# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0000940400-26-022966
**Filing Date:** 2026-6
**Character Count:** 145600
**Document Hash:** abbb8a7d9c949be1e1cf8dd3e6ef5f40
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-022966.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0000940400-26-022966

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**PERIOD START**: 20261231

**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:** 261048686

**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 Municipal Bond Fund (Series ID: S000025838)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000077267 | Class I      | GWMIX           |
| C000077269 | Class N      | GWMTX           |

## Nport-Ex

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments *(unaudited)*

March 31, 2026

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Municipal Bonds - 99.6%** |  |  |
| &nbsp;&nbsp;&nbsp;**Alabama - 3.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Alabama Highway Authority, (AG)<br> 5.000%, 09/01/38 | $5000000 | &nbsp;&nbsp;$5584585 |
| &nbsp;&nbsp;&nbsp;County of Jefferson Sewer Revenue<br> 5.250%, 10/01/49 | &nbsp;&nbsp;&nbsp;5810000 | &nbsp;&nbsp;&nbsp;&nbsp;6011423 |
| &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District, Series E<br> 5.000%, 10/01/30 | &nbsp;&nbsp;14070000 | &nbsp;&nbsp;&nbsp;14929229 |
| &nbsp;&nbsp;&nbsp;Southeast Energy Authority A Cooperative District, Series H<br> 5.000%, 11/01/35 | &nbsp;&nbsp;&nbsp;5665000 | &nbsp;&nbsp;&nbsp;&nbsp;5915958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Alabama |  | &nbsp;&nbsp;&nbsp;32441195 |
| &nbsp;&nbsp;&nbsp;**Arizona - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, Series D<br> 5.000%, 12/01/40 | &nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;2297565 |
| &nbsp;&nbsp;&nbsp;**California - 5.1%** |  |  |
| &nbsp;&nbsp;&nbsp;California Municipal Finance Authority, Community Medical Centers, Series A<br> 5.000%, 02/01/31 | &nbsp;&nbsp;&nbsp;&nbsp;900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910262 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power, Series A, (BAM)<br> 5.000%, 07/01/43 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1065358 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/31 | &nbsp;&nbsp;&nbsp;1955000 | &nbsp;&nbsp;&nbsp;&nbsp;2135702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/32 | &nbsp;&nbsp;&nbsp;3230000 | &nbsp;&nbsp;&nbsp;&nbsp;3570035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/33 | &nbsp;&nbsp;&nbsp;2550000 | &nbsp;&nbsp;&nbsp;&nbsp;2841971 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power, Series C<br> 5.000%, 07/01/30 | &nbsp;&nbsp;&nbsp;9500000 | &nbsp;&nbsp;&nbsp;10154883 |
| &nbsp;&nbsp;&nbsp;San Francisco City & County Airport Commission, San Francisco International Airport, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/34 | &nbsp;&nbsp;&nbsp;5010000 | &nbsp;&nbsp;&nbsp;&nbsp;5243626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/35 | &nbsp;&nbsp;&nbsp;5800000 | &nbsp;&nbsp;&nbsp;&nbsp;6054700 |
| &nbsp;&nbsp;&nbsp;University of California, Series CD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/36 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;11521339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 05/15/40 | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5819797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total California |  | &nbsp;&nbsp;&nbsp;49317673 |
| &nbsp;&nbsp;&nbsp;**Colorado - 0.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Colorado Health Facilities Authority, Series A<br> 5.000%, 08/01/33 | &nbsp;&nbsp;&nbsp;4260000 | &nbsp;&nbsp;&nbsp;&nbsp;4472849 |
| &nbsp;&nbsp;&nbsp;**Connecticut - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Connecticut State Health & Educational<br> Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/31 | &nbsp;&nbsp;&nbsp;6205000 | &nbsp;&nbsp;&nbsp;&nbsp;6632838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/33 | &nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;2946902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/34 | &nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;3465858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Connecticut |  | &nbsp;&nbsp;13045598 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**District of Columbia - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;District of Columbia, Series B<br> 5.000%, 06/01/34 | $5000000 | &nbsp;&nbsp;$5684526 |
| &nbsp;&nbsp;&nbsp;**Florida - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;County of Lee FL Airport Revenue, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/36 | &nbsp;&nbsp;&nbsp;1335000 | &nbsp;&nbsp;&nbsp;&nbsp;1460830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 10/01/39 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1103475 |
| &nbsp;&nbsp;&nbsp;County of Lee FL Airport Revenue, Series 2<br> 5.000%, 10/01/56 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1071772 |
| &nbsp;&nbsp;&nbsp;County of Miami-Dade Aviation Revenue, Series A<br> 5.000%, 10/01/35 | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5500943 |
| &nbsp;&nbsp;&nbsp;Escambia County Health Facilities Authority<br> 5.000%, 08/15/37 | &nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6143282 |
| &nbsp;&nbsp;&nbsp;Florida Development Finance Corp.<br> 4.000%, 11/15/33 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;10136071 |
| &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., Series 3, (GNMA FNMA FHLMC)<br> 4.500%, 07/01/44 | &nbsp;&nbsp;&nbsp;4950000 | &nbsp;&nbsp;&nbsp;&nbsp;4921403 |
| &nbsp;&nbsp;&nbsp;Lee County Industrial Development Authority, Series 1<br> 5.000%, 04/01/34 | &nbsp;&nbsp;&nbsp;3145000 | &nbsp;&nbsp;&nbsp;&nbsp;3276975 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County Educational Facilities Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/38<sup>1</sup> | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1651778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/41<sup>1</sup> | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2153814 |
| &nbsp;&nbsp;&nbsp;Miami-Dade County Educational Facilities Authority, Series B<br> 5.250%, 04/01/36 | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5652880 |
| &nbsp;&nbsp;&nbsp;State Board of Administration Finance Corp., Series A<br> 5.526%, 07/01/34 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;10478459 |
| &nbsp;&nbsp;&nbsp;Volusia County Educational Facility Authority<br> 5.000%, 10/15/33 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2240662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Florida |  | &nbsp;&nbsp;55792344 |
| &nbsp;&nbsp;&nbsp;**Georgia - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Private Colleges & Universities Authority,<br> Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/32 | &nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;7275065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/33 | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5646176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp;12921241 |
| &nbsp;&nbsp;&nbsp;**Illinois - 11.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Chicago Midway International Airport, Series A<br> 5.000%, 01/01/33 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2164929 |
| &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Senior Lien, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/36 | &nbsp;&nbsp;10050000 | &nbsp;&nbsp;&nbsp;10356875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/38 | &nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;5634287 |
| &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series A<br> 5.250%, 01/01/41 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2120529 |

---

------

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Illinois - 11.2% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Chicago Transit Authority Sales Tax Receipts Fund, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/43 | $3000000 | &nbsp;&nbsp;&nbsp;&nbsp;$3179577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 12/01/51 | &nbsp;&nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;&nbsp;3738442 |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 08/15/37 | &nbsp;&nbsp;&nbsp;5910000 | &nbsp;&nbsp;&nbsp;&nbsp;5770985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/34 | &nbsp;&nbsp;&nbsp;4640000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5217422 |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority, Series B<br> 5.000%, 04/01/35 | &nbsp;&nbsp;&nbsp;2970000 | &nbsp;&nbsp;&nbsp;&nbsp;3308676 |
| &nbsp;&nbsp;&nbsp;Illinois State Toll Highway Authority, Senior Revenue, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/31 | &nbsp;&nbsp;&nbsp;9735000 | &nbsp;&nbsp;&nbsp;&nbsp;9751506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/36 | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3337714 |
| &nbsp;&nbsp;&nbsp;State of Illinois<br> 5.000%, 02/01/33 | &nbsp;&nbsp;&nbsp;7255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7953717 |
| &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue, Series B<br> 5.000%, 06/15/37 | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6569285 |
| &nbsp;&nbsp;&nbsp;State of Illinois, Series A<br> 5.250%, 03/01/37 | &nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;9095662 |
| &nbsp;&nbsp;&nbsp;State of Illinois, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/34 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;10762569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/35<sup>1</sup> | &nbsp;&nbsp;&nbsp;3205000 | &nbsp;&nbsp;&nbsp;&nbsp;3531820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/42 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2117238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/45 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2075272 |
| &nbsp;&nbsp;&nbsp;State of Illinois, Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/43<sup>1</sup> | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6380748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 04/01/44<sup>1</sup> | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6330111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Illinois |  | &nbsp;&nbsp;109397364 |
| &nbsp;&nbsp;&nbsp;**Indiana - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Indiana Finance Authority, Series A<br> 5.000%, 02/01/32 | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5537912 |
| &nbsp;&nbsp;&nbsp;Indiana Finance Authority, Series A1<br> 5.000%, 11/15/40 | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3261514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Indiana |  | &nbsp;&nbsp;&nbsp;&nbsp;8799426 |
| &nbsp;&nbsp;&nbsp;**Kentucky - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/37 | &nbsp;&nbsp;&nbsp;5350000 | &nbsp;&nbsp;&nbsp;&nbsp;5962264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/40 | &nbsp;&nbsp;&nbsp;7750000 | &nbsp;&nbsp;&nbsp;&nbsp;8521345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/41 | &nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;9288695 |
| &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/34 | &nbsp;&nbsp;&nbsp;6310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7113261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/35 | &nbsp;&nbsp;&nbsp;5595000 | &nbsp;&nbsp;&nbsp;&nbsp;6342363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp;37227928 |
| &nbsp;&nbsp;&nbsp;**Louisiana - 1.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Louisiana Stadium & Exposition District, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/40 | &nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2935179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/42 | &nbsp;&nbsp;11500000 | &nbsp;&nbsp;&nbsp;&nbsp;12166074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Louisiana |  | &nbsp;&nbsp;&nbsp;&nbsp;15101253 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Maryland - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;Maryland Stadium Authority<br> 5.000%, 06/01/40 | $2500000 | &nbsp;&nbsp;&nbsp;$2720835 |
| &nbsp;&nbsp;&nbsp;Maryland Stadium Authority Sports Entertainment Facilities Revenue<br> 5.000%, 06/15/37 | &nbsp;&nbsp;&nbsp;3320000 | &nbsp;&nbsp;&nbsp;&nbsp;3667938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp;6388773 |
| &nbsp;&nbsp;&nbsp;**Massachusetts - 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 07/01/48 | &nbsp;&nbsp;&nbsp;4250000 | &nbsp;&nbsp;&nbsp;&nbsp;4275087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/45 | &nbsp;&nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;1540514 |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/40 | &nbsp;&nbsp;&nbsp;1870000 | &nbsp;&nbsp;&nbsp;&nbsp;1973391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/41 | &nbsp;&nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;2187525 |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 02/15/36<sup>1</sup> | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6371528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/44 | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1330246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 10/01/45 | &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;1476357 |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series F<br> 5.000%, 07/01/37 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Massachusetts |  | &nbsp;&nbsp;&nbsp;20275529 |
| &nbsp;&nbsp;&nbsp;**Michigan - 2.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Sewage Disposal System Revenue, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/34 | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;10167984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/35 | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;9068648 |
| &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Water Supply System Revenue, Series A<br> 5.000%, 07/01/35 | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2823272 |
| &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority, Series A<br> 4.850%, 12/01/45 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3026022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Michigan |  | &nbsp;&nbsp;25085926 |
| &nbsp;&nbsp;&nbsp;**New Hampshire - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;New Hampshire Business Finance Authority, Series A<br> 5.000%, 12/01/35 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3285853 |
| &nbsp;&nbsp;&nbsp;**New Jersey - 4.3%** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Series A<br> 5.250%, 11/01/40 | &nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;7589949 |
| &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Series SSS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/36 | &nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;3119345 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/37 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1968519 |
| &nbsp;&nbsp;&nbsp;New Jersey State Turnpike Authority, Series D<br> 5.000%, 01/01/28 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3079781 |

---

------

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**New Jersey - 4.3% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/41 | $2700000 | &nbsp;&nbsp;$2932994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/42 | &nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;2432680 |
| &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series AA, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/37 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2240122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/38 | &nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1887508 |
| &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series B<br> 5.000%, 06/15/33 | &nbsp;&nbsp;4450000 | &nbsp;&nbsp;&nbsp;&nbsp;4864148 |
| &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series BB<br> 4.000%, 06/15/37 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3023280 |
| &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/33<sup>1</sup> | &nbsp;&nbsp;&nbsp;2230000 | &nbsp;&nbsp;&nbsp;&nbsp;2430539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/34<sup>1</sup> | &nbsp;&nbsp;2365000 | &nbsp;&nbsp;&nbsp;&nbsp;2596644 |
| &nbsp;&nbsp;&nbsp;South Jersey Transportation Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/39 | &nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;1225792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/41 | &nbsp;&nbsp;&nbsp;2615000 | &nbsp;&nbsp;&nbsp;&nbsp;2764384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total New Jersey |  | &nbsp;&nbsp;42155685 |
| &nbsp;&nbsp;&nbsp;**New York - 22.6%** |  |  |
| &nbsp;&nbsp;&nbsp;City of New York<br> 5.000%, 08/01/34 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5548152 |
| &nbsp;&nbsp;&nbsp;City of New York, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/31<sup>1</sup> | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2748430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/32<sup>1</sup> | &nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1888060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/35<sup>1</sup> | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5655479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/40 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5389587 |
| &nbsp;&nbsp;&nbsp;City of New York, Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/33 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1615707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/34 | &nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;3485678 |
| &nbsp;&nbsp;&nbsp;City of New York, Series D<br> 5.000%, 04/01/32 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1107545 |
| &nbsp;&nbsp;&nbsp;City of New York, Series F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/32 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3888428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/36 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5550177 |
| &nbsp;&nbsp;&nbsp;City of New York, Series L-5<br> 5.000%, 04/01/33 | &nbsp;&nbsp;5950000 | &nbsp;&nbsp;&nbsp;&nbsp;6471785 |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series A<br> 5.000%, 11/15/37 | &nbsp;&nbsp;&nbsp;7460000 | &nbsp;&nbsp;&nbsp;&nbsp;8224369 |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/31 | &nbsp;&nbsp;12450000 | &nbsp;&nbsp;&nbsp;13828300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/33 | &nbsp;&nbsp;3490000 | &nbsp;&nbsp;&nbsp;&nbsp;3954447 |
| &nbsp;&nbsp;&nbsp;New York City Municipal Water Finance Authority, Series DD, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/37<sup>1</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2298325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/38<sup>1</sup> | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5744112 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Building Aid Revenue, Series 2, (ST AID) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/36 | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;5180409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/37 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5711824 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/32 | $3150000 | &nbsp;&nbsp;&nbsp;&nbsp;$3521264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/36 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2835932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/37 | &nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1885253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/37 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/39 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4356232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/42 | &nbsp;&nbsp;4300000 | &nbsp;&nbsp;&nbsp;&nbsp;4658985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/43 | &nbsp;&nbsp;&nbsp;4610000 | &nbsp;&nbsp;&nbsp;&nbsp;4961480 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority Future Tax Secured Revenue, Series B<br> 5.000%, 05/01/33 | &nbsp;&nbsp;&nbsp;1360000 | &nbsp;&nbsp;&nbsp;&nbsp;1525924 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series A-1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/40 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2683847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/41 | &nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;2942661 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1<br> 5.000%, 02/01/37 | &nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;&nbsp;4697381 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority<br> 4.000%, 05/01/39 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1938961 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/36 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;11407650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/37 | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;9042449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/40 | &nbsp;&nbsp;&nbsp;1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1518906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/41 | &nbsp;&nbsp;5940000 | &nbsp;&nbsp;&nbsp;&nbsp;6415837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/41 | &nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317224 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/34 | &nbsp;&nbsp;4285000 | &nbsp;&nbsp;&nbsp;&nbsp;4852160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/35 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3984661 |
| &nbsp;&nbsp;&nbsp;New York State Thruway Authority, Series A<br> 5.000%, 01/01/44 | &nbsp;&nbsp;&nbsp;1350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1451947 |
| &nbsp;&nbsp;&nbsp;New York Transportation Development Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/31/41 | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/31/46 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1340988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/31 | &nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/32 | &nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/33 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1074057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/36 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;10553156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/49 | &nbsp;&nbsp;&nbsp;2010000 | &nbsp;&nbsp;&nbsp;&nbsp;1997925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/49 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4997170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/44 | &nbsp;&nbsp;&nbsp;1320000 | &nbsp;&nbsp;&nbsp;&nbsp;1438828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/50 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/54 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3107560 |
| &nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Series A<br> 5.500%, 12/31/54 | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4531203 |
| &nbsp;&nbsp;&nbsp;Port Authority of New York & New<br> Jersey, Series 221<br> 5.000%, 07/15/32 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5321191 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/42 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1086922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/43 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618286 |
| &nbsp;&nbsp;&nbsp;Utility Debt Securitization Authority, Series 2<br> 5.000%, 06/15/37 | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;10339195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total New York |  | &nbsp;&nbsp;220571662 |

---

------

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**North Carolina - 2.3%** |  |  |
| &nbsp;&nbsp;&nbsp;County of Union Enterprise System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 06/01/34 | $3300000 | &nbsp;&nbsp;$2769798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 06/01/35 | &nbsp;&nbsp;&nbsp;4225000 | &nbsp;&nbsp;&nbsp;&nbsp;3459138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.850%, 06/01/36 | &nbsp;&nbsp;&nbsp;4315000 | &nbsp;&nbsp;&nbsp;&nbsp;3470214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 06/01/40 | &nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;&nbsp;&nbsp;2492716 |
| &nbsp;&nbsp;&nbsp;Nash Health Care Systems<br> 5.000%, 02/01/32 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1087967 |
| &nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Series A, (AG)<br> 5.000%, 01/01/58 | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;8995545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total North Carolina |  | &nbsp;&nbsp;22275378 |
| &nbsp;&nbsp;&nbsp;**North Dakota - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;North Dakota Housing Finance Agency, Series A<br> 4.940%, 07/01/45 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3037859 |
| &nbsp;&nbsp;&nbsp;North Dakota Housing Finance Agency, Series C<br> 4.700%, 07/01/45 | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;6484347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total North Dakota |  | &nbsp;&nbsp;&nbsp;9522206 |
| &nbsp;&nbsp;&nbsp;**Ohio - 0.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Columbus Regional Airport Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/34 | &nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1426366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/35 | &nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1315358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/36 | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2719947 |
| &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, Series A, (GNMA FNMA FHLMC)<br> 4.350%, 09/01/44 | &nbsp;&nbsp;&nbsp;2865000 | &nbsp;&nbsp;&nbsp;&nbsp;2836417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Ohio |  | &nbsp;&nbsp;&nbsp;8298088 |
| &nbsp;&nbsp;&nbsp;**Oklahoma - 0.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority, Series B<br> 5.000%, 01/01/41 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1914531 |
| &nbsp;&nbsp;&nbsp;**Pennsylvania - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Allegheny County Airport Authority, Series A<br> 5.000%, 01/01/32 | &nbsp;&nbsp;&nbsp;2215000 | &nbsp;&nbsp;&nbsp;&nbsp;2361801 |
| &nbsp;&nbsp;&nbsp;City of Philadelphia, Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/33 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1129713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/34 | &nbsp;&nbsp;&nbsp;1305000 | &nbsp;&nbsp;&nbsp;&nbsp;1485331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/35 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2288253 |
| &nbsp;&nbsp;&nbsp;Commonwealth Financing Authority, Pennsylvania Tobacco<br> 5.000%, 06/01/32 | &nbsp;&nbsp;&nbsp;7910000 | &nbsp;&nbsp;&nbsp;&nbsp;8206178 |
| &nbsp;&nbsp;&nbsp;Hospitals & Higher Education Facilities Authority of Philadelphia, (AG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/38 | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2450417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/39 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1935015 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/35 | &nbsp;&nbsp;&nbsp;5015000 | &nbsp;&nbsp;&nbsp;&nbsp;5433749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/30/48 | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;8310413 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, Series B<br> 5.000%, 03/15/39 | &nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;1098066 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency,<br> Series 146A<br> 4.500%, 10/01/44 | $6500000 | &nbsp;&nbsp;$6453208 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Turnpike Commission, Series FIRS<br> 5.000%, 06/01/32 | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5554677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Pennsylvania |  | &nbsp;&nbsp;&nbsp;46706821 |
| &nbsp;&nbsp;&nbsp;**Rhode Island - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp.<br> 5.250%, 05/15/49 | &nbsp;&nbsp;&nbsp;5175000 | &nbsp;&nbsp;&nbsp;&nbsp;5180705 |
| &nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp., Series B<br> 5.000%, 05/15/31 | &nbsp;&nbsp;&nbsp;2080000 | &nbsp;&nbsp;&nbsp;&nbsp;2240269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Rhode Island |  | &nbsp;&nbsp;&nbsp;&nbsp;7420974 |
| &nbsp;&nbsp;&nbsp;**South Carolina - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Richland County School District No 2, Series A, (South Carolina School District) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/38 | &nbsp;&nbsp;&nbsp;6190000 | &nbsp;&nbsp;&nbsp;&nbsp;4830284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/39 | &nbsp;&nbsp;10080000 | &nbsp;&nbsp;&nbsp;&nbsp;7641743 |
| &nbsp;&nbsp;&nbsp;South Carolina Public Service Authority, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/41 | &nbsp;&nbsp;&nbsp;2250000 | &nbsp;&nbsp;&nbsp;&nbsp;2426395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/43 | &nbsp;&nbsp;&nbsp;3725000 | &nbsp;&nbsp;&nbsp;&nbsp;3963907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total South Carolina |  | &nbsp;&nbsp;&nbsp;18862329 |
| &nbsp;&nbsp;&nbsp;**Tennessee - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;City of Chattanooga Electric System Revenue<br> 2.000%, 09/01/39 | &nbsp;&nbsp;&nbsp;8925000 | &nbsp;&nbsp;&nbsp;&nbsp;6675156 |
| &nbsp;&nbsp;&nbsp;Metropolitan Nashville Airport Authority[The], Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/37 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1919129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/38 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1088804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/39 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1622342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Tennessee |  | &nbsp;&nbsp;&nbsp;&nbsp;11305431 |
| &nbsp;&nbsp;&nbsp;**Texas - 13.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority,<br> Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/35 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1129330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/36 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1132840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/37 | &nbsp;&nbsp;&nbsp;&nbsp;1415000 | &nbsp;&nbsp;&nbsp;&nbsp;1589615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/38 | &nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1895660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/39 | &nbsp;&nbsp;&nbsp;1300000 | &nbsp;&nbsp;&nbsp;&nbsp;1439720 |
| &nbsp;&nbsp;&nbsp;Central Texas Regional Mobility Authority,<br> Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/40 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1093399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/41 | &nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;1305230 |
| &nbsp;&nbsp;&nbsp;Central Texas Turnpike System, Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/39 | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1357553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/40 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/41 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1610420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/42 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1068409 |
| &nbsp;&nbsp;&nbsp;City of Austin Electric Utility Revenue<br> 5.000%, 11/15/35 | &nbsp;&nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3886730 |

---

------

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Texas - 13.2% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;City of Houston Airport System, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/35 | $1100000 | &nbsp;&nbsp;$1092153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/36 | &nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;1078967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/34 | &nbsp;&nbsp;2835000 | &nbsp;&nbsp;&nbsp;3022022 |
| &nbsp;&nbsp;&nbsp;City of Houston TX Hotel Occupancy Tax & Special Revenue, Series C<br> 5.000%, 09/01/38<sup>1</sup> | &nbsp;&nbsp;3600000 | &nbsp;&nbsp;&nbsp;3972355 |
| &nbsp;&nbsp;&nbsp;City of Houston, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/40 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2159211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/41 | &nbsp;&nbsp;2200000 | &nbsp;&nbsp;&nbsp;2365220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/42 | &nbsp;&nbsp;2245000 | &nbsp;&nbsp;&nbsp;2403733 |
| &nbsp;&nbsp;&nbsp;City of San Antonio Electric & Gas Systems, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/34 | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;&nbsp;4203494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/35 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;3343209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/37 | &nbsp;&nbsp;2410000 | &nbsp;&nbsp;&nbsp;2572240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/38 | &nbsp;&nbsp;2385000 | &nbsp;&nbsp;&nbsp;2535351 |
| &nbsp;&nbsp;&nbsp;City of San Antonio Electric & Gas Systems, Series D<br> 5.000%, 02/01/39 | &nbsp;&nbsp;6455000 | &nbsp;&nbsp;&nbsp;7120559 |
| &nbsp;&nbsp;&nbsp;City of San Antonio TX Electric & Gas Systems Revenue, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/36 | 6000000 | &nbsp;&nbsp;&nbsp;6808926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/39 | &nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;8346409 |
| &nbsp;&nbsp;&nbsp;County of Harris Toll Road First Lien, Series A<br> 5.000%, 08/15/34 | &nbsp;&nbsp;3200000 | &nbsp;&nbsp;&nbsp;&nbsp;3577517 |
| &nbsp;&nbsp;&nbsp;County of Harris Toll Road Revenue, Series A<br> 5.000%, 08/15/36 | &nbsp;&nbsp;3700000 | &nbsp;&nbsp;&nbsp;4135389 |
| &nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority, Series B, (AG)<br> 5.000%, 11/15/44 | &nbsp;&nbsp;&nbsp;2115000 | &nbsp;&nbsp;&nbsp;2212864 |
| &nbsp;&nbsp;&nbsp;Lamar Consolidated Independent School District<br> 5.000%, 02/15/34 | &nbsp;&nbsp;5965000 | &nbsp;&nbsp;&nbsp;6590170 |
| &nbsp;&nbsp;&nbsp;Lower Colorado River Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/31 | &nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;2516104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/32 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2210198 |
| &nbsp;&nbsp;&nbsp;North East Texas Regional Mobility Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/41 | &nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;1800609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/42 | &nbsp;&nbsp;1055000 | &nbsp;&nbsp;&nbsp;&nbsp;1110895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/43 | &nbsp;&nbsp;&nbsp;1185000 | &nbsp;&nbsp;&nbsp;1243740 |
| &nbsp;&nbsp;&nbsp;North Texas Tollway Authority, Series A<br> 5.000%, 01/01/39 | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;3045870 |
| &nbsp;&nbsp;&nbsp;North Texas Tollway Authority, Series B<br> 5.000%, 01/01/33 | &nbsp;&nbsp;4400000 | &nbsp;&nbsp;&nbsp;4899138 |
| &nbsp;&nbsp;&nbsp;Prosper Independent School District, Series A, (PSF-GTD) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 02/15/34 | &nbsp;&nbsp;3565000 | &nbsp;&nbsp;&nbsp;2964270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 02/15/35 | &nbsp;&nbsp;5155000 | &nbsp;&nbsp;&nbsp;4179984 |
| &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., Series 1<br> 5.000%, 11/15/51 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3291981 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Tarrant County Cultural Education Facilities Finance Corp., Series 2<br> 5.000%, 11/15/51 | $2500000 | &nbsp;&nbsp;&nbsp;$2760402 |
| &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/41 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1048324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/42 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1045815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/43 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041747 |
| &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/31/37 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;4876313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/31/38 | &nbsp;&nbsp;&nbsp;3735000 | &nbsp;&nbsp;&nbsp;&nbsp;3604789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Texas |  | &nbsp;&nbsp;128306188 |
| &nbsp;&nbsp;&nbsp;**Utah - 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Downtown Revitalization Public Infrastructure District, Series A, (AG) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/36 | &nbsp;&nbsp;&nbsp;1620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1712706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/37 | &nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;1790873 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/33 | &nbsp;&nbsp;&nbsp;3150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/34 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3304386 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency, Series A<br> 5.000%, 07/01/34 | &nbsp;&nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;5695772 |
| &nbsp;&nbsp;&nbsp;Salt Lake City Corp. Airport Revenue, Series A<br> 5.000%, 07/01/30 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5197870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp;21189124 |
| &nbsp;&nbsp;&nbsp;**Virginia - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Virginia Small Business Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/37 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2924808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/38 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2896159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp;5820967 |
| &nbsp;&nbsp;&nbsp;**Washington - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Series A<br> 5.000%, 08/01/38 | &nbsp;&nbsp;&nbsp;3270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3371154 |
| &nbsp;&nbsp;&nbsp;**West Virginia - 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority,<br> Series B<br> 6.000%, 09/01/48 | &nbsp;&nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;5622090 |
| &nbsp;&nbsp;&nbsp;West Virginia Parkways Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/37 | &nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;1552874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/38 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2132702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/39 | &nbsp;&nbsp;&nbsp;4200000 | &nbsp;&nbsp;&nbsp;&nbsp;4457669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp;13765335 |
| &nbsp;&nbsp;&nbsp;**Wisconsin - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Public Finance Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/30/60 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3094399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/30/60 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3268517 |

---

------

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Wisconsin - 0.8% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;State of Wisconsin, Series 1<br> 5.000%, 05/01/32<sup>1</sup> | &nbsp;&nbsp;$1125000 | &nbsp;&nbsp;&nbsp;&nbsp;$1230211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp;7593127 |
| **Total Municipal Bonds<br> (Cost $983,354,715)** |  | &nbsp;&nbsp;970614043 |
| **Short-Term Investments - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 4.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 03/31/26, due 04/01/26, 3.350% total to be received $40,002,722 (collateralized by a U.S. Treasury Note, 1.375%, 11/15/31, totaling $40,798,991) | 39999000 | &nbsp;&nbsp;&nbsp;39999000 |
| **Total Short-Term Investments<br> (Cost $39,999,000)** |  | &nbsp;&nbsp;&nbsp;39999000 |

---

---

| | |
|:---|:---|
|  | &nbsp;&nbsp;Value |
| **Total Investments - 103.7%<br> (Cost $1,023,353,715)** | &nbsp;&nbsp;&nbsp; $1010613043 |
| **Other Assets, less Liabilities - (3.7)%** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (36057527) |
| **Net Assets - 100.0%** | &nbsp;&nbsp;**$974555516** |

---

------

<sup>1</sup> All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at March 31, 2026, amounted to $54,983,954 or 5.6% of net assets.

AG Assured Guaranty <br> BAM Build America Mutual Assurance Co. <br> FHLMC Freddie Mac

---

| | |
|:---|:---|
| &nbsp;&nbsp;FNMA | Fannie Mae |
| &nbsp;&nbsp;GNMA | Ginnie Mae |
| &nbsp;&nbsp;PSF-GTD | Permanent School Fund Guaranteed |
| &nbsp;&nbsp;ST AID | State Aid Withholding |

---

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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;**Municipal Bonds<sup>†</sup>** | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $970614043 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $970614043 |
| &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; 39999000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39999000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;— | &nbsp;&nbsp;$1010613043 | &nbsp;&nbsp;— | &nbsp;&nbsp;$1010613043 |

---

<br> <sup>†</sup> All municipal bonds held in the Fund are Level 2 securities. For a detailed breakout of municipal bonds by major classification, please refer to the Fund's Schedule of Portfolio Investments.

For the period ended March 31, 2026, 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 Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000025838

- **c. LEI of Series:** 549300R5U7D7XZM6CN52

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

- **a. Date of fiscal year-end:** 2026-12-31

- **b. Date as of which information is reported:** 2026-03-31

**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:** $1020634570.06

**Total Liabilities:** $45408778.53

**Net Assets:** $975225791.53

**Delayed Delivery Securities:** $44963493.29

**Cash Not Reported:** $676252.91

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 80.08328000 | **1-Year:** 10838.55150000 | **5-Year:** 283819.29560000 | **10-Year:** 411890.53704000 | **30-Year:** 4646.86119000

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000077267 | 1.29%                | 1.34%                | -3.21%               |
| Class ID C000077269 | 1.27%                | 1.24%                | -3.17%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $497471.40               | $9820587.72                                |
| Month 2  | $-177329.21              | $10476574.95                               |
| Month 3  | $-171349.78              | $-34335054.28                              |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                       | NY NYTTRN 6 06/30/2054    | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3107560.50   | 0.32%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND HEALTH AND EDUCATIONAL BUILDING CORP (RI)              | RI RISMED 5.25 05/15/2049 | CUSIP: 762244MH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5175000 | PA      | $5180705.44   | 0.53%             | 2049-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PORT AUTH N Y & N J                                                 | NY PORTRN 5 07/15/2032    | CUSIP: 73358W5H3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5321191.50   | 0.55%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA                                                        | FL LEEAPT 5.25 10/01/2039 | CUSIP: 523470JF0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103474.70   | 0.11%             | 2039-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                         | IL ILS 5 05/01/2034       | CUSIP: 452153FA2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10762569.00  | 1.10%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH                               | CT CTSHGR 5 07/01/2034    | CUSIP: 20775DPE6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3465858.18   | 0.36%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCFAC 5 07/15/2036    | CUSIP: 64972LBD4<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5180409.00   | 0.53%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA TPK AUTH                                             | NC NCSTRN 5 01/01/2058    | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $8995545.00   | 0.92%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                     | NJ NJSTRN 5.25 06/15/2041 | CUSIP: 64613CCV8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2932993.53   | 0.30%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RICHLAND COUNTY SCHOOL DISTRICT N.2 (SC)                            | SC RICSCD 2 03/01/2038    | CUSIP: 763682U33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6190000 | PA      | $4830283.55   | 0.50%             | 2038-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO (IL), CITY OF                                               | IL CHITRN 5 01/01/2036    | CUSIP: 167593K84<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |  10050000 | PA      | $10356874.74  | 1.06%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                     | NJ NJSTRN 5 06/15/2033    | CUSIP: 6461368E4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   4450000 | PA      | $4864147.71   | 0.50%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WTR AUTH MICH                                           | MI GRTWTR 5 07/01/2035    | CUSIP: 39081HGU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $9068648.00   | 0.93%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                         | TX HOUAPT 5 07/01/2034    | CUSIP: 442349FP6<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2835000 | PA      | $3022022.40   | 0.31%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                     | NJ NJSTRN 5 06/15/2038    | CUSIP: 64613CHG6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1887508.30   | 0.19%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                        | MA MASDEV 5.5 07/01/2045  | CUSIP: 57585BKG2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1540514.28   | 0.16%             | 2045-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY (FL)                    | FL LEIMED 5 04/01/2034    | CUSIP: 52350LAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3145000 | PA      | $3276975.21   | 0.34%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                         | TX HOUFAC 5 09/01/2038    | CUSIP: 44237NMH2<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3972355.20   | 0.41%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                                                       | CA CAS 5 10/01/2043       | CUSIP: 13063ESL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3480941.21   | 0.36%             | 2043-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA PARKWAYS AUTHORITY (WV)                               | WV WVSTRN 5 06/01/2038    | CUSIP: 956510BS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2132702.40   | 0.22%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH                                                  | TX NRTTRN 5 01/01/2039    | CUSIP: 66285WU79<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $3045870.03   | 0.31%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STATE PROPERTY AND BUILDINGS COMMISSION (KY)                        | KY KYSFAC 5 04/01/2040    | CUSIP: 49151F5B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7750000 | PA      | $8521345.10   | 0.87%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY (PA)          | PA PASDEV 5.75 06/30/2048 | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8310412.80   | 0.85%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR                                    | CA LOSUTL 5 07/01/2043    | CUSIP: 544532PQ1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1065358.30   | 0.11%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN                                      | KY KYSFAC 5 04/01/2041    | CUSIP: 49151F5C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $9288695.45   | 0.95%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                        | MA MASDEV 5.5 10/01/2045  | CUSIP: 57585BTE8<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1476356.84   | 0.15%             | 2045-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH                                  | NY NYCUTL 5 06/15/2037    | CUSIP: 64972GV27<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2298325.20   | 0.24%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                       | NY NYTTRN 6 06/30/2044    | CUSIP: 650116JG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1320000 | PA      | $1438827.98   | 0.15%             | 2044-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                                     | PA PHI 5 08/01/2034       | CUSIP: 717813C98<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1305000 | PA      | $1485330.77   | 0.15%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERMOUNTAIN POWER AGENCY (UT)                                     | UT INTPWR 5 07/01/2034    | CUSIP: 45884AA78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5695771.73   | 0.58%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                       | NY NYTTRN 5.5 12/31/2054  | CUSIP: 650116HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4531202.55   | 0.46%             | 2054-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH                                            | MI MISHSG 4.85 12/01/2045 | CUSIP: 594654C60<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3026021.70   | 0.31%             | 2045-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                         | IL ILS 5.25 04/01/2043    | CUSIP: 452153RE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6380748.00   | 0.65%             | 2043-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN                         | CA SFOAPT 5 05/01/2034    | CUSIP: 79766DLU1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5010000 | PA      | $5243626.32   | 0.54%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCGEN 5 05/01/2041    | CUSIP: 64971X8B7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2942660.60   | 0.30%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO O'HARE INTERNATIONAL AIRPORT (IL)                           | IL CHITRN 5.25 01/01/2041 | CUSIP: 1675934M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2120528.80   | 0.22%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP                          | TX TAREDU 11/15/2051      | CUSIP: 87638TJW4<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3291981.00   | 0.34%             | 2051-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                                   | IL ILSGEN 4 08/15/2037    | CUSIP: 45204FJL0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5910000 | PA      | $5770985.57   | 0.59%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO (TX), CITY OF                                           | TX SANUTL 5 02/01/2039    | CUSIP: 79625GLL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6455000 | PA      | $7120558.91   | 0.73%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOP DIST ALA                                 | AL SEEPWR 5 11/01/2035    | CUSIP: 84136HDM2<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |   5235000 | PA      | $5466908.93   | 0.56%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVILLE ARPT AUTH TENN                               | TN MNVAPT 5 07/01/2039    | CUSIP: 592190SM5<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1622341.65   | 0.17%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL TRAN AUTH                                               | IL CHITRN 5 12/01/2043    | CUSIP: 16772PEM4<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3179577.00   | 0.33%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CALIF                                                    | CA UNVHGR 5.5 05/15/2040  | CUSIP: 91412HWK5<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5819797.00   | 0.60%             | 2040-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST BRD ADMIN FIN CORP                                       | FL FLSGEN 5.53 07/01/2034 | CUSIP: 341271AH7<br>LEI: 549300S34SOJ0RULXM35 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10478459.00  | 1.07%             | 2034-07-01      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                         | IL ILS 5 04/01/2035       | CUSIP: 452153QL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3205000 | PA      | $3531819.94   | 0.36%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COMMONWEALTH FINANCING AUTHORITY (PA)                               | PA CMNGEN 5 06/01/2032    | CUSIP: 20282EAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7910000 | PA      | $8206178.09   | 0.84%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                         | IL ILSGEN 5 06/15/2037    | CUSIP: 452227VH1<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6569284.80   | 0.67%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BD SURFACE TRANSPORTATION CORP               | TX TXSTRN 4 12/31/2037    | CUSIP: 882667AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4876313.00   | 0.50%             | 2037-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                                        | NJ NJSDEV 5.25 11/01/2040 | CUSIP: 64577XEA0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7589948.80   | 0.78%             | 2040-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR                                    | CA LOSUTL 5 07/01/2030    | CUSIP: 544532QE7<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   9500000 | PA      | $10154882.50  | 1.04%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY (PA)          | PA PASMED 5 03/15/2039    | CUSIP: 70870JHP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1098065.50   | 0.11%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX                                                     | TX HARTRN 5 08/15/2034    | CUSIP: 41423PDA2<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3577517.12   | 0.37%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCGEN 5 11/01/2037    | CUSIP: 64972JJU3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1885252.74   | 0.19%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                       | NY NYTTRN 5 12/01/2033    | CUSIP: 650116EN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1074057.00   | 0.11%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH                                           | IL ILSTRN 5 01/01/2036    | CUSIP: 452252QQ5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3337714.20   | 0.34%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J                                        | NJ SJPTRN 5 11/01/2041    | CUSIP: 838536MM9<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2764384.49   | 0.28%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST UNIV                                                        | OH OHSHGR 5 06/01/2035    | CUSIP: 677632T92<br>LEI: JFC10ZULKO4X2E3HBY86 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5735327.50   | 0.59%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                       | NY NYTTRN 5 12/01/2036    | CUSIP: 650116FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10553156.00  | 1.08%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON (AL), COUNTY OF                                           | AL JEFUTL 5.25 10/01/2049 | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5810000 | PA      | $6011422.82   | 0.62%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                               | NY NYSHGR 5 03/15/2041    | CUSIP: 64990AXS9<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1317224.40   | 0.14%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY ARIZ INDL DEV AUTH                                    | AZ MARMED 5 12/01/2040    | CUSIP: 56678PCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2297565.04   | 0.24%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TARRANT CNTY TEX CULTURAL ED FACS FIN CORP                          | TX TAREDU 11/15/2051      | CUSIP: 87638TJX2<br>LEI: 549300ROY505NVTMMI25 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2760401.50   | 0.28%             | 2051-11-15      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH                                              | NJ NJSTRN 5 01/01/2028    | CUSIP: 646140DH3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3079780.80   | 0.32%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEX REGL MOBILITY AUTH                                      | TX CTXGEN 5 01/01/2035    | CUSIP: 155498NZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129330.40   | 0.12%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BD SURFACE TRANSPORTATION CORP               | TX TXSTRN 5.5 06/30/2043  | CUSIP: 882667CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1041747.30   | 0.11%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NORTH EAST TEX REGL MOBILITY AUTH                                   | TX NET 5 01/01/2042       | CUSIP: 659231BW3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1055000 | PA      | $1110895.06   | 0.11%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE COUNTY EDUCATIONAL FACILITIES AUTHORITY (FL)             | FL MIAEDU 5.25 04/01/2036 | CUSIP: 59333APJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5652880.00   | 0.58%             | 2036-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST STAD AUTH                                               | MD MDSEDU 5 06/01/2040    | CUSIP: 574294CL6<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2720835.50   | 0.28%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                        | MA MASDEV 5 07/01/2040    | CUSIP: 57585BER5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1973390.99   | 0.20%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIVERSITY CALIF                                                    | CA UNVHGR 5 05/15/2036    | CUSIP: 91412HWH2<br>LEI: RRR42I7GG51DB5HDQR14 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11521339.00  | 1.18%             | 2036-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH                               | CT CTSHGR 5 07/01/2031    | CUSIP: 20775DPB2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   6205000 | PA      | $6632837.85   | 0.68%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON (TX), CITY OF                                               | TX HOUAPT 4 07/01/2035    | CUSIP: 442349FQ4<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1092153.48   | 0.11%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HEALTH & EDL BLDG CORP                              | RI RISMED 5 05/15/2031    | CUSIP: 762244PD7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2080000 | PA      | $2240268.58   | 0.23%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH N H                                               | NH NFADEV 5 12/01/2035    | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3285853.20   | 0.34%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEX REGL MOBILITY AUTH                                      | TX CTXGEN 5 01/01/2036    | CUSIP: 155498PA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1132840.20   | 0.12%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                                     | NY TRBGEN 5 12/01/2042    | CUSIP: 896032AT6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1086921.80   | 0.11%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCGEN 5 02/01/2042    | CUSIP: 64972JB98<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   4300000 | PA      | $4658984.64   | 0.48%             | 2042-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP                                                | FL FLSMED 4 11/15/2033    | CUSIP: 34061QAZ0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10136071.00  | 1.04%             | 2033-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                        | NY NYC 5 04/01/2032       | CUSIP: 64966SBW5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1107545.00   | 0.11%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY (VA)                    | VA VASDEV 4 01/01/2037    | CUSIP: 928104NV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2924808.00   | 0.30%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| COLORADO HEALTH FACS AUTH                                           | CO COSMED 5 08/01/2033    | CUSIP: 19648FKK9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4260000 | PA      | $4472848.77   | 0.46%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                        | MA MASDEV 5.25 07/01/2048 | CUSIP: 57584Y4S5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4275086.90   | 0.44%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                       | NY NYTTRN 6 06/30/2050    | CUSIP: 650116JN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119961.80   | 0.22%             | 2050-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                        | MA MASDEV 5.5 10/01/2044  | CUSIP: 57585BTD0<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1330246.25   | 0.14%             | 2044-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA PUB SVC AUTH                                         | SC SCSUTL 5 12/01/2041    | CUSIP: 8371514R7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2426395.28   | 0.25%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLO RIV AUTH TEX                                             | TX LWCGEN 5 05/15/2032    | CUSIP: 54811GQ86<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2210198.40   | 0.23%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FLA                                                 | FL MIATRN 5 10/01/2035    | CUSIP: 59333P7M4<br>LEI: 549300QG0NBD9HULR263 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5500943.00   | 0.56%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OHIO REGL ARPT AUTH                                        | OH COLAPT 5 01/01/2034    | CUSIP: 199546CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1426366.50   | 0.15%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY MUN WTR FIN AUTH                                  | NY NYCUTL 5 06/15/2038    | CUSIP: 64972GV68<br>LEI: 549300Q2EHQ6RJPQKP05 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5744112.00   | 0.59%             | 2038-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEX REGL MOBILITY AUTH                                      | TX CTXGEN 5 01/01/2038    | CUSIP: 155498PC6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1895660.14   | 0.19%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                        | NY NYC 5 08/01/2032       | CUSIP: 64966SSW7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1888059.95   | 0.19%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSN COMMN ST HWY FD                                        | TX TXSTRN 5 08/15/2042    | CUSIP: 88283KCH9<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1068408.90   | 0.11%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO (TX), CITY OF                                           | TX SANUTL 5 02/01/2034    | CUSIP: 79625GGG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3750000 | PA      | $4203493.88   | 0.43%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH                                              | NJ NJSTRN 5 01/01/2034    | CUSIP: 646140GS6<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2365000 | PA      | $2596644.42   | 0.27%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WATER AUTHORITY (MI)                                    | MI GRTWTR 5 07/01/2035    | CUSIP: 39081JHS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2823272.50   | 0.29%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STAD & EXPOSITION DIST                                    | LA LASFAC 5 07/01/2042    | CUSIP: 546410CV1<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $12166074.25  | 1.25%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                                     | PA PHI 5 08/01/2035       | CUSIP: 717813D22<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2288252.60   | 0.23%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA MUN FIN AUTH                                             | CA CASFIN 5 02/01/2031    | CUSIP: 13048TR21<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    900000 | PA      | $910262.34    | 0.09%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON (TX), CITY OF                                               | TX HOUAPT 4 07/01/2036    | CUSIP: 442349FR2<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1078966.79   | 0.11%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA COUNTY HEALTH FACILITIES AUTHORITY (FL)                    | FL ESCMED 5 08/15/2037    | CUSIP: 296110FZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6143281.80   | 0.63%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                                   | IL ILSGEN 5 04/01/2034    | CUSIP: 45204FWF8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4640000 | PA      | $5217422.48   | 0.53%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                                     | TX SANUTL 5 02/01/2039    | CUSIP: 79625GNP4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $8346408.75   | 0.86%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH EAST TEX REGL MOBILITY AUTH                                   | TX NET 5 01/01/2041       | CUSIP: 659231BV5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1800608.72   | 0.18%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA                                                        | FL LEEAPT 5 10/01/2036    | CUSIP: 523470JC7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1335000 | PA      | $1460830.29   | 0.15%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RICHLAND (SC), COUNTY OF                                            | SC RICSCD 2 03/01/2039    | CUSIP: 763682S28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10080000 | PA      | $7641742.75   | 0.78%             | 2039-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                                         | ND NDSMFH 4.94 07/01/2045 | CUSIP: 65889BCD4<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3037859.10   | 0.31%             | 2045-07-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCGEN 5 02/01/2037    | CUSIP: 64971XXP8<br>LEI: 549300XR20ZR5DHL9534 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4697380.60   | 0.48%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY N C                                                      | NC UNIGEN 1.75 06/01/2035 | CUSIP: 906400FV3<br>LEI: 5493007ESG9QHLUW6165 | Long             | DBT              | MUN               | US        |   4225000 | PA      | $3459137.63   | 0.35%             | 2035-06-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCGEN 5 11/01/2036    | CUSIP: 64972JZC5<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2835932.00   | 0.29%             | 2036-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FLA                                                        | FL LEEAPT 10/01/2056      | CUSIP: 523470JS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1071772.30   | 0.11%             | 2056-10-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                                 | IN INSFIN 5 02/01/2032    | CUSIP: 45506EFA6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5537912.00   | 0.57%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                         | TX HOU 5 03/01/2041       | CUSIP: 442332DZ2<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2365219.78   | 0.24%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO (TX), CITY OF                                           | TX SANUTL 5 02/01/2035    | CUSIP: 79625GGH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3343209.00   | 0.34%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA TRANSN AUTH OK F/K/A OKLAHOMA ST TPK AUTH                  | OK OKSTRN 5 01/01/2041    | CUSIP: 679111F82<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1914530.98   | 0.20%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA PARKWAYS AUTHORITY (WV)                               | WV WVSTRN 5 06/01/2039    | CUSIP: 956510BT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4200000 | PA      | $4457669.16   | 0.46%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS FIN AUTH                                                   | IL ILSGEN 5 04/01/2035    | CUSIP: 45204FXA8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2970000 | PA      | $3308675.63   | 0.34%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STAD & EXPOSITION DIST                                    | LA LASFAC 5 07/01/2040    | CUSIP: 546410CT6<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2935178.40   | 0.30%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                         | TX HOU 5 03/01/2042       | CUSIP: 442332EA6<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2403733.40   | 0.25%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEX REGL MOBILITY AUTH                                      | TX CTXGEN 5 01/01/2037    | CUSIP: 155498PB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1415000 | PA      | $1589615.10   | 0.16%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR                                    | CA LOSUTL 5 07/01/2031    | CUSIP: 544532PZ1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1955000 | PA      | $2135702.21   | 0.22%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH TEX TWY AUTH                                                  | TX NRTTRN 5 01/01/2033    | CUSIP: 66285WS64<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   4400000 | PA      | $4899137.76   | 0.50%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO (TX), CITY OF                                           | TX SANUTL 5 02/01/2038    | CUSIP: 79625GDR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2385000 | PA      | $2535351.35   | 0.26%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASH HEALTH CARE SYS NORTH CAROLINA                                 | NC NASMED 5 02/01/2032    | CUSIP: 631163BK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1087967.20   | 0.11%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TEX                                                     | TX HARTRN 5 08/15/2036    | CUSIP: 41423PDP9<br>LEI: 549300G9BRP25M0W1S40 | Long             | DBT              | MUN               | US        |   3700000 | PA      | $4135388.99   | 0.42%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                               | NY NYSGEN 5 03/15/2037    | CUSIP: 64990KJZ7<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   8000000 | PA      | $9042448.80   | 0.93%             | 2037-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS REGIONAL AIRPORT AUTHORITY (OH)                            | OH COLAPT 5 01/01/2036    | CUSIP: 199546CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2719946.75   | 0.28%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| A.B. WON PAT INTERNATIONAL AIRPORT AUTHORITY                        | NY NYTTRN 4 10/31/2041    | CUSIP: 650110AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1190691.50   | 0.12%             | 2041-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| STATE PROPERTY AND BUILDINGS COMMISSION (KY)                        | KY KYSFAC 5 10/01/2037    | CUSIP: 49151F4B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5350000 | PA      | $5962263.63   | 0.61%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL TRAN AUTH                                               | IL CHITRN 5.25 12/01/2051 | CUSIP: 16772PFB7<br>LEI: 549300CB8XLRGIPN3E12 | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3738442.32   | 0.38%             | 2051-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA PARKWAYS AUTHORITY (WV)                               | WV WVSTRN 5 06/01/2037    | CUSIP: 956510BR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1552873.73   | 0.16%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                 | WI PUBTRN 5.75 06/30/2060 | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3094398.60   | 0.32%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEX REGL MOBILITY AUTH                                      | TX CTXGEN 5 01/01/2040    | CUSIP: 155498PW2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1093398.50   | 0.11%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH                                      | WV WVSMED 6 09/01/2048    | CUSIP: 956622W83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5622090.08   | 0.58%             | 2048-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA HSG FIN AGY                                            | PA PASSFH 4.5 10/01/2044  | CUSIP: 70879QXT5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6453208.45   | 0.66%             | 2044-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH                | UT DTRFAC 5 06/01/2037    | CUSIP: 26118TAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1790872.99   | 0.18%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY (UT), CITY OF                                        | UT SALAPT 5 07/01/2030    | CUSIP: 795576HA8<br>LEI: 549300CRGKV67DRSGT85 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5197870.50   | 0.53%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA (AL), STATE OF                                              | AL ALSOBL 5 09/01/2038    | CUSIP: 010559AN2<br>LEI: 549300TKZX0YNENZC895 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5584585.00   | 0.57%             | 2038-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                        | MA MASDEV 5 07/01/2041    | CUSIP: 57585BES3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2187525.05   | 0.22%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                        | NY NYC 5 08/01/2036       | CUSIP: 64966SKN5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5550177.00   | 0.57%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                               | NY NYSGEN 5 03/15/2036    | CUSIP: 64990KJY0<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11407650.00  | 1.17%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TEX                                                          | TX AUSPWR 5 11/15/2035    | CUSIP: 052414VH9<br>LEI: IW10PQVTU7HKS3JMW253 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3886730.05   | 0.40%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                         | IL ILS 5.25 05/01/2045    | CUSIP: 452153KC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2075272.00   | 0.21%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BD SURFACE TRANSPORTATION CORP               | TX TXSTRN 5.5 06/30/2041  | CUSIP: 882667CK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048323.50   | 0.11%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| CHICAGO (IL), CITY OF                                               | IL CHITRN 5 01/01/2038    | CUSIP: 167593L26<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5634287.45   | 0.58%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                        | NY NYC 5 08/01/2034       | CUSIP: 64966Q3R9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5548152.50   | 0.57%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AUTHORITY (NY)                          | NY UTLUTL 5 06/15/2037    | CUSIP: 91802RJC4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $10339195.50  | 1.06%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                        | NY NYC 5 08/01/2031       | CUSIP: 64966SSV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2748430.00   | 0.28%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BD SURFACE TRANSPORTATION CORP               | TX TXSTRN 4 12/31/2038    | CUSIP: 882667AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3735000 | PA      | $3604788.94   | 0.37%             | 2038-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCGEN 5 05/01/2040    | CUSIP: 64971X8A9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2683846.50   | 0.28%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR                                    | CA LOSUTL 5 07/01/2032    | CUSIP: 544532QA5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3230000 | PA      | $3570034.70   | 0.37%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                       | NY NYTTRN 5 12/01/2031    | CUSIP: 650116EL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1190272.16   | 0.12%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                        | NY NYC 5 08/01/2032       | CUSIP: 64966SKJ4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3888427.90   | 0.40%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY COUNTY AIRPORT AUTHORITY (PA)                             | PA ALLAPT 5 01/01/2032    | CUSIP: 01728LEW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2361801.34   | 0.24%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                                        | NJ NJSDEV 5.25 06/15/2037 | CUSIP: 64577XEZ5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1968518.65   | 0.20%             | 2037-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                     | NJ NJSTRN 4 06/15/2037    | CUSIP: 64613CBF4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3023280.30   | 0.31%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                         | IL ILS 5.25 03/01/2037    | CUSIP: 452153CY3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $9095662.15   | 0.93%             | 2037-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ECONOMIC DEVELOPMENT FINANCING AUTHORITY (PA)          | PA PASDEV 5.25 06/30/2035 | CUSIP: 70868YAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5015000 | PA      | $5433749.49   | 0.56%             | 2035-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CHICAGO ILL MIDWAY ARPT                                             | IL CHIAPT 5 01/01/2033    | CUSIP: 167562US4<br>LEI: T5UYO5SYLC8K73MJQX30 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2164928.80   | 0.22%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION                                   | FICC                      | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  39999000 | PA      | $39999000.00  | 4.10%             |  |  |  | No            |                  2 | On Loan: No      |
| PHILADELPHIA HOSPITALS & HIGHER EDUCATION FACILITIES AUTHORITY (PA) | PA PHIMED 4 07/01/2039    | CUSIP: 717825QC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1935015.40   | 0.20%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSN COMMN ST HWY FD                                        | TX TXSTRN 5 08/15/2040    | CUSIP: 88283KCF3<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1617314.40   | 0.17%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUB INFRASTRUCTURE DIST UTAH                | UT DTRFAC 5 06/01/2036    | CUSIP: 26118TAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1712705.80   | 0.18%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                         | IL ILS 5 02/01/2033       | CUSIP: 452153KS7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   7255000 | PA      | $7953716.72   | 0.82%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                                        | NY MTATRN 5 11/15/2031    | CUSIP: 59261A5W3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  12450000 | PA      | $13828299.66  | 1.42%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DISTRICT COLUMBIA                                                   | DC DIS 5 06/01/2034       | CUSIP: 25476FN38<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5684526.50   | 0.58%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                     | NJ NJSTRN 5.25 06/15/2042 | CUSIP: 64613CCW6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2432679.75   | 0.25%             | 2042-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA HOSPITALS & HIGHER EDUCATION FACILITIES AUTHORITY (PA) | PA PHIMED 4 07/01/2038    | CUSIP: 717825QB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2450417.00   | 0.25%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLO RIV AUTH TEX                                             | TX LWCGEN 5 05/15/2031    | CUSIP: 54811GQ78<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2516104.09   | 0.26%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                        | NY NYC 5 04/01/2033       | CUSIP: 64966QWH9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5950000 | PA      | $6471784.66   | 0.66%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TEX                                                     | TX SANUTL 5 02/01/2036    | CUSIP: 79625GNL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6808926.00   | 0.70%             | 2036-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEX REGL MOBILITY AUTH                                      | TX CTXGEN 5 01/01/2041    | CUSIP: 155498PX0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1305229.92   | 0.13%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIVATE COLLEGES & UNIVERSITIES AUTHORITY (GA)                      | GA PRIHGR 5 09/01/2032    | CUSIP: 74265L3C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $7275065.20   | 0.75%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY N C                                                      | NC UNIGEN 1.85 06/01/2036 | CUSIP: 906400FW1<br>LEI: 5493007ESG9QHLUW6165 | Long             | DBT              | MUN               | US        |   4315000 | PA      | $3470214.05   | 0.36%             | 2036-06-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WIS                                                 | WI PUBTRN 6.5 06/30/2060  | CUSIP: 74448UAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3268517.40   | 0.34%             | 2060-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HEALTH & EDL FACS AUTH                               | CT CTSHGR 5 07/01/2033    | CUSIP: 20775DPD8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2946901.65   | 0.30%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCFAC 5 07/15/2037    | CUSIP: 64972LBE2<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5711824.50   | 0.59%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY                                         | ND NDSMFH 4.7 07/01/2045  | CUSIP: 65889BEL4<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6484346.70   | 0.66%             | 2045-07-01      | Fixed         | 4.70%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                               | NY NYSGEN 5 03/15/2034    | CUSIP: 64990KHN6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4285000 | PA      | $4852160.46   | 0.50%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                               | NY NYSGEN 5 03/15/2035    | CUSIP: 64990KHP1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3984661.45   | 0.41%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROSPER INDEPENDENT SCHOOL DISTRICT (TX)                            | TX PSPSCD 1.75 02/15/2034 | CUSIP: 743600V54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3565000 | PA      | $2964270.05   | 0.30%             | 2034-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY & CNTY ARPTS COMMN                         | CA SFOAPT 5 05/01/2035    | CUSIP: 79766DLV9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5800000 | PA      | $6054700.04   | 0.62%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH JERSEY TRANSN AUTH N J                                        | NJ SJPTRN 5 11/01/2039    | CUSIP: 838536MK3<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1225792.13   | 0.13%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH                                                 | IN INSFIN 5 11/15/2040    | CUSIP: 45506EQQ9<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3261513.60   | 0.33%             | 2040-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS REGIONAL AIRPORT AUTHORITY (OH)                            | OH COLAPT 5 01/01/2035    | CUSIP: 199546CR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1315357.68   | 0.13%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSN COMMN ST HWY FD                                        | TX TXSTRN 5 08/15/2041    | CUSIP: 88283KCG1<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1610419.95   | 0.17%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO (TX), CITY OF                                           | TX SANUTL 5 02/01/2037    | CUSIP: 79625GDQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2410000 | PA      | $2572240.00   | 0.26%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ECONOMIC DEV AUTH                                        | NJ NJSDEV 5.25 06/15/2036 | CUSIP: 64577XEY8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $3119344.80   | 0.32%             | 2036-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TPK AUTH                                              | NJ NJSTRN 5 01/01/2033    | CUSIP: 646140GR8<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2230000 | PA      | $2430538.99   | 0.25%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                         | IL ILS 5.25 05/01/2042    | CUSIP: 452153JZ3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2117237.80   | 0.22%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                               | NY NYSHGR 4 05/01/2039    | CUSIP: 65000BNC8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1938961.40   | 0.20%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FLA EDL FAC AUTH                                       | FL VOLEDU 5 10/15/2033    | CUSIP: 928836PS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2240661.60   | 0.23%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH EAST TEX REGL MOBILITY AUTH                                   | TX NET 5 01/01/2043       | CUSIP: 659231BX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1185000 | PA      | $1243739.74   | 0.13%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TPK COMMN                                           | PA PASTRN 5 06/01/2032    | CUSIP: 709225UU8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5554676.50   | 0.57%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS COUNTY-HOUSTON SPORTS AUTHORITY (TX)                         | TX HARGEN 5 11/15/2044    | CUSIP: 413890HZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2212863.59   | 0.23%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                                        | NY MTATRN 5 11/15/2037    | CUSIP: 59261A4U8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   7460000 | PA      | $8224369.50   | 0.84%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                        | NY NYC 5 08/01/2034       | CUSIP: 64966QPW4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3485677.65   | 0.36%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY N C                                                      | NC UNIGEN 2.12 06/01/2040 | CUSIP: 906400GA8<br>LEI: 5493007ESG9QHLUW6165 | Long             | DBT              | MUN               | US        |   3350000 | PA      | $2492715.91   | 0.26%             | 2040-06-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH BRDG & TUNL AUTH N Y                                     | NY TRBGEN 5 12/01/2043    | CUSIP: 896032AU3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1618285.50   | 0.17%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HEALTH CARE FACS AUTH                                 | WA WASMED 5 08/01/2038    | CUSIP: 93978HWH4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3270000 | PA      | $3371154.51   | 0.35%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCGEN 5 11/01/2039    | CUSIP: 64972JJW9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4356231.60   | 0.45%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                                                     | PA PHI 5 08/01/2033       | CUSIP: 717813C80<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1129712.60   | 0.12%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STAD AUTH                                                  | MD MSAFAC 5 06/15/2037    | CUSIP: 57430ABR7<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   3320000 | PA      | $3667937.99   | 0.38%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WISCONSIN ST                                                        | WI WIS 5 05/01/2032       | CUSIP: 97705MY58<br>LEI: 549300VTAT608CNZ5827 | Long             | DBT              | MUN               | US        |   1125000 | PA      | $1230210.68   | 0.13%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TENN                                                    | TN CHAPWR 2 09/01/2039    | CUSIP: 162393GB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8925000 | PA      | $6675155.66   | 0.68%             | 2039-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PRIVATE COLLEGES & UNIVERSITIES AUTHORITY (GA)                      | GA PRIHGR 5 09/01/2033    | CUSIP: 74265L3D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5646176.00   | 0.58%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| A.B. WON PAT INTERNATIONAL AIRPORT AUTHORITY                        | NY NYTTRN 4 10/31/2046    | CUSIP: 650110AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1340987.55   | 0.14%             | 2046-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVILLE ARPT AUTH TENN                               | TN MNVAPT 5 07/01/2037    | CUSIP: 592190SK9<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1919129.45   | 0.20%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HWY AUTH                                           | IL ILSTRN 5 12/01/2031    | CUSIP: 452252LH0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   9735000 | PA      | $9751505.69   | 1.00%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS PRIVATE ACTIVITY BD SURFACE TRANSPORTATION CORP               | TX TXSTRN 5.5 06/30/2042  | CUSIP: 882667CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045815.00   | 0.11%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                       | NY NYTTRN 5 12/01/2032    | CUSIP: 650116EM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1563391.02   | 0.16%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA HSG FIN CORP                                                | FL FLSHSG 4.5 07/01/2044  | CUSIP: 34074M4V0<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   4950000 | PA      | $4921403.36   | 0.50%             | 2044-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                                                         | IL ILS 5.25 04/01/2044    | CUSIP: 452153RF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6330111.00   | 0.65%             | 2044-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES WTR AUTH MICH                                           | MI GRTWTR 5 07/01/2034    | CUSIP: 39081HGT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   9000000 | PA      | $10167984.00  | 1.04%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA PUB SVC AUTH                                         | SC SCSUTL 5 12/01/2043    | CUSIP: 8371514T3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3963907.35   | 0.41%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SOUTHEAST ENERGY AUTH COOP DIST ALA                                 | AL SEEPWR 5 10/01/2030    | CUSIP: 84136HCT8<br>LEI: 25490090A3RLJHITY273 | Long             | DBT              | MUN               | US        |  13670000 | PA      | $14504802.29  | 1.49%             | 2030-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                       | NY NYTTRN 5 06/30/2049    | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $1997924.52   | 0.20%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN                                      | KY KYSFAC 5 04/01/2034    | CUSIP: 49151F5T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6310000 | PA      | $7113261.11   | 0.73%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERMOUNTAIN POWER AGENCY (UT)                                     | UT INTPWR 5 07/01/2033    | CUSIP: 45884AE74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3487516.52   | 0.36%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY N C                                                      | NC UNIGEN 1.75 06/01/2034 | CUSIP: 906400FU5<br>LEI: 5493007ESG9QHLUW6165 | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2769798.57   | 0.28%             | 2034-06-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| LAMAR CONSOLIDATED INDEPENDENT SCHOOL DISTRICT (TX)                 | TX LAMSCD 5 02/15/2034    | CUSIP: 513174G63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5965000 | PA      | $6590170.18   | 0.68%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCGEN 5 02/01/2043    | CUSIP: 64972JC22<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   4610000 | PA      | $4961480.23   | 0.51%             | 2043-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA SMALL BUSINESS FINANCING AUTHORITY (VA)                    | VA VASDEV 4 01/01/2038    | CUSIP: 928104NW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2896158.60   | 0.30%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                               | NY NYSHGR 5 03/15/2041    | CUSIP: 64990F6L3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5940000 | PA      | $6415837.36   | 0.66%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCGEN 5 05/01/2033    | CUSIP: 64972JWZ7<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   1360000 | PA      | $1525923.67   | 0.16%             | 2033-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO HSG FIN AGY                                                    | OH OHSHSG 4.35 09/01/2044 | CUSIP: 67756Q6T9<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   2865000 | PA      | $2836417.33   | 0.29%             | 2044-09-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                        | NY NYC 5 08/01/2035       | CUSIP: 64966SSZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5655479.50   | 0.58%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TWY AUTH                                                | NY NYSTRN 5 01/01/2044    | CUSIP: 650010DR9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1350000 | PA      | $1451947.28   | 0.15%             | 2044-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSN TR FD AUTH                                     | NJ NJSTRN 5 06/15/2037    | CUSIP: 64613CHF8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2240122.20   | 0.23%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN NASHVILLE ARPT AUTH TENN                               | TN MNVAPT 5 07/01/2038    | CUSIP: 592190SL7<br>LEI: 549300IC0HNF8TDXEE63 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1088804.60   | 0.11%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| METROPOLITAN TRANSN AUTH N Y                                        | NY MTATRN 5 11/15/2033    | CUSIP: 59261A5Y9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3490000 | PA      | $3954447.11   | 0.41%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PPTY & BLDGS COMMN                                      | KY KYSFAC 5 04/01/2035    | CUSIP: 49151F5U0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5595000 | PA      | $6342362.76   | 0.65%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK TRANSPORTATION DEVELOPMENT CORP (NY)                       | NY NYTTRN 5.25 06/30/2049 | CUSIP: 650116HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4997170.50   | 0.51%             | 2049-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCGEN 5 11/01/2037    | CUSIP: 64972JZD3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2811295.75   | 0.29%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                        | NY NYC 5 08/01/2033       | CUSIP: 64966QPV6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1615706.55   | 0.17%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH                                               | NY NYSHGR 5 03/15/2040    | CUSIP: 64990F6K5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1400000 | PA      | $1518905.78   | 0.16%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRAL TEX REGL MOBILITY AUTH                                      | TX CTXGEN 5 01/01/2039    | CUSIP: 155498PD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1439719.97   | 0.15%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CALIF DEPT WTR & PWR                                    | CA LOSUTL 5 07/01/2033    | CUSIP: 544532QB3<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2550000 | PA      | $2841970.41   | 0.29%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS TRANSN COMMN ST HWY FD                                        | TX TXSTRN 5 08/15/2039    | CUSIP: 88283KCE6<br>LEI: 5493006JSGNPGVJS7691 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1357552.88   | 0.14%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TEX                                                         | TX HOU 5 03/01/2040       | CUSIP: 442332DY5<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2159211.40   | 0.22%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y CITY TRANSITIONAL FIN AUTH                             | NY NYCGEN 5 11/01/2032    | CUSIP: 64972JYY8<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   3150000 | PA      | $3521264.36   | 0.36%             | 2032-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERMOUNTAIN POWER AGENCY (UT)                                     | UT INTPWR 5 07/01/2034    | CUSIP: 45884AE82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3304386.00   | 0.34%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY                                        | MA MASDEV 5 07/01/2037    | CUSIP: 57585BRL4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1120880.50   | 0.11%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROSPER TEX INDPT SCH DIST                                          | TX PSPSCD 1.75 02/15/2035 | CUSIP: 743600V62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5155000 | PA      | $4179983.82   | 0.43%             | 2035-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK N Y                                                        | NY NYC 5 09/01/2040       | CUSIP: 64966SGZ3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5389587.00   | 0.55%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-05-28

**Name of Applicant:** AMG Funds

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer