# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0000940400-25-011523
**Filing Date:** 2025-11
**Character Count:** 56944
**Document Hash:** 8d14c79922817016c557fdd2d3f2eb46
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011523.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011523

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG FUNDS
- **CENTRAL INDEX KEY:** 0001089951

**ORGANIZATION NAME:**
- **EIN:** 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:** 251534543

**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 Small Cap Value Fund (Series ID: S000020207)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000056573 | Class N      | SKSEX           |
| C000180067 | Class I      | SKSIX           |
| C000180068 | Class Z      | SKSZX           |

## Nport-Ex

AMG GW&K Small Cap Value Fund

Schedule of Portfolio Investments *(unaudited)*

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| **Common Stocks - 98.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc., Class A<sup>\*</sup> | 108297 | &nbsp;&nbsp;&nbsp;$1805311 |
| &nbsp;&nbsp;&nbsp;IMAX Corp. (Canada)<sup>\*,1</sup> | 125295 | &nbsp;&nbsp;&nbsp;&nbsp;4103411 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.<sup>\*,1</sup> | &nbsp;&nbsp;34400 | &nbsp;&nbsp;&nbsp;&nbsp;1310640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communication Services |  | &nbsp;&nbsp;&nbsp;&nbsp;7219362 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 9.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Arhaus, Inc.<sup>\*</sup> | &nbsp;&nbsp;171345 | &nbsp;&nbsp;&nbsp;&nbsp;1821397 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;13003 | &nbsp;&nbsp;&nbsp;&nbsp;2154857 |
| &nbsp;&nbsp;&nbsp;Camping World Holdings, Inc., Class A | 134200 | &nbsp;&nbsp;&nbsp;&nbsp;2119018 |
| &nbsp;&nbsp;&nbsp;Genius Sports, Ltd. (United Kingdom)<sup>\*</sup> | 306125 | &nbsp;&nbsp;&nbsp;&nbsp;3789827 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7812 | &nbsp;&nbsp;&nbsp;&nbsp;3417828 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | &nbsp;&nbsp;22399 | &nbsp;&nbsp;&nbsp;&nbsp;2316729 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.<sup>\*</sup> | &nbsp;&nbsp;115675 | &nbsp;&nbsp;&nbsp;3929480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | &nbsp;&nbsp;19549136 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.<sup>\*</sup> | &nbsp;&nbsp;75995 | &nbsp;&nbsp;&nbsp;&nbsp;2481237 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;18451 | &nbsp;&nbsp;&nbsp;&nbsp;544858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Staples |  | &nbsp;&nbsp;&nbsp;3026095 |
| &nbsp;&nbsp;&nbsp;**Energy - 7.0%** |  |  |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;29485 | &nbsp;&nbsp;&nbsp;&nbsp;1568012 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;17410 | &nbsp;&nbsp;&nbsp;&nbsp;1730032 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;99980 | &nbsp;&nbsp;&nbsp;2386523 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;42731 | &nbsp;&nbsp;&nbsp;&nbsp;1919904 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;113178 | &nbsp;&nbsp;&nbsp;&nbsp;1448678 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., Class A | &nbsp;&nbsp;144215 | &nbsp;&nbsp;&nbsp;&nbsp;5764273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  | &nbsp;&nbsp;&nbsp;14817422 |
| &nbsp;&nbsp;&nbsp;**Financials - 27.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;59303 | &nbsp;&nbsp;&nbsp;4347503 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;87179 | &nbsp;&nbsp;&nbsp;3076547 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;88642 | &nbsp;&nbsp;&nbsp;2396880 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;56272 | &nbsp;&nbsp;&nbsp;&nbsp;2701619 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;24734 | &nbsp;&nbsp;&nbsp;&nbsp;3063801 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;81100 | &nbsp;&nbsp;&nbsp;&nbsp;2087514 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;40244 | &nbsp;&nbsp;&nbsp;2359908 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;38150 | &nbsp;&nbsp;&nbsp;&nbsp;2211937 |
| &nbsp;&nbsp;&nbsp;Federal Agricultural Mortgage Corp., Class C | &nbsp;&nbsp;&nbsp;22779 | &nbsp;&nbsp;&nbsp;&nbsp;3826416 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;90129 | &nbsp;&nbsp;&nbsp;&nbsp;2275757 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc.<sup>1</sup> | &nbsp;&nbsp;&nbsp;41330 | &nbsp;&nbsp;&nbsp;&nbsp;2011531 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;39400 | &nbsp;&nbsp;&nbsp;2466834 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;42550 | &nbsp;&nbsp;&nbsp;&nbsp;1921983 |
| &nbsp;&nbsp;&nbsp;International Bancshares Corp. | &nbsp;&nbsp;55425 | &nbsp;&nbsp;&nbsp;&nbsp;3810469 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;96913 | &nbsp;&nbsp;&nbsp;&nbsp;1702761 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;9912 | &nbsp;&nbsp;&nbsp;$3439365 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17227 | &nbsp;&nbsp;&nbsp;&nbsp;3061755 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;59897 | &nbsp;&nbsp;&nbsp;&nbsp;1822666 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;24840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1181390 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;13994 | &nbsp;&nbsp;&nbsp;&nbsp;1587899 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;26400 | &nbsp;&nbsp;&nbsp;&nbsp;3124440 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;36528 | &nbsp;&nbsp;&nbsp;&nbsp;3054471 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;47203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1507192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financials |  | &nbsp;&nbsp;59040638 |
| &nbsp;&nbsp;&nbsp;**Health Care - 10.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;48410 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1943178 |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.<sup>\*,1</sup> | &nbsp;&nbsp;223125 | &nbsp;&nbsp;&nbsp;&nbsp;2215631 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;34246 | &nbsp;&nbsp;&nbsp;&nbsp;3538639 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;28167 | &nbsp;&nbsp;&nbsp;&nbsp;4989503 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.<sup>\*</sup> | &nbsp;&nbsp;272314 | &nbsp;&nbsp;&nbsp;&nbsp;2102264 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.<sup>\*,2,3</sup> | &nbsp;&nbsp;&nbsp;10502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.<sup>\*,2,3</sup> | &nbsp;&nbsp;&nbsp;10502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;96456 | &nbsp;&nbsp;&nbsp;&nbsp;4609632 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;71989 | &nbsp;&nbsp;&nbsp;&nbsp;2165429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Health Care |  | &nbsp;&nbsp;&nbsp;21564276 |
| &nbsp;&nbsp;&nbsp;**Industrials - 12.5%** |  |  |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;37966 | &nbsp;&nbsp;&nbsp;&nbsp;2010679 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;23175 | &nbsp;&nbsp;&nbsp;&nbsp;2227813 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;19398 | &nbsp;&nbsp;&nbsp;&nbsp;1663379 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC<sup>\*</sup> | &nbsp;&nbsp;109185 | &nbsp;&nbsp;&nbsp;&nbsp;2709972 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.<sup>\*</sup> | 409639 | &nbsp;&nbsp;&nbsp;&nbsp;3760486 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;108010 | &nbsp;&nbsp;&nbsp;&nbsp;3125809 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc.<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;9650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2941417 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;29265 | &nbsp;&nbsp;&nbsp;&nbsp;4018962 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;68002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817013 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd. (India)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;27820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;&nbsp;26397361 |
| &nbsp;&nbsp;&nbsp;**Information Technology - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;41205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2154197 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp. | &nbsp;&nbsp;&nbsp;52200 | &nbsp;&nbsp;&nbsp;&nbsp;2293146 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;81200 | &nbsp;&nbsp;&nbsp;&nbsp;4677120 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.<sup>\*</sup> | 225805 | &nbsp;&nbsp;&nbsp;&nbsp;2865466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp;11989929 |
| &nbsp;&nbsp;&nbsp;**Materials - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Constellium SE (France)<sup>\*</sup> | &nbsp;&nbsp;140091 | &nbsp;&nbsp;&nbsp;&nbsp;2084554 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;29246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816762 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;56590 | &nbsp;&nbsp;&nbsp;&nbsp;2433936 |

---

------

AMG GW&K Small Cap Value Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Materials - 3.9% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;61018 | &nbsp;&nbsp;&nbsp;&nbsp;$1854337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Materials |  | &nbsp;&nbsp;&nbsp;&nbsp;8189589 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust, REIT | &nbsp;&nbsp;&nbsp;110105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2218616 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp., REIT | &nbsp;&nbsp;40699 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2891257 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc., REIT | 258550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1812435 |
| &nbsp;&nbsp;&nbsp;Compass, Inc., Class A<sup>\*</sup> | 337600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2710928 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc., REIT | &nbsp;&nbsp;&nbsp;83075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2472312 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc., REIT <sup>1</sup> | &nbsp;&nbsp;&nbsp;100118 | &nbsp;&nbsp;&nbsp;&nbsp;2442879 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp., REIT | &nbsp;&nbsp;&nbsp;82637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217151 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc., REIT <sup>1</sup> | &nbsp;&nbsp;214427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3514459 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp., REIT <sup>1</sup> | &nbsp;&nbsp;117350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119341 |
| &nbsp;&nbsp;&nbsp;Piedmont Realty Trust, Inc., REIT | 288550 | &nbsp;&nbsp;&nbsp;&nbsp;2596950 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc., REIT | &nbsp;&nbsp;&nbsp;62910 | &nbsp;&nbsp;&nbsp;&nbsp;2220094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate |  | &nbsp;&nbsp;&nbsp;&nbsp;27216422 |
| &nbsp;&nbsp;&nbsp;**Utilities - 4.7%** |  |  |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc.<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;25114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3318815 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;135600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2415036 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;35153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060317 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;27010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Utilities |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9910132 |
| **Total Common Stocks<br> (Cost $159,285,578)** |  | &nbsp;&nbsp;208920362 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount |  |
| **Short-Term Investments - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Joint Repurchase Agreements - 2.6%<sup>4</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities, Inc., dated 09/30/25, due 10/01/25, 4.200% total to be received $31,761 (collateralized by various U.S. Treasuries, 0.000% - 4.625%, 11/15/41 - 05/15/54, totaling $32,392) | &nbsp;&nbsp;&nbsp;$31757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31757 |
| &nbsp;&nbsp;&nbsp;Daiwa Capital Markets America, dated 09/30/25, due 10/01/25, 4.210% total to be received $1,280,413 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 2.000% - 7.500%, 08/27/27 - 09/01/55, totaling $1,305,884) | 1280263 | &nbsp;&nbsp;1280263 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc., dated 09/30/25, due 10/01/25, 4.210% total to be received $141,878 (collateralized by various U.S. Treasuries, 0.000% - 4.000%, 07/15/26 - 08/15/54, totaling $144,698) | &nbsp;&nbsp;&nbsp;&nbsp;141861 | &nbsp;&nbsp;&nbsp;&nbsp;141861 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc., dated 09/30/25, due 10/01/25, 4.220% total to be received $1,220,264 (collateralized by various U.S. Government Agency Obligations, 1.923% - 6.500%, 08/01/32 - 06/01/64, totaling $1,244,523) | &nbsp;&nbsp;$1220121 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$1220121 |
| &nbsp;&nbsp;&nbsp;JPMorgan Securities LLC, dated 09/30/25, due 10/01/25, 4.200% total to be received $379,649 (collateralized by various U.S. Treasuries, 4.125% - 4.500%, 12/31/31 - 05/31/32, totaling $387,197) | &nbsp;&nbsp;&nbsp;379605 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379605 |
| &nbsp;&nbsp;&nbsp;Mizuho Securities LLC, dated 09/30/25, due 10/01/25, 4.200% total to be received $27,870 (collateralized by various U.S. Treasuries, 0.750% - 4.375%, 05/31/26 - 09/30/32, totaling $28,424) | &nbsp;&nbsp;&nbsp;&nbsp;27867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27867 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc., dated 09/30/25, due 10/01/25, 4.190% total to be received $524,889 (collateralized by various U.S. Treasuries, 0.000% - 6.625%, 11/18/25 - 08/15/55, totaling $535,325) | &nbsp;&nbsp;&nbsp;524828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524828 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc., dated 09/30/25, due 10/01/25, 4.190% total to be received $168,941 (collateralized by various U.S. Treasuries, 0.000% - 4.750%, 10/23/25 - 08/15/55, totaling $172,299) | &nbsp;&nbsp;&nbsp;&nbsp;168921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168921 |
| &nbsp;&nbsp;&nbsp;State of Wisconsin Investment Board, dated 09/30/25, due 10/01/25, 4.290% total to be received $1,673,098 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 10/15/26 - 02/15/54, totaling $1,703,227) | &nbsp;&nbsp;1672899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1672899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Joint Repurchase Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5448122 |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 09/30/25, due 10/01/25, 3.850% total to be received $3,687,394 (collateralized by a U.S. Treasury Note, 4.375%, 01/31/32, totaling $3,760,794) | 3687000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3687000 |
| **Total Short-Term Investments<br> (Cost $9,135,122)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9135122 |
| **Total Investments - 102.9%<br> (Cost $168,420,700)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 218055484 |
| **Other Assets, less Liabilities - (2.9)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6213751) |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$211841733** |

---

------

AMG GW&K Small Cap Value Fund

Schedule of Portfolio Investments *(continued)*

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

<sup>1</sup> Some of these securities, amounting to $23,214,740 or 11.0% 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>2</sup> Security's value was determined by using significant unobservable inputs.

<sup>3</sup> These securities are restricted and are not available for re-sale. Ligand Pharmaceuticals, Inc. ("Ligand") completed a spin-off of OmniAb, Inc on November 2, 2022. Ligand shareholders received new holdings of OmniAb earn-out shares. The market value of earn-out shares was $0 on the date of the spin-off. At September 30, 2025, for each holding of OmniAb earn-out shares the cost was $19,190 and the market value of each was $0, which represents 0% of net assets..

<sup>4</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

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 September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &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;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp; $59040638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $59040638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27216422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27216422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26397361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26397361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21564276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; 21564276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19549136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19549136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14817422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14817422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11989929 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11989929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9910132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9910132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8189589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8189589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7219362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7219362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3026095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3026095 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; $5448122 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5448122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3687000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3687000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;$208920362 | &nbsp;&nbsp;&nbsp;$9135122 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$218055484 |

---

The Level 3 common stocks were received as a result of a corporate action. The security's value was determined by using significant unobservable inputs. For the current period ended September 30, 2025, the change in unrealized depreciation was $0.

For the period ended September 30, 2025, there were no transfers in or out of Level 3. The Fund did not have any purchases and sales of Level 3 securities for the same period.

------

AMG GW&K Small Cap Value 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 September 30, 2025, 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** |
| $23214740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5448122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18126970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $23575092 |

---

The following table summarizes the securities received as collateral for securities lending at September 30, 2025:

---

| | | |
|:---|:---|:---|
| **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;0.000%-5.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/25-11/15/54 |

---

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 Small Cap Value Fund

- **b. EDGAR series identifier (if any):** S000020207

- **c. LEI of Series:** 549300WLPWINAOFE0855

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

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**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:** $217573092.88

**Total Liabilities:** $5715693.67

**Net Assets:** $211857399.21

**Cash Not Reported:** $243.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000180067 | 1.97%                | 7.81%                | -0.67%               |
| Class ID C000180068 | 1.98%                | 7.81%                | -0.68%               |
| Class ID C000056573 | 1.94%                | 7.81%                | -0.71%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $229757.99               | $3851153.35                                |
| Month 2  | $2902916.91              | $12639923.66                               |
| Month 3  | $3341589.75              | $-5255375.35                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| J.P. MORGAN SECURITIES LLC          | JP MORGAN SECURITIES LLC              | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |    379605 | PA      | $379605.00    | 0.18%             |  |  |  | No            |                  2 | On Loan: No      |
| California Resources Corp           | California Resources Corp             | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     29485 | NS      | $1568012.30   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Progress Software Corp              | Progress Software Corp                | CUSIP: 743312100<br>LEI: 549300R65B3JG6972S24 | Long             | EC               | CORP              | US        |     52200 | NS      | $2293146.00   | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori      | Seacoast Banking Corp of Florida      | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |     59897 | NS      | $1822665.71   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Piedmont Realty Trust Inc           | Piedmont Realty Trust Inc             | CUSIP: 720190206<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    288550 | NS      | $2596950.00   | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| First Financial Bancorp             | First Financial Bancorp               | CUSIP: 320209109<br>LEI: 549300D3F5B3EZMY7P77 | Long             | EC               | CORP              | US        |     90129 | NS      | $2275757.25   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co             | Central Garden & Pet Co               | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     18451 | NS      | $544858.03    | 0.26%             |  |  |  | No            |                  1 | On Loan: No      |
| International Bancshares Corp       | International Bancshares Corp         | CUSIP: 459044103<br>LEI: 549300Y16R531AU8TX77 | Long             | EC               | CORP              | US        |     55425 | NS      | $3810468.75   | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Ziff Davis Inc                      | Ziff Davis Inc                        | CUSIP: 48123V102<br>LEI: 5493008OJYGLHD7MXA18 | Long             | EC               | CORP              | US        |     34400 | NS      | $1310640.00   | 0.62%             |  |  |  | No            |                  1 | On Loan: —       |
| Northwestern Energy Group Inc       | Northwestern Energy Group Inc         | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |     35153 | NS      | $2060317.33   | 0.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp          | Horace Mann Educators Corp            | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |     42550 | NS      | $1921983.50   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.     | NATWEST MARKETS SECURITIES INC        | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | Long             | RA               | CORP              | US        |    524828 | PA      | $524828.00    | 0.25%             |  |  |  | No            |                  2 | On Loan: No      |
| Gates Industrial Corp PLC           | Gates Industrial Corp PLC             | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |    109185 | NS      | $2709971.70   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc          | Thermon Group Holdings Inc            | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |     68002 | NS      | $1817013.44   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Four Corners Property Trust In      | Four Corners Property Trust Inc       | CUSIP: 35086T109<br>LEI: 549300SVTPZPBDVNER42 | Long             | EC               | CORP              | US        |    100118 | NS      | $2442879.20   | 1.15%             |  |  |  | No            |                  1 | On Loan: —       |
| UMB Financial Corp                  | UMB Financial Corp                    | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     26400 | NS      | $3124440.00   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Essential Properties Realty Tr      | Essential Properties Realty Trust Inc | CUSIP: 29670E107<br>LEI: 2549009LXQLVYCGLZO50 | Long             | EC               | CORP              | US        |     83075 | NS      | $2472312.00   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Armada Hoffler Properties Inc       | Armada Hoffler Properties Inc         | CUSIP: 04208T108<br>LEI: 549300WQRSIV6XZT9313 | Long             | EC               | CORP              | US        |    258550 | NS      | $1812435.50   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc       | Independence Realty Trust Inc         | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |    214427 | NS      | $3514458.53   | 1.66%             |  |  |  | No            |                  1 | On Loan: —       |
| Tri Pointe Homes Inc                | Tri Pointe Homes Inc                  | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    115675 | NS      | $3929479.75   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Skyward Specialty Insurance Gr      | Skyward Specialty Insurance Group Inc | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |      7913 | NS      | $376342.28    | 0.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Permian Resources Corp              | Permian Resources Corp                | CUSIP: 71424F105<br>LEI: 529900NXUJPOKU7OJ511 | Long             | EC               | CORP              | US        |    113178 | NS      | $1448678.40   | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                 | Viavi Solutions Inc                   | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |    225805 | NS      | $2865465.45   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC SECURITIES (USA) INC.          | HSBC SECURITIES (USA) INC             | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |    141861 | PA      | $141861.00    | 0.07%             |  |  |  | No            |                  2 | On Loan: No      |
| City Holding Co                     | City Holding Co                       | CUSIP: 177835105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     24734 | NS      | $3063800.58   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc              | Boot Barn Holdings Inc                | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     13003 | NS      | $2154857.16   | 1.02%             |  |  |  | No            |                  1 | On Loan: —       |
| Dynavax Technologies Corp           | Dynavax Technologies Corp             | CUSIP: 268158201<br>LEI: 549300T5URIXWDILX594 | Long             | EC               | CORP              | US        |    223125 | NS      | $2215631.25   | 1.05%             |  |  |  | No            |                  1 | On Loan: —       |
| WesBanco Inc                        | WesBanco Inc                          | CUSIP: 950810101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     47203 | NS      | $1507191.79   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Group 1 Automotive Inc              | Group 1 Automotive Inc                | CUSIP: 398905109<br>LEI: 549300US8QAZJLWYAF63 | Long             | EC               | CORP              | US        |      7812 | NS      | $3417828.12   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay General Bancorp              | Cathay General Bancorp                | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |     56272 | NS      | $2701618.72   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Walker & Dunlop Inc                 | Walker & Dunlop Inc                   | CUSIP: 93148P102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     36528 | NS      | $3054471.36   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Camping World Holdings Inc          | Camping World Holdings Inc            | CUSIP: 13462K109<br>LEI: 549300E828QQI7MWI432 | Long             | EC               | CORP              | US        |    134200 | NS      | $2119018.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co             | Central Garden & Pet Co               | CUSIP: 153527106<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |     75995 | NS      | $2481236.75   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| TTM Technologies Inc                | TTM Technologies Inc                  | CUSIP: 87305R109<br>LEI: 549300SC4BDOIS008048 | Long             | EC               | CORP              | US        |     81200 | NS      | $4677120.00   | 2.21%             |  |  |  | No            |                  1 | On Loan: No      |
| BOFA SECURITIES, INC.               | BOFA SECURITIES INC                   | CUSIP: 000000000<br>LEI: 549300HN4UKV1E2R3U73 | Long             | RA               | CORP              | US        |     31757 | PA      | $31757.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Genius Sports Ltd                   | Genius Sports Ltd                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | GB        |    306125 | NS      | $3789827.50   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| WNS Holdings Ltd                    | WNS Holdings Ltd                      | CUSIP: 000000000<br>LEI: 529900RM7QHUD3W9DM42 | Long             | EC               | CORP              | IN        |     27820 | NS      | $2121831.40   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc           | Minerals Technologies Inc             | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |     29246 | NS      | $1816761.52   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Compass Inc                         | Compass Inc                           | CUSIP: 20464U100<br>LEI: 254900DMGQSTC3I2IM78 | Long             | EC               | CORP              | US        |    337600 | NS      | $2710928.00   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc                 | Glacier Bancorp Inc                   | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |     41330 | NS      | $2011531.10   | 0.95%             |  |  |  | No            |                  1 | On Loan: —       |
| Bandwidth Inc                       | Bandwidth Inc                         | CUSIP: 05988J103<br>LEI: 549300QC70JB7MUGXM66 | Long             | EC               | CORP              | US        |    108297 | NS      | $1805310.99   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Constellium SE                      | Constellium SE                        | CUSIP: 000000000<br>LEI: 724500KRJEMC79KAAU28 | Long             | EC               | CORP              | FR        |    140091 | NS      | $2084554.08   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp                   | Chord Energy Corp                     | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     17410 | NS      | $1730031.70   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                      | Ameris Bancorp                        | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     59303 | NS      | $4347502.93   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Farmer Mac                          | Federal Agricultural Mortgage Corp    | CUSIP: 313148306<br>LEI: 549300MS654K78GYF580 | Long             | EC               | CORP              | US        |     22779 | NS      | $3826416.42   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Bowhead Specialty Holdings Inc      | Bowhead Specialty Holdings Inc        | CUSIP: 10240L102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88642 | NS      | $2396879.68   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                         | IDACORP Inc                           | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     25114 | NS      | $3318815.10   | 1.57%             |  |  |  | No            |                  1 | On Loan: —       |
| Atlantic Union Bankshares Corp      | Atlantic Union Bankshares Corp        | CUSIP: 04911A107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     87179 | NS      | $3076546.91   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc          | Ligand Pharmaceuticals Inc            | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |     28167 | NS      | $4989502.38   | 2.36%             |  |  |  | No            |                  1 | On Loan: —       |
| Patrick Industries Inc              | Patrick Industries Inc                | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     22399 | NS      | $2316728.57   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Community Financial System Inc      | Community Financial System Inc        | CUSIP: 203607106<br>LEI: 5299008N6YHE6GCP1E80 | Long             | EC               | CORP              | US        |     40244 | NS      | $2359908.16   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure       | Solaris Energy Infrastructure Inc     | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |    144215 | NS      | $5764273.55   | 2.72%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                 | STAG Industrial Inc                   | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |     62910 | NS      | $2220093.90   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| HSBC SECURITIES (USA) INC.          | HSBC SECURITIES (USA) INC             | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |   1220121 | PA      | $1220121.00   | 0.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Arhaus Inc                          | Arhaus Inc                            | CUSIP: 04035M102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    171345 | NS      | $1821397.35   | 0.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Hancock Whitney Corp                | Hancock Whitney Corp                  | CUSIP: 410120109<br>LEI: 549300GRNBWY8HIICT41 | Long             | EC               | CORP              | US        |     39400 | NS      | $2466834.00   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| NeoGenomics Inc                     | NeoGenomics Inc                       | CUSIP: 64049M209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    272314 | NS      | $2102264.08   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Getty Realty Corp                   | Getty Realty Corp                     | CUSIP: 374297109<br>LEI: 2549000P1W5SFJWCNP90 | Long             | EC               | CORP              | US        |     82637 | NS      | $2217150.71   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc       | Ultragenyx Pharmaceutical Inc         | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     71989 | NS      | $2165429.12   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| STATE OF WISCONSIN INVESTMENT BOARD | STATE OF WISCONSIN INVESTMENT BOARD   | CUSIP: 000000000<br>LEI: VY0GIYI3352UC4XOP168 | Long             | RA               | CORP              | US        |   1672899 | PA      | $1672899.00   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Southwest Gas Holdings Inc          | Southwest Gas Holdings Inc            | CUSIP: 844895102<br>LEI: 254900LKF9EV0CUKNE09 | Long             | EC               | CORP              | US        |     27010 | NS      | $2115963.40   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp               | Integer Holdings Corp                 | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |     34246 | NS      | $3538639.18   | 1.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Agios Pharmaceuticals Inc           | Agios Pharmaceuticals Inc             | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Long             | EC               | CORP              | US        |     48410 | NS      | $1943177.40   | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| NETSTREIT Corp                      | NETSTREIT Corp                        | CUSIP: 64119V303<br>LEI: 254900CJL0EDMEQ25Q84 | Long             | EC               | CORP              | US        |    117350 | NS      | $2119341.00   | 1.00%             |  |  |  | No            |                  1 | On Loan: —       |
| RBC DOMINION SECURITIES INC.        | RBC DOMINION SECURITIES INC           | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |    168921 | PA      | $168921.00    | 0.08%             |  |  |  | No            |                  2 | On Loan: No      |
| Everus Construction Group Inc       | Everus Construction Group Inc         | CUSIP: 300426103<br>LEI: 2549006JMMHR0KILT425 | Long             | EC               | CORP              | US        |     19398 | NS      | $1663378.50   | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb, Inc.                        | OmniAb, Inc.                          | CUSIP: 68218J301<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10502 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Avnet Inc                           | Avnet Inc                             | CUSIP: 053807103<br>LEI: XJI53DCPL7QABOWK4Z75 | Long             | EC               | CORP              | US        |     41205 | NS      | $2154197.40   | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp               | Stifel Financial Corp                 | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     13994 | NS      | $1587899.18   | 0.75%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc         | Columbia Banking System Inc           | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81100 | NS      | $2087514.00   | 0.99%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc        | Supernus Pharmaceuticals Inc          | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |     96456 | NS      | $4609632.24   | 2.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                        | Ducommun Inc                          | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     23175 | NS      | $2227812.75   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                   | Agree Realty Corp                     | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40699 | NS      | $2891256.96   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Piper Sandler Cos                   | Piper Sandler Cos                     | CUSIP: 724078100<br>LEI: QUQDBTUSOAKFEVMRMF78 | Long             | EC               | CORP              | US        |      9912 | NS      | $3439364.88   | 1.62%             |  |  |  | No            |                  1 | On Loan: No      |
| OmniAb, Inc.                        | OmniAb, Inc.                          | CUSIP: 68218J202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     10502 | NS      | $0.00         | 0.00%             |  |  |  | Yes           |                  3 | On Loan: No      |
| Hillman Solutions Corp              | Hillman Solutions Corp                | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    409639 | NS      | $3760486.02   | 1.78%             |  |  |  | No            |                  1 | On Loan: No      |
| IMAX Corp                           | IMAX Corp                             | CUSIP: 45245E109<br>LEI: 894500GS1ESLAPZCEI74 | Long             | EC               | CORP              | CA        |    125295 | NS      | $4103411.25   | 1.94%             |  |  |  | No            |                  1 | On Loan: —       |
| CBIZ Inc                            | CBIZ Inc                              | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |     37966 | NS      | $2010679.36   | 0.95%             |  |  |  | No            |                  1 | On Loan: —       |
| Powell Industries Inc               | Powell Industries Inc                 | CUSIP: 739128106<br>LEI: 549300V08RO7MX2UBN26 | Long             | EC               | CORP              | US        |      9650 | NS      | $2941416.50   | 1.39%             |  |  |  | No            |                  1 | On Loan: —       |
| Matador Resources Co                | Matador Resources Co                  | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |     42731 | NS      | $1919903.83   | 0.91%             |  |  |  | No            |                  1 | On Loan: No      |
| Interface Inc                       | Interface Inc                         | CUSIP: 458665304<br>LEI: 549300VXZWQOIDFPU355 | Long             | EC               | CORP              | US        |    108010 | NS      | $3125809.40   | 1.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp              | Primoris Services Corp                | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |     29265 | NS      | $4018962.45   | 1.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Enterprise Financial Services       | Enterprise Financial Services Corp    | CUSIP: 293712105<br>LEI: 5493001XTU5DLD632129 | Long             | EC               | CORP              | US        |     38150 | NS      | $2211937.00   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION   | FIXED INCOME CLEARING CORPORATION     | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   3687000 | PA      | $3687000.00   | 1.74%             |  |  |  | No            |                  2 | On Loan: No      |
| OceanFirst Financial Corp           | OceanFirst Financial Corp             | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96913 | NS      | $1702761.41   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                 | Silgan Holdings Inc                   | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |     56590 | NS      | $2433935.90   | 1.15%             |  |  |  | No            |                  1 | On Loan: No      |
| Worthington Steel Inc               | Worthington Steel Inc                 | CUSIP: 982104101<br>LEI: 2549009ZUUWL3QLK6G24 | Long             | EC               | CORP              | US        |     61018 | NS      | $1854337.02   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Acadia Realty Trust                 | Acadia Realty Trust                   | CUSIP: 004239109<br>LEI: 254900C5XLB1YYJQSH07 | Long             | EC               | CORP              | US        |    110105 | NS      | $2218615.75   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| DAIWA CAPITAL MARKETS AMERICA INC.  | DAIWA CAPITAL MARKETS AMERICA INC     | CUSIP: 000000000<br>LEI: M67H5PRC0NQKM73ZAS82 | Long             | RA               | CORP              | US        |   1280263 | PA      | $1280263.00   | 0.60%             |  |  |  | No            |                  2 | On Loan: No      |
| PJT Partners Inc                    | PJT Partners Inc                      | CUSIP: 69343T107<br>LEI: 549300W3WBEQUBKYTN87 | Long             | EC               | CORP              | US        |     17227 | NS      | $3061754.71   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| MIZUHO SECURITIES USA LLC           | MIZUHO SECURITIES USA LLC             | CUSIP: 000000000<br>LEI: 7TK5RJIZDFROZCA6XF66 | Long             | RA               | CORP              | US        |     27867 | PA      | $27867.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Magnolia Oil & Gas Corp             | Magnolia Oil & Gas Corp               | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     99980 | NS      | $2386522.60   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| MDU Resources Group Inc             | MDU Resources Group Inc               | CUSIP: 552690109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    135600 | NS      | $2415036.00   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-11-25

**Name of Applicant:** AMG Funds

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer