# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0000940400-25-011545
**Filing Date:** 2025-11
**Character Count:** 72560
**Document Hash:** 2d6533848111b9165df4595314e550ca
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011545.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011545

**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:** 251534565

**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 Securitized Bond SMA Shares (Series ID: S000093069)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000261130 | AMG GW&K Securitized Bond SMA Shares | GWSBX           |

## Nport-Ex

AMG GW&K Securitized Bond SMA Shares

Schedule of Portfolio Investments *(unaudited)*

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Asset-Backed Securities - 7.8%** |  |  |
| &nbsp;&nbsp;&nbsp;AB BSL CLO 3, Ltd.<br> Series 2021-3A, Class A1R<br> (3 month SOFR + 1.250%, Cap N/A, Floor 1.250%), 5.575%, 04/20/38 <sup>1,2</sup> | $400000 | &nbsp;&nbsp;$401209 |
| &nbsp;&nbsp;&nbsp;AGL CLO 23, Ltd.<br> Series 2022-23A, Class A1R<br> (3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 5.475%, 04/20/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;499950 |
| &nbsp;&nbsp;&nbsp;AGL CLO 39, Ltd.<br> Series 2025-39A, Class A1<br> (3 month SOFR + 1.130%, Cap N/A, Floor 1.130%), 5.343%, 04/20/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;600000 | &nbsp;&nbsp;&nbsp;599675 |
| &nbsp;&nbsp;&nbsp;AGL Core CLO, Ltd.<br> Series 2025-38A, Class A1<br> (3 month SOFR + 1.240%, Cap N/A, Floor 1.240%), 5.572%, 01/22/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;501466 |
| &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust<br> Series 2025-5, Class A<br> 4.510%, 07/15/32 | &nbsp;&nbsp;&nbsp;194000 | &nbsp;&nbsp;&nbsp;&nbsp;198122 |
| &nbsp;&nbsp;&nbsp;Apidos CLO XLII, Ltd.<br> Series 2022-42A, Class A1R<br> (3 month SOFR + 1.200%, Cap N/A, Floor 1.200%), 5.525%, 04/20/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;501008 |
| &nbsp;&nbsp;&nbsp;CIFC Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-5A, Class A1R<br> (3 month SOFR + 1.260%, Cap N/A, Floor 1.260%), 5.578%, 01/15/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;501475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A<br> (3 month SOFR + 1.320%, Cap N/A, Floor 1.320%), 5.642%, 04/17/35 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;500450 |
| &nbsp;&nbsp;&nbsp;Compass Datacenters Issuer II LLC<br> Series 2024-1A, Class A1<br> 5.250%, 02/25/49 <sup>1</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;503703 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO 22 Ltd.<br> Series 2023-1A, Class AR<br> (3 month SOFR + 1.200%, Cap N/A, Floor 1.200%), 5.522%, 04/17/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;448000 | &nbsp;&nbsp;&nbsp;448900 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO 38, Ltd.<br> Series 2025-1A, Class A<br> (3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 5.426%, 04/22/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;500214 |
| &nbsp;&nbsp;&nbsp;GoldenTree Loan Management US CLO 23, Ltd.<br> Series 2024-23A, Class A<br> (3 month SOFR + 1.270%, Cap N/A, Floor 1.270%), 5.595%, 01/20/39 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;305000 | &nbsp;&nbsp;&nbsp;305900 |
| &nbsp;&nbsp;&nbsp;HalseyPoint CLO 3, Ltd.<br> Series 2020-3A, Class A1R<br> (3 month SOFR + 1.480%, Cap N/A, Floor 1.480%), 5.790%, 07/30/37 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;330000 | &nbsp;&nbsp;&nbsp;330894 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Madison Park Funding XXIX LTD<br> Series 2018-29A, Class A1R2<br> (3 month SOFR + 1.180%, Cap N/A, Floor 1.180%), 5.509%, 03/25/38 <sup>1,2</sup> | $500000 | &nbsp;&nbsp;$500375 |
| &nbsp;&nbsp;&nbsp;Magnetite XXXIV, Ltd.<br> Series 2023-34A, Class A1R<br> (3 month SOFR + 1.140%, Cap N/A, Floor 1.140%), 5.458%, 01/15/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;324988 |
| &nbsp;&nbsp;&nbsp;Magnetite XXXVI, Ltd.<br> Series 2023-36A, Class AR<br> (3 month SOFR + 1.320%, Cap N/A, Floor 1.320%), 5.638%, 07/25/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;585000 | &nbsp;&nbsp;&nbsp;&nbsp;587744 |
| &nbsp;&nbsp;&nbsp;Palmer Square CLO, Ltd.<br> Series 2021-1A, Class A1AR<br> (3 month SOFR + 1.150%, Cap N/A, Floor 1.150%), 5.475%, 04/20/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;191000 | &nbsp;&nbsp;&nbsp;&nbsp;191089 |
| &nbsp;&nbsp;&nbsp;Sagard-Halseypoint CLO 8, Ltd.<br> Series 2024-8A, Class A1<br> (3 month SOFR + 1.390%, Cap N/A, Floor 1.390%), 5.700%, 01/30/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;410000 | &nbsp;&nbsp;&nbsp;&nbsp;411794 |
| &nbsp;&nbsp;&nbsp;TCW CLO LTD<br> Series 2025-1A, Class A<br> (3 month SOFR + 1.190%, Cap N/A, Floor 1.190%), 5.515%, 04/20/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;500050 |
| &nbsp;&nbsp;&nbsp;Voya CLO, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2A, Class A1R<br> (3 month SOFR + 1.170%, Cap N/A, Floor 1.170%), 5.495%, 04/20/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;590000 | &nbsp;&nbsp;&nbsp;&nbsp;590581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-7A, Class A1<br> (3 month SOFR + 1.310%, Cap N/A, Floor 1.310%), 5.635%, 01/20/38 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;550000 | &nbsp;&nbsp;&nbsp;&nbsp;552172 |
| **Total Asset-Backed Securities<br> (Cost $9,432,986)** |  | &nbsp;&nbsp;9451759 |
| **Mortgage-Backed Securities - 12.2%** |  |  |
| &nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN32, Class A4<br> 2.349%, 04/15/54 | &nbsp;&nbsp;&nbsp;241000 | &nbsp;&nbsp;&nbsp;&nbsp;219924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-BN35, Class A5<br> 2.285%, 06/15/64 | &nbsp;&nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;&nbsp;220997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BNK45, Class A5<br> 5.203%, 02/15/56 | &nbsp;&nbsp;&nbsp;100000 | &nbsp;&nbsp;&nbsp;&nbsp;102512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BNK47, Class A5<br> 5.716%, 06/15/57 | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;798212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-BNK49, Class A5<br> 5.623%, 03/15/58 <sup>2</sup> | &nbsp;&nbsp;&nbsp;750000 | &nbsp;&nbsp;&nbsp;&nbsp;794082 |
| &nbsp;&nbsp;&nbsp;BANK5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5YR3, Class A3<br> 6.724%, 09/15/56 <sup>2</sup> | &nbsp;&nbsp;&nbsp;325000 | &nbsp;&nbsp;&nbsp;&nbsp;345219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-5YR4, Class A3<br> 6.500%, 12/15/56 | &nbsp;&nbsp;&nbsp;497728 | &nbsp;&nbsp;&nbsp;&nbsp;525023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR10, Class A3<br> 5.302%, 10/15/57 | &nbsp;&nbsp;&nbsp;635000 | &nbsp;&nbsp;&nbsp;&nbsp;654425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR8, Class A3<br> 5.884%, 08/15/57 | &nbsp;&nbsp;&nbsp;500000 | &nbsp;&nbsp;&nbsp;&nbsp;524762 |

---

------

AMG GW&K Securitized Bond SMA Shares

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Mortgage-Backed Securities - 12.2%<br> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;BBCMS Mortgage Trust<br> Series 2024-C30, Class A5<br> 5.532%, 11/15/57 | $750000 | &nbsp;&nbsp;$789715 |
| &nbsp;&nbsp;&nbsp;Benchmark Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B22, Class A5<br> 1.973%, 01/15/54 | &nbsp;&nbsp;350000 | &nbsp;&nbsp;&nbsp;&nbsp;305167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B40, Class A5<br> 6.054%, 12/15/56 | &nbsp;&nbsp;250000 | &nbsp;&nbsp;&nbsp;270797 |
| &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust<br> Series 2024-NQM4, Class A1A<br> 4.350%, 01/25/60 <sup>1,3</sup> | &nbsp;&nbsp;&nbsp;454844 | &nbsp;&nbsp;&nbsp;448529 |
| &nbsp;&nbsp;&nbsp;Citigroup Mortgage Loan Trust<br> Series 2022-J1, Class A1<br> 2.500%, 02/25/52 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;319144 | &nbsp;&nbsp;&nbsp;295251 |
| &nbsp;&nbsp;&nbsp;COLT Mortgage Loan Trust<br> Series 2022-3, Class A2<br> 4.156%, 02/25/67 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;473013 | &nbsp;&nbsp;&nbsp;456423 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Series<br> Series 2025-R01, Class 1A1<br> 5.306%, 01/25/45 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;89945 | &nbsp;&nbsp;&nbsp;&nbsp;90002 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust<br> Series 2024-R06, Class 1A1<br> 5.506%, 09/25/44 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;480136 | &nbsp;&nbsp;&nbsp;481700 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Stacr Remic Trust<br> Series 2025-DNA3, Class A1<br> 5.320%, 09/25/45 <sup>1,2</sup> | &nbsp;&nbsp;605000 | &nbsp;&nbsp;&nbsp;605378 |
| &nbsp;&nbsp;&nbsp;GS Mortgage Securities Trust<br> Series 2020-GC47, Class A5<br> 2.377%, 05/12/53 | &nbsp;&nbsp;&nbsp;601000 | &nbsp;&nbsp;&nbsp;549947 |
| &nbsp;&nbsp;&nbsp;GS Mortgage-Backed Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-PJ8, Class A2<br> 2.500%, 01/25/52 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;572307 | &nbsp;&nbsp;&nbsp;&nbsp;475747 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ3, Class A7<br> 2.500%, 08/25/52 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;509344 | &nbsp;&nbsp;&nbsp;481255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-PJ6, Class A3<br> 2.500%, 01/25/53 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;700484 | &nbsp;&nbsp;&nbsp;581456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-PJ2, Class A4<br> 5.500%, 05/25/53 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;315630 | &nbsp;&nbsp;&nbsp;&nbsp;317121 |
| &nbsp;&nbsp;&nbsp;JP Morgan Mortgage Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-4, Class B1<br> 3.507%, 06/25/45 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;446154 | &nbsp;&nbsp;&nbsp;&nbsp;417138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class B2<br> 3.644%, 05/25/47 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;211974 | &nbsp;&nbsp;&nbsp;&nbsp;196571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-5, Class B2<br> 3.574%, 12/25/50 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;310969 | &nbsp;&nbsp;&nbsp;&nbsp;275618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A3A<br> 2.000%, 06/25/51 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;499925 | &nbsp;&nbsp;&nbsp;398046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A15<br> 2.500%, 07/25/51 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;446057 | &nbsp;&nbsp;&nbsp;&nbsp;368311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A3<br> 2.500%, 07/25/52 <sup>1,2</sup> | &nbsp;&nbsp;1165968 | &nbsp;&nbsp;&nbsp;965629 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-4, Class A3<br> 3.000%, 10/25/52 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;$707313 | &nbsp;&nbsp;&nbsp;&nbsp;$611569 |
| &nbsp;&nbsp;&nbsp;OBX Trust<br> Series 2020-EXP3, Class 1A8<br> 3.000%, 01/25/60 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;371103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323888 |
| &nbsp;&nbsp;&nbsp;Sequoia Mortgage Trust<br> Series 2025-S1, Class A4<br> 2.500%, 09/25/54 <sup>1,2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;577756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513389 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mortgage Trust<br> Series 2024-C63, Class A5<br> 5.309%, 08/15/57 | &nbsp;&nbsp;&nbsp;&nbsp;450000 | &nbsp;&nbsp;&nbsp;&nbsp;466064 |
| **Total Mortgage-Backed Securities<br> (Cost $14,671,628)** |  | &nbsp;&nbsp;&nbsp;14869867 |
| **U.S. Government and Agency Obligations -<br> 78.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Fannie Mae - 28.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Fannie Mae REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/25/42 | &nbsp;&nbsp;&nbsp;&nbsp;275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 11/25/36 to 06/25/48 | &nbsp;&nbsp;&nbsp;&nbsp;959241 | &nbsp;&nbsp;&nbsp;&nbsp;905662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 10/25/45 | &nbsp;&nbsp;&nbsp;&nbsp;203447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189748 |
| &nbsp;&nbsp;&nbsp;FNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.500%, 01/01/51 | &nbsp;&nbsp;3638886 | &nbsp;&nbsp;&nbsp;&nbsp;2797727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/01/51 to 04/01/52 | &nbsp;&nbsp;7062583 | &nbsp;&nbsp;&nbsp;&nbsp;5735486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 11/01/51 | &nbsp;&nbsp;&nbsp;4818980 | &nbsp;&nbsp;&nbsp;&nbsp;4123914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/50 to 12/01/50 | &nbsp;&nbsp;&nbsp;4157358 | &nbsp;&nbsp;&nbsp;&nbsp;3723857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 06/01/53 | &nbsp;&nbsp;&nbsp;4312355 | &nbsp;&nbsp;&nbsp;&nbsp;4070547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/53 | &nbsp;&nbsp;&nbsp;4803617 | &nbsp;&nbsp;&nbsp;&nbsp;4795025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/53 | &nbsp;&nbsp;&nbsp;&nbsp;1723261 | &nbsp;&nbsp;&nbsp;&nbsp;1740236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 07/01/54 | &nbsp;&nbsp;2864985 | &nbsp;&nbsp;&nbsp;&nbsp;2976495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 07/01/54 | &nbsp;&nbsp;2423099 | &nbsp;&nbsp;&nbsp;&nbsp;2552418 |
| &nbsp;&nbsp;&nbsp;FNMA Pool,<br> 3.000%, 06/01/52 | &nbsp;&nbsp;&nbsp;&nbsp;443702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Fannie Mae | 37686514 | &nbsp;&nbsp;34274092 |
| &nbsp;&nbsp;&nbsp;**Freddie Mac - 32.2%** |  |  |
| &nbsp;&nbsp;&nbsp;FHLMC, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 08/01/52 | &nbsp;&nbsp;4007984 | &nbsp;&nbsp;&nbsp;&nbsp;3582721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 06/01/49 | &nbsp;&nbsp;&nbsp;5626273 | &nbsp;&nbsp;&nbsp;&nbsp;5286735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 09/01/52 to 06/01/54 | &nbsp;&nbsp;&nbsp;6331688 | &nbsp;&nbsp;&nbsp;&nbsp;6208523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/53 | &nbsp;&nbsp;3836524 | &nbsp;&nbsp;&nbsp;&nbsp;3815621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 02/01/54 | &nbsp;&nbsp;&nbsp;4716638 | &nbsp;&nbsp;&nbsp;&nbsp;4826192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 10/01/53 to 12/01/54 | &nbsp;&nbsp;&nbsp;5371722 | &nbsp;&nbsp;&nbsp;&nbsp;5580979 |
| &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Structured Pass Through Certificates, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.658%, 12/25/30 | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;2437717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.721%, 05/25/35 | &nbsp;&nbsp;&nbsp;&nbsp;400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.361%, 10/25/36 | &nbsp;&nbsp;&nbsp;1485000 | &nbsp;&nbsp;&nbsp;&nbsp;1196550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 07/25/33 <sup>2</sup> | &nbsp;&nbsp;2826000 | &nbsp;&nbsp;&nbsp;&nbsp;2854202 |
| &nbsp;&nbsp;&nbsp;Freddie Mac REMICS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/15/45 to 02/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;654693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 11/15/48 | &nbsp;&nbsp;&nbsp;&nbsp;544860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.500%, 03/15/49 | &nbsp;&nbsp;&nbsp;&nbsp;543257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533336 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 09/25/49 | &nbsp;&nbsp;&nbsp;&nbsp;271186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 10/25/40 | &nbsp;&nbsp;&nbsp;&nbsp;1291512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954978 |

---

------

AMG GW&K Securitized Bond SMA Shares

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Freddie Mac - 32.2% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Freddie Mac Strips,<br> 3.000%, 08/15/42 | &nbsp;&nbsp;&nbsp;$222984 | &nbsp;&nbsp;&nbsp;&nbsp;$205553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Freddie Mac | 40880321 | &nbsp;&nbsp;&nbsp;39047178 |
| &nbsp;&nbsp;&nbsp;**Ginnie Mae - 15.1%** |  |  |
| &nbsp;&nbsp;&nbsp;GNMA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/20/51 | &nbsp;&nbsp;&nbsp;1080089 | &nbsp;&nbsp;&nbsp;&nbsp;888948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/50 | &nbsp;&nbsp;4356082 | &nbsp;&nbsp;&nbsp;&nbsp;3753377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 02/20/46 to 05/20/53 | &nbsp;&nbsp;&nbsp;&nbsp;1394154 | &nbsp;&nbsp;&nbsp;&nbsp;1262769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.500%, 02/20/46 to 03/20/48 | &nbsp;&nbsp;&nbsp;2939039 | &nbsp;&nbsp;&nbsp;&nbsp;2676185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/20/49 | &nbsp;&nbsp;&nbsp;2795929 | &nbsp;&nbsp;&nbsp;&nbsp;2836313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 04/20/55 | &nbsp;&nbsp;&nbsp;5473442 | &nbsp;&nbsp;&nbsp;&nbsp;5551381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.250%, 11/16/43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282174 |
| &nbsp;&nbsp;&nbsp;Government National Mortgage Association, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.000%, 01/20/43 to 03/20/45 | &nbsp;&nbsp;&nbsp;1061302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;955813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.500%, 09/20/42 | &nbsp;&nbsp;&nbsp;&nbsp;132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Ginnie Mae | &nbsp;&nbsp;19547708 | &nbsp;&nbsp;18309538 |
| &nbsp;&nbsp;&nbsp;**U.S. Treasury Obligations - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Bonds, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.375%, 11/15/39 | &nbsp;&nbsp;&nbsp;&nbsp;470000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.625%, 02/15/55 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/45 | &nbsp;&nbsp;2666000 | &nbsp;&nbsp;&nbsp;&nbsp;2768474 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;U.S. Treasury Notes,<br> 4.250%, 11/15/34 | &nbsp;&nbsp;&nbsp;$119000 | &nbsp;&nbsp;&nbsp;&nbsp;$120344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total U.S. Treasury Obligations | 4055000 | &nbsp;&nbsp;&nbsp;&nbsp;4141374 |
| **Total U.S. Government and Agency Obligations<br> (Cost $93,943,245)** |  | &nbsp;&nbsp;95772182 |
| **Short-Term Investments - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 09/30/25, due 10/01/25, 3.850% total to be received $766,082 (collateralized by a U.S. Treasury Note, 4.375%, 01/31/32, totaling $781,368) | &nbsp;&nbsp;&nbsp;&nbsp;766000 | &nbsp;&nbsp;&nbsp;&nbsp;766000 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;**Other Investment Companies - 0.0%<sup>#</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.09% <sup>4</sup> | 1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1320 |
| **Total Short-Term Investments<br> (Cost $767,320)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767320 |
| **Total Investments - 99.5%<br> (Cost $118,815,179)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 120861128 |
| **Other Assets, less Liabilities - 0.5%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 549354 |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$121410482** |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup>#</sup> | Less than 0.05%. |
| &nbsp;&nbsp;<sup>1</sup> | Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At September 30, 2025, the value of these securities amounted to $17,556,658 or 14.5% of net assets. |
| &nbsp;&nbsp;<sup>2</sup> | Variable rate security. The rate shown is based on the latest available information as of September 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| &nbsp;&nbsp;<sup>3</sup> | Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during its term. |

---

<sup>4</sup> Yield shown represents the September 30, 2025, seven day average yield, which refers to the sum of the previous seven days' dividends paid, expressed as an annual percentage.

---

| | |
|:---|:---|
| &nbsp;&nbsp;CLO | Collateralized Loan Obligation |
| &nbsp;&nbsp;FHLMC | Freddie Mac |
| &nbsp;&nbsp;FNMA | Fannie Mae |
| &nbsp;&nbsp;GNMA | Ginnie Mae |
| &nbsp;&nbsp;REMICS | Real Estate Mortgage Investment Conduit |
| &nbsp;&nbsp;SOFR | Secured Overnight Financing Rate |

---

------

AMG GW&K Securitized Bond SMA Shares

Schedule of Portfolio Investments *(continued)*

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of 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;**Asset-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $9451759 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $9451759 |
| &nbsp;&nbsp;&nbsp;**Mortgage-Backed Securities** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14869867 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14869867 |
| &nbsp;&nbsp;&nbsp;**U.S. Government and Agency Obligations<sup>†</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95772182 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95772182 |
| &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;Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 766000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment Companies | &nbsp;&nbsp; $1320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1320 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;$1320 | &nbsp;&nbsp;$120859808 | &nbsp;&nbsp;— | &nbsp;&nbsp;$120861128 |

---

<br> <sup>†</sup> All U.S. government and agency obligations held in the Fund are Level 2 securities. For a detailed breakout of U.S. government and agency obligations by agency classification, please<br> 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.

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 Securitized Bond SMA Shares

- **b. EDGAR series identifier (if any):** S000093069

- **c. LEI of Series:** 254900R6WXBQ1FZTO544

**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:** $121443588.62

**Total Liabilities:** $32107.10

**Net Assets:** $121411481.52

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 1319.30544000 | **5-Year:** 49850.80075000 | **10-Year:** 15176.20118000 | **30-Year:** 254.35420000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 123.74620000 | **10-Year:** 307.72591000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000261130 | -0.32%               | 1.55%                | 1.23%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $79214.70                | $-835605.95                                |
| Month 2  | $115247.68               | $1218502.80                                |
| Month 3  | $213015.53               | $721072.92                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Government National Mortgage A                          | Ginnie Mae II Pool                                           | CUSIP: 3622AAZY3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1080089 | PA      | $888947.94    | 0.73%             | 2051-03-20      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                             | CUSIP: 3132DVMR3<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4716638 | PA      | $4826191.74   | 3.98%             | 2054-02-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2017-2                              | CUSIP: 46648HAZ6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    211974 | PA      | $196570.81    | 0.16%             | 2047-05-25      | Variable      | 3.64%                 | No            |                  2 | On Loan: No      |
| Apidos CLO Ltd                                          | Apidos CLO XLII Ltd                                          | CUSIP: 03770GAL0<br>LEI: 213800XUV3WLXWBKOJ53 | Long             | ABS-CBDO         | CORP              | JE        |    500000 | PA      | $501007.75    | 0.41%             | 2038-04-20      | Floating      | 5.53%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                             | CUSIP: 3132DUVW4<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   5626273 | PA      | $5286734.62   | 4.35%             | 2049-06-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | J.P. Morgan Mortgage Trust 2022-4                            | CUSIP: 46655GAD7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    707313 | PA      | $611569.46    | 0.50%             | 2052-10-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                           | CUSIP: 3137FJHF9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    544860 | PA      | $513911.66    | 0.42%             | 2048-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                           | CUSIP: 36179VTW0<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   4356082 | PA      | $3753377.35   | 3.09%             | 2050-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                     | CUSIP: 38378UZQ3<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    671683 | PA      | $604680.98    | 0.50%             | 2043-01-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2020-5                              | CUSIP: 46653JBX8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    310969 | PA      | $275618.45    | 0.23%             | 2050-12-25      | Variable      | 3.57%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                     | CUSIP: 38380V2P5<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    293728 | PA      | $218613.65    | 0.18%             | 2048-03-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2015-4                              | CUSIP: 46644VBQ8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    446154 | PA      | $417138.53    | 0.34%             | 2045-06-25      | Variable      | 3.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                             | CUSIP: 3132DVMC6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   4007984 | PA      | $3582721.32   | 2.95%             | 2052-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2021-BNK35                                              | CUSIP: 06540CBF3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $220996.70    | 0.18%             | 2064-06-15      | Fixed         | 2.29%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                              | CUSIP: 3140QQ7F6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4803617 | PA      | $4795024.68   | 3.95%             | 2053-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palmer Square CLO Ltd                                   | Palmer Square CLO 2021-1 Ltd                                 | CUSIP: 69701WAJ5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    191000 | PA      | $191089.14    | 0.16%             | 2038-04-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                           | CUSIP: 36179UQ70<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2795929 | PA      | $2836312.65   | 2.34%             | 2049-04-20      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXXIV Ltd                                          | CUSIP: 55952MAJ2<br>LEI: 5493007RY5PFZOE8RF76 | Long             | ABS-CBDO         | CORP              | KY        |    325000 | PA      | $324987.88    | 0.27%             | 2038-01-15      | Floating      | 5.46%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                     | CUSIP: 38378YHE2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    315671 | PA      | $282174.61    | 0.23%             | 2043-11-16      | Fixed         | 3.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Trust 2024-R06                 | CUSIP: 20755RAA3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    480136 | PA      | $481699.78    | 0.40%             | 2044-09-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2025-BNK49                                              | CUSIP: 05494FBT4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $794081.85    | 0.65%             | 2058-03-15      | Variable      | 5.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                            | CUSIP: 3136B34C1<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    409465 | PA      | $394141.15    | 0.32%             | 2036-11-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                             | CUSIP: 912810UL0<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   2666000 | PA      | $2768474.38   | 2.28%             | 2045-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                             | CUSIP: 3133KPYZ5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3493346 | PA      | $3419347.97   | 2.82%             | 2052-09-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Magnetite CLO Ltd                                       | Magnetite XXXVI Ltd                                          | CUSIP: 559922AL3<br>LEI: 549300M0875JBMUL0W79 | Long             | ABS-CBDO         | CORP              | KY        |    585000 | PA      | $587744.35    | 0.48%             | 2038-07-25      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Compass Datacenters Issuer II,                          | Compass Datacenters Issuer II LLC                            | CUSIP: 20469AAA7<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    500000 | PA      | $503703.15    | 0.41%             | 2049-02-25      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                              | CUSIP: 3140XDRX6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4818980 | PA      | $4123914.08   | 3.40%             | 2051-11-01      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac - STACR                                     | Freddie Mac Stacr Remic Trust 2025-Dna3                      | CUSIP: 35564UAQ0<br>LEI: 5299009HC4IGFM6RXF30 | Long             | ABS-MBS          | CORP              | US        |    605000 | PA      | $605378.13    | 0.50%             | 2045-09-25      | Floating      | 5.32%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                              | CUSIP: 3140XPWJ4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    443702 | PA      | $399133.51    | 0.33%             | 2052-06-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137F9CT6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2750000 | PA      | $2437716.60   | 2.01%             | 2030-12-25      | Fixed         | 1.66%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                     | CUSIP: 38379LAE6<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    389619 | PA      | $351131.65    | 0.29%             | 2045-03-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| GoldenTree Loan Management US                           | GoldenTree Loan Management US CLO 23 Ltd                     | CUSIP: 38139KAC3<br>LEI: 254900TP00US14X9AP48 | Long             | ABS-CBDO         | CORP              | KY        |    305000 | PA      | $305899.63    | 0.25%             | 2039-01-20      | Floating      | 5.60%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                              | CUSIP: 3140QEPQ9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2511197 | PA      | $2248811.24   | 1.85%             | 2050-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL Core CLO 38 Ltd                                          | CUSIP: 00852QAA9<br>LEI: 254900ZPMRHE5M6S8F18 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501465.70    | 0.41%             | 2038-01-22      | Floating      | 5.57%                 | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION                       | FIXED INCOME CLEARING CORPORATION                            | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |    766000 | PA      | $766000.00    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                           | CUSIP: 3622ADVC9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   5473442 | PA      | $5551380.71   | 4.57%             | 2055-04-20      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                           | CUSIP: 3137FDYB2<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    228773 | PA      | $206964.45    | 0.17%             | 2048-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| BRAVO Residential Funding Trus                          | BRAVO Residential Funding Trust 2024-NQM4                    | CUSIP: 10568NAA0<br>LEI: 254900NOKQW417VKV943 | Long             | ABS-MBS          | CORP              | US        |    454844 | PA      | $448529.09    | 0.37%             | 2060-01-25      | Variable      | 4.35%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO Ltd.                                    | Sagard-Halseypoint Clo 8 Ltd                                 | CUSIP: 78662AAA0<br>LEI: 254900W5MVYX9QDPHC09 | Long             | ABS-CBDO         | CORP              | KY        |    410000 | PA      | $411794.16    | 0.34%             | 2038-01-30      | Floating      | 5.70%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2020-B22 Mortgage Trust                            | CUSIP: 08163BBA8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    350000 | PA      | $305167.00    | 0.25%             | 2054-01-15      | Fixed         | 1.97%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137HAMB9<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2826000 | PA      | $2854202.35   | 2.35%             | 2033-07-25      | Variable      | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                             | CUSIP: 912810UG1<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    800000 | PA      | $786375.00    | 0.65%             | 2055-02-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                            | CUSIP: 3136AUBX8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    203447 | PA      | $189747.47    | 0.16%             | 2045-10-25      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae - CAS                                        | Connecticut Avenue Securities Series 2025-R01                | CUSIP: 20755JAA1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |     89945 | PA      | $90001.71     | 0.07%             | 2045-01-25      | Floating      | 5.30%                 | No            |                  2 | On Loan: No      |
| Onslow Bay Financial LLC                                | OBX 2020-EXP3 Trust                                          | CUSIP: 67448WAP3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    371102 | PA      | $323888.30    | 0.27%             | 2060-01-25      | Variable      | 3.00%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 39 Ltd                                               | CUSIP: 00121XAA9<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    600000 | PA      | $599675.10    | 0.49%             | 2038-04-20      | Floating      | 5.34%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                           | GS Mortgage-Backed Securities Trust 2022-PJ3                 | CUSIP: 362924AL6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    509344 | PA      | $481254.62    | 0.40%             | 2052-08-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                           | CUSIP: 3137BGLE7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    425921 | PA      | $350840.88    | 0.29%             | 2045-02-15      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                           | GS Mortgage-Backed Securities Trust 2021-PJ8                 | CUSIP: 36262WAB2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    572307 | PA      | $475746.58    | 0.39%             | 2052-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| AGL CLO Ltd.                                            | AGL CLO 23 Ltd                                               | CUSIP: 00119EAN7<br>LEI: 54930001FYWQPYWEPQ30 | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $499950.00    | 0.41%             | 2038-04-20      | Floating      | 5.48%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                     | CUSIP: 38378FNB2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    132000 | PA      | $102578.22    | 0.08%             | 2042-09-20      | Fixed         | 2.50%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-1                              | CUSIP: 46592EAD8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    499925 | PA      | $398045.90    | 0.33%             | 2051-06-25      | Variable      | 2.00%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2023-BNK45                                              | CUSIP: 06541BBK3<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    100000 | PA      | $102511.82    | 0.08%             | 2056-02-15      | Fixed         | 5.20%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                              | CUSIP: 3140XRU78<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2864985 | PA      | $2976495.39   | 2.45%             | 2054-07-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                              | CUSIP: 31418ETL4<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   4312355 | PA      | $4070546.76   | 3.35%             | 2053-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Barclays Commercial Mortgage S                          | BBCMS Mortgage Trust 2024-C30                                | CUSIP: 05493YAE8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $789714.68    | 0.65%             | 2057-11-15      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| Bank5                                                   | BANK5 2024-5YR8                                              | CUSIP: 065923AY0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    500000 | PA      | $524762.15    | 0.43%             | 2057-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| Dreyfus Institutional Preferred Government Money Market | Dreyfus Institutional Preferred Government Money Market      | CUSIP: 26200X100<br>LEI: 5493001BRBYRXP4A4K56 | Long             | STIV             | RF                | US        |      1320 | NS      | $1320.05      | 0.00%             |  |  |  | No            |                  1 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2021-V Ltd                                      | CUSIP: 12565EAJ0<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $501474.75    | 0.41%             | 2038-01-15      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| Bank5                                                   | BANK5 2023-5YR4                                              | CUSIP: 06211FAV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    497728 | PA      | $525023.15    | 0.43%             | 2056-12-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                              | CUSIP: 31418D4X7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3354145 | PA      | $2719164.35   | 2.24%             | 2051-10-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | J.P. Morgan Mortgage Trust 2022-1                            | CUSIP: 46654WAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |   1165968 | PA      | $965629.39    | 0.80%             | 2052-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| COLT Funding LLC                                        | COLT 2022-3 Mortgage Loan Trust                              | CUSIP: 12659YAB0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    473013 | PA      | $456422.77    | 0.38%             | 2067-02-25      | Variable      | 4.16%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                            | CUSIP: 3136ATJW5<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    155349 | PA      | $147060.41    | 0.12%             | 2045-08-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 38 Ltd                                      | Elmwood CLO 38 Ltd                                           | CUSIP: 289908AA3<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500214.30    | 0.41%             | 2038-04-22      | Floating      | 5.43%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                           | GS Mortgage-Backed Securities Trust 2023-PJ2                 | CUSIP: 362938AG7<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    315630 | PA      | $317121.51    | 0.26%             | 2053-05-25      | Variable      | 5.50%                 | No            |                  2 | On Loan: No      |
| TCW Ltd                                                 | TCW CLO 2025-1 LTD                                           | CUSIP: 872397AC8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500050.00    | 0.41%             | 2038-04-20      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                              | CUSIP: 3140W0YW9<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   2423099 | PA      | $2552417.75   | 2.10%             | 2054-07-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                            | CUSIP: 3136A6W26<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    275000 | PA      | $263843.31    | 0.22%             | 2042-07-25      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137H4RG7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1485000 | PA      | $1196550.48   | 0.99%             | 2036-10-25      | Fixed         | 2.36%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Government National Mortgage Association                     | CUSIP: 38379VNF7<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |    162788 | PA      | $149096.80    | 0.12%             | 2046-02-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Bank5                                                   | BANK5 2024-5YR10                                             | CUSIP: 06604AAF1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    635000 | PA      | $654425.09    | 0.54%             | 2057-10-15      | Fixed         | 5.30%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                           | CUSIP: 36179X2F2<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   1231367 | PA      | $1113672.12   | 0.92%             | 2053-05-20      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                             | CUSIP: 3132DWJQ7<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3836524 | PA      | $3815620.57   | 3.14%             | 2053-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GS Mortgage Securities Trust                            | GS Mortgage Securities Trust 2020-GC47                       | CUSIP: 36258RBA0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    601000 | PA      | $549946.97    | 0.45%             | 2053-05-12      | Fixed         | 2.38%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                           | CUSIP: 3137FNGY0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    271187 | PA      | $179346.19    | 0.15%             | 2049-09-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                              | CUSIP: 31418ET67<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1723261 | PA      | $1740235.95   | 1.43%             | 2053-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage A                          | Ginnie Mae II Pool                                           | CUSIP: 3622A2SB9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |   2645311 | PA      | $2457571.05   | 2.02%             | 2046-02-20      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| Wells Fargo Commercial Mortgag                          | Wells Fargo Commercial Mortgage Trust 2024-C63               | CUSIP: 94990FAE1<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    450000 | PA      | $466063.70    | 0.38%             | 2057-08-15      | Fixed         | 5.31%                 | No            |                  2 | On Loan: No      |
| JP Morgan Mortgage Trust                                | JP Morgan Mortgage Trust 2021-3                              | CUSIP: 46592KBL5<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    446057 | PA      | $368310.87    | 0.30%             | 2051-07-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2024-BNK47                                              | CUSIP: 06540GAV0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    750000 | PA      | $798211.73    | 0.66%             | 2057-06-15      | Fixed         | 5.72%                 | No            |                  2 | On Loan: No      |
| Bank                                                    | BANK 2021-BNK32                                              | CUSIP: 06542BBC0<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    241000 | PA      | $219924.48    | 0.18%             | 2054-04-15      | Fixed         | 2.35%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2021-2 Ltd                                          | CUSIP: 92919AAN4<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    590000 | PA      | $590581.45    | 0.49%             | 2038-04-20      | Floating      | 5.50%                 | No            |                  2 | On Loan: No      |
| GS Mortgage-Backed Securities                           | GS Mortgage-Backed Securities Trust 2022-PJ6                 | CUSIP: 36267JAD2<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    700484 | PA      | $581456.40    | 0.48%             | 2053-01-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| BENCHMARK Mortgage Trust                                | Benchmark 2023-B40 Mortgage Trust                            | CUSIP: 08163WAC9<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    250000 | PA      | $270796.83    | 0.22%             | 2056-12-15      | Fixed         | 6.05%                 | No            |                  2 | On Loan: No      |
| Sequoia Mortgage Trust                                  | Sequoia Mortgage Trust 2025-S1                               | CUSIP: 81749TAD4<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    577756 | PA      | $513389.41    | 0.42%             | 2054-09-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| Freddiemac Strip                                        | Freddie Mac Strips                                           | CUSIP: 3128HXSS5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    222984 | PA      | $205553.16    | 0.17%             | 2042-08-15      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                             | CUSIP: 3132E0K92<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   3518287 | PA      | $3649767.39   | 3.01%             | 2053-10-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                             | CUSIP: 3132DU6Q5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   2838342 | PA      | $2789175.31   | 2.30%             | 2054-06-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                             | CUSIP: 912810QD3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    470000 | PA      | $466181.25    | 0.38%             | 2039-11-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| Elmwood CLO 22 Ltd                                      | Elmwood CLO 22 Ltd                                           | CUSIP: 29001YAJ2<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    448000 | PA      | $448900.12    | 0.37%             | 2038-04-17      | Floating      | 5.52%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                            | CUSIP: 3136B1Z72<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    200880 | PA      | $181074.85    | 0.15%             | 2048-06-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Voya CLO Ltd                                            | Voya CLO 2024-7 Ltd                                          | CUSIP: 92920XAC5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    550000 | PA      | $552171.95    | 0.45%             | 2038-01-20      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                              | CUSIP: 3140QGEG8<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   1646162 | PA      | $1475046.14   | 1.21%             | 2050-12-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                           | CUSIP: 3137FXE53<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1291512 | PA      | $954977.81    | 0.79%             | 2040-10-25      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                              | CUSIP: 3140QNWJ7<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3708438 | PA      | $3016321.75   | 2.48%             | 2052-04-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CIFC Funding Ltd                                        | CIFC Funding 2022-I Ltd                                      | CUSIP: 12570LAA6<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500450.00    | 0.41%             | 2035-04-17      | Floating      | 5.64%                 | No            |                  2 | On Loan: No      |
| Madison Park Funding Ltd                                | Madison Park Funding XXIX LTD                                | CUSIP: 55820CAW5<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    500000 | PA      | $500375.00    | 0.41%             | 2038-03-25      | Floating      | 5.51%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae REMICS                                            | CUSIP: 3136AWFW2<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |    193548 | PA      | $183385.99    | 0.15%             | 2039-05-25      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| Citigroup Mortgage Loan Trust                           | Citigroup Mortgage Loan Trust 2022-J1                        | CUSIP: 17330CAA6<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    319144 | PA      | $295250.61    | 0.24%             | 2052-02-25      | Variable      | 2.50%                 | No            |                  2 | On Loan: No      |
| FHLMC Multifamily Structured P                          | Freddie Mac Multifamily Structured Pass Through Certificates | CUSIP: 3137FUZJ6<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    400000 | PA      | $313008.16    | 0.26%             | 2035-05-25      | Fixed         | 1.72%                 | No            |                  2 | On Loan: No      |
| American Express Credit Accoun                          | American Express Credit Account Master Trust Series 2025-5   | CUSIP: 02582JKT6<br>LEI: N/A                  | Long             | ABS-O            | CORP              | US        |    194000 | PA      | $198122.36    | 0.16%             | 2032-07-15      | Fixed         | 4.51%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac Pool                                             | CUSIP: 3142GTL46<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |   1853435 | PA      | $1931211.78   | 1.59%             | 2054-12-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                              | Fannie Mae Pool                                              | CUSIP: 31418DV66<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |   3638886 | PA      | $2797726.92   | 2.30%             | 2051-01-01      | Fixed         | 1.50%                 | No            |                  2 | On Loan: No      |
| US TREASURY N/B                                         | United States Treasury Note/Bond                             | CUSIP: 91282CLW9<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |    119000 | PA      | $120343.40    | 0.10%             | 2034-11-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| AB BSL CLO                                              | AB BSL CLO 3 Ltd                                             | CUSIP: 00037QAJ8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    400000 | PA      | $401209.04    | 0.33%             | 2038-04-20      | Floating      | 5.58%                 | No            |                  2 | On Loan: No      |
| HalseyPoint CLO 3, Ltd.                                 | HalseyPoint CLO 3 Ltd                                        | CUSIP: 40638UAS8<br>LEI: N/A                  | Long             | ABS-CBDO         | CORP              | KY        |    330000 | PA      | $330893.54    | 0.27%             | 2037-07-30      | Floating      | 5.79%                 | No            |                  2 | On Loan: No      |
| Freddie Mac                                             | Freddie Mac REMICS                                           | CUSIP: 3137FL2V5<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |    543257 | PA      | $533335.51    | 0.44%             | 2049-03-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Bank5                                                   | BANK5 2023-5YR3                                              | CUSIP: 06211EAF8<br>LEI: N/A                  | Long             | ABS-MBS          | CORP              | US        |    325000 | PA      | $345218.58    | 0.28%             | 2056-09-15      | Variable      | 6.72%                 | No            |                  2 | 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