AMG Managers Fairpointe ESG Equity Fund Class N (AFPTX) Class I (AFFEX) June 2018

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1 Class N (AFPTX) Class I (AFFEX) June 2018 FOR INVESTMENT PROFESSIONAL USE ONLY NOT FOR DISTRIBUTION TO OR USE WITH THE GENERAL PUBLIC

2 QUARTERLY PERFORMANCE () AND EXPENSE RATIOS as of 09/30/2018 Inception Date 1 Mo. Previous Quarter YTD 1 Year 3 Years 5 years 10 Years Life of Fund Gross/Net Expense Ratio () N Share Class (AFPTX) 12/24/ /1.12 I Share Class (AFFEX) 12/24/ /0.90 Russell 1000 Index The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns of the Fund are net of expenses, and the returns of the indices exclude expenses. The Fund's Investment Manager has contractually agreed, through at least March 1, 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. 1Since the inception of the Class N shares on 12/24/2014. CALENDAR YEAR RETURNS AFPTX AFFEX Benchmark Share Class N (AFPTX) Share Class I (AFFEX) Benchmark: Russell 1000 Index See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.

3 MPT STATISTICS AFPTX Benchmark: Russell 1000 Index 3 Years Fund Benchmark Alpha Standard Deviation Sharpe Ratio Information Ratio Treynor Ratio () Upside Capture Ratio () Downside Capture Ratio () Beta R-Squared Tracking Error () Max Drawdown See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.

4 SECTOR ALLOCATION (EQUITY) Sector Fund Russell 1000 Index Information Technology Communication Services Industrials Industrials Consumer Staples Information Technology Health Care Financials Consumer Discretionary Energy Consumer Staples Materials Real Estate Communication Services Health Care Utilities Other Equities Cash & Other The sector allocation chart represents sectors at least 5 Portfolio holdings are subject to change at any time.

5 TOP 10 INDUSTRIES VS BENCHMARK Industry Fund Russell 1000 Index Media Food Products IT Services Health Care Equipment & Supplies Machinery Semiconductors & Semiconductor Equipment Communications Equipment Capital Markets Health Care Providers & Services Energy Equipment & Services in Top 10 Industries Portfolio holdings are subject to change at any time.

6 PORTFOLIO CHARACTERISTICS (EQUITY) Holdings Fund Russell 1000 Index Fund Assets (Mil.$) $12 Number of Holdings Weighted Avg. Market Cap (Mil.$) $26,913 $223,875 Median Market Cap (Mil.$) $10,186 $11,074 Weighted Avg. P/E (1-yr Forward EPS) Weighted Avg. P/E (Trailing EPS) PEG Ratio Weighted Avg. P/B EPS Growth (Trailing 3-yr ) EPS Growth (Trailing 5-yr ) Forward EPS Growth (1-yr ) Forward EPS Growth (Long Term ) Revenue Growth (Trailing 5-yr ) Return on Equity Weighted Avg. Dividend Yield Debt to Equity Trailing 12-Months Portfolio Turnover See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.

7 TOP HOLDINGS (EQUITY) TOP 10 CONTRIBUTORS TOP 10 DETRACTORS McDermott International Inc 4.09 Fund Holdings Avg. Weight Total Return Fund Holdings Avg. Weight Total Return Scholastic Corp 3.98 Wabtec Corp 3.97 Meredith Corp 3.89 Juniper Networks Inc 3.87 TEGNA Inc 3.81 Dean Foods Co 3.65 QUALCOMM Inc 3.65 International Business Machines Corp 3.45 Molson Coors Brewing Co, Class B 3.39 in Top 10 Holdings QUALCOMM Incorporated Juniper Networks, Inc TEGNA, Inc Bristol-Myers Squibb Company International Business Machines Corporation Westinghouse Air Brake Technologies Corporation Patterson Companies, Inc Tractor Supply Company Scholastic Corporation Hormel Foods Corporation Dean Foods Company General Electric Company Varex Imaging Corporation McDermott International, Inc Molson Coors Brewing Company Class B Cree, Inc Legg Mason, Inc Owens Corning Mattel, Inc WPP Plc Sponsored ADR Portfolio holdings and characteristics are subject to change at any time. The Top 10 Contributors and Top 10 Detractors are determined based on the stock's contribution to the Fund's return during the specified quarter.

8 MARKET CAP Market Cap Fund Russell 1000 Index Market Cap ($mm) 0-1, Market Cap ($mm) 1,000-1, Market Cap ($mm) 1,500-2, Market Cap ($mm) 2,500-5, Market Cap ($mm) 5,000-10, Market Cap ($mm) 10,000-25, Market Cap ($mm) 25,000-50, Market Cap ($mm) 50, , Market Cap ($mm) 100, , Market Cap ($mm) 200,

9 DISCLOSURES & GLOSSARY Prior to October 1, 2017, the Fund was known as the AMG Managers Fairpointe Focused Equity Fund and had different principal investment strategies and risks. Investors should carefully consider the Fund s investment objectives, risks, charges and expenses before investing. For this and other information, please call or visit for a free prospectus. Read it carefully before investing or sending money. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call or visit our website at From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies. The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products. 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 invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time. A greater percentage of the Fund's holdings may be focused in a smaller number of securities which may place the Fund at greater risk than a more diversified fund. The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks given periods. Applying the Fund's ESG investment criteria may result in the selection or exclusion of securities of certain issuers for reasons other than performance, and the Fund may underperform funds that do not utilize an ESG investment strategy. The application of this strategy may affect the Fund's exposure to certain companies, sectors, regions, countries or types of investments, which could negatively impact the Fund's performance depending on whether such investments are in or out of favor. Applying ESG criteria to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria utilized by the Subadviser or any judgment exercised by the Subadviser will reflect the beliefs or values of any particular investor. 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. Unlike the Fund, the Russell 1000 Index is unmanaged, is not available for investment and does not incur expenses. AMG Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC PT560-SUP