AMG Funds FINANCIAL MANAGEMENT

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1 AMG Funds AMG Funds is a wholly owned subsidiary and the U.S. retail distribution arm of Affiliated Managers Group, Inc. (AMG). AMG is a global asset management company with over 20 years of successful equity investments in leading boutique investment management firms. AMG Funds provides access to many of AMG s Affiliates through our family of mutual funds, separately managed accounts, alternative funds and assetallocation products. In addition, we oversee and distribute a number of complementary mutual funds subadvised by unaffiliated investment managers. This broad range of investment products allows us to serve the needs of the financial advisor community and their clients, institutional investors and direct shareholders. FINANCIAL MANAGEMENT

2 AMG Affiliate Investment Managers Chicago Equity Partners, LLC Chicago Equity Partners is a multi-asset class investment firm that delivers fundamentally oriented investment solutions to sophisticated institutional investors. The Firm employs a timetested investment process in the management of equity and fixed income portfolios that takes into account client expectations of risk and return. Founded:989 Headquarters: Chicago, Illinois AUM: $9.6 billion Specialization: Equity and fixed income teams that work together under one roof to help clients achieve their specific goals AMG Affiliate: Since 2006 Subadvisor of: AMG Chicago Equity Partners Balanced Fund (MBEYX) AMG Chicago Equity Partners Small-Cap Value (CESIX) First Quadrant, L.P. First Quadrant (FQ) is an innovative investment management boutique recognized for excellence in dynamic asset-allocation and equity strategies. FQ employs a systematic, theorybased investment process and serves a global, institutional client base. Founded:988 Headquarters: Pasadena, California AUM: $23. billion Specialization: Offers strategies in three main areas including optimal beta, diversified alpha and total return solutions AMG Affiliate: Since 996 Subadvisor of: AMG FQ Global Risk-Balanced Fund (MMAFX) AMG FQ Tax-Managed U.S. Equity Fund (MFQTX) AMG FQ U.S. Equity Fund (MEQFX) Frontier Capital Management Co., LLC Frontier is a boutique investment firm dedicated to providing superior investment management to institutional and individual clients. Through a disciplined, research-driven process, Frontier identifies companies on a bottom-up basis that it believes have the potential to produce above-average returns. Founded:980 AUM: $4.4 billion Specialization: Small, small/mid, mid and all-cap U.S. equity strategies AMG Affiliate: Since 2000 Subadvisor of: AMG Frontier Small Cap Growth Fund (MSSCX) 2 GW&K Investment Management GW&K is a dynamic investment management firm that offers active equity and fixed income investment solutions to help meet the needs of a diverse client base. GW&K s founding principles of applying rigorous fundamental research, focusing on quality and maintaining a long-term view still guide its investment process today. Founded:974 AUM: $25.4 billion Specialization: Active, research-intensive municipal bond strategies, as well as taxable bond and equity strategies AMG Affiliate: Since 2008 Subadvisor of: AMG GW&K Municipal Bond Fund (GWMIX) 3 AMG GW&K Municipal Enhanced Yield Fund (GWMEX) AMG GW&K Small Cap Core Fund (GWETX) 2, 3 AMG GW&K Enhanced Core Bond Fund (MFDYX) 3 AMG GW&K Core Bond Fund (MBDFX) AMG GW&K Small Cap Growth Fund (GWGIX) As of June 30, The Fund is closed to new investors subject to limited circumstances as enumerated in the Fund s prospectus. 3 Also available as a Separately Managed Account

3 AMG Affiliate Investment Managers Renaissance Investment Management Renaissance is a registered investment advisor that provides investment management services for a variety of clients including high-net-worth, institutional and sub-advisory relationships. Renaissance s dynamic investment approach seeks to identify growth opportunities in all market environments. Founded:978 Headquarters: Cincinnati, Ohio AUM: $4.4 billion Specialization: Growth equity investing AMG Affiliate: Since 995 Subadvisor of: AMG Renaissance Large Cap Growth Fund (MRLIX) 2 AMG Renaissance International Equity Fund (RIELX) 2 SouthernSun Asset Management, LLC SouthernSun is an investment management firm implementing Small Cap, SMID Cap and Global Equity investment strategies. SouthernSun utilizes a research-driven, value-oriented approach, seeking companies that demonstrate financial strength, management capability and niche dominance. Founded:989 Headquarters: Memphis, Tennessee AUM: $6.0 billion Specialization: Small, SMID and global value-oriented equity strategies AMG Affiliate: Since 204 Subadvisor of: AMG SouthernSun Small Cap Fund (SSSIX) 3 AMG SouthernSun U.S. Equity Fund (SSEIX) FINANCIAL MANAGEMENT Systematic Financial Management, L.P. Systematic is as a registered investment advisor specializing in the management of value equity portfolios throughout the market capitalization spectrum. The Firm s value investment strategies unify what Systematic believes to be the best attributes of quantitative and fundamental research in an integrated, robust and repeatable process. Founded:982 Headquarters: Teaneck, New Jersey AUM: $2.0 billion Specialization: Broad equity offerings that span the market capitalization spectrum AMG Affiliate: Since 995 Subadvisor of: AMG Systematic Mid Cap Value Fund (SYIMX) 2 AMG Systematic Large Cap Value Fund (MSYSX) 2 As of June 30, Also available as a Separately Managed Account 3 The Fund is closed to new investors subject to limited circumstances as enumerated in the Fund s prospectus

4 AMG Affiliate Investment Managers TimesSquare Capital Management, LLC TimesSquare is a fundamental research-oriented equity investment management firm specializing in growth equity strategies for institutional investors. Proprietary fundamental research drives the Firm s unique, disciplined bottom-up process of selecting companies that meet its definition of a superior growth business. Founded:984 Headquarters: New York, New York AUM: $9.5 billion Specialization: Growth equity investing AMG Affiliate: Since 2004 Subadvisor of: AMG TimesSquare All Cap Growth Fund (MTGIX) AMG TimesSquare Mid Cap Growth Fund (TMDIX) 2 AMG TimesSquare Small Cap Growth Fund (TSCIX) 2 AMG TimesSquare International Small Cap Fund (TCMIX) Trilogy Global Advisors, LP Trilogy is a high-quality investment boutique with a growth-oriented investment style. As researchdriven investors, Trilogy has a unique riskmanagement discipline based on evaluating the upside potential versus the downside risk of each security it owns. Founded: 999 Headquarters: New York, New York AUM: $.7 billion Specialization: Strategies span the globe, from emerging to developed markets, and all market capitalizations AMG Affiliate: Since 200 Subadvisor of: AMG Trilogy Emerging Markets Equity Fund (TLEIX) 3 AMG Trilogy Global Equity Fund (TLGIX) 3 AMG Trilogy International Small Cap Fund (TLSIX) 3 AMG Trilogy Emerging Wealth Equity Fund (TYWIX) Yacktman Asset Management LP Yacktman is a boutique investment advisory firm that has a history of serving long-term oriented investors. Yacktman utilizes a disciplined investment strategy, buying growth companies at what it believes to be low prices. This approach combines what Yacktman believes to be the best features of growth and value investing. Founded:992 Headquarters: Austin, Texas AUM: $24.0 billion Specialization: Value equity investing AMG Affiliate: Since 202 Subadvisor of: AMG Yacktman Focused Fund (YAFFX) AMG Yacktman Fund (YACKX) AMG Yacktman Special Opportunities Fund (YASSX) As of June 30, The Fund is closed to new investors subject to limited circumstances as enumerated in the Fund s prospectus. 3 Also available as a Separately Managed Account

5 Unaffiliated Mutual Fund Subadvisors AMG Managers Intermediate Duration Government Fund (MGIDX) AMG Managers Short Duration Government Fund (MGSDX) Firm: Amundi Smith Breeden LLC Founded: 982 Headquarters: Durham, North Carolina Investment Style: Fixed income investing with a focus on the U.S. mortgage market and agency mortgage-backed securities Fund Subadvisor: MGIDX since 992 MGSDX since 992 C A P I T A L M A N A G E M E N T AMG Managers Cadence Capital Appreciation Fund (MPCIX) AMG Managers Cadence Emerging Companies Fund (MECIX) AMG Managers Cadence Mid Cap Fund (MCMFX) Firm: Cadence Capital Management, LLC Founded:988 Investment Style: Growth equity investing Fund Subadvisor: MPCIX since 99 MECIX since 993 MCMFX since 99 AMG Managers Real Estate Securities Fund (MRESX) Firm: CenterSquare Investment Management, Inc. Founded: 987 Headquarters: Plymouth Meeting, Pennsylvania Investment Style: Public, private, global and U.S. real estate investing Fund Subadvisor: Since 2004 AMG Managers Essex Small/Micro Cap Growth Fund (MBRSX) Firm: Essex Investment Management Company, LLC Founded: 976 Investment Style: Growth equity investing Fund Subadvisor: Since

6 Unaffiliated Mutual Fund Subadvisors AMG Managers Brandywine Advisors Mid Cap Growth Fund (BWAFX) AMG Managers Brandywine Blue Fund (BLUEX) AMG Managers Brandywine Fund (BRWIX) Firm: Friess Associates, LLC Founded: 974 Headquarters: Greenville, Delaware Investment Style: Growth equity investing Fund Subadvisor: BWAFX since 203, but managed since 2000 BLUEX since 203, but managed since 99 BRWIX since 203, but managed since 985 AMG Managers High Yield Fund (MHHAX) Firm: J.P. Morgan Investment Management Inc. Founded: 935 Headquarters: New York, New York Investment Style: Provides investment solutions across all asset classes Fund Subadvisor: Since 2004 AMG Managers Bond Fund (MGFIX) AMG Managers Global Income Opportunity Fund (MGGBX) Firm: Loomis, Sayles & Company, L.P. Founded: 926 Investment Style: Equity, fixed income, global, alternative and multi-asset investing Fund Subadvisor: MGFIX since 984 MGGBX since 2002 AMG Managers Skyline Special Equities Fund (SKSEX) Firm: Skyline Asset Management, L.P. Founded: 995 Headquarters: Chicago, Illinois Investment Style: Small-cap value investing Fund Subadvisor: Since 995 The Fund is closed to new investors subject to limited circumstances as enumerated in the Fund s prospectus

7 Unaffiliated Mutual Fund Subadvisors AMG Managers Special Equity Fund (MGSEX) Firms: Federated MDTA LLC subadvisor since September, 2008 Lord, Abbett & Co. LLC subadvisor since December, 2007 Ranger Investment Management L.P. subadvisor since September, 2008 Smith Asset Management Group, L.P. subadvisor since March, 200 AMG Managers Emerging Opportunities Fund (MIMFX) Firms: Next Century Growth Investors LLC subadvisor since December, 2007 Lord, Abbett & Co. LLC subadvisor since December, 2007 WEDGE Capital Management L.L.P. subadvisor since December, 2007 RBC Global Asset Management (U.S.) Inc. subadvisor since December, 2009 Alternative Investment Managers Pantheon Pantheon is a leading global private equity fund investor and has been investing in private market assets for over 30 years. Pantheon manages global primary, secondary, co-investment and infrastructure private equity programs including many customized separate accounts. Founded:982 Headquarters: London, England AUM: $30.8 billion Specialization: Private equity investing AMG Affiliate: Since 200 As of March 3, 205. This figure includes assets subject to discretionary or non-discretionary management, advice or those limited to a reporting function

8 DISCLOSURES Investors should carefully consider the Fund s investment objectives, risks, charges and expenses before investing. For this and other information, please call or visit to download a free prospectus. Read it carefully before investing or sending money. Funds are distributed by AMG Distributors, Inc., a member of FINRA/SIPC. Investing involves risk, including loss of principal. Diversification does not protect against a loss in declining markets. CPT05-085