# EDGAR Filing Document

**Accession Number:** 0001089951
**File Stem:** 0000940400-25-011520
**Filing Date:** 2025-11
**Character Count:** 136802
**Document Hash:** 882c66b34071c16975e92b58e06baa8c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-011520.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0000940400-25-011520

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251128

**PERIOD START**: 20251231

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 061555943
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09521
- **FILM NUMBER:** 251534540

**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)*

September 30, 2025

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| **Municipal Bonds - 98.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Alabama - 1.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Alabama Public School and College Authority, Series A<br> 5.000%, 11/01/34 | $5000000 | &nbsp;&nbsp;&nbsp;$5475167 |
| &nbsp;&nbsp;&nbsp;County of Jefferson Sewer Revenue<br> 5.250%, 10/01/49 | &nbsp;&nbsp;&nbsp;5810000 | &nbsp;&nbsp;&nbsp;5992900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Alabama |  | &nbsp;&nbsp;&nbsp;11468067 |
| &nbsp;&nbsp;&nbsp;**Arizona - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Maricopa County Industrial Development Authority, Series D, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/40 | &nbsp;&nbsp;&nbsp;2150000 | &nbsp;&nbsp;&nbsp;&nbsp;2270557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/41 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1045596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Arizona |  | &nbsp;&nbsp;&nbsp;&nbsp;3316153 |
| &nbsp;&nbsp;&nbsp;**California - 4.0%** |  |  |
| &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;919065 |
| &nbsp;&nbsp;&nbsp;Los Angeles Department of Water & Power, Series A, (BAM)<br> 5.000%, 07/01/43 | &nbsp;&nbsp;&nbsp;1250000 | &nbsp;&nbsp;&nbsp;&nbsp;1324391 |
| &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;2405000 | &nbsp;&nbsp;&nbsp;&nbsp;2693315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/32 | &nbsp;&nbsp;&nbsp;3680000 | &nbsp;&nbsp;&nbsp;&nbsp;4166450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/33 | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3420599 |
| &nbsp;&nbsp;&nbsp;San Francisco City & County Airport Commission, San Francisco International Airport, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/32 | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3276016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/34 | &nbsp;&nbsp;&nbsp;5010000 | &nbsp;&nbsp;&nbsp;&nbsp;5247521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/35 | &nbsp;&nbsp;&nbsp;5800000 | &nbsp;&nbsp;&nbsp;&nbsp;6048933 |
| &nbsp;&nbsp;&nbsp;State of California, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/32 | &nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;5179606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/34 | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;5849506 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total California |  | &nbsp;&nbsp;38125402 |
| &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;4509501 |
| &nbsp;&nbsp;&nbsp;**Connecticut - 2.2%** |  |  |
| &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;6765618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/33 | &nbsp;&nbsp;&nbsp;2750000 | &nbsp;&nbsp;&nbsp;&nbsp;2995530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/34 | &nbsp;&nbsp;&nbsp;3100000 | &nbsp;&nbsp;&nbsp;&nbsp;3353196 |
| &nbsp;&nbsp;&nbsp;State of Connecticut Special Tax Obligation, Transportation Infrastructure, Series B<br> 5.000%, 10/01/35 | &nbsp;&nbsp;&nbsp;7500000 | &nbsp;&nbsp;&nbsp;&nbsp;7894090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Connecticut |  | &nbsp;&nbsp;21008434 |
| &nbsp;&nbsp;&nbsp;**District of Columbia - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;District of Columbia, Series B<br> 5.000%, 06/01/31 | &nbsp;&nbsp;&nbsp;2480000 | &nbsp;&nbsp;&nbsp;&nbsp;2638528 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Florida - 5.6%** |  |  |
| &nbsp;&nbsp;&nbsp;County of Miami-Dade Aviation Revenue, Series A<br> 5.000%, 10/01/35 | $5000000 | &nbsp;&nbsp;$5526989 |
| &nbsp;&nbsp;&nbsp;Escambia County Health Facilities Authority<br> 5.000%, 08/15/37 | &nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6164354 |
| &nbsp;&nbsp;&nbsp;Florida Development Finance Corp.<br> 4.000%, 11/15/33 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;10193625 |
| &nbsp;&nbsp;&nbsp;Florida Housing Finance Corp., Series 3, (GNMA FNMA FHLMC)<br> 4.500%, 07/01/44 | &nbsp;&nbsp;&nbsp;4975000 | &nbsp;&nbsp;&nbsp;&nbsp;4952911 |
| &nbsp;&nbsp;&nbsp;Lee County Industrial Development Authority, Series 1<br> 5.000%, 04/01/34 | &nbsp;&nbsp;&nbsp;3145000 | &nbsp;&nbsp;&nbsp;&nbsp;3303143 |
| &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;5735187 |
| &nbsp;&nbsp;&nbsp;Orange County Health Facilities<br> Authority, Series A<br> 5.000%, 10/01/31 | &nbsp;&nbsp;&nbsp;4525000 | &nbsp;&nbsp;&nbsp;&nbsp;4613062 |
| &nbsp;&nbsp;&nbsp;State Board of Administration Finance Corp., Series A<br> 5.526%, 07/01/34 | &nbsp;&nbsp;10000000 | &nbsp;&nbsp;&nbsp;&nbsp;10418724 |
| &nbsp;&nbsp;&nbsp;Volusia County Educational Facility Authority<br> 5.000%, 10/15/33 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2285093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Florida |  | &nbsp;&nbsp;&nbsp;53193088 |
| &nbsp;&nbsp;&nbsp;**Georgia - 1.4%** |  |  |
| &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;7411942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/33 | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5739327 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Georgia |  | &nbsp;&nbsp;&nbsp;&nbsp;13151269 |
| &nbsp;&nbsp;&nbsp;**Illinois - 10.7%** |  |  |
| &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;10392845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/38 | &nbsp;&nbsp;&nbsp;5500000 | &nbsp;&nbsp;&nbsp;&nbsp;5634022 |
| &nbsp;&nbsp;&nbsp;Chicago O'Hare International Airport, Series A<br> 5.250%, 01/01/41 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2131420 |
| &nbsp;&nbsp;&nbsp;Chicago Transit Authority Sales Tax Receipts Fund, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/43 | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3111126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/44 | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5161024 |
| &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;5797297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/34 | &nbsp;&nbsp;&nbsp;4640000 | &nbsp;&nbsp;&nbsp;&nbsp;5291894 |
| &nbsp;&nbsp;&nbsp;Illinois Finance Authority, Series B<br> 5.000%, 04/01/35 | &nbsp;&nbsp;&nbsp;2970000 | &nbsp;&nbsp;&nbsp;&nbsp;3354097 |
| &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;9781603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/36 | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3381316 |

---

------

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Illinois - 10.7% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Metropolitan Water Reclamation District of Greater Chicago, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/39 | $5000000 | &nbsp;&nbsp;&nbsp;$5492810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/40 | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2727276 |
| &nbsp;&nbsp;&nbsp;State of Illinois<br> 5.000%, 02/01/33 | &nbsp;&nbsp;&nbsp;7255000 | &nbsp;&nbsp;&nbsp;&nbsp;8128435 |
| &nbsp;&nbsp;&nbsp;State of Illinois Sales Tax Revenue, Series B<br> 5.000%, 06/15/37 | &nbsp;&nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6649694 |
| &nbsp;&nbsp;&nbsp;State of Illinois, Series A<br> 5.250%, 03/01/37 | &nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;9218851 |
| &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;10974748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/42 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2119571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 05/01/45 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2082968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Illinois |  | &nbsp;&nbsp;101430997 |
| &nbsp;&nbsp;&nbsp;**Indiana - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Indiana Finance Authority, Series A<br> 5.000%, 02/01/32 | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5583238 |
| &nbsp;&nbsp;&nbsp;**Kentucky - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Kentucky State Property & Building Commission, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/32 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2277908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 10/01/37 | &nbsp;&nbsp;&nbsp;5650000 | &nbsp;&nbsp;&nbsp;&nbsp;6265278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/40 | &nbsp;&nbsp;&nbsp;7750000 | &nbsp;&nbsp;&nbsp;&nbsp;8426039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/41 | &nbsp;&nbsp;&nbsp;8500000 | &nbsp;&nbsp;&nbsp;&nbsp;9162395 |
| &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;7246196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 04/01/35 | &nbsp;&nbsp;&nbsp;5595000 | &nbsp;&nbsp;&nbsp;&nbsp;6410360 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Kentucky |  | &nbsp;&nbsp;&nbsp;&nbsp;39788176 |
| &nbsp;&nbsp;&nbsp;**Louisiana - 1.6%** |  |  |
| &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;2932965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/42 | &nbsp;&nbsp;11500000 | &nbsp;&nbsp;&nbsp;12029980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Louisiana |  | &nbsp;&nbsp;&nbsp;14962945 |
| &nbsp;&nbsp;&nbsp;**Maryland - 1.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Maryland Stadium Authority<br> 5.000%, 06/01/40 | &nbsp;&nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2713338 |
| &nbsp;&nbsp;&nbsp;Maryland Stadium Authority Sports Entertainment Facilities Revenue<br> 5.000%, 06/15/37 | &nbsp;&nbsp;&nbsp;3320000 | &nbsp;&nbsp;&nbsp;&nbsp;3698966 |
| &nbsp;&nbsp;&nbsp;Maryland State Transportation Authority<br> 5.000%, 07/01/33 | &nbsp;&nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5486584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Maryland |  | &nbsp;&nbsp;&nbsp;&nbsp;11898888 |
| &nbsp;&nbsp;&nbsp;**Massachusetts - 1.8%** |  |  |
| &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;4237146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 07/01/45 | &nbsp;&nbsp;&nbsp;1490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536112 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Massachusetts Development Finance Agency, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/40 | &nbsp;&nbsp;$1870000 | &nbsp;&nbsp;&nbsp;&nbsp;$1977872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/41 | &nbsp;&nbsp;2095000 | &nbsp;&nbsp;&nbsp;&nbsp;2193215 |
| &nbsp;&nbsp;&nbsp;Massachusetts School Building Authority,<br> Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/33 | &nbsp;&nbsp;&nbsp;3875000 | &nbsp;&nbsp;&nbsp;&nbsp;4479187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/15/37 | &nbsp;&nbsp;2450000 | &nbsp;&nbsp;&nbsp;&nbsp;2783349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Massachusetts |  | &nbsp;&nbsp;&nbsp;17206881 |
| &nbsp;&nbsp;&nbsp;**Michigan - 3.5%** |  |  |
| &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 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;11511382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/35 | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;&nbsp;9109986 |
| &nbsp;&nbsp;&nbsp;Great Lakes Water Authority Water Supply System Revenue, Series A<br> 5.000%, 07/01/35 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2875981 |
| &nbsp;&nbsp;&nbsp;Michigan Finance Authority,<br> Henry Ford Health System<br> 5.000%, 11/15/29 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3585652 |
| &nbsp;&nbsp;&nbsp;Michigan State Building Authority, Series I<br> 5.000%, 04/15/33 | &nbsp;&nbsp;2925000 | &nbsp;&nbsp;&nbsp;&nbsp;3369837 |
| &nbsp;&nbsp;&nbsp;Michigan State Housing Development Authority, Series A<br> 4.850%, 12/01/45 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3036896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Michigan |  | &nbsp;&nbsp;33489734 |
| &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;3305892 |
| &nbsp;&nbsp;&nbsp;**New Jersey - 6.3%** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Series A<br> 5.250%, 11/01/40 | &nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;7556516 |
| &nbsp;&nbsp;&nbsp;New Jersey Economic Development Authority, Series SSS, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/36 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3412993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/37 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2255105 |
| &nbsp;&nbsp;&nbsp;New Jersey State Turnpike Authority, Series D<br> 5.000%, 01/01/28 | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4625467 |
| &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/41 | &nbsp;&nbsp;2700000 | &nbsp;&nbsp;&nbsp;&nbsp;2915649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/15/42 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2677166 |
| &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/30 | &nbsp;&nbsp;&nbsp;1950000 | &nbsp;&nbsp;&nbsp;&nbsp;2158366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/31 | &nbsp;&nbsp;6565000 | &nbsp;&nbsp;&nbsp;&nbsp;7370607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/32 | &nbsp;&nbsp;5750000 | &nbsp;&nbsp;&nbsp;&nbsp;6412374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/15/33 | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6641366 |
| &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series BB<br> 4.000%, 06/15/37 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3007335 |

---

------

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**New Jersey - 6.3% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;New Jersey Transportation Trust Fund Authority, Series CC<br> 5.000%, 06/15/40 | $2000000 | &nbsp;&nbsp;&nbsp;$2162444 |
| &nbsp;&nbsp;&nbsp;New Jersey Turnpike Authority, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/33 | &nbsp;&nbsp;&nbsp;2890000 | &nbsp;&nbsp;&nbsp;&nbsp;3303722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/34 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1150682 |
| &nbsp;&nbsp;&nbsp;South Jersey Transportation Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/39 | &nbsp;&nbsp;&nbsp;&nbsp;1150000 | &nbsp;&nbsp;&nbsp;&nbsp;1221220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/41 | &nbsp;&nbsp;&nbsp;2615000 | &nbsp;&nbsp;&nbsp;&nbsp;2747625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total New Jersey |  | &nbsp;&nbsp;59618637 |
| &nbsp;&nbsp;&nbsp;**New York - 21.7%** |  |  |
| &nbsp;&nbsp;&nbsp;City of New York<br> 5.000%, 08/01/34 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5683424 |
| &nbsp;&nbsp;&nbsp;City of New York, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/31 | &nbsp;&nbsp;&nbsp;1805000 | &nbsp;&nbsp;&nbsp;&nbsp;2035407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 09/01/40 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5426114 |
| &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;1632194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/34 | &nbsp;&nbsp;&nbsp;3250000 | &nbsp;&nbsp;&nbsp;&nbsp;3519541 |
| &nbsp;&nbsp;&nbsp;City of New York, Series D<br> 5.000%, 04/01/32 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;5666678 |
| &nbsp;&nbsp;&nbsp;City of New York, Series F, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/32 | &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4547065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/36 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;5653080 |
| &nbsp;&nbsp;&nbsp;City of New York, Series L-5<br> 5.000%, 04/01/33 | &nbsp;&nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;7181527 |
| &nbsp;&nbsp;&nbsp;Long Island Power Authority<br> 5.000%, 09/01/35 | &nbsp;&nbsp;&nbsp;5030000 | &nbsp;&nbsp;&nbsp;&nbsp;5282803 |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series A<br> 5.000%, 11/15/37 | &nbsp;&nbsp;&nbsp;7460000 | &nbsp;&nbsp;&nbsp;&nbsp;8228018 |
| &nbsp;&nbsp;&nbsp;Metropolitan Transportation Authority, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/31 | &nbsp;&nbsp;15000000 | &nbsp;&nbsp;&nbsp;16749055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/15/33 | &nbsp;&nbsp;&nbsp;3490000 | &nbsp;&nbsp;&nbsp;3968540 |
| &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<sup>1</sup> | &nbsp;&nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;5120844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/15/37<sup>1</sup> | &nbsp;&nbsp;8000000 | &nbsp;&nbsp;&nbsp;8995583 |
| &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;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2699155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/01/41 | &nbsp;&nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3209327 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series E-1<br> 5.000%, 02/01/37 | &nbsp;&nbsp;&nbsp;7000000 | &nbsp;&nbsp;&nbsp;&nbsp;7497603 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Future Tax Secured Subordinate, Series F-1<br> 5.000%, 02/01/39 | &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;4294603 |
| &nbsp;&nbsp;&nbsp;New York City Transitional Finance Authority, Series 1, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/37 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2231373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 11/01/39 | &nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4406160 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority<br> 4.000%, 05/01/39 | &nbsp;&nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1949905 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/31 | $5320000 | &nbsp;&nbsp;&nbsp;&nbsp;$5680456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/33 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1129133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/38 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5625938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/40 | &nbsp;&nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;5702359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/41 | &nbsp;&nbsp;9340000 | &nbsp;&nbsp;&nbsp;&nbsp;10058710 |
| &nbsp;&nbsp;&nbsp;New York State Dormitory Authority, Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/34 | &nbsp;&nbsp;4585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5272973 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/15/35 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;4045105 |
| &nbsp;&nbsp;&nbsp;New York State Urban Development Corp.<br> 5.000%, 03/15/32 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5508387 |
| &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;1138573 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 10/31/46 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/30 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/31 | &nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1207630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/32 | &nbsp;&nbsp;&nbsp;1450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1582822 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/33 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/36 | 10000000 | &nbsp;&nbsp;&nbsp;&nbsp;10552543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/30/49 | &nbsp;&nbsp;&nbsp;2010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2013917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/49 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5044208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/44 | &nbsp;&nbsp;&nbsp;&nbsp;800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866083 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/50 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.000%, 06/30/54 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126172 |
| &nbsp;&nbsp;&nbsp;New York Transportation Development Corp., Series A<br> 5.500%, 12/31/54 | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4619829 |
| &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;5375759 |
| &nbsp;&nbsp;&nbsp;Triborough Bridge & Tunnel Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/41 | &nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1297719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/42 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/43 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total New York |  | &nbsp;&nbsp;205190340 |
| &nbsp;&nbsp;&nbsp;**North Carolina - 2.4%** |  |  |
| &nbsp;&nbsp;&nbsp;County of Union Enterprise System Revenue, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 06/01/34 | &nbsp;&nbsp;3300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2759728 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 06/01/35 | &nbsp;&nbsp;&nbsp;4225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3432147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.850%, 06/01/36 | &nbsp;&nbsp;&nbsp;4315000 | &nbsp;&nbsp;&nbsp;&nbsp;3437606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.125%, 06/01/40 | &nbsp;&nbsp;&nbsp;3350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493041 |
| &nbsp;&nbsp;&nbsp;Nash Health Care Systems<br> 5.000%, 02/01/32 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105498 |
| &nbsp;&nbsp;&nbsp;North Carolina Turnpike Authority, Series A, (AG)<br> 5.000%, 01/01/58 | &nbsp;&nbsp;9000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9217328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total North Carolina |  | &nbsp;&nbsp;&nbsp;&nbsp;22445348 |
| &nbsp;&nbsp;&nbsp;**North Dakota - 0.3%** |  |  |
| &nbsp;&nbsp;&nbsp;North Dakota Housing Finance Agency, Series A<br> 4.940%, 07/01/45 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3059376 |
| &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;&nbsp;&nbsp;1429052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/35 | &nbsp;&nbsp;&nbsp;1200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315086 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/36 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2727746 |

---

------

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Ohio - 0.9% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Ohio Housing Finance Agency, Series A, (GNMA FNMA FHLMC)<br> 4.350%, 09/01/44 | $2940000 | &nbsp;&nbsp;$2926568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Ohio |  | &nbsp;&nbsp;&nbsp;&nbsp;8398452 |
| &nbsp;&nbsp;&nbsp;**Oklahoma - 1.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Oklahoma Turnpike Authority, Series B, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/39<sup>1</sup> | &nbsp;&nbsp;&nbsp;2650000 | &nbsp;&nbsp;&nbsp;&nbsp;2950682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/40<sup>1</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2115000 | &nbsp;&nbsp;&nbsp;&nbsp;2335436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/41<sup>1</sup> | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;1908633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 01/01/42<sup>1</sup> | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2162690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Oklahoma |  | &nbsp;&nbsp;&nbsp;&nbsp;9357441 |
| &nbsp;&nbsp;&nbsp;**Pennsylvania - 4.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Allegheny County Airport Authority, Series A<br> 5.000%, 01/01/32 | &nbsp;&nbsp;&nbsp;2215000 | &nbsp;&nbsp;&nbsp;&nbsp;2394340 |
| &nbsp;&nbsp;&nbsp;City of Philadelphia, Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/33 | &nbsp;&nbsp;&nbsp;&nbsp;1190000 | &nbsp;&nbsp;&nbsp;&nbsp;1362266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/34 | &nbsp;&nbsp;&nbsp;1605000 | &nbsp;&nbsp;&nbsp;&nbsp;1853796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/01/35 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2300457 |
| &nbsp;&nbsp;&nbsp;Commonwealth Financing Authority, Pennsylvania Tobacco<br> 5.000%, 06/01/32 | &nbsp;&nbsp;&nbsp;7910000 | &nbsp;&nbsp;&nbsp;&nbsp;8311265 |
| &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;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2481302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/39 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;1960115 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.250%, 06/30/35 | &nbsp;&nbsp;&nbsp;3190000 | &nbsp;&nbsp;&nbsp;&nbsp;3461337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.750%, 06/30/48 | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6205851 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Economic Development Financing Authority, Series B<br> 5.000%, 03/15/39 | &nbsp;&nbsp;&nbsp;1020000 | &nbsp;&nbsp;&nbsp;&nbsp;1093849 |
| &nbsp;&nbsp;&nbsp;Pennsylvania Housing Finance Agency,<br> Series 146A<br> 4.500%, 10/01/44 | &nbsp;&nbsp;6500000 | &nbsp;&nbsp;&nbsp;&nbsp;6433866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Pennsylvania |  | &nbsp;&nbsp;37858444 |
| &nbsp;&nbsp;&nbsp;**Rhode Island - 0.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Rhode Island Health and Educational Building Corp.<br> 5.250%, 05/15/49 | &nbsp;&nbsp;&nbsp;5175000 | &nbsp;&nbsp;&nbsp;&nbsp;5232069 |
| &nbsp;&nbsp;&nbsp;**South Carolina - 2.0%** |  |  |
| &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;4799923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.000%, 03/01/39 | 10080000 | &nbsp;&nbsp;&nbsp;&nbsp;7554472 |
| &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;2390230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 12/01/43 | &nbsp;&nbsp;&nbsp;3725000 | &nbsp;&nbsp;&nbsp;&nbsp;3889634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total South Carolina |  | &nbsp;&nbsp;&nbsp;18634259 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Tennessee - 0.7%** |  |  |
| &nbsp;&nbsp;&nbsp;City of Chattanooga Electric System Revenue<br> 2.000%, 09/01/39 | $8925000 | &nbsp;&nbsp;$6586547 |
| &nbsp;&nbsp;&nbsp;**Texas - 13.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Central Texas Turnpike System, Series C, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/39 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2701164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/40 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1608287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/41 | &nbsp;&nbsp;&nbsp;1500000 | &nbsp;&nbsp;&nbsp;&nbsp;1596432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 08/15/42 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;1056971 |
| &nbsp;&nbsp;&nbsp;City of Austin Electric Utility Revenue<br> 5.000%, 11/15/35 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5613880 |
| &nbsp;&nbsp;&nbsp;City of Corpus Christi Utility System, Junior Lien Revenue Improvement<br> 5.000%, 07/15/29 | &nbsp;&nbsp;&nbsp;3125000 | &nbsp;&nbsp;&nbsp;&nbsp;3318458 |
| &nbsp;&nbsp;&nbsp;City of Houston Airport System, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/35 | &nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;1108255 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 07/01/36 | &nbsp;&nbsp;&nbsp;1100000 | &nbsp;&nbsp;&nbsp;&nbsp;1092579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/34 | &nbsp;&nbsp;&nbsp;2835000 | &nbsp;&nbsp;&nbsp;&nbsp;3051918 |
| &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;2158235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/41 | &nbsp;&nbsp;2500000 | &nbsp;&nbsp;&nbsp;&nbsp;2682538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 03/01/42 | &nbsp;&nbsp;&nbsp;2245000 | &nbsp;&nbsp;&nbsp;&nbsp;2389076 |
| &nbsp;&nbsp;&nbsp;City of San Antonio Electric & Gas Systems, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/31 | &nbsp;&nbsp;&nbsp;8715000 | &nbsp;&nbsp;&nbsp;&nbsp;9726934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/34 | &nbsp;&nbsp;5460000 | &nbsp;&nbsp;&nbsp;&nbsp;6148063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/35 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;3339354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/37 | &nbsp;&nbsp;&nbsp;3010000 | &nbsp;&nbsp;&nbsp;&nbsp;3218645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 02/01/38 | &nbsp;&nbsp;&nbsp;2985000 | &nbsp;&nbsp;&nbsp;&nbsp;3167880 |
| &nbsp;&nbsp;&nbsp;City of San Antonio Electric & Gas Systems, Series D<br> 5.000%, 02/01/39 | &nbsp;&nbsp;&nbsp;6455000 | &nbsp;&nbsp;&nbsp;&nbsp;7026870 |
| &nbsp;&nbsp;&nbsp;County of Harris Toll Road First Lien, Series A<br> 5.000%, 08/15/34 | &nbsp;&nbsp;5000000 | &nbsp;&nbsp;&nbsp;&nbsp;5675924 |
| &nbsp;&nbsp;&nbsp;County of Harris Toll Road Revenue, Series A<br> 5.000%, 08/15/36 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4510601 |
| &nbsp;&nbsp;&nbsp;Harris County-Houston Sports Authority, Series B, (AG)<br> 5.000%, 11/15/44 | &nbsp;&nbsp;&nbsp;&nbsp;2115000 | &nbsp;&nbsp;&nbsp;&nbsp;2191439 |
| &nbsp;&nbsp;&nbsp;Lamar Consolidated Independent School District<br> 5.000%, 02/15/34 | &nbsp;&nbsp;&nbsp;7965000 | &nbsp;&nbsp;&nbsp;&nbsp;8975387 |
| &nbsp;&nbsp;&nbsp;Lower Colorado River Authority<br> 5.000%, 05/15/31 | &nbsp;&nbsp;6000000 | &nbsp;&nbsp;&nbsp;&nbsp;6720543 |
| &nbsp;&nbsp;&nbsp;Lower Colorado River Authority, Series A, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/31 | &nbsp;&nbsp;&nbsp;2300000 | &nbsp;&nbsp;&nbsp;&nbsp;2576208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 05/15/32 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;2261021 |
| &nbsp;&nbsp;&nbsp;North Texas Tollway Authority, Series A<br> 5.250%, 01/01/38 | &nbsp;&nbsp;4500000 | &nbsp;&nbsp;&nbsp;&nbsp;4914583 |
| &nbsp;&nbsp;&nbsp;North Texas Tollway Authority, Series B<br> 5.000%, 01/01/33 | &nbsp;&nbsp;&nbsp;7735000 | &nbsp;&nbsp;&nbsp;&nbsp;8798807 |
| &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;&nbsp;3565000 | &nbsp;&nbsp;&nbsp;&nbsp;2992013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.750%, 02/15/35 | &nbsp;&nbsp;&nbsp;5155000 | &nbsp;&nbsp;&nbsp;&nbsp;4209145 |

---

------

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Texas - 13.3% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Texas Private Activity Bond Surface Transportation Corp., |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/41 | $1000000 | &nbsp;&nbsp;&nbsp;&nbsp;$1042253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/42 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1035823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.500%, 06/30/43 | &nbsp;&nbsp;&nbsp;1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031375 |
| &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;&nbsp;&nbsp;4897517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 12/31/38 | &nbsp;&nbsp;&nbsp;3735000 | &nbsp;&nbsp;&nbsp;&nbsp;3605667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Texas |  | &nbsp;&nbsp;126443845 |
| &nbsp;&nbsp;&nbsp;**Utah - 2.5%** |  |  |
| &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;&nbsp;1723411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/37 | &nbsp;&nbsp;&nbsp;1700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1799306 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/33 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3914381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 07/01/34 | &nbsp;&nbsp;3500000 | &nbsp;&nbsp;&nbsp;&nbsp;3887472 |
| &nbsp;&nbsp;&nbsp;Intermountain Power Agency, Series A<br> 5.000%, 07/01/34 | &nbsp;&nbsp;5250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5751216 |
| &nbsp;&nbsp;&nbsp;Salt Lake City Corp. Airport Revenue, Series A<br> 5.000%, 07/01/30 | &nbsp;&nbsp;6585000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6911322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Utah |  | &nbsp;&nbsp;&nbsp;&nbsp;23987108 |
| &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;2959365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.000%, 01/01/38 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;2918959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp;5878324 |
| &nbsp;&nbsp;&nbsp;**Washington - 0.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Port of Seattle, Series C<br> 5.000%, 08/01/31 | &nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;4423676 |
| &nbsp;&nbsp;&nbsp;Washington Health Care Facilities Authority, Series A<br> 5.000%, 08/01/38 | &nbsp;&nbsp;&nbsp;3270000 | &nbsp;&nbsp;&nbsp;&nbsp;3383376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Washington |  | &nbsp;&nbsp;&nbsp;&nbsp;7807052 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**West Virginia - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;West Virginia Hospital Finance Authority,<br> Series B<br> 6.000%, 09/01/48 | $5250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5691131 |
| &nbsp;&nbsp;&nbsp;West Virginia Parkways Authority, |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/37 | &nbsp;&nbsp;&nbsp;1750000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/38 | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.000%, 06/01/39 | &nbsp;&nbsp;&nbsp;5150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5503164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total West Virginia |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15236808 |
| &nbsp;&nbsp;&nbsp;**Wisconsin - 0.7%** |  |  |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;3084501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.500%, 06/30/60 | &nbsp;&nbsp;3000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3289256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Wisconsin |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6373757 |
| **Total Municipal Bonds<br> (Cost $949,929,855)** |  | &nbsp;&nbsp;&nbsp;&nbsp;937185000 |
| **Short-Term Investments - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 3.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 09/30/25, due 10/01/25, 3.850% total to be received $29,386,142 (collateralized by a U.S. Treasury Note, 4.375%, 01/31/32, totaling $29,970,739) | 29383000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29383000 |
| **Total Short-Term Investments<br> (Cost $29,383,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29383000 |
| **Total Investments - 102.0%<br> (Cost $979,312,855)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 966568000 |
| **Other Assets, less Liabilities - (2.0)%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19061818) |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$947506182** |

---

------

<sup>1</sup> All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at September 30, 2025, amounted to $24,202,531, or 2.6% 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 |

---

------

AMG GW&K Municipal Bond Fund

Schedule of Portfolio Investments *(continued)*

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of September 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2** | &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; $937185000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $937185000 |
| &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; 29383000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29383000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;— | &nbsp;&nbsp;$966568000 | &nbsp;&nbsp;— | &nbsp;&nbsp;$966568000 |

---

<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 September 30, 2025, there were no transfers in or out of Level 3.

For additional information about significant accounting policies, including valuation of investments, refer to the Fund's most recent semi or annual report.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AMG Funds

- **b. Investment Company Act file number:** 811-09521

- **c. CIK number of Registrant:** 0001089951

- **d. LEI of Registrant:** 54930020IDQ6ZIPGNH13

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 680 Washington Blvd.

  - **City:** Stamford

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06901

  - **Telephone number:** 800-548-4539

**Item A.2. Information about the Series.**

- **a. Name of Series:** AMG GW&K 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:** 2025-12-31

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

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $981360226.09

**Total Liabilities:** $34309479.57

**Net Assets:** $947050746.52

**Delayed Delivery Securities:** $22839078.80

**Cash Not Reported:** $709.68

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 251.55459000 | **1-Year:** 9807.50188000 | **5-Year:** 277268.13730000 | **10-Year:** 389036.18330000 | **30-Year:** 4204.75094000

**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 | -0.19%               | 0.98%                | 2.40%                |
| Class ID C000077269 | -0.31%               | 0.96%                | 2.38%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-161479.03              | $-4313132.33                               |
| Month 2  | $-98890.88               | $6549982.47                                |
| Month 3  | $60652.21                | $19451572.12                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| TEXAS ST PRIV ACTIVITY BOND SU    | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667CL0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1035823.30   | 0.11%             | 2042-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| RHODE ISLAND ST HLTH & EDUCTNL    | Rhode Island Health and Educational Building Corp                            | CUSIP: 762244MH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5175000 | PA      | $5232068.87   | 0.55%             | 2049-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL     | New York City Transitional Finance Authority Building Aid Revenue            | CUSIP: 64972LBE2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $8995583.20   | 0.95%             | 2037-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC    | Downtown Revitalization Public Infrastructure District                       | CUSIP: 26118TAL4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1620000 | PA      | $1723411.24   | 0.18%             | 2036-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C    | Kentucky State Property & Building Commission                                | CUSIP: 49151F5U0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5595000 | PA      | $6410360.47   | 0.68%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA DEV FIN CORP HLTHCAREF    | Florida Development Finance Corp                                             | CUSIP: 34061QAZ0<br>LEI: 549300HC854CNBLMWC48 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10193625.00  | 1.08%             | 2033-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST TURNPIKE AUT    | North Carolina Turnpike Authority                                            | CUSIP: 65830RDA4<br>LEI: 549300FCT1PN0GJGQ240 | Long             | DBT              | MUN               | US        |   9000000 | PA      | $9217327.50   | 0.97%             | 2058-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                       | State of Illinois                                                            | CUSIP: 452153JZ3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2119571.20   | 0.22%             | 2042-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NATIONAL FIN AUTH NH REVENUE      | New Hampshire Business Finance Authority                                     | CUSIP: 63607YCQ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3305891.70   | 0.35%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA    | Chicago O'Hare International Airport                                         | CUSIP: 167593K84<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10050000 | PA      | $10392844.70  | 1.10%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE    | City of San Antonio TX Electric & Gas Systems Revenue                        | CUSIP: 79625GGD9<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   8715000 | PA      | $9726934.38   | 1.03%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES    | New York State Dormitory Authority                                           | CUSIP: 64985SFT5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1941164.21   | 0.20%             | 2037-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST     | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461368B0<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2200000 | PA      | $2435079.68   | 0.26%             | 2030-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL     | Connecticut State Health & Educational Facilities Authority                  | CUSIP: 20775DPE6<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   3100000 | PA      | $3353196.22   | 0.35%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST BLDG AUTH REVENUE     | Michigan State Building Authority                                            | CUSIP: 594615ND4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2925000 | PA      | $3369836.63   | 0.36%             | 2033-04-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH SF MT    | Michigan State Housing Development Authority                                 | CUSIP: 594654C60<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3036895.80   | 0.32%             | 2045-12-01      | Fixed         | 4.85%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO    | New York State Dormitory Authority                                           | CUSIP: 64990F6L3<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   9340000 | PA      | $10058710.20  | 1.06%             | 2041-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU    | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667CK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1042252.90   | 0.11%             | 2041-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE      | Illinois Finance Authority                                                   | CUSIP: 45204FWF8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   4640000 | PA      | $5291894.02   | 0.56%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY NC ENTERPRISE SYS R    | County of Union NC Enterprise System Revenue                                 | CUSIP: 906400FU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3300000 | PA      | $2759727.96   | 0.29%             | 2034-06-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE    | New Jersey Economic Development Authority                                    | CUSIP: 64577XEY8<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3412992.90   | 0.36%             | 2036-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                       | City of New York NY                                                          | CUSIP: 64966QPV6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1632194.10   | 0.17%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH SPORTS E    | Maryland Stadium Authority Sports Entertainment Facilities Revenue           | CUSIP: 57430ABR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3320000 | PA      | $3698965.38   | 0.39%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                       | State of Illinois                                                            | CUSIP: 452153CY3<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   8500000 | PA      | $9218850.95   | 0.97%             | 2037-03-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE    | City of San Antonio TX Electric & Gas Systems Revenue                        | CUSIP: 79625GDR1<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   2985000 | PA      | $3167879.61   | 0.33%             | 2038-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION | FIXED INCOME CLEARING CORPORATION                                            | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |  29383000 | PA      | $29383000.00  | 3.10%             |  |  |  | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE         | North Texas Tollway Authority                                                | CUSIP: 66285WS64<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   7735000 | PA      | $8798806.93   | 0.93%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT AUTH OF NEW YORK & NEW JE    | Port Authority of New York & New Jersey                                      | CUSIP: 73358W5H3<br>LEI: 54930006MR4KZ4W74Z83 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5375758.50   | 0.57%             | 2032-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650116HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4619828.70   | 0.49%             | 2054-12-31      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV    | Columbus Regional Airport Authority                                          | CUSIP: 199546CS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2727745.75   | 0.29%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C    | Kentucky State Property & Building Commission                                | CUSIP: 49151F4B3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5650000 | PA      | $6265278.22   | 0.66%             | 2037-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA ARPT AUTH AR    | Allegheny County Airport Authority                                           | CUSIP: 01728LEW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2215000 | PA      | $2394339.69   | 0.25%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                                     | CUSIP: 57584Y4S5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   4250000 | PA      | $4237146.30   | 0.45%             | 2048-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH T    | Lower Colorado River Authority                                               | CUSIP: 54811BF71<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6720543.00   | 0.71%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH SEWAGE    | Great Lakes Water Authority Sewage Disposal System Revenue                   | CUSIP: 39081HGU0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8000000 | PA      | $9109986.40   | 0.96%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALABAMA ST PUBLIC SCH & CLG AU    | Alabama Public School and College Authority                                  | CUSIP: 010609FN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5475167.50   | 0.58%             | 2034-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST SALES TAX REVENUE     | State of Illinois Sales Tax Revenue                                          | CUSIP: 452227VH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6649693.80   | 0.70%             | 2037-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL ROAD REVEN    | County of Harris TX Toll Road Revenue                                        | CUSIP: 41423PDA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5675924.00   | 0.60%             | 2034-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES     | Chicago Transit Authority Sales Tax Receipts Fund                            | CUSIP: 16772PEM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3111126.00   | 0.33%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE     | Metropolitan Transportation Authority                                        | CUSIP: 59261A5Y9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   3490000 | PA      | $3968539.73   | 0.42%             | 2033-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SCH BLDG AUTH    | Massachusetts School Building Authority                                      | CUSIP: 576000G31<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2450000 | PA      | $2783349.21   | 0.29%             | 2037-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH R    | Lower Colorado River Authority                                               | CUSIP: 54811GQ78<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2300000 | PA      | $2576208.15   | 0.27%             | 2031-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY NC ENTERPRISE SYS R    | County of Union NC Enterprise System Revenue                                 | CUSIP: 906400FV3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4225000 | PA      | $3432146.64   | 0.36%             | 2035-06-01      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL     | New York City Transitional Finance Authority Future Tax Secured Revenue      | CUSIP: 64971X8A9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2699155.00   | 0.29%             | 2040-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL     | Triborough Bridge & Tunnel Authority                                         | CUSIP: 896032AT6<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2138352.20   | 0.23%             | 2042-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL     | New York City Transitional Finance Authority Building Aid Revenue            | CUSIP: 64972LBD4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5120844.30   | 0.54%             | 2036-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH         | Oklahoma Turnpike Authority                                                  | CUSIP: 679111F82<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1908632.60   | 0.20%             | 2041-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO    | New York State Dormitory Authority                                           | CUSIP: 64990F6K5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5702358.90   | 0.60%             | 2040-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL     | New York City Transitional Finance Authority                                 | CUSIP: 64972JJU3<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2231372.80   | 0.24%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST SCH BLDG AUTH    | Massachusetts School Building Authority                                      | CUSIP: 576000F57<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3875000 | PA      | $4479186.51   | 0.47%             | 2033-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTH DAKOTA ST HSG FIN AGY       | North Dakota Housing Finance Agency                                          | CUSIP: 65889BCD4<br>LEI: 549300DVQAGW0B16JX70 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3059375.70   | 0.32%             | 2045-07-01      | Fixed         | 4.94%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST HOSP FIN AUTH    | West Virginia Hospital Finance Authority                                     | CUSIP: 956622W83<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5691130.73   | 0.60%             | 2048-09-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                   | City of Philadelphia PA                                                      | CUSIP: 717813C80<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1362266.19   | 0.14%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                   | City of Philadelphia PA                                                      | CUSIP: 717813D22<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2300457.00   | 0.24%             | 2035-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DIST OF COLUMBIA                  | District of Columbia                                                         | CUSIP: 25476FWV6<br>LEI: 549300HWFOZXPKGOX654 | Long             | DBT              | MUN               | US        |   2480000 | PA      | $2638527.55   | 0.28%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU    | New Jersey Turnpike Authority                                                | CUSIP: 646140JQ7<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   2890000 | PA      | $3303721.71   | 0.35%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION     | Central Texas Turnpike System                                                | CUSIP: 88283KCG1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1596431.70   | 0.17%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE         | North Texas Tollway Authority                                                | CUSIP: 66285WJ56<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4914583.20   | 0.52%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE       | City of Houston TX Airport System Revenue                                    | CUSIP: 442349FQ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1108254.51   | 0.12%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU    | New Jersey Turnpike Authority                                                | CUSIP: 646140JR5<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1150681.60   | 0.12%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL     | Triborough Bridge & Tunnel Authority                                         | CUSIP: 896032AS8<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1297719.24   | 0.14%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING     | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70868YAL3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3190000 | PA      | $3461336.93   | 0.37%             | 2035-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650116GY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3126172.20   | 0.33%             | 2054-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA                   | City of Philadelphia PA                                                      | CUSIP: 717813C98<br>LEI: 549300IVFOPB4AG7UL47 | Long             | DBT              | MUN               | US        |   1605000 | PA      | $1853796.19   | 0.20%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CORPUS CHRISTI TX UTILITY SYSR    | City of Corpus Christi TX Utility System Revenue                             | CUSIP: 220245D43<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3125000 | PA      | $3318458.44   | 0.35%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650110AD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1311752.55   | 0.14%             | 2046-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                       | City of New York NY                                                          | CUSIP: 64966SGZ3<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5426114.00   | 0.57%             | 2040-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P    | Los Angeles Department of Water & Power                                      | CUSIP: 544532PZ1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   2655000 | PA      | $2973285.12   | 0.31%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION     | Central Texas Turnpike System                                                | CUSIP: 88283KCE6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2701164.00   | 0.29%             | 2039-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OHIO ST HSG FIN AGY RSDL MTGE     | Ohio Housing Finance Agency                                                  | CUSIP: 67756Q6T9<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |   2940000 | PA      | $2926568.02   | 0.31%             | 2044-09-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL     | New York City Transitional Finance Authority                                 | CUSIP: 64972JJW9<br>LEI: 5493003476LG35QAKM08 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4406160.00   | 0.47%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| JEFFERSON CNTY AL SWR REVENUE     | County of Jefferson AL Sewer Revenue                                         | CUSIP: 472682ZR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5810000 | PA      | $5992899.96   | 0.63%             | 2049-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| RICHLAND CNTY SC SCH DIST #2      | Richland County School District No 2/SC                                      | CUSIP: 763682U33<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6190000 | PA      | $4799922.22   | 0.51%             | 2038-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES    | New York State Dormitory Authority                                           | CUSIP: 65000BNC8<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1949905.40   | 0.21%             | 2039-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU    | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667AX6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3735000 | PA      | $3605666.66   | 0.38%             | 2038-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A    | South Carolina Public Service Authority                                      | CUSIP: 8371514T3<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   3725000 | PA      | $3889634.20   | 0.41%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU    | Public Finance Authority                                                     | CUSIP: 74448UAB4<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3084500.70   | 0.33%             | 2060-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL     | New York City Transitional Finance Authority Future Tax Secured Revenue      | CUSIP: 64971XXP8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7497603.40   | 0.79%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND STADIUM AUTH BUILT TO    | Maryland Stadium Authority                                                   | CUSIP: 574294CL6<br>LEI: 549300VA283TTQRDNF71 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2713338.25   | 0.29%             | 2040-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                       | City of New York NY                                                          | CUSIP: 64966SBW5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5666677.50   | 0.60%             | 2032-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PRIV CLGS & UNIVS AUTH GA         | Private Colleges & Universities Authority                                    | CUSIP: 74265L3C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6500000 | PA      | $7411941.55   | 0.78%             | 2032-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ESCAMBIA CNTY FL HLTH FACS AUT    | Escambia County Health Facilities Authority                                  | CUSIP: 296110FZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6164354.40   | 0.65%             | 2037-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST     | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461368E4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6641366.40   | 0.70%             | 2033-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                                     | CUSIP: 57585BKG2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1490000 | PA      | $1536112.07   | 0.16%             | 2045-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE    | New Jersey Economic Development Authority                                    | CUSIP: 64577XEA0<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   7000000 | PA      | $7556516.10   | 0.80%             | 2040-11-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO    | New York State Dormitory Authority                                           | CUSIP: 64990FHX5<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5320000 | PA      | $5680455.54   | 0.60%             | 2031-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STADIUM & EXPOSITION    | Louisiana Stadium & Exposition District                                      | CUSIP: 546410CV1<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |  11500000 | PA      | $12029979.80  | 1.27%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LAMAR TX CONSOL INDEP SCH DIST    | Lamar Consolidated Independent School District                               | CUSIP: 513174G63<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7965000 | PA      | $8975386.53   | 0.95%             | 2034-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST URBAN DEV CORP REV    | Empire State Development Corp                                                | CUSIP: 650036BT2<br>LEI: 54930039Y2EMGXN6LM88 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5508387.00   | 0.58%             | 2032-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV    | Columbus Regional Airport Authority                                          | CUSIP: 199546CR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1315086.36   | 0.14%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C    | Kentucky State Property & Building Commission                                | CUSIP: 49151F5T3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6310000 | PA      | $7246196.40   | 0.77%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                     | State of California                                                          | CUSIP: 13063ENR3<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $5179605.75   | 0.55%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA    | Chicago O'Hare International Airport                                         | CUSIP: 1675934M1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2131420.00   | 0.23%             | 2041-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                                     | CUSIP: 57585BES3<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   2095000 | PA      | $2193215.28   | 0.23%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650110AC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1138572.63   | 0.12%             | 2041-10-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE       | City of Houston TX Airport System Revenue                                    | CUSIP: 442349FR2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1092578.74   | 0.12%             | 2036-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST                     | State of California                                                          | CUSIP: 13063ENU6<br>LEI: 9845007J7054602FF597 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5849506.50   | 0.62%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION    | Metropolitan Water Reclamation District of Greater Chicago                   | CUSIP: 167560XD8<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2727275.50   | 0.29%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C    | Kentucky State Property & Building Commission                                | CUSIP: 49151F5B2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7750000 | PA      | $8426038.70   | 0.89%             | 2040-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NASH HLTH CARE SYS NC HLTH CAR    | Nash Health Care Systems                                                     | CUSIP: 631163BK7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1105498.20   | 0.12%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE     | Metropolitan Transportation Authority                                        | CUSIP: 59261A5W3<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |  15000000 | PA      | $16749055.50  | 1.77%             | 2031-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY    | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DLU1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5010000 | PA      | $5247520.59   | 0.55%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX                        | City of Houston TX                                                           | CUSIP: 442332DY5<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2158235.20   | 0.23%             | 2040-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST     | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461368D6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   5750000 | PA      | $6412373.55   | 0.68%             | 2032-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE       | Indiana Finance Authority                                                    | CUSIP: 45506EFA6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5583238.50   | 0.59%             | 2032-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY NC ENTERPRISE SYS R    | County of Union NC Enterprise System Revenue                                 | CUSIP: 906400FW1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4315000 | PA      | $3437606.45   | 0.36%             | 2036-06-01      | Fixed         | 1.85%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650116EM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1450000 | PA      | $1582821.60   | 0.17%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CMWLTH FING AUTH PA TOBACCO MA    | Commonwealth Financing Authority                                             | CUSIP: 20282EAN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7910000 | PA      | $8311264.81   | 0.88%             | 2032-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE      | Illinois Finance Authority                                                   | CUSIP: 45204FXA8<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   2970000 | PA      | $3354097.03   | 0.35%             | 2035-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH         | Oklahoma Turnpike Authority                                                  | CUSIP: 679111F66<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   2650000 | PA      | $2950682.25   | 0.31%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PROSPER TX INDEP SCH DIST         | Prosper Independent School District                                          | CUSIP: 743600V62<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5155000 | PA      | $4209145.14   | 0.44%             | 2035-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650116JN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2134314.00   | 0.23%             | 2050-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| COLORADO ST HLTH FACS AUTH REV    | Colorado Health Facilities Authority                                         | CUSIP: 19648FKK9<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |   4260000 | PA      | $4509501.38   | 0.48%             | 2033-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650116EL6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1207630.49   | 0.13%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO    | New York State Dormitory Authority                                           | CUSIP: 64990KHP1<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $4045104.70   | 0.43%             | 2035-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650116EN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1085265.40   | 0.11%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL     | New York City Transitional Finance Authority Future Tax Secured Revenue      | CUSIP: 64971XT99<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4294603.20   | 0.45%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P    | Los Angeles Department of Water & Power                                      | CUSIP: 544532PQ1<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1324391.13   | 0.14%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LEE CNTY FL INDL DEV AUTH HOSP    | Lee County Industrial Development Authority/FL                               | CUSIP: 52350LAH3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3145000 | PA      | $3303143.18   | 0.35%             | 2034-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                       | City of New York NY                                                          | CUSIP: 64966SPY6<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   1805000 | PA      | $2035407.17   | 0.21%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH WTR SP    | Great Lakes Water Authority Water Supply System Revenue                      | CUSIP: 39081JHS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2875981.50   | 0.30%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERMOUNTAIN PWR AGY UT PWR S    | Intermountain Power Agency                                                   | CUSIP: 45884AE82<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3887472.05   | 0.41%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST HLTH CARE FACS A    | Washington Health Care Facilities Authority                                  | CUSIP: 93978HWH4<br>LEI: 549300ZVPWQIL3N5TL85 | Long             | DBT              | MUN               | US        |   3270000 | PA      | $3383375.81   | 0.36%             | 2038-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN    | Virginia Small Business Financing Authority                                  | CUSIP: 928104NV6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2959365.00   | 0.31%             | 2037-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH REVENUES    | New York State Dormitory Authority                                           | CUSIP: 64985SFU2<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5625938.00   | 0.59%             | 2038-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                       | State of Illinois                                                            | CUSIP: 452153FA2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10974748.00  | 1.16%             | 2034-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C    | Kentucky State Property & Building Commission                                | CUSIP: 49151F3W8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2277907.60   | 0.24%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO    | New York State Dormitory Authority                                           | CUSIP: 64990FW26<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   1200000 | PA      | $1354959.72   | 0.14%             | 2033-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VOLUSIA CNTY FL EDUCTNL FAC AU    | Volusia County Educational Facility Authority                                | CUSIP: 928836PS8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2285092.60   | 0.24%             | 2033-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRA    | South Jersey Transportation Authority                                        | CUSIP: 838536MK3<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1221219.96   | 0.13%             | 2039-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST     | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CBF4<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3007335.00   | 0.32%             | 2037-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                       | State of Illinois                                                            | CUSIP: 452153KS7<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   7255000 | PA      | $8128435.25   | 0.86%             | 2033-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                       | City of New York NY                                                          | CUSIP: 64966QWH9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $7181526.95   | 0.76%             | 2033-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650116HK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5044207.50   | 0.53%             | 2049-06-30      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST BRD OF ADMIN FIN CO    | State Board of Administration Finance Corp                                   | CUSIP: 341271AH7<br>LEI: 549300S34SOJ0RULXM35 | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10418724.00  | 1.10%             | 2034-07-01      | Fixed         | 5.53%                 | No            |                  2 | On Loan: No      |
| PRIV CLGS & UNIVS AUTH GA         | Private Colleges & Universities Authority                                    | CUSIP: 74265L3D8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5739327.00   | 0.61%             | 2033-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL EDUCTNL FAC    | Miami-Dade County Educational Facilities Authority                           | CUSIP: 59333APJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5735187.50   | 0.61%             | 2036-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P    | Los Angeles Department of Water & Power                                      | CUSIP: 544532QA5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3930000 | PA      | $4449496.88   | 0.47%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TURNPIKE AUTH TU    | New Jersey Turnpike Authority                                                | CUSIP: 646140DH3<br>LEI: 5493005YN67D71KSMI84 | Long             | DBT              | MUN               | US        |   4500000 | PA      | $4625467.20   | 0.49%             | 2028-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| VIRGINIA ST SMALL BUSINESS FIN    | Virginia Small Business Financing Authority                                  | CUSIP: 928104NW4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $2918959.50   | 0.31%             | 2038-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                       | City of New York NY                                                          | CUSIP: 64966SKJ4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4547065.20   | 0.48%             | 2032-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH         | Oklahoma Turnpike Authority                                                  | CUSIP: 679111F74<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2335436.51   | 0.25%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| S JERSEY NJ TRANSPRTN AUTH TRA    | South Jersey Transportation Authority                                        | CUSIP: 838536MM9<br>LEI: 549300W8SZI2CAOKT956 | Long             | DBT              | MUN               | US        |   2615000 | PA      | $2747625.22   | 0.29%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU    | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667AW8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $4897517.00   | 0.52%             | 2037-12-31      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX                        | City of Houston TX                                                           | CUSIP: 442332EA6<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2245000 | PA      | $2389076.24   | 0.25%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST PARKWAYS AUTH    | West Virginia Parkways Authority                                             | CUSIP: 956510BT7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5150000 | PA      | $5503164.34   | 0.58%             | 2039-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SALT LAKE CITY UT ARPT REVENUE    | City of Salt Lake City UT Airport Revenue                                    | CUSIP: 795576HA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6585000 | PA      | $6911322.31   | 0.73%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION     | Central Texas Turnpike System                                                | CUSIP: 88283KCF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1608286.80   | 0.17%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PORT OF SEATTLE WA REVENUE        | Port of Seattle WA                                                           | CUSIP: 735389P77<br>LEI: 549300T9UCDUJ3GZL429 | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4423676.00   | 0.47%             | 2031-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| AUSTIN TX ELEC UTILITY SYS REV    | City of Austin TX Electric Utility Revenue                                   | CUSIP: 052414VH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5613880.50   | 0.59%             | 2035-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE    | City of San Antonio TX Electric & Gas Systems Revenue                        | CUSIP: 79625GGG2<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   5460000 | PA      | $6148063.19   | 0.65%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST     | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CGB8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2162443.60   | 0.23%             | 2040-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE      | Michigan Finance Authority                                                   | CUSIP: 59447TME0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3585652.00   | 0.38%             | 2029-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA HOSPS & HGR ED    | Hospitals & Higher Education Facilities Authority of Philadelphia/The        | CUSIP: 717825QB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2481302.25   | 0.26%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ORANGE CNTY FL HLTH FACS AUTH     | Orange County Health Facilities Authority                                    | CUSIP: 68450LEF8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4525000 | PA      | $4613061.93   | 0.49%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST PARKWAYS AUTH    | West Virginia Parkways Authority                                             | CUSIP: 956510BS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2149181.80   | 0.23%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST     | New Jersey Transportation Trust Fund Authority                               | CUSIP: 6461368C8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   6815000 | PA      | $7651285.01   | 0.81%             | 2031-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650116JG2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    800000 | PA      | $866083.12    | 0.09%             | 2044-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| PUBLIC FIN AUTH WI TOLL REVENU    | Public Finance Authority                                                     | CUSIP: 74448UAA6<br>LEI: 5493004S6D3NA627K012 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3289256.10   | 0.35%             | 2060-06-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST DORM AUTH ST PERSO    | New York State Dormitory Authority                                           | CUSIP: 64990KHN6<br>LEI: 549300C8XO7EXTX2XU71 | Long             | DBT              | MUN               | US        |   4585000 | PA      | $5272973.29   | 0.56%             | 2034-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOWER COLORADO RIVER TX AUTH R    | Lower Colorado River Authority                                               | CUSIP: 54811GQ86<br>LEI: 549300QJFPW2NNBYR215 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2261020.80   | 0.24%             | 2032-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY    | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DLV9<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   5800000 | PA      | $6048933.10   | 0.64%             | 2035-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| RICHLAND CNTY SC SCH DIST #2      | Richland County School District No 2/SC                                      | CUSIP: 763682S28<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10080000 | PA      | $7554472.13   | 0.80%             | 2039-03-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| PROSPER TX INDEP SCH DIST         | Prosper Independent School District                                          | CUSIP: 743600V54<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3565000 | PA      | $2992012.88   | 0.32%             | 2034-02-15      | Fixed         | 1.75%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE      | Illinois Finance Authority                                                   | CUSIP: 45204FJL0<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |   5910000 | PA      | $5797296.89   | 0.61%             | 2037-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PHILADELPHIA PA HOSPS & HGR ED    | Hospitals & Higher Education Facilities Authority of Philadelphia/The        | CUSIP: 717825QC0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1960114.60   | 0.21%             | 2039-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE    | City of San Antonio TX Electric & Gas Systems Revenue                        | CUSIP: 79625GGH0<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3339354.00   | 0.35%             | 2035-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| INTERMOUNTAIN PWR AGY UT PWR S    | Intermountain Power Agency                                                   | CUSIP: 45884AA78<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5250000 | PA      | $5751215.40   | 0.61%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST     | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CCW6<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2677166.25   | 0.28%             | 2042-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES MI WTR AUTH SEWAGE    | Great Lakes Water Authority Sewage Disposal System Revenue                   | CUSIP: 39081HGT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $11511382.00  | 1.22%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH    | Maricopa County Industrial Development Authority                             | CUSIP: 56678PCH8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1045596.20   | 0.11%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH REGL ARPT AUTH REV    | Columbus Regional Airport Authority                                          | CUSIP: 199546CQ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1300000 | PA      | $1429052.30   | 0.15%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX                        | City of Houston TX                                                           | CUSIP: 442332DZ2<br>LEI: 549300C64URYS0WQQY42 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2682538.25   | 0.28%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL     | Connecticut State Health & Educational Facilities Authority                  | CUSIP: 20775DPD8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2995529.90   | 0.32%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL MET WTR RECLAMATION    | Metropolitan Water Reclamation District of Greater Chicago                   | CUSIP: 167560XC0<br>LEI: 254900GOGQEZEWCZ4D37 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5492810.00   | 0.58%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CALIF CITY &CNTY    | San Francisco City & County Airport Comm-San Francisco International Airport | CUSIP: 79766DTM1<br>LEI: 54930055TIDYHNDP4F84 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3276015.60   | 0.35%             | 2032-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WEST VIRGINIA ST PARKWAYS AUTH    | West Virginia Parkways Authority                                             | CUSIP: 956510BR1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1750000 | PA      | $1893330.78   | 0.20%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                       | City of New York NY                                                          | CUSIP: 64966QPW4<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3519540.70   | 0.37%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING     | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70870JHP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1020000 | PA      | $1093849.33   | 0.12%             | 2039-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TRIBOROUGH NY BRIDGE & TUNNEL     | Triborough Bridge & Tunnel Authority                                         | CUSIP: 896032AU3<br>LEI: 54930020ZN4LQF7K3456 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1590606.90   | 0.17%             | 2043-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                       | State of Illinois                                                            | CUSIP: 452153KC2<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2082968.40   | 0.22%             | 2045-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MASSACHUSETTS ST DEV FIN AGY R    | Massachusetts Development Finance Agency                                     | CUSIP: 57585BER5<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |   1870000 | PA      | $1977871.51   | 0.21%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CA DEPT OF WTR & P    | Los Angeles Department of Water & Power                                      | CUSIP: 544532QB3<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |   3250000 | PA      | $3705649.35   | 0.39%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL TRANSIT AUTH SALES     | Chicago Transit Authority Sales Tax Receipts Fund                            | CUSIP: 16772PEN2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5161024.00   | 0.54%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHATTANOOGA TN ELEC REVENUE       | City of Chattanooga TN Electric Revenue                                      | CUSIP: 162393GB2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8925000 | PA      | $6586547.36   | 0.70%             | 2039-09-01      | Fixed         | 2.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST TRANSPRTN TRUST     | New Jersey Transportation Trust Fund Authority                               | CUSIP: 64613CCV8<br>LEI: 549300YUVD5TEXR6L889 | Long             | DBT              | MUN               | US        |   2700000 | PA      | $2915649.54   | 0.31%             | 2041-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE    | New Jersey Economic Development Authority                                    | CUSIP: 64577XEZ5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2255105.00   | 0.24%             | 2037-06-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST HSG FIN AGY SF    | Pennsylvania Housing Finance Agency                                          | CUSIP: 70879QXT5<br>LEI: 549300JZVUPNWP77SP29 | Long             | DBT              | MUN               | US        |   6500000 | PA      | $6433866.40   | 0.68%             | 2044-10-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH     | Illinois State Toll Highway Authority                                        | CUSIP: 452252LH0<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   9735000 | PA      | $9781603.39   | 1.03%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOWNTOWN REVITALIZATION PUBLIC    | Downtown Revitalization Public Infrastructure District                       | CUSIP: 26118TAM2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1700000 | PA      | $1799306.01   | 0.19%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST SPL TAX OBLIG R    | State of Connecticut Special Tax Revenue                                     | CUSIP: 207758YK3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   7500000 | PA      | $7894089.75   | 0.83%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST ECON DEV FING     | Pennsylvania Economic Development Financing Authority                        | CUSIP: 70868YAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   6000000 | PA      | $6205851.00   | 0.66%             | 2048-06-30      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                       | City of New York NY                                                          | CUSIP: 64966Q3R9<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5683424.00   | 0.60%             | 2034-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650116GX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $2013917.49   | 0.21%             | 2049-06-30      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KENTUCKY ST PROPERTY & BLDGS C    | Kentucky State Property & Building Commission                                | CUSIP: 49151F5C0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   8500000 | PA      | $9162394.80   | 0.97%             | 2041-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH     | Illinois State Toll Highway Authority                                        | CUSIP: 452252QQ5<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3381315.90   | 0.36%             | 2036-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARYLAND ST TRANSPRTN AUTH TRA    | Maryland State Transportation Authority                                      | CUSIP: 574300ME6<br>LEI: 254900MKNK0MO0Z4X426 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5486584.00   | 0.58%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX ARPT SYS REVENUE       | City of Houston TX Airport System Revenue                                    | CUSIP: 442349FP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2835000 | PA      | $3051918.04   | 0.32%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650116FL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |  10000000 | PA      | $10552543.00  | 1.11%             | 2036-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CONNECTICUT ST HLTH & EDUCTNL     | Connecticut State Health & Educational Facilities Authority                  | CUSIP: 20775DPB2<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |   6205000 | PA      | $6765618.03   | 0.71%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY TX TOLL ROAD REVEN    | County of Harris TX Toll Road Revenue                                        | CUSIP: 41423PDP9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4510600.80   | 0.48%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MET TRANSPRTN AUTH NY REVENUE     | Metropolitan Transportation Authority                                        | CUSIP: 59261A4U8<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |   7460000 | PA      | $8228018.19   | 0.87%             | 2037-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA    | Chicago O'Hare International Airport                                         | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5500000 | PA      | $5634021.80   | 0.59%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK CITY NY TRANSITIONAL     | New York City Transitional Finance Authority Future Tax Secured Revenue      | CUSIP: 64971X8B7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3209326.50   | 0.34%             | 2041-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OKLAHOMA ST TURNPIKE AUTH         | Oklahoma Turnpike Authority                                                  | CUSIP: 679111F90<br>LEI: 549300J83EP2PBDYH615 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2162689.80   | 0.23%             | 2042-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST MUNI FIN AUTH RE    | California Municipal Finance Authority                                       | CUSIP: 13048TR21<br>LEI: 5493000UQOV6R4ZWS346 | Long             | DBT              | MUN               | US        |    900000 | PA      | $919064.88    | 0.10%             | 2031-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LONG ISLAND NY PWR AUTH ELEC S    | Long Island Power Authority                                                  | CUSIP: 542691BR0<br>LEI: 1R46U5SYJ63KQXF39168 | Long             | DBT              | MUN               | US        |   5030000 | PA      | $5282802.77   | 0.56%             | 2035-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST PRIV ACTIVITY BOND SU    | Texas Private Activity Bond Surface Transportation Corp                      | CUSIP: 882667CM8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1031374.60   | 0.11%             | 2043-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| SOUTH CAROLINA ST PUBLIC SVC A    | South Carolina Public Service Authority                                      | CUSIP: 8371514R7<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |   2250000 | PA      | $2390230.13   | 0.25%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MIAMI-DADE CNTY FL AVIATION RE    | County of Miami-Dade FL Aviation Revenue                                     | CUSIP: 59333P7M4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5526989.00   | 0.58%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK NY                       | City of New York NY                                                          | CUSIP: 64966SKN5<br>LEI: 549300ABYZD2SFD5JB29 | Long             | DBT              | MUN               | US        |   5000000 | PA      | $5653079.50   | 0.60%             | 2036-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE    | City of San Antonio TX Electric & Gas Systems Revenue                        | CUSIP: 79625GDQ3<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   3010000 | PA      | $3218645.37   | 0.34%             | 2037-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA STADIUM & EXPOSITION    | Louisiana Stadium & Exposition District                                      | CUSIP: 546410CT6<br>LEI: 5493000QEHWDGVGH7J62 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2932964.93   | 0.31%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MARICOPA CNTY AZ INDL DEV AUTH    | Maricopa County Industrial Development Authority                             | CUSIP: 56678PCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2150000 | PA      | $2270556.52   | 0.24%             | 2040-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HARRIS CNTY-HOUSTON TX SPORTS     | Harris County-Houston Sports Authority                                       | CUSIP: 413890HZ0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2115000 | PA      | $2191439.06   | 0.23%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NEW YORK ST TRANSPRTN DEV CORP    | New York Transportation Development Corp                                     | CUSIP: 650116EK8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1103734.40   | 0.12%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNION CNTY NC ENTERPRISE SYS R    | County of Union NC Enterprise System Revenue                                 | CUSIP: 906400GA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3350000 | PA      | $2493041.19   | 0.26%             | 2040-06-01      | Fixed         | 2.12%                 | No            |                  2 | On Loan: No      |
| INTERMOUNTAIN PWR AGY UT PWR S    | Intermountain Power Agency                                                   | CUSIP: 45884AE74<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3914380.75   | 0.41%             | 2033-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FLORIDA ST HSG FIN CORP REVENU    | Florida Housing Finance Corp                                                 | CUSIP: 34074M4V0<br>LEI: 549300W0PCIJCI0JCF10 | Long             | DBT              | MUN               | US        |   4975000 | PA      | $4952910.50   | 0.52%             | 2044-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| TEXAS ST TRANSPRTN COMMISSION     | Central Texas Turnpike System                                                | CUSIP: 88283KCH9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1056971.20   | 0.11%             | 2042-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN ANTONIO TX ELEC & GAS REVE    | City of San Antonio TX Electric & Gas Systems Revenue                        | CUSIP: 79625GLL5<br>LEI: 5493002G2FEH20Q4GQ04 | Long             | DBT              | MUN               | US        |   6455000 | PA      | $7026870.40   | 0.74%             | 2039-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

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

**Name of Applicant:** AMG Funds

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer