amgtimessquareinternationals.htm - Generated by SEC Publisher for SEC Filing

AMG TimesSquare International Small Cap Fund
Schedule of Portfolio Investments (unaudited)
September 30, 2019


	Shares		Value		Shares		Value
Common Stocks - 98.7%				Ascom Holding AG (Switzerland)²	430,700	$	4,455,856
Communication Services - 8.4%				DiaSorin S. P. A. (Italy)	66,525		7,736,765
Auto Trader Group PLC (United Kingdom) ¹	2,377,449	$	14,900,976	Japan Lifeline Co., Ltd. (Japan)	883,600		14,260,239
CTS Eventim AG & Co. KGaA (Germany)	300,112		16,907,938	Mani, Inc. (Japan)	230,400		6,085,036
HUYA, Inc., ADR (China) ^*,2	497,100		11,751,444	Odontoprev, S.A. (Brazil)	2,536,100		9,912,578
Karnov Group AB (Sweden) ^*,2	1,217,000		5,934,143	Orpea (France)	210,062		25,655,775
Megacable Holdings SAB de CV (Mexico)	1,537,071		6,191,435	UDG Healthcare PLC (Ireland)	1,967,473		18,144,133
Modern Times Group MTG AB, Class B (Sweden) ^*	852,628		7,064,811	Total Health Care			105,678,899
Nordic Entertainment Group AB,				Industrials - 24.8%
Class B (Sweden)²	1,198,428		28,341,388	AirAsia Group Bhd (Malaysia)	17,817,100		7,486,118
Total Communication Services			91,092,135	Alimak Group AB (Sweden)¹	423,198		5,585,272
Consumer Discretionary - 10.9%				A-Living Services Co., Ltd., Class H (China) ^1,2	3,348,000		7,722,727
ABC-Mart, Inc. (Japan)	445,200		28,300,392	Benefit One, Inc. (Japan)²	484,700		9,201,079
CIE Automotive, S. A. (Spain)	567,400		14,227,820	BEST, Inc., ADR (China) ^*,2	2,019,200		10,661,376
Dalata Hotel Group PLC (Ireland)	2,657,525		14,193,241	Clarkson PLC (United Kingdom)	144,000		4,337,829
Izumi Co., Ltd. (Japan)	471,400		18,488,891	en-japan, Inc. (Japan)	608,100		23,490,658
Kroton Educacional, S.A. (Brazil)	3,923,500		10,585,551	Harmonic Drive Systems, Inc. (Japan)²	250,600		10,978,042
SAF-Holland, S.A. (Germany)	933,784		6,599,263	Howden Joinery Group PLC (United Kingdom)	1,852,887		12,752,358
Samsonite International, S. A. (United States) ¹	5,403,650		11,447,735
				Interpump Group S.P.A. (Italy)	484,893		15,324,988
Sushiro Global Holdings, Ltd. (Japan)	225,400		15,174,003	Intrum AB (Sweden)²	991,800		24,916,075
Total Consumer Discretionary			119,016,896	IPH, Ltd. (Australia)	3,099,000		18,229,859
Consumer Staples - 5.6%				Irish Continental Group PLC (Ireland)	1,130,817		5,152,010
Kobe Bussan Co., Ltd. (Japan)	181,100		8,800,886	LISI (France)	92,471		2,560,448
Pigeon Corp. (Japan)	375,800		15,560,706	Melrose Industries PLC (United Kingdom)	11,107,282		27,517,970
Sugi Holdings Co., Ltd. (Japan)	492,230		26,713,506	Nabtesco Corp. (Japan)	337,500		10,564,777
Viscofan, S.A. (Spain)	212,400		9,952,548	Nihon M&A Center, Inc. (Japan)	441,200		12,480,165
Total Consumer Staples			61,027,646	Palfinger AG (Austria)	140,433		3,696,532
Energy - 1.4%				Polypipe Group PLC (United Kingdom)	2,216,215		11,028,699
Gaztransport Et Technigaz, S. A. (France)	158,540		15,685,741	Prosegur Cia de Seguridad, S.A. (Spain)	5,323,110		20,747,753
Financials - 16.3%				Stabilus, S. A. (Luxembourg)	198,467		9,704,434
Aruhi Corp. (Japan)²	943,800		21,133,799
				Troax Group AB (Sweden)	267,518		2,703,900
Challenger, Ltd. (Australia)	3,325,778		16,562,735	VAT Group AG (Switzerland) ¹	109,500		13,809,558
Edelweiss Financial Services, Ltd. (India)	3,945,534		5,294,190	Total Industrials			270,652,627
FinecoBank Banca Fineco S.P.A. (Italy)	2,668,000		28,227,680	Information Technology - 15.8%
Jupiter Fund Management PLC (United Kingdom)	2,105,500		9,203,306	Altran Technologies, S.A. (France)	2,573,881		40,410,409
Regional SAB de CV (Mexico) ²	2,099,900		9,623,744
				Barco N.V. (Belgium)	75,900		14,989,733
Steadfast Group, Ltd. (Australia)	9,030,000		21,652,722	Chroma ATE, Inc. (Taiwan)	2,101,100		9,963,007
Tamburi Investment Partners S.P.A. (Italy) ²	905,975		6,126,381
				Datalogic S.P.A. (Italy) ²	122,178		1,753,963
Topdanmark A/S (Denmark) ²	646,096		31,188,491
				Disco Corp. (Japan)	32,700		6,251,151
Zenkoku Hosho Co., Ltd. (Japan)	716,800		28,010,763	Electrocomponents PLC (United Kingdom)	3,045,800		24,079,264
Total Financials			177,023,811	Global Dominion Access, S. A. (Spain)^*,1	674,146		2,711,968
Health Care - 9.7%				Horiba, Ltd. (Japan)	266,195		15,487,760
Amplifon S. P. A. (Italy)	791,909		19,428,517	Iriso Electronics Co., Ltd. (Japan)	288,000		13,913,803

AMG TimesSquare International Small Cap Fund
Schedule of Portfolio Investments (continued)

Principal

Value

Amount

Value

Information Technology - 15.8%

Guggenheim Securities LLC, dated 09/30/19, due

(continued)

10/01/19, 2.420% total to be received

Keywords Studios PLC (Ireland)

829,208

11,678,401

$7,154,952 (collateralized by various

U. S. Government Agency Obligations and

Link Administration Holdings, Ltd. (Australia) ²

4,105,700

15,821,184

U. S. Treasuries, 1.500% - 5.000%, 08/15/22 -

Nemetschek SE (Germany)

161,800

8,244,381

06/20/69, totaling $7,297,561)

7,154,471

SimCorp A/S (Denmark)

82,700

7,263,424

RBC Dominion Securities, Inc. , dated 09/30/19,

Total Information Technology

172,568,448

due 10/01/19, 2.370% total to be received

$7,154,942 (collateralized by various

Materials - 0.4%

U. S. Government Agency Obligations and

Hansol Chemical Co., Ltd. (South Korea)

64,500

4,290,979

U. S. Treasuries, 0.000% - 6.500%, 10/15/19 -

09/01/49, totaling $7,297,560)

7,154,471

Real Estate - 2.6%

State of Wisconsin Investment Board, dated

Katitas Co., Ltd. (Japan)

199,500

8,231,926

09/30/19, du e 10/01/19, 2.520% total to be

Open House Co., Ltd. (Japan)

829,600

19,852,803

received $2,978,318 (collateralized by various

Total Real Estate

28,084,729

U. S. Treasuries, 0.125% - 3.875%, 04/15/21 -

09/09/49, totaling $3,037,680)

2,978,110

Utilities - 2.8%

Total Joint Repurchase Agreements

30,119,634

Rubis SCA (France)

532,900

30,952,031

Total Common Stocks

(Cost $1,082,676,331)

1,076,073,942

Other Investment Companies - 1.1%

Principal

Dreyfus Government Cash Management Fund,

Institutional Shares, 1.85%⁴

3,843,532

Amount

Short

-Term Investments - 3.9%

Dreyfus Institutional Preferred Government

Joint Repurchase Agreements - 2.8%³

1.90% Money 4 Market Fund, Institutional Shares,

3,843,533

Bank of Montreal, dated 09/30/19, due 10/01/19,

JPMorgan U.S. Government Money Market Fund,

2.300% total to be received $5,678,474

IM Shares, 1.87%⁴

3,960,003

(collateralized by various U. S. Treasuries,

0.000% - 3.750%, 10/10/19 - 05/15/45, totaling

Total Other Investment Companies

11,647,068

5,791,673)

5,678,111

Total Short-Term Investments

Cantor Fitzgerald Securities, Inc. , dated 09/30/19,

(Cost $41,766,702)

41,766,702

due 10/01/19, 2.400% total to be received

Total Investments - 102.6%

$7,154,948 (collateralized by various

(Cost $1,124,443,033)

1,117,840,644

U. S. Government Agency Obligations and

Other Assets, less Liabilities - (2.6)%

(27,945,993

)

U. S. Treasuries, 0.000% - 9.000%, 10/25/19 -

07/15/61, totaling $7,297,560)

7,154,471

Net Assets - 100.0%

1,089,894,651

^*Non-income producing security.

³Cash collateral received for securities lending activity was invested in these joint

¹Security exempt from registration under Rule 144A of the Securities Act of 1933. This

repurchase agreements.

security may be resold in transactions exempt from registration, normally to qualified

⁴Yield shown represents the September 30, 2019, seven day average yield, which refers

buyers. At September 30, 2019, the value of these securities amounted to $56,178,236 or

to the sum of the previous seven days' dividends paid, expressed as an annual

5.2% of net assets.

percentage.

²Some of these securities, amounting to $41,930,045 or 3.8% of net assets, were out on

ADR American Depositary Receipt

loan to various borrowers and are collateralized by cash and various U. S. Treasury

Obligations. See below for more information.

AMG TimesSquare 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 September 30, 2019:
			Level 1		Level 2¹	Level 3		Total
Investments in Securities
Common Stocks
Industrials		$	44,595,500	$	226,057,127	—	$	270,652,627
Financials			9,623,744		167,400,067	—		177,023,811
Information Technology			—		172,568,448	—		172,568,448
Consumer Discretionary			24,778,792		94,238,104	—		119,016,896
Health Care			9,912,578		95,766,321	—		105,678,899
Communication Services			52,218,410		38,873,725	—		91,092,135
Consumer Staples			—		61,027,646	—		61,027,646
Utilities			—		30,952,031	—		30,952,031
Real Estate			—		28,084,729	—		28,084,729
Energy			—		15,685,741	—		15,685,741
Materials			—		4,290,979	—		4,290,979
Short-Term Investments
Joint Repurchase Agreements			—		30,119,634	—		30,119,634
Other Investment Companies			11,647,068		—	—		11,647,068
Total Investment in Securities		$	152,776,092	$	965,064,552	—	$	1,117,840,644

¹An 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 September 30, 2019, there were no transfers in or out of Level 3.
The country allocation in the Schedule of Portfolio Investments at September 30, 2019 is as follows:

	% of Long-Term					% of Long-Term
Country	Investments		Country					Investments
Australia	6.7		South Korea					0.4
Austria	0.3		Spain					4.4
Belgium	1.4		Sweden					6.9
Brazil	1.9		Switzerland					1.7
China	2.8		Taiwan					0.9
Denmark	3.6		United Kingdom					9.6
France	10.7		United States					1.1
Germany	3.0							100.0
India	0.5
Ireland	4.6
Italy	7.3
Japan	29.1
Luxembourg	0.9
Malaysia	0.7
Mexico	1.5

AMG TimesSquare 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 and securities collateral received at September 30, 2019, were as follows:
		Cash	Securities	Total
Securities		Collateral	Collateral	Collateral
Loaned		Received	Received	Received
$41,930,045	$	30,119,634	$15,325,158	$45,444,792

The following table summarizes the securities received as collateral for securities lending at September 30, 2019:
Collateral			Coupon	Maturity
Type			Range	Date Range
U. S. Treasury Obligations			0.000%-8.750%	10/22/19-11/15/48

For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent semi or annual report.