AMG River Road Small-Mid Cap Value Fund - Class N

The fund commits at least 80% of its total assets, including any funds borrowed for investment purposes, to acquiring equity securities of small and medium-sized enterprises that the subadviser considers undervalued. For the purposes of this investment, small and mid-capitalization companies are defined by the subadviser as those whose market values, at the time of purchase, fall within the typical range of companies included in the Russell 2500™ Index. The investment approach of value investing, as employed by the subadviser, involves purchasing stocks believed to be out of favor or priced below their intrinsic worth compared to their industry peers or their future growth prospects.