# AdvisorOne - Alternatives Myth-Busting: Can Alts Dampen Risk?

Alternatives Myth-Busting: Can Alts Dampen Risk?

Rick Lake, portfolio manager of the ASTON/Lake Partners LASSO Alternatives Fund discusses Alternative investing at a recent Alternative Roundtable panel discussion in New York City.

Aston Funds has no editorial control over the content of the interview, subject matter, and timing of the interview and is independent of *AdvisorOne,* Direxion and Salient Partners Cogent Research and Natixis Global Asset Management. Opinions are as of the date of the panel discussion and are subject to change at any time based on market or other conditions.

Annualized Total Returns | ||||
---|---|---|---|---|

as of June 30, 2013 | 1 Year | 3 Year | Since Inception | Inception Date |

ASTON/Lake Partners LASSO Alternatives Fund I Class | 8.91% | 6.85% | 7.84% | 4/1/2009 |

ASTON/Lake Partners LASSO Alternatives Fund N Class | 8.64% | 6.62% | 5.02% | 3/3/2010 |

HFRX Equity Hedge Index | 7.90% | -0.12% | 1.67% | 4/1/2009 |

Morningstar Multialternative Category | 3.08% | 3.26% | 5.78% | 4/1/2009 |

As of 9/30/2012, the ASTON/Lake Partners LASSO Alternatives Fund I class returned 9.60% for the one year and 7.65% since inception. The N class returned 9.37% for the one year and 4.04% since inception*.*

*The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, upon redemption, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent month-end, please visit our website at **www.astonfunds.com**. The Class I gross expense ratio is 3.06%, the net expense ratio after deducting acquired fund fees and expenses is 1.20%**.The Class N gross expense ratio is 3.31%, the net expense ratio after deduction acquired fund fees and expenses is 1.45%.The Adviser is contractually obligated to waive management fees and/or reimburse ordinary expense through February 28, 2014. The Fund’s net expense ratio excludes acquired fund fees and expenses of 1.86%. *

The **Morningstar Multialternative Category **figures allow for a direct comparison of a fund’s performance within its Morningstar Category.

The **HFRX Equity Hedge Index** is an unmanaged Index designed to measure daily performance representative of long-short equity hedge funds. Source: Hedge Fund Research, Inc. (HFR). Indices are adjusted for the reinvestment of capital gains and income dividends. Individuals may not invest in an index.

Note: The Fund also incurs the risks of the underlying funds it invests in. Potential risks include the use of aggressive investment techniques and instruments such as options and futures, derivatives, commodities, credit-risk, and short-sales that taken alone are generally considered riskier than conventional market strategies. Use of these aggressive investment techniques may expose an underlying fund to potentially dramatic changes (losses) in the value of its portfolio. Short sales may involve the risk that an underlying fund will incur a loss by subsequently buying a security at a higher price than the price at which the fund previously sold the security short. Volatility is found by calculating the annualized standard deviation of daily change in price. Drawdown helps to determine the peak-to-trough decline during a specific period of an investment quoted as the percentage between the peak the trough. Stop loss guidelines are designed to limit an investor’s loss on a security position. It is a practice of selling a security when it reaches a certain price. **Beta** is a measure of risk which shows a fund’s volatility relative to its benchmark index. **Alpha** measures the difference between a fund’s actual returns and its expected performance, given its level of risk.

Parameters set by the Subadviser are not a fundamental policy of the Fund and are subject to change at any time.

*Before investing, carefully consider the fund’s investment objectives, risks, charges and expenses. Contact 800-992-8151 for a prospectus or a summary prospectus containing this and other information. Read it carefully. *

*Aston Funds are distributed by Foreside Funds Distributors LLC.*

**The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares upon redemption may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent quarter-end, please click on the Quarterly Performance link at the top of the page.**

**For periods less than one-year, total returns are reported; for periods more than one-year, average annual total returns are reported.**

**(1) Certain expenses were subsidized. If these subsidies were not in effect, the returns would have been lower. The adviser is contractually obligated to waive management fees and/or reimburse expenses through February 28, 2017.**

**(2) Net expense ratio excludes acquired fund fees. For the ASTON/Lake Partners LASSO Alternatives Fund, the net expense ratio excludes acquired fund fees and expenses of 1.30% and dividend and interest expense on short sales of 0.48% for both the N and I class, respectively.**

**(3) Voluntary fee waivers are applied and can be terminated by the adviser at any time.**

**(4) There is a redemption fee of 2% (as a percentage of the amount redeemed) on shares that are sold or exchanged within 90 calendar days of purchase.**

**(5) The total operating expenses are 2.93% for Class-N and 2.68% for Class-I. Total operating expenses includes dividend and interest expense on short sales of 1.19% and acquired fund fees of 0.04%, which are not included in the net expense ratio.**

As of: 9/30/2016 | Class | Ticker | NAV | % Change | YTD | Net Assets |
---|---|---|---|---|---|---|

Large Cap | ||||||

ASTON/Cornerstone Large Cap Value^{2} | N (RVALX) | RVALX | 13.21 | 0.00 | 3.35 | $8,888,614.00 |

I (AAVIX) | AAVIX | 13.15 | 0.00 | 3.53 | $6,265,144.17 | |

Total: | $15,153,758.17 | |||||

ASTON/Fairpointe Focused Equity | N (AFPTX) | AFPTX | 10.02 | 1.21 | 14.78 | $2,429,930.96 |

I (AFFEX) | AFFEX | 10.04 | 1.11 | 15.01 | $4,837,338.15 | |

Total: | $7,267,269.11 | |||||

ASTON/Herndon Large Cap Value^{1,2} | N (AALIX) | AALIX | 11.09 | 0.00 | 2.24 | $4,706,668.91 |

I (AHRNX) | AHRNX | 11.03 | 0.00 | 2.41 | $38,420,613.49 | |

Total: | $43,127,282.40 | |||||

ASTON/Montag & Caldwell Growth^{2} | N (MCGFX) | MCGFX | 19.90 | 0.66 | -0.35 | $544,559,647.79 |

I (MCGIX) | MCGIX | 20.03 | 0.65 | -0.20 | $864,741,707.93 | |

R (MCRGX) | MCRGX | 19.47 | 0.62 | -0.56 | $5,639,093.60 | |

Total: | $1,414,940,449.32 | |||||

ASTON/River Road Dividend All Cap Value II^{2} | N (ADVTX) | ADVTX | 13.84 | 0.69 | 12.40 | $3,339,389.44 |

I (ADIVX) | ADIVX | 13.85 | 0.71 | 12.69 | $117,428,678.33 | |

Total: | $120,768,067.77 | |||||

AMG Managers Cadence Capital Appreciation Fund | Inst (MPCIX) | MPCIX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (MPAFX) | MPAFX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (MCFYX) | MCFYX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Renaissance Large Cap Growth Fund | Inst (MRLIX) | MRLIX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (MRLTX) | MRLTX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (MRLSX) | MRLSX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Systematic Large Cap Value Fund | Inst (MSYSX) | MSYSX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (MSYAX) | MSYAX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Yacktman Focused Fund | Inst (YAFIX) | YAFIX | 0.00 | 0.00 | 0.00 | $0.00 |

Service (YAFFX) | YAFFX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

As of: 9/30/2016 | Class | Ticker | NAV | % Change | YTD | Net Assets |

Mid Cap | ||||||

ASTON/Fairpointe Mid Cap^{2} | N (CHTTX) | CHTTX | 37.65 | 1.10 | 9.67 | $1,446,487,425.11 |

I (ABMIX) | ABMIX | 38.56 | 1.10 | 9.86 | $2,154,666,514.35 | |

Total: | $3,601,153,939.46 | |||||

ASTON/Montag & Caldwell Mid Cap Growth^{1,2} | N (AMCMX) | AMCMX | 10.52 | 1.06 | 2.73 | $4,354,418.73 |

I (AMMCX) | AMMCX | 10.59 | 1.05 | 2.92 | $4,115,186.86 | |

Total: | $8,469,605.59 | |||||

AMG Managers Cadence Mid Cap Fund | Inst (MCMFX) | MCMFX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (MCMAX) | MCMAX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (MCMYX) | MCMYX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG SouthernSun U.S. Equity Fund | C (SSECX) | SSECX | 0.00 | 0.00 | 0.00 | $0.00 |

Inst (SSEIX) | SSEIX | 0.00 | 0.00 | 0.00 | $0.00 | |

Investor (SSEFX) | SSEFX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Systematic Mid Cap Value Fund | Inst (SYIMX) | SYIMX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (SYAMX) | SYAMX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (SYCSX) | SYCSX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG TimesSquare Mid Cap Growth Fund | Inst (TMDIX) | TMDIX | 0.00 | 0.00 | 0.00 | $0.00 |

Premier (TMDPX) | TMDPX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

As of: 9/30/2016 | Class | Ticker | NAV | % Change | YTD | Net Assets |

Small and Micro-Cap | ||||||

ASTON/LMCG Small Cap Growth^{1,2} | N (ACWDX) | ACWDX | 13.11 | 1.00 | -7.68 | $62,729,045.26 |

I (ACWIX) | ACWIX | 13.29 | 0.99 | -7.45 | $62,714,173.00 | |

Total: | $125,443,218.26 | |||||

ASTON/River Road Select Value^{2} | N (ARSMX) | ARSMX | 7.20 | 0.98 | 15.38 | $5,046,545.46 |

I (ARIMX) | ARIMX | 7.33 | 1.10 | 15.80 | $35,959,735.75 | |

Total: | $41,006,281.21 | |||||

ASTON/River Road Small Cap Value^{2} | N (ARSVX) | ARSVX | 12.49 | 0.97 | 13.13 | $22,728,898.20 |

I (ARSIX) | ARSIX | 12.64 | 0.96 | 13.36 | $251,536,658.41 | |

Total: | $274,265,556.61 | |||||

ASTON/Silvercrest Small Cap^{1} | N (ASCTX) | ASCTX | 16.10 | 1.26 | 14.92 | $21,083,454.72 |

I (ACRTX) | ACRTX | 16.22 | 1.19 | 15.04 | $186,767,779.61 | |

Total: | $207,851,234.33 | |||||

ASTON Small Cap | N (ATASX) | ATASX | 6.08 | 1.16 | 5.01 | $33,305,559.32 |

I (ATSIX) | ATSIX | 6.81 | 1.34 | 5.26 | $44,907,751.79 | |

Total: | $78,213,311.11 | |||||

AMG Chicago Equity Partners Small Cap Value Fund | Inst (CESIX) | CESIX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (CESVX) | CESVX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (CESSX) | CESSX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Frontier Small Cap Growth Fund | Inst (MSSYX) | MSSYX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (MSSVX) | MSSVX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (MSSCX) | MSSCX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG GW&K Small Cap Core Fund | Inst (GWEIX) | GWEIX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (GWETX) | GWETX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (GWESX) | GWESX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Managers Cadence Emerging Companies Fund | Inst (MECIX) | MECIX | 0.00 | 0.00 | 0.00 | $0.00 |

Service (MECAX) | MECAX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Managers Emerging Opportunities Fund | Inst (MIMFX) | MIMFX | 0.00 | 0.00 | 0.00 | $0.00 |

Service (MMCFX) | MMCFX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Managers Special Equity Fund | Inst (MSEIX) | MSEIX | 0.00 | 0.00 | 0.00 | $0.00 |

Service (MGSEX) | MGSEX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG SouthernSun Small Cap Fund | Inst (SSSIX) | SSSIX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (SSSFX) | SSSFX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG TimesSquare Small Cap Growth Fund | Inst (TSCIX) | TSCIX | 0.00 | 0.00 | 0.00 | $0.00 |

Premier (TSCPX) | TSCPX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

As of: 9/30/2016 | Class | Ticker | NAV | % Change | YTD | Net Assets |

Fixed Income | ||||||

ASTON/DoubleLine Core Plus Fixed Income^{1,2} | N (ADBLX) | ADBLX | 10.85 | -0.13 | 6.43 | $309,738,255.81 |

I (ADLIX) | ADLIX | 10.84 | -0.20 | 6.53 | $392,153,132.37 | |

Total: | $701,891,388.18 | |||||

AMG GW&K Core Bond Fund | Inst (MBDLX) | MBDLX | 0.00 | 0.00 | 0.00 | $0.00 |

Service (MBDFX) | MBDFX | 0.00 | 0.00 | 0.00 | $0.00 | |

Investor (MBGVX) | MBGVX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG GW&K Enhanced Core Bond Fund | C (MFDCX) | MFDCX | 0.00 | 0.00 | 0.00 | $0.00 |

Inst (MFDYX) | MFDYX | 0.00 | 0.00 | 0.00 | $0.00 | |

Investor (MFDAX) | MFDAX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (MFDSX) | MFDSX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Managers Bond Fund | Inst (MGBIX) | MGBIX | 0.00 | 0.00 | 0.00 | $0.00 |

Service (MGFIX) | MGFIX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Managers High Yield Fund | Inst (MHHYX) | MHHYX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (MHHAX) | MHHAX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

As of: 9/30/2016 | Class | Ticker | NAV | % Change | YTD | Net Assets |

All Cap | ||||||

ASTON/River Road Focused Absolute Value | N (ARRFX) | ARRFX | 10.87 | 1.12 | 15.52 | $483,955.33 |

I (AFAVX) | AFAVX | 10.89 | 1.11 | 15.73 | $11,038,064.94 | |

Total: | $11,522,020.27 | |||||

ASTON/River Road Dividend All Cap Value | N (ARDEX) | ARDEX | 12.45 | 0.69 | 12.73 | $297,743,137.50 |

I (ARIDX) | ARIDX | 12.44 | 0.63 | 12.94 | $565,741,052.47 | |

Total: | $863,484,189.97 | |||||

As of: 9/30/2016 | Class | Ticker | NAV | % Change | YTD | Net Assets |

Alternative | ||||||

ASTON/Anchor Capital Enhanced Equity^{2} | N (AMBEX) | AMBEX | 8.74 | 0.69 | 2.41 | $48,811,869.57 |

I (AMDSX) | AMDSX | 8.75 | 0.69 | 2.61 | $17,971,614.12 | |

Total: | $66,783,483.69 | |||||

ASTON/Lake Partners LASSO Alternatives^{1,2} | N (ALSNX) | ALSNX | 11.86 | 0.25 | 0.42 | $32,768,357.78 |

I (ALSOX) | ALSOX | 11.91 | 0.25 | 0.68 | $74,116,132.83 | |

Total: | $106,884,490.61 | |||||

ASTON/River Road Long-Short^{5} | N (ARLSX) | ARLSX | 11.00 | 0.64 | -0.09 | $9,431,751.42 |

I (ALSIX) | ALSIX | 11.11 | 0.63 | 0.09 | $32,624,901.65 | |

Total: | $42,056,653.07 | |||||

As of: 9/30/2016 | Class | Ticker | NAV | % Change | YTD | Net Assets |

Global/International | ||||||

ASTON/Guardian Capital Global Dividend^{1,4} | N (AGCNX) | AGCNX | 9.96 | 0.61 | 0.85 | $1,024,263.46 |

I (AGCDX) | AGCDX | 9.94 | 0.61 | 1.03 | $8,806,408.91 | |

Total: | $9,830,672.37 | |||||

ASTON/Pictet International^{1,4} | N (APINX) | APINX | 9.92 | 0.40 | 6.44 | $125,231.36 |

I (APCTX) | APCTX | 9.96 | 0.40 | 6.75 | $1,379,460,581.89 | |

Total: | $1,379,585,813.25 | |||||

ASTON/Value Partners Asia Dividend | N (AVADX) | AVADX | 10.96 | 0.09 | 11.09 | $833,067.59 |

I (AAVPX) | AAVPX | 10.96 | 0.09 | 11.30 | $7,508,187.12 | |

Total: | $8,341,254.71 | |||||

AMG Renaissance International Equity Fund | Inst (RIELX) | RIELX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (RIEIX) | RIEIX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (RIESX) | RIESX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG TimesSquare International Small Cap Fund | Inst (TCMIX) | TCMIX | 0.00 | 0.00 | 0.00 | $0.00 |

Premier (TCMPX) | TCMPX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Trilogy Global Equity Fund | Inst (TLGIX) | TLGIX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (TLGVX) | TLGVX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (TLGSX) | TLGSX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Trilogy International Small Cap Fund | Inst (TLSIX) | TLSIX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (TLSVX) | TLSVX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (TLSSX) | TLSSX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Yacktman Special Opportunities Fund | Inst (YASLX) | YASLX | 0.00 | 0.00 | 0.00 | $0.00 |

Service (YASSX) | YASSX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

As of: 9/30/2016 | Class | Ticker | NAV | % Change | YTD | Net Assets |

Emerging Markets | ||||||

AMG Trilogy Emerging Markets Equity Fund | Inst (TLEIX) | TLEIX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (TLEVX) | TLEVX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (TLESX) | TLESX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG Trilogy Emerging Wealth Equity Fund | Inst (TYWIX) | TYWIX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (TYWVX) | TYWVX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (TYWSX) | TYWSX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

As of: 9/30/2016 | Class | Ticker | NAV | % Change | YTD | Net Assets |

Allocation | ||||||

ASTON/Montag & Caldwell Balanced^{1,2} | N (MOBAX) | MOBAX | 22.94 | 0.35 | 1.54 | $30,325,821.90 |

I (MOBIX) | MOBIX | 22.86 | 0.35 | 1.67 | $3,144,479.68 | |

Total: | $33,470,301.58 | |||||

AMG Chicago Equity Partners Balanced Fund | Inst (MBEYX) | MBEYX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (MBEAX) | MBEAX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (MBESX) | MBESX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG FQ Global Risk-Balanced Fund | Inst (MMAFX) | MMAFX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (MMAVX) | MMAVX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (MMASX) | MMASX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

As of: 9/30/2016 | Class | Ticker | NAV | % Change | YTD | Net Assets |

Tax-Exempt Fixed Income | ||||||

AMG GW&K Municipal Bond Fund | Inst (GWMIX) | GWMIX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (GWMTX) | GWMTX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (GWMSX) | GWMSX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 | |||||

AMG GW&K Municipal Enhanced Yield Fund | Inst (GWMEX) | GWMEX | 0.00 | 0.00 | 0.00 | $0.00 |

Investor (GWMNX) | GWMNX | 0.00 | 0.00 | 0.00 | $0.00 | |

Service (GWMRX) | GWMRX | 0.00 | 0.00 | 0.00 | $0.00 | |

Total: | $0.00 |

**The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares upon redemption may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent quarter-end, please click on the Quarterly Performance link at the top of the page.**

**For periods less than one-year, total returns are reported; for periods more than one-year, average annual total returns are reported.**

**(1) Certain expenses were subsidized. If these subsidies were not in effect, the returns would have been lower. The adviser is contractually obligated to waive management fees and/or reimburse expenses through February 28, 2017.**

**(2) Net expense ratio excludes acquired fund fees. For the ASTON/Lake Partners LASSO Alternatives Fund, the net expense ratio excludes acquired fund fees and expenses of 1.30% and dividend and interest expense on short sales of 0.48% for both the N and I class, respectively.**

**(3) Voluntary fee waivers are applied and can be terminated by the adviser at any time.**

**(4) There is a redemption fee of 2% (as a percentage of the amount redeemed) on shares that are sold or exchanged within 90 calendar days of purchase.**

**(5) The total operating expenses are 2.93% for Class-N and 2.68% for Class-I. Total operating expenses includes dividend and interest expense on short sales of 1.19% and acquired fund fees of 0.04%, which are not included in the net expense ratio.**

As of: 8/31/2016 | Class | 1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |
---|---|---|---|---|---|---|---|---|---|---|---|---|

Large Cap | ||||||||||||

ASTON/Cornerstone Large Cap Value^{2} | N (RVALX) | 2.06 | 2.97 | 5.08 | 4.19 | 3.32 | 8.57 | 4.52 | 7.12 | 1/4/1993 | 1.19 | 1.15 |

I (AAVIX) | 2.06 | 2.89 | 5.14 | 4.36 | 3.53 | 8.84 | 4.78 | 5.36 | 9/20/2005 | 0.94 | 0.90 | |

ASTON/Fairpointe Focused Equity | N (AFPTX) | 0.21 | 4.17 | 11.57 | 8.66 | N/A | N/A | N/A | -0.99 | 12/24/2014 | 3.02 | 1.15 |

I (AFFEX) | 0.21 | 4.27 | 11.80 | 9.01 | N/A | N/A | N/A | -0.74 | 12/24/2014 | 2.77 | 0.90 | |

ASTON/Herndon Large Cap Value^{1,2} | N (AALIX) | 0.93 | 3.90 | 2.99 | 2.60 | 3.84 | 7.20 | N/A | 7.58 | 3/31/2010 | 1.16 | 1.14 |

I (AHRNX) | 0.93 | 3.99 | 3.17 | 2.84 | 4.07 | 7.47 | N/A | 6.44 | 3/2/2011 | 0.91 | 0.89 | |

ASTON/Montag & Caldwell Growth^{2} | N (MCGFX) | -1.72 | 1.21 | 0.25 | 4.62 | 9.47 | 11.07 | 7.61 | 8.85 | 11/2/1994 | 1.06 | 1.05 |

I (MCGIX) | -1.71 | 1.26 | 0.35 | 4.84 | 9.73 | 11.35 | 7.88 | 7.49 | 6/28/1996 | 0.81 | 0.80 | |

R (MCRGX) | -1.76 | 1.14 | 0.05 | 4.30 | 9.19 | 10.79 | 7.35 | 7.23 | 12/31/2002 | 1.31 | 1.30 | |

ASTON/River Road Dividend All Cap Value II^{2} | N (ADVTX) | 0.10 | 4.06 | 12.93 | 15.98 | 9.82 | N/A | N/A | 12.07 | 6/27/2012 | 1.15 | 1.15 |

I (ADIVX) | 0.12 | 4.12 | 13.20 | 16.25 | 10.12 | N/A | N/A | 12.37 | 6/27/2012 | 0.90 | 0.90 | |

AMG Managers Cadence Capital Appreciation Fund | Inst (MPCIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/8/1991 | N/A | N/A |

Investor (MPAFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/20/1997 | N/A | N/A | |

Service (MCFYX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/31/1996 | N/A | N/A | |

AMG Renaissance Large Cap Growth Fund | Inst (MRLIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/3/2009 | N/A | N/A |

Investor (MRLTX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/3/2009 | N/A | N/A | |

Service (MRLSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/3/2009 | N/A | N/A | |

AMG Systematic Large Cap Value Fund | Inst (MSYSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/1/2002 | N/A | N/A |

Investor (MSYAX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2/28/2006 | N/A | N/A | |

AMG Yacktman Focused Fund | Inst (YAFIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/24/2012 | N/A | N/A |

Service (YAFFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5/1/1997 | N/A | N/A | |

As of: 8/31/2016 | Class | 1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Mid Cap | ||||||||||||

ASTON/Fairpointe Mid Cap^{2} | N (CHTTX) | -0.03 | 5.34 | 8.65 | 8.39 | 7.15 | 13.36 | 9.86 | 12.01 | 9/19/1994 | 1.11 | 1.11 |

I (ABMIX) | -0.03 | 5.38 | 8.80 | 8.65 | 7.41 | 13.64 | 10.14 | 9.43 | 7/6/2004 | 0.86 | 0.86 | |

ASTON/Montag & Caldwell Mid Cap Growth^{1,2} | N (AMCMX) | 0.19 | 2.41 | 3.71 | 3.77 | 8.33 | 10.38 | N/A | 5.01 | 11/2/2007 | 2.11 | 1.25 |

I (AMMCX) | 0.19 | 2.50 | 3.79 | 4.04 | N/A | N/A | N/A | 6.33 | 5/14/2014 | 1.86 | 1.00 | |

AMG Managers Cadence Mid Cap Fund | Inst (MCMFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8/26/1991 | N/A | N/A |

Investor (MCMAX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/13/1997 | N/A | N/A | |

Service (MCMYX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11/30/1994 | N/A | N/A | |

AMG SouthernSun U.S. Equity Fund | C (SSECX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/10/2012 | N/A | N/A |

Inst (SSEIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/10/2012 | N/A | N/A | |

Investor (SSEFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/10/2012 | N/A | N/A | |

AMG Systematic Mid Cap Value Fund | Inst (SYIMX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/21/2006 | N/A | N/A |

Investor (SYAMX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/21/2006 | N/A | N/A | |

Service (SYCSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11/30/2012 | N/A | N/A | |

AMG TimesSquare Mid Cap Growth Fund | Inst (TMDIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/4/2005 | N/A | N/A |

Premier (TMDPX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/4/2005 | N/A | N/A | |

As of: 8/31/2016 | Class | 1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Small and Micro-Cap | ||||||||||||

ASTON/LMCG Small Cap Growth^{1,2} | N (ACWDX) | 0.69 | 3.69 | -6.90 | -13.18 | 4.48 | 10.70 | N/A | 9.56 | 11/3/2010 | 1.54 | 1.35 |

I (ACWIX) | 0.75 | 3.80 | -6.69 | -12.92 | 4.74 | 10.98 | N/A | 6.49 | 6/1/2011 | 1.29 | 1.10 | |

ASTON/River Road Select Value^{2} | N (ARSMX) | 2.11 | 5.38 | 16.19 | 15.27 | 7.20 | 12.07 | N/A | 5.38 | 3/29/2007 | 1.52 | 1.49 |

I (ARIMX) | 2.08 | 5.43 | 16.59 | 15.55 | 7.47 | 12.36 | N/A | 5.24 | 6/28/2007 | 1.27 | 1.24 | |

ASTON/River Road Small Cap Value^{2} | N (ARSVX) | 1.71 | 4.68 | 13.41 | 13.41 | 7.46 | 11.84 | 5.45 | 7.22 | 6/28/2005 | 1.39 | 1.34 |

I (ARSIX) | 1.77 | 4.80 | 13.63 | 13.73 | 7.73 | 12.15 | N/A | 4.90 | 12/13/2006 | 1.14 | 1.09 | |

ASTON/Silvercrest Small Cap^{1} | N (ASCTX) | 3.09 | 8.54 | 14.35 | 13.58 | 10.30 | N/A | N/A | 13.19 | 12/27/2011 | 1.47 | 1.40 |

I (ACRTX) | 3.13 | 8.61 | 14.54 | 13.93 | 10.60 | N/A | N/A | 13.49 | 12/27/2011 | 1.22 | 1.15 | |

ASTON Small Cap | N (ATASX) | 0.17 | 2.73 | 4.15 | -3.25 | 0.77 | 7.07 | 5.70 | 9.04 | 11/30/2000 | 1.42 | 1.35 |

I (ATSIX) | 0.30 | 2.90 | 4.33 | -2.99 | 1.03 | 7.34 | 5.97 | 6.77 | 1/4/2005 | 1.17 | 1.10 | |

AMG Chicago Equity Partners Small Cap Value Fund | Inst (CESIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/31/2014 | N/A | N/A |

Investor (CESVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/31/2014 | N/A | N/A | |

Service (CESSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/31/2014 | N/A | N/A | |

AMG Frontier Small Cap Growth Fund | Inst (MSSYX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/1/2010 | N/A | N/A |

Investor (MSSVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/1/2010 | N/A | N/A | |

Service (MSSCX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9/24/1997 | N/A | N/A | |

AMG GW&K Small Cap Core Fund | Inst (GWEIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/27/2009 | N/A | N/A |

Investor (GWETX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/10/1996 | N/A | N/A | |

Service (GWESX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/27/2009 | N/A | N/A | |

AMG Managers Cadence Emerging Companies Fund | Inst (MECIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/25/1993 | N/A | N/A |

Service (MECAX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/1/1996 | N/A | N/A | |

AMG Managers Emerging Opportunities Fund | Inst (MIMFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 10/1/2011 | N/A | N/A |

Service (MMCFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/30/1994 | N/A | N/A | |

AMG Managers Special Equity Fund | Inst (MSEIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5/3/2004 | N/A | N/A |

Service (MGSEX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/1/1984 | N/A | N/A | |

AMG SouthernSun Small Cap Fund | Inst (SSSIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9/30/2009 | N/A | N/A |

Investor (SSSFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 10/1/2003 | N/A | N/A | |

AMG TimesSquare Small Cap Growth Fund | Inst (TSCIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/21/2000 | N/A | N/A |

Premier (TSCPX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/21/2000 | N/A | N/A | |

As of: 8/31/2016 | Class | 1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Fixed Income | ||||||||||||

ASTON/DoubleLine Core Plus Fixed Income^{1,2} | N (ADBLX) | 0.08 | 2.92 | 6.37 | 5.34 | 5.03 | 4.69 | N/A | 5.30 | 7/18/2011 | 1.08 | 0.94 |

I (ADLIX) | 0.01 | 2.98 | 6.45 | 5.61 | 5.25 | 4.93 | N/A | 5.54 | 7/18/2011 | 0.83 | 0.69 | |

AMG GW&K Core Bond Fund | Inst (MBDLX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5/8/2015 | N/A | N/A |

Service (MBDFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/30/1993 | N/A | N/A | |

Investor (MBGVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5/8/2015 | N/A | N/A | |

AMG GW&K Enhanced Core Bond Fund | C (MFDCX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/5/1998 | N/A | N/A |

Inst (MFDYX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/1997 | N/A | N/A | |

Investor (MFDAX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/1997 | N/A | N/A | |

Service (MFDSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11/30/2012 | N/A | N/A | |

AMG Managers Bond Fund | Inst (MGBIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/1/2013 | N/A | N/A |

Service (MGFIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/1/1984 | N/A | N/A | |

AMG Managers High Yield Fund | Inst (MHHYX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/2/1998 | N/A | N/A |

Investor (MHHAX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/1998 | N/A | N/A | |

As of: 8/31/2016 | Class | 1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

All Cap | ||||||||||||

ASTON/River Road Focused Absolute Value | N (ARRFX) | 4.14 | 9.28 | 17.64 | N/A | N/A | N/A | N/A | 10.70 | 11/3/2015 | N/A | N/A |

I (AFAVX) | 4.13 | 9.37 | 17.85 | N/A | N/A | N/A | N/A | 10.90 | 11/3/2015 | N/A | N/A | |

ASTON/River Road Dividend All Cap Value | N (ARDEX) | 0.28 | 4.22 | 13.40 | 16.17 | 9.90 | 12.38 | 7.27 | 8.16 | 6/28/2005 | 1.10 | 1.10 |

I (ARIDX) | 0.30 | 4.28 | 13.59 | 16.46 | 10.16 | 12.67 | N/A | 6.34 | 6/28/2007 | 0.85 | 0.85 | |

As of: 8/31/2016 | Class | 1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Alternative | ||||||||||||

ASTON/Anchor Capital Enhanced Equity^{2} | N (AMBEX) | -0.90 | 1.23 | 2.55 | -1.05 | 1.61 | 3.69 | N/A | 3.25 | 1/15/2008 | 1.19 | 1.19 |

I (AMDSX) | -0.90 | 1.18 | 2.67 | -0.78 | 1.87 | 3.95 | N/A | 4.50 | 3/3/2010 | 0.94 | 0.94 | |

ASTON/Lake Partners LASSO Alternatives^{1,2} | N (ALSNX) | -0.34 | 0.76 | 0.68 | 0.36 | 0.85 | 2.86 | N/A | 2.93 | 3/3/2010 | 3.21 | 1.40 |

I (ALSOX) | -0.33 | 0.85 | 0.85 | 0.53 | 1.09 | 3.11 | N/A | 4.88 | 4/1/2009 | 2.96 | 1.15 | |

ASTON/River Road Long-Short^{5} | N (ARLSX) | 1.45 | 1.09 | 1.55 | 5.34 | 2.47 | 5.89 | N/A | 4.77 | 5/4/2011 | 2.93 | 1.70 |

I (ALSIX) | 1.44 | 1.08 | 1.62 | 5.48 | 2.70 | N/A | N/A | 3.26 | 3/4/2013 | 2.68 | 1.45 | |

As of: 8/31/2016 | Class | 1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Global/International | ||||||||||||

ASTON/Guardian Capital Global Dividend^{1,4} | N (AGCNX) | -2.92 | -0.07 | 0.69 | 3.17 | N/A | N/A | N/A | 2.07 | 4/14/2014 | 3.55 | 1.30 |

I (AGCDX) | -2.83 | 0.09 | 0.91 | 3.43 | N/A | N/A | N/A | 2.30 | 4/14/2014 | 3.30 | 1.05 | |

ASTON/Pictet International^{1,4} | N (APINX) | 1.77 | 4.26 | 5.04 | 4.97 | N/A | N/A | N/A | -0.25 | 4/14/2014 | 1.82 | 1.40 |

I (APCTX) | 1.76 | 4.25 | 5.25 | 5.21 | N/A | N/A | N/A | 0.07 | 4/14/2014 | 1.57 | 1.15 | |

ASTON/Value Partners Asia Dividend | N (AVADX) | 1.62 | 8.81 | 7.40 | N/A | N/A | N/A | N/A | 8.05 | 12/16/2015 | 3.74 | 1.40 |

I (AAVPX) | 1.62 | 8.94 | 7.64 | N/A | N/A | N/A | N/A | 8.28 | 12/16/2015 | 3.49 | 1.15 | |

AMG Renaissance International Equity Fund | Inst (RIELX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/16/2014 | N/A | N/A |

Investor (RIEIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/16/2014 | N/A | N/A | |

Service (RIESX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/16/2014 | N/A | N/A | |

AMG TimesSquare International Small Cap Fund | Inst (TCMIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/2013 | N/A | N/A |

Premier (TCMPX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/2013 | N/A | N/A | |

AMG Trilogy Global Equity Fund | Inst (TLGIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2011 | N/A | N/A |

Investor (TLGVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2012 | N/A | N/A | |

Service (TLGSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2011 | N/A | N/A | |

AMG Trilogy International Small Cap Fund | Inst (TLSIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2011 | N/A | N/A |

Investor (TLSVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/15/2011 | N/A | N/A | |

Service (TLSSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2011 | N/A | N/A | |

AMG Yacktman Special Opportunities Fund | Inst (YASLX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/30/2014 | N/A | N/A |

Service (YASSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/30/2015 | N/A | N/A | |

As of: 8/31/2016 | Class | 1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Emerging Markets | ||||||||||||

AMG Trilogy Emerging Markets Equity Fund | Inst (TLEIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2011 | N/A | N/A |

Investor (TLEVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2012 | N/A | N/A | |

Service (TLESX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2011 | N/A | N/A | |

AMG Trilogy Emerging Wealth Equity Fund | Inst (TYWIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/19/2015 | N/A | N/A |

Investor (TYWVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/19/2015 | N/A | N/A | |

Service (TYWSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/19/2015 | N/A | N/A | |

As of: 8/31/2016 | Class | 1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Allocation | ||||||||||||

ASTON/Montag & Caldwell Balanced^{1,2} | N (MOBAX) | -1.28 | 1.33 | 2.13 | 4.70 | 7.30 | 7.60 | 6.28 | 7.42 | 11/2/1994 | 1.60 | 1.35 |

I (MOBIX) | -1.29 | 1.36 | 2.22 | 4.81 | 7.41 | 7.71 | 6.43 | 4.31 | 12/31/1998 | 1.35 | 1.10 | |

AMG Chicago Equity Partners Balanced Fund | Inst (MBEYX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/1997 | N/A | N/A |

Investor (MBEAX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/1997 | N/A | N/A | |

Service (MBESX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11/30/2012 | N/A | N/A | |

AMG FQ Global Risk-Balanced Fund | Inst (MMAFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11/18/1988 | N/A | N/A |

Investor (MMAVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/1/2010 | N/A | N/A | |

Service (MMASX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/1/2010 | N/A | N/A | |

As of: 8/31/2016 | Class | 1 MO | 3 MO | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Tax-Exempt Fixed Income | ||||||||||||

AMG GW&K Municipal Bond Fund | Inst (GWMIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/30/2009 | N/A | N/A |

Investor (GWMTX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/30/2009 | N/A | N/A | |

Service (GWMSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/30/2009 | N/A | N/A | |

AMG GW&K Municipal Enhanced Yield Fund | Inst (GWMEX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/30/2005 | N/A | N/A |

Investor (GWMNX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/27/2009 | N/A | N/A | |

Service (GWMRX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/27/2009 | N/A | N/A |

**The performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate so that an investor's shares upon redemption may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For performance data current to the most recent quarter-end, please click on the Quarterly Performance link at the top of the page.**

**For periods less than one-year, total returns are reported; for periods more than one-year, average annual total returns are reported.**

**(1) Certain expenses were subsidized. If these subsidies were not in effect, the returns would have been lower. The adviser is contractually obligated to waive management fees and/or reimburse expenses through February 28, 2017.**

**(2) Net expense ratio excludes acquired fund fees. For the ASTON/Lake Partners LASSO Alternatives Fund, the net expense ratio excludes acquired fund fees and expenses of 1.30% and dividend and interest expense on short sales of 0.48% for both the N and I class, respectively.**

**(3) Voluntary fee waivers are applied and can be terminated by the adviser at any time.**

**(4) There is a redemption fee of 2% (as a percentage of the amount redeemed) on shares that are sold or exchanged within 90 calendar days of purchase.**

**(5) The total operating expenses are 2.93% for Class-N and 2.68% for Class-I. Total operating expenses includes dividend and interest expense on short sales of 1.19% and acquired fund fees of 0.04%, which are not included in the net expense ratio.**

As of: 6/30/2016 | Class | Quarter | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |
---|---|---|---|---|---|---|---|---|---|---|---|

Large Cap | |||||||||||

ASTON/Cornerstone Large Cap Value^{2} | N (RVALX) | -1.88 | -0.98 | -8.68 | 1.98 | 5.74 | 4.25 | 6.91 | 1/4/1993 | 1.19 | 1.15 |

I (AAVIX) | -1.87 | -0.91 | -8.49 | 2.25 | 6.01 | 4.52 | 4.87 | 9/20/2005 | 0.94 | 0.90 | |

ASTON/Fairpointe Focused Equity | N (AFPTX) | 0.55 | 4.12 | -7.85 | N/A | N/A | N/A | -5.50 | 12/24/2014 | 3.02 | 1.15 |

I (AFFEX) | 0.66 | 4.35 | -7.54 | N/A | N/A | N/A | -5.22 | 12/24/2014 | 2.77 | 0.90 | |

ASTON/Herndon Large Cap Value^{1,2} | N (AALIX) | -0.56 | -2.29 | -8.89 | 2.62 | 4.72 | N/A | 6.90 | 3/31/2010 | 1.16 | 1.14 |

I (AHRNX) | -0.56 | -2.22 | -8.71 | 2.87 | 4.99 | N/A | 5.59 | 3/2/2011 | 0.91 | 0.89 | |

ASTON/Montag & Caldwell Growth^{2} | N (MCGFX) | -0.35 | -1.30 | 0.80 | 8.87 | 9.63 | 7.44 | 8.84 | 11/2/1994 | 1.06 | 1.05 |

I (MCGIX) | -0.25 | -1.20 | 1.06 | 9.15 | 9.90 | 7.72 | 7.48 | 6/28/1996 | 0.81 | 0.80 | |

R (MCRGX) | -0.41 | -1.43 | 0.56 | 8.60 | 9.36 | 7.19 | 7.20 | 12/31/2002 | 1.31 | 1.30 | |

ASTON/River Road Dividend All Cap Value II^{2} | N (ADVTX) | 1.70 | 9.13 | 7.01 | 8.61 | N/A | N/A | 11.66 | 6/27/2012 | 1.15 | 1.15 |

I (ADIVX) | 1.76 | 9.35 | 7.28 | 8.91 | N/A | N/A | 11.95 | 6/27/2012 | 0.90 | 0.90 | |

AMG Managers Cadence Capital Appreciation Fund | Inst (MPCIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/8/1991 | N/A | N/A |

Investor (MPAFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/20/1997 | N/A | N/A | |

Service (MCFYX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/31/1996 | N/A | N/A | |

AMG Renaissance Large Cap Growth Fund | Inst (MRLIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/3/2009 | N/A | N/A |

Investor (MRLTX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/3/2009 | N/A | N/A | |

Service (MRLSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/3/2009 | N/A | N/A | |

AMG Systematic Large Cap Value Fund | Inst (MSYSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/1/2002 | N/A | N/A |

Investor (MSYAX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 2/28/2006 | N/A | N/A | |

AMG Yacktman Focused Fund | Inst (YAFIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/24/2012 | N/A | N/A |

Service (YAFFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5/1/1997 | N/A | N/A | |

As of: 6/30/2016 | Class | Quarter | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Mid Cap | |||||||||||

ASTON/Fairpointe Mid Cap^{2} | N (CHTTX) | -3.04 | 0.47 | -9.90 | 5.28 | 8.39 | 9.12 | 11.70 | 9/19/1994 | 1.11 | 1.11 |

I (ABMIX) | -2.97 | 0.57 | -9.69 | 5.55 | 8.66 | 9.39 | 8.85 | 7/6/2004 | 0.86 | 0.86 | |

ASTON/Montag & Caldwell Mid Cap Growth^{1,2} | N (AMCMX) | 0.39 | -0.29 | -4.14 | 8.10 | 7.46 | N/A | 4.64 | 11/2/2007 | 2.11 | 1.25 |

I (AMMCX) | 0.39 | -0.29 | -3.95 | N/A | N/A | N/A | 4.86 | 5/14/2014 | 1.86 | 1.00 | |

AMG Managers Cadence Mid Cap Fund | Inst (MCMFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 8/26/1991 | N/A | N/A |

Investor (MCMAX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/13/1997 | N/A | N/A | |

Service (MCMYX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11/30/1994 | N/A | N/A | |

AMG SouthernSun U.S. Equity Fund | C (SSECX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/10/2012 | N/A | N/A |

Inst (SSEIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/10/2012 | N/A | N/A | |

Investor (SSEFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/10/2012 | N/A | N/A | |

AMG Systematic Mid Cap Value Fund | Inst (SYIMX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/21/2006 | N/A | N/A |

Investor (SYAMX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/21/2006 | N/A | N/A | |

Service (SYCSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11/30/2012 | N/A | N/A | |

AMG TimesSquare Mid Cap Growth Fund | Inst (TMDIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/4/2005 | N/A | N/A |

Premier (TMDPX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/4/2005 | N/A | N/A | |

As of: 6/30/2016 | Class | Quarter | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Small and Micro-Cap | |||||||||||

ASTON/LMCG Small Cap Growth^{1,2} | N (ACWDX) | 1.48 | -13.10 | -23.72 | 2.98 | 5.60 | N/A | 8.53 | 11/3/2010 | 1.54 | 1.35 |

I (ACWIX) | 1.54 | -12.95 | -23.53 | 3.24 | 5.86 | N/A | 5.27 | 6/1/2011 | 1.29 | 1.10 | |

ASTON/River Road Select Value^{2} | N (ARSMX) | 1.94 | 9.62 | 1.48 | 5.54 | 8.69 | N/A | 4.82 | 3/29/2007 | 1.52 | 1.49 |

I (ARIMX) | 1.91 | 9.80 | 1.52 | 5.78 | 8.97 | N/A | 4.64 | 6/28/2007 | 1.27 | 1.24 | |

ASTON/River Road Small Cap Value^{2} | N (ARSVX) | 2.41 | 7.97 | 1.33 | 6.03 | 8.60 | 5.19 | 6.86 | 6/28/2005 | 1.39 | 1.34 |

I (ARSIX) | 2.55 | 8.16 | 1.65 | 6.31 | 8.87 | N/A | 4.44 | 12/13/2006 | 1.14 | 1.09 | |

ASTON/Silvercrest Small Cap^{1} | N (ASCTX) | 3.30 | 5.14 | -1.72 | 8.15 | N/A | N/A | 11.62 | 12/27/2011 | 1.47 | 1.40 |

I (ACRTX) | 3.41 | 5.25 | -1.45 | 8.41 | N/A | N/A | 11.91 | 12/27/2011 | 1.22 | 1.15 | |

ASTON Small Cap | N (ATASX) | 1.43 | -1.73 | -15.31 | -0.12 | 3.03 | 5.12 | 8.74 | 11/30/2000 | 1.42 | 1.35 |

I (ATSIX) | 1.27 | -1.70 | -15.19 | 0.10 | 3.27 | 5.38 | 6.32 | 1/4/2005 | 1.17 | 1.10 | |

AMG Chicago Equity Partners Small Cap Value Fund | Inst (CESIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/31/2014 | N/A | N/A |

Investor (CESVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/31/2014 | N/A | N/A | |

Service (CESSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/31/2014 | N/A | N/A | |

AMG Frontier Small Cap Growth Fund | Inst (MSSYX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/1/2010 | N/A | N/A |

Investor (MSSVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/1/2010 | N/A | N/A | |

Service (MSSCX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9/24/1997 | N/A | N/A | |

AMG GW&K Small Cap Core Fund | Inst (GWEIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/27/2009 | N/A | N/A |

Investor (GWETX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/10/1996 | N/A | N/A | |

Service (GWESX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/27/2009 | N/A | N/A | |

AMG Managers Cadence Emerging Companies Fund | Inst (MECIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/25/1993 | N/A | N/A |

Service (MECAX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/1/1996 | N/A | N/A | |

AMG Managers Emerging Opportunities Fund | Inst (MIMFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 10/1/2011 | N/A | N/A |

Service (MMCFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/30/1994 | N/A | N/A | |

AMG Managers Special Equity Fund | Inst (MSEIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5/3/2004 | N/A | N/A |

Service (MGSEX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/1/1984 | N/A | N/A | |

AMG SouthernSun Small Cap Fund | Inst (SSSIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 9/30/2009 | N/A | N/A |

Investor (SSSFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 10/1/2003 | N/A | N/A | |

AMG TimesSquare Small Cap Growth Fund | Inst (TSCIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/21/2000 | N/A | N/A |

Premier (TSCPX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/21/2000 | N/A | N/A | |

As of: 6/30/2016 | Class | Quarter | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Fixed Income | |||||||||||

ASTON/DoubleLine Core Plus Fixed Income^{1,2} | N (ADBLX) | 2.52 | 5.07 | 3.91 | 4.21 | N/A | N/A | 5.22 | 7/18/2011 | 1.08 | 0.94 |

I (ADLIX) | 2.68 | 5.20 | 4.16 | 4.47 | N/A | N/A | 5.48 | 7/18/2011 | 0.83 | 0.69 | |

AMG GW&K Core Bond Fund | Inst (MBDLX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5/8/2015 | N/A | N/A |

Service (MBDFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/30/1993 | N/A | N/A | |

Investor (MBGVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 5/8/2015 | N/A | N/A | |

AMG GW&K Enhanced Core Bond Fund | C (MFDCX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/5/1998 | N/A | N/A |

Inst (MFDYX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/1997 | N/A | N/A | |

Investor (MFDAX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/1997 | N/A | N/A | |

Service (MFDSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11/30/2012 | N/A | N/A | |

AMG Managers Bond Fund | Inst (MGBIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 4/1/2013 | N/A | N/A |

Service (MGFIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/1/1984 | N/A | N/A | |

AMG Managers High Yield Fund | Inst (MHHYX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/2/1998 | N/A | N/A |

Investor (MHHAX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/1998 | N/A | N/A | |

As of: 6/30/2016 | Class | Quarter | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

All Cap | |||||||||||

ASTON/River Road Focused Absolute Value | N (ARRFX) | 0.20 | 6.70 | N/A | N/A | N/A | N/A | 0.40 | 11/3/2015 | N/A | N/A |

I (AFAVX) | 0.20 | 6.80 | N/A | N/A | N/A | N/A | 0.50 | 11/3/2015 | N/A | N/A | |

ASTON/River Road Dividend All Cap Value | N (ARDEX) | 1.61 | 9.31 | 6.65 | 8.61 | 10.29 | 7.28 | 7.93 | 6/28/2005 | 1.10 | 1.10 |

I (ARIDX) | 1.67 | 9.44 | 6.92 | 8.90 | 10.57 | N/A | 6.02 | 6/28/2007 | 0.85 | 0.85 | |

As of: 6/30/2016 | Class | Quarter | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Alternative | |||||||||||

ASTON/Anchor Capital Enhanced Equity^{2} | N (AMBEX) | -3.78 | 0.92 | -5.20 | 0.92 | 3.18 | N/A | 3.12 | 1/15/2008 | 1.19 | 1.19 |

I (AMDSX) | -3.82 | 0.93 | -5.05 | 1.14 | 3.41 | N/A | 4.34 | 3/3/2010 | 0.94 | 0.94 | |

ASTON/Lake Partners LASSO Alternatives^{1,2} | N (ALSNX) | -0.08 | -0.25 | -2.42 | 0.51 | 1.81 | N/A | 2.86 | 3/3/2010 | 3.21 | 1.40 |

I (ALSOX) | 0.09 | -0.08 | -2.16 | 0.78 | 2.06 | N/A | 4.86 | 4/1/2009 | 2.96 | 1.15 | |

ASTON/River Road Long-Short^{5} | N (ARLSX) | -2.18 | -2.36 | -2.11 | 1.65 | 4.17 | N/A | 4.14 | 5/4/2011 | 2.93 | 1.70 |

I (ALSIX) | -2.08 | -2.25 | -1.91 | 1.92 | N/A | N/A | 2.23 | 3/4/2013 | 2.68 | 1.45 | |

As of: 6/30/2016 | Class | Quarter | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Global/International | |||||||||||

ASTON/Guardian Capital Global Dividend^{1,4} | N (AGCNX) | 2.55 | 2.51 | 1.25 | N/A | N/A | N/A | 3.06 | 4/14/2014 | 3.55 | 1.30 |

I (AGCDX) | 2.62 | 2.63 | 1.50 | N/A | N/A | N/A | 3.27 | 4/14/2014 | 3.30 | 1.05 | |

ASTON/Pictet International^{1,4} | N (APINX) | -1.29 | -1.40 | -5.00 | N/A | N/A | N/A | -3.08 | 4/14/2014 | 1.82 | 1.40 |

I (APCTX) | -1.29 | -1.18 | -4.75 | N/A | N/A | N/A | -2.74 | 4/14/2014 | 1.57 | 1.15 | |

ASTON/Value Partners Asia Dividend | N (AVADX) | 1.37 | 2.18 | N/A | N/A | N/A | N/A | 2.79 | 12/16/2015 | 3.74 | 1.40 |

I (AAVPX) | 1.40 | 2.31 | N/A | N/A | N/A | N/A | 2.92 | 12/16/2015 | 3.49 | 1.15 | |

AMG Renaissance International Equity Fund | Inst (RIELX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/16/2014 | N/A | N/A |

Investor (RIEIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/16/2014 | N/A | N/A | |

Service (RIESX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/16/2014 | N/A | N/A | |

AMG TimesSquare International Small Cap Fund | Inst (TCMIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/2013 | N/A | N/A |

Premier (TCMPX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/2013 | N/A | N/A | |

AMG Trilogy Global Equity Fund | Inst (TLGIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2011 | N/A | N/A |

Investor (TLGVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2012 | N/A | N/A | |

Service (TLGSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2011 | N/A | N/A | |

AMG Trilogy International Small Cap Fund | Inst (TLSIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2011 | N/A | N/A |

Investor (TLSVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/15/2011 | N/A | N/A | |

Service (TLSSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2011 | N/A | N/A | |

AMG Yacktman Special Opportunities Fund | Inst (YASLX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/30/2014 | N/A | N/A |

Service (YASSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/30/2015 | N/A | N/A | |

As of: 6/30/2016 | Class | Quarter | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Emerging Markets | |||||||||||

AMG Trilogy Emerging Markets Equity Fund | Inst (TLEIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2011 | N/A | N/A |

Investor (TLEVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2012 | N/A | N/A | |

Service (TLESX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/1/2011 | N/A | N/A | |

AMG Trilogy Emerging Wealth Equity Fund | Inst (TYWIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/19/2015 | N/A | N/A |

Investor (TYWVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/19/2015 | N/A | N/A | |

Service (TYWSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 3/19/2015 | N/A | N/A | |

As of: 6/30/2016 | Class | Quarter | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Allocation | |||||||||||

ASTON/Montag & Caldwell Balanced^{1,2} | N (MOBAX) | 0.46 | 1.24 | 2.86 | 6.91 | 6.97 | 6.28 | 7.43 | 11/2/1994 | 1.60 | 1.35 |

I (MOBIX) | 0.48 | 1.34 | 2.97 | 7.02 | 7.10 | 6.44 | 4.30 | 12/31/1998 | 1.35 | 1.10 | |

AMG Chicago Equity Partners Balanced Fund | Inst (MBEYX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/1997 | N/A | N/A |

Investor (MBEAX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/2/1997 | N/A | N/A | |

Service (MBESX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11/30/2012 | N/A | N/A | |

AMG FQ Global Risk-Balanced Fund | Inst (MMAFX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 11/18/1988 | N/A | N/A |

Investor (MMAVX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/1/2010 | N/A | N/A | |

Service (MMASX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1/1/2010 | N/A | N/A | |

As of: 6/30/2016 | Class | Quarter | YTD | 1 YR | 3 YR | 5 YR | 10 YR | Since Incept. | Incept. Date | Total (Gross) Ratio | Net Ratio |

Tax-Exempt Fixed Income | |||||||||||

AMG GW&K Municipal Bond Fund | Inst (GWMIX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/30/2009 | N/A | N/A |

Investor (GWMTX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/30/2009 | N/A | N/A | |

Service (GWMSX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 6/30/2009 | N/A | N/A | |

AMG GW&K Municipal Enhanced Yield Fund | Inst (GWMEX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 12/30/2005 | N/A | N/A |

Investor (GWMNX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/27/2009 | N/A | N/A | |

Service (GWMRX) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 7/27/2009 | N/A | N/A |

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