AMG Boston Common Global Impact Fund
Schedule of Portfolio Investments (unaudited)
June 30, 2022
Shares | Value | |
Common Stocks - 99.0% | ||
Consumer Discretionary - 14.7% | ||
Barratt Developments PLC (United Kingdom) | 1,957,955 | $10,952,142 |
BYD Co., Ltd., Class H (China) | 416,500 | 16,788,907 |
KB Home (United States) | 506,456 | 14,413,738 |
LKQ Corp. (United States) | 123,270 | 6,051,324 |
Shimano, Inc. (Japan) | 93,100 | 15,683,334 |
TopBuild Corp. (United States)* | 88,405 | 14,777,780 |
Yamaha Corp. (Japan) | 220,700 | 9,098,344 |
Total Consumer Discretionary | 87,765,569 | |
Consumer Staples - 6.2% | ||
Kerry Group PLC, Class A (Ireland) | 109,783 | 10,498,775 |
McCormick & Co., Inc., Non-Voting Shares (United States) | 142,620 | 11,873,115 |
Sprouts Farmers Market, Inc. (United States)*,1 | 581,520 | 14,724,086 |
Total Consumer Staples | 37,095,976 | |
Financials - 11.1% | ||
Bank Rakyat Indonesia Persero Tbk PT, ADR (Indonesia)1 | 1,136,619 | 15,781,955 |
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT (United States)1 | 400,750 | 15,172,395 |
HDFC Bank, Ltd., ADR (India) | 184,304 | 10,129,348 |
ORIX Corp. (Japan) | 852,500 | 14,287,772 |
Ping An Insurance Group Co. of China, Ltd., Class H (China) | 1,612,000 | 11,095,791 |
Total Financials | 66,467,261 | |
Health Care - 14.1% | ||
Biogen, Inc. (United States)* | 45,349 | 9,248,475 |
BioNTech SE, ADR (Germany) | 59,780 | 8,913,198 |
China Traditional Chinese Medicine Holdings Co., Ltd. (Hong Kong) | 22,416,000 | 13,918,425 |
CSL, Ltd. (Australia) | 52,382 | 9,726,019 |
Gilead Sciences, Inc. (United States) | 177,415 | 10,966,021 |
Hoya Corp. (Japan) | 86,400 | 7,394,366 |
Illumina, Inc. (United States)* | 34,043 | 6,276,168 |
Regeneron Pharmaceuticals, Inc. (United States)* | 15,125 | 8,940,841 |
Sonova Holding AG (Switzerland) | 27,615 | 8,825,246 |
Total Health Care | 84,208,759 | |
Industrials - 17.6% | ||
The AZEK Co., Inc. (United States)*,1 | 407,700 | 6,824,898 |
Carrier Global Corp. (United States)1 | 443,562 | 15,817,421 |
Daikin Industries, Ltd. (Japan) | 59,400 | 9,537,212 |
Kurita Water Industries, Ltd. (Japan) | 329,300 | 11,920,132 |
Schneider Electric SE (France) | 107,624 | 12,823,999 |
Shares | Value | |
Spirax-Sarco Engineering PLC (United Kingdom) | 68,025 | $8,204,405 |
TOMRA Systems A.S.A. (Norway) | 518,760 | 9,736,067 |
Vestas Wind Systems A/S (Denmark) | 340,374 | 7,237,033 |
Westinghouse Air Brake Technologies Corp. (United States) | 88,134 | 7,234,039 |
Xylem, Inc. (United States) | 197,650 | 15,452,277 |
Total Industrials | 104,787,483 | |
Information Technology - 18.6% | ||
Adobe, Inc. (United States)* | 35,956 | 13,162,053 |
Applied Materials, Inc. (United States) | 107,156 | 9,749,053 |
Ciena Corp. (United States)* | 147,480 | 6,739,836 |
Enphase Energy, Inc. (United States)* | 79,580 | 15,537,199 |
First Solar, Inc. (United States)* | 97,278 | 6,627,550 |
Infineon Technologies AG (Germany) | 268,550 | 6,532,620 |
Intuit, Inc. (United States) | 35,829 | 13,809,930 |
Pagseguro Digital, Ltd., Class A (Brazil)* | 603,915 | 6,184,090 |
PayPal Holdings, Inc. (United States)* | 152,605 | 10,657,933 |
salesforce.com, Inc. (United States)* | 75,415 | 12,446,491 |
Xinyi Solar Holdings, Ltd. (China) | 6,366,000 | 9,864,443 |
Total Information Technology | 111,311,198 | |
Materials - 10.1% | ||
Borregaard A.S.A. (Norway) | 743,906 | 12,159,919 |
Croda International PLC (United Kingdom) | 84,089 | 6,646,563 |
Ecolab, Inc. (United States) | 55,410 | 8,519,842 |
Koninklijke DSM NV (Netherlands)1 | 76,812 | 11,003,362 |
Novozymes A/S, Class B (Denmark) | 156,888 | 9,441,984 |
Sociedad Quimica y Minera de Chile, S.A., ADR (Chile) | 75,520 | 6,308,186 |
Umicore, S.A. (Belgium)1 | 172,383 | 6,042,719 |
Total Materials | 60,122,575 | |
Real Estate - 2.8% | ||
Vonovia SE (Germany) | 249,428 | 7,717,421 |
Weyerhaeuser Co., REIT (United States) | 267,365 | 8,855,129 |
Total Real Estate | 16,572,550 | |
Utilities - 3.8% | ||
American Water Works Co., Inc. (United States) | 62,778 | 9,339,483 |
Orsted A.S. (Denmark)2 | 127,688 | 13,448,601 |
Total Utilities | 22,788,084 | |
Total Common Stocks (Cost $747,718,250) | 591,119,455 |
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AMG Boston Common Global Impact Fund
Schedule of Portfolio Investments (continued)
Principal Amount | Value | |
Short-Term Investments - 1.2% | ||
Joint Repurchase Agreements - 0.2%3 | ||
National Bank Financial, dated 06/30/22, due 07/01/22, 1.590% total to be received $1,000,044 (collateralized by various U.S. Treasuries, 0.000% - 2.750%, 07/01/22 - 09/09/49, totaling $1,020,001) | $1,000,000 | $1,000,000 |
Nomura Securities International, Inc., dated 06/30/22, due 07/01/22, 1.540% total to be received $467,248 (collateralized by various U.S. Government Agency Obligations, 1.500% - 6.500%, 07/01/27 - 06/01/52, totaling $476,573) | 467,228 | 467,228 |
Total Joint Repurchase Agreements | 1,467,228 |
Shares | Value | |
Other Investment Companies - 1.0% | ||
Dreyfus Government Cash Management Fund, Institutional Shares, 1.35%4 | 3,756,854 | $3,756,854 |
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.37%4 | 1,935,455 | 1,935,455 |
Total Other Investment Companies | 5,692,309 | |
Total Short-Term Investments (Cost $7,159,537) | 7,159,537 | |
Total Investments - 100.2% (Cost $754,877,787) | 598,278,992 | |
Other Assets, less Liabilities - (0.2)% | (938,291) | |
Net Assets - 100.0% | $597,340,701 |
* | Non-income producing security. |
1 | Some of these securities, amounting to $11,442,273 or 1.9% 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. |
2 | 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 June 30, 2022, the value of this security amounted to $13,448,601 or 2.3% of net assets. |
3 | Cash collateral received for securities lending activity was invested in these joint repurchase agreements. |
4 | Yield shown represents the June 30, 2022, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage. |
ADR | American Depositary Receipt |
REIT | Real Estate Investment Trust |
The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of June 30, 2022:
Level 1 | Level 21 | Level 3 | Total | ||||
Investments in Securities | |||||||
Common Stocks | |||||||
Information Technology | $94,914,135 | $16,397,063 | — | $111,311,198 | |||
Industrials | 45,328,635 | 59,458,848 | — | 104,787,483 | |||
Consumer Discretionary | 35,242,842 | 52,522,727 | — | 87,765,569 | |||
Health Care | 44,344,703 | 39,864,056 | — | 84,208,759 | |||
Financials | 41,083,698 | 25,383,563 | — | 66,467,261 | |||
Materials | 14,828,028 | 45,294,547 | — | 60,122,575 | |||
Consumer Staples | 26,597,201 | 10,498,775 | — | 37,095,976 | |||
Utilities | 9,339,483 | 13,448,601 | — | 22,788,084 | |||
Real Estate | 8,855,129 | 7,717,421 | — | 16,572,550 | |||
Short-Term Investments | |||||||
Joint Repurchase Agreements | — | 1,467,228 | — | 1,467,228 | |||
Other Investment Companies | 5,692,309 | — | — | 5,692,309 | |||
Total Investments in Securities | $326,226,163 | $272,052,829 | — | $598,278,992 |
1 | 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 June 30, 2022, there were no transfers in or out of Level 3.
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AMG Boston Common Global Impact Fund
Schedule of Portfolio Investments (continued)
The country allocation in the Schedule of Portfolio Investments at June 30, 2022, was as follows:
Country | % of Long-Term Investments |
Australia | 1.6 |
Belgium | 1.0 |
Brazil | 1.0 |
Chile | 1.1 |
China | 6.4 |
Denmark | 5.1 |
France | 2.2 |
Germany | 3.9 |
Hong Kong | 2.3 |
India | 1.7 |
Indonesia | 2.7 |
Ireland | 1.8 |
Japan | 11.5 |
Netherlands | 1.9 |
Norway | 3.7 |
Switzerland | 1.5 |
United Kingdom | 4.4 |
United States | 46.2 |
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 June 30, 2022, were as follows:
Securities Loaned | Cash Collateral Received | Securities Collateral Received | Total Collateral Received | |
$11,442,273 | $1,467,228 | $10,234,231 | $11,701,459 |
The following table summarizes the securities received as collateral for securities lending at June 30, 2022:
Collateral Type | Coupon Range | Maturity Date Range | |
U.S. Treasury Obligations | 0.000%-4.625% | 07/31/22-11/15/51 |
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent semi or annual report.
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