# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0000940400-25-011525
**Filing Date:** 2025-11
**Character Count:** 54591
**Document Hash:** 98978185cfc459c4f077889b00ca5d78
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011525.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011525

**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:** 251534545

**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 Core Fund (Series ID: S000023782)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000069910 | Class N      | GWETX           |
| C000069911 | Class I      | GWEIX           |
| C000180070 | Class Z      | GWEZX           |

## Nport-Ex

AMG GW&K Small Cap Core Fund

Schedule of Portfolio Investments *(unaudited)*

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| **Common Stocks - 98.3%** |  |  |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 11.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;24792 | &nbsp;&nbsp;&nbsp;$6060404 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;35816 | &nbsp;&nbsp;&nbsp;&nbsp;5935428 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.<sup>\*</sup> | &nbsp;&nbsp;122739 | &nbsp;&nbsp;&nbsp;&nbsp;9373578 |
| &nbsp;&nbsp;&nbsp;First Watch Restaurant Group, Inc.<sup>\*</sup> | &nbsp;&nbsp;414641 | &nbsp;&nbsp;&nbsp;&nbsp;6484985 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;45449 | &nbsp;&nbsp;&nbsp;&nbsp;9976965 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc.<sup>1</sup> | &nbsp;&nbsp;&nbsp;94095 | &nbsp;&nbsp;&nbsp;&nbsp;3229340 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc.<sup>1</sup> | &nbsp;&nbsp;&nbsp;63837 | &nbsp;&nbsp;&nbsp;&nbsp;2587952 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;79980 | &nbsp;&nbsp;&nbsp;&nbsp;8272331 |
| &nbsp;&nbsp;&nbsp;Revolve Group, Inc.<sup>\*</sup> | &nbsp;&nbsp;102256 | &nbsp;&nbsp;&nbsp;&nbsp;2178053 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;49074 | &nbsp;&nbsp;&nbsp;&nbsp;8153645 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.<sup>\*</sup> | &nbsp;&nbsp;177668 | &nbsp;&nbsp;&nbsp;&nbsp;6035382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | &nbsp;&nbsp;68288063 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A<sup>\*</sup> | 243605 | &nbsp;&nbsp;&nbsp;&nbsp;7193656 |
| &nbsp;&nbsp;&nbsp;Utz Brands, Inc.<sup>1</sup> | &nbsp;&nbsp;384130 | &nbsp;&nbsp;&nbsp;&nbsp;4667179 |
| &nbsp;&nbsp;&nbsp;The Vita Coco Co., Inc.<sup>\*</sup> | &nbsp;&nbsp;166553 | &nbsp;&nbsp;&nbsp;&nbsp;7073506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Staples |  | &nbsp;&nbsp;&nbsp;&nbsp;18934341 |
| &nbsp;&nbsp;&nbsp;**Energy - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;50482 | &nbsp;&nbsp;&nbsp;&nbsp;5016396 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;28900 | &nbsp;&nbsp;&nbsp;&nbsp;5230322 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | 265689 | &nbsp;&nbsp;&nbsp;&nbsp;6341996 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;151119 | &nbsp;&nbsp;&nbsp;&nbsp;6789777 |
| &nbsp;&nbsp;&nbsp;Solaris Energy Infrastructure, Inc., Class A<sup>1</sup> | &nbsp;&nbsp;158784 | &nbsp;&nbsp;&nbsp;&nbsp;6346597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  | &nbsp;&nbsp;&nbsp;29725088 |
| &nbsp;&nbsp;&nbsp;**Financials - 15.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;138820 | &nbsp;&nbsp;&nbsp;&nbsp;10176894 |
| &nbsp;&nbsp;&nbsp;The Baldwin Insurance Group, Inc.<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;16912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477087 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;133661 | &nbsp;&nbsp;&nbsp;&nbsp;6417065 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;67059 | &nbsp;&nbsp;&nbsp;&nbsp;4399741 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;214932 | &nbsp;&nbsp;&nbsp;&nbsp;5532350 |
| &nbsp;&nbsp;&nbsp;Glacier Bancorp, Inc. | &nbsp;&nbsp;&nbsp;78704 | &nbsp;&nbsp;&nbsp;&nbsp;3830524 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;185778 | &nbsp;&nbsp;&nbsp;&nbsp;8391592 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;54125 | &nbsp;&nbsp;&nbsp;&nbsp;11112945 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;75237 | &nbsp;&nbsp;&nbsp;&nbsp;5204143 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | 290045 | &nbsp;&nbsp;&nbsp;&nbsp;5096091 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;199474 | &nbsp;&nbsp;&nbsp;&nbsp;4252786 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;272922 | &nbsp;&nbsp;&nbsp;&nbsp;8305016 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;54170 | &nbsp;&nbsp;&nbsp;&nbsp;2576325 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;84563 | &nbsp;&nbsp;&nbsp;&nbsp;9595364 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;56150 | &nbsp;&nbsp;&nbsp;&nbsp;4746359 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;66415 | &nbsp;&nbsp;&nbsp;&nbsp;$7860215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financials |  | &nbsp;&nbsp;&nbsp;97974497 |
| &nbsp;&nbsp;&nbsp;**Health Care - 18.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Agios Pharmaceuticals, Inc.<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;135113 | &nbsp;&nbsp;&nbsp;&nbsp;5423436 |
| &nbsp;&nbsp;&nbsp;Arcutis Biotherapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp;261256 | &nbsp;&nbsp;&nbsp;&nbsp;4924676 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.<sup>\*</sup> | &nbsp;&nbsp;188868 | &nbsp;&nbsp;&nbsp;&nbsp;7996671 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.<sup>\*</sup> | &nbsp;&nbsp;194441 | &nbsp;&nbsp;&nbsp;&nbsp;6854045 |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;75709 | &nbsp;&nbsp;&nbsp;&nbsp;2174362 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp;487267 | &nbsp;&nbsp;&nbsp;&nbsp;3698357 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.<sup>\*</sup> | &nbsp;&nbsp;92600 | &nbsp;&nbsp;&nbsp;&nbsp;4809644 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp;122825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5115661 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;119613 | &nbsp;&nbsp;&nbsp;&nbsp;6850237 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;98697 | &nbsp;&nbsp;&nbsp;&nbsp;7238438 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;75607 | &nbsp;&nbsp;&nbsp;&nbsp;7165275 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;17148 | &nbsp;&nbsp;&nbsp;&nbsp;8816816 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.<sup>\*</sup> | &nbsp;&nbsp;382742 | &nbsp;&nbsp;&nbsp;&nbsp;2954768 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.<sup>\*</sup> | &nbsp;&nbsp;236061 | &nbsp;&nbsp;&nbsp;&nbsp;5552155 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.<sup>\*</sup> | &nbsp;&nbsp;224218 | &nbsp;&nbsp;&nbsp;&nbsp;10715378 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.<sup>\*</sup> | &nbsp;&nbsp;247100 | &nbsp;&nbsp;&nbsp;&nbsp;2999794 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.<sup>\*</sup> | 156900 | &nbsp;&nbsp;&nbsp;&nbsp;4719552 |
| &nbsp;&nbsp;&nbsp;US Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;79000 | &nbsp;&nbsp;&nbsp;&nbsp;6711050 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.<sup>\*,1</sup> | &nbsp;&nbsp;238931 | &nbsp;&nbsp;&nbsp;&nbsp;8202501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Health Care |  | &nbsp;&nbsp;&nbsp;112922816 |
| &nbsp;&nbsp;&nbsp;**Industrials - 19.4%** |  |  |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;12400 | &nbsp;&nbsp;&nbsp;&nbsp;3904636 |
| &nbsp;&nbsp;&nbsp;Cadre Holdings, Inc.<sup>1</sup> | &nbsp;&nbsp;176525 | &nbsp;&nbsp;&nbsp;&nbsp;6444928 |
| &nbsp;&nbsp;&nbsp;CBIZ, Inc.<sup>\*,1</sup> | &nbsp;&nbsp;126726 | &nbsp;&nbsp;&nbsp;&nbsp;6711409 |
| &nbsp;&nbsp;&nbsp;Ducommun, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;70909 | &nbsp;&nbsp;&nbsp;&nbsp;6816482 |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp;132301 | &nbsp;&nbsp;&nbsp;&nbsp;5424341 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC<sup>\*</sup> | 223600 | &nbsp;&nbsp;&nbsp;&nbsp;5549752 |
| &nbsp;&nbsp;&nbsp;Hillman Solutions Corp.<sup>\*</sup> | 597956 | &nbsp;&nbsp;&nbsp;&nbsp;5489236 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;46840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8373118 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;115079 | &nbsp;&nbsp;&nbsp;&nbsp;15803799 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31341 | &nbsp;&nbsp;&nbsp;&nbsp;12232079 |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | &nbsp;&nbsp;119270 | &nbsp;&nbsp;&nbsp;&nbsp;2523753 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;72608 | &nbsp;&nbsp;&nbsp;&nbsp;13561722 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;41623 | &nbsp;&nbsp;&nbsp;&nbsp;14138501 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;213309 | &nbsp;&nbsp;&nbsp;&nbsp;5699617 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;76622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7163391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;119836764 |
| &nbsp;&nbsp;&nbsp;**Information Technology - 13.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;50779 | &nbsp;&nbsp;&nbsp;&nbsp;8639539 |
| &nbsp;&nbsp;&nbsp;Alkami Technology, Inc.<sup>\*,1</sup> | 202638 | &nbsp;&nbsp;&nbsp;&nbsp;5033528 |

---

------

AMG GW&K Small Cap Core Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Information Technology - 13.9%<br> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;173188 | &nbsp;&nbsp;&nbsp;$5057090 |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A<sup>\*</sup> | &nbsp;&nbsp;&nbsp;32526 | &nbsp;&nbsp;&nbsp;&nbsp;8966117 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;32200 | &nbsp;&nbsp;&nbsp;&nbsp;6078716 |
| &nbsp;&nbsp;&nbsp;The Descartes Systems Group, Inc. (Canada)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;85546 | &nbsp;&nbsp;&nbsp;&nbsp;8061000 |
| &nbsp;&nbsp;&nbsp;Intapp, Inc.<sup>\*</sup> | &nbsp;&nbsp;246612 | &nbsp;&nbsp;&nbsp;&nbsp;10086431 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;96813 | &nbsp;&nbsp;&nbsp;12052250 |
| &nbsp;&nbsp;&nbsp;Novanta, Inc.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;57128 | &nbsp;&nbsp;&nbsp;&nbsp;5721369 |
| &nbsp;&nbsp;&nbsp;PAR Technology Corp.<sup>\*,1</sup> | &nbsp;&nbsp;68090 | &nbsp;&nbsp;&nbsp;&nbsp;2695002 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.<sup>\*</sup> | &nbsp;&nbsp;&nbsp;82148 | &nbsp;&nbsp;&nbsp;&nbsp;5869475 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.<sup>\*</sup> | &nbsp;&nbsp;585134 | &nbsp;&nbsp;&nbsp;&nbsp;7425350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Information Technology |  | &nbsp;&nbsp;85685867 |
| &nbsp;&nbsp;&nbsp;**Materials - 4.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;239352 | &nbsp;&nbsp;&nbsp;&nbsp;7886648 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;46259 | &nbsp;&nbsp;&nbsp;&nbsp;6941626 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;102570 | &nbsp;&nbsp;&nbsp;&nbsp;6371648 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;168453 | &nbsp;&nbsp;&nbsp;&nbsp;7245164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Materials |  | &nbsp;&nbsp;28445086 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp., REIT | &nbsp;&nbsp;&nbsp;81942 | &nbsp;&nbsp;&nbsp;&nbsp;5821160 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc., REIT | 280669 | &nbsp;&nbsp;&nbsp;&nbsp;4600165 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc., REIT | &nbsp;&nbsp;&nbsp;69673 | &nbsp;&nbsp;&nbsp;&nbsp;5539003 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc., REIT <sup>1</sup> | &nbsp;&nbsp;&nbsp;63152 | &nbsp;&nbsp;&nbsp;&nbsp;5657788 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc., REIT | &nbsp;&nbsp;251322 | &nbsp;&nbsp;&nbsp;&nbsp;8869153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate |  | &nbsp;&nbsp;&nbsp;30487269 |
| &nbsp;&nbsp;&nbsp;**Utilities - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;52569 | &nbsp;&nbsp;&nbsp;&nbsp;6946993 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;137873 | &nbsp;&nbsp;&nbsp;&nbsp;8080737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Utilities |  | &nbsp;&nbsp;&nbsp;15027730 |
| **Total Common Stocks<br> (Cost $416,666,507)** |  | &nbsp;&nbsp;&nbsp;607327521 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount |  |
| **Short-Term Investments - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Joint Repurchase Agreements - 0.2%<sup>2</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc., dated 09/30/25, due 10/01/25, 4.210% total to be received $49,470 (collateralized by various U.S. Treasuries, 0.000% - 4.000%, 07/15/26 - 08/15/54, totaling $50,453) | $49464 | &nbsp;&nbsp;49464 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;JPMorgan Securities LLC, dated 09/30/25, due 10/01/25, 4.200% total to be received $93,200 (collateralized by various U.S. Treasuries, 4.125% - 4.500%, 12/31/31 - 05/31/32, totaling $95,053) | &nbsp;&nbsp;&nbsp;&nbsp;$93189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$93189 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc., dated 09/30/25, due 10/01/25, 4.190% total to be received $128,857 (collateralized by various U.S. Treasuries, 0.000% - 6.625%, 11/18/25 - 08/15/55, totaling $131,419) | &nbsp;&nbsp;&nbsp;&nbsp;128842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128842 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc., dated 09/30/25, due 10/01/25, 4.190% total to be received $41,474 (collateralized by various U.S. Treasuries, 0.000% - 4.750%, 10/23/25 - 08/15/55, totaling $42,298) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41469 |
| &nbsp;&nbsp;&nbsp;State of Wisconsin Investment Board, dated 09/30/25, due 10/01/25, 4.290% total to be received $1,000,119 (collateralized by various U.S. Treasuries, 0.125% - 3.875%, 10/15/26 - 02/15/54, totaling $1,018,129) | &nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Joint Repurchase Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1312964 |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 09/30/25, due 10/01/25, 3.850% total to be received $12,276,313 (collateralized by a U.S. Treasury Note, 4.375%, 01/31/32, totaling $12,520,524) | 12275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12275000 |
| **Total Short-Term Investments<br> (Cost $13,587,964)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13587964 |
| **Total Investments - 100.5%<br> (Cost $430,254,471)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 620915485 |
| **Other Assets, less Liabilities - (0.5)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2784718) |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$618130767** |

---

------

AMG GW&K Small Cap Core Fund

Schedule of Portfolio Investments *(continued)*

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

<sup>1</sup> Some of these securities, amounting to $44,512,542 or 7.2% 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> 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<sup>†</sup>** | &nbsp;&nbsp; $607327521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $607327521 |
| &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;&nbsp; $1312964 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1312964 |
| &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; 12275000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12275000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;$607327521 | &nbsp;&nbsp;$13587964 | &nbsp;&nbsp;— | &nbsp;&nbsp;$620915485 |

---

<br> <sup>†</sup> All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund's Schedule of Portfolio Investments.

For the period ended September 30, 2025, there were no transfers in or out of Level 3.

The Fund participates in the securities lending program offered by The Bank of New York Mellon providing for the lending of securities to qualified brokers. The value of securities loaned on positions held, cash collateral and securities collateral received at 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** |
| $44512542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1312964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44401456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $45714420 |

---

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%-6.250% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/15/25-02/15/55 |

---

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 Core Fund

- **b. EDGAR series identifier (if any):** S000023782

- **c. LEI of Series:** 5493001178XREBUBAW34

**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:** $619990103.52

**Total Liabilities:** $1884182.58

**Net Assets:** $618105920.94

**Cash Not Reported:** $196.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000069911 | 0.87%                | 6.92%                | -0.75%               |
| Class ID C000069910 | 0.83%                | 6.87%                | -0.77%               |
| Class ID C000180070 | 0.87%                | 6.91%                | -0.75%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $4460900.77              | $1051284.97                                |
| Month 2  | $7456185.34              | $32381817.48                               |
| Month 3  | $8279972.66              | $-13114210.20                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Perella Weinberg Partners           | Perella Weinberg Partners               | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    199474 | NS      | $4252785.68   | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Semtech Corp                        | Semtech Corp                            | CUSIP: 816850101<br>LEI: 549300J7WUY317SW6O61 | Long             | EC               | CORP              | US        |     82148 | NS      | $5869474.60   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Medpace Holdings Inc                | Medpace Holdings Inc                    | CUSIP: 58506Q109<br>LEI: 549300H8TYEUVTW14A54 | Long             | EC               | CORP              | US        |     17148 | NS      | $8816815.68   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp              | Hillman Solutions Corp                  | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    597956 | NS      | $5489236.08   | 0.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Cathay General Bancorp              | Cathay General Bancorp                  | CUSIP: 149150104<br>LEI: 549300K1SLJ8C97H5L68 | Long             | EC               | CORP              | US        |    133661 | NS      | $6417064.61   | 1.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Azenta Inc                          | Azenta Inc                              | CUSIP: 114340102<br>LEI: 35ZN6X1ANPH25YN32Y17 | Long             | EC               | CORP              | US        |     75709 | NS      | $2174362.48   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Independence Realty Trust Inc       | Independence Realty Trust Inc           | CUSIP: 45378A106<br>LEI: 549300Z3L8NU44NQEB29 | Long             | EC               | CORP              | US        |    280669 | NS      | $4600164.91   | 0.74%             |  |  |  | No            |                  1 | On Loan: No      |
| PAR Technology Corp                 | PAR Technology Corp                     | CUSIP: 698884103<br>LEI: 549300HYPTHBJQINVG57 | Long             | EC               | CORP              | US        |     68090 | NS      | $2695002.20   | 0.44%             |  |  |  | No            |                  1 | On Loan: —       |
| Sterling Infrastructure Inc         | Sterling Infrastructure Inc             | CUSIP: 859241101<br>LEI: 549300RZIK6K1215XU51 | Long             | EC               | CORP              | US        |     41623 | NS      | $14138500.64  | 2.29%             |  |  |  | No            |                  1 | On Loan: —       |
| Cadre Holdings Inc                  | Cadre Holdings Inc                      | CUSIP: 12763L105<br>LEI: 2549006IKQEWJ8M7CB97 | Long             | EC               | CORP              | US        |    176525 | NS      | $6444927.75   | 1.04%             |  |  |  | No            |                  1 | On Loan: —       |
| Northwestern Energy Group Inc       | Northwestern Energy Group Inc           | CUSIP: 668074305<br>LEI: 254900N1WG46G1VMDM34 | Long             | EC               | CORP              | US        |    137873 | NS      | $8080736.53   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |
| Ducommun Inc                        | Ducommun Inc                            | CUSIP: 264147109<br>LEI: 549300Z71HMWF90S2214 | Long             | EC               | CORP              | US        |     70909 | NS      | $6816482.17   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Enerpac Tool Group Corp             | Enerpac Tool Group Corp                 | CUSIP: 292765104<br>LEI: IZW37BPZKUJE1QXGB081 | Long             | EC               | CORP              | US        |    132301 | NS      | $5424341.00   | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc        | Texas Capital Bancshares Inc            | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |     56150 | NS      | $4746359.50   | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| OceanFirst Financial Corp           | OceanFirst Financial Corp               | CUSIP: 675234108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    290045 | NS      | $5096090.65   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| NeoGenomics Inc                     | NeoGenomics Inc                         | CUSIP: 64049M209<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    382742 | NS      | $2954768.24   | 0.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Novanta Inc                         | Novanta Inc                             | CUSIP: 67000B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57128 | NS      | $5721369.20   | 0.93%             |  |  |  | No            |                  1 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.     | NATWEST MARKETS SECURITIES INC          | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | Long             | RA               | CORP              | US        |    128842 | PA      | $128842.00    | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| STATE OF WISCONSIN INVESTMENT BOARD | STATE OF WISCONSIN INVESTMENT BOARD     | CUSIP: 000000000<br>LEI: VY0GIYI3352UC4XOP168 | Long             | RA               | CORP              | US        |   1000000 | PA      | $1000000.00   | 0.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Intapp Inc                          | Intapp Inc                              | CUSIP: 45827U109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    246612 | NS      | $10086430.80  | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I      | Ryman Hospitality Properties Inc        | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |     63152 | NS      | $5657787.68   | 0.92%             |  |  |  | No            |                  1 | On Loan: —       |
| Champion Homes Inc                  | Champion Homes Inc                      | CUSIP: 830830105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    122739 | NS      | $9373577.43   | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Supernus Pharmaceuticals Inc        | Supernus Pharmaceuticals Inc            | CUSIP: 868459108<br>LEI: 549300GRM36VBKISYJ58 | Long             | EC               | CORP              | US        |    224218 | NS      | $10715378.22  | 1.73%             |  |  |  | No            |                  1 | On Loan: No      |
| Artivion Inc                        | Artivion Inc                            | CUSIP: 228903100<br>LEI: 549300YTKV8DMSMG6K81 | Long             | EC               | CORP              | US        |    188868 | NS      | $7996671.12   | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC          | JP MORGAN SECURITIES LLC                | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |     93189 | PA      | $93189.00     | 0.02%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.          | HSBC SECURITIES (USA) INC               | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |     49464 | PA      | $49464.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Balchem Corp                        | Balchem Corp                            | CUSIP: 057665200<br>LEI: 549300VR70OPMHUI3557 | Long             | EC               | CORP              | US        |     46259 | NS      | $6941625.54   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Boot Barn Holdings Inc              | Boot Barn Holdings Inc                  | CUSIP: 099406100<br>LEI: 529900QE1BFMYA3N4E71 | Long             | EC               | CORP              | US        |     35816 | NS      | $5935427.52   | 0.96%             |  |  |  | No            |                  1 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION   | FIXED INCOME CLEARING CORPORATION       | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  12275000 | PA      | $12275000.00  | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Cohen & Steers Inc                  | Cohen & Steers Inc                      | CUSIP: 19247A100<br>LEI: 549300XXIA338A0X2K65 | Long             | EC               | CORP              | US        |     67059 | NS      | $4399740.99   | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| SPX Technologies Inc                | SPX Technologies Inc                    | CUSIP: 78473E103<br>LEI: P761FCI0CPOG24I8JE10 | Long             | EC               | CORP              | US        |     72608 | NS      | $13561722.24  | 2.19%             |  |  |  | No            |                  1 | On Loan: No      |
| ITT Inc                             | ITT Inc                                 | CUSIP: 45073V108<br>LEI: 549300KDSERHTJOXUS80 | Long             | EC               | CORP              | US        |     46840 | NS      | $8373118.40   | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                      | Ameris Bancorp                          | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |    138820 | NS      | $10176894.20  | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Baldwin Insurance Group Inc/Th      | Baldwin Insurance Group Inc/The         | CUSIP: 05589G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     29719 | NS      | $838372.99    | 0.14%             |  |  |  | No            |                  1 | On Loan: —       |
| Skyward Specialty Insurance Gr      | Skyward Specialty Insurance Group Inc   | CUSIP: 830940102<br>LEI: 549300GXGXJG0YH4VN21 | Long             | EC               | CORP              | US        |     17103 | NS      | $813418.68    | 0.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Medical Inc                  | Globus Medical Inc                      | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |    119613 | NS      | $6850236.51   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Energy Industries Inc      | Advanced Energy Industries Inc          | CUSIP: 007973100<br>LEI: 549300756XI3QLFT2U27 | Long             | EC               | CORP              | US        |     50779 | NS      | $8639539.06   | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| STAG Industrial Inc                 | STAG Industrial Inc                     | CUSIP: 85254J102<br>LEI: 549300QWYX2W6FASVQ07 | Long             | EC               | CORP              | US        |    251322 | NS      | $8869153.38   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Stifel Financial Corp               | Stifel Financial Corp                   | CUSIP: 860630102<br>LEI: 549300E5F07FE5GHJX84 | Long             | EC               | CORP              | US        |     84563 | NS      | $9595363.61   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Columbia Banking System Inc         | Columbia Banking System Inc             | CUSIP: 197236102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    214932 | NS      | $5532349.68   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Chord Energy Corp                   | Chord Energy Corp                       | CUSIP: 674215207<br>LEI: 529900FA4V2YNIKZ0M71 | Long             | EC               | CORP              | US        |     50482 | NS      | $5016396.34   | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Houlihan Lokey Inc                  | Houlihan Lokey Inc                      | CUSIP: 441593100<br>LEI: 549300S3CNGTQ1QZVY46 | Long             | EC               | CORP              | US        |     54125 | NS      | $11112945.00  | 1.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Vita Coco Co Inc/The                | Vita Coco Co Inc/The                    | CUSIP: 92846Q107<br>LEI: 54930020WXOAWHR85Y25 | Long             | EC               | CORP              | US        |    166553 | NS      | $7073505.91   | 1.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnolia Oil & Gas Corp             | Magnolia Oil & Gas Corp                 | CUSIP: 559663109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    265689 | NS      | $6341996.43   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| Crinetics Pharmaceuticals Inc       | Crinetics Pharmaceuticals Inc           | CUSIP: 22663K107<br>LEI: 549300Q1CNFXK5P31D28 | Long             | EC               | CORP              | US        |    122825 | NS      | $5115661.25   | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Matador Resources Co                | Matador Resources Co                    | CUSIP: 576485205<br>LEI: 549300CI3Q2UUK5R4G79 | Long             | EC               | CORP              | US        |    151119 | NS      | $6789776.67   | 1.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Oxford Industries Inc               | Oxford Industries Inc                   | CUSIP: 691497309<br>LEI: IDZ20O0XD3GS4UOI2L88 | Long             | EC               | CORP              | US        |     63837 | NS      | $2587951.98   | 0.42%             |  |  |  | No            |                  1 | On Loan: —       |
| AtriCure Inc                        | AtriCure Inc                            | CUSIP: 04963C209<br>LEI: 254900B2I6GPHK2EXM59 | Long             | EC               | CORP              | US        |    194441 | NS      | $6854045.25   | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Glacier Bancorp Inc                 | Glacier Bancorp Inc                     | CUSIP: 37637Q105<br>LEI: 549300SMJAUKZB5D7V74 | Long             | EC               | CORP              | US        |     78704 | NS      | $3830523.68   | 0.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Allegro MicroSystems Inc            | Allegro MicroSystems Inc                | CUSIP: 01749D105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    173188 | NS      | $5057089.60   | 0.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Veracyte Inc                        | Veracyte Inc                            | CUSIP: 92337F107<br>LEI: 529900ESWZRHXOW27Z37 | Long             | EC               | CORP              | US        |    238931 | NS      | $8202501.23   | 1.33%             |  |  |  | No            |                  1 | On Loan: —       |
| UMB Financial Corp                  | UMB Financial Corp                      | CUSIP: 902788108<br>LEI: 549300MGEH3N3CUCV828 | Long             | EC               | CORP              | US        |     66415 | NS      | $7860215.25   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Halozyme Therapeutics Inc           | Halozyme Therapeutics Inc               | CUSIP: 40637H109<br>LEI: 529900242I3SV9AGM753 | Long             | EC               | CORP              | US        |     98697 | NS      | $7238437.98   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Gates Industrial Corp PLC           | Gates Industrial Corp PLC               | CUSIP: 000000000<br>LEI: 549300S6K4FWUSB9KM27 | Long             | EC               | CORP              | US        |    223600 | NS      | $5549752.00   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Solaris Energy Infrastructure       | Solaris Energy Infrastructure Inc       | CUSIP: 83418M103<br>LEI: 529900MTK3C8Y8TIIC10 | Long             | EC               | CORP              | US        |    158784 | NS      | $6346596.48   | 1.03%             |  |  |  | No            |                  1 | On Loan: —       |
| RBC DOMINION SECURITIES INC.        | RBC DOMINION SECURITIES INC             | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |     41469 | PA      | $41469.00     | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| National Health Investors Inc       | National Health Investors Inc           | CUSIP: 63633D104<br>LEI: 549300ZPKZIG6DKDEC02 | Long             | EC               | CORP              | US        |     69673 | NS      | $5539003.50   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Horace Mann Educators Corp          | Horace Mann Educators Corp              | CUSIP: 440327104<br>LEI: 254900G5YAV3A2YK8T32 | Long             | EC               | CORP              | US        |    185778 | NS      | $8391592.26   | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Central Garden & Pet Co             | Central Garden & Pet Co                 | CUSIP: 153527205<br>LEI: 5493004DVZLD37DJ0H83 | Long             | EC               | CORP              | US        |    243605 | NS      | $7193655.65   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Seacoast Banking Corp of Flori      | Seacoast Banking Corp of Florida        | CUSIP: 811707801<br>LEI: 549300V6IC06XYQYPG88 | Long             | EC               | CORP              | US        |    272922 | NS      | $8305016.46   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc       | Ultragenyx Pharmaceutical Inc           | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |    156900 | NS      | $4719552.00   | 0.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Thermon Group Holdings Inc          | Thermon Group Holdings Inc              | CUSIP: 88362T103<br>LEI: 529900ZNZBBLDE77MZ38 | Long             | EC               | CORP              | US        |    213309 | NS      | $5699616.48   | 0.92%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I      | First Watch Restaurant Group Inc        | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    414641 | NS      | $6484985.24   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Corp                | Gulfport Energy Corp                    | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |     28900 | NS      | $5230322.00   | 0.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Silgan Holdings Inc                 | Silgan Holdings Inc                     | CUSIP: 827048109<br>LEI: KAF673KJXD92C8KSLU49 | Long             | EC               | CORP              | US        |    168453 | NS      | $7245163.53   | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Revolve Group Inc                   | Revolve Group Inc                       | CUSIP: 76156B107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    102256 | NS      | $2178052.80   | 0.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Independent Bank Corp               | Independent Bank Corp                   | CUSIP: 453836108<br>LEI: 549300C5K3W8THR3GE10 | Long             | EC               | CORP              | US        |     75237 | NS      | $5204143.29   | 0.84%             |  |  |  | No            |                  1 | On Loan: No      |
| UFP Industries Inc                  | UFP Industries Inc                      | CUSIP: 90278Q108<br>LEI: 5493007KB485C9OV5572 | Long             | EC               | CORP              | US        |     76622 | NS      | $7163390.78   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| La-Z-Boy Inc                        | La-Z-Boy Inc                            | CUSIP: 505336107<br>LEI: 549300WNO1WMN9ZG2519 | Long             | EC               | CORP              | US        |     94095 | NS      | $3229340.40   | 0.52%             |  |  |  | No            |                  1 | On Loan: —       |
| Tandem Diabetes Care Inc            | Tandem Diabetes Care Inc                | CUSIP: 875372203<br>LEI: 549300JEPFOD0K4D3I05 | Long             | EC               | CORP              | US        |    247100 | NS      | $2999794.00   | 0.49%             |  |  |  | No            |                  1 | On Loan: No      |
| Alkami Technology Inc               | Alkami Technology Inc                   | CUSIP: 01644J108<br>LEI: 254900FCNYU4HNEV9L47 | Long             | EC               | CORP              | US        |    202638 | NS      | $5033527.92   | 0.81%             |  |  |  | No            |                  1 | On Loan: —       |
| Bridgebio Pharma Inc                | Bridgebio Pharma Inc                    | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |     92600 | NS      | $4809644.00   | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Primoris Services Corp              | Primoris Services Corp                  | CUSIP: 74164F103<br>LEI: 549300UF3OLBJ8D5K349 | Long             | EC               | CORP              | US        |    115079 | NS      | $15803799.07  | 2.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Arcutis Biotherapeutics Inc         | Arcutis Biotherapeutics Inc             | CUSIP: 03969K108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    261256 | NS      | $4924675.60   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| BioCryst Pharmaceuticals Inc        | BioCryst Pharmaceuticals Inc            | CUSIP: 09058V103<br>LEI: 549300Z0INP1Z5NP6J59 | Long             | EC               | CORP              | US        |    487267 | NS      | $3698356.53   | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Grand Canyon Education Inc          | Grand Canyon Education Inc              | CUSIP: 38526M106<br>LEI: 529900XFER799IYOSW74 | Long             | EC               | CORP              | US        |     45449 | NS      | $9976964.48   | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Agree Realty Corp                   | Agree Realty Corp                       | CUSIP: 008492100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     81942 | NS      | $5821159.68   | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Patrick Industries Inc              | Patrick Industries Inc                  | CUSIP: 703343103<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | EC               | CORP              | US        |     79980 | NS      | $8272331.40   | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| MACOM Technology Solutions Hol      | MACOM Technology Solutions Holdings Inc | CUSIP: 55405Y100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     96813 | NS      | $12052250.37  | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Minerals Technologies Inc           | Minerals Technologies Inc               | CUSIP: 603158106<br>LEI: 549300D3I1QU67GP6403 | Long             | EC               | CORP              | US        |    102570 | NS      | $6371648.40   | 1.03%             |  |  |  | No            |                  1 | On Loan: No      |
| RBC Bearings Inc                    | RBC Bearings Inc                        | CUSIP: 75524B104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31341 | NS      | $12232078.89  | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Agios Pharmaceuticals Inc           | Agios Pharmaceuticals Inc               | CUSIP: 00847X104<br>LEI: 529900ONJHY8EOGYT555 | Long             | EC               | CORP              | US        |    135113 | NS      | $5423435.82   | 0.88%             |  |  |  | No            |                  1 | On Loan: —       |
| Appfolio Inc                        | Appfolio Inc                            | CUSIP: 03783C100<br>LEI: 529900OOUUGT6JFC0S15 | Long             | EC               | CORP              | US        |     32526 | NS      | $8966117.16   | 1.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Phreesia Inc                        | Phreesia Inc                            | CUSIP: 71944F106<br>LEI: 5493000HHF8NU4QOCG53 | Long             | EC               | CORP              | US        |    236061 | NS      | $5552154.72   | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Roadhouse Inc                 | Texas Roadhouse Inc                     | CUSIP: 882681109<br>LEI: 5299002Y1CNRPDGXTQ75 | Long             | EC               | CORP              | US        |     49074 | NS      | $8153645.10   | 1.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Asbury Automotive Group Inc         | Asbury Automotive Group Inc             | CUSIP: 043436104<br>LEI: 549300JH4DTA7U42GL91 | Long             | EC               | CORP              | US        |     24792 | NS      | $6060404.40   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Commvault Systems Inc               | Commvault Systems Inc                   | CUSIP: 204166102<br>LEI: 65T5VRP62VXG39YFML83 | Long             | EC               | CORP              | US        |     32200 | NS      | $6078716.00   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Utz Brands Inc                      | Utz Brands Inc                          | CUSIP: 918090101<br>LEI: 5299009BHBU2NH5HRN16 | Long             | EC               | CORP              | US        |    384130 | NS      | $4667179.50   | 0.76%             |  |  |  | No            |                  1 | On Loan: —       |
| Tri Pointe Homes Inc                | Tri Pointe Homes Inc                    | CUSIP: 87265H109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    177668 | NS      | $6035381.96   | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| AeroVironment Inc                   | AeroVironment Inc                       | CUSIP: 008073108<br>LEI: 529900PGHVI29YLZ6221 | Long             | EC               | CORP              | US        |     12400 | NS      | $3904636.00   | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| CBIZ Inc                            | CBIZ Inc                                | CUSIP: 124805102<br>LEI: 529900D5X8CFM8O1N813 | Long             | EC               | CORP              | US        |    126726 | NS      | $6711408.96   | 1.09%             |  |  |  | No            |                  1 | On Loan: —       |
| Avient Corp                         | Avient Corp                             | CUSIP: 05368V106<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | EC               | CORP              | US        |    239352 | NS      | $7886648.40   | 1.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Descartes Systems Group Inc/Th      | Descartes Systems Group Inc/The         | CUSIP: 249906108<br>LEI: 875500NEPA7JI5EOMN45 | Long             | EC               | CORP              | CA        |     85546 | NS      | $8060999.58   | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| US Physical Therapy Inc             | US Physical Therapy Inc                 | CUSIP: 90337L108<br>LEI: 529900KL1UXQYFIOMY96 | Long             | EC               | CORP              | US        |     79000 | NS      | $6711050.00   | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Viavi Solutions Inc                 | Viavi Solutions Inc                     | CUSIP: 925550105<br>LEI: 5493006K3E3N1QOBF092 | Long             | EC               | CORP              | US        |    585134 | NS      | $7425350.46   | 1.20%             |  |  |  | No            |                  1 | On Loan: No      |
| HealthEquity Inc                    | HealthEquity Inc                        | CUSIP: 42226A107<br>LEI: 529900LRJU1RAFQHM467 | Long             | EC               | CORP              | US        |     75607 | NS      | $7165275.39   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| IDACORP Inc                         | IDACORP Inc                             | CUSIP: 451107106<br>LEI: N134NUJDWN8UEFA8B673 | Long             | EC               | CORP              | US        |     52569 | NS      | $6946993.35   | 1.12%             |  |  |  | No            |                  1 | On Loan: No      |
| Schneider National Inc              | Schneider National Inc                  | CUSIP: 80689H102<br>LEI: 529900V6GZ6G6E3BLV72 | Long             | EC               | CORP              | US        |    119270 | NS      | $2523753.20   | 0.41%             |  |  |  | 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