Form NPORT-P AMG FUNDS III For: Mar 31

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May 27, 2022 1:55 PM EDT

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      AMG Funds III
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      Suite 500
      Stamford
      
      06901
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      AMG GW&K High Income Fund
      S000009869
      5493008RV2FV6G471C71
      2022-12-31
      2022-03-31
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            UST
          
        
      
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
          
            
            
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        TRANSDIGM INC
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        TransDigm Inc
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        190000.00000000
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        DBT
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        2
        
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          Fixed
          6.25000000
          N
          N
          N
        
        
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        G-III APPAREL GROUP LTD
        529900O5KABM3R3SFM87
        G-III Apparel Group Ltd
        36237HAA9
        
          
          
        
        180000.00000000
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          2025-08-15
          Fixed
          7.87500000
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          N
          N
        
        
          N
          N
          N
        
      
      
        DELTA AIR LINES INC
        Q2CCMS6R0AS67HJMBN42
        Delta Air Lines Inc
        247361ZZ4
        
          
          
        
        251000.00000000
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        1.356196563673
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        DBT
        CORP
        US
        N
        
        2
        
          2026-01-15
          Fixed
          7.37500000
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          N
          N
        
        
          N
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        AMERICAN AXLE & MFG INC
        RY5TAKFOBLDUGX31MS24
        American Axle & Manufacturing Inc
        02406PAY6
        
          
          
        
        163360.00000000
        PA
        USD
        164789.40000000
        0.819887671367
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-03-15
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        CDW LLC/CDW FINANCE
        N/A
        CDW LLC / CDW Finance Corp
        12513GBA6
        
          
          
        
        145000.00000000
        PA
        USD
        149996.70000000
        0.746288566351
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-12-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NORDSTROM INC
        549300S3IZB5P35KNV16
        Nordstrom Inc
        655664AS9
        
          
          
        
        282000.00000000
        PA
        USD
        271636.50000000
        1.351491160496
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-03-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        OWENS-BROCKWAY
        V2UQUCDZJ9WY98W8QU33
        Owens-Brockway Glass Container Inc
        69073TAS2
        
          
          
        
        220000.00000000
        PA
        USD
        223507.90000000
        1.112033733136
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-08-15
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MERCADOLIBRE INC
        549300DKPDN9M5S8GB14
        MercadoLibre Inc
        58733RAE2
        
          
          
        
        200000.00000000
        PA
        USD
        186502.00000000
        0.927915815492
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2026-01-14
          Fixed
          2.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SLM CORP
        N/A
        SLM Corp
        78442PGD2
        
          
          
        
        286000.00000000
        PA
        USD
        283714.86000000
        1.411585429025
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-10-29
          Fixed
          4.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALCOA NEDERLAND HOLDING
        5493000UL1QLQLT1VQ42
        Alcoa Nederland Holding BV
        013822AC5
        
          
          
        
        200000.00000000
        PA
        USD
        209500.00000000
        1.042339295801
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2028-05-15
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PTC INC
        54930050SSMU8SKDJ030
        PTC Inc
        69370CAB6
        
          
          
        
        295000.00000000
        PA
        USD
        291681.25000000
        1.451221139491
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-02-15
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NOVELIS CORP
        549300G5F3W3B52WYL23
        Novelis Corp
        670001AG1
        
          
          
        
        210000.00000000
        PA
        USD
        200608.80000000
        0.998102316580
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-11-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESCO DISTRIBUTION INC
        549300I2CEZJG9N4AH67
        WESCO Distribution Inc
        95081QAP9
        
          
          
        
        90000.00000000
        PA
        USD
        95592.15000000
        0.475605987184
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-15
          Fixed
          7.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KB HOME
        549300LGUCWQURMWLG09
        KB Home
        48666KAZ2
        
          
          
        
        95000.00000000
        PA
        USD
        85973.27000000
        0.427748533219
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-06-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FMG RESOURCES AUG 2006
        549300EFD6S2NFE9D745
        FMG Resources August 2006 Pty Ltd
        30251GAW7
        
          
          
        
        135000.00000000
        PA
        USD
        137585.25000000
        0.684537052972
        Long
        DBT
        CORP
        AU
        N
        
        2
        
          2024-05-15
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PENSKE AUTOMOTIVE GROUP
        549300W7UTQ0M4C7LB15
        Penske Automotive Group Inc
        70959WAJ2
        
          
          
        
        192000.00000000
        PA
        USD
        190560.00000000
        0.948105853021
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-09-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        SBA COMMUNICATIONS CORP
        5299001HX8ZN8Y8QIT49
        SBA Communications Corp
        78410GAD6
        
          
          
        
        180000.00000000
        PA
        USD
        175576.50000000
        0.873557448063
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-02-15
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MACY'S RETAIL HLDGS LLC
        N/A
        Macy's Retail Holdings LLC
        55616XAM9
        
          
          
        
        107000.00000000
        PA
        USD
        91217.50000000
        0.453840499831
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2034-12-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        QVC INC
        549300WBLU5NKPX5X472
        QVC Inc
        747262AY9
        
          
          
        
        204000.00000000
        PA
        USD
        195330.00000000
        0.971838351546
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-02-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUDBAY MINERALS INC
        549300WI524AL577IX21
        Hudbay Minerals Inc
        443628AJ1
        
          
          
        
        300000.00000000
        PA
        USD
        291501.00000000
        1.450324329668
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2026-04-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VICI PROPERTIES / NOTE
        N/A
        VICI Properties LP / VICI Note Co Inc
        92564RAC9
        
          
          
        
        120000.00000000
        PA
        USD
        118230.00000000
        0.588237589224
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-02-15
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TASEKO MINES LTD
        549300XKUO1JSLU7KX54
        Taseko Mines Ltd
        876511AF3
        
          
          
        
        100000.00000000
        PA
        USD
        102975.00000000
        0.512338372244
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2026-02-15
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        METLIFE INC
        C4BXATY60WC6XEOZDX54
        MetLife Inc
        59156RCA4
        
          
          
        
        189000.00000000
        PA
        USD
        186391.80000000
        0.927367530096
        Long
        DBT
        CORP
        US
        N
        
        2
        
          N/A
          Fixed
          3.85000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        CENTENNIAL RESOURCE PROD
        5493004CTVUMQLRPOE23
        Centennial Resource Production LLC
        15138AAA8
        
          
          
        
        150000.00000000
        PA
        USD
        145500.00000000
        0.723915835509
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-01-15
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        METHANEX CORP
        549300TSJHRXT9QXRD13
        Methanex Corp
        59151KAM0
        
          
          
        
        200000.00000000
        PA
        USD
        201000.00000000
        1.000048679981
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2027-10-15
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HANESBRANDS INC
        GX5LWVWZLL5S4W1L2F20
        Hanesbrands Inc
        410345AL6
        
          
          
        
        170000.00000000
        PA
        USD
        170973.25000000
        0.850654591913
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-05-15
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NRG ENERGY INC
        5E2UPK5SW04M13XY7I38
        NRG Energy Inc
        629377CH3
        
          
          
        
        185000.00000000
        PA
        USD
        180787.55000000
        0.899484332012
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-06-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HOWMET AEROSPACE INC
        549300HO5WFZUT5N2T22
        Howmet Aerospace Inc
        443201AA6
        
          
          
        
        212000.00000000
        PA
        USD
        230210.59000000
        1.145382072872
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-01
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EMBRAER NETHERLANDS FINA
        724500PBR8LR26XBSP67
        Embraer Netherlands Finance BV
        29082HAA0
        
          
          
        
        220000.00000000
        PA
        USD
        222202.20000000
        1.105537397009
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2025-06-15
          Fixed
          5.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARCELORMITTAL
        2EULGUTUI56JI9SAL165
        ArcelorMittal SA
        03938LBC7
        
          
          
        
        81000.00000000
        PA
        USD
        82248.89000000
        0.409218377484
        Long
        DBT
        CORP
        LU
        N
        
        2
        
          2029-07-16
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        DAIWA CAPITAL MARKETS AMERICA INC.
        M67H5PRC0NQKM73ZAS82
        DAIWA CAPITAL MARKETS AMERICA
        000000000
        
          
        
        945689.00000000
        PA
        USD
        945689.00000000
        4.705149433448
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.30000000
          2022-04-01
          
            
              962846.96021355
              USD
              433561.64650309
              USD
              AMBS
            
            
              537196.02817038
              USD
              531041.13349060
              USD
              UST
            
          
        
        
          
          N
          N
        
      
      
        MATADOR RESOURCES CO
        549300CI3Q2UUK5R4G79
        Matador Resources Co
        576485AE6
        
          
          
        
        357000.00000000
        PA
        USD
        363533.10000000
        1.808710431764
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-09-15
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORTRESS TRANS & INFRAST
        529900E7PUVK6BC8PE80
        Fortress Transportation and Infrastructure Investors LLC
        34960PAB7
        
          
          
        
        175000.00000000
        PA
        USD
        173687.50000000
        0.864158980618
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-10-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DANA INC
        KVWHW7YLZPFJM8QYNJ51
        Dana Inc
        235825AG1
        
          
          
        
        100000.00000000
        PA
        USD
        101050.00000000
        0.502760791602
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-15
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORD MOTOR COMPANY
        20S05OYHG0MQM4VUIC57
        Ford Motor Co
        345370CR9
        
          
          
        
        364000.00000000
        PA
        USD
        366213.12000000
        1.822044513671
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-12-08
          Fixed
          4.34600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ENCOMPASS HEALTH CORP
        549300FVRPM9DRQZRG64
        Encompass Health Corp
        29261AAA8
        
          
          
        
        191000.00000000
        PA
        USD
        187180.00000000
        0.931289114024
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-02-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ONEMAIN FINANCE CORP
        5493008I795YYBFWFU90
        OneMain Finance Corp
        85172FAN9
        
          
          
        
        275000.00000000
        PA
        USD
        293944.75000000
        1.462482881716
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-03-15
          Fixed
          7.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SPRINT CORP
        549300ZTTY7CXOLJ6539
        Sprint Corp
        85207UAH8
        
          
          
        
        169000.00000000
        PA
        USD
        181260.95000000
        0.901839670545
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-15
          Fixed
          7.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        COGENT COMMUNICATIONS GR
        549300KFWFYF8Q1U0Y26
        Cogent Communications Group Inc
        19240CAC7
        
          
          
        
        200000.00000000
        PA
        USD
        190000.00000000
        0.945319647743
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-05-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BATH & BODY WORKS INC
        GR3KVMWVCR54YWQNXU90
        Bath & Body Works Inc
        501797AQ7
        
          
          
        
        135000.00000000
        PA
        USD
        143419.95000000
        0.713566824281
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-01-15
          Fixed
          6.69400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SERVICE PROPERTIES TRUST
        529900IS770AG1K9QG27
        Service Properties Trust
        81761LAA0
        
          
          
        
        350000.00000000
        PA
        USD
        367167.50000000
        1.826792904015
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-09-15
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROYAL CARIBBEAN CRUISES
        K2NEH8QNVW44JIWK7Z55
        Royal Caribbean Cruises Ltd
        780153AG7
        
          
          
        
        181000.00000000
        PA
        USD
        192312.50000000
        0.956825182930
        Long
        DBT
        CORP
        LR
        
        N
        
        2
        
          2027-10-15
          Fixed
          7.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AVIENT CORP
        SM8L9RZYIB34LNTWO040
        Avient Corp
        73179PAM8
        
          
          
        
        140000.00000000
        PA
        USD
        143724.00000000
        0.715079584485
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-15
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALLEGHENY TECHNOLOGIES
        ZW1LRE7C3H17O2ZN9B45
        Allegheny Technologies Inc
        01741RAL6
        
          
          
        
        156000.00000000
        PA
        USD
        147839.64000000
        0.735556402144
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-10-01
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GOODYEAR TIRE & RUBBER
        5493002BI0S2ZQUY3437
        Goodyear Tire & Rubber Co/The
        382550BG5
        
          
          
        
        283000.00000000
        PA
        USD
        274749.14000000
        1.366977685487
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-03-15
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        MERITAGE HOMES CORP
        52990044W9UMFJO2FB97
        Meritage Homes Corp
        59001AAY8
        
          
          
        
        163000.00000000
        PA
        USD
        171315.69000000
        0.852358356440
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-01
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MEG ENERGY CORP
        5493002WXPTG5ZC1T326
        MEG Energy Corp
        552704AF5
        
          
          
        
        145000.00000000
        PA
        USD
        146993.75000000
        0.731347789318
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2029-02-01
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KRAFT HEINZ FOODS CO
        5493003STKEZ2S0RNU91
        Kraft Heinz Foods Co
        50077LAB2
        
          
          
        
        86000.00000000
        PA
        USD
        84937.04000000
        0.422592909122
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2046-06-01
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAESARS ENTERTAIN INC
        549300FA4CTCW903Y781
        Caesars Entertainment Inc
        28470RAH5
        
          
          
        
        185000.00000000
        PA
        USD
        191001.40000000
        0.950301979824
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-01
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED AIRLINES HOLDINGS
        98450079DA0B78DD6764
        United Airlines Holdings Inc
        910047AH2
        
          
          
        
        290000.00000000
        PA
        USD
        287714.80000000
        1.431486596771
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-02-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN EXPRESS CO
        R4PP93JZOLY261QX3811
        American Express Co
        025816CH0
        
          
          
        
        205000.00000000
        PA
        USD
        186816.50000000
        0.929480568277
        Long
        DBT
        CORP
        US
        N
        
        2
        
          N/A
          Fixed
          3.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FORD MOTOR COMPANY
        20S05OYHG0MQM4VUIC57
        Ford Motor Co
        345370CS7
        
          
          
        
        88000.00000000
        PA
        USD
        85413.24000000
        0.424962178681
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2046-12-08
          Fixed
          5.29100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DCP MIDSTREAM OPERATING
        549300Y6CTBSE0QIPL28
        DCP Midstream Operating LP
        23311VAG2
        
          
          
        
        276000.00000000
        PA
        USD
        284586.36000000
        1.415921460988
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-15
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NUSTAR LOGISTICS LP
        N62BF2PKP51FIIOIUN20
        NuStar Logistics LP
        67059TAE5
        
          
          
        
        186000.00000000
        PA
        USD
        181977.75000000
        0.905406013301
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-04-28
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NUSTAR LOGISTICS LP
        N62BF2PKP51FIIOIUN20
        NuStar Logistics LP
        67059TAG0
        
          
          
        
        115000.00000000
        PA
        USD
        117156.25000000
        0.582895289373
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-10-01
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MERITOR INC
        5LTG829X630QFHTFBO82
        Meritor Inc
        59001KAG5
        
          
          
        
        260000.00000000
        PA
        USD
        268450.00000000
        1.335637154930
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-01
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OCCIDENTAL PETROLEUM COR
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corp
        674599CH6
        
          
          
        
        260000.00000000
        PA
        USD
        258375.00000000
        1.285510336767
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          3.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OCCIDENTAL PETROLEUM COR
        IM7X0T3ECJW4C1T7ON55
        Occidental Petroleum Corp
        674599DE2
        
          
          
        
        80000.00000000
        PA
        USD
        99800.00000000
        0.496541583393
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-09-15
          Fixed
          7.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN AIRLINES/AADVAN
        N/A
        American Airlines Inc/AAdvantage Loyalty IP Ltd
        00253XAA9
        
          
          
        
        235000.00000000
        PA
        USD
        236762.50000000
        1.177980226836
        Long
        DBT
        CORP
        N/A
        N
        
        2
        
          2026-04-20
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CONTINENTAL RESOURCES
        XXRTID9RYWOZ0UPIVR53
        Continental Resources Inc/OK
        212015AS0
        
          
          
        
        138000.00000000
        PA
        USD
        139904.40000000
        0.696075674346
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-01-15
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CLEARWATER PAPER CORP
        549300HCVV19GXN4P292
        Clearwater Paper Corp
        18538RAH6
        
          
          
        
        255000.00000000
        PA
        USD
        257868.75000000
        1.282991557442
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-02-01
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SM ENERGY CO
        84BUTVXV5ODI6BXNMH43
        SM Energy Co
        78454LAL4
        
          
          
        
        312000.00000000
        PA
        USD
        311610.00000000
        1.550373975965
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-01
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TELECOM ITALIA SPA
        549300W384M3RI3VXU42
        Telecom Italia SpA/Milano
        87927YAA0
        
          
          
        
        400000.00000000
        PA
        USD
        403000.00000000
        2.005072726530
        Long
        DBT
        CORP
        IT
        N
        
        2
        
          2024-05-30
          Fixed
          5.30300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CLEVELAND-CLIFFS INC
        549300TM2WLI2BJMDD86
        Cleveland-Cliffs Inc
        185899AH4
        
          
          
        
        195000.00000000
        PA
        USD
        200016.38000000
        0.995154809918
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-06-01
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MURPHY OIL CORP
        QBKYQD0ODE7DC7PDIN91
        Murphy Oil Corp
        626717AN2
        
          
          
        
        131000.00000000
        PA
        USD
        136240.00000000
        0.677843941097
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-07-15
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MATTEL INC
        549300VELLG24KHTJ564
        Mattel Inc
        577081BE1
        
          
          
        
        240000.00000000
        PA
        USD
        234980.40000000
        1.169113626077
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-01
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEVA PHARMACEUTICALS NE
        5493004T21MOAFINJP35
        Teva Pharmaceutical Finance Netherlands III BV
        88167AAE1
        
          
          
        
        224000.00000000
        PA
        USD
        202807.36000000
        1.009040958500
        Long
        DBT
        CORP
        NL
        
        N
        
        2
        
          2026-10-01
          Fixed
          3.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HCA INC
        L3CJ6J7LJ2DX62FTXD46
        HCA Inc
        404119BR9
        
          
          
        
        192000.00000000
        PA
        USD
        199776.00000000
        0.993958831303
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-02-01
          Fixed
          5.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OASIS PETROLEUM INC
        529900FA4V2YNIKZ0M71
        Oasis Petroleum Inc
        674215AL2
        
          
          
        
        140000.00000000
        PA
        USD
        143500.00000000
        0.713965102374
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-06-01
          Fixed
          6.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SALLY HOLDINGS/SALLY CAP
        N/A
        Sally Holdings LLC / Sally Capital Inc
        79546VAM8
        
          
          
        
        130000.00000000
        PA
        USD
        135850.00000000
        0.675903548136
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-04-30
          Fixed
          8.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        RBC DOMINION SECURITIES INC.
        549300QJJX6CVVUXLE15
        RBC DOMINION SECURITIES INC
        000000000
        
          
        
        1000000.00000000
        PA
        USD
        1000000.00000000
        4.975366567072
        Long
        RA
        CORP
        US
        N
        
        2
        
          Repurchase
          
            
              
            
          
          Y
          0.30000000
          2022-04-01
          
            
              1375020.58799999
              USD
              466446.33143111
              USD
              AMBS
            
            
              749336.97777777
              USD
              553553.67916444
              USD
              UST
            
          
        
        
          
          N
          N
        
      
      
        SOUTHWESTERN ENERGY CO
        EFWMP121W54QV9MGOP87
        Southwestern Energy Co
        845467AL3
        
          
          
        
        47000.00000000
        PA
        USD
        49134.27000000
        0.244461004255
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-01-23
          Variable
          5.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CSC HOLDINGS LLC
        3HG2WD2W22M120IUNG49
        CSC Holdings LLC
        126307AH0
        
          
          
        
        167000.00000000
        PA
        USD
        167211.26000000
        0.831937312642
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-06-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MUELLER WATER PRODUCTS
        549300F7ZU4P1F8V8L60
        Mueller Water Products Inc
        624758AF5
        
          
          
        
        200000.00000000
        PA
        USD
        189446.00000000
        0.942563294665
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-06-15
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTERN MIDSTREAM OPERAT
        L6D8A6MLSY454J2JXJ60
        Western Midstream Operating LP
        958254AF1
        
          
          
        
        294000.00000000
        PA
        USD
        301350.00000000
        1.499326714987
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-07-01
          Fixed
          4.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BALL CORP
        0BGI85ALH27ZJP15DY16
        Ball Corp
        058498AT3
        
          
          
        
        283000.00000000
        PA
        USD
        299838.50000000
        1.491806448421
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-01
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PRIME SECSRVC BRW/FINANC
        N/A
        Prime Security Services Borrower LLC / Prime Finance Inc
        74166MAC0
        
          
          
        
        250000.00000000
        PA
        USD
        255043.75000000
        1.268936146890
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MGM RESORTS INTL
        54930066VBP7DZEGGJ87
        MGM Resorts International
        552953CE9
        
          
          
        
        233000.00000000
        PA
        USD
        238829.66000000
        1.188265105589
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-15
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GRIFFON CORPORATION
        5493000C2SGNC7ZN3242
        Griffon Corp
        398433AP7
        
          
          
        
        100000.00000000
        PA
        USD
        96150.00000000
        0.478381495424
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-03-01
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SILGAN HOLDINGS INC
        KAF673KJXD92C8KSLU49
        Silgan Holdings Inc
        827048AW9
        
          
          
        
        153000.00000000
        PA
        USD
        146880.00000000
        0.730781841371
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-02-01
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WYNN LAS VEGAS LLC/CORP
        N/A
        Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp
        983130AV7
        
          
          
        
        185000.00000000
        PA
        USD
        185003.70000000
        0.920461223764
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-03-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRAVEL + LEISURE CO
        T4VNTWMFQ7JQB65L7T35
        Travel + Leisure Co
        98310WAP3
        
          
          
        
        181000.00000000
        PA
        USD
        187467.13000000
        0.932717691027
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-04-01
          Variable
          5.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALLY FINANCIAL INC
        549300JBN1OSM8YNAI90
        Ally Financial Inc
        02005NBM1
        
          
          
        
        190000.00000000
        PA
        USD
        178848.90000000
        0.889838837617
        Long
        DBT
        CORP
        US
        N
        
        2
        
          N/A
          Fixed
          4.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CITIGROUP INC
        6SHGI4ZSSLCXXQSBB395
        Citigroup Inc
        172967MV0
        
          
          
        
        310000.00000000
        PA
        USD
        292175.00000000
        1.453677726734
        Long
        DBT
        CORP
        US
        N
        
        2
        
          N/A
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VICI PROPERTIES / NOTE
        N/A
        VICI Properties LP / VICI Note Co Inc
        92564RAA3
        
          
          
        
        85000.00000000
        PA
        USD
        84643.00000000
        0.421129952336
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-12-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AECOM
        0EEB8GF0W0NPCIHZX097
        AECOM
        00774CAB3
        
          
          
        
        184000.00000000
        PA
        USD
        188182.32000000
        0.936276023442
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-03-15
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITED STATES STEEL CORP
        JNLUVFYJT1OZSIQ24U47
        United States Steel Corp
        912909AU2
        
          
          
        
        94000.00000000
        PA
        USD
        97760.00000000
        0.486391835597
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-03-01
          Fixed
          6.87500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        LUMEN TECHNOLOGIES INC
        8M3THTGWLTYZVE6BBY25
        Lumen Technologies Inc
        156700AZ9
        
          
          
        
        279000.00000000
        PA
        USD
        281092.50000000
        1.398538226754
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-04-01
          Fixed
          5.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NAVIENT CORP
        54930067J0ZNOEBRW338
        Navient Corp
        78442FET1
        
          
          
        
        193000.00000000
        PA
        USD
        196377.50000000
        0.977050048025
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-03-25
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PENN NATIONAL GA
        N/A
        Penn National Gaming Inc
        707569AV1
        
          
          
        
        200000.00000000
        PA
        USD
        179040.00000000
        0.890789630168
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-07-01
          Fixed
          4.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CROWN CORK & SEAL CO INC
        7HLDMDH0ZXNUH6PT7Z42
        Crown Cork & Seal Co Inc
        228255AH8
        
          
          
        
        205000.00000000
        PA
        USD
        231331.23000000
        1.150957667661
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-12-15
          Fixed
          7.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRINITY INDUSTRIES INC
        R1JB4KXN77XFCXOQKV49
        Trinity Industries Inc
        896522AH2
        
          
          
        
        199000.00000000
        PA
        USD
        202392.95000000
        1.006979116841
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-10-01
          Fixed
          4.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STARWOOD PROPERTY TRUST
        BUGSFQZERKRBFWIG5267
        Starwood Property Trust Inc
        85571BAL9
        
          
          
        
        446000.00000000
        PA
        USD
        451566.08000000
        2.246706777255
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-03-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHARLES SCHWAB CORP
        549300VSGCJ7E698NM85
        Charles Schwab Corp/The
        808513BK0
        
          
          
        
        241000.00000000
        PA
        USD
        230757.50000000
        1.148103150601
        Long
        DBT
        CORP
        US
        N
        
        2
        
          N/A
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TENET HEALTHCARE CORP
        0W9AIBT6U6ADJ2I8HK17
        Tenet Healthcare Corp
        88033GCY4
        
          
          
        
        190000.00000000
        PA
        USD
        191662.50000000
        0.953591194661
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-01-01
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley
        61762VAA9
        
          
          
        
        210000.00000000
        PA
        USD
        222420.16000000
        1.106621827906
        Long
        DBT
        CORP
        US
        N
        
        2
        
          N/A
          Fixed
          5.87500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        SOUTHWESTERN ENERGY CO
        EFWMP121W54QV9MGOP87
        Southwestern Energy Co
        845467AP4
        
          
          
        
        235000.00000000
        PA
        USD
        257912.50000000
        1.283209229730
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-09-15
          Fixed
          8.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARAMARK SERVICES INC
        42YMHYH0XMHJEXDUB065
        Aramark Services Inc
        038522AQ1
        
          
          
        
        100000.00000000
        PA
        USD
        97000.00000000
        0.482610557006
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-02-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        WABASH NATIONAL CORP
        5299004ZAWHQZI5XO485
        Wabash National Corp
        929566AL1
        
          
          
        
        155000.00000000
        PA
        USD
        139500.00000000
        0.694063636106
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-10-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SEALED AIR CORP
        Q0M0CZB4YN6JZ65WXI09
        Sealed Air Corp
        81211KAX8
        
          
          
        
        200000.00000000
        PA
        USD
        209568.00000000
        1.042677620728
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-09-15
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
    
    
      2022-05-20
      AMG Funds III
      Thomas Disbrow
      Thomas Disbrow
      Principal Financial Officer
    
  
  XXXX

AMG GW&K High Income Fund

Schedule of Portfolio Investments (unaudited)

March 31, 2022

	Principal Amount	Value
Corporate Bonds and Notes - 96.9%
Financials - 17.2%
Ally Financial, Inc. Series B (4.700% to 05/15/26 then U.S. Treasury Yield Curve CMT 5 year + 3.868%), 4.700%, 05/15/26^1,2,3	$190,000	$178,853
American Express Co. (3.550% to 09/15/26 then U.S. Treasury Yield Curve CMT 5 year + 2.854%), 3.550%, 09/15/26^1,2,3	205,000	186,817
The Charles Schwab Corp. Series I (4.000% to 06/01/26 then U.S. Treasury Yield Curve CMT 5 year + 3.168%), 4.000%, 06/01/26^1,2,3	241,000	230,757
Citigroup, Inc. (3.875% to 02/18/26 then U.S. Treasury Yield Curve CMT 5 year + 3.417%), 3.875%, 02/18/26^1,2,3	310,000	292,175
MetLife, Inc. Series G (3.850% to 09/15/25 then U.S. Treasury Yield Curve CMT 5 year + 3.576%), 3.850%, 09/15/25^1,2,3,4	189,000	186,392
Morgan Stanley Series M (5.875% to 09/15/26 then 3 month LIBOR + 4.435%), 5.875%, 09/15/26^1,2,3,4	210,000	222,420
Navient Corp. 6.125%, 03/25/24	193,000	196,377
OneMain Finance Corp. 7.125%, 03/15/26	275,000	293,945
SBA Communications Corp. 3.875%, 02/15/27	180,000	175,577
Service Properties Trust 7.500%, 09/15/25	350,000	367,167
SLM Corp. 4.200%, 10/29/25	286,000	283,715
Starwood Property Trust, Inc. 4.750%, 03/15/25	446,000	451,566
VICI Properties LP/VICI Note Co., Inc.
3.500%, 02/15/25⁵	120,000	118,230
4.250%, 12/01/26⁵	85,000	84,643


Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. 5.500%, 03/01/25⁵	185,000	185,004

Total Financials		3,453,638
Industrials - 77.3%
AECOM 5.125%, 03/15/27	184,000	188,182

	Principal Amount	Value

Alcoa Nederland Holding BV (Netherlands) 6.125%, 05/15/28⁵	$200,000	$209,500
Allegheny Technologies, Inc. 4.875%, 10/01/29	156,000	147,840
American Airlines Inc/AAdvantage Loyalty IP, Ltd. 5.500%, 04/20/26⁵	235,000	236,763
American Axle & Manufacturing, Inc. 6.250%, 03/15/26⁴	163,360	164,789
Aramark Services, Inc. 5.000%, 02/01/28^4,5	100,000	97,000
ArcelorMittal, S.A. (Luxembourg) 4.250%, 07/16/29⁴	81,000	82,249
Avient Corp. 5.750%, 05/15/25⁵	140,000	143,724
Ball Corp. 5.250%, 07/01/25	283,000	299,838
Bath & Body Works, Inc. 6.694%, 01/15/27	135,000	143,420
Caesars Entertainment, Inc. 6.250%, 07/01/25⁵	185,000	191,001
CDW LLC/CDW Finance Corp. 5.500%, 12/01/24	145,000	149,997
Centennial Resource Production LLC 5.375%, 01/15/26⁵	150,000	145,500
Clearwater Paper Corp. 5.375%, 02/01/25⁵	255,000	257,869
Cleveland-Cliffs, Inc. 5.875%, 06/01/27	195,000	200,016
Cogent Communications Group, Inc. 3.500%, 05/01/26⁵	200,000	190,000
Continental Resources, Inc. 4.375%, 01/15/28	138,000	139,904
Crown Cork & Seal Co., Inc. 7.375%, 12/15/26	205,000	231,331
CSC Holdings LLC 5.250%, 06/01/24	167,000	167,211
Dana, Inc. 5.625%, 06/15/28	100,000	101,050
DCP Midstream Operating LP 5.375%, 07/15/25	276,000	284,586
Delta Air Lines, Inc. 7.375%, 01/15/26⁴	251,000	272,582
Embraer Netherlands Finance BV (Netherlands) 5.050%, 06/15/25	220,000	222,202
Encompass Health Corp. 4.500%, 02/01/28	191,000	187,180
FMG Resources August 2006 Pty, Ltd. (Australia) 5.125%, 05/15/24⁵	135,000	137,585
Ford Motor Co.
4.346%, 12/08/26	364,000	366,213

AMG GW&K High Income Fund

Schedule of Portfolio Investments (continued)

	Principal Amount	Value
Industrials - 77.3% (continued)
Ford Motor Co.
5.291%, 12/08/46	$88,000	$85,413


Fortress Transportation and Infrastructure Investors LLC 6.500%, 10/01/25⁵	175,000	173,688
G-III Apparel Group, Ltd. 7.875%, 08/15/25⁵	180,000	189,027
The Goodyear Tire & Rubber Co. 4.875%, 03/15/27⁴	283,000	274,749
Griffon Corp. 5.750%, 03/01/28	100,000	96,150
Hanesbrands, Inc. 4.875%, 05/15/26⁵	170,000	170,973
HCA, Inc. 5.375%, 02/01/25	192,000	199,776
Howmet Aerospace, Inc. 6.875%, 05/01/25	212,000	230,211
Hudbay Minerals, Inc. (Canada) 4.500%, 04/01/26⁵	300,000	291,501
KB Home 4.000%, 06/15/31	95,000	85,973
Kraft Heinz Foods Co. 4.375%, 06/01/46	86,000	84,937
Lumen Technologies Inc 5.625%, 04/01/25	279,000	281,092
Macy's Retail Holdings, LLC 4.500%, 12/15/34	107,000	91,218
Matador Resources Co. 5.875%, 09/15/26	357,000	363,533
Mattel, Inc. 3.375%, 04/01/26⁵	240,000	234,980
MEG Energy Corp. (Canada) 5.875%, 02/01/29⁵	145,000	146,994
MercadoLibre, Inc. 2.375%, 01/14/26	200,000	186,502
Meritage Homes Corp. 6.000%, 06/01/25	163,000	171,316
Meritor, Inc. 6.250%, 06/01/25⁵	260,000	268,450
Methanex Corp. (Canada) 5.125%, 10/15/27	200,000	201,000
MGM Resorts International 5.750%, 06/15/25	233,000	238,830
Mueller Water Products, Inc. 4.000%, 06/15/29⁵	200,000	189,446
Murphy Oil Corp. 6.375%, 07/15/28	131,000	136,240
Nordstrom, Inc. 4.000%, 03/15/27⁴	282,000	271,637

	Principal Amount	Value


Novelis Corp. 3.250%, 11/15/26⁵	$210,000	$200,609
NuStar Logistics LP
5.625%, 04/28/27	186,000	181,978
5.750%, 10/01/25	115,000	117,156


Oasis Petroleum, Inc. 6.375%, 06/01/26⁵	140,000	143,500
Occidental Petroleum Corp.
3.400%, 04/15/26	260,000	258,375
7.875%, 09/15/31	80,000	99,800


Owens-Brockway Glass Container, Inc. 6.375%, 08/15/25⁵	220,000	223,508
Penn National Gaming, Inc. 4.125%, 07/01/29⁵	200,000	179,040
Penske Automotive Group, Inc. 3.500%, 09/01/25⁴	192,000	190,560
Prime Security Services Borrower LLC/Prime Finance, Inc. 5.750%, 04/15/26⁵	250,000	255,044
PTC, Inc. 3.625%, 02/15/25⁵	295,000	291,681
QVC, Inc. 4.750%, 02/15/27	204,000	195,330
Royal Caribbean Cruises, Ltd. (Liberia) 7.500%, 10/15/27	181,000	192,313
Sally Holdings LLC/Sally Capital, Inc. 8.750%, 04/30/25⁵	130,000	135,850
Sealed Air Corp. 5.500%, 09/15/25⁵	200,000	209,568
Silgan Holdings, Inc. 4.125%, 02/01/28	153,000	146,880
Southwestern Energy Co.
5.950%, 01/23/25⁶	47,000	49,134
8.375%, 09/15/28	235,000	257,913


Sprint Corp. 7.125%, 06/15/24	169,000	181,261
Taseko Mines, Ltd. (Canada) 7.000%, 02/15/26^4,5	100,000	102,975
Telecom Italia S.P.A. (Italy) 5.303%, 05/30/24⁵	400,000	403,000
Tenet Healthcare Corp. 4.875%, 01/01/26⁵	190,000	191,663
Teva Pharmaceutical Finance Netherlands III, B.V. (Netherlands) 3.150%, 10/01/26	224,000	202,807
TransDigm, Inc. 6.250%, 03/15/26⁵	190,000	195,062
Travel + Leisure Co. 5.650%, 04/01/24⁶	181,000	187,467
Trinity Industries, Inc. 4.550%, 10/01/24	199,000	202,393

AMG GW&K High Income Fund

Schedule of Portfolio Investments (continued)

	Principal Amount	Value
Industrials - 77.3% (continued)

United Airlines Holdings, Inc. 5.000%, 02/01/24	$290,000	$287,715
United States Steel Corp. 6.875%, 03/01/29⁴	94,000	97,760
Wabash National Corp. 4.500%, 10/15/28⁵	155,000	139,500
WESCO Distribution, Inc. 7.250%, 06/15/28⁵	90,000	95,592
Western Midstream Operating LP 4.650%, 07/01/26	294,000	301,350

Total Industrials		15,537,952
Utilities - 2.4%
NRG Energy, Inc. 5.250%, 06/15/29⁵	185,000	180,787
SM Energy Co. 5.625%, 06/01/25	312,000	311,610

Total Utilities		492,397

Total Corporate Bonds and Notes (Cost $20,359,435)		19,483,987
Short-Term Investments - 9.7%
Joint Repurchase Agreements - 9.7%⁷
Daiwa Capital Markets America, dated 03/31/22, due 04/01/22, 0.300% total to be received $945,697 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 04/05/22 - 04/01/52, totaling $964,603)	945,689	945,689

	Principal Amount	Value


RBC Dominion Securities, Inc., dated 03/31/22, due 04/01/22, 0.300% total to be received $1,000,008 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 5.500%, 04/26/22 - 03/20/52, totaling $1,020,000)	$1,000,000	$1,000,000

Total Joint Repurchase Agreements		1,945,689

Total Short-Term Investments (Cost $1,945,689)		1,945,689
Total Investments - 106.6% (Cost $22,305,124)		21,429,676
Other Assets, less Liabilities - (6.6)%		(1,330,377)
Net Assets - 100.0%		$20,099,299

¹	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at March 31, 2022. Rate will reset at a future date.
²	Perpetuity Bond. The date shown represents the next call date.
³	Variable rate security. The rate shown is based on the latest available information as of March 31, 2022. 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.
⁴	Some of these securities, amounting to $1,943,482 or 9.7% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See below for more information.

⁵	Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2022, the value of these securities amounted to $6,609,257 or 32.9% of net assets.
⁶	Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term.
⁷	Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

CMT	Constant Maturity Treasury
LIBOR	London Interbank Offered Rate

AMG GW&K High Income 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 March 31, 2022:

	Level 1	Level 2	Level 3	Total
Investments in Securities
Corporate Bonds and Notes^†	—	$19,483,987	—	$19,483,987
Short-Term Investments
Joint Repurchase Agreements	—	1,945,689	—	1,945,689
Total Investments in Securities	—	$21,429,676	—	$21,429,676


^†	All corporate bonds and notes held in the Fund are level 2 securities. For a detailed breakout of corporate bonds and notes by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

For the period ended March 31, 2022, there were no transfers in or out of Level 3.

The Fund participates in the securities lending program offered by The Bank of New York Mellon providing for the lending of securities to qualified brokers. The value of securities loaned on positions held, cash collateral and securities collateral received at March 31, 2022, were as follows:

	Securities Loaned	Cash Collateral Received	Securities Collateral Received	Total Collateral Received
	$1,943,482	$1,945,689	$55,578	$2,001,267

The following table summarizes the securities received as collateral for securities lending at March 31, 2022:

	Collateral Type	Coupon Range	Maturity Date Range
	U.S. Treasury Obligations	0.010%-3.000%	04/30/22-05/15/50

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

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