Strategy And Objective

The AMG Yacktman Focused Fund s (the Fund ) investment objective is to seek long-term capital appreciation and, to a lesser extent, current income. The Fund invests primarily in domestic and foreign equity securities. The Fund s investments in foreign equity securities may include emerging market securities. The Fund also may invest in debt securities. The Fund s investments in equity securities may include common stocks, preferred stocks, convertible preferred stocks, warrants, options and American Depositary Receipts ( ADRs ). Some, but not all, of the equity securities will pay a dividend. The Fund s investments in debt securities may include U.S. Treasury notes and bonds, investment grade corporate debt securities, convertible debt securities and debt securities below investment grade (high yield or junk bonds). The Fund may invest up to 20% of its assets in such debt securities, including junk bonds, in any proportion provided that the total invested does not exceed the 20% threshold at the time of investment. For hedging and investment purposes, the Fund may engage in short sales of securities, including short sales of securities the Fund does not own.