Prior Fund

Current Fund

Disclosure

AMG Managers Brandywine Blue Fund

AMG Veritas Global Real Return Fund

As of March 19, 2021, the Fund’s subadvisor was changed to Veritas Asset Management LLP. Prior to March 22, 2020, the Fund was known as the AMG Managers Brandywine Blue Fund and had different principal investment strategies and corresponding risks.

AMG Managers Brandywine Fund

AMG Boston Common Global Impact Fund

As of March 19, 2021, the Fund’s subadvisor was changed to Boston Common Asset Management, LLC. Prior to March 19, 2021, the Fund was known as the AMG Managers Brandywine Fund and had different principal investment strategies and corresponding risks.

AMG Managers DoubleLine Core Plus Bond Fund

AMG Beutel Goodman Core Plus Bond Fund

Effective on or about March 23, 2021, the Fund’s subadvisor was changed to Beutel, Goodman & Company Ltd. Prior to March 23, 2021, the Fund was known as the AMG Managers DoubleLine Core Plus Bond Fund and had different principal investment strategies and corresponding risks.

AMG Managers Fairpointe Mid Cap Fund

AMG River Road Mid Cap Value Fund

As of March 19, 2021, the Fund’s subadvisor was changed to River Road Asset Management, LLC. Prior to March 19, 2021, the Fund was known as the AMG Managers Fairpointe Mid Cap Fund and had different principal investment strategies and corresponding risks.

AMG Managers FQ Long-Short Fund

AMG River Road Large Cap Value Select Fund

Effective on or about March 22, 2021, the Fund’s subadvisor will change to River Road Asset Management, LLC. Prior to March 22, 2021, the Fund was known as the AMG Managers FQ Long-Short Fund, and had different principal investment strategies and corresponding risks.

AMG Managers Loomis Sayles Bond Fund

AMG GW&K ESG Bond Fund

As of March 19, 2021, the Fund’s subadvisor was changed to GW&K Investment Management. Prior to March 19, 2021, the Fund was known as the AMG Managers Loomis Sayles Bond Fund and had different principal investment strategies and corresponding risks.

AMG Managers Montag & Caldwell Growth Fund

AMG Montrusco Bolton Large Cap Growth Fund

As of March 19, 2021, the Fund’s subadvisor was changed to Montrusco Bolton Investments, Inc. Prior to March 19, 2021, the Fund was known as the AMG Managers Montag & Caldwell Growth Fund and had different principal investment strategies and corresponding risks.

AMG Managers Pictet International Fund

AMG Beutel Goodman International Equity Fund

As of March 19, 2021, the Fund’s subadvisor was changed to Beutel, Goodman & Company Ltd. Prior to March 19, 2021, the Fund was known as the AMG Managers Pictet International Fund and had different principal investment strategies and corresponding risks.

AMG Managers Special Equity Fund

AMG Veritas Asia Pacific Fund

As of March 19, 2021, the Fund’s subadvisor was changed to Veritas Asset Management LLP. Prior to March 19, 2021, the Fund was known as the AMG Managers Special Equity Fund and had different principal investment strategies and corresponding risks.

AMG Managers LMCG Small Cap Growth Fund

AMG GW&K Small Cap Fund II

As of March 19, 2021, the Fund’s subadvisor was changed to GW&K Investment Management, LLC. Prior to March 19, 2021, the Fund was known as the AMG Managers LMCG Small Cap Growth Fund and had different principal investment strategies and corresponding risks. 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.

AMG Managers Silvercrest Small Cap Fund

AMG GW&K Small Cap Value Fund II

As of March 19, 2021, the Fund’s subadvisor was changed to GW&K Investment Management, LLC. Prior to March 19, 2021, the Fund was known as the AMG Managers Silvercrest Small Cap Fund and had different principal investment strategies and corresponding risks.

AMG Managers Emerging Opportunities Fund

AMG Veritas China Fund

Effective May 21, 2021, the Fund’s subadvisor will change to Veritas Asset Management LLP. Prior to May 21, 2021, the Fund was known as the AMG Managers Emerging Opportunities Fund and had different principal investment strategies and corresponding risks.

AMG FQ Tax-Managed U.S. Equity Fund

AMG Veritas Global Focus Fund

Effective May 21, 2021, the Fund’s subadvisor will change to Veritas Asset Management LLP. Prior to May 21, 2021, the Fund was known as the AMG FQ Tax-Managed U.S. Equity Fund and had different principal investment strategies and corresponding risks.

AMG Managers Cadence Mid Cap Fund

AMG GW&K Mid Cap Fund

As of October 8, 2020, the Fund’s subadvisor was changed to GW&K Investment Management. Prior to October 8, 2020, the Fund was known as the AMG Managers Cadence Mid Cap Fund, and had different principal investment strategies and corresponding risks.

AMG Managers Cadence Emerging
Companies Fund

AMG GW&K Global Allocation

As of October 8, 2020, the Fund’s subadvisor was changed to GW&K Investment Management. Prior to October 8, 2020, the Fund was known as the AMG Managers Cadence Emerging Companies Fund and had different principal investment strategies and corresponding risks.

AMG Managers Skyline Special Equities Fund

AMG GW&K Small Cap Value

As of December 4, 2020, the Fund’s subadvisor was changed to GW&K Investment Management. Prior to December 4, 2020, the Fund was known as the AMG Managers Skyline Special Equities Fund and had different principal investment strategies and corresponding risks.

AMG Managers Global Income Opportunity Fund

AMG GW&K High Income

As of December 4, 2020, the Fund’s subadvisor was changed to GW&K Investment Management. Prior to December 4, 2020, the Fund was known as the AMG Managers Global Income Opportunity Fund and had different principal investment strategies and corresponding risks.