Amg Funds Iii NPORTP AMG Managers Special Equity Fund (Sep 2019 report)

AMG Managers Special Equity Fund
Schedule of Portfolio Investments(unaudited)
September 30, 2019


	Shares		Value		Shares		Value
Common Stocks - 96.8%				Roku, Inc.^*,1	6,515	$	662,966
Communication Services - 1.3%				SeaWorld Entertainment, Inc.^*,1	22,686		597,096
Cogent Communications Holdings, Inc.	19,147	$	1,055,000	Shake Shack, Inc. , Class A^*	1,079		105,785
HUYA, Inc., ADR (China)^*	15,072		356,302	Skyline Champion Corp.^*	83,086		2,500,058
IMAX Corp. (Canada)^*	6,117		134,268	Stamps.com, Inc.^*,1	3,789		282,091
Meredith Corp.	4,864		178,314	Steven Madden, Ltd.	40,102		1,435,251
Shenandoah Telecommunications Co.	2,353		74,755	Stitch Fix, Inc. , Class A^*,1	20,359		391,911
Sinclair Broadcast Group, Inc. , Class A	10,100		431,674	Strategic Education, Inc.	7,336		996,816
TrueCar, Inc.^*	16,151		54,913	Tailored Brands, Inc.	43,536		191,558
Yelp, Inc.^*,1	9,602		333,670	TopBuild Corp.^*	16,624		1,603,052
Total Communication Services			2,618,896	Wingstop, Inc.	14,823		1,293,751
Consumer Discretionary - 13.1%				YETI Holdings, Inc.^*,1	62,512		1,750,336
1-800-Flowers.com, Inc., Class A^*	7,300		108,003	Total Consumer Discretionary			26,889,974
Asbury Automotive Group, Inc.^*,1	4,480		458,438	Consumer Staples - 5.2%
BJ's Restaurants, Inc.¹	16,108		625,635	BJ's Wholesale Club Holdings, Inc.^*,1	27,271		705,501
Bluegreen Vacations Corp.¹	14,582		135,904	The Boston Beer Co., Inc., Class A^*,1	1,106		402,672
Boot Barn Holdings, Inc.^*	1,623		56,643	Calavo Growers, Inc.¹	16,663		1,585,984
Bright Horizons Family Solutions, Inc.^*	6,140		936,350	The Chefs' Warehouse, Inc.^*	5,756		232,082
Brinker International, Inc.	13,800		588,846	Coca-Cola Consolidated, Inc.	126		38,288
Career Education Corp.^*	1,354		21,515	elf Beauty, Inc.^*,1	26,200		458,762
Chegg, Inc.^*,1	69,347		2,076,943	Freshpet, Inc.^*	3,041		151,350
Cooper-Standard Holdings, Inc.^*	1,269		51,877	Inter Parfums, Inc.	41,808		2,925,306
Deckers Outdoor Corp.^*,1	7,859		1,158,102	J&J Snack Foods Corp.¹	13,055		2,506,560
Denny's Corp.^*	2,397		54,568	Medifast, Inc.¹	6,640		688,103
Etsy, Inc.^*	11,849		669,468	National Beverage Corp.¹	10,870		482,193
Everi Holdings, Inc.^*	35,844		303,240	Performance Food Group Co.^*	4,482		206,217
Floor & Decor Holdings, Inc., Class A^*	9,698		496,053	Turning Point Brands, Inc.¹	1,748		40,309
Fox Factory Holding Corp.^*,1	10,344		643,811	USANA Health Sciences, Inc.^*,1	2,735		187,047
Grand Canyon Education, Inc.^*	6,340		622,588	Total Consumer Staples			10,610,374
Installed Building Products, Inc.^*	5,091		291,918	Energy - 1.2%
iRobot Corp.^*,1	728		44,896	Cactus, Inc. , Class A^*	10,669		308,761
K12, Inc.^*	16,000		422,400	CONSOL Energy, Inc.^*,1	6,022		94,124
La-Z-Boy, Inc.	5,000		167,950	CVR Energy, Inc.¹	4,000		176,120
LGI Homes, Inc.^*	9,730		810,704	Denbury Resources, Inc.^*	123,149		146,547
Libbey, Inc.^*	7,093		23,762	Liberty Oilfield Services, Inc. , Class A¹	8,498		92,033
Lithia Motors, Inc. , Class A¹	4,546		601,799	Mammoth Energy Services, Inc.	17,114		42,443
The Lovesac Co.^*,1	13,619		254,267	Select Energy Services, Inc., Class A^*,1	180,918		1,566,750
Malibu Boats, Inc. , Class A^*	14,161		434,459	Total Energy			2,426,778
PetMed Express, Inc.	4,059		73,143	Financials - 5.8%
Planet Fitness, Inc. , Class A^*	13,023		753,641	Artisan Partners Asset Management, Inc., Class A	7,000		197,680
The RealReal, Inc.^*,1	40,886		914,211	Assetmark Financial Holdings, Inc.^*	19,952		519,750
				Banc of California, Inc.¹	84,510		1,194,971
Rent-A-Center, Inc.	29,689		765,679
RH^*	3,000		512,490	CenterState Bank Corp.	61,500		1,475,078

AMG Managers Special Equity Fund
Schedule of Portfolio Investments(continued)


	Shares		Value		Shares		Value
Financials - 5.8%(continued)				Cambrex Corp.^*	27,055	$	1,609,772
Cohen & Steers, Inc.¹	2,400	$	131,832	Cara Therapeutics, Inc.^*,1	2,267		41,441
eHealth, Inc.^*	9,859		658,483	Cardiovascular Systems, Inc.^*	9,474		450,204
Essent Group, Ltd.	16,748		798,377	CareDx, Inc.^*,1	29,826		674,366
Evercore, Inc. , Class A	7,202		576,880	Chemed Corp.	1,265		528,226
Goosehead Insurance, Inc., Class A	29,917		1,476,404	Clovis Oncology, Inc.^*	8,448		33,201
Green Dot Corp., Class A^*	13,682		345,471	Coherus Biosciences, Inc.^*,1	52,177		1,057,106
Heritage Insurance Holdings, Inc.	9,563		142,967	Collegium Pharmaceutical, Inc.^*	15,830		181,728
James River Group Holdings, Ltd. (Bermuda)	8,600		440,664	CONMED Corp.	13,700		1,317,255
Kemper Corp.	959		74,754	CRISPR Therapeutics AG (Switzerland)^*,1	5,758		236,020
Kinsale Capital Group, Inc.	7,008		723,996	Cytokinetics Inc.^*	31,547		359,005
LendingTree, Inc.^*,1	4,386		1,361,546	Denali Therapeutics, Inc.^*,1	15,555		238,303
Meta Financial Group, Inc.	2,030		66,198	Dicerna Pharmaceuticals, Inc.^*	7,093		101,855
National General Holdings Corp.	39,010		898,010	Diplomat Pharmacy, Inc.^*,1	15,081		73,897
NMI Holdings, Inc., Class A^*	16,066		421,893	Eidos Therapeutics, Inc.^*,1	2,587		93,054
RLI Corp.	762		70,797	Emergent BioSolutions, Inc.^*	1,700		88,876
Walker & Dunlop, Inc.	7,900		441,847	Enanta Pharmaceuticals, Inc.^*	700		42,056
Total Financials			12,017,598	Encompass Health Corp.	6,900		436,632
Health Care - 27.7%				The Ensign Group, Inc.	5,000		237,150
10X Genomics, Inc., Class A^*,1	7,333		369,583	Esperion Therapeutics, Inc.^*,1	836		30,648
ACADIA Pharmaceuticals, Inc.^*,1	21,782		783,934	Evolus, Inc.^*	8,900		139,018
Acceleron Pharma, Inc.^*,1	1,300		51,363	FibroGen, Inc.^*,1	2,300		85,054
Addus HomeCare Corp.^*	4,705		373,012	Fluidigm Corp.^*	23,800		110,194
Adeptus Health, Inc.^2,3	24,574		0	G1 Therapeutics, Inc.^*	624		14,215
Akorn, Inc.^*	79,300		301,340	Genomic Health, Inc.^*	900		61,038
Allakos, Inc.^*,1	517		40,652	Glaukos Corp.^*,1	16,442		1,027,789
Allogene Therapeutics, Inc.^*,1	7,182		195,745	Global Blood Therapeutics, Inc.^*,1	1,900		92,188
Amarin Corp. PLC, ADR (Ireland)^*,1	24,619		373,224	Globus Medical, Inc. , Class A^*	2,676		136,797
Amedisys, Inc.^*	5,758		754,356	Guardant Health, Inc.^*,1	3,658		233,490
Amicus Therapeutics, Inc.^*,1	7,900		63,358	GW Pharmaceuticals PLC,
				ADR (United Kingdom)^*,1	3,790		435,964
AMN Healthcare Services, Inc.^*	2,100		120,876
				Haemonetics Corp.^*	2,617		330,108
Apellis Pharmaceuticals, Inc.^*	5,007		120,619
				*
Arena Pharmaceuticals, Inc.^*	6,408		293,294	Halozyme Therapeutics, Inc.	32,738		507,766
				Heron Therapeutics, Inc.^*,1	2,700		49,950
Argenx SE, ADR (Netherlands)^*	3,643		415,156
				Heska Corp.^*	10,170		720,748
ArQule, Inc.^*	2,860		20,506
				HMS Holdings Corp.^*	24,881		857,524
Arrowhead Pharmaceuticals, Inc.^*,1	7,368		207,630
				Horizon Therapeutics PLC^*	4,000		108,920
Assertio Therapeutics, Inc.^*	39,920		51,098
				Immunomedics, Inc.^*,1	5,300		70,278
Audentes Therapeutics, Inc.^*	10,576		297,080
				Innoviva, Inc.^*	7,160		75,466
Axsome Therapeutics, Inc.^*,1	2,432		49,224
				Inogen, Inc.^*,1	14,808		709,451
Biohaven Pharmaceutical Holding Co., Ltd.^*,1	1,100		45,892
				Inovalon Holdings, Inc. , Class A^*	7,912		129,678
BioTelemetry, Inc.^*,1	35,420		1,442,657
				Insmed, Inc.^*,1	3,000		52,920
Blueprint Medicines Corp.^*,1	13,406		984,939
				*
Bridgebio Pharma, Inc.^*,1	16,997		364,926	Inspire Medical Systems, Inc.	16,062		980,103

AMG Managers Special Equity Fund
Schedule of Portfolio Investments(continued)


	Shares		Value		Shares		Value
Health Care - 27.7%(continued)				Supernus Pharmaceuticals, Inc.^*,1	7,054	$	193,844
Insulet Corp.^*,1	3,781	$	623,600	Syneos Health, Inc.^*	8,100		431,001
Integer Holdings Corp.^*	27,648		2,089,083	Tabula Rasa HealthCare, Inc.^*,1	34,730		1,908,066
Intercept Pharmaceuticals, Inc.^*,1	1,000		66,360	Tactile Systems Technology, Inc.^*,1	20,238		856,472
Invitae Corp.^*,1	29,787		573,995	Tandem Diabetes Care, Inc.^*	18,316		1,080,278
Iovance Biotherapeutics, Inc.^*,1	6,006		109,309	Teladoc Health, Inc.^*,1	4,486		303,792
iRhythm Technologies, Inc.^*,1	8,074		598,364	Tenet Healthcare Corp.^*	2,342		51,805
Ironwood Pharmaceuticals, Inc.^*,1	4,000		34,340	Ultragenyx Pharmaceutical, Inc.^*,1	1,900		81,282
Kura Oncology, Inc.^*	11,799		178,991	uniQure, N. V. (Netherlands)^*	6,184		243,402
Lantheus Holdings, Inc.^*	63,397		1,589,046	US Physical Therapy, Inc.	1,117		145,824
LeMaitre Vascular, Inc.¹	32,553		1,112,662	Vanda Pharmaceuticals, Inc.^*	16,908		224,538
LHC Group, Inc.^*	908		103,112	Voyager Therapeutics, Inc.^*	20,590		354,354
Magellan Health, Inc.^*	6,500		403,650	Xencor, Inc.^*	1,700		57,341
Masimo Corp.^*	2,824		420,183	ZIOPHARM Oncology, Inc.^*,1	17,474		74,789
Medpace Holdings, Inc.^*,1	28,976		2,435,143	Zogenix, Inc.^*	982		39,319
MeiraGTx Holdings PLC^*	814		12,983	Total Health Care			56,842,168
Mesa Laboratories, Inc.¹	8,984		2,136,126	Industrials - 14.4%
Mirati Therapeutics, Inc.^*,1	7,983		621,956	Aerojet Rocketdyne Holdings, Inc.^*,1	3,209		162,087
Molina Healthcare, Inc.^*	5,537		607,520	AeroVironment, Inc.^*,1	6,074		325,323
MyoKardia, Inc.^*	515		26,857	Allegiant Travel Co.	1,312		196,354
Natera, Inc.^*	15,449		506,727	ASGN, Inc.^*	461		28,978
Neogen Corp.^*	23,405		1,594,115	Astronics Corp.^*	1,977		58,084
NeoGenomics, Inc.^*,1	63,996		1,223,604	Atkore International Group, Inc.^*	22,951		696,563
Nevro Corp.^*,1	12,575		1,081,073	Axon Enterprise, Inc.^*	37,940		2,154,233
Novocure, Ltd. (Jersey)^*	4,606		344,437	Barrett Business Services, Inc.	6,100		541,802
NuVasive, Inc.^*	4,527		286,921	BMC Stock Holdings, Inc.^*	18,800		492,184
Omnicell, Inc.^*	355		25,656	Brady Corp., Class A	1,243		65,941
Pacira BioSciences, Inc.^*	11,996		456,688	The Brink's Co.	1,744		144,665
PDL BioPharma, Inc.^*	78,443		169,437	Builders FirstSource, Inc.^*	13,025		267,989
Penumbra, Inc.^*,1	5,950		800,216	Casella Waste Systems, Inc., Class A^*	6,607		283,705
Portola Pharmaceuticals, Inc.^*,1	1,900		50,958	CECO Environmental Corp.^*	33,800		236,093
PRA Health Sciences, Inc.^*	23,905		2,372,093	Chart Industries, Inc.^*,1	4,581		285,671
PTC Therapeutics, Inc.^*	2,955		99,938	Cimpress, N. V. (Netherlands)^*	1,673		220,568
Puma Biotechnology, Inc.^*	12,153		130,827	Columbus McKinnon Corp.	2,195		79,964
R1 RCM, Inc.^*	26,145		233,475	Covanta Holding Corp.¹	12,130		209,728
Ra Pharmaceuticals, Inc.^*	5,964		141,049	CSW Industrials, Inc.	1,224		84,493
Radius Health, Inc.^*,1	10,703		275,602	Cubic Corp.¹	11,333		798,183
Reata Pharmaceuticals, Inc. , Class A^*	1,037		83,261	Curtiss-Wright Corp.	2,100		271,677
REGENXBIO, Inc.^*,1	1,100		39,160	Deluxe Corp.	14,134		694,827
Repligen Corp.^*,1	54,076		4,147,088	DXP Enterprises, Inc.^*	1,078		37,428
Sage Therapeutics, Inc.^*,1	1,849		259,396	EMCOR Group, Inc.	11,866		1,021,900
Sarepta Therapeutics, Inc.^*,1	1,918		144,464	ESCO Technologies, Inc.	400		31,824
Spark Therapeutics, Inc.^*	1,100		106,678	Exponent, Inc.	8,411		587,929

AMG Managers Special Equity Fund
Schedule of Portfolio Investments(continued)


	Shares		Value		Shares		Value
Industrials - 14.4%(continued)				Cabot Microelectronics Corp.	6,501	$	918,006
Federal Signal Corp.	21,571	$	706,235	Cardtronics PLC, Class A (United Kingdom)^*,1	24,923		753,671
Foundation Building Materials, Inc.^*,1	26,500		410,485	CommVault Systems, Inc.^*	3,644		162,923
FTI Consulting, Inc.^*,1	1,300		137,787	Cornerstone OnDemand, Inc.^*	13,579		744,401
Generac Holdings, Inc.^*	19,487		1,526,612	Coupa Software, Inc.^*,1	8,296		1,074,913
GMS, Inc.^*	8,763		251,673	CSG Systems International, Inc.	4,374		226,048
Great Lakes Dredge & Dock Corp.^*	13,214		138,086	Diodes, Inc.^*,1	14,300		574,145
Heidrick & Struggles International, Inc.	14,200		387,660	Elastic, N.V.^*	6,313		519,812
Hillenbrand, Inc.	13,979		431,672	Endava PLC, ADR (United Kingdom)^*	23,856		902,950
Hub Group Inc. , Class A^*	2,900		134,850	Enphase Energy, Inc.^*,1	13,024		289,523
Insperity, Inc.	4,480		441,818	EVERTEC, Inc. (Puerto Rico)	22,541		703,730
John Bean Technologies Corp.¹	3,340		332,096	Evo Payments, Inc. , Class A^*	85,858		2,414,327
Knoll, Inc.	18,221		461,902	Five9, Inc.^*	17,776		955,282
Korn Ferry	9,729		375,929	Globant SA (Argentina)^*	6,330		579,701
Kratos Defense & Security Solutions, Inc.^*	109,704		2,039,946	GTT Communications, Inc.^*,1	7,084		66,731
Marten Transport, Ltd.	43,870		911,619	HubSpot, Inc.^*	2,814		426,631
MasTec, Inc.^*,1	17,832		1,157,832	I3 Verticals, Inc. , Class A^*	40,730		819,488
Mercury Systems, Inc.^*	20,363		1,652,865	Inphi Corp.^*	22,822		1,393,283
Meritor, Inc.^*	9,977		184,574	Insight Enterprises, Inc.^*	9,800		545,762
MSA Safety, Inc.	1,125		122,749	Itron, Inc.^*	1,933		142,965
NV5 Global, Inc.^*,1	5,599		382,244	j2 Global, Inc.¹	14,844		1,348,132
Quad/Graphics, Inc.¹	3,291		34,588	Lattice Semiconductor Corp.^*	20,697		378,445
RBC Bearings, Inc.^*	3,389		562,269	LivePerson, Inc.^*,1	7,848		280,174
Rush Enterprises, Inc., Class A	10,447		403,045	MAXIMUS, Inc.	40,788		3,151,281
Saia, Inc.^*	16,441		1,540,522	Medallia, Inc.^*,1	16,105		441,760
SiteOne Landscape Supply, Inc.^*,1	21,070		1,559,601	Mimecast, Ltd.^*	51,760		1,846,279
Tetra Tech, Inc.	13,410		1,163,452	MKS Instruments, Inc.	4,291		395,973
Trex Co., Inc.^*,1	9,401		854,833	Model N, Inc.^*	10,582		293,756
TriNet Group, Inc.^*	2,144		133,335	Monolithic Power Systems, Inc.	3,525		548,596
UniFirst Corp.	1,600		312,192	NIC, Inc.	23,215		479,390
Universal Forest Products, Inc.	10,800		430,704	Novanta, Inc.^*	3,497		285,775
Wabash National Corp.¹	27,500		399,025	OSI Systems, Inc.^*	10,379		1,054,091
Woodward, Inc.	1,189		128,210	Paylocity Holding Corp.^*	9,648		941,452
Total Industrials			29,688,603	Pegasystems, Inc.	51,910		3,532,475
Information Technology - 25.3%				Perficient, Inc.^*	16,782		647,450
Acacia Communications, Inc.^*	4,659		304,699	Power Integrations, Inc.	1,669		150,928
Alteryx, Inc. , Class A^*,1	7,068		759,315	Progress Software Corp.	12,393		471,678
Ambarella, Inc.^*	2,808		176,441	PROS Holdings, Inc.^*	8,429		502,368
Anaplan, Inc.^*,1	9,933		466,851	Q2 Holdings, Inc.^*	6,154		485,366
Appfolio, Inc. , Class A^*,1	9,360		890,510	Qualys, Inc.^*,1	35,555		2,686,891
Appian Corp.^*,1	13,940		662,150	Sanmina Corp.^*	4,200		134,862
Avalara, Inc.^*	12,602		847,989	Science Applications International Corp.	6,753		589,875
Box, Inc. , Class A^*	61,110		1,011,982	Semtech Corp.^*	9,093		442,011

AMG Managers Special Equity Fund
Schedule of Portfolio Investments(continued)


							Principal
	Shares		Value				Amount		Value

Information Technology - 25.3%				Short	-Term Investments - 7.9%
(continued)					Joint Repurchase Agreements - 4.5%⁴
ShotSpotter, Inc.^*	378	$	8,705
					Cantor Fitzgerald Securities, Inc. , dated 09/30/19,
Silicon Laboratories, Inc.^*	19,464		2,167,316		due 10/01/19, 2.400% total to be received
SolarEdge Technologies, Inc. (Israel)^*	4,987		417,512		$2,203,487 (collateralized by various
					U. S. Government Agency Obligations and
SPS Commerce, Inc.^*	15,307		720,500
					U. S. Treasuries, 0.000% - 9.000%, 10/25/19 -
SunPower Corp.^*,1	38,318		420,348		07/15/61, totaling$2,247,407)	$	2,203,340	$	2,203,340
SVMK, Inc.^*	36,017		615,891		Guggenheim Securities LLC, dated 09/30/19, due
Verint Systems, Inc.^*	3,707		158,585		10/01/19, 2.420% total to be received
					$2,203,488 (collateralized by various
Verra Mobility Corp.^*,1	52,259		749,917		U. S. Government Agency Obligations and
Wix.com, Ltd. (Israel)^*	4,854		566,656		U. S. Treasuries, 1.500% - 5.000%, 08/15/22 -
WNS Holdings, Ltd., ADR (India)^*	61,349		3,604,254		06/20/69, totaling$2,247,407)		2,203,340		2,203,340
Workiva, Inc.^*	47,672		2,089,464		Jefferies LLC, dated 09/30/19, due 10/01/19,
					2.450% total to be received $2,203,490
Total Information Technology			51,942,385		(collateralized by various U.S. Government
Materials - 1.4%					Agency Obligations, 0.000% - 5.000%,
Compass Minerals International, Inc.¹	3,104		175,345		10/02/19 - 11/20/48, totaling $2,247,407)		2,203,340		2,203,340
					National Bank Financial, dated 09/30/19, due
HB Fuller Co.	5,653		263,204		10/01/19, 1.910% total to be received $462,398
Materion Corp.	4,800		294,528		(collateralized by various U.S. Treasuries,
PolyOne Corp.	821		26,806		0.000% - 5.250%, 10/01/19 - 02/15/40, totaling
				$	471,620)		462,373		462,373
Quaker Chemical Corp.¹	10,010		1,582,981
					RBC Dominion Securities, Inc. , dated 09/30/19,
Trinseo, S.A.	11,849		508,914		due 10/01/19, 2.370% total to be received
Total Materials			2,851,778		$2,203,485 (collateralized by various
Real Estate - 1.2%					U. S. Government Agency Obligations and
					U. S. Treasuries, 0.000% - 6.500%, 10/15/19 -
American Assets Trust, Inc. , REIT	5,488		256,509		09/01/49, totaling$2,247,407)		2,203,340		2,203,340
EastGroup Properties, Inc. , REIT	5,272		659,106		Total Joint Repurchase Agreements				9,275,733
National Health Investors, Inc., REIT	3,948		325,276
							Shares
Newmark Group, Inc., Class A, REIT	43,200		391,392
					Other Investment Companies - 3.4%
NexPoint Residential Trust, Inc. , REIT	1,682		78,650
					Dreyfus Government Cash Management Fund,
PS Business Parks, Inc. , REIT	507		92,249		Institutional Shares, 1.85%⁵		6,507,450		6,507,450
QTS Realty Trust, Inc. , Class A, REIT	6,601		339,357		Dreyfus Institutional Preferred Government
The RMR Group, Inc. , Class A, REIT	9,400		427,512		Money Market Fund, Institutional Shares,
					1.90%⁵		211,014		211,014
Total Real Estate			2,570,051
					JPMorgan U.S. Government Money Market Fund,
Utilities - 0.2%					IM Shares, 1.87%⁵		217,408		217,408
American States Water Co.¹	924		83,031
					Total Other Investment Companies				6,935,872
Chesapeake Utilities Corp.	761		72,538		Total Short-Term Investments
TerraForm Power, Inc., Class A	19,225		350,376		(Cost $16,211,605)				16,211,605
Total Utilities			505,945		Total Investments - 104.7%
Total Common Stocks					(Cost $207,705,083)				215,176,155
(Cost $191,493,478)			198,964,550		Other Assets, less Liabilities - (4.7)%				(9,602,141	)
					Net Assets - 100.0%			$	205,574,014

AMG Managers Special Equity Fund

Schedule of Portfolio Investments(continued)


^*Non-income producing security.							⁵Yield shown represents the September 30, 2019, seven day average yield, which refers
¹Some of these securities, amounting to $56,431,883 or 27.5% of net assets, were out on							to the sum of the previous seven days' dividends paid, expressed as an annual
loan to various borrowers and are collateralized by cash and various U. S. Treasury							percentage.
Obligations. See below for more information.							ADR		American Depositary Receipt
²Escrow shares							REIT		Real Estate Investment Trust
³Security's value was determined by using significant unobservable inputs.
⁴Cash collateral received for securities lending activity was invested in these joint
repurchase agreements.
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
Common Stocks
Health Care								$	56,842,168		—	$	0	$	56,842,168
Information Technology									51,942,385		—		—		51,942,385
Industrials									29,688,603		—		—		29,688,603
Consumer Discretionary									26,889,974		—		—		26,889,974
Financials									12,017,598		—		—		12,017,598
Consumer Staples									10,610,374		—		—		10,610,374
Materials									2,851,778		—		—		2,851,778
Communication Services									2,618,896		—		—		2,618,896
Real Estate									2,570,051		—		—		2,570,051
Energy									2,426,778		—		—		2,426,778
Utilities									505,945		—		—		505,945
Short-Term Investments
Joint Repurchase Agreements									—	$	9,275,733		—		9,275,733
Other Investment Companies									6,935,872		—		—		6,935,872
Total Investments in Securities								$	205,900,422	$	9,275,733	$	0	$	215,176,155


At September 30, 2019, the Level 3 common stock was received as a result of a corporate action. The security's value was determined by using significant unobservable
inputs.
For the period ended September 30, 2019, there were no transfers in or out of Level 3.
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
$56,431,883	$	9,275,733	$	48,073,007	$	57,348,740

The following table summarizes the securities received as collateral for securities lending at September 30, 2019:
Collateral				Coupon		Maturity
Type				Range		Date Range
U. S. Treasury Obligations				0.000%-8.750%		10/10/19-02/15/49

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 Special Equity Fund (Sep 2019 report)