AMG River Road Small-Mid Cap Value Fund
Schedule of Portfolio Investments (unaudited)
July 31, 2024
| Shares | Value | |
| Common Stocks - 97.3% | ||
| Communication Services - 2.1% | ||
| GCI Liberty, Inc. Escrow Share*,1,2 | 79,662 | $0 |
| TripAdvisor, Inc.* | 211,918 | 3,736,114 |
| Yelp, Inc.* | 77,534 | 2,824,564 |
| Total Communication Services | 6,560,678 | |
| Consumer Discretionary - 13.2% | ||
| Advance Auto Parts, Inc.3 | 26,814 | 1,698,131 |
| LGI Homes, Inc.* | 34,003 | 3,912,725 |
| Lithia Motors, Inc. | 26,792 | 7,403,433 |
| LKQ Corp. | 227,762 | 9,452,123 |
| Murphy USA, Inc. | 20,999 | 10,602,815 |
| Papa John's International, Inc. | 64,682 | 2,860,885 |
| Polaris, Inc.3 | 42,546 | 3,543,231 |
| Vail Resorts, Inc. | 13,317 | 2,423,827 |
| Total Consumer Discretionary | 41,897,170 | |
| Consumer Staples - 9.0% | ||
| BJ's Wholesale Club Holdings, Inc.* | 142,233 | 12,510,815 |
| The Duckhorn Portfolio, Inc.*,3 | 201,944 | 1,466,113 |
| Ingles Markets, Inc., Class A | 49,976 | 4,050,555 |
| Molson Coors Beverage Co., Class B | 117,357 | 6,202,317 |
| Nomad Foods, Ltd. (United Kingdom) | 213,882 | 4,087,285 |
| Total Consumer Staples | 28,317,085 | |
| Energy - 6.1% | ||
| Delek US Holdings, Inc. | 152,023 | 3,615,107 |
| HF Sinclair Corp. | 61,111 | 3,145,383 |
| Ovintiv, Inc. | 27,318 | 1,268,648 |
| Permian Resources Corp. | 422,615 | 6,482,914 |
| SM Energy Co. | 81,811 | 3,779,668 |
| World Kinect Corp. | 41,002 | 1,145,186 |
| Total Energy | 19,436,906 | |
| Financials - 17.3% | ||
| Axis Capital Holdings, Ltd. (Bermuda) | 90,635 | 6,865,601 |
| Cannae Holdings, Inc. | 291,506 | 5,862,186 |
| CNA Financial Corp.3 | 73,537 | 3,615,079 |
| EVERTEC, Inc. (Puerto Rico) | 99,024 | 3,413,357 |
| Genworth Financial, Inc., Class A* | 937,834 | 6,349,136 |
| NMI Holdings, Inc., Class A* | 32,471 | 1,277,734 |
| P10, Inc., Class A3 | 389,948 | 3,887,782 |
| Radian Group, Inc. | 100,538 | 3,729,960 |
| WEX, Inc.* | 43,823 | 8,039,329 |
| White Mountains Insurance Group, Ltd. | 6,515 | 11,635,790 |
| Total Financials | 54,675,954 |
| Shares | Value | |
| Health Care - 3.8% | ||
| Bausch + Lomb Corp. (Canada)* | 186,170 | $3,205,847 |
| Embecta Corp. | 172,226 | 2,698,782 |
| Enovis Corp.* | 34,848 | 1,660,159 |
| Envista Holdings Corp.* | 117,519 | 2,006,049 |
| Patterson Cos., Inc. | 101,616 | 2,565,804 |
| Total Health Care | 12,136,641 | |
| Industrials - 26.5% | ||
| Air Transport Services Group, Inc.* | 404,675 | 6,531,454 |
| Alight, Inc., Class A*,3 | 509,406 | 3,856,203 |
| Argan, Inc. | 44,065 | 3,478,050 |
| Armstrong World Industries, Inc. | 31,316 | 4,114,922 |
| Atkore, Inc.3 | 60,003 | 8,100,405 |
| Brady Corp., Class A | 27,403 | 1,962,329 |
| Clarivate PLC (United Kingdom)*,3 | 497,669 | 3,354,289 |
| CNH Industrial N.V. (United Kingdom) | 78,904 | 840,328 |
| CoreCivic, Inc.* | 492,853 | 6,870,371 |
| Dun & Bradstreet Holdings, Inc.3 | 346,304 | 3,767,788 |
| GXO Logistics, Inc.* | 92,200 | 5,161,356 |
| McGrath RentCorp3 | 37,065 | 4,070,849 |
| MDU Resources Group, Inc. | 93,056 | 2,506,929 |
| MSC Industrial Direct Co., Inc., Class A | 15,520 | 1,380,504 |
| OPENLANE, Inc.* | 271,897 | 4,861,518 |
| UniFirst Corp. | 49,357 | 9,601,911 |
| Viad Corp.* | 122,072 | 4,058,894 |
| WESCO International, Inc. | 27,702 | 4,846,465 |
| WillScot Holdings Corp.* | 107,929 | 4,425,089 |
| Total Industrials | 83,789,654 | |
| Information Technology - 7.7% | ||
| ACI Worldwide, Inc.* | 92,278 | 3,989,178 |
| Arrow Electronics, Inc.* | 8,898 | 1,100,594 |
| ePlus, Inc.* | 41,890 | 3,850,529 |
| Ituran Location and Control, Ltd. (Israel) | 26,666 | 705,849 |
| NCR Voyix, Corp.* | 183,599 | 2,708,085 |
| TD SYNNEX Corp. | 69,362 | 8,265,869 |
| Vontier Corp. | 98,633 | 3,869,373 |
| Total Information Technology | 24,489,477 | |
| Materials - 3.5% | ||
| Summit Materials, Inc., Class A* | 164,332 | 6,865,791 |
| TriMas Corp. | 58,742 | 1,443,878 |
| Warrior Met Coal, Inc. | 40,618 | 2,807,110 |
| Total Materials | 11,116,779 |
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AMG River Road Small-Mid Cap Value Fund
Schedule of Portfolio Investments (continued)
| Shares | Value | |
| Real Estate - 0.4% | ||
| Newmark Group, Inc., Class A | 98,306 | $1,276,012 |
| Utilities - 7.7% | ||
| Northwestern Energy Group, Inc. | 99,297 | 5,339,200 |
| PNM Resources, Inc. | 118,015 | 4,907,064 |
| Southwest Gas Holdings, Inc. | 69,529 | 5,156,270 |
| Talen Energy Corp.* | 43,669 | 5,443,341 |
| Vistra Corp. | 42,726 | 3,384,754 |
| Total Utilities | 24,230,629 | |
| Total Common Stocks (Cost $249,748,521) | 307,926,985 |
| Principal Amount | ||
| Short-Term Investments - 4.3% | ||
| Joint Repurchase Agreements - 1.3%4 | ||
| Bethesda Securities LLC, dated 07/31/24, due 08/01/24, 5.460% total to be received $1,051,910 (collateralized by various U.S. Government Agency Obligations, 2.500% - 5.881%, 10/01/27 - 01/01/57, totaling $1,072,785) | $1,051,750 | 1,051,750 |
| Cantor Fitzgerald Securities, Inc., dated 07/31/24, due 08/01/24, 5.410% total to be received $1,051,908 (collateralized by various U.S. Government Agency Obligations, 1.500% - 7.000%, 02/01/28 - 02/01/57, totaling $1,072,785) | 1,051,750 | 1,051,750 |
| CF Secured, LLC., dated 07/31/24, due 08/01/24, 5.410% total to be received $1,003,820 (collateralized by various U.S. Government Agency Obligations, 2.000% - 8.500%, 04/01/30 - 11/01/53, totaling $1,023,742) | 1,003,669 | 1,003,669 |
| Principal Amount | Value | |
| Daiwa Capital Markets America, dated 07/31/24, due 08/01/24, 5.360% total to be received $79,965 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 7.500%, 08/21/24 - 08/01/54, totaling $81,552) | $79,953 | $79,953 |
| RBC Dominion Securities, Inc., dated 07/31/24, due 08/01/24, 5.340% total to be received $1,062,531 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 12/01/26 - 04/20/54, totaling $1,083,620) | 1,062,373 | 1,062,373 |
| Total Joint Repurchase Agreements | 4,249,495 | |
| Repurchase Agreements - 3.0% | ||
| Fixed Income Clearing Corp., dated 07/31/24, due 08/01/24, 5.150% total to be received $9,448,351 (collateralized by a U.S. Treasury Note, 1.875%, 02/15/32, totaling $9,636,012) | 9,447,000 | 9,447,000 |
| Total Short-Term Investments (Cost $13,696,495) | 13,696,495 | |
| Total Investments - 101.6% (Cost $263,445,016) | 321,623,480 | |
| Other Assets, less Liabilities - (1.6)% | (5,035,845) | |
| Net Assets - 100.0% | $316,587,635 |
| * | Non-income producing security. |
| 1 | Security's value was determined by using significant unobservable inputs. |
| 2 | This security is restricted and not available for re-sale. Liberty Broadband Corp. (“Liberty”) acquired GCI Liberty, Inc. on December 21, 2020. On May 24, 2023, Liberty shareholders received GCI Liberty, Inc. Escrow Shares for potential proceeds from a pending class action lawsuit. The market value of the escrow shares was $0 on the date of the distribution. At July 31, 2024, the cost and market value of the escrow shares is $0, which represents 0% of net assets. |
| 3 | Some of these securities, amounting to $21,303,096 or 6.7% 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. |
| 4 | Cash collateral received for securities lending activity was invested in these joint repurchase agreements. |
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AMG River Road Small-Mid Cap Value 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 July 31, 2024:
| Level 1 | Level 2 | Level 3 | Total | ||||
| Investments in Securities | |||||||
| Common Stocks | |||||||
| Industrials | $83,789,654 | — | — | $83,789,654 | |||
| Financials | 54,675,954 | — | — | 54,675,954 | |||
| Consumer Discretionary | 41,897,170 | — | — | 41,897,170 | |||
| Consumer Staples | 28,317,085 | — | — | 28,317,085 | |||
| Information Technology | 24,489,477 | — | — | 24,489,477 | |||
| Utilities | 24,230,629 | — | — | 24,230,629 | |||
| Energy | 19,436,906 | — | — | 19,436,906 | |||
| Health Care | 12,136,641 | — | — | 12,136,641 | |||
| Materials | 11,116,779 | — | — | 11,116,779 | |||
| Communication Services | 6,560,678 | — | $0 | 6,560,678 | |||
| Real Estate | 1,276,012 | — | — | 1,276,012 | |||
| Short-Term Investments | |||||||
| Joint Repurchase Agreements | — | $4,249,495 | — | 4,249,495 | |||
| Repurchase Agreements | — | 9,447,000 | — | 9,447,000 | |||
| Total Investments in Securities | $307,926,985 | $13,696,495 | $0 | $321,623,480 | |||
At July 31, 2024, the Level 3 common stock was received as a result of a corporate action. The security’s value of $0 was determined by using significant unobservable inputs, which generated a change in unrealized depreciation of $0.
For the period ended July 31, 2024, there were no transfers in or out of Level 3. The Fund did not have any purchases and sales of Level 3 securities for the same period.
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 July 31, 2024, were as follows:
| Securities Loaned | Cash Collateral Received | Securities Collateral Received | Total Collateral Received | |
| $21,303,096 | $4,249,495 | $17,872,476 | $22,121,971 |
The following table summarizes the securities received as collateral for securities lending at July 31, 2024:
| Collateral Type | Coupon Range | Maturity Date Range | |
| U.S. Treasury Obligations | 0.000%-5.526% | 08/15/24-05/15/54 |
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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