   

 AMG GW&K Municipal Enhanced SMA Shares

      $9,434   

 AMG GW&K Securitized Bond SMA Shares

      4,969   

 AMG GW&K High Yield Bond SMA Shares

      167   

 

 

29

    

 

 

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

 

   

 

 

      

 

AMG GW&K Municipal Enhanced SMA Shares and AMG GW&K Securitized Bond SMA Shares: Approval of Investment Management Agreement and Subadvisory Agreements on June 3, 2026

 

At a meeting held on May 27, 2026, the Board of Trustees (the “Board” or the “Trustees”) of AMG Funds (the “Trust”), considered, and at a meeting held in-person on June 3, 2026, the Board, 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 Municipal Enhanced SMA Shares and AMG GW&K Securitized Bond SMA Shares (each, a “Fund,” and collectively, the “Funds”) (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 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 May 27, 2026 and June 3, 2026 meetings 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 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 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 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

 

 

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

 

   

 

 

      

 

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.

 

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 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 SMA Shares, 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 and 3-year periods ended March 31, 2026 and the period from the Fund’s inception on February 28, 2023 through March 31, 2026, was above, below, and above, respectively, 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 more recent outperformance relative to the Peer Group and the fact that the Fund ranked in the top half relative to the Peer Group for the 1-year period and the period from the Fund’s inception through March 31, 2026. 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 and size 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 Securitized Bond SMA Shares, among other information relating to the Fund’s performance, the Trustees noted that the performance of the Fund’s sole share class for the period from the Fund’s inception on June 12, 2025

     

through March 31, 2026, was above the median performance of the Peer Group and below the performance of the Fund Benchmark, the Bloomberg U.S. Securitized 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 outperformance relative to the Peer Group and the fact that the Fund ranked in the top decile relative to the Peer Group for the period from the Fund’s inception through March 31, 2026. 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 and size 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 each 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 each Subadvisory Agreement. The Trustees noted that each 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 May 27, 2026 and June 3, 2026 meetings 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 noted payments made from the Subadviser to the Investment Manager. 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 level 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 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 each 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 each 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 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 GW&K Municipal Enhanced SMA Shares, the Trustees noted that the Fund’s management fees (which include both the advisory

 

 

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

 

   

 

 

      

 

and administration fees) and total expenses (net of applicable expense waivers/reimbursements) as of March 31, 2026, 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, 2027, 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.

 

With respect to AMG GW&K Securitized Bond SMA Shares, 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, 2026, 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, 2027, 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 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 3, 2026, the Trustees, and separately a majority of the Independent Trustees, voted to approve the Investment Management Agreement and the Subadvisory Agreements for each Fund.

 

Approval of Amendment to Investment Management Agreement and Subadvisory Agreement with GW&K Investment Management, LLC with Respect to AMG GW&K High Yield Bond SMA Shares

 

At an in-person meeting held on March 18, 2026, 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 High Yield 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 the meeting of the Board held on March 18, 2026, 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, AMG GW&K ESG Bond Fund, and AMG GW&K Securitized Bond SMA Shares. 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 18, 2026, consisted of 39 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

 

 

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

 

   

 

 

      

 

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 December 31, 2025, the Investment Manager had approximately $18.2 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, 2025, GW&K managed approximately $52.8 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 13 other funds in the AMG Fund Complex, and that the Trustees had overseen funds subadvised 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 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 high yield bond products. The Trustees also took into account a presentation made at the March 18, 2026 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, 2028, 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 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

 

 

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

 

   

 

 

      

 

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 11, 2025 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.

 

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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 18, 2026, the Trustees, and separately a majority of the Independent Trustees, unanimously voted to approve the New Fund Agreements.

 

 

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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

1350 Penn Avenue, Suite 102

Pittsburgh, PA 15222

800.548.4539

 

TRUSTEES

 

Jill R. Cuniff

Kurt A. Keilhacker

Peter W. MacEwen

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 a 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       

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 4, 2026

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

 

By:   /s/ Keitha L. Kinne
  Keitha L. Kinne, Principal Executive Officer
Date:   September 4, 2026
By:   /s/ Thomas Disbrow
  Thomas Disbrow, Principal Financial Officer
Date:   September 4, 2026
ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

EX-99.CERT

EX-99.906 CERT

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