AMG GW&K International Small Cap Fund
Schedule of Portfolio Investments (unaudited)
August 31, 2022
| Shares | Value | |
| Common Stocks - 96.0% | ||
| Communication Services - 4.3% | ||
| Embracer Group AB (Sweden)*,1 | 52,794 | $327,559 |
| Enad Global 7 AB (Sweden)* | 119,783 | 167,796 |
| Nihon Falcom Corp. (Japan) | 41,925 | 380,653 |
| Paradox Interactive AB (Sweden) | 31,800 | 499,916 |
| Total Communication Services | 1,375,924 | |
| Consumer Discretionary - 8.4% | ||
| Garrett Motion, Inc. (Switzerland)*,1 | 66,215 | 456,221 |
| Gift Holdings, Inc. (Japan) | 22,437 | 487,054 |
| Hamee Corp. (Japan)1 | 47,508 | 369,577 |
| Max Stock, Ltd. (Israel) | 170,857 | 277,899 |
| Mazda Motor Corp. (Japan) | 52,655 | 466,318 |
| MIPS AB (Sweden) | 4,865 | 219,226 |
| Yossix Holdings Co., Ltd. (Japan) | 25,904 | 427,380 |
| Total Consumer Discretionary | 2,703,675 | |
| Consumer Staples - 8.4% | ||
| Becle SAB de CV (Mexico) | 244,100 | 497,493 |
| Grupo Herdez SAB de CV (Mexico) | 174,381 | 282,693 |
| Hilton Food Group PLC (United Kingdom) | 37,890 | 425,811 |
| Kusuri no Aoki Holdings Co., Ltd. (Japan) | 9,375 | 413,541 |
| Nissin Foods Co. Ltd. (Hong Kong) | 497,750 | 399,005 |
| Royal Unibrew A/S (Denmark) | 4,996 | 374,300 |
| Sarantis, S.A. (Greece) | 50,854 | 308,850 |
| Total Consumer Staples | 2,701,693 | |
| Energy - 1.9% | ||
| Diversified Energy Co. PLC (United States) | 396,100 | 609,238 |
| Financials - 2.6% | ||
| Omni Bridgeway, Ltd. (Australia)* | 268,751 | 831,802 |
| Health Care - 7.2% | ||
| Arjo AB, Class B (Sweden) | 64,112 | 287,941 |
| Ergomed PLC (United Kingdom)* | 33,802 | 437,933 |
| Haw Par Corp., Ltd. (Singapore) | 58,200 | 455,151 |
| Renalytix PLC (United States)* | 63,656 | 68,589 |
| Renalytix PLC, ADR (United States)* | 34,048 | 70,820 |
| Riverstone Holdings, Ltd. (Singapore) | 682,600 | 351,692 |
| Sedana Medical AB (Sweden)* | 66,618 | 156,374 |
| Siegfried Holding AG (Switzerland) | 626 | 499,557 |
| Total Health Care | 2,328,057 | |
| Industrials - 36.0% | ||
| Alconix Corp. (Japan) | 39,200 | 398,747 |
| Alliance Global Group, Inc. (Philippines) | 2,940,530 | 525,123 |
| Calian Group, Ltd. (Canada) | 9,782 | 448,079 |
| Shares | Value | |
| Clarkson PLC (United Kingdom) | 12,686 | $443,391 |
| Creek & River Co., Ltd. (Japan) | 35,200 | 609,185 |
| Delta Plus Group (France) | 6,213 | 439,958 |
| DMG Mori Co., Ltd. (Japan) | 33,200 | 430,885 |
| Fluidra, S.A. (Spain) | 13,847 | 221,478 |
| FULLCAST Holdings Co., Ltd. (Japan) | 31,100 | 544,150 |
| GVS S.P.A. (Italy)*,2 | 49,312 | 445,143 |
| Hardwoods Distribution, Inc. (Canada) | 23,249 | 522,565 |
| Hosokawa Micron Corp. (Japan) | 17,950 | 338,853 |
| Howden Joinery Group PLC (United Kingdom) | 50,770 | 335,684 |
| Inabata & Co., Ltd. (Japan) | 24,000 | 419,963 |
| Nippon Concept Corp. (Japan) | 38,721 | 497,542 |
| Nippon Parking Development Co., Ltd. (Japan) | 357,375 | 413,058 |
| Nisso Corp. (Japan) | 79,300 | 324,235 |
| Rheinmetall AG (Germany) | 4,070 | 646,092 |
| Richelieu Hardware, Ltd. (Canada) | 17,350 | 463,820 |
| RS Group PLC (United Kingdom) | 36,400 | 457,898 |
| Senshu Electric Co., Ltd. (Japan) | 15,870 | 636,280 |
| SITC International Holdings Co., Ltd. (Hong Kong) | 128,500 | 325,855 |
| Stabilus, SE (Luxembourg) | 7,946 | 406,426 |
| Ten Pao Group Holdings, Ltd. (China) | 1,983,700 | 362,782 |
| UT Group Co., Ltd. (Japan) | 29,900 | 595,541 |
| Yamazen Corp. (Japan) | 53,275 | 356,751 |
| Total Industrials | 11,609,484 | |
| Information Technology - 11.4% | ||
| Ai Holdings Corp. (Japan) | 28,950 | 442,807 |
| Argo Graphics, Inc. (Japan) | 21,625 | 601,817 |
| Digital Hearts Holdings Co., Ltd. (Japan) | 45,375 | 598,549 |
| Digital Information Technologies Corp. (Japan) | 47,946 | 537,670 |
| Esprinet S.P.A. (Italy) | 52,208 | 355,131 |
| Kitron A.S.A. (Norway) | 337,256 | 675,446 |
| Micro-Star International Co., Ltd. (Taiwan) | 122,500 | 458,594 |
| Total Information Technology | 3,670,014 | |
| Materials - 10.6% | ||
| Corticeira Amorim SGPS, S.A. (Portugal)1 | 49,498 | 500,415 |
| Eagle Cement Corp. (Philippines) | 2,204,635 | 559,845 |
| Elopak A.S.A. (Norway) | 184,900 | 372,113 |
| Hill & Smith Holdings PLC (United Kingdom) | 30,441 | 367,756 |
| Huhtamaki Oyj (Finland) | 15,616 | 546,827 |
| Marshalls PLC (United Kingdom) | 64,088 | 248,545 |
| Mayr Melnhof Karton AG (Austria) | 2,774 | 414,178 |
| Vidrala, S.A. (Spain) | 6,514 | 412,342 |
| Total Materials | 3,422,021 |
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AMG GW&K International Small Cap Fund
Schedule of Portfolio Investments (continued)
| Shares | Value | |
| Real Estate - 5.2% | ||
| Altus Group, Ltd. (Canada) | 12,887 | $503,372 |
| Far East Consortium International, Ltd. (Hong Kong) | 1,685,140 | 534,068 |
| Patrizia AG (Germany) | 22,887 | 289,804 |
| VIB Vermoegen AG (Germany) | 14,074 | 359,232 |
| Total Real Estate | 1,686,476 | |
| Total Common Stocks (Cost $39,654,396) | 30,938,384 |
| Principal Amount | ||
| Short-Term Investments - 4.8% | ||
| Joint Repurchase Agreements - 3.1%3 | ||
| RBC Dominion Securities, Inc., dated 08/31/22, due 09/01/22, 2.300% total to be received $992,257 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 4.500%, 04/30/24 - 08/20/52, totaling $1,012,038) | $992,194 | 992,194 |
| Principal Amount | Value | |
| Repurchase Agreements - 1.7% | ||
| Fixed Income Clearing Corp., dated 08/31/2022, due 09/01/2022, 2.13% total to be received $550,033 (collateralized by U.S. Treasuries, 0.375%, 07/15/27, totaling $561,051) | $550,000 | $550,000 |
| Total Short-Term Investments (Cost $1,542,194) | 1,542,194 | |
| Total Investments - 100.8% (Cost $41,196,590) | 32,480,578 | |
| Other Assets, less Liabilities - (0.8)% | (255,031) | |
| Net Assets - 100.0% | $32,225,547 |
| * | Non-income producing security. |
| 1 | Some of these securities, amounting to $986,145 or 3.1% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See below for more information. |
| 2 | Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2022, the value of this security amounted to $445,143 or 1.4% of net assets. |
| 3 | Cash collateral received for securities lending activity was invested in these joint repurchase agreements. |
| ADR | American Depositary Receipt |
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AMG GW&K International Small Cap 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 August 31, 2022:
| Level 1 | Level 21 | Level 3 | Total | ||||
| Investments in Securities | |||||||
| Common Stocks | |||||||
| Industrials | $1,434,464 | $10,175,020 | — | $11,609,484 | |||
| Information Technology | — | 3,670,014 | — | 3,670,014 | |||
| Materials | 1,432,373 | 1,989,648 | — | 3,422,021 | |||
| Consumer Discretionary | 456,221 | 2,247,454 | — | 2,703,675 | |||
| Consumer Staples | 780,186 | 1,921,507 | — | 2,701,693 | |||
| Health Care | 422,512 | 1,905,545 | — | 2,328,057 | |||
| Real Estate | 793,176 | 893,300 | — | 1,686,476 | |||
| Communication Services | — | 1,375,924 | — | 1,375,924 | |||
| Financials | — | 831,802 | — | 831,802 | |||
| Energy | 609,238 | — | — | 609,238 | |||
| Short-Term Investments | |||||||
| Joint Repurchase Agreements | — | 992,194 | — | 992,194 | |||
| Repurchase Agreements | — | 550,000 | — | 550,000 | |||
| Total Investments in Securities | $5,928,170 | $26,552,408 | — | $32,480,578 | |||
| 1 | An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets. |
For the period ended August 31, 2022, there were no transfers in or out of Level 3.
The country allocation in the Schedule of Portfolio Investments at August 31, 2022, was as follows:
| Country | % of Long-Term Investments |
| Australia | 2.7 |
| Austria | 1.3 |
| Canada | 6.3 |
| China | 1.2 |
| Denmark | 1.2 |
| Finland | 1.8 |
| France | 1.4 |
| Germany | 4.2 |
| Greece | 1.0 |
| Hong Kong | 4.1 |
| Israel | 0.9 |
| Italy | 2.6 |
| Japan | 33.2 |
| Luxembourg | 1.3 |
| Country | % of Long-Term Investments |
| Mexico | 2.5 |
| Norway | 3.4 |
| Philippines | 3.5 |
| Portugal | 1.6 |
| Singapore | 2.6 |
| Spain | 2.0 |
| Sweden | 5.4 |
| Switzerland | 3.1 |
| Taiwan | 1.5 |
| United Kingdom | 8.8 |
| United States | 2.4 |
| 100.0 |
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AMG GW&K International Small Cap Fund
Schedule of Portfolio Investments (continued)
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 collateral and securities collateral received at August 31, 2022, were as follows:
| Securities Loaned | Cash Collateral Received | Securities Collateral Received | Total Collateral Received | |
| $986,145 | $992,194 | $45,397 | $1,037,591 |
The following table summarizes the securities received as collateral for securities lending at August 31, 2022:
| Collateral Type | Coupon Range | Maturity Date Range | |
| U.S. Treasury Obligations | 0.125%-4.750% | 05/15/24-08/15/48 |
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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