Emerging Opportunities Fund  (MMCFX)

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.