The following indices are used as benchmarks for the various mutual funds offered by AMG Funds. Unlike the Funds, the indices are unmanaged, are not available for investment, and do not incur expenses.

30-Day Treasury Bill Index

The 30-Day Treasury Bill Index is an unmanaged index of a one-bill portfolio updated each month using the shortest-term bill of not less than one month to maturity.

Bloomberg 5-Year Municipal Bond Index

The Bloomberg 5-Year Municipal Bond Index provides a broad-based performance measure of the U.S. municipal bond market, consisting of securities with 4-6 year maturities. The Index tracks general obligation, revenue, insured, and pre-refunded bonds with a minimum credit rating of Baa by Moody’s.

Bloomberg 10-Year Municipal Bond Index

The Bloomberg 10-Year Municipal Bond Index is the 10-Year (8-12) component of the Municipal Bond Index. It is a rules-based, market-value-weighted index engineered for the tax-exempt bond market. The Index tracks general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds rated Baa3/BBB- or higher by at least two of the ratings agencies: Moody’s, S&P, and Fitch.

Bloomberg Global Aggregate Bond Index

The Bloomberg Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The Index also includes Eurodollar and Euro-Yen corporate bonds; Canadian government, agency, and corporate securities; and USD investment-grade, Rule 144A securities.

Bloomberg Municipal Bond Index

The Bloomberg Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term tax-exempt bond market. The index tracks general obligation bonds, revenue bonds, insured bonds, and pre-refunded bonds rated Baa3/BBB- or higher by at least two of the ratings agencies: Moody’s, S&P, and Fitch.

Bloomberg Municipal Bond BAA Index

The Bloomberg Municipal Bond BAA Index is a subset of the Bloomberg Barclays Municipal Bond Index with an index rating of Baa1, Baa2, or Baa3. The Bloomberg Barclays Municipal Bond Index is a rules-based, market-value-weighted index engineered for the long-term, tax-exempt bond market.

Bloomberg U.S. Aggregate Bond Index

The Bloomberg U.S. Aggregate Bond Index is an index of the U.S. investment-grade fixed-rate bond market, including both government and corporate bonds.

Bloomberg U.S. Corporate High Yield Bond Index

The Bloomberg U.S. Corporate High Yield Bond Index is a total return performance benchmark for fixed income securities having a maximum quality rating of Ba1 (as determined by Moody’s Investors Service).

Bloomberg U.S. High Yield BB 1-5 Year Index

The Bloomberg U.S. High Yield BB 1-5 Year Index, a subset of the Bloomberg High Yield Index, is an unmanaged index comprised of fixed rate, publicly issued, non-investment grade debt registered with the SEC, where the middle rating of Moody’s, S&P, and Fitch is BB, and maturities range from 1 to 5 years.

Bloomberg U.S. Government/Credit Bond Index

The Bloomberg U.S. Government/Credit Bond Index is an index of investment grade government and corporate bonds with a maturity rate of more than one year.

Bloomberg U.S. Treasury Inflation-Linked Bond Index

The Bloomberg U.S. Treasury Inflation-Linked Bond Index measures the performance of the U.S Treasury Inflation-Protected Securities (TIPS) market.

CBOE S&P 500 BuyWrite Index

The CBOE S&P 500 BuyWrite Index (BXM) is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index. Announced in April 2002, the BXM Index was developed by the CBOE in cooperation with Standard & Poor’s. The BXM is a passive total return index based on (1) buying an S&P 500 stock index portfolio, and (2) “writing” (or selling) the near-term S&P 500 Index (SPXSM) “covered” call option, generally on the third Friday of each month. The SPX call written will have about one month remaining to expiration, with an exercise price just above the prevailing index level (i.e., slightly out of the money). The SPX call is held until expiration and cash settled, at which time a new one-month, near-the-money call is written.

CBOE Volatility Index®

The Chicago Board Options Exchange (CBOE) Volatility Index® (VIX® Index®) shows the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500® Index options. This volatility is meant to be forward looking and is calculated from both calls and puts. The VIX is a widely used measure of market risk and is often referred to as the “investor fear gauge.”

Dow Jones-UBS Commodity Index Total Return

The DJ-UBS Commodity Index Total Return is designed to provide diversified commodity exposure with weightings based on each underlying commodity’s liquidity and economic significance. The DJ-UBS Commodity Index Total Return measures the collateralized returns from a basket of 19 commodity futures contracts representing the energy, precious metals, industrial metals, grains, softs, and livestock sectors. In addition, the Index is rebalanced once a year to ensure that no commodity sector may constitute more than 33% of the index as of the date of such rebalancing.

Dow Jones U.S. Select REIT Index

The Dow Jones U.S. Select REIT Index measures U.S. publicly traded real estate investment trusts.

Dow Jones Wilshire REIT Index

The Dow Jones Wilshire REIT Index measures U.S. publicly traded real estate investment trusts.

FTSE 1-Month T-Bill Index

The FTSE 1-Month T-Bill Index is a market value-weighted index of public obligations of the U.S. Treasury with maturities of one month. The Index reflects no deduction for fees, expenses, or taxes.

FTSE Mortgage Index

The FTSE Mortgage Index includes all outstanding government sponsored fixed-rate mortgage-backed securities, weighted in proportion to their current market capitalization. The Index reflects no deductions for fees, expenses, or taxes.

FTSE NAREIT All Equity REITs Index

The FTSE NAREIT US Real Estate Index Series is designed to present investors with a comprehensive family of REIT performance indices that spans the commercial real estate space across the US economy. The index series provides investors with exposure to all investment and property sectors. In addition, the more narrowly focused property sector and sub-sector indices provide the facility to concentrate commercial real estate exposure in more select markets.

HFRX Equity Hedge Index

Equity Hedge strategies maintain positions both long and short in primarily equity and equity derivative securities. A wide variety of investment processes can be employed to arrive at an investment decision, including both quantitative and fundamental techniques; strategies can be broadly diversified or narrowly focused on specific sectors and can range broadly in terms of levels of net exposure, leverage employed, holding period, concentrations of market capitalizations, and valuation ranges of typical portfolios. Equity Hedge managers would typically maintain at least 50%, and may in some cases be substantially entirely invested in equities, both long and short. Hedge Fund Research, Inc. (HFR) utilizes a UCITSIII-compliant methodology to construct the HFRX Hedge Fund Indices. The methodology is based on defined and predetermined rules and objective criteria to select and rebalance components to maximize representation of the Hedge Fund Universe. HFRX Indices utilize state-of-the-art quantitative techniques and analysis; multi-level screening, cluster analysis, Monte Carlo simulations, and optimization techniques ensure that each Index is a pure representation of its corresponding investment focus. The HFRX Equity Hedge Index is being used under license from Hedge Fund Research, Inc., which does not approve of or endorse any of the products discussed on this site.

ICE BofA ML US 3-Month Treasury Bill Index

The ICE BofA ML 3-Month T-Bill Index is an unmanaged index that measures returns of three-month U.S. Treasury Bills.

ICE BofA ML US 6-Month Treasury Bill Index

The ICE BofA ML 6-Month T-Bill Index is an unmanaged index that measures returns of six-month U.S. Treasury Bills.

ICE BofAML US High Yield Master II Index

The ICE BofAML US High Yield Master II Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

MSCI ACWI SMID Cap Index

The MSCI ACWI SMID Cap Index is a free float-adjusted market capitalization weighted index that is designed to measure the mid and small capitalization equity market performance of developed and emerging markets. Please go to msci.com for the most current list of countries.

MSCI All Country (AC) Asia Pacific ex Japan Index

The MSCI All Country (AC) Asia Pacific ex Japan Index captures large and mid cap representation across certain Developed and Emerging Market countries in the Asia Pacific region (excluding Japan). The index covers a significant portion of the free float-adjusted market capitalization in each country. Please go to msci.com for the most current list of countries represented by the index.

MSCI All Country World Index (ACWI)

The MSCI All Country World Index (ACWI) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Please go to msci.com for the most current list of countries represented by the index.

MSCI All Country World Index (ACWI) All Cap

The MSCI ACWI All Cap Index captures large, mid, small, and micro cap representation across certain Developed Markets (DM) countries and large, mid, and small cap representation across certain Emerging Markets (EM) countries. The index is comprehensive, covering a significant percentage of the global equity investment opportunity set. Please go to msci.com for the most current list of countries represented by the index.

MSCI ACWI ex USA

The MSCI All Country World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. Please go to msci.com for the most current list of countries represented by the index.

MSCI ACWI ex USA Small Cap

The MSCI ACWI ex USA Small Cap Index is a free float-adjusted market capitalization weighted index that is designed to measure the small capitalization equity market performance of certain developed (excluding the U.S.) and emerging markets. Please go to msci.com for the most current list of countries represented by the index.

MSCI BRIC Index

The MSCI BRIC Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of the following four emerging market country indices: Brazil, Russia, India, and China.

MSCI China Index

The MSCI China Index captures large and mid cap representation across China A shares, H shares, B shares, Red chips, P chips, and foreign listings (e.g. ADRs).

MSCI EAFE Index

The MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. Please go to msci.com for the most current list of countries represented by the index.

MSCI EAFE Index (Hedged to USD)

The MSCI EAFE Index (Hedged to USD) consists of the results of the MSCI EAFE Index hedged 100% back into U.S. dollars and accounts for interest rate differentials in forward currency exchange rates. The MSCI EAFE Index (in USD) reflects the return of the MSCI EAFE Index for a U.S. dollar investor. Results for each index are inclusive of dividends and net of foreign withholding taxes.

MSCI EAFE Small Cap Index

The MSCI EAFE Small Cap Index covers all investable small cap securities with a market capitalization below that of the companies in the MSCI Standard Indices of developed markets, excluding the U.S. and Canada. Please go to msci.com for the most current list of countries represented by the index.

MSCI Emerging Markets Index

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Please go to msci.com for the most current list of countries represented by the index.

MSCI Frontier Emerging Markets Index

The MSCI Frontier Emerging Markets (FEM) Index captures large and mid cap representation across certain Frontier Emerging Markets countries. Please go to msci.com for the most current list of countries represented by the index.

MSCI World Index

The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Please go to msci.com for the most current list of countries represented by the index.

MSCI World ex USA Index

The MSCI World ex USA Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. Please go to msci.com for the most current list of countries represented by the index.

Russell Top 200® Value Index

The Russell Top 200® Value Index measures the performance of the large-cap segment of the U.S. equity universe represented by stocks in the largest 200 by market cap that exhibit value characteristics. It includes Russell Top 200 Index companies with lower price-to-book ratios and lower forecasted growth values. These stocks also are members of the Russell 1000® Value Index.

Russell 1000® Index

The Russell 1000® Index measures the performance of approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000 represents approximately 92% of the U.S. market.

Russell 1000® Growth Index

The Russell 1000® Growth Index is a market capitalization weighted index that measures the performance of those Russell 1000® companies with higher price-to-book ratios and higher forecasted growth values.

Russell 1000® Value Index

The Russell 1000® Value Index is a large cap value index measuring the performance of the largest 1,000 U.S. incorporated companies with lower price-to-book ratios and lower forecasted growth values.

Russell 2000® Index

The Russell 2000® Index is composed of the 2000 smallest stocks in the Russell 3000® Index and is widely regarded in the industry as the premier measure of small cap stock performance.

Russell 2000® Growth Index

The Russell 2000® Growth Index measures the performance of the Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000® Value Index

The Russell 2000® Value Index is an unmanaged, market value-weighted, value-oriented index comprised of small stocks that have relatively low price-to-book ratios and lower forecasted growth values.

Russell 2500® Index

The Russell 2500® Index is composed of the 2500 smallest stocks in the Russell 3000® Index and is widely regarded in the industry as the premier measure of small/mid cap stock performance.

Russell 2500™ Growth Index

The Russell 2500™ Growth Index measures the performance of the small to mid cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2500® Value Index

The Russell 2500® Value Index is an unmanaged, market value-weighted, value-oriented index comprised of small to mid-sized stocks that have relatively low price-to-book ratios and lower forecasted growth values.

Russell 3000® Index

The Russell 3000® Index is composed of the 3,000 largest U.S. companies as measured by market capitalization and represents about 98% of the U.S. stock market.

Russell 3000® Growth Index

The Russell 3000® Growth Index measures the performance of those Russell 3000® Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell 3000® Value Index

The Russell 3000® Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

Russell Microcap® Index

The Russell Microcap® Index tracks the microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. equity market and is represented by the smallest 1,000 securities in the small-cap Russell 2000® Index plus the next 1,000 securities.

Russell Microcap® Growth Index

The Russell Microcap® Growth Index measures the performance of the microcap growth segment of the U.S. equity market. It includes those Russell Microcap Index companies with higher price-to-book ratios and higher forecasted growth values.

Russell Microcap® Value Index

The Russell Microcap® Value Index measures the performance of the microcap value segment of the U.S. equity market. It includes those Russell Microcap Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell Midcap® Index

The Russell Midcap® Index measures the performance of the 800 smallest companies in the Russell 1000® Index, which represent approximately 25 percent of the total market capitalization of the Russell 1000® Index.

Russell Midcap® Growth Index

The Russell Midcap® Growth Index measures the performance of the Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000® Growth Index.

Russell Midcap® Value Index

The Russell Midcap® Value Index measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values. The stocks are also members of the Russell 1000® Value Index.

S&P 500 Index

The S&P 500 Index is a capitalization-weighted index of 500 stocks. The S&P 500 Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

S&P 500 Growth Index

The S&P 500 Growth Index draws its constituents from the S&P 500 based on three growth factors: sales growth, the ratio of earnings change to price, and momentum.

S&P MidCap 400 Index

The S&P MidCap 400 Index is the most widely used index for mid-size companies and covers approximately 7% of the U.S. equities market.

50% Russell 3000® / 50% BofA Merrill Lynch U.S. T-Bill (0-3 month)

The benchmark is composed of 50% Russell 3000 and 50% BofA Merrill Lynch U.S. T-Bill (0-3 month). The Russell 3000® Index is composed of the 3,000 largest U.S. companies as measured by market capitalization and represents about 98% of the U.S. stock market. The BofA Merrill Lynch 3-Month T-Bill Index is an unmanaged index that measures returns of three-month Treasury Bills.

60% MSCI World / 40% FTSE World Government Bond Hedged

The benchmark is composed of 60% MSCI World and 40% FTSE World Governement Bond Hedged. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Please go to msci.com for the most current list of countries represented by the index. The FTSE World Government Bond Index (WGBI) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. Currency hedging in general is used to reduce or eliminate any foreign exchange rate risk. FTSE Fixed Income Indices methodology for monthly currency-hedged returns is based on the assumption of a rolling strategy of buying the foreign currency at the beginning of each month and selling the foreign currency one-month forward.

60% MSCI World / 40% FTSE World Government Bond UnHedged Index

The benchmark is composed of 60% MSCI World Index and 40% FTSE World Government Bond Index. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. Please go to msci.com for the most current list of countries represented by the index. The FTSE World Government Bond Index (WGBI) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The WGBI is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available.

60% Russell 1000® / 40% Bloomberg U.S. Aggregate Bond Index

The benchmark is composed of 60% Russell 1000 Index and 40% Bloomberg U.S. Aggregate Bond Index. The Russell 1000® Index measures the performance of approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000® represents approximately 92% of the U.S. market. The Bloomberg U.S. Aggregate Bond Index is an index of the U.S. investment grade fixed-rate bond market, including both government and corporate bonds.

60% S&P 500 / 40% Bloomberg U.S. Aggregate Bond Index

The benchmark is composed of 60% S&P 500 Index and 40% Bloomberg U.S. Aggregate Bond Index. The S&P 500 Index is a capitalization-weighted index of 500 stocks. The S&P 500 Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The S&P 500 Index is proprietary data of Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. All rights reserved. The Bloomberg U.S. Aggregate Bond Index is an index of the U.S. investment grade fixed-rate bond market, including both government and corporate bonds.

65% MSCI World / 35% Bloomberg Global Aggregate Bond Index

The benchmark is composed of 65% MSCI World and 35% Bloomberg Global Aggregate Bond Index. The MSCI World Index is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. The Morgan Stanley Capital International World Index (MSCI World) is an unmanaged index composed of more than 1,400 stocks listed on exchanges in the U.S., Europe, Canada, Australia, New Zealand, and the Far East. The Bloomberg Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euroyen corporate bonds; Canadian government, agency and corporate securities; and USD investment-grade 144A securities. The S&P 500 Index is a capitalization-weighted index of 500 stocks. The S&P 500 Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries.

“Bloomberg®” and any Bloomberg index listed above are service marks of Bloomberg Finance L.P. and its affiliates, including Bloomberg Index Services Limited (“BISL”), the administrator of the index (collectively, “Bloomberg”) and have been licensed for use for certain purposes by AMG Funds LLC. Bloomberg is not affiliated with AMG Funds LLC, and Bloomberg does not approve, endorse, review, or recommend any investment product advised by AMG Funds LLC. Bloomberg does not guarantee the timeliness, accurateness, or completeness of any data or information relating to any investment product advised by AMG Funds LLC.