# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0000940400-25-011528
**Filing Date:** 2025-11
**Character Count:** 58102
**Document Hash:** 4dae7e37daacafb62293c85ee25c4e5c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011528.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011528

**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:** 251534548

**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 TimesSquare International Small Cap Fund (Series ID: S000039569)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000122075 | Class Z      | TCMIX           |
| C000122076 | Class N      | TCMPX           |
| C000180071 | Class I      | TQTIX           |

## Nport-Ex

AMG TimesSquare International Small Cap Fund

Schedule of Portfolio Investments *(unaudited)*

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| **Common Stocks - 98.7%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services - 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC (United Kingdom)<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;69190 | &nbsp;&nbsp;&nbsp;&nbsp;$735025 |
| &nbsp;&nbsp;&nbsp;CAR Group Ltd. (Australia) | &nbsp;&nbsp;&nbsp;&nbsp;23494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571392 |
| &nbsp;&nbsp;&nbsp;Hemnet Group AB (Sweden) | &nbsp;&nbsp;&nbsp;36420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918487 |
| &nbsp;&nbsp;&nbsp;Internet Initiative Japan, Inc. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;81220 | &nbsp;&nbsp;&nbsp;&nbsp;1437403 |
| &nbsp;&nbsp;&nbsp;IPSOS, S.A. (France) | &nbsp;&nbsp;&nbsp;26030 | &nbsp;&nbsp;&nbsp;&nbsp;1163059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communication Services |  | &nbsp;&nbsp;&nbsp;4825366 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 10.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Arcos Dorados Holdings, Inc., Class A (Uruguay) | &nbsp;&nbsp;&nbsp;123960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836730 |
| &nbsp;&nbsp;&nbsp;CIE Automotive, S.A. (Spain) | &nbsp;&nbsp;&nbsp;&nbsp;38837 | &nbsp;&nbsp;&nbsp;&nbsp;1216579 |
| &nbsp;&nbsp;&nbsp;Coats Group PLC (United Kingdom) | 1779330 | &nbsp;&nbsp;&nbsp;&nbsp;1996095 |
| &nbsp;&nbsp;&nbsp;De' Longhi S.p.A. (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;49010 | &nbsp;&nbsp;&nbsp;&nbsp;1777259 |
| &nbsp;&nbsp;&nbsp;Food & Life Cos., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;11720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611850 |
| &nbsp;&nbsp;&nbsp;Games Workshop Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;5400 | &nbsp;&nbsp;&nbsp;&nbsp;1058330 |
| &nbsp;&nbsp;&nbsp;JUMBO, S.A. (Greece) | &nbsp;&nbsp;&nbsp;40220 | &nbsp;&nbsp;&nbsp;&nbsp;1379777 |
| &nbsp;&nbsp;&nbsp;KOMEDA Holdings Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;75600 | &nbsp;&nbsp;&nbsp;&nbsp;1587705 |
| &nbsp;&nbsp;&nbsp;Rinnai Corp. (Japan) | &nbsp;&nbsp;&nbsp;95430 | &nbsp;&nbsp;&nbsp;&nbsp;2260100 |
| &nbsp;&nbsp;&nbsp;Tomy Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;59200 | &nbsp;&nbsp;&nbsp;&nbsp;1279719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | &nbsp;&nbsp;&nbsp;14004144 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 4.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Greencore Group PLC (Ireland) | &nbsp;&nbsp;815000 | &nbsp;&nbsp;&nbsp;&nbsp;2504574 |
| &nbsp;&nbsp;&nbsp;Sugi Holdings Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;77141 | &nbsp;&nbsp;&nbsp;&nbsp;1860126 |
| &nbsp;&nbsp;&nbsp;Viscofan, S.A. (Spain) | &nbsp;&nbsp;&nbsp;28445 | &nbsp;&nbsp;&nbsp;&nbsp;1940943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Staples |  | &nbsp;&nbsp;&nbsp;6305643 |
| &nbsp;&nbsp;&nbsp;**Energy - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Pason Systems, Inc. (Canada) | &nbsp;&nbsp;&nbsp;66780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579652 |
| &nbsp;&nbsp;&nbsp;Technip Energies, N.V. (France) | &nbsp;&nbsp;&nbsp;&nbsp;34770 | &nbsp;&nbsp;&nbsp;&nbsp;1640924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Energy |  | &nbsp;&nbsp;&nbsp;&nbsp;2220576 |
| &nbsp;&nbsp;&nbsp;**Financials - 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alm Brand A/S (Denmark) | &nbsp;&nbsp;1187070 | &nbsp;&nbsp;&nbsp;&nbsp;3312120 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco S.p.A. (Italy) | &nbsp;&nbsp;&nbsp;&nbsp;52343 | &nbsp;&nbsp;&nbsp;&nbsp;1136034 |
| &nbsp;&nbsp;&nbsp;Integral Corp. (Japan)<sup>2</sup> | &nbsp;&nbsp;&nbsp;90500 | &nbsp;&nbsp;&nbsp;&nbsp;2288693 |
| &nbsp;&nbsp;&nbsp;Nordnet AB publ (Sweden)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;31797 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;924264 |
| &nbsp;&nbsp;&nbsp;Piraeus Financial Holdings, S.A. (Greece) | &nbsp;&nbsp;237382 | &nbsp;&nbsp;&nbsp;&nbsp;2016375 |
| &nbsp;&nbsp;&nbsp;Rakuten Bank, Ltd. (Japan)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;41750 | &nbsp;&nbsp;&nbsp;&nbsp;2330461 |
| &nbsp;&nbsp;&nbsp;Ringkjoebing Landbobank A/S (Denmark) | &nbsp;&nbsp;&nbsp;&nbsp;9060 | &nbsp;&nbsp;&nbsp;&nbsp;2105313 |
| &nbsp;&nbsp;&nbsp;St James's Place PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;90600 | &nbsp;&nbsp;&nbsp;&nbsp;1550664 |
| &nbsp;&nbsp;&nbsp;Steadfast Group, Ltd. (Australia) | &nbsp;&nbsp;328853 | &nbsp;&nbsp;&nbsp;&nbsp;1288760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financials |  | &nbsp;&nbsp;16952684 |
| &nbsp;&nbsp;&nbsp;**Health Care - 6.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Ambu A/S, Class B (Denmark) | &nbsp;&nbsp;&nbsp;76090 | &nbsp;&nbsp;&nbsp;&nbsp;1119433 |
| &nbsp;&nbsp;&nbsp;BoneSupport Holding AB (Sweden)<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;32900 | &nbsp;&nbsp;&nbsp;&nbsp;1021080 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Craneware PLC (United Kingdom) | &nbsp;&nbsp;46560 | &nbsp;&nbsp;$1496583 |
| &nbsp;&nbsp;&nbsp;Siegfried Holding AG (Switzerland) | &nbsp;&nbsp;&nbsp;23090 | &nbsp;&nbsp;&nbsp;&nbsp;2319622 |
| &nbsp;&nbsp;&nbsp;Verona Pharma PLC, ADR (United Kingdom)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6600 | &nbsp;&nbsp;&nbsp;&nbsp;704286 |
| &nbsp;&nbsp;&nbsp;Virbac SACA (France) | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp;1000884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Health Care |  | &nbsp;&nbsp;&nbsp;7661888 |
| &nbsp;&nbsp;&nbsp;**Industrials - 28.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Aalberts, N.V. (Netherlands) | &nbsp;&nbsp;&nbsp;26360 | &nbsp;&nbsp;&nbsp;&nbsp;869078 |
| &nbsp;&nbsp;&nbsp;ALS, Ltd. (Australia) | &nbsp;&nbsp;192970 | &nbsp;&nbsp;&nbsp;&nbsp;2541877 |
| &nbsp;&nbsp;&nbsp;Arcadis, N.V. (Netherlands) | &nbsp;&nbsp;&nbsp;28430 | &nbsp;&nbsp;&nbsp;&nbsp;1435543 |
| &nbsp;&nbsp;&nbsp;Bodycote PLC (United Kingdom) | &nbsp;&nbsp;156519 | &nbsp;&nbsp;&nbsp;&nbsp;1355636 |
| &nbsp;&nbsp;&nbsp;Chemring Group PLC (United Kingdom) | &nbsp;&nbsp;179800 | &nbsp;&nbsp;&nbsp;&nbsp;1428072 |
| &nbsp;&nbsp;&nbsp;Daiei Kankyo Co., Ltd. (Japan) | &nbsp;&nbsp;134970 | &nbsp;&nbsp;&nbsp;&nbsp;3051271 |
| &nbsp;&nbsp;&nbsp;Danieli & C Officine Meccaniche S.p.A. (Italy)<sup>2</sup> | &nbsp;&nbsp;&nbsp;22480 | &nbsp;&nbsp;&nbsp;&nbsp;1153089 |
| &nbsp;&nbsp;&nbsp;Diploma PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;19640 | &nbsp;&nbsp;&nbsp;&nbsp;1405756 |
| &nbsp;&nbsp;&nbsp;DMG Mori Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;32300 | &nbsp;&nbsp;&nbsp;&nbsp;649022 |
| &nbsp;&nbsp;&nbsp;HD Hyundai Marine Solution Co., Ltd. (South Korea) | &nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp;1274670 |
| &nbsp;&nbsp;&nbsp;Howden Joinery Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;119413 | &nbsp;&nbsp;&nbsp;&nbsp;1358548 |
| &nbsp;&nbsp;&nbsp;Interpump Group S.p.A. (Italy)<sup>2</sup> | &nbsp;&nbsp;&nbsp;44697 | &nbsp;&nbsp;&nbsp;&nbsp;2054617 |
| &nbsp;&nbsp;&nbsp;KION Group AG (Germany) | &nbsp;&nbsp;&nbsp;17250 | &nbsp;&nbsp;&nbsp;&nbsp;1170336 |
| &nbsp;&nbsp;&nbsp;Konecranes Oyj (Finland) | &nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;894123 |
| &nbsp;&nbsp;&nbsp;Kraftia Corp. (Japan) | &nbsp;&nbsp;&nbsp;39860 | &nbsp;&nbsp;&nbsp;&nbsp;1927892 |
| &nbsp;&nbsp;&nbsp;Maire S.p.A. (Italy) | &nbsp;&nbsp;98990 | &nbsp;&nbsp;&nbsp;&nbsp;1468269 |
| &nbsp;&nbsp;&nbsp;Nexans, S.A. (France) | &nbsp;&nbsp;&nbsp;&nbsp;8100 | &nbsp;&nbsp;&nbsp;&nbsp;1206201 |
| &nbsp;&nbsp;&nbsp;Organo Corp. (Japan) | &nbsp;&nbsp;&nbsp;37600 | &nbsp;&nbsp;&nbsp;2880609 |
| &nbsp;&nbsp;&nbsp;RENK Group AG (Germany) | &nbsp;&nbsp;&nbsp;20280 | &nbsp;&nbsp;&nbsp;2099443 |
| &nbsp;&nbsp;&nbsp;Rotork PLC (United Kingdom) | &nbsp;&nbsp;419370 | &nbsp;&nbsp;&nbsp;&nbsp;1917300 |
| &nbsp;&nbsp;&nbsp;SWCC Corp. (Japan) | &nbsp;&nbsp;&nbsp;39620 | &nbsp;&nbsp;&nbsp;&nbsp;2081256 |
| &nbsp;&nbsp;&nbsp;Timee, Inc. (Japan)<sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;60250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;601347 |
| &nbsp;&nbsp;&nbsp;Ventia Services Group Pty, Ltd. (Australia) | &nbsp;&nbsp;416570 | &nbsp;&nbsp;&nbsp;&nbsp;1407863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;&nbsp;36231818 |
| &nbsp;&nbsp;&nbsp;**Information Technology - 16.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Accton Technology Corp. (Taiwan) | &nbsp;&nbsp;55800 | &nbsp;&nbsp;&nbsp;&nbsp;1929631 |
| &nbsp;&nbsp;&nbsp;Alten, S.A. (France) | &nbsp;&nbsp;&nbsp;&nbsp;9110 | &nbsp;&nbsp;&nbsp;&nbsp;753336 |
| &nbsp;&nbsp;&nbsp;Appier Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp;113610 | &nbsp;&nbsp;&nbsp;&nbsp;1192880 |
| &nbsp;&nbsp;&nbsp;Azbil Corp. (Japan) | 352040 | &nbsp;&nbsp;&nbsp;&nbsp;3337911 |
| &nbsp;&nbsp;&nbsp;Cellebrite DI, Ltd. (Israel)<sup>\*</sup> | &nbsp;&nbsp;55800 | &nbsp;&nbsp;&nbsp;&nbsp;1033974 |
| &nbsp;&nbsp;&nbsp;Dexerials Corp. (Japan) | &nbsp;&nbsp;&nbsp;80870 | &nbsp;&nbsp;&nbsp;&nbsp;1240087 |
| &nbsp;&nbsp;&nbsp;Finatext Holdings, Ltd. (Japan)<sup>\*</sup> | &nbsp;&nbsp;106130 | &nbsp;&nbsp;&nbsp;&nbsp;926005 |
| &nbsp;&nbsp;&nbsp;Hansen Technologies, Ltd. (Australia) | 284500 | &nbsp;&nbsp;&nbsp;&nbsp;1105015 |
| &nbsp;&nbsp;&nbsp;IONOS Group SE (Germany)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;25780 | &nbsp;&nbsp;&nbsp;&nbsp;1206475 |
| &nbsp;&nbsp;&nbsp;Melexis, N.V. (Belgium)<sup>2</sup> | &nbsp;&nbsp;&nbsp;13490 | &nbsp;&nbsp;&nbsp;&nbsp;1075365 |
| &nbsp;&nbsp;&nbsp;Nova, Ltd. (Israel)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;4010 | &nbsp;&nbsp;&nbsp;&nbsp;1281837 |

---

------

AMG TimesSquare International Small Cap Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Information Technology - 16.0%<br> (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Rigaku Holdings Corp. (Japan) | 296080 | &nbsp;&nbsp;&nbsp;&nbsp;$1796088 |
| &nbsp;&nbsp;&nbsp;Simplex Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp;30390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891879 |
| &nbsp;&nbsp;&nbsp;Sopra Steria Group (France)<sup>2</sup> | &nbsp;&nbsp;&nbsp;14653 | &nbsp;&nbsp;&nbsp;&nbsp;2796736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp;20567219 |
| &nbsp;&nbsp;&nbsp;**Materials - 7.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Acerinox, S.A. (Spain)<sup>2</sup> | &nbsp;&nbsp;130420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712962 |
| &nbsp;&nbsp;&nbsp;Imdex, Ltd. (Australia) | 649360 | &nbsp;&nbsp;&nbsp;&nbsp;1443640 |
| &nbsp;&nbsp;&nbsp;LANXESS AG (Germany) | &nbsp;&nbsp;&nbsp;35450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882680 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc. (Canada)<sup>2</sup> | &nbsp;&nbsp;&nbsp;71820 | &nbsp;&nbsp;&nbsp;&nbsp;2878580 |
| &nbsp;&nbsp;&nbsp;Sumitomo Bakelite Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;76500 | &nbsp;&nbsp;&nbsp;&nbsp;2561967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Materials |  | &nbsp;&nbsp;&nbsp;&nbsp;9479829 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 5.0%** |  |  |
| &nbsp;&nbsp;&nbsp;KDX Realty Investment Corp., REIT (Japan) | &nbsp;&nbsp;&nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3212633 |
| &nbsp;&nbsp;&nbsp;Merlin Properties Socimi, S.A., REIT (Spain) | &nbsp;&nbsp;133910 | &nbsp;&nbsp;&nbsp;&nbsp;2027897 |
| &nbsp;&nbsp;&nbsp;The UNITE Group PLC, REIT (United Kingdom) | &nbsp;&nbsp;130240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate |  | &nbsp;&nbsp;&nbsp;&nbsp;6501907 |
| &nbsp;&nbsp;&nbsp;**Utilities - 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Nippon Gas Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;118570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2217576 |
| **Total Common Stocks<br> (Cost $95,268,366)** |  | &nbsp;&nbsp;126968650 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount |  |
| **Short-Term Investments - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Joint Repurchase Agreements - 1.5%<sup>3</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc., dated 09/30/25, due 10/01/25, 4.210% total to be received $140,420 (collateralized by various U.S. Treasuries, 0.000% - 4.000%, 07/15/26 - 08/15/54, totaling $143,212) | $140404 | &nbsp;&nbsp;&nbsp;140404 |
| &nbsp;&nbsp;&nbsp;JPMorgan Securities LLC, dated 09/30/25, due 10/01/25, 4.200% total to be received $264,553 (collateralized by various U.S. Treasuries, 4.125% - 4.500%, 12/31/31 - 05/31/32, totaling $269,812) | &nbsp;&nbsp;264522 | &nbsp;&nbsp;264522 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc., dated 09/30/25, due 10/01/25, 4.190% total to be received $365,763 (collateralized by various U.S. Treasuries, 0.000% - 6.625%, 11/18/25 - 08/15/55, totaling $373,034) | &nbsp;&nbsp;$365720 | &nbsp;&nbsp;&nbsp;$365720 |
| &nbsp;&nbsp;&nbsp;RBC Dominion Securities, Inc., dated 09/30/25, due 10/01/25, 4.190% total to be received $117,724 (collateralized by various U.S. Treasuries, 0.000% - 4.750%, 10/23/25 - 08/15/55, totaling $120,064) | &nbsp;&nbsp;&nbsp;&nbsp;117710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117710 |
| &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) | 1000000 | &nbsp;&nbsp;1000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Joint Repurchase Agreements |  | &nbsp;&nbsp;1888356 |

---

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| &nbsp;&nbsp;&nbsp;**Other Investment Companies - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management Fund, Institutional Shares, 4.04%<sup>4</sup> | 247387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247387 |
| &nbsp;&nbsp;&nbsp;Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 4.09%<sup>4</sup> | &nbsp;&nbsp;371081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Other Investment Companies |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618468 |
| **Total Short-Term Investments<br> (Cost $2,506,824)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506824 |
| **Total Investments - 100.7%<br> (Cost $97,775,190)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 129475474 |
| **Other Assets, less Liabilities - (0.7)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (846059) |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$128629415** |

---

------

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

<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 $1,756,105 or 1.4% of net assets.

<sup>2</sup> Some of these securities, amounting to $9,083,763 or 7.1% 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>3</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

<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.

ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

------

AMG TimesSquare International Small Cap Fund

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<sup>1</sup>** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |
| &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp;&nbsp; $1355636 | &nbsp;&nbsp;&nbsp; $34876182 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; $36231818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2315811 | &nbsp;&nbsp;&nbsp;&nbsp; 18251408 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20567219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3312120 | &nbsp;&nbsp;&nbsp;&nbsp; 13640564 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16952684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 2216507 | &nbsp;&nbsp;&nbsp;&nbsp; 11787637 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14004144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp; 2878580 | &nbsp;&nbsp;&nbsp;&nbsp; 6601249 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9479829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp; 2200869 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5461019 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7661888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6501907 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6501907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 4364700 | &nbsp;&nbsp;&nbsp;&nbsp; 1940943 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6305643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4825366 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4825366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 579652 | &nbsp;&nbsp;&nbsp;&nbsp; 1640924 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2220576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Utilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2217576 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2217576 |
| &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; 1888356 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1888356 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618468 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;$19842343 | &nbsp;&nbsp;$109633131 | &nbsp;&nbsp;— | &nbsp;&nbsp;$129475474 |

---

<br> <sup>1</sup> An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

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

The country allocation in the Schedule of Portfolio Investments at September 30, 2025, was as follows:

---

| | |
|:---|:---|
| **Country** | &nbsp;&nbsp;**% of Long-Term<br> Investments** |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;6.6 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp;0.8 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp;5.2 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;6.7 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;2.0 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;6.0 |

---

---

| | |
|:---|:---|
| **Country** | &nbsp;&nbsp;**% of Long-Term<br> Investments** |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;33.3 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| South Korea | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;5.4 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Taiwan | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;12.8 |
| Uruguay | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
|  | &nbsp;&nbsp;100.0 |

---

------

AMG TimesSquare International Small Cap Fund

Schedule of Portfolio Investments *(continued)*

The Fund participates in the securities lending program offered by The Bank of New York Mellon providing for the lending of securities to qualified brokers. The value of securities loaned on positions held, cash collateral and securities collateral received at September 30, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities<br> Loaned** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total<br> Collateral<br> Received** |
| $9083763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1888356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7625862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9514218 |

---

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%-6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/31/25-05/15/55 |

---

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 TimesSquare International Small Cap Fund

- **b. EDGAR series identifier (if any):** S000039569

- **c. LEI of Series:** 5493003LHU9N6FOUY826

**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:** $131338120.02

**Total Liabilities:** $2588705.01

**Net Assets:** $128749415.01

**Cash Not Reported:** $1245417.12

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000180071 | -0.78%               | 4.14%                | 0.97%                |
| Class ID C000122075 | -0.78%               | 4.14%                | 1.02%                |
| Class ID C000122076 | -0.78%               | 4.09%                | 0.97%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $2878265.40              | $-3953475.38                               |
| Month 2  | $1878598.21              | $3243428.10                                |
| Month 3  | $2048425.80              | $-1012936.25                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| LANXESS AG                                              | LANXESS AG                                              | CUSIP: 000000000<br>LEI: 529900PTLRE72EMYIJ77 | Long             | EC               | CORP              | DE        |     35450 | NS      | $882679.75    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Alten SA                                                | Alten SA                                                | CUSIP: 000000000<br>LEI: 969500Y7G9TY7Y24GN07 | Long             | EC               | CORP              | FR        |      9110 | NS      | $753336.43    | 0.59%             |  |  |  | No            |                  2 | On Loan: No      |
| KION Group AG                                           | KION Group AG                                           | CUSIP: 000000000<br>LEI: 5299005KY91C4C6U9H17 | Long             | EC               | CORP              | DE        |     17250 | NS      | $1170335.87   | 0.91%             |  |  |  | No            |                  2 | On Loan: No      |
| Tomy Co Ltd                                             | Tomy Co Ltd                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     59200 | NS      | $1279718.60   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Virbac SACA                                             | Virbac SACA                                             | CUSIP: 000000000<br>LEI: 969500QQ1X5XHG649644 | Long             | EC               | CORP              | FR        |      2700 | NS      | $1000883.68   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Timee Inc                                               | Timee Inc                                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     60250 | NS      | $601346.67    | 0.47%             |  |  |  | No            |                  2 | On Loan: —       |
| HSBC SECURITIES (USA) INC.                              | HSBC SECURITIES (USA) INC                               | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |    140404 | PA      | $140404.00    | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| SWCC Corp                                               | SWCC Corp                                               | CUSIP: 000000000<br>LEI: 353800A7RNYOC4KL4T49 | Long             | EC               | CORP              | JP        |     39620 | NS      | $2081256.17   | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| RENK Group AG                                           | RENK Group AG                                           | CUSIP: 000000000<br>LEI: 894500H8CNSZ53EI6K63 | Long             | EC               | CORP              | DE        |     20280 | NS      | $2099443.03   | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC                              | JP MORGAN SECURITIES LLC                                | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |    264522 | PA      | $264522.00    | 0.21%             |  |  |  | No            |                  2 | On Loan: No      |
| Auto Trader Group PLC                                   | Auto Trader Group PLC                                   | CUSIP: 000000000<br>LEI: 213800QLK9BZILB1DI86 | Long             | EC               | CORP              | GB        |     69190 | NS      | $735025.33    | 0.57%             |  |  |  | No            |                  2 | On Loan: No      |
| RBC DOMINION SECURITIES INC.                            | RBC DOMINION SECURITIES INC                             | CUSIP: 000000000<br>LEI: 549300QJJX6CVVUXLE15 | Long             | RA               | CORP              | US        |    117710 | PA      | $117710.00    | 0.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Nova Ltd                                                | Nova Ltd                                                | CUSIP: 000000000<br>LEI: 529900B2DSWE5V3SC292 | Long             | EC               | CORP              | IL        |      4010 | NS      | $1281836.60   | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Hemnet Group AB                                         | Hemnet Group AB                                         | CUSIP: 000000000<br>LEI: 5493008VIU67J3HUAR07 | Long             | EC               | CORP              | SE        |     36420 | NS      | $918486.47    | 0.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Gas Co Ltd                                       | Nippon Gas Co Ltd                                       | CUSIP: 000000000<br>LEI: 549300N3DC5V2XON9C60 | Long             | EC               | CORP              | JP        |    118570 | NS      | $2217575.97   | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| IPSOS SA                                                | IPSOS SA                                                | CUSIP: 000000000<br>LEI: 9695002OY2X35E9X8W87 | Long             | EC               | CORP              | FR        |     26030 | NS      | $1163058.45   | 0.90%             |  |  |  | No            |                  2 | On Loan: No      |
| OR Royalties Inc                                        | OR Royalties Inc                                        | CUSIP: 68390D106<br>LEI: 549300TJZTXZMPQ6K004 | Long             | EC               | CORP              | CA        |     71820 | NS      | $2878579.87   | 2.24%             |  |  |  | No            |                  1 | On Loan: —       |
| Nexans SA                                               | Nexans SA                                               | CUSIP: 000000000<br>LEI: 96950015FU78G84UIV14 | Long             | EC               | CORP              | FR        |      8100 | NS      | $1206200.70   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| Viscofan SA                                             | Viscofan SA                                             | CUSIP: 000000000<br>LEI: 95980020140005684765 | Long             | EC               | CORP              | ES        |     28445 | NS      | $1940942.62   | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| Sumitomo Bakelite Co Ltd                                | Sumitomo Bakelite Co Ltd                                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     70400 | NS      | $2357679.87   | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Konecranes Oyj                                          | Konecranes Oyj                                          | CUSIP: 000000000<br>LEI: 549300EF0CDEQZBMA096 | Long             | EC               | CORP              | FI        |     10800 | NS      | $894123.28    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Ambu A/S                                                | Ambu A/S                                                | CUSIP: 000000000<br>LEI: 5299008W2A69WX355710 | Long             | EC               | CORP              | DK        |     76090 | NS      | $1119432.75   | 0.87%             |  |  |  | No            |                  2 | On Loan: No      |
| De' Longhi SpA                                          | De' Longhi SpA                                          | CUSIP: 000000000<br>LEI: 8156000E09A52C4F8A38 | Long             | EC               | CORP              | IT        |     49010 | NS      | $1777258.77   | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Games Workshop Group PLC                                | Games Workshop Group PLC                                | CUSIP: 000000000<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |      5400 | NS      | $1058330.02   | 0.82%             |  |  |  | No            |                  2 | On Loan: No      |
| Melexis NV                                              | Melexis NV                                              | CUSIP: 000000000<br>LEI: 549300QRPSGOJRPUFO80 | Long             | EC               | CORP              | BE        |     13490 | NS      | $1075364.76   | 0.84%             |  |  |  | No            |                  2 | On Loan: —       |
| Dreyfus Institutional Preferred Government Money Market | Dreyfus Institutional Preferred Government Money Market | CUSIP: 26200X100<br>LEI: 5493001BRBYRXP4A4K56 | Long             | STIV             | RF                | US        |    371081 | NS      | $371081.10    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Interpump Group SpA                                     | Interpump Group SpA                                     | CUSIP: 000000000<br>LEI: 815600C79D0F31F4D395 | Long             | EC               | CORP              | IT        |     44697 | NS      | $2054616.63   | 1.60%             |  |  |  | No            |                  2 | On Loan: —       |
| Acerinox SA                                             | Acerinox SA                                             | CUSIP: 000000000<br>LEI: 95980020140005582721 | Long             | EC               | CORP              | ES        |    130420 | NS      | $1712961.53   | 1.33%             |  |  |  | No            |                  2 | On Loan: —       |
| Coats Group PLC                                         | Coats Group PLC                                         | CUSIP: 000000000<br>LEI: 2138003SPYWGAITNFY17 | Long             | EC               | CORP              | GB        |   1779330 | NS      | $1996095.32   | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| FinecoBank Banca Fineco SpA                             | FinecoBank Banca Fineco SpA                             | CUSIP: 000000000<br>LEI: 549300L7YCATGO57ZE10 | Long             | EC               | CORP              | IT        |     52343 | NS      | $1136034.17   | 0.88%             |  |  |  | No            |                  2 | On Loan: No      |
| Greencore Group PLC                                     | Greencore Group PLC                                     | CUSIP: 000000000<br>LEI: 635400GGBEWULJXM5868 | Long             | EC               | CORP              | IE        |    815000 | NS      | $2504573.65   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Simplex Holdings Inc                                    | Simplex Holdings Inc                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30390 | NS      | $891879.44    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Accton Technology Corp                                  | Accton Technology Corp                                  | CUSIP: 000000000<br>LEI: 529900M1YRZ0GWMDF920 | Long             | EC               | CORP              | TW        |     55800 | NS      | $1929631.48   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Danieli & C Officine Meccanich                          | Danieli & C Officine Meccaniche SpA                     | CUSIP: 000000000<br>LEI: 815600B4B8C6A353E566 | Long             | EC               | CORP              | IT        |     22480 | NS      | $1153088.52   | 0.90%             |  |  |  | No            |                  2 | On Loan: —       |
| Merlin Properties Socimi SA                             | Merlin Properties Socimi SA                             | CUSIP: 000000000<br>LEI: 959800L8KD863DP30X04 | Long             | EC               | CORP              | ES        |    133910 | NS      | $2027897.11   | 1.58%             |  |  |  | No            |                  2 | On Loan: No      |
| Sugi Holdings Co Ltd                                    | Sugi Holdings Co Ltd                                    | CUSIP: 000000000<br>LEI: 529900N86BFWB1FADG87 | Long             | EC               | CORP              | JP        |     77141 | NS      | $1860126.49   | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Hansen Technologies Ltd                                 | Hansen Technologies Ltd                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    284500 | NS      | $1105015.42   | 0.86%             |  |  |  | No            |                  2 | On Loan: No      |
| Sopra Steria Group                                      | Sopra Steria Group                                      | CUSIP: 000000000<br>LEI: 96950020QIOHAAK9V551 | Long             | EC               | CORP              | FR        |     14273 | NS      | $2724207.65   | 2.12%             |  |  |  | No            |                  2 | On Loan: —       |
| IONOS Group SE                                          | IONOS Group SE                                          | CUSIP: 000000000<br>LEI: 54930038KPLOYRDHV375 | Long             | EC               | CORP              | DE        |     25780 | NS      | $1206475.00   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| UNITE Group PLC/The                                     | UNITE Group PLC/The                                     | CUSIP: 000000000<br>LEI: 213800BBUUWVDH9YI827 | Long             | EC               | CORP              | GB        |    130240 | NS      | $1261376.34   | 0.98%             |  |  |  | No            |                  2 | On Loan: No      |
| BoneSupport Holding AB                                  | BoneSupport Holding AB                                  | CUSIP: 000000000<br>LEI: 549300COLY053IGTLD63 | Long             | EC               | CORP              | SE        |     32900 | NS      | $1021080.13   | 0.79%             |  |  |  | No            |                  2 | On Loan: No      |
| Azbil Corp                                              | Azbil Corp                                              | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    352040 | NS      | $3337910.93   | 2.59%             |  |  |  | No            |                  2 | On Loan: No      |
| Bodycote PLC                                            | Bodycote PLC                                            | CUSIP: 000000000<br>LEI: 213800V93QFW53NB7Y29 | Long             | EC               | CORP              | GB        |    156519 | NS      | $1355635.48   | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Ringkjoebing Landbobank A/S                             | Ringkjoebing Landbobank A/S                             | CUSIP: 000000000<br>LEI: 2138002M5U5K4OUMVV62 | Long             | EC               | CORP              | DK        |      9060 | NS      | $2105312.80   | 1.64%             |  |  |  | No            |                  2 | On Loan: No      |
| Nordnet AB publ                                         | Nordnet AB publ                                         | CUSIP: 000000000<br>LEI: 549300D6WW5ZTWLZ4C08 | Long             | EC               | CORP              | SE        |     31797 | NS      | $924263.53    | 0.72%             |  |  |  | No            |                  2 | On Loan: —       |
| HD Hyundai Marine Solution Co                           | HD Hyundai Marine Solution Co Ltd                       | CUSIP: 000000000<br>LEI: 988400NV4TGR7O3GJM74 | Long             | EC               | CORP              | KR        |      8500 | NS      | $1274670.02   | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcadis NV                                              | Arcadis NV                                              | CUSIP: 000000000<br>LEI: 7245000UZH70GO047N03 | Long             | EC               | CORP              | NL        |     28430 | NS      | $1435542.46   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Chemring Group PLC                                      | Chemring Group PLC                                      | CUSIP: 000000000<br>LEI: 213800U9A54VQJ5P2J41 | Long             | EC               | CORP              | GB        |    179800 | NS      | $1428072.01   | 1.11%             |  |  |  | No            |                  2 | On Loan: No      |
| Daiei Kankyo Co Ltd                                     | Daiei Kankyo Co Ltd                                     | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    134970 | NS      | $3051271.36   | 2.37%             |  |  |  | No            |                  2 | On Loan: No      |
| Ventia Services Group Pty Ltd                           | Ventia Services Group Pty Ltd                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | AU        |    416570 | NS      | $1407863.26   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Craneware PLC                                           | Craneware PLC                                           | CUSIP: 000000000<br>LEI: 213800O2CTJ1YFXNXG05 | Long             | EC               | CORP              | GB        |     46560 | NS      | $1496583.20   | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Maire SpA                                               | Maire SpA                                               | CUSIP: 000000000<br>LEI: 815600D85A61200A1B83 | Long             | EC               | CORP              | IT        |     98990 | NS      | $1468269.45   | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| JUMBO SA                                                | JUMBO SA                                                | CUSIP: 000000000<br>LEI: 549300TGIVUUMY40MZ05 | Long             | EC               | CORP              | GR        |     40220 | NS      | $1379776.90   | 1.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Cellebrite DI Ltd                                       | Cellebrite DI Ltd                                       | CUSIP: 000000000<br>LEI: 254900G03462YGP1IO36 | Long             | EC               | CORP              | IL        |     55800 | NS      | $1033974.00   | 0.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Verona Pharma PLC                                       | Verona Pharma PLC                                       | CUSIP: 925050106<br>LEI: 213800EVI6O6J3TIAL06 | Long             | EC               | CORP              | GB        |      6600 | NS      | $704286.00    | 0.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Rinnai Corp                                             | Rinnai Corp                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     95430 | NS      | $2260100.57   | 1.76%             |  |  |  | No            |                  2 | On Loan: No      |
| KOMEDA Holdings Co Ltd                                  | KOMEDA Holdings Co Ltd                                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     75600 | NS      | $1587704.64   | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Arcos Dorados Holdings Inc                              | Arcos Dorados Holdings Inc                              | CUSIP: 000000000<br>LEI: 54930023P2MIZN13DQ85 | Long             | EC               | CORP              | UY        |    123960 | NS      | $836730.00    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Food & Life Cos Ltd                                     | Food & Life Cos Ltd                                     | CUSIP: 000000000<br>LEI: 529900CWF7GCVZKS5M87 | Long             | EC               | CORP              | JP        |     11720 | NS      | $611849.87    | 0.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Internet Initiative Japan Inc                           | Internet Initiative Japan Inc                           | CUSIP: 000000000<br>LEI: 529900EOCJNAPUHDFR78 | Long             | EC               | CORP              | JP        |     81220 | NS      | $1437403.26   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| ALS Ltd                                                 | ALS Ltd                                                 | CUSIP: 000000000<br>LEI: 549300RYCQ8DMIO2J661 | Long             | EC               | CORP              | AU        |    192970 | NS      | $2541877.08   | 1.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Diploma PLC                                             | Diploma PLC                                             | CUSIP: 000000000<br>LEI: 2138008OGI7VYG8FGR19 | Long             | EC               | CORP              | GB        |     19640 | NS      | $1405756.24   | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Alm Brand A/S                                           | Alm Brand A/S                                           | CUSIP: 000000000<br>LEI: 549300H4TGLJVZ6VTA48 | Long             | EC               | CORP              | DK        |   1187070 | NS      | $3312119.56   | 2.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Piraeus Financial Holdings SA                           | Piraeus Financial Holdings SA                           | CUSIP: 000000000<br>LEI: M6AD1Y1KW32H8THQ6F76 | Long             | EC               | CORP              | GR        |    237382 | NS      | $2016375.22   | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Appier Group Inc                                        | Appier Group Inc                                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    113610 | NS      | $1192879.86   | 0.93%             |  |  |  | No            |                  2 | On Loan: No      |
| Pason Systems Inc                                       | Pason Systems Inc                                       | CUSIP: 702925108<br>LEI: 984500DC6T2FLR969F65 | Long             | EC               | CORP              | CA        |     66780 | NS      | $579652.51    | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Rakuten Bank Ltd                                        | Rakuten Bank Ltd                                        | CUSIP: 000000000<br>LEI: 3538007HFAF2NOCBUE44 | Long             | EC               | CORP              | JP        |     41750 | NS      | $2330460.82   | 1.81%             |  |  |  | No            |                  2 | On Loan: No      |
| Dreyfus Government Cash Management                      | Dreyfus Government Cash Management                      | CUSIP: 262006208<br>LEI: 5493000Q69I5Q3QZIA91 | Long             | STIV             | RF                | US        |    247387 | NS      | $247387.41    | 0.19%             |  |  |  | No            |                  1 | 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   | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| DMG Mori Co Ltd                                         | DMG Mori Co Ltd                                         | CUSIP: 000000000<br>LEI: 353800P4I3FIXTQV2E13 | Long             | EC               | CORP              | JP        |     32300 | NS      | $649022.46    | 0.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Howden Joinery Group PLC                                | Howden Joinery Group PLC                                | CUSIP: 000000000<br>LEI: 213800KC1LJOJTY3JP45 | Long             | EC               | CORP              | GB        |    119413 | NS      | $1358547.57   | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Kyudenko Corp                                           | Kyudenko Corp                                           | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     39860 | NS      | $1927892.42   | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Technip Energies NV                                     | Technip Energies NV                                     | CUSIP: 000000000<br>LEI: 724500FLODI49NSCIP70 | Long             | EC               | CORP              | FR        |     34770 | NS      | $1640923.93   | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| CIE Automotive SA                                       | CIE Automotive SA                                       | CUSIP: 000000000<br>LEI: 95980020140005381252 | Long             | EC               | CORP              | ES        |     38837 | NS      | $1216578.81   | 0.94%             |  |  |  | No            |                  2 | On Loan: No      |
| St James's Place PLC                                    | St James's Place PLC                                    | CUSIP: 000000000<br>LEI: 213800M993ICXOMBCP87 | Long             | EC               | CORP              | GB        |     90600 | NS      | $1550664.42   | 1.20%             |  |  |  | No            |                  2 | On Loan: No      |
| Imdex Ltd                                               | Imdex Ltd                                               | CUSIP: 000000000<br>LEI: 529900H31NX5KRKXB865 | Long             | EC               | CORP              | AU        |    649360 | NS      | $1443640.51   | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Dexerials Corp                                          | Dexerials Corp                                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     80870 | NS      | $1240087.07   | 0.96%             |  |  |  | No            |                  2 | On Loan: No      |
| Integral Corp                                           | Integral Corp                                           | CUSIP: 000000000<br>LEI: 254900LBW5E2GUM0UK59 | Long             | EC               | CORP              | JP        |     90500 | NS      | $2288693.33   | 1.78%             |  |  |  | No            |                  2 | On Loan: —       |
| Rigaku Holdings Corp                                    | Rigaku Holdings Corp                                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    296080 | NS      | $1796087.78   | 1.40%             |  |  |  | No            |                  2 | On Loan: No      |
| Organo Corp                                             | Organo Corp                                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     35000 | NS      | $2681417.86   | 2.08%             |  |  |  | No            |                  2 | On Loan: No      |
| KDX Realty Investment Corp                              | KDX Realty Investment Corp                              | CUSIP: 000000000<br>LEI: 353800FFT483NCIHFY42 | Long             | EC               | CORP              | JP        |      2820 | NS      | $3212633.09   | 2.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Aalberts NV                                             | Aalberts NV                                             | CUSIP: 000000000<br>LEI: 549300EMP9DT6Q35HZ31 | Long             | EC               | CORP              | NL        |     26360 | NS      | $869078.42    | 0.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Steadfast Group Ltd                                     | Steadfast Group Ltd                                     | CUSIP: 000000000<br>LEI: 9845003B6BEAA12DBD91 | Long             | EC               | CORP              | AU        |    328853 | NS      | $1288759.99   | 1.00%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.                         | NATWEST MARKETS SECURITIES INC                          | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | Long             | RA               | CORP              | US        |    365720 | PA      | $365720.00    | 0.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Finatext Holdings Ltd                                   | Finatext Holdings Ltd                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    106130 | NS      | $926004.49    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| CAR Group Ltd                                           | CAR Group Ltd                                           | CUSIP: 000000000<br>LEI: 5299009TFWZGH2AN7D11 | Long             | EC               | CORP              | AU        |     23494 | NS      | $571392.33    | 0.44%             |  |  |  | No            |                  2 | On Loan: No      |
| Siegfried Holding AG                                    | Siegfried Holding AG                                    | CUSIP: 000000000<br>LEI: 506700J9QD6IF3937W06 | Long             | EC               | CORP              | CH        |     23090 | NS      | $2319622.68   | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Rotork PLC                                              | Rotork PLC                                              | CUSIP: 000000000<br>LEI: 213800AH5RZIHGWRJ718 | Long             | EC               | CORP              | GB        |    419370 | NS      | $1917299.71   | 1.49%             |  |  |  | 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