amg managers doubleline core plus bond fund - amg funds · amg funds overview 2 as of september 30,...

FOR INVESTMENT PROFESSIONAL USE ONLY - NOT FOR USE WITH THE GENERAL PUBLIC

AMG Managers DoubleLine Core Plus Bond Fund Class N (ADBLX) | Class I (ADLIX) | Class Z (ADZIX)

September 2018

w  The largest network of institutional quality boutique investment solutions through a single point of access

w  Unrivaled access to insights of over 30 independent and autonomous investment managers

w  More than 100 actively managed products covering the risk spectrum for investors searching beyond the index

AMG Funds Overview

2

As of September 30, 2018.

SMA

$13.2 billion

Mutual Funds

$41.0 billion

Sub-advisory

$11.2 billion

Assets Under Management Funds: $34.5 billion SMA: $136.7 million

Assets Under Service Funds: $6.6 billion SMA: $13.1 billion Sub-advisory: $11.2 billion

$65.4 billion

Assets Under Management & Service

DoubleLine is a boutique manager of fixed income investment strategies.

w  Headquartered in Los Angeles, CA

w  Founded in 2009 by a portfolio management team with experience managing through multiple market cycles

w  Employee-owned organizational structure designed to help align with the interests of their clients

w  With 140 investment professionals, DoubleLine has a powerful investment team for macro analysis and fundamental research

DoubleLine Overview

3

As of September 30, 2018.

For Investment Professional Use Only – Not For Use With the General Public

Structured Products 53.2%

Asset Allocation Strategies

34.5%

Equities 6.4%

International 2.7%

Bank Loans 1.7%

Infrastructure 0.6% Commodities

0.5% Enchanced Cash

0.2% Multi-Asset Strategies

0.2%

$120 billion Assets Under Management

DoubleLine was founded to offer investment services under a cardinal mandate: striving to deliver better risk-adjusted returns. This mandate includes: w  Avoidance of risk-taking that historically has led to catastrophic principal losses w  Emphasis should be on the importance of security selection, trade execution, portfolio construction and sector

allocation w  Employee-ownership reinforces the stability of the investment teams and its accountability--no outside decision

makers stand between the teams and valued clients.

Investment Philosophy - DoubleLine

“Like a careful motorist on a winding mountain road, the manager

must not cross the double line into the oncoming lane of risk.”

For Investment Professional Use Only – Not For Use With the General Public 4

Why AMG Managers DoubleLine Core Plus Bond Fund?

w  Core Plus is the purest form of the DoubleLine investment team’s fixed income convictions in a mutual fund vehicle. The Fund is exclusively available through AMG Funds.

w  Core Plus allows DoubleLine’s portfolio management team to attempt to aggressively exploit market opportunities in any sector or security.

w  Core Plus permits the DoubleLine investment team to quickly reduce exposure to an asset class or security whose risk/return trade-offs are unfavorable.

w  Core Plus is constructed using the insights and analyses from all the fixed income portfolio managers and sector specialists within DoubleLine.

There is no guarantee that the Fund's investment strategies will work under all market conditions, and each investor should evaluate his or her ability to invest for the long term, especially during periods of downturns in the market.


Investment Process


There is no guarantee that the investment strategies discussed in this section will work under all market conditions, and each investor should evaluate his or her ability to invest for the long term, especially during periods of downturns in the market.

Fixed Income Asset Allocation – Key Strengths

Experience

The Fixed Income Asset Allocation Committee members have been working together for an average of 16 years.

Philosophy

Active management of asset class exposure blended with bottom-up security selection forms a cornerstone of the expected return.

Top Down Sector Allocations

Asset allocation decisions are committee based, led by Jeffrey Gundlach during the monthly meetings of DoubleLine’s Fixed Income Asset Allocation Committee which includes senior portfolio managers from each asset class.

DoubleLine raises or lowers asset weightings based on its analysis of sector fundamentals and relative valuation.

Bottom Up Security Selection

DoubleLine employs specialized teams for each asset class incorporating their deep experience and research. The portfolio managers select individual securities within their respective sectors.


Top-down Sector Allocation

The Fund’s actively-managed sector allocation is designed to balance risk and potential alpha generation. Sector allocation decisions are made by the Fixed Income Asset Allocation Committee (FIACC) which is led by Jeffrey Gundlach and includes team leads for each fixed income sector.

Fixed Income Asset Allocation Committee meets monthly to set a fixed income sector allocation

Bottom-up sector analysis: ► Intensive interest rate

scenario analysis ► Fundamental security

analysis 1 2

w  Monthly meeting with an objective to generate a consensus on sector allocation

w  Allocation based on sector fundamentals and relative valuations

w  Sector allocation represents long-term views, not major tactical shifts


Top-down Sector Allocation: Fixed Income Asset Allocation Committee

As of September 30, 2018 CMBS = Commercial Mortgage-Backed Securities MBS= Mortgage-Backed Securities CRE=Commercial Real Estate

Contributors: William Campbell, Global Bond Morris Chen, CMBS/CRE Mark Christensen, International Fixed Income Damien Contes, Infrastructure Joel Damiani, MBS Monica Erickson, Investment Grade Corporate Credit Joseph Galligan, MBS Samuel Garza, Macro-Asset Allocation Valerie Ho, Global Bond Andrew Hsu, Infrastructure Su Fei Koo, International Fixed Income Anil Lalchand, Low Duration Investment Grade Corporate Credit Samuel Lau, Micro-Asset Allocation Vitaliy Liberman, MBS Jeffrey Mayberry, Macro-Asset Allocation Ken Shinoda, MBS Ignacio Sosa, International Relationship Management

Mortgages Jeffrey Gundlach, Philip Barach

Global Developed Credit Robert Cohen

International Fixed Income Luz Padilla

U.S. Treasury & Municipal Debt Gregory Whiteley

Jeffrey Gundlach, Chairman, Chief Executive Officer Jeffrey Sherman, Deputy Chief Investment Officer

Chairman & Deputy Chief Investment Officer

Permanent Committee Members


DoubleLine's portfolio management team believes the most reliable way to enhance returns is to exploit inefficiencies within the subsectors of the fixed income market while maintaining active risk management constraints. DoubleLine raises or lowers asset weightings based on its analysis of sector fundamentals and relative valuation. Actively managed sector bets include: Implementation of portfolio asset allocation decisions is made by experienced teams incorporating all their research. These portfolio managers purchase securities within their respective sectors under an integrated risk management framework overseen by the DoubleLine Risk Management team.

Top-down Sector Allocation: Broad Opportunity Set

Tactical Asset Allocation Breakdown

Residential Mortgage-

Backed Securities

Fixed Income Asset Allocation Team

U.S. Government Securities

Collateralized Loan

Obligations (CLOs)

Infrastructure Debt

Bank Loans

Global High Yield

Corporate Debt

International Sovereign

Debt

Emerging Markets

Sovereign Debt

Emerging Markets

Corporate Debt

Global Investment-

Grade Corporate

Debt

Asset-Backed

Securities

Commercial Mortgage-

Backed Securities


DoubleLine Fixed Income Investment Process

Investment Outlook

Economic Discussions

w  Asset Allocation Committee holds a monthly meeting. Account reviews and market sector chartbook are evaluated.

w  Fixed Income Asset Allocation portfolio review book contains portfolio characteristics, return analysis, and risk measures.

w  Fixed Income Asset Allocation chartbook graphically depicts historical asset class spreads and relative growth trends in the global fixed income market place.

w  Macro economic group discussion of interest rates, currencies, commodities, yield curve, spread and general fixed income markets analysis.

w  Sectors with opportunities are identified based on the portfolio manager’s assessment of their respective sector’s outlook and sector attractiveness relative to other asset classes.

w  Investment risks are reviewed.

w  The Committee proposes asset allocation changes. The Committee Chairman makes the final asset allocation decision.

w  Sector teams review fund prospectus guidelines and are responsible for security selection.

w  The Asset Allocation Fixed Income team monitors implementation and performs portfolio analytics.

Parameters set by the Subadviser are not a fundamental policy of the Fund and are subject to change at any time.

Implementation


Asset Allocation Framework

The decision to overweight or underweight a sector is determined by the DoubleLine Fixed Income Asset Allocation Committee. The committee’s decision to over/under weight a sector is driven by sector valuation and evolving fundamental conditions.

Quantitative Process Valuation

Qualitative Process Fundamental Conditions

Improving Cheap

Stable Average

Deteriorating Rich

Overweight

Neutral

Underweight


Fund Characteristics Comparison

Core Plus Bond Fund

Min %

Max %

Government 0 100

Investment Grade Credit 0 75

Mortgages 0 75

Asset-Backed Securities/Commercial MBS 0 30

High Yield 0 40

Collateralized Loan Obligations (CLO) 0 20

Bank Loans 0 25

Domestic Markets, Sovereign Debt & FX 0 25

Emerging Markets (USD) 0 30

Benchmark Relative Duration 2 Years 8 Years

Average Credit Quality Objective BB AAA

AMG Managers DoubleLine Core Plus Bond Fund Difference w  Sector allocation ‒  Seeks to move aggressively to reduce exposure to

a vulnerable asset class as part of risk management

‒  Seeks to move aggressively to exploit opportunity

‒  Broader asset class exposure versus the Bloomberg Barclays U.S. Aggregate Bond Index

§  Typical index manager overlaps 90% with index

§  DoubleLine overlap usually less than 50% with index

FX = Foreign Exchange; bps = basis points Characteristics are estimates and may be altered without notice based on economic, market or other conditions. There can be no assurance that targets will be reached. Parameters set by the Subadviser are not a fundamental policy of the Fund and are subject to change at any time.


Bottom-up Security Selection

DoubleLine employs specialized teams for each asset class incorporating their deep experience and research. The portfolio managers decide the purchase of securities within their respective sectors. w  Intensive scenario analysis using a range of interest rate outcomes w  Strong fundamental analysis of credit metrics to determine undervalued securities w  Analysis is not based on unidirectional interest rate bets or driven by a “black-box model”


Risk Management Process

w  DoubleLine employs risk integration –  Through asset allocation monitored by tracking error management

w  DoubleLine avoids traditional derivatives that involve counterparty risk in the Fund –  Due to massive size, some larger managers are forced to use derivatives –  Derivatives generally offer very little incremental return, and possibly even detracts return versus

cash bonds, but may add significant risk to the investor w  DoubleLine does not employ leverage in the Fund


1 AMG Distributors Inc. is not the distributor of the DoubleLine Total Return Bond Fund. This does not constitute an offer to sell or the solicitation of an offer to buy this fund. Sector allocations are subject to change and should not be considered a recommendation to buy or sell any security. Source: DoubleLine Capital LP. As of September 30, 2018.

Portfolio Composition: Core Plus Bond Fund vs. Total Return Fund

U.S. Government (Treasury &

Related) 19.28%

Sovereign Debt 1.85%

Agency MBS/CMO

14.83%

Commercial MBS/CMO

8.07% Residential MBS/

CMO 8.52%

Asset-Backed Security 5.12%

Collateralized Loan Obligations

4.74%

Corporate Investment

Grade Credit 7.92%

Bank Loans 4.22%

High Yield 10.05%

Emerging Markets 10.17%

Municipal Bond 0.12%

Cash 1.47%

Other Sectors 3.64%

Cash 4.41%

Treasury 3.71%

TIPS 1.04%

Agency Passthroughs

21.96%

Agency CMO 24.57%

Non-Agency Residential MBS

26.59%

Commercial MBS

7.98%

Collateralized Loan Obligations

5.79%

Asset-Backed Securities

3.96%

AMG Managers DoubleLine Core Plus Bond Fund DoubleLine Total Return Bond Fund1

FOR INVESTMENT PROFESSIONAL USE ONLY - NOT FOR USE WITH THE GENERAL PUBLIC 16

Investment Team


Biographies

Jeffrey E. Gundlach Chief Executive Officer & Chief Investment Officer Mr. Gundlach is the CEO of DoubleLine. In 2011, he appeared on the cover of Barron’s as “The New Bond King.” In 2013, Institutional Investor named him “Money Manager of the Year.” In 2012, 2015 and 2016, he was named one of “The Fifty Most Influential” in Bloomberg Markets. In 2017, he was inducted into the FIASI Fixed Income Hall of Fame. Mr. Gundlach is a summa cum laude graduate of Dartmouth College, with degrees in Mathematics and Philosophy.

Philip A. Barach President, DoubleLine Capital LP Mr. Barach is co-founder and President of DoubleLine Capital. Mr. Barach is a member of DoubleLine Executive Management. Prior to DoubleLine, Mr. Barach was Co-Founder and Group Managing Director of the TCW Mortgage Group where he spent over 23 years. He has over 32 years of fixed income investment experience. Before joining TCW, Mr. Barach was Senior Vice President of Chief Investments for Sun Life Insurance Company in Los Angeles, where he was responsible for the asset/liability management of the firm and oversight and management of the company’s $5 billion investment portfolio. Previously, he served as Principal Fixed Income Officer for the California Public Employees’ Retirement System (CalPERS), the largest pension plan in the country. In that capacity, he was responsible for managing the fixed income portion of the fund which was 100% internally managed. He attended the Hebrew University of Jerusalem, where he received a BA in International Relations and an MBA in Finance.

18 For Investment Professional Use Only – Not For Use With the General Public

Biographies

Robert Cohen Director, Global Developed Credit Mr. Cohen joined DoubleLine’s Global Developed Credit Group in 2012. He is a Portfolio Manager and the Director of the group and also a permanent member of the Fixed Income Asset Allocation committee. Prior to DoubleLine, he was a Senior Credit Analyst at West Gate Horizons Advisors (and its predecessor ING Capital Advisors) where he worked as an analyst covering bank loans and high yield bonds since 2001. Prior to joining ING, Mr. Cohen was an Assistant Vice President in the Asset Management Group of Union Bank. At Union Bank, Mr. Cohen managed a diversified portfolio of leveraged loans as well as a portfolio of CDO securities. Prior to Union Bank, he was an Associate Director of Corporate and Investment Banking at the Bank of Montreal in their Natural Resources Group. He holds a BA in Economics from the University of Arizona and an MBA from the University of Southern California. He is a CFA charterholder.

Luz Padilla Director, International Fixed Income - Emerging Markets Ms. Padilla joined DoubleLine in 2009 as the Director of the Emerging Markets Group and is the lead Portfolio Manager. Prior to DoubleLine, she was a Managing Director at TCW. She began working at TCW in1994, where she had served in a number of roles of increasing responsibility with the group, including Credit Analyst, Director of Research, Co-Portfolio Manager since December 2001, and lead Portfolio Manager since October 2006. She was involved in all aspects of building and managing TCW’s Emerging Markets Fixed Income business including credit, securitization, trading and marketing. Ms. Padilla attended University of California at Berkeley as a fellow of the Robert A. Toigo Foundation and graduated with an MBA in 1994. Ms. Padilla received her Bachelor’s of Art degree in Economics in 1989 from Stanford University in Palo Alto, California.


Fund Performance and Characteristics


Class I Class N Class Z

Ticker ADLIX ADBLX ADZIX

Net Expense Ratio1 0.70% 0.96% 0.63%

Gross Expense Ratio 0.78% 1.04% 0.71%

Minimum Initial Investment $100,000 $2,000 $5,000,000

Sales load None None None

Inception Date July 18, 2011 July 18, 2011 September 29, 2017

Dividend Frequency Monthly Monthly Monthly

Fund Information

1 The Fund's investment manager has contractually agreed, through at least March 01, 2019, to limit Fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. Please refer to the Fund's prospectus for additional information on the Fund's expenses.

Fund Objective

The Fund seeks to maximize total return. The Fund also seeks to control risk through security selection and by actively managing sector allocations.


Morningstar Rating and Rankings for Class I (ADLIX) as of June 30, 2018

Morningstar® Rankings Based on Total Return

Morningstar RatingTM Based on Risk-Adjusted Returns

OVERALL MORNINGSTAR RATING

Class I 1 Year 3 Years 5 Years

Percentile Rank 16 13 7

# of Funds 1,039 902 796

As 09/30/18, ADBLX was rated 4, 4, and 4 stars for the Overall, 3-, and 5-year periods against 902, 902, and 796 Intermediate-Term Bond funds, respectively. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metric. Morningstar Rating is for the share class indicated only (see ticker); other share classes may have different performance characteristics. The Ranking may reflect the waiver of all or a portion of the fund’s fees. Without such waiver, the Rankings may have been lower. The highest or most favorable Morningstar percentile rank is 1 and the lowest percentile rank is 100. The top-performing fund in a category will always receive a rank of 1. Various rating agencies categorize funds differently. Past performance is no guarantee of future results.


Important Information Regarding This Report Issue selection processes and tools illustrated throughout this presentation are samples and may be modified periodically. Such charts are not the only tools used by the investment teams, are extremely sophisticated, may not always produce the intended results and are not intended for use by non-professionals. DoubleLine has no obligation to provide revised assessments in the event of changed circumstances. While we have gathered this information from sources believed to be reliable, DoubleLine cannot guarantee the accuracy of the information provided. Securities discussed are not recommendations and are presented as examples of issue selection or portfolio management processes. They have been picked for comparison or illustration purposes only. No security presented within is either offered for sale or purchase. DoubleLine reserves the right to change its investment perspective and outlook without notice as market conditions dictate or as additional information becomes available.

Note: The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor’s ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall. Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. The Fund is subject to the risks associated with investments in emerging markets, such as erratic earnings patterns, economic and political instability, changing exchange controls, limitations on repatriation of foreign capital and changes in local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets. To the extent that the Fund invests in asset-backed or mortgage-backed securities, its exposure to prepayment and extension risks may be greater than investments in other fixed income securities. High-yield bonds (also known as “junk bonds”) may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer's continuing ability to make principal and interest payments. The issuers of the Fund's holdings may be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers. Factors unique to the municipal bond market may negatively affect the value in municipal bonds. Obligations of certain government agencies are not backed by the full faith and credit of the U.S. government. If one of these agencies defaulted on a loan, there is no guarantee that the U.S. government would provide financial support. Additionally, debt securities of the U.S. government may be affected by changing interest rates and subject to prepayment risk. Bank loans are subject to the credit risk of nonpayment of principal or interest.

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

Unlike the Fund, the Bloomberg Barclays U.S. Aggregate Bond Index is unmanaged, is not available for investment and does not incur expenses.

Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For this and other information, please call 800.835.3879 or visit amgfunds.com for a free Prospectus. Read it carefully before investing or sending money.

AMG Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC.


Disclosures


AMG Managers DoubleLine Core Plus Bond Fund Class N (ADBLX) | Class I (ADLIX)

September 2018

AMGManagersDoubleLineCorePlusBondFund

ForInvestmentProfessionalUseOnly–NotForUseWiththeGeneralPublic

Seeimportantdisclosuresinthe"Disclosures"sectionstartingonthelastorsecondtolastpageofthissupplement.

QUARTERLYPERFORMANCE(%)ANDEXPENSERATIOSasof09/30/2018InceptionDate 1Mo. PreviousQuarter YTD 1Year 3Years 5years 10Years LifeofFund Gross/NetExpenseRatio(%)

NShareClass(ADBLX) 07/18/2011 -0.17 0.36 -0.86 -0.58 2.29 2.99 - 3.95 1.04/0.96

IShareClass(ADLIX) 07/18/2011 -0.06 0.42 -0.67 -0.32 2.59 3.25 - 4.21 0.78/0.70

ZShareClass(ADZIX) 09/29/2017 -0.14 0.44 -0.70 -0.25 - - - -0.25 0.71/0.63

BloombergBarclaysU.S.AggregateBondIndex - -0.64 0.02 -1.60 -1.22 1.31 2.16 3.77 2.36

Theperformancedatashownrepresentspastperformance.Pastperformanceisnotaguaranteeoffutureresults.Currentperformancemaybelowerorhigherthantheperformancedataquoted.Theinvestmentreturnandtheprincipalvalueofaninvestmentwillfluctuatesothataninvestor'sshares,whenredeemed,maybeworthmoreorlessthantheiroriginalcost.Forperformanceinformationthroughthemostrecentmonthendpleasecall800.835.3879orvisitourwebsiteatamgfunds.com.Fromtimetotime,theadvisorhaswaivedfeesorreimbursedexpenses,whichmayhaveresultedinhigherreturns.ThelistedreturnsoftheFundarenetofexpenses,andthereturnsoftheindicesexcludeexpenses.

TheFund'sInvestmentManagerhascontractuallyagreed,throughatleastMarch1,2019,tolimitfundoperatingexpenses.Thenetexpenseratioreflectsthislimitation,whilethegrossexpenseratiodoesnot.PleaserefertotheFund'sprospectusforadditionalinformationontheFund'sexpenses.

SincetheinceptionoftheClassNshareson07/18/2011.

1

1

CALENDARYEARRETURNS

ShareClass N(ADBLX) ShareClass I(ADLIX)Benchmark:BloombergBarclays U.S.AggregateBondIndex

2012 2013 2014 2015 2016 2017

9.27% -1.73% 6.87% -0.06% 4.11% 4.59%

9.54% -1.57% 7.23% 0.18% 4.37% 4.86%

4.21% -2.02% 5.97% 0.55% 2.65% 3.54%

-10%

0%

10%

■ ADBLX

■ ADLIX

■ Benchmark



MPTSTATISTICS–ADBLX

Benchmark:BloombergBarclaysU.S.AggregateBondIndex

Fund Benchmark Fund Benchmark

1.22 — 1.23 —

2.31 2.62 2.47 2.68

0.64 0.19 1.01 0.62

0.91 — 0.62 —

1.85 — 3.09 —

104.48 — 98.57 —

72.32 — 68.53 —

0.80 — 0.81 —

83.15 — 75.95 —

1.08 — 1.32 —

-2.31 -3.28 -2.31 -3.28

Asof:09/30/2018

3Years 5Years

Alpha

StandardDeviation

SharpeRatio

InformationRatio

TreynorRatio(%)

UpsideCaptureRatio(%)

DownsideCaptureRatio(%)

Beta

R-Squared

TrackingError(%)

MaxDrawdown




PORTFOLIOCHARACTERISTICS(FIXEDINCOME)–ADBLX

Holdings Fund BloombergBarclaysU.S.AggregateBondIndex

FundAssets(Mil.$) $583

NumberofHoldings 780 10112

AverageEffectiveDuration(years) 5.14 6.03

AverageModifiedDuration(years) 5.91 NA

Convexity 0.01 0.36

AverageMaturity(years) 7.76 8.42

YieldtoMaturity 4.58% 3.46%

YieldtoWorst 4.55% 3.46%

CurrentYield 4.67% 3.19%

SEC30-DayYield(%) 3.57%

SEC30-DayYield(%)w/ofee 3.47%

AverageCoupon 3.93% 3.16%

AveragePrice 91.73 99.19

AverageCreditQuality A- AA1/AA2

Trailing12-MonthsPortfolioTurnover 70.57%

%Callable 56.83%

%Non-US 23.38%

AdjustableCoupon 28.83%

StepCoupon 2.09%

ZeroCoupon 0.91%

Asof:09/30/2018




SECTORALLOCATION(FIXEDINCOME)

Thesectorallocationchartrepresentssectorsatleast5%

Portfolioholdingsaresubjecttochangeatanytime.

19.28U.S.Treasury

%

32.36Corporate

%

31.50Mortgage-BackedSecurity

%

9.86Asset-BackedSecurity

%

Sector Fund BloombergBarclaysU.S.AggregateBondIndex

U.S.Agency 0.00% 1.48%

U.S.Treasury 19.28% 38.04%

SovereignDebt 1.86% 4.81%

Developed 0.18% 4.81%

Emerging 1.68% 0.00%

Corporate 32.36% 25.12%

InvestmentGrade 17.65% 25.12%

Developed 12.14% 25.12%


Non-InvestmentGrade&NotRated 14.71% 0.00%

Developed 10.05% 0.00%


Mortgage-BackedSecurity 31.50% 30.03%

AgencyMBS/CMO 14.83% 28.06%

CMBS 8.07% 1.92%

OtherNon-AgencyMBS/CMO 8.60% 0.05%

Asset-BackedSecurity 9.86% 0.51%

MunicipalBond 0.12% 0.00%

PreferredStock 0.00% 0.00%

OtherSectors 3.55% 0.00%

Cash 1.47% 0.00%

Asof:09/30/2018



CREDITALLOCATION

CreditQuality 09/30/2018

Treasury 19.78%

Agency 15.02%

AAA 2.64%

AA 1.99%

A 7.10%

BBB 19.24%

BB 6.78%

B 8.46%

CCC 4.69%

CC 0.00%

C 1.83%

D 0.28%

NotRated 12.21%

Asof:09/30/2018

Portfolioholdingsaresubjecttochangeatanytime.



Portfolioholdingsandcharacteristicsaresubjecttochangeatanytime.

TOP10HOLDINGS(FIXEDINCOME)

FundHoldings Coupon Maturity %ofNetAssets

DoubleLineGlobalBondFund – – 3.51%

FannieMaePoolBC0281Fixed 3.50% Mar2046 1.42%

UnitedStatesTreasuryNote/BondFixed 2.25% Oct2024 1.14%

UnitedStatesTreasuryNote/BondFixed 1.50% Oct2019 1.10%

FannieMaeREMICSFixed 2.00% Aug2042 1.04%

LehmanXSTrustSeries2007-12NFloating – Jul2047 1.02%

UnitedStatesTreasuryNote/BondFixed 1.75% Nov2019 1.02%

UnitedStatesTreasuryNote/BondFixed 2.25% Aug2027 1.01%

UnitedStatesTreasuryNote/BondFixed 1.63% Nov2020 1.00%

RALISeries2006-QO10TrustFloating – Jan2037 0.97%

%inTop10Holdings 13.23%

Asof:09/30/2018



EFFECTIVEMATURITY

Fund

LessThan2Years 9.41%

2to5Years 27.98%

5to10Years 48.71%

10to15Years 3.88%

MoreThan15Years 10.02%

NA 0.00%




DISCLOSURES&GLOSSARY

InvestorsshouldcarefullyconsidertheFund’sinvestmentobjectives,risks,chargesandexpensesbeforeinvesting.Forthisandotherinformation,pleasecall800.835.3879orvisitwww.amgfunds.comforafreeprospectus.Readitcarefullybeforeinvestingorsendingmoney.

Theperformancedatashownrepresentspastperformance.Pastperformanceisnotaguaranteeoffutureresults.Currentperformancemaybelowerorhigherthantheperformancedataquoted.Theinvestmentreturnandtheprincipalvalueofaninvestmentwillfluctuatesothataninvestor’sshares,whenredeemed,maybeworthmoreorlessthantheiroriginalcost.Forperformanceinformationthroughthemostrecentmonthendpleasecall800.835.3879orvisitourwebsiteatwww.amgfunds.com.Fromtimetotime,theadvisorhaswaivedfeesorreimbursedexpenses,whichmayhaveresultedinhigherreturns.ThelistedreturnsandyieldsoftheFundarenetofexpenses,andthereturnsandyieldsoftheindicesexcludeexpenses.

TheFundissubjecttotherisksassociatedwithinvestmentsindebtsecurities,suchasdefaultriskandfluctuationsintheperceptionofthedebtor’sabilitytopayitscreditors.Changinginterestratesmayadverselyaffectthevalueofaninvestment.Anincreaseininterestratestypicallycausesthevalueofbondsandotherfixedincomesecuritiestofall.

Investmentsininternationalsecuritiesaresubjecttocertainrisksofoverseasinvestingincludingcurrencyfluctuationsandchangesinpoliticalandeconomicconditions,whichcouldresultinsignificantmarketfluctuations.

TheFundissubjecttotherisksassociatedwithinvestmentsinemergingmarkets,suchaserraticearningspatterns,economicandpoliticalinstability,changingexchangecontrols,limitationsonrepatriationofforeigncapitalandchangesinlocalgovernmentalattitudestowardprivateinvestment,possiblyleadingtonationalizationorconfiscationofinvestorassets.

TotheextentthattheFundinvestsinasset-backedormortgage-backedsecurities,itsexposuretoprepaymentandextensionrisksmaybegreaterthaninvestmentsinotherfixedincomesecurities.

TheFundmayinvestinderivativessuchasoptionsandfutures;thecomplexityandrapidlychangingstructureofderivativesmarketsmayincreasethepossibilityofmarketlosses.

Bankloansaresubjecttothecreditriskofnonpaymentofprincipalorinterest.

High-yieldbonds(alsoknownas“junkbonds”)maybesubjecttogreaterlevelsofinterestrate,credit,andliquidityriskthaninvestmentsinhigherratedsecurities.Thesesecuritiesareconsideredpredominantlyspeculativewithrespecttotheissuer'scontinuingabilitytomakeprincipalandinterestpayments.TheissuersoftheFund'sholdingsmaybeinvolvedinbankruptcyproceedings,reorganizations,orfinancialrestructurings,andarenotasstrongfinanciallyashigher-ratedissuers.

Factorsuniquetothemunicipalbondmarketmaynegativelyaffectthevalueinmunicipalbonds.

ObligationsofcertaingovernmentagenciesarenotbackedbythefullfaithandcreditoftheU.S.government.Ifoneoftheseagenciesdefaultedonaloan,thereisnoguaranteethattheU.S.governmentwouldprovidefinancialsupport.Additionally,debtsecuritiesoftheU.S.governmentmaybeaffectedbychanginginterestratesandsubjecttoprepaymentrisk.

TopTenHoldings:Mentionofaspecificsecurityshouldnotbeconsideredarecommendationtobuyorsolicitationtosellthatsecurity.

FutureHoldingsRisk:Anysectors,industriesorsecuritiesdiscussedshouldnotbeperceivedasinvestmentrecommendations.TheviewsexpressedrepresenttheopinionsofAMGFundsLLCandarenotintendedasaforecastorguaranteeoffutureresults.Anysecuritiesdiscussedmaynolongerbeheldinanaccount’sportfolio.Bothcurrentandfutureportfolioholdingsaresubjecttorisk.Itshouldnotbeassumedthatanyofthesecuritiestransactionsdiscussedwereorwillprovetobeprofitable,orthattheinvestmentrecommendationswemakeinthefuturewillbeprofitable.

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DataSources:BoNY,FactSet,BloombergandICEDataAnalytics.

TheBloombergBarclaysU.S.AggregateBondIndexrepresentssecuritiesthatareSEC-registered,taxable,anddollardenominated.TheindexcoverstheU.S.investmentgradefixedratebondmarket,withindexcomponentsforgovernmentandcorporatesecurities,mortgagepass-throughsecurities,andasset-backedsecurities.UnliketheFund,theBloombergBarclaysU.S.AggregateBondIndexisunmanaged,isnotavailableforinvestmentanddoesnotincurexpenses.

AMGFundsaredistributedbyAMGDistributors,Inc.,amemberofFINRA/SIPC.

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