AMG River Road Small Cap Value Fund
Schedule of Portfolio Investments (unaudited)
July 31, 2024
| Shares | Value | |
| Common Stocks - 89.9% | ||
| Communication Services - 2.3% | ||
| TripAdvisor, Inc.* | 842,619 | $14,855,373 |
| Yelp, Inc.* | 299,951 | 10,927,215 |
| Total Communication Services | 25,782,588 | |
| Consumer Discretionary - 8.0% | ||
| Advance Auto Parts, Inc.1 | 273,619 | 17,328,291 |
| Asbury Automotive Group, Inc.* | 34,904 | 9,396,855 |
| LGI Homes, Inc.* | 125,191 | 14,405,728 |
| Murphy USA, Inc. | 67,057 | 33,858,421 |
| Papa John's International, Inc. | 324,943 | 14,372,229 |
| Total Consumer Discretionary | 89,361,524 | |
| Consumer Staples - 8.8% | ||
| BJ's Wholesale Club Holdings, Inc.* | 446,791 | 39,299,736 |
| Dole PLC (Ireland) | 723,538 | 10,744,539 |
| The Duckhorn Portfolio, Inc.*,1 | 1,468,911 | 10,664,294 |
| Ingles Markets, Inc., Class A | 247,529 | 20,062,225 |
| Nomad Foods, Ltd. (United Kingdom) | 945,605 | 18,070,512 |
| Total Consumer Staples | 98,841,306 | |
| Energy - 4.5% | ||
| Delek US Holdings, Inc. | 732,326 | 17,414,712 |
| Evolution Petroleum Corp.1 | 832,335 | 4,677,723 |
| SM Energy Co.1 | 494,426 | 22,842,481 |
| World Kinect Corp. | 181,022 | 5,055,945 |
| Total Energy | 49,990,861 | |
| Financials - 16.6% | ||
| Axis Capital Holdings, Ltd. (Bermuda) | 370,837 | 28,090,903 |
| Cannae Holdings, Inc. | 1,134,079 | 22,806,329 |
| EVERTEC, Inc. (Puerto Rico) | 471,535 | 16,253,811 |
| Genworth Financial, Inc., Class A* | 3,748,018 | 25,374,082 |
| NMI Holdings, Inc., Class A* | 171,314 | 6,741,206 |
| P10, Inc., Class A1 | 2,036,591 | 20,304,812 |
| Radian Group, Inc. | 323,540 | 12,003,334 |
| Repay Holdings Corp.* | 990,708 | 9,530,611 |
| White Mountains Insurance Group, Ltd. | 24,634 | 43,996,324 |
| Total Financials | 185,101,412 | |
| Health Care - 4.1% | ||
| Embecta Corp. | 950,810 | 14,899,192 |
| Enovis Corp.* | 241,334 | 11,497,152 |
| Envista Holdings Corp.* | 504,526 | 8,612,259 |
| Patterson Cos., Inc. | 441,567 | 11,149,567 |
| Total Health Care | 46,158,170 |
| Shares | Value | |
| Industrials - 27.3% | ||
| Air Transport Services Group, Inc.* | 1,386,992 | $22,386,051 |
| Alight, Inc., Class A*,1 | 2,065,970 | 15,639,393 |
| Argan, Inc. | 187,984 | 14,837,577 |
| Armstrong World Industries, Inc. | 107,855 | 14,172,147 |
| Atkore, Inc.1 | 220,973 | 29,831,355 |
| Brady Corp., Class A | 95,010 | 6,803,666 |
| CoreCivic, Inc.* | 1,882,400 | 26,240,656 |
| DNOW, Inc.* | 367,344 | 5,642,404 |
| The GEO Group Inc.* | 1,859,692 | 26,965,534 |
| Kelly Services, Inc., Class A | 253,471 | 5,964,172 |
| McGrath RentCorp1 | 302,004 | 33,169,099 |
| MDU Resources Group, Inc. | 420,563 | 11,329,967 |
| MSC Industrial Direct Co., Inc., Class A | 112,819 | 10,035,250 |
| OPENLANE, Inc.* | 1,161,211 | 20,762,453 |
| Park Aerospace Corp. | 756,768 | 10,148,259 |
| UniFirst Corp. | 175,326 | 34,107,920 |
| Viad Corp.* | 508,499 | 16,907,592 |
| Total Industrials | 304,943,495 | |
| Information Technology - 5.6% | ||
| ACI Worldwide, Inc.* | 354,941 | 15,344,099 |
| ePlus, Inc.* | 164,530 | 15,123,598 |
| Ituran Location and Control, Ltd. (Israel) | 230,417 | 6,099,138 |
| NCR Voyix, Corp.*,1 | 713,654 | 10,526,396 |
| Vontier Corp. | 385,786 | 15,134,385 |
| Total Information Technology | 62,227,616 | |
| Materials - 4.4% | ||
| Summit Materials, Inc., Class A* | 651,013 | 27,199,323 |
| TriMas Corp. | 471,679 | 11,593,870 |
| Warrior Met Coal, Inc. | 144,169 | 9,963,520 |
| Total Materials | 48,756,713 | |
| Real Estate - 0.5% | ||
| Newmark Group, Inc., Class A | 457,022 | 5,932,146 |
| Utilities - 7.8% | ||
| Northwestern Energy Group, Inc. | 375,339 | 20,181,978 |
| PNM Resources, Inc. | 445,589 | 18,527,591 |
| Southwest Gas Holdings, Inc. | 232,845 | 17,267,785 |
| Talen Energy Corp.* | 255,573 | 31,857,174 |
| Total Utilities | 87,834,528 | |
| Total Common Stocks (Cost $761,150,820) | 1,004,930,359 |
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AMG River Road Small Cap Value Fund
Schedule of Portfolio Investments (continued)
| Principal Amount | Value | |
| Short-Term Investments - 10.0% | ||
| Joint Repurchase Agreements - 0.0%#,2 | ||
| HSBC Securities USA, Inc., dated 07/31/24, due 08/01/24, 5.330% total to be received $272,660 (collateralized by various U.S. Treasuries, 0.000%, 11/15/24 - 05/15/50, totaling $278,072) | $272,620 | $272,620 |
| Repurchase Agreements - 10.0% | ||
| Fixed Income Clearing Corp., dated 07/31/24, due 08/01/24, 5.150% total to be received $111,610,964 (collateralized by a U.S. Treasury Note, 1.875%, 02/15/32, totaling $113,826,954) | 111,595,000 | 111,595,000 |
| Total Short-Term Investments (Cost $111,867,620) | 111,867,620 |
| Value | ||
| Total Investments - 99.9% (Cost $873,018,440) | $1,116,797,979 | |
| Other Assets, less Liabilities - 0.1% | 904,398 | |
| Net Assets - 100.0% | $1,117,702,377 |
| * | Non-income producing security. |
| # | Less than 0.05%. |
| 1 | Some of these securities, amounting to $46,634,599 or 4.2% 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 | Cash 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 July 31, 2024:
| Level 1 | Level 2 | Level 3 | Total | ||||
| Investments in Securities | |||||||
| Common Stocks† | $1,004,930,359 | — | — | $1,004,930,359 | |||
| Short-Term Investments | |||||||
| Joint Repurchase Agreements | — | $272,620 | — | 272,620 | |||
| Repurchase Agreements | — | 111,595,000 | — | 111,595,000 | |||
| Total Investments in Securities | $1,004,930,359 | $111,867,620 | — | $1,116,797,979 | |||
| † | 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 July 31, 2024, 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 collateral and securities collateral received at July 31, 2024, were as follows:
| Securities Loaned | Cash Collateral Received | Securities Collateral Received | Total Collateral Received | |
| $46,634,599 | $272,620 | $47,224,599 | $47,497,219 |
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% | 08/15/24-05/15/53 |
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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