As part of an overall repositioning of distribution capabilities for the benefit of AMG Affiliate partner firms and their fund clients, we are supporting a series of enhancements to our mutual fund platform, which will now offer a unique array of high-quality funds managed exclusively by AMG Affiliates. AMG has always provided a single point of access to industry-leading strategies managed by its world-class, independent partner-owned Affiliate firms, which have strong and long-tenured teams supported by stable business platforms. By moving to a lineup entirely sub-advised by AMG Affiliates, advisors and clients will benefit from a streamlined platform wholly focused on high-conviction investment offerings, with a reduction in fees across many funds. As part of this transition, AMG will offer Affiliate strategies previously unavailable to our financial advisor and investor clients, as well as creating more differentiated investment solutions by repositioning select funds.

If you have any questions please contact us at clientservice@amg.com or call our toll-free Advisor line at 800.368.4410.

Brandywine Fund

Effective March 19, 2021, the subadvisers of AMG Managers Brandywine Fund (the “Fund”) changed from Friess Associates, LLC and Friess Associates of Delaware, LLC to Boston Common Asset Management, LLC (“Boston Common”). The appointment of Boston Common is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective March 19, 2021, the Fund changed its name to AMG Boston Common Global Impact Fund and changed its investment objective, principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

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About Boston Common Asset Management

Boston Common Asset Management is an experienced investment manager dedicated to integrated environmental, social, and governance (ESG) impact investing. Its investment process combines traditional financial analysis with in-house ESG research to identify innovative companies that not only offer attractive, risk-adjusted, long-term investment returns, but also provide products or services with positive societal impact. As a leader in corporate shareowner engagement, Boston Common uses its investor voice to create meaningful improvements across company policies, processes, and products. Boston Common is women-led and majority women- and employee-owned.

Brandywine Blue Fund

Effective March 19, 2021, the subadvisers of AMG Managers Brandywine Blue Fund (the “Fund”) changed from Friess Associates, LLC and Friess Associates of Delaware, LLC to Veritas Asset Management LLP (“Veritas”). The appointment of Veritas is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective March 19, 2021, the Fund changed its name to AMG Veritas Global Real Return Fund and changed its investment objective, principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

Learn More About Your Fund

About Veritas Asset Management

Founded in 2003, Veritas Asset Management is a leading Global and Asian equities manager. The firm manages both funds and segregated portfolios for institutional and retail investors globally. The focus is on identifying good quality, sustainable businesses and remaining patient to buy into these companies at the right entry point in order to achieve long term real returns.

DoubleLine Core Plus Bond Fund

Effective on or about March 23, 2021, the subadviser of AMG Managers DoubleLine Core Plus Bond Fund (the “Fund”) changed from DoubleLine Capital LP to Beutel, Goodman & Company Ltd. (“Beutel Goodman”). The appointment of Beutel Goodman is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective on or about March 23, 2021, the Fund will change its name to AMG Beutel Goodman Core Plus Bond Fund and make changes to its principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

Learn More About Your Fund

About Beutel, Goodman & Company

Beutel, Goodman & Company Ltd. (BG) is an independent investment manager dedicated to generating superior long-term returns for clients. As bottom-up value investors, BG equity portfolio managers believe stocks purchased at a discount to business value provide a margin of safety. This, and a focus on quality companies with stable, growing businesses and strong balance sheets, helps mitigate the loss of capital in the event of adverse circumstances. The firm takes a disciplined, team-based approach to active fixed income mandates, seeking to add consistent value through the management of duration, yield curve and credit risk.

Emerging Opportunities Fund

Effective May 21, 2021, the subadvisers of AMG Managers Emerging Opportunities Fund (the “Fund”) will change from Next Century Growth Investors LLC, WEDGE Capital Management L.L.P. and RBC Global Asset Management (U.S.) Inc. to Veritas Asset Management LLP (“Veritas”). The appointment of Veritas is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective May 21, 2021, the Fund will change its name to AMG Veritas China Fund and make changes to its principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

Learn More About Your Fund

About Veritas Asset Management

Founded in 2003, Veritas Asset Management is a leading Global and Asian equities manager. The firm manages both funds and segregated portfolios for institutional and retail investors globally. The focus is on identifying good quality, sustainable businesses and remaining patient to buy into these companies at the right entry point in order to achieve long term real returns

Fairpointe Mid Cap Fund

Effective March 19, 2021, the subadviser of AMG Managers Fairpointe Mid Cap Fund (the “Fund”) changed from Fairpointe Capital LLC to River Road Asset Management, LLC (“River Road”). The appointment of River Road is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective March 19, 2021, the Fund changed its name to AMG River Road Mid Cap Value Fund and changed its principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

Learn More About Your Fund

About River Road Asset Management

River Road Asset Management was established in 2005 and provides institutional separate account and investment sub-advisory services to a broad range of domestic and international clients. The firm was founded upon a proprietary Absolute Value® investment discipline. This approach was developed by River Road’s founders and occupies a distinct niche within value investing styles.

FQ Long-Short Fund

Effective on or about March 22, 2021, the subadviser of AMG FQ Long-Short Equity Fund (the “Fund”) will change from First Quadrant, L.P. to River Road Asset Management, LLC (“River Road”). The appointment of River Road is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective on or about March 22, 2021, the Fund will change its name to AMG River Road Large Cap Value Select Fund and make changes to its principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

Learn More About Your Fund

About River Road Asset Management

River Road Asset Management was established in 2005 and provides institutional separate account and investment sub-advisory services to a broad range of domestic and international clients. The firm was founded upon a proprietary Absolute Value® investment discipline. This approach was developed by River Road’s founders and occupies a distinct niche within value investing styles.

FQ Tax-Managed U.S. Equity Fund

Effective May 21, 2021, the subadviser of AMG FQ Tax-Managed U.S. Equity Fund (the “Fund”) will change from First Quadrant, L.P. to Veritas Asset Management LLP (“Veritas”). The appointment of Veritas is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective May 21, 2021, the Fund will change its name to AMG Veritas Global Focus Fund and make changes to its investment objective, principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

Learn More About Your Fund

About Veritas Asset Management

Founded in 2003, Veritas Asset Management is a leading Global and Asian equities manager. The firm manages both funds and segregated portfolios for institutional and retail investors globally. The focus is on identifying good quality, sustainable businesses and remaining patient to buy into these companies at the right entry point in order to achieve long term real returns.

LMCG Small Cap Growth Fund

Effective March 19, 2021, the subadviser of AMG Managers LMCG Small Cap Growth Fund (the “Fund”) changed from LMCG Investments, LLC to GW&K Investment Management, LLC (“GW&K”). The appointment of GW&K is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective March 19, 2021, the Fund changed its name to AMG GW&K Small Cap Fund II and changed its principal investment strategies and principal risks. Furthermore, effective May 21, 2021, the Fund will change its name to AMG GW&K Small/Mid Cap Growth Fund and make changes to its principal investment strategies. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

Learn More About Your Fund

About GW&K Investment Management

GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality and maintaining a long-term view still guide its investment process today.

Loomis Sayles Bond Fund

Effective March 19, 2021, the subadviser of AMG Managers Loomis Sayles Bond Fund (the “Fund”) changed from Loomis, Sayles & Company, L.P. to GW&K Investment Management, LLC (“GW&K”). The appointment of GW&K is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective March 19, 2021, the Fund changed its name to AMG GW&K ESG Bond Fund and changed its investment objective, principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

Learn More About Your Fund

About GW&K Investment Management

GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality and maintaining a long-term view still guide its investment process today.

Montag & Caldwell Growth Fund

Effective March 19, 2021, the subadviser of AMG Managers Montag & Caldwell Growth Fund (the “Fund”) changed from Montag & Caldwell, LLC to Montrusco Bolton Investments, Inc. (“Montrusco Bolton”). The appointment of Montrusco Bolton is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective March 19, 2021, the Fund changed its name to AMG Montrusco Bolton Large Cap Growth Fund and changed its principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

Learn More About Your Fund

About Montrusco Bolton Investments

Tracing its history back to 1946, Montrusco Bolton Investments Inc. is a private investment management firm. Their team of investment professionals still share the same entrepreneurial spirit which drives the way they serve their institutional clients globally.

Pictet International Fund

Effective March 19, 2021, the subadviser of AMG Managers Pictet International Fund (the “Fund”) changed from Pictet Asset Management Limited to Beutel, Goodman & Company Ltd. (“Beutel Goodman”). The appointment of Beutel Goodman is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective March 19, 2021, the Fund changed its name to AMG Beutel Goodman International Equity Fund and changed its principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

Learn More About Your Fund

About Beutel, Goodman & Company

Beutel, Goodman & Company Ltd. (BG) is an independent investment manager dedicated to generating superior long-term returns for clients. As bottom-up value investors, BG equity portfolio managers believe stocks purchased at a discount to business value provide a margin of safety. This, and a focus on quality companies with stable, growing businesses and strong balance sheets, helps mitigate the loss of capital in the event of adverse circumstances. The firm takes a disciplined, team-based approach to active fixed income mandates, seeking to add consistent value through the management of duration, yield curve and credit risk.

Silvercrest Small Cap Fund

Effective March 19, 2021, the subadviser of AMG Managers Silvercrest Small Cap Fund (the “Fund”) changed from Silvercrest Asset Management Group LLC to GW&K Investment Management, LLC (“GW&K”). The appointment of GW&K is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of the proposed reorganization of the Fund with and into AMG GW&K Small Cap Value Fund, a series of AMG Funds, or a definitive subadvisory agreement. Also effective March 19, 2021, the Fund changed its name to AMG GW&K Small Cap Value Fund II and changed its principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

Learn More About Your Fund

About GW&K Investment Management

GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality and maintaining a long-term view still guide its investment process today.

Special Equity Fund

Effective March 19, 2021, the subadvisers of AMG Managers Special Equity Fund (the “Fund”) changed from Federated MDTA LLC, Lord, Abbett & Co. LLC, Ranger Investment Management L.P. and Smith Asset Management Group, L.P. to Veritas Asset Management LLP (“Veritas”). The appointment of Veritas is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective March 19, 2021, the Fund changed its name to AMG Veritas Asia Pacific Fund and changed its investment objective, principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

This is part of a larger strategic business initiative to transition to a fund lineup entirely sub-advised by AMG Affiliates. We believe clients will benefit from a streamlined platform wholly focused on AMG Affiliates’ high-conviction investment offerings, including fee reductions, subject to shareholder approval, across all the strategies involved in the transition. Please see this Fund’s prospectus for further details on the fee reduction.

Learn More About Your Fund

About Veritas Asset Management

Founded in 2003, Veritas Asset Management is a leading Global and Asian equities manager. The firm manages both funds and segregated portfolios for institutional and retail investors globally. The focus is on identifying good quality, sustainable businesses and remaining patient to buy into these companies at the right entry point in order to achieve long term real returns.