AMG River Road Dividend All Cap Value Fund Class N (ARDEX) Class I (ARIDX) Class I (ARZDX) September 2018

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1 AMG River Road Dividend All Cap Value Fund Class N (ARDEX) Class I (ARIDX) Class I (ARZDX) September 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 (ARDEX) 06/28/ /1.12 I Share Class (ARIDX) 06/28/ /0.87 Z Share Class (ARZDX) 09/29/ /0.80 Russell 3000 Value 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. 1 Since the inception of the Class N shares on 06/28/2005. CALENDAR YEAR RETURNS Previous 10 years ending 12/31/ ARDEX ARIDX Benchmark Share Class N (ARDEX) Share Class I (ARIDX) Benchmark: Russell 3000 Value Index See important disclosures in the "Disclosures" section starting on the last or second to last page of this supplement.

3 MPT STATISTICS ARDEX Benchmark: Russell 3000 Value Index 3 Years 5 Years 10 Years Fund Benchmark Fund Benchmark 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 3000 Value Index Financials Industrials Financials Consumer Staples 9.73 Communication Services Energy Consumer Staples Communication Services Real Estate Information Technology Consumer Discretionary Industrials 9.65 Real Estate 8.41 Consumer Discretionary Materials Utilities Health Care Other Equities Cash & Other Energy 9.23 Information Technology 5.09 Materials 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 3000 Value Index Oil, Gas & Consumable Fuels Banks Equity Real Estate Investment Trusts (REITs) Media Chemicals Trading Companies & Distributors Hotels, Restaurants & Leisure Food & Staples Retailing Insurance Semiconductors & Semiconductor Equipment in Top 10 Industries Portfolio holdings are subject to change at any time.

6 PORTFOLIO CHARACTERISTICS (EQUITY) Holdings Fund Russell 3000 Value Index Fund Assets (Mil.$) $897 Number of Holdings Weighted Avg. Market Cap (Mil.$) $65,395 $116,988 Median Market Cap (Mil.$) $32,145 $1,777 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 SEC 30-Day Yield () 2.52 SEC 30-Day Yield () w/o fee 2.52 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 Marathon Petroleum Corp 3.21 Fund Holdings Avg. Weight Total Return Fund Holdings Avg. Weight Total Return Fastenal Co 3.15 US Bancorp 2.91 Target Corp 2.90 Corning Inc 2.84 BB&T Corp 2.71 Praxair Inc 2.63 Iron Mountain Inc 2.51 Walmart Inc 2.18 Cisco Systems Inc 2.16 in Top 10 Holdings Corning Inc Fastenal Company QUALCOMM Incorporated Target Corporation Marathon Petroleum Corporation Union Pacific Corporation Cisco Systems, Inc Cinemark Holdings, Inc Walgreens Boots Alliance Inc Amgen Inc Cedar Fair, L.P Omnicom Group Inc Kraft Heinz Company Polaris Industries Inc Weyerhaeuser Company Extended Stay America, Inc Coty Inc. Class A GEO Group Inc Nielsen Holdings Plc BB&T Corporation 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 3000 Value 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 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. An issuer of a security may be unwilling or unable to pay income on a security. Common stocks do not assure dividend payments and are paid only when declared by an issuer s board of directors. 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 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 special risk considerations similar to those associated with the direct ownership of real estate. Real estate valuations may be subject to factors such as changing general and local economic, financial, competitive, and environmental conditions. 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. 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. Top Ten Holdings: Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Future Holdings Risk: Any sectors, industries or securities discussed should not be perceived as investment recommendations. The views expressed represent the opinions of AMG Funds LLC and are not intended as a forecast or guarantee of future results. Any securities discussed may no longer be held in an account s portfolio. Both current and future portfolio holdings are subject to risk. It should not be assumed that any of the securities transactions discussed were or will prove to be profitable, or that the investment recommendations we make in the future will be profitable. Data Sources: BoNY, FactSet, Bloomberg and ICE Data Analytics. The Russell 3000 Value Index measures the performance of the broad value segment of the U.S. equity universe. It includes those Russell 3,000 companies with lower price-to-book ratios and lower forecasted growth values. The Index reflects no deduction of fees, expenses, or taxes. AMG Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC PT586-SUP