AMG Funds II

0001193125-15-204065.txt : 20150528 0001193125-15-204065.hdr.sgml : 20150528 20150528161202 ACCESSION NUMBER: 0001193125-15-204065 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20150331 FILED AS OF DATE: 20150528 DATE AS OF CHANGE: 20150528 EFFECTIVENESS DATE: 20150528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMG Funds II CENTRAL INDEX KEY: 0000879947 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-06431 FILM NUMBER: 15895623 BUSINESS ADDRESS: STREET 1: 800 CONNECTICUT AVENUE CITY: NORWALK STATE: CT ZIP: 06854 BUSINESS PHONE: 2032993500 MAIL ADDRESS: STREET 1: 800 CONNECTICUT AVENUE CITY: NORWALK STATE: CT ZIP: 06854 FORMER COMPANY: FORMER CONFORMED NAME: MANAGERS TRUST II DATE OF NAME CHANGE: 20000801 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BREEDEN SERIES FUND DATE OF NAME CHANGE: 19920929 FORMER COMPANY: FORMER CONFORMED NAME: SMITH BREEDEN U S GOVERNMENT SERIES FUND DATE OF NAME CHANGE: 19600201

0000879947 S000009897 AMG Managers Intermediate Duration Government Fund

C000027391 AMG Managers Intermediate Duration Government Fund MGIDX

0000879947 S000009898 AMG Managers Short Duration Government Fund

C000027392 AMG Managers Short Duration Government Fund MGSDX

0000879947 S000009899 AMG GW&K Enhanced Core Bond Fund

C000027393 Investor Class MFDAX

C000027395 Class C MFDCX

C000027396 Institutional Class MFDYX

C000121207 Service Class MFDSX

0000879947 S000009900 AMG Managers High Yield Fund

C000027397 Investor Class MHHAX

C000027400 Institutional Class MHHYX

0000879947 S000009901 AMG Chicago Equity Partners Balanced Fund

C000027401 Investor Class MBEAX

C000027404 Institutional Class MBEYX

C000121208 Service Class MBESX

N-Q 1 d932930dnq.htm AMG FUNDS II AMG Funds II

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number: 811-06431

AMG FUNDS II

(Exact name of registrant as specified in charter)

800 Connecticut Avenue, Norwalk, Connecticut 06854

(Address of principal executive offices) (Zip code)

AMG FUNDS LLC

800 Connecticut Avenue, Norwalk, Connecticut 06854

(Name and address of agent for service)

Registrant’s telephone number, including area code: (203) 299-3500

Date of fiscal year end: December 31^st

Date of reporting period: MARCH 31, 2015 (1^st Quarter End Portfolio Holdings)

Item 1. SCHEDULE OF INVESTMENTS.

AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (unaudited)

March 31, 2015


	Shares		Value
Common Stocks - 63.8%
Consumer Discretionary - 8.7%
AMC Entertainment Holdings, Inc., Class A		110	$	3,904
American Axle & Manufacturing Holdings, Inc.^*		420		10,849
American Eagle Outfitters, Inc.		270		4,612
Asbury Automotive Group, Inc.^*		275		22,852
Barnes & Noble, Inc.^*		160		3,800
Best Buy Co., Inc.		2,730		103,167
Big Lots, Inc.		2,475		118,874
BJ’s Restaurants, Inc.^*		60		3,027
Brown Shoe Co., Inc.		260		8,528
Brunswick Corp.		125		6,431
Buffalo Wild Wings, Inc.^*		30		5,437
Build-A-Bear Workshop, Inc.^*		825		16,211
Burlington Stores, Inc.^*		140		8,319
Cablevision Systems Corp., Class A		12,440		227,652
Capella Education Co.		10		649
CarMax, Inc.^*		1,420		97,994
Choice Hotels International, Inc.		1,100		70,477
Comcast Corp., Class A		10,080		569,218
Cooper Tire & Rubber Co.		80		3,427
Cracker Barrel Old Country Store, Inc.		165		25,103
Dana Holding Corp.		110		2,328
Domino’s Pizza, Inc.		3,190		320,754
Expedia, Inc.		1,020		96,013
Foot Locker, Inc.		4,480		282,240
Grand Canyon Education, Inc.^*		80		3,464
Group 1 Automotive, Inc.		50		4,316
Hanesbrands, Inc.		9,400		314,994
Harman International Industries, Inc.		1,020		136,303
Helen of Troy, Ltd.^*		60		4,889
The Home Depot, Inc.		2,325		264,143
HSN, Inc.		300		20,469
Isle of Capri Casinos, Inc.^*		1,070		15,033
Jack in the Box, Inc.		185		17,745
Johnson Controls, Inc.		2,490		125,596
Lear Corp.		1,200		132,984
Life Time Fitness, Inc.^*		30		2,129
Lowe’s Cos., Inc.		6,370		473,864
The Madison Square Garden Co., Class A^*		400		33,860
Marriott International Inc., Class A		4,145		332,926
Marriott Vacations Worldwide Corp.		150		12,158
Michael Kors Holdings, Ltd.^*		1,370		90,078
Murphy USA, Inc.^*		400		28,948
Nautilus, Inc.^*		320		4,886


	Shares		Value
New Media Investment Group, Inc.		70	$	1,675
NIKE, Inc., Class B		2,300		230,759
Norwegian Cruise Line Holdings, Ltd.^*		4,670		252,227
Nutrisystem, Inc.		230		4,595
Office Depot, Inc.^*		340		3,128
O’Reilly Automotive, Inc.^*		1,330		287,599
Penske Automotive Group, Inc.		40		2,060
PetMed Express, Inc.		180		2,974
Pool Corp.		130		9,069
The Priceline Group, Inc.^*		85		98,953
Select Comfort Corp.^*		240		8,273
Signet Jewelers, Ltd.		800		111,032
Skechers U.S.A., Inc., Class A^*		300		21,573
Staples, Inc.		3,015		49,099
Starwood Hotels & Resorts Worldwide, Inc.		1,410		117,735
Strayer Education, Inc.^*		70		3,739
Target Corp.		4,605		377,932
Tenneco, Inc.^*		170		9,761
Time Warner, Inc.		1,610		135,948
Tower International, Inc.^*		210		5,586
Universal Electronics, Inc.^*		240		13,546
The Walt Disney Co.		8,410		882,125
Williams-Sonoma, Inc.		1,030		82,101
World Wrestling Entertainment, Inc., Class A¹		320		4,483
Total Consumer Discretionary				6,746,623
Consumer Staples - 4.8%
Altria Group, Inc.		4,405		220,338
Archer-Daniels-Midland Co.		5,055		239,607
Avon Products, Inc.		3,645		29,124
Bunge, Ltd.		770		63,417
Casey’s General Stores, Inc.		100		9,010
Central Garden & Pet Co., Class A^*		810		8,602
The Clorox Co.		2,120		234,027
Coca-Cola Bottling Co. Consolidated		30		3,392
The Coca-Cola Co.		1,275		51,701
ConAgra Foods, Inc.		800		29,224
Constellation Brands, Inc., Class A^*		4,415		513,067
Dr Pepper Snapple Group, Inc.		3,510		275,465
Fresh Del Monte Produce, Inc.		210		8,171
The Fresh Market, Inc.^*		50		2,032
Hormel Foods Corp.		1,050		59,692
Keurig Green Mountain, Inc.		575		64,245
Kimberly-Clark Corp.		550		58,910
The Kroger Co.		3,665		280,959
Mead Johnson Nutrition Co.		800		80,424

AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Consumer Staples - 4.8% (continued)
Monster Beverage Corp.^*		2,240	$	310,005
National Beverage Corp.^*		100		2,441
PepsiCo, Inc.		1,400		133,868
Philip Morris International, Inc.		950		71,564
Pilgrim’s Pride Corp.¹		8,670		195,855
The Procter & Gamble Co.		3,700		303,178
Reynolds American, Inc.		3,350		230,849
Sanderson Farms, Inc.¹		70		5,576
SUPERVALU, Inc.^*		910		10,583
USANA Health Sciences, Inc.^*		30		3,334
Walgreens Boots Alliance, Inc.		300		25,404
The WhiteWave Foods Co.^*		4,900		217,266
Total Consumer Staples				3,741,330
Energy - 3.8%
Alon USA Energy, Inc.		260		4,308
Anadarko Petroleum Corp.		1,325		109,723
Atwood Oceanics, Inc.		5,190		145,891
Baker Hughes, Inc.		500		31,790
Carrizo Oil & Gas, Inc.^*		45		2,234
Cheniere Energy, Inc.^*		3,250		251,550
Chevron Corp.		2,655		278,722
ConocoPhillips		3,190		198,609
Delek US Holdings, Inc.		300		11,925
Diamondback Energy, Inc.^*		25		1,921
EQT Corp.		505		41,849
Exxon Mobil Corp.		6,125		520,625
Gulf Island Fabrication, Inc.		355		5,275
Hess Corp.		1,410		95,697
Matrix Service Co.^*		90		1,580
National Oilwell Varco, Inc.		930		46,491
Newpark Resources, Inc.^*		580		5,284
Occidental Petroleum Corp.		1,595		116,435
Oil States International, Inc.^*		700		27,839
Pacific Ethanol, Inc.^*,1		1,685		18,181
PDC Energy, Inc.^*		90		4,864
Phillips 66		1,245		97,857
REX American Resources Corp.^*		130		7,905
Schlumberger, Ltd.		2,095		174,807
Southwestern Energy Co.^*		6,750		156,533
Synergy Resources Corp.^*		530		6,281
Teekay Tankers, Ltd., Class A		3,260		18,712
Tesoro Corp.		2,790		254,699
US Silica Holdings, Inc.		290		10,327
Valero Energy Corp.		3,960		251,935


	Shares		Value
Western Refining, Inc.		170	$	8,396
Total Energy				2,908,245
Financials - 8.5%
Aflac, Inc.		1,000		64,010
AG Mortgage Investment Trust, Inc.		825		15,543
Allied World Assurance Co. Holdings AG		1,900		76,760
The Allstate Corp.		2,260		160,844
Ambac Financial Group, Inc.^*		400		9,680
American International Group, Inc.		390		21,368
Ameriprise Financial, Inc.		410		53,644
Ameris Bancorp		110		2,903
AmTrust Financial Services, Inc.¹		40		2,279
Annaly Capital Management, Inc.		1,690		17,576
Anworth Mortgage Asset Corp.		1,820		9,264
Aspen Insurance Holdings, Ltd.		2,540		119,964
Associated Banc-Corp.		4,390		81,654
Associated Estates Realty Corp.		230		5,676
Axis Capital Holdings, Ltd.		970		50,033
Banco Latinoamericano de Comercio Exterior, S.A.		110		3,607
Bank of America Corp.		18,350		282,406
Bank of the Ozarks, Inc.		170		6,278
Berkshire Hathaway, Inc., Class B^*		1,100		158,752
BGC Partners, Inc., Class A		990		9,355
Brixmor Property Group, Inc.		2,370		62,923
Cathay General Bancorp		330		9,388
CBOE Holdings, Inc.		1,490		85,533
Chatham Lodging Trust		190		5,588
Chesapeake Lodging Trust		80		2,706
Chimera Investment Corp.		28,840		90,558
The Chubb Corp.		1,030		104,133
Citigroup, Inc.		1,550		79,856
City Holding Co.		160		7,525
CME Group, Inc.		2,255		213,571
Comerica, Inc.		4,210		189,997
Commerce Bancshares, Inc.		2,130		90,142
CyrusOne, Inc.		100		3,112
CYS Investments, Inc.		270		2,406
EPR Properties		30		1,801
Everest Re Group, Ltd.		425		73,950
Extra Space Storage, Inc.		4,210		284,470
FelCor Lodging Trust, Inc.		180		2,068
First American Financial Corp.		370		13,202
First BanCorp/Puerto Rico^*		650		4,030
First Defiance Financial Corp.		90		2,954

AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Financials - 8.5% (continued)
First Horizon National Corp.		6,300	$	90,027
First Merchants Corp.		110		2,589
The Geo Group, Inc.		170		7,436
The Goldman Sachs Group, Inc.		570		107,143
Great Southern Bancorp, Inc.		230		9,060
Great Western Bancorp, Inc.		320		7,043
HCI Group, Inc.		70		3,211
Heartland Financial USA, Inc.		110		3,589
Hersha Hospitality Trust		250		1,617
HFF, Inc., Class A		210		7,883
Highwoods Properties, Inc.		240		10,987
Hudson Pacific Properties, Inc.		405		13,442
Intercontinental Exchange, Inc.		1,475		344,073
INTL FCStone, Inc.^*		590		17,541
JPMorgan Chase & Co.		3,448		208,880
KeyCorp		3,160		44,746
LaSalle Hotel Properties		465		18,070
Lazard, Ltd., Class A		4,240		222,982
Legg Mason, Inc.		945		52,164
Lincoln National Corp.		2,015		115,782
M&T Bank Corp.		475		60,325
Mack-Cali Realty Corp.		7,910		152,505
MainSource Financial Group, Inc.		20		393
Marcus & Millichap, Inc.^*		95		3,561
MBIA, Inc.^*		9,510		88,443
McGraw Hill Financial, Inc.		2,330		240,922
Metro Bancorp, Inc.		290		7,995
MFA Financial, Inc.		2,290		17,999
MGIC Investment Corp.^*		1,555		14,975
MidWestOne Financial Group, Inc.		40		1,153
Morgan Stanley		2,100		74,949
New Residential Investment Corp.		710		10,671
Northern Trust Corp.		1,690		117,709
Pebblebrook Hotel Trust		140		6,520
The Phoenix Cos., Inc.^*		120		5,999
Piedmont Office Realty Trust, Inc., Class A		10,560		196,522
Pinnacle Financial Partners, Inc.		240		10,670
Piper Jaffray Cos.^*		40		2,098
Preferred Bank		230		6,318
PrivateBancorp, Inc.		370		13,013
The Progressive Corp.		2,320		63,104
Public Storage		1,280		252,339
Ryman Hospitality Properties, Inc.		390		23,755
ServisFirst Bancshares, Inc.		90		2,969


	Shares		Value
Signature Bank^*		1,195	$	154,848
Simon Property Group, Inc.		1,300		254,332
Sovran Self Storage, Inc.		100		9,394
Square 1 Financial, Inc., Class A^*		60		1,606
State Street Corp.		1,970		144,854
Suffolk Bancorp		40		950
Sunstone Hotel Investors, Inc.		262		4,368
SunTrust Banks, Inc.		1,685		69,237
TD Ameritrade Holding Corp.		2,730		101,720
Terreno Realty Corp.		20		456
The Travelers Cos., Inc.		1,395		150,841
Universal Insurance Holdings, Inc.		1,110		28,405
Urstadt Biddle Properties, Inc., Class A		140		3,228
US Bancorp		2,575		112,450
Validus Holdings, Ltd.		1,100		46,310
Washington Real Estate Investment Trust		260		7,184
Washington Trust Bancorp, Inc.		80		3,055
Wells Fargo & Co.		5,420		294,848
West Bancorporation, Inc.		130		2,586
Western Alliance Bancorp^*		210		6,224
WisdomTree Investments, Inc.		1,120		24,035
Total Financials				6,565,612
Health Care - 9.4%
Abaxis, Inc.		100		6,411
AbbVie, Inc.		8,495		497,297
ABIOMED, Inc.^*		410		29,348
Aerie Pharmaceuticals, Inc.^*		300		9,402
Aetna, Inc.		925		98,540
Affymetrix, Inc.^*		90		1,130
Alexion Pharmaceuticals, Inc.^*		2,590		448,847
Amedisys, Inc.^*		120		3,214
AmerisourceBergen Corp.		2,190		248,937
Amgen, Inc.		1,220		195,017
AMN Healthcare Services, Inc.^*		80		1,846
Anacor Pharmaceuticals, Inc.^*		470		27,189
AngioDynamics, Inc.^*		105		1,868
Anthem, Inc.		1,305		201,505
Array BioPharma, Inc.^*,1		930		6,854
Biogen, Inc.^*		640		270,234
Bristol-Myers Squibb Co.		4,690		302,505
Cambrex Corp.^*		590		23,382
Celgene Corp.^*		2,230		257,074
Centene Corp.^*		230		16,259
Cepheid, Inc.^*		310		17,639
Chemed Corp.		45		5,373

AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Health Care - 9.4% (continued)
Clovis Oncology, Inc.^*		80	$	5,938
Depomed, Inc.^*		1,190		26,668
DexCom, Inc.^*		300		18,702
Dyax Corp.^*		225		3,770
Edwards Lifesciences Corp.^*		3,340		475,816
Emergent Biosolutions, Inc.^*		40		1,150
Five Star Quality Care, Inc.^*		390		1,732
Gilead Sciences, Inc.^*		2,375		233,059
Greatbatch, Inc.^*		125		7,231
Halozyme Therapeutics, Inc.^*		830		11,852
Health Net, Inc.^*		490		29,640
HealthSouth Corp.		160		7,098
Hologic, Inc.^*		4,290		141,677
ICU Medical, Inc.^*		75		6,985
Illumina, Inc.^*		1,650		306,306
Impax Laboratories, Inc.^*		120		5,624
Intuitive Surgical, Inc.^*		340		171,710
Isis Pharmaceuticals, Inc.^*		545		34,700
Johnson & Johnson		5,935		597,061
Lannett Co., Inc.^*		110		7,448
Ligand Pharmaceuticals, Inc.^*		80		6,169
Magellan Health, Inc.^*		30		2,125
Mallinckrodt PLC^*		3,490		442,009
McKesson Corp.		305		68,991
Medivation, Inc.^*		1,450		187,152
Medtronic PLC		4,046		315,548
Merck & Co., Inc.		1,305		75,011
Merit Medical Systems, Inc.^*		110		2,118
Merrimack Pharmaceuticals, Inc.^*		3,200		38,016
Natus Medical, Inc.^*		640		25,261
NuVasive, Inc.^*		165		7,588
Omeros Corp.^*		935		20,598
Owens & Minor, Inc.		40		1,354
PAREXEL International Corp.^*		460		31,735
Pfizer, Inc.		9,167		318,920
Pharmacyclics, Inc.^*		2,340		598,923
Raptor Pharmaceutical Corp.^*,1		850		9,240
Receptos, Inc.^*		40		6,596
Sequenom, Inc.^*		5,555		21,942
United Therapeutics Corp.^*		960		165,538
Universal American Corp.^*		340		3,631
Universal Health Services, Inc., Class B		1,325		155,966
Total Health Care				7,268,469


	Shares		Value
Industrials - 8.6%
3M Co.		810	$	133,610
AAON, Inc.		210		5,151
AAR Corp.		70		2,149
ABM Industries, Inc.		90		2,867
ACCO Brands Corp.^*		580		4,820
Accuride Corp.^*		1,090		5,079
Acuity Brands, Inc.		2,840		477,574
Alaska Air Group, Inc.		2,600		172,068
AMERCO		200		66,080
American Woodmark Corp.^*		120		6,568
Argan, Inc.		410		14,830
Avis Budget Group, Inc.^*		4,295		253,469
Brady Corp., Class A		40		1,132
Briggs & Stratton Corp.		90		1,849
Carlisle Cos., Inc.		1,060		98,188
Caterpillar, Inc.		380		30,411
CH Robinson Worldwide, Inc.		500		36,610
Cintas Corp.		2,010		164,076
Con-way, Inc.		610		26,919
Copa Holdings, S.A., Class A		500		50,485
CRA International, Inc.^*		90		2,801
Cubic Corp.		30		1,553
Deluxe Corp.		270		18,706
Douglas Dynamics, Inc.		380		8,679
Dycom Industries, Inc.^*		330		16,117
EMCOR Group, Inc.		40		1,859
Esterline Technologies Corp.^*		15		1,716
Exelis, Inc.		4,850		118,194
Federal Signal Corp.		1,040		16,422
FreightCar America, Inc.		140		4,400
Generac Holdings, Inc.^*		160		7,790
General Dynamics Corp.		1,390		188,665
General Electric Co.		9,260		229,741
The Greenbrier Cos., Inc.¹		440		25,520
Harsco Corp.		3,010		51,953
HNI Corp.		540		29,792
Huntington Ingalls Industries, Inc.		2,360		330,754
Hurco Cos., Inc.		90		2,964
Hyster-Yale Materials Handling, Inc.		20		1,466
Illinois Tool Works, Inc.		1,760		170,966
Ingersoll-Rand PLC		1,110		75,569
Insperity, Inc.		480		25,099
ITT Corp.		7,340		292,939
JetBlue Airways Corp.^*,1		1,290		24,832

AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Industrials - 8.6% (continued)
Joy Global, Inc.		990	$	38,788
Kforce, Inc.		510		11,378
Kirby Corp.^*		550		41,277
Knight Transportation, Inc.		220		7,095
Landstar System, Inc.		530		35,139
Meritor, Inc.^*		940		11,853
The Middleby Corp.^*		1,930		198,115
MSA Safety, Inc.		80		3,990
Mueller Industries, Inc.		50		1,807
Multi-Color Corp.		20		1,387
MYR Group, Inc.^*		125		3,918
Northrop Grumman Corp.		290		46,678
Old Dominion Freight Line, Inc.^*		1,400		108,220
PAM Transportation Services, Inc.^*		175		10,022
Park-Ohio Holdings Corp.		30		1,580
Paylocity Holding Corp.^*,1		60		1,718
Pitney Bowes, Inc.		16,845		392,825
Polypore International, Inc.^*		75		4,418
Resources Connection, Inc.		130		2,275
Rockwell Automation, Inc.		445		51,616
Rockwell Collins, Inc.		3,050		294,478
Snap-on,, Inc.		800		117,648
Southwest Airlines Co.		7,580		335,794
Spirit AeroSystems Holdings, Inc., Class A^*		7,700		402,017
SPX Corp.		1,740		147,726
Stanley Black & Decker, Inc.		570		54,355
Steelcase, Inc., Class A		630		11,932
Swift Transportation Co.^*		120		3,122
TASER International, Inc.^*,1		70		1,688
Teledyne Technologies, Inc.^*		165		17,610
TransDigm Group, Inc.		1,830		400,258
Trex Co., Inc.^*		210		11,451
Trinity Industries, Inc.		5,405		191,932
Tutor Perini Corp.^*		75		1,751
Tyco International PLC		1,825		78,585
Union Pacific Corp.		2,670		289,188
United Continental Holdings, Inc.^*		1,240		83,390
Universal Forest Products, Inc.		20		1,110
USA Truck, Inc.^*		70		1,938
Wabash National Corp.^*		1,020		14,382
YRC Worldwide, Inc.^*		60		1,078
Total Industrials				6,637,964
Information Technology - 14.0%
Akamai Technologies, Inc.^*		1,180		83,833


	Shares		Value
Alpha & Omega Semiconductor, Ltd.^*		520	$	4,633
Amphenol Corp., Class A		1,620		95,467
Apple, Inc.		18,715		2,328,707
Applied Micro Circuits Corp.^*		630		3,213
Arista Networks, Inc.^*		3,755		264,840
Aspen Technology, Inc.^*		700		26,943
Barracuda Networks, Inc.^*		330		12,695
Blackbaud, Inc.		180		8,528
Booz Allen Hamilton Holding Corp.		13,455		389,388
Broadcom Corp., Class A		3,590		155,429
Broadridge Financial Solutions, Inc.		4,105		225,816
Brocade Communications Systems, Inc.		7,990		94,801
Cabot Microelectronics Corp.^*		295		14,741
CDW Corp.		11,280		420,067
Cisco Systems, Inc.		790		21,745
Cognizant Technology Solutions Corp., Class A^*		785		48,976
CSG Systems International, Inc.		90		2,735
Cypress Semiconductor Corp.^*		630		8,889
DST Systems, Inc.		570		63,105
DTS, Inc.^*		160		5,451
Electronic Arts, Inc.^*		15,435		907,810
EPAM Systems, Inc.^*		315		19,306
ePlus, Inc.^*		340		29,556
Equinix, Inc.		410		95,468
Euronet Worldwide, Inc.^*		360		21,150
F5 Networks, Inc.^*		910		104,595
Facebook, Inc., Class A^*		10,255		843,115
Fairchild Semiconductor International, Inc.^*		705		12,817
FleetCor Technologies, Inc.^*		1,995		301,085
Freescale Semiconductor, Ltd.^*		3,210		130,840
Gartner, Inc.^*		400		33,540
Gigamon, Inc.^*		700		14,868
Global Payments, Inc.		1,150		105,432
Google, Inc., Class A^*		420		232,974
Google, Inc., Class C^*		400		219,200
Guidewire Software, Inc.^*		60		3,157
Harmonic, Inc.^*		90		667
Harris Corp.		240		18,902
Hewlett-Packard Co.		5,310		165,460
Infinera Corp.^*		230		4,524
Infoblox, Inc.^*		200		4,774
Integrated Device Technology, Inc.^*		130		2,603
InterDigital, Inc.		440		22,326
Intuit, Inc.		490		47,510
IPG Photonics Corp.^*		3,550		329,085

AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Information Technology - 14.0% (continued)
Jabil Circuit, Inc.		7,485	$	174,999
Leidos Holdings, Inc.		975		40,911
LinkedIn Corp., Class A^*		200		49,972
LogMeln, Inc.^*		220		12,318
Manhattan Associates, Inc.^*		575		29,101
ManTech International Corp., Class A		50		1,697
MAXIMUS, Inc.		305		20,362
Methode Electronics, Inc.		520		24,461
Microchip Technology, Inc.¹		895		43,766
Microsoft Corp.		7,855		319,345
MicroStrategy, Inc., Class A^*		120		20,303
Multi-Fineline Electronix, Inc.^*		360		6,577
Palo Alto Networks, Inc.^*		2,450		357,896
Polycom, Inc.^*		205		2,747
Power Integrations, Inc.		130		6,770
Qorvo, Inc.^*		283		22,555
Quantum Corp.^*		2,390		3,824
Rackspace Hosting, Inc.^*		1,220		62,940
Rambus, Inc.^*		270		3,395
Rogers Corp.^*		30		2,466
Sanmina Corp.^*		500		12,095
Science Applications International Corp.		80		4,108
Semtech Corp.^*		420		11,191
Silicon Laboratories, Inc.^*		30		1,523
SolarWinds, Inc.^*		1,805		92,488
SS&C Technologies Holdings, Inc.		30		1,869
Super Micro Computer, Inc.^*		80		2,657
Synaptics, Inc.^*		35		2,846
Synchronoss Technologies, Inc.^*		100		4,746
Syntel, Inc.^*		200		10,346
Tableau Software, Inc., Class A^*		3,140		290,513
Take-Two Interactive Software, Inc.^*		210		5,346
TeleCommunication Systems, Inc., Class A^*		620		2,375
Tessera Technologies, Inc.		845		34,037
Texas Instruments, Inc.		3,720		212,728
Tyler Technologies, Inc.^*		30		3,616
VASCO Data Security International, Inc.^*,1		885		19,063
VeriSign, Inc.^*,1		2,700		180,819
Visa, Inc., Class A		2,820		184,456
Western Digital Corp.		1,010		91,920
Xerox Corp.		2,090		26,857
Xilinx, Inc.		5,750		243,225
Zebra Technologies Corp., Class A^*		2,220		201,387
Total Information Technology				10,797,382


	Shares		Value
Materials - 2.8%
A. Schulman, Inc.		20	$	964
Ashland, Inc.		900		114,579
Avery Dennison Corp.		730		38,624
Boise Cascade Co.^*		320		11,987
Cabot Corp.		1,990		89,550
Century Aluminum Co.^*		570		7,866
Chemtura Corp.^*		420		11,462
Cliffs Natural Resources, Inc.¹		6,280		30,207
Commercial Metals Co.		310		5,019
Ferro Corp.^*		130		1,631
Graphic Packaging Holding Co.		280		4,071
International Flavors & Fragrances, Inc.		2,380		279,412
LyondellBasell Industries N.V., Class A		2,080		182,624
Neenah Paper, Inc.		80		5,003
Newmont Mining Corp.		2,350		51,019
Olin Corp.		160		5,126
Platform Specialty Products Corp.^*		11,745		301,377
PPG Industries, Inc.		680		153,367
Resolute Forest Products, Inc.^*		370		6,383
Schweitzer-Mauduit International, Inc.		50		2,306
Sealed Air Corp.		8,975		408,901
The Sherwin-Williams Co.		1,000		284,500
Sigma-Aldrich Corp.		200		27,650
Sonoco Products Co.		490		22,275
Stillwater Mining Co.^*		150		1,938
Trecora Resources^*		580		7,076
UFP Technologies, Inc.^*		40		911
United States Steel Corp.		5,830		142,252
Total Materials				2,198,080
Telecommunication Services - 1.6%
AT&T, Inc.		4,380		143,007
Atlantic Tele-Network, Inc.		20		1,384
CenturyLink, Inc.		2,640		91,212
Frontier Communications Corp.		14,130		99,616
General Communication, Inc., Class A^*		210		3,310
Inteliquent, Inc.		600		9,444
Intelsat, S.A.^*		700		8,400
Level 3 Communications, Inc.^*		4,400		236,896
SBA Communications Corp., Class A^*		2,385		279,284
Verizon Communications, Inc.		6,370		309,773
Vonage Holdings Corp.^*		530		2,602
Windstream Holdings, Inc.¹		6,425		47,545
Total Telecommunication Services				1,232,473

AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Utilities - 1.6%
Ameren Corp.		2,060	$	86,932
American States Water Co.		110		4,388
American Water Works Co, Inc.		4,465		242,048
Avista Corp.		60		2,051
Black Hills Corp.		45		2,270
Calpine Corp.^*		1,370		31,332
CenterPoint Energy, Inc.		7,755		158,280
Chesapeake Utilities Corp.		10		506
Dynegy, Inc.^*		190		5,972
IDACORP, Inc.		130		8,173
Middlesex Water Co.		120		2,731
New Jersey Resources Corp.		610		18,947
Ormat Technologies, Inc.		320		12,166
Portland General Electric Co.		60		2,225
Public Service Enterprise Group, Inc.		4,850		203,312
Questar Corp.		8,590		204,957
SJW Corp.		30		927
Vectren Corp.		4,895		216,065
WGL Holdings, Inc.		90		5,076
Total Utilities				1,208,358
Total Common Stocks (cost $44,503,820)				49,304,536

	Principal Amount
Corporate Bonds and Notes - 2.4%
Financials - 0.8%
American Express Credit Corp., MTN, 2.750%, 09/15/15	$	90,000		90,884
Caterpillar Financial Services Corp., MTN, 1.000%, 11/25/16		65,000		65,296
General Electric Capital Corp., 2.900%, 01/09/17		80,000		82,941
MTN, 1.000%, 01/08/16		60,000		60,254
MTN, Series A, 6.750%, 03/15/32		35,000		48,546
US Bancorp, MTN, 2.200%, 04/25/19		85,000		86,557
Wells Fargo & Co., 1.250%, 07/20/16		100,000		100,583
MTN, 1.400%, 09/08/17		125,000		125,598
Total Financials				660,659
Industrials - 1.3%
Burlington Northern Santa Fe LLC, 4.700%, 10/01/19		30,000		33,638


	Principal Amount		Value
Colgate-Palmolive Co., MTN, 1.750%, 03/15/19	$	55,000	$	55,649
Exxon Mobil Corp., 0.921%, 03/15/17		75,000		75,285
International Business Machines Corp., 4.000%, 06/20/42		76,000		76,711
Johnson & Johnson, 0.700%, 11/28/16		90,000		90,186
McDonald’s Corp., MTN, 6.300%, 10/15/37		25,000		32,890
Medtronic, Inc., 0.875%, 02/27/17		45,000		45,060
PepsiCo, Inc., 2.500%, 05/10/16¹		85,000		86,764
Pfizer, Inc., 6.200%, 03/15/19		55,000		64,404
Union Pacific Corp., 3.646%, 02/15/24		110,000		119,140
United Parcel Service, Inc., 6.200%, 01/15/38		50,000		68,099
Verizon Communications, Inc., 2.625%, 02/21/20		108,000		110,000
Wal-Mart Stores, Inc., 6.500%, 08/15/37		45,000		63,077
The Walt Disney Co., 1.350%, 08/16/16		60,000		60,659
Total Industrials				981,562
Utilities - 0.3%
Consolidated Edison Co. of New York, Inc., Series 08-B, 6.750%, 04/01/38		55,000		78,509
Dominion Resources, Inc., 4.450%, 03/15/21		35,000		38,787
Georgia Power Co., 5.400%, 06/01/40		25,000		31,378
TransCanada PipeLines, Ltd., 3.800%, 10/01/20		80,000		84,892
Total Utilities				233,566
Total Corporate Bonds and Notes (cost $1,818,881)				1,875,787
U.S. Government and Agency Obligations - 32.0%
Federal Home Loan Mortgage Corporation - 6.5%
FHLMC,
2.500%, 05/27/16		775,000		793,598
3.750%, 03/27/19		695,000		762,913
FHLMC Gold Pool,
2.500%, 07/01/28 to 02/01/30		208,378		214,036
3.000%, 01/01/29 to 03/01/45		1,006,841		1,038,698
3.500%, 03/01/42 to 02/01/45		839,236		880,834
4.000%, 08/01/43 to 11/01/44		783,315		837,025
4.500%, 02/01/39 to 11/01/39		284,503		310,433
5.000%, 07/01/35		107,719		119,892
5.500%, 04/01/38 to 01/01/39		91,437		102,945
Total Federal Home Loan Mortgage Corporation				5,060,374

AMG Chicago Equity Partners Balanced Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Federal National Mortgage Association - 6.7%
FNMA,
2.500%, 04/01/28	$	221,459	$	227,962
3.000%, 03/01/42 to 08/01/43		821,762		842,086
3.500%, 09/01/26 to 07/01/43		684,588		721,626
4.000%, 12/01/21 to 12/01/41		441,048		472,004
4.500%, 07/01/39 to 05/01/41		736,504		805,965
5.000%, 05/11/17 to 08/01/41		1,084,628		1,194,405
5.375%, 07/15/16 to 06/12/17		750,000		813,264
5.500%, 02/01/35 to 06/01/38		82,108		92,565
Total Federal National Mortgage Association				5,169,877
U.S. Treasury Obligations - 18.8%
U.S. Treasury Bonds,
2.750%, 08/15/42		1,550,000		1,613,575
4.750%, 02/15/41		580,000		831,620
U.S. Treasury Notes,
0.625%, 12/15/16 to 08/31/17		2,015,000		2,014,414
0.750%, 12/31/17 to 03/31/18		2,435,000		2,426,539
0.875%, 04/15/17		855,000		860,077
1.000%, 03/31/17		750,000		756,329
1.375%, 05/31/20		400,000		399,312
2.250%, 11/15/24		825,000		848,203
2.500%, 05/15/24		2,240,000		2,353,225


	Principal Amount		Value
2.625%, 08/15/20	$	1,235,000	$	1,308,811
3.125%, 05/15/21		1,030,000		1,121,413
Total U.S. Treasury Obligations				14,533,518
Total U.S. Government and Agency Obligations (cost $24,158,236)				24,763,769
Short-Term Investments - 2.8%
Repurchase Agreements - 0.5%²
Cantor Fitzgerald Securities, Inc., dated 03/31/15, due 04/01/15, 0.15%, total to be received $368,000 (collateralized by various U.S. Government Agency Obligations, 0.000% - 10.500%, 05/28/15 - 02/20/65,totaling $375,358)		367,998		367,998

	Shares
Other Investment Companies - 2.3%³
Dreyfus Institutional Cash Advantage Fund, Institutional Class Shares, 0.06%		1,775,309		1,775,309
Total Short-Term Investments (cost $2,143,307)				2,143,307
Total Investments - 101.0% (cost $72,624,244)				78,087,399
Other Assets, less Liabilities - (1.0)%				(771,652	)
Net Assets - 100.0%			$	77,315,747

AMG Chicago Equity Partners Small Cap Value Fund

Schedule of Portfolio Investments (unaudited)

March 31, 2015


	Shares		Value
Common Stocks - 91.0%
Consumer Discretionary - 8.4%
AMC Entertainment Holdings, Inc., Class A		1,730	$	61,398
American Eagle Outfitters, Inc.		4,060		69,345
Asbury Automotive Group, Inc.^*		560		46,536
Barnes & Noble, Inc.^*		2,250		53,437
BJ’s Restaurants, Inc.^*		180		9,081
Brown Shoe Co., Inc.		950		31,160
Brunswick Corp.		340		17,493
Build-A-Bear Workshop, Inc.^*		3,510		68,971
Cooper Tire & Rubber Co.		1,240		53,122
Cracker Barrel Old Country Store, Inc.		495		75,309
Dana Holding Corp.		1,820		38,511
Group 1 Automotive, Inc.		775		66,906
Helen of Troy, Ltd.^*		930		75,786
Isle of Capri Casinos, Inc.^*		5,130		72,077
Life Time Fitness, Inc.^*		460		32,642
Marriott Vacations Worldwide Corp.		1,860		150,753
New Media Investment Group, Inc.		940		22,494
Office Depot, Inc.^*		4,970		45,724
Penske Automotive Group, Inc.		675		34,756
Skechers U.S.A., Inc., Class A^*		500		35,955
Time, Inc.		20		449
Total Consumer Discretionary				1,061,905
Consumer Staples - 1.8%
Central Garden & Pet Co., Class A^*		2,030		21,559
Fresh Del Monte Produce, Inc.		3,210		124,901
Ingles Markets, Inc., Class A¹		10		495
SUPERVALU, Inc.^*		6,790		78,968
Total Consumer Staples				225,923
Energy - 4.7%
Alon USA Energy, Inc.		3,780		62,635
Delek US Holdings, Inc.		610		24,247
Gulf Island Fabrication, Inc.		2,990		44,431
Matrix Service Co.^*		1,450		25,462
Newpark Resources, Inc.^*		8,310		75,704
Pacific Ethanol, Inc.^*,1		11,880		128,185
PDC Energy, Inc.^*		1,430		77,277
REX American Resources Corp.^*		310		18,851
Teekay Tankers, Ltd., Class A		23,750		136,325
Triangle Petroleum Corp.^*,1		70		352
Total Energy				593,469
Financials - 36.9%
AG Mortgage Investment Trust, Inc.		9,260		174,458


	Shares		Value
Ambac Financial Group, Inc.^*		6,200	$	150,040
Ameris Bancorp		1,530		40,377
AmTrust Financial Services, Inc.¹		490		27,923
Anworth Mortgage Asset Corp.		28,860		146,897
Associated Estates Realty Corp.		3,540		87,367
Banco Latinoamericano de Comercio Exterior, S.A.		1,800		59,022
BGC Partners, Inc., Class A		5,770		54,526
Cathay General Bancorp		5,170		147,086
Chatham Lodging Trust		2,800		82,348
Chesapeake Lodging Trust		1,090		36,875
City Holding Co.		2,490		117,105
CyrusOne, Inc.		1,540		47,925
CYS Investments, Inc.		4,300		38,313
DiamondRock Hospitality Co.		10,330		145,963
EPR Properties		500		30,015
FelCor Lodging Trust, Inc.		3,010		34,585
First American Financial Corp.		5,740		204,803
First BanCorp/Puerto Rico^*		9,690		60,078
First Defiance Financial Corp.		1,490		48,902
First Merchants Corp.		1,730		40,724
The Geo Group, Inc.		2,680		117,223
Great Southern Bancorp, Inc.		3,540		139,441
Great Western Bancorp, Inc.		4,940		108,729
HCI Group, Inc.		940		43,118
Heartland Financial USA, Inc.		1,730		56,450
Hersha Hospitality Trust		3,720		24,068
Highwoods Properties, Inc.		3,530		161,603
Hudson Pacific Properties, Inc.		6,180		205,114
INTL FCStone, Inc.^*		3,740		111,190
LaSalle Hotel Properties		4,370		169,818
MainSource Financial Group, Inc.		350		6,874
Metro Bancorp, Inc.		4,530		124,892
MGIC Investment Corp.^*		10,370		99,863
MidWestOne Financial Group, Inc.		640		18,451
New Residential Investment Corp.		10,550		158,567
Pebblebrook Hotel Trust		2,180		101,523
The Phoenix Cos., Inc.^*		1,865		93,231
Pinnacle Financial Partners, Inc.		3,600		160,056
Piper Jaffray Cos.^*		530		27,804
Preferred Bank		3,450		94,772
PrivateBancorp, Inc.		5,640		198,359
Ryman Hospitality Properties, Inc.		1,180		71,874
ServisFirst Bancshares, Inc.		1,350		44,537
Square 1 Financial, Inc., Class A^*		920		24,628

AMG Chicago Equity Partners Small Cap Value Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Financials - 36.9% (continued)
Suffolk Bancorp		730	$	17,345
Sunstone Hotel Investors, Inc.		4,250		70,848
Terreno Realty Corp.		360		8,208
Universal Insurance Holdings, Inc.		7,960		203,696
Washington Real Estate Investment Trust		4,020		111,073
Washington Trust Bancorp, Inc.		1,240		47,356
West Bancorporation, Inc.		2,000		39,780
Western Alliance Bancorp^*		1,610		47,720
Total Financials				4,683,543
Health Care - 5.8%
Affymetrix, Inc.^*		1,350		16,956
Amedisys, Inc.^*		1,860		49,811
AMN Healthcare Services, Inc.^*		1,090		25,146
Anacor Pharmaceuticals, Inc.^*		1,390		80,411
AngioDynamics, Inc.^*		1,570		27,930
Emergent Biosolutions, Inc.^*		640		18,406
Five Star Quality Care, Inc.^*		5,310		23,576
Greatbatch, Inc.^*		1,360		78,676
ICU Medical, Inc.^*		1,085		101,057
Impax Laboratories, Inc.^*		1,810		84,835
Magellan Health, Inc.^*		430		30,453
Merit Medical Systems, Inc.^*		1,570		30,223
Merrimack Pharmaceuticals, Inc.^*		7,630		90,644
Owens & Minor, Inc.		570		19,289
Universal American Corp.^*		5,450		58,206
Total Health Care				735,619
Industrials - 13.8%
AAR Corp.		1,180		36,226
ABM Industries, Inc.		1,470		46,834
ACCO Brands Corp.^*		9,230		76,701
ArcBest Corp.		10		379
Argan, Inc.		2,180		78,851
Brady Corp., Class A		740		20,935
Briggs & Stratton Corp.		1,220		25,059
CRA International, Inc.^*		1,480		46,058
Cubic Corp.		500		25,885
Deluxe Corp.		2,180		151,030
Douglas Dynamics, Inc.		910		20,784
Dycom Industries, Inc.^*		1,930		94,261
EMCOR Group, Inc.		690		32,064
Esterline Technologies Corp.^*		225		25,745
Federal Signal Corp.		4,860		76,739
FreightCar America, Inc.		2,100		66,003


	Shares		Value
The Greenbrier Cos., Inc.¹		1,550	$	89,900
HNI Corp.		1,745		96,272
Hurco Cos., Inc.		1,380		45,443
JetBlue Airways Corp.^*		9,780		188,265
Meritor, Inc.^*		4,310		54,349
Mueller Industries, Inc.		870		31,433
Multi-Color Corp.		310		21,492
MYR Group, Inc.^*		1,930		60,486
PAM Transportation Services, Inc.^*		1,185		67,865
Paylocity Holding Corp.^*,1		930		26,635
Resources Connection, Inc.		2,050		35,875
SkyWest, Inc.		30		438
Teledyne Technologies, Inc.^*		1,110		118,470
Tutor Perini Corp.^*		1,000		23,350
Universal Forest Products, Inc.		320		17,754
USA Truck, Inc.^*		1,110		30,736
YRC Worldwide, Inc.^*		850		15,266
Total Industrials				1,747,583
Information Technology - 9.5%
Alpha & Omega Semiconductor, Ltd.^*		4,860		43,303
Cabot Microelectronics Corp.^*		2,180		108,935
Comtech Telecommunications Corp.		10		290
CSG Systems International, Inc.		1,420		43,154
DTS, Inc.^*		1,420		48,379
ePlus, Inc.^*		1,920		166,906
Fairchild Semiconductor International, Inc.^*		7,725		140,441
Harmonic, Inc.^*		1,570		11,634
ManTech International Corp., Class A		750		25,455
Multi-Fineline Electronix, Inc.^*		3,070		56,089
Polycom, Inc.^*		3,390		45,426
Quantum Corp.^*		7,790		12,464
Rogers Corp.^*		500		41,105
Sanmina Corp.^*		7,770		187,956
Take-Two Interactive Software, Inc.^*		3,090		78,656
TeleCommunication Systems, Inc., Class A^*		10,070		38,568
Tessera Technologies, Inc.		4,030		162,328
Total Information Technology				1,211,089
Materials - 3.4%
A. Schulman, Inc.		340		16,388
Century Aluminum Co.^*		5,990		82,662
Commercial Metals Co.		4,630		74,960
Olin Corp.		2,360		75,614
Resolute Forest Products, Inc.^*		5,890		101,603
Schweitzer-Mauduit International, Inc.		630		29,056
Trecora Resources^*		2,490		30,378

AMG Chicago Equity Partners Small Cap Value Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Materials - 3.4% (continued)
UFP Technologies, Inc.^*		720	$	16,402
Total Materials				427,063
Telecommunication Services - 0.6%
Atlantic Tele-Network, Inc.		310		21,458
Inteliquent, Inc.		950		14,953
Vonage Holdings Corp.^*		7,540		37,021
Total Telecommunication Services				73,432
Utilities - 6.1%
American States Water Co.		1,660		66,217
Avista Corp.		930		31,787
Black Hills Corp.		600		30,264
Chesapeake Utilities Corp.		230		11,640
Dynegy, Inc.^*		2,900		91,147
IDACORP, Inc.		2,050		128,884
Middlesex Water Co.		1,690		38,464
New Jersey Resources Corp.		6,520		202,511
Ormat Technologies, Inc.		1,410		53,608
Portland General Electric Co.		940		34,865
SJW Corp.		410		12,673
WGL Holdings, Inc.		1,360		76,704
Total Utilities				778,764
Total Common Stocks (cost $11,523,034)				11,538,390


	Principal Amount		Value
Short-Term Investments - 0.2%
Repurchase Agreements - 0.1%²
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.180%, total to be received $16,139 (collateralized by various U.S. Government Agency Obligations, 0.000% - 8.000%, 02/15/16 - 03/01/48, totaling $16,462)	$	16,139	$	16,139

	Shares
Other Investment Companies - 0.1%³
Dreyfus Institutional Cash Advantage Fund, Institutional Class Shares, 0.06%		13,207		13,207
Total Short-Term Investments (cost $29,346)				29,346
Total Investments - 91.2% (cost $11,552,380)				11,567,736
Other Assets, less Liabilities - 8.8%				1,118,524
Net Assets - 100.0%			$	12,686,260

AMG Managers High Yield Fund

Schedule of Portfolio Investments (unaudited)

March 31, 2015


	Shares		Value
Common Stocks - 0.2%
Reichhold Cayman Equity (Industrials)^*,4(cost $0)		148	$	58,016

	Principal Amount
Corporate Bonds and Notes - 91.8%
Financials - 6.6%
Aircastle, Ltd., 7.625%, 04/15/20	$	70,000		80,850
Ally Financial, Inc.,
3.500%, 01/27/19		75,000		74,250
4.125%, 03/30/20		85,000		84,681
4.625%, 03/30/25		105,000		103,687
4.750%, 09/10/18		40,000		41,250
6.250%, 12/01/17		145,000		154,787
Bank of America Corp., Series K, 8.000%, 07/29/49⁵		145,000		155,694
Chinos Intermediate Holdings A, Inc., (7.500% Cash or 8.500% PIK), 7.750%, 05/01/19 (a)^1,6		45,000		39,600
CIT Group, Inc.,
3.875%, 02/19/19		100,000		99,250
5.250%, 03/15/18		110,000		114,125
5.500%, 02/15/19 (a)		80,000		83,400
Cogent Communications Finance, Inc., 5.625%, 04/15/21 (a)		85,000		83,512
Corrections Corp. of America,
4.125%, 04/01/20		90,000		91,012
4.625%, 05/01/23		95,000		95,475
Denali Borrower LLC / Denali Finance Corp., 5.625%, 10/15/20 (a)		100,000		105,950
General Motors Financial Co., Inc., 4.250%, 05/15/23		30,000		31,154
Infinity Acquisition LLC / Infinity Acquisition Finance Corp., 7.250%, 08/01/22 (a)		40,000		37,600
International Lease Finance Corp.,
4.625%, 04/15/21		25,000		25,938
5.875%, 04/01/19		195,000		212,063
6.250%, 05/15/19		115,000		125,925
Michaels FinCo Holdings LLC / Michaels FinCo, Inc., (7.500% Cash or 8.250% PIK), 7.500%, 08/01/18 (a)⁶		6,000		6,150
Newfield Exploration Co., 5.375%, 01/01/26		35,000		35,420
Realogy Group LLC / Realogy Co-Issuer Corp., 5.250%, 12/01/21 (a)¹		20,000		20,375
Serta Simmons Holdings LLC, 8.125%, 10/01/20 (a)		235,000		248,513
Vanguard Natural Resources LLC/VNR Finance Corp., 7.875%, 04/01/20		50,000		46,000
Virgin Media Secured Finance PLC, 5.375%, 04/15/21 (a)		200,000		210,750
Total Financials				2,407,411
Industrials - 83.9%
1011778 BC ULC / New Red Finance, Inc., 6.000%, 04/01/22 (a)		40,000		41,600

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 83.9% (continued)
21st Century Oncology, Inc.,
8.875%, 01/15/17¹	$	60,000	$	61,726
9.875%, 04/15/17		40,000		40,150
Academy, Ltd. / Academy Finance Corp., 9.250%, 08/01/19 (a)		60,000		63,900
ACCO Brands Corp., 6.750%, 04/30/20		120,000		126,300
ACI Worldwide, Inc., 6.375%, 08/15/20 (a)		50,000		52,437
The ADT Corp.,
3.500%, 07/15/22		110,000		100,375
6.250%, 10/15/21¹		15,000		16,012
AECOM,
5.750%, 10/15/22 (a)		20,000		20,750
5.875%, 10/15/24 (a)		25,000		26,312
Alcatel-Lucent USA, Inc., 8.875%, 01/01/20 (a)		200,000		219,000
Alere, Inc., 6.500%, 06/15/20		20,000		20,800
Allegion US Holding Co., Inc., 5.750%, 10/01/21		30,000		31,500
Allison Transmission, Inc., 7.125%, 05/15/19 (a)		125,000		130,562
Altice, S.A., 7.750%, 05/15/22 (a)		200,000		203,875
AMC Entertainment, Inc., 9.750%, 12/01/20		120,000		131,850
American Axle & Manufacturing, Inc.,
6.250%, 03/15/21		25,000		26,437
7.750%, 11/15/19		60,000		68,550
American Energy-Permian Basin LLC / AEPB Finance Corp.,
7.125%, 11/01/20 (a)¹		20,000		15,450
7.375%, 11/01/21 (a)¹		40,000		30,600
Amkor Technology, Inc.,
6.375%, 10/01/22		110,000		113,850
6.625%, 06/01/21		55,000		57,475
Antero Resources Corp.,
5.125%, 12/01/22		15,000		14,475
5.375%, 11/01/21		40,000		38,950
6.000%, 12/01/20		15,000		15,082
Apex Tool Group LLC, 7.000%, 02/01/21 (a)		15,000		14,175
Arch Coal, Inc.,
7.000%, 06/15/19¹		35,000		8,400
7.250%, 06/15/21		95,000		22,562
8.000%, 01/15/19 (a)¹		20,000		9,662
Ardagh Packaging Finance PLC, 9.125%, 10/15/20 (a)		200,000		215,000
Argos Merger Sub, Inc., 7.125%, 03/15/23 (a)¹		110,000		114,262
Armored Autogroup, Inc., 9.250%, 11/01/18		90,000		92,587
Ashland, Inc., 4.750%, 08/15/22 (b)		195,000		198,900

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 83.9% (continued)
Ashtead Capital, Inc., 6.500%, 07/15/22 (a)	$	35,000	$	37,450
Aspect Software, Inc., 10.625%, 05/15/17		80,000		70,000
Associated Materials LLC / AMH New Finance, Inc., 9.125%, 11/01/17		40,000		35,000
Atwood Oceanics, Inc., 6.500%, 02/01/20		85,000		82,025
Audatex North America, Inc., 6.000%, 06/15/21 (a)		175,000		185,937
Avaya, Inc., 7.000%, 04/01/19 (a)		115,000		114,712
Avis Budget Car Rental LLC / Avis Budget Finance, Inc.,
5.125%, 06/01/22 (a)		10,000		10,137
5.500%, 04/01/23¹		60,000		62,025
B&G Foods, Inc., 4.625%, 06/01/21		55,000		55,137
Baytex Energy Corp., 5.625%, 06/01/24 (a)		20,000		18,375
Belden, Inc., 5.500%, 09/01/22 (a)		85,000		87,550
Berry Petroleum Co. LLC, 6.375%, 09/15/22		40,000		31,300
Biomet, Inc., 6.500%, 08/01/20		155,000		164,687
Blackboard, Inc., 7.750%, 11/15/19 (a)		95,000		91,675
Blue Racer Midstream LLC / Blue Racer Finance Corp., 6.125%, 11/15/22 (a)		40,000		41,200
Bombardier, Inc.,
7.500%, 03/15/25 (a)		105,000		103,884
7.750%, 03/15/20 (a)		40,000		42,060
BreitBurn Energy Partners, L.P. / BreitBurn Finance Corp.,
7.875%, 04/15/22		40,000		29,000
8.625%, 10/15/20		70,000		52,150
Bumble Bee Holding, Inc., 9.000%, 12/15/17 (a)		110,000		115,775
Caesars Entertainment Operating Co., Inc.,
8.500%, 02/15/20^1,7		125,000		93,750
9.000%, 02/15/20^1,7		490,000		365,050
11.250%, 06/01/17⁷		115,000		83,950
California Resources Corp., 6.000%, 11/15/24 (a)¹		85,000		75,012
Case New Holland Industrial, Inc., 7.875%, 12/01/17		35,000		38,948
CCO Holdings LLC / CCO Holdings Capital Corp.,
5.250%, 03/15/21		180,000		184,950
6.625%, 01/31/22		30,000		32,175
CCOH Safari LLC,
5.500%, 12/01/22		50,000		51,250
5.750%, 12/01/24		65,000		67,112
Central Garden and Pet Co., 8.250%, 03/01/18		154,000		158,332
CenturyLink, Inc.,
Series T, 5.800%, 03/15/22		145,000		151,706
Series W, 6.750%, 12/01/23¹		130,000		143,650
Cequel Communications Holdings I LLC / Cequel Capital Corp., 5.125%, 12/15/21 (a)		50,000		50,250

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 83.9% (continued)
Chesapeake Energy Corp.,
4.875%, 04/15/22¹	$	50,000	$	47,125
6.125%, 02/15/21		25,000		25,437
6.625%, 08/15/20		100,000		103,750
6.875%, 11/15/20		15,000		15,750
Cinemark USA, Inc.,
4.875%, 06/01/23		25,000		25,000
7.375%, 06/15/21		115,000		123,913
Claire’s Stores, Inc.,
8.875%, 03/15/19¹		70,000		40,250
9.000%, 03/15/19 (a)		145,000		132,312
Clean Harbors, Inc., 5.250%, 08/01/20		110,000		113,025
Clear Channel Worldwide Holdings, Inc.,
6.500%, 11/15/22		85,000		88,612
Series A, 7.625%, 03/15/20		5,000		5,200
Series B, 6.500%, 11/15/22		295,000		311,962
Series B, 7.625%, 03/15/20		155,000		163,912
Cleopatra Finance, Ltd., 6.250%, 02/15/22 (a)		200,000		196,000
CNH Industrial Capital LLC, 3.625%, 04/15/18		50,000		50,375
Cogent Communications Group, Inc., 5.375%, 03/01/22 (a)		70,000		70,175
CommScope, Inc.,
5.000%, 06/15/21 (a)		10,000		10,037
5.500%, 06/15/24 (a)		10,000		10,050
Comstock Resources, Inc., 10.000%, 03/15/20 (a)¹		70,000		67,900
CONSOL Energy, Inc., 5.875%, 04/15/22		40,000		36,400
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp., 6.250%, 04/01/23 (a)		35,000		35,437
Crown Castle International Corp., 5.250%, 01/15/23		80,000		84,400
CSI Compressco L.P. / Compressco Finance, Inc., 7.250%, 08/15/22 (a)		20,000		17,600
Dana Holding Corp.,
5.375%, 09/15/21		35,000		36,487
5.500%, 12/15/24		55,000		56,925
6.000%, 09/15/23		40,000		42,800
6.750%, 02/15/21		45,000		47,700
Denbury Resources, Inc.,
4.625%, 07/15/23		55,000		47,437
5.500%, 05/01/22		95,000		85,737

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 83.9% (continued)
DISH DBS Corp.,
5.125%, 05/01/20	$	40,000	$	40,400
5.875%, 07/15/22		170,000		173,187
5.875%, 11/15/24		65,000		65,244
6.750%, 06/01/21		330,000		352,275
7.875%, 09/01/19		40,000		44,800
DJO Finance LLC / DJO Finance Corp.,
7.750%, 04/15/18		135,000		137,700
9.875%, 04/15/18		20,000		20,900
DreamWorks Animation SKG, Inc., 6.875%, 08/15/20 (a)		80,000		78,400
Eagle Midco, Inc., (9.000% Cash or 9.750% PIK), 9.000%, 06/15/18 (a)⁶		30,000		30,675
Entegris, Inc., 6.000%, 04/01/22 (a)		25,000		26,187
EP Energy LLC / Everest Acquisition Finance, Inc.,
7.750%, 09/01/22¹		85,000		87,125
9.375%, 05/01/20		200,000		210,500
Epicor Software Corp., 8.625%, 05/01/19		120,000		126,000
Equinix, Inc.,
5.375%, 01/01/22		25,000		26,187
5.750%, 01/01/25		20,000		20,950
EV Energy Partners, L.P. / EV Energy Finance Corp., 8.000%, 04/15/19		105,000		96,075
Family Tree Escrow LLC, 5.750%, 03/01/23 (a)		20,000		21,150
FCA US LLC / CG Co-Issuer, Inc., 8.250%, 06/15/21		200,000		222,822
FGI Operating Co. LLC / FGI Finance, Inc., 7.875%, 05/01/20		110,000		94,325
First Data Corp.,
6.750%, 11/01/20 (a)		37,000		39,497
8.250%, 01/15/21 (a)		180,000		193,500
8.875%, 08/15/20 (a)		165,000		176,137
12.625%, 01/15/21		155,000		184,062
First Data Corp., (8.750% Cash or 10.000% PIK), 8.750%, 01/15/22 (a)⁶		290,000		313,562
FMG Resources August 2006 Pty, Ltd.,
6.875%, 02/01/18 (a)¹		20,000		19,650
8.250%, 11/01/19 (a)¹		155,000		133,881
Frontier Communications Corp.,
6.250%, 09/15/21		20,000		20,100
6.875%, 01/15/25		35,000		34,737
Gannett Co., Inc.,
4.875%, 09/15/21 (a)		15,000		15,337
5.500%, 09/15/24 (a)		15,000		15,731
Gardner Denver, Inc., 6.875%, 08/15/21 (a)¹		30,000		27,150

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 83.9% (continued)
GCI, Inc.,
6.750%, 06/01/21	$	90,000	$	91,406
8.625%, 11/15/19		95,000		99,750
GenCorp, Inc., 7.125%, 03/15/21		125,000		134,375
General Cable Corp., 5.750%, 10/01/22 (b)		90,000		84,150
General Motors Co., 4.875%, 10/02/23		185,000		201,227
The Geo Group, Inc., 5.875%, 01/15/22		60,000		63,600
The Goodyear Tire & Rubber Co.,
6.500%, 03/01/21		40,000		42,800
8.750%, 08/15/20		65,000		78,650
Great Lakes Dredge & Dock Corp.,
7.375%, 02/01/19 (a)		15,000		15,450
7.375%, 02/01/19		105,000		108,150
The Gymboree Corp., 9.125%, 12/01/18⁴		75,000		35,625
H&E Equipment Services, Inc., 7.000%, 09/01/22¹		55,000		56,925
Halcon Resources Corp.,
8.875%, 05/15/21¹		160,000		112,000
9.250%, 02/15/22		25,000		17,375
9.750%, 07/15/20¹		15,000		10,650
HCA Holdings, Inc.,
6.250%, 02/15/21		30,000		32,511
7.750%, 05/15/21		320,000		341,299
HCA, Inc.,
5.250%, 04/15/25		65,000		70,281
5.375%, 02/01/25		65,000		68,494
6.500%, 02/15/20		25,000		28,212
7.500%, 02/15/22		535,000		625,281
HD Supply, Inc.,
5.250%, 12/15/21 (a)		70,000		72,275
11.500%, 07/15/20		70,000		81,287
HealthSouth Corp.,
5.750%, 11/01/24		25,000		26,125
7.750%, 09/15/22		42,000		44,572
The Hertz Corp.,
5.875%, 10/15/20		80,000		82,600
6.250%, 10/15/22¹		75,000		77,812
7.375%, 01/15/21		40,000		42,200

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 83.9% (continued)
Hexion, Inc.,
6.625%, 04/15/20	$	255,000	$	234,600
8.875%, 02/01/18		80,000		70,800
Hiland Partners, L.P. / Hiland Partners Finance Corp., 7.250%, 10/01/20 (a)		55,000		59,537
The Hillman Group, Inc., 6.375%, 07/15/22 (a)		50,000		50,250
Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 5.625%, 10/15/21		40,000		42,300
HJ Heinz Co.,
4.250%, 10/15/20		35,000		35,954
4.875%, 02/15/25 (a)		105,000		114,056
Hologic, Inc., 6.250%, 08/01/20		115,000		119,888
Huntsman International LLC, 4.875%, 11/15/20		165,000		165,825
iHeartCommunications, Inc.,
9.000%, 03/01/21		105,000		100,931
10.625%, 03/15/23 (a)		45,000		45,113
IMS Health, Inc., 6.000%, 11/01/20 (a)		75,000		78,281
Ineos Finance PLC,
7.500%, 05/01/20 (a)		70,000		74,113
8.375%, 02/15/19 (a)		200,000		212,890
INEOS Group Holdings, S.A., 5.875%, 02/15/19 (a)		200,000		198,250
Infor Software Parent LLC / Infor Software Parent, Inc., (7.125% Cash or 7.875% PIK), 7.125%, 05/01/21 (a)⁶		115,000		114,317
Infor US, Inc.,
6.500%, 05/15/22 (a)		140,000		143,850
11.500%, 07/15/18		65,000		70,444
Intelsat Jackson Holdings SA,
5.500%, 08/01/23		85,000		80,538
6.625%, 12/15/22¹		55,000		53,350
7.250%, 10/15/20		355,000		366,538
7.500%, 04/01/21		120,000		123,900
Intelsat Luxembourg, S.A., 7.750%, 06/01/21		110,000		101,888
Interline Brands, Inc., (10.000% Cash or 10.750% PIK), 10.000%, 11/15/18⁶		15,000		15,788
inVentiv Health, Inc.,
9.000%, 01/15/18 (a)		75,000		79,125
11.000%, 08/15/18 (a), (b)		35,000		33,535
inVentiv Health, Inc., (10.000% Cash or 12.000% PIK), 10.000%, 08/15/18 (a)⁶		47,700		48,654
Iron Mountain, Inc., 6.000%, 08/15/23		70,000		74,025
Isle of Capri Casinos, Inc., 5.875%, 03/15/21		45,000		46,463
J.C. Penney Corp., Inc., 6.375%, 10/15/36		90,000		65,925
Jack Cooper Holdings Corp., 9.250%, 06/01/20 (a)		80,000		83,000
James Hardie International Finance, Ltd., 5.875%, 02/15/23 (a)		20,000		20,700
JCH Parent, Inc., (10.500% Cash or 11.250% PIK), 10.500%, 03/15/19 (a)⁶		41,687		37,727

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 83.9% (continued)
Kindred Healthcare, Inc.,
8.000%, 01/15/20 (a)	$	70,000	$	75,469
8.750%, 01/15/23 (a)		15,000		16,500
Kinetic Concepts, Inc. / KCI USA, Inc., 10.500%, 11/01/18 (b)		150,000		162,750
KLX, Inc., 5.875%, 12/01/22 (a)		80,000		80,000
Kratos Defense & Security Solutions, Inc., 7.000%, 05/15/19		95,000		83,363
Laredo Petroleum, Inc.,
5.625%, 01/15/22		35,000		34,125
7.375%, 05/01/22		40,000		41,450
Legacy Reserves L.P. / Legacy Reserves Finance Corp., 8.000%, 12/01/20		70,000		57,750
Legacy Reserves LP / Legacy Reserves Finance Corp., 6.625%, 12/01/21		40,000		31,800
Level 3 Communications, Inc., 5.750%, 12/01/22		60,000		61,914
Level 3 Financing, Inc.,
5.625%, 02/01/23 (a)		40,000		41,300
8.125%, 07/01/19		55,000		58,094
8.625%, 07/15/20		65,000		70,769
Linn Energy LLC / Linn Energy Finance Corp.,
6.250%, 11/01/19 (b)		50,000		39,750
7.750%, 02/01/21		145,000		116,000
8.625%, 04/15/20		10,000		8,575
LSB Industries, Inc., 7.750%, 08/01/19		85,000		89,038
Magnachip Semiconductor Corp., 6.625%, 07/15/21 (b)		105,000		74,025
Marina District Finance Co., Inc., 9.875%, 08/15/18		125,000		131,406
MarkWest Energy Partners, L.P. / MarkWest Energy Finance Corp.,
4.875%, 12/01/24		40,000		41,096
5.500%, 02/15/23		85,000		87,763
6.500%, 08/15/21¹		25,000		26,313
McGraw-Hill Global Education Holdings LLC / McGraw-Hill Global Education Finance, 9.750%, 04/01/21 (b)		55,000		61,050
MEG Energy Corp.,
6.375%, 01/30/23 (a)		75,000		69,375
6.500%, 03/15/21 (a)		40,000		37,200
7.000%, 03/31/24 (a)		80,000		75,800
Memorial Production Partners, L.P. / Memorial Production Finance Corp.,
6.875%, 08/01/22 (a)		30,000		26,700
7.625%, 05/01/21		80,000		73,200

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 83.9% (continued)
MGM Resorts International,
5.250%, 03/31/20	$	280,000	$	284,872
6.000%, 03/15/23¹		100,000		103,250
6.750%, 10/01/20		125,000		134,375
7.750%, 03/15/22		90,000		101,588
Michaels Stores, Inc., 5.875%, 12/15/20 (a)		45,000		46,463
Micron Technology, Inc.,
5.250%, 08/01/23 (a)		30,000		30,600
5.500%, 02/01/25 (a)		25,000		25,250
5.875%, 02/15/22		60,000		63,556
Midstates Petroleum Co., Inc. / Midstates Petroleum Co. LLC, 9.250%, 06/01/21¹		20,000		9,800
Neiman Marcus Group, Ltd., Inc., 8.000%, 10/15/21 (a)		40,000		42,600
Neiman Marcus Group, Ltd., Inc. (8.750% Cash or 9.500% PIK), 8.750%, 10/15/21 (a)⁶		65,000		69,225
Nexeo Solutions LLC / Nexeo Solutions Finance Corp., 8.375%, 03/01/18		75,000		67,313
Nexstar Broadcasting, Inc.,
6.125%, 02/15/22 (a)		25,000		25,688
6.875%, 11/15/20		120,000		127,200
The Nielsen Co. Luxembourg SARL, 5.500%, 10/01/21 (a)		50,000		51,875
Nielsen Finance LLC / Nielsen Finance Co., 5.000%, 04/15/22 (a)		70,000		70,700
Noranda Aluminum Acquisition Corp., 11.000%, 06/01/19		35,000		34,125
Numericable-SFR SAS, 6.000%, 05/15/22 (a)		200,000		202,750
NXP, B.V. / NXP Funding LLC, 5.750%, 02/15/21 (a)		200,000		212,250
Oasis Petroleum, Inc., 6.875%, 03/15/22¹		85,000		83,300
Orbital ATK, Inc., 5.250%, 10/01/21 (a)		60,000		61,200
Oshkosh Corp.,
5.375%, 03/01/22		5,000		5,213
5.375%, 03/01/25 (a)		20,000		20,650
Outfront Media Capital LLC / Outfront Media Capital Corp.,
5.250%, 02/15/22¹		20,000		21,000
5.875%, 03/15/25		20,000		21,225
PAETEC Holding Corp., 9.875%, 12/01/18		5,000		5,293
Party City Holdings, Inc., 8.875%, 08/01/20		130,000		140,725
PC Nextco Holdings LLC / PC Nextco Finance, Inc., (8.750% Cash or 9.500% PIK), 8.750%, 08/15/19⁶		30,000		30,675
Peabody Energy Corp.,
6.250%, 11/15/21¹		85,000		52,594
6.500%, 09/15/20		15,000		9,375
Petco Animal Supplies, Inc., 9.250%, 12/01/18 (a)¹		110,000		115,775
Polymer Group, Inc., 7.750%, 02/01/19		103,000		107,378

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 83.9% (continued)
Post Holdings, Inc.,
6.000%, 12/15/22 (a)	$	25,000	$	24,219
6.750%, 12/01/21 (a)		50,000		50,625
7.375%, 02/15/22		150,000		155,625
Project Homestake Merger Corp., 8.875%, 03/01/23 (a)		90,000		90,450
Quebecor Media, Inc., 5.750%, 01/15/23		180,000		186,075
Quebecor World, Escrow, 6.500%, 08/01/27⁷		165,000		722
Qwest Capital Funding, Inc., 7.750%, 02/15/31		65,000		68,575
Radio Systems Corp., 8.375%, 11/01/19 (a)		85,000		91,800
Rain CII Carbon LLC / CII Carbon Corp., 8.000%, 12/01/18 (a)		30,000		28,650
Regal Entertainment Group, 5.750%, 03/15/22		55,000		56,444
Regency Energy Partners, L.P. / Regency Energy Finance Corp.,
5.000%, 10/01/22		35,000		36,575
5.500%, 04/15/23		45,000		46,688
5.750%, 09/01/20		5,000		5,425
5.875%, 03/01/22		20,000		21,800
Reichhold Holdings International B.V.,
12.000%, 03/13/17⁴		77,180		77,180
15.000%, 03/13/17⁴		50,000		50,000
Reichhold Industries, Inc., (9.000% Cash or 11.000% PIK), 9.000%, 05/08/17 (a)^4,6,7		94,611		—
Reichhold LLC, 12.000%, 03/13/17⁴		35,000		35,000
Rentech Nitrogen Partners, L.P. / Rentech Nitrogen Finance Corp., 6.500%, 04/15/21 (a)		40,000		39,000
Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu,
5.750%, 10/15/20		145,000		150,256
9.000%, 04/15/19		230,000		242,075
RHP Hotel Properties, L.P. / RHP Finance Corp., 5.000%, 04/15/21		135,000		138,713
Rite Aid Corp., 6.125%, 04/01/23 (a)		65,000		66,950
RKI Exploration & Production LLC / RKI Finance Corp., 8.500%, 08/01/21 (a)		55,000		52,525
RSI Home Products, Inc., 6.500%, 03/15/23 (a)		105,000		107,363
RSP Permian, Inc., 6.625%, 10/01/22 (a)		15,000		15,150
Sabine Pass Liquefaction LLC,
5.625%, 03/01/25 (a)		50,000		49,625
5.750%, 05/15/24		100,000		101,000
6.250%, 03/15/22		100,000		103,750
Sabre GLBL, Inc., 8.500%, 05/15/19 (a)		114,000		122,231
Sally Holdings LLC / Sally Capital, Inc.,
5.500%, 11/01/23		20,000		21,150
5.750%, 06/01/22		35,000		37,406
Sanchez Energy Corp., 6.125%, 01/15/23¹		55,000		49,706

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 83.9% (continued)
SandRidge Energy, Inc.,
7.500%, 03/15/21	$	60,000	$	37,500
8.125%, 10/15/22		95,000		58,758
SBA Telecommunications, Inc., 5.750%, 07/15/20		45,000		47,531
The Scotts Miracle-Gro Co., 6.625%, 12/15/20		60,000		63,600
Sealed Air Corp., 6.500%, 12/01/20 (a)		30,000		33,525
Sensata Technologies BV, 5.000%, 10/01/25 (a)		35,000		35,569
Service Corp. International, 7.500%, 04/01/27		115,000		135,125
The ServiceMaster Co. LLC,
7.000%, 08/15/20		43,000		45,903
8.000%, 02/15/20		14,000		14,840
Sinclair Television Group, Inc.,
5.375%, 04/01/21		85,000		87,550
6.125%, 10/01/22		40,000		42,108
Sirius XM Radio, Inc.,
4.250%, 05/15/20 (a)		15,000		14,888
4.625%, 05/15/23 (a)		25,000		24,156
5.375%, 04/15/25 (a)¹		85,000		85,638
5.750%, 08/01/21 (a)¹		110,000		115,088
6.000%, 07/15/24 (a)		15,000		15,788
SM Energy Co., 6.125%, 11/15/22 (a)		20,000		19,950
Spectrum Brands, Inc.,
6.375%, 11/15/20		35,000		37,275
6.625%, 11/15/22		25,000		26,875
6.750%, 03/15/20		110,000		116,325
Sprint Capital Corp.,
6.875%, 11/15/28		15,000		13,838
8.750%, 03/15/32		400,000		415,000
Sprint Communications, Inc., 9.000%, 11/15/18 (a)		100,000		115,000
Sprint Corp.,
7.250%, 09/15/21		85,000		85,744
7.625%, 02/15/25		50,000		50,000
7.875%, 09/15/23		460,000		471,500
SunGard Data Systems, Inc.,
6.625%, 11/01/19		75,000		77,531
7.625%, 11/15/20		30,000		31,838
Targa Resources Partners L.P. / Targa Resources Partners Finance Corp., 4.125%, 11/15/19 (a)		20,000		20,000
Tekni-Plex, Inc., 9.750%, 06/01/19 (a)		10,000		10,800
Telecom Italia S.P.A., 5.303%, 05/30/24 (a)		200,000		210,250
Tempur Sealy International, Inc., 6.875%, 12/15/20		45,000		48,263

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 83.9% (continued)
Tenet Healthcare Corp.,
4.500%, 04/01/21	$	10,000	$	9,838
4.750%, 06/01/20		90,000		91,660
6.000%, 10/01/20		150,000		159,375
8.000%, 08/01/20		205,000		215,763
8.125%, 04/01/22		190,000		209,950
Terex Corp.,
6.000%, 05/15/21		155,000		159,650
6.500%, 04/01/20		60,000		62,700
Tesoro Logistics L.P. / Tesoro Logistics Finance Corp.,
5.875%, 10/01/20		93,000		95,790
6.125%, 10/15/21		45,000		46,575
6.250%, 10/15/22 (a)		20,000		20,800
Time, Inc., 5.750%, 04/15/22 (a)		80,000		78,400
T-Mobile USA, Inc.,
6.633%, 04/28/21		45,000		47,306
6.731%, 04/28/22		210,000		221,813
Trinidad Drilling, Ltd., 7.875%, 01/15/19 (a)		90,000		84,150
Trinseo Materials Operating SCA / Trinseo Materials Finance, Inc., 8.750%, 02/01/19		92,000		97,520
Triumph Group, Inc., 4.875%, 04/01/21		80,000		78,600
UCI International, Inc., 8.625%, 02/15/19		110,000		100,100
Ultra Petroleum Corp., 6.125%, 10/01/24 (a)		50,000		43,125
United Rentals North America, Inc.,
7.375%, 05/15/20		50,000		54,281
7.625%, 04/15/22		100,000		109,900
8.250%, 02/01/21		195,000		211,575
United States Cellular Corp., 6.700%, 12/15/33		40,000		38,539
United Surgical Partners International, Inc., 9.000%, 04/01/20		100,000		107,875
UPCB Finance III, Ltd., 6.625%, 07/01/20 (a)		300,000		313,875
Vail Resorts, Inc., 6.500%, 05/01/19		80,000		82,950
Valeant Pharmaceuticals International, Inc.,
5.500%, 03/01/23 (a)		45,000		45,563
6.750%, 08/15/21 (a)		100,000		104,875
7.000%, 10/01/20 (a)		55,000		57,681
7.250%, 07/15/22 (a)		180,000		191,025
7.500%, 07/15/21 (a)		280,000		303,887
Videotron, Ltd., 5.375%, 06/15/24 (a)		35,000		36,138

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials - 83.9% (continued)
VRX Escrow Corp.,
5.875%, 05/15/23 (a)	$	135,000	$	138,713
6.125%, 04/15/25 (a)		125,000		129,688
Watco Cos. LLC / Watco Finance Corp., 6.375%, 04/01/23 (a)		55,000		55,275
Whiting Canadian Holding Co. ULC, 8.125%, 12/01/19¹		90,000		94,725
Whiting Petroleum Corp.,
5.750%, 03/15/21¹		105,000		104,738
6.250%, 04/01/23 (a)¹		50,000		49,844
Williams Partners, L.P. / ACMP Finance Corp.,
5.875%, 04/15/21		20,000		20,881
6.125%, 07/15/22		60,000		63,597
Wind Acquisition Finance, S.A., 7.375%, 04/23/21 (a)		200,000		208,000
Windstream Corp.,
7.500%, 04/01/23		115,000		110,400
7.750%, 10/01/21		245,000		245,613
WMG Acquisition Corp.,
5.625%, 04/15/22 (a)		20,000		20,125
6.000%, 01/15/21 (a)		56,000		57,400
WPX Energy, Inc., 5.250%, 09/15/24		25,000		22,113
WR Grace & Co.,
5.125%, 10/01/21 (a)		20,000		20,800
5.625%, 10/01/24 (a)		10,000		10,712
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp., 5.500%, 03/01/25 (a)¹		110,000		111,925
Zayo Group LLC / Zayo Capital, Inc., 6.000%, 04/01/23 (a)		120,000		121,200
Zebra Technologies Corp., 7.250%, 10/15/22 (a)		130,000		140,400
Total Industrials				30,605,766
Utilities - 1.3%
The AES Corp.,
3.262%, 06/01/19 (06/01/15)⁸		35,000		34,912
4.875%, 05/15/23		25,000		24,500
7.375%, 07/01/21		125,000		139,375
8.000%, 06/01/20		15,000		17,212
Dynegy Finance I, Inc. / Dynegy Finance II, Inc.,
7.375%, 11/01/22 (a)		80,000		84,400
7.625%, 11/01/24 (a)		40,000		42,050

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Utilities - 1.3% (continued)
NRG Energy, Inc.,
6.250%, 07/15/22	$	40,000	$	41,300
7.875%, 05/15/21		45,000		48,600
8.250%, 09/01/20		30,000		31,913
Total Utilities				464,262
Total Corporate Bonds and Notes (cost $33,667,486)				33,477,439
Floating Rate Senior Loan Interests - 6.1%⁸
Academy, LTD., Initial Term Loan,
4.500%, 08/03/18 (04/23/15)		33,841		33,956
4.500%, 08/03/18 (04/30/15)		12,781		12,824
4.500%, 08/03/18 (06/03/15)		52,363		52,540
Accellent, Inc., Initial Term Loan (First Lien), 4.500%, 03/12/21 (06/12/15)		99,000		98,490
Alliance Laundry Systems LLC, Term Loan (First Lien),
4.250%, 12/10/18 (04/07/15)		95,548		95,986
4.250%, 12/10/18 (06/05/15)		856		860
American Energy - Marcelus, LLC, Initial Loan (First Lien), 5.250%, 08/04/20 (05/05/15)		65,000		55,348
Bway Intermediate Company, Inc., Initial Term Loan,
5.500%, 08/14/20 (04/08/15)		2,664		2,689
5.500%, 08/14/20 (05/27/15)		61,849		62,428
CD&R Millennium Holdco. 6 S.A.R.L. (Mauser Holdings), Initial Dollar Term Loan (First Lien), 4.500%, 07/31/21 (04/30/15)		64,675		64,503
CD&R Millennium Holdco. 6 S.A.R.L. (Mauser Holdings), Initial Term Loan (Second Lien), 8.250%, 07/31/22 (04/30/15)		70,000		68,600
Charter Communications Operating LLC (AKA CCO Holdings), Term G Loan, 4.250%, 09/10/21 (04/13/15)		170,000		171,580
Clear Channel Communications, Inc., Term Loan D, 6.928%, 01/30/19 (04/30/15)		34,927		33,303
Diamond Foods, Loan, 4.250%, 08/20/18 (04/30/15)		99,248		99,352
Evergreen Skills LUX S.A R.L., Initial Term Loan (First Lien), 5.750%, 04/28/21 (04/28/15)		99,500		98,481
Evergreen Skills LUX S.A R.L., Initial Term Loan (Second Lien), 9.250%, 04/28/22 (04/28/15)		100,000		94,375
Hercules Achievement, Inc. (Varsity Brands), Initial Term Loan (First Lien),
6.000%, 12/10/21 (03/31/15)		1,021		1,031
6.000%, 12/10/21 (04/30/15)		93,742		94,679
The Hillman Group, Inc., Initial Term Loan, 4.500%, 06/30/21 (06/30/15)		99,250		100,118
Integra Telecom Holdings, Inc., Term Loan,
5.250%, 02/22/19 (04/30/15)		65,000		65,081
5.250%, 02/22/19 (06/30/15)		62,400		62,478
Interline Brands, 1st Lien Term Loan, 4.000%, 03/17/21 (06/17/15)		79,398		79,150

AMG Managers High Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Floating Rate Senior Loan Interests - 6.1%⁸(continued)
Neiman Marcus Group, Inc., Other Term Loan,
4.250%, 10/25/20 (05/01/15)	$	501	$	500
4.250%, 10/25/20 (06/05/15)		197,995		197,556
New Albertsons, Inc., Term B Loan, 4.750%, 06/27/21 (06/22/15)		99,500		99,873
Ortho-Clinical Diagnostics Holdings Luxembourg S.A.R.L., Initial Term Loan, 4.750%, 06/30/21 (06/26/15)		99,250		98,498
Petsmart Inc., Term Loan, 5.000%, 03/11/22 (04/13/15)		100,000		100,852
Riverbed Technology Inc., Term Loan B, 6.000%, 02/24/22 (05/25/15)⁹		80,000		80,786
Steinway Musical Instruments, Inc., 1st Lien Term Loan, 4.750%, 09/19/19 (04/30/15)		97,021		97,264
Vertaforce, Inc., 2nd Lien Term Loan, 9.750%, 10/29/17 (06/29/15)		45,000		45,408
Wilton Brands LLC (FKA Wilton Brands Inc.), Tranche B Loan,
7.500%, 08/30/18 (05/26/15)		207		199
7.500%, 08/30/18 (05/27/15)		69,095		66,245
8.500%, 08/30/18 (06/30/15)		3,596		3,596
Total Floating Rate Senior Loan Interests (cost $2,243,936)				2,238,629
Short-Term Investments - 10.9%
Repurchase Agreements - 5.4%²
Cantor Fitzgerald Securities, Inc., dated 03/31/15, due 04/01/15, 0.150%, total to be received $1,000,004 (collateralized by various U.S. Government Agency Obligations, 0.000% - 10.500%, 05/28/15 - 02/20/65,totaling $1,020,000)		1,000,000		1,000,000
Nomura Securities International, Inc., dated 03/31/15, due 04/01/15, 0.130%, total to be received $955,849 (collateralized by various U.S. Government Agency Obligations, 1.280% - 7.500%, 08/18/15 - 03/20/65 totaling $974,963)		955,846		955,846
Total Repurchase Agreements				1,955,846

	Shares
Other Investment Companies - 5.5%³
Dreyfus Institutional Cash Advantage Fund, Institutional Class Shares, 0.06%¹⁰		2,021,241		2,021,241
Total Short-Term Investments (cost $3,977,087)				3,977,087
Total Investments - 109.0% (cost $39,888,509)				39,751,171
Other Assets, less Liabilities - (9.0)%				(3,281,955	)
Net Assets - 100.0%			$	36,469,216

AMG Managers Intermediate Duration Government Fund

Schedule of Portfolio Investments (unaudited)

March 31, 2015


	Principal Amount		Value
Asset-Backed Securities - 3.8%
American Homes 4 Rent, Series 2014-SFR1, Class A, 1.250%, 06/17/31 (04/17/15) (a)⁸	$	1,233,264	$	1,219,910
American Residential Properties, Series 2014-SFR1, Class A, 1.277%, 09/17/31 (04/17/15) (a)⁸		1,730,000		1,713,041
Invitation Homes Trust,
Series 2013-SFR1, Class A, 1.400%, 12/17/30 (04/17/15) (a)⁸		2,193,820		2,186,359
Series 2015-SFR2, Class A, 1.528%, 06/17/32 (05/17/15) (a)^8,9		1,425,000		1,425,000
Progress Residential Trust, Series 2015-SFR1, Class A, 1.577%, 02/17/32 (04/17/15) (a)⁸		1,200,000		1,203,402
Total Asset-Backed Securities (cost $7,725,946)				7,747,712
Mortgage-Backed Securities - 2.5%
American Home Mortgage Assets Trust, Series 2005-1, Class 1A1, 2.446%, 11/25/35 (05/25/15)⁸		86,356		75,855
American Home Mortgage Investment Trust,
Series 2004-1, Class 4A, 2.378%, 04/25/44 (05/25/15)⁸		128,543		120,991
Series 2005-1, Class 5A1, 2.378%, 06/25/45 (05/25/15)⁸		53,183		52,555
Series 2005-1, Class 6A, 2.378%, 06/25/45 (05/25/15)⁸		966,776		941,123
Bank of America Commercial Mortgage Trust, Series 2006-6, Class A2, 5.309%, 10/10/45		127,222		127,334
Bank of America Funding Corp., Series 2004-B, Class 1A2, 2.669%, 12/20/34 (05/20/15)⁸		124,640		104,088
Bear Stearns Alt-A Trust, Series 2005-3, Class 2A3, 2.647%, 04/25/35 (05/25/15)⁸		123,645		105,027
Countrywide Home Loan Mortgage Pass Through Trust,
Series 2005-HYB2, Class 1A4, 2.723%, 05/20/35 (05/20/15)⁸		97,715		91,576
Series 2005-HYB8, Class 1A1, 2.470%, 12/20/35 (05/20/15)⁸		108,017		88,058
Countrywide Home Loan reperforming loan REMIC Trust, Series 2004-R2, Class 1AF1, 0.594%, 11/25/34 (04/25/15) (a)^4,8		134,712		120,138
GSMPS Mortgage Loan Trust, Series 2005-RP2, Class 1AF, 0.524%, 03/25/35 (04/25/15) (a)^4,8		188,388		164,357
GSR Mortgage Loan Trust, Series 2004-5, Class 1A3, 1.970%, 05/25/34 (05/25/15)⁸		40,115		37,341
HarborView Mortgage Loan Trust, Series 2004-7, Class 2A2, 2.297%, 11/19/34 (05/19/15)⁸		72,394		67,331
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2005-LDP2, Class A4, 4.738%, 07/15/42		432,092		431,454
Series 2006-LDP7, Class A3B, 5.841%, 04/15/45⁵		472,631		471,860
Master Alternative Loans Trust, Series 2005-2, Class 2A1, 6.000%, 01/25/35¹⁰		586,493		605,850
Morgan Stanley Mortgage Loan Trust, Series 2005-4, Class 2A1, 5.920%, 08/25/35⁵		807,904		796,659
Structured Asset Securities Corp., Series 2005-RF1, Class A, 0.524%, 03/25/35 (04/25/15) (a)^4,8		225,385		189,202
Wachovia Bank Commercial Mortgage Trust, Series 2006-C26, Class A2, 5.935%, 06/15/45		76,702		77,162
Wells Fargo Mortgage Backed Securities Trust, Series 2007-16, Class 1A1, 6.000%, 12/28/37		262,122		270,224
Total Mortgage-Backed Securities (cost $5,137,391)				4,938,185
U.S. Government and Agency Obligations - 103.1%
Federal Home Loan Mortgage Corporation - 35.1%
FHLMC,
2.349%, 11/01/33 (06/15/15)^8,10		969,808		1,039,433
2.470%, 01/01/36 (06/15/15)^8,10		2,134,795		2,285,076
2.785%, 02/01/37 (06/15/15)⁸		64,375		69,290

AMG Managers Intermediate Duration Government Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Federal Home Loan Mortgage Corporation - 35.1% (continued)
FHLMC Gold Pool,
3.500%, 04/01/32 to 01/01/44¹⁰	$	12,878,140	$	13,568,826
3.500%, TBA 30 years,^9,11		4,900,000		5,128,141
4.000%, 05/01/24 to 07/01/44¹⁰		7,426,439		7,960,769
4.000%, TBA 30 years,^9,11		22,000,000		23,466,091
4.500%, 02/01/20 to 09/01/41¹⁰		3,715,581		4,037,735
5.000%, 05/01/18 to 07/01/41¹⁰		5,580,280		6,166,039
5.500%, 11/01/17 to 01/01/40¹⁰		4,019,583		4,503,850
6.000%, 09/01/17 to 01/01/24¹⁰		1,075,992		1,179,351
7.000%, 07/01/19		125,183		133,359
7.500%, 07/01/34¹⁰		951,805		1,142,236
Total Federal Home Loan Mortgage Corporation				70,680,196
Federal National Mortgage Association - 48.9%
FNMA,
1.975%, 06/01/34 (05/25/15)^8,10		768,972		808,237
2.151%, 08/01/34 (05/25/15)⁸		301,900		321,670
3.000%, 05/01/43 to 06/01/43		2,635,869		2,699,452
3.500%, 05/01/42 to 03/01/45^9,10		3,188,447		3,361,948
3.500%, TBA 30 years,^9,11		29,900,000		31,377,684
4.000%, 01/01/26 to 02/01/45¹⁰		6,486,212		6,963,350
4.000%, TBA 30 years,^9,11		21,900,000		23,399,906
4.500%, 04/01/25 to 09/01/44¹⁰		11,706,667		12,829,059
4.500%, TBA 30 years,^9,11		5,100,000		5,563,782
4.750%, 07/01/34 to 09/01/34		357,639		399,435
5.000%, 06/01/18 to 06/01/41		1,495,534		1,655,022
5.500%, 03/01/17 to 08/01/41¹⁰		3,706,263		4,182,497
6.000%, 08/01/17 to 06/01/39¹⁰		2,554,408		2,829,856
6.500%, 11/01/28 to 07/01/32		222,859		244,252
7.000%, 11/01/22¹⁰		602,236		663,629
FNMA REMICS,
Series 1994-55, Class H, 7.000%, 03/25/24¹⁰		675,898		752,405
Series 2003-W4, Class 4A, 7.005%, 10/25/42⁵		80,169		92,548
Series 2005-13, Class AF, 0.574%, 03/25/35 (04/25/15)^8,10		378,683		382,059
Total Federal National Mortgage Association				98,526,791
Government National Mortgage Association - 18.0%
GNMA,
2.000%, 05/20/21 (05/20/15)⁸		13,370		13,804
3.000%, 03/20/16 to 08/20/18 (05/20/15)^8,10		86,750		88,805
3.000%, 02/20/43 to 03/15/45⁹		1,699,570		1,761,167

AMG Managers Intermediate Duration Government Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Government National Mortgage Association - 18.0% (continued)
GNMA,
3.000%, TBA 30 years,^9,11	$	8,800,000	$	9,061,076
3.500%, 08/15/43		1,131,494		1,211,765
3.500%, TBA 30 years,^9,11		2,000,000		2,104,453
4.000%, 06/20/43 to 11/15/44¹⁰		2,263,235		2,457,502
4.000%, TBA 30 years,^9,11		9,600,000		10,228,125
4.500%, 06/15/39 to 05/15/41¹⁰		975,619		1,086,382
5.000%, 09/15/39 to 10/20/41¹⁰		5,521,322		6,212,317
5.500%, 10/15/39 to 11/15/39¹⁰		1,831,031		2,078,254
7.500%, 09/15/28 to 11/15/31		22,273		23,354
Total Government National Mortgage Association				36,327,004
Interest Only Strips - 1.1%
FHLMC,
Series 212, Class IO, 6.000%, 05/01/31⁴		1,653		350
Series 233, Class 5, 4.500%, 09/15/35		113,346		18,727
FHLMC REMICS,
Series 2380, Class SI, 7.726%, 06/15/31 (04/15/15)^4,8		14,063		3,427
Series 2922, Class SE, 6.576%, 02/15/35 (04/15/15)⁸		129,929		26,984
Series 2934, Class HI, 5.000%, 02/15/20		63,513		5,365
Series 2934, Class KI, 5.000%, 02/15/20		48,553		4,078
Series 2965, Class SA, 5.876%, 05/15/32 (04/15/15)⁸		274,949		46,469
Series 2967, Class JI, 5.000%, 04/15/20		116,574		9,741
Series 2980, Class SL, 6.526%, 11/15/34 (04/15/15)⁸		170,450		43,542
Series 3031, Class BI, 6.515%, 08/15/35 (04/15/15)⁸		329,932		76,245
Series 3065, Class DI, 6.446%, 04/15/35 (04/15/15)⁸		290,315		61,184
Series 3114, Class GI, 6.426%, 02/15/36 (04/15/15)⁸		242,891		61,659
Series 3308, Class S, 7.026%, 03/15/32 (04/15/15)⁸		270,182		57,475
Series 3424, Class XI, 6.396%, 05/15/36 (04/15/15)⁸		267,884		48,681
Series 3489, Class SD, 7.626%, 06/15/32 (04/15/15)⁸		153,561		35,626
Series 3606, Class SN, 6.076%, 12/15/39 (04/15/15)⁸		365,569		60,381
Series 3685, Class EI, 5.000%, 03/15/19		357,524		19,300
Series 3731, Class IO, 5.000%, 07/15/19		167,592		9,554
Series 3882, Class AI, 5.000%, 06/15/26		250,294		18,071
FNMA,
Series 215, Class 2, 7.000%, 04/25/23⁴		86,436		17,426
Series 222, Class 2, 7.000%, 06/25/23⁴		8,271		1,664
Series 343, Class 2, 4.500%, 10/25/33		80,125		14,459
Series 343, Class 21, 4.000%, 09/25/18		99,383		4,824
Series 343, Class 22, 4.000%, 11/25/18		53,840		2,727

AMG Managers Intermediate Duration Government Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Interest Only Strips - 1.1% (continued)
FNMA,
Series 351, Class 3, 5.000%, 04/25/34	$	90,902	$	18,003
Series 351, Class 4, 5.000%, 04/25/34		53,361		10,302
Series 351, Class 5, 5.000%, 04/25/34		45,145		8,715
Series 365, Class 4, 5.000%, 04/25/36		121,743		21,867
FNMA REMICS,
Series 2003-73, Class SM, 6.426%, 04/25/18 (04/25/15)⁸		61,302		1,564
Series 2004-49, Class SQ, 6.876%, 07/25/34 (04/25/15)⁸		109,529		22,964
Series 2004-51, Class SX, 6.946%, 07/25/34 (04/25/15)⁸		155,264		35,171
Series 2004-64, Class SW, 6.876%, 08/25/34 (04/25/15)⁸		455,112		99,354
Series 2005-12, Class SC, 6.576%, 03/25/35 (04/25/15)⁸		172,713		29,346
Series 2005-45, Class SR, 6.546%, 06/25/35 (04/25/15)⁸		365,432		73,940
Series 2005-65, Class KI, 6.826%, 08/25/35 (04/25/15)^8,10		839,138		174,930
Series 2005-89, Class S, 6.526%, 10/25/35 (04/25/15)⁸		847,385		177,641
Series 2006-3, Class SA, 5.976%, 03/25/36 (04/25/15)⁸		178,511		32,930
Series 2007-75, Class JI, 6.371%, 08/25/37 (04/25/15)⁸		182,951		31,498
Series 2008-86, Class IO, 4.500%, 03/25/23		318,747		16,657
Series 2010-37, Class GI, 5.000%, 04/25/25		393,687		18,234
Series 2010-65, Class IO, 5.000%, 09/25/20		471,113		37,570
Series 2010-121, Class IO, 5.000%, 10/25/25		177,107		11,714
Series 2011-69, Class AI, 5.000%, 05/25/18		463,653		24,243
Series 2011-88, Class WI, 3.500%, 09/25/26		434,103		53,546
Series 2011-124, Class IC, 3.500%, 09/25/21		401,221		26,831
Series 2012-126, Class SJ, 4.826%, 11/25/42 (04/25/15)⁸		796,874		133,355
GNMA,
Series 2011-32, Class KS, 11.751%, 06/16/34 (04/16/15)⁸		328,168		58,335
Series 2011-94, Class IS, 6.526%, 06/16/36 (04/16/15)⁸		287,296		40,750
Series 2011-157, Class SG, 6.424%, 12/20/41 (04/20/15)⁸		1,096,526		254,570
Series 2011-167, Class IO, 5.000%, 12/16/20		369,895		23,481
Series 2012-34, Class KS, 5.876%, 03/16/42 (04/16/15)⁸		450,554		101,170
Series 2012-69, Class QI, 4.000%, 03/16/41		327,865		53,322
Series 2012-103, Class IB, 3.500%, 04/20/40		286,920		37,495
Total Interest Only Strips				2,277,457
Total U.S. Government and Agency Obligations (cost $203,418,366)				207,811,448
Short-Term Investments - 36.9%
U.S. Treasury Bills - 0.1%
U.S. Treasury Bill, 0.05%, 04/02/15¹²		90,000		90,000
U.S. Treasury Bill, 0.10%, 09/24/15^12,13		90,000		89,950
Total U.S. Treasury Bills				179,950

AMG Managers Intermediate Duration Government Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Other Investment Companies - 36.8%^3,10
Dreyfus Institutional Cash Advantage Fund, Institutional Class Shares, 0.06%		54,220,207	$	54,220,207
JPMorgan Liquid Assets Money Market Fund, Capital Shares, 0.10%		20,011,735		20,011,735
Total Other Investment Companies				74,231,942
Total Short-Term Investments (cost $74,411,889)				74,411,892
Total Investments - 146.3% (cost $290,693,592)				294,909,237
Other Assets, less Liabilities - (46.3)%				(93,264,795	)
Net Assets - 100.0%			$	201,644,442

AMG Managers Short Duration Government Fund

Schedule of Portfolio Investments (unaudited)

March 31, 2015


	Principal Amount		Value
Asset-Backed Securities - 13.1%
American Residential Properties, Series 2014-SFR1, Class A, 1.277%, 09/17/31 (04/17/15) (a)⁸	$	3,670,000	$	3,634,023
AmeriCredit Automobile Receivables Trust,
Series 2011-1, Class D, 4.260%, 02/08/17		4,020,000		4,050,299
Series 2011-2, Class D, 4.000%, 05/08/17		3,900,000		3,930,857
Series 2011-3, Class D, 4.040%, 07/10/17		4,095,000		4,166,921
Series 2012-1, Class C, 2.670%, 01/08/18		400,000		403,567
Chase Issuance Trust, Series 2013-A9, Class A, 0.595%, 11/16/20 (04/15/15)⁸		11,724,000		11,754,424
Citibank Credit Card Issuance Trust, Series 2013-A12, Class A12, 0.486%, 11/07/18 (05/07/15)⁸		4,000,000		3,997,232
Discover Card Execution Note Trust, Series 2014-A2, Class A2, 0.457%, 08/15/19 (05/15/15)⁸		1,800,000		1,796,438
Invitation Homes Trust, Series 2015-SFR2, Class A, 1.528%, 06/17/32 (05/17/15) (a)^8,9		2,463,000		2,463,000
Progress Residential Trust, Series 2015-SFR1, Class A, 1.577%, 02/17/32 (04/17/15) (a)⁸		1,400,000		1,403,969
Santander Drive Auto Receivables Trust, Series 2011-1, Class D, 4.010%, 02/15/17		3,815,177		3,848,270
SLM Student Loan Trust, Series 2008-9, Class A, 1.756%, 04/25/23 (04/27/15)⁸		6,903,092		7,078,307
Total Asset-Backed Securities (cost $48,605,231)				48,527,307
Mortgage-Backed Securities - 2.9%
Bank of America Commercial Mortgage Trust, Series 2006-6, Class A2, 5.309%, 10/10/45		28,050		28,074
Bank of America Merrill Lynch Commercial Mortgage, Inc., Series 2005-6, Class A4, 5.178%, 09/10/47⁵		2,281,766		2,307,807
Bear Stearns Commercial Mortgage Securities Trust,
Series 2004-PWR4, Class A3, 5.468%, 06/11/41⁵		65,993		65,968
Series 2006-T22, Class A4, 5.575%, 04/12/38⁵		1,617,078		1,658,615
CD Commercial Mortgage Trust, Series 2005-CD1, Class A4, 5.225%, 07/15/44⁵		541,844		544,432
Commercial Mortgage Trust, Series 2005-C6, Class A5A, 5.116%, 06/10/44⁵		263,697		264,945
Countrywide Home Loan Mortgage Pass Through Trust, Series 2004-25, Class 2A4, 0.674%, 02/25/35 (04/27/15)^4,8		491,357		195,509
LB-UBS Commercial Mortgage Trust, Series 2005-C5, Class A4, 4.954%, 09/15/30		492,142		492,423
Merrill Lynch Mortgage Investors Trust, Series 1998-C1, Class A3, 6.720%, 11/15/26⁵		717,410		743,464
Morgan Stanley Capital I Trust, Series 2006-HQ8, Class A4, 5.413%, 03/12/44⁵		1,649,901		1,675,024
Wachovia Bank Commercial Mortgage Trust,
Series 2005-C20, Class A7, 5.118%, 07/15/42⁵		992,442		994,516
Series 2005-C22, Class A4, 5.271%, 12/15/44⁵		1,333,320		1,349,706
WaMu Mortgage Pass Through Certificates, Series 2005-AR2, Class 2A3, 0.524%, 01/25/45 (04/25/15)⁸		443,050		407,695
Total Mortgage-Backed Securities (cost $11,556,864)				10,728,178
U.S. Government and Agency Obligations - 75.5%
Federal Home Loan Mortgage Corporation - 27.5%
FHLMC,
1.875%, 09/01/35 (06/15/15)⁸		2,007,432		2,121,479
2.125%, 11/01/33 (06/15/15)⁸		929,916		988,361
2.344%, 10/01/33 (06/15/15)⁸		1,231,477		1,315,041
2.350%, 10/01/33 to 11/01/33 (06/15/15)⁸		3,068,513		3,278,079
2.355%, 12/01/33 (06/15/15)⁸		1,697,820		1,819,370

AMG Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Federal Home Loan Mortgage Corporation - 27.5% (continued)
FHLMC,
2.357%, 07/01/34 (06/15/15)⁸	$	280,079	$	298,842
2.365%, 09/01/33 (06/15/15)⁸		2,313,179		2,467,872
2.375%, 12/01/32 to 05/01/34 (06/15/15)⁸		3,278,666		3,499,108
2.396%, 03/01/34 (06/15/15)⁸		2,822,449		3,009,565
2.410%, 10/01/28 (06/15/15)⁸		42,948		45,250
2.556%, 02/01/23 (06/15/15)⁸		263,784		280,438
2.642%, 06/01/35 (06/15/15)⁸		702,345		753,030
2.785%, 02/01/37 (06/15/15)⁸		768,826		827,525
FHLMC Gold Pool,
4.000%, 05/01/24 to 11/01/26		8,233,682		8,770,315
4.500%, 05/01/19 to 07/01/26		5,303,887		5,645,667
5.000%, 10/01/18 to 04/01/23		7,602,017		8,055,619
5.500%, 05/01/17 to 08/01/40		21,869,053		24,243,652
6.000%, 06/01/16 to 01/01/24		6,421,012		6,991,623
6.500%, 03/01/18 to 10/01/23		450,835		485,633
7.000%, 06/01/17 to 07/01/19		203,403		213,290
7.500%, 04/01/15 to 03/01/33		331,058		406,825
FHLMC REMICS,
Series 2091, Class PG, 6.000%, 11/15/28		231,420		255,755
Series 2132, Class PE, 6.000%, 03/15/29		378,698		431,329
Series 2427, Class LW, 6.000%, 03/15/17		469,470		485,628
Series 2429, Class HB, 6.500%, 12/15/23		600,157		678,720
Series 2541, Class ED, 5.000%, 12/15/17		1,944,746		2,028,294
Series 2627, Class BM, 4.500%, 06/15/18		149,653		156,535
Series 2631, Class PD, 4.500%, 06/15/18		50,568		52,785
Series 2645, Class BY, 4.500%, 07/15/18		1,720,717		1,799,860
Series 2682, Class LC, 4.500%, 07/15/32		682,173		698,071
Series 2683, Class JB, 4.000%, 09/15/18		527,730		550,513
Series 2709, Class PE, 5.000%, 12/15/22		205,499		207,360
Series 2763, Class JD, 3.500%, 10/15/18		101,566		102,174
Series 2786, Class BC, 4.000%, 04/15/19		178,514		187,122
Series 2809, Class UC, 4.000%, 06/15/19		193,262		201,993
Series 2877, Class PA, 5.500%, 07/15/33		177,659		187,715
Series 2882, Class UM, 4.500%, 08/15/19		415,409		418,420
Series 2935, Class LM, 4.500%, 02/15/35		577,181		600,397
Series 3000, Class PB, 3.900%, 01/15/23		7,179		7,185
Series 3013, Class GA, 5.000%, 06/15/34		316,658		321,288
Series 3033, Class CI, 5.500%, 01/15/35		335,645		351,904
Series 3117, Class PL, 5.000%, 08/15/34		190,087		191,220

AMG Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Federal Home Loan Mortgage Corporation - 27.5% (continued)
FHLMC REMICS,
Series 3535, Class CA, 4.000%, 05/15/24	$	169,768	$	176,125
Series 3609, Class LA, 4.000%, 12/15/24		567,549		592,635
Series 3632, Class AG, 4.000%, 06/15/38		327,170		341,722
Series 3653, Class JK, 5.000%, 11/15/38		307,903		329,620
Series 3659, Class EJ, 3.000%, 06/15/18		3,709,314		3,795,289
Series 3683, Class AD, 2.250%, 06/15/20		822,252		830,707
Series 3756, Class DA, 1.200%, 11/15/18		667,293		669,093
Series 3818, Class UA, 1.350%, 02/15/17		553,915		556,396
Series 3827, Class CA, 1.500%, 04/15/17		207,394		208,304
Series 3846, Class CK, 1.500%, 09/15/20		236,584		238,286
Series 3990, Class GF, 0.575%, 03/15/41 (04/15/15)⁸		8,396,578		8,485,489
Total Federal Home Loan Mortgage Corporation				101,654,518
Federal National Mortgage Association - 39.4%
FNMA,
1.850%, 08/01/34 (05/25/15)⁸		334,987		350,993
1.875%, 02/01/33 (05/25/15)⁸		1,373,627		1,439,276
1.901%, 01/01/24 (05/25/15)⁸		624,495		638,297
1.925%, 09/01/33 to 03/01/36 (05/25/15)⁸		1,997,844		2,109,848
1.930%, 08/01/35 (05/25/15)⁸		563,196		595,989
1.935%, 08/01/33 (05/25/15)⁸		507,662		533,362
1.975%, 06/01/34 (05/25/15)⁸		964,747		1,014,009
2.020%, 02/01/36 (05/25/15)⁸		3,272,959		3,470,898
2.125%, 10/01/35 (05/25/15)⁸		1,673,075		1,775,989
2.150%, 01/01/34 (05/25/15)⁸		746,747		787,578
2.151%, 08/01/34 (05/25/15)⁸		377,375		402,088
2.164%, 08/01/36 (05/25/15)⁸		219,302		233,949
2.182%, 01/01/36 (05/25/15)⁸		74,774		80,199
2.193%, 03/01/34 (05/25/15)⁸		284,532		303,864
2.194%, 12/01/33 (05/25/15)⁸		648,445		693,929
2.195%, 01/01/33 (05/25/15)⁸		33,174		33,962
2.202%, 07/01/34 (05/25/15)⁸		1,628,360		1,737,132
2.243%, 05/01/33 (05/25/15)⁸		2,018,411		2,157,644
2.270%, 09/01/37 (05/25/15)⁸		242,259		257,885
2.280%, 09/01/33 (05/25/15)⁸		651,040		686,709
2.295%, 04/01/37 (05/25/15)⁸		5,438,438		5,778,406
2.307%, 12/01/34 (05/25/15)⁸		2,833,964		3,039,397
2.308%, 02/01/37 (05/25/15)⁸		464,165		497,274
2.314%, 03/01/33 to 06/01/33 (05/25/15)⁸		936,755		998,452
2.341%, 01/01/26 (05/25/15)⁸		272,422		283,101

AMG Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Federal National Mortgage Association - 39.4% (continued)
FNMA,
2.348%, 08/01/35 (05/25/15)⁸	$	1,630,312	$	1,744,080
2.354%, 01/01/25 (05/25/15)⁸		409,530		427,384
2.355%, 06/01/35 to 05/01/36 (05/25/15)⁸		450,985		480,662
2.373%, 05/01/34 (05/25/15)⁸		2,080,199		2,224,219
2.382%, 06/01/34 (05/25/15)⁸		2,541,948		2,711,226
2.402%, 01/01/36 (05/25/15)⁸		54,093		57,841
2.425%, 01/01/34 (05/25/15)⁸		2,211,660		2,361,225
2.428%, 12/01/34 (05/25/15)⁸		2,396,879		2,568,046
2.435%, 01/01/33 (05/25/15)⁸		1,052,070		1,123,652
2.445%, 08/01/35 (05/25/15)⁸		1,707,705		1,821,062
2.471%, 04/01/34 (05/25/15)⁸		644,984		691,906
2.486%, 11/01/34 (05/25/15)⁸		4,087,291		4,377,492
2.492%, 04/01/34 (05/25/15)⁸		750,364		802,856
2.512%, 01/01/36 (05/25/15)⁸		4,151,544		4,449,430
3.500%, TBA 15 years,^9,11		10,000,000		10,609,375
4.000%, 10/01/21 to 08/01/30		1,083,482		1,157,590
4.500%, 10/01/19 to 06/01/26		3,890,009		4,183,864
5.000%, 10/01/18 to 09/01/25		11,197,114		12,004,150
5.500%, 11/01/17 to 08/01/41		17,957,699		20,225,283
6.000%, 03/01/17 to 07/01/25		8,397,945		9,125,465
6.500%, 04/01/17 to 08/01/32		4,861,103		5,686,486
7.000%, 11/01/22		2,244,676		2,473,503
7.500%, 08/01/33 to 09/01/33		79,771		99,882
FNMA Grantor Trust,
Series 2002-T5, Class A1, 0.414%, 05/25/32 (04/27/15)⁸		299,850		295,409
Series 2003-T4, Class 1A, 0.393%, 09/26/33 (04/27/15)⁸		14,453		14,321
FNMA REMICS,
Series 1994-31, Class ZC, 6.500%, 02/25/24		579,856		665,883
Series 1994-76, Class J, 5.000%, 04/25/24		189,711		198,744
Series 2003-W4, Class 4A, 7.005%, 10/25/42⁵		481,013		555,286
Series 2001-63, Class FA, 0.727%, 12/18/31 (04/18/15)⁸		546,538		555,025
Series 2001-76, Class UD, 5.500%, 01/25/17		567,620		584,352
Series 2002-47, Class FD, 0.574%, 08/25/32 (04/25/15)⁸		576,701		582,579
Series 2002-56, Class UC, 5.500%, 09/25/17		245,432		255,424
Series 2002-74, Class FV, 0.624%, 11/25/32 (04/25/15)⁸		1,005,999		1,017,104
Series 2003-2, Class FA, 0.674%, 02/25/33 (04/25/15)⁸		511,509		518,290
Series 2003-3, Class HJ, 5.000%, 02/25/18		145,006		151,061
Series 2003-64, Class YA, 3.000%, 05/25/23		143,010		145,608

AMG Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Federal National Mortgage Association - 39.4% (continued)
FNMA REMICS,
Series 2004-1, Class AC, 4.000%, 02/25/19	$	99,785	$	103,813
Series 2004-21, Class AE, 4.000%, 04/25/19		447,990		466,883
Series 2004-27, Class HB, 4.000%, 05/25/19		219,196		227,329
Series 2004-53, Class NC, 5.500%, 07/25/24		330,178		362,678
Series 2004-78, Class AC, 5.000%, 05/25/32		16,118		16,105
Series 2005-13, Class AF, 0.574%, 03/25/35 (04/25/15)⁸		705,904		712,198
Series 2005-19, Class PA, 5.500%, 07/25/34		153,944		167,196
Series 2005-29, Class TC, 5.000%, 04/25/35		47,598		47,854
Series 2005-58, Class EP, 5.500%, 07/25/35		375,348		413,867
Series 2005-68, Class PB, 5.750%, 07/25/35		80,223		86,246
Series 2005-68, Class PC, 5.500%, 07/25/35		288,871		309,672
Series 2005-100, Class GC, 5.000%, 12/25/34		426,296		435,390
Series 2006-18, Class PD, 5.500%, 08/25/34		93,573		96,539
Series 2007-56, Class FN, 0.544%, 06/25/37 (04/25/15)⁸		271,027		270,613
Series 2007-69, Class AB, 5.500%, 12/25/32		77,021		77,792
Series 2008-59, Class KB, 4.500%, 07/25/23		208,274		218,444
Series 2010-12, Class AC, 2.500%, 12/25/18		285,232		290,732
Series 2011-40, Class DK, 4.000%, 11/25/37		168,332		168,948
Series 2011-60, Class UC, 2.500%, 09/25/39		496,162		506,433
Series 2011-60, Class UE, 3.000%, 09/25/39		1,204,674		1,243,032
Series 2011-115, Class FK, 0.544%, 10/25/39 (04/25/15)⁸		8,006,159		8,055,837
FNMA Whole Loan,
Series 2003-W1, Class 2A, 6.519%, 12/25/42⁵		20,166		23,611
Series 2003-W13, Class AV2, 0.454%, 10/25/33 (04/27/15)^4,8		36,390		35,019
Series 2004-W5, Class F1, 0.624%, 02/25/47 (04/25/15)⁸		521,110		524,554
Series 2004-W14, Class 1AF, 0.574%, 07/25/44 (04/25/15)⁸		2,114,406		2,080,925
Series 2005-W2, Class A1, 0.374%, 05/25/35 (04/25/15)⁸		1,606,603		1,586,023
Total Federal National Mortgage Association				145,373,728
Government National Mortgage Association - 3.1%
GNMA,
1.625%, 12/20/21 to 03/20/37 (05/20/15)⁸		6,028,223		6,248,769
2.000%, 06/20/22 (05/20/15)⁸		52,502		56,047
2.500%, 07/20/18 to 08/20/21 (05/20/15)⁸		46,767		48,331
2.750%, 10/20/17 (05/20/15)⁸		13,018		13,336
3.000%, 11/20/17 to 03/20/21 (05/20/15)⁸		57,985		60,110
3.500%, 07/20/18 (05/20/15)⁸		18,937		19,576
4.000%, 09/15/18		252,821		267,764
4.500%, 04/15/18 to 07/15/24		1,595,280		1,686,887
5.000%, 06/20/19 to 04/20/20		392,749		418,076

AMG Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Government National Mortgage Association - 3.1% (continued)
GNMA,
5.500%, 03/15/17 to 06/15/18	$	755,661	$	784,707
9.500%, 12/15/17		1,817		1,915
Series 2000-36, Class F, 0.725%, 11/16/30 (04/16/15)⁸		618,501		623,574
Series 2010-2, Class F, 0.725%, 01/16/40 (04/16/15)⁸		1,252,283		1,267,783
Total Government National Mortgage Association				11,496,875
Interest Only Strips - 2.0%
FHLMC,
Series 215, Class IO, 8.000%, 06/15/31⁴		116,495		22,874
Series 233, Class 5, 4.500%, 09/15/35		57,829		9,555
FHLMC REMICS,
Series 2649, Class IM, 7.000%, 07/15/33		405,223		97,921
Series 2763, Class KS, 6.476%, 10/15/18 (04/15/15)⁸		124,596		2,284
Series 2922, Class SE, 6.576%, 02/15/35 (04/15/15)⁸		292,865		60,824
Series 2934, Class HI, 5.000%, 02/15/20		90,732		7,665
Series 2934, Class KI, 5.000%, 02/15/20		56,644		4,757
Series 2965, Class SA, 5.876%, 05/15/32 (04/15/15)⁸		680,805		115,063
Series 2967, Class JI, 5.000%, 04/15/20		274,324		22,923
Series 2980, Class SL, 6.526%, 11/15/34 (04/15/15)⁸		376,157		96,090
Series 2981, Class SU, 7.626%, 05/15/30 (04/15/15)⁸		322,082		81,469
Series 3031, Class BI, 6.515%, 08/15/35 (04/15/15)⁸		1,008,578		233,076
Series 3065, Class DI, 6.446%, 04/15/35 (04/15/15)⁸		887,470		187,034
Series 3114, Class GI, 6.426%, 02/15/36 (04/15/15)⁸		1,496,356		379,858
Series 3308, Class S, 7.026%, 03/15/32 (04/15/15)⁸		612,887		130,378
Series 3424, Class XI, 6.396%, 05/15/36 (04/15/15)⁸		697,787		126,805
Series 3489, Class SD, 7.626%, 06/15/32 (04/15/15)⁸		343,674		79,733
Series 3606, Class SN, 6.076%, 12/15/39 (04/15/15)⁸		973,223		160,748
Series 3685, Class EI, 5.000%, 03/15/19		798,346		43,097
Series 3731, Class IO, 5.000%, 07/15/19		380,161		21,672
Series 3882, Class AI, 5.000%, 06/15/26		200,194		14,454
FNMA,
Series 92, Class 2, 9.000%, 12/25/16⁴		4,555		243
Series 306, Class IO, 8.000%, 05/25/30⁴		93,925		23,051
Series 365, Class 4, 5.000%, 04/25/36		82,152		14,756
FNMA REMICS,
Series 2001-82, Class S, 7.656%, 05/25/28 (04/25/15)^4,8		288,667		71,056
Series 2003-48, Class SJ, 5.826%, 06/25/18 (04/25/15)⁸		118,088		5,634
Series 2003-73, Class SM, 6.426%, 04/25/18 (04/25/15)⁸		80,077		2,043
Series 2004-49, Class SQ, 6.876%, 07/25/34 (04/25/15)⁸		244,255		51,210
Series 2004-51, Class SX, 6.946%, 07/25/34 (04/25/15)⁸		389,671		88,269

AMG Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Interest Only Strips - 2.0% (continued)
FNMA REMICS,
Series 2004-64, Class SW, 6.876%, 08/25/34 (04/25/15)⁸	$	1,047,289	$	228,630
Series 2004-66, Class SE, 6.326%, 09/25/34 (04/25/15)⁸		169,378		33,262
Series 2005-5, Class SD, 6.526%, 01/25/35 (04/25/15)⁸		307,262		59,469
Series 2005-12, Class SC, 6.576%, 03/25/35 (04/25/15)⁸		388,550		66,019
Series 2005-45, Class SR, 6.546%, 06/25/35 (04/25/15)⁸		900,422		182,187
Series 2005-65, Class KI, 6.826%, 08/25/35 (04/25/15)⁸		2,092,894		436,293
Series 2005-66, Class GS, 6.676%, 07/25/20 (04/25/15)⁸		152,980		14,998
Series 2006-3, Class SA, 5.976%, 03/25/36 (04/25/15)⁸		413,146		76,213
Series 2007-75, Class JI, 6.371%, 08/25/37 (04/25/15)⁸		219,497		37,789
Series 2007-85, Class SI, 6.286%, 09/25/37 (04/25/15)⁸		453,364		83,621
Series 2008-86, Class IO, 4.500%, 03/25/23		797,885		41,696
Series 2008-87, Class AS, 7.476%, 07/25/33 (04/25/15)⁸		1,275,529		287,819
Series 2010-37, Class GI, 5.000%, 04/25/25		1,011,300		46,840
Series 2010-65, Class IO, 5.000%, 09/25/20		1,217,793		97,115
Series 2010-68, Class SJ, 6.376%, 07/25/40 (04/25/15)⁸		448,635		94,036
Series 2010-105, Class IO, 5.000%, 08/25/20		621,978		49,134
Series 2010-121, Class IO, 5.000%, 10/25/25		475,296		31,436
Series 2011-69, Class AI, 5.000%, 05/25/18		1,238,641		64,764
Series 2011-88, Class WI, 3.500%, 09/25/26		1,273,729		157,113
Series 2011-124, Class IC, 3.500%, 09/25/21		1,902,380		127,220
Series 2012-126, Class SJ, 4.826%, 11/25/42 (04/25/15)⁸		5,240,910		877,057
GNMA,
Series 2011-32, Class KS, 11.751%, 06/16/34 (04/16/15)⁸		797,268		141,721
Series 2011-94, Class IS, 6.526%, 06/16/36 (04/16/15)⁸		645,474		91,553
Series 2011-146, Class EI, 5.000%, 11/16/41		386,312		96,272
Series 2011-157, Class SG, 6.424%, 12/20/41 (04/20/15)⁸		1,342,099		311,582
Series 2011-167, Class IO, 5.000%, 12/16/20		2,178,475		138,293
Series 2012-34, Class KS, 5.876%, 03/16/42 (04/16/15)⁸		3,459,969		776,917
Series 2012-69, Class QI, 4.000%, 03/16/41		1,734,419		282,074
Series 2012-96, Class IC, 3.000%, 08/20/27		1,081,734		110,016
Series 2012-101, Class AI, 3.500%, 08/20/27		799,317		92,639
Series 2012-103, Class IB, 3.500%, 04/20/40		1,249,038		163,228
Total Interest Only Strips				7,451,548
U.S. Government Obligations - 3.5%
U.S. Treasury Inflation Indexed Bonds,
0.375%, 07/15/23		8,837,400		9,061,790
2.375%, 01/15/27		3,163,770		3,903,301
Total U.S. Government Obligations				12,965,091
Total U.S. Government and Agency Obligations (cost $270,418,930)				278,941,760

AMG Managers Short Duration Government Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Short-Term Investments - 15.9%
U.S. Government and Agency Discount Notes - 10.6%
FHLMC, 0.08%, 04/06/15¹²	$	1,000,000	$	999,995
FHLMC, 0.08%, 04/09/15¹²		3,000,000		2,999,976
FHLMC, 0.05%, 05/06/15¹²		3,100,000		3,099,873
FHLMC, 0.05%, 06/16/15¹²		7,134,000		7,133,080
FHLMC, 0.12%, 08/25/15¹²		8,000,000		7,996,952
FHLMC, 0.16%, 10/20/15¹²		2,000,000		1,998,350
FNMA, 0.06%, 05/01/15¹²		3,000,000		2,999,895
FNMA, 0.14%, 09/01/15¹²		10,000,000		9,994,470
FNMA, 0.14%, 10/01/15¹²		2,000,000		1,998,506
Total U.S. Government and Agency Discount Notes				39,221,097
U.S. Treasury Bills - 0.4%
U.S. Treasury Bill, 0.05%, 04/02/15		830,000		830,000
U.S. Treasury Bill, 0.10%, 09/24/15^12,13		710,000		709,610
Total U.S. Treasury Bills				1,539,610

	Shares
Other Investment Companies - 4.9%³
Dreyfus Institutional Cash Advantage Fund, Institutional Class Shares, 0.06%¹⁰		17,817,398		17,817,398
Total Short-Term Investments (cost $58,574,401)				58,578,105
Total Investments - 107.4% (cost $389,155,426)				396,775,350
Other Assets, less Liabilities - (7.4)%				(27,428,867	)
Net Assets - 100.0%			$	369,346,483

Notes to Schedules of Portfolio Investments (unaudited)

The following footnotes and abbreviations should be read in conjunction with each of the Schedules of Portfolio Investments previously presented in this report.

At March 31, 2015, the approximate cost of investments for federal income tax purposes and the aggregate gross unrealized appreciation and/or depreciation based on tax cost were as follows:


Fund	Cost		Appreciation		Depreciation			Net
AMG Chicago Equity Partners Balanced Fund	$	72,754,942	$	6,231,123	$	(898,666	)	$	5,332,457
AMG Chicago Equity Partners Small Cap Value Fund		11,552,380		39,704		(24,348	)		15,356
AMG Managers High Yield Fund		39,889,904		1,068,979		(1,207,712	)		(138,733	)
AMG Managers Intermediate Duration Government Fund		293,020,269		2,638,999		(750,031	)		1,888,968
AMG Managers Short Duration Government Fund		396,681,591		1,367,697		(1,273,938	)		93,759

*	Non-income producing security.

(a)	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 buyers. At March 31, 2015, the value of these securities amounted to the following:


Fund	Value		% of Net Assets
AMG Managers High Yield Fund	$	11,385,604		31.2	%
AMG Managers Intermediate Duration Government Fund		8,221,409		4.1	%
AMG Managers Short Duration Government Fund		7,500,992		2.0	%

(b)	Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

¹	Some or all of these shares were out on loan to various brokers as of March 31, 2015, amounting to the following:


Fund	Market Value		% of Net Assets
AMG Chicago Equity Partners Balanced Fund	$	353,444		0.5	%
AMG Chicago Equity Partners Small Cap Fund		15,760		0.1	%
AMG Managers High Yield Fund		1,894,834		5.2	%

²	Collateral received from brokers for securities lending was invested in these short-term investments.

³	Yield shown represents the March 31, 2015, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

⁴

Illiquid Security: A security not readily convertible into cash such as a stock, bond or commodity that is not actively traded and would be difficult to sell in a timely sale. The Funds may not invest more than 15% of their net assets in illiquid securities. The market value of illiquid securities at March 31, 2015, amounted to the following:


Fund	Market Value		% of Net Assets
AMG Managers High Yield	$	255,821		0.7	%
Managers Intermediate Duration Government Fund		496,564		0.2	%
AMG Managers Short Duration Government Fund		347,752		0.1	%

⁵	Variable Rate Security: The rate listed is as of March 31, 2015 and is periodically reset subject to terms and conditions set forth in the debenture.

⁶	Payment-in-Kind Security: The security may pay interest/dividends in additional par/shares and/or in cash. Rates shown are the current rate and possible payment rates.

⁷	Security is in default. Issuer has failed to make a timely payment of either principal or interest or has failed to comply with some provision of the bond indenture.

⁸	Floating Rate Security: The rate listed is as of March 31, 2015. Date in parentheses represents the security’s next coupon rate reset.

⁹	All or part of the security is delayed delivery transaction. The traded amount for delayed delivery securities at March 31, 2015, amounted to the following:


Fund	Value		% of Net Assets
AMG Managers High Yield Fund	$	291,586		0.8	%
AMG Managers Intermediate Duration Government Fund		114,226,377		56.6	%
AMG Managers Short Duration Government Fund		13,072,375		3.5	%

Notes to Schedules of Portfolio Investments (continued)

¹⁰	Some or all of the these securities are segregated as collateral for delayed delivery agreements. At March 31, 2015, the value of theses securities amounted to the following:


Fund	Value		% of Net Assets
AMG Managers High Yield Fund	$	291,586		0.8	%
AMG Managers Intermediate Duration Government Fund		114,226,377		56.6	%
AMG Managers Short Duration Government Fund		13,072,375		3.5	%

¹¹	TBA Securities are purchased/sold on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement when the specific mortgage pools are assigned.

¹²	Represents yield to maturity at March 31, 2015.

¹³	Some or all of this security is held as collateral for futures contracts. The market value of collateral at March 31, 2015, amounted to the following:


Fund	Value		% of Net Assets
AMG Managers Intermediate Duration Government Fund	$	89,950		0.04	%
AMG Managers Short Duration Government Fund		709,610		0.2	%

The following tables summarize the inputs used to value the Funds’ net assets by the fair value hierarchy levels as of March 31, 2015:


	Quoted Prices in Active Markets for Identical Investments Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
AMG Chicago Equity Partners Balanced Fund
Investments in Securities
Common Stocks^†	$	49,304,536		—		—	$	49,304,536
Corporate Bonds and Notes^††		—	$	1,875,787		—		1,875,787
U.S. Government and Agency Obligations^††		—		24,763,769		—		24,763,769
Short-Term Investments
Repurchase Agreements		—		367,998		—		367,998
Other Investment Companies		1,775,309		—		—		1,775,309

Total Investments in Securities	$	51,079,845	$	27,007,554		—	$	78,087,399


	Quoted Prices in Active Markets for Identical Investments Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
AMG Chicago Equity Partners Small Cap Value Fund
Investments in Securities
Common Stocks^†	$	11,538,390		—		—	$	11,538,390
Short-Term Investments
Repurchase Agreements		—	$	16,139		—		16,139
Other Investment Companies		13,207		—		—		13,207

Total Investments in Securities	$	11,551,597	$	16,139		—	$	11,567,736

Notes to Schedules of Portfolio Investments (continued)


	Quoted Prices in Active Markets for Identical Investments Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
AMG Managers High Yield Fund
Investments in Securities
Common Stocks^†		—		—	$	58,016	$	58,016
Corporate Bonds and Notes^††		—	$	33,315,259		162,180		33,477,439
Floating Rate Senior Loan Interests		—		1,962,097		276,532		2,238,629
Short-Term Investments
Repurchase Agreements		—		1,955,846		—		1,955,846
Other Investment Companies	$	2,021,241		—		—		2,021,241

Total Investments in Securities	$	2,021,241	$	37,233,202	$	496,728	$	39,751,171

The following table below is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value at March 31, 2015:


AMG Managers High Yield Fund	Common Stock		Corporate Bond			Floating Rate Senior Loan			Total
Balance as of December 31, 2014		—		—		$	274,666		$	274,666
Accrued discounts (premiums)		—		—			(42	)		(42	)
Realized gain (loss)		—		—			(3	)		(3	)
Change in unrealized appreciation (depreciation)	$	58,016	$	(83,851	)		4,838			(20,997	)
Purchases		—		159,180			—			159,180
Sales		—		—			(2,927	)		(2,927	)
Transfers in to Level 3		—		86,851			—			86,851
Transfers out of Level 3		—		—			—			—
Balance as of March 31, 2015	$	58,016	$	162,180		$	276,532		$	496,728
Net change in unrealized appreciation/depreciation on investments still held at March 31, 2015	$	58,016	$	(83,851	)	$	4,838		$	(20,997	)

The following table summarizes the quantitative inputs and assumptions used for items categorized in level 3 of the fair value hierarchy as of March 31, 2015. The table below is not intended to be all-inclusive, but rather provides information on the significant level 3 inputs as they relate to the Fund’s fair value measurements:

Quantitative Information about Level 3 Fair Value Measurements

Fair Value as of
March 31, 2015

Valuation

Technique(s)

Unobservable Inputs

Range

Average

Common Stock

58,016

Enterprise Value

EV Multiple, Discount

7.9-10.0

8.9

Corporate Bond

162,180

Enterprise Value

EV Multiple, Discount

7.9-10.0

8.9

Floating Rate Senior Loan

276,532

Unadjusted Price from Third Party

Price

n/a

Total

496,728

Notes to Schedules of Portfolio Investments (continued)


	Quoted Prices in Active Markets for Identical Investments Level 1			Significant Other Observable Inputs Level 2			Significant Unobservable Inputs Level 3		Total
AMG Managers Intermediate Duration Government Fund
Investments in Securities
Asset-Backed Securities		—		$	7,747,712			—	$	7,747,712
Mortgage-Backed Securities		—			4,938,185			—		4,938,185
U.S. Government and Agency Obligations††		—			207,811,448			—		207,811,448
Short-Term Investments
U.S. Treasury Bills		—			179,950			—		179,950
Other Investment Companies	$	74,231,942			—			—		74,231,942

Total Investments in Securities	$	74,231,942		$	220,677,295			—	$	294,909,237

TBA Sale Commitments		—		$	(1,804,438	)		—	$	(1,804,438	)

Financial Derivative Instruments-Assets†††
Interest Rate Contracts	$	13,967			—			—	$	13,967

Financial Derivative Instruments-Liabilities†††
Interest Rate Contracts		(155,539	)		—			—		(155,539	)

Total Financial Derivative Instruments	$	(141,572	)		—			—	$	(141,572	)


	Quoted Prices in Active Markets for Identical Investments Level 1			Significant Other Observable Inputs Level 2			Significant Unobservable Inputs Level 3		Total
AMG Managers Short Duration Government Fund
Investments in Securities
Asset-Backed Securities		—		$	48,527,307			—	$	48,527,307
Mortgage-Backed Securities		—			10,728,178			—		10,728,178
U.S. Government and Agency Obligations††		—			278,941,760			—		278,941,760
Short-Term Investments
U.S. Government and Agency Discount Notes		—			39,221,097			—		39,221,097
U.S. Treasury Bills		—			1,539,610			—		1,539,610
Other Investment Companies	$	17,817,398			—			—		17,817,398

Total Investments in Securities	$	17,817,398		$	378,957,952			—	$	396,775,350

Financial Derivative Instruments-Assets†††
Interest Rate Contracts	$	23,230			—			—	$	23,230

Financial Derivative Instruments-Liabilities†††
Interest Rate Contracts		(751,806	)		—			—		(751,806	)

Total Financial Derivative Instruments	$	(728,576	)		—			—	$	(728,576	)

†	All common stocks held in the Funds are level 1 securities. For a detailed breakout of these securities, please refer to the respective Schedule of Portfolio Investments.

††

All corporate bonds and notes and U.S. government and agency obligations held in the Funds are level 2 securities. For a detailed breakout of the corporate bonds and notes and U.S. government and agency obligations; by major industry or agency classification, please refer to the respective Schedule of Portfolio Investments.

†††	Derivative instruments, such as futures, are not reflected in the Schedule of Portfolio Investments and are valued at the unrealized appreciation/depreciation of the instrument.

Notes to Schedules of Portfolio Investments (continued)

As of March 31, 2015, the Funds had no transfers between levels from the beginning of the reporting period.

At March 31, 2015, the following Fund had TBA forward sale commitments:

AMG Managers Intermediate Duration Government Fund


	Principal		Settlement			Current
Security	Amount		Date			Liability			Proceeds
FNMA, 3.500%, TBA 30 years	$	700,000		4/14/15		$	(735,219	)	$	729,531
FNMA, 4.000%, TBA 30 years		1,000,000		4/14/15			(1,069,219	)		1,060,938

					Totals	$	(1,804,438	)	$	1,790,469

At March 31, 2015, the following Funds had open futures contracts:

AMG Managers Intermediate Duration Government Fund


Type	Number of Contracts		Position		Expiration Date	Unrealized Gain/(Loss)
2-Year U.S. Treasury Note		4		Short	07/06/15	$	(3,010	)
5-Year Interest Rate Swap		23		Short	06/17/15		(40,306	)
5-Year U.S. Treasury Note		2		Short	07/06/15		(2,349	)
10-Year Interest Rate Swap		34		Short	06/17/15		(109,874	)
10-Year U.S. Treasury Note		5		Long	06/30/15		7,644
Ultra U.S. Treasury Bond		2		Long	06/30/15		6,323

					Total	$	(141,572	)

AMG Managers Short Duration Government Fund


Type	Number of Contracts		Position		Expiration Date	Unrealized Gain/(Loss)
2-Year U.S. Treasury Note		31		Short	07/06/15	$	(23,328	)
5-Year Interest Rate Swap		241		Short	06/17/15		(421,987	)
5-Year U.S. Treasury Note		20		Long	07/06/15		23,230
10-Year Interest Rate Swap		54		Short	06/17/15		(174,768	)
10-Year U.S. Treasury Note		30		Short	06/30/15		(46,014	)
Ultra U.S. Treasury Bond		27		Short	06/30/15		(85,709	)

					Total	$	(728,576	)

INVESTMENTS DEFINITIONS AND ABBREVIATIONS:

ADR: ADR after the name of a holding stands for American Depositary Receipt, representing ownership of foreign securities on deposit with a domestic custodian bank. The value of the ADR securities is determined or significantly influenced by trading on exchanges not located in the United States or Canada. Sponsored ADRs are initiated by the underlying foreign company.

Notes to Schedules of Portfolio Investments (continued)


FHLMC:	Federal Home Loan Mortgage Corp.	LB-UBS:	Lehman Brothers-Union Bank of Switzerland
FNMA:	Federal National Mortgage Association	MTN:	Medium-Term Notes
GNMA:	Government National Mortgage Association	PLC:	Publlic Limited Company
GSMPS:	Goldman Sachs Mortgage Participation Securities	REMICS:	Real Estate Mortgage Investment Conduits
GSR:	Goldman Sachs REMIC	TBA:	To Be Announced
IO:	Interest Only

VALUATION OF INVESTMENTS

Equity securities traded on a domestic or international securities exchange are valued at the last quoted sale price, or, lacking any sales, at the last quoted bid price. Equity securities primarily traded on an international securities exchange and equity securities traded on NASDAQ or in a U.S. or non-U.S. over-the-counter market are valued at the market’s official closing price, or, if there are no trades on the applicable date, at the last quoted bid price. In addition, if the applicable market does not offer an official closing price or if the official closing price is not representative of the overall market, equity securities primarily traded on an international securities exchange and equity securities traded in a non-U.S. over-the-counter market are valued at the last quoted sales price. The Funds’ investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third-party pricing services approved by the Board of Trustees of the Funds (the “Board”).

Fixed-income securities are valued based on valuations furnished by independent pricing services that utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Debt obligations (other than short-term debt obligations that have 60 days or less remaining until maturity) will be valued using the evaluated bid price or the mean price provided by an authorized pricing service. Futures contracts for which market quotations are readily available are valued at the settlement price as of the close of the futures exchange. Short term debt obligations (debt obligations with maturities of one year or less at the time of issuance) that have 60 days or less remaining until maturity will be valued at amortized cost. Investments in other open-end regulated investment companies are valued at their end of day net asset value per share. Investments in certain mortgage-backed and stripped mortgage-backed securities, preferred stocks, convertible securities, derivatives and other debt securities not traded on an organized securities market are valued on the basis of valuations provided by dealers or by a pricing service which uses information with respect to transactions in such securities and various relationships between such securities and yield to maturity in determining value.

Under certain circumstances, the value of certain Fund investments (including derivatives) may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the Board. The Pricing Committee is the committee formed by the Board to make fair value determinations for such investments. Each Fund may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not deemed to be readily available or otherwise not determinable pursuant to the Board’s valuation procedures, if AMG Funds LLC (formerly Managers Investment Group LLC) (the “Investment Manager”) believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Pricing Committee seeks to determine the price that the Fund might reasonably expect to receive from a current sale of that investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental analytical data and press releases relating to the investment and its issuer; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with a quarterly report showing, as of the most recent quarter end, all outstanding securities fair valued by the Pricing Committee, including a comparison with the prior quarter end and the percentage of the Fund that the security represents at each quarter end.

Portfolio investments that trade primarily on foreign markets are priced based upon the market quotation of such securities as of the close of their respective principal markets. Under certain circumstances, on behalf of a fund that invests in international securities, the Investment Manager or applicable subadvisor may recommend an adjustment of such prices based on its determination of the impact of events occurring subsequent to the close of such markets but prior to the time as of which each Fund calculates its NAV. The Board has also adopted a policy that securities held in a fund that invests in international securities and certain foreign debt obligations held by a fund, in each case, that can be fair valued by the applicable fair value pricing service are fair valued on each business day without regard to a “trigger” (e.g., without regard to invoking fair value based upon a change in a U.S. equity securities index exceeding a pre-determined level). The Funds may invest in securities that may be thinly traded. The Board has adopted procedures to adjust prices of securities that are judged to be stale so that they reflect fair value. An investment valued on the basis of its fair value may be valued at a price higher or lower than available market quotations.

FAIR VALUE MEASUREMENTS

Notes to Schedules of Portfolio Investments (continued)

hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and defaults) or other market corroborated inputs) (e.g., debt securities, government securities, foreign exchange currency contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Funds’ own assumptions used to determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments. Transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period.

SECURITIES TRANSACTED ON A WHEN ISSUED BASIS

The AMG Managers Intermediate Duration Government Fund entered into To Be Announced (“TBA”) sale commitments to hedge its portfolio positions or to sell mortgage-backed securities it owns under delayed delivery arrangements. Proceeds of TBA sale commitments are not received until the contractual settlement date. During the time a TBA sale commitment is outstanding, equivalent deliverable securities, or an offsetting TBA purchase commitment deliverable on or before the sale commitment date, are held as “cover” for the transaction. Unsettled TBA sale commitments are valued at the current market value of the underlying securities. Each contract is marked-to-market daily and the change in market value is recorded by the Funds as an unrealized gain or loss. If the TBA sale commitment is closed through the acquisition of an offsetting purchase commitment, the Fund realizes a gain or loss. If the Fund delivers securities under the commitment, the Fund realizes a gain or a loss from the sale of the securities based upon the unit price established at the date the commitment was entered into.

FUTURES CONTRACTS

A Fund may purchase or sell futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital shares transactions. There are certain risks associated with futures contracts. Prices may not move as expected or a Fund may not be able to close out the contract when it desires to do so, resulting in losses. Futures are valued at their quoted daily settlement prices. The aggregate principal amounts of the contracts are not recorded in the financial statements. All futures contracts are exchange traded.

DELAYED DELIVERY TRANSACTIONS AND WHEN-ISSUED SECURITIES

The Funds may enter into securities transactions on a delayed delivery or when issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked to market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Funds’ Schedules of Portfolio Investments. With respect to purchase commitments, the Funds identify securities as segregated in their records with a value at least equal to the amount of the commitment. The payables and receivables associated with the purchases and sales of delayed delivery securities having the same coupon, settlement date and broker are offset. Delayed delivery or when-issued securities that have been purchased from and sold to different brokers are reflected as both payables and receivables in the Funds’ Statement of Assets and Liabilities. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.

AMG GW&K Enhanced Core Bond Fund

Schedule of Portfolio Investments (unaudited)

March 31, 2015


	Principal Amount		Value
Corporate Bonds and Notes—60.4%
Financials—16.1%
Ally Financial, Inc., 8.000%, 03/15/20	$	550,000	$	657,250
American Tower Corp.,
5.050%, 09/01/20		355,000		392,592
7.250%, 05/15/19		1,120,000		1,317,021
Associates Corp. of North America, 6.950%, 11/01/18		725,000		845,019
Bank of America Corp., Series M, 8.125%, 12/29/49¹		645,000		699,019
Crown Castle International Corp., 5.250%, 01/15/23		700,000		738,500
General Electric Capital Corp., Series GMTN, 6.000%, 08/07/19		775,000		906,220
The Goldman Sachs Group, Inc., 6.125%, 02/15/33		1,445,000		1,848,481
International Lease Finance Corp., 8.250%, 12/15/20		550,000		671,000
JPMorgan Chase & Co., Series 1, 7.900%, 04/29/49¹		1,195,000		1,292,094
Morgan Stanley, Series GMTN, 5.500%, 07/28/21		750,000		871,229
The PNC Financial Services Group, Inc., 6.750%, 07/29/49¹		1,215,000		1,354,725
Wells Fargo & Co., Series K, 7.980%, 03/29/49¹		1,215,000		1,336,500
Weyerhaeuser Co., 8.500%, 01/15/25		1,340,000		1,790,988
Total Financials				14,720,638
Industrials—44.3%
Actavis Funding SCS, 3.800%, 03/15/25		1,000,000		1,034,119
Alcoa, Inc., 5.125%, 10/01/24		855,000		916,809
ArcelorMittal, 10.600%, 06/01/19 (b)		530,000		650,244
BorgWarner, Inc., 3.375%, 03/15/25		1,000,000		1,031,414
Burlington Northern Santa Fe LLC, 6.150%, 05/01/37		1,335,000		1,795,168
Calumet Specialty Products Partners L.P. / Calumet Finance Corp., 7.625%, 01/15/22		600,000		609,000
CenturyLink, Inc., Series S, 6.450%, 06/15/21		605,000		655,669
CF Industries, Inc., 7.125%, 05/01/20		1,435,000		1,730,977
Chesapeake Energy Corp., 6.125%, 02/15/21		615,000		625,762
Cloud Peak Energy Resources LLC / Cloud Peak Energy Finance Corp., 6.375%, 03/15/24		500,000		435,000
Comcast Corp., 7.050%, 03/15/33		660,000		938,954
CONSOL Energy, Inc., 5.875%, 04/15/22		500,000		455,000
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.,
5.000%, 03/01/21		550,000		612,967
5.200%, 03/15/20		1,000,000		1,129,890
Energy Transfer Equity, L.P., 7.500%, 10/15/20		570,000		641,250
Ford Motor Co., 7.450%, 07/16/31		670,000		927,428
Freeport-McMoran Oil & Gas LLC/FCX Oil & Gas Inc., 6.750%, 02/01/22		765,000		812,812
Frontier Communications Corp., 8.500%, 04/15/20		565,000		637,037
General Motors Co., 6.250%, 10/02/43		750,000		922,171

AMG GW&K Enhanced Core Bond Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Industrials—44.3% (continued)
Georgia-Pacific LLC, 8.000%, 01/15/24	$	645,000	$	857,191
Hornbeck Offshore Services, Inc., 5.875%, 04/01/20		600,000		519,000
Host Hotels & Resorts, L.P., Series C, 4.750%, 03/01/23		815,000		879,805
International Paper Co., 7.500%, 08/15/21		675,000		849,188
L-3 Communications Corp., 4.950%, 02/15/21		1,185,000		1,312,271
Lear Corp.,
4.750%, 01/15/23		600,000		606,000
5.375%, 03/15/24		350,000		364,000
The Mosaic Co., 4.250%, 11/15/23		840,000		897,453
Newfield Exploration Co., 5.375%, 01/01/26		500,000		506,000
NuStar Logistics, L.P., 6.750%, 02/01/21		450,000		477,020
Offshore Group Investment, Ltd., 7.500%, 11/01/19		1,000,000		575,000
Owens Corning, 4.200%, 12/15/22		855,000		893,666
Peabody Energy Corp., 6.250%, 11/15/21²		850,000		525,937
QVC, Inc., 5.125%, 07/02/22		830,000		883,614
The Ryland Group, Inc., 6.625%, 05/01/20		650,000		705,250
Sprint Corp., 7.875%, 09/15/23		600,000		615,000
Starwood Hotels & Resorts Worldwide, Inc., 4.500%, 10/01/34		1,900,000		1,983,364
Teck Resources, Ltd., 6.125%, 10/01/35		1,425,000		1,381,649
Teekay Corp., 8.500%, 01/15/20		600,000		676,500
Thompson Creek Metals Co., Inc., 9.750%, 12/01/17		525,000		543,375
Time, Inc., 5.750%, 04/15/22 (a)		750,000		735,000
T-Mobile USA, Inc., 6.633%, 04/28/21		280,000		294,350
Tyson Foods, Inc., 4.875%, 08/15/34		845,000		955,659
United Continental Holdings, Inc., 6.375%, 06/01/18		550,000		583,688
Verizon Communications, Inc., 5.150%, 09/15/23		780,000		894,880
Viacom, Inc., 6.875%, 04/30/36		675,000		837,304
Weatherford International, Ltd./Bermuda, 9.625%, 03/01/19		1,218,000		1,396,493
The Williams Cos., Inc., 8.750%, 03/15/32		1,360,000		1,631,482
WPX Energy, Inc., 6.000%, 01/15/22		550,000		514,250
Total Industrials				40,456,060
Total Corporate Bonds and Notes (cost $54,938,685)				55,176,698
Municipal Bonds—6.2%
California State General Obligation, Build America Bonds, 7.550%, 04/01/39		1,175,000		1,842,494
Illinois State General Obligation, 5.365%, 03/01/17		1,150,000		1,234,697
JobsOhio Beverage System, Series B, 3.985%, 01/01/29		745,000		795,146
Metropolitan Transportation Authority NY Revenue, Build America Bonds, 6.668%, 11/15/39		685,000		961,555
New Jersey Economic Development Authority, Series A, 7.425%, 02/15/29 (National Insured)³		685,000		862,223
Total Municipal Bonds (cost $5,430,507)				5,696,115

AMG GW&K Enhanced Core Bond Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
U.S. Government and Agency Obligations—29.6%
Federal Home Loan Mortgage Corporation—5.8%
FHLMC Gold Pool,
4.500%, 10/01/39	$	803,874	$	877,199
5.000%, 06/01/26 to 10/01/36		4,058,959		4,462,468
Total Federal Home Loan Mortgage Corporation				5,339,667
Federal National Mortgage Association—20.9%
FNMA,
4.000%, 02/01/26 to 02/01/29		1,523,638		1,628,979
4.500%, 05/01/39		3,435,126		3,792,253
5.000%, 08/01/35		1,350,184		1,502,379
5.500%, 05/01/25 to 02/01/39		7,035,167		7,897,267
6.000%, 02/01/23 to 10/01/40		3,769,331		4,306,285
Total Federal National Mortgage Association				19,127,163
U.S. Treasury Obligations—2.9%
United States Treasury Bond, 6.250%, 08/15/23		1,646,000		2,220,043
United States Treasury Notes, 3.500%, 05/15/20		350,000		386,203
Total U.S. Treasury Obligations				2,606,246
Total U.S. Government and Agency Obligations (cost $26,322,024)				27,073,076
Short-Term Investments—3.2%
Repurchase Agreements—0.5%⁴
Cantor Fitzgerald Securities, Inc., dated 03/31/15, due 04/01/15, 0.150%, total to be received $443,583 (collateralized by various U.S. Government Agency Obligations, 0.000% - 10.500%, 05/28/15 - 02/20/65, totaling $442,253)		433,581		433,581

	Shares
Other Investment Companies—2.7%⁵
Dreyfus Institutional Cash Advantage Fund, Institutional Class Shares, 0.06%		2,456,492		2,456,492
Total Short-Term Investments (cost $2,890,073)				2,890,073
Total Investments—99.4% (cost $89,581,289)				90,835,962
Other Assets, less Liabilities—0.6%				541,160
Net Assets—100.0%			$	91,377,122

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (unaudited)

March 31, 2015


	Principal Amount		Value
Municipal Bonds—97.7%
Arizona—3.5%
Arizona Health Facilities Authority, Scottsdale Lincoln Hospital Revenue, 5.000%, 12/01/26	$	2,560,000	$	3,040,896
Arizona State University, Series A, 5.000%, 07/01/28		3,415,000		4,126,652
Arizona Transportation Board, Subordinated Highway Revenue, Series 2011 A, 5.000%, 07/01/22		2,480,000		2,962,856
Arizona Transportation Board, Subordinated Highway Revenue, Series 2013 A, 5.000%, 07/01/21		1,590,000		1,905,424
Arizona Transportation Board, Subordinated Highway Revenue, Series 2013 A, 5.000%, 07/01/22		4,120,000		5,020,962
Arizona Water Infrastructure Finance Authority Revenue, Series A, 5.000%, 10/01/21		3,020,000		3,659,274
Phoenix Civic Improvement Corp. Senior Lien Wastewater System Revenue, Series 2008, 5.500%, 07/01/20		1,045,000		1,194,017
Total Arizona				21,910,081
California—9.5%
California State Health Facilities Financing Authority Revenue, Saint Joseph Health System, Series A, 5.000%, 07/01/27		1,390,000		1,650,820
California State Tax Exempt General Obligation, 5.000%, 02/01/23		2,165,000		2,596,917
California State Tax Exempt General Obligation, 5.000%, 10/01/23		6,160,000		7,590,352
California State Tax Exempt General Obligation, 5.000%, 09/01/25		1,750,000		1,977,307
Golden State Tobacco Securitization Corp., Series A, 5.000%, 06/01/33		6,000,000		6,946,380
Los Angeles Unified School District General Obligation, Series KRY, 5.250%, 07/01/28		2,100,000		2,493,918
Southern California Public Power Authority, Southern Transmission Project, Series 2008 B, 6.000%, 07/01/27		1,175,000		1,367,406
State of California, 5.000%, 03/01/24		5,000,000		6,158,050
State of California Department of Water Resources Power Supply Revenue, 5.000%, 05/01/22		2,295,000		2,699,815
University of California, Limited Project Revenue, Series G, 5.000%, 05/15/25		4,740,000		5,710,183
University of California, Series AO, 5.000%, 05/15/26		1,500,000		1,869,795
University of California, Series I, 5.000%, 05/15/24		4,000,000		4,972,840
University of California, Series I, 5.000%, 05/15/26		11,355,000		14,096,324
Total California				60,130,107
Colorado—1.7%
Denver City & County Co. Airport Revenue, Series B, 5.000%, 11/15/24		2,750,000		3,289,302
Regional Transportation District County COPS, Series A, 5.000%, 06/01/24		6,000,000		7,238,640
Total Colorado				10,527,942
District of Columbia—2.6%
District of Columbia Public Improvements General Obligation, Series A, 5.000%, 06/01/20		3,030,000		3,542,434
District of Columbia Water & Sewer Authority Public Utility Revenue, Sub Lien, Series C, 5.000%, 10/01/21		5,000,000		6,013,900
District of Columbia Water & Sewer Authority Public Utility Revenue, Sub Lien, Series C, 5.000%, 10/01/24		5,475,000		6,612,869
Total District of Columbia				16,169,203
Florida—5.4%
Florida State Board of Education Capital Outlay, Series 2008 C, 5.000%, 06/01/20		2,845,000		3,279,147
Florida State Board of Education Capital Outlay, Series 2011 C, 5.000%, 06/01/22		3,655,000		4,354,348
Florida State Board of Education Capital Outlay, Series A, 5.000%, 06/01/20		6,455,000		7,501,355
Florida State Board of Education, Series D, 5.000%, 06/01/24		6,565,000		7,770,662
Florida State Department of Transportation, Series B, 5.000%, 07/01/24		1,815,000		2,164,369

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Florida—5.4% (continued)
Florida State Turnpike Authority Revenue, Department of Transportation, Series A, 5.000%, 07/01/20	$	3,750,000	$	4,401,225
JEA Water and Sewer System Revenue, Series 2012 A, 5.000%, 10/01/24		1,670,000		1,973,422
Reedy Creek Improvement District, Utility Revenue, Series 1, 5.000%, 10/01/25		2,000,000		2,392,360
Total Florida				33,836,888
Georgia—2.0%
Atlanta Department of Aviation FAC Charge Revenue, Series A, 5.000%, 01/01/25		1,500,000		1,815,135
Atlanta Water & Wastewater Revenue, 5.000%, 11/01/25		8,830,000		10,927,655
Total Georgia				12,742,790
Illinois—5.1%
Illinois State Finance Authority Revenue, University of Chicago, Series A, 5.000%, 10/01/20		6,800,000		8,019,308
Illinois State Finance Authority Revenue, University of Chicago, Series A, 5.000%, 10/01/23		5,105,000		6,224,680
Illinois State Miscellaneous Revenue, 5.000%, 02/01/24		1,030,000		1,158,801
Illinois State Miscellaneous Revenue, 5.000%, 02/01/25		2,000,000		2,206,700
Illinois State Sales Tax Revenue, Build Illinois, Junior Obligation, 5.000%, 06/15/23		3,570,000		4,316,130
Illinois State Toll Highway Authority, Series A, 5.000%, 12/01/20		4,100,000		4,836,934
Illinois State Toll Highway Authority, Series A, 5.000%, 12/01/22		2,415,000		2,911,959
Metropolitan Pier and Exposition Authority Revenue, McCormick Place Expansion Project, Series 2012 B, 5.000%, 12/15/22		2,095,000		2,529,775
Total Illinois				32,204,287
Indiana—1.4%
Indiana Finance Authority Green Bond, Series A, 5.000%, 02/01/24		4,540,000		5,645,354
Indiana University Student Fee Revenue, Series W-2, 5.000%, 08/01/23		2,750,000		3,406,067
Total Indiana				9,051,421
Kentucky—1.7%
Kentucky Infrastructure Authority, Wastewater & Drinking Water, Series A, 5.000%, 02/01/22		3,270,000		3,807,653
Kentucky State Asset/Liability Commission Agency Fund Revenue, Project NTS-Federal Highway Trust 1st, Series A, 5.250%, 09/01/22		1,600,000		1,957,728
Kentucky State Asset/Liability Commission Agency Fund Revenue, Project NTS-Federal Highway Trust 1st, Series A, 5.250%, 09/01/24		1,515,000		1,854,981
Kentucky Turnpike Authority Revenue, Revitalization Projects, Series A, 5.000%, 07/01/23		2,750,000		3,093,667
Total Kentucky				10,714,029
Massachusetts—4.3%
Massachusetts State Department of Taxation & Finance, Series F, 5.000%, 11/01/24		10,000,000		12,160,100
Massachusetts State Development Finance Agency Revenue, Boston College, Series S, 5.000%, 07/01/23		2,895,000		3,556,942
Massachusetts State Health & Educational Facilities Authority Revenue, Northeastern University, Series 2008 T-1, 5.000%, 10/01/24		1,655,000		1,968,523
Massachusetts State School Building Authority Sales Tax Revenue, Series 2012 A, 5.000%, 08/15/21		2,710,000		3,283,111
University of Massachusetts Building Authority, Series 2, 5.000%, 11/01/21		5,000,000		6,015,800
Total Massachusetts				26,984,476
Michigan—1.5%
Michigan Finance Authority Revenue, Unemployment Obligation, Series 2012 B, 5.000%, 07/01/20		3,190,000		3,677,241

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Michigan—1.5% (continued)
Michigan Finance Authority Revenue, Unemployment Obligation, Series 2012 B, 5.000%, 07/01/22	$	4,475,000	$	4,727,927
Michigan Strategic Fund Limited Obligation Revenue, Cadillac Place Office Building Project, Series 2011, 5.250%, 10/15/23		1,000,000		1,198,790
Total Michigan				9,603,958
Minnesota—0.6%
Minnesota State General Obligation, Series D, 5.000%, 08/01/21		3,325,000		3,951,496
Mississippi—0.5%
Mississippi Development Bank Special Obligation, Madison County Highway Project, Series C, 5.000%, 01/01/22		2,585,000		3,088,144
Missouri—1.5%
University of Missouri, Series A, 5.000%, 11/01/19		5,040,000		5,867,064
University of Missouri, Series A, 5.000%, 11/01/22		3,000,000		3,674,760
Total Missouri				9,541,824
Nebraska—0.4%
Nebraska Public Power District Revenue, Series 2012 B, 5.000%, 01/01/20		2,020,000		2,347,604
New Jersey—3.7%
New Jersey Economic Development Authority, Schools Facilities Construction, Series 2013 NN, 5.000%, 03/01/21		1,910,000		2,142,944
New Jersey Economic Development Authority, Schools Facilities Construction, Series II, 5.000%, 03/01/22		2,000,000		2,247,940
New Jersey Economic Development Authority, Schools Facilities Construction, Series NN, 5.000%, 03/01/26		2,625,000		2,894,955
New Jersey Economic Development Authority, Tobacco and Liquor Tax Revenue, 5.000%, 06/15/20		2,000,000		2,281,060
New Jersey State Turnpike Authority Revenue, Series 2012 B, 5.000%, 01/01/24		2,780,000		3,316,123
New Jersey State Turnpike Authority Revenue, Series A, 5.000%, 01/01/24		1,910,000		2,259,243
New Jersey Transportation Trust Fund Authority, Series 2003 B, 5.250%, 12/15/19		1,290,000		1,450,605
New Jersey Transportation Trust Fund Authority, Series 2011 A, 5.250%, 06/15/24		1,165,000		1,301,596
New Jersey Transportation Trust Fund Authority, Series 2011 B, 5.250%, 06/15/23		1,550,000		1,745,656
Rutgers The State University of New Jersey, Series J, 5.000%, 05/01/24		3,335,000		4,063,898
Total New Jersey				23,704,020
New Mexico—0.3%
New Mexico Finance Authority, Transportation Revenue, Sub Lien, Series A-2, 5.000%, 12/15/20		1,520,000		1,794,071
New York—11.2%
Long Island Power Authority, Series 2012 B, 5.000%, 09/01/23		1,510,000		1,773,948
New York City General Obligation, Series 2008 B-1, 5.250%, 09/01/20		3,200,000		3,641,152
New York City General Obligation, Series 2013 H, 5.000%, 08/01/25		2,070,000		2,496,151
New York City General Obligation, Series E, 5.250%, 08/01/22		3,000,000		3,663,000
New York City General Obligation, Series I, 5.000%, 08/01/24		3,625,000		4,367,436
New York City General Obligation, Series I, 5.000%, 08/01/26		2,500,000		2,978,225
New York City Health & Hospital Corp., Series A, 5.000%, 02/15/23		1,020,000		1,227,692
New York City Transitional Finance Authority Future Tax Secured Revenue, Series C, 5.000%, 11/01/21		1,665,000		2,010,155
New York City Water & Sewer System, Series 2009 A, 5.625%, 06/15/24		2,000,000		2,290,560
New York City Water & Sewer System, Series AA, 5.000%, 06/15/20		2,175,000		2,451,225
New York State Dormitory Authority Revenue, State University Facilities, Series A, 5.000%, 07/01/22		4,180,000		5,037,318

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
New York—11.2% (continued)
New York State Dormitory Authority, Personal Income Tax Revenue, Series A, 5.000%, 02/15/25	$	5,000,000	$	6,095,050
New York State Dormitory Authority, Personal Income Tax Revenue, Series C, 5.000%, 03/15/22		4,635,000		5,505,685
New York State Environmental Facilities Corp., New York City Municipal Water Finance Authority Project, Series C, 5.000%, 06/15/20		4,270,000		4,678,981
New York State Environmental Facilities Corp., New York City Municipal Water Finance Authority Project, Series F, 5.000%, 06/15/21		1,000,000		1,126,320
New York State Thruway Authority Highway & Bridge Trust Fund, Series A, 5.000%, 04/01/20		1,500,000		1,629,180
New York State Thruway Authority, General Revenue Junior Indebtedness, Series A, 5.000%, 05/01/19		10,285,000		11,731,380
New York State Thruway Authority, Series 2012 I, 5.000%, 01/01/21		2,780,000		3,288,351
New York State Urban Development Corp. Revenue, State Personal Income Tax, Series A, 5.000%, 03/15/23		2,600,000		3,077,100
Triborough Bridge & Tunnel Authority Revenue, Series 2013 A, 5.000%, 11/15/22		1,520,000		1,850,235
Total New York				70,919,144
North Carolina—2.4%
North Carolina Eastern Municipal Power Agency, Series 2012 D, 5.000%, 01/01/23⁷		3,000,000		3,517,920
North Carolina State Limited Obligation, Series A, 5.000%, 05/01/22		3,000,000		3,635,250
North Carolina State Limited Obligation, Series C, 5.000%, 05/01/23		6,575,000		8,072,456
Total North Carolina				15,225,626
Ohio—5.9%
American Municipal Power, Inc., 5.000%, 02/15/23		2,500,000		2,938,575
Cleveland Department of Public Utilities Division of Water, Series A, 5.000%, 01/01/22		3,010,000		3,595,866
Miami University, General Receipts Revenue, Series 2011, 5.000%, 09/01/22		1,000,000		1,186,700
Ohio State Adult Correctional Building Fund Project, Series 2013, 5.000%, 10/01/21		2,200,000		2,634,148
Ohio State General Obligation, Series 2012 A, 5.000%, 09/15/21		1,585,000		1,910,353
Ohio State General Obligation, Series A, 5.000%, 09/15/22		8,000,000		9,769,200
Ohio State General Obligation, Series R, 5.000%, 05/01/21		5,215,000		6,246,631
Ohio State University, Series A, 5.000%, 12/01/20		2,570,000		3,001,195
Ohio State Water Development Authority, Series B, 5.000%, 12/01/22		4,930,000		6,068,879
Total Ohio				37,351,547
Oklahoma—0.4%
Oklahoma Capital Improvement Authority, Series A, 5.000%, 07/01/22		2,025,000		2,455,556
Oregon—1.1%
Oregon State Lottery, Revenue Series D, 5.000%, 04/01/21		5,000,000		5,999,650
Tri-County Metro Transportation District of Capital Grant Receipt Revenue, Series 2011 A, 5.000%, 10/01/19		1,030,000		1,188,054
Total Oregon				7,187,704
Pennsylvania—1.3%
Monroeville Finance Authority, University of Pittsburgh Medical Center, 5.000%, 02/15/22		1,330,000		1,590,441
Pennsylvania Economic Development Financing Authority Revenue, Series 2012 B, 5.000%, 07/01/21		3,230,000		3,577,936
Pennsylvania Economic Development Financing Authority Revenue, Series B, 5.000%, 07/01/22		1,690,000		1,785,958
Saint Mary Hospital Authority Health System Revenue, Catholic Health East, Series A, 5.000%, 11/15/26		1,100,000		1,265,495
Total Pennsylvania				8,219,830

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
South Carolina—1.6%
Florence County Hospital Revenue, McLeod Regional Medical Center Project, 5.000%, 11/01/28	$	2,720,000	$	3,224,642
South Carolina Transportation Infrastructure Bank, Series 2012 A, 5.000%, 10/01/21		2,415,000		2,863,876
South Carolina Transportation Infrastructure Bank, Series B, 5.000%, 10/01/21		3,145,000		3,740,128
Total South Carolina				9,828,646
Texas—15.6%
Austin Water & Wastewater System Revenue, Series A, 5.000%, 11/15/22		2,780,000		3,383,983
Central Texas Turnpike System Transportation Commission, Series C, 5.000%, 08/15/31		9,000,000		10,115,730
City Public Service Board of San Antonio TX, Series A, 5.250%, 02/01/24		2,320,000		2,671,387
Cypress-Fairbanks Independent School District, Series C, 5.000%, 02/15/23		5,000,000		6,130,500
Cypress-Fairbanks Independent School District, Series C, 5.000%, 02/15/26		3,760,000		4,580,094
Harris County Cultural Education Facilities Finance Corp., Memorial Herman Health System, Series A, 5.000%, 12/01/25		2,800,000		3,392,060
Houston Combined Utility System Revenue, 1st Lien, Series C, 5.000%, 05/15/21		5,015,000		5,985,352
North Texas Municipal Water District, Water Utility Improvement, 5.250%, 09/01/23		3,250,000		3,982,648
North Texas Tollway Authority Revenue, Special Projects System, 1st Tier, Series A, 5.000%, 01/01/25		5,240,000		6,276,682
North Texas Tollway Authority Revenue, Special Projects System, Series D, 5.250%, 09/01/27		5,695,000		6,818,567
San Antonio Electric & Gas Revenue, Series A, 5.250%, 02/01/25		5,000,000		5,747,200
Texas State A&M University, Series A, 5.000%, 05/15/22		5,730,000		6,995,241
Texas State A&M University, Series B, 5.000%, 05/15/21		4,040,000		4,864,928
Texas State University System, Series A, 5.000%, 03/15/24		3,500,000		4,295,375
Texas Transportation Commission Fund, Series A, 5.000%, 04/01/27		5,000,000		5,987,850
Texas Transportation Commission State Highway Fund, 5.000%, 04/01/23		8,850,000		10,912,847
Texas Transportation Commission State Highway Fund, First Tier, 5.000%, 04/01/21		1,900,000		2,063,115
The University of Texas System, Series A, 5.000%, 08/15/22		4,000,000		4,671,000
Total Texas				98,874,559
Virginia—2.6%
Richmond Public Utility Revenue, Series A, 5.000%, 01/15/25		3,700,000		4,481,440
Virginia College Building Authority, 5.000%, 09/01/22		3,640,000		4,427,805
Virginia College Building Authority, Educational Facilities Authority Revenue, 21st Century College & Equipment Programs, Series B, 5.000%, 02/01/23		2,360,000		2,839,741
Virginia Public Building Authority, Public Facilities Revenue, Series B, 5.000%, 08/01/24		2,320,000		2,675,818
Virginia State College Building Authority, 21st Century Equipment Program, 5.000%, 09/01/23		1,910,000		2,307,223
Total Virginia				16,732,027
Washington—6.0%
Energy Northwest Washington Electric Revenue, Columbia Generating Station, Series 2012 A, 5.000%, 07/01/21		1,930,000		2,312,082
Energy Northwest Washington Electric Revenue, Columbia Generating Station, Series A, 5.000%, 07/01/21		3,250,000		3,908,385
King County Sewer Revenue, Series B, 5.000%, 01/01/24		5,175,000		6,105,724
Port of Seattle Revenue, Series 2012 A, 5.000%, 08/01/23		3,055,000		3,672,110
Spokane Public Facilities District, Series B, 5.000%, 12/01/20		1,000,000		1,172,650

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Washington—6.0% (continued)
State of Washington, Series 2010 B, 5.000%, 01/01/22	$	2,755,000	$	3,206,517
Tacoma Electric System Revenue, Series A, 5.000%, 01/01/20		2,725,000		3,169,638
Washington Health Care Facilities Authority Revenue, Providence Health Services, Series 2012 A, 5.000%, 10/01/21		1,510,000		1,803,891
Washington State Federal Highway Grant, Senior 520 Corridor Program, 5.000%, 09/01/20⁷		3,695,000		4,331,094
Washington State General Obligation, Motor Fuel Tax Revenue, Series 2012 E, 5.000%, 02/01/21		3,000,000		3,579,300
Washington State General Obligation, Series 2010 A, 5.000%, 08/01/20		3,850,000		4,465,731
Total Washington				37,727,122
Wisconsin—3.9%
Wisconsin State Department of Transportation Revenue, Series 1, 5.000%, 07/01/21⁶		5,000,000		5,981,800
Wisconsin State Department of Transportation Revenue, Series 1, 5.000%, 07/01/23		2,400,000		2,761,200
Wisconsin State Department of Transportation Revenue, Series 1, 5.000%, 07/01/26		2,470,000		2,835,140
Wisconsin State Department of Transportation Revenue, Series 1, 5.000%, 07/01/21		4,385,000		5,082,303
Wisconsin State General Obligation, Series 1, 5.000%, 05/01/20		3,745,000		4,404,532
Wisconsin State General Obligation, Series 2, 5.000%, 05/01/24		3,170,000		3,824,161
Total Wisconsin				24,889,136
Total Municipal Bonds (cost $605,091,445)				617,713,238

	Shares
Other Investment Companies—4.9%⁵
Fidelity Institutional Money Market Tax Exempt Portfolio, Institutional Class, 0.01%⁷ (cost $30,873,242)		30,873,242		30,873,242
Total Other Investment Companies (cost $30,873,242)		30,873,242
Total Investments—102.6% (cost $635,964,687)				648,586,480
Other Assets, less Liabilities—(2.6)%				(16,249,352	)
Net Assets—100.0%			$	632,337,128

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments (unaudited)

March 31, 2015


	Principal Amount		Value
Municipal Bonds—98.2%
California—7.2%
California Statewide Communities Development Authority Student Housing Revenue, University of California Irvine Campus
Apartments Project, Series 2011, 5.375%, 05/15/38	$	1,735,000	$	1,950,244
Golden State Tobacco Securitization Corp., Series A, 5.000%, 06/01/45		7,500,000		8,494,950
M-S-R Energy Authority, Natural Gas Revenue, Series A, 7.000%, 11/01/34		1,275,000		1,806,050
M-S-R Energy Authority, Natural Gas Revenue, Series C, 6.500%, 11/01/39		3,075,000		4,276,710
Sacramento County Public Facilities Financing Corporation COPS, 5.750%, 02/01/30		1,935,000		2,210,738
Total California				18,738,692
Colorado—2.0%
Public Authority for Colorado Energy Natural Gas Purchase Revenue, Series 2008, 6.500%, 11/15/38		3,760,000		5,194,666
District of Columbia—3.5%
District of Columbia Ballpark Revenue, Series 2006 B-1, 5.000%, 02/01/31 (National Insured)³		3,645,000		3,744,581
Metropolitan Washington Airports Authority Dulles Toll Road Revenue, Dulles Metrorail and Capital Improvement Project, Series A, 5.000%, 10/01/53		5,000,000		5,356,000
Total District of Columbia				9,100,581
Florida—6.8%
Alachua County Health Facilities Authority, Shands Teaching Hospital & Clinics, 5.000%, 12/01/44		3,075,000		3,436,835
Martin County Health Facilities Authority, Martin Memorial Medical Center, 5.500%, 11/15/42		4,120,000		4,582,182
Miami Beach Health Facilities Authority, Mt. Sinai Medical Center, 5.000%, 11/15/39		3,515,000		3,896,553
Miami Beach Health Facilities Authority, Mt. Sinai Medical Center, 5.000%, 11/15/44		2,940,000		3,246,583
Seminole Tribe Special Obligation Revenue, Series 2007 A, 5.250%, 10/01/27 (a)		50,000		53,235
Seminole Tribe Special Obligation Revenue, Series 2007 A, 5.500%, 10/01/24 (a)		2,500,000		2,716,975
Total Florida				17,932,363
Georgia—3.0%
Atlanta Water & Wastewater Revenue, 5.000%, 11/01/40		6,915,000		7,973,410
Illinois—6.6%
Illinois State General Obligation, 5.000%, 02/01/39		3,770,000		3,958,952
Illinois State General Obligation, 5.500%, 07/01/38		2,835,000		3,149,628
Metropolitan Pier and Exposition Authority Revenue, McCormick Place Expansion Project, Series 2012 A, 5.000%, 06/15/42		4,785,000		5,231,728
Railsplitter Tobacco Settlement Authority Revenue, 6.000%, 06/01/28		4,105,000		4,886,961
Total Illinois				17,227,269
Indiana—2.3%
Indiana State Finance Authority Hospital Revenue, Community Health Network, Series 2012 A, 5.000%, 05/01/42		5,485,000		6,022,969
Kentucky—0.5%
Owen County Waterworks System Revenue, American Water Co. Project, Series 2009 A, 6.250%, 06/01/39		1,030,000		1,192,750
Louisiana—4.3%
Louisiana Local Government Environmental Facilities and Community Development Authority Hospital Revenue, Series 2010 A, 5.875%, 10/01/40		5,000,000		5,951,800
Saint John the Baptist Parish Revenue, Marathon Oil Corp. Project, Series 2007 A, 5.125%, 06/01/37		5,000,000		5,277,550
Total Louisiana				11,229,350

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Massachusetts—4.6%
Massachusetts Development Finance Agency Revenue, Cap Cod Healthcare Obligation, 5.250%, 11/15/41	$	2,910,000	$	3,262,896
Massachusetts Development Finance Agency Revenue, Covanta Energy Project, Series 2012 B, 4.875%, 11/01/42 (a)		5,000,000		5,082,700
Massachusetts Health and Educational Facilities Authority Revenue, Suffolk University, Series 2009 A, 5.750%, 07/01/39		3,360,000		3,830,467
Total Massachusetts				12,176,063
Michigan—2.1%
Michigan State Hospital Finance Authority Revenue, Henry Ford Health System, Series 2009, 5.750%, 11/15/39		4,765,000		5,528,591
Nebraska—2.2%
Central Plains Energy Project, Natural Gas Revenue, 5.000%, 09/01/42		5,350,000		5,822,352
New Hampshire—1.6%
New Hampshire Health and Education Facilities Authority, Southern New Hampshire University, 5.000%, 01/01/42		4,000,000		4,202,800
New Jersey—7.2%
New Jersey Economic Development Authority, School Facilities Construction, Series UU, 5.000%, 06/15/40		3,000,000		3,190,830
New Jersey Economic Development Authority, Tobacco and Liquor Tax Revenue, 5.000%, 06/15/28		1,020,000		1,133,036
New Jersey Economic Development Authority, Tobacco and Liquor Tax Revenue, 5.000%, 06/15/29		1,000,000		1,104,730
New Jersey Economic Development Authority, UMM Energy Partners, Series 2012 A, 5.125%, 06/15/43		4,450,000		4,757,362
New Jersey Health Care Facilities Financing Authority Revenue and Refunding, Barnabas Health Issue, Series 2011 A, 5.625%, 07/01/32		4,095,000		4,776,326
New Jersey Transportation Trust Fund Authority, Series A, 5.000%, 06/15/42		3,765,000		3,988,641
Total New Jersey				18,950,925
New York—8.2%
Chautauqua County Industrial Development Agency Exempt Facility Revenue, NRG Dunkirk Power Project, Series 2009, 5.875%, 04/01/42		4,000,000		4,555,520
Long Island Power Authority, Electric Light & Power Improvements, Series A, 5.000%, 09/01/44		8,515,000		9,538,588
Metropolitan Transportation Authority, Series A, 5.000%, 11/15/43		5,000,000		5,608,300
Port Authority of New York and New Jersey Special Project, JFK International Air Terminal LLC Project, Series 2010, 6.000%, 12/01/42		1,550,000		1,830,178
Total New York				21,532,586
Ohio—1.7%
Butler County Hospital Facilities Revenue, UC Health, Series 2010, 5.500%, 11/01/40		3,710,000		4,330,201
Pennsylvania—7.6%
Lycoming County Authority Health System Revenue, Susquehanna Health System Project, Series 2009 A, 5.750%, 07/01/39		4,915,000		5,315,130
Pennsylvania Economic Development Financing Authority, PA Bridges FINCO LP, 5.000%, 12/31/34		3,000,000		3,309,180
Pennsylvania Economic Development Financing Authority, PA Bridges FINCO LP, 5.000%, 12/31/38		1,750,000		1,915,305
Pennsylvania Economic Development Financing Authority, PA Bridges FINCO LP, 5.000%, 06/30/42		3,160,000		3,446,486
Pennsylvania Higher Educational Facilities Authority, La Salle University, 5.000%, 05/01/42		4,000,000		4,297,000
Philadelphia Gas Works Revenue, Ninth Series, 5.250%, 08/01/40		1,470,000		1,642,166
Total Pennsylvania				19,925,267
Rhode Island—1.7%
Tobacco Settlement Financing Corp./RI, Series A, 5.000%, 06/01/35		2,000,000		2,190,040

AMG GW&K Municipal Enhanced Yield Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Rhode Island—1.7% (continued)
Tobacco Settlement Financing Corp./RI, Series A, 5.000%, 06/01/40	$	2,000,000	$	2,162,080
Total Rhode Island				4,352,120
Tennessee—2.1%
Chattanooga-Hamilton County Hospital Authority, 5.000%, 10/01/44		5,000,000		5,487,000
Texas—13.3%
Central Texas Regional Mobility Authority Senior Lien Revenue, Series 2011, 6.000%, 01/01/41		3,420,000		4,089,020
Central Texas Regional Mobility Authority Senior Lien Revenue, Series A, 5.000%, 01/01/43		2,970,000		3,248,675
Central Texas Turnpike System, Series C, 5.000%, 08/15/42		10,100,000		11,105,758
Fort Bend County Industrial Development Corp. Industrial Revenue, Series 2012 A, 4.750%, 05/01/38		2,155,000		2,268,331
Grand Parkway Transportation Corp. 1st Tier Toll Revenue, Series A, 5.500%, 04/01/53		3,870,000		4,352,783
North Texas Tollway Authority Revenue, Second Tier, Series B, 5.000%, 01/01/31		5,350,000		6,087,979
Texas Municipal Gas Acquisition & Supply Corp. Gas Supply Revenue, Senior Lien Series 2008 D, 6.250%, 12/15/26		3,000,000		3,717,330
Total Texas				34,869,876
Utah—2.1%
Utah Transit Authority, Sales Tax Revenue, Series A, 5.000%, 06/15/37		4,675,000		5,389,013
Virgin Islands—2.1%
Virgin Islands Public Finance Authority Matching Fund Loan Notes, Series 2012 A, 5.000%, 10/01/32		5,000,000		5,549,800
Virginia—1.6%
Chesapeake City Expressway Toll Road Revenue, Series 2012 A, 5.000%, 07/15/47		4,000,000		4,310,600
West Virginia—3.9%
West Virginia Economic Development Revenue, Appalachian Power Co. Amos Project, Series 2010 A, 5.375%, 12/01/38¹		4,085,000		4,519,236
West Virginia Hospital Finance Authority, West Virginia United Health Systems Obligation Group, Series A, 5.500%, 06/01/44		5,000,000		5,754,100
Total West Virginia				10,273,336
Total Municipal Bonds (cost $245,611,620)				257,312,580

	Shares
Other Investment Companies—4.3%⁵
Fidelity Institutional Money Market Tax Exempt Portfolio, Institutional Class, 0.01% (cost $11,221,816)		11,221,816		11,221,816
Total Investments—102.5% (cost $256,833,436)				268,534,396
Other Assets, less Liabilities—(2.5)%				(6,565,512	)
Net Assets—100.0%			$	261,968,884

AMG GW&K Small Cap Core Fund

Schedule of Portfolio Investments (unaudited)

March 31, 2015


	Shares		Value
Common Stocks—99.0%
Consumer Discretionary—14.6%
Grand Canyon Education, Inc.^*		197,605	$	8,556,296
Hibbett Sports, Inc.^*		102,675		5,037,236
Lithia Motors, Inc., Class A		63,445		6,307,067
Monro Muffler Brake, Inc.²		46,875		3,049,219
Oxford Industries, Inc.		67,679		5,106,381
Pier 1 Imports, Inc.		181,500		2,537,370
The Ryland Group, Inc.		142,350		6,938,139
Texas Roadhouse, Inc.		220,010		8,014,964
Tumi Holdings, Inc.^*		231,931		5,673,032
Tupperware Brands Corp.		68,047		4,696,604
Total Consumer Discretionary				55,916,308
Consumer Staples—1.1%
WD-40 Co.		47,621		4,216,363
Energy—3.2%
Dril-Quip, Inc.^*		56,081		3,835,380
Forum Energy Technologies, Inc.^*		194,149		3,805,320
Matador Resources Co.^*		218,448		4,788,380
Total Energy				12,429,080
Financials—21.5%
American Campus Communities, Inc.		136,865		5,867,403
AMERISAFE, Inc.		84,651		3,915,109
Cathay General Bancorp		131,888		3,752,214
Cohen & Steers, Inc.²		131,405		5,381,035
Glacier Bancorp, Inc.		225,490		5,671,073
Iberiabank Corp.		89,387		5,634,063
LegacyTexas Financial Group, Inc.		81,766		1,858,541
MarketAxess Holdings, Inc.		101,036		8,375,884
National Health Investors, Inc.		75,385		5,353,089
Pebblebrook Hotel Trust		146,235		6,810,164
PRA Group, Inc.^*		100,254		5,445,797
ProAssurance Corp.		102,855		4,722,073
STAG Industrial, Inc.		216,355		5,088,670
Stifel Financial Corp.^*		126,990		7,079,693
Texas Capital Bancshares, Inc.^*		101,885		4,956,705
Webster Financial Corp.		69,495		2,574,790
Total Financials				82,486,303


	Shares		Value
Health Care—14.3%
Air Methods Corp.^*		78,945	$	3,678,048
Analogic Corp.		49,249		4,476,734
Cantel Medical Corp.		75,902		3,605,345
Catalent, Inc.^*		132,212		4,118,404
Cepheid, Inc.^*		75,270		4,282,863
Globus Medical, Inc., Class A^*		216,001		5,451,865
HMS Holdings Corp.^*,2		112,715		1,741,447
ICU Medical, Inc.^*		71,585		6,667,427
IPC Healthcare, Inc.^*		87,460		4,079,134
Medidata Solutions, Inc.^*		89,270		4,377,801
West Pharmaceutical Services, Inc.		143,110		8,616,653
Wright Medical Group, Inc.^*		139,600		3,601,680
Total Health Care				54,697,401
Industrials—17.9%
CLARCOR, Inc.		94,879		6,267,707
The Corporate Executive Board Co.		88,977		7,105,703
Healthcare Services Group, Inc.		181,425		5,829,185
Heartland Express, Inc.		276,740		6,575,342
HEICO Corp.²		61,366		3,747,622
HEICO Corp., Class A		24,969		1,236,964
Mobile Mini, Inc.		114,320		4,874,605
Primoris Services Corp.		206,627		3,551,918
Proto Labs, Inc.^*		70,383		4,926,810
RBC Bearings, Inc.		70,667		5,408,852
Ritchie Bros. Auctioneers, Inc.²		208,211		5,192,782
The Toro Co.		88,143		6,180,587
Universal Forest Products, Inc.		71,830		3,985,128
US Ecology, Inc.		77,460		3,870,676
Total Industrials				68,753,881
Information Technology—18.0%
Aspen Technology, Inc.^*		120,580		4,641,124
Blackbaud, Inc.		134,110		6,354,132
Cardtronics, Inc.^*		100,620		3,783,312
Cavium, Inc.^*		89,610		6,346,180
Cognex Corp.^*		170,820		8,470,964
EPAM Systems, Inc.^*		72,825		4,463,444
FEI Co.		88,394		6,747,998
LogMeln, Inc.^*		80,306		4,496,333

AMG GW&K Small Cap Core Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Information Technology—18.0% (continued)
Power Integrations, Inc.		98,508	$	5,130,297
Rofin-Sinar Technologies, Inc.^*		100,232		2,428,621
SciQuest, Inc.^*		151,450		2,564,049
Solera Holdings, Inc.		77,066		3,981,230
Tyler Technologies, Inc.^*		78,906		9,510,540
Total Information Technology				68,918,224
Materials—5.7%
Balchem Corp.		65,485		3,626,559
Compass Minerals International, Inc.		44,229		4,122,585
Flotek Industries, Inc.^*		142,750		2,104,135
KapStone Paper and Packaging Corp.		174,440		5,728,610
Silgan Holdings, Inc.		111,165		6,462,021
Total Materials				22,043,910
Utilities—2.7%
Cleco Corp.		64,250		3,502,910
NorthWestern Corp.		127,162		6,840,044
Total Utilities				10,342,954
Total Common Stocks (cost $318,563,303)				379,804,424

	Principal Amount
Short-Term Investments—3.5%
Repurchase Agreements—2.8%⁴
BNP Paribas Securities Corp., dated 03/31/15, due 04/01/15, 0.130%, total to be received $546,903 (collaterized by various U.S. Government Agency Obligations, 1.625% - 6.000%, 06/01/16 - 03/01/45, totaling $557,839)	$	546,901		546,901


	Principal Amount		Value
Cantor Fitzgerald Securities, Inc., dated 03/31/15, due 04/01/15, 0.150%, total to be received $2,597,980 (collateralized by various U.S. Government Agency Obligations, 0.000% - 10.500%, 05/28/15 - 02/20/65, totaling $2,649,929)	$	2,597,969	$	2,597,969
Daiwa Capital Markets America, dated 03/31/15, due 04/01/15, 0.180%, total to be received $2,597,982 (collateralized by various U.S. Government Agency Obligations, 0.000% - 8.000%, 02/15/16 - 03/01/48, totaling $2,649,929)		2,597,969		2,597,969
Merrill Lynch, Pierce, Fenner & Smith, Inc., dated 03/31/15, due 04/01/15, 0.150%, total to be received $2,597,980 (collateralized by various U.S. Government Agency Obligations, 0.000% - 7.000%, 06/01/15 - 04/01/45, totaling $2,649,928)		2,597,969		2,597,969
Nomura Securities International, Inc., dated 03/31/15, due 04/01/15, 0.130%, total to be received $2,597,978 (collateralized by various U.S. Government Agency Obligations, 1.280% - 7.500%, 08/18/15 - 03/20/65, totaling $2,649,928)		2,597,969		2,597,969
Total Repurchase Agreements				10,938,777

	Shares
Other Investment Companies—0.7%⁵
Dreyfus Institutional Cash Advantage Fund, Institutional Class Shares, 0.06%		2,550,280		2,550,280
Total Short-Term Investments (cost $13,489,057)				13,489,057
Total Investments—102.5% (cost $332,052,360)				393,293,481
Other Assets, less Liabilities—(2.5)%				(9,491,704	)
Net Assets—100.0%			$	383,801,777

Notes to Schedules of Portfolio Investments (unaudited)

The following footnotes and abbreviations should be read in conjunction with each of the Schedules of Portfolio Investments previously presented in this report.

At March 31, 2015, the approximate cost of investments for federal income tax purposes and the aggregate gross unrealized appreciation and/or depreciation based on tax cost were:


Fund	Cost		Appreciation		Depreciation			Net
AMG GW&K Enhanced Core Bond Fund	$	89,581,523	$	2,854,633	$	(1,600,194	)	$	1,254,439
AMG GW&K Municipal Bond Fund		635,964,687		13,176,484		(554,691	)		12,621,793
AMG GW&K Municipal Enhanced Yield Fund		256,914,508		12,022,397		(402,509	)		11,619,888
AMG GW&K Small Cap Core Fund		332,025,468		73,287,286		(12,019,273	)		61,268,013

*	Non-income producing security.

(a)	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 buyers. At March 31, 2015, the value of these securities amounted to the following:


Fund	Market Value		% of Net Assets
AMG GW&K Enhanced Core Bond Fund	$	735,000		0.8	%
AMG GW&K Municipal Enhanced Yield Fund		7,852,910		3.0	%

(b)	Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.

¹	Variable Rate Security. The rate listed is as of March 31, 2015, and is periodically reset subject to terms and conditions set forth in the debenture.

²	Some or all of these shares were out on loan to various brokers as of March 31, 2015, amounting to the following:


Fund	Market Value		% of Net Assets
AMG GW&K Enhanced Core Bond Fund	$	39,445,313		43.2	%
AMG GW&K Small Cap Core Fund		10,643,535		2.8	%

³	Securities in the portfolio backed by insurance of financial institutions and financial guaranty assurance agencies. At March 31, 2015, the value of these securities amounted to the following:


Fund	Market Value		% of Net Assets
AMG GW&K Enhanced Core Bond Fund	$	862,223		0.9	%
AMG GW&K Municipal Enhanced Yield Fund		3,744,581		1.4	%

⁴	Collateral received from brokers for securities lending was invested in these short-term investments.

⁵	Yield shown represents the March 31, 2015, seven-day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

⁶	All or part of the security is a delayed delivery transaction. The market value of delayed delivery securities at March 31, 2015, amounted to the following:


Fund	Market Value		% of Net Assets
AMG GW&K Municipal Bond Fund	$	10,108,452		1.6	%

⁷	Some of the theses securities are segregated as collateral for delayed delivery transactions. At March 31, 2015, the value of theses securities amounted to the following:


Fund	Market Value		% of Net Assets
AMG GW&K Municipal Bond Fund	$	10,108,452		1.6	%

Notes to Schedules of Portfolio Investments (continued)

VALUATION OF INVESTMENTS

Equity securities traded on a domestic or international securities exchange are valued at the last quoted sale price, or, lacking any sales, at the last quoted bid price. Equity securities traded on an international securities exchange and equity securities traded on NASDAQ or in a U.S. or non-U.S. over-the-counter market are valued at the market’s official closing price, or, if there are no trades on the applicable date, at the last quoted bid price. In addition, if the applicable market does not offer an official closing price or if the official closing price is not representative of the overall market, equity securities traded on an international securities exchange and equity securities traded in a non-U.S. over-the-counter market are valued at the last quoted sales price. The Fund’s investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations provided by third-party pricing services approved by the Board of Trustees of the Fund (the “Board”).

Fixed-income securities are valued based on valuations furnished by independent pricing services that utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. Debt obligations (other than short term debt obligations that have 60 days or less remaining until maturity) will be valued using the evaluated bid price or the mean price provided by an authorized pricing service. Short-term debt obligations (debt obligations with maturities of one year or less at the time of issuance) that have 60 days or less remaining until maturity will be valued at amortized cost. Investments in other open-end regulated investment companies are valued at their end of day net asset value per share. Investments in certain mortgage-backed and stripped mortgage-backed securities, preferred stocks, convertible securities, derivatives and other debt securities not traded on an organized securities market are valued on the basis of valuations provided by dealers or by a pricing service which uses information with respect to transactions in such securities and various relationships between such securities and yield to maturity in determining value.

Under certain circumstances, the value of certain Fund investments (including derivatives) may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the Board. The Pricing Committee is the committee formed by the Board to make fair value determinations for such investments. The Fund may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not deemed to be readily available or otherwise not determinable pursuant to the Board’s valuation procedures, if AMG Funds LLC (the “Investment Manager”) believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Pricing Committee seeks to determine the price that the Fund might reasonably expect to receive from a current sale of that investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental analytical data and press releases relating to the investment and its issuer; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

The values assigned to fair value investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and the differences could be material. The Board will be presented with a quarterly report showing as of the most recent quarter end, all outstanding securities fair valued by the Pricing Committee, including a comparison with the prior quarter end and the percentage of the Fund that the security represents at each quarter end.

Portfolio investments that trade on foreign markets are priced based upon the market quotation of such securities as of the close of their respective principal markets. Under certain circumstances, on behalf of a fund that invests in international securities, the Investment Manager or applicable subadvisor may recommend an adjustment of such prices based on its determination of the impact of events occurring subsequent to the close of such markets but prior to the time as of which the Fund calculates its NAV. The Board has also adopted a policy that securities held in a fund that invests in international securities and certain foreign debt obligations held by a fund, in each case, that can be fair valued by the applicable fair value pricing service are fair valued on each business day without regard to a “trigger” (e.g., without regard to invoking fair value based upon a change in a U.S. equity securities index exceeding a predetermined level). The Fund may invest in securities that may be thinly traded. The Board has adopted procedures to adjust prices of securities that are judged to be stale so that they reflect fair value. An investment valued on the basis of its fair value may be valued at a price higher or lower than available market quotations.

FAIR VALUE MEASUREMENTS

Generally Accepted Accounting Principles (“U.S. GAAP”) defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Fund. Unobservable inputs reflect the Fund’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies)

Notes to Schedules of Portfolio Investments (continued)

Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities with observable inputs)

Level 3 – inputs are significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) (e.g., fair valued securities with unobservable inputs)

Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments are not necessarily an indication of the risk associated with investing in those investments. Transfers between different levels of the fair value disclosure hierarchy are deemed to have occurred as of the beginning of the reporting period.

The following tables summarize the inputs used to value the Funds’ net assets by the fair value hierarchy levels as of March 31, 2015:


	Quoted Prices in Active Markets for Identical Investments Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
AMG GW&K Enhanced Core Bond Fund
Investments in Securities
Corporate Bonds and Notes^†		—	$	55,176,698		—	$	55,176,698
Municipal Bonds		—		5,696,115		—		5,696,115
U.S. Government and Agency Obligations^†		—		27,073,076		—		27,073,076
Short-Term Investments
Repurchase Agreements		—		433,581		—		433,581
Other Investment Companies	$	2,456,492		—		—		2,456,492

Total Investments in Securities	$	2,456,492	$	88,379,470		—	$	90,835,962


	Quoted Prices in Active Markets for Identical Investments Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
AMG GW&K Municipal Bond Fund
Investments in Securities
Municipal Bonds^††		—	$	617,713,238		—	$	617,713,238
Other Investment Companies	$	30,873,242		—		—		30,873,242

Total Investments in Securities	$	30,873,242	$	617,713,238		—	$	648,586,480


	Quoted Prices in Active Markets for Identical Investments Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
AMG GW&K Municipal Enhanced Yield Fund
Investments in Securities
Municipal Bonds^††		—	$	257,312,580		—	$	257,312,580
Other Investment Companies	$	11,221,816		—		—		11,221,816

Total Investments in Securities	$	11,221,816	$	257,312,580		—	$	268,534,396

Notes to Schedules of Portfolio Investments (continued)


	Quoted Prices in Active Markets for Identical Investments Level 1		Significant Other Observable Inputs Level 2		Significant Unobservable Inputs Level 3		Total
AMG GW&K Small Cap Core Fund
Investments in Securities
Common Stocks^†††	$	379,804,424		—		—	$	379,804,424
Short-Term Investments
Repurchase Agreements		—	$	10,938,777		—		10,938,777
Other Investment Companies		2,550,280		—		—		2,550,280

Total Investments in Securities	$	382,354,704	$	10,938,777		—	$	393,293,481

†

All corporate bonds and notes and U.S. government and agency obligations held in the Funds are level 2 securities. For a detailed breakout of the corporate bonds and notes and U.S. government and agency obligations by major industry or agency classification, please refer to the respective Schedule of Portfolio Investments.

††	All municipal bonds held in the Funds are Level 2 securities. For a detailed breakout of the bonds by major classification, please refer to the respective Schedule of Portfolio Investments.

†††	All common stocks held in the Funds are Level 1 securities. For a detailed breakout of the common stocks by major industry classification, please refer to the respective Schedule of Portfolio Investments.

As of March 31, 2015, the Funds had no transfers between levels from the beginning of the reporting period.

INVESTMENTS DEFINITIONS AND ABBREVIATIONS:


COPS:		Certificates of Participation
FHLMC:		Federal Home Loan Mortgage Corp.
FNMA:		Federal National Mortgage Association
GMTN:		Global Medium-Term Notes
National:		National Public Finance Guarantee Corp.

Item 2. Controls and Procedures.

(a)

The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).

(b)

There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


AMG FUNDS II

By:		/s/ Jeffrey T. Cerutti
Jeffrey T. Cerutti, Principal Executive Officer

Date: May 28, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By:		/s/ Jeffrey T. Cerutti
Jeffrey T. Cerutti, Principal Executive Officer

Date: May 28, 2015



By:		/s/ Donald S. Rumery
Donald S. Rumery, Principal Financial Officer

Date: May 28, 2015

EX-99.CERT 2 d932930dex99cert.htm 302 CERTIFICATIONS 302 Certifications

CERTIFICATION

I, Jeffrey T. Cerutti, certify that:

I have reviewed this report on Form N-Q of AMG Funds II;

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 28, 2015

/s/ Jeffrey T. Cerutti

Jeffrey T. Cerutti

Principal Executive Officer

CERTIFICATION

I, Donald S. Rumery, certify that:

I have reviewed this report on Form N-Q of AMG Funds II;

any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 28, 2015

/s/ Donald S. Rumery

Donald S. Rumery

Principal Financial Officer