AMG Managers CenterSquare Real Estate Fund
Schedule of Portfolio Investments (unaudited)
September 30, 2021
Shares | Value | |
REITs - 99.5% | ||
Apartments - 17.9% | ||
American Campus Communities, Inc. | 92,831 | $4,497,662 |
AvalonBay Communities, Inc. | 28,020 | 6,210,353 |
Equity Residential | 75,880 | 6,140,209 |
Essex Property Trust, Inc. | 9,906 | 3,167,344 |
Independence Realty Trust, Inc. | 44,791 | 911,497 |
Invitation Homes, Inc. | 258,793 | 9,919,536 |
Mid-America Apartment Communities, Inc. | 11,460 | 2,140,155 |
UDR, Inc. | 104,570 | 5,540,119 |
Total Apartments | 38,526,875 | |
Diversified - 33.7% | ||
American Tower Corp. | 73,930 | 19,621,761 |
Broadstone Net Lease, Inc. | 29,062 | 721,028 |
Crown Castle International Corp. | 61,690 | 10,692,111 |
Digital Realty Trust, Inc. | 18,280 | 2,640,546 |
Duke Realty Corp. | 98,574 | 4,718,737 |
EPR Properties | 15,800 | 780,204 |
Equinix, Inc. | 18,200 | 14,380,366 |
Gaming and Leisure Properties, Inc. | 20,395 | 944,697 |
Outfront Media, Inc. | 56,900 | 1,433,880 |
SBA Communications Corp., Class A | 20,200 | 6,677,514 |
SL Green Realty Corp. | 20,520 | 1,453,637 |
VICI Properties, Inc. | 110,125 | 3,128,651 |
Weyerhaeuser Co. | 150,290 | 5,345,815 |
Total Diversified | 72,538,947 | |
Health Care - 9.6% | ||
Diversified Healthcare Trust | 128,300 | 434,937 |
Healthpeak Properties, Inc. | 72,030 | 2,411,564 |
Medical Properties Trust, Inc. | 185,800 | 3,729,006 |
Omega Healthcare Investors, Inc. | 19,158 | 573,974 |
Sabra Health Care, Inc. | 123,800 | 1,822,336 |
Ventas, Inc. | 101,453 | 5,601,220 |
Welltower, Inc. | 73,030 | 6,017,672 |
Total Health Care | 20,590,709 | |
Hotels - 4.5% | ||
Apple Hospitality, Inc. | 26,454 | 416,121 |
Host Hotels & Resorts, Inc.* | 178,000 | 2,906,740 |
MGM Growth Properties LLC, Class A | 73,450 | 2,813,135 |
Park Hotels & Resorts, Inc.* | 91,390 | 1,749,205 |
Xenia Hotels & Resorts, Inc.* | 97,821 | 1,735,345 |
Total Hotels | 9,620,546 |
Shares | Value | |
Manufactured Homes - 2.9% | ||
Sun Communities, Inc. | 33,945 | $6,283,219 |
Office Property - 4.7% | ||
Brandywine Realty Trust | 71,856 | 964,308 |
Cousins Properties, Inc. | 61,090 | 2,278,046 |
Empire State Realty Trust, Inc., Class A | 77,250 | 774,818 |
Hudson Pacific Properties, Inc. | 47,850 | 1,257,019 |
JBG SMITH Properties | 73,860 | 2,186,995 |
Kilroy Realty Corp. | 41,130 | 2,723,217 |
Total Office Property | 10,184,403 | |
Regional Malls - 2.0% | ||
Simon Property Group, Inc. | 33,840 | 4,398,185 |
Shopping Centers - 5.5% | ||
Acadia Realty Trust | 126,210 | 2,575,946 |
Brixmor Property Group, Inc. | 195,330 | 4,318,746 |
Phillips Edison & Co., Inc. | 52,160 | 1,601,834 |
Retail Properties of America, Inc., Class A | 152,016 | 1,957,966 |
RPT Realty | 112,424 | 1,434,530 |
Total Shopping Centers | 11,889,022 | |
Single Tenant - 3.5% | ||
Agree Realty Corp. | 74,870 | 4,958,640 |
Four Corners Property Trust, Inc. | 36,100 | 969,646 |
NETSTREIT Corp. | 68,460 | 1,619,079 |
Total Single Tenant | 7,547,365 | |
Storage - 5.8% | ||
Extra Space Storage, Inc. | 17,360 | 2,916,307 |
Life Storage, Inc. | 52,276 | 5,998,148 |
Public Storage | 12,410 | 3,687,011 |
Total Storage | 12,601,466 | |
Warehouse/Industrials - 9.4% | ||
Americold Realty Trust | 74,372 | 2,160,507 |
First Industrial Realty Trust, Inc. | 30,149 | 1,570,160 |
Prologis, Inc. | 102,630 | 12,872,881 |
Rexford Industrial Realty, Inc. | 65,930 | 3,741,527 |
Total Warehouse/Industrials | 20,345,075 | |
Total REITs (Cost $179,979,064) | 214,525,812 |
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AMG Managers CenterSquare Real Estate Fund
Schedule of Portfolio Investments (continued)
Shares | Value | |
Short-Term Investments - 0.8% | ||
Other Investment Companies - 0.8% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%1 | 557,949 | $557,949 |
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.01%1 | 557,949 | 557,949 |
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.03%1 | 574,857 | 574,857 |
Total Short-Term Investments (Cost $1,690,755) | 1,690,755 |
Value | ||
Total Investments - 100.3% (Cost $181,669,819) | $216,216,567 | |
Other Assets, less Liabilities - (0.3)% | (661,591) | |
Net Assets - 100.0% | $215,554,976 |
* | Non-income producing security. |
1 | Yield shown represents the September 30, 2021, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. |
REITs | Real Estate Investment Trusts |
The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of September 30, 2021:
Level 1 | Level 2 | Level 3 | Total | ||||
Investments in Securities | |||||||
REITs† | $214,525,812 | — | — | $214,525,812 | |||
Short-Term Investments | |||||||
Other Investment Companies | 1,690,755 | — | — | 1,690,755 | |||
Total Investments in Securities | $216,216,567 | — | — | $216,216,567 |
† | All REITs held in the Fund are Level 1 securities. For a detailed breakout of REITs by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments. |
For the period ended September 30, 2021, there were no transfers in or out of Level 3.
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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