# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0001752724-23-067813
**Filing Date:** 2023-3
**Character Count:** 36284
**Document Hash:** 1bd97b499e6f944d4168f5cab3019302
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-067813.hdr.sgml**: 20230327

**ACCESSION NUMBER**: 0001752724-23-067813

**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:** 23763972

**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 Wealth Equity Fund (Series ID: S000048537)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000153044 | Class Z      | TYWIX           |
| C000153045 | Class I      | TYWSX           |
| C000153046 | Class N      | TYWVX           |

## Nport-Ex

AMG GW&K Emerging Wealth Equity Fund

Schedule of Portfolio Investments *(unaudited)*

January 31, 2023

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| **Common Stocks - 97.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services - 9.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Baidu, Inc., Class A (China)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;187300 | &nbsp;&nbsp;&nbsp;&nbsp;$3148521 |
| &nbsp;&nbsp;&nbsp;Kingsoft Corp., Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;181100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666818 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. (China) | &nbsp;&nbsp;&nbsp;&nbsp;80140 | &nbsp;&nbsp;&nbsp;&nbsp;3905135 |
| &nbsp;&nbsp;&nbsp;The Walt Disney Co. (United States)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;11203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communication Services |  | &nbsp;&nbsp;&nbsp;&nbsp;8935887 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 33.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. (China)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;283048 | &nbsp;&nbsp;&nbsp;&nbsp;3891533 |
| &nbsp;&nbsp;&nbsp;Eicher Motors, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248252 |
| &nbsp;&nbsp;&nbsp;H World Group Ltd., ADR (China) | &nbsp;&nbsp;&nbsp;&nbsp;70059 | &nbsp;&nbsp;&nbsp;&nbsp;3326401 |
| &nbsp;&nbsp;&nbsp;Haidilao International Holding, Ltd. (China)<sup>\*,1</sup> | &nbsp;&nbsp;646000 | &nbsp;&nbsp;&nbsp;&nbsp;1761457 |
| &nbsp;&nbsp;&nbsp;Hermes International (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626956 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;13300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394922 |
| &nbsp;&nbsp;&nbsp;Jubilant Foodworks, Ltd. (India) | &nbsp;&nbsp;&nbsp;100810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602735 |
| &nbsp;&nbsp;&nbsp;Li Ning Co., Ltd. (China) | &nbsp;&nbsp;&nbsp;216000 | &nbsp;&nbsp;&nbsp;&nbsp;2135304 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553466 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip, Ltd. (India)<sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;48709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411587 |
| &nbsp;&nbsp;&nbsp;Meituan, Class B (China)<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;8054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180054 |
| &nbsp;&nbsp;&nbsp;Moncler SpA (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;11053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691781 |
| &nbsp;&nbsp;&nbsp;Sands China, Ltd. (Macau)<sup>\*</sup> | 1546490 | &nbsp;&nbsp;&nbsp;&nbsp;5799471 |
| &nbsp;&nbsp;&nbsp;Titan Co., Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;23660 | &nbsp;&nbsp;&nbsp;&nbsp;690089 |
| &nbsp;&nbsp;&nbsp;Trip.com Group, Ltd., ADR (China)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;106442 | &nbsp;&nbsp;&nbsp;&nbsp;3912808 |
| &nbsp;&nbsp;&nbsp;Tube Investments of India, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201751 |
| &nbsp;&nbsp;&nbsp;Yum China Holdings, Inc. (China) | &nbsp;&nbsp;&nbsp;&nbsp;59178 | &nbsp;&nbsp;&nbsp;&nbsp;3645957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | &nbsp;&nbsp;30074524 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 9.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Angel Yeast Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;176950 | &nbsp;&nbsp;&nbsp;&nbsp;1092051 |
| &nbsp;&nbsp;&nbsp;By-health Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;213661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730865 |
| &nbsp;&nbsp;&nbsp;The Estee Lauder Cos., Inc., Class A (United States) | &nbsp;&nbsp;&nbsp;&nbsp;4940 | &nbsp;&nbsp;&nbsp;&nbsp;1368775 |
| &nbsp;&nbsp;&nbsp;Foshan Haitian Flavouring & Food Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;104910 | &nbsp;&nbsp;&nbsp;&nbsp;1236031 |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico, S.A.B. de CV (Mexico) | &nbsp;&nbsp;&nbsp;249970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976357 |
| &nbsp;&nbsp;&nbsp;Wuliangye Yibin Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;108153 | &nbsp;&nbsp;&nbsp;&nbsp;3365363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Staples |  | &nbsp;&nbsp;&nbsp;&nbsp;8769442 |
| &nbsp;&nbsp;&nbsp;**Financials - 21.1%** |  |  |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;341530 | &nbsp;&nbsp;&nbsp;&nbsp;3861901 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT (Indonesia) | &nbsp;&nbsp;&nbsp;676800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384090 |
| &nbsp;&nbsp;&nbsp;China International Capital Corp., Ltd., Class H (China)<sup>1</sup> | &nbsp;&nbsp;1580100 | &nbsp;&nbsp;&nbsp;&nbsp;3530936 |
| &nbsp;&nbsp;&nbsp;Cholamandalam Investment and Finance Co., Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;41700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361428 |
| &nbsp;&nbsp;&nbsp;East Money Information Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;89774 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300825 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd., ADR (India) | &nbsp;&nbsp;&nbsp;&nbsp;52773 | &nbsp;&nbsp;&nbsp;$3554789 |
| &nbsp;&nbsp;&nbsp;HDFC Life Insurance Co., Ltd. (India)<sup>1</sup> | &nbsp;&nbsp;&nbsp;322120 | &nbsp;&nbsp;&nbsp;&nbsp;2282764 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. (Hong Kong) | &nbsp;&nbsp;&nbsp;&nbsp;34350 | &nbsp;&nbsp;&nbsp;&nbsp;1544980 |
| &nbsp;&nbsp;&nbsp;Kotak Mahindra Bank, Ltd. (India) | &nbsp;&nbsp;&nbsp;148826 | &nbsp;&nbsp;&nbsp;&nbsp;3159768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financials |  | &nbsp;&nbsp;&nbsp;18981481 |
| &nbsp;&nbsp;&nbsp;**Health Care - 4.5%** |  |  |
| &nbsp;&nbsp;&nbsp;China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;103712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745651 |
| &nbsp;&nbsp;&nbsp;CSPC Pharmaceutical Group, Ltd. (China) | 1535600 | &nbsp;&nbsp;&nbsp;&nbsp;1750896 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B (Denmark) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11514 | &nbsp;&nbsp;&nbsp;&nbsp;1593421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Health Care |  | &nbsp;&nbsp;&nbsp;4089968 |
| &nbsp;&nbsp;&nbsp;**Industrials - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;11300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783831 |
| &nbsp;&nbsp;&nbsp;Copa Holdings, S.A., Class A (Panama)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5745 | &nbsp;&nbsp;&nbsp;&nbsp;529000 |
| &nbsp;&nbsp;&nbsp;Shenzhen Inovance Technology Co., Ltd., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;71200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;&nbsp;2066223 |
| &nbsp;&nbsp;&nbsp;**Information Technology - 14.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Beijing Kingsoft Office Software, Inc., Class A (China) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245256 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;97695 | &nbsp;&nbsp;&nbsp;&nbsp;3518041 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A (United States) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3170 | &nbsp;&nbsp;&nbsp;&nbsp;1174802 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. (United States) | &nbsp;&nbsp;&nbsp;&nbsp;27824 | &nbsp;&nbsp;&nbsp;&nbsp;3706435 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan) | &nbsp;&nbsp;&nbsp;252500 | &nbsp;&nbsp;&nbsp;&nbsp;4455816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Information Technology |  | &nbsp;&nbsp;&nbsp;13100350 |
| &nbsp;&nbsp;&nbsp;**Materials - 1.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Asian Paints, Ltd. (India) | &nbsp;&nbsp;&nbsp;&nbsp;21728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725595 |
| &nbsp;&nbsp;&nbsp;Skshu Paint Co., Ltd., Class A (China)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;50050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Materials |  | &nbsp;&nbsp;&nbsp;&nbsp;1645934 |
| **Total Common Stocks<br> (Cost $69,403,042)** |  | &nbsp;&nbsp;87663809 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount |  |
| **Short-Term Investments - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 01/31/23, due 02/01/23, 4.150% total to be received $1,779,205 (collateralized by a U.S. Treasury, 1.875%, 02/15/32, totaling $1,814,584) | $1779000 | &nbsp;&nbsp;&nbsp;&nbsp;1779000 |
| **Total Short-Term Investments<br> (Cost $1,779,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;1779000 |
| **Total Investments - 99.3%<br> (Cost $71,182,042)** |  | &nbsp;&nbsp; 89442809 |

---

------

AMG GW&K Emerging Wealth Equity Fund

Schedule of Portfolio Investments *(continued)*

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Value |
| **Other Assets, less Liabilities - 0.7%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $635635 |
| **Net Assets - 100.0%** | &nbsp;&nbsp;**$90078444** |

---

------

<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 $7,755,211 or 8.6% of net assets.

<sup>2</sup> Some of these securities, amounting to $1,371,623 or 1.5% of net assets, were out on loan to various borrowers and are collateralized by various U.S. Treasury Obligations. See below for more information.

ADR American Depositary Receipt

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of January 31, 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;Consumer Discretionary | &nbsp;&nbsp;&nbsp; $12296753 | &nbsp;&nbsp;&nbsp;&nbsp; $17777771 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $30074524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 3554789 | &nbsp;&nbsp;&nbsp;&nbsp; 15426692 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18981481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 4881237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8219113 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13100350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1215413 | &nbsp;&nbsp;&nbsp;&nbsp; 7720474 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8935887 |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 2345132 | &nbsp;&nbsp;&nbsp;&nbsp; 6424310 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8769442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 745651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3344317 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4089968 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 529000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1537223 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2066223 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1645934 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1645934 |
| &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;Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1779000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1779000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;$25567975 | &nbsp;&nbsp;$63874834 | &nbsp;&nbsp;— | &nbsp;&nbsp;$89442809 |

---

<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.

------

AMG GW&K Emerging Wealth Equity Fund

Schedule of Portfolio Investments *(continued)*

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

---

| | |
|:---|:---|
| **Country** | &nbsp;&nbsp;**% of Long-Term<br> Investments** |
| China | &nbsp;&nbsp;&nbsp;48.4 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;6.2 |
| India | &nbsp;&nbsp;&nbsp;&nbsp;15.1 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Panama | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;5.1 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;8.5 |
|  | &nbsp;&nbsp;100.0 |

---

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** |
| $1371623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1396317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1396317 |

---

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;07/15/23-11/15/51 |

---

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 Wealth Equity Fund

- **b. EDGAR series identifier (if any):** S000048537

- **c. LEI of Series:** 54930062EX0VTU49OR73

**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:** $90141047.92

**Total Liabilities:** $141450.12

**Net Assets:** $89999597.80

**Cash Not Reported:** $936830.88

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000153045 | 23.99%               | 1.36%                | 10.48%               |
| Class ID C000153046 | 24.09%               | 1.29%                | 10.45%               |
| Class ID C000153044 | 24.13%               | 1.36%                | 10.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-679862.28              | $17529497.72                               |
| Month 2  | $691428.13               | $408875.68                                 |
| Month 3  | $53152.71                | $8158886.52                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| H World Group Ltd                 | H World Group Ltd                                      | CUSIP: 44332N106<br>LEI: 549300Y5ML31FVN83730 | Long             | EC               | CORP              | CN        |     68059 | NS      | $3231441.32   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Cholamandalam Investment and F    | Cholamandalam Investment and Finance Co Ltd            | CUSIP: 000000000<br>LEI: 3358008DNPV45O4EII52 | Long             | EC               | CORP              | IN        |     41700 | NS      | $361428.08    | 0.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Li Ning Co Ltd                    | Li Ning Co Ltd                                         | CUSIP: 000000000<br>LEI: 529900T77L2FV3FZ3U81 | Long             | EC               | CORP              | CN        |    216000 | NS      | $2135303.47   | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Haidilao International Holding    | Haidilao International Holding Ltd                     | CUSIP: 000000000<br>LEI: 3003009Q8GV4VNKZWI24 | Long             | EC               | CORP              | CN        |    646000 | NS      | $1761457.20   | 1.96%             |  |  |  | No            |                  2 | On Loan: No      |
| By-health Co Ltd                  | By-health Co Ltd                                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    213661 | NS      | $730864.50    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Life Insurance Co Ltd        | HDFC Life Insurance Co Ltd                             | CUSIP: 000000000<br>LEI: 335800RQI8GAFHIRGZ37 | Long             | EC               | CORP              | IN        |    322120 | NS      | $2282763.57   | 2.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Eicher Motors Ltd                 | Eicher Motors Ltd                                      | CUSIP: 000000000<br>LEI: 25490059S64CN2OY7239 | Long             | EC               | CORP              | IN        |      6210 | NS      | $248252.33    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| TSMC                              | Taiwan Semiconductor Manufacturing Co Ltd              | CUSIP: 000000000<br>LEI: 549300KB6NK5SBD14S87 | Long             | EC               | CORP              | TW        |    252500 | NS      | $4455816.29   | 4.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Mastercard Inc                    | Mastercard Inc                                         | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      3120 | NS      | $1156272.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Titan Co Ltd                      | Titan Co Ltd                                           | CUSIP: 000000000<br>LEI: 549300RO9VJWPK37FE54 | Long             | EC               | CORP              | IN        |     23660 | NS      | $690089.07    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Novo Nordisk A/S                  | Novo Nordisk A/S                                       | CUSIP: 000000000<br>LEI: 549300DAQ1CVT6CXN342 | Long             | EC               | CORP              | DK        |     11514 | NS      | $1593421.04   | 1.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Yum China Holdings Inc            | Yum China Holdings Inc                                 | CUSIP: 98850P109<br>LEI: 529900DO9BYZ7VA3K502 | Long             | EC               | CORP              | CN        |     57778 | NS      | $3559702.58   | 3.96%             |  |  |  | No            |                  1 | On Loan: No      |
| Trip.com Group Ltd                | Trip.com Group Ltd                                     | CUSIP: 89677Q107<br>LEI: 2549004RMYDSRQL4KW41 | Long             | EC               | CORP              | CN        |    104142 | NS      | $3828259.92   | 4.25%             |  |  |  | No            |                  1 | On Loan: No      |
| CR SANJIU                         | China Resources Sanjiu Medical & Pharmaceutical Co Ltd | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    103712 | NS      | $745651.36    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Walt Disney Co/The                | Walt Disney Co/The                                     | CUSIP: 254687106<br>LEI: 549300GZKULIZ0WOW665 | Long             | EC               | CORP              | US        |     11203 | NS      | $1215413.47   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION | FICC                                                   | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   1779000 | PA      | $1779000.00   | 1.98%             |  |  |  | No            |                  2 | On Loan: No      |
| HDFC Bank Ltd                     | HDFC Bank Ltd                                          | CUSIP: 40415F101<br>LEI: 335800ZQ6I4E2JXENC50 | Long             | EC               | CORP              | IN        |     52573 | NS      | $3541317.28   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| CICC                              | China International Capital Corp Ltd                   | CUSIP: 000000000<br>LEI: 529900OS3SVVTT56QN67 | Long             | EC               | CORP              | CN        |   1580100 | NS      | $3530936.04   | 3.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Bank Central Asia Tbk PT          | Bank Central Asia Tbk PT                               | CUSIP: 000000000<br>LEI: 254900BR956G2OHVOM21 | Long             | EC               | CORP              | ID        |    676800 | NS      | $384090.18    | 0.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Alibaba Group Holding Ltd         | Alibaba Group Holding Ltd                              | CUSIP: 000000000<br>LEI: 5493001NTNQJDH60PM02 | Long             | EC               | CORP              | CN        |    283048 | NS      | $3891533.27   | 4.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Wal-Mart de Mexico SAB de CV      | Wal-Mart de Mexico SAB de CV                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | MX        |    249970 | NS      | $976357.16    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kingsoft Corp Ltd                 | Kingsoft Corp Ltd                                      | CUSIP: 000000000<br>LEI: 529900UVT35D3Q7YQY41 | Long             | EC               | CORP              | CN        |    181100 | NS      | $666817.68    | 0.74%             |  |  |  | No            |                  2 | On Loan: No      |
| HKEX                              | Hong Kong Exchanges & Clearing Ltd                     | CUSIP: 000000000<br>LEI: 213800YTVSXYQN17BW16 | Long             | EC               | CORP              | HK        |     34350 | NS      | $1544980.24   | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Wuliangye Yibin Co Ltd            | Wuliangye Yibin Co Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    108153 | NS      | $3365363.33   | 3.74%             |  |  |  | No            |                  2 | On Loan: No      |
| Jubilant Foodworks Ltd            | Jubilant Foodworks Ltd                                 | CUSIP: 000000000<br>LEI: 9845000D3B99893F5B14 | Long             | EC               | CORP              | IN        |    100810 | NS      | $602734.81    | 0.67%             |  |  |  | No            |                  2 | On Loan: No      |
| Angel Yeast Co Ltd                | Angel Yeast Co Ltd                                     | CUSIP: 000000000<br>LEI: 3003002K1DZ78FXZXI48 | Long             | EC               | CORP              | CN        |    176950 | NS      | $1092050.91   | 1.21%             |  |  |  | No            |                  2 | On Loan: No      |
| CATL                              | Contemporary Amperex Technology Co Ltd                 | CUSIP: 000000000<br>LEI: 300300KINDY1K0E9I032 | Long             | EC               | CORP              | CN        |     11300 | NS      | $783831.19    | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Asian Paints Ltd                  | Asian Paints Ltd                                       | CUSIP: 000000000<br>LEI: 335800HEHXGYRUNERD75 | Long             | EC               | CORP              | IN        |     21728 | NS      | $725594.63    | 0.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Beijing Kingsoft Office Softwa    | Beijing Kingsoft Office Software Inc                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |      5875 | NS      | $245255.69    | 0.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Tencent Holdings Ltd              | Tencent Holdings Ltd                                   | CUSIP: 000000000<br>LEI: 254900N4SLUMW4XUYY11 | Long             | EC               | CORP              | CN        |     80140 | NS      | $3905135.61   | 4.34%             |  |  |  | No            |                  2 | On Loan: No      |
| CSPC Pharmaceutical Group Ltd     | CSPC Pharmaceutical Group Ltd                          | CUSIP: 000000000<br>LEI: 529900M3XQCW234H8O91 | Long             | EC               | CORP              | CN        |   1535600 | NS      | $1750895.58   | 1.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Meituan                           | Meituan                                                | CUSIP: 000000000<br>LEI: 21380033K525E5JLIA77 | Long             | EC               | CORP              | CN        |      8054 | NS      | $180054.25    | 0.20%             |  |  |  | No            |                  2 | On Loan: No      |
| BOFA SECURITIES, INC.             | BOFA SECURITIES INC                                    | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Long             | RA               | CORP              | US        |       940 | PA      | $940.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Tube Investments of India Ltd     | Tube Investments of India Ltd                          | CUSIP: 000000000<br>LEI: 335800Z8CKZ11SGVKE64 | Long             | EC               | CORP              | IN        |      6300 | NS      | $201751.31    | 0.22%             |  |  |  | No            |                  2 | On Loan: No      |
| MakeMyTrip Ltd                    | MakeMyTrip Ltd                                         | CUSIP: 000000000<br>LEI: 529900DNT8HNJ7RYUO60 | Long             | EC               | CORP              | IN        |     48709 | NS      | $1411586.82   | 1.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Sands China Ltd                   | Sands China Ltd                                        | CUSIP: 000000000<br>LEI: 549300EVO6UZDGY05787 | Long             | EC               | CORP              | MO        |   1546490 | NS      | $5799471.32   | 6.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Baidu Inc                         | Baidu Inc                                              | CUSIP: 000000000<br>LEI: 254900AL64IANZYI1E02 | Long             | EC               | CORP              | CN        |    187300 | NS      | $3148520.66   | 3.50%             |  |  |  | No            |                  2 | On Loan: No      |
| INOVANCE                          | Shenzhen Inovance Technology Co Ltd                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     71200 | NS      | $753391.76    | 0.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Moncler SpA                       | Moncler SpA                                            | CUSIP: 000000000<br>LEI: 815600EBD7FB00525B20 | Long             | EC               | CORP              | IT        |     11053 | NS      | $691781.05    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Kotak Mahindra Bank Ltd           | Kotak Mahindra Bank Ltd                                | CUSIP: 000000000<br>LEI: 335800E6GTTXKHXE2I75 | Long             | EC               | CORP              | IN        |    148826 | NS      | $3159767.86   | 3.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Copa Holdings SA                  | Copa Holdings SA                                       | CUSIP: 000000000<br>LEI: 529900BB9UQJV6QQHA59 | Long             | EC               | CORP              | PA        |      5645 | NS      | $519791.60    | 0.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Hermes International              | Hermes International                                   | CUSIP: 000000000<br>LEI: 969500Y4IJGHJE2MTJ13 | Long             | EC               | CORP              | FR        |       335 | NS      | $626955.43    | 0.70%             |  |  |  | No            |                  2 | On Loan: No      |
| HAI TIAN                          | Foshan Haitian Flavouring & Food Co Ltd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |    104910 | NS      | $1236031.11   | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Skshu Paint Co Ltd                | Skshu Paint Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | CN        |     50050 | NS      | $920339.63    | 1.02%             |  |  |  | No            |                  2 | On Loan: No      |
| JD.com Inc                        | JD.com Inc                                             | CUSIP: 000000000<br>LEI: 549300HVTWB0GJZ16V92 | Long             | EC               | CORP              | CN        |     13300 | NS      | $394921.90    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| East Money Information Co Ltd     | East Money Information Co Ltd                          | CUSIP: 000000000<br>LEI: 836800ZFB0ZEK3KKW487 | Long             | EC               | CORP              | CN        |     89774 | NS      | $300824.62    | 0.33%             |  |  |  | No            |                  2 | On Loan: No      |
| QUALCOMM Inc                      | QUALCOMM Inc                                           | CUSIP: 747525103<br>LEI: H1J8DDZKZP6H7RWC0H53 | Long             | EC               | CORP              | US        |     27724 | NS      | $3693114.04   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Infineon Technologies AG          | Infineon Technologies AG                               | CUSIP: 000000000<br>LEI: TSI2PJM6EPETEQ4X1U25 | Long             | EC               | CORP              | DE        |     97695 | NS      | $3518040.49   | 3.91%             |  |  |  | No            |                  2 | On Loan: No      |
| AIA Group Ltd                     | AIA Group Ltd                                          | CUSIP: 000000000<br>LEI: ZP5ILWVSYE4LJGMMVD57 | Long             | EC               | CORP              | HK        |    341530 | NS      | $3861901.02   | 4.29%             |  |  |  | No            |                  2 | On Loan: No      |
| Estee Lauder Cos Inc/The          | Estee Lauder Cos Inc/The                               | CUSIP: 518439104<br>LEI: 549300VFZ8XJ9NUPU221 | Long             | EC               | CORP              | US        |      4890 | NS      | $1354921.20   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |
| LVMH Moet Hennessy Louis Vuitt    | LVMH Moet Hennessy Louis Vuitton SE                    | CUSIP: 000000000<br>LEI: IOG4E947OATN0KJYSD45 | Long             | EC               | CORP              | FR        |       634 | NS      | $553466.43    | 0.61%             |  |  |  | No            |                  2 | 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