Amg Funds Iii NPORTP AMG Managers Global Income Opportunity Fund (Sep 2019 report)

AMG Managers Global Income Opportunity Fund
Schedule of Portfolio Investments(unaudited)
September 30, 2019


		Principal						Principal
		Amount^†			Value			Amount^†		Value

Corporate Bonds and Notes - 46.4%						Covanta Holding Corp.
Financials - 14.4%						5.875%, 07/01/25	$	30,000	$	31,275
American Homes 4 Rent LP						CSX Corp.
4.900%, 02/15/29	$	25,000		$	28,394	3.800%, 03/01/28		70,000		76,270
						CVS Health Corp.
Bank of America Corp.						4.300%, 03/25/28		25,000		27,033
Series MTN						4.100%, 03/25/25		50,000		53,423
4.200%, 08/26/24		130,000			139,437
						Delta Air Lines 2015-1 Class B Pass
Barclays PLC (United Kingdom)						Through Trust
3.650%, 03/16/25		200,000			204,680	Series 15-1
Brookfield Finance, Inc. (Canada)						4.250%, 07/30/23		51,335		54,897
4.850%, 03/29/29		25,000			28,294	Embraer Netherlands Finance BV (Netherlands)
Citigroup, Inc.						5.050%, 06/15/25		70,000		76,563
4.400%, 06/10/25		75,000			80,729	Enbridge, Inc. (Canada)
Goodman Australia Industrial Fund Bond Issuer						2.900%, 07/15/22		25,000		25,472
Pty, Ltd. (Australia)						Energy Transfer Partners, LP
3.400%, 09/30/26¹		60,000			61,094
						4.050%, 03/15/25		210,000		219,728
HSBC Holdings PLC (United Kingdom)						General Motors Financial Co., Inc.
Series EMTN						4.000%, 01/15/25		120,000		123,200
5.750%, 12/20/27		55,000	GBP		83,758
						Glencore Finance Canada, Ltd. (Canada)
JPMorgan Chase & Co.						5.550%, 10/25/42^1,5		115,000		124,694
3.900%, 07/15/25		50,000			53,908
3.875%, 02/01/24		25,000			26,637	Hyundai Capital America
Series X, (3 month LIBOR + 3.330%), 6.100%,						2.750%, 09/27/26¹		85,000		82,810
04/01/68^2,3		65,000			70,513	Intel Corp.
Lloyds Banking Group PLC (United Kingdom)						3.700%, 07/29/25		100,000		108,359
4.500%, 11/04/24		200,000			208,793	INVISTA Finance LLC
Mid-America Apartments, LP						4.250%, 10/15/19¹		130,000		130,064
4.200%, 06/15/28		95,000			104,755	Kinder Morgan Energy Partners, LP
Old Republic International Corp.						4.250%, 09/01/24		110,000		117,948
4.875%, 10/01/24		100,000			109,513	KT Corp. (South Korea)
Santander Holdings USA, Inc.						2.500%, 07/18/26¹		200,000		197,256
2.650%, 04/17/20		110,000			110,208	Latam Airlines 2015-1 Pass Through
Ventas Realty, LP						Trust A (Chile)
3.100%, 01/15/23		70,000			71,780	4.200%, 11/15/27		43,791		44,789
Total Financials					1,382,493	Nissan Motor Acceptance Corp.
						3.650%, 09/21/21¹		60,000		61,379
Industrials - 25.7%
Air Canada 2017-1 Class AA Pass Through Trust						Petrobras Global Finance BV (Netherlands)
(Canada)						5.999%, 01/27/28		15,000		16,702
3.300%, 01/15/30¹		47,440			48,926	Southern Copper Corp. (Peru)
Alfa, SAB de CV (Mexico)						3.875%, 04/23/25		130,000		135,277
5.250%, 03/25/24¹		200,000			215,600	Toyota Motor Credit Corp. MTN
Anheuser-Busch InBev Worldwide, Inc.						2.650%, 04/12/22		35,000		35,610
4.750%, 01/23/29		45,000			52,302	Videotron, Ltd. (Canada)
						5.125%, 04/15/27¹		30,000		31,725
BMW US Capital LLC
3.150%, 04/18/24^1,4		25,000			25,898	Weibo Corp. (China)
Broadcom Inc.						3.500%, 07/05/24		200,000		203,170
4.250%, 04/15/26¹		25,000			25,823	Whiting Petroleum Corp.
						6.250%, 04/01/23⁴		40,000		30,800
Burlington Northern Santa Fe LLC						6.625%, 01/15/26⁴		10,000		6,750
4.050%, 06/15/48		65,000			74,567
						Total Industrials				2,458,310

AMG Managers Global Income Opportunity Fund
Schedule of Portfolio Investments(continued)


		Principal						Principal
		Amount^†			Value			Amount^†			Value

Utilities - 6.3%						Colombian TES
						Series B
CenterPoint Energy, Inc.						6.250%, 11/26/25		189,000,000	COP	$	56,691
3.850%, 02/01/24	$	30,000		$	31,655
						Dominican Republic International, Bonds
Duke Energy Corp.						8.625%, 04/20/27¹	$	100,000			119,626
3.150%, 08/15/27		70,000			72,737
						Export Development Canada
Emgesa, S.A. ESP (Colombia)						1.800%, 09/01/22		55,000	CAD		41,655
8.750%, 01/25/21¹		320,000,000	COP		95,402
						French Republic Government Bond OAT
Enel Chile, S. A. (Chile)						1.750%, 11/25/24		20,000	EUR		24,474
4.875%, 06/12/28		20,000			22,225	4.250%, 10/25/23		315,000	EUR		413,505
Enel Finance International NV (Netherlands)						Hellenic Republic Government Bond
1.375%, 06/01/26		100,000	EUR		117,054	3.750%, 01/30/28		45,000	EUR		58,543
4.625%, 09/14/25¹		200,000			218,445
						Indonesia Government International Bonds
Virginia Electric & Power Co.						4.750%, 01/08/26¹		200,000			220,517
Series A
3.800%, 04/01/28		40,000			43,774	Indonesia Treasury Bond
						Series FR78
Total Utilities					601,292	8.250%, 05/15/29		380,000,000	IDR		28,589
Total Corporate Bonds and Notes
						Italy Buoni Poliennali Del Tesoro
(Cost $4,298,525)					4,442,095	2.000%, 02/01/28		115,000	EUR		139,166
U. S. Government and Agency Obligations -						5.000%, 03/01/22		90,000	EUR		110,403
17.1%						Japan Government Thirty Year Bond
Fannie Mae - 4.0%						Series 62
FNMA,						0.500%, 03/20/49		6,950,000	JPY		66,934
3.500%, 07/01/49⁶		372,882			383,580	Korea Treasury Bond
U. S. Treasury Obligations - 13.1%						Series 2209
						2.000%, 09/10/22		189,070,000	KRW		160,931
U. S. Treasury Bonds,
2.875%, 05/15/49		85,000			99,135	Mexican Bonos
						Series M 5.750%, 03/05/26		3,630,000	MXN		174,100
U. S. Treasury Notes,						Series M 6.500%, 06/10/21		850,000	MXN		42,924
1.625%, 08/15/29		290,000			288,663	Series M 8.000%, 12/07/23		1,600,000	MXN		84,886
1.875%, 03/31/22		260,000			261,767
3.125%, 11/15/28⁷		355,000			398,543	New South Wales Treasury Corp., Bonds
2.875%, 10/15/21		205,000			210,005	Series 22
						6.000%, 03/01/22		150,000	AUD		113,504
Total U. S. Treasury Obligations					1,258,113
						Norway Government Bonds
Total U.S. Government and Agency Obligations						Series 474
(Cost $1,597,575)					1,641,693	3.750%, 05/25/21¹		485,000	NOK		55,520
Foreign Government Obligations - 34.7%						South Africa Government Bond
Argentine Republic Government						Series R213
International Bond						7.000%, 02/28/31		2,680,000	ZAR		149,788
7.125%, 06/28/17		95,000			41,231	Spain Government Bond
Australia Government Bond						Series 30Y
Series 133						2.700%, 10/31/48¹		60,000	EUR		92,404
5.500%, 04/21/23		75,000	AUD		59,067	Spain Government Bonds
Bonos de la Tesoreria de la Republica en pesos						1.600%, 04/30/25¹		95,000	EUR		114,175
4.000%, 03/01/23¹		20,000,000	CLP		29,077	4.400%, 10/31/23¹		105,000	EUR		136,746
4.500%, 03/01/26		45,000,000	CLP		68,913	Thailand Government Bonds
Brazil Notas Do Tesouro Nacional						2.125%, 12/17/26		5,000,000	THB		170,988
10.000%, 01/01/21		460,000	BRL		117,155	Turkey Government Bond
10.000%, 01/01/27		165,000	BRL		46,561	12.400%, 03/08/28		300,000	TRY		51,107
Bundesrepublik Deutschland Bundesanleihe						United Kingdom Gilt
0.500%, 08/15/27		20,000	EUR		23,926	1.500%, 07/22/26		130,000	GBP		173,146

AMG Managers Global Income Opportunity Fund
Schedule of Portfolio Investments(continued)

Principal

Amount^†

Value

Foreign Government Obligations - 34.7%

Other Investment Companies - 4.4%

(continued)

Dreyfus Government Cash Management Fund,

United Kingdom Gilt

Institutional Shares, 1.85%⁹

140,947

2.750%, 09/07/24

100,000

GBP

137,862

Dreyfus Institutional Preferred Government

Total Foreign Government Obligations

Money Market Fund, Institutional Shares,

(Cost $3,425,782)

3,324,114

1.90%⁹

140,947

Principal

JPMorgan U.S. Government Money Market Fund,

Amount

IM Shares, 1.87%⁹

145,218

Short-Term Investments - 5.1%

Total Other Investment Companies

427,112

Joint Repurchase Agreements - 0.7%⁸

Total Short-Term Investments

(Cost $494,200)

494,200

RBC Dominion Securities, Inc. , dated 09/30/19,

due 10/01/19, 2.370% total to be received

Total Investments - 103.3%

$67,092 (collateralized by various

(Cost $9,816,082)

9,902,102

U. S. Government Agency Obligations and

Other Assets, less Liabilities - (3.3)%

(320,873)

U. S. Treasuries, 0.000% - 6.500%, 10/15/19 -

09/01/49, totaling$68,430)

67,088

Net Assets - 100.0%

9,581,229

^†Principal amount stated in U.S. dollars unless otherwise stated.

EMTN

European Medium Term Note

¹Security exempt from registration under Rule 144A of the Securities Act of 1933. This

FNMA

Fannie Mae

security may be resold in transactions exempt from registration, normally to qualified

LIBOR

London Interbank Offered Rate

buyers. At September 30, 2019, the value of these securities amounted to $2,087,181 or

MTN

Medium-Term Note

21.8% of net assets.

CURRENCY ABBREVIATIONS:

²Perpetuity Bond. The date shown is the final call date.

AUD

Australian Dollar

³Variable rate security. The rate shown is based on the latest available information as of

September 30, 2019. Certain variable rate securities are not based on a published

BRL

Brazilian Real

reference rate and spread but are determined by the issuer or agent and are based on

CAD

Canadian Dollar

current market conditions. These securities do not indicate a reference rate and

CLP

Chile Peso

spread in their description above.

COP

Colombia Peso

⁴Some of these securities, amounting to $62,813 or 0.7% of net assets, were out on loan

EUR

Euro Dollar

to various borrowers and are collateralized by cash. See below for more information.

GBP

British Pound

⁵Step Bond: A debt instrument with either deferred interest payments or an interest

rate that resets at specific times during its term.

IDR

Indonesia Rupiah

⁶All or part of the security is delayed delivery transaction. The market value for delayed

JPY

Japanese Yen

delivery security at September 30, 2019, amounted to $383,580, or 4.0% of net assets.

KRW

Korean Won

⁷Some or all of this security is held as collateral for futures contracts. The market value

MXN

Mexico Peso

of collateral at September 30, 2019, amounted to $398,543, or 4.2% of net assets.

NOK

Norwegian Krone

⁸Cash collateral received for securities lending activity was invested in these joint

THB

Thailand Baht

repurchase agreements.

ZAR

South Africa Rand

⁹Yield shown represents the September 30, 2019, seven day average yield, which refers

to the sum of the previous seven days' dividends paid, expressed as an annual

percentage.

Open Futures Contracts

Current

Value and

Number of

Expiration

Notional

Unrealized

Description

Currency

Contracts

Position

Date

Amount

Gain/(Loss)

10-Year U.S. Treasury Note

USD

Long

12/19/19

521,250

(4,601)

CURRENCY ABBREVIATIONS:

USD US Dollar

AMG Managers Global Income Opportunity Fund

Schedule of Portfolio Investments(continued)


Open Forward Foreign Currency Contracts
										Receivable/
Currency		Currency								Payable
Purchased	Amount	Sold	Amount		Expiration		Counterparty			Amount
							UBS
Canadian Dollar	515,000	U. S. Dollar	391,210		12/18/19		Securities LLC		$	(1,969)
							JPMorgan
Chinese Offshore Yuan	410,000	U. S. Dollar	57,480		12/18/19		Chase			(174)
Euro	950,000	U. S. Dollar	1,054,493		12/18/19		Morgan Stanley			(12,681)
Japanese Yen	178,300,000	U. S. Dollar	1,672,605		12/18/19		Credit Suisse			(13,927)
							UBS
Sweden Krona	580,000	U. S. Dollar	59,265		12/18/19		Securities LLC			(25)
U. S. Dollar	76,844	Australian Dollar	112,000		12/18/19		Credit Suisse			1,060
U. S. Dollar	82,893	Brazilian Real	345,000		12/03/19		Merrill Lynch			191
U. S. Dollar	150,703	Colombia Peso	510,710,000		12/18/19		Credit Suisse			4,490
							UBS
U. S. Dollar	284,214	Mexico Peso	5,655,000		12/18/19		Securities LLC			1,225
							UBS
U. S. Dollar	157,584	Thailand Baht	4,825,000		12/18/19		Securities LLC			(416)
U. S. Dollar	154,380	South Africa Rand	2,305,000		12/18/19		Citibank			3,731
Total Forward Foreign Currency Contracts									$	(18,495)
The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of September 30, 2019:
					Level 1		Level 2	Level 3		Total
Investments in Securities
Corporate Bonds and Notes^†					—	$	4,442,095	—	$	4,442,095
U. S. Government and Agency Obligations^†					—		1,641,693	—		1,641,693
Foreign Government Obligations					—		3,324,114	—		3,324,114
Short-Term Investments
Joint Repurchase Agreements					—		67,088	—		67,088
Other Investment Companies				$	427,112		—	—		427,112
Total Investments in Securities				$	427,112	$	9,474,990	—	$	9,902,102
Financial Derivative Instruments - Assets
Foreign Currency Exchange Contracts					—	$	10,697	—	$	10,697
Financial Derivative Instruments - Liabilities
Foreign Currency Exchange Contracts					—		(29,192)	—		(29,192)
Interest Rate Futures Contracts				$	(4,601)		—	—		(4,601)
Total Financial Derivative Instruments				$	(4,601)	$	(18,495)	—	$	(23,096)

^†All corporate bonds and notes and U. S. government and agency obligations held in the Fund are Level 2 securities. For a detailed breakout of corporate bonds and notes and U. S.
government and agency obligations by major industry or agency classification, please refer to the Fund's Schedule of Portfolio Investments.

For the period ended September 30, 2019, there were no transfers in or out of Level 3.

AMG Managers Global Income Opportunity Fund
Schedule of Portfolio Investments(continued)


The country allocation in the Schedule of Portfolio Investments at September 30, 2019 is as follows:

					% of Long-Term
Country					Investments
Argentina					0.4
Australia					2.5
Brazil					1.7
Canada					3.2
Chile					1.8
China					2.2
Colombia					1.6
Dominican Republic					1.3
France					4.7
Germany					0.3
Greece					0.6
Indonesia					2.6
Italy					2.7
Japan					0.7
Mexico					5.5
Netherlands					4.6
Norway					0.6
Peru					1.4
South Africa					1.6
South Korea					3.8
Spain					3.6
Thailand					1.8
Turkey					0.5
United Kingdom					8.6
United States					41.7
					100.0


The Fund participates in the securities lending program offered by The Bank of New York Mellon providing for the lending of securities to qualified brokers. The value of
securities loaned on positions held, cash and securities collateral received at September 30, 2019, were as follows:
		Cash	Securities		Total
Securities		Collateral	Collateral		Collateral
Loaned		Received	Received		Received
$62,813	$	67,088	—	$	67,088

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent semi or annual report.

Amg Funds Iii NPORT-PAMG Managers Global Income Opportunity Fund (Sep 2019 report)