Amg Funds Iii NPORT-P AMG Managers Cadence Emerging Companies Fund (Feb 2020 report)

AMG Managers Cadence Emerging Companies Fund
Schedule of Portfolio Investments(unaudited)
February 29, 2020

	Shares		Value		Shares		Value
Common Stocks - 98.6%				Castle Biosciences, Inc.*	43,591	$	1,305,115
Communication Services - 1.0%				Catalyst Pharmaceuticals, Inc.*	225,787		950,563
National CineMedia, Inc.	148,213	$	1,139,757	Champions Oncology, Inc.*	160,265		1,009,669
Consumer Discretionary - 11.8%				Coherus Biosciences, Inc.*,1	77,822		1,505,856
1-800-Flowers.com, Inc., Class A*	92,395		1,666,806	Dicerna Pharmaceuticals, Inc.*	62,345		1,230,690
Century Communities, Inc.*	48,106		1,603,373	Electromed, Inc.*	62,326		641,335
Everi Holdings, Inc.*	146,490		1,523,496	Fennec Pharmaceuticals, Inc.	63,622		440,264
Malibu Boats, Inc. , Class A*	39,573		1,738,837	Fulgent Genetics, Inc.*	109,298		1,621,982
MasterCraft Boat Holdings, Inc.*	77,520		1,253,498	Hanger, Inc.*	50,959		1,175,624
Monarch Casino & Resort, Inc.*	28,287		1,337,409	Harrow Health, Inc.*	163,200		900,864
Perdoceo Education Corp.*	112,814		1,684,313	HealthStream, Inc.*	52,157		1,268,458
Ruth's Hospitality Group, Inc.	55,667		1,064,910	iRadimed Corp.*,1	72,119		1,712,105
Turtle Beach Corp.*,1	90,742		599,805	The Joint Corp.*	87,855		1,302,890
Universal Electronics, Inc.*	22,071		931,838	LeMaitre Vascular, Inc.1	38,142		1,087,047
Total Consumer Discretionary			13,404,285	Mesa Laboratories, Inc.1	5,402		1,292,645
Consumer Staples - 4.2%				MTBC, Inc.*	176,062		961,299
Calavo Growers, Inc.1	18,795		1,361,698	OptimizeRx Corp.*,1	92,306		770,755
The Chefs' Warehouse, Inc.*	42,000		1,286,040	Pfenex, Inc.*	83,930		973,588
John B Sanfilippo & Son, Inc.	14,609		1,025,405	R1 RCM, Inc.*	133,466		1,638,962
Lifevantage Corp.*	90,103		1,073,127	RadNet, Inc.*	67,617		1,381,415
Total Consumer Staples			4,746,270	Recro Pharma, Inc.*	76,182		1,092,450
Energy - 0.8%				Rigel Pharmaceuticals, Inc.*	452,542		959,389
Dorian LPG, Ltd.*	85,042		945,667	Sharps Compliance Corp.*	108,522		657,643
Financials - 9.2%				Sientra, Inc.*	67,679		283,575
Bank7 Corp.	35,400		633,660	STAAR Surgical Co.*,1	37,689		1,182,681
Bryn Mawr Bank Corp.	38,784		1,289,180	Tabula Rasa HealthCare, Inc.*,1	13,121		737,007
Curo Group Holdings Corp.	85,619		790,264	XOMA Corp.*,1	34,975		849,893
FS Bancorp, Inc.	19,010		908,488	Zynex, Inc.*,1	142,199		1,851,431
Greenhill & Co., Inc.	53,868		787,550	Total Health Care			36,612,337
Mr Cooper Group, Inc.*	93,822		1,203,736	Industrials - 14.3%
PCB Bancorp.	42,409		567,008	BG Staffing, Inc.	99,876		1,540,088
Preferred Bank	27,473		1,404,695	Blue Bird Corp.*	80,183		1,433,672
ProSight Global, Inc.*	73,600		986,240	Construction Partners, Inc. , Class A*,1	50,644		861,454
Silvercrest Asset Management Group, Inc. ,				Douglas Dynamics, Inc.	29,125		1,267,811
Class A	96,748		1,118,407	Foundation Building Materials, Inc.*	76,171		1,188,268
Unity Bancorp, Inc.	40,492		693,628	Graham Corp.	59,486		986,278
Total Financials			10,382,856	Great Lakes Dredge & Dock Corp.*	114,943		1,114,947
Health Care - 32.3%				Heritage-Crystal Clean, Inc.*	42,285		1,113,364
Addus HomeCare Corp.*	19,997		1,525,171
				Kforce, Inc.	37,021		1,127,660
Agenus, Inc.*	155,190		392,631
				Orion Energy Systems, Inc.*	176,077		832,844
ANI Pharmaceuticals, Inc.*	23,024		1,105,382
				Park Aerospace Corp.	70,825		985,176
BioDelivery Sciences International, Inc.*	223,821		1,087,770
				SP Plus Corp.*	38,425		1,402,897
BioSpecifics Technologies Corp.*	31,096		1,716,188
				Spartan Motors, Inc.	91,253		1,345,982

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AMG Managers Cadence Emerging Companies Fund
Schedule of Portfolio Investments(continued)

						Principal
	Shares		Value			Amount		Value
Industrials - 14.3%(continued)				Short-Term Investments - 4.4%
Willdan Group, Inc.*,1	34,395	$	1,057,646	Joint Repurchase Agreements - 2.9%2
Total Industrials			16,258,087	Citigroup Global Markets, Inc. , dated 02/28/20,
Information Technology - 17.4%				due 03/02/20, 1.610% total to be received
Adesto Technologies Corp.*,1	86,400		1,059,264	$1,000,134 (collateralized by various
				U. S. Government Agency Obligations, 2.000% -
Aehr Test Systems*	202,817		425,916	8.500%, 04/01/21 - 08/01/56, totaling
Agilysys, Inc.*	59,571		1,914,016	$1,020,000)	$	1,000,000	$	1,000,000
American Software, Inc. , Class A	125,995		2,072,618	HSBC Securities USA, Inc., dated 02/28/20, due
				03/02/20, 1.610% total to be received
Avid Technology, Inc.*	174,503		1,289,577
				$1,000,134 (collateralized by various
Clearfield, Inc.*	46,748		501,138	U. S. Government Agency Obligations, 2.500% -
Coda Octopus Group, Inc.*,1	85,430		546,752	5.500%, 02/01/28 - 07/01/56, totaling
				$1,020,000)		1,000,000		1,000,000
The Hackett Group, Inc.	85,689		1,319,610
				JP Morgan Securities LLC, dated 02/28/20, due
Ichor Holdings, Ltd.*	34,429		995,687	03/02/20, 1.590% total to be received
International Money Express, Inc.*	95,278		897,519	$236,600 (collateralized by various
Lantronix, Inc.*,1	264,877		855,553	U. S. Treasuries, 1.500% - 2.875%, 11/30/24 -
				05/31/25, totaling$241,301)		236,569		236,569
Luna Innovations, Inc.*	126,806		849,600
				RBC Dominion Securities, Inc. , dated 02/28/20,
Napco Security Technologies, Inc.*	58,243		1,184,663	due 03/02/20, 1.610% total to be received
Onto Innovation, Inc.*	31,600		966,012	$1,000,134 (collateralized by various
				U. S. Government Agency Obligations and
PC-Tel, Inc.	144,319		1,013,119	U. S. Treasuries, 0.000% - 5.500%, 04/01/34 -
Perficient, Inc.*	38,642		1,583,163	02/20/50, totaling$1,020,000)		1,000,000		1,000,000
SMTC Corp. (Canada)*	185,615		554,989	Total Joint Repurchase Agreements				3,236,569
Zix Corp.*	216,621		1,706,973
						Shares
Total Information Technology			19,736,169	Other Investment Companies - 1.5%
Materials - 1.6%				Dreyfus Government Cash Management Fund,
Flexible Solutions International, Inc. (Canada)	156,703		311,839	Institutional Shares, 1.49%3		558,953		558,953
UFP Technologies, Inc.*	30,424		1,500,816	Dreyfus Institutional Preferred Government
Total Materials			1,812,655	Money Market Fund, Institutional Shares,
				1.53%3		558,953		558,953
Real Estate - 2.4%
				JPMorgan U.S. Government Money Market Fund,
NexPoint Residential Trust, Inc. , REIT1	34,278		1,525,371	IM Shares, 1.52%3		575,890		575,890
UMH Properties, Inc. , REIT	79,761		1,157,332	Total Other Investment Companies				1,693,796
Total Real Estate			2,682,703	Total Short-Term Investments
Utilities - 3.6%				(Cost $4,930,365)				4,930,365
Middlesex Water Co.	19,953		1,186,605	Total Investments - 103.0%
Pure Cycle Corp.*	136,646		1,690,311	(Cost $120,468,922)				116,767,587
				Other Assets, less Liabilities - (3.0)%				(3,381,778	)
The York Water Co.	29,310		1,239,520
Total Utilities			4,116,436	Net Assets - 100.0%			$	113,385,809
Total Common Stocks
(Cost $115,538,557)			111,837,222

*Non-income producing security.	3Yield shown represents the February 29, 2020, seven day average yield, which refers
1Some of these securities, amounting to $10,371,912 or 9.1% 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.	REIT Real Estate Investment Trust
2Cash collateral received for securities lending activity was invested in these joint
repurchase agreements.

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AMG Managers Cadence Emerging Companies Fund
Schedule of Portfolio Investments(continued)

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of February 29, 2020:
		Level 1		Level 2	Level 3		Total
Investments in Securities
Common Stocks†	$	111,837,222		—	—	$	111,837,222
Short-Term Investments
Joint Repurchase Agreements		—	$	3,236,569	—		3,236,569
Other Investment Companies		1,693,796		—	—		1,693,796
Total Investments in Securities	$	113,531,018	$	3,236,569	—	$	116,767,587

^†All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund's Schedule of Portfolio
Investments.

For the period ended February 29, 2020, 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 February 29, 2020, were as follows:

			Cash		Securities		Total
	Securities		Collateral		Collateral		Collateral
	Loaned		Received		Received		Received
$	10,371,912	$	3,236,569	$	7,568,352	$	10,804,921
The following table summarizes the securities received as collateral for securities lending at February 29, 2020:
	Collateral				Coupon		Maturity
	Type				Range		Date Range
	U. S. Treasury Obligations				0.000%-8.000%		03/31/20-02/15/49
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent semi or annual report.

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