0001752724-22-091956.txt : 20220425 0001752724-22-091956.hdr.sgml : 20220425 20220425162945 ACCESSION NUMBER: 0001752724-22-091956 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220228 FILED AS OF DATE: 20220425 PERIOD START: 20220531 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMG FUNDS III CENTRAL INDEX KEY: 0000720309 IRS NUMBER: 222528211 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-03752 FILM NUMBER: 22850041 BUSINESS ADDRESS: STREET 1: 680 WASHINGTON BOULEVARD, SUITE 500 CITY: STAMFORD STATE: CT ZIP: 06901 BUSINESS PHONE: 2032993500 MAIL ADDRESS: STREET 1: 680 WASHINGTON BOULEVARD, SUITE 500 CITY: STAMFORD STATE: CT ZIP: 06901 FORMER COMPANY: FORMER CONFORMED NAME: MANAGERS FUNDS DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS GROUP OF FUNDS DATE OF NAME CHANGE: 19910429 FORMER COMPANY: FORMER CONFORMED NAME: MANAGEMENT OF MANAGERS CAPITAL APPRECIATION FUND DATE OF NAME CHANGE: 19881214 0000720309 S000029672 AMG GW&K International Small Cap Fund C000091187 Class N MECAX C000091188 Class I MECIX C000188985 Class Z MECZX NPORT-P 1 primary_doc.xml NPORT-P false 0000720309 XXXXXXXX S000029672 C000188985 C000091187 C000091188 AMG Funds III 811-03752 0000720309 5493007NETBE5Y5V1962 680 Washington Blvd. Suite 500 Stamford 06901 800-548-4539 AMG GW&K International Small Cap Fund S000029672 549300WS5AD3OPLVWO83 2022-05-31 2022-02-28 N 43292007.14 2167763.87 41124243.27 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 0.00000000 1667437.26000000 UST Nissin Foods Co Ltd 353800BDH75N9VLV9Z07 Nissin Foods Co Ltd 000000000 524750.00000000 NS 380111.16000000 0.924299463711 Long EC CORP HK N 2 N N N Richelieu Hardware Ltd 5493007VPNETW465DN04 Richelieu Hardware Ltd 76329W103 17750.00000000 NS 679051.28000000 1.651218906428 Long EC CORP CA N 1 N N N Elbit Systems Ltd 529900Q9CB1REUMZSS32 Elbit Systems Ltd 000000000 4069.00000000 NS 836491.46000000 2.034059215407 Long EC CORP IL N 2 N N N Marshalls PLC 213800S21IFC367J5V62 Marshalls PLC 000000000 54488.00000000 NS 464013.39000000 1.128320798399 Long EC CORP GB N 2 N N N Asahi Holdings Inc 353800W25FCOFE32EM73 Asahi Holdings Inc 000000000 38075.00000000 NS 739433.90000000 1.798048647716 Long EC CORP JP N 2 N N N Toyo Construction Co Ltd N/A Toyo Construction Co Ltd 000000000 97500.00000000 NS 508042.58000000 1.235384628634 Long EC CORP JP N 2 N N N Omni Bridgeway Ltd 529900T4EL2A89FPP865 Omni Bridgeway Ltd 000000000 277751.00000000 NS 659441.03000000 1.603533530502 Long EC CORP AU N 2 N N N Stabilus SA 529900JOSL94HJN4VZ28 Stabilus SA 000000000 8046.00000000 NS 472525.11000000 1.149018370739 Long EC CORP LU N 2 N N N Hardwoods Distribution Inc N/A Hardwoods Distribution Inc 412422107 24549.00000000 NS 813070.63000000 1.977107820955 Long EC CORP CA N 1 N N N Argo Graphics Inc N/A Argo Graphics Inc 000000000 21625.00000000 NS 600479.71000000 1.460159901441 Long EC CORP JP N 2 N N N Digital Hearts Holdings Co Ltd 353800YFGI3U64VW0H08 Digital Hearts Holdings Co Ltd 000000000 45275.00000000 NS 619993.05000000 1.507609625615 Long EC CORP JP N 2 N N N FULLCAST Holdings Co Ltd N/A FULLCAST Holdings Co Ltd 000000000 31000.00000000 NS 640016.05000000 1.556298667425 Long EC CORP JP N 2 N N N Pierce Group AB 54930082SM8KO7LCER77 Pierce Group AB 000000000 45097.00000000 NS 149971.81000000 0.364679804599 Long EC CORP SE N 1 N N N Riverstone Holdings Ltd N/A Riverstone Holdings Ltd 000000000 722300.00000000 NS 415434.65000000 1.010194029036 Long EC CORP SG N 2 N N N Ergomed PLC 213800BVS8I9VMC1AP84 Ergomed PLC 000000000 34502.00000000 NS 538912.75000000 1.310450253058 Long EC CORP GB N 2 N N N Esprinet SpA 8156007E3375956ADD08 Esprinet SpA 000000000 40913.00000000 NS 510124.00000000 1.240445925413 Long EC CORP IT N 2 N N N GVS SpA 81560013EACB40B52D17 GVS SpA 000000000 36477.00000000 NS 366921.31000000 0.892226289955 Long EC CORP IT N 2 N N N Delta Plus Group 969500U6FT40W3C2CX75 Delta Plus Group 000000000 6281.00000000 NS 549320.56000000 1.335758463428 Long EC CORP FR N 1 N N Mayr Melnhof Karton AG 5299001AMHDLKUM80611 Mayr Melnhof Karton AG 000000000 2672.00000000 NS 503331.42000000 1.223928709630 Long EC CORP AT N 2 N N N Fukushima Galilei Co Ltd N/A Fukushima Galilei Co Ltd 000000000 13800.00000000 NS 474900.93000000 1.154795546952 Long EC CORP JP N 2 N N N Grupo Herdez SAB de CV 4469000001BQVIMOLQ55 Grupo Herdez SAB de CV 000000000 177978.00000000 NS 249834.85000000 0.607512333685 Long EC CORP MX N 1 N N N SITC International Holdings Co 529900JUV4MOM9CE3V12 SITC International Holdings Co Ltd 000000000 176500.00000000 NS 727737.90000000 1.769608002807 Long EC CORP HK N 2 N N N Digital Information Technologi N/A Digital Information Technologies Corp 000000000 46146.00000000 NS 527205.23000000 1.281981595475 Long EC CORP JP N 2 N N N Hilton Food Group PLC 213800JY7VJFS2OOX355 Hilton Food Group PLC 000000000 39990.00000000 NS 573577.75000000 1.394743597430 Long EC CORP GB N 2 N N N Rheinmetall AG 5299001OU9CSE29O6S05 Rheinmetall AG 000000000 6470.00000000 NS 963015.46000000 2.341722019484 Long EC CORP DE N 2 N N N TD SECURITIES (USA) LLC SUVUFHICNZMP2WKHG940 TD SECURITIES (USA) LLC 000000000 107020.00000000 PA USD 107020.00000000 0.260235791567 Long RA CORP US N 2 Repurchase Y 0.04500000 2022-03-01 110276.31894400 USD 109160.40027397 USD UST N N RBC DOMINION SECURITIES INC. 549300QJJX6CVVUXLE15 RBC DOMINION SECURITIES INC 000000000 1000000.00000000 PA USD 1000000.00000000 2.431655686487 Long RA CORP US N 2 Repurchase Y 0.05000000 2022-03-01 592142.27627554 USD 535348.01317777 USD UST 1624130.65422221 USD 584994.91310666 USD AMBS N N Puuilo Oyj 743700UJUT6FWHBXPR69 Puuilo Oyj 000000000 67465.00000000 NS 558076.49000000 1.357049870403 Long EC CORP FI N 2 N N Embracer Group AB 549300RFXXKT652HB549 Embracer Group AB 000000000 53894.00000000 NS 462633.38000000 1.124965089236 Long EC CORP SE N 2 N N Schouw & Co A/S 213800V2R9WMMZASKK57 Schouw & Co A/S 000000000 5569.00000000 NS 485562.94000000 1.180721884198 Long EC CORP DK N 2 N N N GMO Pepabo Inc N/A GMO Pepabo Inc 000000000 18550.00000000 NS 363763.70000000 0.884548069642 Long EC CORP JP N 2 N N N Clarkson PLC 2138007G6BGTEHI3OT22 Clarkson PLC 000000000 12986.00000000 NS 578103.46000000 1.405748565887 Long EC CORP GB N 2 N N N UT Group Co Ltd N/A UT Group Co Ltd 000000000 29900.00000000 NS 909782.91000000 2.212278786570 Long EC CORP JP N 2 N N N Corticeira Amorim SGPS SA 213800J5M11TDEP3LQ76 Corticeira Amorim SGPS SA 000000000 39399.00000000 NS 426592.31000000 1.037325616423 Long EC CORP PT N 2 N N N Nihon Falcom Corp N/A Nihon Falcom Corp 000000000 40125.00000000 NS 463217.91000000 1.126386464934 Long EC CORP JP N 2 N N N Elopak ASA 529900BIDQN2AOKV6N08 Elopak ASA 000000000 184900.00000000 NS 419432.18000000 1.019914645592 Long EC CORP NO N 1 N N N PATRIZIA AG 5299002NZCMF1NIHZ018 PATRIZIA AG 000000000 23087.00000000 NS 444191.47000000 1.080120713914 Long EC CORP DE N 2 N N N BOFA SECURITIES, INC. 549300HN4UKV1E2R3U73 BOFA SECURITIES INC 000000000 1000000.00000000 PA USD 1000000.00000000 2.431655686487 Long RA CORP US N 2 Repurchase Y 0.05000000 2022-03-01 1248098.45487179 USD 1020000.00044615 USD AMBS N N Senshu Electric Co Ltd N/A Senshu Electric Co Ltd 000000000 15570.00000000 NS 840137.00000000 2.042923913478 Long EC CORP JP N 2 N N N Sedana Medical AB 549300FQ3NJRI56LCX32 Sedana Medical AB 000000000 54955.00000000 NS 392835.94000000 0.955241747357 Long EC CORP SE N 2 N N N Ai Holdings Corp N/A Ai Holdings Corp 000000000 28050.00000000 NS 422806.00000000 1.028118614181 Long EC CORP JP N 2 N N N Ten Pao Group Holdings Ltd N/A Ten Pao Group Holdings Ltd 000000000 2091700.00000000 NS 536520.27000000 1.304632565461 Long EC CORP CN N 2 N N N Enad Global 7 AB 549300OBCTAOBEEVN513 Enad Global 7 AB 000000000 122283.00000000 NS 403480.67000000 0.981126065593 Long EC CORP SE N 2 N N N Hill & Smith Holdings PLC 2138003A3ISGQZBOWI83 Hill & Smith Holdings PLC 000000000 31041.00000000 NS 587609.60000000 1.428864225274 Long EC CORP GB N 2 N N N Kitron ASA 5967007LIEEXZXIG6009 Kitron ASA 000000000 419162.00000000 NS 988970.89000000 2.404836688439 Long EC CORP NO N 1 N N N Arjo AB 549300OWGJPYKC6JF790 Arjo AB 000000000 52888.00000000 NS 453683.13000000 1.103201162928 Long EC CORP SE N 2 N N N Saab AB 549300ZHO4JCQQI13M69 Saab AB 000000000 19995.00000000 NS 599522.01000000 1.457831104791 Long EC CORP SE N 2 N N N Creek & River Co Ltd N/A Creek & River Co Ltd 000000000 34400.00000000 NS 522099.92000000 1.269567239382 Long EC CORP JP N 2 N N N Yamazen Corp 353800VADDW91MPELT42 Yamazen Corp 000000000 51575.00000000 NS 462262.54000000 1.124063334041 Long EC CORP JP N 2 N N N Alconix Corp 353800I6G1YH2ATQZK47 Alconix Corp 000000000 37900.00000000 NS 463350.46000000 1.126708780895 Long EC CORP JP N 2 N N N Micro-Star International Co Lt 254900F4E0BDGJSSD870 Micro-Star International Co Ltd 000000000 124500.00000000 NS 701779.10000000 1.706485139173 Long EC CORP TW N 2 N N N Calian Group Ltd N/A Calian Group Ltd 12989J108 11782.00000000 NS 560981.22000000 1.364113173625 Long EC CORP CA N 1 N N N Vidrala SA 95980020140005399488 Vidrala SA 000000000 4914.00000000 NS 379626.77000000 0.923121594013 Long EC CORP ES N 1 N N N Nippon Concept Corp N/A Nippon Concept Corp 000000000 37521.00000000 NS 466939.68000000 1.135436528118 Long EC CORP JP N 2 N N N Diversified Energy Co PLC 213800YR9TFRVHPGOS67 Diversified Energy Co PLC 000000000 418800.00000000 NS 662947.84000000 1.612060884980 Long EC CORP US N 1 N N N Huhtamaki Oyj 5493007050SJVMXN6L29 Huhtamaki Oyj 000000000 11716.00000000 NS 426987.95000000 1.038287676679 Long EC CORP FI N 2 N N N FE CONSORT INTL 54930031259IQB0EH527 Far East Consortium International Ltd 000000000 1778140.00000000 NS 614360.04000000 1.493912084816 Long EC CORP HK N 1 N N N Eagle Cement Corp N/A Eagle Cement Corp 000000000 2204635.00000000 NS 586526.65000000 1.426230863749 Long EC CORP PH N 1 N N N Alliance Global Group Inc N/A Alliance Global Group Inc 000000000 2940530.00000000 NS 734128.81000000 1.785148495450 Long EC CORP PH N 1 N N N Becle SAB de CV 529900JY55CZKMJLCE09 Becle SAB de CV 000000000 262300.00000000 NS 656486.40000000 1.596348887661 Long EC CORP MX N 1 N N N Max Stock Ltd N/A Max Stock Ltd 000000000 172809.00000000 NS 510525.73000000 1.241422794452 Long EC CORP IL N 2 N N N MIPS AB 549300LZSA4S0L54VQ25 MIPS AB 000000000 4465.00000000 NS 346536.04000000 0.842656332238 Long EC CORP SE N 2 N N N Sarantis SA 21380078FJXYHFE8KP46 Sarantis SA 000000000 53470.00000000 NS 434817.39000000 1.057326178977 Long EC CORP GR N 2 N N N Altus Group Ltd/Canada 54930041VO1EIY4IV355 Altus Group Ltd/Canada 02215R107 13187.00000000 NS 511041.77000000 1.242677626053 Long EC CORP CA N 1 N N N Fluidra SA 95980020140005026620 Fluidra SA 000000000 13947.00000000 NS 422390.11000000 1.027107312897 Long EC CORP ES N 2 N N N Garrett Motion Inc 549300LS5WT7EMBNV724 Garrett Motion Inc 366505105 67015.00000000 NS USD 485858.75000000 1.181441192267 Long EC CORP CH N 1 N N Nisso Corp N/A Nisso Corp 000000000 76700.00000000 NS 599902.73000000 1.458756884744 Long EC CORP JP N 2 N N N Hamee Corp N/A Hamee Corp 000000000 47408.00000000 NS 496385.21000000 1.207037918584 Long EC CORP JP N 2 N N Hosokawa Micron Corp N/A Hosokawa Micron Corp 000000000 17450.00000000 NS 408247.64000000 0.992717695301 Long EC CORP JP N 2 N N N Haw Par Corp Ltd N/A Haw Par Corp Ltd 000000000 61500.00000000 NS 536511.99000000 1.304612431352 Long EC CORP SG N 2 N N N Siegfried Holding AG 506700J9QD6IF3937W06 Siegfried Holding AG 000000000 582.00000000 NS 439959.93000000 1.069831065611 Long EC CORP CH N 2 N N N Paradox Interactive AB 529900QNSZUY53R5WW95 Paradox Interactive AB 000000000 32400.00000000 NS 692523.83000000 1.683979509247 Long EC CORP SE N 2 N N VIB Vermoegen AG 529900NFW9IP8LMOFM33 VIB Vermoegen AG 000000000 14074.00000000 NS 778504.19000000 1.893054140568 Long EC CORP DE N 2 N N N Renalytix PLC 213800NTOH3FK3WER551 Renalytix PLC 000000000 51356.00000000 NS 247294.18000000 0.601334299032 Long EC CORP US N 2 N N Kusuri no Aoki Holdings Co Ltd N/A Kusuri no Aoki Holdings Co Ltd 000000000 9075.00000000 NS 533591.35000000 1.297510440488 Long EC CORP JP N 2 N N N Nippon Parking Development Co 353800OBX8MRKQA9PG73 Nippon Parking Development Co Ltd 000000000 356875.00000000 NS 435451.10000000 1.058867143502 Long EC CORP JP N 2 N N N 2022-04-20 AMG Funds III Thomas Disbrow Thomas Disbrow Principal Financial Officer XXXX NPORT-EX 2 8907810AMG022822.htm
AMG GW&K International Small Cap Fund
Schedule of Portfolio Investments (unaudited)
February 28, 2022
  Shares Value
Common Stocks - 95.9%    
Communication Services - 4.9%    
Embracer Group AB (Sweden)*,1 53,894 $462,633
Enad Global 7 AB (Sweden)* 122,283 403,481
Nihon Falcom Corp. (Japan) 40,125 463,218
Paradox Interactive AB (Sweden)1 32,400 692,524
     
Total Communication Services   2,021,856
Consumer Discretionary - 6.2%    
Garrett Motion, Inc. (Switzerland)*,1 67,015 485,859
Hamee Corp. (Japan)1 47,408 496,385
Max Stock, Ltd. (Israel) 172,809 510,526
MIPS AB (Sweden) 4,465 346,536
Pierce Group AB (Sweden)* 45,097 149,972
Puuilo Oyj (Finland)*,1 67,465 558,076
     
Total Consumer Discretionary   2,547,354
Consumer Staples - 8.1%    
Becle SAB de CV (Mexico) 262,300 656,487
Grupo Herdez SAB de CV (Mexico) 177,978 249,835
Hilton Food Group PLC (United Kingdom) 39,990 573,578
Kusuri no Aoki Holdings Co., Ltd. (Japan) 9,075 533,591
Nissin Foods Co. Ltd. (Hong Kong) 524,750 380,111
Sarantis, S.A. (Greece) 53,470 434,817
Schouw & Co. A/S (Denmark) 5,569 485,563
     
Total Consumer Staples   3,313,982
Energy - 1.6%    
Diversified Energy Co. PLC (United States) 418,800 662,948
Financials - 1.6%    
Omni Bridgeway, Ltd. (Australia)* 277,751 659,441
Health Care - 8.3%    
Arjo AB, Class B (Sweden) 52,888 453,683
Ergomed PLC (United Kingdom)* 34,502 538,913
GVS S.P.A. (Italy)2 36,477 366,921
Haw Par Corp., Ltd. (Singapore) 61,500 536,512
Renalytix PLC (United States)*,1 51,356 247,294
Riverstone Holdings, Ltd. (Singapore) 722,300 415,435
Sedana Medical AB (Sweden)* 54,955 392,836
Siegfried Holding AG (Switzerland) 582 439,960
     
Total Health Care   3,391,554
Industrials - 37.0%    
Alconix Corp. (Japan) 37,900 463,350
Alliance Global Group, Inc. (Philippines) 2,940,530 734,129
Calian Group, Ltd. (Canada) 11,782 560,981
Clarkson PLC (United Kingdom) 12,986 578,103
  Shares Value
     
Creek & River Co., Ltd. (Japan) 34,400 $522,100
Delta Plus Group (France)1 6,281 549,321
Elbit Systems, Ltd. (Israel) 4,069 836,491
Fluidra, S.A. (Spain) 13,947 422,390
Fukushima Galilei Co., Ltd. (Japan) 13,800 474,901
FULLCAST Holdings Co., Ltd. (Japan) 31,000 640,016
Hardwoods Distribution, Inc. (Canada) 24,549 813,071
Hosokawa Micron Corp. (Japan) 17,450 408,248
Nippon Concept Corp. (Japan) 37,521 466,940
Nippon Parking Development Co., Ltd. (Japan) 356,875 435,451
Nisso Corp. (Japan) 76,700 599,903
Rheinmetall AG (Germany) 6,470 963,015
Richelieu Hardware, Ltd. (Canada) 17,750 679,051
Saab AB, Class B (Sweden) 19,995 599,522
Senshu Electric Co., Ltd. (Japan) 15,570 840,137
SITC International Holdings Co., Ltd. (Hong Kong) 176,500 727,738
Stabilus, S.A. (Luxembourg) 8,046 472,525
Ten Pao Group Holdings, Ltd. (China) 2,091,700 536,520
Toyo Construction Co., Ltd. (Japan) 97,500 508,043
UT Group Co., Ltd. (Japan) 29,900 909,783
Yamazen Corp. (Japan) 51,575 462,263
     
Total Industrials   15,203,992
Information Technology - 11.5%    
Ai Holdings Corp. (Japan) 28,050 422,806
Argo Graphics, Inc. (Japan) 21,625 600,480
Digital Hearts Holdings Co., Ltd. (Japan) 45,275 619,993
Digital Information Technologies Corp. (Japan) 46,146 527,205
Esprinet S.P.A. (Italy) 40,913 510,124
GMO Pepabo, Inc. (Japan) 18,550 363,764
Kitron A.S.A. (Norway) 419,162 988,971
Micro-Star International Co., Ltd. (Taiwan) 124,500 701,779
     
Total Information Technology   4,735,122
Materials - 11.0%    
Asahi Holdings, Inc. (Japan) 38,075 739,434
Corticeira Amorim SGPS, S.A. (Portugal) 39,399 426,592
Eagle Cement Corp. (Philippines) 2,204,635 586,527
Elopak A.S.A. (Norway)* 184,900 419,432
Hill & Smith Holdings PLC (United Kingdom) 31,041 587,610
Huhtamaki Oyj (Finland) 11,716 426,988
Marshalls PLC (United Kingdom) 54,488 464,013
Mayr Melnhof Karton AG (Austria) 2,672 503,331
Vidrala, S.A. (Spain) 4,914 379,627
     
Total Materials   4,533,554
1
AMG GW&K International Small Cap Fund
Schedule of Portfolio Investments (continued)
  Shares Value
Real Estate - 5.7%    
Altus Group, Ltd. (Canada) 13,187 $511,042
Far East Consortium International, Ltd. (Hong Kong) 1,778,140 614,360
Patrizia AG (Germany) 23,087 444,191
VIB Vermoegen AG (Germany)1 14,074 778,504
     
Total Real Estate   2,348,097
     
Total Common Stocks
(Cost $41,383,829) 		  39,417,900
    
  Principal
Amount 		 
Short-Term Investments - 5.1%    
Joint Repurchase Agreements - 5.1%3    
Bank of America Securities, Inc., dated 02/28/22, due 03/01/22, 0.050% total to be received $1,000,001 (collateralized by various U.S. Government Agency Obligations, 1.500% - 4.500%, 02/01/32 - 03/01/52, totaling $1,020,000) $1,000,000 1,000,000
  Principal
Amount 		Value
     
RBC Dominion Securities, Inc., dated 02/28/22, due 03/01/22, 0.050% total to be received $1,000,001 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 7.250%, 03/24/22 - 01/01/60, totaling $1,020,000) $1,000,000 $1,000,000
TD Securities LLC, dated 02/28/22, due 03/01/22, 0.040% total to be received $107,020 (collateralized by various U.S. Treasuries, 0.000% - 2.875%, 03/08/22 - 11/15/31, totaling $109,160) 107,020 107,020
     
Total Short-Term Investments
(Cost $2,107,020) 		  2,107,020
Total Investments - 101.0%
(Cost $43,490,849) 		   41,524,920
Other Assets, less Liabilities - (1.0)%    (400,138)
Net Assets - 100.0%   $41,124,782
* Non-income producing security.
1 Some of these securities, amounting to $1,948,601 or 4.7% 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.
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 February 28, 2022, the value of these securities amounted to $366,921 or 0.9% of net assets.
3 Cash collateral received for securities lending activity was invested in these joint repurchase agreements.
2
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 February 28, 2022:
  Level 1   Level 21   Level 3   Total
Investments in Securities
Common Stocks
Industrials  $3,336,553    $11,867,439    —    $15,203,992
Information Technology  988,971    3,746,151    —    4,735,122
Materials  1,385,586    3,147,968    —    4,533,554
Health Care  —    3,391,554    —    3,391,554
Consumer Staples  906,322    2,407,660    —    3,313,982
Consumer Discretionary  635,831    1,911,523    —    2,547,354
Real Estate  1,125,402    1,222,695    —    2,348,097
Communication Services  —    2,021,856    —    2,021,856
Energy  662,948    —    —    662,948
Financials  —    659,441    —    659,441
Short-Term Investments
Joint Repurchase Agreements  —    2,107,020    —    2,107,020
Total Investments in Securities $9,041,613   $32,483,307   —   $41,524,920
    
   
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 February 28, 2022, there were no transfers in or out of Level 3.
The country allocation in the Schedule of Portfolio Investments at February 28, 2022, was as follows:
Country % of Long-Term
Investments
Australia 1.7
Austria 1.3
Canada 6.5
China 1.4
Denmark 1.2
Finland 2.5
France 1.4
Germany 5.5
Greece 1.1
Hong Kong 4.4
Israel 3.4
Italy 2.2
Japan 29.2
Luxembourg 1.2
Country % of Long-Term
Investments
Mexico 2.3
Norway 3.6
Philippines 3.3
Portugal 1.1
Singapore 2.4
Spain 2.0
Sweden 8.9
Switzerland 2.3
Taiwan 1.8
United Kingdom 7.0
United States 2.3
  100.0
3
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 February 28, 2022, were as follows:
  Securities
Loaned 		Cash
Collateral
Received 		Securities
Collateral
Received 		Total
Collateral
Received
   $1,948,601  $2,107,020  $534,351  $2,641,371
The following table summarizes the securities received as collateral for securities lending at February 28, 2022:
  Collateral
Type 		Coupon
Range 		Maturity
Date Range
  U.S. Treasury Obligations 0.000%-4.500% 03/10/22-08/15/50
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent semi or annual report.
4