# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0001752724-23-067804
**Filing Date:** 2023-3
**Character Count:** 48413
**Document Hash:** afa3e0965380ea293e0688dff3ec6d44
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-067804.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-067804

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230327

**DATE AS OF CHANGE**: 20230327

**PERIOD START**: 20231031

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG FUNDS
- **CENTRAL INDEX KEY:** 0001089951
- **IRS NUMBER:** 061555943
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09521
- **FILM NUMBER:** 23763962

**BUSINESS ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD, SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
- **BUSINESS PHONE:** 2032993500

**MAIL ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD, SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGERS AMG FUNDS
- **DATE OF NAME CHANGE:** 19990706

## Series and Classes Contracts Data

### AMG GW&K Emerging Markets Equity Fund (Series ID: S000031518)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000097993 | Class N      | TLEVX           |
| C000097994 | Class I      | TLESX           |
| C000097995 | Class Z      | TLEIX           |

## Nport-Ex

AMG GW&K Emerging Markets Equity Fund

Schedule of Portfolio Investments *(unaudited)*

January 31, 2023

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| **Common Stocks - 94.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services - 10.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., Class A (China)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;34216 | &nbsp;&nbsp;&nbsp;&nbsp;$575172 |
| &nbsp;&nbsp;&nbsp;Kanzhun, Ltd., ADR (China)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117807 |
| &nbsp;&nbsp;&nbsp;Kingsoft Corp., Ltd. (China) | &nbsp;&nbsp;72200 | &nbsp;&nbsp;&nbsp;&nbsp;265843 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology (China)<sup>\*,1</sup> | &nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp;232289 |
| &nbsp;&nbsp;&nbsp;MultiChoice Group (South Africa)<sup>2</sup> | &nbsp;&nbsp;24758 | &nbsp;&nbsp;&nbsp;&nbsp;170460 |
| &nbsp;&nbsp;&nbsp;NetEase, Inc. (China) | &nbsp;&nbsp;&nbsp;12525 | &nbsp;&nbsp;&nbsp;&nbsp;222220 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. (China) | &nbsp;&nbsp;13306 | &nbsp;&nbsp;&nbsp;&nbsp;648387 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group, ADR (China)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;13572 | &nbsp;&nbsp;&nbsp;&nbsp;113869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communication Services |  | &nbsp;&nbsp;2346047 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 21.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. (China)<sup>\*</sup> | &nbsp;&nbsp;59328 | &nbsp;&nbsp;&nbsp;&nbsp;815681 |
| &nbsp;&nbsp;&nbsp;Feng TAY Enterprise Co., Ltd. (Taiwan) | &nbsp;&nbsp;38355 | &nbsp;&nbsp;&nbsp;&nbsp;253244 |
| &nbsp;&nbsp;&nbsp;H World Group Ltd., ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp;289628 |
| &nbsp;&nbsp;&nbsp;Haidilao International Holding, Ltd. (China)<sup>\*,1</sup> | &nbsp;&nbsp;49000 | &nbsp;&nbsp;&nbsp;&nbsp;133609 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;7752 | &nbsp;&nbsp;&nbsp;&nbsp;230183 |
| &nbsp;&nbsp;&nbsp;Li Ning Co., Ltd. (China) | &nbsp;&nbsp;47000 | &nbsp;&nbsp;&nbsp;&nbsp;464626 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip, Ltd. (India)<sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;11248 | &nbsp;&nbsp;&nbsp;&nbsp;325967 |
| &nbsp;&nbsp;&nbsp;Meituan, Class B (China)<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29733 |
| &nbsp;&nbsp;&nbsp;Midea Group Co., Ltd., Class A (China) | &nbsp;&nbsp;22885 | &nbsp;&nbsp;&nbsp;&nbsp;187808 |
| &nbsp;&nbsp;&nbsp;Pepco Group, N.V. (United Kingdom)<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;21230 | &nbsp;&nbsp;&nbsp;&nbsp;205899 |
| &nbsp;&nbsp;&nbsp;Prosus, N.V. (Netherlands) | &nbsp;&nbsp;&nbsp;2362 | &nbsp;&nbsp;&nbsp;&nbsp;190720 |
| &nbsp;&nbsp;&nbsp;Sands China, Ltd. (Macau)<sup>\*</sup> | &nbsp;&nbsp;99550 | &nbsp;&nbsp;&nbsp;&nbsp;373321 |
| &nbsp;&nbsp;&nbsp;Shenzhou International Group Holdings, Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;4160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52389 |
| &nbsp;&nbsp;&nbsp;Trip.com Group, Ltd., ADR (China)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;16577 | &nbsp;&nbsp;&nbsp;&nbsp;609371 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. (China) | &nbsp;&nbsp;&nbsp;9967 | &nbsp;&nbsp;&nbsp;&nbsp;614067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | &nbsp;&nbsp;&nbsp;4776246 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 7.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Angel Yeast Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;12700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78378 |
| &nbsp;&nbsp;&nbsp;Bid Corp., Ltd. (South Africa) | &nbsp;&nbsp;&nbsp;15193 | &nbsp;&nbsp;&nbsp;&nbsp;313028 |
| &nbsp;&nbsp;&nbsp;By-health Co., Ltd., Class A (China) | &nbsp;&nbsp;19900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68072 |
| &nbsp;&nbsp;&nbsp;CP All PCL (Thailand) | &nbsp;&nbsp;48168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97297 |
| &nbsp;&nbsp;&nbsp;Dino Polska, S.A. (Poland)<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2901 | &nbsp;&nbsp;&nbsp;&nbsp;262815 |
| &nbsp;&nbsp;&nbsp;Fomento Economico Mexicano, S.A.B de CV (Mexico) | &nbsp;&nbsp;28396 | &nbsp;&nbsp;&nbsp;&nbsp;248621 |
| &nbsp;&nbsp;&nbsp;Orion Corp. (South Korea)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;2085 | &nbsp;&nbsp;&nbsp;&nbsp;211046 |
| &nbsp;&nbsp;&nbsp;Vietnam Dairy Products JSC (Vietnam) | &nbsp;&nbsp;23700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78029 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico, S.A.B. de CV (Mexico) | &nbsp;&nbsp;&nbsp;61773 | &nbsp;&nbsp;&nbsp;&nbsp;241279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Staples |  | &nbsp;&nbsp;&nbsp;1598565 |
| &nbsp;&nbsp;&nbsp;**Energy - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;ADNOC Drilling Co. PJSC (United Arab Emirates) | 102700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94826 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Reliance Industries, Ltd. (India) | &nbsp;&nbsp;&nbsp;19888 | &nbsp;&nbsp;&nbsp;$573717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  | &nbsp;&nbsp;&nbsp;668543 |
| &nbsp;&nbsp;&nbsp;**Financials - 23.7%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. (Hong Kong) | &nbsp;&nbsp;43568 | &nbsp;&nbsp;&nbsp;&nbsp;492652 |
| &nbsp;&nbsp;&nbsp;Al Rajhi Bank (Saudi Arabia)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;3850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84512 |
| &nbsp;&nbsp;&nbsp;B3, S.A. - Brasil Bolsa Balcao (Brazil) | &nbsp;&nbsp;&nbsp;32700 | &nbsp;&nbsp;&nbsp;&nbsp;83549 |
| &nbsp;&nbsp;&nbsp;Banco Bradesco, S.A., ADR (Brazil) | &nbsp;&nbsp;&nbsp;33783 | &nbsp;&nbsp;&nbsp;&nbsp;94255 |
| &nbsp;&nbsp;&nbsp;Bank Mandiri Persero Tbk PT (Indonesia) | &nbsp;&nbsp;704516 | &nbsp;&nbsp;&nbsp;&nbsp;469444 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT (Indonesia) | 852236 | &nbsp;&nbsp;&nbsp;&nbsp;261353 |
| &nbsp;&nbsp;&nbsp;BDO Unibank, Inc. (Philippines) | &nbsp;&nbsp;148288 | &nbsp;&nbsp;&nbsp;&nbsp;334454 |
| &nbsp;&nbsp;&nbsp;China International Capital Corp., Ltd., Class H (China)<sup>1</sup> | &nbsp;&nbsp;187600 | &nbsp;&nbsp;&nbsp;&nbsp;419216 |
| &nbsp;&nbsp;&nbsp;East Money Information Co., Ltd., Class A (China) | &nbsp;&nbsp;42400 | &nbsp;&nbsp;&nbsp;&nbsp;142079 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte, S.A.B de CV, Class O (Mexico) | &nbsp;&nbsp;&nbsp;47542 | &nbsp;&nbsp;&nbsp;&nbsp;393859 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. (India) | &nbsp;&nbsp;42940 | &nbsp;&nbsp;&nbsp;&nbsp;845001 |
| &nbsp;&nbsp;&nbsp;HDFC Life Insurance Co., Ltd. (India)<sup>1</sup> | &nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp;&nbsp;136064 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp;157422 |
| &nbsp;&nbsp;&nbsp;Housing Development Finance Corp., Ltd. (India) | &nbsp;&nbsp;23869 | &nbsp;&nbsp;&nbsp;&nbsp;768401 |
| &nbsp;&nbsp;&nbsp;Ping An Insurance Group Co. of China, Ltd., Class H (China) | &nbsp;&nbsp;29500 | &nbsp;&nbsp;&nbsp;&nbsp;229147 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A (Brazil)<sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;14906 | &nbsp;&nbsp;&nbsp;&nbsp;265625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financials |  | &nbsp;&nbsp;5177033 |
| &nbsp;&nbsp;&nbsp;**Health Care - 2.5%** |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A (China) | &nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp;148106 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group, Ltd. (China) | 105408 | &nbsp;&nbsp;&nbsp;&nbsp;120187 |
| &nbsp;&nbsp;&nbsp;Fleury, S.A. (Brazil) | &nbsp;&nbsp;&nbsp;41432 | &nbsp;&nbsp;&nbsp;&nbsp;126264 |
| &nbsp;&nbsp;&nbsp;Jinxin Fertility Group, Ltd. (China)<sup>1</sup> | &nbsp;&nbsp;39500 | &nbsp;&nbsp;&nbsp;&nbsp;36801 |
| &nbsp;&nbsp;&nbsp;Lepu Medical Technology Beijing Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;22100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73134 |
| &nbsp;&nbsp;&nbsp;Syngene International, Ltd. (India)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp;546257 |
| &nbsp;&nbsp;&nbsp;**Industrials - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp;145668 |
| &nbsp;&nbsp;&nbsp;Copa Holdings, S.A., Class A (Panama)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;248616 |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Pacifico, S.A.B de CV, Class B (Mexico) | &nbsp;&nbsp;&nbsp;23355 | &nbsp;&nbsp;&nbsp;&nbsp;402259 |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. (Philippines) | &nbsp;&nbsp;&nbsp;31900 | &nbsp;&nbsp;&nbsp;&nbsp;121269 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;&nbsp;976009 |

---

------

AMG GW&K Emerging Markets Equity Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Information Technology - 20.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Advantech Co., Ltd. (Taiwan) | &nbsp;&nbsp;10727 | &nbsp;&nbsp;&nbsp;&nbsp;$122660 |
| &nbsp;&nbsp;&nbsp;Delta Electronics, Inc. (Taiwan) | &nbsp;&nbsp;27100 | &nbsp;&nbsp;&nbsp;&nbsp;262801 |
| &nbsp;&nbsp;&nbsp;FPT Corp. (Vietnam) | 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71395 |
| &nbsp;&nbsp;&nbsp;Globant SA (Uruguay)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp;210834 |
| &nbsp;&nbsp;&nbsp;Infosys, Ltd., Sponsored ADR (India) | &nbsp;&nbsp;&nbsp;5926 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111409 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. (Taiwan) | &nbsp;&nbsp;12000 | &nbsp;&nbsp;&nbsp;&nbsp;289932 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Ltd., Class A (Brazil)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;3838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38726 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. (South Korea) | &nbsp;&nbsp;20267 | &nbsp;&nbsp;&nbsp;1009505 |
| &nbsp;&nbsp;&nbsp;Silergy Corp. (China) | &nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81398 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. (South Korea) | &nbsp;&nbsp;&nbsp;5584 | &nbsp;&nbsp;&nbsp;&nbsp;403968 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | 94632 | &nbsp;&nbsp;&nbsp;1669952 |
| &nbsp;&nbsp;&nbsp;Tata Consultancy Services, Ltd. (India) | &nbsp;&nbsp;&nbsp;2234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92205 |
| &nbsp;&nbsp;&nbsp;TOTVS, S.A. (Brazil) | &nbsp;&nbsp;34100 | &nbsp;&nbsp;&nbsp;&nbsp;201726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Information Technology |  | &nbsp;&nbsp;&nbsp;4566511 |
| **Total Common Stocks<br> (Cost $14,958,775)** |  | &nbsp;&nbsp;20655211 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Short-Term Investments - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Joint Repurchase Agreements - 0.1%<sup>3</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities, Inc., dated 01/31/23, due 02/01/23, 4.270% total to be received $31,919 (collateralized by a U.S. Treasury, 1.125%, 08/31/28, totaling $32,553) | &nbsp;&nbsp;&nbsp;$31915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$31915 |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 01/31/23, due 02/01/23, 4.150% total to be received $865,100 (collateralized by a U.S. Treasury, 1.875%, 02/15/32, totaling $882,380) | 865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865000 |
| **Total Short-Term Investments<br> (Cost $896,915)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896915 |
| **Total Investments - 98.8%<br> (Cost $15,855,690)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 21552126 |
| **Other Assets, less Liabilities - 1.2%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269375 |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$21821501** |

---

------

<sup>\*</sup> Non-income producing security.

<sup>1</sup> 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 January 31, 2023, the value of these securities amounted to $1,498,191 or 6.9% of net assets.

<sup>2</sup> Some of these securities, amounting to $597,872 or 2.7% 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.

<sup>3</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

ADR American Depositary Receipt

------

AMG GW&K Emerging Markets 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, 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2<sup>1</sup>** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |
| &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; $837288 | &nbsp;&nbsp;&nbsp; $4339745 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $5177033 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 1839033 | &nbsp;&nbsp;&nbsp;&nbsp; 2937213 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4776246 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 562695 | &nbsp;&nbsp;&nbsp;&nbsp; 4003816 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4566511 |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402136 | &nbsp;&nbsp;&nbsp;&nbsp; 1943911 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2346047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 802928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 795637 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1598565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp; 650875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325134 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 976009 |
| &nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 668543 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 668543 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 274370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271887 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 546257 |
| &nbsp;&nbsp;&nbsp;**Short-Term Investments** | &nbsp;&nbsp;&nbsp;**Short-Term Investments** | &nbsp;&nbsp;&nbsp;**Short-Term Investments** | &nbsp;&nbsp;&nbsp;**Short-Term Investments** | &nbsp;&nbsp;&nbsp;**Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31915 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31915 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 865000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 865000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;$5369325 | &nbsp;&nbsp;$16182801 | &nbsp;&nbsp;— | &nbsp;&nbsp;$21552126 |

---

<br> <sup>1</sup> An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

For the period ended January 31, 2023, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at January 31, 2023, was as follows:

---

| | |
|:---|:---|
| **Country** | &nbsp;&nbsp;**% of Long-Term<br> Investments** |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp;3.9 |
| China | &nbsp;&nbsp;&nbsp;34.9 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;14.0 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;3.5 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Philippines | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |

---

---

| | |
|:---|:---|
| **Country** | &nbsp;&nbsp;**% of Long-Term<br> Investments** |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;7.9 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;12.6 |
| Thailand | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Vietnam | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
|  | &nbsp;&nbsp;100.0 |

---

------

AMG GW&K Emerging Markets Equity Fund

Schedule of Portfolio Investments *(continued)*

The Fund participates in the securities lending program offered by The Bank of New York Mellon providing for the lending of securities to qualified brokers. The value of securities loaned on positions held, cash collateral and securities collateral received at January 31, 2023, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities<br> Loaned** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total<br> Collateral<br> Received** |
| $597872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $31915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $581245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $613160 |

---

The following table summarizes the securities received as collateral for securities lending at January 31, 2023:

---

| | | |
|:---|:---|:---|
| **Collateral<br> Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Coupon<br> Range** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date Range** |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.125%-4.750% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/23-11/15/51 |

---

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

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AMG Funds

- **b. Investment Company Act file number:** 811-09521

- **c. CIK number of Registrant:** 0001089951

- **d. LEI of Registrant:** 54930020IDQ6ZIPGNH13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 680 Washington Blvd.

  - **City:** Stamford

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06901

  - **Telephone number:** 800-548-4539

**Item A.2. Information about the Series.**

- **a. Name of Series:** AMG GW&K Emerging Markets Equity Fund

- **b. EDGAR series identifier (if any):** S000031518

- **c. LEI of Series:** 5493005TTQHUB9RFI380

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2023-10-31

- **b. Date as of which information is reported:** 2023-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $21818443.82

**Total Liabilities:** $88081.61

**Net Assets:** $21730362.21

**Cash Not Reported:** $232963.13

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000097993 | 19.39%               | -1.49%               | 9.89%                |
| Class ID C000097995 | 19.41%               | -1.49%               | 9.97%                |
| Class ID C000097994 | 19.45%               | -1.50%               | 9.90%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $187.93                  | $3120546.49                                |
| Month 2  | $-25308.03               | $-284315.07                                |
| Month 3  | $-20854.81               | $1909983.84                                |

### Schedule of Portfolio Investments

| Name                              | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| MultiChoice Group                 | MultiChoice Group                                      | CUSIP: 000000000<br>LEI: 254900BVQQ7DFBMSVJ81 | Long             | EC               | CORP              | ZA        |     24758 | NS      | $170460.25    | 0.78%             |  |  |  | No            |                  1 | On Loan: —       |
| Tencent Music Entertainment Gr    | Tencent Music Entertainment Group                      | CUSIP: 88034P109<br>LEI: 213800XTZK2GOHQTYK41 | Long             | EC               | CORP              | CN        |     13572 | NS      | $113869.08    | 0.52%             |  |  |  | No            |                  1 | On Loan: No      |
| CATL                              | Contemporary Amperex Technology Co Ltd                 | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |      2100 | NS      | $145667.74    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                              | Hong Kong Exchanges & Clearing Ltd                     | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |      3500 | NS      | $157421.57    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| B3 SA - Brasil Bolsa Balcao       | B3 SA - Brasil Bolsa Balcao                            | CUSIP: 000000000<br>LEI: 4GTK5S46E6H318LMDS44 | Long             | EC               | CORP              | BR        |     32700 | NS      | $83548.84     | 0.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Alibaba Group Holding Ltd         | Alibaba Group Holding Ltd                              | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |     59328 | NS      | $815681.03    | 3.75%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                              | Taiwan Semiconductor Manufacturing Co Ltd              | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |     94632 | NS      | $1669951.71   | 7.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Feng TAY Enterprise Co Ltd        | Feng TAY Enterprise Co Ltd                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | TW        |     38355 | NS      | $253243.53    | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| Angel Yeast Co Ltd                | Angel Yeast Co Ltd                                     | CUSIP: 000000000<br>LEI: 3003002K1DZ78FXZXI48 | Long             | EC               | CORP              | CN        |     12700 | NS      | $78378.34     | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| BDO Unibank Inc                   | BDO Unibank Inc                                        | CUSIP: 000000000<br>LEI: 3FGIIBS1PEI1FYQBGN97 | Long             | EC               | CORP              | PH        |    148288 | NS      | $334454.15    | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| CP ALL PCL                        | CP ALL PCL                                             | CUSIP: 000000000<br>LEI: 894500LSBZLM09TY1A91 | Long             | EC               | CORP              | TH        |     48168 | NS      | $97297.37     | 0.45%             |  |  |  | No            |                  2 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd     | CSPC Pharmaceutical Group Ltd                          | CUSIP: 000000000<br>LEI: 529900M3XQCW234H8O91 | Long             | EC               | CORP              | CN        |    105408 | NS      | $120186.51    | 0.55%             |  |  |  | No            |                  2 | On Loan: No      |
| INOVANCE                          | Shenzhen Inovance Technology Co Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      5500 | NS      | $58197.40     | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| SHENZHOU INTL                     | Shenzhou International Group Holdings Ltd              | CUSIP: 000000000<br>LEI: 529900B4W41TCUKJFM73 | Long             | EC               | CORP              | CN        |      4160 | NS      | $52389.45     | 0.24%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd              | Tencent Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     13306 | NS      | $648387.00    | 2.98%             |  |  |  | No            |                  2 | On Loan: No      |
| FPT Corp                          | FPT Corp                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |     20000 | NS      | $71395.35     | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Life Insurance Co Ltd        | HDFC Life Insurance Co Ltd                             | CUSIP: 000000000<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |     19200 | NS      | $136064.39    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Rakyat Indonesia Persero     | Bank Rakyat Indonesia Persero Tbk PT                   | CUSIP: 000000000<br>LEI: 254900HB6S4B12GBNP64 | Long             | EC               | CORP              | ID        |    852236 | NS      | $261353.46    | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| BOFA SECURITIES, INC.             | BOFA SECURITIES INC                                    | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Long             | RA               | CORP              | US        |     31915 | PA      | $31915.00     | 0.15%             |  |  |  | No            |                  2 | On Loan: No      |
| Sands China Ltd                   | Sands China Ltd                                        | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | MO        |     99550 | NS      | $373321.11    | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc            | Yum China Holdings Inc                                 | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |      9967 | NS      | $614066.87    | 2.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Bid Corp Ltd                      | Bid Corp Ltd                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | ZA        |     15193 | NS      | $313028.19    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| AIA Group Ltd                     | AIA Group Ltd                                          | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |     43568 | NS      | $492651.61    | 2.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                         | Baidu Inc                                              | CUSIP: 000000000<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |     34216 | NS      | $575172.36    | 2.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Reliance Industries Ltd           | Reliance Industries Ltd                                | CUSIP: 000000000<br>LEI: 5493003UOETFYRONLG31 | Long             | EC               | CORP              | IN        |     19888 | NS      | $573717.30    | 2.64%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                        | JD.com Inc                                             | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |      7752 | NS      | $230183.05    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Pagseguro Digital Ltd             | Pagseguro Digital Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |      3838 | NS      | $38725.42     | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Housing Development Finance Co    | Housing Development Finance Corp Ltd                   | CUSIP: 000000000<br>LEI: 335800OX2H9AP7NHLT64 | Long             | EC               | CORP              | IN        |     23869 | NS      | $768401.28    | 3.54%             |  |  |  | No            |                  2 | On Loan: No      |
| TOTVS SA                          | TOTVS SA                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     34100 | NS      | $201726.26    | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| East Money Information Co Ltd     | East Money Information Co Ltd                          | CUSIP: 000000000<br>LEI: 836800ZFB0ZEK3KKW487 | Long             | EC               | CORP              | CN        |     42400 | NS      | $142078.59    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Haidilao International Holding    | Haidilao International Holding Ltd                     | CUSIP: 000000000<br>LEI: 3003009Q8GV4VNKZWI24 | Long             | EC               | CORP              | CN        |     49000 | NS      | $133608.98    | 0.61%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                     | HDFC Bank Ltd                                          | CUSIP: 000000000<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     42940 | NS      | $845001.01    | 3.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                  | Copa Holdings SA                                       | CUSIP: 000000000<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |      2700 | NS      | $248616.00    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Prosus NV                         | Prosus NV                                              | CUSIP: 000000000<br>LEI: 635400Z5LQ5F9OLVT688 | Long             | EC               | CORP              | NL        |      2362 | NS      | $190720.31    | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Advantech Co Ltd                  | Advantech Co Ltd                                       | CUSIP: 000000000<br>LEI: 2549002OSTKE9HB9IY03 | Long             | EC               | CORP              | TW        |     10727 | NS      | $122660.35    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Banco Bradesco SA                 | Banco Bradesco SA                                      | CUSIP: 059460303<br>LEI: 549300CTUU1RFXHQJE44 | Long             | EC               | CORP              | BR        |     33783 | NS      | $94254.57     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| H World Group Ltd                 | H World Group Ltd                                      | CUSIP: 44332N106<br>LEI: 549300Y5ML31FVN83730 | Long             | EC               | CORP              | CN        |      6100 | NS      | $289628.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Kanzhun Ltd                       | Kanzhun Ltd                                            | CUSIP: 48553T106<br>LEI: 254900F4ZCBITP7L0251 | Long             | EC               | CORP              | CN        |      4850 | NS      | $117806.50    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Electronics Inc             | Delta Electronics Inc                                  | CUSIP: 000000000<br>LEI: 529900UVZWNWGDLJSM52 | Long             | EC               | CORP              | TW        |     27100 | NS      | $262801.37    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| INFOSYS LTD                       | INFOSYS LTD-SP ADR                                     | CUSIP: 456788108<br>LEI: 335800TYLGG93MM7PR89 | Long             | EC               | CORP              | IN        |      5926 | NS      | $111408.80    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Financiero Banorte SAB d    | Grupo Financiero Banorte SAB de CV                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     47542 | NS      | $393858.47    | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Globant SA                        | Globant SA                                             | CUSIP: 000000000<br>LEI: 2221008DCMSPYS42DS88 | Long             | EC               | CORP              | UY        |      1300 | NS      | $210834.00    | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Tata Consultancy Services Ltd     | Tata Consultancy Services Ltd                          | CUSIP: 000000000<br>LEI: 335800ZJKU9GPQRE2U66 | Long             | EC               | CORP              | IN        |      2234 | NS      | $92205.39     | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Mandiri Persero Tbk PT       | Bank Mandiri Persero Tbk PT                            | CUSIP: 000000000<br>LEI: 549300RSKQN4Z5ZSGH94 | Long             | EC               | CORP              | ID        |    704516 | NS      | $469444.44    | 2.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Pepco Group NV                    | Pepco Group NV                                         | CUSIP: 000000000<br>LEI: 213800OVMJPFP79OB449 | Long             | EC               | CORP              | GB        |     21230 | NS      | $205898.52    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Dino Polska SA                    | Dino Polska SA                                         | CUSIP: 000000000<br>LEI: 259400H4L81SMPRTW956 | Long             | EC               | CORP              | PL        |      2901 | NS      | $262815.26    | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION | FICC                                                   | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |    865000 | PA      | $865000.00    | 3.98%             |  |  |  | No            |                  2 | On Loan: No      |
| Midea Group Co Ltd                | Midea Group Co Ltd                                     | CUSIP: 000000000<br>LEI: 3003003TRPHLHZD2IF61 | Long             | EC               | CORP              | CN        |     22885 | NS      | $187807.96    | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Kingsoft Corp Ltd                 | Kingsoft Corp Ltd                                      | CUSIP: 000000000<br>LEI: 529900UVT35D3Q7YQY41 | Long             | EC               | CORP              | CN        |     72200 | NS      | $265843.38    | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Silergy Corp                      | Silergy Corp                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      4000 | NS      | $81397.83     | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| CICC                              | China International Capital Corp Ltd                   | CUSIP: 000000000<br>LEI: 529900OS3SVVTT56QN67 | Long             | EC               | CORP              | CN        |    187600 | NS      | $419216.25    | 1.93%             |  |  |  | No            |                  2 | On Loan: No      |
| PING AN                           | Ping An Insurance Group Co of China Ltd                | CUSIP: 000000000<br>LEI: 529900M9MC28JLN35U89 | Long             | EC               | CORP              | CN        |     29500 | NS      | $229147.20    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Al Rajhi Bank                     | Al Rajhi Bank                                          | CUSIP: 000000000<br>LEI: 558600BQZS4Y1DTU8589 | Long             | EC               | CORP              | SA        |      3850 | NS      | $84512.37     | 0.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Kuaishou Technology               | Kuaishou Technology                                    | CUSIP: 000000000<br>LEI: 300300FCDZBE6UP9ED24 | Long             | EC               | CORP              | CN        |     26400 | NS      | $232288.73    | 1.07%             |  |  |  | No            |                  2 | On Loan: No      |
| Vietnam Dairy Products JSC        | Vietnam Dairy Products JSC                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | VN        |     23700 | NS      | $78029.12     | 0.36%             |  |  |  | No            |                  2 | On Loan: No      |
| Syngene International Ltd         | Syngene International Ltd                              | CUSIP: 000000000<br>LEI: 335800FFAWRC77Z2EY68 | Long             | EC               | CORP              | IN        |      6060 | NS      | $41765.05     | 0.19%             |  |  |  | No            |                  2 | On Loan: No      |
| MediaTek Inc                      | MediaTek Inc                                           | CUSIP: 000000000<br>LEI: 254900UEGBK1I4DM4E14 | Long             | EC               | CORP              | TW        |     12000 | NS      | $289931.66    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| SK Hynix Inc                      | SK Hynix Inc                                           | CUSIP: 000000000<br>LEI: 988400XAIK6XISWQV045 | Long             | EC               | CORP              | KR        |      5584 | NS      | $403968.30    | 1.86%             |  |  |  | No            |                  2 | On Loan: No      |
| ICTSI                             | International Container Terminal Services Inc          | CUSIP: 000000000<br>LEI: 254900FU1MWK0I0Q4J61 | Long             | EC               | CORP              | PH        |     31900 | NS      | $121269.10    | 0.56%             |  |  |  | No            |                  2 | On Loan: No      |
| CR SANJIU                         | China Resources Sanjiu Medical & Pharmaceutical Co Ltd | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     20600 | NS      | $148106.47    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| By-health Co Ltd                  | By-health Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     19900 | NS      | $68071.40     | 0.31%             |  |  |  | No            |                  2 | On Loan: No      |
| NetEase Inc                       | NetEase Inc                                            | CUSIP: 000000000<br>LEI: 5299004AF4DSJDB0PA32 | Long             | EC               | CORP              | CN        |     12525 | NS      | $222220.03    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Trip.com Group Ltd                | Trip.com Group Ltd                                     | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | CN        |     16577 | NS      | $609370.52    | 2.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Meituan                           | Meituan                                                | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |      1330 | NS      | $29733.32     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Orion Corp/Republic of Korea      | Orion Corp/Republic of Korea                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | KR        |      2085 | NS      | $211045.80    | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                    | MakeMyTrip Ltd                                         | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | IN        |     11248 | NS      | $325967.04    | 1.50%             |  |  |  | No            |                  1 | On Loan: —       |
| Wal-Mart de Mexico SAB de CV      | Wal-Mart de Mexico SAB de CV                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |     61773 | NS      | $241279.00    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Aeroportuario del Pacifi    | Grupo Aeroportuario del Pacifico SAB de CV             | CUSIP: 000000000<br>LEI: 4469000001BZ368XFI90 | Long             | EC               | CORP              | MX        |     23355 | NS      | $402258.42    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Li Ning Co Ltd                    | Li Ning Co Ltd                                         | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | CN        |     47000 | NS      | $464626.22    | 2.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsung Electronics Co Ltd        | Samsung Electronics Co Ltd                             | CUSIP: 000000000<br>LEI: 9884007ER46L6N7EI764 | Long             | EC               | CORP              | KR        |     20267 | NS      | $1009504.41   | 4.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Jinxin Fertility Group Ltd        | Jinxin Fertility Group Ltd                             | CUSIP: 000000000<br>LEI: 2549000NTC85I8X21O47 | Long             | EC               | CORP              | CN        |     39500 | NS      | $36801.06     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| LEPU MEDICAL                      | Lepu Medical Technology Beijing Co Ltd                 | CUSIP: 000000000<br>LEI: 3003007FXUYE3WNDDO39 | Long             | EC               | CORP              | CN        |     22100 | NS      | $73133.72     | 0.34%             |  |  |  | No            |                  2 | On Loan: No      |
| ADNOC Drilling Co PJSC            | ADNOC Drilling Co PJSC                                 | CUSIP: 000000000<br>LEI: 254900JPRSQL1PM0JV19 | Long             | EC               | CORP              | AE        |    102700 | NS      | $94826.01     | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| XP Inc                            | XP Inc                                                 | CUSIP: 000000000<br>LEI: 5493008KDA8NBZRJST80 | Long             | EC               | CORP              | BR        |     14906 | NS      | $265624.92    | 1.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Fleury SA                         | Fleury SA                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | BR        |     41432 | NS      | $126263.82    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Fomento Economico Mexicano SAB    | Fomento Economico Mexicano SAB de CV                   | CUSIP: 000000000<br>LEI: 549300A8MDWDJNMLV153 | Long             | EC               | CORP              | MX        |     28396 | NS      | $248620.51    | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-03-17

**Name of Applicant:** AMG Funds

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer