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AMG Yacktman Focused Fund – Security Selection Only changes

TheShadowTheShadow
in Fund Discussions
https://www.sec.gov/Archives/edgar/data/1089951/000119312521200586/d578063d497k.htm

(see link for table)

497K 1 d578063d497k.htm AMG FUNDS
Filed pursuant to 497(k)

File Nos. 333-84639 and 811-09521

AMG FUNDS

AMG Yacktman Focused Fund – Security Selection Only

Supplement dated June 25, 2021 to the Summary Prospectus, dated May 1, 2021

The following information supplements and supersedes any information to the contrary relating to AMG Yacktman Focused Fund – Security Selection Only (the “Fund”), a series of AMG Funds (the “Trust”), contained in the Fund’s Summary Prospectus (the “Summary Prospectus”), dated as noted above.

At a meeting held on June 23, 2021 (the “Meeting”), the Trust’s Board of Trustees (the “Board”) approved the following changes for the Fund, all of which will be implemented on July 1, 2021 (the “Implementation Date”): (i) the Fund will change its name from AMG Yacktman Focused Fund – Security Selection Only to AMG Yacktman Global Fund; (ii) the Fund will change its principal investment strategies; and (iii) the Fund will replace its primary benchmark index with the MSCI World Index and remove its secondary benchmark index.

The Board also approved the following fee changes for the Fund, all of which will be implemented on the Implementation Date and will result in the overall reduction of the Fund’s net expenses ratios as compared with the Fund’s current fee structure: (i) the management fee for the Fund will be reduced from 0.87% to 0.71%; and (ii) the Fund’s existing contractual expense limitation agreement with AMG Funds LLC (“AMGF”) will be replaced with a new contractual expense limitation agreement with AMGF pursuant to which AMGF will agree, through at least May 1, 2023, to limit total annual operating expenses (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses, and extraordinary expenses) of the Fund to the annual rate of 0.93% of the Fund’s average daily net assets, subject to later reimbursement by the Fund in certain circumstances. AMGF pays a portion of the management fee to the Fund’s subadviser for its services...

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