AMG Funds I

N-Q 1 d692842dnq.htm AMG FUNDS I AMG Funds I

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: 811-06520

AMG FUNDS I

(Exact name of registrant as specified in charter)

600 Steamboat Road, Suite 300, Greenwich, Connecticut 06830

(Address of principal executive offices) (Zip code)

AMG FUNDS LLC

600 Steamboat Road, Suite 300, Greenwich, Connecticut 06830

(Name and address of agent for service)

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

Date of fiscal year end: October 31st

Date of reporting period: JANUARY 31, 2019 (1^st Quarter End Portfolio Holdings)

Item 1.

SCHEDULE OF INVESTMENTS.

AMG Frontier Small Cap Growth Fund

Schedule of Portfolio Investments (unaudited)

January 31, 2019


	Shares		Value
Common Stocks - 99.5%
Communication Services - 1.0%
Cardlytics, Inc.^*		10,424	$	182,316
Consumer Discretionary - 10.0%
At Home Group, Inc.^*,1		7,061		155,624
Boot Barn Holdings, Inc.^*		4,451		104,287
Carvana Co.^*,1		738		27,417
Century Communities, Inc.^*,1		8,863		207,926
Core-Mark Holding Co., Inc.		463		12,908
Dana, Inc.		12,047		212,268
Eldorado Resorts, Inc.^*,1		7,833		365,174
Etsy, Inc.^*,1		961		52,519
Floor & Decor Holdings, Inc., Class A^*,1		4,743		162,638
LGI Homes, Inc.^*,1		574		34,038
LKQ Corp.^*		3,416		89,568
Planet Fitness, Inc., Class A^*		3,783		219,111
Strategic Education, Inc.¹		254		27,788
Tailored Brands, Inc.		15,399		194,489
Winnebago Industries, Inc.¹		362		10,353
Total Consumer Discretionary				1,876,108
Consumer Staples - 0.2%
Casey’s General Stores, Inc.		102		13,125
MGP Ingredients, Inc.¹		388		27,855
Total Consumer Staples				40,980
Energy - 3.3%
Centennial Resource Development, Inc., Class A*,1		1,380		18,175
Ensco PLC, Class A (United Kingdom)¹		14,151		62,265
Euronav, N.V. (Belgium)		945		7,352
GasLog, Ltd. (Monaco)		3,616		64,835
International Seaways, Inc.^*		5,252		95,166
PDC Energy, Inc.^*		7,841		255,381
SM Energy Co.¹		5,778		113,364
Transocean, Ltd.^*		1,023		8,767
Total Energy				625,305
Financials - 5.8%
Argo Group International Holdings, Ltd. (Bermuda)		2,239		149,431
Evercore, Inc., Class A		405		36,227
James River Group Holdings, Ltd. (Bermuda)		4,505		173,758
LPL Financial Holdings, Inc.		5,336		375,494
Texas Capital Bancshares, Inc.^*		3,640		212,103
Webster Financial Corp.		2,636		142,028
Total Financials				1,089,041


	Shares		Value
Health Care - 29.0%
Aerie Pharmaceuticals, Inc.^*,1		1,763	$	82,896
Agios Pharmaceuticals, Inc.^*,1		711		38,110
Alnylam Pharmaceuticals, Inc.^*		1,183		98,816
Amarin Corp. PLC, ADR (Ireland)^*		14,273		249,777
Amneal Pharmaceuticals, Inc.^*,1		1,069		13,127
BioMarin Pharmaceutical, Inc.^*		795		78,045
Bluebird Bio, Inc.^*,1		1,468		195,875
DexCom, Inc.^*		197		27,783
Exact Sciences Corp.^*		7,000		630,560
Exelixis, Inc.^*		10,669		251,468
Immunomedics, Inc.^*		12,754		188,632
Incyte Corp.^*		3,884		313,012
Insulet Corp.^*,1		9,088		737,855
Karyopharm Therapeutics, Inc.^*,1		2,566		21,734
Madrigal Pharmaceuticals, Inc.^*,1		1,490		172,482
Masimo Corp.^*		786		97,771
Medpace Holdings, Inc.^*,1		1,040		66,976
Mirati Therapeutics, Inc.^*		1,682		111,147
Myriad Genetics, Inc.^*,1		19,407		547,083
Nektar Therapeutics^*		4,719		199,802
Nevro Corp.^*		3,482		169,086
Novocure, Ltd. (Jersey)^*		6,055		296,695
Pacira Pharmaceuticals, Inc.^*		3,417		139,004
PTC Therapeutics, Inc.^*		2,619		81,529
Sage Therapeutics, Inc.^*,1		807		115,070
Seattle Genetics, Inc.^*		3,125		238,844
TherapeuticsMD, Inc.^*,1		42,774		224,564
ViewRay, Inc.^*		8,612		61,920
Total Health Care				5,449,663
Industrials - 13.0%
American Woodmark Corp.^*,1		1,887		131,996
Azul, S.A., ADR (Brazil)^*		5,838		176,599
Beacon Roofing Supply, Inc.^*		2,196		79,781
BMC Stock Holdings, Inc.^*		3,699		63,475
GMS, Inc.^*		9,302		176,087
Granite Construction, Inc.		205		8,860
JetBlue Airways Corp.^*		24,523		441,169
KAR Auction Services, Inc.		4,705		244,707
KBR, Inc.¹		6,533		112,368
Knight-Swift Transportation Holdings, Inc.¹		3,278		104,076
MasTec, Inc.^*,1		5,433		241,117
Meritor, Inc.^*		8,649		178,861

AMG Frontier Small Cap Growth Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Industrials - 13.0% (continued)
TransUnion		3,126	$	190,123
Tutor Perini Corp.^*,1		8,701		149,744
Wesco Aircraft Holdings, Inc.^*		15,505		135,514
Total Industrials				2,434,477
Information Technology - 30.4%
2U, Inc.^*		5,415		307,843
Alteryx, Inc., Class A^*,1		509		36,215
Anaplan, Inc.^*,1		4,210		132,152
Appian Corp.^*		2,989		96,216
Benefitfocus, Inc.^*,1		7,622		426,451
Blackline, Inc.^*,1		1,589		75,605
Cloudera, Inc.^*,1		15,725		212,287
Coupa Software, Inc.^*		2,152		187,138
DocuSign, Inc.^*,1		3,453		170,751
Ellie Mae, Inc.^*,1		2,126		161,151
Guidewire Software, Inc.^*		1,218		105,576
Instructure, Inc.^*,1		2,959		116,969
Mimecast, Ltd.^*		5,695		213,961
MKS Instruments, Inc.		224		18,285
Model N, Inc.^*		11,188		162,338
Monolithic Power Systems, Inc.		301		38,095
New Relic, Inc.^*		1,611		163,758
Nutanix, Inc., Class A^*		8,295		424,953
Okta, Inc.^*,1		577		47,562
Pivotal Software, Inc., Class A^*,1		5,870		108,536
Pure Storage, Inc., Class A^*		15,171		271,713
RealPage, Inc.^*,1		6,046		337,185
Semtech Corp.^*		7,874		382,361
ShotSpotter, Inc.^*		775		37,324
Tableau Software, Inc., Class A^*,1		288		36,818
The Trade Desk, Inc., Class A^*,1		1,541		219,870
Ultra Clean Holdings, Inc.^*,1		24,138		286,277
WEX, Inc.^*		2,135		344,440
Zendesk, Inc.^*		2,511		169,568
Zuora, Inc., Class A^*,1		19,727		426,892
Total Information Technology				5,718,290
Materials - 2.4%
Allegheny Technologies, Inc.^*,1		14,186		388,554
Carpenter Technology Corp.		623		29,443
Kraton Corp.^*		913		25,747
Total Materials				443,744


	Shares		Value
Real Estate - 4.4%
Corporate Office Properties Trust, REIT		8,682	$	214,358
Cushman & Wakefield PLC^*		8,900		153,436
Essential Properties Realty Trust, Inc., REIT		3,009		47,843
Healthcare Trust of America, Inc., Class A, REIT		3,259		92,621
National Retail Properties, Inc., REIT		1,406		74,110
Physicians Realty Trust, REIT		1,599		28,958
SITE Centers Corp., REIT		10,968		143,352
STAG Industrial, Inc., REIT		2,435		67,133
Total Real Estate				821,811
Total Common Stocks (Cost $15,867,853)				18,681,735

	Principal Amount
Short-Term Investments - 7.8%
Joint Repurchase Agreements - 6.7%²
Barclays Capital, Inc., dated 01/31/19, due 02/01/19, 2.550% total to be received $252,597 (collateralized by various U.S. Treasuries, 0.000% - 3.125%, 05/15/24 -02/15/46, totaling $257,631)	$	252,579		252,579
Mizuho Securities USA, LLC, dated 01/31/19, due 02/01/19, 2.570% total to be received $1,000,071 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% -3.500%, 04/18/19 - 02/01/48, totaling $1,020,000)		1,000,000		1,000,000
Total Joint Repurchase Agreements				1,252,579

	Shares
Other Investment Companies - 1.1%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.30%³		71,152		71,152
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.36%³		71,152		71,152
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.34%³		73,309		73,309
Total Other Investment Companies				215,613
Total Short-Term Investments (Cost $1,468,192)				1,468,192
Total Investments - 107.3% (Cost $17,336,045)				20,149,927
Other Assets, less Liabilities - (7.3)%				(1,367,307	)
Net Assets - 100.0%			$	18,782,620

AMG Frontier Small Cap Growth Fund

Schedule of Portfolio Investments (continued)

*	Non-income producing security.

¹	Some or all of these securities, amounting to $5,370,115 or 28.6% of net assets, were out on loan to various brokers and are collateralized by cash and various U.S. Treasury Obligations. See Notes to Schedule of Portfolio of Investments.

²	Cash collateral received from brokers for securities lending was invested in these joint repurchase agreements.

³	Yield shown represents the January 31, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR	American Depositary Receipt

REIT	Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of January 31, 2019:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	18,681,735		—		—	$	18,681,735
Short-Term Investments
Joint Repurchase Agreements		—	$	1,252,579		—		1,252,579
Other Investment Companies		215,613		—		—		215,613

Total Investments in Securities	$	18,897,348	$	1,252,579		—	$	20,149,927

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

For the period ended January 31, 2019, there were no transfers in or out of Level 3.

AMG Managers Emerging Opportunities Fund

Schedule of Portfolio Investments (unaudited)

January 31, 2019


	Shares		Value
Common Stocks - 96.0%
Communication Services - 3.5%
Bandwidth, Inc., Class A^*		6,475	$	298,498
Boingo Wireless, Inc.^*		16,854		406,519
Care.com, Inc.^*		41,682		990,781
Glu Mobile, Inc.^*		102,000		993,480
Gray Television, Inc.^*,1		82,430		1,377,405
QuinStreet, Inc.^*,1		52,559		1,000,723
Reading International, Inc., Class A^*		12,200		192,760
Salem Media Group, Inc.		42,361		119,034
TechTarget, Inc.^*		34,992		507,384
Total Communication Services				5,886,584
Consumer Discretionary - 9.9%
At Home Group, Inc.^*,1		20,030		441,461
Barnes & Noble Education, Inc.^*		19,502		111,551
Build-A-Bear Workshop, Inc.^*		40,190		190,099
Century Casinos, Inc.^*		24,500		187,915
The Container Store Group, Inc.^*		14,012		100,326
Culp, Inc.		8,897		169,933
Delta Apparel, Inc.^*		52,438		1,234,915
Destination XL Group, Inc.^*		116,806		301,360
Gaia, Inc.^*,1		29,171		343,051
Grand Canyon Education, Inc.^*		16,790		1,560,463
The Habit Restaurants, Inc., Class A^*		18,374		187,782
Hamilton Beach Brands Holding Co., Class A¹		13,620		356,027
Haverty Furniture Cos., Inc.¹		15,290		311,457
J Alexander’s Holdings, Inc.^*		19,000		163,400
Johnson Outdoors, Inc., Class A		2,611		163,579
Lakeland Industries, Inc.^*		22,410		250,544
LGI Homes, Inc.^*		13,725		813,893
The Lovesac Co.^*		32,178		768,411
Malibu Boats, Inc., Class A^*		63,222		2,563,652
Marine Products Corp.		11,466		162,817
Monarch Casino & Resort, Inc.^*		7,500		324,300
Nautilus, Inc.^*,1		7,120		53,471
Points International, Ltd. (Canada)^*		26,371		282,433
Potbelly Corp.^*,1		33,625		291,529
Rocky Brands, Inc.		3,461		92,789
Ruth’s Hospitality Group, Inc.		19,592		452,575
Shiloh Industries, Inc.^*,1		30,469		182,509
Shoe Carnival, Inc.		7,414		273,428
Sportsman’s Warehouse Holdings, Inc.^*,1		20,861		107,226
Stoneridge, Inc.^*		18,980		495,568


	Shares		Value
Superior Group of Cos., Inc.		14,880	$	264,418
Tandy Leather Factory, Inc.^*		24,580		140,598
Tile Shop Holdings, Inc.¹		16,314		123,823
Tilly’s, Inc., Class A^*		24,727		299,444
Tower International, Inc.		14,700		427,623
TravelCenters of America LLC ^*		22,546		113,181
Universal Electronics, Inc.^*,1		21,220		597,767
YETI Holdings, Inc.^*,1		53,224		905,340
ZAGG, Inc.^*		93,228		1,046,018
Total Consumer Discretionary				16,856,676
Consumer Staples - 3.7%
Calavo Growers, Inc.¹		7,071		575,296
The Chefs’ Warehouse, Inc.^*,1		23,980		770,238
Craft Brew Alliance, Inc.^*		23,100		380,226
John B Sanfilippo & Son, Inc.¹		16,510		1,126,807
Landec Corp.^*		26,030		330,321
Limoneira Co.		42,540		937,156
MGP Ingredients, Inc.¹		9,425		676,621
Natural Grocers by Vitamin Cottage, Inc.^*		5,968		81,523
Primo Water Corp.^*,1		63,150		822,844
RiceBran Technologies^*		77,354		252,948
Turning Point Brands, Inc.¹		8,741		309,519
Total Consumer Staples				6,263,499
Energy - 2.2%
Callon Petroleum Co.^*,1		88,220		718,111
Contango Oil & Gas Co.^*		49,684		187,805
Dawson Geophysical Co.^*		78,151		305,570
Era Group, Inc.^*		38,968		367,079
Evolution Petroleum Corp.		25,227		188,446
Matrix Service Co.^*		9,642		206,821
North American Construction Group, Ltd. (Canada)		36,492		380,976
Profire Energy, Inc.^*		108,808		181,709
Ring Energy, Inc.^*,1		115,126		676,941
Solaris Oilfield Infrastructure, Inc., Class A¹		24,878		374,165
TransGlobe Energy Corp. (Canada)		129,028		233,541
Total Energy				3,821,164
Financials - 15.7%
American National Bankshares, Inc.¹		5,700		186,276
AMERISAFE, Inc.		22,110		1,313,555
Arrow Financial Corp.		8,067		256,934
Atlas Financial Holdings, Inc.^*		32,103		285,396
BankFinancial Corp.		12,200		183,000



AMG Managers Emerging Opportunities Fund Schedule of Portfolio Investments (continued)


	Shares		Value
Financials - 15.7% (continued)
Bridge Bancorp, Inc.		8,008	$	246,566
Bryn Mawr Bank Corp.		9,630		356,214
Byline Bancorp, Inc.^*		18,614		351,618
Cadence BanCorp		7,181		134,644
CenterState Bank Corp.		15,567		386,062
Compass Diversified Holdings, MLP ¹		146,703		2,219,616
Cowen, Inc.^*,1		25,707		415,682
eHealth, Inc.^*		33,392		2,042,255
Ellington Financial LLC, MLP¹		18,246		301,789
Entegra Financial Corp.^*		8,100		189,216
Farmers National Banc Corp.		6,949		90,128
FedNat Holding Co.		20,896		378,426
First Bancorp		32,170		1,182,891
First Business Financial Services, Inc.		4,162		85,904
First Community Bancshares, Inc.		11,412		391,432
First Defiance Financial Corp.		18,000		507,240
First Financial Corp.		8,353		346,399
Flushing Financial Corp.		16,398		363,708
FS Bancorp, Inc.		3,731		181,140
German American Bancorp, Inc.¹		29,655		867,409
Goosehead Insurance, Inc., Class A^*,1		53,848		1,547,591
Hallmark Financial Services, Inc.^*		7,900		76,630
HCI Group, Inc.		7,890		373,828
Heritage Commerce Corp.		18,735		248,613
Heritage Financial Corp.		25,867		801,360
Heritage Insurance Holdings, Inc.		26,696		387,626
HomeTrust Bancshares, Inc.		16,100		434,700
Independent Bank Corp.		21,800		483,088
Kingstone Cos., Inc.		48,885		804,158
Kinsale Capital Group, Inc.		17,790		1,031,820
Macatawa Bank Corp.		9,392		91,666
Marlin Business Services Corp.		7,504		166,514
Mercantile Bank Corp.		31,940		1,060,408
Northeast Bancorp		19,100		376,652
Northrim BanCorp, Inc.		31,011		1,027,394
OFS Capital Corp.¹		18,768		210,952
Old Second Bancorp, Inc.		28,353		397,793
Oppenheimer Holdings, Inc., Class A		15,904		428,295
Orrstown Financial Services, Inc.		4,000		75,320
Pacific Premier Bancorp, Inc.^*		30,637		911,451
People’s Utah Bancorp		7,000		205,800
Preferred Bank		20,250		942,840


	Shares		Value
RBB Bancorp.		15,089	$	281,410
Regional Management Corp.^*		17,257		474,222
Trupanion, Inc. ^*,1		17,191		456,421
United Community Financial Corp.		32,300		306,204
Total Financials				26,866,256
Health Care - 20.7%
Accelerate Diagnostics, Inc.^*,1		10,846		197,506
Addus HomeCare Corp.^*,1		4,776		287,276
Arena Pharmaceuticals, Inc.^*,1		7,675		352,820
Audentes Therapeutics, Inc.^*		16,058		398,238
CareDx, Inc.^*,1		92,566		2,594,625
Codexis, Inc.^*		35,056		659,754
CRH Medical Corp. (Canada)^*		27,492		87,974
CryoLife, Inc.^*		20,098		560,935
CryoPort, Inc.^*,1		10,459		109,715
Deciphera Pharmaceuticals, Inc.^*,1		22,647		608,525
Denali Therapeutics, Inc.^*,1		42,896		817,598
ElectroCore LLC^*		14,770		98,664
Glaukos Corp.^*		17,810		1,136,100
Harvard Bioscience, Inc.^*		57,761		198,120
Homology Medicines, Inc.^*		19,010		385,333
Inspire Medical Systems, Inc.^*,1		34,608		1,856,027
Intellia Therapeutics, Inc.^*,1		26,386		373,098
iRhythm Technologies, Inc.^*,1		14,343		1,219,155
The Joint Corp^*		49,353		404,201
KalVista Pharmaceuticals, Inc.^*,1		15,842		296,087
LeMaitre Vascular, Inc.¹		16,317		388,997
Mirati Therapeutics, Inc.^*,1		21,615		1,428,319
MyoKardia, Inc.^*		13,878		574,272
Myovant Sciences, Ltd. (United Kingdom)^*,1		54,296		1,001,218
Neuronetics, Inc.^*,1		55,576		951,461
Nuvectra Corp.^*,1		18,803		263,242
OrthoPediatrics Corp.^*,1		28,778		1,043,778
PetIQ, Inc.^*		24,149		734,613
Pieris Pharmaceuticals, Inc.^*		123,532		354,537
Protagonist Therapeutics, Inc.^*		54,618		445,137
Repligen Corp.^*		9,381		534,811
Rocket Pharmaceuticals, Inc.^*,1		22,443		322,730
RTI Surgical, Inc.^*		94,600		415,294
SeaSpine Holdings Corp.^*		22,161		338,842
SI-BONE, Inc.^*		34,309		616,876
Sientra, Inc.^*		45,487		505,815
Simulations Plus, Inc.		13,500		260,010



AMG Managers Emerging Opportunities Fund Schedule of Portfolio Investments (continued)


	Shares		Value
Health Care - 20.7% (continued)
Spark Therapeutics, Inc.^*,1		4,413	$	211,030
Surmodics, Inc.^*		13,030		746,228
Syros Pharmaceuticals, Inc.^*,1		17,849		106,915
Tabula Rasa HealthCare, Inc.^*,1		3,765		226,954
Tactile Systems Technology, Inc.^*,1		40,022		2,664,665
Tandem Diabetes Care, Inc.^*,1		39,280		1,707,894
uniQure, N.V. (Netherlands)^*		10,084		345,377
US Physical Therapy, Inc.¹		2,600		275,314
Utah Medical Products, Inc.		4,373		410,800
Vapotherm, Inc.^*		65,581		1,103,728
Veracyte, Inc.^*		63,555		1,156,065
Vericel Corp.^*,1		74,698		1,284,806
ViewRay, Inc.^*		76,078		547,001
Vocera Communications, Inc.^*		18,960		773,947
Xencor, Inc.^*,1		12,987		468,831
Zymeworks, Inc. (Canada)^*,1		35,439		564,543
Total Health Care				35,415,801
Industrials - 16.6%
ACCO Brands Corp.		136,283		1,203,379
Aerovironment, Inc.^*,1		10,987		853,250
Air Transport Services Group, Inc.^*		15,610		370,737
Allied Motion Technologies, Inc.		16,199		682,950
Armstrong Flooring, Inc.^*		19,694		266,263
AZZ, Inc.		5,470		244,782
Barrett Business Services, Inc.		6,240		390,936
Blue Bird Corp.^*,1		10,220		203,071
Broadwind Energy, Inc.^*		59,310		88,965
Casella Waste Systems, Inc., Class A^*		21,067		634,538
CBIZ, Inc.^*		26,980		528,808
Columbus McKinnon Corp.		69,020		2,498,524
Commercial Vehicle Group, Inc.^*		31,979		238,883
Covenant Transportation Group, Inc., Class A^*		9,101		214,602
CPI Aerostructures, Inc.^*		11,364		79,662
CRA International, Inc.		8,850		369,399
DMC Global, Inc.		41,037		1,416,597
Ducommun, Inc.^*		42,135		1,658,855
Echo Global Logistics, Inc.^*		19,366		460,136
Ennis, Inc.		28,666		568,733
Federal Signal Corp.		16,873		370,868
Global Brass & Copper Holdings, Inc.		13,566		410,236
Graham Corp.		25,793		577,763
The Greenbrier Cos., Inc.		27,387		1,161,483


	Shares		Value
Heidrick & Struggles International, Inc.		11,001	$	363,583
Heritage-Crystal Clean, Inc.^*		7,590		194,304
Insteel Industries, Inc.		20,780		459,030
Kornit Digital, Ltd. (Israel)^*		30,571		585,740
Lydall, Inc.^*		14,562		386,184
Manitex International, Inc.^*		88,265		618,738
Marten Transport, Ltd.		11,663		225,679
NN, Inc.¹		40,040		365,565
NV5 Global, Inc.^*,1		31,800		2,250,486
Orion Group Holdings, Inc.^*		72,844		307,402
Patrick Industries, Inc.^*,1		48,597		1,939,020
PGT Innovations, Inc.^*		28,890		480,730
Radiant Logistics, Inc.^*,1		91,466		451,842
Spartan Motors, Inc.		36,328		305,882
Sterling Construction Co., Inc.^*		17,040		225,610
Titan Machinery, Inc.^*,1		20,517		384,489
Transcat, Inc.^*		9,489		212,554
TriMas Corp.^*		16,770		486,162
Universal Logistics Holdings, Inc.		13,812		281,489
Upwork, Inc.^*		25,654		495,379
Vectrus, Inc.^*		17,830		449,138
Willdan Group, Inc.^*,1		42,275		1,422,554
Total Industrials				28,384,980
Information Technology - 17.6%
8x8, Inc.^*		24,227		426,638
Airgain, Inc.^*		17,609		189,297
Alteryx, Inc., Class A^*,1		8,107		576,813
American Software, Inc., Class A		27,664		305,964
Appfolio, Inc., Class A^*		6,705		424,494
Appian Corp.^*,1		30,114		969,370
Aquantia Corp.^*,1		25,693		226,355
AXT, Inc.^*,1		71,510		293,906
Badger Meter, Inc.		10,636		561,474
Bel Fuse, Inc., Class B		12,700		293,116
Calix, Inc.^*		67,165		730,755
CEVA, Inc.^*		10,355		294,496
Comtech Telecommunications Corp.		36,349		907,635
Control4 Corp.^*		14,636		290,817
CyberOptics Corp.^*		4,759		100,367
DSP Group, Inc.^*		16,358		206,765
Endava PLC, ADR (United Kingdom)^*,1		21,172		497,542
Everbridge, Inc.^*		45,964		2,843,333
Everi Holdings, Inc.^*		48,979		325,710



AMG Managers Emerging Opportunities Fund Schedule of Portfolio Investments (continued)


	Shares		Value
Information Technology - 17.6% (continued)
Five9, Inc.^*		17,001	$	869,261
The Hackett Group, Inc.		22,049		396,662
Ichor Holdings, Ltd.^*,1		13,823		284,339
Information Services Group, Inc.^*		48,600		200,718
International Money Express, Inc.^*		99,706		1,146,619
inTEST Corp.^*		44,550		327,888
Mimecast, Ltd.^*		6,571		246,873
Mitek Systems, Inc.^*,1		71,610		789,858
Model N, Inc.^*		47,130		683,856
Napco Security Technologies, Inc.^*,1		9,500		149,245
Novanta, Inc.^*		34,010		2,369,817
NVE Corp.		4,076		388,402
OSI Systems, Inc.^*,1		13,059		1,171,262
PC Connection, Inc.		22,510		745,756
PCM, Inc.^*		4,769		101,818
PC-Tel, Inc.		13,900		73,531
PRGX Global, Inc.^*		25,805		236,374
PROS Holdings, Inc.^*		22,559		780,541
QAD, Inc., Class A		4,305		181,499
Quantenna Communications, Inc.^*		33,930		506,914
Rapid7, Inc.^*		10,371		416,707
Sapiens International Corp. NV (Israel)¹		58,851		717,982
SendGrid, Inc.^*		22,518		1,217,773
SVMK, Inc.^*		47,723		620,876
TESSCO Technologies, Inc.		30,462		487,697
TransAct Technologies, Inc.		8,514		88,375
Tyler Technologies, Inc.^*		5,740		1,085,951
Unisys Corp.^*		14,711		192,420
Upland Software, Inc.^*		16,554		517,147
USA Technologies, Inc.^*,1		94,601		559,092
Vishay Precision Group, Inc.^*		49,047		1,639,641
Zix Corp.^*		64,071		456,186
Total Information Technology				30,115,927
Materials - 3.2%
AgroFresh Solutions, Inc.^*,1		48,159		193,599
FutureFuel Corp.		22,020		403,186
Koppers Holdings, Inc.^*		22,815		519,954
Myers Industries, Inc.		24,517		398,646
OMNOVA Solutions, Inc.^*		177,028		1,577,320
UFP Technologies, Inc.^*		20,129		664,257


	Shares		Value
Universal Stainless & Alloy Products, Inc.^*,1		97,447	$	1,747,225
Total Materials				5,504,187
Real Estate - 2.3%
Braemar Hotels & Resorts, Inc., REIT		50,899		565,997
Community Healthcare Trust, Inc., REIT¹		42,920		1,417,218
Consolidated-Tomoka Land Co.		6,256		382,054
Global Medical REIT, Inc., REIT		29,700		284,823
NexPoint Residential Trust, Inc., REIT ¹		12,242		457,973
UMH Properties, Inc., REIT		63,790		894,974
Total Real Estate				4,003,039
Utilities - 0.6%
Middlesex Water Co.		2,391		134,374
Unitil Corp.		16,720		877,131
Total Utilities				1,011,505
Total Common Stocks (Cost $124,528,176)				164,129,618
Exchange Traded Funds - 0.0%#
SPDR S&P Regional Banking ETF¹(Cost $10,620)		550		29,128

	Principal Amount
Short-Term Investments - 8.6%
Joint Repurchase Agreements - 4.7%²
Barclays Capital, Inc., dated 01/31/19, due 02/01/19, 2.550% total to be received $397,486 (collateralized by various U.S. Treasuries, 0.000% - 3.125%, 05/15/24 - 02/15/46, totaling $405,407)	$	397,458		397,458
Citigroup Global Markets, Inc., dated 01/31/19, due 02/01/19, 2.570% total to be received $1,890,686 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 9.500%, 03/31/19 - 02/01/49, totaling $1,928,362)		1,890,551		1,890,551
Jefferies LLC, dated 01/31/19, due 02/01/19, 2.600% total to be received $1,890,688 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.625%, 02/06/19 - 07/15/36, totaling $1,928,363)		1,890,551		1,890,551
Mizuho Securities USA, LLC, dated 01/31/19, due 02/01/19, 2.570% total to be received $1,890,686 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 3.500%, 04/18/19-02/01/48, totaling $1,928,362)		1,890,551		1,890,551



AMG Managers Emerging Opportunities Fund Schedule of Portfolio Investments (continued)


	Principal Amount		Value
Joint Repurchase Agreements - 4.7%²(continued)
RBC Dominion Securities, Inc., dated 01/31/19, due 02/01/19, 2.570% total to be received $1,890,686 (collateralized by various U.S. Government Agency Obligations, 1.250% - 7.000%, 05/30/19 - 12/15/48, totaling $1,928,362)	$	1,890,551	$	1,890,551
Total Joint Repurchase Agreements				7,959,662

	Shares
Other Investment Companies - 3.9%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.30%³		6,303,763		6,303,763
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.36%³		178,552		178,552
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.34%³		183,962		183,962
Total Other Investment Companies				6,666,277
Total Short-Term Investments (Cost $14,625,939)				14,625,939


	Value
Total Investments - 104.6% (Cost $139,164,735)	$	178,784,685
Other Assets, less Liabilities - (4.6)%		(7,786,674	)
Net Assets - 100.0%	$	170,998,011

*	Non-income producing security.

#	Less than 0.05%.

1	Some or all of these securities, amounting to $31,872,582 or 18.6% of net assets, were out on loan to various brokers and are collateralized by cash and various U.S. Treasury Obligations. See Notes to Schedule of Portfolio of Investments.

2	Cash collateral received from brokers for securities lending was invested in these joint repurchase agreements.

3	Yield shown represents the January 31, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR	American Depositary Receipt

ETF	Exchange Traded Fund

MLP	Master Limited Partnership

REIT	Real Estate Investment Trust

S&P	Standard & Poor’s

SPDR	Standard & Poor’s Depositary Receipt

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of January 31, 2019:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	164,129,618		—		—	$	164,129,618
Exchange Traded Funds		29,128		—		—		29,128
Short-Term Investments
Joint Repurchase Agreements		—	$	7,959,662		—		7,959,662
Other Investment Companies		6,666,277		—		—		6,666,277

Total Investments in Securities	$	170,825,023	$	7,959,662		—	$	178,784,685

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

For the period ended January 31, 2019, there were no transfers in or out of Level 3.

AMG GW&K Core Bond Fund

Schedule of Portfolio Investments (unaudited)

January 31, 2019


	Principal Amount		Value
Corporate Bonds and Notes - 41.4%
Financials - 19.7%
American Tower Corp.
3.375%, 10/15/26	$	1,809,000	$	1,726,559
Bank of America Corp., MTN
3.875%, 08/01/25		4,061,000		4,144,053
Berkshire Hathaway, Inc.
3.125%, 03/15/26		3,580,000		3,567,720
Citigroup, Inc.
(3 month LIBOR + 1.023%) 4.044%, 06/01/24¹		3,927,000		4,014,511
Crown Castle International Corp., MTN
5.250%, 01/15/23		3,757,000		3,961,248
The Goldman Sachs Group, Inc.
3.500%, 11/16/26		3,550,000		3,423,859
Host Hotels & Resorts LP Series C
4.750%, 03/01/23		2,804,000		2,873,981
JPMorgan Chase & Co.
2.950%, 10/01/26		2,485,000		2,376,285
Morgan Stanley, GMTN
5.500%, 07/28/21		3,814,000		4,033,721
National Rural Utilities Cooperative Finance Corp., MTN
3.250%, 11/01/25		2,363,000		2,347,103
US Bancorp, MTN
2.950%, 07/15/22		4,696,000		4,680,836
Visa, Inc., MTN
3.150%, 12/14/25		2,940,000		2,963,731
Wells Fargo & Co.
(3 month LIBOR + 0.930%) 3.548%, 02/11/22¹		5,701,000		5,718,606
Total Financials				45,832,213
Industrials - 21.7%
Advocate Health & Hospitals Corp.
4.272%, 08/15/48		2,235,000		2,301,811
AT&T, Inc.
3.200%, 03/01/22		4,648,000		4,650,895
Automatic Data Processing, Inc.
3.375%, 09/15/25		3,466,000		3,556,449
Burlington Northern Santa Fe LLC
6.150%, 05/01/37		2,263,000		2,761,091
CVS Health Corp.
5.125%, 07/20/45		2,153,000		2,228,030
Fidelity National Information Services, Inc.
5.000%, 10/15/25		2,115,000		2,240,662
General Motors Financial Co., Inc.
4.250%, 05/15/23		2,273,000		2,254,040


	Principal Amount		Value
The George Washington University Series 2018
4.126%, 09/15/48	$	3,479,000	$	3,517,724
Georgia-Pacific LLC
8.000%, 01/15/24		1,860,000		2,250,195
HCA, Inc.
5.000%, 03/15/24		2,769,000		2,888,067
International Paper Co.
3.000%, 02/15/27		4,405,000		4,117,677
Kaiser Foundation Hospitals
3.150%, 05/01/27		2,398,000		2,343,267
McDonald's Corp., MTN
3.700%, 01/30/26		2,880,000		2,901,935
Microsoft Corp.
3.750%, 02/12/45		2,898,000		2,898,868
Oracle Corp.
3.800%, 11/15/37		2,355,000		2,272,566
Owens Corning
4.200%, 12/15/22		3,341,000		3,333,723
Walmart, Inc.
4.050%, 06/29/48		1,723,000		1,773,267
The Walt Disney Co., MTN
2.950%, 06/15/27		2,440,000		2,372,420
Total Industrials				50,662,687
Total Corporate Bonds and Notes (Cost $97,887,073)				96,494,900
Mortgage-Backed Securities - 1.5%
FHLMC Multifamily Structured Pass Through Certificates
Series K062, Class A2
3.413%, 12/25/26		513,000		523,067
Series K063, Class A2
3.430%, 01/25/27²		2,950,000		3,017,220
Total Mortgage-Backed Securities (Cost $3,523,616)				3,540,287
Municipal Bonds - 7.0%
Los Angeles Unified School District
5.750%, 07/01/34		3,255,000		3,932,984
State of California
7.550%, 04/01/39		3,005,000		4,420,775
New Jersey Transportation Trust Fund Authority
5.754%, 12/15/28		2,570,000		2,829,056
Metropolitan Transportation Authority
6.687%, 11/15/40		2,125,000		2,748,454
JobsOhio Beverage System
4.532%, 01/01/35		2,140,000		2,333,306
Total Municipal Bonds (Cost $16,536,057)				16,264,575

AMG GW&K Core Bond Fund

Schedule of Portfolio Investments (continued)


	Principal Amount		Value
U.S. Government and Agency Obligations - 47.5%
Fannie Mae - 26.1%
FNMA
3.000%, 09/01/46 to 11/01/46	$	3,358,240	$	3,304,395
3.500%, 07/01/28 to 02/01/46		10,446,568		10,617,802
4.000%, 03/01/44 to 02/01/47		7,573,069		7,844,534
4.500%, 04/01/39 to 06/01/46		25,876,786		27,247,254
5.000%, 02/01/34 to 08/01/40		11,116,827		11,890,616
Total Fannie Mae				60,904,601
Freddie Mac - 5.5%
FHLMC Gold Pool
3.000%, 06/01/43		372,066		367,865
3.500%, 11/01/25 to 05/01/44		6,233,263		6,351,569
4.000%, 05/01/26		199,656		205,695
5.000%, 01/01/40 to 07/01/44		5,431,614		5,823,340
Total Freddie Mac				12,748,469
U.S. Treasury Obligations - 15.9%
U.S. Treasury Notes
1.750%, 03/31/22		2,407,000		2,357,168
United States Treasury Notes
2.000%, 11/30/22		12,446,000		12,249,586
6.250%, 08/15/23		11,309,000		13,136,552
United States Treasury Bonds
4.500%, 02/15/36		7,611,000		9,424,559
Total U.S. Treasury Obligations				37,167,865
Total U.S. Government and Agency Obligations (Cost $113,160,140)				110,820,935


	Shares		Value
Short-Term Investments - 3.2%
Other Investment Companies - 3.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.30%³		2,498,312	$	2,498,312
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.36%³		2,498,313		2,498,313
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.34%³		2,574,019		2,574,019
Total Short-Term Investments (Cost $7,570,644)				7,570,644
Total Investments - 100.6% (Cost $238,677,530)				234,691,341
Other Assets, less Liabilities - (0.6)%				(1,454,396	)
Net Assets - 100.0%			$	233,236,945

¹	Variable rate security. The rate shown is based on the latest available information as of January 31, 2019.

²	Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

³	Yield shown represents the January 31, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

FHLMC

Freddie Mac

FNMA	Fannie Mae

GMTN	Global Medium-Term Notes

LIBOR

London Interbank Offered Rate

MTN	Medium-Term Note

AMG GW&K Core Bond Fund

Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of January 31, 2019:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Corporate Bonds and Notes^†		—	$	96,494,900		—	$	96,494,900
Mortgage-Backed Securities		—		3,540,287		—		3,540,287
Municipal Bonds		—		16,264,575		—		16,264,575
U.S. Government and Agency Obligations^†		—		110,820,935		—		110,820,935
Short-Term Investments
Other Investment Companies	$	7,570,644		—		—		7,570,644

Total Investments in Securities	$	7,570,644	$	227,120,697		—	$	234,691,341

†

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

For the period ended January 31, 2019, there were no transfers in or out of Level 3.

Notes to Schedules of Portfolio of Investments (unaudited)

VALUATION OF INVESTMENTS

Equity securities traded on a national securities exchange or reported on the NASDAQ national market system (“NMS”) are valued at the last quoted sales price on the primary exchange or, if applicable, the NASDAQ official closing price or the official closing price of the relevant exchange or, lacking any sales, at the last quoted bid price or the mean between the last quoted bid and ask prices (the “exchange mean price”). Equity securities traded in the over-the-counter market (other than NMS securities) are valued at the exchange mean price. Foreign equity securities (securities principally traded in markets other than U.S. markets) are valued at the official closing price on the primary exchange or, for markets that either do not offer an official closing price or where the official closing price may not be representative of the overall market, the last quoted sale price.

Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated bid price or the mean price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are considered comparable in credit rating, interest rate, due date and other features (generally referred to as “matrix pricing”) or other similar pricing methodologies. 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.

Fixed income securities purchased with a remaining maturity of 60 days or less are valued at amortized cost, provided that the amortized cost value is approximately the same as the fair value of the security valued without the use of amortized cost. Investments in other open-end regulated investment companies are valued at their end of day net asset value per share.

The Funds’ portfolio 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 Trust (the “Board”). Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the Board. The Valuation Committee, which is comprised of the Independent Trustees of the Board, and the Pricing Committee, which is comprised of representatives from AMG Funds LLC (the “Investment Manager”) are the committees appointed by the Board to make fair value determinations. 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 readily available or otherwise not determinable pursuant to the Board’s valuation procedures, if the Investment Manager or the Pricing Committee 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 and, if required under the Trust’s securities valuation procedures, the Valuation Committee, seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio 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 and analytical data relating to the investment; 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 portfolio 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 Fund, including a comparison with the prior quarter end and the percentage of the Fund that the security represents at each quarter end.

With respect to foreign equity securities and certain foreign fixed income securities, the Board has adopted a policy that securities held in a Fund that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.

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 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 default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, fair valued securities with observable inputs)

Notes to Schedules of Portfolio of Investments (continued)

Level 3 – significant unobservable inputs (including the Fund’s 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.

PORTFOLIO SECURITIES LOANED

The Funds participate in the securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Program”) providing for the lending of securities to qualified brokers. Securities lending income includes earnings of such temporary cash investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the Funds, according to agreed-upon rates. Collateral on all securities loaned is accepted in cash or U.S. Government and Agency Obligations. Collateral is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements for that cash collateral. Securities collateral is held in separate omnibus accounts managed by BNYM that cannot be sold or pledged. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested.

The value of securities loaned on positions held, cash and securities collateral received at January 31, 2019, were as follows:


Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
AMG Frontier Small Cap Growth Fund	$	5,370,115	$	1,252,579	$	4,169,683	$	5,422,262
AMG Managers Emerging Opportunities Fund		31,872,582		7,959,662		24,152,755		32,112,417

The following table summarizes the securities received as collateral for securities lending:


Fund	Collateral Type		Coupon Range	Maturity Date Range
AMG Frontier Small Cap Growth Fund		U.S. Treasury Obligations	0.000%-8.750%		02/12/19-08/15/47
AMG Managers Emerging Opportunities Fund		U.S. Treasury Obligations	0.000%-8.750%		02/12/19-08/15/47

AMG FQ Tax-Managed U.S. Equity Fund

Schedule of Portfolio Investments (unaudited)

January 31, 2019


	Shares		Value
Common Stocks - 99.5%
Communication Services - 8.5%
Alphabet, Inc., Class A^*		778	$	875,942
Alphabet, Inc., Class C^*		790		881,932
AT&T, Inc.		10,870		326,752
Boingo Wireless, Inc.^*		12,095		291,731
Care.com, Inc.^*		3,364		79,962
Comcast Corp., Class A		3,542		129,531
Facebook, Inc., Class A^*		6,001		1,000,307
Liberty Media Corp-Liberty SiriusXM, Class A^*		18,995		755,621
Liberty TripAdvisor Holdings, Inc., Class A^*		12,292		204,785
Netflix, Inc.^*		1,041		353,419
Shenandoah Telecommunications Co.		7,558		359,988
TechTarget, Inc.^*		4,156		60,262
Twitter, Inc. ^*		994		33,359
Verizon Communications, Inc.		2,885		158,848
Vonage Holdings Corp.^*		1,791		16,316
The Walt Disney Co.		376		41,932
Yelp, Inc.^*,1		3,924		142,912
Zynga, Inc., Class A^*,1		8,227		36,857
Total Communication Services				5,750,456
Consumer Discretionary - 9.8%
Aaron’s, Inc.		411		20,575
Amazon.com, Inc.^*		1,046		1,797,792
Best Buy Co., Inc.		2,515		148,989
Crocs, Inc.^*		54,634		1,569,088
Gentex Corp.		15,031		318,357
Graham Holdings Co., Class B		662		440,230
The Home Depot, Inc.		1,128		207,022
International Speedway Corp., Class A		5,124		222,638
K12, Inc.^*		7,056		222,334
Lowe’s Cos., Inc.		6,998		672,928
MasterCraft Boat Holdings, Inc.^*		7,209		157,372
Ross Stores, Inc.		2,546		234,537
Speedway Motorsports, Inc.		16,641		268,586
Standard Motor Products, Inc.		3,900		191,724
Stoneridge, Inc.^*		6,312		164,806
Total Consumer Discretionary				6,636,978
Consumer Staples - 7.6%
Central Garden & Pet Co.^*,1		8,781		344,303
Central Garden & Pet Co., Class A^*		11,889		423,486
The Coca-Cola Co.		1,355		65,216
Medifast, Inc.		7,439		946,539


	Shares		Value
National Beverage Corp.¹		6,098	$	511,256
Performance Food Group Co.^*		15,044		513,903
The Procter & Gamble Co.		1,634		157,632
Tyson Foods, Inc., Class A		14,889		921,927
US Foods Holding Corp.^*		23,550		794,106
USANA Health Sciences, Inc.^*		4,059		475,309
Total Consumer Staples				5,153,677
Energy - 4.7%
Chevron Corp.		1,896		217,376
CONSOL Energy, Inc.^*		3,195		113,518
Evolution Petroleum Corp.		12,254		91,537
Exxon Mobil Corp.		6,054		443,637
Gulfport Energy Corp.^*,1		3,868		32,453
Marathon Petroleum Corp.		9,400		622,844
Phillips 66		4,600		438,886
Renewable Energy Group, Inc.^*		11,801		341,049
Southwestern Energy Co.^*		3,756		16,414
Valero Energy Corp.		5,800		509,356
W&T Offshore, Inc.^*,1		67,152		338,446
Total Energy				3,165,516
Financials - 14.1%
Arch Capital Group, Ltd. (Bermuda)^*		35,054		1,028,835
Bank of America Corp.		10,107		287,746
Berkshire Hathaway, Inc., Class B^*		10,282		2,113,362
Brown & Brown, Inc.		50,874		1,381,738
Canadian Imperial Bank of Commerce (Canada)		1,820		154,318
Citigroup, Inc.		4,100		264,286
Discover Financial Services		6,597		445,231
Employers Holdings, Inc.		11,883		503,483
Enterprise Financial Services Corp.		2,000		88,260
Erie Indemnity Co., Class A		2,000		292,760
Essent Group, Ltd.^*		6,355		252,611
Everest Re Group, Ltd. (Bermuda)		2,200		481,910
First Defiance Financial Corp.		2,962		83,469
First Financial Corp.		525		21,772
First Interstate BancSystem, Inc., Class A		4,099		159,533
Great Western Bancorp, Inc.		3,648		128,738
Houlihan Lokey, Inc.		763		33,755
Investment Technology Group, Inc.		22,783		689,414
JPMorgan Chase & Co.		6,852		709,182
Pzena Investment Management, Inc., Class A		13,234		115,930
SunTrust Banks, Inc.		3,197		189,966

AMG FQ Tax-Managed U.S. Equity Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Financials - 14.1% (continued)
Wells Fargo & Co.		3,780	$	184,880
Total Financials				9,611,179
Health Care - 15.3%
Agilent Technologies, Inc.		1,239		94,226
Amgen, Inc.		6,290		1,176,922
AngioDynamics, Inc.^*		5,317		112,189
Anika Therapeutics, Inc.^*		9,000		341,910
Atrion Corp.		251		187,206
Biogen, Inc.^*		1,735		579,108
Cardiovascular Systems, Inc.^*		2,037		63,412
Centene Corp.^*		10,950		1,429,742
Charles River Laboratories International, Inc.^*		5,938		731,502
Endo International PLC (Ireland)^*		2,134		20,807
Genomic Health, Inc.^*		7,518		569,940
Haemonetics Corp.^*		2,051		202,864
HMS Holdings Corp.^*		6,180		185,338
Horizon Pharma PLC^*		4,155		89,291
IDEXX Laboratories, Inc.^*		353		75,111
Innoviva, Inc.^*		5,521		94,409
Johnson & Johnson		4,713		627,206
McKesson Corp.		1,199		153,772
Merck & Co., Inc.		777		57,832
OraSure Technologies, Inc.^*		9,021		115,920
Pacira Pharmaceuticals, Inc.^*		1,187		48,287
Pfizer, Inc.		5,793		245,913
The Providence Service Corp.^*		3,524		226,029
Simulations Plus, Inc.		1,181		22,746
UnitedHealth Group, Inc.		8,196		2,214,559
Vanda Pharmaceuticals, Inc.^*		7,412		201,088
WellCare Health Plans, Inc.^*		2,003		553,789
Total Health Care				10,421,118
Industrials - 9.6%
Alaska Air Group, Inc.		17,647		1,128,526
Allison Transmission Holdings, Inc.		22,720		1,105,782
The Boeing Co.		317		122,242
Brady Corp., Class A		478		21,371
BWX Technologies, Inc.¹		20,881		969,296
Continental Building Products, Inc.^*		23,029		606,584
Delta Air Lines, Inc.		2,728		134,845
HEICO Corp., Class A		387		27,102
Herman Miller, Inc.		5,314		181,898
Huntington Ingalls Industries, Inc.		5,795		1,196,378


	Shares		Value
ICF International, Inc.		1,569	$	103,428
Kimball International, Inc., Class B		1,173		16,574
Rush Enterprises, Inc., Class B		5,151		200,477
Southwest Airlines Co.		4,500		255,420
The Toro Co.		282		16,779
TPI Composites, Inc.^*,1		1,903		57,604
UniFirst Corp.		3,000		415,290
Total Industrials				6,559,596
Information Technology - 20.7%
Appfolio, Inc., Class A^*		2,427		153,653
Apple, Inc.		12,185		2,028,072
CACI International, Inc., Class A^*		4,423		739,437
CDW Corp.		8,507		708,378
Ciena Corp.^*		4,571		174,109
Cisco Systems, Inc.		2,831		133,878
Diodes, Inc.^*		1,286		43,248
EVERTEC, Inc. (Puerto Rico)		5,203		143,967
Intel Corp.		3,809		179,480
Lumentum Holdings, Inc.^*		2,363		115,574
Mastercard, Inc., Class A		10,530		2,223,199
MAXIMUS, Inc.		1,542		108,141
Micron Technology, Inc.^*		5,575		213,077
Microsoft Corp.		27,500		2,871,825
Oracle Corp.		583		29,284
PC Connection, Inc.		1,741		57,679
Progress Software Corp.		26,483		959,479
QAD, Inc., Class A		9,851		415,318
Rudolph Technologies, Inc.^*		11,599		251,930
salesforce.com, Inc.^*		1,696		257,741
ServiceNow, Inc.^*		326		71,727
Visa, Inc., Class A		16,276		2,197,423
Total Information Technology				14,076,619
Materials - 2.5%
AdvanSix, Inc.^*		4,109		130,009
FutureFuel Corp.		981		17,962
Graphic Packaging Holding Co.¹		25,299		305,359
LyondellBasell Industries NV, Class A		7,700		669,669
Stepan Co.		4,308		378,802
Verso Corp., Class A^*		8,572		211,471
Total Materials				1,713,272
Real Estate - 4.0%
American Homes 4 Rent, Class A, REIT ¹		11,900		263,109
American Tower Corp., REIT		481		83,136

AMG FQ Tax-Managed U.S. Equity Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Real Estate - 4.0% (continued)
Equity Commonwealth, REIT		1,867	$	60,416
HFF, Inc., Class A		3,152		130,556
Marcus & Millichap, Inc.^*		19,010		752,796
PS Business Parks, Inc., REIT		5,374		780,251
The RMR Group, Inc., Class A		10,179		671,916
Total Real Estate				2,742,180
Utilities - 2.7%
American Water Works Co., Inc.		4,551		435,394
Evergy, Inc.		300		17,196
Hawaiian Electric Industries, Inc.¹		10,503		390,607
OGE Energy Corp.		16,554		677,886
Vectren Corp.		4,069		294,514
Total Utilities				1,815,597
Total Common Stocks (Cost $41,672,164)				67,646,188

	Principal Amount
Short-Term Investments - 1.0%
Joint Repurchase Agreements - 0.4%²
Industrial and Commercial Bank of China Financial Services LLC, dated 01/31/19, due 02/01/19, 2.570% total to be received $285,307 (collateralized by various U.S. Treasuries, 2.875% - 8.750%, 08/15/20 - 09/09/49, totaling $290,993)	$	285,287		285,287


	Shares		Value
Other Investment Companies - 0.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.30%³		127,109	$	127,109
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.36%³		127,110		127,110
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.34%³		130,961		130,961
Total Other Investment Companies				385,180
Total Short-Term Investments (Cost $670,467)				670,467
Total Investments - 100.5% (Cost $42,342,631)				68,316,655
Other Assets, less Liabilities - (0.5)%				(343,115	)
Net Assets - 100.0%			$	67,973,540

^*	Non-income producing security.

¹	Some or all of these securities, amounting to $3,172,322 or 4.7% of net assets, were out on loan to various brokers and are collateralized by cash and various U.S. Treasury Obligations. See Notes to Schedule of Portfolio of Investments.

²	Cash collateral received from brokers for securities lending was invested in these joint repurchase agreements.

³	Yield shown represents the January 31, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

REIT	Real Estate Investment Trust

AMG FQ Tax-Managed U.S. Equity Fund

Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of January 31, 2019:


	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks^†	$	67,646,188		—		—	$	67,646,188
Short-Term Investments
Joint Repurchase Agreements		—	$	285,287		—		285,287
Other Investment Companies		385,180		—		—		385,180

Total Investments in Securities	$	68,031,368	$	285,287		—	$	68,316,655

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

For the period ended January 31, 2019, there were no transfers in or out of Level 3.

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments (unaudited)

January 31, 2019


	Shares		Value
Long Positions - 93.8%
Common Stocks - 78.5%
Communication Services - 2.0%
Gray Television, Inc.^*,1		6,756	$	112,893
Liberty TripAdvisor Holdings, Inc., Class A^*		27,917		465,097
MDC Partners, Inc., Class A^*		21,676		64,377
Shenandoah Telecommunications Co.		8,673		413,095
Vonage Holdings Corp.^*		58,190		530,111
Yelp, Inc.^*,1		11,490		418,466
Total Communication Services				2,004,039
Consumer Discretionary - 8.9%
1-800-Flowers.com, Inc., Class A^*		2,245		35,808
Aaron’s, Inc.		748		37,445
Amazon.com, Inc.^*		255		438,276
Asbury Automotive Group, Inc.^*,1		1,776		125,474
Career Education Corp.^*		2,234		28,841
Core-Mark Holding Co., Inc.		770		21,468
Deckers Outdoor Corp.^*		2,819		362,101
Etsy, Inc.^*,1		949		51,863
Gentex Corp.		47,800		1,012,404
Helen of Troy, Ltd.^*		3,221		373,765
Installed Building Products, Inc.^*,1		175		7,369
J. Jill, Inc.^*,1		52,834		314,362
K12, Inc.^*		6,340		199,773
Liberty Expedia Holdings, Inc., Class A^*		3,390		138,956
MarineMax, Inc.^*,1		25,944		461,284
The Michaels Cos., Inc.^*,1		6,659		92,294
NIKE, Inc., Class B		12,763		1,045,034
Ross Stores, Inc.		11,283		1,039,390
ServiceMaster Global Holdings, Inc.^*		9,296		362,451
Speedway Motorsports, Inc.		23,355		376,950
Stamps.com, Inc.^*,1		567		105,507
Taylor Morrison Home Corp., Class A^*		36,565		691,079
The TJX Cos., Inc.		21,166		1,052,585
Tower International, Inc.		434		12,625
Ulta Beauty, Inc.^*		1,790		522,537
ZAGG, Inc.^*		1,687		18,928
Total Consumer Discretionary				8,928,569
Consumer Staples - 2.3%
Monster Beverage Corp.^*		578		33,085
Performance Food Group Co.^*		36,722		1,254,424
US Foods Holding Corp.^*		8,696		293,229


	Shares		Value
USANA Health Sciences, Inc.^*		6,452	$	755,529
Total Consumer Staples				2,336,267
Energy - 3.3%
Adams Resources & Energy, Inc.²		770		30,515
Carrizo Oil & Gas, Inc.^*,1		46,903		575,969
CONSOL Energy, Inc.^*		10,753		382,054
Denbury Resources, Inc.^*		77,510		157,345
Evolution Petroleum Corp.		26,576		198,523
Gulfport Energy Corp.^*,1		60,950		511,371
Helix Energy Solutions Group, Inc.^*,1		11,496		78,518
HollyFrontier Corp.		1,102		62,087
Laredo Petroleum, Inc.^*,1		19,939		75,768
Pioneer Natural Resources Co.		320		45,542
Renewable Energy Group, Inc.^*		29,867		863,156
Southwestern Energy Co.^*,1		29,747		129,994
Unit Corp.^*,1		1,461		23,318
W&T Offshore, Inc.^*,1		38,606		194,574
Total Energy				3,328,734
Financials - 14.3%
American Equity Investment Life Holding Co.		34,061		1,066,791
The Bank of NT Butterfield & Son, Ltd. (Bermuda)		6,470		226,773
Cathay General Bancorp		2,420		89,830
Cherry Hill Mortgage Investment Corp., REIT		5,753		106,430
Citizens Financial Group, Inc.		4,614		156,507
Employers Holdings, Inc.		9,892		419,124
Enova International, Inc.^*,1		5,167		119,099
Essent Group, Ltd.^*		36,297		1,442,806
Federated Investors, Inc., Class B		20,878		545,542
Financial Institutions, Inc.		728		19,525
First American Financial Corp.		19,946		998,896
First BanCorp/Puerto Rico (Puerto Rico)		22,939		244,300
Great Western Bancorp, Inc.		27,103		956,465
Green Dot Corp., Class A^*		719		53,220
Houlihan Lokey, Inc.		17,876		790,834
International Bancshares Corp.		3,541		125,599
Kemper Corp.		3,471		260,950
MGIC Investment Corp.^*		115,785		1,444,997
National General Holdings Corp.		9,571		231,140
NMI Holdings, Inc., Class A^*		16,336		359,392
Old Republic International Corp.		14,548		293,142
On Deck Capital, Inc.^*		40,128		301,763
The Progressive Corp.		15,051		1,012,782
Pzena Investment Management, Inc., Class A		43,345		379,702

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Financials - 14.3% (continued)
Radian Group, Inc.		61,803	$	1,189,090
SEI Investments Co.		28,393		1,349,803
Selective Insurance Group, Inc.		1,943		118,368
Silvercrest Asset Management Group, Inc., Class A		3,722		49,577
Total Financials				14,352,447
Health Care - 8.1%
Acorda Therapeutics, Inc.^*,1		30,711		510,724
AMAG Pharmaceuticals, Inc.^*		5,010		82,014
Amedisys, Inc.^*		7,795		1,022,392
Biogen, Inc.^*		1,217		406,210
Boston Scientific Corp.^*		24,976		952,834
Cardiovascular Systems, Inc.^*		11,626		361,917
Endo International PLC (Ireland)^*,1		13,158		128,290
Evolent Health, Inc., Class A^*,1		14,624		258,552
Genomic Health, Inc.^*		10,544		799,341
Haemonetics Corp.^*		2,732		270,222
Halozyme Therapeutics, Inc.^*		2,949		47,715
HealthEquity, Inc.^*,1		8,011		499,406
HMS Holdings Corp.^*		9,568		286,944
Horizon Pharma PLC^*		4,975		106,913
Lantheus Holdings, Inc.^*		1,012		17,022
Ligand Pharmaceuticals, Inc.^*,1		2,610		308,241
Mallinckrodt PLC^*		5,540		121,104
Medpace Holdings, Inc.^*,1		6,402		412,289
Molina Healthcare, Inc.^*,1		322		42,820
Nektar Therapeutics^*		1,825		77,270
Novavax, Inc.^*		11,272		26,376
Pacira Pharmaceuticals, Inc.^*		2,589		105,321
STAAR Surgical Co.^*,1		4,490		160,428
Syneos Health, Inc.^*,1		6,738		343,908
Vanda Pharmaceuticals, Inc.^*		15,789		428,356
Veracyte, Inc.^*		3,723		67,721
Vericel Corp.^*,1		3,553		61,112
Vertex Pharmaceuticals, Inc.^*		791		151,010
Xencor, Inc.^*,1		940		33,934
Total Health Care				8,090,386
Industrials - 12.1%
Allison Transmission Holdings, Inc.		28,976		1,410,262
ArcBest Corp.		2,734		102,853
Atkore International Group, Inc.^*		10,124		234,775
Avis Budget Group, Inc.^*,2		28,242		752,367


	Shares		Value
Brady Corp., Class A²		2,122	$	94,875
Builders FirstSource, Inc.^*		11,148		147,376
Comfort Systems USA, Inc.		534		25,616
Commercial Vehicle Group, Inc.^*		8,857		66,162
Continental Building Products, Inc.^*		38,437		1,012,431
Covenant Transportation Group, Inc., Class A^*		17,223		406,118
EMCOR Group, Inc.		13,197		860,840
Generac Holdings, Inc.^*		3,231		171,017
Hawaiian Holdings, Inc.¹		15,332		490,931
Herman Miller, Inc.		30,983		1,060,548
HNI Corp.		625		24,294
Insperity, Inc.		542		57,821
JetBlue Airways Corp.^*		52,421		943,054
Kforce, Inc.		2,876		94,362
Kimball International, Inc., Class B		7,275		102,796
Masonite International Corp.^*		1,646		94,151
Meritor, Inc.^*		1,886		39,002
Moog, Inc., Class A		2,142		191,645
Oshkosh Corp.		99		7,430
Robert Half International, Inc.		1,138		73,321
Schneider National, Inc., Class B		19,691		418,237
Southwest Airlines Co.		24,408		1,385,398
The Toro Co.		23,759		1,413,660
TrueBlue, Inc.^*		13,352		325,655
United Continental Holdings, Inc.^*		2,332		203,514
Total Industrials				12,210,511
Information Technology - 10.0%
Appfolio, Inc., Class A^*		142		8,990
Cabot Microelectronics Corp.		4,224		430,383
CDW Corp.		9,621		801,141
Ciena Corp.^*		19,907		758,258
Cirrus Logic, Inc.^*,1		2,920		108,478
EVERTEC, Inc. (Puerto Rico)		31,597		874,289
Extreme Networks, Inc.^*		8,573		64,812
Fabrinet (Thailand)^*		2,688		152,786
FormFactor, Inc.^*		1,671		25,098
Immersion Corp.^*		8,257		78,359
Lumentum Holdings, Inc.^*,1		7,346		359,293
MAXIMUS, Inc.		14,394		1,009,451
Micron Technology, Inc.^*		29,058		1,110,597
Monotype Imaging Holdings Inc.		11,819		196,195
Nanometrics, Inc.^*		16,818		514,463
National Instruments Corp.		18,554		820,458

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments (continued)


	Shares		Value
Information Technology - 10.0% (continued)
NXP Semiconductors, N.V. (Netherlands)		2,349	$	204,433
Paylocity Holding Corp.^*		3,466		246,190
Photronics, Inc.^*		40,992		438,205
Progress Software Corp.²		9,907		358,931
Semtech Corp.^*		8,233		399,794
Symantec Corp.		14,750		310,045
Tech Data Corp.^*		8,403		803,579
Total Information Technology				10,074,228
Materials - 2.6%
FutureFuel Corp.		15,811		289,499
Louisiana-Pacific Corp.		36,328		885,677
LyondellBasell Industries NV, Class A		2,546		221,425
Minerals Technologies, Inc.		1,366		80,007
Steel Dynamics, Inc.		396		14,490
Stepan Co.		3,971		349,170
Trinseo, S.A.²		2,695		132,190
Verso Corp., Class A^*		7,179		177,106
Warrior Met Coal, Inc.¹		16,762		481,572
Total Materials				2,631,136
Real Estate - 10.7%
Apartment Investment & Management Co.,
Class A, REIT		3,044		150,739
Chatham Lodging Trust, REIT		30,436		615,111
Chesapeake Lodging Trust, REIT		40,480		1,152,870
Cousins Properties, Inc., REIT		2,028		17,948
Equity LifeStyle Properties, Inc., REIT		2,810		297,523
First Industrial Realty Trust, Inc., REIT		23,214		759,562
Gaming and Leisure Properties, Inc., REIT		21,666		812,475
HFF, Inc., Class A		14,584		604,069
Lexington Realty Trust, REIT		148,708		1,429,084
Marcus & Millichap, Inc.^*		21,440		849,024
PS Business Parks, Inc., REIT		9,051		1,314,115
Rayonier, Inc., REIT		1,849		56,284
Rexford Industrial Realty, Inc., REIT		16,498		554,333
The RMR Group, Inc., Class A		14,438		953,052
Sunstone Hotel Investors, Inc., REIT ²		82,779		1,183,740
Total Real Estate				10,749,929
Utilities - 4.2%
Avista Corp.		29,308		1,226,540

^*	Non-income producing security.

^#	Less than 0.05%.


	Shares			Value
OGE Energy Corp.		34,726		$	1,422,030
Portland General Electric Co.		21,017			1,015,541
UGI Corp.²		9,416			536,994
Total Utilities					4,201,105
Total Common Stocks (Cost $77,766,011)					78,907,351

	Principal Amount
Short-Term Investments - 15.3%
Joint Repurchase Agreements - 0.1%³
Barclays Capital, Inc., dated 01/31/19, due 02/01/19, 2.550% total to be received $118,090 (collateralized by various U.S. Treasuries, 0.000% - 3.125%, 05/15/24 -02/15/46, totaling $120,444)	$	118,082			118,082

	Shares
Other Investment Companies - 15.2%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.30%⁴		148			148
Morgan Stanley Institutional Liquidity Fund Prime Portfolio, Institutional Shares, 2.54%⁴		15,266,530			15,275,690
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.36%⁴		149			149
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.34%⁴		153			153
Total Other Investment Companies					15,276,140
Total Short-Term Investments (Cost $15,392,812)					15,394,222
Total Investments - 93.8% (Cost $93,158,823)					94,301,573
Short Sales - (0.3%)
Common Stocks - (0.3%)
Health Care - (0.0%)^#
La Jolla Pharmaceutical Co. ^*		(3,124	)		(18,869	)
Information Technology - (0.3%)
ADTRAN, Inc.		(18,805	)		(274,177	)
Total Common Stocks (Proceeds $(331,355))					(293,046	)
Derivatives - 1.8%					1,768,410
Other Assets, less Liabilities - 4.7%					4,744,850
Net Assets - 100.0%				$	100,521,787

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments (continued)

¹	Some or all of these securities, amounting to $4,959,762 or 4.9% of net assets, were out on loan to various brokers and are collateralized by cash and various U.S. Treasury Obligations. See Notes to Schedule of Portfolio of Investments.

²	Security position is either entirely or partially held in a segregated account as collateral for securities sold short, swaps and futures contracts. As of January 31, 2019, value of securities held in the segregated account was $1,854,600.

³	Cash collateral received from brokers for securities lending was invested in these joint repurchase agreements.

⁴	Yield shown represents the January 31, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

REIT	Real Estate Investment Trust

Open Futures Contracts


Description	Currency		Number of Contracts		Position		Expiration Date		Current Notional Amount			Value and Unrealized Gain/(Loss)
S&P 500 E-Mini FUT Index		USD		372		Long		03/15/19	$	50,303,700		$	3,776,794
S&P 500 E-Mini FUT Index		USD		52		Short		03/15/19		(7,031,700	)		(105,688	)

										Total		$	3,671,106

Over-the-counter total return basket swap

Counterparty

Description

Notional

Termination
Date

Value

Morgan Stanley & Co.

The Fund pays the total return on a portfolio of long positions and receives the 1-Month LIBOR (+/- a spread)

$2,053,031

8/7/2020

24,629

Components of over-the-counter total return basket swap


Reference Entity	Shares		Notional Value		Net Unrealized Appreciation/ Depreciation			% of Swap Value
Care.com, Inc.		300	$	6,940	$	191			0.8
Emergent BioSolutions, Inc.		2,019		120,450		5,516			22.4
Hawkins, Inc.		1,715		70,853		303			1.2
Mesa Air Group, Inc.		10,738		97,670		(3,713	)		(15.1	)
Tivity Health, Inc.		58,023		1,278,892		12,700			51.6
Zynga, Inc., Class A		109,009		478,226		10,134			41.1

Total long equity positions						25,131			102.0
Financing						(502	)		(2.0	)

		Total			$	24,629			100.0

Over-the-counter total return basket swap


Counterparty	Description	Notional			Termination Date	Value
Morgan Stanley & Co.	The Fund pays the total return on a portfolio of short positions and receives the 1-Month LIBOR (+/- a spread).	$	(69,220,958	)	8/7/2020	$	(1,927,325	)

						$	(1,927,325	)

Components of over-the-counter total return basket swap


Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ Depreciation			% of Swap Value
2U, Inc.		(2,156	)	$	(120,952	)	$	(1,617	)		0.1
3D Systems Corp.		(1,978	)		(24,876	)		(364	)		0.0

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments (continued)

Components of over-the-counter total return basket swap


Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ Depreciation			% of Swap Value
AAC Holdings, Inc.		(70,491	)	$	(154,637	)	$	(15,952	)		0.8
Adamas Pharmaceuticals, Inc.		(12,181	)		(102,381	)		(7,248	)		0.4
Adesto Technologies Corp.		(54,564	)		(266,377	)		(2,623	)		0.1
Aerie Pharmaceuticals, Inc.		(3,056	)		(141,065	)		(2,628	)		0.1
AGNC Investment Corp.		(3,697	)		(66,953	)		739			(0.0	)
AgroFresh Solutions, Inc.		(31,788	)		(124,927	)		(2,861	)		0.1
Aimmune Therapeutics, Inc.		(333	)		(7,289	)		(543	)		0.0
Albemarle Corp.		(10,701	)		(838,102	)		(25,789	)		1.3
Aldeyra Therapeutics, Inc.		(4,614	)		(39,034	)		(1,615	)		0.1
Alnylam Pharmaceuticals, Inc.		(4,469	)		(353,587	)		(19,708	)		1.0
American International Group, Inc.		(28,532	)		(1,211,914	)		(21,525	)		1.1
American Realty Investors, Inc.		(1,379	)		(18,157	)		120			(0.0	)
The Andersons, Inc.		(577	)		(19,935	)		(288	)		0.0
Applied Optoelectronics, Inc.		(5,791	)		(97,578	)		(3,069	)		0.2
Arlington Asset Investment Corp., Class A		(18,493	)		(157,930	)		(1,479	)		0.1
Asure Software, Inc.		(38,162	)		(210,273	)		7,632			(0.4	)
AXT, Inc.		(19,858	)		(78,056	)		(3,560	)		0.2
B. Riley Financial, Inc.		(9,544	)		(137,983	)		(7,563	)		0.4
Banc of California, Inc.		(41,120	)		(614,333	)		14,803			(0.8	)
Banco Latinoamericano de Comercio Exterior, S.A., Class E		(63,928	)		(1,175,464	)		(25,104	)		1.3
Bluebird Bio, Inc.		(2,713	)		(334,984	)		(27,012	)		1.4
Bluerock Residential Growth REIT, Inc.		(38,274	)		(394,167	)		(3,117	)		0.2
Briggs & Stratton Corp.		(62,002	)		(750,746	)		(47,840	)		2.5
The Brink’s Co.		(9,268	)		(663,751	)		(22,544	)		1.2
Bunge, Ltd.		(11,756	)		(631,466	)		(15,937	)		0.8
BWX Technologies, Inc.		(5,445	)		(247,768	)		(4,989	)		0.3
Cadiz, Inc.		(5,447	)		(54,637	)		(1,467	)		0.1
Campbell Soup Co.		(3,723	)		(128,406	)		(3,500	)		0.2
Capstead Mortgage Corp.		(169,461	)		(1,219,710	)		(29,218	)		1.5
Carbon Black, Inc.		(919	)		(14,116	)		(119	)		0.0
Carvana Co.		(8,751	)		(332,572	)		7,473			(0.4	)
CatchMark Timber Trust, Inc., Class A		(119,353	)		(1,059,251	)		(37,603	)		1.9
Caterpillar, Inc.		(7,508	)		(949,987	)		(49,778	)		2.6
CBL & Associates Properties, Inc.		(412,985	)		(995,294	)		(33,039	)		1.7
Century Aluminum Co.		(24,048	)		(207,534	)		(13,707	)		0.7
Century Communities, Inc.		(47,807	)		(1,063,706	)		(57,846	)		3.0
Charah Solutions, Inc.		(17,722	)		(128,485	)		1,595			(0.1	)
CIRCOR International, Inc.		(36,900	)		(958,108	)		(62,177	)		3.2

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments (continued)

Components of over-the-counter total return basket swap


Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ Depreciation			% of Swap Value
Clovis Oncology, Inc.		(999	)	$	(24,456	)	$	(879	)		0.0
Compass Minerals International, Inc.		(5,280	)		(270,442	)		(5,438	)		0.3
Coty, Inc., Class A		(14,731	)		(106,211	)		(8,102	)		0.4
Crown Holdings, Inc.		(14,757	)		(725,454	)		(27,153	)		1.4
Cytokinetics, Inc.		(1,016	)		(6,901	)		(241	)		0.0
Deere & Co.		(5,584	)		(896,120	)		(19,656	)		1.0
Del Frisco’s Restaurant Group, Inc.		(84,088	)		(656,727	)		(9,250	)		0.5
Dermira, Inc.		(7,314	)		(48,565	)		293			(0.0	)
Diamond Offshore Drilling, Inc.		(16,193	)		(175,370	)		(1,619	)		0.1
Digimarc Corp.		(22,190	)		(422,258	)		(10,225	)		0.5
Dine Brands Global, Inc.		(581	)		(44,406	)		93			(0.0	)
Drive Shack, Inc.		(4,547	)		(18,779	)		(364	)		0.0
Dynavax Technologies Corp.		(4,831	)		(52,126	)		(1,111	)		0.1
Ebix, Inc.		(4,619	)		(256,031	)		(7,806	)		0.4
Equinix, Inc.		(1,090	)		(412,184	)		(17,276	)		0.9
Exantas Capital Corp.		(1,613	)		(16,697	)		(352	)		0.0
Exela Technologies, Inc.		(49,890	)		(179,812	)		(16,755	)		0.9
Farmer Brothers Co.		(22,322	)		(547,609	)		(1,513	)		0.1
FireEye, Inc.		(712	)		(12,296	)		(292	)		0.0
First Solar, Inc.		(18,128	)		(907,850	)		(9,245	)		0.5
FirstEnergy Corp.		(21,123	)		(813,485	)		(14,537	)		0.8
Flexion Therapeutics, Inc.		(36,845	)		(495,522	)		(45,731	)		2.4
Flotek Industries, Inc.		(33,520	)		(84,674	)		(1,137	)		0.1
FreightCar America, Inc.		(39,756	)		(281,626	)		(1,437	)		0.1
Front Yard Residential Corp.		(95,620	)		(980,105	)		(54,503	)		2.8
Gaia, Inc.		(89,014	)		(960,669	)		(86,136	)		4.5
GameStop Corp., Class A		(67,126	)		(786,448	)		25,239			(1.3	)
Genco Shipping & Trading, Ltd.		(7,064	)		(51,285	)		(777	)		0.0
General Electric Co.		(136,821	)		(1,218,126	)		(171,975	)		8.9
GoPro, Inc., Class A		(35,457	)		(170,903	)		(3,900	)		0.2
Granite Point Mortgage Trust, Inc.		(45,911	)		(886,537	)		(9,646	)		0.5
Great Ajax Corp.		(2,565	)		(32,864	)		(250	)		0.0
Greenlight Capital Re, Ltd., Class A		(104,896	)		(1,065,853	)		(21,918	)		1.1
Griffon Corp.		(31,462	)		(435,749	)		(64,812	)		3.4
Hamilton Beach Brands Holding Co., Class A		(3,626	)		(97,137	)		2,354			(0.1	)
HC2 Holdings, Inc.		(11,377	)		(37,658	)		(1,138	)		0.1
HCI Group, Inc.		(4,605	)		(215,428	)		(2,757	)		0.1
Heritage Insurance Holdings, Inc.		(12,204	)		(177,202	)		0			0.0

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments (continued)

Components of over-the-counter total return basket swap


Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ Depreciation			% of Swap Value
Howard Bancorp, Inc.		(28,637	)	$	(404,068	)	$	36,655			(1.9	)
The Howard Hughes Corp.		(591	)		(63,893	)		(1,732	)		0.1
Hyster-Yale Materials Handling, Inc.		(4,921	)		(329,407	)		(13,046	)		0.7
Impac Mortgage Holdings, Inc.		(2,549	)		(8,972	)		26			(0.0	)
Innophos Holdings, Inc.		(1,887	)		(56,138	)		(283	)		0.0
Insmed, Inc.		(8,290	)		(202,359	)		829			(0.0	)
Insulet Corp.		(8,567	)		(658,108	)		(37,446	)		1.9
Internap Corp.		(19,609	)		(108,830	)		2,745			(0.1	)
International Seaways, Inc.		(40,821	)		(708,679	)		(30,997	)		1.6
INTL. FCStone, Inc.		(4,514	)		(169,853	)		(2,717	)		0.1
Intrexon Corp.		(7,328	)		(54,520	)		(1,612	)		0.1
Invacare Corp.		(62,860	)		(326,719	)		3,618			(0.2	)
Iteris, Inc.		(39,556	)		(150,463	)		(1,828	)		0.1
The KeyW Holding Corp.		(26,498	)		(179,451	)		(10,804	)		0.6
Kindred Biosciences, Inc.		(1,074	)		(10,659	)		81			(0.0	)
Kirby Corp.		(17,766	)		(1,255,505	)		(75,346	)		3.9
Kopin Corp.		(354,143	)		(446,220	)		(42,497	)		2.2
Kosmos Energy, Ltd.		(6,409	)		(31,725	)		(1,154	)		0.1
Landec Corp.		(10,147	)		(127,681	)		(1,084	)		0.1
Leaf Group, Ltd.		(4,839	)		(36,341	)		(823	)		0.0
LendingClub Corp.		(120,045	)		(362,897	)		(20,047	)		1.0
Lexicon Pharmaceuticals, Inc.		(40,739	)		(177,017	)		(15,679	)		0.8
Liberty Media Corp-Liberty Formula One, Class A		(5,835	)		(179,249	)		698			(0.0	)
Lindsay Corp.		(10,970	)		(937,915	)		(4,189	)		0.2
LSB Industries, Inc.		(20,392	)		(148,454	)		(3,467	)		0.2
Lumber Liquidators Holdings, Inc.		(5,038	)		(58,592	)		(1,965	)		0.1
The Macerich Co.		(26,275	)		(1,218,350	)		5,496			(0.3	)
The Manitowoc Co., Inc.		(28,213	)		(418,733	)		(10,669	)		0.6
Mattel, Inc.		(84,745	)		(1,038,974	)		35,593			(1.8	)
Maui Land & Pineapple Co., Inc.		(3,176	)		(37,901	)		(21	)		0.0
Maxwell Technologies, Inc.		(297,283	)		(841,311	)		(44,592	)		2.3
MBIA, Inc.		(129,842	)		(1,216,451	)		(31,330	)		1.6
The Medicines Co.		(20,130	)		(426,555	)		(38,650	)		2.0
Melinta Therapeutics, Inc.		(7,731	)		(6,976	)		449			(0.0	)
Meredith Corp.		(13,040	)		(717,878	)		10,198			(0.5	)
MGP Ingredients, Inc.		(3,577	)		(255,505	)		(1,288	)		0.1
Microchip Technology, Inc.		(1,783	)		(141,731	)		(1,569	)		0.1
Molecular Templates, Inc.		(11,096	)		(47,269	)		(5,326	)		0.3

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments (continued)

Components of over-the-counter total return basket swap


Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ Depreciation			% of Swap Value
Motorcar Parts of America, Inc.		(6,090	)	$	(121,922	)	$	122			(0.0	)
MRC Global, Inc.		(1,298	)		(20,039	)		(235	)		0.0
Neos Therapeutics, Inc.		(44,618	)		(90,575	)		(4,908	)		0.3
The New Home Co., Inc.		(91,049	)		(629,049	)		(1,011	)		0.1
New Senior Investment Group, Inc.		(106,472	)		(531,295	)		(45,783	)		2.4
NN, Inc.		(118,212	)		(1,046,132	)		(33,144	)		1.7
Northwest Natural Holding Co.		(14,496	)		(894,854	)		(12,596	)		0.7
Northwest Pipe Co.		(24,991	)		(545,484	)		(30,308	)		1.6
Ocwen Financial Corp.		(229,844	)		(388,436	)		2,298			(0.1	)
Office Properties Income Trust		(28,924	)		(913,918	)		(12,518	)		0.6
Optinose, Inc.		(7,061	)		(43,778	)		(1,695	)		0.1
ORBCOMM, Inc.		(11,366	)		(91,610	)		(909	)		0.0
Owens & Minor, Inc.		(58,353	)		(445,769	)		4,037			(0.2	)
Papa John’s International, Inc.		(722	)		(30,562	)		29			(0.0	)
Park Electrochemical Corp.		(25,118	)		(561,326	)		(10,863	)		0.6
PDF Solutions, Inc.		(25,005	)		(253,801	)		(9,002	)		0.5
PDL Community Bancorp		(13,787	)		(176,487	)		(1,779	)		0.1
Pennsylvania Real Estate Investment Trust		(130,416	)		(982,032	)		20,867			(1.1	)
PHI, Inc.		(94,294	)		(256,054	)		(53,230	)		2.8
Portola Pharmaceuticals, Inc.		(7,590	)		(202,046	)		(3,643	)		0.2
PRA Group, Inc.		(41,843	)		(1,212,279	)		(22,508	)		1.2
PROS Holdings, Inc.		(4,758	)		(161,877	)		(2,749	)		0.1
Pure Cycle Corp.		(3,198	)		(31,945	)		(579	)		0.0
Quorum Health Corp.		(14,051	)		(42,575	)		1,405			(0.1	)
Radius Health, Inc.		(10,620	)		(181,283	)		(12,744	)		0.7
Red Lion Hotels Corp.		(26,908	)		(250,494	)		1,595			(0.1	)
Redwood Trust, Inc.		(75,701	)		(1,220,002	)		(1,055	)		0.1
Reliant Bancorp, Inc.		(663	)		(14,288	)		33			(0.0	)
Republic First Bancorp, Inc.		(20,009	)		(120,054	)		2,001			(0.1	)
REV Group, Inc.		(8,703	)		(71,626	)		(696	)		0.0
Safeguard Scientifics, Inc.		(107,986	)		(1,029,915	)		5,128			(0.3	)
Sage Therapeutics, Inc.		(394	)		(51,496	)		(4,684	)		0.2
SEACOR Marine Holdings, Inc.		(1,919	)		(25,196	)		(230	)		0.0
Seattle Genetics, Inc.		(2,743	)		(200,788	)		(8,860	)		0.5
Select Energy Services, Inc., Class A		(819	)		(6,957	)		(5	)		0.0
Sempra Energy		(10,812	)		(1,228,168	)		(36,620	)		1.9
Ship Finance International, Ltd.		(5,042	)		(59,697	)		(1,613	)		0.1
Sientra, Inc.		(8,461	)		(93,409	)		(677	)		0.0

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments (continued)

Components of over-the-counter total return basket swap


Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ Depreciation			% of Swap Value
Stemline Therapeutics, Inc.		(2,140	)	$	(22,898	)	$	(770	)		0.0
Stratus Properties, Inc.		(4,712	)		(111,065	)		(610	)		0.0
Sun Hydraulics Corp.		(19,404	)		(663,531	)		(23,759	)		1.2
Sunrun, Inc.		(5,269	)		(64,440	)		(5,638	)		0.3
Switch, Inc., Class A		(14,582	)		(118,552	)		(3,062	)		0.2
Syndax Pharmaceuticals, Inc.		(18,653	)		(98,301	)		(6,155	)		0.3
Telenav, Inc.		(22,316	)		(96,182	)		(2,678	)		0.1
TerraForm Power, Inc., Class A		(18,752	)		(213,585	)		(9,188	)		0.5
Textainer Group Holdings, Ltd.		(14,957	)		(192,497	)		(2,244	)		0.1
TG Therapeutics, Inc.		(20,294	)		(84,626	)		1,421			(0.1	)
TherapeuticsMD, Inc.		(87,421	)		(437,979	)		(20,981	)		1.1
Third Point Reinsurance, Ltd.		(65,342	)		(669,916	)		(16,829	)		0.9
TimkenSteel Corp.		(2,501	)		(29,662	)		(2,176	)		0.1
Trinity Place Holdings, Inc.		(6,505	)		(26,836	)		(160	)		0.0
Uniti Group, Inc.		(44,233	)		(879,202	)		(1,477	)		0.1
Valmont Industries, Inc.		(4,856	)		(612,196	)		(14,228	)		0.7
Verastem, Inc.		(2,260	)		(6,860	)		(552	)		0.0
ViaSat, Inc.		(11,823	)		(727,114	)		(14,069	)		0.7
ViewRay, Inc.		(13,069	)		(90,568	)		(3,398	)		0.2
Virtus Investment Partners, Inc.		(783	)		(69,928	)		(519	)		0.0
Vornado Realty Trust		(16,985	)		(1,145,461	)		(41,961	)		2.2
Wabtec Corp.		(18,154	)		(1,258,963	)		3,432			(0.2	)
Wayfair, Inc., Class A		(4,145	)		(431,992	)		(21,720	)		1.1
White Mountains Insurance Group, Ltd.		(1,289	)		(1,151,029	)		(796	)		0.0
WillScot Corp.		(121,453	)		(1,214,664	)		(30,229	)		1.6
WisdomTree Investments, Inc.		(51,549	)		(339,192	)		(6,186	)		0.3
Zafgen, Inc.		(1,679	)		(7,096	)		(359	)		0.0

Total short equity positions								(1,916,812	)		99.5
Financing								(10,513	)		0.5

Total							$	(1,927,325	)		100.0

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of January 31, 2019:


	Level 1			Level 2			Level 3		Value
Investments in Securities
Assets
Common Stocks^†	$	78,907,351			—			—	$	78,907,351
Short-Term Investments
Joint Repurchase Agreements		—		$	118,082			—		118,082
Other Investment Companies		15,276,140			—			—		15,276,140

Total Assets		94,183,491			118,082			—		94,301,573

Liabilities
Common Stocks^†		(293,046	)		—			—		(293,046	)

Net Investments in Securities	$	93,890,445		$	118,082			—	$	94,008,527

Financial Derivative Instruments - Assets
Equity Swap Contracts		—		$	24,629			—	$	24,629
Equity Futures Contracts	$	3,776,794			—			—		3,776,794
Financial Derivative Instruments - Liabilities
Equity Swap Contracts		—			(1,927,325	)		—		(1,927,325	)
Equity Futures Contracts		(105,688	)		—			—		(105,688	)

Total Financial Derivative Instruments	$	3,671,106		$	(1,902,696	)		—	$	1,768,410

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

For the period ended January 31, 2019, there were no transfers in or out of Level 3.

AMG FQ Global Risk-Balanced Fund

Schedule of Portfolio Investments (unaudited)

January 31, 2019


	Shares		Value
Exchange Traded Funds - 51.2%
iShares Global Infrastructure ETF		19,512	$	833,553
iShares iBoxx $ High Yield Corporate Bond ETF^1,2		116,298		9,898,123
iShares TIPS Bond ETF¹		83,479		9,272,012
Materials Select Sector SPDR Fund		15,436		823,511
SPDR Citi International Government Inflation-Protected Bond ETF¹		39,783		2,161,808
VanEck Vectors Gold Miners ETF		37,282		845,929
VanEck Vectors Natural Resource ETF		23,994		845,093
Vanguard Global ex-U.S. Real Estate ETF		4,952		284,096
Vanguard REIT ETF¹		31,450		2,623,244
Total Exchange Traded Funds (Cost $27,429,005)				27,587,369

	Notes
Exchange Traded Notes - 9.6%
Deutsche Bank AG, PowerShares DB Gold Double Long, 02/15/38^*		38,117		994,854
iPath Bloomberg Commodity Index Total Return ETN, 06/12/36^*		85,188		1,910,767
Swedish Export Credit Corp., ELEMENTS Linked to the Rogers International Commodity Index Total Return, 10/24/22^*		411,273		2,138,620
VelocityShares 3x Long Crude Oil ETN, 02/09/32^*		9,493		132,142
Total Exchange Traded Notes (Cost $5,236,927)				5,176,383

Purchased Options - 0.1%
(See Open Purchased Options schedule) (Cost $550,783)				55,417

	Principal Amount
U.S. Government Obligations - 12.9%
United States Treasury Bill, 2.406%, 04/25/19^3,4	$	4,000,000		3,978,466
United States Treasury Bill, 2.345%, 03/28/19^3,4		3,000,000		2,989,252
Total U.S. Government Obligations (Cost $6,966,738)				6,967,718
Short-Term Investments - 41.0%
Joint Repurchase Agreements - 14.5%⁵
Bank of Montreal, dated 01/31/19, due 02/01/19, 2.570% total to be received $1,846,716 (collateralized by various U.S. Government Agency Obligations, 3.000% - 4.500%, 11/01/27 - 01/20/49, totaling $1,883,516)		1,846,584		1,846,584


	Principal Amount		Value
Industrial and Commercial Bank of China Financial Services LLC dated 01/31/19, due 02/01/19, 2.570% total to be received $388,266 (collateralized by various U.S. Treasuries, 2.875% - 8.750%, 08/15/20 - 09/09/49, totaling $396,003)	$	388,238	$	388,238
Jefferies LLC, dated 01/31/19, due 02/01/19, 2.600% total to be received $1,846,717 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.625%, 02/06/19 - 07/15/36, totaling $1,883,517)		1,846,584		1,846,584
Mizuho Securities USA, LLC, dated 01/31/19, due 02/01/19, 2.570% total to be received $1,846,716 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 3.500%, 04/18/19 - 02/01/48, totaling $1,883,516)		1,846,584		1,846,584
RBC Dominion Securities, Inc., dated 01/31/19, due 02/01/19, 2.570% total to be received $1,846,716 (collateralized by various U.S. Government Agency Obligations, 1.250% - 7.000%, 05/30/19 - 12/15/48, totaling $1,883,516)		1,846,584		1,846,584
Total Joint Repurchase Agreements				7,774,574

	Shares
Other Investment Companies - 26.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.30%⁶		4,717,026		4,717,026
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.36%⁶		4,717,025		4,717,025
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.34%⁶		4,859,966		4,859,966
Total Other Investment Companies				14,294,017
Total Short-Term Investments (Cost $22,068,591)				22,068,591
Total Investments - 114.8% (Cost $62,252,044)				61,855,478
Other Assets, less Liabilities - (14.8)%				(7,960,787	)
Net Assets - 100.0%			$	53,894,691

AMG FQ Global Risk-Balanced Fund

Schedule of Portfolio Investments (continued)

^*	Non-income producing security.

¹	Some or all of these securities were held as collateral for written options as of January 31, 2019, amounting to $12,119,461 or 22.5% of net assets.

²	Some or all of these securities, amounting to $7,625,260 or 14.1% of net assets, were out on loan to various brokers and are collateralized by cash and various U.S. Treasury Obligations. See Notes to Schedule of Portfolio of Investments.

³	Some or all of this security is held as collateral for futures contracts. The market value of collateral at January 31, 2019, amounted to $2,987,451, or 5.5% of net assets.

⁴	Represents yield to maturity at January 31, 2019.

⁵	Cash collateral received from brokers for securities lending was invested in these joint repurchase agreements.

⁶	Yield shown represents the January 31, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ETF	Exchange Traded Fund

ETN	Exchange Traded Notes

REIT	Real Estate Investment Trust

SPDR	Standard & Poor’s Depositary Receipt

TIPS	Treasury Inflation-Protected Securities

Open Purchased Options


Description	Strike Price		Expiration Date		Number of Contracts		Notional Amount			Cost			Value
EURO STOXX 50 (Put)		2,725		03/15/19		12		$	327,000		$	5,672		$	494
EURO STOXX 50 (Put)		2,775		02/15/19		2			55,500			759			14
EURO STOXX 50 (Put)		2,825		03/15/19		61			1,723,250			30,170			4,050
EURO STOXX 50 (Put)		2,825		04/18/19		53			1,497,250			19,985			9,342
EURO STOXX 50 (Put)		2,950		02/15/19		54			1,593,000			23,319			1,298
S&P 500 Index (Put)		2,115		04/18/19		24			5,076,000			97,251			8,880
S&P 500 Index (Put)		2,255		03/15/19		5			1,127,500			21,261			1,425
S&P 500 Index (Put)		2,305		02/15/19		9			2,074,500			29,944			549
S&P 500 Index (Put)		2,385		03/15/19		33			7,870,500			143,586			17,820
S&P 500 Index (Put)		2,415		02/15/19		38			9,177,000			164,068			4,465
S&P 500 Index (Put)		2,430		04/18/19		4			972,000			14,768			7,080

Total											$	550,783		$	55,417

Open Written Options


Description	Strike Price		Expiration Date		Number of Contracts		Notional Amount		Premium		Value
EURO STOXX 50 (Call)		3,200		02/15/19		2	$	64,000	$	263	$	(277	)
EURO STOXX 50 (Call)		3,225		03/15/19		12		387,000		2,426		(3,448	)
EURO STOXX 50 (Call)		3,250		02/15/19		29		942,500		3,887		(1,029	)
EURO STOXX 50 (Call)		3,250		04/18/19		53		1,722,500		8,934		(19,109	)
EURO STOXX 50 (Call)		3,275		03/15/19		61		1,997,750		12,945		(8,378	)
EURO STOXX 50 (Put)		2,575		03/15/19		12		309,000		3,162		(288	)
EURO STOXX 50 (Put)		2,675		02/15/19		2		53,500		466		(9	)
EURO STOXX 50 (Put)		2,675		03/15/19		61		1,631,750		16,272		(2,095	)
EURO STOXX 50 (Put)		2,700		02/15/19		29		783,000		5,518		(133	)
EURO STOXX 50 (Put)		2,700		04/18/19		53		1,431,000		10,927		(5,399	)
EURO STOXX 50 (Put)		2,825		02/15/19		25		706,250		6,346		(229	)
S&P 500 Index (Call)		2,680		02/15/19		9		2,412,000		13,031		(41,490	)
S&P 500 Index (Call)		2,695		03/15/19		5		1,347,500		10,039		(29,150	)
S&P 500 Index (Call)		2,725		04/18/19		24		6,540,000		46,749		(152,400	)
S&P 500 Index (Call)		2,755		02/15/19		12		3,306,000		19,619		(11,628	)
S&P 500 Index (Call)		2,790		03/15/19		33		9,207,000		67,614		(52,701	)

AMG FQ Global Risk-Balanced Fund

Schedule of Portfolio Investments (continued)


Description	Strike Price		Expiration Date		Number of Contracts		Notional Amount		Premium		Value
S&P 500 Index (Call)		2,810		04/18/19		4	$	1,124,000	$	4,592	$	(10,020	)
S&P 500 Index (Put)		1,965		04/18/19		24		4,716,000		52,749		(5,040	)
S&P 500 Index (Put)		2,100		03/15/19		5		1,050,000		10,739		(675	)
S&P 500 Index (Put)		2,185		02/15/19		9		1,966,500		16,181		(315	)
S&P 500 Index (Put)		2,240		03/15/19		33		7,392,000		74,180		(8,745	)
S&P 500 Index (Put)		2,285		02/15/19		12		2,742,000		21,899		(720	)
S&P 500 Index (Put)		2,300		02/15/19		26		5,980,000		80,545		(1,690	)
S&P 500 Index (Put)		2,340		04/18/19		4		936,000		9,792		(4,220	)

Total									$	498,875	$	(359,188	)

Open Futures Contracts


Description	Currency		Number of Contracts		Position		Expiration Date		Current Notional Amount		Value and Unrealized Gain/(Loss)
ASX SPI 200 Index		AUD		22		Long		03/21/19	$	2,320,402	$	107,474
Australia 10-Year Bond		AUD		70		Long		03/15/19		6,793,835		103,322
Canadian 10-Year Bond		CAD		65		Long		03/20/19		6,808,935		217,407
EURO BUXL 30-Year Bond		EUR		25		Long		03/07/19		5,318,370		186,015
EURO STOXX 50		EUR		163		Long		03/15/19		5,880,664		204,961
FTSE 100 Index		GBP		17		Long		03/15/19		1,539,059		51,706
Hang Seng Index		HKD		6		Long		02/27/19		1,072,555		19,468
MSCI Emerging Markets Index		USD		93		Long		03/15/19		4,950,390		421,539
Russell 2000^® Mini Index		USD		79		Long		03/15/19		5,925,790		159,950
S&P 500 E-Mini FUT Index		USD		15		Long		03/15/19		2,028,375		35,928
S&P/TSX 60 Index		CAD		14		Long		03/14/19		1,977,122		112,198
TOPIX Index		JPY		11		Long		03/07/19		1,583,475		(16,360	)
U.K. 10-Year Gilt		GBP		56		Long		03/27/19		9,073,200		83,355
U.S. Treasury 10-Year Note (CBT)		USD		68		Long		03/20/19		8,327,875		202,654

Total											$	1,889,617

CURRENCY ABBREVIATIONS:


AUD		Australian Dollar
CAD		Canadian Dollar
EUR		Euro Dollar
GBP		British Pound
HKD		Hong Kong Dollar
JPY		Japanese Yen
USD		US Dollar

AMG FQ Global Risk-Balanced Fund

Schedule of Portfolio Investments (continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of January 31, 2019:


	Level 1			Level 2		Level 3		Total
Investments in Securities
Exchange Traded Funds^†	$	27,587,369			—		—	$	27,587,369
Exchange Traded Notes^†		5,176,383			—		—		5,176,383
Purchased Options
Equity Contracts		55,417			—		—		55,417
U.S. Government Obligations		—		$	6,967,718		—		6,967,718
Short-Term Investments
Joint Repurchase Agreements		—			7,774,574		—		7,774,574
Other Investment Companies		14,294,017			—		—		14,294,017

Total Investments in Securities	$	47,113,186		$	14,742,292		—	$	61,855,478

Financial Derivative Instruments - Assets
Interest Rate Futures Contracts	$	792,753			—		—	$	792,753
Equity Futures Contracts		1,113,224			—		—		1,113,224
Financial Derivative Instruments - Liabilities
Equity Written Options and Futures Contracts		(375,548	)		—		—		(375,548	)

Total Financial Derivative Instruments	$	1,530,429			—		—	$	1,530,429

†	All exchange traded funds and exchange traded notes held in the Fund are level 1 securities. For a detailed listing of these securities, please refer to the Fund’s Schedule of Portfolio Investments.

For the period ended January 31, 2019, there were no transfers in or out of Level 3.

Notes to Schedules of Portfolio of Investments (unaudited)

VALUATION OF INVESTMENTS

The Funds’ portfolio 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 Trust (the “Board”). Under certain circumstances, the value of certain Fund portfolio 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 Valuation Committee, which is comprised of the Independent Trustees of the Board, and the Pricing Committee, which is comprised of representatives from AMG Funds LLC (the “Investment Manager”) are the committees appointed by the Board to make fair value determinations. 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 readily available or otherwise not determinable pursuant to the Board’s valuation procedures, if the Investment Manager or the Pricing Committee 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 and, if required under the Trust’s securities valuation procedures, the Valuation Committee, seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio 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 and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers.

FAIR VALUE MEASUREMENTS

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

Notes to Schedules of Portfolio of Investments (continued)

PORTFOLIO SECURITIES LOANED

The value of securities loaned on positions held, cash and securities collateral received at January 31, 2019, were as follows:


Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
AMG FQ Tax-Managed U.S. Equity Fund	$	3,172,322	$	285,287	$	2,945,614	$	3,230,901
AMG FQ Long-Short Equity Fund		4,959,762		118,082		4,943,617		5,061,699
AMG FQ Global Risk-Balanced Fund		7,625,260		7,774,574		—		7,774,574

The following table summarizes the securities received as collateral for securities lending:

Fund

Collateral
Type

Coupon
Range

Maturity
Date Range

AMG FQ Tax-Managed U.S. Equity Fund

U.S. Treasury Obligations

0.000

%-8.750%

02/12/19-08/15/47

AMG FQ Long-Short Equity Fund

U.S. Treasury Obligations

0.000

%-8.750%

02/12/19-02/15/48

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 I


By:		/s/ Keitha L. Kinne
Keitha L. Kinne, Principal Executive Officer

Date: March 28, 2019

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/ Keitha L. Kinne
Keitha L. Kinne, Principal Executive Officer

Date: March 28, 2019

By:		/s/ Thomas Disbrow
Thomas Disbrow, Principal Financial Officer

Date: March 28, 2019